Document:

EXHIBIT 10.17

                                  BILL OF SALE

     KNOW ALL MEN BY THESE PRESENT, that Digital Courier  Technologies,  Inc., a
Delaware  corporation  ("DCTI"),  for  and in  consideration  of the  sum of One
Hundred Eighty Thousand Dollars ($180,000.00), payable according to the schedule
set out in Schedule 1, annexed hereto, and other good and valuable consideration
paid to it by M2,  Inc.,  a  Florida  corporation  ("Buyer"),  the  receipt  and
sufficiency  of which are hereby  acknowledged,  has granted,  bargained,  sold,
transferred,  and  delivered,  and by these present does grant,  bargain,  sell,
transfer, and deliver unto Buyer, its successors and assigns, as is where is and
with no representation as to functionality, the following goods and chattels set
forth on  attached  Exhibit  A hereto  (this  sale  and  corresponding  purchase
hereafter referred to as the "Agreement").

     TO HAVE  AND TO HOLD  the same  unto  Buyer,  its  successors  and  assigns
forever.

     DCTI does for itself and its successors  and assigns,  covenant to and with
Buyer, its successors and assigns, that it is the lawful owner of the said goods
and chattels;  that they are free from all encumbrances;  that it has good right
to sell the same as  aforesaid;  and that it will warrant and defend the sale of
the said property,  goods,  and chattels hereby made, unto Buyer, its successors
and assigns,  against the lawful  claims and demands of all persons  whomsoever.
Title in those  items set forth in Exhibit A shall  transfer  to M2, Inc. at the
time of execution of this Agreement.

         This  Agreement   shall  be  governed  by,   construed,   enforced  and
interpreted in accordance  with the internal,  substantive  laws of the State of
Florida. In the event either party seeks relief from any dispute arising from or
relating to this  Agreement,  the parties consent and stipulate to the exclusive
jurisdiction of the state and federal courts in the State of Florida,  County of
Hillsborough.
         IN WITNESS WHEREOF, DCTI has caused this Bill of Sale to be executed by
its duly authorized representative as of the 27th day of November, 2002.

                       DIGITAL COURIER TECHNOLOGIES, INC.

                       By: /s/ Don Marshall
                          ------------------------
                               Don Marshall, CEO

PROVINCE OF_British Columbia_

     The  foregoing  instrument  was  acknowledged  before  me this  27th day of
_November, 2002, by Don Marshall, the CEO of Digital Courier Technologies, Inc.,
a Delaware corporation, on behalf of the corporation. He is [ ] personally known
to me or [ ] has provided _______________ as identification.

                           /s/ Craig Darling
                           -----------------------------
                           NOTARY PUBLIC
                           Name:    Craig R. Darling
                                    -----------------
                           My Commission Expires:    n/a

                               (notary seal)

                                       1
<PAGE>

                                   Schedule 1

                                    Payments

M2, Inc.  shall remit to DCTI the following  amounts  according to this schedule
and in furtherance of its Agreement, dated _November 27, 2002:

a. $10,000 immediately upon execution;
b. $50,000 by January 6, 2003;
c. $50,000 by February 6, 2003;
d.  $50,000 by March 6, 2003;  and
e.  $20,000 by April 6, 2003.

M2, Inc. shall have a 30 day right to cure any default hereunder.

                                       2
<PAGE>

<TABLE>
<CAPTION>

                                                                EXHIBIT "A"

                                                               DCTI Inventory
                                                                SLC and CLR

-----------------------------------------------------------------------------------------------------------------------------------
ITEM                                 Model or Manufacture                               DESCRIPTION/MODEL         Serial Number
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                  <C>                                               <C>                        <C>
datacenter flooring                  47' x 46' 8"   Tiles 2x2 Cover Room                                          NA
-----------------------------------------------------------------------------------------------------------------------------------
2 ds3 already installed              communication lines                                                          NA
-----------------------------------------------------------------------------------------------------------------------------------
fm200                                "Rino Fire Protection System"                      Model# 10-050             NA
-----------------------------------------------------------------------------------------------------------------------------------
biometric                            Identix v-20 scanners                              2 Scanners                240000060
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                  180000332
-----------------------------------------------------------------------------------------------------------------------------------
cameras                                                                                 5 Cameras                 NA
-----------------------------------------------------------------------------------------------------------------------------------
air conditioner                      liebert system    "#1 AC UNIT"                                               NA
-----------------------------------------------------------------------------------------------------------------------------------
air conditioner                      liebert system 3  "#2 AC UNIT"                                               NA
-----------------------------------------------------------------------------------------------------------------------------------
safe                                 sentry                                                                       a5865
-----------------------------------------------------------------------------------------------------------------------------------
                                     sensaphone express II                                 monitoring system      A14128CHQRFGW
-----------------------------------------------------------------------------------------------------------------------------------
                                     olympian cts system                                                          NA
-----------------------------------------------------------------------------------------------------------------------------------
                                     united power transient voltage surge suppressor tvss                         14032-01
-----------------------------------------------------------------------------------------------------------------------------------
                                     powerware plus      "UPS #1"                          exide electronics      EN161ZAAV6
-----------------------------------------------------------------------------------------------------------------------------------
                                     powerware plus      "UPS #2"                          exide electronics      EN435ZBA03
-----------------------------------------------------------------------------------------------------------------------------------
global director                      css  "Michelle's Office"                                                     NA
-----------------------------------------------------------------------------------------------------------------------------------
                                     sun enterprise 250       "KYLE"  "SLC-IPG-TST"                               825f2e85
-----------------------------------------------------------------------------------------------------------------------------------
                                     dx 7000 series digital video recorder                                        NA
-----------------------------------------------------------------------------------------------------------------------------------
                                     qualstar tape library mode 6430                                              Z010463
-----------------------------------------------------------------------------------------------------------------------------------
                                     store edge a1000  "DELUGE"                                                   026h3510
-----------------------------------------------------------------------------------------------------------------------------------
                                     store edge d1000  "NOT in Production Parts"                                  939h369f
-----------------------------------------------------------------------------------------------------------------------------------
                                     store edge a1000                                                             034h3bf5
-----------------------------------------------------------------------------------------------------------------------------------
                                     store edge a1000                                                             033h3838
-----------------------------------------------------------------------------------------------------------------------------------
                                     enterprise 450      "SLC-BAK-001"                                            829f2956
-----------------------------------------------------------------------------------------------------------------------------------
                                     enterprise 450  "TSUNAMI 10.20.1.32"                                         821fcec3
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       3
<PAGE>

<TABLE>
<CAPTION>
<S>                                  <C>                                       <C>                               <C>
racks (2)                            sun    (2)
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                  0401C01177
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                  0401C01176
-----------------------------------------------------------------------------------------------------------------------------------
racks (15)                           liebert   (15)  -- MODEL #                 Model #
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                FGIHK783A20K                      p24297
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                     "                            P23827
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                     "                            P24507
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                     "                            P24307
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                     "                            P24929
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                     "                            P24265
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                     "                            334926-008
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                     "                            P24506
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                     "                            P23808
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                     "                            P24286
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                     "                            P24287
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                     "                            P24487
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                     "                            P24488
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                     "                            P24285
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                     "                            P24266
-----------------------------------------------------------------------------------------------------------------------------------
monitors (17)                        Assorted Monitors (17)
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                compac                            p75 8020717
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                  7067173
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
                                                                                sun                               3651354-01
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                  3651338-02
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                  3651396-01
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                viewmake                          97mlo0017359
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                 mag                              mi333g9250641
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                 hp                               0p01009796
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                dell                              22794fbxvp89
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                accur                             9171602007
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                mag mi                            69250408
-----------------------------------------------------------------------------------------------------------------------------------

