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                                                                   Exhibit 10.43

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 ("THE
ACT") OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE (THE "LAWS"). THESE
SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE
ABSENCE OF A REGISTRATION AND QUALIFICATION OF THESE SECURITIES UNDER THE ACT
AND THE LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT
SUCH REGISTRATION AND QUALIFICATION ARE NOT REQUIRED UNDER THE ACT AND THE LAWS.

                                WARRANT AGREEMENT

         THIS WARRANT AGREEMENT (this "AGREEMENT") is entered into and effective
as of April 1, 2004 (the "EFFECTIVE DATE"), by and between MicroIslet, Inc., a
Nevada corporation (the "COMPANY"), and SBI Brightline VII, LLC
("WARRANTHOLDER"). This is the Warrant Agreement referred to in Section 3 of the
General Release of even date herewith, among the Company, Warrantholder, and
others.

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained in this Agreement, the Company and Warrantholder certify and agree as
follows:

         1. GRANT OF THE RIGHT TO PURCHASE COMMON STOCK. For value received, the
adequacy of which is hereby acknowledged, the Company hereby grants to
Warrantholder, and Warrantholder is entitled to, upon the terms and subject to
the conditions set forth in this Agreement, a warrant (the "WARRANT") to
subscribe for and purchase from the Company a number of shares (the "SHARES") of
the Company's common stock, $0.001 par value (the "COMMON STOCK") equal to One
Hundred Fifty Thousand (150,000) Shares of the Common Stock at a purchase price
of One Dollar and 30/100ths ($1.30) per Share (the "EXERCISE PRICE").

         2. EXPIRATION. The Warrant shall expire and cease to be exercisable at
5:00 p.m. Pacific time on the later of (i) 30 days following the date of
effectiveness of the registration statement required to be filed pursuant to
Section 9.1 hereof and (ii) July 30, 2004 (the "EXPIRATION DATE").

         3. METHOD OF EXERCISE; PAYMENT; ISSUANCE OF SHARES. This Warrant is not
exercisable until the Company has filed with the Secretary of State of Nevada
(the "FILING DATE") a Certificate of Amendment to its Articles of Incorporation
increasing the number of authorized shares of Common Stock from 50,000,000 to
100,000,000 shares. Such amendment was approved by the Board of Directors of the
Company on January 30, 2004, and the Company covenants and agrees to include
stockholder approval of such increase in authorized shares of Common Stock as an
agenda item on its proxy statement for its annual stockholders' meeting
scheduled for May 25, 2004, and further agrees to use its best efforts to obtain
stockholder approval of such increase and to file the Certificate of Amendment
with the Secretary of State of Nevada immediately upon obtaining such approval.
From and after the Filing Date, this Warrant is exercisable at the option of the
holder of record hereof, at any time or from time to time, up to the Expiration
Date for all or any part of the Shares (but not for a fraction of a share) which

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may be purchased hereunder. The Company agrees that the Shares purchased under
this Warrant shall be and are deemed to be issued to Warrantholder hereof as the
record owner of such shares as of the close of business on the date on which
this Warrant shall have been surrendered, together with the completed and
executed Notice of Exercise in the form attached as APPENDIX A delivered and
payment made for such Shares. Certificates for the Shares so purchased, together
with any other securities or property to which Warrantholder hereof is entitled
upon such exercise, shall be delivered to Warrantholder hereof by the Company at
the Company's expense within five (5) days after the rights represented by this
Warrant have been so exercised. In case of a purchase of less than all the
Shares which may be purchased under this Warrant, the Company shall cancel this
Warrant and execute and deliver a new Warrant or Warrants of like tenor for the
balance of the Shares purchasable under the Warrant surrendered upon such
purchase to Warrantholder hereof within five (5) days. Each stock certificate so
delivered shall be in such denominations of Common Stock as may be requested by
Warrantholder hereof and shall be registered in the name of such Warrantholder.
Notwithstanding anything to the contrary set forth above, each exercise of the
Warrant shall cover at least the lesser of (i) 30,000 Shares (as adjusted for
stock splits, stock dividends, combinations and the like), or (ii) the total
number of Shares then subject to the Warrant.

         4. RESERVATION OF SHARES. From and after the Filing Date, the Company
shall at all times have authorized and reserved a sufficient number of shares of
its Common Stock to provide for the exercise of the rights to purchase the
Shares as provided in this Agreement.

         5. NO RIGHTS AS STOCKHOLDER. This Agreement does not entitle
Warrantholder to any voting rights or other rights as a stockholder of the
Company prior to the purchase of the Shares as provided in this Agreement.

         6. ADJUSTMENT RIGHTS. The Exercise Price and the number of Shares
purchasable hereunder are subject to adjustment from time to time as follows:

                  6.1 MERGER AND SALE OF ASSETS. If at any time there shall be
(i) a reorganization of the shares of the Common Stock (other than a
combination, reclassification, exchange or subdivision of shares otherwise
provided for herein), or (ii) a merger or consolidation of the Company with or
into another corporation where the Company is not the surviving corporation, or
a reverse triangular merger in which the Company is the surviving entity but the
shares of the Company's capital stock outstanding immediately prior to the
merger are converted by virtue of the merger into other property, whether in the
form of securities, cash, or otherwise, or (iii) the sale of all or
substantially all of the Company's properties and assets to any other person,
then, as a part of such reorganization, merger, consolidation or sale, whether
for stock, cash, or other consideration, lawful provision shall be made so that
Warrantholder shall thereafter be entitled to receive upon exercise of its
Warrant the number of shares of Common Stock or other securities of the
successor corporation resulting from such merger or consolidation to which
Warrantholder would have been entitled if the Warrant had been exercised
immediately prior to such capital reorganization, merger, consolidation or sale.
In any such case, appropriate adjustment (as determined in good faith by the
Company's Board of Directors, absent manifest error) shall be made in the
application of the provisions of this Agreement with respect to the rights and
interest of Warrantholder after such reorganization, merger, consolidation or
sale so that the provisions of this Agreement (including adjustments of the
Exercise Price and the number of Shares issuable pursuant to the terms and
conditions of this Agreement) shall be applicable after such event, as near as
reasonably may be, in relation to any shares deliverable after that event upon
the exercise of the Warrant.

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                  6.2 RECLASSIFICATION OF SHARES. If the Company at any time
shall, by combination, reclassification, exchange or subdivision of securities
or otherwise, change all of the outstanding shares of Common Stock into the same
or a different number of securities of any other class or classes, this
Agreement shall thereafter represent the right to acquire such number and kind
of securities as would have been issuable hereunder had Warrantholder exercised
its rights with respect to all of the Shares then represented by this Agreement
immediately prior to such combination, reclassification, exchange, subdivision
or other change.

                  6.3 SUBDIVISION OR COMBINATION OF SHARES. If the Company at
any time shall combine or subdivide its Common Stock, the Exercise Price shall
be proportionately decreased in the case of a subdivision, or proportionately
increased in the case of a combination.

