Document:

<PAGE>   1
                                                                     EXHIBIT 4.2

THE REPRESENTATIVE'S WARRANTS EVIDENCED AND REPRESENTED BY THIS CERTIFICATE (THE
"REPRESENTATIVE'S WARRANTS") AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF
(THE "WARRANT SHARES") HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, PURSUANT TO A REGISTRATION STATEMENT FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION. HOWEVER, NEITHER THE REPRESENTATIVE'S WARRANTS NOR SUCH
WARRANT SHARES MAY BE SOLD, TRANSFERRED, PLEDGED, OR HYPOTHECATED EXCEPT
PURSUANT TO (i) A POST-EFFECTIVE AMENDMENT TO SUCH REGISTRATION STATEMENT, (ii)
A SEPARATE REGISTRATION STATEMENT UNDER SUCH ACT, OR (iii) AN EXEMPTION FROM
REGISTRATION UNDER SUCH ACT AND UNDER THE APPLICABLE BLUE SKY LAWS.

THIS REPRESENTATIVE'S WARRANT MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED EXCEPT AS
OTHERWISE PROVIDED HEREIN AND THE HOLDER OF THIS REPRESENTATIVE'S WARRANT, BY
ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS
REPRESENTATIVE'S WARRANT EXCEPT AS OTHERWISE PROVIDED HEREIN.

                             LET'S PLAY SPORTS, INC.

            Representative's Warrant for the Purchase of Common Stock

No. UW-001                                      60,000 Representative's Warrants

         THIS CERTIFIES that, for receipt in hand of $10 and other value
received, SCHNEIDER SECURITIES, INC. (the "Holder"), is entitled to subscribe
for and purchase from Let's Play Sports, Inc., a Colorado corporation (the
"Company"), upon the terms and conditions set forth herein, at any time, or from
time to time, from ______________, 2002, and before 5:00 p.m. Mountain time on
____________, 2006 (the "Exercise Period"), 60,000 shares of Common Stock (the
"Warrant Shares"), at a price of $7.98 per Warrant Share (the "Exercise Price"),
or 133% of the offering price of Common Stock sold by the Company in a public
offering (the "Public Offering") at or prior to the date hereof.

         The term the "Holder" as used herein shall include any transferee to
whom this Representative's Warrant has been transferred in accordance with the
above. As used herein the term "this Representative's Warrant" shall mean and
include this Representative's Warrant and any Representative's Warrant or
Representative's Warrants hereafter issued as a consequence of the exercise or
transfer of this Representative's Warrant in whole or in part, and the term
"Common Stock" shall mean and include the Company's Common Stock with ordinary
voting power, which class at the date hereof is publicly traded.

         1. This Representative's Warrant may not be sold, transferred,
assigned, pledged or hypothecated until _________, 2002 (12 months from the
Effective Date of the Registration Statement on which it is initially
registered) except that it may be transferred, in whole or in part, (i) to one
or more officers or partners of the Holder (or the officers or partners of any
such partner); (ii) to a member of the underwriting syndicate and/or its
officers or partners; or (iii) by operation of law. After
_____________, 2002, this Representative's Warrant may be sold, transferred,
assigned or hypothecated in accordance with applicable law.

         2. a. This Representative's Warrant may be exercised during the
         Exercise Period as to the whole or any lesser number of Warrant Shares,
         by the surrender of this Representative's Warrant (with the election
         attached hereto duly executed) to the Company at its office at 9606
         Aero Drive, Suite 1300, San Diego, California 92123, or such other
         place as is designated in writing by the Company, together with a
         certified or bank cashier's check payable to the order of the Company
         in an amount

                                        1
<PAGE>   2
         equal to the Exercise Price multiplied by the number of Warrant Shares
         for which this Representative's Warrant is being exercised.

                  b. Upon written request of the Holder, and in lieu of payment
         for the Warrant Shares by check in accordance with paragraph 2(a)
         hereof, the Holder may exercise the Representative's Warrant (or any
         portion thereof) for and receive the number of Warrant Shares equal to
         a fraction, the numerator of which equals (i) the amount by which the
         average Current Market Price of the Common Stock for the ten (10)
         trading days preceding the date of exercise exceeds the Exercise Price
         per Share, multiplied by (ii) the number of Warrant Shares to be
         purchased; the denominator of which equals the Current Market Price.

                  c. For the purposes of any computation under this
         Representative's Warrant, the "Current Market Price" at any date shall
         be the closing price of the Common Stock on the business day next
         preceding the event requiring an adjustment hereunder. If the principal
         trading market for such securities is an exchange, the closing price
         shall be the reported last sale price on such exchange on such day
         provided if trading of such Common Stock is listed on any consolidated
         tape, the closing price shall be the reported last sale price set forth
         on such consolidated tape. If the principal trading market for such
         securities is the over-the-counter market, the closing price shall be
         the last reported sale price on such date as set forth by The Nasdaq
         Stock Market, Inc., or, if the security is not quoted on such market,
         the average of the closing bid and asked prices as set forth in the
         National Quotation Bureau pink sheets or the Electronic Bulletin Board
         System for such day. Notwithstanding the foregoing, if there is no
         reported last sale price or average closing bid and asked prices, as
         the case may be, on a date prior to the event requiring an adjustment
         hereunder, then the current market price shall be determined as of the
         latest date prior to such day for which such last sale price or average
         closing bid and asked prices are available.

         3. Upon each exercise of this Representative's Warrant, the Holder
shall be deemed to be the holder of record of the Warrant Shares issuable upon
such exercise, notwithstanding that the transfer books of the Company shall then
be closed or certificates representing such Warrant Shares shall not then have
been actually delivered to the Holder. As soon as practicable after each such
exercise of this Representative's Warrant, the Company shall issue and deliver
to the Holder a certificate or certificates for the Warrant Shares issuable upon
such exercise, registered in the name of the Holder or its designee. If this
Representative's Warrant should be exercised in part only, the Company shall,
upon surrender of this Representative's Warrant for cancellation, execute and
deliver a new Representative's Warrant evidencing the right of the Holder to
purchase the balance of the Warrant Shares (or portions thereof) subject to
purchase hereunder.

         4. The Representative's Warrants shall be registered in a
Representative's Warrant Register as they are issued. The Company shall be
entitled to treat the registered holder of any Representative's Warrant on the
Representative's Warrant Register as the owner in fact thereof for all purposes
and shall not be bound to recognize any equitable or other claim to or interest
in such Representative's Warrant on the part of any other person. The
Representative's Warrants shall be transferable only on the books of the Company
upon delivery thereof duly endorsed by the Holder or by its duly authorized
attorney or representative, or accompanied by proper evidence of succession,
assignment or authority to transfer. In all cases of transfer by an attorney,
executor, administrator, guardian or other legal

                                        2
<PAGE>   3

representative, duly authenticated evidence of his or its authority shall be
produced. Upon any registration of transfer, the Company shall deliver a new
Representative's Warrant or Representative's Warrants to the person entitled
thereto. The Representative's Warrants may be exchanged, at the option of the
Holder thereof, for another Representative's Warrant, or other Representative's
Warrants of different denominations, of like tenor and representing in the
aggregate the right to purchase a like number of Warrant Shares (or portions
thereof) upon surrender to the Company or its duly authorized agent.
Notwithstanding the foregoing, the Company shall have no obligation to cause the
Representative's Warrants to be transferred on its books to any person if, in
the opinion of counsel to the Company, such transfer does not comply with the
provisions of the Securities Act of 1933, as amended (the "Act"), or applicable
state blue sky laws and the rules and regulations thereunder.

         5. The Company shall at all times reserve and keep available out of its
authorized and unissued Common Stock, solely for the purpose of providing for
the exercise of this Representative's Warrant, such number of shares of Common
Stock as shall, from time to time, be sufficient therefor. The Company covenants
that all Warrant Shares issuable upon exercise of this Representative's Warrant
shall be validly issued, fully paid, nonassessable, and free of preemptive
rights.