</TABLE>

                                       4
<PAGE>
<TABLE>
<CAPTION>

<S>                                  <C>                                        <C>                               <C>
                                                                                viewsonic                         a683556454
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                may mi                            43ga001745
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                may mi                            33g9250629
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                hp                                ust6070853
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                hp                                ust5440880
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
                                     enterprise 220R   "Parts BackUP Machine"                                     016h4365
-----------------------------------------------------------------------------------------------------------------------------------
                                     enterprise 220R "CAESAR 10.20.1.41"                                          026h23cf
-----------------------------------------------------------------------------------------------------------------------------------
                                     enterprise 420R "DELUGE 10.20.1.33"                                          016h3ba8
-----------------------------------------------------------------------------------------------------------------------------------
                                     enterprise 420R "INFERNO 10.20.1.34"                                         016h3bb1
-----------------------------------------------------------------------------------------------------------------------------------
                                     enterprise 220R "TYPHOON 10.20.1.34"                                         016h40b8
-----------------------------------------------------------------------------------------------------------------------------------
                                     store edge a1000 "INFERNO"                                                   030h2da3
-----------------------------------------------------------------------------------------------------------------------------------
                                     poweredge 6300 "SLC-DBS-003"                                                 20bdq
-----------------------------------------------------------------------------------------------------------------------------------
                                     poweredge 6300 "SLC- DBS-002"                                                20b6k
-----------------------------------------------------------------------------------------------------------------------------------
                                     poweredge 6400 "DBS-004"                                                     2n7q001
-----------------------------------------------------------------------------------------------------------------------------------
                                     poweredge 4400 "IRS-003"                                                     h7htu
-----------------------------------------------------------------------------------------------------------------------------------
                                     poweredge 6400 "DBS-001"                                                     1n7q001
-----------------------------------------------------------------------------------------------------------------------------------
                                     ultra 5                                                                      fw85240849
-----------------------------------------------------------------------------------------------------------------------------------
                                     poweredge 2400                                                               1ug6e
-----------------------------------------------------------------------------------------------------------------------------------
                                     poweredge 2300  "Accounting Server"                                          6jthu
-----------------------------------------------------------------------------------------------------------------------------------
                                     18gig    ***Only 16 Drives***
-----------------------------------------------------------------------------------------------------------------------------------
sun scsi drives (16)                 7500                                                                         73007401
-----------------------------------------------------------------------------------------------------------------------------------
switch                               3500                                                                         00024b69e180
-----------------------------------------------------------------------------------------------------------------------------------
switch                               pix 520                                                                      18025576
-----------------------------------------------------------------------------------------------------------------------------------
firewall                             ldir 416                                                                     22280180398
-----------------------------------------------------------------------------------------------------------------------------------
ld                                   cat 6500                                                                     cnm3w20brb
-----------------------------------------------------------------------------------------------------------------------------------
switch (2)                           7200 serier vxr                                                              cnp2bc0bab
-----------------------------------------------------------------------------------------------------------------------------------
                                     2511                                                                         251308454
-----------------------------------------------------------------------------------------------------------------------------------
                                     pix 520                                                                      18035572
-----------------------------------------------------------------------------------------------------------------------------------
                                     cat 3500 xl                                                                  000216e6d600
-----------------------------------------------------------------------------------------------------------------------------------
                                     cat 3500 xl                                                                  000216e75780
-----------------------------------------------------------------------------------------------------------------------------------
                                     ldir 416                                                                     22280180364
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       5
<PAGE>

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

                                     ids-4230-fe                                                                  22280220248
-----------------------------------------------------------------------------------------------------------------------------------
netranger sensor                     enterprise 220R                                                              023a0930
-----------------------------------------------------------------------------------------------------------------------------------
                                     poweredge 2400  "Centurion"                                                  37j820b
-----------------------------------------------------------------------------------------------------------------------------------
                                     poweredge 2400  "Prefect"                                                    47j820b
-----------------------------------------------------------------------------------------------------------------------------------
                                     poweredge 4400  "Staging"                                                    1x91101
-----------------------------------------------------------------------------------------------------------------------------------
                                     poweredge 2400  "#1"                                                         cu9vv
-----------------------------------------------------------------------------------------------------------------------------------
                                     poweredge 4300  "#2"                                                         cubf3
-----------------------------------------------------------------------------------------------------------------------------------
                                     poweredge 4300  "#3"                                                         cubet
-----------------------------------------------------------------------------------------------------------------------------------
                                     poweredge 4300  "#4"                                                         cubf7
-----------------------------------------------------------------------------------------------------------------------------------
                                     poweredge 4300  "#5"                                                         cubf4
-----------------------------------------------------------------------------------------------------------------------------------
                                     acl 4/52                                                                     6385992
-----------------------------------------------------------------------------------------------------------------------------------
atl products                         edm                                                                          1030093168
-----------------------------------------------------------------------------------------------------------------------------------
emc2                                                                                                              NA
-----------------------------------------------------------------------------------------------------------------------------------
united power - static transfer switch                                                                             NA
-----------------------------------------------------------------------------------------------------------------------------------
symmetrix integrated casched disk
array (emc2)
-----------------------------------------------------------------------------------------------------------------------------------
hp                                   t520 9000                                                                    3610A03546
-----------------------------------------------------------------------------------------------------------------------------------
hp                                   k class 9000  "Labeled #4"                                                   NA
-----------------------------------------------------------------------------------------------------------------------------------
hp                                   k class 9000  "Access 2"                                                     NA
-----------------------------------------------------------------------------------------------------------------------------------
hp                                   a1828a   "Front Middle Case"                                                 3610A04776
-----------------------------------------------------------------------------------------------------------------------------------
hp                                   a1828a   "Front Middel Case"                                                 3610A04766
-----------------------------------------------------------------------------------------------------------------------------------
hp                                   autoraid disk array  "#5"                                                    9622473CC
-----------------------------------------------------------------------------------------------------------------------------------
Dell                                 PowerVault 100T                                                              na
-----------------------------------------------------------------------------------------------------------------------------------
StarView (4)                         ServerSharer (4)                                                             na
-----------------------------------------------------------------------------------------------------------------------------------
                                     Server 01                                                                    DON7XY
-----------------------------------------------------------------------------------------------------------------------------------
                                     Server 02                                                                    DON7XT
-----------------------------------------------------------------------------------------------------------------------------------
                                     MegaNAC 8000                                                                 10003084389
-----------------------------------------------------------------------------------------------------------------------------------
                                     Tandem Tape Backup                                                           U31170-002
-----------------------------------------------------------------------------------------------------------------------------------
Netgear                              Tandem 3880                                                                  NA
-----------------------------------------------------------------------------------------------------------------------------------
Netgear                              Tandem 3880                                                                  NA
-----------------------------------------------------------------------------------------------------------------------------------
                                     Dual Speed Hub 4 Ports                                                       NA
-----------------------------------------------------------------------------------------------------------------------------------
                                     Dual Speed Hub 4 Ports                                                       NA
</TABLE>

                                       6
<PAGE>

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

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
Generic                                                                                                           NA
                                     -
-----------------------------------------------------------------------------------------------------------------------------------
Dell Dimension XPS T700R                                                                                          9LS310B
-----------------------------------------------------------------------------------------------------------------------------------
Generic PC-Server                    "SLC 3002"
-----------------------------------------------------------------------------------------------------------------------------------
Generic PC-Server
-----------------------------------------------------------------------------------------------------------------------------------
Dell IEN View Consol                 "Corleone"                                                                   NA
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
ComStream                            PSK Digital Modem CM701                                                      NA
-----------------------------------------------------------------------------------------------------------------------------------
Nuera                                Access Plus F200 -- Frame Relay                                              NA
-----------------------------------------------------------------------------------------------------------------------------------
Prelude Encore (2)                   T1 DSU/CSU Digtial Link (2)                                                  NA
-----------------------------------------------------------------------------------------------------------------------------------
ADTran                               ISU 128                                                                      NA
-----------------------------------------------------------------------------------------------------------------------------------
Sync                                 3600 Series                                                                  W916009
-----------------------------------------------------------------------------------------------------------------------------------
ADC Kentrox                          DataSmart T3/E3 IDSU                                                         NA
-----------------------------------------------------------------------------------------------------------------------------------
Server                               "FREDO" Locked Box In Production                                             NA
-----------------------------------------------------------------------------------------------------------------------------------
CISCO                                CISCO 3600                                                                   000216E6D600
-----------------------------------------------------------------------------------------------------------------------------------
CISCO                                Local Director                                                               CNM5AAOARA
-----------------------------------------------------------------------------------------------------------------------------------
CISCO PIX FIREWALL                   FIREWALL                                                                     18035572
-----------------------------------------------------------------------------------------------------------------------------------
ADTran                               TSU 100e                                                                     NA
-----------------------------------------------------------------------------------------------------------------------------------
ParaDise                             P300 Satellite Modem                                                         NA
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
SCSI HardDrives (12)                 Dell Server Drives                                                           NA
-----------------------------------------------------------------------------------------------------------------------------------
ATL 6410 (2)                         MultiRate DTE CSU/DSU                                                        NA
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
BookShelf
-----------------------------------------------------------------------------------------------------------------------------------
Filing Cabnet
-----------------------------------------------------------------------------------------------------------------------------------
Cabnet
-----------------------------------------------------------------------------------------------------------------------------------
3 Chairs
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       7
<PAGE>
<TABLE>
<CAPTION>
<S>                                   <C>                                       <C>                               <C>