                  6.4 STOCK DIVIDENDS. If the Company at any time shall pay a
dividend payable in the Common Stock, then the Exercise Price shall be adjusted,
from and after the date of determination of stockholders entitled to receive
such dividend, to a price determined by multiplying the Exercise Price in effect
immediately prior to such date of determination by a fraction (i) the numerator
of which shall be the total number of all shares of the Common Stock outstanding
immediately prior to such dividend (assuming all convertible securities are then
converted into Common Stock) and (ii) the denominator of which shall be the
total number of all shares of the Common Stock outstanding immediately after
such dividend (assuming all convertible securities are then converted into
Common Stock). Warrantholder shall thereafter be entitled to purchase, at the
Exercise Price resulting from such adjustment, the number of shares of Common
Stock (calculated to the nearest whole share) obtained by multiplying the
Exercise Price in effect immediately prior to such adjustment by the number of
shares of Common Stock issuable upon the exercise hereof immediately prior to
such adjustment and dividing the product thereof by the Exercise Price resulting
from such adjustment.

         7. TRANSFERABILITY OF WARRANT.

                  7.1 WARRANT TRANSFERABLE. This Warrant is transferable on the
books of the Company at its principal office by Warrantholder upon surrender of
this Warrant properly endorsed, subject to compliance with SECTION 7.2 and
applicable federal and state securities laws. The Company shall issue and
deliver to the transferee a new Warrant representing the Warrant so transferred.
Upon any partial transfer, the Company will issue and deliver to Warrantholder a
new Warrant with respect to the Warrant not so transferred.

                  7.2 CONDITIONS OF TRANSFER. It shall be a condition to any
transfer of this Warrant that at the time of such transfer, the transferee shall
provide the Company with a representation in writing that the transferee is
acquiring this Warrant and the Shares to be issued upon exercise for investment
purposes only and not with a view to any sale or distribution in violation of
the Securities Act of 1933, as amended (the "SECURITIES ACT"). As a further
condition to any transfer of this Warrant or any or all of the Shares issuable
upon exercise of this Warrant, other than a transfer registered under the
Securities Act, the Company may request a legal opinion, in form and substance
reasonably satisfactory to the Company and its counsel, reciting the pertinent
circumstances surrounding the proposed transfer and stating that such transfer
is exempt from the registration and prospectus delivery requirements of the
Securities Act.

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         8. RESTRICTED SHARES/LEGEND. Warrantholder understands that the Shares
issuable upon the exercise of the Warrant under this Agreement shall be
"restricted securities" as that term is defined in Rule 144 promulgated under
the Securities Act, and, unless a registration statement relating to the resale
of the Shares shall then be effective under the Securities Act, shall bear a
legend in the form substantially as follows:

         THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
         1933 (THE "ACT") OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE
         (THE "LAWS"). THESE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE,
         PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION AND
         QUALIFICATION OF THESE SECURITIES UNDER THE ACT AND THE LAWS OR AN
         OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH
         REGISTRATION AND QUALIFICATION ARE NOT REQUIRED UNDER THE ACT AND THE
         LAWS.

         Warrantholder agrees that any issuance by the Company of Shares without
the above restrictive legend is predicated upon the Company's reliance that
Warrantholder will sell any Shares pursuant to either the registration
requirements of the Securities Act, including any applicable prospectus delivery
requirements, or an exemption therefrom.

         9. REGISTRATION RIGHTS.

                  9.1 MANDATORY REGISTRATION.

                  (a) As soon as practicable, but in any event no later than May
28, 2004, the Company shall prepare and file with the Securities and Exchange
Commission (the "COMMISSION") a registration statement on Form SB-2 or other
applicable form as determined by the Company (the "REGISTRATION STATEMENT") for
the purpose of registering the sale of the Shares by Warrantholder from time to
time on the facilities of any securities exchange or trading system on which the
Common Stock is then traded or in privately-negotiated transactions, which
Registration Statement shall contain all material information required to be set
forth therein and all material information disclosed to Warrantholder. For
purposes of this Section 9, the term "SHARES" shall include any other securities
of the Company issued in exchange for the Shares, as a dividend on the Shares,
or in connection with a stock split or other reorganization transaction
affecting the Shares. The Company shall use its commercially reasonable efforts
to cause the Registration Statement to become effective under the Securities Act
as soon as practicable, and in any event on or prior to August 30, 2004.

                  (b) The Company shall prepare and file with the Commission
such amendments and supplements to the Registration Statement and the prospectus
forming a part thereof as may be necessary to keep the Registration Statement
effective until the earliest date, after the date on which all of the Shares
have been purchased pursuant to this Agreement or the obligation of
Warrantholder to purchase the Shares pursuant to this Agreement has been

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terminated, on which (i) all the Shares have been disposed of pursuant to the
Registration Statement, (ii) all of the Shares then held by Warrantholder may be
sold within a three month period under the provisions of Rule 144 without
limitation as to volume, whether pursuant to Rule 144(k) or otherwise, or (iii)
the Company has determined that all Shares then held by Warrantholder may be
sold without restriction under the Securities Act and has removed any stop
transfer instructions relating to such Shares and offered to cause to be removed
any restrictive legends on the certificates, if any, representing such Shares
(the period between the Registration Date (as defined below) and the earliest of
such dates is referred to herein as the "REGISTRATION PERIOD"). At any time
after the end of the Registration Period, the Company may withdraw the
Registration Statement and its obligations under this Section 9.1 shall
automatically terminate.

                  (c) The Company shall not be obligated to prepare and file a
post-effective amendment or supplement to the Registration Statement or the
prospectus constituting a part thereof during the continuance of a Blackout
Event. A "BLACKOUT EVENT" means any of the following: (a) the possession by the
Company of material information that is not ripe for disclosure in a
registration statement or prospectus, as determined in good faith by the Chief
Executive Officer or the Board of Directors of the Company or that disclosure of
such information in the Registration Statement or the prospectus constituting a
part thereof would be materially detrimental to the business and affairs of the
Company; or (b) any material engagement or activity by the Company which would,
in the good faith determination of the Chief Executive Officer or the Board of
Directors of the Company, be materially adversely affected by disclosure in a
registration statement or prospectus at such time. Notwithstanding the
foregoing, no Blackout Event shall continue for any period in excess of 30 days
and there may be no more than one Blackout Period in any 180 day period.

                  (d) At least two (2) Business Days prior to the filing with
the Commission of the Registration Statement (or any amendment thereto) or the
prospectus forming a part thereof (or any supplement thereto), the Company shall
provide draft copies thereof to Warrantholder and shall consider incorporating
into such documents such comments as Warrantholder (and its counsel) may propose
to be incorporated therein. Notwithstanding the foregoing, no prospectus
supplement, the form of which has previously been provided to Warrantholder,
need be delivered in draft form to Warrantholder.

