Document:

DUCK HEAD APPAREL COMPANY, INC.
                           INCENTIVE STOCK AWARD PLAN

                           Effective February 15, 2000
                      Amended and Restated August 22, 2000

<PAGE>

                         DUCK HEAD APPAREL COMPANY, INC.
                           INCENTIVE STOCK AWARD PLAN

                                    ARTICLE I
                                    THE PLAN
                                    --------

Sec. 1.1          NAME.

         This plan  shall be known as the  "Incentive  Stock  Award  Plan"  (the
"Plan").

Sec. 1.2          PURPOSES

         The purposes of the Plan are to  establish  or increase  the  equitable
ownership in Duck Head Apparel  Company,  Inc. (the "Company") by key and middle
level management employees of the Company and/or its subsidiaries and to provide
incentives to key and middle level  management  employees of the Company  and/or
its subsidiaries  through the prospect of such common stock  ownership.  By thus
achieving  ownership or the prospect of ownership of the Company's  common stock
by  such  employees,  the  Company  expects  to  attract,  retain  and  motivate
exceptionally  well qualified and competent  individuals in key and middle level
management positions.

                                   ARTICLE II
                                  PARTICIPANTS
                                  ------------

Sec. 2.1          ELIGIBILITY

         Any officer of other key management employee or middle level management
employee  of the  Company  or any  subsidiary  shall be  eligible  to receive an
Incentive Stock Award (an "Award").

                                  ARTICLE III
                                 ADMINISTRATION
                                 --------------

Sec. 3.1          SELECTION OF AWARDS

         The Board of  Directors  (the  "Board") of the  Company  shall have the
authority from time to time to select key and middle level management  employees
("Participants")  to receive Awards and the number of shares to be awarded under
each such Award. In its  discretion,  the Board may delegate its authority under
the Plan to a committee of the Board (the "Committee") composed solely of two or
more  "Non-Employee  Directors" ( as defined in Rule 16b-3 promulgated under the
Securities Exchange Act of 1934, as amended, or any applicable successor rule or
regulation (the "Exchange Act").

Sec. 3.2          INTERPRETATION OF PLAN

The Board (or Committee,  as applicable)  shall have full and final authority to
interpret and  administer  the Plan and to determine and interpret the terms and
conditions of each Incentive Stock Award Agreement.

                                   ARTICLE IV
                  SHARES ELIGIBLE TO BE GRANTED UNDER THE PLAN
                  --------------------------------------------

<PAGE>

Sec. 4.1          NUMBER OF SHARES

         Subject to the  provisions  of Section  4.2,  the  aggregate  number of
shares of common stock of the Company  which may be awarded under the Plan shall
not exceed 200,000 shares.  Such shares may be either shares  previously  issued
and  thereafter  acquired by the Company or they may be authorized  but unissued
shares.  Any shares  covered  by an Award (or  portion  thereof)  that have been
forfeited  pursuant to the  provisions of the applicable  Incentive  Stock Award
Agreement shall again become available for the purposes of the Plan.

Sec. 4.2          ANTI-DILUTION

         In the event that the outstanding shares of common stock of the Company
hereafter are changed into or exchanged for a different number or kind of shares
or other securities of the Company or of another  corporation,  or cash or other
property,    by   reason   of   a   merger,    consolidation,    reorganization,
recapitalization,  reclassification,  combination of shares,  stock split, stock
dividend or similar event:

                  (a) the aggregate  number and kind of shares subject to Awards
which  shall  have  been or may  thereafter  be  granted  hereunder  and the per
Participant  share  grant  limit set  forth in  Section  5.1  shall be  adjusted
appropriately; and

                  (b) the new, additional or different shares and securities and
the cash and other property into which the shares subject to outstanding  Awards
would  have  been  converted  (had  the  shares  covered  by  such  Awards  been
outstanding)  shall be considered  to be property  granted by and subject to the
Awards and shall be subject to all of the conditions and restrictions applicable
to such Awards and the shares subject to such Awards.

         The  foregoing  adjustments  and  the  manner  of  application  of  the
foregoing  provisions shall be determined solely by the Board (or Committee,  as
applicable),  and  any  such  adjustment  may  provide  for the  elimination  of
fractional shares or security interests.

                                    ARTICLE V
                                      AWARD
                                      -----

Sec. 5.1          AWARD GRANT

         The Board (or Committee,  as applicable)  shall  determine from time to
time  who is to be a  Participant  and  the  number  of  shares  to be  awarded;
provided,  that  during  any  calendar  year no  Participant  may be  awarded an
aggregate of more than 75,000 shares (subject to adjustment  pursuant to Section
4.2) of common stock under the Plan. Such determination shall be recorded in the
minutes of the meeting at which such determination was made.

<PAGE>

Sec. 5.2          INCENTIVE STOCK AWARD AGREEMENT

         A Participant shall be entitled to receive an Award only upon execution
of an Incentive  Stock Award  Agreement with the Company.  Such Incentive  Stock
Award  Agreement shall be  substantially  in the form attached hereto but may be
modified form time to time by the Board (or Committee, as applicable) consistent
with the terms of this Plan.

Sec. 5.3          CASH PURCHASE PRICE OF STOCK

         The cash purchase  price to be paid by each  Participant  in connection
with receiving  shares covered by an Award (or portion  thereof) that has vested
pursuant to the provisions of an Incentive  Stock Award Agreement shall be $0.01
per share and such sum shall be payable prior to issuance to the  Participant of
the certificate(s) representing such shares.

