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                                                                     EXHIBIT 4.3

                                                               OHS DRAFT 8/18/03
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                        VASO ACTIVE PHARMACEUTICALS, INC.

                                       AND

                                SKY CAPITAL, LLC

                                REPRESENTATIVE'S
                                WARRANT AGREEMENT

                      DATED AS OF___________________, 2003

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          REPRESENTATIVE'S WARRANT AGREEMENT dated as of __________, 2003
between VASO ACTIVE PHARMACEUTICALS, INC., a Delaware corporation (the
"Company") and SKY CAPITAL, LLC (the "Representative").

                              W I T N E S S E T H:

          WHEREAS, the Company proposes to issue to the Representative warrants
to purchase up to an aggregate of 120,000 shares of Class A Common Stock,
$0.0001 par value, of the Company (the "Warrants"); and

          WHEREAS, the Representative has agreed pursuant to the underwriting
agreement (the "Underwriting Agreement") dated as of the date hereof between the
Company and the several Underwriters listed therein to act as the Representative
in connection with the Company's proposed public offering of up to 1,200,000
shares of Class A Common Stock at a public offering price of $5.00 per share
(the "Public Offering"); and

          WHEREAS, the Warrants to be issued pursuant to this Agreement will be
issued on the Closing Date (as such term is defined in the Underwriting
Agreement) by the Company to the Representative in consideration for, and as
part of the Representative's compensation in connection with, the Representative
acting as the Representative pursuant to the Underwriting Agreement;

          NOW, THEREFORE, in consideration of the premises, the payment by the
Representative to the Company of an aggregate one hundred dollars ($120.00), the
agreements herein set forth and other good and valuable consideration, hereby
acknowledged, the parties hereto agree as follows:

          1.           GRANT. The Representative (or its designees) (together,
the "Holders" and each a "Holder") is hereby granted the right to purchase, at
any time from __________, 2004, until 5:30 P.M., New York time, on __________,
2008, up to an aggregate of 120,000 shares of

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Class A Common Stock at an initial exercise price (subject to adjustment as
provided in SECTION 8 hereof) of $6.00 per share of Class A Common Stock. Except
as set forth herein, the shares of Class A Common Stock issuable upon exercise
of the Warrants are in all respects identical to the shares of Class A Common
Stock being purchased by the Underwriters for resale to the public pursuant to
the terms and provisions of the Underwriting Agreement.

          2.           WARRANT CERTIFICATES. The warrant certificates (the
"Warrant Certificates") delivered and to be delivered pursuant to this Agreement
shall be in the form set forth in Exhibit A, attached hereto and made a part
hereof, with such appropriate insertions, omissions, substitutions, and other
variations as required or permitted by this Agreement.

          3.           EXERCISE OF WARRANT.

          Section 3.1  METHOD OF EXERCISE. The Warrants initially are
exercisable at an aggregate initial exercise price (subject to adjustment as
provided in SECTION 8 hereof) per share of Class A Common Stock set forth in
SECTION 6 hereof payable by certified or official bank check in New York
Clearing House funds, subject to adjustment as provided in SECTION 8 hereof.
Upon surrender of a Warrant Certificate with the annexed Form of Election to
Purchase duly executed, together with payment of the Exercise Price (as
hereinafter defined) for the shares of Class A Common Stock purchased at the
Company's principal executive offices in Danvers, Massachusetts (presently
located at 99 Rosewood Drive, Suite 260, Danvers, Massachusetts 01923) the
registered holder of a Warrant Certificate shall be entitled to receive a
certificate or certificates for the shares of Class A Common Stock so purchased.
The purchase rights represented by each Warrant Certificate are exercisable at
the option of the Holder thereof, in whole or in part (but not as to fractional
shares of the Class A Common Stock). The Warrants may be exercised to purchase
all or part of the shares of Class A Common Stock. In the case of the purchase
of less than all the shares of Class A Common Stock under any Warrant
Certificate,

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the Company shall cancel said Warrant Certificate upon the surrender thereof and
shall execute and deliver a new Warrant Certificate of like tenor for the
balance of the shares of Class A Common Stock purchasable thereunder.

          Section 3.2  EXERCISE BY SURRENDER OF WARRANT. In addition to the
method of payment set forth in SECTION 3.1 and in lieu of any cash payment
required thereunder, the Holder(s) shall have the right at any time and from
time to time to exercise the Warrants in full or in part by surrendering the
Warrant Certificate in the manner specified in SECTION 3.1 hereof. The number of
shares of Class A Common Stock to be issued pursuant to this SECTION 3.2 shall
be equal to the difference between (a) the number of shares of Class A Common
Stock in respect of which the Warrants are exercised and (b) a fraction, the
numerator of which shall be the number of shares of Class A Common Stock in
respect of which the Warrants are exercised multiplied by the Exercise Price and
the denominator of which shall be the Market Price (as defined in SECTION 3.3
hereof) of the shares of Class A Common Stock. Solely for the purposes of this
paragraph, Market Price shall be calculated either (i) on the date on which the
form of election attached hereto is deemed to have been sent to the Company
pursuant to Section 13 hereof ("Notice Date") or (ii) as the average of the
Market Prices for each of the five trading days preceding the Notice Date,
whichever of (i) or (ii) is greater.

          Section 3.3  DEFINITION OF MARKET PRICE. As used herein, the phrase
"Market Price" at any date shall be deemed to be the last reported sale price,
or, in case no such reported sale takes place on such day, the average of the
last reported sale prices for the last three (3) trading days, in either case as
officially reported by the principal securities exchange on which the Class A
Common Stock is listed or admitted to trading or by the Nasdaq SmallCap Market
("Nasdaq SmallCap") or by the National Association of Securities Dealers
Automated Quotation System ("Nasdaq"), or, if the Class A Common Stock is not
listed or admitted to trading on any national

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securities exchange or quoted by Nasdaq, the average closing bid price as
furnished by the National Association of Securities Dealers, Inc. ("NASD")
through Nasdaq or similar organization if Nasdaq is no longer reporting such
information, or if the Class A Common Stock is not quoted on Nasdaq, as
determined in good faith (using customary valuation methods) by resolution of
the members of the Board of Directors of the Company, based on the best
information available to it.

          4.           ISSUANCE OF CERTIFICATES. Upon the exercise of the
Warrants, the issuance of certificates for shares of Class A Common Stock shall
be made forthwith (and in any event within five (5) business days thereafter)
without charge to the Holder thereof including, without limitation, any tax
which may be payable in respect of the issuance thereof, and such certificates
shall (subject to the provisions of SECTIONS 5 and 7 hereof) be issued in the
name of, or in such names as may be directed by, the Holder thereof; provided,
however, that the Company shall not be required to pay any tax which may be
payable in respect of any transfer involved in the issuance and delivery of any
such certificates in a name other than that of the Holder, and the Company shall
not be required to issue or deliver such certificates unless or until the person
or persons requesting the issuance thereof shall have paid to the Company the
amount of such tax or shall have established to the satisfaction of the Company
that such tax has been paid.

          The Warrant Certificates and the certificates representing the shares
of Class A Common Stock shall be executed on behalf of the Company by the manual
or facsimile signature of the then Chairman or Vice Chairman of the Board of
Directors or President or Vice President of the Company. Warrant Certificates
shall be dated the date of execution by the Company upon initial issuance,
division, exchange, substitution or transfer. Certificates representing the
shares of Class A Common Stock shall be dated as of the Notice Date (regardless
of when executed or delivered) and dividend bearing securities so issued shall
accrue dividends from the Notice Date.

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          5.           RESTRICTION ON TRANSFER OF WARRANTS. The Holder of a
Warrant Certificate, by his, her or its acceptance thereof, covenants and agrees
that the Warrants are being acquired as an investment and not with a view to the
distribution thereof; that the Warrants may not be sold, transferred, assigned,
hypothecated or otherwise disposed of, in whole or in part, for a period of one
(1) year from the date hereof, except to officers of the Representative.

