Document:

<PAGE>

                                                                     Exhibit 4.6
                                                        Option No. 2001-ISOm #05

                              STONEPATH GROUP, INC.

                        INCENTIVE STOCK OPTION AGREEMENT
                                    UNDER THE
                              STONEPATH GROUP, INC.
                              AMENDED AND RESTATED
                     2000 STOCK INCENTIVE PLAN (the "Plan")

         This Agreement is made as of the date set forth on Schedule A hereto
(the "Grant Date") by and between Stonepath Group, Inc. (the "Corporation"), and
the person named on Schedule A hereto (the "Optionee").

         WHEREAS, Optionee is a valuable employee of the Corporation or one of
its subsidiaries and the Corporation considers it desirable and in its best
interest that Optionee be given an inducement to acquire a proprietary interest
in the Corporation and an incentive to advance the interests of the Corporation
by granting the Optionee an option to purchase shares of common stock of the
Corporation (the "Common Stock");

         WHEREAS, to cover the granting of such Options, the Corporation has
adopted the Amended and Restated 2000 Stock Incentive Plan (the "Plan");

         NOW, THEREFORE, the parties hereto, intending to be legally bound,
hereby agree that as of the Grant Date, the Corporation hereby grants Optionee
an option to purchase from it, upon the terms and conditions set forth in the
Plan, that number of shares of the authorized and unissued Common Stock of the
Corporation as is set forth on Schedule A hereto.

3.       Terms of Stock Option. The option to purchase Common Stock granted
         hereby is subject to the terms, conditions, and covenants set forth in
         the Plan as well as the following:

         (a)      The Optionee has been provided with, reviewed and fully
                  understood, the terms, conditions and covenants, of the Plan;

         (b)      This Option is granted under, and subject in its entirety to,
                  the terms of the Plan;

         (c)      The Optionee has been provided with, and fully understands,
                  the "Disclosure Document for the Stonepath Group, Inc. Amended
                  and Restated 2000 Stock Incentive Plan";

         (d)      This option shall constitute an Incentive Stock Option which
                  is intended to qualify under Section 422 of the Internal
                  Revenue Code of 1986, as amended;

<PAGE>

         (e)      The per share exercise price for the shares subject to this
                  option shall be the Fair Market Value (as defined in the Plan)
                  of the Common Stock on the Grant Date, which exercise price is
                  set forth on Schedule A hereto;

         (f)      This option shall vest in accordance with the vesting schedule
                  set forth on Schedule A hereto;

         (g)      No portion of this option may be exercised more than ten (10)
                  years from the Grant Date.

4.       Change of Control Provisions.

         (a)      Definitions. For the purpose of this Option, a "Change of
                  Control" shall be deemed to have occurred if (A) any "Person"
                  (as the term "Person" is used inss.13(d) andss.14(d) of the
                  Securities Exchange Act of 1934), except for Optionee,
                  becomes, after the date hereof, the beneficial owner, directly
                  or indirectly, of securities of the Corporation representing
                  50% or more of the combined voting power of the Corporation's
                  then outstanding securities; (B) there occurs a contested
                  proxy solicitation of the Corporation's shareholders that
                  results in the contesting party obtaining the ability to vote
                  securities representing 50% or more of the combined voting
                  power of the Corporation's then outstanding securities; (C)
                  there occurs a sale, exchange, transfer or other disposition
                  of 50% or more in value of the assets of the Corporation to
                  another entity, except to an entity controlled directly or
                  indirectly by the Corporation; (D) there occurs a merger,
                  consolidation or other reorganization of the Corporation in
                  which the Corporation is not the surviving entity, or a plan
                  of liquidation or dissolution of the Corporation other than
                  pursuant to bankruptcy or insolvency laws is adopted; or (E)
                  during any period of twelve consecutive months, individuals
                  who at the beginning of such period constituted the Board
                  cease for any reason to constitute at least a majority thereof
                  unless the election, or the nomination for election by the
                  Corporation's shareholders, of each new director was approved
                  by a vote of at least a majority of the directors then still
                  in office who were directors at the beginning of the period.
                  Notwithstanding the foregoing, a "change of control" shall not
                  be deemed to have occurred for purposes of this Option (i) in
                  the event of a sale, exchange, transfer or other disposition
                  of substantially all of the assets of the Corporation to, or a
                  merger, consolidation or other reorganization involving the
                  Corporation and Optionee, alone or with other officers of the
                  Corporation, or any entity in which Optionee (alone or with
                  other officers) has, directly or indirectly, at least a 25%
                  equity or ownership interest; or (ii) in a transaction
                  otherwise commonly referred to as a "management leveraged
                  buy-out".

