Document:

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                                                                   Exhibit 10.23

                              EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (the "Agreement") is made and entered into as of
the 1st day of December, 2001, by and between MetaSolv Software, Inc., a
Delaware corporation (the "Employer"), and Joseph W. Pollard, Vice President -
Sales (the "Executive").

                                    RECITALS

     A.   The Employer desires that the Executive continue to provide services
for the benefit of the Employer and its affiliates and the Executive desires to
continue such employment with the Employer.

     B.   The Employer and the Executive acknowledge that the Executive is and
will continue to be a member of the senior management team of the Employer and,
as such, will participate in implementing the Employer's business plan.

     C.   The Employer recognizes that the changing economic market can
distract its key management personnel from maintaining a long term vision for
the Employer.

     D.   The Employer has determined that it is essential and in the best
interest of the Employer and its stockholders to retain the services of the
Executive and to ensure his continued dedication and efforts in a changing
global economic environment.

     E.   In order to induce the Executive to remain in the employ of the
Employer, the Employer desires to enter into this Agreement with the Executive
to provide the Executive with certain benefits in the event his employment is
terminated.

     F.   In the course of employment with the Employer, the Executive has had
and will continue to have access to certain confidential information that
relates to or will relate to the business of the Employer and its affiliates.
The Employer desires that any such information not be disclosed to other
parties or otherwise used for unauthorized purposes.

     NOW, THEREFORE, in consideration of the above premises and the following
mutual covenants and conditions, the parties agree as follows:

     1.   Employment. The Employer shall employ the Executive as its Vice
          ----------
President - Sales, or its Vice President and General Manager - Enterprise
Business, or in an equivalent executive officer level position, and the
Executive hereby accepts such employment on the following terms and conditions.

     2.   Duties. The Executive shall work for the Employer in a full-time
          ------
capacity. The Executive shall, during the term of this Agreement, have the
duties, responsibilities, powers, and authority customarily associated with the
positions of Vice President - Sales, or such equivalent executive position. The
Executive shall report to, and follow the direction of, the Board of Directors
of the Chief Operating Officer and President of the Employer. The Executive
shall

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diligently, competently, and faithfully perform all duties, and shall devote
his entire business time, energy, attention, and skill to the performance of
duties for the Employer or its affiliates and will use his best efforts to
promote the interests of the Employer. It shall not be considered a violation
of the foregoing for the Executive to serve on corporate, industry, civic,
religious or charitable boards or committees, so long as such activities do not
individually or in the aggregate significantly interfere with the performance
of the Executive's responsibilities as an employee of the Employer in
accordance with this Agreement.

     3.   Executive Loyalty. The Executive shall devote all of his time,
          -----------------
attention, knowledge, and skill solely and exclusively to the business and
interests of the Employer, and the Employer shall be entitled to all benefits
and profits arising from or incident to any and all work, services, and advice
of the Executive. The Executive expressly agrees that during the term of this
Agreement, he shall not engage, directly or indirectly, as a partner, officer,
director, member, manager, stockholder, advisor, agent, employee, or in any
other form or capacity, in any other business similar to that of the Employer.
The foregoing notwithstanding, and subject to Paragraph 9 below, nothing herein
contained shall be deemed to prevent the Executive from investing his money in
the capital stock or other securities of any corporation whose stock or
securities are publicly-owned or are regularly traded on any public exchange,
nor shall anything herein contained be deemed to prevent the Executive from
investing his money in real estate.

     4.   Term of Employment. Unless sooner terminated as hereinafter provided,
          ------------------
this Agreement shall be entered into for a period of two (2) years, commencing
December 1, 2001 (the "Initial Term"). The term of employment shall be renewed
automatically for successive periods of one (1) year each (a "Renewal Term")
after the expiration of the Initial Term and any subsequent Renewal Term,
unless the Chief Operating Officer and President provides the Executive, or the
Executive provides the Chief Operating Officer and President with written
notice to the contrary at least twelve (12) months prior to the end of the
Initial Term or any Renewal Term; provided, however, that notwithstanding any
such notice by the Employer not to extend, if a Change in Control (as defined
in Paragraph 7D below) shall occur during the term hereof, the term of this
Agreement shall not expire prior to the expiration of twenty-four (24) months
after the occurrence of a Change in Control.

     5.   Compensation.
          ------------

          A.   The Employer shall pay the Executive an annual base salary of
$200,000.00 (the "Base Salary"), payable in substantially equal installments in
accordance with the Employer's payroll policy from time to time in effect. The
Executive's salary shall be subject to any payroll or other deductions as may
be required to be made pursuant to law, government order, or by agreement with,
or consent of, the Executive. Changes to the Base Salary, as adjusted, may be
made following an annual salary review, the first of which shall take place in
or around February 2002, and all subsequent reviews shall occur in or around
February of each year thereafter.

          B.   The Executive shall have the opportunity to participate in the
Employer's Performance Bonus Plan, pursuant to the terms and conditions of such
Performance Bonus Plan. The Board of Directors of the Employer (the "Board")
shall determine, in its sole discretion, the

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Executive's target performance bonus under the Performance Bonus Plan. For
calendar year 2001, the Executive shall be eligible for a target bonus of 55%
of Base Salary for the period ending December 31, 2001, if the Executive and
the Employer have achieved certain defined and documented annual goals. If the
Executive and the Employer overachieve these goals, the bonus may be as high as
68.75% of Base Salary for such period. For calendar year 2002, and for each
calendar year thereafter, the Executive shall be eligible for a semi-annual
target bonus, to be set by the Board as a percentage of the Executive's then
current Base Salary for each six (6) month period if the Executive and the
Employer have achieved certain defined and documented annual goals. If the
Executive and the Employer overachieve these goals, this reward may be set as a
higher percentage of Base Salary for each such six (6) month period. The Board
may amend the terms and conditions of the Performance Bonus Plan at any time in
its sole discretion.

          C.   During the term of this Agreement, the Employer shall:

               (1)  include the Executive in any life insurance, disability
          insurance, medical, dental or health insurance, savings, pension and
          retirement plans, employee stock option and stock purchase plans, and
          other benefit plans or programs (including, if applicable, any excess
          benefit or supplemental executive retirement plans) maintained by the
          Employer for the benefit of its executives;

               (2)  include the Executive in such perquisites as the Employer
          may establish from time to time that are commensurate with his
          position and at least comparable to those received by other
          executives of the Employer; and

               (3)  provide the Executive with such amount of paid time off per
          annum as is provided under the Employer's standard employment
          policies.

     6.   Expenses. The Employer shall reimburse the Executive for all
          --------
reasonable and approved business expenses, provided the Executive submits paid
receipts or other documentation acceptable to the Employer and as required by
the Internal Revenue Service to qualify as ordinary and necessary business
expenses under the Internal Revenue Code of 1986, as amended (the "Code").

     7.   Termination. The Executive's services shall terminate upon the first
          -----------
to occur of the following events:

          A.   At the end of the term of this Agreement, including any Renewal
Terms, as set forth in Paragraph 4 of this Agreement.

          B.  Upon the Executive's date of death or the date the Executive is
given written notice that he has been determined to be disabled by the
Employer. For purposes of this Agreement, the Executive shall be deemed to be
disabled if the Executive meets the requirements for long term disability under
the Employer's long-term disability plan or program in effect on the date of
the notice; alternatively, if the Employer does not have such a long-term
disability plan or program in effect, then the Executive shall be deemed to be
disabled if the Executive, as a result of illness or incapacity, shall be
unable to perform substantially his required duties for a

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period of four (4) consecutive months or for any aggregate period of six (6)
months in any twelve (12) month period. A termination of the Executive's
employment by the Employer for disability shall be communicated to the
Executive by written notice and shall be effective on the tenth (10th) business
day after receipt of such notice by the Executive, unless the Executive returns
to full-time performance of his duties before such tenth (10th) business day.

          C.   On the date the Employer provides the Executive with written
notice that he is being terminated for "Cause." For purposes of this Agreement,
and as determined by the Employer in its sole discretion, the Executive shall
be deemed terminated for Cause if the Employer terminates the Executive after
the Executive:

               (1)  shall have been convicted of any felony including, but not
          limited to, a felony involving fraud, theft, misappropriation,
          dishonesty, or embezzlement;

               (2)  shall have committed intentional acts of misconduct that
          materially impair the goodwill or business of the Employer or cause
          material damage to its property, goodwill, or business; or

               (3)  shall have refused to, or willfully failed to, perform his
          material duties hereunder; provided, however, that no termination
          under this subparagraph (3) shall be effective unless the Executive
          does not cure such refusal or failure to the Employer's reasonable
          satisfaction as soon as practicable after the Employer gives the
          Executive written notice identifying such refusal or failure (and, in
          any event, within thirty (30) days after receipt of such written
          notice).

No act or failure to act on the part of the Executive shall be considered
"willful" unless it is done, or omitted to be done, by the Executive in bad
faith or without reasonable belief that his action or omission was in the best
interests of the Employer. A termination of the Executive's employment for
Cause shall be effected in accordance with the following procedures. The Board
shall give the Executive written notice ("Notice of Termination for Cause") of
its intention to terminate the Executive's employment for Cause, setting forth
in reasonable detail the specific conduct of the Executive that it considers to
constitute Cause and the specific provision(s) of this Agreement on which it
relies, and stating the date, time and place of the Board Meeting for Cause.
The "Board Meeting for Cause" means a meeting of the Board at which the
Executive's termination for Cause will be considered, that takes place not less
than ten (10) and not more than twenty (20) business days after the Executive
receives the Notice of Termination for Cause. The Executive shall be given an
opportunity, together with counsel, to be heard at the Board Meeting for Cause.
The Executive's termination for Cause shall be effective when and if a
resolution is duly adopted at the Board Meeting for Cause by a two-thirds
majority vote of the entire membership of the Board, excluding the Executive
from the count of such membership, stating that in the good faith opinion of
the Board, the Executive is guilty of the conduct described in the Notice of
Termination for Cause, and that such conduct constitutes Cause under this
Agreement.

          D.   On the date the Employer terminates the Executive's employment
for any reason, other than a reason otherwise set forth in this Paragraph 7,
provided that the Employer

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shall give the Executive thirty (30) days written notice prior to such date of
its intention to terminate such employment.