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
Michelle's Office
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                Space =                           13' x 7'5"
                                     -                                          -------
-----------------------------------------------------------------------------------------------------------------------------------
Desk
-----------------------------------------------------------------------------------------------------------------------------------
Dell PC -- Dimension XPS T 700 R                                                SERVICE TAG: ENGBD
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                Express 245-958-97
-----------------------------------------------------------------------------------------------------------------------------------
Chair
-----------------------------------------------------------------------------------------------------------------------------------
File Cabnet
-----------------------------------------------------------------------------------------------------------------------------------
Dell Laptop                                                                     Inspiron 7000
-----------------------------------------------------------------------------------------------------------------------------------
Dell Laptop                                                                     Inspiron 7500
-----------------------------------------------------------------------------------------------------------------------------------
SUN Ultra 5                                                                     "Stage Pay #1"
-----------------------------------------------------------------------------------------------------------------------------------
BookShelf
-----------------------------------------------------------------------------------------------------------------------------------
Printer
-----------------------------------------------------------------------------------------------------------------------------------
UPS
-----------------------------------------------------------------------------------------------------------------------------------
17' Monitor Dell
-----------------------------------------------------------------------------------------------------------------------------------
Phone
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
Mike's Office
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                 Space =                          14' x 9'8"
                                     -                                           -------
-----------------------------------------------------------------------------------------------------------------------------------
UPS
-----------------------------------------------------------------------------------------------------------------------------------
PC
-----------------------------------------------------------------------------------------------------------------------------------
PC                                                                                 #1 Generic                     xs002600281
-----------------------------------------------------------------------------------------------------------------------------------
Toshipa Laptop                                                                     #2 Generic                     292m135528
-----------------------------------------------------------------------------------------------------------------------------------
3 Desks                                                                         Satilite Pro 4200                  ut013823
-----------------------------------------------------------------------------------------------------------------------------------
Bookshelf                                                                                                         44567934u
-----------------------------------------------------------------------------------------------------------------------------------
3 Chairs                                                                        2 Metal, 1 Wood
-----------------------------------------------------------------------------------------------------------------------------------
1 Printer
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       8
<PAGE>
<TABLE>
<CAPTION>
<S>                                  <C>                                        <C>                              <C>

Phone
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
Monitoring Station                                                              Space =                           17'5" x 17'4"
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
                                                                                17'
                                     -
-----------------------------------------------------------------------------------------------------------------------------------
2 Dell Monitor                                                                   Monitoring Machine               NA
-----------------------------------------------------------------------------------------------------------------------------------
 Generic PC                                                                     17'                               990502-00
-----------------------------------------------------------------------------------------------------------------------------------
 ViewSonic Monitor                                                                                                NA
-----------------------------------------------------------------------------------------------------------------------------------
Generic PC                                                                      17'                               3088001800122a
-----------------------------------------------------------------------------------------------------------------------------------
 Printer
-----------------------------------------------------------------------------------------------------------------------------------
 ViewMate Monitor                                                               HP DeskJet 842C                   k7036ld
-----------------------------------------------------------------------------------------------------------------------------------
 Generic PC                                                                     15'                               NA
-----------------------------------------------------------------------------------------------------------------------------------
 Compac DeskPro                                                                                                   NA
-----------------------------------------------------------------------------------------------------------------------------------
 Compac Monitor                                                                 SLC-MON-002
-----------------------------------------------------------------------------------------------------------------------------------
Cisco 4000 series ROUTER                                                        15' P75
-----------------------------------------------------------------------------------------------------------------------------------
Cisco 2500 series (4) ROUTER                                                    Router                            45512766
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                (4) Routers
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                  25160265
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                  251106518
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                  251313218
-----------------------------------------------------------------------------------------------------------------------------------
StarView Server Sharer                                                                                            25582989
-----------------------------------------------------------------------------------------------------------------------------------
Cisco Catalyst 3500 Series XL                                                                                     dcmh112059 qb
-----------------------------------------------------------------------------------------------------------------------------------
3 Chairs                                                                                                          0049AC76680
-----------------------------------------------------------------------------------------------------------------------------------
2 Phones
-----------------------------------------------------------------------------------------------------------------------------------
 Computer Speakers
-----------------------------------------------------------------------------------------------------------------------------------
Cubical w/ 9 Sections
-----------------------------------------------------------------------------------------------------------------------------------
3 File Cabniets                                                                 4 Corners and 5 Straight
-----------------------------------------------------------------------------------------------------------------------------------
Large White Board
-----------------------------------------------------------------------------------------------------------------------------------
wooden mail stand
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       9
<PAGE>
<TABLE>
<CAPTION>

<S>                                  <C>                                        <C>                               <C>
Front Foyer
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
Wooden Desk                                                                     Space =                           25' 26" x 11' 11"
-----------------------------------------------------------------------------------------------------------------------------------
3 office Chairs
-----------------------------------------------------------------------------------------------------------------------------------
2 leather Sofa's
-----------------------------------------------------------------------------------------------------------------------------------
leather Chair
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
Conference Room
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                Space =                           15' 4" x 20' 7"
-----------------------------------------------------------------------------------------------------------------------------------
One Large conference table
-----------------------------------------------------------------------------------------------------------------------------------
 white board
-----------------------------------------------------------------------------------------------------------------------------------
9 conference chairs
-----------------------------------------------------------------------------------------------------------------------------------
3 Regular chairs
-----------------------------------------------------------------------------------------------------------------------------------
2 small wood tables
-----------------------------------------------------------------------------------------------------------------------------------
Metal table
-----------------------------------------------------------------------------------------------------------------------------------
lamp
-----------------------------------------------------------------------------------------------------------------------------------
PaperStand
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
Front Hallway
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                Space=                            15' x 4'
                                     -
-----------------------------------------------------------------------------------------------------------------------------------
Telco Room
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                Space =                           8' x  6' 6"
-----------------------------------------------------------------------------------------------------------------------------------
2 Generic PC
-----------------------------------------------------------------------------------------------------------------------------------
Micron Monitor
-----------------------------------------------------------------------------------------------------------------------------------
UPS
-----------------------------------------------------------------------------------------------------------------------------------
Fire Extinguisher                                                                                                 612007R10236719
-----------------------------------------------------------------------------------------------------------------------------------
PC                                                                              APC 650
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
Battery Pak
-----------------------------------------------------------------------------------------------------------------------------------
UPS                                                                                                               LIEBP
-----------------------------------------------------------------------------------------------------------------------------------
SMC Stackable HUB                                                               Fortress                          LI 7KVAFX
-----------------------------------------------------------------------------------------------------------------------------------
I Intel                                                                         Fortress                          KI70304461
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       10
<PAGE>
<TABLE>
<CAPTION>