         (b)      Operative Provision. Notwithstanding any provision to the
                  contrary in the Plan, in the event of a Change of Control
                  during the term of this Option all of the Options granted
                  hereunder shall fully vest as of the date of the Change of
                  Control.

5.       Termination of Employment of Optionee: Plan Subject to Terms of
         Existing Employment Agreement.

                                      -2-
<PAGE>

         (a)      If during the term of any applicable Employment Agreement
                  between Optionee and the Corporation, Optionee either: (i)
                  terminates his employment with the Corporation for "Good
                  Reason" (as the term "Good Reason" is defined within the then
                  effective Employment Agreement between Optionee and the
                  Corporation); or (ii) is terminated by the Corporation other
                  than "For Cause" (as that term is defined within the then
                  current Employment Agreement between Optionee and the
                  Corporation), (or other than for death or disability as
                  covered in Section 3(b) below); then, and in either of those
                  events, notwithstanding any provision in the Plan to the
                  contrary, upon such termination (x) Optionee shall fully vest
                  in 100% of his Options; and (y) the period in which the
                  Options may be exercised shall be for the entire term of the
                  Options.

         (b)      If during the term of any applicable Employment Agreement
                  between the Optionee and Corporation, Optionee's employment
                  with the Corporation is terminated as a result of Optionee's
                  death or disability, then and in either of those events,
                  notwithstanding any provision in the Plan to the contrary,
                  upon such termination (x) Optionee shall fully vest in that
                  number of Options as Optionee would have vested under the
                  terms of this Option had Optionee remained employed by the
                  Corporation for a period of one (1) year following his death
                  or disability; and (y) the period in which the Options may be
                  exercised shall be for the entire term of the Options.

6.       Miscellaneous.

         (a)      This Agreement is binding upon the parties hereto and their
                  respective heirs, personal representatives, successors and
                  assigns.

         (b)      This Agreement will be governed and interpreted in accordance
                  with the laws of the State of Delaware, and may be executed in
                  more than one counterpart, each of which shall constitute an
                  original document.

         (c)      No alterations, amendments, changes or additions to this
                  agreement will be binding upon either the Corporation or
                  Optionee unless reduced to writing and signed by both parties.

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
Grant Date.

                                               STONEPATH GROUP, INC.

                                               By: /s/ Stephen M. Cohen
                                                   ----------------------------
                                                   Authorized Executive Officer

                                               OPTIONEE

                                                   /s/ Andrew P. Panzo
                                               ---------------------------------
                                               Signature

                                                       Andrew P. Panzo
                                               ---------------------------------
                                               Print Name

                                      -3-
<PAGE>

Schedule A

1.       Optionee:  Andrew P. Panzo

2.       Grant Date:  April 19, 2001

3.       Number of Shares of Common Stock covered by the Option:  250,000

4.       Exercise Price: $.60 (Fair Market Value of Common Stock on the Grant
         Date):

5.       The Option shall vest in accordance with the following schedule:

         (i)      All of the Options shall vest on the forty-eighth (48th) month
                  following the date hereof (the "Vesting Date") provided that
                  Optionee remains continuously employed by the Corporation at
                  all times through the Vesting date; and except as otherwise
                  specifically provided for in this Option or the Plan, once
                  Optionee is no longer employed by the Corporation the then
                  unvested Options shall no longer continue to vest beyond the
                  end of the month preceding the month in which Optionee's
                  employment with the Corporation ceases, and thereafter
                  Optionee forfeits any and all rights to any Options not yet
                  vested;

         (ii)     Notwithstanding the above, the vesting schedule for 50% of the
                  then unvested Options shall accelerate to a pro rata 24 month
                  period (or for the remaining term of the Option if less than
                  24 months) once the average closing price of the Corporation's
                  shares on the principal exchange or quotation system upon
                  which such shares regularly trade, equals or exceeds $2.50 for
                  a period of twenty (20) consecutive trading days; and the
                  vesting schedule for 50% of the then unvested Options shall
                  accelerate to a pro rata 24 month period (or for the remaining
                  term of the Option if less than 24 months) once the
                  Corporation completes an acquisition or business combination
                  deemed "material" by its Compensation Committee or for which a
                  Current Report on Form 8-K is required to be filed by the
                  Corporation with the Securities and Exchange Commission under
                  applicable SEC rules;

         (iii)    upon whatever earlier dates as are permitted by the
                  Corporation in its sole discretion; or

                                      -4-
<PAGE>

         (iv)     as otherwise provided for in the Plan.