          6.           EXERCISE PRICE.

          Section 6.1  INITIAL AND ADJUSTED EXERCISE PRICE. Except as otherwise
provided in SECTION 8 hereof, the initial exercise price of each Warrant shall
be $6.00 per share of Class A Common Stock. The adjusted exercise price shall be
the price which shall result from time to time from any and all adjustments of
the initial exercise price in accordance with the provisions of SECTION 8
hereof. Any transfer of a Warrant shall constitute an automatic transfer and
assignment of the registration rights set forth in SECTION 7 hereof with respect
to the Securities or other securities, properties or rights underlying the
Warrants.

          Section 6.2  EXERCISE PRICE. The term "Exercise Price" herein shall
mean the initial exercise price or the adjusted exercise price, depending upon
the context or unless otherwise specified.

          7.           REGISTRATION RIGHTS.

          Section 7.1  REGISTRATION UNDER THE SECURITIES ACT OF 1933. The
Warrants and the shares of Class A Common Stock issuable upon exercise of the
Warrants (collectively, the "Warrant Securities") have not been registered under
the Securities Act of 1933, as amended (the "Act") and the certificates
representing the Warrant Securities or any other evidence thereof shall bear the
following legend:

          The securities represented by this certificate have
          not been registered under the Securities Act of 1933, as
          amended ("Act"), and may not be offered or sold except
          pursuant to (i) an effective

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          registration statement under the Act, (ii) to the
          extent applicable, Rule 144 under the Act (or any similar
          rule under such Act relating to the disposition of
          securities), or (iii) an opinion of counsel, if such opinion
          shall be reasonably satisfactory to counsel to the issuer,
          that an exemption from registration under such Act is
          available.

          Section 7.2  PIGGYBACK REGISTRATION. If, at any time commencing after
the effective date of the Registration Statement and EXPIRING seven (7) years
thereafter, the Company proposes to register any of its securities under the Act
(other than pursuant to Form S-4, Form S-8 or a comparable registration
statement) it will give written notice by registered mail, at least thirty (30)
days prior to the filing of each such registration statement, to the
Representative and to all other Holders of the Warrant Securities of its
intention to do so. If the Representative or other Holders of the Warrant
Securities notify the Company within twenty (20) business days after receipt of
any such notice of its or their desire to include any such securities in such
proposed registration statement, the Company shall afford the Representative and
such Holders of the Warrant Securities the opportunity to have any such Warrant
Securities registered under such registration statement (sometimes referred to
herein as "Piggyback Registration").

          If a Piggyback Registration is an underwritten primary registration on
behalf of the Company, and the managing underwriters advise the Company in
writing that in their opinion the number of securities requested to be included
in such registration exceeds the number which can be sold in such offering, the
Company will include in such registration (i) first, the securities the Company
proposes to sell, (ii) second, the Warrant Securities requested to be included
in such registration, pro rata among the Holders of such Warrant Securities on
the basis of the number of shares requested by such Holders, and (iii) third,
other securities requested to be included in such registration.

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          If a Piggyback Registration is an underwritten secondary registration
on behalf of holders of the Company's Class A Common Stock, and the managing
underwriters advise the Company in writing that in their opinion the number of
securities requested to be included in such registration exceeds the number
which can be sold in such offering, the Company will include in such
registration (i) first, the securities requested to be included therein by the
holders requesting such registration pursuant to a demand registration right and
the Warrant Securities requested to be included by Holders under Piggyback
Registration rights hereunder on a pro rata basis among such holders requesting
inclusion in such registration, and (ii) second, other securities requested to
be included in such registration.

          Notwithstanding the provisions of this SECTION 7.2, the Company shall
have the right at any time after it shall have given written notice pursuant to
this SECTION 7.2 (irrespective of whether a written request for inclusion of any
such securities shall have been made) to elect not to file any such proposed
registration statement, or to withdraw the same after the filing but prior to
the effective date thereof.

          Section 7.3  DEMAND REGISTRATION.

          (a)          At any time commencing after the effective date of the
Registration Statement and expiring five (5) years thereafter, the Holders of
the Warrant Securities representing a Majority (as hereinafter defined) of such
securities shall have the right (which right is in addition to the registration
rights under SECTION 7.2 hereof), exercisable by written notice to the Company,
to have the Company prepare and file with the Securities and Exchange Commission
(the "Commission"), on one occasion, a registration statement and such other
documents, including a prospectus, as may be necessary in the opinion of both
counsel for the Company and counsel for the Representative and Holders, in order
to comply with the provisions of the Act, so as to permit a public offering and
sale of their respective Warrant Securities for six

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(6) consecutive months by such Holders and any other Holders of the Warrant
Securities who notify the Company within ten (10) days after receiving notice
from the Company of such request.

          (b)          The Company covenants and agrees to give written notice
of any registration request under this SECTION 7.3 by any Holder or Holders to
all other registered Holders of the Warrant Securities within ten (10) days from
the date of the receipt of any such registration request.

          Section 7.4  COVENANTS OF THE COMPANY WITH RESPECT TO REGISTRATION. In
connection with any registration under SECTION 7.2 or 7.3 hereof, the Company
covenants and agrees as follows:

          (a)          The Company shall use its best efforts to file a
registration statement within forty five (45) days of receipt of any demand
therefor, shall use its best efforts to have any registration statements
declared effective at the earliest possible time, and shall furnish each Holder
desiring to sell Warrant Securities such number of prospectuses as shall
reasonably be requested.

          (b)          The Company shall pay all costs (excluding fees and
expenses of Holder(s)' counsel and any underwriting or selling commissions),
fees and expenses in connection with all registration statements filed pursuant
to SECTION 7.2 including, without limitation, the Company's legal and accounting
fees, printing expenses, blue sky fees and expenses.

          (c)          The Company will take all necessary action which may be
required in qualifying or registering the Warrant Securities included in a
registration statement for offering and sale under the securities or blue sky
laws of such states as reasonably are requested by the Holder(s), provided that
the Company shall not be obligated to execute or file any general

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consent to service of process or to qualify as a foreign corporation to do
business under the laws of any such jurisdiction.

          (d)          The Company shall indemnify the Holder(s) of the Warrant
Securities to be sold pursuant to any registration statement and each person, if
any, who controls such Holders within the meaning of SECTION 15 of the Act or
SECTION 20(a) of the Securities Exchange Act of 1934, as amended ("Exchange
Act"), against all loss, claim, damage, expense or liability (including all
expenses reasonably incurred in investigating, preparing or defending against
any claim whatsoever) to which any of them may become subject under the Act, the
Exchange Act or otherwise, arising from such registration statement but only to
the same extent and with the same effect as the provisions pursuant to which the
Company has agreed to indemnify each of the Underwriters contained in SECTION 7
of the Underwriting Agreement.

          (e)          The Holder(s) of the Warrant Securities to be sold
pursuant to a registration statement, and their successors and assigns, shall
severally, and not jointly, indemnify the Company, its officers and directors
and each person, if any, who controls the Company within the meaning of SECTION
15 of the Act or SECTION 20(a) of the Exchange Act, against all loss, claim,
damage, expense or liability (including all expenses reasonably incurred in
investigating, preparing or defending against any claim whatsoever) to which
they may become subject under the Act, the Exchange Act or otherwise, arising
from information furnished by or on behalf of such Holders, or their successors
or assigns, for specific inclusion in such registration statement to the same
extent and with the same effect as the provisions contained in SECTION 7 of the
Underwriting Agreement pursuant to which the Underwriters have agreed to
indemnify the Company.