                  (e) The Company shall promptly notify Warrantholder upon the
occurrence of any of the following events in respect of the Registration
Statement or the prospectus forming a part thereof: (i) receipt of any request
for additional information from the Commission or any other federal or state
governmental authority during the Registration Period, the response to which
would require any amendments to the Registration Statement; (ii) the issuance by
the Commission or any other federal or state governmental authority of any stop
order suspending the effectiveness of the Registration Statement or the
initiation of any proceedings for that purpose; or (iii) receipt of any
notification with respect to the suspension of the qualification or exemption
from qualification of any of the Shares for sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose.

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                  (f) The Company shall furnish to Warrantholder with respect to
the Shares registered under the Registration Statement (and to each underwriter,
if any, of such Shares) such number of copies of prospectuses and such other
documents as Warrantholder may reasonably request, in order to facilitate the
public sale or other disposition of all or any of the Shares by Warrantholder
pursuant to the Registration Statement.

                  (g) The Company shall file or cause to be filed such documents
as are required to be filed by the Company for normal state securities law or
"blue sky" clearance in states specified in writing by Warrantholder; provided,
however, that the Company shall not be required to qualify to do business or
consent to service of process in any jurisdiction in which it is not now so
qualified or has not so consented.

                  (h) With a view to making available to Warrantholder the
benefits of Rule 144, the Company agrees, throughout the Registration Period and
so long as Warrantholder owns Shares, to:

                           (i) comply with the provisions of paragraph (c) of
Rule 144; and

                           (ii) file with the Commission in a timely manner all
reports and other documents required to be filed by the Company pursuant to
Section 13, 14 or 15(d) under the Securities Exchange Act of 1934, as amended
(the "EXCHANGE Act") and, if at any time it is not required to file such reports
but in the past had been required to or did file such reports, it will, upon the
request of Warrantholder, make available other information as required by, and
so long as necessary to permit sales of its Shares pursuant to, Rule 144.

                  (i) The Company shall bear all expenses incurred by it in
connection with the procedures in paragraphs (a) through (h) of this Section 9.1
and the registration of the Shares pursuant to the Registration Statement. The
Company shall not be responsible for any expenses incurred by Warrantholder in
connection with its sale of the Shares or its participation in the procedures in
paragraphs (a) through (h) of this Section 9.1, including, without limitation,
any fees and expenses of counsel or other advisers to Warrantholder and any
underwriting discounts, brokerage fees and commissions incurred by
Warrantholder.

                  9.2 BLACKOUT EVENTS. The Company may refuse to register (or
refuse to permit its transfer agent to register) any transfer of any Shares if
the Company has given notice of a Blackout Event which has not been resolved
such that the prospectus forming a part of the Registration Statement reflects
all material information required to be reflected therein, or during any time
the Registration Statement is not available for sales of the Shares, and for
such purpose may place stop order instructions with its transfer agent with
respect to the Shares. Warrantholder further agrees not to sell, transfer or
convey Shares pursuant to the Registration Statement if the Company has given
notice of the occurrence of any of the foregoing events, and has not
subsequently given notice that the Registration Statement and the prospectus
forming a part thereof may be used for the sale of the Shares.

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                  9.3 COVENANTS OF THE COMPANY. So long as the Registration
Statement is effective covering the resale of Shares then still owned by
Warrantholder, the Company shall furnish to Warrantholder:

                           (a) as soon as practicable after available, one copy
of (A) its Annual Report to Stockholders (which Annual Report shall contain
financial statements audited in accordance with generally accepted accounting
principles by a firm of certified public accountants), (B) upon written request,
its Annual Report on Form 10-KSB, (C) upon written request, its Quarterly
Reports on Form 10-QSB, (D) upon written request, its Current Reports on Form
8-K, and (E) a full copy of the Registration Statement (the foregoing, in each
case, excluding exhibits); and

                           (b) upon the written request of Warrantholder, all
exhibits excluded by the parenthetical to subparagraph (a)(E) of this Section
9.3.

                  9.4 INDEMNIFICATION. For the purpose of this Section 9.4: (i)
the term "WARRANTHOLDER AFFILIATE" shall mean any person who controls
Warrantholder within the meaning of Section 15 of the Securities Act or Section
20 of the Exchange Act; and (ii) the term "REGISTRATION STATEMENT" shall include
any final prospectus, exhibit, supplement or amendment included in or relating
to the Registration Statement referred to in Section 9.1.

                           (a) The Company agrees to indemnify and hold harmless
Warrantholder and each Warrantholder Affiliate, against any losses, claims,
damages, liabilities or expenses, joint or several, to which such Warrantholder
or such Warrantholder Affiliate may become subject, under the Securities Act,
the Exchange Act, or any other federal or state statutory law or regulation, or
at common law or otherwise (including in settlement of any litigation, if such
settlement is effected with the written consent of the Company, which consent
shall not be unreasonably withheld), insofar as such losses, claims, damages,
liabilities or expenses (or actions in respect thereof as contemplated below)
arise out of or are based upon (i) any untrue statement or alleged untrue
statement of any material fact contained in the Registration Statement, as
amended as of the effective date of the Registration Statement (the
"REGISTRATION DATE"), including any information deemed to be a part thereof as
of the time of effectiveness pursuant to paragraph (b) of Rule 430A, or pursuant
to Rule 434 promulgated under the Securities Act, or the prospectus, in the form
first filed with the Commission pursuant to Rule 424(b), or filed as part of the
Registration Statement at the time of effectiveness if no Rule 424(b) filing is
required (the "PROSPECTUS"), or any amendment or supplement thereto, or (ii) the
omission or alleged omission to state in the Registration Statement as of the
Registration Date a material fact required to be stated therein or necessary to
make the statements in the Registration Statement or any post-effective
amendment or supplement thereto, or in the Prospectus or any amendment or
supplement thereto, not misleading, in each case in the light of the
circumstances under which the statements contained therein were made, and will
reimburse Warrantholder and each such Warrantholder Affiliate for any legal and
other expenses as such expenses which are reasonably incurred by Warrantholder
or such Warrantholder Affiliate in connection with investigating, defending,
settling, compromising or paying any such loss, claim, damage, liability,
expense or action; provided, however, that the Company will not be liable in any
such case to the extent that any such loss, claim, damage, liability or expense
arises solely out of or is based solely upon (A) an untrue statement or alleged
untrue statement or omission or alleged omission made in the Registration
Statement, the prospectus included therein, or any amendment or supplement
thereto in reliance upon, and in conformity with, written information furnished
to the Company by Warrantholder expressly for use therein, or (B) the failure of
Warrantholder to comply with the covenants and agreements contained in Sections
8 and 9.2 hereof, or (C) the inaccuracy of any representations made by
Warrantholder herein or (D) any statement or omission in any Prospectus that is
corrected or disclosed in any subsequent Prospectus that was delivered to
Warrantholder prior to the pertinent sale or sales by Warrantholder.