<S>                                  <C>                                        <C>                               <C>
Cisco Switch                                                                    SMC Tiger Stack                   199403721
-----------------------------------------------------------------------------------------------------------------------------------
Cable Management Stack                                                          Intel Express 10/100 Downlink     99403721
-----------------------------------------------------------------------------------------------------------------------------------
6 HP Printer Catrages                                                           3500 Series XL                    00024B69EIS0
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                PanDUIT                           90719572L
-----------------------------------------------------------------------------------------------------------------------------------
Kitchen
-----------------------------------------------------------------------------------------------------------------------------------
                                                                               Space=                             20' x 8' 5"
-----------------------------------------------------------------------------------------------------------------------------------
MicroWave (2)
-----------------------------------------------------------------------------------------------------------------------------------
Refrigerator
-----------------------------------------------------------------------------------------------------------------------------------
Coffee Holder                                                                                                     3879
-----------------------------------------------------------------------------------------------------------------------------------
Water Purifier                                                                                                    NA
-----------------------------------------------------------------------------------------------------------------------------------
Coffee Maker                                                                                                      NA
-----------------------------------------------------------------------------------------------------------------------------------
Wooden Round Table                                                                                                157274
-----------------------------------------------------------------------------------------------------------------------------------
3 Chairs                                                                                                          NA
-----------------------------------------------------------------------------------------------------------------------------------
BookShelf -- Metal
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
Tara's Office
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                Space=                            12'10" x 9'8"
-----------------------------------------------------------------------------------------------------------------------------------
3 Metal Filing Cabnets
-----------------------------------------------------------------------------------------------------------------------------------
2 Small Metal Filing Cabnets
-----------------------------------------------------------------------------------------------------------------------------------
Office Chair
-----------------------------------------------------------------------------------------------------------------------------------
PC                                                                              Dell Optiplex 6x1                 6E99IC
-----------------------------------------------------------------------------------------------------------------------------------
Monitor                                                                         17'
-----------------------------------------------------------------------------------------------------------------------------------
Phone
-----------------------------------------------------------------------------------------------------------------------------------
UPS
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
Ineke Office
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                Space=                            12'10 x 9'8"
-----------------------------------------------------------------------------------------------------------------------------------
2 Chairs
-----------------------------------------------------------------------------------------------------------------------------------
Fax Machine
-----------------------------------------------------------------------------------------------------------------------------------
Wooden Desk
-----------------------------------------------------------------------------------------------------------------------------------
File Cabnet
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       11
<PAGE>
<TABLE>
<CAPTION>
<S>                                  <C>                                        <C>                               <C>
bookshelf
-----------------------------------------------------------------------------------------------------------------------------------
DELL
-----------------------------------------------------------------------------------------------------------------------------------
Monitor
-----------------------------------------------------------------------------------------------------------------------------------
Printer                                                                         17' Dell Monitor
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
Extra Office
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                Space=                            12'10" x 9'8"
-----------------------------------------------------------------------------------------------------------------------------------
V shaped wooden desk
-----------------------------------------------------------------------------------------------------------------------------------
HP Deskjet 1600C Printer
-----------------------------------------------------------------------------------------------------------------------------------
10 Key (Vistor 1560-4)
-----------------------------------------------------------------------------------------------------------------------------------
phone                                                                                                             USB7204092
-----------------------------------------------------------------------------------------------------------------------------------
PC                                                                                                                26003853
-----------------------------------------------------------------------------------------------------------------------------------
Monitor
-----------------------------------------------------------------------------------------------------------------------------------
2 Metal Filing Cabnets                                                          Dell OptiPlex Gx1                 6E99K
-----------------------------------------------------------------------------------------------------------------------------------
Wood Filing Cabnets                                                             17'                               4512R-IOQZM-89
-----------------------------------------------------------------------------------------------------------------------------------
Office Chair
-----------------------------------------------------------------------------------------------------------------------------------
Guest Chair
-----------------------------------------------------------------------------------------------------------------------------------
Surge Protector
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
Lynn's Office                                                                                                     U05607
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                Space=                            12'10" x 9'8"
-----------------------------------------------------------------------------------------------------------------------------------
Corner Desk
-----------------------------------------------------------------------------------------------------------------------------------
Leather Chair
-----------------------------------------------------------------------------------------------------------------------------------
2 Guest Chairs
-----------------------------------------------------------------------------------------------------------------------------------
2 Filing cabnets
-----------------------------------------------------------------------------------------------------------------------------------
Bookshelf
-----------------------------------------------------------------------------------------------------------------------------------
Dry Erase Board
-----------------------------------------------------------------------------------------------------------------------------------
phone
-----------------------------------------------------------------------------------------------------------------------------------
Laptop                                                                          Dell Inspiron 5000e laptop
-----------------------------------------------------------------------------------------------------------------------------------
10 Key Machine                                                                                                    2187214
-----------------------------------------------------------------------------------------------------------------------------------
iomega zip drive                                                                                                  HBBG458054
-----------------------------------------------------------------------------------------------------------------------------------
Printer                                                                         HP laserjet 1200 printer          CNBRB06731
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       12
<PAGE>
<TABLE>
<CAPTION>
<S>                                  <C>                                        <C>                               <C>

-----------------------------------------------------------------------------------------------------------------------------------
Corner Office
-----------------------------------------------------------------------------------------------------------------------------------
                                                                               Space=                             15'4" x 13
-----------------------------------------------------------------------------------------------------------------------------------
"V" Shaped Desk
-----------------------------------------------------------------------------------------------------------------------------------
Office Chair
-----------------------------------------------------------------------------------------------------------------------------------
3 Quest Chairs
-----------------------------------------------------------------------------------------------------------------------------------
Printer
-----------------------------------------------------------------------------------------------------------------------------------
2 surge protectors                                                              HP laserJET 6MP Printer
-----------------------------------------------------------------------------------------------------------------------------------
phone
-----------------------------------------------------------------------------------------------------------------------------------
bookshelf
-----------------------------------------------------------------------------------------------------------------------------------
bookshelf/filing cabnet
-----------------------------------------------------------------------------------------------------------------------------------
wall cabnet
-----------------------------------------------------------------------------------------------------------------------------------
power supply
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                Tripp Lite
-----------------------------------------------------------------------------------------------------------------------------------
Copy Room                                                                                                         M3164
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                Space=                            15'4" x 8'3"
-----------------------------------------------------------------------------------------------------------------------------------
table
-----------------------------------------------------------------------------------------------------------------------------------
2 filing cabnets
-----------------------------------------------------------------------------------------------------------------------------------
2 bookshelfs
-----------------------------------------------------------------------------------------------------------------------------------
metal shelf on weels
-----------------------------------------------------------------------------------------------------------------------------------
Shedders
-----------------------------------------------------------------------------------------------------------------------------------
Fax                                                                             fellows powershedder PS 60
-----------------------------------------------------------------------------------------------------------------------------------
Pencil Shapener                                                                 PanFLEX UF - 770 fax Machine
-----------------------------------------------------------------------------------------------------------------------------------
Postage Meter                                                                   Boston                            1970201618
-----------------------------------------------------------------------------------------------------------------------------------
Copy Machine                                                                    Pitney Bowes postage meter
-----------------------------------------------------------------------------------------------------------------------------------
Hand Truck                                                                      CS PRO
-----------------------------------------------------------------------------------------------------------------------------------
2 floor mats
-----------------------------------------------------------------------------------------------------------------------------------
Monitor stand
-----------------------------------------------------------------------------------------------------------------------------------
Fax Machine
-----------------------------------------------------------------------------------------------------------------------------------
Case                                                                            Pitney Bowes 982
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       13
<PAGE>

