Document:

Exhibit 10.1

                                  WAIVER TO THE
                            REVOLVING LOAN AGREEMENT

                  WAIVER, dated as of June 25, 2004 (this "Waiver"), to the Loan
Agreement, dated January 14, 2003, as previously amended modified or otherwise
supplemented (the "Loan Agreement") by and between KELTIC FINANCIAL PARTNERS,
LP, a Delaware limited partnership ("Lender"), and IEC ELECTRONICS CORP.
("Borrower"), a corporation organized and existing pursuant to the laws of the
state of Delaware. The above referenced documents and all other agreements,
instruments, certificates and documents pursuant to or incident thereto or in
connection therewith are herein referred to as the "Loan Documents".

                              W I T N E S S E T H :
                              - - - - - - - - - - -

                  WHEREAS, Lender and Borrower are parties to the Loan Agreement
and the related Loan Documents; and

                  WHEREAS, Borrower will be in Default of Sections 9.19 and 9.21
of the Loan Agreement for the period ended June 25, 2004, and has requested
Lender to waive such Defaults; and

                  WHEREAS, Lender has agreed to grant Borrower a waiver of the
above referenced Defaults, but only subject to the terms and conditions
contained herein;

                  NOW, THEREFORE, in consideration of the premises and for other
good and valuable consideration, the receipt, adequacy and sufficiency of which
are hereby acknowledged, the parties to this Waiver hereby agree as follows:

         1.       Definitions. Capitalized terms used and not otherwise defined
herein shall have the meanings ascribed to such terms in the Loan Agreement.

         2.       Waiver. Subject to the terms, conditions, representations and
warranties contained herein, Lender hereby agrees to waive the Default of
Sections 9.19 and 9.21 of the Loan Agreement for the period ended June 25, 2004.

         3.       Representations and Warranties. To induce Lender to enter into
this Waiver, Borrower hereby represents, warrants and acknowledges that:

                  A.       The execution, delivery and performance by Borrower
of this Waiver and the continued performance of the Loan Agreement: i) are
within its powers; ii) have been duly authorized by all necessary corporate
action; and iii) are not in contravention of any provision of its certificate of
formation, articles of incorporation or other organizational documents.

<PAGE>

                  B.       Except as expressly waived hereby, no Defaults or
Events of Default have occurred and are continuing as of the date hereof.

                  C.       This Waiver has been duly executed and delivered by
or on behalf of Borrower by an authorized signator.

                  D.       The Loan Agreement, as may be amended hereby,
constitutes a legal, valid and binding obligation of Borrower enforceable
against Borrower in accordance with its terms, except as enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting creditor's rights generally and by general equitable
principles (whether enforcement is sought by proceedings in equity or at law).

                  E.       All Obligations outstanding under the Loan Agreement
are duly payable in accordance with the terms of the Loan Agreement without any
defense, offset, counterclaim or recoupment whatsoever.

                  F.       The representations and warranties of Borrower
contained in the Loan Agreement and each other Loan Document shall be true and
correct on and as of the date first written above with the same effect as if
such representations and warranties had been made on and as of such date, except
that any such representation and warranty which is expressly made only as of a
specified date need only be true as of such date.

         4.       Conditions Precedent. The obligations of Lender under this
Waiver are subject to and conditioned upon each of the following conditions
precedent:

         (a)      Execution of this Waiver by an authorized officer(s) of
                  Borrower.

         (b)      Receipt of legal documentation expenses in the amount of
                  $500.00. Borrower authorizes and directs Lender to charge such
                  amount to the Revolving Loan.

         5.       No Other Consents/Waivers.Except as otherwise provided for
herein, the Loan Agreement shall be unmodified and shall continue in full force
and effect in accordance with its terms, and except as expressly provided for
herein, this Waiver shall not be deemed to be a waiver of, or consent under, any
term or condition of any Loan Document and shall not be deemed to prejudice any
right or rights which Lender may now have or may have in the future under or in
connection with any Loan Document or any of the instruments or agreements
referred to therein, as the same may be amended from time to time.

         6.       Non-Waiver. Except as otherwise provided for herein, Lender's
agreement to enter into this Waiver is not and shall not be construed as a
waiver of any current or future default under the Revolving Note, the Term Note,
the Loan Agreement or any other Loan Document, nor shall it preclude Lender from
proceeding against Borrower on any such default other than those expressly
waived herein. This Waiver is also not a relinquishment of any rights or

                                       2
<PAGE>

remedies Lender may have in connection with the Revolving Note, the Term Note,
the Loan Agreement or any other Loan Document except with respect to any
Defaults or Events of Default expressly waived herein.