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                           (b) Warrantholder will indemnify and hold harmless
the Company, each of its directors, each of its officers who signed the
Registration Statement and each person, if any, who controls the Company within
the meaning of the Securities Act and the Exchange Act, against any losses,
claims, damages, liabilities or expenses to which the Company, each of its
directors, each of its officers who signed the Registration Statement or
controlling person may become subject, under the Securities Act, the Exchange
Act, or any other federal or state statutory law or regulation, or at common law
or otherwise (including in settlement of any litigation, if such settlement is
effected with the written consent of Warrantholder) insofar as such losses,
claims, damages, liabilities or expenses (or actions in respect thereof as
contemplated below) arise out of or are based upon (i) any failure to comply
with the covenants and agreements contained in Sections 8 and 9.2 hereof, or
(ii) any (A) untrue or alleged untrue statement of any material fact contained
in the Registration Statement, the Prospectus, or any amendment or supplement
thereto, or (B) omission or alleged omission to state in the Registration
Statement, the Prospectus or any amendment or supplement thereto a material fact
required to be stated therein or necessary to make the statements in the
Registration Statement or any amendment or supplement thereto, in the prospectus
included therein, or any amendment or supplement thereto, not misleading, in
each case in the light of the circumstances under which they were made;
provided, that Warrantholder's indemnification obligation under this clause (ii)
shall apply to the extent, and only to the extent, that such untrue statement or
alleged untrue statement or omission or alleged omission was made in the
Registration Statement, such prospectus, or any amendment or supplement thereto,
solely in reliance upon and in conformity with written information furnished to
the Company by Warrantholder expressly for use therein, and will reimburse the
Company, each of its directors, each of its officers who signed the Registration
Statement or controlling person for any legal and other expense reasonably
incurred by the Company, each of its directors, each of its officers who signed
the Registration Statement or controlling person in connection with
investigating, defending, settling, compromising or paying any such loss, claim,
damage, liability, expense or action.

                           (c) Promptly after receipt by an indemnified party
under this Section 9.4 of notice of the threat or commencement of any action,
such indemnified party will, if a claim in respect thereof is to be made against
an indemnifying party under this Section 9.4, promptly notify the indemnifying
party in writing thereof; provided, the omission so to notify the indemnifying
party will not relieve it from any liability which it may have to any
indemnified party for contribution (except as provided in paragraph (d)) or
otherwise than under the indemnity agreement contained in this Section 9.4 or to
the extent it is not prejudiced as a result of such failure. In case any such
action is brought against any indemnified party and such indemnified party seeks
or intends to seek indemnity from an indemnifying party, the indemnifying party
will be entitled to participate in, and, to the extent that it may wish, jointly
with all other indemnifying parties similarly notified, to assume the defense
thereof with counsel reasonably satisfactory to such indemnified party. Upon

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receipt of notice from the indemnifying party to such indemnified party of its
election so to assume the defense of such action and approval by the indemnified
party of counsel, the indemnifying party will not be liable to such indemnified
party under this Section 9.4 for any legal or other expenses subsequently
incurred by such indemnified party in connection with the defense thereof unless
the indemnified party shall not have employed counsel reasonably satisfactory to
the indemnified party to represent the indemnified party within a reasonable
time after notice of commencement of action, in which case the reasonable fees
and expenses of counsel shall be at the expense of the indemnifying party, or
unless the indemnified party and the indemnifying party, in the reasonable
opinion of counsel to the indemnified party, have defenses distinct from, or
contradictory to, the defenses available to the other.

                           (d) If the indemnification provided for in this
Section 9.4 is required by its terms but is for any reason held to be
unavailable to or otherwise insufficient to hold harmless an indemnified party
under paragraphs (a) or (b) of this Section 9.4 in respect to any losses,
claims, damages, liabilities or expenses referred to herein (subject to the
limitation of paragraph (c) of this Section 9.4), then each applicable
indemnifying party shall contribute to the amount paid or payable by such
indemnified party as a result of any losses, claims, damages, liabilities or
expenses referred to herein (i) in such proportion as is appropriate to reflect
the relative benefits received by the Company and Warrantholder from the
exercise of this Warrant or (ii) if the allocation provided by clause (i) above
is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause (i) above but the
relative fault of the Company and Warrantholder in connection with the
statements or omissions or inaccuracies in the representations and warranties in
this Warrant that resulted in such losses, claims, damages, liabilities or
expenses, as well as any other relevant equitable considerations. The relative
benefits received by the Company on the one hand and Warrantholder on the other
shall be deemed to be in the same proportion as the amount paid by Warrantholder
to the Company pursuant to this Agreement for the Shares purchased by
Warrantholder that were sold pursuant to the Registration Statement bears to the
difference (the "DIFFERENCE") between the amount Warrantholder paid for the
Shares that were sold pursuant to the Registration Statement and the amount
received by Warrantholder from such sale. The relative fault of the Company on
the one hand and Warrantholder on the other shall be determined by reference to,
among other things, whether the untrue or alleged statement of a material fact
or the omission or alleged omission to state a material fact or the inaccurate
or the alleged inaccurate representation and/or warranty relates to information
supplied by the Company or by Warrantholder and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement, omission or inaccuracy. The amount paid or payable by a party as a
result of the losses, claims, damages, liabilities and expenses referred to
above shall be deemed to include, subject to the limitations set forth in
paragraph (c) of this Section 9.4, any legal or other fees or expenses
reasonably incurred by such party in connection with investigating or defending
any action or claim. The provisions set forth in paragraph (c) of this Section
9.4 with respect to the notice of the threat or commencement of any threat or
action shall apply if a claim for contribution is to be made under this
paragraph (d); provided, however, that no additional notice shall be required
with respect to any threat or action for which notice has been given under
paragraph (c) for purposes of indemnification. The Company and Warrantholder
agree that it would not be just and equitable if contribution pursuant to this
Section 9.4(d) were determined solely by pro rata allocation or by any other
method of allocation which does not take account of the equitable considerations

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referred to in this paragraph. Notwithstanding the provisions of this Section
9.4, Warrantholder shall not be required to contribute any amount in excess of
the amount by which the Difference exceeds the amount of any damages that
Warrantholder has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation.

         10. MISCELLANEOUS.

                  10.1 GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the laws of the State of California, without regard
to its conflicts of law principles, and the federal law of the United States of
America. The Company irrevocably consents to the jurisdiction of the courts of
the State of California and of any federal court, in each case located in San
Diego, California in connection with any action or proceeding arising out of, or
relating to, this Agreement, any document or instrument delivered pursuant to,
in connection with, or simultaneously with this Agreement, or a breach of this
Agreement or any such document or instrument. EACH PARTY HEREBY IRREVOCABLY
WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE
ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT
OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

                  10.2 ENTIRE AGREEMENT. This Agreement constitutes the final,
complete and exclusive agreement between the parties pertaining to the subject
of this Agreement, and supersedes all prior and contemporaneous agreements. None
of the provisions of this Agreement shall be deemed, or shall constitute, a
waiver of any other provision, whether or not similar, nor shall any waiver
constitute a continuing waiver. No waiver shall be binding unless executed in
writing by the party making the waiver. Any changes or supplements to this
Agreement must be in writing and signed by the Company and Warrantholder.