                                                STONEPATH GROUP, INC.

                                                By: /s/ Stephen M. Cohen
                                                   -----------------------------
                                                   Authorized Executive Officer

                                                OPTIONEE

                                                    /s/ Andrew P. Panzo
                                                --------------------------------
                                                Signature

                                                        Andrew P. Panzo
                                                --------------------------------
                                                Print Name

                                      -5-<PAGE>

                                                                     Exhibit 4.7

                      NON-QUALIFIED STOCK OPTION AGREEMENT

         NET VALUE, INC. (the "Company") hereby grants to Andrew P. Panzo (the
"Optionee") an option to purchase shares of Common Stock (the "Shares") of the
Company, at the price set forth herein subject to the terms set forth herein,
and in all respects subject to the terms and provisions of the Net Value, Inc.
1996 Non-Qualified Stock Option Plan (the "Plan"), which terms and provisions
are hereby incorporated by reference herein. Unless the context herein otherwise
requires, the terms defined in the Plan shall have the same meanings herein.

         1. Nature of the Option. This Option is intended to be a nonstatutory
stock option and is not intended to be an incentive stock option within the
meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the
"Code"), or to otherwise qualify for any special tax benefits to the Optionee.

         2. Date of Grant; Term of Option. This Option is granted this 4th day
of December, 1999, and it may not be exercised later than the fifth anniversary
of the date of this Agreement.

         3. Option Exercise Price and Vesting. Subject to the terms and
conditions herein set forth and set forth in the Plan, the Company hereby grants
to Optionee an option to purchase 60,000 Shares at an exercise price of $1.00
per share. This Option shall immediately vest and be exercisable.

         4. Exercise of Option. This Option shall be exercisable during its term
only in accordance with the terms and provisions of the Plan and this Option as
follows:

                  (a) Method of Exercise. This Option shall be exercisable by
written notice which shall state the election to exercise this Option, the
number of Shares in respect to which this Option is being exercised and such
other representations and agreements as to the Optionee's investment intent with
respect to such Shares as may be required by the Company hereunder or pursuant
to the provisions of the Plan. Such written notice shall be signed by the
Optionee and shall be delivered in person or by certified mail to the Secretary
of the Company or such other person as may be designated by the Company. The
written notice shall be accompanied by payment of the purchase price along with
any other agreements as the Company may require. Payment of the purchase price
shall be by check or such consideration and method of payment authorized by the
Board pursuant to the Plan. The certificate or certificates for the Shares as to
which the Option shall be exercised shall be registered in the name of the
Optionee and shall be legended as required under the Plan, and/or applicable
law.

                  (b) Restrictions on Exercise. This Option may not be exercised
if the issuance of the Shares upon such exercise would constitute a violation of
any applicable federal or state securities laws or other laws or regulations. As
a condition to the exercise of this Option, the Company may require the Optionee
to make any representation and warranty to the Company as may be required by any
applicable law or regulation.

<PAGE>

         5. Investment Representations. Unless the Shares have been registered
under the Securities Act of 1933, in connection with the acquisition of this
Option, the Optionee represents and warrants as follows:

                  (a) The Optionee is acquiring this Option, and upon exercise
of this Option, he will be acquiring the Shares for investment for his own
account, not as a nominee or agent, and not with a view to, or for resale in
connection with, any distribution thereof.

                  (b) The Optionee has a preexisting business or personal
relationship with the Company or one of its directors, officers or controlling
personnel and by reason of his business or financial experience, has, and could
be reasonably assumed to have, the capacity to protect his interests in
connection with the acquisition of this Option and the Shares.

         6. Termination of Relationship with the Company. Subject to the
provisions of Section 7 hereof, if the Optionee ceases to serve the Company for
any reason other than death or Disability and thereby terminates his employment
or other relationship with the Company, the Optionee shall have the right to
exercise this Option at any time within one year after the date of termination
to the extent that the Optionee was entitled to exercise the Option at the date
of such termination. If the Optionee ceases to serve the Company due to death or
Disability, this Option may be exercised at any time within one year after the
date of death or Disability, in the case of death, by the Optionee's estate or
by a person who acquired the right to exercise this Option by bequest or
inheritance, or, in the case of Disability, by the Optionee or his legal
guardian or representative, but in any case, only to the extent the Optionee was
entitled to exercise this Option at the date of such termination; provided,
however, that if such disabled Optionee shall commence any employment or
engagement during such one year period with or by a competitor of the Company
(including, but not limited to, full or part-time employment or independent
consulting work), as determined solely in the judgment of the Board, this Option
shall terminate immediately upon the commencement thereof. To the extent that
the Optionee was not entitled to exercise the Option at the date of termination,
or to the extent the Option is not exercised within the time specified herein,
this Option shall terminate. Notwithstanding the foregoing, this Option shall
not be exercisable after the expiration of the term set forth in Section 2
hereof.