         6. a. If the Company shall at any time subdivide its outstanding Common
         Stock by recapitalization, reclassification or split-up thereof, the
         number of Warrant Shares subject to this Representative's Warrant
         immediately prior to such subdivision shall be proportionately
         increased, and if the Company shall at any time combine the outstanding
         Common Stock by recapitalization, reclassification or combination
         thereof, the number of Warrant Shares subject to this Representative's
         Warrant immediately prior to such combination shall be proportionately
         decreased. Any corresponding adjustment to the Exercise Price shall
         become effective at the close of business on the record date for such
         subdivision or combination.

                  b. If the Company after the date hereof shall distribute to
         the holders of its Common Stock any securities or other assets (other
         than a distribution of Common Stock or a cash distribution made as a
         dividend payable out of earnings or out of any earned surplus legally
         available for dividends under the laws of the jurisdiction of
         incorporation of the Company), the Board of Directors shall be required
         to make such equitable adjustment in the Exercise Price in effect
         immediately prior to the record date of such distribution as may be
         necessary to preserve the rights substantially proportionate to those
         enjoyed hereunder by the Holder immediately prior to such distribution.
         Any such adjustment made in good faith by the Board of Directors shall
         be final and binding upon the Holder and shall become effective as of
         the record date for such distribution.

                  c. No adjustment in the number of Warrant Shares subject to
         this Representative's Warrant shall be required unless such adjustment
         would require an increase or decrease in such number of Warrant Shares
         of at least 1% of the then adjusted number of Warrant Shares issuable
         upon exercise of this Representative's Warrant, provided, however, that
         any adjustments which by reason of the foregoing are not required at
         the time to be made shall be carried forward and taken into account and
         included in determining the amount of any subsequent adjustment; and
         provided further, however, that in case the Company shall at any time
         subdivide or combine the outstanding Common Stock or issue any
         additional Common Stock as a dividend, said percentage shall forthwith
         be proportionately increased in the case of a combination or decreased
         in the case of

                                       3
<PAGE>   4
         a subdivision or dividend of Common Stock so as to appropriately
         reflect the same. If the Company shall make a record of the holders of
         its Common Stock for the purpose of entitling them to receive any
         dividend or distribution and legally abandon its plan to pay or deliver
         such dividend or distribution then no adjustment in the number of
         Warrant Shares subject to this Representative's Warrant shall be
         required by reason of the making of such record.

                  d. Whenever the number of Warrant Shares purchasable upon the
         exercise of this Representative's Warrant is adjusted as provided
         herein, the Exercise Price shall be adjusted (to the nearest one tenth
         of a cent) by respectively multiplying such Exercise Price immediately
         prior to such adjustment by a fraction, the numerator of which shall be
         the number of Warrant Shares purchasable upon the exercise of this
         Representative's Warrant immediately prior to such adjustment, and the
         denominator of which shall be the number of Warrant Shares purchasable
         immediately thereafter.

                  e. In case of any reclassification of the outstanding Common
         Stock (other than a change covered by (a) hereof or which solely
         affects the par value of such Common Stock) or in the case of any
         merger or consolidation of the Company with or into another corporation
         (other than a consolidation or merger in which the Company is the
         continuing corporation and which does not result in any
         reclassification or capital reorganization of the outstanding Common
         Stock), or in the case of any sale or conveyance to another corporation
         of the property of the Company as an entirety or substantially as an
         entirety in connection with which the Company is dissolved, the Holder
         of this Representative's Warrant shall have the right thereafter (until
         the expiration of the right of exercise of this Representative's
         Warrant) to receive upon the exercise hereof, for the same aggregate
         Exercise Price payable hereunder immediately prior to such event, the
         kind and amount of shares of stock or other securities or property
         receivable upon such reclassification, capital reorganization, merger
         or consolidation, or upon the dissolution following any sale or other
         transfer, by a holder of the number of Warrant Shares obtainable upon
         the exercise of this Representative's Warrant immediately prior to such
         event; and if any reclassification also results in a change in Common
         Stock covered by (a) above, then such adjustment shall be made pursuant
         to both this paragraph (e) and paragraph (a). The provisions of this
         paragraph (e) shall similarly apply to successive re- classifications,
         or capital reorganizations, mergers or consolidations, sales or other
         transfers.

                  If the Company after the date hereof shall issue or agree to
         issue Common Stock, options or convertible securities, other than as
         described herein, and such issuance or agreement would in the opinion
         of the Board of Directors of the Company materially affect the rights
         of the Holders of the Representative's Warrants, the Exercise Price and
         the number of Warrant Shares purchasable upon exercise of the
         Representative's Warrants shall be adjusted in such matter, if any, and
         at such time as the Board of Directors of the Company, in good faith,
         may determine to be equitable in the circumstances. The minutes or
         unanimous consent approving such action shall set forth the Board of
         Director's determination as to whether an adjustment is warranted and
         the manner of such adjustment. In the absence of such determination,
         any Holder may request in writing that the Board of Directors make such
         determination. Any such determination made in good faith by the Board
         of Directors shall be final and

                                        4
<PAGE>   5
         binding upon the Holders. If the Board fails, however, to make such
         determination within sixty (60) days after such request, such failure
         shall be deemed a determination that an adjustment is required.

                  f. i. Upon occurrence of each event requiring an adjustment of
                  the Exercise Price and of the number of Warrant Shares
                  purchasable upon exercise of this Representative's Warrant in
                  accordance with, and as required by, the terms hereof, the
                  Company shall forthwith employ a firm of certified public
                  accountants (who may be the regular accountants for the
                  Company) who shall compute the adjusted Exercise Price and the
                  adjusted number of Warrant Shares purchasable at such adjusted
                  Exercise Price by reason of such event in accordance herewith.
                  The Company shall give to each Holder of the Representative's
                  Warrants a copy of such computation which shall be conclusive
                  and shall be binding upon such Holders unless contested by
                  Holders by written notice to the Company within thirty (30)
                  days after receipt thereof.

                           ii. In case the Company after the date hereof shall
                  propose (A) to pay any dividend payable in stock to the
                  holders of its Common Stock or to make any other distribution
                  (other than cash dividends) to the holders of its Common Stock
                  or to grant rights to subscribe to or purchase any additional
                  shares of any class or any other rights or options to holders
                  of its Common Stock, (B) to effect any reclassification
                  involving merely the subdivision or combination of outstanding
                  Common Stock, or (C) any capital reorganization or any
                  consolidation or merger, or any sale, transfer or other
                  disposition of its property, assets and business substantially
                  as an entirety, or the liquidation, dissolution or winding up
                  of the Company, then in each such case, the Company shall
                  obtain the computation described above and if an adjustment to
                  the Exercise Price is required, the Company shall notify the
                  Holders of the Representative's Warrants of such proposed
                  action, which shall specify the record date for any such
                  action or if no record date is established with respect
                  thereto, the date on which such action shall occur or
                  commence, or the date of participation therein by the holders
                  of Common Stock if any such date is to be fixed, and shall
                  also set forth such facts with respect thereto as shall be
                  reasonably necessary to indicate the effect of such action on
                  the Exercise Price and the number, or kind, or class of shares
                  or other securities or property obtainable upon exercise of
                  this Representative's Warrant after giving effect to any
                  adjustment which will be required as a result of such action.
                  Such notice shall be given at least twenty (20) days prior to
                  the record date for determining holders of the Common Stock
                  for purposes of any such action, and in the case of any action
                  for which a record date is not established then such notice
                  shall be mailed at least twenty (20) days prior to the taking
                  of such proposed action.

                           iii. Failure to file any certificate or notice or to
                  give any notice, or any defect in any certificate or notice,
                  shall not effect the legality or validity of the adjustment in
                  the Exercise Price or in the number, or kind, or class of
                  shares or other securities or property obtainable upon
                  exercise of the Representative's Warrants or of any
                  transaction giving rise thereto.

