Document:

SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

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                 HEALTH & NUTRITION SYSTEMS INTERNATIONAL, INC.

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                           FORM 10-Q QUARTERLY REPORT

                          FOR THE FISCAL QUARTER ENDED:

                               SEPTEMBER 30, 2001

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                                    EXHIBITS

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                                                                    Exhibit 10.1

                     ACCOUNTS RECEIVABLE FINANCING AGREEMENT

Alliance Financial Capital. Inc. (hereby "AFC"), a California corporation,
having its offices at 700 Airport Boulevard, Burlingame, California 94010 and
the undersigned SELLER (hereafter "SELLER") hereby agree as follows:

A. On a transaction-by-transaction basis and at each party's sole and absolute
discretion, AFC hereby agrees to buy SELLER'S accounts receivable (hereafter
"accounts") on a discounted basis, including, without limitation, full power to
collect, compromise, sue for, assign, or in any manner enforce collection
thereof, in the name of AFC, or otherwise. Each transaction for said purchase
and sale of accounts should be on a daily batch basis, which is defined as all
original invoices submitted to AFC by SELLER on a particular day. AFC shall
purchase said accounts, subject to the foregoing, as a group (hereafter "BULK")
and each of said Bulks shall be treated as a separate transaction on AFC's books
and records, which shall be accounted for as between AFC and SELLER separately
and independently from all other such transactions entered into between AFC and
SELLER. Each of said transactions shall be supported by a Bulk Assignment
Schedule, an exemplar of which is attached hereto and made a part hereof by this
reference as Exhibit "A," executed by SELLER, setting forth the transaction
amount, (which is defined as the total gross face amount of all invoice(s)
included in each transaction), the consideration (hereafter "ADVANCE") paid by
AFC therefor, the contingency reserve, and the discount, therefor. Each of said
Bulk Assignment Schedules shall be deemed a separate sale and assignment of
accounts, regardless of the number of invoices listed therein, and shall
incorporate the terms, conditions and provisions of this agreement.

B. AFC shall advance to SELLER toward the purchase of said accounts, the
following percentage of each BULK, less sales tax, so long as SELLER is not in
breach of this agreement: eighty percent (80%) up to the Account Credit Limit,
(defined as the maximum amount of accounts purchased and unpaid at any time), of
one million dollars ($1,000,000.00).

C. SELLER makes the following representations, warranties and covenants with
respect to each such transaction which may be entered into between AFC and
SELLER hereafter:

     1.   SELLER shall be the sole and absolute owner of said account(s), and
          shall have the full legal power to make said sales, assignments and
          transfers.

     2.   Said accounts shall be presently due and owing to SELLER with terms
          not to exceed net sixty (60) days, the amount(s) thereof shall not be
          in dispute, the payment of said account(s) shall not be in dispute, or
          contingent upon the fulfillment of this, or any other contract(s),
          past or future, and SELLER shall not know, or have reason to believe
          that the account debtor(s) is unable to remit payment within terms.

     3.   There shall not be any set-off or counterclaims against said
          account(s), and said account(s) shall not have been previously
          assigned or encumbered by SELLER in any manner whatsoever.

     4.   AFC shall have the right to reduce contingencies (the total of each
          Bulk, less ADVANCE and net discount) and to apply contingencies, as
          defined hereafter, from any transactions to any other transaction(s)
          between the parties by the amount of any dispute(s), discount(s),
          return(s), defense(s), or offset(s) taken by any account debtor(s). If
          contingencies are inadequate, AFC shall have the right to deduct said
          amount(s) from any other billing rights purchased by AFC from SELLER
          to demand payment of any other accounts receivable of SELLER, whether
          or not purchased by AFC, and/or demand reimbursement from SELLER.

     5.   Said account(s) shall be the property of and shall be collected by
          AFC, but if for any reason any amount(s) thereof should be paid to
          SELLER by any of said account debtor's, SELLER shall immediately
          deliver all such checks or other instruments in kind to AFC.

     6.   AFC shall have the power of endorsement for any purpose on any and all
          checks, drafts, money orders, or any other instruments in AFC's
          possession and payable to SELLER. SELLER hereby appoints AFC its agent
          for said purpose.

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     7.   SELLER shall promptly advise AFC, in writing, if SELLER's place of
          business is changed, a new place is added or record keeping is
          changed.

     8.   SELLER shall provide to AFC an accounts receivable/accounts payable
          aging report on the first and the fifteenth day of each month, and a
          current income statement, balance sheet and bank account(s)
          statement(s) by the fifteenth day of each month, for the previous
          month.

     9.   SELLER will comply with and perform any term, obligation, covenant, or
          condition contained in this agreement, or in any of the related
          documents, and will comply with and perform any term, obligation,
          covenant or condition contained in any other agreement between SELLER
          and AFC.

     10.  Any warranty, representation or statement made or furnished to AFC by
          SELLER, or on SELLER's behalf under this agreement, or the related
          documents, shall not be false or misleading in any material respect,
          either now or at the time made or furnished, or will become false or
          misleading at any time thereafter.