Sec. 5.4          FORFEITURE OF AN AWARD (OR PORTION THEREOF)

         The Incentive Stock Award  Agreement shall set forth the  circumstances
under which the Award granted  thereby (or portion  thereof) shall be forfeited.
Unless the Board (or Committee,  as applicable) determines otherwise at the date
of grant, the Award shall be forfeited upon the termination of employment of the
Participant with the Company,  or any subsidiary  thereof,  for any reason other
than death,  retirement  or permanent  total  disability,  prior to the date set
forth in the Incentive Stock Award Agreement when the Award (or relevant portion
thereof) shall vest.
         With respect to any portion of an Award whose  vesting is contingent on
the performance of the Company,  the Participant or any subsidiary,  division or
other subdivision of the Company over a specified  period,  unless the Board (or
Committee,  as applicable)  determines  otherwise at the date of grant, upon the
termination  of employment of the  Participant  by reason of, but only by reason
of, death,  retirement  or permanent  total  disability  prior to the end of the
performance  period, the unvested shares of such portion of the Award shall vest
as follows: On the date on which the performance period ends, the portion of the
Award contingent upon performance  shall vest with respect to a number of shares
equal to (x) the number of shares as to which the Award  would  have  vested had
the  Participant  still been an employee at the end of the  performance  period,
times (y) the quotient of the number of days during the performance  period that
the  Participant  was an employee of the Company  divided by the total number of
days in the  performance  period.  Any  portion  of an Award  whose  vesting  is
contingent  on  the  Participant's  continued  service  with  the  Company  or a
subsidiary of the Company shall be forfeited upon the Participant's  termination
of employment with the Company,  or any subsidiary  thereof, by reason of death,
disability,  or  retirement  prior to the  vesting  date of such  portion of the
Award.
         The  forfeiture  circumstances  may vary among the shares covered by an
Award. In the event an Award (or portion thereof) shall be forfeited pursuant to
the terms of the applicable  Incentive  Stock Award  Agreement,  the Participant
shall  immediately  have no further rights under such Award (or portion thereof)
or in the shares covered thereby.

<PAGE>

Sec. 5.5          VESTING OF AN AWARD (OR PORTION THEREOF)

         (a)  The  Incentive   Stock  Award   Agreement   shall  set  forth  the
circumstances  under which the Award granted thereby (or portion  thereof) shall
vest.  With respect to any Award (or portion of an Award) intended to qualify as
"performance-based  compensation" under Section 162(m)(4)(C) of the Code and the
regulations promulgated thereunder, (i) these circumstances shall consist of the
achievement of one or more performance-based goals established by the Committee,
and such performance-based  goals shall be based on one of, or a combination of,
the following  factors,  as the Committee deems  appropriate:  total stockholder
return; revenues,  sales, net income, EBIT, EBITDA, stock price, and/or earnings
per share; return on assets, net assets, and/or capital; return on stockholders'
equity;  debt/equity  ratio;  working capital;  safety;  quality;  the Company's
financial  performance or the  performance of the Company's  stock versus peers;
cost  reduction;  productivity;  market mix; or economic  value added;  (ii) the
Committee shall establish the performance-related goals in writing no later than
90 days  after the  commencement  of the  period of  service  to which the Award
relates (and in all events before 25% of the period of service has elapsed); and
(iii) the Award shall be made by a Committee,  which shall consist solely of two
or more  directors  who are "outside  directors"  within the meaning of Treasury
Regulation Section 1.162-27(e)(3).  The vesting circumstances may vary among the
shares covered by an Award.(b) In the event an Award (or portion  thereof) shall
vest pursuant to the terms of the applicable  Incentive  Stock Award  Agreement,
the Company shall issue and deliver, or cause to be issued and delivered, to the
Participant  or his or her legal  representative,  free from any  legend and any
other restriction (other than those required by federal or state securities laws
or any other applicable law), certificate(s) for the number of shares covered by
the vested  portion of the Award,  subject to receipt by the Company of the cash
purchase  price  described in Section 5.3 above.  In addition,  at or about such
time the Company shall pay to or on behalf of the  Participant in cash an amount
that will be  approximately  sufficient,  after the  payment  of all  applicable
federal and state income taxes,  to pay the federal and state income taxes which
the  Participant  will incur by virtue of the  vesting of such Award (or portion
thereof). With respect to any Award (or portion of an Award) intended to qualify
as "performance-based compensation"  under Section  162(m)(4)(C) of the Code and
the  regulations  promulgated  thereunder,  no issue of shares,  delivery of any
certificates  or payments  shall  occur,  however,  unless and until a Committee
consisting  solely of two or more directors who are "outside  directors"  within
the  meaning  of  Treasury  Regulation  Section  1.162-27(e)(3)  has  previously
certified in writing that the relevant performance-based goal(s) have been met.

         (c) No stock  certificate shall be delivered to a Participant or his or
her legal  representative  unless and until the  Participant or his or her legal
representative  shall have paid to the  Company  in cash the full  amount of all
federal  and state  withholding  or other  employment  taxes  applicable  to the
taxable income of such Participant  resulting from the vesting of such Award (or
portion thereof).

         (d) (i) Upon any Change of  Control,  all  outstanding  Awards,  to the
extent not vested, shall become immediately vested in their entirety. "Change of
Control" shall mean the  occurrence of any one of the  following:  (a) the sale,
lease, transfer, conveyance or other disposition (other than by way of merger or
consolidation),  in  one  or  a  series  of  related  transactions,  of  all  or
substantially  all of the assets of the Company and its subsidiaries  taken as a
whole to any "person"  (within the meaning of Section 13(d) of the Exchange Act)
other  than  one or  more  wholly-owned  subsidiaries  of the  Company;  (b) the
adoption of a plan relating to the  liquidation  or  dissolution of the Company;
(c) the  first  day on which a  majority  of the  members  of the  Board are not
Continuing  Directors;  or (d) the  consummation of any  transaction  (including
without  limitation any merger,  share exchange or consolidation)  the result of
which is that any "person" (as defined  above),  other than an Exempt  Person or
Exempt Persons,  becomes,  directly or indirectly,  the  "beneficial  owner" (as
defined in Rules 13d-3 and 13d-5 under the Exchange  Act,  except that an entity
or person shall be deemed to have "beneficial  ownership" of all shares that any
such entity or person has the

<PAGE>

right to acquire,  whether such right is  exercisable  immediately or only after
the  passage of time) of more than 30% of the  outstanding  common  stock of the
Company;  provided  that the  transactions  covered by this clause (d) shall not
include the  acquisition by the Company of its common stock;  provided  further,
however,  that if (x) any  "person"  (as  defined  above)  becomes,  directly or
indirectly,  the  "beneficial  owner" (as defined above) of more than 30% of the
outstanding common stock of the Company solely as a result of acquisition by the
Company  of  its  common  stock,  (y)  such  "person"  thereafter  acquires  any
additional  shares of common stock of the Company and (z) immediately after such
acquisition such "person" is, directly or indirectly, the "beneficial owner" (as
defined  above) of 30% or more of the  outstanding  common stock of the Company,
then such additional acquisition shall constitute a Change of Control.