                                        5
<PAGE>   6

                  g. The Company shall not be required to issue fractional
         Warrant Shares upon any exercise of the Representative's Warrants. As
         to any final fraction of a Share which the Holder of a Representative's
         Warrant would otherwise be entitled to purchase upon such exercise, the
         Company shall pay a cash adjustment in respect of such final fraction
         in an amount equal to the same fraction of the market price of a share
         of such stock on the business day preceding the day of exercise. The
         Holder of a Representative's Warrant, by his acceptance of a
         Representative's Warrant, expressly waives any right to receive any
         fractional Warrant Shares.

                  h. Regardless of any adjustments pursuant to this section in
         the Exercise Price or in the number, or kind, or class of shares or
         other securities or other property obtainable upon exercise of a
         Representative's Warrant, a Representative's Warrant may continue to
         express the Exercise Price and the number of Warrant Shares obtainable
         upon exercise at the same price and number of Warrant Shares as are
         stated herein.

                  i. The number of Warrant Shares, the Exercise Price and all
         other terms and provisions of the Company's agreement with the Holder
         of this Representative's Warrant shall be determined exclusively
         pursuant to the provisions hereof.

                  j. The above provisions of this section 6 shall similarly
         apply to successive transactions which require adjustments.

                  k. Notwithstanding any other language to the contrary herein,
         (i) the anti-dilution terms of this Representative's Warrant will not
         be enforced so as to provide the Holder the right to receive, or for
         the accrual of, cash dividends prior to the exercise of this
         Representative's Warrant, and (ii) the anti-dilution terms of this
         Representative's Warrant will not be enforced in such a manner as to
         provide the Holder with disproportionate rights, privileges and
         economic benefits not provided to purchasers of the Common Stock in the
         Public Offering.

         7. The issuance of any Warrant Shares or other securities upon the
exercise of this Representative's Warrant and the delivery of certificates or
other instruments representing such securities, or other securities, shall be
made without charge to the Holder for any tax or other charge in respect of such
issuance. The Company shall not, however, be required to pay any tax which may
be payable in respect of any transfer involved in the issue and delivery of any
certificate in a name other than that of the Holder and the Company shall not be
required to issue or deliver any such certificate unless and until the person or
persons requesting the issue thereof shall have paid to the Company the amount
of such tax or shall have established to the satisfaction of the Company that
such tax has been paid.

         8. a. If, at any time after _______________, 2001 (the Effective Date
         of the Registration Statement), and ending ____________, 2008 (seven
         years after the Effective Date of the Registration Statement), the
         Company shall file a registration statement (other than on Form S-4,
         Form S-8, or any successor form) with the Securities and Exchange
         Commission (the "Commission") while Warrant Shares are available for
         purchase upon exercise of this Representative's Warrant or while any
         Warrant Shares (collectively, the Representative's Warrants and the
         underlying Warrant Shares, the "Representative's Securities") are
         outstanding, the Company shall, on two occasions only, give the Holder
         and all the then holders of such Representative's Securities at least
         30 days prior written notice of the filing of such registration
         statement. If requested by the Holder or by any

                                        6
<PAGE>   7
         such holder in writing within 20 days after receipt of any such notice,
         the Company shall, at the Company's sole expense (other than the fees
         and disbursements of counsel for the Holder or such holder and the
         underwriting discounts, if any, payable in respect of the securities
         sold by the Holder or any such holder), register or qualify the Warrant
         Shares of the Holder or any such holders who shall have made such
         request concurrently with the registration of such other securities,
         all to the extent requisite to permit the public offering and sale of
         the Warrant Shares requested to be registered, and will use its best
         efforts through its officers, directors, auditors and counsel to cause
         such registration statement to become effective as promptly as
         practicable. Notwithstanding the foregoing, if the managing underwriter
         of any such offering shall advise the Company in writing that, in its
         opinion, the distribution of all or a portion of the Warrant Shares
         requested to be included in the registration concurrently with the
         securities being registered by the Company would materially adversely
         affect the distribution of such securities by the Company for its own
         account, then the Holder or any such holder who shall have requested
         registration of his or its Warrant Shares shall delay the offering and
         sale of such Warrant Shares (or the portions thereof so designated by
         such managing underwriter) for such period, not to exceed 90 days, as
         the managing underwriter shall request, provided that no such delay
         shall be required as to any Warrant Shares if any securities of the
         Company are included in such registration statement for the account of
         any person other than the Company and the Holder unless the securities
         included in such registration statement for such other person shall
         have been reduced pro rata to the reduction of the Warrant Shares which
         were requested to be included in such registration.

                  b. If at any time after ___________, 2001 (the Effective Date
         of the Registration Statement), and before ___________, 2006 (five
         years after the Effective Date of the Registration Statement), the
         Company shall receive a written request from holders of
         Representative's Securities who, in the aggregate, own (or upon
         exercise of all Representatives Warrants will own) a majority of the
         total number of Warrant Shares, the Company shall, as promptly as
         practicable, prepare and file with the Commission a registration
         statement sufficient to permit the public offering and sale of the
         Warrant Shares, and will use its best efforts through its officers,
         directors, auditors and counsel to cause such registration statement to
         become effective as promptly as practicable; provided, however, that
         the Company shall only be obligated to file and obtain effectiveness of
         one such registration statement for which all expenses incurred in
         connection with such registration (other than the fees and
         disbursements of counsel for the Holder or such holders and
         underwriting discounts, if any, payable in respect of the Warrant
         Shares sold by the Holder or any such holder) shall be borne by the
         Company.

                  c. In the event of a registration pursuant to the provisions
         of this paragraph 8, the Company shall use its best efforts to cause
         the Warrant Shares so registered to be registered or qualified for sale
         under the securities or blue sky laws of such jurisdictions as the
         Holder or such holders may reasonably request; provided, however, that
         the Company shall not be required to qualify to do business in any
         state by reason of this paragraph 8(c) in which it is not otherwise
         required to qualify to do business and provided further, that the
         Company has no obligation to qualify the Warrant Shares where such
         qualification would cause any unreasonable delay or expenditure by the
         Company.

                                        7
<PAGE>   8

                  d. The Company shall keep effective any registration or
         qualification contemplated by this paragraph 8 and shall from time to
         time amend or supplement each applicable registration statement,
         preliminary prospectus, final prospectus, application, document and
         communication for such period of time as shall be required to permit
         the Holder or such holders to complete the offer and sale of the
         Warrant Shares covered thereby. The Company shall in no event be
         required to keep any such registration or qualification in effect for a
         period in excess of nine months from the date on which the Holder and
         such holders are first free to sell such Warrant Shares; provided,
         however, that if the Company is required to keep any such registration
         or qualification in effect with respect to securities other than the
         Warrant Shares beyond such period, the Company shall keep such
         registration or qualification in effect as it relates to the Warrant
         Shares for so long as such registration or qualification remains or is
         required to remain in effect in respect of such other securities.

                  e. In the event of a registration pursuant to the provisions
         of this paragraph 8, the Company shall furnish to the Holder and to
         each such holder such reasonable number of copies of the registration
         statement and of each amendment and supplement thereto (in each case,
         including all exhibits), such reasonable number of copies of each
         prospectus contained in such registration statement and each supplement
         or amendment thereto (including each preliminary prospectus), all of
         which shall conform to the requirements of the Act and the rules and
         regulations thereunder, and such other documents as the Holder or such
         holders may reasonably request in order to facilitate the disposition
         of the Warrant Shares included in such registration.

                  f. In the event of a registration pursuant to the provisions
         of this paragraph 8, the Company shall furnish the Holder and each
         holder of any Warrant Shares so registered with an opinion of its
         counsel to the effect that (i) the registration statement has become
         effective under the Act and no order suspending the effectiveness of
         the registration statement, preventing or suspending the use of the
         registration statement, any preliminary prospectus, any final
         prospectus, or any amendment or supplement thereto has been issued, nor
         to such counsel's actual knowledge has the Securities and Exchange
         Commission or any securities or blue sky authority of any jurisdiction
         instituted or threatened to institute any proceedings with respect to
         such an order and (ii) the registration statement and each prospectus
         forming a part thereof (including each preliminary prospectus), and any
         amendment or supplement thereto, complies as to form with the Act and
         the rules and regulations thereunder. Such counsel shall also provide a
         Blue Sky Memorandum setting forth the jurisdictions in which the
         Warrant Shares have been registered or qualified for sale pursuant to
         the provisions of paragraph 8(c).