         7.       Waiver of Rights. By its execution of this Waiver, Borrower
expressly waives any and all rights to assert a claim, counterclaim or defense
which now exists against Lender arising out of or in any way connected with the
Loan Agreement, the Revolving Note, the Term Note, or any other Loan Document or
in any other transaction between Lender and Borrower. The foregoing waiver shall
apply to any action instituted by any of the undersigned and to any action or
proceeding brought against any of the undersigned by Lender.

         8.       Acknowledgement of Debt. By execution of this Waiver, Borrower
acknowledges that there is due and owing as of June 25, 2004 the principal sum
of $915,529.67, which sums are not subject to any defense, counterclaim or
set-off.

         9.       Further Discussions. Borrower acknowledges that discussions
may take place between itself and Lender after the date hereof concerning
additional modifications of the Revolving Note,the Term Note, the Loan Agreement
and the Loan Documents. Lender in its sole and absolute discretion may terminate
any such discussions at any time and for any reason or no reason and Lender
shall have no liability for failing to engage in or terminating any such
discussions. While the parties hereto may reach preliminary agreement as to any
additional modifications of one or more provisions of the Loan Agreement, the
Revolving Note, the Term Note and/or the Loan Documents, none of the undersigned
shall be bound by any such agreement on any individual point until agreement is
reached on every issue and the agreement on all such issues has been reduced to
a written agreement signed by Lender and Borrower. Further, the Loan Agreement
may only be amended by a written agreement executed by Borrower and Lender and
no negotiations or other actions undertaken by Lender shall constitute a waiver
of Lender's rights under this agreement, the Loan Agreement, the Revolving Note,
the Term Note or other Loan Documents except to the extent specifically set
forth in a written agreement complying with the provisions of this paragraph.

         10.      GOVERNING LAW. THIS WAIVER SHALL BE GOVERNED BY, AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD
TO ITS CONFLICT OF LAW PRINCIPLES.

         11.      WAIVER OF JURY TRIAL. BORROWER AND LENDER ACKNOWLEDGE AND
AGREE THAT ANY SUIT, ACTION OR PROCEEDING, WHETHER CLAIM OR COUNTERCLAIM,
BROUGHT OR INSTITUTED BY BORROWER OR LENDER ON OR WITH RESPECT TO ANY LOANS, THE
OBLIGATIONS OR THE RELEVANT DOCUMENTS OR THE DEALINGS OF THE PARTIES WITH
RESPECT HERETO OR THERETO SHALL BE TRIED ONLY BY A COURT AND NOT BY A JURY AND
EACH PARTY HEREBY WAIVES THE RIGHT TO TRIAL BY JURY.

                                       3
<PAGE>

         12.      Counterparts. This Waiver may be executed by the parties
hereto on any number of separate counterparts and all said counterparts, when
taken together, shall be deemed to constitute one and the same original
instrument.

                  IN WITNESS WHEREOF, the parties hereto have caused this Waiver
to be duly executed and delivered as of the day and year first written above.

                                            KELTIC FINANCIAL PARTNERS, LP
                                                 By its General Partner,
                                            Keltic Financial Services LLC

                                            /s/ JOHN P. REILLY
                                            ------------------------------------
                                            By:     John P. Reilly
                                            Title:  Managing Partner

                                            IEC ELECTRONICS CORP.

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

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EXHIBIT 4.3    
    

BETA OIL & GAS, INC.

FORM OF

STOCK OPTION AGREEMENT  

        THIS STOCK OPTION AGREEMENT (this "Agreement"), is made and entered into as of the    day
of            ,
            , by and between BETA OIL & GAS, INC., a Nevada corporation (the "Corporation"), and
                        
(                        ) of the Corporation ("Optionee"). 

        W
I T N E S S E T H: 

        WHEREAS,
as an inducement to Optionee to accept the employment offered to him by the Corporation, the Board of Directors of the Corporation has authorized the grant to Optionee of an
option to purchase all or any part of                        shares of the Corporation's Common Stock for cash at a purchase price
of            and            /100 Dollars
($            ) per share, such option to be for the term and upon the terms and conditions hereinafter set forth; and 

        WHEREAS,
Optionee desires to accept such grant upon such terms and conditions, including restrictions on the transfer and sale of such shares as hereinafter set forth. 