<TABLE>
<CAPTION>
<S>                                  <C>                                        <C>                               <C>
                                                                                Pitney Bowes Plastic Case
-----------------------------------------------------------------------------------------------------------------------------------
Office Hall
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                Space=                            41' 8" x 11' 10"
-----------------------------------------------------------------------------------------------------------------------------------
2 filing cabnets
-----------------------------------------------------------------------------------------------------------------------------------
4 cubicle desks
-----------------------------------------------------------------------------------------------------------------------------------
PC
-----------------------------------------------------------------------------------------------------------------------------------
Monitor
-----------------------------------------------------------------------------------------------------------------------------------
Printer                                                                         Dell OPtiPlex GX1                 6399G
-----------------------------------------------------------------------------------------------------------------------------------
tenkey                                                                          17' Monitor Hitachi elite 630     T7D002095
-----------------------------------------------------------------------------------------------------------------------------------
3 office chairs                                                                 Cannon bjc z10 printer            EAR57503
-----------------------------------------------------------------------------------------------------------------------------------
2 phones                                                                        Victor I560-4                     23006017
-----------------------------------------------------------------------------------------------------------------------------------
Printer
-----------------------------------------------------------------------------------------------------------------------------------
4 moving filing Cabnets
-----------------------------------------------------------------------------------------------------------------------------------
surge protector                                                                 HP LaserJet 5n                    USHC061277
-----------------------------------------------------------------------------------------------------------------------------------
Monitor
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                fellows                           NA
-----------------------------------------------------------------------------------------------------------------------------------
Back Hall                                                                       15' Micron                        64300CR20225688C
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                Space =                           39'10" x 4'4"
-----------------------------------------------------------------------------------------------------------------------------------
4 metal cabinets
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
CLEARWATER FACILITY
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
Dell 17"                                                                                                          MX-05322D-74605-9
-----------------------------------------------------------------------------------------------------------------------------------
Back Ups Pro 650
-----------------------------------------------------------------------------------------------------------------------------------
Dell 17"                                                                                                          MX-02010B-47605
                                                                                                                  -052-B7NJ
-----------------------------------------------------------------------------------------------------------------------------------
Smart Ups U/S 650
-----------------------------------------------------------------------------------------------------------------------------------
Omni View 4 Port                                                                                                  EA0B016169QG
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       14
<PAGE>

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

DELL L667R                           PIII 600MHz/ 128 ram / 7GB                                                   F52810B /
                                                                                                                  329-577-997-07
-----------------------------------------------------------------------------------------------------------------------------------
Tandem MS466D                                                                                                     185A1S037023
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
Back Ups 300
-----------------------------------------------------------------------------------------------------------------------------------
SUN 17"
-----------------------------------------------------------------------------------------------------------------------------------
DELL 17"
-----------------------------------------------------------------------------------------------------------------------------------
DELL 17"
-----------------------------------------------------------------------------------------------------------------------------------
DELL 17"
-----------------------------------------------------------------------------------------------------------------------------------
Cisco 2500
-----------------------------------------------------------------------------------------------------------------------------------
Dell PowerEdge 2450                   600 / 256 ram /18 gig hard drive
-----------------------------------------------------------------------------------------------------------------------------------
Dell OptiPlex GX100 (Detritus)       Celeron 433/ 128 ram / 4 gig hard drive
-----------------------------------------------------------------------------------------------------------------------------------
Sun Ultra 5                          Sparc 360 / 256 ram /
-----------------------------------------------------------------------------------------------------------------------------------
Dell XPS T700r - win 2000 Server
(Quantum1)                           PIII 700 / 256 ram /19 gig hard drive
-----------------------------------------------------------------------------------------------------------------------------------
Belkin 4 Port
-----------------------------------------------------------------------------------------------------------------------------------
3Com 16 port hub
-----------------------------------------------------------------------------------------------------------------------------------
Sun 17"
-----------------------------------------------------------------------------------------------------------------------------------
HP JetDirect 170x
-----------------------------------------------------------------------------------------------------------------------------------
HP Laser Jet 2100
-----------------------------------------------------------------------------------------------------------------------------------
Ultra 5
-----------------------------------------------------------------------------------------------------------------------------------
Back Ups Pro 650
-----------------------------------------------------------------------------------------------------------------------------------
Backups 500
-----------------------------------------------------------------------------------------------------------------------------------
Cybex Auto View
-----------------------------------------------------------------------------------------------------------------------------------
Cybex Auto View
-----------------------------------------------------------------------------------------------------------------------------------
Cybex Auto View
-----------------------------------------------------------------------------------------------------------------------------------
Cybex Auto View
-----------------------------------------------------------------------------------------------------------------------------------
Belkin 4 Port
-----------------------------------------------------------------------------------------------------------------------------------
BDC/ k2000
-----------------------------------------------------------------------------------------------------------------------------------
Dell L550r                           PIII 550 MHz/ 128 ram/
-----------------------------------------------------------------------------------------------------------------------------------
FIREWALL
-----------------------------------------------------------------------------------------------------------------------------------
Cisco Catalyst 2900 XL
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       15
<PAGE>

<TABLE>
<CAPTION>
<S>                                  <C>                                        <C>                               <C>
Cisco Catalyst 2900 XL
-----------------------------------------------------------------------------------------------------------------------------------
Cisco Catalyst 2900 XL
-----------------------------------------------------------------------------------------------------------------------------------
Dell 2400 PowerEdge                  600mhz / 512 ram / 4 x 18 gig drives
-----------------------------------------------------------------------------------------------------------------------------------
ADTRAN 56/64 DSU
-----------------------------------------------------------------------------------------------------------------------------------
Visual Uptime
-----------------------------------------------------------------------------------------------------------------------------------
US Robotics 3.36 Modem
-----------------------------------------------------------------------------------------------------------------------------------
DataProbe CAS
-----------------------------------------------------------------------------------------------------------------------------------
3Com 8 port hub
-----------------------------------------------------------------------------------------------------------------------------------
DigiView 17"
-----------------------------------------------------------------------------------------------------------------------------------
Spectrum 15"
-----------------------------------------------------------------------------------------------------------------------------------
TTX 15"
-----------------------------------------------------------------------------------------------------------------------------------
PDC1 / k2000                         429mhz / 128ram / 4gig
-----------------------------------------------------------------------------------------------------------------------------------
PRINTSERV                            733mhz / 256 ram / 3 x 18 gig drives
-----------------------------------------------------------------------------------------------------------------------------------
Cisco 2501 Router to Equifax
-----------------------------------------------------------------------------------------------------------------------------------
Cisco 1605r Router for T1
-----------------------------------------------------------------------------------------------------------------------------------
Cisco Catalyst 2900 XL
-----------------------------------------------------------------------------------------------------------------------------------
Back Ups Pro 650
-----------------------------------------------------------------------------------------------------------------------------------
APC Smart Ups 2200
-----------------------------------------------------------------------------------------------------------------------------------
APC Smart Ups 2200
-----------------------------------------------------------------------------------------------------------------------------------
APC Back Ups 300
-----------------------------------------------------------------------------------------------------------------------------------
APC Smart Ups 1400 - Rack Mount
-----------------------------------------------------------------------------------------------------------------------------------
APC Smart Ups 1400 - Rack Mount
-----------------------------------------------------------------------------------------------------------------------------------
APC Smart Ups 1400 - Rack Mount
-----------------------------------------------------------------------------------------------------------------------------------
APC Smart Ups 1400 - Rack Mount
-----------------------------------------------------------------------------------------------------------------------------------
APC 1400 - Square
-----------------------------------------------------------------------------------------------------------------------------------
APC 1400 - Square
-----------------------------------------------------------------------------------------------------------------------------------
APC 1400 - Square
-----------------------------------------------------------------------------------------------------------------------------------
Best Patriot 280 UPS
-----------------------------------------------------------------------------------------------------------------------------------
Toshiba Satalite Pro 4200-Laptop
-----------------------------------------------------------------------------------------------------------------------------------
Dell L550r Computer                  PIII 550 Mhz /
-----------------------------------------------------------------------------------------------------------------------------------
Sony VPL-S600
-----------------------------------------------------------------------------------------------------------------------------------
APC Back-Ups Pro 650
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       16
<PAGE>