                  (ii)  "Exempt  Person"  shall  mean (a) the  Company,  (b) any
wholly-owned  subsidiary  of the Company,  (c) any  individual  who  immediately
before the transaction is an executive officer of the Company,  (d) any employee
benefit plan of the Company or any of its  wholly-owned  subsidiaries or (e) any
entity or person  holding shares of common stock for or pursuant to the terms of
any such plan if such entity or person is not a beneficiary of or participant in
such plan.

                  (iii)  "Continuing  Directors" shall mean, as of any date, any
member  of the Board who (i) was a member of the Board on the date this Plan was
adopted by the Board or (ii) was  nominated for election or elected to the Board
with the approval of a majority of the Continuing  Directors who were members of
the Board at the time of such nomination or election.

Sec. 5.6          NO RIGHTS AS SHAREHOLDER

         Until the issuance and delivery to the  Participant  of  certificate(s)
for such shares by reason of the vesting of an Award (or  portion  thereof)  and
payment of the applicable cash purchase price,  the Participant  shall have none
of the rights of a shareholder with respect to the shares covered by an Award.

                                   ARTICLE VI
                                STOCK CERTIFICATE
                                -----------------

Sec. 6.1          STOCK CERTIFICATES

         The Company  shall not be required to issue or deliver,  or cause to be
issued or delivered, any certificate for shares of stock of the Company pursuant
to an Incentive Stock Award Agreement executed hereunder prior to fulfillment of
all of the following conditions:

                  (a)      the admission of such shares to listing on any  over-
the-counter markets and stock exchanges  on  which the  Company's  stock is then
traded or listed;

                  (b) the completion of any registration or other  qualification
of such  shares  under  any  federal  or  state  law or  under  the  rulings  or
regulations of the Securities and Exchange  Commission or any other governmental
regulatory  body,  that the  Board (or  Committee,  as  applicable)  in its sole
discretion deems necessary or advisable;

                  (c) the obtaining of any approval or other  clearance from any
federal  or  state  governmental  agency  which  the  Board  (or  Committee,  as
applicable) shall in its sole discretion determine to be necessary or advisable;
and

                  (d) the lapse of such reasonable  period of time following the
vesting  of an Award  (or  portion  thereof)  as the  Board  (or  Committee,  as
applicable)  from  time to time may  establish  for  reasons  of  administrative
convenience.

<PAGE>

                                   ARTICLE VII
                 TERMINATION, AMENDMENT AND MODIFICATION OF PLAN
                 -----------------------------------------------

Sec. 7.1          TERMINATION, AMENDMENT AND MODIFICATION OF PLAN

         The Board (or Committee,  as applicable)  may at any time and from time
to time and in any  respect  amend,  modify or  terminate  the  Plan;  provided,
however, that no such action of the Board (or Committee,  as applicable) without
approval of the shareholders of the Company may:

                  (a)      increase the total number of shares  of  common stock
covered by the Plan except as contemplated in Section 4.2 hereof; or

                  (b)      change the $0.01 per share cash purchase  price under
Section 5.3;

provided  further,  that no  termination,  amendment or modification of the Plan
shall in any manner,  without the consent of the  Participant,  affect any Award
previously made to a Participant under the Plan.

                                  ARTICLE VIII
                                  MISCELLANEOUS
                                  -------------

Sec. 8.1          EMPLOYMENT

         Nothing  in  this  Plan or in any  Award  granted  hereunder  or in any
Incentive Stock Award Agreement  relating thereto shall confer upon any employee
the right to continue in the employ of the Company or any subsidiary.

Sec. 8.2          OTHER COMPENSATION PLANS

         The adoption of this Plan shall not affect any other existing incentive
or  compensation  plans of the  Company or any  subsidiary,  nor shall this Plan
preclude  the Company  from  establishing  any other forms of incentive or other
compensation for employees of the Company or any subsidiary.

Sec. 8.3          PLAN BINDING ON SUCCESSORS

         This Plan  shall be  binding  upon the  successors  and  assigns of the
Company.

Sec. 8.4          SINGULAR, PLURAL; GENDER; HEADINGS

         Whenever used herein,  nouns in the singular  shall include the plural,
and the masculine  pronoun shall  include the feminine  gender.  The headings in
this Plan or any Incentive  Stock Award Agreement are and shall be for reference
purposes  only and shall not affect  the  meaning  or  interpretation  hereof or
thereof.

<PAGE>

Sec. 8.5          AWARD NOT TRANSFERABLE

         A Participant shall have no right to transfer, assign or hypothecate an
Award or, until the portion of an Award  covering  such shares  shall vest,  the
shares  covered  by an  Award,  other  than by will or the laws of  descent  and
distribution,  and the rights of any  purported  owner,  holder,  pledgee or any
other  person in  possession  of or  claiming  any right in such Award or shares
shall at all times be subject to the  provisions of this Plan and the applicable
Incentive Stock Award Agreement.

Sec. 8.6       GOVERNING LAW

         This Plan shall be governed,  interpreted  and  enforced in  accordance
with the laws of Georgia without regard to choice of law principles.