        NOW,
THEREFORE, considering the premises, and in consideration of the mutual covenants, agreements and undertakings herein contained, the parties hereto, intending to be legally bound,
do hereby agree as follows: 

        1.     Definitions.

        The
following are definitions of certain terms as used in this Agreement: 

        (a)   "Board"
or "Board of Directors" means the board of directors of the Corporation. 

        (b)   "Common
Stock" means the common stock, par value $0.001 per share, of the Corporation. 

        (c)   "Exchange
Act" means the Securities Exchange Act of 1934, as it exists now or from time to time may hereafter be amended. 

        (d)   "Exercise
Price" means $             per share, subject to possible adjustment pursuant to Section 11. 

        (e)   "Expiration
Date" means                            , 20    , or earlier as provided at Section 3
hereof. 

        (f)    "Fair
Market Value" means for the relevant day, the value of a share of Common Stock determined as follows: 

          (i)  If
shares of Common Stock are listed on the New York Stock Exchange, the American Stock Exchange or such other securities exchange designated by the Board, or admitted
to unlisted trading privileges on any such exchange, or if the shares of Common Stock are quoted on The Nasdaq Stock Market or other National Association of Securities Dealers, Inc. system that
reports closing prices, the fair market value shall be the closing price of the Common Stock as reported by such exchange or system on the day the fair market value is to be determined, or if no such
price is reported for such day, then the determination of such closing price shall be as of the last immediately preceding day on which the closing price is so reported; 

         (ii)  If
the shares of Common Stock are not so listed or admitted to unlisted trading privileges or so quoted, the fair market value shall be the average of the last reported
highest 

1

 

bid
and the lowest asked prices quoted on The Nasdaq Stock Market or, if not so quoted, then by the National Quotation Bureau, Inc. on the day the fair market value is determined; or 

        (iii)  If
the shares of Common Stock are not so listed or admitted to unlisted trading privileges or so quoted, and bid and asked prices are not reported, the fair market
value shall be determined in such reasonable manner as may be prescribed by the Board. 

        (g)   "Option"
means the right to purchase a specified number of shares of Common Stock, subject to the terms and conditions of this Agreement. 

        (h)   "Option
Shares" means                        shares of the Common Stock, subject to possible adjustment pursuant to Section 11.

        (i)    "Optionee"
means                        . 

        (j)    "Securities
Act" means the Securities Act of 1933, as amended. 

        (k)   "Termination
of Employment" means when Optionee's employment relationship with the Corporation and all of its Subsidiaries is terminated, regardless of any severance
arrangements. A transfer from the Corporation to a Subsidiary or affiliate of the Corporation or a Subsidiary, or vice versa, a leave of absence
approved by the Board, and a leave of absence pursuant to which the Corporation is legally required to re-employ the Optionee are not a Termination of Employment for purposes of this
Agreement. 

        2.     Rules of Construction.

        (a)   Governing Law. The construction and operation of this Agreement are governed by the laws governing the interpretation and
enforcement of contracts of the State of Oklahoma and the laws of the State of Nevada governing the Option Shares. 

        (b)   Headings. All headings in this Agreement are for reference only and are not to be utilized in construing this Agreement. 

        (c)   Gender. Unless clearly appropriate, all nouns of either gender refer indifferently to persons of either gender. 

        (d)   Singular and Plural. Unless clearly inappropriate, singular terms refer also to the plural and  vice versa. 

        (e)   Severability. If any provision of this Agreement is determined to be illegal or invalid for any reason, the remaining
provisions shall continue in full force and effect and shall be construed and enforced as if the illegal or invalid provision did not exist, unless the continuance of this Agreement in such
circumstances is not consistent with its purposes. 

        3.     Option Grant; Term; and Vesting.

        (a)   Grant of Option. The Corporation hereby grants to Optionee the Option to purchase, upon and subject to the terms and
conditions of this Agreement, all or any part of            authorized, but unissued shares of the Corporation's Common Stock for cash at the Exercise Price of  $             per share, subject to adjustment pursuant to Section 11. 

        (b)   Term of Option. The term of the Option shall expire at 5:00 p.m.,
                        
    , 20            , Central Daylight time, on the day, which is
the            anniversary of the date of this Agreement unless the Option shall theretofore
have been terminated in accordance with the provisions hereinafter set forth. 

        (c)   Vesting of Option. The Option shall vest and become exercisable in installments of
            ,            
and                        shares
on                            , 200    ,
200    and 200    , respectively, and 

2

 

shall
thereafter remain exercisable as to all of the Shares until the expiration of the term of the Option; provided, that Optionee is then and has
continuously been in the employ of the Corporation. 