<TABLE>
<CAPTION>
<S>                                  <C>                                        <C>                               <C>
DELL L667R                           PIII 700 Mhz / / 7 GB
-----------------------------------------------------------------------------------------------------------------------------------
Dell 17"
-----------------------------------------------------------------------------------------------------------------------------------
BACK UPS 500
-----------------------------------------------------------------------------------------------------------------------------------
Dell Laptop 7500
-----------------------------------------------------------------------------------------------------------------------------------
Dell XPS T700r                       PIII 600Mhz / 256 ram / 19 GB
-----------------------------------------------------------------------------------------------------------------------------------
Dell 17"
-----------------------------------------------------------------------------------------------------------------------------------
Back Ups Pro 650
-----------------------------------------------------------------------------------------------------------------------------------
DELL L667R                           PIII 600Mhz/ 128 ram /
-----------------------------------------------------------------------------------------------------------------------------------
Dell 17"
-----------------------------------------------------------------------------------------------------------------------------------
BACK UPS 500
-----------------------------------------------------------------------------------------------------------------------------------
APC Back Ups 300
-----------------------------------------------------------------------------------------------------------------------------------
APC Back Ups 300
-----------------------------------------------------------------------------------------------------------------------------------
APC Back Ups 500
-----------------------------------------------------------------------------------------------------------------------------------
APC Back Ups 500
-----------------------------------------------------------------------------------------------------------------------------------
APC Back Ups 500
-----------------------------------------------------------------------------------------------------------------------------------
APC Back Ups 500
-----------------------------------------------------------------------------------------------------------------------------------
APC Back Ups 500
-----------------------------------------------------------------------------------------------------------------------------------
APC Back Ups 500
-----------------------------------------------------------------------------------------------------------------------------------
Backups 500
-----------------------------------------------------------------------------------------------------------------------------------
DELL L667R                           PIII 600MHz/ 128 ram / 7GB
-----------------------------------------------------------------------------------------------------------------------------------
8 port Hub
-----------------------------------------------------------------------------------------------------------------------------------
Xerox DocuPrint P8
-----------------------------------------------------------------------------------------------------------------------------------
UPS - Best Patriot 250
-----------------------------------------------------------------------------------------------------------------------------------
DELL L667R                           PIII 600MHz/ 128 ram / 7GB
-----------------------------------------------------------------------------------------------------------------------------------
Dell 17"
-----------------------------------------------------------------------------------------------------------------------------------
Back Ups 500
-----------------------------------------------------------------------------------------------------------------------------------
Dell 650r                            PIII 550 MHz/ 128 ram/ 5GB
-----------------------------------------------------------------------------------------------------------------------------------
Relisys 17"
-----------------------------------------------------------------------------------------------------------------------------------
BACK UPS 300
-----------------------------------------------------------------------------------------------------------------------------------
Belkin 6 Port
-----------------------------------------------------------------------------------------------------------------------------------
Back Ups 500
-----------------------------------------------------------------------------------------------------------------------------------
Back Ups 300
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       17
<PAGE>

<TABLE>
<CAPTION>
<S>                                  <C>                                        <C>                               <C>
Dell XPS T700r                       PIII 700 MHz / 256 ram
-----------------------------------------------------------------------------------------------------------------------------------
Inspiron 7500                        500Mhz / 128 ram / 18.6gig drive
-----------------------------------------------------------------------------------------------------------------------------------
ViewSonic 19" -
-----------------------------------------------------------------------------------------------------------------------------------
Back Ups Pro 650
-----------------------------------------------------------------------------------------------------------------------------------
Cybex AutoView
-----------------------------------------------------------------------------------------------------------------------------------
Laser Jet Printer 2100 TN
-----------------------------------------------------------------------------------------------------------------------------------
Dell L667r                           PIII 667 MHz /
-----------------------------------------------------------------------------------------------------------------------------------
Dell L667r                           PIII 600MHz/ 128 ram
-----------------------------------------------------------------------------------------------------------------------------------
Toshiba Satalite Pro 4200-Celeste
-----------------------------------------------------------------------------------------------------------------------------------
Dell XPS T700r                       PIII 700 MHz / 128 ram
-----------------------------------------------------------------------------------------------------------------------------------
HP CW-Writer
-----------------------------------------------------------------------------------------------------------------------------------
Brother MFC
-----------------------------------------------------------------------------------------------------------------------------------
Toshiba Port Replicator
-----------------------------------------------------------------------------------------------------------------------------------
Sentrx
-----------------------------------------------------------------------------------------------------------------------------------
ADTRAN TSU 100E
-----------------------------------------------------------------------------------------------------------------------------------
Back Ups 500
-----------------------------------------------------------------------------------------------------------------------------------
Back Ups Pro 650
-----------------------------------------------------------------------------------------------------------------------------------
Back Ups 500
-----------------------------------------------------------------------------------------------------------------------------------
Back Ups 650
-----------------------------------------------------------------------------------------------------------------------------------
DELL L667R                           PIII 700 MHz / 128 ram
-----------------------------------------------------------------------------------------------------------------------------------
Dell XPS T700r                       PIII 700 MHz / 128 ram /
-----------------------------------------------------------------------------------------------------------------------------------
Belkin Omni View 4 port
-----------------------------------------------------------------------------------------------------------------------------------
Cannon Laser Jet 9000L
-----------------------------------------------------------------------------------------------------------------------------------
Brother MFC 4350
-----------------------------------------------------------------------------------------------------------------------------------
C4783A
-----------------------------------------------------------------------------------------------------------------------------------
HP Laser Jet 8100 DN
-----------------------------------------------------------------------------------------------------------------------------------
C4781A
-----------------------------------------------------------------------------------------------------------------------------------
Back ups 500
-----------------------------------------------------------------------------------------------------------------------------------
Dell XPS T700r                       PIII 700 MHz / 256 ram / 19 GB
-----------------------------------------------------------------------------------------------------------------------------------
Dell 17"
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       18
<PAGE>

<TABLE>
<CAPTION>
<S>                                  <C>                                        <C>                               <C>
Back Ups 500
-----------------------------------------------------------------------------------------------------------------------------------
Dell 17"
-----------------------------------------------------------------------------------------------------------------------------------
Dell 17"
-----------------------------------------------------------------------------------------------------------------------------------
Smile 17"
-----------------------------------------------------------------------------------------------------------------------------------
Back Ups 650
-----------------------------------------------------------------------------------------------------------------------------------
Minolta - Di350
-----------------------------------------------------------------------------------------------------------------------------------
HP Laser Jet 8100 DN
-----------------------------------------------------------------------------------------------------------------------------------
C4783A
-----------------------------------------------------------------------------------------------------------------------------------
Cannon PC - P70
-----------------------------------------------------------------------------------------------------------------------------------
Dell 17"
-----------------------------------------------------------------------------------------------------------------------------------
Dell 17"
-----------------------------------------------------------------------------------------------------------------------------------
C4781A
-----------------------------------------------------------------------------------------------------------------------------------
Dell XPS T700r                       PIII 700 MHz / 256 ram / 19 GB
-----------------------------------------------------------------------------------------------------------------------------------
Dell 17"
-----------------------------------------------------------------------------------------------------------------------------------
APC Back Ups 500
-----------------------------------------------------------------------------------------------------------------------------------
Cannon Laser Jet 9000L
-----------------------------------------------------------------------------------------------------------------------------------
Pitney Bowers
-----------------------------------------------------------------------------------------------------------------------------------
Pitney Bowers
-----------------------------------------------------------------------------------------------------------------------------------
Intel In business 8 port hub
-----------------------------------------------------------------------------------------------------------------------------------
DigiView 17"
-----------------------------------------------------------------------------------------------------------------------------------
Back Ups 500
-----------------------------------------------------------------------------------------------------------------------------------
Epson GT - 10000
-----------------------------------------------------------------------------------------------------------------------------------
Dell XPS B600r                       PIII 600 MHz / 128 ram
-----------------------------------------------------------------------------------------------------------------------------------
DigiView 17"
-----------------------------------------------------------------------------------------------------------------------------------
APC Back-Ups 500
-----------------------------------------------------------------------------------------------------------------------------------
Dell 5000 Laptop                     PIII 600MHz / 128 ram / 9.35 GB
-----------------------------------------------------------------------------------------------------------------------------------
Dell 17"
-----------------------------------------------------------------------------------------------------------------------------------
Dell Port Replicator
-----------------------------------------------------------------------------------------------------------------------------------
Back Ups 500
-----------------------------------------------------------------------------------------------------------------------------------
Dell 5000 Laptop                     P III 600Mhz
-----------------------------------------------------------------------------------------------------------------------------------
Card Scan 500
-----------------------------------------------------------------------------------------------------------------------------------
HP CD-Writer
-----------------------------------------------------------------------------------------------------------------------------------
Dell 17"
-----------------------------------------------------------------------------------------------------------------------------------
5000
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       19
<PAGE>