          E.   On the date the Executive terminates his employment for "Good
Reason." For purpose of this Agreement, Good Reason means:

               (1)  a change in the Executive's status, title, position or
          responsibilities (including reporting responsibilities) inconsistent
          in any respect with Paragraph 2 of this Agreement; the assignment to
          the Executive of any duties or responsibilities inconsistent with
          Paragraph 2 of this Agreement; or the removal of the Executive from
          or failure to reappoint or reelect him to any of such positions,
          except in connection with the termination of his employment for
          disability, Cause, as a result of his death, or by the Executive
          other than for Good Reason;

               (2)  the Employer's requiring the Executive to be based at any
          place outside a 60-mile radius of the location of the Employer's
          corporate headquarters as of the date of this Agreement, except for
          reasonably required travel;

               (3)  following a Change in Control (as defined in this Paragraph
          7E), the failure by the Employer to (a) continue in effect (without
          reduction in benefit levels and/or reward opportunities) any material
          compensation or employee benefit plan in which the Executive was
          participating at any time within ninety (90) days preceding the date
          of a Change in Control or at any time thereafter, unless such plan is
          replaced with a plan that provides substantially equivalent
          compensation or benefits to the Executive or (b) provide the
          Executive with compensation and benefits, in the aggregate, at least
          equal (in terms of benefit levels and/or reward opportunities) to
          those provided for under each other employee benefit plan, program
          and practice in which the Executive was participating at any time
          within ninety (90) days preceding the date of a Change in Control or
          at any time thereafter;

               (4)  any material breach by the Employer of any provision of
          this Agreement; or

               (5)  following a Change in Control (as defined in this Paragraph
          7E), the failure of the Employer to obtain an agreement, satisfactory
          to the Executive, from any Successors and Assigns (as defined herein)
          to assume and agree to perform this Agreement.

Any event or condition described in this Paragraph 7E that occurs prior to a
Change in Control, but which the Executive reasonably demonstrates (1) was at
the request of a third party, or (2) otherwise arose in connection with, or in
anticipation of, a Change in Control that actually occurs, shall constitute
Good Reason for purposes of this Agreement notwithstanding that it occurred
prior to the Change in Control.

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For purposes of this Agreement, a "Change in Control" means the first to occur
of (a) the completion of the acquisition by any entity, person, or group of
beneficial ownership, as that term is defined in Rule 13d-3 under the
Securities Exchange Act of 1934, of more than 50% of the outstanding capital
stock of the Employer entitled to vote for the election of directors ("Voting
Stock"); (b) the completion by any entity, person or group (other than the
Employer or an affiliate of the Employer) of a tender offer or an exchange
offer for more than 50% of the outstanding Voting Stock of the Employer; (c)
the effective time of (1) a merger or consolidation of the Employer with one or
more corporations as a result of which the holders of the outstanding Voting
Stock of the Employer immediately prior to such merger or consolidation hold
less than 50% of the Voting Stock of the surviving or resulting corporation, or
(2) a transfer of substantially all of the property or assets of the Employer
other than to an entity of which the Employer owns at least 80% of the Voting
Stock; and (d) the election to the Board, without the recommendation or
approval of the incumbent Board, of the lesser of (1) three directors, or (2)
directors constituting a majority of the number of directors of the Employer
then in office.

For purposes of this Agreement, "Successors and Assigns" shall mean a
corporation or other entity acquiring all or substantially all of the stock,
assets and/or business of the Employer whether by operation of law or
otherwise.

     8.   Compensation Upon Termination.
          -----------------------------

          A.   If the Executive's services are terminated pursuant to Paragraph
7B or 7C, the Executive shall be entitled to his salary through his final date
of active employment plus any accrued but unused current paid time off for
which the Executive is eligible. The Executive shall also be entitled to any
benefits mandated under the Consolidated Omnibus Budget Reconciliation Act of
1985 (COBRA) or required under the terms of any death, insurance, or retirement
plan, program, or agreement provided by the Employer and to which the Executive
is a party or in which the Executive is a participant, including, but not
limited to, any short-term or long-term disability plan or program, if
applicable.

          B.   Except as otherwise provided in Paragraph 8A, 8C or this
Paragraph 8B, if the Executive's services are terminated pursuant to Paragraph
7A, 7D or 7E, the Executive shall be entitled to his salary through his final
date of active employment, plus any accrued but unused current paid time off
for which the Executive is eligible. The Executive also shall be entitled to a
single sum payment payable within thirty (30) days after the Executive's
termination date and equal to one (1) times his Base Salary, plus one (1) times
his annual target performance bonus as determined pursuant to the Employer's
Performance Bonus Plan, provided (a) he signs an agreement acceptable to the
Employer that (i) waives any rights the Executive may otherwise have against
the Employer, (ii) releases the Employer from actions, suits, claims,
proceedings and demands related to the period of employment and/or the
termination of employment, and (iii) contains certain other obligations which
shall be set forth at the time of the termination (including, but not limited
to, a reaffirmation of the Executive's obligations under Paragraph 9 of this
Agreement), and (b) the Employer shall be permitted to offset from the
severance pay hereunder any salary paid to the Executive during the thirty (30)
day or one (1) year written notice period, whichever is applicable, if the
Executive performs no substantial services during such thirty (30) day or one
(1) year written notice period. In addition, all options to purchase

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common stock of the Employer granted to the Executive pursuant to the
Employer's Long-Term Incentive Plan shall immediately become Vested Shares as
defined in any Stock Option Agreement(s) between the Employer and the
Executive, and the Executive shall have one (1) year following the date of
termination to exercise any unexercised options held by him as of such date.
The Employer shall also pay for up to six (6) months of outplacement services
for the Executive (or, if earlier, until the Executive obtains full-time
employment), to be provided by an outplacement service provider selected by the
Employer. Additionally, the Executive shall be entitled to any benefits
mandated under COBRA or required under the terms of any death, insurance, or
retirement plan, program, or agreement provided by the Employer and to which
the Executive is a party or in which the Executive is a participant. If the
Executive elects COBRA continuation coverage for himself and/or his dependents,
the Employer shall pay for such coverage for so long as the Executive is
eligible for COBRA continuation coverage; provided however, that nothing herein
shall be construed to extend the period of time mandated by statute over which
such COBRA continuation may otherwise be provided to the Executive and/or his
dependents.

          C.   If the Executive's services are terminated pursuant to Paragraph
7A, 7D or 7E at any time during the twenty-four (24) month period following a
Change in Control, the Executive shall be entitled to his salary through his
final date of active employment, plus any accrued but unused current paid time
off for which the Executive is eligible. In lieu of any entitlements under
Paragraph 8B, the Executive shall be entitled to a single sum payment payable
within thirty (30) days after the Executive's termination date and equal to two
(2) times his Base Salary, plus two (2) times his annual target performance
bonus as determined pursuant to the Employer's Performance Bonus Plan, provided
(a) he signs an agreement acceptable to the Employer that (i) waives any rights
the Executive may otherwise have against the Employer, (ii) releases the
Employer from actions, suits, claims, proceedings and demands related to the
period of employment and/or the termination of employment, and (iii) contains
certain other obligations which shall be set forth at the time of the
termination (including, but not limited to, a reaffirmation of the Executive's
obligations under Paragraph 9 of this Agreement), and (b) the Employer shall be
permitted to offset from the severance pay hereunder any salary paid to the
Executive during the thirty (30) day or one (1) year written notice period,
whichever is applicable, if the Executive performs no substantial services
during such thirty (30) day or one (1) year written notice period. In addition,
all options to purchase common stock of the Employer granted to the Executive
pursuant to the Employer's Long-Term Incentive Plan shall immediately become
Vested Shares as defined in any Stock Option Agreement(s) between the Employer
and the Executive, and the Executive shall have one (1) year following the date
of termination to exercise any unexercised options held by him as of such date.
The Employer shall also pay for up to six (6) months of outplacement services
for the Executive (or, if earlier, until the Executive obtains full-time
employment), to be provided by an outplacement service provider selected by the
Employer. Additionally, the Executive shall be entitled to any benefits
mandated under COBRA or required under the terms of any death, insurance, or
retirement plan, program, or agreement provided by the Employer and to which
the Executive is a party or in which the Executive is a participant. If the
Executive elects COBRA continuation coverage for himself and/or his dependents,
the Employer shall pay for such coverage for so long as the Executive is
eligible for COBRA continuation coverage; provided however, that nothing herein
shall be

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construed to extend the period of time mandated by statute over which such
COBRA continuation may otherwise be provided to the Executive and/or his
dependents.

          D.   If a "change in control" shall occur (as defined in Section
280G(b)(2)(a)(i) of the Code), and a determination is made by legislation,
regulation, ruling directed to the Executive or the Employer, or court
decision, that the aggregate amount of any payment made to the Executive
hereunder, or pursuant to any plan, program, or policy of the Employer in
connection with, on account of, or as a result of, such change in control
constitutes "excess parachute payments" under the Code that are subject to the
excise tax provisions of Section 4999 of the Code, or any successor sections
thereof, the Executive shall be entitled to receive from the Employer, in
addition to any other amounts payable hereunder, an additional payment (a
"Gross-Up Payment") in an amount such that after payment by the Executive of
all taxes (including any interest or penalties imposed with respect to such
taxes, other than interest and penalties imposed by reason of the Executive's
failure to file timely a tax return or pay taxes shown due on his return),
including, without limitation, any income taxes (and any interest and penalties
imposed thereon) and any excise tax imposed upon the Gross-Up Payment, the
Executive retains an amount of the Gross-Up Payment equal to the excise tax
imposed; provided, however, if the aggregate amount of payments to the
Executive, without regard to the Gross-Up Payment, does not exceed one hundred
ten percent (110%) of the maximum amount that the Executive could receive
without regard to the payments being subject to the excise tax provisions of
Section 4999 of the Code (the "Tax Limit"), then (i) no Gross-Up Payment shall
be made hereunder, and (ii) the payments shall be reduced to the Tax Limit. All
determinations required to be made under this Paragraph 8, including whether
and when a Gross-Up Payment is required and the amount of such Gross-Up Payment
and the assumptions to be utilized in arriving at such determination, shall be
made by a certified public accounting firm designated by the Employer and
reasonably acceptable to the Executive which is one of the five largest
accounting firms in the United States (the "Accounting Firm"), which shall
provide detailed supporting calculations both to the Employer and the Executive
within fifteen (15) business days of the receipt of notice from the Executive
that there has been an excess parachute payment, or such earlier time as is
requested by the Employer. All fees and expenses of the Accounting Firm shall
be borne solely by the Employer. Any Gross-Up Payment, as determined pursuant
to this Paragraph 8 shall be paid by the Employer to the Executive within five
(5) days of the receipt of the Accounting Firm's determination. As a result of
the uncertainty in the application of Section 4999 of the Code at the time of
the initial determination by the Accounting Firm hereunder, it is possible that
Gross-Up Payments which will not have been made by the Employer should have
been made ("Underpayment") consistent with the calculations required to be made
hereunder. In the event that the Employer exhausts its remedies hereunder and
the Executive thereafter is required to make a payment of any excise tax, the
Accounting Firm shall determine the amount of the Underpayment that has
occurred and any such Underpayment shall be promptly paid by the Employer to or
for the benefit of the Executive. The Executive shall notify the Employer in
writing of any claim by the Internal Revenue Service that, if successful, would
require the payment by the Employer of the Gross-Up Payment. Such notification
shall be given as soon as practicable but no later than ten (10) business days
after the Executive is informed in writing of such claim and shall apprise the
Employer of the nature of such claim and the date on which such claim is
requested to be paid. The Executive shall not pay such claim prior to the
expiration of