D. A gross discount of twenty percent (20%) shall he held in a reserve account
(Reserve) by AFC from the collection of each invoice. SELLER however shall be
entitled to a rebate (gross discount less net discount) regarding each invoice,
which shall be deducted from said gross discount, if such invoice amount is paid
within 90 days by said account debtor(s), subject to retention by AFC of such
amount as AFC deems appropriate to secure all of SELLER's obligations to AFC.
The net discount shall be computed as follows:

NET DISCOUNT:
Prime Rate plus one and three quarter percent (1.75%) on net funds employed.
This portion of the net discount shall be deducted from the Reserve on the last
day of each calendar month during the term of this agreement and shall be based
on a three hundred and sixty (360) day year. (For the purpose of this Agreement,
the Prime Rate is as published every day in the Wall Street Journal. Should the
Prime Rate be published in more than one section of the Wall Street Journal, the
rate that is highest will be valid. Should the published Prime Rate change from
the previous day, the Prime Rate of this Agreement so shall change to match the
published rate, effective that day.) Additional discount of one and three
quarter percent (1.75%) for the initial thirty (30) days or a part thereof per
invoice amount, and one and six tenths percent (1.6%) for each subsequent thirty
(30) day period or a part thereof, per invoice amount. Redirected payment fee:
If a payment for any purchased invoice is sent by an account debtor directly to
SELLER, a fee equal to fifteen percent (15%) of the invoice amount shall be
deducted by AFC from the reserve account of SELLER, unless the payment is sent
to AFC, in its original form, within five (5) business days. This fee is not a
penalty, but is liquidated damages, to compensate AFC for additional
administrative and collection expenses, interest costs and other damages
resulting from such action. SELLER agrees and acknowledges that fifteen percent
15% is a fair estimate of those damages. Annual facility fee of one percent 1%
of the account credit limit. For each funding request less than five thousand
dollars ($5,000) a charge of two hundred and fifty dollars ($250) will be
deducted from the reserve account of SELLER. Should SELLER request an expedited
funding, which is defined as an advance taking place on the same day as the
invoices are presented, a charge equal to the greater of one half of one percent
(.5%) of the amount presented for financing, or two hundred and fifty dollars
($250) will be deducted from the reserve account of SELLER.

TERM:
The term of this agreement shall be for twelve (12) months from the date of the
initial advance with a minimum average net funds employed balance equal to
twenty percent (20%) of the account credit limit for each calendar month.
($200,000) If the minimum average daily account balance is not met in any month,
AFC will charge additional fees to be deducted from the reserve account. The
additional fees will be calculated by deducting the average daily balance in any
calendar month and subtracting it from the minimum average daily account balance
as set forth in this agreement. The result, if a positive number, will be
multiplied by the net discount calculated by assuming this amount was
outstanding and accruing fees for each day of the calendar month, and will be
deducted from the Reserve. This term shall renew automatically in twelve (12)
month increments unless a written request for termination is received by AFC,
sent certified mail, return receipt requested, at least thirty (30) days prior
to the renewal date. Should SELLER request a termination of this agreement at
any time and for any reason, SELLER acknowledges that AFC has the right to
collect minimum monthly fees by assuming that the minimum average daily balance
was outstanding and accruing fees for each month remaining in the term, not as a
penalty, but as liquidated damages, to compensate AFC for loss of profits,
recovery of expenses and other damages resulting from such

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premature termination. SELLER agrees and acknowledges that it would be very
difficult or impossible to calculate such amounts, and that full payment of the
minimum monthly fee for each month in the remainder of the term is a fair
estimate of those damages. For any portion of any month remaining in the term,
the minimum monthly obligation shall be prorated accordingly.

All checks received by AFC will be credited on the actual date of receipt. The
collection period, regarding each specific invoice, shall he calculated by
counting the days from the date of each ADVANCE through and including five (5)
business days after the date upon which the total monies collected from said
account debtor(s), is equal to or greater than the sum of the ADVANCE and the
net discount (gross discount less rebate). AFC shall remit to SELLER its
contingency reserve (all sums collected in excess of a sum equal to the net
discount and advance) regarding each invoice, providing SELLER is not in default
or breach of this agreement.

E. Should any of the above warranties expressed by SELLER be inaccurate, or if a
material adverse change occurs in SELLER's financial or other condition, or AFC
believes the prospect of payment or performance of this agreement is impaired,
and AFC declares SELLER to be in default of this agreement, fees shall accrue at
one and one half times the contractually negotiated rate until such time as AFC,
at its sole discretion, declares the default to be cured. Should any of the
above warranties expressed by SELLER be inaccurate, and it becomes necessary for
AFC to utilize an attorney to enforce its rights against SELLER, SELLER agrees
that such attorneys' fees shall be borne by SELLER. This includes, but is not
limited to, AFC's attorney's fees and, AFC's legal expenses, whether or not
there is a lawsuit, associated with the voluntary or involuntary bankruptcy of
SELLER or the principal(s) of SELLER, including efforts to modify or vacate any
automatic stay or injunction, petitions for the use of cash collateral,
reorganization of SELLER, fees incurred by AFC in the collecting of an account
for which there has been a breach of any representations, warranties or
covenants as set forth in this agreement, or a partial or total failure or delay
in payment by an account debtor for any reason, including insolvency,
bankruptcy, or the financial inability to pay, or other actions, including
appeals, on behalf of SELLER or AFC. Seller also will pay any court costs, in
addition to all other sums provided by law.