         7. Forfeiture of Option. Notwithstanding any other provision of this
Option, if, in the sole determination of the Board of Directors, the Optionee
(i) has engaged in any type of disloyalty to the Company including, without
limitation, fraud, misappropriation, embezzlement, theft, or dishonesty in the
course of his employment or engagement, or (ii) has been convicted of a felony
or a crime involving a breach of trust or other fiduciary duty owed to the
Company, or (iii) has disclosed trade secrets or confidential information of the
Company, or (iv) has breached any agreement with the Company in respect of
confidentiality, nondisclosure, noncompetition or otherwise, all unexercised
Options shall terminate the date of such determination. In the event of such a
determination, in addition to immediate termination of all unexercised Options,
the Optionee shall forfeit all Option shares for which the Company has not yet
delivered share certificates to the Optionee and the Company shall refund to the
Optionee the Option price paid to it. Notwithstanding anything to herein to the
contrary, the Company may withhold delivery of share certificates pending the
resolution of any inquiry that could lead to a determination resulting in
forfeiture.

                                      -2-
<PAGE>

         8. Continuation of Employment or Engagement. Neither the Plan nor this
Option shall confer upon any Optionee any right to continue in the service of
the Company or limit, in any respect, the right of the Company to discharge the
Optionee at any time, with or without cause and with or without notice.

         9. Withholding. The Company reserves the right to withhold, in
accordance with any applicable laws, from any consideration payable to Optionee
any taxes required to be withheld by federal, state or local law as a result of
the grant or exercise of this Option or the sale or other disposition of the
Shares issued upon exercise of this Option. If the amount of any consideration
payable to the Optionee is insufficient to pay such taxes or if no consideration
is payable to the Optionee, upon the request of the Company, the Optionee (or
such other person entitled to exercise the Option pursuant to Section 6 hereof)
shall pay to the Company an amount sufficient for the Company to satisfy any
federal, state or local tax withholding requirements it may incur, as a result
of the grant or exercise of this Option or the sale or other disposition of the
Shares issued upon the exercise of this Option.

         10. The Plan. This Option is subject to, and the Company and the
Optionee agree to be bound by, all of the terms and conditions of the Plan as
such Plan may be amended from time to time in accordance with the terms thereof.
Pursuant to the Plan, the Board of Directors of the Company is authorized to
adopt rules and regulations not inconsistent with the Plan as it shall deem
appropriate and proper. A copy of the Plan in its present form is available for
inspection during business hours by the Optionee or the persons entitled to
exercise this Option at the Company's principal office.

         11. Entire Agreement. This Agreement, together with the Plan and the
other exhibits attached thereto or hereto, represents the entire agreement
between the parties.

         12. Governing Law. This Agreement shall be construed in accordance with
the laws of the State of Delaware.

         13. Amendment. Subject to the provisions of the Plan, this Agreement
may only be amended by a writing signed by each of the parties hereto.

DATE:______________________________         NET VALUE, INC.

                                            BY: /s/ Andrew P. Panzo
                                                --------------------------------
                                                Andrew P. Panzo, President

                                      -3-
<PAGE>

                                 ACKNOWLEDGMENT

         The Optionee acknowledges receipt of a copy of the Plan, a copy of
which is attached hereto, and represents that he has read and is familiar with
the terms and provisions thereof, and hereby accepts this Option subject to all
of the terms and provisions thereof. The Optionee hereby agrees to accept as
binding, conclusive and final all decisions or interpretations of the Board of
Directors or the Committee upon any questions arising under the Plan.

DATE:
     --------------------------------        -----------------------------------
                                             Optionee:  Andrew P. Panzo

                                             -----------------------------------
                                             Address

                                             -----------------------------------
                                             City, State, Zip

         THIS OPTION AND THE SECURITIES WHICH MAY BE PURCHASED UPON THE EXERCISE
OF THIS OPTION HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN
CONNECTION WITH, THE SALE, TRANSFER OR DISTRIBUTION THEREOF. NO SUCH SALE,
TRANSFER OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION
STATEMENT RELATING THERETO OR A SATISFACTORY OPINION OF COUNSEL SATISFACTORY TO
THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

                                      -4-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}]]