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the thirty (30) day period following the date on which he gives such notice to
the Employer (or such shorter period ending on the date that any payment of
taxes with respect to such claim is due). If the Employer notifies the
Executive in writing prior to the expiration of such period that it desires to
contest such claim, the Executive shall:

               (1)  give the Employer any information reasonably requested by
          the Employer relating to such claim;

               (2) take such action in connection with contesting such claim as
          the Employer shall reasonably request in writing from time to time,
          including, without limitation, accepting legal representation with
          respect to such claim by an attorney reasonably selected by the
          Employer;

               (3) cooperate with the Employer in good faith in order
          effectively to contest such claim; and

               (4) permit the Employer to participate in any proceedings
          relating to such claim;

provided, however, that the Employer shall bear and pay directly all costs and
expenses (including additional interest and penalties) incurred in connection
with such contest and shall indemnify and hold the Executive harmless, on an
after-tax basis, for any excise tax or income tax (including interest and
penalties with respect thereto) imposed as a result of such representation and
payment of costs and expenses. Without limitation on the foregoing provision of
this Paragraph 8D, the Employer shall control all proceedings taken in
connection with such contest and, at its sole option, may pursue or forego any
and all administrative appeals, proceedings, hearings and conferences with the
taxing authority in respect of such claim and may, at its sole option, either
direct the Executive to pay the tax claimed and sue for a refund or contest the
claim in any permissible manner, and the Executive agrees to prosecute such
contest to a determination before any administrative tribunal, in a court of
initial jurisdiction and in one or more appellate courts, as the Employer shall
determine. Notwithstanding anything herein to the contrary, if, after the
receipt by the Executive of an amount advanced by the Employer pursuant to this
Paragraph 8D, the Executive becomes entitled to receive any refund with respect
to such claim, the Executive shall (subject to the Employer's substantial
compliance with the requirements of this Paragraph 8D) promptly pay to the
Employer the amount of such refund plus interest at an annual rate equal to the
Applicable Federal Rate provided for in Section 1274(d) of the Code from the
date the Gross-Up Payment was paid to the Executive until the date of the
repayment to the Employer.

     9.   Protective Covenants. The Executive acknowledges and agrees that
          --------------------
solely by virtue of his employment by, and relationship with, the Employer, he
has acquired and will acquire "Confidential Information," as hereinafter
defined, as well as special knowledge of the Employer's relationships with its
customers, and that, but for his association with the Employer, the Executive
would not or will not have had access to said Confidential Information or
knowledge of said relationships. The Executive further acknowledges and agrees
(i) that the Employer has long term, near-permanent relationships with its
customers, and that those

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relationships were developed at great expense and difficulty to the Employer
over several years of close and continuing involvement; (ii) that the
Employer's relationships and goodwill with its customers are and will continue
to be valuable, special and unique assets of the Employer; and (iii) that the
Employer has the following protectable interests that are critical to its
competitive advantage in the industry and would be of demonstrable value in the
hands of a competitor: pricing models, formulas, software applications and
designs and other technologies and devices utilized in the management of
communications. In return for the consideration described in this Agreement,
and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, and as a condition precedent to the Employer entering
into this Agreement, and as an inducement to the Employer to do so, the
Executive hereby represents, warrants, and covenants as follows:

          A.   The Executive has executed and delivered this Agreement as his
free and voluntary act, after having determined that the provisions contained
herein are of a material benefit to him, and that the duties and obligations
imposed on him hereunder are fair and reasonable and will not prevent him from
earning a comparable livelihood following the termination of his employment
with the Employer.

          B.   The Executive has read and fully understands the terms and
conditions set forth herein, has had time to reflect on and consider the
benefits and consequences of entering into this Agreement, and has had the
opportunity to review the terms hereof with an attorney or other
representative, if he so chooses.

          C.   The execution and delivery of this Agreement by the Executive
does not conflict with, or result in a breach of or constitute a default under,
any agreement or contract, whether oral or written, to which the Executive is a
party or by which the Executive may be bound. In addition, the Executive has
informed the Employer of, and provided the Employer with copies of, any
non-competition, confidentiality, work-for-hire or similar agreements to which
the Executive is subject or may be bound.

          D.   The Executive agrees that, during the time of his employment
with the Employer and (i) in the event the Executive's services are terminated
pursuant to Paragraphs 7A, 7D or 7E of this Agreement, for such period as the
Executive is receiving termination pay under Paragraph 8 of this Agreement, or
(ii) in the event the Executive's services are terminated pursuant to
Paragraphs 7B or 7C of this Agreement, for a period of one (1) year after such
termination, the Executive will not, except on behalf of the Employer, anywhere
in the United States of America or in any other place or venue where the
Employer or any affiliate, subsidiary, or division thereof now conducts or
operates, or may conduct or operate, its business prior to the date of the
Executive's termination of employment:

               (1)  directly or indirectly, contact, solicit or direct any
          person, firm, corporation, association or other entity to contact or
          solicit, any of the Employer's customers or prospective customers (as
          hereinafter defined) for the purpose of providing any products and/or
          services that are the same as or similar to the products and services
          provided by the Employer to its customers during the term hereof;

Page 10                                        MetaSolv Confidential Information

<PAGE>

               (2)  solicit or accept if offered to him, with or without
          solicitation, on his own behalf or on behalf of any other person, the
          services of any person who is a then current employee of the Employer
          (or was an employee of the Employer during the year preceding such
          solicitation), nor solicit any of the Employer's then current
          employees (or an individual who was employed by or engaged by the
          Employer during the year preceding such solicitation) to terminate
          employment or an engagement with the Employer, nor agree to hire any
          then current employee (or an individual who was an employee of the
          Employer during the year preceding such hire) of the Employer into
          employment with himself or any company, individual or other entity;
          or

               (3)  directly or indirectly, whether as an investor (excluding
          investments representing less than one percent (1%) of the common
          stock of a public company), lender, owner, stockholder, officer,
          director, consultant, employee, agent, salesperson or in any other
          capacity, whether part-time or full-time, become associated with any
          business involved in the design, manufacture, marketing, or servicing
          of products then constituting ten percent (10%) or more of the annual
          revenues of the Employer; or

               (4)  act as a consultant, advisor, officer, manager, agent,
          director, partner, independent contractor, owner, or employee for or
          on behalf of any of the Employer's customers or prospective customers
          (as hereinafter defined), with respect to or in any way with regard
          to any aspect of the Employer's business and/or any other business
          activities in which the Employer engages during the term hereof.

          E.   The Executive acknowledges and agrees that the scope described
above is necessary and reasonable in order to protect the Employer in the
conduct of its business and that, if the Executive becomes employed by another
employer, he shall be required to disclose the existence of this Paragraph 9 to
such employer and the Executive hereby consents to and the Employer is hereby
given permission to disclose the existence of this Paragraph 9 to such employer.

          F.   For purposes of this Paragraph 9, "customer" shall be defined as
any person, firm, corporation, association, or entity that purchased any type
of product and/or service from the Employer or is or was doing business with
the Employer or the Executive within the twelve (12) month period immediately
preceding termination of the Executive's employment. For purposes of this
Paragraph 9, "prospective customer" shall be defined as any person, firm,
corporation, association, or entity (i) contacted or solicited by the Executive
(whether directly or indirectly) or (ii) to the Executive's knowledge,
contacted or solicited by any other employee or representative of the Employer,
or (iii) who contacted the Executive (whether directly or indirectly) or (iv)
to the Executive's knowledge, who contacted the Employer within the twelve (12)
month period immediately preceding termination of the Executive's employment
for the purpose of having such persons, firms, corporations, associations, or
entities become a customer of the Employer.

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<PAGE>

          G.   The Executive agrees that both during his employment and
thereafter the Executive will not, for any reason whatsoever, use for himself
or disclose to any person not employed by the Employer any "Confidential
Information" of the Employer acquired by the Executive during his relationship
with the Employer, both prior to and during the term of this Agreement. The
Executive further agrees to use Confidential Information solely for the purpose
of performing duties with the Employer and further agrees not to use
Confidential Information for his own private use or commercial purposes or in
any way detrimental to the Employer. The Executive agrees that Confidential
Information includes but is not limited to: (1) any financial, engineering,
business, planning, operations, services, potential services, products,
potential products, technical information and/or know-how, organization charts,
formulas, business plans, production, purchasing, marketing, pricing, sales,
profit, personnel, customer, broker, supplier, or other lists or information of
the Employer; (2) any papers, data, records, processes, methods, techniques,
systems, models, samples, devices, equipment, compilations, invoices, customer
lists, or documents of the Employer; (3) any confidential information or trade
secrets of any third party provided to the Employer in confidence or subject to
other use or disclosure restrictions or limitations; and (4) any other
information, written, oral, or electronic, whether existing now or at some time
in the future, whether pertaining to current or future developments, and
whether previously accessed during the Executive's tenure with the Employer or
to be accessed during his future employment with the Employer, which pertains
to the Employer's affairs or interests or with whom or how the Employer does
business. The Employer acknowledges and agrees that Confidential Information
does not include (x) information properly in the public domain, or (y)
information in the Executive's possession prior to the date of his original
employment with the Employer, except to the extent that such information is or
has become a trade secret of the Employer or is or otherwise has become the
property of the Employer.