F. SELLER hereby authorizes AFC, at its sole discretion, and on prior written
notice to SELLER, to set funding limits for each account debtor. AFC may, in its
sole discretion, elect to reduce the advance percentage of any account debtor as
part of its credit evaluation of the account debtor, AFC shall have the right in
its sole discretion after 90 days from the invoice date, or if any of the
representations, warranties or covenants are inaccurate, and reasonable notice
to SELLER, to demand payment from SELLER, for any unpaid invoices sold, assigned
and transferred to AFC by SELLER, pursuant to the terms and conditions hereof,
or to proceed against SELLER or against any account debtor(s) for the collection
or offset of any unpaid invoice or amount due. SELLER agrees that in the event
an invoice goes past 90 days of the invoice date, or if any account debtor
asserts at any time any deduction, dispute, contingency, offset, or counterclaim
with respect to any invoice. SELLER shall remunerate AFC with additional
verified invoices or financial reimbursement for the amount advanced with
respect to a particular invoice, plus all accrued fees with respect to a
particular invoice, plus an adjustment fee of one percent (1%) of the amount of
the invoice. As security for the payment of AFC's fees and other charges and for
the payment of advances made by AFC to or on behalf of SELLER. SELLER hereby
grants a security interest in and to the following described property, whether
now or hereafter owned or existing, leased, consigned by or to, acquired by
Seller and regardless of where located: (1) All accounts, deposit accounts,
contract rights, chattel paper, general intangibles, instruments, documents,
letters of credit, bankers acceptances, drafts, claims, causes of action, rights
in and under insurance policies, rights to tax refunds and inventory and all
proceeds of the foregoing, including Seller's rights to any returned or rejected
goods; (2) All Seller's rights to monies, refunds, and other amounts, due from
whatever source, including Seller's right of offset and recoupment; (3) All
goods, including but not limited to equipment, farm products, machinery,
furniture, furnishings, fixtures, tools, supplies, motor vehicles, and (4) All
proceeds of the foregoing, whether due to voluntary or involuntary disposition,
including insurance proceeds and reserving the right to file and prosecute
lawsuits, pertaining thereto, in SELLER's or AFC's name or otherwise; (5) All
books and records relating to the same; (6) Seller irrevocably appoints Buyer
and any of Buyer's officers as Seller's attorney to execute such financing
statements, continuations and amendments and to take such other actions as Buyer
deems appropriate to perfect and continue the perfection of the security
interest granted hereunder.

G. AFC warrants that it will use its best efforts to collect the amounts due
under this Agreement, and SELLER agrees that AFC may, in its sole discretion,
settle, compromise, or otherwise accept payment of less than the full

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amount, if in its judgment such action is necessary to effect collection. SELLER
agrees that the amount of such reduction shall be applied as a reduction of the
contingency reserve.

H. If it should become necessary for AFC to enforce its rights against the
account debtor(s) SELLER agrees that AFC may apply a maximum sum equal to the
total unpaid contingency reserve of SELLER, to compensate AFC for its attorney's
fees therefore. AFC may correct patent errors herein or in any BULK Assignment
Schedule executed by SELLER and fill in blanks. Any provision hereof contrary
to, prohibited by or invalid under applicable laws or regulations shall be
inapplicable and deemed omitted herefrom, but shall not invalidate the remaining
provisions hereof. The laws of the State of California shall govern the
validity, interpretation, enforcement and effect of this agreement, and SELLER
hereby consents to the exclusive jurisdiction of all courts in the County of San
Mateo, in the State of California. AFC AND SELLER EACH HEREBY WAIVE ITS
RESPECTIVE RIGHT TO TRIAL BY JURY OF ANY CONTROVERSY OR CLAIM. SELLER
acknowledges receipt of a true copy and waives acceptance hereof. If the SELLER
is a corporation, this agreement is executed pursuant to the authority of its
Board of Directors. AFC and SELLER as used in this agreement include the heirs,
executors, or administrators, successors or assigns of those parties. The
obligations of SELLER and guarantors herein shall be joint and several. AFC is
hereby authorized to obtain periodic Experian credit reports concerning all
signatories hereof. AFC may inspect and audit SELLER's and guarantor's books and
records during normal business hours, the actual cost of which shall be
reimbursed by SELLER to AFC.

I. SELLER agrees to reimburse AFC for any of its out-of-pocket incidental costs
and expenses, including but not limited to costs for wire transfers of funds,
credit reports, delivery services, lockbox maintenance, document searches,
postage, quarterly on site account auditing fees (not to exceed five hundred and
seventy five dollars ($575) per day, maximum of three (3) days) per audit, and
other services. Quarterly off site auditing consists of auditing of the accounts
receivable and financial statements, bank statements, accounts
receivable/payable aging reports, and any other reports that may be required to
provide AFC with information necessary to the audit process. Failure by SELLER
to provide any documentation as stipulated in Paragraph C, Number 8 of this
Agreement will result in SELLER being liable for the maximum charge for on site
auditing during that quarter, whether an on site audit has taken place or not.
Should SELLER provide all documentation as stipulated in Paragraph C. Number 8
of this Agreement, an on site audit will not take place unless the SELLER is
declared in default by AFC, or there is a material deterioration in the
performance of SELLER. For purposes of this agreement, each quarter will be each
ninety (90) day period of time from the date of the initial advance. Should
SELLER wish to dispute any action taken by AFC at any time during the term of
this agreement, SELLER must request a review in writing of the action within
ninety (90) days of its occurrence. Should SELLER fail to submit its request for
a review within ninety (90) days, SELLER waives any right to have the action
reviewed. SELLER authorizes AFC to initiate any credits to my account(s), or
debits from my account(s) via wire transfer or Automated Clearing House (ACH)
transfer for the purpose of making advances, or to disburse other bindings, or
to correct any errors that may have been made in connection with the transfer of
any funds into my account(s).