<PAGE>

                         DUCK HEAD APPAREL COMPANY, INC.
                         INCENTIVE STOCK AWARD AGREEMENT

         THIS AGREEMENT, effective as of _____________________,  _______, by and
between Duck Head Apparel Company,  Inc., a Georgia corporation (the "Company"),
and  __________________________  (the "Participant")  evidences the grant by the
Company of an Incentive  Stock Award (this  "Award") to purchase an aggregate of
____________  shares of common stock of the Company  subject to the terms of the
Company's Incentive Stock Award Plan and this Agreement.

Sec. 1. CASH PURCHASE PRICE
        -------------------

         The cash  purchase  price of the common stock  subject to this Award is
$0.01 per share.

Sec. 2. ANTI-DILUTION
        -------------

         In the event that the outstanding shares of common stock of the Company
hereafter are changed into or exchanged for a different number or kind of shares
or other securities of the Company or of another  corporation,  or cash or other
property,    by   reason   of   a   merger,    consolidation,    reorganization,
recapitalization,  reclassification,  combination of shares,  stock split, stock
dividend  or  similar  event,  the  new,  additional  or  different  shares  and
securities and the cash and other property into which the shares subject to this
Agreement  would have been  converted  (had the shares covered by this Agreement
been  outstanding)  shall be considered to be property granted by and subject to
this Agreement and shall be subject to all of the  conditions  and  restrictions
applicable to the Award evidenced by, and the shares subject to, this Agreement.
Sec. 3. RESTRICTIONS ON TRANSFER
         The  Participant  may not transfer,  assign or  hypothecate  any of the
Participant's  rights  under this  Agreement  or, until the portion of the Award
evidenced  hereby  covering  such shares shall vest,  the shares  covered by the
Award,  other than by will or the laws of  descent  and  distribution,  and such
rights  shall be  exercisable  during  the  Participant's  lifetime  only by the
Participant.

Sec. 4. FORFEITURE OF AWARD (OR PORTION THEREOF)
        ----------------------------------------

         Upon the occurrence of the following circumstances prior to the vesting
of the Award (or portion thereof, as applicable), the Award (or portion thereof)
of shares set forth in this  Agreement  shall be  forfeit,  and the  Participant
shall immediately have no further rights under the Award (or portion thereof) or
in the shares covered thereby:

         [Insert forfeiture  conditions  established by the Board (or Committee,
if applicable).]

Sec. 5. VESTING OF AWARD (OR PORTION THEREOF)
        -------------------------------------

         Upon the  occurrence  of the  following  circumstances,  the  Award (or
portion  thereof,  as applicable)  of shares set forth in this  Agreement  shall
vest:[Insert  vesting  conditions  established  by the Board (or  Committee,  if
applicable).]

         Upon the  vesting of the Award (or portion  thereof)  set forth in this
Agreement  pursuant to the terms of this Agreement,  the Company shall issue and
deliver,  or cause to be issued and delivered,  to the Participant or his or her
legal representative, free from any legend and any other restriction (other than
those

<PAGE>

required  by  federal or state  securities  laws or any other  applicable  law),
certificate(s)  for the number of shares  covered  by the vested  portion of the
Award,  subject  to the  receipt  by the  Company  of the  cash  purchase  price
described  in Section 1 above.  In  addition,  at or about such time the Company
shall  pay the  Participant  in  cash  an  amount  that  will  be  approximately
sufficient,  after the payment of all applicable federal and state income taxes,
to pay the federal and state  income  taxes that the  Participant  will incur by
virtue of the vesting of such Award (or portion thereof).
         No stock  certificate  shall be delivered to the  Participant or his or
her legal representative unless and until the Participant shall have paid to the
Company in cash the full amount of all federal and state  withholding  and other
employment taxes  applicable to the taxable income of the Participant  resulting
from the vesting of the Participant's Award (or portion thereof).

Sec. 6. NO RIGHTS AS SHAREHOLDER
        ------------------------

         Until the issuance and delivery to the  Participant  of  certificate(s)
for shares by reason of the vesting of the Award evidenced by this Agreement (or
portion  thereof)  and  payment  of the  applicable  cash  purchase  price,  the
Participant  shall have none of the rights of a shareholder  with respect to the
shares covered by an Award.

Sec. 7. STOCK CERTIFICATES
        ------------------

         The Company  shall not be required to issue or deliver,  or cause to be
issued or delivered, any certificate for shares of stock of the Company pursuant
to this Agreement, prior to fulfillment of all of the following conditions:

         (a) the  admission  of such  shares to listing on any  over-the-counter
markets  and stock  exchanges  on which the  Company's  stock is then  traded or
listed;
         (b) the completion of any  registration or other  qualification of such
shares under any federal or state law or under the rulings or regulations of the
Securities and Exchange  Commission or any other  governmental  regulatory  body
that the Board of Directors of the Company (or committee thereof, as applicable)
in its sole discretion deems necessary or advisable;
         (c) the obtaining of any approval or other  clearance  from any federal
or state governmental agency that the Company's Board of Directors (or committee
thereof)  shall in its sole  discretion  determine to be necessary or advisable;
and
         (d) the lapse of such  reasonable  period of time following the vesting
of the Award (or portion  thereof) set forth in this  Agreement as the Company's
Board of  Directors  (or  committee  thereof)  from time to time  establish  for
reasons of administrative convenience.

<PAGE>

Sec. 8. ENFORCEMENT
        -----------

         This  Agreement  shall  be  construed,  administered  and  enforced  in
accordance with and subject to the terms of the Company's  Incentive Stock Award
Plan, the terms of which are hereby  incorporated  herein by reference,  and the
laws of the State of Georgia, without reference to choice of law principles.

Sec. 9. INCENTIVE STOCK AWARD PLAN
        --------------------------

         Participant acknowledges receipt of the Incentive Stock Award Plan (the
"Plan")  of the  Company.  The  terms  of the Plan are  incorporated  herein  by
reference.