          H.   In the event that the Executive intends to communicate
information to any individual(s), entity or entities (other than the Employer),
to permit access by any individual(s), entity or entities (other than the
Employer), or to use information for the Executive's own account or for the
account of any individual(s), entity or entities (other than the Employer) and
such information would be Confidential Information hereunder but for the
exceptions set out at (x) and (y) of Paragraph G of this Agreement, the
Executive shall notify the Employer of such intent in writing, including a
description of such information, no less than fifteen (15) days prior to such
communication, access or use.

          I.   During and after the term of employment hereunder, the Executive
will not remove from the Employer's premises any documents, records, files,
notebooks, correspondence, reports, video or audio recordings, computer
printouts, computer programs, computer software, price lists, microfilm,
drawings or other similar documents containing Confidential Information,
including copies thereof, whether prepared by him or others, except as his duty
shall require, and in such cases, will promptly return such items to the
Employer. Upon termination of his employment with the Employer, all such items
including summaries or copies thereof, then in the Executive's possession,
shall be returned to the Employer immediately.

          J.   The Executive recognizes and agrees that all ideas, inventions,
patents, copyrights, copyright designs, trade secrets, trademarks, processes,
discoveries, enhancements, software, source code, catalogues, prints, business
applications, plans, writings, and other

Page 12                                        MetaSolv Confidential Information

<PAGE>

developments or improvements and all other intellectual property and
proprietary rights and any derivative work based thereon (the "Inventions")
made, conceived, or completed by the Executive, alone or with others, during
the term of his employment, whether or not during working hours, that are
within the scope of the Employer's business operations or that relate to any of
the Employer's work or projects (including any and all inventions based wholly
or in part upon ideas conceived during the Executive's employment with the
Employer), are the sole and exclusive property of the Employer. The Executive
further agrees that (1) he will promptly disclose all Inventions to the
Employer and hereby assigns to the Employer all present and future rights he
has or may have in those Inventions, including without limitation those
relating to patent, copyright, trademark or trade secrets; and (2) all of the
Inventions eligible under the copyright laws are "work made for hire." At the
request of the Employer, the Executive will do all things deemed by the
Employer to be reasonably necessary to perfect title to the Inventions in the
Employer and to assist in obtaining for the Employer such patents, copyrights
or other protection as may be provided under law and desired by the Employer,
including but not limited to executing and signing any and all relevant
applications, assignments or other instruments. Notwithstanding the foregoing,
the Employer hereby notifies the Executive that the provisions of this
Paragraph 9 shall not apply to any Inventions for which no equipment, supplies,
facility or trade secret information of the Employer was used and which were
developed entirely on the Executive's own time, unless (1) the Invention
relates (i) to the business of the Employer, or (ii) to actual or demonstrably
anticipated research or development of the Employer, or (2) the Invention
results from any work performed by the Executive for the Employer.

          K.   The Executive acknowledges and agrees that all customer lists,
supplier lists, and customer and supplier information, including, without
limitation, addresses and telephone numbers, are and shall remain the exclusive
property of the Employer, regardless of whether such information was developed,
purchased, acquired, or otherwise obtained by the Employer or the Executive.
The Executive also agrees to furnish to the Employer on demand at any time
during the term of this Agreement, and upon the termination of this Agreement,
any other records, notes, computer printouts, computer programs, computer
software, price lists, microfilm, or any other documents related to the
Employer's business, including originals and copies thereof. The Executive
recognizes and agrees that he has no expectation of privacy with respect to the
Employer's telecommunications, networking or information processing systems
(including, without limitation, stored computer files, email messages and voice
messages) and that the Executive's activity and any files or messages on or
using any of those systems may be monitored at any time without notice.

          L.   The Executive acknowledges that he may become aware of
"material" nonpublic information relating to customers whose stock is publicly
traded. The Executive acknowledges that he is prohibited by law as well as by
Employer policy from trading in the shares of such customers while in
possession of such information or directly or indirectly disclosing such
information to any other persons so that they may trade in these shares. For
purposes of this Paragraph L, "material" information may include any
information, positive or negative, which might be of significance to an
investor in determining whether to purchase, sell or hold the stock of publicly
traded customers. Information may be significant for this purpose even if it
would not alone determine the investor's decision. Examples include a potential

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<PAGE>

business acquisition, internal financial information that departs in any way
from what the market would expect, the acquisition or loss of a major contract,
or an important financing transaction.

          M.   The Employer does not wish to incorporate any unlicensed or
unauthorized material into its products or services or those of its affiliates.
Therefore, the Executive agrees that he will not knowingly disclose to the
Employer, use in the Employer's business, or cause the Employer to use, any
information or material which is confidential or proprietary to any third party
including, but not limited to, any former employer, competitor or client,
unless the Employer has a right to receive and use such information. The
Executive will not incorporate into his work any material which is subject to
the copyrights of any third party unless the Employer has a written agreement
with such third party or otherwise has the right to receive and use such
information.

          N.   It is agreed that any breach or anticipated or threatened breach
of any of the Executive's covenants contained in this Paragraph 9 will result
in irreparable harm and continuing damages to the Employer and its business and
that the Employer's remedy at law for any such breach or anticipated or
threatened breach will be inadequate and, accordingly, in addition to any and
all other remedies that may be available to the Employer at law or in equity in
such event, any court of competent jurisdiction may issue a decree of specific
performance or issue a temporary and permanent injunction, without the
necessity of the Employer posting bond or furnishing other security and without
proving special damages or irreparable injury, enjoining and restricting the
breach, or threatened breach, of any such covenant, including, but not limited
to, any injunction restraining the Executive from disclosing, in whole or part,
any Confidential Information. The Executive acknowledges the truthfulness of
all factual statements in this Agreement and agrees that he is estopped from
and will not make any factual statement in any proceeding that is contrary to
this Agreement or any part thereof. The Executive further agrees to pay all of
the Employer's costs and expenses, including reasonable attorneys' and
accountants' fees, incurred in enforcing such covenants.

     10.  Notices. Any and all notices required in connection with this
          -------
Agreement shall be deemed adequately given only if in writing and (a)
personally delivered, or sent by first class, registered or certified mail,
postage prepaid, return receipt requested, or by recognized overnight courier,
(b) sent by facsimile, provided a hard copy is mailed on that date to the party
for whom such notices are intended, or (c) sent by other means at least as fast
and reliable as first class mail. A written notice shall be deemed to have been
given to the recipient party on the earlier of (a) the date it shall be
delivered to the address required by this Agreement; (b) the date delivery
shall have been refused at the address required by this Agreement; (c) with
respect to notices sent by mail or overnight courier, the date as of which the
Postal Service or overnight courier, as the case may be, shall have indicated
such notice to be undeliverable at the address required by this Agreement; or
(d) with respect to a facsimile, the date on which the facsimile is sent and
receipt of which is confirmed. Any and all notices referred to in this
Agreement, or which either party desires to give to the other, shall be
addressed to his residence in the case of the Executive, or to its principal
office in the case of the Employer.

     11.  Waiver of Breach. A waiver by the Employer of a breach of any
          ----------------
provision of this Agreement by the Executive shall not operate or be construed
as a waiver or estoppel of any

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<PAGE>

subsequent breach by the Executive. No waiver shall be valid unless in writing
and signed by an authorized officer of the Employer.

     12.  Successors; Binding Agreement.
          -----------------------------

          A.   This Agreement shall be binding upon and shall inure to the
benefit of the Employer and its Successors and Assigns, and the Employer shall
require any Successors and Assigns to expressly assume and agree to perform
this Agreement in the same manner and to the same extent that the Employer
would be required to perform it if no such succession or assignment had taken
place.

          B.   Neither this Agreement nor any right or interest hereunder shall
be assignable or transferable by the Executive or his beneficiaries or legal
representatives, except by will or by the laws of descent and distribution, and
this Agreement shall inure to the benefit of and be enforceable by the
Executive's legal representatives.

     13.  Entire Agreement. This Agreement and the Stock Option Agreements
          ----------------
referenced herein set forth the entire and final agreement and understanding of
the parties and contains all of the agreements made between the parties with
respect to the subject matter hereof. This Agreement supersedes any and all
other agreements, either oral or in writing, between the parties hereto, with
respect to the subject matter hereof. No change or modification of this
Agreement shall be valid unless in writing and signed by the Employer and the
Executive.

     14.  Severability. If any provision of this Agreement shall be found
          ------------
invalid or unenforceable for any reason, in whole or in part, then such
provision shall be deemed modified, restricted, or reformulated to the extent
and in the manner necessary to render the same valid and enforceable, or shall
be deemed excised from this Agreement, as the case may require, and this
Agreement shall be construed and enforced to the maximum extent permitted by
law, as if such provision had been originally incorporated herein as so
modified, restricted, or reformulated or as if such provision had not been
originally incorporated herein, as the case may be. The parties further agree
to seek a lawful substitute for any provision found to be unlawful; provided,
that, if the parties are unable to agree upon a lawful substitute, the parties
desire and request that a court or other authority called upon to decide the
enforceability of this Agreement modify those restrictions in this Agreement
that, once modified, will result in an agreement that is enforceable to the
maximum extent permitted by the law in existence at the time of the requested
enforcement.

     15.  Headings. The headings in this Agreement are inserted for convenience
          --------
only and are not to be considered a construction of the provisions hereof.

     16.  Execution of Agreement. This Agreement may be executed in several
          ----------------------
counterparts, each of which shall be considered an original, but which when
taken together, shall constitute one agreement.

     17.  Recitals. The recitals to this Agreement are incorporated herein as
          --------
an integral part hereof and shall be considered as substantive and not
precatory language.