J. This agreement contains the entire agreement between the parties with respect
to the contemplated transactions, and it may not be modified or any of its terms
waived, except by an instrument in writing signed by the party or parties to be
charged, and no collateral representations, whether oral or written, shall
survive execution of this agreement.

IN WITNESS, WHEREOF, the parties have duly executed this ACCOUNTS RECEIVABLE
FINANCING AGREEMENT this 12th day of September 2001 at Burlingame, California.

ALLIANCE FINANCIAL CAPITAL, INC.     (SELLER)  Health & Nutrition Systems
                                               International, Inc.
                                               ---------------------------------

By:                                  By:      /s/ Steven Pomerantz
     ------------------------------     ----------------------------------------
(Signature)                                   (Signature)

Its:                                 Its:     CEO
      -----------------------------         ------------------------------------
(Title)                              (Title)

                                     Witness:          /s/ Albert Dugan
                                              ----------------------------------

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                            VALIDITY INDEMNIFICATION
                            ------------------------

Re: Health & Nutrition Systems International, Inc. ("SELLER") and Alliance
Financial Capital, Inc. (AFC) Accounts Receivable Financing Agreement and
related documents of even date.

The undersigned are the officers of SELLER and in order to induce AFC to extend
factoring accommodations to the "SELLER", pursuant to the Agreements with the
"Seller", the undersigned hereby warrants, represents and promises to AFC as
follows:

The undersigned acknowledges and agrees that "Seller" has made the following
representations, warranties and promises to AFC:

     1.   All "Seller" accounts which have been or will be reported to AFC by or
          on behalf of the "Seller" under the Agreements and in which AFC holds
          a security interest ("Accounts"), whether such reports are in the form
          of accounts receivable aging reports, invoices, transmittals, shipping
          documents, collateral reports or financial statements, are genuine and
          in all respects what they purport to be, represent bona fide
          obligations of "Seller's" customers arising out of the sale and
          completed delivery of merchandise and or services sold by the "Seller"
          (the Sold Goods/Services") in the ordinary course of its business and
          in accordance with and in full and complete performance of customer's
          (each, and "Account Debtor") order therefore.

     2.   All original checks, drafts, notes, letters of credit, acceptances and
          other proceeds of the Accounts, received by the "Seller," will be held
          in trust for AFC and will immediately be forwarded to AFC upon
          receipt, in kind, in accordance with the terms of the Agreements.

     3.   None of the Accounts are or will be the subject of any offsets,
          defenses or counterclaims of any nature whatsoever, other than those
          offsets, defenses or counterclaims disclosed in writing by SELLER and
          the undersigned, prior to the sale to AFC of the invoice(s) subject to
          the offsets, defenses or counterclaims, and "Seller" will not in any
          way impede or interfere with the normal collections and payment of the
          Accounts. The disclosure of every offset, defense or counterclaim must
          state in writing the maximum potential dollar value of the offset,
          defense or counterclaim that could be taken by an account debtor
          against an invoice or series of invoices prior to submission for sale.

     4.   "Seller" is presently solvent. "Solvent" means "Seller's" assets
          exceed its liabilities and "Seller" is able to pay its debts as they
          come due.

     5.   The Sold Goods/Services are and will he up to the point of sales, the
          sole and absolute property of the "Seller," and the Accounts and Sold
          Goods Services will be free and clear of all liens and security
          interests, except the security interest of "Seller."

     6.   The due dates of the Accounts will be as reported to AFC by or on
          behalf of the "Seller."

     7.   "Seller" will promptly report to AFC all disputes, rejections, returns
          and resale of Sold Goods/Services and all credits allowed by the
          "Seller" upon all Accounts.

     8.   All reports that AFC receives from the "Seller," including BUT NOT
          LIMITED TO those concerning its Accounts and its inventory, will be
          true and accurate except for minor inadvertent errors.

     9.   "Seller" will not sell its inventory except in the ordinary course of
          business.

     10.  "Seller" understands and acknowledges that in the event a bankruptcy
          petition is filed by or against "Seller", "Seller" cannot sell to AFC
          any receivables without first obtaining bankruptcy court approval.
          "Seller" agrees to immediately notify AFC if' "Seller" files or has
          filed against it any petition for relief under bankruptcy laws.
          "Seller" agrees it will not sell any receivables or accept any advance
          from AFC after Seller becomes subject to any bankruptcy law without
          first having obtained bankruptcy court approval on terms satisfactory
          with Purchaser.