                  g. The Company agrees that until all the Warrant Shares have
         been sold under a registration statement or pursuant to Rule 144 under
         the Act, it shall keep current in filing all reports, statements and
         other materials required to be filed with the Commission to permit
         holders of the Warrant Shares to sell such securities under Rule 144.

                  h. The Holder and any holders who propose to register their
         Warrant Shares under the Act shall execute and deliver to the Company a
         selling stockholder questionnaire on a form to be provided by the
         Company.

                  i. The Company shall not be required by the terms hereof to
         file a Registration Statement if, in the opinion of counsel to the
         holders of the Representative's Warrants and Warrant Shares and counsel
         for the Company (or, should they

                                        8
<PAGE>   9

         not agree, in the opinion of another counsel experienced in securities
         law matters acceptable to counsel for the holders of Representative's
         Warrants and Warrant Shares and the Company), the proposed public
         offering or other transfer as to which such Registration Statement is
         requested to be filed is exempt from applicable federal and state
         securities laws, rules, regulations and would result in unaffiliated
         purchasers or transferees obtaining securities that are not "restricted
         securities" as that term is defined in Rule 144 under the Act.

         9. a. Subject to the conditions set forth below, the Company agrees to
         indemnify and hold harmless the Holder, any holder of any of the
         Warrant Shares, their officers, directors, partners, employees, agents
         and counsel, and each person, if any, who controls any such person
         within the meaning of Section 15 of the Act or Section 20(a) of the
         Securities Exchange Act of 1934, as amended (the "Exchange Act"), from
         and against any and all loss, liability, charge, claim, damage and
         expense whatsoever (which shall include, for all purposes of this
         Section 9, but not be limited to, attorneys' fees, expert witness fees,
         and any and all expense whatsoever incurred in investigating, preparing
         or defending against any litigation, commenced or threatened, or any
         claim whatsoever, and any and all amounts paid in settlement of any
         claim or litigation), as and when incurred, arising out of, based upon,
         or in connection with (i) any untrue statement or alleged untrue
         statement of a material fact contained (A) in any registration
         statement, preliminary prospectus or final prospectus (as from time to
         time amended and supplemented), or any amendment or supplement thereto,
         or (B) in any application or other document or communication (in this
         Section 9 collectively called an "application") executed by or on
         behalf of the Company or based upon written information furnished by or
         on behalf of the Company filed in any jurisdiction in order to register
         or qualify any of the Warrant Shares under the securities or blue sky
         laws thereof or filed with the Commission or any securities exchange;
         or any omission or alleged omission to state a material fact required
         to be stated therein or necessary to make the statements therein not
         misleading, unless such statement or omission was made in reliance upon
         and in conformity with written information furnished to the Company
         with respect to the Holder or any holder of any of the Warrant Shares
         by or on behalf of such person expressly for inclusion in any
         registration statement, preliminary prospectus, or final prospectus, or
         any amendment or supplement thereto, or in any application, as the case
         may be, or (ii) any breach of any representation, warranty, covenant or
         agreement of the Company contained in this Representative's Warrant.
         The foregoing agreement to indemnify shall be in addition to any
         liability the Company may otherwise have, including liabilities arising
         under this Representative's Warrant.

                  If any action is brought against the Holder or any holder of
         any of the Warrant Shares or any of its officers, directors, partners,
         employees, agents or counsel, or any controlling persons of such person
         (an "indemnified party") in respect of which indemnity may be sought
         against the Company pursuant to the foregoing paragraph, such
         indemnified party or parties shall promptly notify the Company in
         writing of the institution of such action (but the failure so to notify
         shall not relieve the Company from any liability it may otherwise have
         to Holder or any holder of any of the Warrant Shares) and the Company
         shall promptly assume the defense of such action, including the
         employment of counsel (reasonably satisfactory to such indemnified
         party or parties) and payment of expenses. Such indemnified party or
         parties shall have the right to employ its or their own

                                        9
<PAGE>   10
         counsel in any such case, but the fees and expenses of such counsel
         shall be at the expense of such indemnified party or parties unless the
         employment of such counsel shall have been authorized in writing by the
         Company in connection with the defense of such action or the Company
         shall not have promptly employed counsel reasonably satisfactory to
         such indemnified party or parties to have charge of the defense of such
         action or such indemnified party or parties shall have reasonably
         concluded that there may be one or more legal defenses available to it
         or them or to other indemnified parties which are different from or
         additional to those available to the Company, in any of which events
         such fees and expenses shall be borne by the Company and the Company
         shall not have the right to direct the defense of such action on behalf
         of the indemnified party or parties. Anything in this paragraph to the
         contrary notwithstanding, the Company shall not be liable for any
         settlement of any such claim or action effected without its written
         consent.

                  b. The Holder and each holder agrees to indemnify and hold
         harmless the Company, each director of the Company, each officer of the
         Company who shall have signed any registration statement covering the
         Warrant Shares held by the Holder and each holder and each other
         person, if any, who controls the Company within the meaning of Section
         15 of the Act or Section 20(a) of the Exchange Act, to the same extent
         as the foregoing indemnity from the Company to the Holder and each
         holder in paragraph 9(a), but only with respect to statements or
         omissions, if any, made in any registration statement, preliminary
         prospectus, or final prospectus (as from time to time amended and
         supplemented), or any amendment or supplement thereto, or in any
         application, in reliance upon and in conformity with written
         information furnished to the Company with respect to the Holder and
         each holder by or on behalf of the Holder and each holder expressly for
         inclusion in any such registration statement, preliminary prospectus,
         or final prospectus, or any amendment or supplement thereto, or in any
         application, as the case may be. If any action shall be brought against
         the Company or any other person so indemnified based on any such
         registration statement, preliminary prospectus, or final prospectus, or
         any amendment or supplement thereto, or in any application, and in
         respect of which indemnity may be sought against the Holder and each
         holder pursuant to this paragraph 9(b), the Holder and each holder
         shall have the rights and duties given to the Company, and the Company
         and each other person so indemnified shall have the rights and duties
         given to the indemnified parties, by the provisions of paragraph 9(a).

                  c. To provide for just and equitable contribution, if (i) an
         indemnified party makes a claim for indemnification pursuant to
         paragraph 9(a) or 9(b) (subject to the limitations thereof) but it is
         found in a final judicial determination, not subject to further appeal,
         that such indemnification may not be enforced in such case, even though
         this Agreement expressly provides for indemnification in such case, or
         (ii) any indemnified or indemnifying party seeks contribution under the
         Act, the Exchange Act or otherwise because the indemnification provided
         for in this Section 9 is for any reason held to be unenforceable by the
         Company and the Holder and any holder, then the Company (including for
         this purpose any contribution made by or on behalf of any director of
         the Company, any officer of the Company who signed any such
         registration statement and any controlling person of the Company), as
         one entity, and the Holder and any holder of any of the Warrant Shares
         included in such registration in the aggregate (including for this
         purpose any contribution by or on behalf of the Holder or any holder),
         as a second entity,