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          (f)          Nothing contained in this Agreement shall be construed as
requiring the Holder(s) to exercise their Warrants prior to the initial filing
of any registration statement or the effectiveness thereof.

          (g)          The Company shall not permit the inclusion of any
securities other than the Warrant Securities to be included in any registration
statement filed pursuant to SECTION 7.3 hereof, or permit any other registration
statement to be or remain effective during the effectiveness of a registration
statement filed pursuant to SECTION 7.3 hereof (other than (i) shelf
registrations effective prior thereto and (ii) registrations on Form S-4 or
S-8), without the prior written consent of the Holders of the Warrants and
Warrant Securities representing a Majority of such securities.

          (h)          The Company shall furnish to each Holder participating in
the offering and to each underwriter, if any, a signed counterpart, addressed to
such Holder or underwriter, of (i) an opinion of counsel to the Company, dated
the effective date of such registration statement (and, if such registration
includes an underwritten public offering, an opinion dated the date of the
closing under the underwriting agreement) relating to the due incorporation of
the Company, the validity of the shares being issued, the due execution and
delivery of the underwriting agreement and (ii) if such registration includes an
underwritten public offering, a "cold comfort" letter dated the effective date
of such registration statement and a letter dated the date of the closing under
the underwriting agreement signed by the independent public accountants who have
issued a report on the Company's financial statements included in such
registration statement, covering substantially the same matters with respect to
such registration statement (and the prospectus included therein) and, with
respect to events subsequent to the date of such financial statements, as are
customarily covered in accountants' letters delivered to underwriters in
underwritten public offerings of securities.

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          (i)          The Company shall as soon as practicable after the
effective date of the registration statement, and in any event within 15 months
thereafter, make "generally available to its security holders" (within the
meaning of Rule 158 under the Act) an earnings statement (which need not be
audited) complying with SECTION 11(a) of the Act and covering a period of at
least 12 consecutive months beginning after the effective date of the
registration statement.

          (j)          The Company shall deliver promptly to each Holder
participating in the offering requesting the correspondence and memoranda
described below and to the managing underwriters, copies of all correspondence
between the Commission and the Company, its counsel or auditors and all
memoranda relating to discussions with the Commission or its staff with respect
to the registration statement and permit each Holder and underwriter to do such
investigation, upon reasonable advance notice, with respect to information
contained in or omitted from the registration statement as it deems reasonably
necessary to comply with applicable securities laws or rules of the NASD. Such
investigation shall include access to books, records and properties and
opportunities to discuss the business of the Company with its officers and
independent auditors, all to such reasonable extent and at such reasonable times
and as often as any such Holder or underwriter shall reasonably request.

          (k)          The Company shall enter into an underwriting agreement
with the managing underwriters selected for such underwriting by Holders holding
a Majority of the Warrant Securities requested pursuant to SECTION 7.3(a) to be
included in such underwriting, which may be the Representative. Such agreement
shall be reasonably satisfactory in form and substance to the Company, each
Holder and such managing underwriter(s), and shall contain such representations,
warranties and covenants by the Company and such other terms as are customarily
contained in agreements of that type used by the managing underwriter(s). The
Holders shall be parties to any underwriting agreement relating to an
underwritten sale of their

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Warrant Securities whether pursuant to SECTION 7.2 or SECTION 7.3(a) and may, at
their option, require that any or all of the representations, warranties and
covenants of the Company to or for the benefit of such underwriter(s) shall also
be made to and for the benefit of such Holders. Such Holders shall not be
required to make any representations or warranties to or agreements with the
Company or the underwriter(s) except as they may relate to such Holders and
their intended methods of distribution.

          (l)          For purposes of this Agreement, the term "Majority" in
reference to the Holders of Warrant Securities, shall mean in excess of fifty
percent (50%) of the then outstanding Warrant Securities (assuming the exercise
of all of the Warrants) that (i) are not held by the Company, an affiliate,
officer, creditor, employee or agent thereof or any of their respective
affiliates, members of their family, persons acting as nominees or in
conjunction therewith and (ii) have not been resold to the public pursuant to a
registration statement filed with the Commission under the Act.

          8.           ADJUSTMENTS TO EXERCISE PRICE AND NUMBER OF SECURITIES.

          Section 8.1  SUBDIVISION AND COMBINATION. In case the Company shall at
any time subdivide or combine the outstanding shares of Class A Common Stock,
the Exercise Price shall forthwith be proportionately decreased in the case of
subdivision or increased in the case of combination.

          Section 8.2  STOCK DIVIDENDS AND DISTRIBUTIONS. In case the Company
shall pay a dividend in, or make a distribution of, shares of Class A Common
Stock or of the Company's capital stock convertible into Class A Common Stock,
the Exercise Price shall forthwith be proportionately decreased. An adjustment
made pursuant to this SECTION 8.2 shall be made as of the record date for the
subject stock dividend or distribution.

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          Section 8.3  ADJUSTMENT IN NUMBER OF SECURITIES. Upon each adjustment
of the Exercise Price pursuant to the provisions of this SECTION 8, the number
of Class A Common Stock issuable upon the exercise at the adjusted exercise
price of each Warrant shall be adjusted to the nearest full amount by
multiplying a number equal to the Exercise Price in effect immediately prior to
such adjustment by the number of Class A Common Stock issuable upon exercise of
the Warrants immediately prior to such adjustment and dividing the product so
obtained by the adjusted Exercise Price.

          Section 8.4  DEFINITION OF CLASS A COMMON STOCK. For the purpose of
this Agreement, the term "Class A Common Stock" shall mean (i) the class of
stock designated as Class A Common Stock in the Certificate of Incorporation of
the Company as may be amended as of the date hereof, or (ii) any other class of
stock resulting from successive changes or reclassifications of such Class A
Common Stock consisting solely of changes in par value, or from par value to no
par value, or from no par value to par value.

          Section 8.5  MERGER OR CONSOLIDATION. In case of any consolidation of
the Company with, or merger of the Company with, or merger of the Company into,
another corporation (other than a consolidation or merger which does not result
in any reclassification or change of the outstanding Class A Common Stock), the
corporation formed by such consolidation or merger shall execute and deliver to
the Holder a supplemental warrant agreement providing that the holder of each
Warrant then outstanding or to be outstanding shall have the right thereafter
(until the expiration of such Warrant) to receive, upon exercise of such
Warrant, the kind and amount of shares of stock and other securities and
property receivable upon such consolidation or merger, by a holder of the number
of securities of the Company for which such Warrant might have been exercised
immediately prior to such consolidation, merger, sale or transfer. Such
supplemental warrant agreement shall provide for adjustments which shall be
identical to the

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adjustments provided in SECTION 8. The above provision of this subsection shall
similarly apply to successive consolidations or mergers.

          Section 8.6  NO ADJUSTMENT OF EXERCISE PRICE IN CERTAIN CASES. No
adjustment of the Exercise Price shall be made if the amount of said adjustment
shall be less than two cents (2) per Warrant Security, provided, however, that
in such case any adjustment that would otherwise be required then to be made
shall be carried forward and shall be made at the time of and together with the
next subsequent adjustment which, together with any adjustment so carried
forward, shall amount to at least two cents (2) per Warrant Security.

          9.           EXCHANGE AND REPLACEMENT OF WARRANT CERTIFICATES. Each
Warrant Certificate is exchangeable without expense, upon the surrender thereof
by the registered Holder at the principal executive office of the Company, for a
new Warrant Certificate of like tenor and date representing in the aggregate the
right to purchase the same number of Warrant Securities in such denominations as
shall be designated by the Holder thereof at the time of such surrender.

          Upon receipt by the Company of evidence reasonably satisfactory to it
of the loss, theft, destruction or mutilation of any Warrant Certificate, and,
in case of loss, theft or destruction, of indemnity or security reasonably
satisfactory to it, and reimbursement to the Company of all reasonable expenses
incidental thereto, and upon surrender and cancellation of the Warrants, if
mutilated, the Company will make and deliver a new Warrant Certificate of like
tenor, in lieu thereof.