<PAGE>

The undersigned hereby indemnities AFC and holds AFC harmless (continuously and
irrevocable for so long as the "Seller" is indebted to AFC), from any direct or
indirect damage or loss including any costs (including reasonable attorney's
fees and expenses) incurred by AFC in relation to such damage or loss which AFC
may sustain as a result of the breach of any of the above representations,
warranties or promises or of Alliance Financial Capital Inc.'s reliance (whether
or not such reliance was reasonable) upon any misstatement (whether or not
intentional), fraud, deceit, or criminal act on the part of any officer,
employee, or agent of the "Seller." The undersigned also agrees to reimburse AFC
for any costs (including reasonable attorney's fees and expenses) incurred by
AFC in the enforcement of this Validity Indemnification, provided AFC prevails
in its dispute against the Validity Indemnitors. All such sums will be paid by
the undersigned to AFC on demand. Nothing herein contained shall be in any way
impaired or affected by any change in or amendment of any of the Agreements.
This agreement shall be binding upon the undersigned, and the undersigned's
personal representatives, successors, and assigns. The laws of the State of
California shall govern the validity, interpretation, enforcement and effect of
this agreement, and SELLER hereby consents to the exclusive jurisdiction of all
courts in the County' of San Mateo, in the State of California.

Upon receipt of a certified letter, return receipt requested, notifying AFC that
the employment with the SELLER of any of the undersigned has been terminated for
any reason, AFC will immediately suspend funding. The responsibilities of the
undersigned relative to this indemnification will extend only to invoices
purchased up to the date of the receipt of this letter.

IN WITNESS WHEREOF, the parties have duly executed this VALIDITY INDEMNIFICATION
this 6th day of September, 2001 at Burlingame, California.

         Christopher Tisi                             Steven Pomerantz
-----------------------------------          -----------------------------------
(Print Name of Validity Indemnitor)         (Print Name of Validity Indemnitor)

/s/ Christopher Tisi                         /s/ Steven Pomerantz
-----------------------------------          -----------------------------------
(Signature of Validity Indemnitor)           (Print Name of Validity Indemnitor)

-----------------------------------          -----------------------------------
(Social Security Number)                     (Social Security Number)

-----------------------------------          -----------------------------------
(Driver's License Number)                    (Driver's License Number)

                                       2<PAGE>
                                                                    EXHIBIT 10.1

                                  iVILLAGE INC.
                      2001 NON-QUALIFIED STOCK OPTION PLAN
                          EFFECTIVE AS OF JUNE 18, 2001

1.       Purposes of the Plan.

         The purposes of this Plan are:

                  (1) to attract and retain the best available personnel for
positions of substantial responsibility,

                  (2) to provide additional incentive to certain Employees and
Consultants, and

                  (3) to promote the success of the Company's business.

         All Options granted under the Plan shall be Nonstatutory Stock Options.

2.       Definitions.

         As used herein, the following definitions shall apply:

         (a) "Administrator" means the Board or any of its Committees as shall
be administering the Plan, in accordance with Section 4 of the Plan.

         (b) "Applicable Laws" means the requirements relating to the
administration of stock option plans under U.S. state corporate laws, U.S.
federal and state securities laws, the Code, any stock exchange or quotation
system on which the Common Stock is listed or quoted and the applicable laws of
any foreign country or jurisdiction where Options are, or will be, granted under
the Plan.

         (c) "Board" means the Board of Directors of the Company.

         (d) "Code" means the Internal Revenue Code of 1986, as amended.

         (e) "Committee" means a committee of Directors appointed by the Board
in accordance with Section 4 of the Plan.

         (f) "Common Stock" means the common stock of the Company.

         (g) "Company" means iVillage Inc., a Delaware corporation.

         (h) "Consultant" means any person, including an advisor, engaged by the
Company or a Parent or Subsidiary to render services to such entity.

         (i) "Disability" means total and permanent disability as defined in
Section 22(e)(3) of the Code.

<PAGE>

         (j) "Employee" means any person employed by the Company or any Parent
or Subsidiary of the Company. A Service Provider shall not cease to be an
Employee in the case of (i) any leave of absence approved by the Company or (ii)
transfers between locations of the Company or between the Company, its Parent,
any Subsidiary, or any successor.

         (k) "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

         (l) "Fair Market Value" means, as of any date, the value of Common
Stock determined as follows:

             (i) If the Common Stock is listed on any established stock exchange
or a national market system, including without limitation the Nasdaq National
Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its Fair Market
Value shall be the closing sales price for such stock (or the closing bid, if no
sales were reported) as quoted on such exchange or system for the day of
determination, as reported in The Wall Street Journal or such other source as
the Administrator deems reliable;

             (ii) If the Common Stock is regularly quoted by a recognized
securities dealer but selling prices are not reported, the Fair Market Value of
a Share of Common Stock shall be the mean between the high bid and low asked
prices for the Common Stock on the day of determination, as reported in The Wall
Street Journal or such other source as the Administrator deems reliable; or

             (iii) In the absence of an established market for the Common Stock,
the Fair Market Value shall be determined in good faith by the Administrator.

         (m) "Incentive Stock Option" means an Option intended to qualify as an
incentive stock option within the meaning of Section 422 of the Code and the
regulations promulgated thereunder.

         (n) "Nonstatutory Stock Option" means an Option not intended to qualify
as an Incentive Stock Option.

         (o) "Notice of Grant" means a written or electronic notice evidencing
certain terms and conditions of an individual Option grant. The Notice of Grant
is part of the Option Agreement.

         (p) "Officer" means a person who is an officer of the Company within
the meaning of Section 16 of the Exchange Act and the rules and regulations
promulgated thereunder.

         (q) "Option" means a Nonstatutory Stock Option granted
pursuant to the Plan.

         (r) "Option Agreement" means an agreement between the Company and an
Optionee evidencing the terms and conditions of an individual Option grant. The
Option Agreement is subject to the terms and conditions of the Plan.