         IN WITNESS WHEREOF,  the parties hereto have executed this Agreement as
of the day and year first written above.

DUCK HEAD APPAREL COMPANY, INC.                    PARTICIPANT

By:______________________________                  ____________________________

Name:____________________________                  Name:_______________________
Title:_____________________________New York, New York
                                                     August 7, 2000

$13,000,000.00

Borrowers:     Gold & Appel Transfer, S.A., Revision LLC and
               Walter C. Anderson, jointly and severally

1.     Promise to Repay; Payments of Principal and Interest.     Gold & Appel
Transfer, S.A., a corporation duly organized and existing under the laws of
the British Virgin Islands ("Gold & Appel"), Revision LLC, a limited liability
company duly organized and existing under the laws of the State of Delaware
("Revision"), and Walter C. Anderson, an individual ("Anderson") (each of
"Gold & Appel," "Revision" and "Anderson" referred to herein, individually, as
a "Borrower" and, collectively, as the "Borrowers"), for value received,
hereby jointly and severally promise to pay to the order of Donald A. Burns
(the "Lender") the principal amount of $13,000,000.00 on March 1, 2001 (the
"Maturity Date"), with interest (computed on the basis of a 360-day year of
twelve 30-day months) on the unpaid balance of such principal amount at the
rate of 18% per annum from the date hereof, payable on the Maturity Date, and
with interest on any overdue principal and (to the extent permitted by
applicable law) on any overdue interest, at the rate of 20% per annum until
paid, payable on demand.  Payments of principal of  and interest on this Note
shall be made in lawful money of the United States of America at the office of
the Lender, 450 Royal Palm Way, Suite 450, Palm Beach, FL 33480, or at such
other office as the Lender shall have designated by written notice to the
Borrowers.

2.     Defined Terms.  The following capitalized terms are used herein with
the respective meanings set forth below:

Borrowers:  has the meaning set forth in Section 1 hereof.

Business Day:  a day other than a Saturday, Sunday or other day on which
commercial banks in New York City are authorized or required by law to close.

Closing Date:  means August 7, 2000.

Collateral:  has the meaning ascribed to such term in the Stock Pledge
Agreement.

Contractual Obligations:  as to any Person, any provision of any security
issued by such Person or of any agreement, instrument or other undertaking to
which such Person is a party or by which it or any of its property is bound.

Default:  any of the events specified in Section 7, whether or not any
requirement for the giving of notice, the lapse of time, or both, or any other
condition, has been satisfied.

Event of Default:  any of the events specified in Section 7, provided that any
requirement for the giving of notice, the lapse of time, or both, or any other
condition, has been satisfied.

Excluded Taxes:  means, with respect to the Lender, (a) income taxes imposed
on (or measured by) his net income by the United States of America (or its
political subdivision or taxing authority therein or thereof) and (b) any
<PAGE>
<PAGE>
other taxes imposed as a result of the Lender's present or former connection
with the jurisdiction imposing such taxes (other than a connection arising
solely from the transactions contemplated hereby and by the Stock Pledge
Agreement).

Financing Lease:  any lease of property, real or personal, the obligations of
the lessee in respect of which are required in accordance with GAAP to be
capitalized on a balance sheet of the lessee.

GAAP:  generally accepted accounting principles in the United States of
America in effect from time to time.

Governmental Authority:  means the government of the United States of America,
any other nation or any political subdivision thereof, whether state or local,
and any agency, authority, instrumentality, regulatory body, court, central
bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to
government.

Indemnified Taxes:  Taxes other than Excluded Taxes.

Issuer:  has the meaning ascribed to such term in the Stock Pledge Agreement.

Lender:  has the meaning set forth in Section 1 hereof.

Lien:  any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), charge or other security interest or
any preference, priority or other security arrangement or preferential
arrangement of any kind or nature whatsoever (including, without limitation,
any conditional sale or other title retention agreement and any Financing
Lease having substantially the same economic effect as any of the foregoing).

Loan:  the loan by the Lender to the Borrowers in the aggregate principal
amount of $13,000,000.00, the repayment and other obligations with respect to
which are the subject matter of this Note.

Material Adverse Effect:  a material adverse effect on (a) the business,
operations, property, condition (financial or otherwise) or prospects of any
Borrower and its Subsidiaries, if any, taken as a whole, or (b) the validity
or enforceability of this Note or the Stock Pledge Agreement or the rights or
remedies of the Lender hereunder or thereunder.

Maturity Date:  has the meaning set forth in Section 1 hereof.

Other Taxes:  means any and all present or future recording, stamp,
documentary, excise, transfer, sale or similar taxes, charges or levies
arising solely from any payment made under the Note or the Stock Pledge
Agreement or from the execution, delivery or enforcement of the Note or the
Stock Pledge Agreement.

Person:  natural persons, corporations, limited partnerships, general
partnerships, joint stock companies, joint ventures, associations, companies,
trusts, banks, trust companies, land trusts, business trusts or other
organizations, whether or not legal entities, and governments and agencies and
political subdivisions thereof.

Requirements of Law:  as to any Person, the certificate of incorporation and

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by-laws or other organizational or governing documents of such Person, and any
law, treaty, rule or regulation or determination of an arbitrator or a court
or other Governmental Authority, in each case applicable to or binding upon
such Person or any of its property or to which such Person or any of its
property is subject.

Stock Pledge Agreement:  that certain Stock Pledge Agreement, dated as of even
date herewith, by and among Gold & Appel Transfer S.A., Revision LLC,
Foundation for the International Non-governmental Development of Space and
Walter C. Anderson, as pledgors, and Donald A. Burns, as pledgee.

Subsidiary:  as to any Person, a corporation, partnership or other entity of
which shares of stock or other ownership interests having ordinary voting
power (other than stock or such other ownership interests having such power
only be reason of the happening of a contingency) to elect a majority of the
board of directors or other managers of such corporation, partnership or other
entity are at the time owned, or the management of which is otherwise
controlled, directly or indirectly through one or more intermediaries, or both
by such Person.