          10.          ELIMINATION OF FRACTIONAL INTERESTS. The Company shall
not be required to issue certificates representing fractions of shares of Class
A Common Stock upon the exercise of the Warrants, nor shall it be required to
issue scrip or pay cash in lieu of fractional interests, it being the intent of
the parties that all fractional interests shall be eliminated by rounding any

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fraction up to the nearest whole number of shares of Class A Common Stock or
other securities, properties or rights.

          11.          RESERVATION AND LISTING OF SECURITIES. The Company shall
at all times reserve and keep available out of its authorized shares of Class A
Common Stock, solely for the purpose of issuance upon the exercise of the
Warrants, such number of shares of Class A Common Stock or other securities,
properties or rights as shall be issuable upon the exercise thereof. The Company
covenants and agrees that, upon exercise of the Warrants and payment of the
Exercise Price therefor, all shares of Class A Common Stock issuable upon such
exercise shall be duly and validly issued, fully paid, non-assessable and not
subject to the preemptive rights of any stockholder.

          12.          NOTICES TO WARRANT HOLDERS. Nothing contained in this
Agreement shall be construed as conferring upon the Holders the right to vote or
to consent or to receive notice as a stockholder in respect of any meetings of
stockholders for the election of directors or any other matter, or as having any
rights whatsoever as a stockholder of the Company. If, however, at any time
prior to the expiration of the Warrants and their exercise, any of the following
events shall occur:

                        (a)   the Company shall take a record of the holders of
          its shares of Class A Common Stock for the purpose of entitling them
          to receive a dividend or distribution payable otherwise than in cash,
          or a cash dividend or distribution payable otherwise than out of
          current or retained earnings or capital surplus (in accordance with
          applicable law), as indicated by the accounting treatment of such
          dividend or distribution on the books of the Company; or

                        (b)   the Company shall offer to all the holders of its
          Class A Common Stock any additional shares of capital stock of the
          Company or

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          securities convertible into or exchangeable for shares of capital
          stock of the Company, or any option, right or warrant to subscribe
          therefor; or

                        (c)   a dissolution, liquidation or winding up of the
          Company (other than in connection with a consolidation or merger) or a
          sale of all or substantially all of its property, assets and business
          as an entirety shall be proposed;

then, in any one or more of said events, the Company shall give written notice
of such event at least fifteen (15) days prior to the date fixed as a record
date or the date of closing the transfer books for the determination of the
stockholders entitled to such dividend, distribution, convertible or
exchangeable securities or subscription rights, or entitled to vote on such
proposed dissolution, liquidation, winding up or sale. Such notice shall specify
such record date or the date of closing the transfer books, as the case may be.
Failure to give such notice or any defect therein shall not affect the validity
of any action taken in connection with the declaration or payment of any such
dividend, or the issuance of any convertible or exchangeable securities, or
subscription rights, options or warrants, or any proposed dissolution,
liquidation, winding up or sale.

          13.          NOTICES.

          All notices, requests, consents and other communications hereunder
shall be in writing and shall be deemed to have been duly made and sent when
delivered, or mailed by registered or certified mail, return receipt requested
or by Federal Express or other recognized overnight courier:

                        (a)   If to the registered Holder of the Warrants,
          to the address of such Holder as shown on the books of the Company; or

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                        (b)   If to the Company, to the address
          set forth in SECTION 3 hereof or to such other address as the Company
          may designate by notice to the Holders.

          14.          SUPPLEMENTS AND AMENDMENTS. The Company and the
Representative may from time to time supplement or amend this Agreement without
the approval of any Holders of Warrant Certificates (other than the
Representative) in order to cure any ambiguity, to correct or supplement any
provision contained herein which may be defective or inconsistent with any
provisions herein, or to make any other provisions in regard to matters or
questions arising hereunder which the Company and the Representative may deem
necessary or desirable and which the Company and the Representative deem shall
not adversely affect the interests of the Holders of Warrant Certificates.

          15.          SUCCESSORS. All the covenants and provisions of this
Agreement shall be binding upon and inure to the benefit of the Company, the
Holders and their respective successors and assigns hereunder.

          16.          TERMINATION. This Agreement shall terminate at the close
of business on __________, 2008. Notwithstanding the foregoing, the
indemnification provisions of SECTION 7 shall survive such termination until the
close of business on __________, 2014.

          17.          GOVERNING LAW; SUBMISSION TO JURISDICTION. This Agreement
and each Warrant Certificate issued hereunder shall be deemed to be a contract
made under the laws of the State of New York and for all purposes shall be
construed in accordance with the laws of said State without giving effect to the
rules of said State governing the conflicts of laws.

          The Company, the Representative and the Holders hereby agree that any
action, proceeding or claim against it arising out of, or relating in any way
to, this Agreement shall be brought and enforced in the courts of the State of
New York or of the United States of America

                                       17
<Page>

for the Southern District of New York, and irrevocably submits to such
jurisdiction, which jurisdiction shall be exclusive. The Company, the
Representative and the Holders hereby irrevocably waive any objection to such
exclusive jurisdiction or inconvenient forum. Any such process or summons to be
served upon any of the Company, the Representative and the Holders (at the
option of the party bringing such action, proceeding or claim) may be served by
transmitting a copy thereof, by registered or certified mail, return receipt
requested, postage prepaid, addressed to it at the address set forth in SECTION
14 hereof. Such mailing shall be deemed personal service and shall be legal and
binding upon the party so served in any action, proceeding or claim. The
Company, the Representative and the Holders agree that the prevailing party(ies)
in any such action or proceeding shall be entitled to recover from the other
party(ies) all of its/their reasonable legal costs and expenses relating to such
action or proceeding and/or incurred in connection with the preparation
therefore.

          18.          ENTIRE AGREEMENT; MODIFICATION. This Agreement (including
the Underwriting Agreement to the extent portions thereof are referred to
herein) contains the entire understanding between the parties hereto with
respect to the subject matter hereof and may not be modified or amended except
by a writing duly signed by the party against whom enforcement of the
modification or amendment is sought.

          19.          SEVERABILITY. If any provision of this Agreement shall be
held to be invalid or unenforceable, such invalidity or unenforceability shall
not affect any other provision of this Agreement.

          20.          CAPTIONS. The caption headings of the Sections of this
Agreement are for convenience of reference only and are not intended, nor should
they be construed as, a part of this Agreement and shall be given no substantive
effect.

                                       18
<Page>

          21.          BENEFITS OF THIS AGREEMENT. Nothing in this Agreement
shall be construed to give to any person or corporation other than the Company
and the Representative and any other registered Holder(s) of the Warrant
Securities any legal or equitable right, remedy or claim under this Agreement;
and this Agreement shall be for the sole benefit of the Company and the
Representative and any other registered Holders of Warrant Securities.

          22.          COUNTERPARTS. This Agreement may be executed in any
number of counterparts and each of such counterparts shall for all purposes be
deemed to be an original, and such counterparts shall together constitute but
one and the same instrument.

                                       19
<Page>

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

                                       VASO ACTIVE PHARMACEUTICALS, INC.

                                       By:
                                           -------------------------------------
                                            Name:
                                            Title:

Attest:

     -------------------------
     Secretary

                                       SKY CAPITAL, LLC

                                       By:
                                           -------------------------------------
                                            Name:
                                            Title:

                                       20
<Page>

                                                                       EXHIBIT A

THE WARRANTS REPRESENTED BY THIS CERTIFICATE AND THE OTHER SECURITIES ISSUABLE
UPON EXERCISE THEREOF MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO (i) AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, (ii) TO THE
EXTENT APPLICABLE, RULE 144 UNDER SUCH ACT (OR ANY SIMILAR RULE UNDER SUCH ACT
RELATING TO THE DISPOSITION OF SECURITIES), OR (iii) AN OPINION OF COUNSEL, IF
SUCH OPINION SHALL BE REASONABLY SATISFACTORY TO COUNSEL FOR THE ISSUER, THAT AN
EXEMPTION FROM REGISTRATION UNDER SUCH ACT IS AVAILABLE.