         (s) "Option Exchange Program" means a program whereby outstanding
Options are surrendered in exchange for Options with a lower exercise price.

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<PAGE>

         (t) "Optioned Stock" means the Common Stock subject to an Option.

         (u) "Optionee" means the holder of an outstanding Option granted under
the Plan.

         (v) "Parent" means a "parent corporation," whether now or hereafter
existing, as defined in Section 424(e) of the Code.

         (w) "Plan" means this iVillage Inc. 2001 Non-Qualified Stock Option
Plan.

         (x) "Section 16(b)" means Section 16(b) of the Exchange Act.

         (y) "Service Provider" means an Employee or Consultant.

         (z) "Share" means a share of the Common Stock, as adjusted in
accordance with Section 12 of the Plan.

         (aa) "Subsidiary" means 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 12 of the Plan, the maximum
aggregate number of Shares which may be optioned and sold under the Plan shall
be 1,500,000.

         If an Option expires or becomes unexercisable without having been
exercised in full, or is surrendered pursuant to an Option Exchange Program, the
unpurchased Shares which were subject thereto shall become available for future
grant or sale under the Plan (unless the Plan has terminated); provided,
however, that Shares that have actually been issued under the Plan shall not be
returned to the Plan and shall not become available for future distribution
under the Plan.

4.       Administration of the Plan.

         (a) Procedure. The Plan shall be administered by (A) the Board or (B) a
Committee, which committee shall be constituted to satisfy Applicable Laws.

         (b) Powers of the Administrator. Subject to the provisions of the Plan,
and in the case of a Committee, subject to the specific duties delegated by the
Board to such Committee, the Administrator shall have the authority, in its
discretion:

             (i) to determine the Fair Market Value;

             (ii) to select the Service Providers to whom Options may be granted
hereunder;

             (iii) to determine the number of shares of Common Stock to be
covered by each Option granted hereunder;

             (iv) to approve forms of agreement for use under the Plan;

                                       3
<PAGE>

             (v) to determine the terms and conditions, not inconsistent with
the terms of the Plan, of any Option granted hereunder. Such terms and
conditions include, but are not limited to, the exercise price, the time or
times when Options may be exercised (which may be based on performance
criteria), any vesting acceleration or waiver of forfeiture restrictions, and
any restriction or limitation regarding any Option or the shares of Common Stock
relating thereto, based in each case on such factors as the Administrator, in
its sole discretion, shall determine;

             (vi) to reduce the exercise price of any Option to the then current
Fair Market Value if the Fair Market Value of the Common Stock covered by such
Option shall have declined since the date the Option was granted;

             (vii) to institute an Option Exchange Program;

             (viii) to construe and interpret the terms of the Plan and awards
granted pursuant to the Plan;

             (ix) to prescribe, amend and rescind rules and regulations relating
to the Plan, including rules and regulations relating to sub-plans established
for the purpose of qualifying for preferred tax treatment under foreign tax
laws;

             (x) to modify or amend each Option (subject to Section 14(c) of the
Plan), including the discretionary authority to extend the post-termination
exercisability period of Options longer than is otherwise provided for in the
Plan;

             (xi) to allow Optionees to satisfy withholding tax obligations by
electing to have the Company withhold from the Shares to be issued upon exercise
of an Option that number of Shares having a Fair Market Value equal to the
amount required to be withheld. The Fair Market Value of the Shares to be
withheld shall be determined on the date that the amount of tax to be withheld
is to be determined. All elections by an Optionee to have Shares withheld for
this purpose shall be made in such form and under such conditions as the
Administrator may deem necessary or advisable;

             (xii) to authorize any person to execute on behalf of the Company
any instrument required to effect the grant of an Option previously granted by
the Administrator;

             (xiii) to make all other determinations deemed necessary or
advisable for administering the Plan.

         (c) Effect of Administrator's Decision. The Administrator's decisions,
determinations and interpretations shall be final and binding on all Optionees
and any other holders of Options.

5.       Eligibility.

         Options may be granted only to Service Providers who are not, at the
time of grant, "directors" within the meaning of the rules of The Nasdaq Stock
Market, unless such directors then are also Employees of the Company; provided,
however, that no Options may be granted to "officers" of the Company (within the
meaning of the rules of The Nasdaq Stock Market) if, immediately after giving
effect to the grant of such Options to an officer or officers, (i) the
percentage of then outstanding options granted to officers exceeds the
percentage of then outstanding options granted to Employees who are not officers
of the Company or (ii) the percentage of options granted to all current and
former officers since adoption of the Plan exceeds the percentage of Options
granted to all current and former Employees who are not officers of the Company
since the adoption of the Plan.

                                       4
<PAGE>

6.       Limitations.

         (a) Each Option shall be designated in the Option Agreement as a
Nonstatutory Stock Option.

         (b) Neither the Plan nor any Option shall confer upon an Optionee any
right with respect to continuing the Optionee's relationship as a Service
Provider with the Company, nor shall they interfere in any way with the
Optionee's right or the Company's right to terminate such relationship at any
time, with or without cause.

7.       Term of Plan. Subject to Section 18 of the Plan, the Plan shall
become effective on June 18, 2001. It shall continue in effect for a term of ten
(10) years unless terminated earlier under Section 14 of the Plan.

8.       Term of Option.

         The term of each Option shall be stated in the Option Agreement.