                  10.3 ASSIGNMENT. This Agreement shall be binding on, and shall
inure to the benefit of, the parties and their respective heirs, legal
representatives, successors and assigns.

                  10.4 NOTICES, ETC. All notices, requests, consents and other
communications hereunder shall be in writing, shall be mailed by first-class
registered or certified airmail, confirmed facsimile or nationally recognized
overnight express courier postage prepaid, and shall be deemed given when so
mailed and shall be delivered as addressed as follows:

         (a) if to the Company, to:

                  MicroIslet, Inc.
                  6370 Nancy Ridge Drive
                  Suite 112
                  San Diego, California  92121
                  Attention: Chief Executive Officer and Chief Financial Officer

                  or to such other person at such other place as the Company
                  shall designate to the Purchaser in writing; and

                                      -10-
<PAGE>

         (b) if to Warrantholder, at the address set forth below Warrantholder's
signature to this Warrant.

         10.5 SEVERABILITY. In the event that any one or more of the provisions
contained in this Agreement or in any other document referenced in this
Agreement, shall, for any reason, be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision of this Agreement or any other such
document.

         10.6 TIME IS OF THE ESSENCE. Time is absolutely of the essence in
construing each provision of this Agreement.

         10.7 INTERPRETATION. The headings set forth in this Agreement are for
convenience only and shall not be used in interpreting this Agreement.

         10.8 COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which taken
together shall constitute one and the same instrument. A faxed signature shall
be as valid as an originally executed signature.

                [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

                                      -11-
<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed as of the Effective Date.

                                   MICROISLET, INC.,
                                   a Nevada corporation

                                   By: /s/ John F. Steel IV
                                       -----------------------------------------
                                       John F. Steel IV, Chief Executive Officer

Acknowledged and Agreed To:

SBI BRIGHTLINE VII, LLC

--------------------------------------
Print Name:
Title, if Applicable:
Address:

                                      -12-
<PAGE>

                                   APPENDIX A
                                   ----------

                               NOTICE OF EXERCISE
                               ------------------

To:      Chief Financial Officer
         MicroIslet, Inc.

Ladies and Gentlemen:

The undersigned hereby elects to purchase ___________ Shares of MicroIslet, Inc.
pursuant to the terms of the attached Warrant Agreement dated April 1, 2004 (the
"AGREEMENT") at the Exercise Price (as defined in the Agreement).

Pursuant to the terms of the Agreement the undersigned has delivered the
aggregate Exercise Price herewith in full in cash or by certified check or wire
transfer.

                                           WARRANTHOLDER

                                           _____________________________________
                                           Signature

                                           Name:________________________________

                                           Title:_______________________________

                                   Appendix A<PAGE>

                                  EXHIBIT 10.3

                              GREENLAND CORPORATION
                       1999 STOCK OPTION PLAN - AS AMENDED

1. PURPOSE. This Stock Option Plan (the "Plan") is intended to serve as an
incentive to, and to encourage stock ownership by, certain eligible participants
rendering services to Greenland Corporation, a Nevada corporation (the
"Corporation") and certain affiliates as set forth below, so that they may
acquire or increase their proprietary interest in the Corporation.

2. ADMINISTRATION.

2.1 COMMITTEE. The Plan shall be administered by the Board of Directors of the
Corporation (the "Board of Directors") or a committee of a minimum of two or
more members appointed by the Board of Directors (the "Committee"). The
composition of the Committee shall satisfy such requirements as the Securities
and Exchange Commission may establish for administrators acting under plans
intended to qualify for exemption under Rule 16b-3 or its successor under the
Securities and Exchange Act of 1933. The Committee shall select one of its
members as Chairman and shall appoint a Secretary, who need not be a member of
the Committee. The Committee shall hold meetings at such times and places as it
may determine and minutes of such meetings shall be recorded. Acts by a majority
of the Committee in a meeting at which a quorum is present and acts approved in
writing by a majority of the members of the Committee shall be valid acts of the
Committee. No member of the Committee shall vote on any matter concerning his or
her own participation in the Plan.

2.2 TERM. If the Board of Directors selects a Committee, the members of the
Committee shall serve on the Committee for the period of time determined by the
Board of Directors and shall be subject to removal by the Board of Directors at
any time. The Board of Directors may terminate the function of the Committee at
any time and resume all powers and authority previously delegated to the
Committee.

2.3 AUTHORITY. The Committee shall have sole discretion and authority to grant
options under the Plan to eligible participants rendering services to the
Corporation or any "parent" or "subsidiary" of the Corporation ("Parent or
Subsidiary"), as defined in Section 424 of the Internal Revenue Code of 1986, as
amended (the "Code"), at such times, under such terms and in such amounts as it
may decide. Subject to the express provisions of the Plan, the Committee shall
have complete authority to interpret the Plan, to prescribe, amend and rescind
the rules and regulations relating to the Plan, to determine the details and
provisions of any Stock Option Agreement (as defined below), to accelerate any
options granted under the Plan and to make all other determinations necessary or
advisable for the administration of the Plan.

2.4 TYPE OF OPTION. The Committee shall have full authority and discretion to
determine, and shall specify in the Stock Option Agreements (as defined below),
whether the eligible individual will be granted options intended to qualify as
incentive options under Section 422 of the Code ("Incentive Options") or options
which are not intended to qualify under Section 422 of the Code ("Non-Qualified
Options"); provided, however, that Incentive Options shall only be granted to
employees of the Corporation, or a Parent or Subsidiary thereof, and shall be
subject to the special limitations set forth herein attributable to Incentive
Options.

2.5 INTERPRETATION. The interpretation and construction by the Committee of any
provisions of the Plan or of any option granted under the Plan shall be final
and binding on all parties having an interest in this Plan or any option granted
hereunder. No member of the Board or Directors or the Committee shall be liable
for any action or determination made in good faith with respect to the Plan or
any option granted under the Plan.

                                       19
<PAGE>

3. ELIGIBILITY.

3.1 GENERAL. All directors, officers, employees of and certain persons rendering
services to the Corporation, or any Parent or Subsidiary, relative to the
Corporation's, or any Parent's or Subsidiaries', management, operation or
development shall be eligible to receive options under the Plan. The selection
of recipients of options shall be within the sole and absolute discretion of the
Committee. No person shall be granted an option under this Plan unless such
person has executed the grant representation letter set forth on Exhibit "A," as
such Exhibit may be amended by the Committee from time to time and no person
shall be granted an Incentive Option under this Plan unless such person is an
employee of the Corporation, or a Parent or Subsidiary, on the date of grant.