THE TRANSFER OR EXCHANGE OF THE WARRANTS REPRESENTED BY THIS CERTIFICATE IS
RESTRICTED IN ACCORDANCE WITH THE WARRANT AGREEMENT REFERRED TO HEREIN.

                            EXERCISABLE ON OR BEFORE
                   5:30 P.M., NEW YORK TIME, __________, 2008

No. W-                                                      Warrants to Purchase
                                                       120,000 shares of Class A
                                                                    Common Stock

                               WARRANT CERTIFICATE

          This Warrant Certificate certifies that Sky Capital, LLC, or
registered assigns, is the registered holder of __________ Warrants to purchase
initially, at any time from __________, 2004 until 5:30 p.m. New York time on
__________, 2008 ("Expiration Date"), up to 120,000 fully-paid and
non-assessable shares of Class A Common Stock, $0.0001 par value ("Class A
Common Stock"), of VASO ACTIVE PHARMACEUTICALS, INC., a Delaware corporation
(the "Company"), and at the initial exercise price, subject to adjustment in
certain events (the "Exercise Price"), of $6.00 per share of Class A Common
Stock upon surrender of this Warrant Certificate and payment of the Exercise
Price at an office or agency of the Company, but subject to the conditions set
forth herein and in the warrant agreement dated as of __________, 2003 between
the Company and SKY CAPITAL, LLC (the "Warrant Agreement"). Payment of the
Exercise Price shall be made by certified or official bank check in New York
Clearing House funds payable to the order of the Company or by surrender of this
Warrant Certificate.

          No Warrant may be exercised after 5:30 p.m., New York time, on the
Expiration Date, at which time all Warrants evidenced hereby, unless exercised
prior thereto, hereby shall thereafter be void.

          The Warrants evidenced by this Warrant Certificate are part of a duly
authorized issue of Warrants issued pursuant to the Warrant Agreement, which
Warrant Agreement is hereby incorporated by reference in and made a part of this
instrument and is hereby referred to for a

                                       21
<Page>

description of the rights, limitation of rights, obligations, duties and
immunities thereunder of the Company and the holders (the words "holders" or
"holder" meaning the registered holders or registered holder) of the Warrants.

          The Warrant Agreement provides that upon the occurrence of certain
events the Exercise Price and the type and/or number of the Company's securities
issuable thereupon may, subject to certain conditions, be adjusted. In such
event, the Company will, at the request of the holder, issue a new Warrant
Certificate evidencing the adjustment in the Exercise Price and the number
and/or type of securities issuable upon the exercise of the Warrants; provided,
however, that the failure of the Company to issue such new Warrant Certificates
shall not in any way change, alter, or otherwise impair, the rights of the
holder as set forth in the Warrant Agreement.

          Upon due presentment for registration of transfer of this Warrant
Certificate at an office or agency of the Company, a new Warrant Certificate or
Warrant Certificates of like tenor and evidencing in the aggregate a like number
of Warrants shall be issued to the transferee(s) in exchange for this Warrant
Certificate, subject to the limitations provided herein and in the Warrant
Agreement, without any charge except for any tax or other governmental charge
imposed in connection with such transfer.

          Upon the exercise of less than all of the Warrants evidenced by this
Certificate, the Company shall forthwith issue to the holder hereof a new
Warrant Certificate representing such number of unexercised Warrants.

          The Company may deem and treat the registered holder(s) hereof as the
absolute owner(s) of this Warrant Certificate (notwithstanding any notation of
ownership or other writing hereon made by anyone), for the purpose of any
exercise hereof, and of any distribution to the holder(s) hereof, and for all
other purposes, and the Company shall not be affected by any notice to the
contrary.

          All terms used in this Warrant Certificate which are defined in the
Warrant Agreement shall have the meanings assigned to them in the Warrant
Agreement.

                                       22
<Page>

          IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to
be duly executed under its corporate seal.

Dated as of __________, 2003

                                       VASO ACTIVE PHARMACEUTICALS, INC.

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                       23
<Page>

             [FORM OF ELECTION TO PURCHASE PURSUANT TO SECTION 3.1]

          The undersigned hereby irrevocably elects to exercise the right,
represented by this Warrant Certificate, to purchase:

          __________  shares of Class A Common Stock;

and herewith tenders in payment for such securities a certified or official bank
check payable in New York Clearing House Funds to the order of Vaso Active
Pharmaceuticals, Inc. in the amount of $__________, all in accordance with the
terms of Section 3.1 of the Representative's Warrant Agreement dated as of
__________, 2003 between Vaso Active Pharmaceuticals, Inc. and Sky Capital, LLC.
The undersigned requests that a certificate for such securities be registered in
the name of __________ whose address is __________ and that such Certificate be
delivered to __________ whose address is __________.

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

                              Signature
                                        ----------------------------------------
                              (Signature must conform in all respects to name of
                              holder as specified on the face of the Warrant
                              Certificate.)

                              --------------------------------------------------
                              (Insert Social Security or Other Identifying
                              Number of Holder)

                                       24
<Page>

             [FORM OF ELECTION TO PURCHASE PURSUANT TO SECTION 3.2]

          The undersigned hereby irrevocably elects to exercise the right,
represented by this Warrant Certificate, to purchase:

          __________  shares of Class A Common Stock;

and herewith tenders in payment for such securities __________ Warrants all in
accordance with the terms of Section 3.2 of the Representative's Warrant
Agreement dated as of __________, 2003 between Vaso Active Pharmaceuticals, Inc.
and Sky Capital, LLC. The undersigned requests that a certificate for such
securities be registered in the name of __________ whose address is __________
and that such Certificate be delivered to __________ whose address is
__________.

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

                              Signature
                                        ----------------------------------------
                              (Signature must conform in all respects to name of
                              holder as specified on the face of the Warrant
                              Certificate.)

                              --------------------------------------------------
                              (Insert Social Security or Other Identifying
                              Number of Holder)

                                       25
<Page>

                              [FORM OF ASSIGNMENT]

             (To be executed by the registered holder if such holder
                  desires to transfer the Warrant Certificate.)

     FOR VALUE RECEIVED ____________________ hereby sells, assigns and transfers
unto

________________________________________________________________________________
                  (Please print name and address of transferee)

this Warrant Certificate, together with all right, title and interest therein,
and does hereby irrevocably constitute and appoint __________ Attorney, to
transfer the within Warrant Certificate on the books of the within-named
Company, with full power of substitution.

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

                              Signature
                                        ----------------------------------------
                              (Signature must conform in all respects to name of
                              holder as specified on the face of the Warrant
                              Certificate.)

                              --------------------------------------------------
                              (Insert Social Security or Other Identifying
                              Number of Holder)

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Exhibit 10.4    
    

QWEST COMMUNICATIONS INTERNATIONAL INC.

NONQUALIFIED EMPLOYEE STOCK PURCHASE PLAN

Effective July 24, 2002  

	1.
	PURPOSE
OF PLAN. 

        The
purpose of the Qwest Communications International Inc. Nonqualified Employee Stock Purchase Plan (the "Plan") is to provide eligible employees who wish to become stockholders
of Qwest Communications International Inc. (the "Company"), or who wish to increase their stockholdings in the Company, with an opportunity to purchase shares of the Company's common stock, par
value $0.01 per share ("Common Stock"), on a basis that is more convenient and more favorable than would otherwise be available. It is believed that employee participation in ownership of the Company
on this basis will be to the mutual benefit of both the employees and the Company. It is intended that the Plan constitute a broadly based employee stock purchase plan but the Plan is not intended to
constitute an "employee stock purchase plan" within the meaning of Section 423 of the Internal Revenue Code of 1986, as amended (the "Code"). 