Taxes:  means any and all present or future taxes, levies, imposts, duties,
deductions, charges or withholdings imposed by any Governmental Authority.

3.     Prepayments.     Borrowers may prepay the principal balance due under
this Note, in whole but not in part, at any time without penalty or premium,
together with the interest accrued thereon to the date of such prepayment.

4.     Use of Proceeds.  The Borrowers will use the proceeds derived by it
from the Loan for the following purposes:  (i) approximately $12 million will
be used to make a loan to NETtel Communications, Inc. and (ii) approximately
$1 million will be used to fund working capital needs of the Borrowers.

5.     Post-Closing Conditions.  The Borrowers hereby agree to take the
following actions, or cause the Issuer or other relevant Persons to take the
following actions, by no later than August 15, 2000:

(a)     Corporate Proceedings of Borrowers and Issuer.  With respect to each
Borrower that is a corporation, limited liability company or similar entity,
the Lender shall be provided with a copy of the resolutions (or comparable
authorizing document), in form and substance satisfactory to the Lender, of
the Board of Directors (or comparable governing body) of each such Borrower
authorizing and ratifying (i) the execution, delivery and performance of this
Note and the Stock Pledge Agreement and (ii) the granting by it of the Liens
created pursuant to the Stock Pledge Agreement, certified by the Secretary or
an Assistant Secretary (or comparable officer) of such Borrower, which
certificate shall be in form and substance reasonably satisfactory to the
Lender and shall state that the resolutions thereby certified have not been
amended, modified, revoked or rescinded and were in effect as of the Closing
Date.  With respect to the Foundation for the International Non-governmental
Development of Space ("FINDS"), the Lender shall be provided with a copy of
the resolutions of the Board of Directors (or comparable governing body) of
FINDS authorizing and ratifying the execution, delivery and performance of the
Stock Pledge Agreement, certified by the Secretary or Assistant Secretary of
FINDS, which certificate shall be in form and substance reasonably
satisfactory to the Lender and shall state that the resolutions thereby
certified have not been amended, modified, revoked or rescinded and were in
effect as of the Closing Date.  With respect to the Issuer, the Lender shall
be provided with a copy of the resolutions of the Board of Directors of the
Issuer authorizing and ratifying the execution, delivery and performance of

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the Stock Pledge Agreement to the extent set forth in the Stock Pledge
Agreement, certified by the Secretary or Assistant Secretary of the Issuer,
which certificate shall be in form and substance reasonably satisfactory to
the Lender and shall state that the resolutions thereby certified have not
been amended, modified, revoked or rescinded and were in effect as of the
Closing Date.

(b)     Incumbency Certificates.  The Lender shall be provided with a
certificate of the Issuer and of each Borrower that is a corporation, limited
liability company or similar entity as to the incumbency and signature of the
officers of such Borrower or Issuer executing the Note or the Stock Pledge
Agreement reasonably satisfactory in form and substance to the Lender,
executed by the President or any Vice-President (or similar officer) and the
Secretary or any Assistant Secretary (or similar officer) of such Borrower or
Issuer.

(c)     Legal Opinions.  The Lender shall be provided with legal opinions of
counsel to the Borrowers and of counsel to the Issuer, each in form and
substance reasonably satisfactory to the Lender.

(d)     Signature Guaranties.  To the extent that any stock power provided to
the Lender does not contain a signature guaranty at the time that it is
delivered to the Lender, the Lender shall be provided with replacement stock
powers containing a signature guaranteed by a participant of the Securities
Transfer Agents Medallion Program or another approved signature guaranty
program acceptable to the Securities and Exchange Commission, the Securities
Transfer Association and the transfer agent of the Issuer.

6.     Covenants of Borrowers.  The Borrowers hereby agree that, so long as
the Note remains outstanding and unpaid or any other amount is owing to the
Lender hereunder or under the Stock Pledge Agreement, each Borrower shall:

(a)  Pay, discharge or otherwise satisfy at or before maturity or before they
become delinquent, as the case may be, all its material obligations of
whatever nature.

(b)  In the case of each Borrower that is a corporation, limited liability
company or other similar entity, continue to engage in business primarily of
the same general types as now conducted by it, and preserve, renew and keep in
full force and effect the corporate, limited liability company or other
existence of such Borrower; and take all reasonable action to maintain all
rights, privileges and franchises necessary or desirable in the normal conduct
of its business, and comply with all Contractual Obligations and Requirements
of Law except to the extent that failure to maintain such rights, privileges
and franchises and to comply with Contractual Obligations and Requirements of
Law could not, in the aggregate, be reasonably expected to have a Material
Adverse Effect.

(c)  Promptly give notice to the Lender of:  (i) the occurrence of any Default
or Event of Default; (ii) any default or event of default under any
Contractual Obligation of any Borrower or any Subsidiaries of any Borrower
which if not cured could reasonably be expected to have a Material Adverse
Effect; (iii) any litigation, investigation or proceeding affecting any
Borrower or any Subsidiaries of any Borrower (A) which is reasonably likely to
involve a payment of $250,000 or more not covered by insurance, (B) in which
injunctive or similar relief reasonably likely to have a Material Adverse
Effect is reasonably likely to be obtained or (C) which if not cured or if
adversely determined, as the case may be, could reasonably be expected to have

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a Material Adverse Effect; and (iv) any development or event known to any
Borrower which could reasonably be expected to have a Material Adverse Effect.

(d)  At any time and from time to time, upon the Lender's request and at the
expense of the Borrowers, promptly and duly execute and deliver or cause to be
executed and delivered any and all further instruments and documents and take
such further action as the Lender may reasonably request to effect the purpose
of the Stock Pledge Agreement.