3.2 TERMINATION OF ELIGIBILITY.

3.2.1 If an optionee ceases to be employed by the Corporation, or its Parent or
Subsidiary, is no longer an officer or member of the Board of Directors of the
Corporation or no longer performs services for the Corporation, or its Parent or
Subsidiary for any reason (other than for "cause," as hereinafter defined, or
such optionee's death), any option granted hereunder to such optionee shall
expire on the 90th day after the occurrence giving rise to such termination of
eligibility (or 1 year in the event an optionee is "disabled," as defined in
Section 22(e)(3) of the Code) or upon the date it expires by its terms,
whichever is earlier. Any option that has not vested in the optionee as of the
date of such termination shall immediately expire and shall be null and void.
The Committee shall, in its sole and absolute discretion, decide whether an
authorized leave of absence or absence for military or governmental service, or
absence for any other reason, shall constitute termination of eligibility for
purposes of this Section.

3.2.2 If an optionee ceases to be employed by the Corporation, or its Parent or
Subsidiary, is no longer an officer or member of the Board of Directors of the
Corporation, or no longer performs services for the Corporation, or its Parent
or Subsidiary and such termination is as a result of "cause," as hereinafter
defined, then all options granted hereunder to such optionee shall expire on the
date of the occurrence giving rise to such termination of eligibility or upon
the date it expires by its terms, whichever is earlier, and such optionee shall
have no rights with respect to any unexercised options. For purposes of this
Plan, "cause" shall mean an optionee's personal dishonesty, misconduct, breach
of fiduciary duty, incompetence, intentional failure to perform stated
obligations, willful violation of any law, rule, regulation or final cease and
desist order, or any material breach of any provision of this Plan, any Stock
Option Agreement or any employment agreement.

3.3 DEATH OF OPTIONEE AND TRANSFER OF OPTION. In the event an optionee shall
die, an option may be exercised (subject to the condition that no option shall
be exercisable after its expiration and only to the extent that the optionee's
right to exercise such option had accrued at the time of the optionee's death)
at any time within one year after the optionee's death by the executors or
administrators of the optionee or by any person or persons who shall have
acquired the option directly from the optionee by bequest or inheritance. Any
option that has not vested in the optionee as of the date of death or
termination of employment, whichever is earlier, shall immediately expire and
shall be null and void. No option shall be transferable by the optionee other
than by will or the laws of interstate succession.

3.4 LIMITATION ON OPTIONS. No person shall be granted any Incentive Option to
the extent that the aggregate fair market value of the Stock (as defined below)
to which such options are exercisable for the first time by the optionee during
any calendar year (under all plans of the Corporation as determined under
Section 422(d) of the Code) exceeds $100,000.

4. IDENTIFICATION OF STOCK. The Stock, as defined herein, subject to the options
shall be shares of the Corporation's authorized but unissued or acquired or
reacquired common stock (the "Stock"). The aggregate number of shares subject to
outstanding options shall not exceed One Hundred Million (100,000,000) shares of
Stock (subject to adjustment as provided in Section 6). If any option granted
hereunder shall expire or terminate for any reason without having been exercised
in full, the unpurchased shares subject thereto shall again be available for
purposes of this Plan.

5. TERMS AND CONDITIONS OF OPTIONS. Any option granted pursuant to the Plan
shall be evidenced by an agreement ("Stock Option Agreement") in such form as
the Committee shall from time to time determine, which agreement shall comply
with and be subject to the following terms and conditions:

                                       20
<PAGE>

5.1 NUMBER OF SHARES. Each option shall state the number of shares of Stock to
which it pertains.

5.2 OPTION EXERCISE PRICE. Each option shall state the option exercise price,
which shall be determined by the Committee; provided, however, that (I) the
exercise price of any Incentive Option shall not be less than the fair market
value of the Stock, as determined by the Committee, on the date of grant of such
option, (ii) the exercise price of any Incentive Option granted to an employee
who owns more than 10% of the total combined voting power of all classes of the
Corporation's stock, as determined for purposes of Section 422 of the Code,
shall not be less than 110% of the fair market value of the Stock, as determined
by the Committee, on the date of grant of such option, and (iii) the exercise
price of any Non-Qualified Option shall not be less than the price as determined
by the Committee on the date of grant of such option.

5.3 TERM OF OPTION. The term of an option granted hereunder shall be determined
by the Committee at the time of grant, but shall not exceed ten years from the
date of the grant. The term of any Incentive Option granted to an employee who
owns more than 10% of the total combined voting power of all classes of the
Corporation's stock, as determined for purposes of Section 422 of the Code,
shall in no event exceed five years from the date of grant. All options shall be
subject to early termination as set forth in this Plan. In no event shall any
option be exercisable after the expiration of its term.

5.4 METHOD OF EXERCISE. An option shall be exercised by written notice to the
Corporation by the optionee (or successor in the event of death) and execution
by the optionee of a Notice of Exercise in the form set forth on Exhibit "B," as
such Exhibit may be amended by the Committee from time to time. Such written
notice shall state the number of shares with respect to which the option is
being exercised and designate a time, during normal business hours of the
Corporation, for the delivery thereof ("Exercise Date"), which time shall be at
least 5 days after the giving of such notice unless an earlier date shall have
been mutually agreed. After the time specified in the written notice the
Corporation shall deliver to the optionee at the principal office of the
Corporation, or such other appropriate place as may be determined by the
Committee, a certificate or certificates for such shares. Until the Stock is
issued (as evidenced by the appropriate entry on the books of the Corporation or
a duly authorized transfer agent for the Corporation), no right to vote or
receive dividends or any other rights as a shareholder shall exist with respect
to the Stock subject to the option, notwithstanding the exercise of the option.
Notwithstanding the foregoing, the Corporation may postpone delivery of any
certificates after notice of exercise for such reasonable period as may be
required to comply with any applicable listing requirements of any securities
exchange. In the event an option shall be exercisable by any person other than
the optionee, the required notice under this Section shall be accompanied by
appropriate proof of the right of such person to exercise the option.

5.5 MEDIUM AND TIME OF PAYMENT. The option exercise price shall be payable in
full on or before the option Exercise Date in any one of the following
alternative forms:

5.5.1 Full payment in cash or certified bank or cashier's check;

5.5.2 A Promissory Note (as defined below);

5.5.3 Full payment in shares of Stock or other securities of the Corporation
having a fair market value on the Exercise Date in the amount equal to the
option exercise price;

5.5.4. Instead of exercising the option by paying the exercise price in cash,
check or other appropriate consideration, the optionee may elect to exercise the
option in whole or in part by receiving Stock equal to the value (as determined
below) of the option, or any part hereof, upon surrender of the option at the
principal office of the Corporation together with the Notice of Exercise annexed
to the Stock Option Agreement in which event the Corporation shall issue the
optionee a number of shares of Stock computed using the following formula:

                                    X=Y(A-B)
                                      ------
                                        A

Where X = the number of shares of Stock to be issued to the holder;

                                       21
<PAGE>

Y= the number of shares of Stock underlying the option to be exercised;

A= the current fair market value on one share of Stock; and

B= the exercise price of the option.