9.       Option 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 determined by the
Administrator.

         (b) Waiting Period and Exercise Dates. At the time an Option is
granted, the Administrator shall fix the period within which the Option may be
exercised and shall determine any conditions that must be satisfied before the
Option may be exercised.

         (c) Form of Consideration. The Administrator shall determine the
acceptable form of consideration for exercising an Option, including the method
of payment. Such consideration may consist entirely of:

                  (i)   cash;

                  (ii)  check;

                  (iii) promissory note;

                  (iv)  other Shares which (A) in the case of Shares acquired
upon exercise of an option, have been owned by the Optionee for more than six
months on the date of surrender, and (B) have a Fair Market Value on the date of
surrender equal to the aggregate exercise price of the Shares as to which said
Option shall be exercised;

                                       5
<PAGE>

                  (v)      consideration received by the Company under a
cashless exercise program implemented by the Company in connection with the
Plan;

                  (vi)     a reduction in the amount of any Company liability to
 the Optionee, including any liability attributable to the Optionee's
participation in any Company-sponsored deferred compensation program or
arrangement;

                  (vii)    any combination of the foregoing methods of payment;
or

                  (viii)   such other consideration and method of payment for
the issuance of Shares to the extent permitted by Applicable Laws.

10.      Exercise of Option.

         (a) Procedure for Exercise; Rights as a Stockholder. Any Option granted
hereunder shall be exercisable according to the terms of the Plan and at such
times and under such conditions as determined by the Administrator and set forth
in the Option Agreement. Unless the Administrator provides otherwise, vesting of
Options granted hereunder shall be tolled during any unpaid leave of absence. An
Option may not be exercised for a fraction of a Share.

         An Option shall be deemed exercised when the Company receives: (i)
written or electronic notice of exercise (in accordance with the Option
Agreement) from the person entitled to exercise the Option, and (ii) full
payment for the Shares with respect to which the Option is exercised. Full
payment may consist of any consideration and method of payment authorized by the
Administrator and permitted by the Option Agreement and the Plan. Shares issued
upon exercise of an Option shall be issued in the name of the Optionee or, if
requested by the Optionee, in the name of the Optionee and his or her spouse.
Until the Shares are issued (as evidenced by the appropriate entry on the books
of the Company or of a duly authorized transfer agent of the Company), no right
to vote or receive dividends or any other rights as a stockholder shall exist
with respect to the Optioned Stock, notwithstanding the exercise of the Option.
The Company shall issue (or cause to be issued) such Shares promptly after the
Option is exercised. No adjustment will be made for a dividend or other right
for which the record date is prior to the date the Shares are issued, except as
provided in Section 12 of the Plan.

         Exercising an Option in any manner shall decrease the number of Shares
thereafter 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 Relationship as a Service Provider. If an Optionee
ceases to be a Service Provider, other than upon the Optionee's death or
Disability, the Optionee may exercise his or her Option within such period of
time as is specified in the Option Agreement to the extent that the Option is
vested on the date of termination (but in no event later than the expiration of
the term of such Option as set forth in the Option Agreement). In the absence of
a specified time in the Option Agreement, the Option shall remain exercisable
for three (3) months following the Optionee's termination. If, on the date of
termination, the Optionee is not vested as to his or her entire Option, the
Shares covered by the unvested portion of the Option shall revert to the Plan.
If, after termination, the Optionee does not exercise his or her Option within
the time specified by the Administrator, the Option shall terminate, and the
Shares covered by such Option shall revert to the Plan.

                                       6
<PAGE>

         (c) Disability of Optionee. If an Optionee ceases to be a Service
Provider as a result of the Optionee's Disability, the Optionee may exercise his
or her Option within such period of time as is specified in the Option Agreement
to the extent the Option is vested on the date of termination (but in no event
later than the expiration of the term of such Option as set forth in the Option
Agreement). In the absence of a specified time in the Option Agreement, the
Option shall remain exercisable for twelve (12) months following the Optionee's
termination. If, on the date of termination, the Optionee is not vested as to
his or her entire Option, the Shares covered by the unvested portion of the
Option shall revert to the Plan. If, after termination, the Optionee does not
exercise his or her Option within the time specified herein, the Option shall
terminate, and the Shares covered by such Option shall revert to the Plan.

         (d) Death of Optionee. If an Optionee dies while a Service Provider,
the Option may be exercised within such period of time as is specified in the
Option Agreement (but in no event later than the expiration of the term of such
Option as set forth in the Notice of Grant), by the Optionee's estate or by a
person who acquires the right to exercise the Option by bequest or inheritance,
but only to the extent that the Option is vested on the date of death. In the
absence of a specified time in the Option Agreement, the Option shall remain
exercisable for twelve (12) months following the Optionee's death. If, at the
time of death, the Optionee is not vested as to his or her entire Option, the
Shares covered by the unvested portion of the Option shall immediately revert to
the Plan. The Option may be exercised by the executor or administrator of the
Optionee's estate or, if none, by the person(s) entitled to exercise the Option
under the Optionee's will or the laws of descent or distribution. If the Option
is not so exercised within the time specified herein, the Option shall
terminate, and the Shares covered by such Option shall revert to the Plan.

         (e) Buyout Provisions. The Administrator may at any time offer to buy
out for a payment in cash or Shares an Option previously granted based on such
terms and conditions as the Administrator shall establish and communicate to the
Optionee at the time that such offer is made.