7.     Events of Default and Remedies.  If any of the following events shall
occur and be continuing:

(a)  The Borrowers shall fail to pay any principal of or interest on the Note
when due in accordance with the terms hereof; or the Borrowers shall fail to
pay any other amount payable hereunder or under the Stock Pledge Agreement
within three Business Days after any such other amount becomes due in
accordance with the terms hereof or thereof; or

(b)  Any representation or warranty made or deemed made by any Borrower in the
Stock Pledge Agreement or which is contained in any certificate, document or
statement furnished by any Borrower under or in connection with this Note or
the Stock Pledge Agreement shall prove, either individually or in the
aggregate, to have been incorrect or misleading in any material respect on or
as of the date made or deemed made; or

(c)  Any Borrower shall default in the observance or performance of any
covenant or other agreement contained in this Note or in the Stock Pledge
Agreement (including, without limitation, the satisfaction of any post-closing
condition set forth in Section 5 of this Note); or

(d)  Any Borrower shall fail to pay any of the Secured Obligations (as defined
in and set forth in the Stock Pledge Agreement) when the same shall become due
and payable; or

(e)  Any Borrower shall (i) default in any payment of principal of or interest
on any indebtedness (other than the loan that is the subject of this Note) or
in the payment of any guarantee obligation, aggregating $250,000 or more,
beyond the period of grace (not to exceed 30 days), if any, provided in the
instrument or agreement under which such indebtedness or guarantee obligation
was created; or (ii) default in the observance or performance of any other
agreement or condition following any applicable grace periods relating to any
indebtedness or guarantee obligation referred to in clause (i) immediately
above or contained in any instrument or agreement evidencing, securing or
relating thereto, or any other event shall occur or condition exist, the
effect of which default or other event or condition is to cause, or to permit
the holder or holders of any indebtedness referred to in clause (i)
immediately above or beneficiary or beneficiaries of such guarantee obligation
referred to in clause (i) immediately above (or a trustee or agent on behalf
of such holder or holders or beneficiary or beneficiaries) to cause, with the
giving of notice, lapse of time or both, if required, such indebtedness to
become due prior to its stated maturity or such guarantee obligation to become
payable, provided, however, that if the default described in this clause (e)
is cured, the Event of Default under this clause (e) shall simultaneously be
cured; or

(f)  One or more judgments or decrees shall be entered against any Borrower
involving in the aggregate (for such Borrower or for all Borrowers combined) a
liability (to the extent not paid or covered by insurance less any applicable
and customary retention or deductible) of $250,000 or more, and all such
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<PAGE>
judgments or decrees shall not have been vacated, discharged, stayed or bonded
pending appeal within 30 days from the entry thereof; or

(g)  (i) The Stock Pledge Agreement shall cease, for any reason, to be in full
force and effect (other than pursuant to the terms hereof or thereof), or any
Borrower shall so assert in writing or (ii) the Lien created by the Stock
Pledge Agreement on any material portion of the Collateral shall cease to be
enforceable and of the same effect and priority purported to be created
thereby and, if such condition is correctable, such condition is not corrected
within 30 days;

(h)  (i) Any Borrower shall commence any case, proceeding or other action (A)
under any existing or future law of any jurisdiction, domestic or foreign,
relating to bankruptcy, insolvency, reorganization or relief of debtors,
seeking to have an order for relief entered with respect to it, or seeking to
adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement,
adjustment, winding-up, liquidation, dissolution, composition or other relief
with respect to it or its debts, or (B) seeking appointment of a receiver,
trustee, custodian, conservator or other similar official for it or for all or
any substantial part of its assets, or any Borrower shall make a general
assignment for the benefit of its creditors; or (ii) there shall be commenced
against any Borrower any case, proceeding or other action of a nature referred
to in clause (i) above which (A) results in the entry of an order for relief
or any such adjudication or appointment or (B) remains undismissed,
undischarged or unbonded for a period of 60 days; or (iii) there shall be
commenced against any Borrower any case, proceeding or other action seeking
issuance of a warrant of attachment, execution, distraint or similar process
against all or any substantial part of its assets which results in the entry
of an order for any such relief which shall not have been vacated, discharged,
or stayed or bonded pending appeal within 60 days from the entry thereof; or
(iv) any Borrower shall take any action in furtherance of, or indicating its
consent to, approval of, or acquiescence in, any of the acts set forth in
clause (i), (ii), or (iii) above; or (v) any Borrower shall generally not, or
shall be unable to, or shall admit in writing its inability to, pay its debts
as they become due; then, and in any such event the principal of, and all
accrued interest on, this Note, and all other amounts owing under this Note or
the Stock Pledge Agreement, shall immediately become due and payable upon
written demand of the Lender.

8.     Tax Indemnification.  (a)  Any and all payments by or on account of any
obligation of the Borrowers hereunder or under the Stock Pledge Agreement
shall be made free and clear of and without deduction for any Indemnified
Taxes or Other Taxes; provided that if any Borrower shall be required to
deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the
sum payable shall be increased as necessary so that after making all required
deductions of Indemnified Taxes and Other Taxes (including deductions
applicable to additional sums payable under this Section) the Lender receives
an amount equal to the sum it would have received had no such deductions been
made, (ii) the relevant Borrower shall make such deductions and (iii) the
relevant Borrower shall pay the full amount deducted to the relevant
Governmental Authority in accordance with applicable law.

(b)  In addition, the Borrowers shall pay any Other Taxes to the relevant
governmental or taxing authority in accordance with applicable law.

(c)  The Borrowers hereby indemnify the Lender for the full amount of any
Indemnified Taxes or Other Taxes paid by the Lender on or with respect to any
payment by or on account of any obligation of the Borrowers hereunder or under
the Stock Pledge Agreement (including Indemnified Taxes or Other Taxes imposed

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<PAGE>
or asserted on or attributable to amounts payable under this Section) and any
penalties, interest and reasonable expenses arising therefrom or with respect
thereto, whether or not such Indemnified Taxes or Other Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority, unless
such penalties, interest or expenses are incurred solely as a result of any
gross negligence or willful misconduct of the Lender.  A certificate setting
forth in reasonable detail the amount of such payment or liability and the
reasonable basis of such payment or liability delivered to the Borrowers by
the Lender shall be conclusive absent manifest error.