<TABLE>
<CAPTION>
<S>                                  <C>                                        <C>                               <C>
Smart Ups U/S 650
-----------------------------------------------------------------------------------------------------------------------------------
Dell l667r                           PIII 600 MHz / 128 ram / 20 GB
-----------------------------------------------------------------------------------------------------------------------------------
DigiView 17"
-----------------------------------------------------------------------------------------------------------------------------------
DocuPrint P8
-----------------------------------------------------------------------------------------------------------------------------------
APC Back Ups 300
-----------------------------------------------------------------------------------------------------------------------------------
Dell L667r                           PIII 600MHz/ 192 ram / 7GB
-----------------------------------------------------------------------------------------------------------------------------------
DigiView 15"
-----------------------------------------------------------------------------------------------------------------------------------
DigiView 17"
-----------------------------------------------------------------------------------------------------------------------------------
BACK UPS 500
-----------------------------------------------------------------------------------------------------------------------------------
BACK UPS 300
-----------------------------------------------------------------------------------------------------------------------------------
K2000
-----------------------------------------------------------------------------------------------------------------------------------
HP CD-Rewriter Backpack
-----------------------------------------------------------------------------------------------------------------------------------
Laser Jet Printer 2100 TN
-----------------------------------------------------------------------------------------------------------------------------------
25' IEEE Printer Cable
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
Dell Port Replicator
-----------------------------------------------------------------------------------------------------------------------------------
Gemplus
-----------------------------------------------------------------------------------------------------------------------------------
Polaroid Screen CP-75 Contour
-----------------------------------------------------------------------------------------------------------------------------------
Sun Ultra 5                          300 Mhz / 256 ram / 2 x 9.1 GB Drives
-----------------------------------------------------------------------------------------------------------------------------------
Sun Sparc                            / 128 ram / 4 Gb drive & 2Gb drive
-----------------------------------------------------------------------------------------------------------------------------------
Apple G3                             266 / 128 ram / 6 GB Drive
-----------------------------------------------------------------------------------------------------------------------------------
17" Mac monitor
-----------------------------------------------------------------------------------------------------------------------------------
Dell 5000
-----------------------------------------------------------------------------------------------------------------------------------
Dell 4100                            1.gig/256mg ram/ 20 gig drive
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       20Exhibit 4.1

                              AEROFLEX INCORPORATED

                    2002 OUTSIDE DIRECTORS' STOCK OPTION PLAN

     1. Purposes of the Plan. The purposes of this 2002 Outside Directors' Stock
Option Plan are to attract and retain highly skilled individuals as Directors of
the Company,  to provide  additional  incentive to the Outside  Directors of the
Company to serve as Directors,  and to encourage their continued  service on the
Board.

     All options granted hereunder shall be "non-statutory stock options."

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

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

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

     (c) "Change in Control" means a change of control of the Company, or in
any person directly or indirectly controlling the Company, which shall mean:

          (i) a  change  in  control  as  such  term  is  presently  defined  in
          Regulation  240.12b-(2) under the Securities  Exchange Act of 1934, as
          amended (the "Exchange Act"); or

          (ii) if any "person" (as such term is used in Section  13(d) and 14(d)
          of the Exchange Act) other than the Company or any "person" who on the
          date of this  Agreement  is a  director  or  officer  of the  Company,
          becomes the  "beneficial  owner" (as defined in Rule 13(d)-3 under the
          Exchange  Act)  directly or  indirectly,  of securities of the Company
          representing  twenty  percent (20%) or more of the voting power of the
          Company's then outstanding securities; or

          (iii) if during any  period of two (2)  consecutive  years  during the
          term of this Plan,  individuals  who at the  beginning  of such period
          constitute the Board of Directors,  cease for any reason to constitute
          at least a majority thereof.

     (d) "Common  Stock" means the Common Stock of the Company,  par value $0.10
per share.

     (e) "Company" means Aeroflex Incorporated, a Delaware corporation.

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

     (g) "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 or consulting  fee by the Company shall not be sufficient in and
of itself to constitute  "employment" by the Company unless the Director and the
Company  agree  that,  as a result of  payment of such fees in  connection  with
services rendered, such Director should not be considered an Outside Director.

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

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

                                       A-1

<PAGE>

          (i) If the Common Stock is listed on any established stock exchange or
          national  market  system,  including  without  limitation  the  Nasdaq
          National  Market,  the Fair  Market  Value of a Share of Common  Stock
          shall be the closing sale price for such stock (or the closing bid, if
          no sales were reported),  as quoted on such system or exchange (or, if
          more than one, on the exchange with the greatest  volume of trading in
          the  Company's  Common  Stock)  on  the  day  prior  to  the  date  of
          determination,  as reported  in The Wall Street  Journal or such other
          source as the Board deems reliable;

          (ii) If the Common  Stock is quoted on Nasdaq (but not on the National
          Market) or 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 and low asked prices
          for the Common Stock on the day prior to the date of determination, as
          reported in The Wall Street  Journal or such other source as the Board
          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
          Board.

     (j) "Option" means an option to purchase  Common Stock granted  pursuant to
the Plan.

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

     (l) "Optionee" means an Outside Director who receives an Option.

     (m) "Outside Director" means a Director who is not an Employee.

     (n) "Plan" means this 2002 Outside Directors' Stock Option Plan.

     (o) "Share"  means a share of the Common  Stock,  as adjusted in accordance
with Section 10 of the Plan.

     3. Stock  Subject to the Plan.  Subject to the  provisions of Section 10 of
the Plan, the maximum  aggregate number of Shares which may be optioned and sold
under the Plan is 525,000 Shares (the "Pool") of Common Stock. The Shares may be
authorized, but unissued, or reacquired Common Stock.

        If  an  Option  expires  or becomes  unexercisable  without  having been
exercised in full,  the  unpurchased  Shares which were  subject  thereto  shall
become  available  for future  grant or sale under the Plan (unless the Plan has
terminated).

     4. Administration of and Grants under the Plan.

     (a) Administration.  Except as otherwise required herein, the Plan shall be
administered by the Board. All grants of Options to Outside Directors under this
Plan shall be  automatic  and  nondiscretionary  and shall be made  strictly  in
accordance with the following provisions:

     (b) Option Grants.

          (i) No  person  shall  have any  discretion  to select  which  outside
          Directors  shall be  granted  Options  or to  determine  the number of
          Shares to be covered by Options granted to Outside Directors.

          (ii) Commencing  March 1, 2003 and each subsequent  March 1 during the
          term of this Plan, each Outside Director shall  automatically  receive
          an additional  option to purchase 25,000 Shares (the "Annual Option"),
          provided  that  (1) the  Annual  Option  shall be  granted  only to an
          outside  Director  who has served on the Board for at least three full
          months  prior  to the  date of grant  and (2) the  grant of an  Annual
          Option  shall be  subject  to the  person's  continued  service  as an
          outside Director.

                                       A-2

<PAGE>

          (iii) The terms of each Option granted hereunder shall be as follows:

          (1) Each  Option  shall  terminate,  if not  previously  exercised  or
otherwise terminated, on a date ten (10) years after the date of grant.

          (2) Each Option shall be exercisable  only while the Outside  Director
remains a Director of the Company, except as set forth in Section 8 hereof.

          (3) The  exercise  price per Share of each Option shall be 100% of the
Fair Market Value per Share on the date of grant of the Option.

          (4) Each Option shall become  exercisable in  installments as follows:
up to  33-1/3%  on the date of  grant;  up to  66-2/3%  on and  after  the first
anniversary  of the  date  of  grant;  and up to 100% on and  after  the  second
anniversary of the date of grant.

          (iv) In the event that any Option  granted  under the Plan would cause
          the number of Shares subject to outstanding Options plus the number of
          Shares  previously  purchased  upon  exercise of Options to exceed the
          Pool,  then  each such  automatic  grant  shall be for that  number of
          Shares  determined  by dividing the total  number of Shares  remaining
          available  for  grant  by  the  number  of  Outside  Directors  on the
          automatic grant date. No further grants shall be made until such time,
          if any, as additional Shares become available for grant under the Plan
          through  action of the  stockholders  to increase the number of Shares
          which  may be  issued  under  the  Plan  or  through  cancellation  or
          expiration of Options previously granted hereunder.

     (c) The Board has the  authority to interpret the Plan and to prescribe the
rules and regulations relating thereto.