	2.
	EMPLOYEES
ELIGIBLE TO PARTICIPATE. 

        Any
employee (as defined in Treasury Regulation Section 1.421-7(h)) of the Company, any employee of any "parent corporation" of the Company within the meaning of
Section 424(e) of the Code (a "Parent") or "subsidiary corporation" of the Company within the meaning of Section 424(f) of the Code (a "Subsidiary") which adopts the Plan
with the consent of the Company (together with the Company, each an "Employing Corporation"), is eligible to participate in the Plan immediately on the employee's date of hire. 

        Payroll
deductions may begin with respect to the first payroll period for which it is administratively feasible under the payroll system in place from time to time, if the employee
completes the enrollment procedure outlined in Section 4(b) hereof by the applicable payroll cutoff date. Notwithstanding the foregoing, an employee whose customary employment with the Company
or an Employing Corporation is for twenty (20) hours or less per week or for not more than five (5) months in any calendar year shall not be eligible to participate in the Plan. 

	3.
	ELIGIBLE
COMPENSATION. 

        Compensation
eligible for payroll deductions ("Compensation") shall be base salary and commissions paid for employment by an Employing Corporation. Compensation does not include
overtime, bonuses, severance pay, post-termination of employment salary continuation, incentive pay, shift premium differentials, pay in lieu of vacation, imputed income for income tax
purposes, patent and award fees, awards and prizes, back pay awards, reimbursement of expenses and living allowances, educational allowances, expense allowances and reimbursements, disability
benefits, fringe benefits, deferred compensation, compensation under the Company's stock plans, amounts paid for services as an independent contractor, any cash or benefits pursuant to the Plan, or
any other compensation excluded by the Stock Purchase Plan Committee (the "Committee") in its discretion, applied in a uniform manner. The preceding sentence notwithstanding, Compensation shall be
determined before giving effect to any salary reduction agreement pursuant to a qualified cash or deferred arrangement (within the meaning of Section 401(k) of the Code) or to any
similar salary reduction agreement pursuant to any cafeteria plan (within the meaning of Section 125 of the Code) or any qualified transportation plan or arrangement (within the meaning of
Section 132(f) of the Code). 

	4.
	TERMS
OF OFFERS.

	(a)
	Offer
Dates. 

        The
Company shall make an offer or offers (an "Offer" or "Offers") to purchase Common Stock. The Committee shall determine the date or dates on which an Offer shall commence and the term
of

 
each Offer. Unless otherwise specified by the Committee in advance of an Offer, each Offer shall be made on the first day of each calendar month commencing September 1, 2002 and shall last for
a period of one calendar month. The Committee may, at any time, determine that an Offer may be longer than one calendar month and shall determine the date or dates upon which one or more subsequent
Offers, if any, may be made under the Plan; provided that, in no event shall any Offer have a term of more than twenty-seven (27) months. 

	(b)
	Elections
to Participate. 

        In
order to participate in an Offer, an eligible employee must sign and forward to the plan administrator designated by the Committee in its sole discretion (the "Plan Administrator") an
enrollment/payroll deduction authorization form or complete such other procedures as the Plan Administrator may require or permit. The eligible employee must authorize regular payroll deductions in
any full percentage of Compensation, not exceeding the maximum percentage of the employee's Compensation per pay period, to be applied toward the purchase of Common Stock pursuant to the Offer. The
"maximum percentage" means the percent of Compensation available for payroll deductions which shall be specified by the Committee at the beginning of the term of an Offer, and which shall not exceed
fifteen percent (15%). In the absence of a lower designation by the Committee in respect of an Offer, the "maximum percentage" shall be fifteen percent (15%). Payroll deductions for an Offer may begin
with respect to the first payroll period following the date of hire for which it is administratively feasible under the payroll system in place from time to time if the signed enrollment/payroll
deduction authorization form is submitted to the Plan Administrator, or such other procedure as may be required or permitted by the Plan Administrator is completed, by the applicable payroll cutoff
date. 

        The
amount of Compensation to be deducted shall be determined for each payroll period on a basis of the percentage of Compensation authorized for deduction by the participant, which
amount shall be increased or decreased (as applicable) on a prospective basis to reflect changes in such Compensation during the term of the Offer. 

	5.
	PARTICIPATION.

	(a)
	In
General. 

        On
the effective date of an Offer, each then eligible employee who has elected to participate in the Offer as provided in Section 4(b) hereof shall be granted an option to
purchase, during the term of the Offer, the maximum number of shares of Common Stock provided in Section 6(d) hereof. The number of shares of Common Stock purchased by the eligible
employee during the term of the Offer shall be determined by the employee's payroll deduction elections made in accordance with the terms of the Plan. Once an eligible employee has elected to
participate in an Offer, the employee's election with respect to participation shall continue in effect with respect to subsequent Offers unless and until changed in accordance with
Section 5(d), or the participant is no longer eligible to continue participation pursuant to Section 12 or 13 below, or the person is otherwise no longer in the class of employees
eligible to participate pursuant to Section 2. 

	(b)
	Newly
Eligible Employees. 

        Each
employee who is not eligible to participate in the Plan on the effective date of an Offer but who becomes eligible to participate during the term of the Offer shall be granted an
option to purchase Common Stock during the term of the Offer; provided that the Committee may require as to one or more Offers that only employees eligible to participate in the Plan on the
commencement date of a particular Offer may participate in that Offer. The number of shares of Common Stock purchased by the eligible employee during the term of the Offer shall be determined by the
payroll deduction elections made in accordance with the terms of the Plan. In such cases, payroll deductions may begin with respect to the first payroll period following the employee's date of
eligibility for which it is

 
administratively feasible under the payroll system in place from time to time, if the employee's signed enrollment/payroll deduction authorization form is submitted to the Plan Administrator, or such
other procedure as may be required or permitted by the Plan Administrator is completed prior to the applicable payroll cutoff date. 

	(c)
	Enrollment
During an Offer. 

        Any
employee who does not elect to participate in a particular Offer within the period for initial enrollment may subsequently elect to participate in such Offer; provided that the
Committee may require as to one or more Offers that only employees eligible to participate in the Plan on the commencement date of a particular Offer may participate in that Offer. In such cases,
payroll deductions may begin with respect to the first payroll period for which it is administratively feasible under the payroll system in place from time to time, if the employee's signed
enrollment/payroll deduction authorization form is submitted to the Plan Administrator, or such other procedure as may be required or permitted by the Plan Administrator is completed prior to the
applicable payroll cutoff date. 

	(d)
	Changes
in Payroll Deduction Authorization. 

        Participants
are permitted to increase or decrease their rate of payroll deduction with respect to an Offer or Offers, subject to the terms and limitations of the Plan and such rules as
the Committee may adopt. Any such change shall be effective for a given payroll period provided that the employee's signed enrollment/payroll deduction authorization form has been submitted to the
Plan Administrator, or such other procedure as may be required or permitted by the Plan Administrator has been completed prior to the applicable payroll cutoff date. The Plan Administrator shall rely
on the most recent effective election submitted for the applicable payroll period. A reduction of the payroll deduction percentage to zero shall be treated as a request to discontinue participation in
the Offer. A participant may resume participation in the current Offer or a subsequent Offer and reinstate payroll deductions with respect to the first payroll period after the election to resume
participation for which it is administratively feasible under the payroll system in place from time to time, by submitting a new enrollment/payroll deduction authorization form or completing such
other procedure as may be required or permitted by the Plan Administrator prior to the appropriate payroll cutoff date; provided that the Committee may require as to one or more Offers that a
participant may not resume participation on a date other than the commencement date of a succeeding Offer. 