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<PAGE>

     18.  Arbitration. Any controversy, claim or dispute between the parties
          -----------
relating to the Executive's employment or termination of employment, whether or
not the controversy, claim or dispute arises under this Agreement (other than
any controversy or claim arising under Paragraph 9), shall be resolved by
arbitration in accordance with the National Rules for the Resolution of
Employment Disputes ("Rules") of the American Arbitration Association through a
single arbitrator selected in accordance with the Rules. The decision of the
arbitrator shall be rendered within thirty (30) days of the close of the
arbitration hearing and shall include written findings of fact and conclusions
of law reflecting the appropriate substantive law. Judgment upon the award
rendered by the arbitrator may be entered in any court having jurisdiction
thereof in the State of Texas. In reaching his or her decision, the arbitrator
shall have no authority (a) to authorize or require the parties to engage in
discovery (provided, however, that the arbitrator may schedule the time by
which the parties must exchange copies of the exhibits that, and the names of
the witnesses whom, the parties intend to present at the hearing), (b) to
interpret or enforce Paragraph 9 of the Agreement (for which Paragraph 19 shall
provide the exclusive venue), (c) to change or modify any provision of this
Agreement, (d) to base any part of his or her decision on the common law
principle of constructive termination, or (e) to award punitive damages or any
other damages not measured by the prevailing party's actual damages and may not
make any ruling, finding or award that does not conform to this Agreement. Each
party shall bear all of his or its own legal fees, costs and expenses of
arbitration and one-half (1/2) of the costs of the arbitrator.

     19. Governing Law. This Agreement shall be governed by, and construed in
         -------------
accordance with, the laws of the State of Texas, without reference to its
conflict of law provisions. Furthermore, as to Paragraph 9, the Executive
agrees and consents to submit to personal jurisdiction in the State of Texas in
any state or federal court of competent subject matter jurisdiction situated in
Collin County, Texas. The Executive further agrees that the sole and exclusive
venue for any suit arising out of, or seeking to enforce, the terms of
Paragraph 9 of this Agreement shall be in a state or federal court of competent
subject matter jurisdiction situated in Collin County, Texas. In addition, the
Executive waives any right to challenge in another court any judgment entered
by such Collin County, Texas court or to assert that any action instituted by
the Employer in any such court is in the improper venue or should be
transferred to a more convenient forum.

Page 16                                        MetaSolv Confidential Information

<PAGE>

     IN WITNESS WHEREOF, the parties have set their signatures on the date
first written above.

EMPLOYER:                                     EXECUTIVE:

METASOLV SOFTWARE, INC., a
Delaware corporation
                                              /s/ Joseph W. Pollard
                                              ---------------------
By:  /s/ T. Curtis Holmes, Jr.                Joseph W. Pollard
     -------------------------
     T. Curtis Holmes, Jr.
Its: President and Chief Operating Officer

Page 17                                        MetaSolv Confidential Information<PAGE>

                                  EXHIBIT 10.14

                       2001 Common Stock Compensation Plan

<PAGE>

                                  MIRENCO, INC.

                       2001 COMMON STOCK COMPENSATION PLAN

     THIS 2001 COMMON STOCK COMPENSATION PLAN ("Plan"), effective as of the date
of its approval by the Board of Directors, the 31st day of March, 2001, is
hereby adopted and established by Mirenco, Inc., an Iowa corporation,
("Company") and will be maintained by the Company for the purpose of providing
stock options and stock appreciation rights for selected management, key
employees, Advisors and Consultants as provided herein.

                              Article I -- Purpose

     The purpose of the Plan is to provide additional incentive to those
officers, employees, advisors and consultants of the Company and any Subsidiary
whose substantial contributions are essential to the continued growth and
success of the business of the Company or Subsidiary in order to strengthen
their commitment to the Company or Subsidiary, to motivate them to faithfully
and diligently perform their assigned responsibilities and to attract and retain
competent and dedicated individuals whose efforts will result in the long-term
growth and profitability of the Company and its Subsidiaries. To accomplish such
purposes, the Plan provides that the Company may grant Incentive Stock Options,
Nonqualified Stock Options and Stock Appreciation Rights.

                            Article II -- Definitions

     2.01 Scope. For purposes of this Plan, unless the language or context
clearly indicates that a different meaning is intended, capitalized terms have
the meaning specified in this Article.

     2.02 Definitions. The following terms used in this Plan shall have the
following meanings:

     (a) "Advisor" or "Consultant" shall mean an advisor or consultant who is an
independent contractor with respect to the Company or a Subsidiary, and who
provides bona fide services (other than in connection with the offer or sale of
securities in a capital raising transaction) to the Company or a Subsidiary; who
is not an employee, officer, or director of the Company or any of its
Subsidiaries; and whose services the Committee determines are of vital
importance to the overall success of the Company or any of its Subsidiaries.

     (b) "Agreement" shall mean the written agreement evidencing the grant of an
Award and setting forth the terms and conditions thereof.

     (c) "Award" shall mean, individually or collectively, a grant under this
Plan of Options, Stock Appreciation Rights, or both as the context requires.

     (d) "Board" shall mean the Board of Directors of the Company, as
constituted from time to time.

     (e) "Change in Control" shall mean any one of the following events:

<PAGE>

          (1) any "person" or group of persons acting in concert (as defined in
     Sections 13(d) and 14(d) of the Exchange Act), other than the Company, or a
     trustee or other fiduciary holding securities under an employee benefit
     plan of the Company or any Subsidiary, acquires, directly or indirectly,
     after the Effective Date of this Plan "beneficial ownership" (as defined in
     Rule 13d-3 under the Exchange Act) of any class of securities representing
     at least thirty percent (30%) of the combined voting power of the Company;

          (2) the stockholders of the Company approve a merger or consolidation
     other than (i) a merger that would result in the voting securities of the
     Company outstanding immediately prior thereto continuing to represent
     (either by remaining outstanding or by being converted into voting
     securities of the surviving entity), in combination with the ownership of
     any trustee or other fiduciary holding securities under an employee benefit
     plan of the Company or any Subsidiary, at least fifty percent (50%) of the
     combined voting power of all classes of stock of the Company or such
     surviving entity outstanding immediately after such merger or consolidation
     or (ii) a merger effected to implement a recapitalization of the Company
     (or similar transaction) in which the shareholders of the Company
     immediately prior to the recapitalization (or similar transaction) acquire
     at least fifty percent (50%) of the combined voting power of the Company's
     then outstanding securities through the recapitalization (or similar
     transaction); or

          (3) the stockholders of the Company approve a plan of complete
     liquidation of the Company or a sale of all or substantially all of the
     assets of the Company.

     (f) "Code" shall mean the Internal Revenue Code of 1986, as amended.

     (g) "Committee" shall mean a committee which may be appointed by the Board
to administer the Plan to perform the functions set forth herein, and if the
Company has shares of stock registered under the Securities Act, and is a
reporting company pursuant to Section 12 of the Exchange Act, the Committee
shall thereafter be composed of two or more directors who are Non-Employee
Directors, as defined in paragraph (b)(3)(i) of Rule 16b-3, or any other
successor rule thereto, under the Exchange Act. Unless and until the Board
appoints such Committee, the Board shall administer the Plan and perform the
functions set forth herein, and references herein to the Committee shall be
deemed to refer to the Board.

     (h) "Company" shall mean Mirenco, Inc., an Iowa corporation, or any
successor thereto.

     (i) "Disability" shall mean, if the Participant is covered by an individual
or group long-term disability policy paid for by the Company or a Subsidiary,
disability as defined in such policy without regard to any waiting period. If
the Participant is not covered by such a policy, Disability means the
Participant suffering a sickness, accident or injury which in the judgment of a
physician satisfactory to the Company, prevents the Participant from performing
substantially all of his or her normal duties for the Company and/or its
Subsidiaries. As a condition to any benefits, the Company may require the
Participant to submit to such physical or mental evaluations and tests as the
Company deems appropriate. "Disabled" shall mean to suffer from a Disability.

<PAGE>

     (j) "Effective Date" shall mean the date first written above on which this
Plan was adopted by the Board.

     (k) "Eligible Employee" shall have the meaning given to it by Article V.

     (l) "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

     (m) "Fair Market Value" shall mean the fair market value of one (1) Share
as determined by the Committee in good faith and in its sole discretion,
provided, however, that (1) if the Shares are then admitted to trading on a
national securities exchange, the Fair Market Value on any date shall be the
last sale price reported for one (1) Share on such exchange on such date or on
the last date preceding such date on which a sale was reported, (2) if the
Shares are admitted to quotation on the National Association of Securities
Dealers Automated Quotation System ("NASDAQ") or other comparable quotation
system and have been designated as a National Market System ("NMS") security,
the Fair Market Value on any date shall be the last sale price reported for one
(1) Share on such system on such date or on the last day preceding such date on
which a sale was reported, or (3) if the Shares are admitted to quotation on
NASDAQ and have not been designated an NMS security, the Fair Market Value on
any date shall be the average of the highest bid and lowest asked prices of one
(1) Share on such system on such date. Such determination of the Fair Market
Value shall be conclusive and binding on the Participant and all other persons.

     (n) "Free Standing Stock Appreciation Right" shall mean a Stock
Appreciation Right that is not granted in conjunction with the grant of an
Option.

     (o) "Incentive Stock Option" shall mean an Option within the meaning of
Section 422 of the Code.

     (p) "Nonqualified Stock Option" shall mean an Option which is not an
Incentive Stock Option.

     (q) "Option" shall mean an Incentive Stock Option, a Nonqualified Stock
Option, or either or both of them, as the context requires.

     (r) "Participant" shall mean a person to whom an Award has been granted
under the Plan.

     (s) "Plan" shall mean the Mirenco, Inc. 1998 Common Stock Compensation
Plan, as amended or restated from time to time.

     (t) "Related Stock Appreciation Right" shall mean a Stock Appreciation
Right that is granted in conjunction with the grant of an Option.

     (u) "Retirement" shall mean termination of employment with the Company
or a Subsidiary by a Participant (other than as a result of death or
Disability), if the Participant is at least sixty (60) years of age.

<PAGE>

     (v) "Securities Act" shall mean the Securities Act of 1933, as amended.

     (w) "Share" shall mean shares of common stock, without par value, of the
Company.

     (x) "Stock Appreciation Right" shall mean the right to receive all or some
portion of the increase in the value of the Shares as provided in Article VII
hereof.

     (y) "Subsidiary" shall mean any corporation in a descending, unbroken chain
of corporations, beginning with the Company, if each of the corporations other
than the last corporation in the unbroken chain owns stock possessing fifty
percent (50%) or more of the total combined voting power of all classes of stock
in one of the other corporations in such chain.