        4.     General Terms.

        The
foregoing option shall be subject to the following terms and conditions: 

        (a)   Price. The price to be paid for each of the Option Shares with respect to which the Option is exercised, shall be the
Exercise Price. 

        (b)   Exercise of Option. Payment of the Exercise Price for the number of shares as to which the Option is being exercised
shall be by cash and in full on the date of exercise. The Option shall not be exercisable with respect to fractions of a share. 

        (c)   Notice of Exercise. Each exercise of the Option herein granted shall be by written notice to the Corporation in the form
of Exhibit A hereto. 

        (d)   Investment Representation. If stock to be delivered pursuant to exercise of the Option has not been registered under the
Securities Act, Optionee agrees to represent and warrant in writing at the time of any exercise that the Option Shares are being purchased only for investment and without any present intention to sell
or distribute such Option Shares, and further agrees that the certificate or certificates evidencing the Option Shares so acquired contain the appropriate legend and will be sold or transferred only
in accordance with the rules and regulations of the Securities and Exchange Commission or any applicable law, regulation, or rule of any governmental agency. 

        (e)   Taxes. Optionee shall pay all transfer taxes and all other fees and expenses incident to the transfer or delivery of
stock pursuant to this Agreement. 

        5.     Exercise Procedure. The Option, if exercised, shall be exercised by written notice delivered to the Corporation stating
the number of Shares with respect to which the Option is being exercised, together with cash in the amount of the Exercise Price of such Shares and the written statement provided for in
Section 4(d) hereof, if required by said Section 4(d).    Not less than one share may be purchased at any one time unless the number purchased is the total number of Shares
at the time purchasable under the Option. 

        6.     Termination of Employment. Upon Termination of Employment for any reason other than the death, disability (as defined in
section 22(e)(3) of the Internal Revenue Code of 1986, as amended) or discharge of Optionee for "cause" (as determined by the Board of Directors of the Corporation in its sole discretion),
Optionee shall have the right, at any time within                    after such Termination of Employment, to exercise the Option only as to those
Shares with respect to which installments had accrued
under Section 3(c) hereof as of the date of such Termination of Employment; provided, that all rights under the Option shall expire in any event
on the day specified in Section 3(b) hereof. If Optionee shall be discharged by the Corporation for cause, the Optionee's right to exercise the Option shall expire concurrently with such
discharge for cause notwithstanding the vesting of any installments under Section 3(c). 

        7.     Death or Disability of Optionee. If Optionee shall die while in the employ of the Corporation or a Subsidiary of the
Corporation, or in the                    period referred to in Section 6 hereof, the person or persons to whom Optionee's rights under the
Option shall have passed by will or by the applicable
laws of descent and distribution shall have the right, at any time within one year after the date of Optionee's death, to exercise the Option as to those Shares with respect to which installments had
accrued under Section 3(c) hereof as of the date of Termination of Employment; provided, that all rights under the Option shall expire in any
event on the day specified in Section 3(b) hereof. If Optionee's employment with the Corporation or a Subsidiary of the Corporation shall terminate by reason of his total and permanent
disability, he may within                    after his Termination of 

3

 

Employment
exercise his Option to the extent he was entitled to exercise it at the date of his Termination of Employment. 

        8.     Non-Transferability of Options. The Option may not be sold, pledged, assigned, hypothecated, transferred, or
disposed of in any manner during the period ending one year from the date of grant and thereafter only (i) after written notice to the Board of Directors and (ii) in a manner which is in
compliance with all applicable provisions of the Securities Act and the Securities Exchange Act of 1934, as amended, to the reasonable satisfaction of the Corporation. Upon any permitted sale or other
transfer, the transferee shall remain subject to all terms and conditions of this Agreement. 

        9.     Rights as Shareholder. The Optionee shall have no rights of a shareholder as to Option Shares subject to the Option until,
after proper exercise of the Option or other action required, such Option Shares shall have been recorded on the Corporation's official shareholder records as having been issued to Optionee. No
adjustment shall be made for cash dividends or other rights for which the record date is prior to the date such Option Shares are recorded as issued to Optionee in the Corporation's official
shareholder records. 

        10.   Withholding Tax. Upon the exercise of the Option, the Optionee will be required to pay to the Corporation for remittance
to the appropriate taxing authorities an amount necessary to satisfy the Optionee's portion of federal, state and local withholding, FICA and Medicare taxes, if any, incurred by reason of the exercise
of the Option. The Optionee may elect to have the tax withholding obligation incurred upon the exercise of the Option satisfied by the withholding of cash otherwise due the Optionee from the
Corporation. 