	(e)
	Equivalent
Rights. 

        All
employees granted options under the Plan shall have the same rights and privileges under the Plan except that the number of shares each participant may purchase shall bear a uniform
relationship to the employee's eligible Compensation and shall depend upon the payroll deduction the employee authorizes. 

	(f)
	Trading
Day. 

        For
purposes of the Plan, a "Trading Day" is a day on which shares of Common Stock are traded on the New York Stock Exchange or other market on which the Common Stock is traded on such
date. 

	6.
	PARTICIPATION
LIMITATIONS.

	(a)
	Five
Percent Owners. 

        Notwithstanding
anything herein to the contrary, no employee shall be granted an option to purchase any shares of Common Stock under the Plan pursuant to any Offer if the employee,
immediately after the option is granted, owns or would own shares (including all shares which may be purchased under outstanding options under the Plan) possessing five percent (5%) or more of the
total combined voting power or value of all classes of shares of Common Stock of the Company, the

 
Employing Corporation, or any Parent or Subsidiary. For purposes of the foregoing limitation, the rules of Section 424(d) of the Code (relating to attribution of stock ownership) shall
apply in determining share ownership, and Common Stock which the employee may purchase under outstanding options shall be treated as stock owned by such employee. 

	(b)
	Contribution
Limitation. 

        The
Committee may establish a contribution limit on the dollar amount that a participant may contribute to the Plan in any one Offer or other specified period of time. Unless otherwise
provided by the Committee with respect to an Offer, a participant shall not be granted any option (or any option granted shall be subject to compliance with the following limitations) or other right
to purchase Common Stock under this Plan to the extent that such option causes such individual to have rights to purchase stock under this Plan and the Qwest Communications International Inc.
Employee Stock Purchase Plan which accrue at a rate which exceeds $25,000 of the fair market value of the stock of the Company, of any Parent, or of any Subsidiary (determined at the time the right to
purchase such stock is granted, before giving effect to any discounted purchase price under any such plan) for each calendar year in which such right is outstanding at any time. 

	(c)
	Fair
Market Value. 

        The
Fair Market Value of the Common Stock on a particular Trading Date shall be determined in accordance with such methodology as may be adopted from time to time for this purpose by the
Committee and, in the absence of any such determination by the Committee, shall be equal to the 4:00 P.M. (ET) closing price of the Common Stock on such Trading Day. 

	(d)
	Maximum
Number of Shares. 

        The
maximum number of shares of Common Stock which an employee will be permitted to purchase pursuant to any one Offer shall be 20,000 shares (subject to adjustment pursuant to
Section 14) (the "Individual Limit"); provided that the Committee may amend the Individual Limit, effective no earlier than the first Offer commencing after the adoption of such amendment,
without prior notice to participants. If the Individual Limit is reached, payroll deductions shall cease, and any amount of excess funds as of the date that the Individual Limit has been reached shall
be returned to the employee. 

	7.
	OPTION
PRICE. 

        The
price at which shares of Common Stock may be purchased with respect to any Offer made under the Plan shall be determined by the Committee from time to time prior to the first day of
such Offer. In the absence of any such determination by the Committee, the price shall be eighty-five percent (85%) of the Fair Market Value of a share of Common Stock on the last Trading
Day of the calendar month to which the Offer relates (the "Option Price"). In all events, the Option Price determined by the Committee or according to the preceding sentence shall not be lower than
the lesser of (i) 85% of the Fair Market Value of a share of Common Stock at the time the option is granted or (ii) 85% of the Fair Market Value of a share of Common Stock at the time
the option is exercised. 

	8.
	EXERCISE
OF OPTIONS.

	(a)
	Purchase
of Common Stock. 

        At
the end of each payroll period, each participant shall have deducted from his pay the amount authorized pursuant to Sections 4 or 5 hereof, as applicable. This amount shall be
held for the credit of the participant by the Company as part of its general funds and shall not accrue any interest. On the last Trading Day of each calendar month (or such other date as the
Committee may determine with respect to an Offer longer than one calendar month) (the "Purchase Date"), a participant shall be deemed to have exercised the option to purchase, at the Option Price,
that number of full shares and

 
fractional shares of Common Stock which may be purchased with the amount deducted from the participant's Compensation during that Offer (the "Purchase Period"). 

	(b)
	Custodian.

        On
each Purchase Date, the Plan Custodian designated by the Committee shall receive from the Company, at the Option Price, as many full shares of Common Stock as may be purchased with
the funds received from the participants during the Purchase Period. Upon receipt of the Common Stock so purchased, the Custodian shall allocate to the credit of each participant the number of full
shares and fractional shares of Common Stock to which that participant is entitled. Subject to any restriction imposed by the Committee as permitted under Section 8(d) hereof, and any
other limitation that may be imposed by the Committee from time to time, a certificate representing the number of full shares of Common Stock to which a participant is entitled and a check in an
amount equal to the fair market value of any fractional shares (based on the Fair Market Value of the Common Stock on the distribution date) credited to the participant's account shall be issued to
the participant, at the participant's expense, upon request. Subject to Section 12, certificates shall not be issued with respect to any shares and checks with respect to fractional shares
shall not be issued prior to the last day of the sixth (6th) month following the date such shares were purchased and fractional shares credited. Common Stock purchased under the Plan shall be held by
and in the name of, or in the name of a nominee of, the Plan Custodian for the benefit of each participant, who shall thereafter be a beneficial stockholder of the Company. 

	(c)
	Rights
as a Stockholder. 

        A
participant's rights as a stockholder of record of the Company shall begin when the Plan Custodian receives the shares of Common Stock from the Company on behalf of the participant
with respect to the participant's purchase of such shares pursuant to the Plan. Shares of Common Stock issued to participants shall be transferable in accordance with applicable securities laws except
as provided in Section 8(d) hereof. 

	(d)
	Restrictions
on Transfer of Common Stock. 

        Participants
shall have no right to sell, encumber, or otherwise transfer Common Stock purchased under the Plan until after the last day of the sixth month following the month in which
the Common Stock is purchased, unless the Committee, in its sole discretion, waives or modifies such restriction. Any attempt to sell, encumber or otherwise transfer Common Stock in violation hereof
shall be null and void. However, the six-month restriction on transfer of Common Stock shall no longer apply after a Participant terminates employment with the Company, all Subsidiaries of
the Company, and any Parent of the Company. 

	(e)
	Enforcement
of Restrictions. 

        The
Committee shall enforce the restriction on transfer of Common Stock provided in Section 8(d) hereof by requiring that the Common Stock Certificate be held in the
custody of the Company or the Plan Custodian while the restriction remains in effect. The Committee may, in its sole discretion, enforce this restriction through different or additional means as it
shall deem necessary or appropriate, including without limitation, by including such legends on shares of Common Stock subject to such restrictions as the Committee may deem necessary or desirable. 

	9.
	NUMBER
OF SHARES TO BE OFFERED. 

        The
maximum number of shares of Common Stock that may be purchased under the Plan is 10,000,000 shares, subject to adjustment pursuant to Section 14. The Common Stock that may be
delivered under this Plan may be treasury shares, or authorized and unissued shares, as the Board of Directors of the Company (the "Board") may determine in its sole discretion.

 

	10.
	ADMINISTRATION
AND INTERPRETATION OF THE PLAN. 

        The
Plan shall be administered by the Plan Administrator designated by the Committee. The members of the Committee shall be designated by the Board. Except as expressly provided herein,
the Committee shall have the exclusive right to interpret the provisions of the Plan and to determine any questions arising hereunder or in connection with the administration of the Plan, including,
without limitation, the resolution of factual disputes, the remedying of any omission, inconsistency, or ambiguity, and the determination of benefits, eligibility and interpretation of Plan provisions
and related documents. The Committee's decisions, determinations, interpretations or other actions in respect thereof shall be conclusive and binding upon all participants, former participants,
beneficiaries, heirs, executors, assigns, and all other parties to the maximum extent permitted by law. 