5.5.5 All or any part of the exercise price may be paid by delivery on a form
prescribed by the Corporation, of an irrevocable direction to pledge all or part
of the Stock being purchased under the Plan to a securities broker or lender
approved by the Corporation, as security for a loan, and to deliver all or part
of the loan proceeds to the Corporation.

5.5.6 A combination of the consideration set forth in Sections 5.5.1, 5.5.2,
5.5.3, 5.5.4 and 5.5.5 equal to the option exercise price; or

5.5.7 Any other method of payment complying with the provisions of Section 422
of the Code with respect to Incentive Options, provided the terms of payment are
established by the Committee at the time of grant, and any other method of
payment established by the Committee with respect to Non-Qualified Options.

5.6 FAIR MARKET VALUE. The fair market value of a share of Stock or other
security of the Corporation on any relevant date shall be determined in
accordance with the following provisions:

5.6.1 If the Stock or other security of the Corporation at the time is neither
listed nor admitted to trading on any stock exchange nor traded in the
over-the-counter market, then the fair market value shall be determined by the
Committee after taking into account such factors as the Committee shall deem
appropriate.

5.6.2 If the Stock or other security of the Corporation is not at the time
listed or admitted to trading on any stock exchange but is traded in the
over-the-counter market, the fair market value shall be the mean between the
highest bid and lowest asked prices (or, if such information is available, the
closing selling price) of one share of Stock or other security of the
Corporation on the date in question in the over-the-counter market, as such
prices are reported by the National Association of Securities Dealers through
its NASDAQ system or any successor system. If there are no reported bid and
asked prices (or closing selling price) for the Stock or other security of the
Corporation on the date in question, then the mean between the highest bid price
and lowest asked price (or the closing selling price) on the last preceding date
for which such quotations exist shall be determinative of fair market value.

5.6.3 If the Stock or other security of the Corporation is at the time listed or
admitted to trading on any stock exchange, then the fair market value shall be
the closing selling price of one share of Stock or other security of the
Corporation on the date in question on the stock exchange determined by the
Committee to be the primary market for the Stock or other security of the
Corporation, as such price is officially quoted in the composite tape of
transactions on such exchange. If there is no reported sale of Stock or other
security of the Corporation on such exchange on the date in question, then the
fair market value shall be the closing selling price on the exchange on the last
preceding date for which such quotation exists.

5.7 PROMISSORY NOTE. Subject to the requirements of applicable state or Federal
law or margin requirements, payment of all or part of the purchase price of the
Stock may be made by delivery of a full recourse promissory note ("Promissory
Note"). The Promissory Note shall be executed by the optionee, made payable to
the Corporation and bear interest at such rate as the Committee shall determine,
but in no case less than the minimum rate which will not cause under the Code
(i) interest to be inputed, (ii) original issue discount to exist, or (iii) any
other similar results to occur. Unless otherwise determined by the Committee,
interest on the Note shall be payable in quarterly installments on March 31,
June 30, September 30 and December 31 of each year. A Promissory Note shall
contain such other terms and conditions as may be determined by the Committee;
provided, however, that the full principal amount of the Promissory Note and all
unpaid interest accrued thereon shall be due not later than five years from the
date of exercise. The Corporation may obtain from the optionee a security
interest in all shares of Stock issued to the optionee under the Plan for the
purpose of securing payment under the Promissory Note and shall retain
possession of the stock certificates representing such shares in order to
perfect its security interest.

                                       22
<PAGE>

5.8 RIGHTS OF A SHAREHOLDER. An optionee or successor shall have no rights as a
shareholder with respect to any Stock underlying any option until the date of
the issuance to such optionee of a certificate for such Stock. No adjustment
shall be made for dividends (ordinary or extraordinary, whether in stock,
securities or other property) or distributions or other rights for which the
record date is prior to the date such Stock Certificate is issued, except as
provided in Section 6.

5.9 MODIFICATION, EXTENSION AND RENEWAL OF OPTIONS. Subject to the terms and
conditions of the Plan, the Committee may modify, extend or renew outstanding
options granted under the Plan, or accept the surrender of outstanding options
(to the extent not exercised) and authorize the granting of new options in
substitution therefor.

5.10 OTHER PROVISIONS. The Stock Option Agreements shall contain such other
provisions, including without limitation, restrictions or conditions upon the
exercise of options, as the Committee shall deem advisable.

5.11 DATES OF EXERCISE AND VESTING. An option granted hereunder may not be
exercised in whole or in part at any time prior to the time the Plan is approved
by the Corporation's share holders in accordance with Section 14 herein.

6. ADJUSTMENTS UPON CHANGES IN CAPITALIZATION.

6.1 SUBDIVISION OR CONSOLIDATION. Subject to any required action by shareholders
of the Corporation, the number of shares of Stock covered by each outstanding
option, and the exercise price thereof, shall be proportionately adjusted for
any increase or decrease in the number of issued shares of Stock of the
Corporation resulting from a subdivision or consolidation of shares or the
payment of a stock dividend (but only on the Stock) or any other increase or
decrease in the number of such shares effected without receipt of consideration
by the Corporation. Any fraction of a share subject to option that would
otherwise result from an adjustment pursuant to this Section shall be rounded
downward to the next full number of shares without other compensation or
consideration to the holder of such option.

6.2 CAPITAL TRANSACTIONS. Upon a sale or exchange of all or substantially all of
the assets of the Corporation, a merger or consolidation in which the
Corporation is not the surviving corporation, a merger, reorganization or
consolidation in which the Corporation is the surviving corporation and
shareholders of the Corporation exchange their stock for securities or property,
a liquidation of the Corporation or similar transaction ("Capital Transaction"),
this Plan and each option issued under this Plan, whether vested or unvested,
shall terminate, unless such options are assumed by a successor corporation in a
merger or consolidation, immediately prior to such Capital Transaction;
provided, however, that unless the outstanding options are assumed by a
successor corporation in a merger or consolidation, subject to terms approved by
the Committee all optionees will have the right to exercise all vested options
prior to the Capital Transaction. Notwithstanding the foregoing, in the event
there is a merger or consolidation where the Corporation is not the surviving
corporation, all options granted under this Plan shall vest 30 days prior to
such merger or consolidation unless such options are assumed by the successor
corporation in such merger or consolidation. The Committee may (but shall not be
obligated to) (i) accelerate the vesting of any option or (ii) apply the
foregoing provisions, including but not limited to termination of this Plan and
any options granted pursuant to the Plan, in the event there is a sale of 50% or
more of the stock of the Corporation in any two-year period or a transaction
similar to a Capital Transaction.