11.      Non-Transferability of Options.

         Unless determined otherwise by the Administrator, an 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 or distribution and may be
exercised, during the lifetime of the Optionee, only by the Optionee. If the
Administrator makes an Option transferable, such Option shall contain such
additional terms and conditions as the Administrator deems appropriate.

12.      Adjustments Upon Changes in Capitalization, Dissolution, Merger or
Asset Sale.

         (a) Changes in Capitalization. Subject to any required action by the
stockholders of the Company, the number of shares of Common Stock covered by
each outstanding Option, and the number of shares of Common Stock which have
been authorized for issuance under the Plan but as to which no Options have yet
been granted or which have been returned to the Plan upon cancellation or
expiration of an Option, as well as the price per share of Common Stock covered
by each such outstanding Option, shall be proportionately adjusted for any
increase or decrease in the number of issued Shares of Common Stock resulting
from a stock split, reverse stock split, stock dividend, combination or
reclassification of the Common Stock, or any other increase or decrease in the
number of issued shares of Common Stock effected without receipt of
consideration by the 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 of Common Stock subject to an Option.

                                       7
<PAGE>

         (b) Dissolution or Liquidation. In the event of the proposed
dissolution or liquidation of the Company, the Administrator shall notify each
Optionee as soon as practicable prior to the effective date of such proposed
transaction. The Administrator in its discretion may provide for an Optionee to
have the right to exercise his or her Option until ten (10) days prior to such
transaction as to all of the Optioned Stock covered thereby, including Shares as
to which the Option would not otherwise be exercisable. In addition, the
Administrator may provide that any Company repurchase option applicable to any
Shares purchased upon exercise of an Option shall lapse as to all such Shares,
provided the proposed dissolution or liquidation takes place at the time and in
the manner contemplated. To the extent it has not been previously exercised, an
Option will terminate immediately prior to the consummation of such proposed
action.

         (c) Merger or Asset Sale. In the event of a merger of the Company with
or into another corporation, or the sale of substantially all of the assets of
the Company, each outstanding Option shall be assumed or an equivalent option or
right substituted by the successor corporation or a Parent or Subsidiary of the
successor corporation. In the event that the successor corporation refuses to
assume or substitute for the Option, the Optionee shall fully vest in and have
the right to exercise the Option as to all of the Optioned Stock, including
Shares as to which it would not otherwise be vested or exercisable. If an Option
becomes fully vested and exercisable in lieu of assumption or substitution in
the event of a merger or sale of assets, the Administrator shall notify the
Optionee in writing or electronically that the Option shall be fully vested and
exercisable for a period of fifteen (15) days from the date of such notice, and
the Option shall terminate upon the expiration of such period. For the purposes
of this paragraph, the Option shall be considered assumed if, following the
merger or sale of assets, the option or right confers the right to purchase or
receive, for each Share of Optioned Stock subject to the Option immediately
prior to the merger or sale of assets, the consideration (whether stock, cash,
or other securities or property) received in the merger or sale of assets by
holders of Common Stock for each Share held on the effective date of the
transaction (and if holders were offered a choice of consideration, the type of
consideration chosen by the holders of a majority of the outstanding Shares);
provided, however, that if such consideration received in the merger or sale of
assets is not solely common stock of the successor corporation or its Parent,
the Administrator may, with the consent of the successor corporation, provide
for the consideration to be received upon the exercise of the Option, for each
Share of Optioned Stock subject to the Option, to be solely common stock of the
successor corporation or its Parent equal in fair market value to the per share
consideration received by holders of Common Stock in the merger or sale of
assets.

                                       8
<PAGE>

13.      Date of Grant.

         The date of grant of an Option shall be, for all purposes, the date on
which the Administrator makes the determination granting such Option, or such
other later date as is determined by the Administrator. Notice of the
determination shall be provided to each Optionee within a reasonable time after
the date of such grant.

14.      Amendment and Termination of the Plan.

         (a) Amendment and Termination. The Board may at any time amend, alter,
suspend or terminate the Plan.

         (b) Stockholder Approval. The Company shall obtain stockholder approval
of any Plan amendment to the extent necessary and desirable to comply with
Applicable Laws.

         (c) Effect of Amendment or Termination. No amendment, alteration,
suspension or termination of the Plan shall impair the rights of any Optionee,
unless mutually agreed otherwise between the Optionee and the Administrator,
which agreement must be in writing and signed by the Optionee and the Company.
Termination of the Plan shall not affect the Administrator's ability to exercise
the powers granted to it hereunder with respect to Options granted under the
Plan prior to the date of such termination.

15.      Conditions Upon Issuance of Shares.

         (a) Legal Compliance. 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 shall comply with Applicable Laws and shall be further
subject to the approval of counsel for the Company with respect to such
compliance.

         (b) Investment Representations. 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 if, in the opinion of counsel for the Company, such a representation is
required.

16.      Inability to Obtain Authority.

         The inability of the Company to obtain authority from any regulatory
body having jurisdiction, which authority is deemed by the Company's counsel to
be necessary to the lawful issuance and sale of any Shares hereunder, shall
relieve the Company of any liability in respect of the failure to issue or sell
such Shares as to which such requisite authority shall not have been obtained.

                                       9
<PAGE>

17.      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.

18.      Stockholder Approval.

         The Plan shall not be subject to approval by the stockholders of the
Company.

                                       10

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