	11.
	RIGHTS
NOT TRANSFERABLE. 

        Options
granted under the Plan shall not be transferable by a participant other than by will or the laws of descent and distribution, and shall be exercisable, during a participant's
lifetime, only by the participant. 

	12.
	TERMINATION
OF EMPLOYMENT. 

        In
the event of a participant's retirement, death, or other termination of employment, a payroll deduction shall be made from Compensation paid to the participant for his period of
employment with an Employing Corporation (regardless of whether paid upon or following the last day of the participant's actual employment) and the amounts contributed to the Plan by the participant
in that Offer shall be used to purchase shares in that Offer pursuant to Section 8. Upon the request of a participant who is no longer employed by the Company or a Subsidiary (or a Parent of
the Company), on a form and in such manner as may be required or permitted by the Plan Administrator, a certificate representing the number of full shares of Common Stock then credited to the
participant's account and a check in an amount equal to the fair market value of any fractional shares (based on the Fair Market Value of the Common Stock on the distribution date) credited to the
participant's account shall be issued and delivered to the participant or the participant's representative as soon as administratively feasible. 

        For
purposes of the Plan, if a participating Subsidiary ceases to be a Subsidiary, each person employed by that Subsidiary will be deemed to have terminated employment for purposes of
the Plan and will no longer be an eligible employee, unless the person continues as an eligible employee of another Employing Corporation. A former participant who is re-employed shall not
resume participation in the Plan unless he or she is otherwise eligible and again enrolls for participation pursuant to Section 4(b). 

	13.
	LEAVES
OF ABSENCE AND PERIODS OF INACTIVE EMPLOYMENT. 

        A
participant may elect to continue to make payroll deductions under the Plan for the first ninety (90) days of any period of inactive employment or leave of absence if the
participant continues to receive Compensation from the Company as defined in Section 3 hereof. If a participant does not receive Compensation from the Company during a period of inactive
employment or leave of absence, the participant's payroll deductions shall immediately cease; however, such deductions shall resume automatically if the participant returns to active employment from
inactive status or a leave of absence within ninety (90) days. In either case, the amount previously contributed by the participant (together with any additional amounts contributed pursuant to
the first sentence of this Section 13) shall be used to purchase shares under the Plan in the applicable Offer(s) pursuant to Section 8. A participant on inactive employment or leave of
absence status for more than ninety (90) days who returns to active employment must again, if otherwise eligible, enroll pursuant to Section 4(b) to again participate in the Plan.

 

	14.
	REORGANIZATION.

        In
the event of a reorganization, recapitalization, stock split, stock dividend, combination of shares, merger, consolidation, offering of rights, or any other change in the structure of
Common Stock, the Committee may make such adjustments, if any, as it may deem appropriate in the number, kind, and price of shares available for purchase under the Plan, and in the minimum and maximum
number of shares which a participant is entitled to purchase. 

	15.
	AMENDMENTS.

        The
Board may review and modify the operation and administration of the Plan from time to time and may amend the terms of the Plan at any time without obtaining the approval of the
stockholders of the Company unless stockholder approval is required by applicable law, regulation or rule. The Board may not amend the Plan in any manner which would materially and adversely affect an
option previously granted to a participant without the consent of such participant. Adjustments contemplated by Section 14 shall not constitute Plan amendments for such purposes. 

	16.
	TERMINATION
OF PLAN. 

        The
Plan and all rights of participants shall terminate (i) on the date as of which participants have exercised options to purchase a number of shares equal to or greater than the
number of shares then subject to the Plan or (ii) if earlier, the date as of which the Committee or the Board terminates the Plan. Upon termination, all payroll deductions shall cease and all
amounts then credited to participants' accounts and not previously used for the purchase of shares shall, in the Board's or Committee's discretion, be refunded in cash (without interest) or be
equitably applied to the purchase of full shares of Common Stock then available under the Plan. In either case, the participants shall be issued checks for any amounts contributed that were
insufficient to purchase whole shares. 

	17.
	REQUIRED
GOVERNMENTAL APPROVALS. 

        The
Plan, all options granted under the Plan and all other rights inherent in the Plan are subject to receipt by the Company of all necessary approvals or consents of governmental
agencies which the Company, in its sole discretion, shall deem necessary or advisable. Notwithstanding any other provision of the Plan, all options granted under the Plan and all other rights inherent
in the Plan are subject to such termination and/or modification as may be required or advisable in order to obtain any such approval or consent, or which, as a result of consequences attaching to any
such approval or consent, may be required or advisable in the judgment of the Committee in order to avoid adverse impact on the Company's overall wage and salary policy. 

	18.
	ADDITIONAL
CASH PAYMENT; TAX WITHHOLDING 

        Unless
otherwise provided by the Committee, in its sole discretion, on each Purchase Date each participant in the Plan purchasing shares on that Purchase Date shall be entitled to a cash
payment from the Company equal to the product of: (1) 15% multiplied by the Fair Market Value of share of Common Stock as of the Purchase Date, multiplied by (2) the number of shares
purchased by that participant under the Plan on that Purchase Date, multiplied by (3) 65.7% (0.657). The Company shall reduce such cash amount by the minimum amount of any taxes which the
Company reasonably determines it (or its Parent and/or Subsidiaries) may be required to withhold with respect to the purchase of shares under the Plan and/or such cash payment. The Company shall pay
such cash amount, reduced by any amounts deducted pursuant to the preceding sentence, to the participant (without interest) no later than thirty days following the end of the calendar year in
which the related Offer occurs. 

        While
the Company intends to satisfy the withholding obligations related to the Plan in the foregoing manner, should the Company for any reason be unable to satisfy its tax withholding
obligations related to the Plan in the manner described in the preceding paragraph, the Company shall

 
have the right at its option to (i) require the participant to pay or provide for payment of the amount of any taxes which the Company reasonably determines that it (and its Parent/and or its
Subsidiaries) is required to withhold with respect to such event or payment or (ii) deduct from any amount otherwise payable to or for the account of the employee the amount of any taxes which
the Company reasonably determines that it (and its Parent and/or its Subsidiaries) is required to withhold with respect to such event or payment. 

	19.
	NO
EMPLOYMENT RIGHTS. 

        The
Plan does not, directly or indirectly, create in any employee or class of employees any right with respect to continuation of employment by the Company or any Employing Corporation,
and it shall not be deemed to interfere in any way with the Company's or any Employing Corporation's right to terminate, or otherwise modify, an employee's employment at any time with or without
cause. 

	20.
	GENDER. 

        Pronouns
shall be deemed to include both the masculine and feminine gender, and words used in the singular shall be deemed to include both the singular and the plural, unless the context
indicates otherwise. 

	21.
	EXPENSES.

        Expenses
of administering the Plan, including any expenses incurred in connection with the purchase by the Company of shares for sale to participating employees, shall be paid by the
Employing Corporations. The amount of payments contemplated by Section 18 shall be paid by the Company. Each participant shall be responsible for all expenses associated with certificating and
selling shares purchased by the participant under the Plan, expenses related to requests for cash settlements of fractional shares acquired under the Plan, and for the tax consequences of
participation in the Plan. 

	22.
	GOVERNING
LAW. 

        All
rights and obligations under the Plan shall be construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of conflict of
laws. 

	23.
	EFFECTIVE
DATE. 

        The
Plan became effective on July 24, 2002, the date the Plan was adopted by the Board. 

        QWEST
COMMUNICATIONS INTERNATIONAL INC. 

QuickLinks

Exhibit 10.4

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