6.3 ADJUSTMENTS. To the extent that the foregoing adjustments relate to stock or
securities of the Corporation, such adjustments shall be made by the Committee,
whose determination in that respect shall be final, binding and conclusive.

6.4 ABILITY TO ADJUST. The grant of an option pursuant to the Plan shall not
affect in any way the right or power of the Corporation to make adjustments,
reclassifications, reorganizations or changes of its capital or business
structure or to merge, consolidate, dissolve, liquidate, sell or transfer all or
any part of its business or assets.

                                       23
<PAGE>

6.5 LIMITATION ON ADJUSTMENTS. Any adjustment, assumption or substitution of an
Incentive Option shall comply with Section 425 of the Code, if applicable.

7. NONASSIGNABILITY. Options granted under this Plan may not be sold, pledged,
assigned or transferred in any manner other than by will or by the laws of
interstate succession, and may be exercised during the lifetime of an optionee
only by such optionee, except to the extent permitted by applicable securities
laws and pursuant to applicable provisions of the Code. Any transfer by the
optionee of any option granted under this Plan in violation of this Section
shall void such option and any Stock Option Agreement entered into by the
optionee and the Corporation regarding such transferred option shall be void and
have no further force or effect. No option shall be pledged or hypothecated in
any way, nor shall any option be subject to execution, attachment or similar
process.

8. NO RIGHT OF EMPLOYMENT. Neither the grant nor exercise of any option nor
anything in this Plan shall impose upon the Corporation or any other corporation
any obligation to employ or continue to employ any optionee. The right of the
Corporation and any other corporation to terminate any employee or consultant
shall not be diminished or affected because an option has been granted to such
employee or consultant.

9. TERM OF PLAN. This Plan is effective on the date the Plan is adopted by the
Board of Directors and options may be granted pursuant to the Plan from time to
time within a period of ten (10) years from such date, or the date of any
required shareholder approval required under the Plan, if earlier. Termination
of the Plan shall not affect any option theretofore granted.

10. AMENDMENT OF THE PLAN. The Board of Directors of the Corporation may,
subject to any required shareholder approval, suspend, discontinue or terminate
the Plan, or revise or amend it in any respect whatsoever with respect to any
shares of Stock at that time not subject to options.

11. APPLICATION OF FUNDS. The proceeds received by the Corporation from the sale
of Stock pursuant to options may be used for general corporate purposes.

12. RESERVATION OF SHARES. The Corporation, during the term of this Plan, shall
at all times reserve and keep available such number of shares of Stock as shall
be sufficient to satisfy the requirements of the Plan.

13. NO OBLIGATION TO EXERCISE OPTION. The granting of an option shall not impose
any obligation upon the optionee to exercise such option.

14. APPROVAL OF BOARD OF DIRECTORS AND SHAREHOLDERS. The Plan shall not take
effect until approved by the Board of Directors of the Corporation. This Plan
shall be approved by a vote of the shareholders within 12 months from the date
of approval by the Board of Directors. No option may be exercisable prior to the
time the Plan is approved by the shareholders. In the event such shareholder
vote is not obtained, all options granted hereunder, whether vested or unvested,
shall be treated as non-qualified options, and no incentive stock options shall
be granted after such date.

15. WITHHOLDING TAXES. Notwithstanding anything else to the contrary in this
Plan or any Stock Option Agreement, the exercise of any option shall be
conditioned upon payment by such optionee in cash, or other provisions
satisfactory to the Committee, including shares of Stock, of all local, state,
federal or other withholding taxes applicable, in the Committee's judgment, to
the exercise or to later disposition of shares acquired upon exercise of an
option.

16. PARACHUTE PAYMENTS. Any outstanding option under the Plan may not be
accelerated to the extent any such acceleration of such option would, when added
to the present value of other payments in the nature of compensation which
becomes due and payable to the optionee would result in the payment to such
optionee of an excess parachute payment under Section 280G of the Code. The
existence of any such excess parachute payment shall be determined in the sole
and absolute discretion of the Committee.

                                       24
<PAGE>

17. SECURITIES LAWS COMPLIANCE. Notwithstanding anything contained herein, the
Corporation shall not be obligated to grant any option under this Plan or to
sell, issue or effect any transfer of any Stock unless such grant, sale,
issuance or transfer is at such time effectively (i) registered or exempt from
registration under the Act and (ii) qualified or exempt from qualification under
the California Corporate Securities Law of 1968 and any other applicable state
securities laws. As a condition to exercise of any option, each optionee shall
make such representations as may be deemed appropriate by counsel to the
Corporation for the Corporation to use any available exemption from registration
under the Act or any applicable state securities law.

18. RESTRICTIVE LEGENDS. The certificates representing the Stock issued upon
exercise of options granted pursuant to this Plan will bear the following
legends giving notice of restrictions on transfer under the Act and this Plan,
as follows:

                  (a)      THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN
                           ISSUED OR TRANSFERRED IN A TRANSACTION WHICH WAS NOT
                           REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
                           AMENDED, IN RELIANCE UPON AN EXEMPTION AFFORDED BY
                           SUCH ACT. NO SALE OR TRANSFER OF THESE SHARES SHALL
                           BE VALID, AND THE ISSUER SHALL NOT BE REQUIRED TO
                           GIVE ANY EFFECT TO ANY SUCH TRANSACTION UNLESS (A)
                           SUCH TRANSACTION SHALL HAVE BEEN DULY REGISTERED
                           UNDER THE ACT OR (B) THE ISSUER SHALL HAVE FIRST
                           RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO IT
                           THAT SUCH REGISTRATION IS NOT REQUIRED.

                  (b)      SALE, TRANSFER, HYPOTHECATION OR ENCUMBRANCE OF THE
                           SHARES REPRESENTED BY THIS CERTIFICATE IS RESTRICTED
                           BY THE PROVISIONS OF A STOCK OPTION AGREEMENT DATED
                           ______________________AND A STOCK OPTION PLAN DATED
                           ______________, 1999, A COPY OF WHICH MAY BE
                           INSPECTED AT THE CORPORATION'S PRINCIPAL OFFICE.

                  (c)      Any other legends required by applicable state
                           securities laws as determined by the Committee.

19. NOTICES. Any notice to be given under the terms of the Plan shall be
addressed to the Corporation in care of its Secretary at its principal office,
and any notice to be given to an optionee shall be addressed to such optionee at
the address maintained by the Corporation for such person or at such other
address as the optionee may specify in writing to the Corporation.

20. INFORMATION. The Corporation shall provide all optionees financial
statements at least annually.

As adopted by the Board of Directors as of January 1, 1999; and amended by the
Board of Directors as of August 23, 2001.

Greenland Corporation,
a Nevada corporation

                                       25

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