                                       10
<PAGE>   11
         shall contribute to the losses, liabilities, claims, damages and
         expenses whatsoever to which any of them may be subject, on the basis
         of relevant equitable considerations such as the relative fault of the
         Company and the Holder or any such holder in connection with the facts
         which resulted in such losses, liabilities, claims, damages and
         expenses. The relative fault, in the case of an untrue statement,
         alleged untrue statement, omission or alleged omission, shall be
         determined by, among other things, whether such statement, alleged
         statement, omission or alleged omission relates to information supplied
         by the Company, by the Holder or by any holder of Warrant Shares
         included in such registration, and the parties' relative intent,
         knowledge, access to information and opportunity to correct or prevent
         such statement, alleged statement, omission or alleged omission. The
         Company and the Holder agree that it would be unjust and inequitable if
         the respective obligations of the Company and the Holder for
         contribution were determined by pro rata or per capita allocation of
         the aggregate losses, liabilities, claims, damages and expenses (even
         if the Holder and the other indemnified parties were treated as one
         entity for such purpose) or by any other method of allocation that does
         not reflect the equitable considerations referred to in this paragraph
         9(c). No person guilty of a fraudulent misrepresentation (within the
         meaning of Section 11(f) of the Act) shall be entitled to contribution
         from any person who is not guilty of such fraudulent misrepresentation.
         For purposes of this paragraph 9(c), each person, if any, who controls
         the Holder or any holder of any of the Warrant Shares within the
         meaning of Section 15 of the Act or Section 20(a) of the Exchange Act
         and each officer, director, partner, employee, agent and counsel of
         each such person, shall have the same rights to contribution as such
         person and each person, if any, who controls the Company within the
         meaning of Section 15 of the Act or Section 20(a) of the Exchange Act,
         each officer of the Company who shall have signed any such registration
         statement, and each director of the Company shall have the same rights
         to contribution as the Company, subject in each case to the provisions
         of this paragraph 9(c). Anything in this paragraph 9(c) to the contrary
         notwithstanding, no party shall be liable for contribution with respect
         to the settlement of any claim or action effected without its written
         consent. This paragraph 9(c) is intended to supersede any right to
         contribution under the Act, the Exchange Act or otherwise.

         10. Unless the Warrant Shares have been registered or an exemption from
such registration is available, the Warrant Shares issued upon exercise of the
Representative's Warrants shall be subject to a stop transfer order and the
certificate or certificates evidencing any such Warrant Shares shall bear the
following legend:

         THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
         1933, NOR HAVE THEY BEEN REGISTERED UNDER THE SECURITIES ("BLUE SKY")
         LAWS OF ANY STATE. THESE SECURITIES MAY NOT BE SOLD, TRANSFERRED,
         PLEDGED, OR HYPOTHECATED UNLESS THEY HAVE FIRST BEEN REGISTERED UNDER
         THE SECURITIES ACT OF 1933 AND UNDER THE APPLICABLE STATE SECURITIES
         ("BLUE SKY") LAWS OR UNLESS THE AVAILABILITY OF AN EXEMPTION FROM
         REGISTRATION UNDER SUCH ACT AND LAWS IS ESTABLISHED TO THE SATISFACTION
         OF THE COMPANY, WHICH MAY NECESSITATE A WRITTEN OPINION OF SELLER'S
         COUNSEL SATISFACTORY TO COMPANY COUNSEL.

         11. Upon receipt of evidence satisfactory to the Company of the loss,
theft, destruction or mutilation of any Representative's Warrant (and upon
surrender of any Representative's Warrant if mutilated), and upon reimbursement
of the Company's

                                       11
<PAGE>   12

reasonable incidental expenses, the Company shall execute and deliver to the
Holder thereof a new Representative's Warrant of like date, tenor and
denomination.

         12. The Holder of any Representative's Warrant shall not have, solely
on account of such status, any rights of a stockholder of the Company, either at
law or in equity, or to any notice of meetings of stockholders or of any other
proceedings of the Company, except as provided in this Representative's Warrant.

         13. This Representative's Warrant shall be construed in accordance with
the laws of the State of Colorado, without giving effect to conflict of laws.

Dated: _____________, 2001

                                       LET'S PLAY SPORTS, INC.

                                       By:
                                          --------------------------------------
[SEAL]                                    Thomas W. Higginson, President and
                                            Chief Executive Officer

                                       12
<PAGE>   13

                               FORM OF ASSIGNMENT

(To be executed by the registered holder if such holder desires to transfer the
attached Representative's Warrant.)

         FOR VALUE RECEIVED, ___________________________________ hereby sells,
assigns and transfers unto ________________________ Representative's Warrants to
purchase __________ shares of Common Stock of Let's Play Sports, Inc. (the
"Company"), together with all right, title and interest therein, and does hereby
irrevocably constitute and appoint ____________________________ attorney to
transfer such Representative's Warrants on the books of the Company, with full
power of substitution.

Dated:
       ------------------------------

Signature:
           ------------------------------------

Signature Guaranteed:

                                     NOTICE

         The signature on the foregoing Assignment must correspond to the name
as written upon the face of this Representative's Warrant in every particular,
without alteration or enlargement or any change whatsoever. Signature(s) must be
guaranteed by an eligible guarantor institution which is a participant in a
Securities Transfer Association recognized program.

                                       13
<PAGE>   14

                              ELECTION TO EXERCISE

             (To be executed by the holder if such holder desires to
                 exercise the attached Representative's Warrant)

         The undersigned hereby exercises his, her or its rights to subscribe
for __________ shares of Common Stock covered by the within Representative's
Warrant (each as defined in the within Representative's Warrant) and tenders
payment herewith in the amount of $__________ in accordance with the terms
thereof, and requests that certificates for such Warrants be issued in the name
of, and delivered to:

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

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

--------------------------------------------------------------------------------
                   (Print Name, Address and Social Security or
                           Tax Identification Number)

and, if such number of Warrants (or portions thereof) shall not be all the
Warrants covered by the within Representative's Warrant, that a new
Representative's Warrant for the balance of the Representative's Warrants (or
portions thereof) covered by the within Representative's Warrant be registered
in the name of, and delivered to, the undersigned at the address stated below.

Name:
      -------------------------------------------------------------------------
                                     (Print)

Address:
         -----------------------------------------------------------------------

-----------------------------------------
              (Signature)

Dated:                                     Signature Guaranteed:
       ----------------------------------

                                     NOTICE

         The signature on the foregoing Assignment must correspond to the name
as written upon the face of this Representative's Warrant in every particular,
without alteration or enlargement or any change whatsoever. Signature(s) must be
guaranteed by an eligible guarantor institution which is a participant in a
Securities Transfer Association recognized program.

                                       14<PAGE>   1
                                                                    EXHIBIT 10.1

                               FIRST AMENDMENT TO
                             LET'S PLAY SPORTS, INC.
                        2000 INCENTIVE AND NONSTATUTORY
                                STOCK OPTION PLAN

         THIS FIRST AMENDMENT ("Amendment") is made of this 28th day of December
2000 to the Let's Play Sports, Inc. ("Company") 2000 Incentive and Nonstatutory
Stock Option Plan ("Plan"). In the event of any conflict between the terms of
this Amendment and the terms of the Plan, the terms of this Amendment shall
control. All capitalized terms not defined in this Amendment shall have their
respective meanings set forth in the Plan.

         The Plan shall be amended as follows:

         1. STOCK SUBJECT TO THE PLAN. The first sentence of Section 3 of the
Plan is hereby deleted and replaced with the following sentence:

         "Subject to the provisions of Section 11 of the Plan, the maximum
         aggregate number of Shares that may be optioned and sold under the Plan
         is 500,000 (taking into account the three for five reverse stock split
         approved by the shareholders of the Company on November 30, 2000)."

         2. AMENDMENT AND TERMINATION OF THE PLAN. Section 13.a.(i) of the Plan
is hereby deleted and replaced with the following:

         "An increase in the number of Shares subject to this Plan above 500,000
         Shares, other than in connection with an adjustment under Section 11 of
         this Plan;"

         3. RATIFICATION. Except as modified herein, the terms and conditions of
the Plan are hereby ratified by this Amendment.

         IN WITNESS WHEREOF, the Company has caused its duly authorized officer
to execute this Amendment effective as of the date first set forth above.