     5.  Eligibility.  Options  may be granted  only to Outside  Directors.  All
Options shall be automatically granted in accordance with the terms set forth in
Section 4(b).

         The Plan shall not confer upon any  Optionee any  right with respect to
continuation of service as a Director or nomination to serve as a Director,  nor
shall it  interfere in any way with any rights which the Director or the Company
may have to terminate his or her directorship at any time.

     6. Term of Plan. The Plan shall become  effective upon the earlier to occur
of August 26, 2002,  the date of its  adoption by the Board,  or its approval by
the stockholders of the Company as described in Section 16 of the Plan. It shall
continue in effect for a term of ten (10) years unless sooner  terminated  under
Section 11 of the Plan.

     7. Option Exercise Price and Consideration.

     (a) Exercise  Price.  The per Share exercise price for Optioned Stock shall
be 100% of the Fair Market Value per Share on the date of grant of the Option.

     (b) Form of  Consideration.  The consideration to be paid for the Shares to
be issued upon  exercise of an Option may consist,  at the option of the Company
of (i) cash, (ii) check,  (iii) other shares of the Company's Common Stock which
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,  (iv)
consideration  received  by the  Company  under any  cashless  exercise  program
implemented  by the Company in  connection  with the Plan,  or (v) a combination
thereof.

     8. Exercise of Option.

     (a) Procedure for Exercise;  Rights as a  Stockholder.  Any Option  granted
hereunder  shall be  exercisable  at such times as are set forth in Section 4(b)
hereof.

                                       A-3

<PAGE>

     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 consist of any  consideration  and method of payment
allowable  under  Section 7(b) 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 stockholder shall
exist with respect to the Optioned  Stock,  notwithstanding  the exercise of the
option. A share certificate for the number of Shares so acquired shall be issued
to the  Optionee  as  soon as  practicable  after  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 10 of the Plan.

     Except as  otherwise  provided  in Section 3,  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 Status as a Director.  If an Outside  Director ceases to
serve as a Director,  he may, but only within three (3) months after the date he
ceases to be a Director of the  Company,  exercise his Option to the extent that
he was entitled to exercise it at the date of such termination.  Notwithstanding
the  foregoing,  in no event  may the  Option  be  exercised  after its term has
expired.  To the extent that the Director was not entitled to exercise an Option
at the date of such  termination,  or if he does not exercise such Option (which
he was entitled to exercise) within the time specified herein,  the Option shall
terminate.

     (c) Disability of Optionee.  Notwithstanding the provisions of Section 8(b)
above,  in the event an Optionee is unable to continue his service as a Director
as a result  of his  total and  permanent  disability  (as  defined  in  Section
22(e)(3) of the Code),  he may, but only within twelve (12) months from the date
of termination, exercise his Option to the extent he was entitled to exercise it
at the date of such termination.  Notwithstanding the foregoing, in no event may
the Option be exercised  after its term has  expired.  To the extent that he was
not  entitled to exercise the Option at the date of  termination,  or if he does
not exercise  such Option  (which he was  entitled to exercise)  within the time
specified herein, the Option shall terminate.

     (d) Death of Optionee.  In the event of the death of an Optionee during his
term as a  Director,  the  Option  shall be  exercisable  to the  extent  it was
exercisable  at the date of  termination,  at any time within twelve (12) months
following  the date of  death,  by the  Optionee's  estate  or by a  person  who
acquired  the  right  to  exercise   the  Option  by  bequest  or   inheritance.
Notwithstanding the foregoing, in no event may the Option be exercised after its
term has expired.

     9.  Non-Transferability  of  Options.  Options  may not be  sold,  pledged,
assigned, hypothecated,  transferred, or disposed of in any manner other than by
will or by the laws of descent or distribution. Options may be exercised, during
the lifetime of the Optionee, only by the Optionee.

     10. Adjustments Upon Changes in Capitalization,  Dissolution, Merger, Asset
Sale or Change in Control.

     (a)  Changes  in  Capitalization.  Subject  to any  required  action by the
stockholders  of the Company,  the number of Shares covered by each  outstanding
Option,  the number of Shares 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 covered by each such outstanding Option, as applicable,  and
the number of Shares  issuable  pursuant to the  automatic  grant  provisions of
Section 4 hereof shall be proportionately  adjusted for any increase or decrease
in the number of issued Shares  resulting from a stock split,  spin off, reverse
stock split, stock dividend,

                                       A-4

<PAGE>

combination or  reclassification  of the Common Stock,  or any other increase or
decrease  in  the  number  of  issued  Shares   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."  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
subject to an Option.

     (b) Dissolution or Liquidation.  In the event of a proposed  dissolution or
liquidation  of the  Company,  Options  shall  become  fully  vested  and  fully
exercisable,  including  as to  Shares  as to which it would  not  otherwise  be
exercisable.  To the  extent an Option  remains  unexercised  at the time of the
dissolution or liquidation, the Option shall terminate.

     (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,  outstanding  Options  may be  assumed  or  equivalent  options  may be
substituted by the successor  corporation or a parent or subsidiary thereof (the
"Successor Corporation"). If an Option is assumed or substituted for, the Option
or equivalent  option shall  continue to be exercisable as provided in Section 4
hereof for so long as the  Optionee  serves as a Director  or a director  of the
Successor  Corporation.  Following  such  assumption  or  substitution,  if  the
Optionee's  status as a Director or director of the  Successor  Corporation,  as
applicable,  is  terminated  other  than  upon a  voluntary  resignation  by the
Optionee,  the Option or option shall become fully exercisable,  including as to
Shares for which it would not otherwise be exercisable.  Thereafter,  the Option
or option shall remain  exercisable in accordance with Sections 8(b) through (d)
above.

     If the  Successor  Corporation  does not  assume an  outstanding  Option or
ubstitute for it an equivalent  option, the Option shall become fully vested and
exercisable,  including  as to  Shares  for  which it  would  not  otherwise  be
exercisable.  In such event the Board shall notify the Optionee  that the Option
shall be fully exercisable for a period of sixty (60) days from the date of such
notice, and upon the expiration of such period the Option shall terminate.

     For the  purposes of this  Section  10(c),  an Option  shall be  considered
assumed if, following the merger or sale of assets, the Option confers the right
to purchase or receive,  for each Share of Optioned  Stock subject to the Option
immediately prior to the merger or sale of assets,  the  consideration  (whether
stock,  cash, or other securities or property) received in the merger or sale of
assets 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).

     (d) Change in Control.  In the event of a Change in Control,  at the option
of the Board, (a) all Options  outstanding on the date of such Change in Control
shall become  immediately  and fully  exercisable,  and (b) an Optionee  will be
permitted to surrender for cancellation within sixty (60) days after such Change
in Control any Option or portion of an Option  which was  granted  more than six
(6) months prior to the date of such surrender, to the extent not yet exercised,
and to receive a cash payment in an amount  equal to the excess,  if any, of the
Fair  Market  Value (on the date of  surrender)  of the  shares of Common  Stock
subject  to the  Option  or  portion  thereof  surrendered,  over the  aggregate
purchase price for such Shares under the Option.

     11. 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
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 any  applicable  law or
regulation,  the Company shall obtain stockholder 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

                                       A-5

<PAGE>

Plan had not been amended or terminated. The Board shall not have the right to
reprice any outstanding Options without the affirmative vote of a majority of
all stockholders voting on the repricing proposal.

     12. Time of Granting Options. The date of grant of an Option shall, for all
purposes,  be the date determined in accordance with Section 4 hereof. Notice of
the  determination  shall be given to each Outside Director to whom an Option is
so granted within a reasonable time after the date of such grant.

     13. 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,
state securities laws, 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.

     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.

     14. 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.

     15. Agreements.  Options shall be evidenced by written option agreements in
such form as the Board shall approve.

     16.  Stockholder  Approval.  Continuance  of the Plan  shall be  subject to
approval by the  stockholders  of the Company at or prior to the first annual or
special  meeting of  stockholders  held  subsequent to the adoption of the Plan.
Such  stockholder  approval shall be obtained in the degree and manner  required
under applicable state and federal law.

                                       A-6

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