        11.   Adjustments to Reflect Changes in Capital Structure. Subject to any required action by the shareholders of the
Corporation, the number of Option Shares covered by this Option, as well as the Exercise Price per Option Share, shall be proportionately adjusted for any increase or decrease in the number of issued
shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock, or any other increase or decrease in the number of issued
shares of Common Stock effected without receipt of consideration by the Corporation; provided, however, that conversion of any convertible securities of the Corporation shall not be deemed to have
been "effected without receipt of consideration." Such adjustment shall be made by the Board of Directors, whose determination in that respect shall be final, binding and conclusive. Except as
expressly provided herein, no issuance by the Corporation 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 Exercise Price of Option Shares subject to this Agreement. 

        In
the event of the proposed dissolution or liquidation of the Corporation, the Option represented by this Agreement will terminate immediately prior to the consummation of such proposed
action, unless otherwise provided by the Board of Directors. The Board of Directors may, in the exercise of its sole discretion in such instances, declare that the Option represented by this Agreement
shall terminate as of a date fixed by the Board of Directors and give the Optionee the right to exercise his Option as to all or any part of the Option Shares, including Option Shares as to which the
Option would not otherwise be exercisable. In the event of the proposed sale of all or substantially all of the assets of the Corporation, or the merger of the Corporation with or into another
corporation in a transaction in which the Corporation is not the survivor, the Option represented by this Agreement shall be assumed or an equivalent option shall be substituted by such successor
corporation or a parent or subsidiary of such successor corporation, unless the Board of Directors determines, in the exercise of its sole discretion and in lieu of such assumption or substitution,
that the Optionee shall have the right to exercise the Option as to all of the Option Shares, including Option Shares as to which the Option would not otherwise be exercisable. If the Board of
Directors makes the Option fully exercisable in lieu of assumption or substitution in the event of such a merger or sale of assets, the Board of Directors 

4

 

shall
notify the Optionee that the Option shall be fully exercisable for a period of 30 days from the date of such notice, and the Option will terminate upon the expiration of such period. 

        12.   Nondisclosure. Notwithstanding anything to the contrary herein, this Agreement shall be terminated if Optionee shall,
without prior written authorization from the Corporation, disclose to anyone outside the Corporation, or use in other than the Corporation's business, any confidential information or material relating
to the business of the Corporation. 

        13.   Notices. All notices, requests, demands and other communications required or permitted to be given hereunder shall be
deemed to have been duly given if in writing and delivered (a) personally, (b) by facsimile transmission, (c) by courier service, or (d) by registered or certified mail,
return receipt requested, at the following addresses: 

	 	If to the Corporation:	 	Beta Oil & Gas, Inc.

[Address]

Attention: Secretary of the Corporation
	

 	

If to the Optionee:	
 	

 	
 	

 
	

 	

 	
 	

	

 	

 	
 	

	

 	

 	
 	

Facsimile No.	
 	

 
	 	 	 	 	 	

Any party may change the address to which such communications are to be directed to it by giving written notice to the other party in the manner provided in this
Section 13. 

	14.
	Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
heirs, executors, administrators, trustees, successors and assigns. 

        EXECUTED
as of                            ,
200            . 

	 	 	BETA OIL & GAS, INC.
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:
	

 	
 	

OPTIONEE:
	

 	
 	

By:	

 
	 	 	 	

	

 	
 	

Name:	

 
	 	 	 	

5

 
STOCK OPTION AGREEMENT

EXHIBIT A

NOTICE OF EXERCISE  

        (To be signed by the Optionee at the time of exercise of his Option to purchase shares of common stock ("Shares") of Beta Oil & Gas, Inc.
("Company").) 

        The
undersigned Optionee states and represents to the Company as follows: 

        (a)   I
hereby irrevocably elect to exercise the Option to the extent of purchasing                        Shares; 

        (b)   I
enclose full payment of the aggregate Exercise Price for the Shares by delivering herewith certified funds or a bank cashier's check in the amount of $            ; 

        (c)   Please
issue a certificate for the Shares being purchased registered in the name of the undersigned and deliver such certificate to me at the address stated below. 

	Dated:	 	 	 	 	 	 
	 	 	
	 	
 Signature

(This signature must conform in all respects to the name of the Optionee as specified on the Stock Option Agreement.)
	

 	
 	

 	
 	

 Printed Name
	

 	
 	

 	
 	

Address:	
 	

 
	 	 	 	 	 	 	

	

 	
 	

 	
 	

	

 	
 	

 	
 	

6

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EXHIBIT 4.3

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