     (z) "Ten-Percent Stockholder" shall mean an Eligible Employee, who, at the
time an Incentive Stock Option is to be granted to such Eligible Employee, owns
(within the meaning of Section 422(b)(6) of the Code) stock possessing more than
ten percent (10%) of the total combined voting power of all classes of stock of
the Company, a parent or a Subsidiary within the meaning of Sections 424(e) and
424(f), respectively, of the Code.

                          Article III -- Administration

     3.01 Committee Administration. The Plan shall be administered by the Board
or, if the Board so determines, by a Committee, and if the Company has shares of
stock registered under the Securities Act, and is a reporting company pursuant
to Section 12 of the Exchange Act, the Committee shall at all times satisfy the
provisions of Rule 16b-3 under the Exchange Act. The Committee shall hold
meetings at such times as may be necessary for the proper administration of the
Plan. The Committee shall keep minutes of its meetings. A majority of the
Committee shall constitute a quorum and a majority of a quorum may authorize any
action. Any decision reduced to writing and signed by all of the members of the
Committee shall be fully effective as if it had been made at a meeting duly
held. All actions, determinations or interpretations made in good faith with
respect to the Plan or any Option shall be conclusive and binding on the
Participants and all other persons. The Company shall pay all expenses incurred
in the administration of the Plan.

     3.02 Powers. Subject to the express terms and conditions set forth herein,
the Committee shall have the power to perform any and all actions,
determinations and interpretations related to the administration of the Plan,
including, without limitation, the power from time to time:

                  (a) to determine those Eligible Employees to whom Awards shall
         be granted under the Plan and the number of Shares subject to such
         Awards to be granted to each Eligible Employee and to prescribe the
         terms and conditions (which need not be identical) of each Award,
         including the purchase price per share of each Award, and the
         forfeiture provisions, if any, if the Employee leaves the employment of
         the Company or a Subsidiary within a prescribed time or acts against
         the interests of the Company within a prescribed time;

<PAGE>

           (b) to construe and interpret the Plan, the Awards granted hereunder
         and to establish, amend and revoke rules and regulations for the
         administration of the Plan, including, but not limited to, correcting
         any defect or supplying any omission, or reconciling any inconsistency
         in the Plan or in any Agreement, and(subject to the provisions of
         Article X below) to amend the terms and conditions of any outstanding
         Award to the extent such terms and conditions are within the discretion
         of the Committee as provided in the Plan, in the manner and to the
         extent it shall deem necessary or advisable to make the Plan fully
         effective;

           (c) to determine the duration and purposes for leaves of absence
         which maybe granted to a Participant without constituting a termination
         of employment or service for purposes of the Plan; and

           (d) generally, to exercise such powers and to perform such
         acts as are deemed necessary or advisable to promote the best interests
         of the Company with respect to the Plan.

                       Article IV -- Stock Subject to Plan

         4.01 Number of Shares. The maximum number of Shares that may be issued
or transferred pursuant to Awards granted under this Plan is Two Hundred Fifty
Thousand (250,000) Shares of common stock (or the number and kind of shares of
stock or other securities that are substituted for those Shares or to which
those Shares are adjusted pursuant to Article IX), and the Company shall reserve
for the purposes of the Plan, out of its authorized but unissued Shares, such
number of Shares.

         4.02 Terminated Options. Whenever any outstanding Award or portion
thereof expires, is canceled or is otherwise terminated (other than by exercise
of the Award ), the Shares allocable to the unexercised portion of such Award
may again be the subject of Awards hereunder.

                             Article V - Eligibility

         Eligible Employees shall be the officers, employees, Advisors and
Consultants of the Company and any Subsidiary who, in the view of the Committee,
occupy managerial, professional, or key positions, or who provide valuable
services, and who, in the view of the Committee, have the capability of making a
substantial contribution to the success of the Company. In making the selection
and in determining the form and amount of Awards, the Committee may give
consideration to the functions and responsibilities of the individual, past and
potential contributions to profitability and sound growth, the value of the
individual's services to the Company, and any other factors deemed relevant by
the Committee. The Committee shall have full and final authority on selecting
those Eligible Employees who will receive Awards, provided, however, only
individuals who are treated as employees of the Company or any Subsidiary
pursuant to the relevant provisions of the Code may receive Incentive Stock
Options.

<PAGE>

                      Article VI -- Options

          The Committee may grant Options to any Eligible Employee in accordance
with the Plan, the terms and conditions of which shall be set forth in an
Agreement. Each Option and Agreement shall be subject to the following
conditions:

         6.01 Purchase Price. The purchase price or the manner in which the
purchase price is to be determined for Shares under each Option shall be set
forth in the Agreement, provided, however, that the purchase price per Share
under (a) each Nonqualified Stock Option shall not be less than eighty-five
percent (85%) of the Fair Market Value of a Share at the time the Option is
granted, (b) each Incentive Stock Option shall not be less than one hundred
percent (100%) of the Fair Market Value of a Share at the time the Option is
granted, and (c) each Incentive Stock Option granted to a Ten-Percent
Stockholder shall not be less than one hundred ten (110%) of the Fair Market
Value of a Share at the time the Option is granted.

         6.02 Duration. Options granted hereunder shall be for a term which will
expire on March 31, 2010, or five (5) years from the date it is granted in the
case of an Incentive Stock Option granted to a Ten-Percent Stockholder.

         6.03     Non-transferability.

                  (a) No Option granted hereunder shall be transferable by the
         Participant to whom such Option is granted otherwise than by will or
         the laws of descent and distribution. An Option may be exercised during
         the lifetime of such Participant only by the Participant, or the
         Participant's guardian or legal representative. The terms of such
         Option shall be binding upon the beneficiaries, executors,
         administrators, heirs, assignees and successors of the Participant.

                  (b) At the discretion of the Committee and in accordance with
         the provisions of Section 14.03, any Agreement may provide for the
         designation of a beneficiary of the Participant, who may exercise the
         Option after the Participant's death and obtain the economic benefits
         thereof, subject to the consent of the Participant's spouse where
         required by law.

         6.04 Vesting. Subject to Section 6.05, the vesting period shall be
specifically set forth in the Agreement, including any acceleration of vesting
upon the occurrence of a death, Retirement, or Disability of the Participant.
The Committee may accelerate the exercisability of any Option or portion thereof
at any time.

         6.05 Accelerated Vesting. Notwithstanding the provisions in Section
6.04,each Option granted to a Participant shall become vested in full and
immediatelyexercisable upon the occurrence of a Change in Control.

         6.06 Termination of Employment. In the event that a Participant ceases
to be employed by, or ceases to provide services to, the Company and all
Subsidiaries, any outstanding unvested Options held by such Participant shall,
unless this Plan or the Agreement evidencing such Option provides otherwise,
terminate as follows:

<PAGE>

                  (a) If the Participant's termination of employment is due to
         his or her death, Disability, or Retirement, all remaining unvested
         Options granted in the Agreement shall terminate immediately; and

                  (b) If the Participant's termination of employment is for any
         other reason (including a Participant's ceasing to be employed by a
         Subsidiary as a result of the sale of such Subsidiary or an interest in
         such Subsidiary), the outstanding, unvested Options shall terminate
         immediately.

         Notwithstanding the foregoing, the Committee may provide, either at the
time an Option is granted or thereafter, that the Option may be exercised after
the periods provided for in this Section, but in no event beyond the term of the
Option.

         6.07 Cancellation and Recission of Options. Unless the Agreement
specifies otherwise, the Committee may cancel and rescind any unexpired, unpaid,
unexercised, or deferred Options (whether vested or unvested pursuant to this
Article VI) at any time before the exercise thereof, if the Participant is not
in compliance with the following conditions:

                  (a) A Participant shall not render services for any
         organization or engage directly or indirectly in any business which, in
         the judgment of the Committee, is or becomes competitive with the
         Company or any Subsidiary, or which organization or business, or the
         rendering of services to such organization or business, is or becomes
         prejudicial to or in conflict with the interests of the Company or any
         Subsidiary. For Participants whose employment has terminated, the
         judgment of the Committee shall be based on the Participant's position
         and responsibilities while employed by the Company or its Subsidiaries;
         the Participant's post-employment responsibilities and position with
         the other organization or business; the extent of past, current, and
         potential competition or conflict between the Company (or Subsidiary)
         and the other organization or business; the effect of the Participant's
         assuming the post-employment position on the Company's or its
         Subsidiary's customers, suppliers, and competitors; and such other
         considerations as are deemed relevant given the applicable facts and
         circumstances. A Participant may, however, purchase as an investment or
         otherwise, stock or other securities of any organization or business so
         long as such investment does not represent a greater than five percent
         (5%) equity interest in the organization or business.

                  (b) A Participant shall not, without prior written
         authorization from the Company, disclose to anyone outside the Company
         or Subsidiaries, or use in other than the Company's or Subsidiary's
         business, any information or materials determined to be confidential by
         the Committee relating to the business of the Company or its
         Subsidiaries, acquired by the Participant either during or after
         employment with the Company or its Subsidiaries.

         6.08 Method of Exercise. The exercise of an Option shall be made only
by a written notice delivered to the Secretary of the Company at the Company's
principal executive office, specifying the number of Shares to be purchased and
accompanied by payment therefor and otherwise in accordance with the Agreement
pursuant to which the Option was granted. The

<PAGE>

purchase price for any Shares purchased pursuant to the exercise of an
Option shall be paid in full upon such exercise in cash, by check, or, at the
discretion of the Committee and upon such terms and conditions as the Committee
shall approve, by (a) a loan made by the Company to the Participant, or (b)
transferring Shares already owned to the Company pursuant to Section 6.09. If
requested by the Committee, the Participant shall deliver the Agreement
evidencing the Option to the Secretary of the Company who shall endorse thereon
a notation of such exercise and return such Agreement to the Participant.

         6.09 Alternative Payment Method. If the Committee, in its sole
discretion, determines that the Participant may pay for the purchase price of
Shares purchased pursuant to an exercise of an Option by using Shares already
owned, the Participant shall deliver a notarized statement of ownership
(hereinafter, "Statement"), in a form to be determined by the Committee, to the
Company indicating that the Participant owns Shares of sufficient number and
value to cover the purchase price of the Shares purchased pursuant to the
exercise of the Option. However, no surrender of the actual stock certificates
relating to the Shares listed in the Statement is necessary. The number of
Shares in the Statement will be treated as a constructive payment of the
purchase price, and the Participant shall retain ownership of such Shares. The
Company shall issue a stock certificate for a number of Shares equal to the
Shares purchased pursuant to the Option minus the number of Shares used for the
constructive payment. All Shares listed in the Statement shall be valued at
their Fair Market Value.