                                   LET'S PLAY SPORTS, INC.,
                                   a Colorado corporation

                                   By:  s/ Thomas W. Higginson
                                      --------------------------------
                                      Thomas W. Higginson, President and Chief
                                      Executive Officer

<PAGE>   2

                            LET'S PLAY SPORTS, INC.

                         2000 INCENTIVE AND NONSTATUTORY

                                STOCK OPTION PLAN

     1.   PURPOSES OF THE PLAN. The purposes of this 2000 Incentive and
Nonstatutory Stock Option Plan are to attract and retain the best available
personnel for positions of substantial responsibility, to provide additional
incentive to the Employees and Consultants of the Company and to promote the
success of the Company's business. Options granted hereunder may be either
"incentive stock options," as defined in Section 422 of the Internal Revenue
Code of 1986, as amended, or "nonstatutory stock options," at the discretion of
the Board and as reflected in the terms of the written stock option agreement.

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

          a.   "BOARD" shall mean the Committee, if one has been appointed, or
     the Board of Directors of the Company if no Committee is appointed.

          b.   "CODE" shall mean the Internal Revenue Code of 1986, as amended.

          c.   "COMMON STOCK" shall mean the $0.001 par value common stock of
     the Company.

          d.   "COMPANY" shall mean Let's Play Sports, Inc., a Colorado
     corporation.

          e.   "COMMITTEE" shall mean the Committee appointed by the Board in
     accordance with paragraph (a) of Section 4 of the Plan, if one is
     appointed, or the Board if no committee is appointed.

          f.   "CONSULTANT" shall mean any person who is engaged by the Company
     or any Subsidiary to render consulting services and is compensated for such
     consulting services, but does not include a director of the Company who is
     compensated for services as a director only with the payment of a
     director's fee by the Company.

          g.   "CONTINUOUS STATUS AS AN EMPLOYEE" shall mean the absence of any
     interruption or termination of service as an Employee. Continuous Status as
     an Employee shall not be considered interrupted in the case of sick leave,
     military leave, or any other leave of absence approved by the Board;
     provided that such leave is for a period of not more than 90 days or
     reemployment upon the expiration of such leave is guaranteed by contract or
     statute.

          h.   "EMPLOYEE" shall mean any person, including officers and
     directors, employed by the Company or any Parent or Subsidiary of the
     Company. The payment of a

<PAGE>   3

     director's fee by the Company shall not be sufficient to constitute
     "employment" by the Company.

          i.   "INCENTIVE STOCK OPTION" shall mean an Option that is intended to
     qualify as an incentive stock option within the meaning of Section 422 of
     the Code.

          j.   "NON-EMPLOYEE DIRECTOR" shall mean a director who:

               (i)  Is not currently an officer (as defined in Section 16a-1(f)
          of the Securities Exchange Act of 1934, as amended) of the Company or
          a Parent or Subsidiary of the Company, or otherwise currently employed
          by the Company or a Parent or Subsidiary of the Company.

               (ii) Does not receive compensation, either directly or
          indirectly, from the Company or a Parent or Subsidiary of the Company,
          for services rendered as a Consultant or in any capacity other than as
          a director, except for an amount that does not exceed the dollar
          amount for which disclosure would be required pursuant to Item 404(a)
          of Regulation S-K adopted by the United States Securities and Exchange
          Commission.

               (iii) Does not possess an interest in any other transaction for
          which disclosure would be required pursuant to Item 404(a) of
          Regulation S-K adopted by the United States Securities and Exchange
          Commission.

          k.   "NONSTATUTORY STOCK OPTION" shall mean an Option granted under
     this Plan which does not qualify as an Incentive Stock Option. To the
     extent that the aggregate fair market value of Optioned Stock to which
     Incentive Stock Options granted under Options to an Employee are
     exercisable for the first time during any calendar year (under the Plan and
     all plans of the Company or any Parent or Subsidiary) exceeds $100,000,
     such Options shall be treated as Nonstatutory Stock Options under the Plan.
     The aggregate fair market value of the Optioned Stock shall be determined
     as of the date of grant of each Option and the determination of which
     Incentive Stock Options shall be treated as qualified incentive stock
     options under Section 422 of the Code and which Incentive Stock Options
     exercisable for the first time in a particular year in excess of the
     $100,000 limitation shall be treated as Nonstatutory Stock Options shall be
     determined based on the order in which such Options were granted in
     accordance with Section 422(d) of the Code.

          l.   "OPTION" shall mean an Incentive Stock Option, a Nonstatutory
     Stock Option or both.

          m.   "OPTIONED STOCK" shall mean the Common Stock subject to an
     Option.

          n.   "OPTIONEE" shall mean an Employee or other person who is granted
     an Option.

                                       2
<PAGE>   4

          o.   "PARENT" shall mean a "parent corporation," whether now or
     hereafter existing, as defined in Section 424(e) of the Code.

          p.   "PLAN" shall mean this 2000 Incentive and Nonstatutory Stock
     Option Plan.

          q.   "SHARE" shall mean a share of the Common Stock of the Company, as
     adjusted in accordance with Section 11 of this Plan.

          r.   "STOCK OPTION AGREEMENT" shall mean the agreement to be entered
     into between the Company and each Optionee which shall set forth the terms
     and conditions of each Option granted to each Optionee, including the
     number of Shares underlying such Option and the exercise price of each
     Option granted to such Optionee under such agreement.

          s.   "SUBSIDIARY" shall mean a "subsidiary corporation," whether now
     or hereafter existing, as defined in Section 424(f) of the Code.

     3. STOCK SUBJECT TO THE PLAN. Subject to the provisions of Section 11 of
the Plan, the maximum aggregate number of Shares that may be optioned and sold
under the Plan is 1,500,000 shares of Common Stock. The Shares may be
authorized, but unissued, or reacquired Common Stock. If an Option should expire
or become unexercisable for any reason without having been exercised in full,
the unpurchased Shares which were subject thereto shall, unless the Plan shall
have been terminated, become available for future grant under the Plan.

     4. ADMINISTRATION OF THE PLAN.

          a.   PROCEDURE. The Plan shall be administered by the Board or a
     Committee appointed by the Board consisting of two or more Non-Employee
     Directors to administer the Plan on behalf of the Board, subject to such
     terms and conditions as the Board may prescribe.

               (i)  Once appointed, the Committee shall continue to serve until
          otherwise directed by the Board (which for purposes of this paragraph
          (a)(i) of this Section 4 shall be the Board of Directors of the
          Company). From time to time the Board may increase the size of the
          Committee and appoint additional members thereof, remove members (with
          or without cause) and appoint new members in substitution therefor,
          fill vacancies however caused, or remove all members of the Committee
          and thereafter directly administer the Plan.

               (ii) Members of the Board who are granted, or have been granted,
          Options may vote on any matters affecting the administration of the
          Plan or the grant of any Options pursuant to the Plan.

          b.   POWERS OF THE BOARD. Subject to the provisions of the Plan, the
     Board shall have the authority, in its discretion:

                                       3
<PAGE>   5

               (i)  To grant Incentive Stock Options and Nonstatutory Stock
          Options or both as provided and identified in a separate written Stock
          Option Agreement to each Optionee granted such Option or Options under
          the Plan; provided however, that in no event shall an Incentive Stock
          Option and a Nonstatutory Stock Option granted to any Optionee under a
          single Stock Option Agreement be subject to a "tandem" exercise
          arrangement such that the exercise of one such Option affects the
          Optionee's right to exercise the other Option granted under such Stock
          Option Agreement;

               (ii) To determine, upon review of relevant information and in
          accordance with Section 8(b) of this Plan, the fair market value of
          the Common Stock;

               (iii) To determine the exercise price per Share of Options to be
          granted, which exercise price shall be determined in accordance with
          Section 8(a) of this Plan;

               (iv) To determine the Employees or other persons to whom, and the
          time or times at which, Options shall be granted and the number of
          Shares to be represented by each Option;

               (v)  To interpret this Plan;

               (vi) To prescribe, amend and rescind rules and regulations
          relating to this Plan;

               (vii) To determine the terms and provisions of each Option
          granted (which need not be identical) and, with the consent of the
          holder thereof, modify or amend each Option;

               (viii) To accelerate or defer (with the consent of the Optionee)
          the exercise date of any Option, consistent with the provisions of
          Section 7 of this Plan;

               (ix) To authorize any person to execute on behalf of the Company
          any instrument required to effectuate the grant of an Option
          previously granted by the Board; and

               (x)  To make all other determinations deemed necessary or
          advisable for the administration of this Plan.

          c.   EFFECT OF BOARD'S DECISION. All decisions, determinations and
     interpretations of the Board shall be final and binding on all Optionees
     and any other permissible holders of any Options granted under this Plan.