(d)  As soon as practicable after any payment of Indemnified Taxes or Other
Taxes by any Borrower to a Governmental Authority, such Borrower shall deliver
to the Lender the original or a certified copy of a receipt issued by such
Governmental Authority evidencing such payment, a copy of the return reporting
such payment or other evidence of such payment reasonably satisfactory to the
Lender.

9.     Governing Law.  This Note shall be construed and enforced in accordance
with and governed by the internal laws of the State of New York without
reference to principles of conflicts of law, including all matters of
construction, validity and performance.

10.     Amendments, Etc.  Any amendment, modification or waiver of any term or
provision of this Note must be in writing and signed by the Lender.  Any such
waiver will be effective only in the specific instance and for the specific
purpose for which it is given.

11.     Successors and Assigns.  All the covenants, stipulations, promises and
agreements contained in this Note by or on behalf of the Borrowers shall bind
their respective successors and assigns, whether so expressed or not.

12.     Headings.  The headings of the sections and paragraphs of this Note
are for purposes of reference only and shall not limit or define the meaning
hereof.

13.     Submission to Jurisdiction; Waiver of Immunity; Agent for Service of
Process.  For the purpose of assuring that the Lender may enforce its rights
under this Note, each Borrower, for itself and its successors and assigns,
hereby irrevocably (a) agrees that any legal or equitable action, suit or
proceeding against any Borrower arising out of or relating to this Note or any
transaction contemplated hereby or the subject matter of any of the foregoing
may be instituted, at the election of the Lender, in any state or federal
court in the State of Virginia (including, without limitation, the U.S.
Federal District Court for the Eastern District of Virginia) or in any state
or federal court in the State of Florida, (b) waives any objection which it
may now or hereafter have to the venue of any action, suit or proceeding, (c)
irrevocably submits itself to the nonexclusive jurisdiction of any state or
federal court of competent jurisdiction in the State of Virginia or the State
of Florida, and (d) irrevocably waives any immunity from jurisdiction to which
it might otherwise be entitled in any such action, suit or proceeding which
may be instituted in any state or federal court of the State of Virginia or
the State of Florida, and any immunity from the maintaining of an action
against it to enforce any judgment for money obtained in any such action, suit
or proceeding and, to the extent permitted by applicable law, any immunity
from execution.  Not later than August 15, 2000, each Borrower shall
irrevocably designate and appoint CT Corporation System (or any successor
corporation), at its office in Virginia and its office in Florida, as its
authorized agent to accept and acknowledge on its behalf service of any and
all process which may be served in any such action, suit or proceeding with

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respect to any matter as to which it has submitted to jurisdiction as set
forth in this Section 13 and agrees that service upon such authorized agent
shall be deemed in every respect service of process upon such Borrower or its
successors or assigns, and, to the extent permitted by applicable law, shall
be taken and held to be valid personal service upon it.  Each Borrower will
take all action necessary to ensure that such Borrower shall at all times have
an agent for service of process for the above purposes in the State of
Virginia and the State of Florida.  This Section 13 does not affect the right
of the Lender to serve process in any other manner permitted by law or to
commence legal proceedings or otherwise proceed against any Borrower in any
jurisdiction.

14.     Notices, Etc.  All notices and other communications provided for
hereunder must be in writing (including telegraphic, telex, telecopy or cable
communication) and must be sent (a) if to any Borrower, at its address set
forth below, (b) if to Lender, at 450 Royal Palm Way, Suite 450, Palm Beach,
FL 33480, Telephone: 561-655-7550, Facsimile: 561-655-9692, or (c) as to each
party, at such other address as shall be designated by such party in a written
notice to the other parties.  All such notices and communications are
effective when received.

     The notice addresses for the respective Borrowers are as follows:

     (a)      If to Gold & Appel:

               Omar Hodge Building
               Wickams Cay
               Road Town, Tortolla
               British Virgin Islands

               with copies to:

               Sean P. McGuinness
               Swidler Berlin Shereff Friedman, LLP
               3000 K Street NW
               Washington, D.C.  20007-5116
               Facsimile: 202-424-7643

               and

               Walter C. Anderson
               Revision LLC
               1023 31st Street, NW
               Suite 300
               Washington, D.C.  20007
               Facsimile: 202-736-5065

      (b)     If to Revision:

               Revision LLC
               1023 31st Street, NW
               Suite 300
               Washington, D.C.  20007
               Attention: Walter C. Anderson
               Facsimile: 202-736-5065

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               with a copy to:

               Sean P. McGuinness
               Swidler Berlin Shereff Friedman, LLP
               3000 K Street NW
               Washington, D.C.  20007-5116
               Facsimile: 202-424-7643

      (c)     If to Anderson:

               c/o Revision LLC
               1023 31st Street, NW
               Suite 300
               Washington, D.C.  20007
               Attention: Walter C. Anderson
               Facsimile: 202-736-5065

               with a copy to:

               Sean P. McGuinness
               Swidler Berlin Shereff Friedman, LLP
               3000 K Street NW
               Washington, D.C.  20007-5116
               Facsimile: 202-424-7643

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     IN WITNESS WHEREOF, the Borrowers have caused this Note to be duly
executed and delivered personally or by their representative officers or
agents thereunto duly authorized as of the date first above written.

                                   GOLD & APPEL TRANSFER, S.A.

                                   By:
                                      ---------------------------
                                       Walter C. Anderson,
                                       Attorney-in-Fact

                                    REVISION LLC

                                    By:
                                       ------------------------------
                                       Walter C. Anderson,
                                       Manager

                                      WALTER C. ANDERSON

                                      By:
                                          ----------------------
                                           Walter C. Anderson

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