         6.10 Rights of Participants. No Participant shall be deemed for any
purpose to be the owner of any Shares subject to any Option unless and until (a)
the Option shall have been exercised pursuant to the terms thereof, (b) the
Company shall have issued and delivered the Shares to the Participant, (c) the
Participant's name shall have been entered as a stockholder of record on the
books of the Company and (d) the provisions of Section 13.07 have been
satisfied. Thereupon, the Participant shall have full voting, dividend and other
ownership rights with respect to such Shares.

         6.11 Annual Limitation. To the extent that the aggregate Fair Market
Value (measured at the date of grant) of Incentive Stock Options which become
exercisable for the first time by any Participant during any calendar year
exceeds one hundred thousand dollars ($100,000), the excess of such Options
shall be treated as Nonqualified Stock Options.

         6.12 Effect of Exercise. The exercise of any Option shall cancel that
number of Related Stock Appreciation Rights, if any, which is equal to the
number of Shares purchased pursuant to the exercised Option.

         6.13 Registration Rights. As promptly as practicable after the
Company's listing on any NASDAQ or other exchange, the Company shall cause the
shares underlying this Option to be registered for trading by use of S-8 or
other registration statement filed with the Securities and Exchange Commission.

                    Article VII -- Stock Appreciation Rights

         7.01 Grant. The Committee may from time to time, and subject to such
other terms and conditions as the Committee may prescribe, grant a Free Standing
Stock Appreciation Right or a

<PAGE>

Related Stock Appreciation Right to any Eligible Employee. The terms and
conditions of such Stock Appreciation Right shall be set forth in the Agreement.
A Related Stock Appreciation Right shall be related on a one-for-one basis to
Shares which are subject to the Option concurrently being granted under the Plan
to the grantee of such Related Stock Appreciation Right. A Related Stock
Appreciation Right shall be subject to the same terms and conditions as the
related Option, and shall only be granted at the same time as the related Option
is so granted. A Free Standing Stock Appreciation Right may be granted by the
Committee at any time.

         7.02 Exercise of a Related Stock Appreciation Right. A Participant who
has been granted a Related Stock Appreciation Right may, in lieu of the exercise
of an equal number of Options, elect to exercise one or more Related Stock
Appreciation Rights and thereby become entitled to receive from the Company
payment of the amount determined pursuant to Section 7.05. Related Stock
Appreciation Rights shall be exercisable only to the same extent and subject to
the same conditions as the Option or Options related thereto are exercisable, as
provided for in Article VI. A Related Stock Appreciation Right issued in tandem
with an Incentive Stock Option may be exercised only when the Fair Market Value
of the Shares subject to the Incentive Stock Option exceeds the exercise price
of such Option. The Committee may, in its discretion, prescribe additional
conditions to the exercise of any Related Stock Appreciation Rights.

         7.03 Exercise of Free Standing Stock Appreciation Rights. Free Standing
Stock Appreciation Rights generally will be exercisable at such time or times,
and may be subject to such other terms and conditions, as shall be determined by
the Committee, in its discretion, and such terms and conditions shall be set
forth in the Agreement; provided, however, that no Free Standing Stock
Appreciation Right shall be exercisable after the expiration of ten (10) years
from the date it is granted. No Free Standing Stock Appreciation Right granted
hereunder shall be transferable by the Participant to whom such right is granted
otherwise than by will or the laws of descent and distribution, and a Free
Standing Stock Appreciation Right may be exercised during the lifetime of such
Participant only by the Participant or such Participant's guardian or legal
representative. The terms of such Free Standing Stock Appreciation Right shall
be binding upon the beneficiaries, executors, administrators, heirs and
successors of the Participant.

         7.04 Change in Control. Notwithstanding any other provision in this
Plan, each Stock Appreciation Right granted to a Participant shall become
immediately exercisable in full upon the occurrence of a Change in Control.

         7.05 Amount Payable. Upon the exercise of each Stock Appreciation
Right, the Participant shall be entitled to receive the following:

                  (a) If the Participant exercised a Free Standing Stock
         Appreciation Right, the amount equal to the excess of the Fair Market
         Value of one Share on the exercise date over the Fair Market Value of
         one Share on the grant date; and

                  (b) If the Participant exercised a Related Stock Appreciation
         Right, the amount equal to the excess of the Fair Market Value of one
         Share on the exercise date over the exercise price for one Share under
         the Option to which the Stock Appreciation Right relates.

<PAGE>

         7.06 Effect of Exercise. The exercise of a Related Stock Appreciation
Right shall cancel an equal number of Shares subject to Options related thereto.

         7.07 Method of Exercise. Stock Appreciation Rights shall be exercised
by a Participant only by a written notice delivered in person or by mail to the
Secretary of the Company at the Company's principal executive office, specifying
the number of Shares with respect to which the Stock Appreciation Right is being
exercised. If requested by the Committee, the Participant shall deliver the
Agreement evidencing the Stock Appreciation Right being exercised and with
respect to a Related Stock Appreciation Right, the Agreement evidencing any
related Option to the Secretary of the Company who shall endorse thereon a
notation of such exercise and return such Agreement or Agreements to the
Participant.

         7.08 Form of Payment. Payment of the amount determined under this
Article, may be made solely in whole Shares in a number determined based upon
their Fair Market Value on the date of exercise of the Stock Appreciation Right,
or alternatively, at the sole discretion of the Committee, solely in cash, or in
a combination of cash and Shares as the Committee deems advisable. In the event
that a Stock Appreciation Right is exercised within sixty (60) days following a
Change in Control, any amount payable shall be solely in cash. If the Committee
decides to make full payment in Shares, and the amount payable results in a
fractional Share, payment for the fractional Share will be made in cash.

                              Article VIII -- Loans

         8.01 Provision for Loans. The Company or any Subsidiary may make loans
to a Participant in connection with the exercise of an Option, subject to the
terms and conditions in this Article and such other terms and conditions not
inconsistent with the Plan including the rate of interest, as the Committee
shall impose from time to time.

         8.02 Amount. No loan made under the Plan shall exceed the sum of (a)
the aggregate purchase price payable pursuant to the Option with respect to
which the loan is made, plus (b) if applicable, the amount of the reasonably
estimated income and payroll taxes payable by the Participant with respect to
the exercise of the Option. In no event may any such loan exceed the Fair Market
Value, at the date of exercise, of the Shares received pursuant to such
exercise.

         8.03 Term. No loan shall have an initial term exceeding five (5) years,
provided, however, that loans under the Plan shall be renewable at the
discretion of the Committee, and provided, however, that the indebtedness under
each loan shall become due and payable, as the case may be, on a date no later
than (a) one (1) year after termination of the Participant's employment due to
death or Disability, or (b) the date of termination of the Participant's
employment for any reason other than death or Disability.

         8.04 Payment. Loans under the Plan may be satisfied by a Participant,
as determined by the Committee, in cash or, with the consent of the Committee,
in whole or in part by the transfer to the Company of Shares whose Fair Market
Value on the date of such payment is equal to part or all of the outstanding
balance of such loan.

<PAGE>

     8.05 Security. A loan shall be secured by a pledge of Shares with a Fair
Market Value of not less than the principal amount of the loan. After any
repayment of a loan, pledged Shares no longer required as security may be
released to the Participant.

     8.06 Other Provisions. Every loan shall meet all applicable laws,
regulations and rules of the Federal Reserve Board and shall satisfy the
applicable laws and regulations under the Code for imputed interest.

              Article IX -- Adjustment and Modification of Options

     9.01 Change in Capitalization. In the event of any change in the
outstanding Shares of the Company by reason of a stock dividend, stock split,
recapitalization, merger, consolidation, combination, or exchange of shares or
other similar corporate change, the Committee will adjust on a pro-rata basis
appropriate to the aggregate number and kind of Shares issuable under the Plan,
the number and kind of Shares covered by Awards made under the Plan, and the
exercise price of outstanding Options. Any fractional Share resulting from such
adjustment shall be rounded up to the nearest whole Share. The adjustment
provided for by this Section shall be conclusive and binding on all Participants
and all other persons.

     9.02 Incentive Stock Options. Any such adjustment in the Shares or other
securities subject to outstanding Incentive Stock Options (including any
adjustments in the purchase price) shall be made in such manner as not to
constitute a modification as defined by Section 424(h)(3) of the Code and only
to the extent otherwise permitted by Sections 422 and 424 of the Code.

     9.03 Exercise after a Transaction. In the event of any liquidation,
dissolution, merger, consolidation or other reorganization (collectively, a
"Transaction") of the Company, the Options and Agreements shall continue in
effect in accordance with their respective terms, except that following a
Transaction each Participant, upon the exercise of any Option, shall be entitled
to receive in respect of each Share subject to an Option the same number and
kind of stock, securities, cash, property or other consideration, as the case
may be, that each holder of a Share was entitled to receive in the Transaction
in respect of a Share.

     9.04 Modification and Assumption. Within the limitations of the Plan, the
Committee may modify, assume, cancel or accept the cancellation of Options in
return for the grant of new Options for the same or a different number of Shares
and at the same or a different exercise price, provided, however, no
modification, assumption or cancellation of an Option shall, without the written
consent of the Participant, impair the Participant's rights or increase or
decrease the Participant's obligations under such Option.

                Article X --Termination and Amendment of the Plan

     10.01 Termination. The Plan shall terminate on the day preceding the tenth
anniversary of its Effective Date, except with respect to Awards outstanding on
such date, and no Awards may be granted thereafter. The Board may sooner
terminate or amend the Plan at any time, and from time to time; provided,
however, that, except as provided in Article IX hereof, no amendment shall be
effective unless approved by the stockholders of the Company where stockholder
approval of such amendment is required (a) to comply with Rule 16b-3, or any

<PAGE>

successor provision thereto, under the Exchange Act, or (b) to comply with any
other law, regulation or stock exchange rule.

     10.02 Effect of Amendment. Except as provided in Article IX hereof, rights
and obligations under any Award granted before any amendment of the Plan shall
not be adversely altered or impaired by such amendment, except with the consent
of the Participant.