                                       4
<PAGE>   6

     5.   ELIGIBILITY.

          a.   PERSONS ELIGIBLE. Options may be granted to any person selected
     by the Board. Incentive Stock Options may be granted only to Employees. An
     Employee, who is also a director of the Company, its Parent or a
     Subsidiary, shall be treated as an Employee for purposes of this Section 5.
     An Employee or other person who has been granted an Option may, if he is
     otherwise eligible, be granted an additional Option or Options.

          b.   NO EFFECT ON RELATIONSHIP. The Plan shall not confer upon any
     Optionee any right with respect to continuation of employment or other
     relationship with the Company nor shall it interfere in any way with his
     right or the Company's right to terminate his employment or other
     relationship at any time.

          6.   TERM OF PLAN. The Plan became effective on November 4, 2000. It
     shall continue in effect until November 4, 2010, unless sooner terminated
     under Section 13 of the Plan.

          7.   TERM OF OPTION. The term of each Option shall be 10 years from
     the date of grant thereof or such shorter term as may be provided in the
     Stock Option Agreement. However, in the case of an Option granted to an
     Optionee who, at the time the Option is granted, owns stock representing
     more than 10% of the total combined voting power of all classes of stock of
     the Company or any Parent or Subsidiary, if the Option is an Incentive
     Stock Option, the term of the Option shall be five years from the date of
     grant thereof or such shorter time as may be provided in the Stock Option
     Agreement.

          8.   EXERCISE PRICE AND CONSIDERATION.

               a.   EXERCISE PRICE. The per Share exercise price for the Shares
          to be issued pursuant to exercise of an Option shall be such price as
          is determined by the Board, but the per Share exercise price under an
          Incentive Stock Option shall be subject to the following:

                    (i)  If granted to an Employee who, at the time of the grant
               of such Incentive Stock Option, owns stock representing more than
               10% of the voting power of all classes of stock of the Company or
               any Parent or Subsidiary, the per Share exercise price shall be
               not less than 110% of the fair market value per Share on the date
               of grant.

                    (ii) If granted to any other Employee, the per Share
               exercise price shall be not less than 100% of the fair market
               value per Share on the date of grant.

          b.   DETERMINATION OF FAIR MARKET VALUE. The fair market value per
     Share on the date of grant shall be determined as follows:

               (i)  If the Common Stock is listed on the New York Stock
          Exchange, the American Stock Exchange or such other securities
          exchange designated by the Board, or admitted to unlisted trading
          privileges on any such exchange, or if the

                                       5
<PAGE>   7

          Common Stock is quoted on a National Association of Securities
          Dealers, Inc. system that reports closing prices, the fair market
          value shall be the closing price of the Common Stock as reported by
          such exchange or system on the day the fair market value is to be
          determined, or if no such price is reported for such day, then the
          determination of such closing price shall be as of the last
          immediately preceding day on which the closing price is so reported;

               (ii) If the Common Stock is not so listed or admitted to unlisted
          trading privileges or so quoted, the fair market value shall be the
          average of the last reported highest bid and the lowest asked prices
          quoted on a National Association of Securities Dealers, Inc. automated
          quotations system or, if not so quoted, then by the National Quotation
          Bureau, Inc. on the day the fair market value is determined; or

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

          c.   CONSIDERATION AND METHOD OF PAYMENT. The consideration to be paid
     for the Shares to be issued upon exercise of an Option, including the
     method of payment, shall be determined by the Board and may consist
     entirely of cash, check, other shares of Common Stock having a fair market
     value on the date of exercise equal to the aggregate exercise price of the
     Shares as to which said Option shall be exercised, or any combination of
     such methods of payment, or such other consideration and method of payment
     for the issuance of Shares to the extent permitted under the Colorado
     Business Corporation Act.

     9.   EXERCISE OF OPTION.

          a.   PROCEDURE FOR EXERCISE: RIGHTS AS A SHAREHOLDER. Any Option
     granted hereunder shall be exercisable at such times and under such
     conditions as determined by the Board, including performance criteria with
     respect to the Company and/or the Optionee, and as shall be permissible
     under the terms of the Plan.

          In the sole discretion of the Board, at the time of the grant of an
     Option or subsequent thereto but prior to the exercise of an Option, an
     Optionee may be provided with the right to exchange, in a cashless
     transaction, all or part of the Option for Common Stock of the Company on
     terms and conditions determined by the Board.

          An Option may not be exercised for a fraction of a Share.

          An Option shall be deemed to be exercised when written notice of such
     exercise has been given to the Company in accordance with the terms of the
     Option by the person entitled to exercise the Option and full payment for
     the Shares with respect to which the Option is exercised has been received
     by the Company. Full payment, as authorized by the Board, may consist of a

                                       6
<PAGE>   8

     consideration and method of payment allowable under Section 8(c) and
     Section 9(a) of this Plan. Until the issuance (as evidenced by the
     appropriate entry on the books of the Company or of the duly authorized
     transfer agent of the Company) of the stock certificate evidencing such
     Shares, no right to vote or receive dividends or any other rights as a
     shareholder shall exist with respect to the Optioned Stock, notwithstanding
     the exercise of the Option. No adjustment will be made for a dividend or
     other right for which the record date is prior to the date the stock
     certificate is issued, except as provided in Section 11 of this Plan.

          Exercise of an Option in any manner shall result in a decrease in the
     number of Shares which thereafter may be available, both for purposes of
     the Plan and for sale under the Option, by the number of Shares as to which
     the Option is exercised.

          b.   TERMINATION OF STATUS AS AN EMPLOYEE. In the case of an Incentive
     Stock Option, if any Employee ceases to serve as an Employee, he may, but
     only within such period of time not exceeding three months as is determined
     by the Board at the time of grant of the Option after the date he ceases to
     be an Employee of the Company, exercise his Option to the extent that he
     was entitled to exercise it at the date of such termination. To the extent
     that he was not entitled to exercise the Option at the date of such
     termination, or if he does not exercise such Option (which he was entitled
     to exercise) within the time specified herein, the Option shall terminate.

          c.   DISABILITY OF OPTIONEE. In the case of an Incentive Stock Option,
     notwithstanding the provisions of Section 9(b) above, in the event an
     Employee is unable to continue his employment with the Company as a result
     of his total and permanent disability (as defined in Section 22(e)(3) of
     the Code), he may, but only within such period of time not exceeding 12
     months as is determined by the Board at the time of grant of the Option
     from the date of termination, exercise his Option to the extent he was
     entitled to exercise it at the date of such termination. To the extent that
     he was not entitled to exercise the Option at the date of termination, or
     if he does not exercise such Option (which he was entitled to exercise)
     within the time specified herein, the Option shall terminate.

          d.   DEATH OF OPTIONEE. In the case of an Incentive Stock Option, in
     the event of the death of the Optionee:

               (i)  During the term of the Option if the Optionee was at the
          time of his death an Employee and had been in Continuous Status as an
          Employee or Consultant since the date of grant of the Option, the
          Option may be exercised, at any time within 12 months following the
          date of death, by the Optionee's estate or by a person who acquired
          the right to exercise the Option by bequest or inheritance, but only
          to the extent of the right to exercise that would have accrued had the
          Optionee continued living and remained in Continuous Status as an
          Employee 12 months after the date of death; or

               (ii) Within such period of time not exceeding three months as is
          determined by the Board at the time of grant of the Option after the
          termination of

                                       7
<PAGE>   9

          Continuous Status as an Employee, the Option may be exercised, at any
          time within 12 months following the date of death, by the Optionee's
          estate or by a person who acquired the right to exercise the Option by
          bequest or inheritance, but only to the extent of the right to
          exercise that had accrued at the date of termination.

     10.  NONTRANSFERABILITY OF OPTIONS. Unless permitted by the Code, in the
case of an Incentive Stock Option, the Option may not be sold, pledged,
assigned, hypothecated, transferred, or disposed of in any manner other than by
will or by the laws of descent and distribution and may be exercised, during the
lifetime of the Optionee, only by the Optionee.

     11.  ADJUSTMENTS UPON CHANGES IN CAPITALIZATION OR MERGER. Subject to any
required action by the shareholders of the Company, the number of Shares covered
by each outstanding Option, and the number of Shares which have been authorized
for issuance under this Plan but as to which no Options have yet been granted or
which have been returned to this Plan upon cancellation or expiration of any
Option, as well as the price per Share covered by each such outstanding Option,
shall be proportionately adjusted for any increase or decrease in the number of
issued Shares resulting from a stock split, reverse stock split, stock dividend,
combination or reclassification of the Common Stock, or any other increase or
decrease in the number of issued shares of Common Stock effected without receipt
of consideration by the Company; provided, however, that conversion of any
convertible securities of the Company shall not be deemed to have been "effected
without receipt of consideration." Such adjustment shall be made by the Board,
whose determination in that respect shall be final, binding and conclusive.
Except as expressly provided herein, no issuance by the Company of shares of
stock of any class, or securities convertible into shares of stock of any class,
shall affect, and no adjustment by reason thereof shall be made with respect to,
the number or price of Shares subject to an Option.

     In the event of the proposed dissolution or liquidation of the Company, the
Option will terminate immediately prior to the consummation of such proposed
action, unless otherwise provided by the Board. The Board may, in the exercise
of its sole discretion in such instances, declare that any Option shall
terminate as of a date fixed by the Board and give each Optionee the right to
exercise his Option as to all or any part of the Optioned Stock, including
Shares as to which the Option would not otherwise be exercisable. In the event
of the proposed sale of all or substantially all of the assets of the Company,
or the merger of the Company with or into another corporation in a transaction
in which the Company is not the survivor, the Optionee shall have the right for
a period of 60 days from the date written notice of such proposed sale or merger
is given to the Optionee to exercise the Option as to all of the Optioned Stock,
including Shares as to which the Option would not otherwise be exercisable. Any
such exercise by the Optionee of such Option shall be effective only if the
proposed sale or merger is consummated and, if so, on the date of the
consummation thereof. The unexercised portion of such Option will terminate upon
the expiration of such 60 day period unless the unexercised portion of the
Option is assumed or an equivalent option is substituted therefor by such
successor corporation or a parent or subsidiary of such successor corporation.

                                       8
<PAGE>   10

     12.  TIME OF GRANTING OPTIONS. The date of grant of an Option shall, for
all purposes, be the date on which the Board makes the determination granting
such Option. Notice of the determination shall be given to each Employee or
other person to whom an Option is so granted within a reasonable time after the
date of such grant. Within a reasonable time after the date of the grant of an
Option, the Company shall enter into and deliver to each Employee or other
person granted such Option a written Stock Option Agreement as provided in
Sections 2(r) and 16 hereof, setting forth the terms and conditions of such
Option.

     13.  AMENDMENT AND TERMINATION OF THE PLAN.

          a.   AMENDMENT AND TERMINATION. The Board may amend or terminate the
     Plan from time to time in such respects as the Board may deem advisable;
     provided that, the following revisions or amendments shall require approval
     of the shareholders of the Company in the manner described in Section 17 of
     this Plan:

               (i) An increase in the number of Shares subject to this Plan
          above 1,500,000 Shares, other than in connection with an adjustment
          under Section 11 of this Plan;

               (ii) Any change in the designation of the class of Employees
          eligible to be granted Incentive Stock Options; or

               (iii) Any material amendment under this Plan that would have to
          be approved by the shareholders of the Company for the Board to
          continue to be able to grant Incentive Stock Options under this Plan.

          b.   EFFECT OF AMENDMENT OR TERMINATION. Any such amendment or
     termination of this Plan shall not affect Options already granted and such
     Options shall remain in full force and effect as if this Plan had not been
     amended or terminated, unless mutually agreed otherwise between the
     Optionee and the Board, which agreement must be in writing and signed by
     the Optionee and the Company.

     14.  CONDITIONS UPON ISSUANCE OF SHARES. Shares shall not be issued
pursuant to the exercise of an Option unless the exercise of such Option and the
issuance and delivery of such Shares pursuant thereto shall comply with all
relevant provisions of law, including, without limitation, the Securities Act of
1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and
regulations promulgated thereunder, applicable state securities laws, and the
requirements of any stock exchange upon which the Shares may then be listed, and
shall be further subject to the approval of legal counsel for the Company with
respect to such compliance.

     As a condition to the exercise of an Option, the Company may require the
person exercising such Option to represent and warrant at the time of any such
exercise that the Shares are being purchased only for investment and without any
present intention to sell or distribute such Shares and such other
representations and warranties which in the opinion of legal counsel for the
Company,

                                       9
<PAGE>   11

are necessary or appropriate to establish an exemption from the registration
requirements under applicable federal and state securities laws with respect to
the acquisition of such Shares.

     15.  RESERVATION OF SHARES. The Company, during the term of this Plan, will
at all times reserve and keep available such number of Shares as shall be
sufficient to satisfy the requirements of the Plan. Inability of the Company to
obtain authority from any regulatory body having jurisdiction, which authority
is deemed by the Company's legal counsel to be necessary for the lawful issuance
and sale of any Share hereunder, shall relieve the Company of any liability
relating to the failure to issue or sell such Shares as to which such requisite
authority shall not have been obtained.

     16.  OPTION AGREEMENT. Each Option granted to an Employee or other persons
shall be evidenced by a written Stock Option Agreement in such form as the Board
shall approve.

     17.  SHAREHOLDER APPROVAL. Continuance of the Plan shall be subject to
approval by the shareholders of the Company on or before November 4, 2001.
Such shareholder approval and any shareholder approval required under Section 13
of the Plan, may be obtained at a duly held shareholders meeting by the
affirmative vote of the holders of a majority of the outstanding shares of the
voting stock of the Company, who are present or represented and entitled to vote
thereon, or by unanimous written consent of the shareholders in accordance with
the provisions of the Colorado Business Corporation Act.

     18.  INFORMATION TO OPTIONEES. The Company shall provide to each Optionee,
during the period for which such Optionee has one or more Options outstanding,
copies of all annual reports and other information that are provided to all
shareholders of the Company. The Company shall not be required to provide such
information if the issuance of Options under the Plan is limited to key
employees whose duties in connection with the Company assure their access to
equivalent information.

     19.  GENDER. As used herein, the masculine, feminine and neuter genders
shall be deemed to include the others in all cases where they would so apply.

     20.  CHOICE OF LAW. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND
INTERPRETATION OF THIS PLAN AND THE INSTRUMENTS EVIDENCING OPTIONS WILL BE
GOVERNED BY THE INTERNAL LAW, AND NOT THE LAW OF CONFLICTS, OF THE STATE OF
COLORADO.

                                       10
<PAGE>   12

     IN WITNESS WHEREOF, the Company has caused its duly authorized officer to
execute this Plan effective as of November 4, 2000.

                                        LET'S PLAY SPORTS, INC.,
                                        a Colorado corporation

                                        By: /s/ Thomas W. Higginson
                                           -------------------------------------
                                           Thomas W. Higginson, President

                                       11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00020-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00020-of-00352.parquet"}]]