                    Article XI -- Non-Exclusivity of the Plan

     The adoption of the Plan by the Board shall not be construed as amending,
modifying or rescinding any previously approved incentive arrangement or as
creating any limitations on the power of the Board to adopt such other incentive
arrangements as it may deem desirable, including, without limitation, the
granting of stock options otherwise than under the Plan, and such arrangements
may be either applicable generally or only in specific cases.

                     Article XII -- Limitation of Liability

     12.01 Limitation. As illustrative of the limitations of liability of the
Company, but not intended to be exhaustive thereof, nothing in the Plan shall be
construed to:

        (a) give any officer, employee, Advisor or Consultant any right to be
     granted an Award other than at the sole discretion of the Committee;

        (b) give any person any rights whatsoever with respect to Shares except
     as specifically provided in the Plan;

        (c) limit in any way the right of the Company or its Subsidiaries to
     terminate the employment of any person at any time; or

        (d) be evidence of any agreement or understanding, expressed or implied,
     that the Company, or its Subsidiaries, will employ any person in any
     particular position, at any particular rate of compensation or for any
     particular period of time.

     12.02 Liability and Indemnification.

        (a) Notwithstanding any provision herein to the contrary, neither the
     Company, any of its Subsidiaries nor any individual acting as an employee,
     agent, or director of the Company or any Subsidiary shall be liable to any
     Participant, former Participant, designated Beneficiary, or any other
     person for any claim, loss, liability or expense incurred in connection
     with the Plan, unless attributable to fraud or willful misconduct on the
     part of the Company, Subsidiary or any such employee, agent, or director of
     the Company or Subsidiary.

        (b) The Company shall indemnify, to the fullest extent permitted by law,
     members of the Committee and directors and employees of the Company, both
     past and

<PAGE>

     present, to whom are or were delegated duties, responsibilities or
     authority with respect to the Plan, against any and all claims, losses,
     liabilities, fines, penalties and expenses (including, but not limited to,
     all legal fees relating thereto), reasonably incurred by or imposed upon
     such persons, arising out of any act or omission in connection with the
     operation and administration of the Plan, other than fraud or willful
     misconduct.

         Article XIII -- Regulations and Other Approvals; Governing Law

     13.01 Governing Law. This Plan and the rights of all persons claiming
hereunder shall be construed and determined in accordance with the laws of the
State of Iowa.

     13.02 Obligation to Issue Shares. The obligation of the Company to sell or
deliver Shares with respect to Options granted under the Plan shall be subject
to all applicable laws, rules and regulations, including all applicable federal
and state securities laws, and the obtaining of all such approvals by
governmental agencies as may be deemed necessary or appropriate by the
Committee.

     13.03 Rule 16b-3. After the Company has shares of stock registered under
the Securities Act, and is a reporting company pursuant to Section 12 of the
Exchange Act, any provisions of the Plan inconsistent with Rule l6b-3, or any
successor provision thereto, under the Exchange Act shall be inoperative and
shall not affect the validity of the Plan.

     13.04 Mandatory Changes. Except as otherwise provided in Article X, the
Board may make such changes in the Plan or any Agreement as may be necessary or
appropriate to comply with the rules and regulations of any government
authority, or to obtain for Participants granted Incentive Stock Options, the
tax benefits under the applicable provisions of the Code and regulations
promulgated thereunder.

     13.05 Securities Laws. Each Award is subject to the requirement that, if at
any time the Committee determines, in its absolute discretion, that the listing,
registration or qualification of Shares issuable pursuant to the Plan is
required by any securities exchange or under any state or federal law, or the
consent or approval of any governmental regulatory body is necessary or
desirable as a condition of, or in connection with, the grant of an Award or the
issuance of Shares, no Awards shall be granted or payment made or Shares issued,
in whole or in part, unless listing, registration, qualification, consent or
approval has been effected or obtained free of any conditions as acceptable to
the Committee.

     13.06 Transfer Restrictions. In the event that the disposition of Shares
acquired pursuant to the Plan is not covered by a then current registration
statement under the Securities Act and is not otherwise exempt from such
registration, such Shares shall be restricted against transfer to the extent
required by the Securities Act or regulations thereunder, and the Company may
place a restrictive legend on the share certificate indicating such
restrictions. Furthermore, the Committee may require a Participant receiving
Shares pursuant to the Plan, as a condition precedent to receipt of such Shares,
to represent to the Company in writing that the Shares acquired by such
Participant are acquired for investment only and not with a view to
distribution.

<PAGE>

         13.07 Share Agreements. The Committee, in its sole discretion, may
require any Participant, beneficiary, guardian or legal representative of a
Participant or any other person to execute one (1) or more agreements, relating
to the Shares of the Company, with the Company and/or any of the Company's
shareholders; and no Share may be issued by the Company pursuant to an exercise
of an Option or Stock Appreciation Right, unless and until such agreements, if
any, are executed.

                           Article XIV --Miscellaneous

         14.01 Multiple Agreements. The terms of each Award may differ from,
other Awards granted under the Plan at the same time, or at any other time. The
Committee may also grant more than one Award to a given Participant during the
term of the Plan, either in addition to, or in substitution for, one or more
Awards previously granted to that Participant. The grant of multiple Awards may
be evidenced by a single Agreement or multiple Agreements, as determined by the
Committee.

         14.02    Withholding of Taxes.

                  (a) Whenever the Company proposes to issue or transfer Shares
         under the Plan, the Company shall have the right to require the
         Participant to remit to the Company prior to the issuance of any stock
         certificates and to deduct from any payment of cash to the Participant
         an amount sufficient to satisfy any federal, state, and local
         withholding tax requirements.

                  (b) Whenever under the Plan payments are to be made in cash,
         such payments will be net of an amount sufficient to satisfy any
         federal, state, and local withholding tax requirements.

                  (c) With the consent of the Committee, any Participant may
         satisfy, totally or in part, the obligations pursuant to Section
         14.02(a) by electing to have Shares withheld having a Fair Market Value
         equal to the amount of cash required to be withheld. All elections
         shall be irrevocable, and be made in writing and signed by the
         Participant prior to the day of exercise.

                  (d) The Agreement evidencing any Incentive Stock Options
         granted under this Plan shall provide that if the Participant makes a
         disposition, within the meaning of Section 424(c) of the Code and
         regulations promulgated thereunder, of any Share or Shares issued to
         such Participant pursuant to such Participant's exercise of an
         Incentive Stock Option, and such disposition occurs within the two (2)
         year period commencing on the day after the date of grant of such
         Option or within the one (1) year period commencing on the day after
         the date of transfer of the Share or Shares to the Participant pursuant
         to the exercise of such Option, such Participant shall, within ten (10)
         days of such disposition, notify the Company thereof and thereafter
         immediately deliver to the Company any amount of federal, state or
         local income taxes and other amounts that the Company informs the
         Participant the Company is required to withhold.

         14.03    Designation of Beneficiary.

<PAGE>

                  (a) Each Participant may, with the consent of the Committee,
         designate a person or persons to receive in the event of such
         Participant's death, any Award or any amount of Shares payable pursuant
         thereto, to which such Participant would then be entitled on forms
         supplied by the Company. The Participant may revoke or amend a
         designation at any time by a subsequent written designation. However,
         no such designation, revocation or amendment shall be effective unless
         signed and dated by the Participant and delivered to the Company within
         the Participant's lifetime. The Company makes no guarantees or
         assurances that the beneficiary forms supplied by the Company will
         effect a proper nontestamentary transfer of any Award or amount of
         Shares. The Participant is solely responsible for determining whether
         any form submitted to the Company is in compliance withthe laws of the
         applicable jurisdiction at the time of his or her death.

                  (b) In the event of the death of a Participant and in the
         absence of a beneficiary validly designated under the Plan who is
         living at the time of such Participant's death, the Company shall
         deliver such Options, Stock Appreciation Rights, and/or amounts payable
         to the executor or administrator of the estate of the Participant, or
         if no such executor or administrator has been appointed (to the
         knowledge of the Company), the Company, in its discretion, may deliver
         such Options, Stock Appreciation Rights, and/or amounts payable to the
         spouse or to any one or more dependents or relatives of the
         Participant, or if no spouse, dependent or relative is known to the
         Company, then to such other person as the Company may designate.

         14.04 Gender and Number. Except where otherwise indicated by the
context, any masculine term used herein also shall include the feminine; the
plural shall include the singular and the singular shall include the plural.

         14.05 Severability. In the event any provision of the Plan shall be
held illegal or invalid for any reason, the illegality or invalidity shall not
affect the remaining parts of the Plan, and the Plan shall be construed and
enforced as if the illegal or invalid provision had not been included.

         14.06 Successors. All obligations of the Company under the Plan, with
respect to Awards granted hereunder, shall be binding on any successor to the
Company, whether the existence of such successor is the result of a direct or
indirect purchase, merger, consolidation, or otherwise, of all or substantially
all of the business and/or assets of the Company.

         14.07 Headings and Captions. The headings and captions in this Plan are
for convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

         14.08 Shareholder Approval. Shareholder approval of this Plan is
required to qualify any Option as an Incentive Stock Option, and if shareholder
approval is not received within twelve (12) months after the Effective Date of
this Plan, any Awards of Incentive Stock Options shall be automatically
converted into Nonqualified Stock Options.

         IN WITNESS WHEREOF, this Plan is made effective as of the day, month
and year first above written.

                                                                   MIRENCO, INC.
                                                          By: /s/ Dwayne Fosseen
                                                Dwayne Fosseen, CEO and Chairman

<PAGE>

SIGNATURES

         In accordance with Section 13 or 15(d) of the Exchange Act, the
Registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

Mirenco, Inc.
(Registrant)

By:       /s/  Debbie L. Pickard
         Debbie L. Pickard
         Chief Financial Officer

         Date:    March 29, 2002

         In accordance with the Exchange Act, this report has been signed below
by the following persons on behalf of the Registrant and in the capacities and
on the dates indicated.

By:       /s/  Dwayne Fosseen
         Dwayne Fosseen
         Chairman of the Board,
         Chief Executive Officer
         and Director

         Date:     March 29, 2002
                -----------------

By:       /s/  Don Williams
         ------------------------
         Don Williams
         Director

         Date:     March 29, 2002
                -----------------

By:       /s/  J. Richard Relick
         ------------------------
         J. Richard Relick
         Director, Chief Operating Officer,
         and Secretary

         Date:     March 29, 2002
                ------------------

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