Document:

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                                                                     Exhibit 4.1

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                              PEPC Worldwide, N.V.

                                       and

                         _______________________________

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                                Warrant Agreement

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                          Dated as of ___________, 2002

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                                TABLE OF CONTENTS
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PARTIES.....................................................................................

RECITALS....................................................................................

     Section 1.  Appointment of Warrant Agent...............................................
     Section 2.  Form of Warrant............................................................
     Section 3.  Countersignature and Registration..........................................
     Section 4.  Transfers and Exchanges....................................................
     Section 5.  Exercise of Warrants.......................................................
     Section 6.  Payment of Taxes...........................................................
     Section 8.  Reservation of Common Stock................................................
     Section 9.  Warrant Price..............................................................
     Section 10.  Adjustments...............................................................
     Section 11.  Fractional Interest.......................................................
     Section 13.  Disposition of Proceeds on Exercise of Warrants...........................
     Section 14.  Merger or Consolidation or Change of Name of Warrant Agent................
     Section 15.  Reorganization of the Company.............................................
     Section 16.  When Issuance or Payment May Be Deferred..................................
     Section 17.  Redemption................................................................
     Section 18.  Duties of Warrant Agent...................................................
     Section 19.  Change of Warrant Agent...................................................
     Section 20.  Identity of Transfer Agent................................................
     Section 21.  Notices...................................................................
     Section 22.  No Stockholder Rights.....................................................
     Section 23.  Supplements and Amendments................................................
     Section 24.  Successors................................................................
     Section 25.  Governing Law.............................................................
     Section 26.  Benefits of This Agreement................................................
     Section 27.  Counterparts..............................................................

EXHIBIT A - (Form of Common Stock Purchase Warrant, including
            election to Purchase and Assignment)............................................
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         WARRANT AGREEMENT dated as of ___________, 2002, between PEPC
Worldwide, N.V., a foreign corporation (hereinafter called the "Company") and
__________________________, as warrant agent (hereinafter called the "Warrant
Agent"); and

         WHEREAS, the Company proposes to issue and sell up to an aggregate of
[1,150,000] Common Stock Purchase Warrants, each Warrant entitling the
registered holder thereof to purchase one ordinary share of Common Stock (the
"Warrants"); and

         WHEREAS, the Company desires the Warrant Agent to act on behalf of the
Company, and the Warrant Agent is willing so to act, in connection with the
issuance, registration, transfer, exchange and exercise of the Warrants.

         NOW, THEREFORE, in consideration of the premises and the mutual
agreements herein set forth, the parties hereto agree as follows:

         Section 1. Appointment of Warrant Agent.

         The Company hereby appoints the Warrant Agent to act as Agent for the
Company in accordance with the instructions hereinafter set forth in this
Agreement and the Warrant Agent hereby accepts such appointment.

         Section 2. Form of Warrant.

         The certificates evidencing the Warrants (the "Warrant Certificates")
and the form of election to purchase shares to be printed on the reverse thereof
shall be substantially as set forth in Exhibit "A" attached hereto. The per
share warrant price and the number of shares issuable upon exercise of the
Warrants are subject to adjustment upon the occurrence of certain events, all as
hereinafter provided. The Warrants shall be executed on behalf of the Company by
the manual or facsimile signature of the present or any future Chairman of the
Board, President or Vice President of the Company, attested by the manual or
facsimile signature of the present or any future Secretary or Assistant
Secretary of the Company.

         Warrants shall be dated as of the date of issuance by the Warrant Agent
either upon initial issuance or upon transfer or exchange.

         Section 3. Countersignature and Registration.

         The Warrant Agent shall maintain books for the transfer and
registration of the Warrants. Upon the initial issuance of the Warrants, the
Warrant Agent shall issue and register the Warrants in the names of the
respective holders thereof. The Warrants shall be countersigned manually or by
facsimile by the Warrant Agent (or by any successor to the Warrant Agent then
acting as warrant

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agent under this Agreement) and shall not be valid for any purpose unless so
countersigned. Warrants may be so countersigned, however, by the Warrant Agent
(or by its successor as warrant agent) and be delivered by the Warrant Agent,
notwithstanding that the persons whose manual or facsimile signatures appear
thereon as proper officers of the Company shall have ceased to be such officers
at the time of such countersignature or delivery, provided such persons were
proper officers of the Company at the time of such original signing. The Warrant
Agent shall deem and treat the registered holder(s) of the Warrant Certificates
as the absolute owner(s) thereof.

         Section 4. Transfers and Exchanges.

         The Warrant Agent shall from time to time register the transfer of any
outstanding Warrant Certificate upon the books to be maintained by the Warrant
Agent for that purpose, upon surrender thereof for transfer properly endorsed or
accompanied by appropriate instructions for transfer in form satisfactory to the
Warrant Agent, duly executed by the registered holder(s) thereof or by the duly
appointed legal representative thereof or by a duly authorized attorney. Upon
any such registration of transfer, a new Warrant Certificate shall be issued to
the transferee(s) and the surrendered Warrant Certificate shall be canceled by
the Warrant Agent. Warrant Certificates so canceled shall be delivered by the
Warrant Agent to the Company from time to time upon request. Warrant
Certificates may be exchanged at the option of the holder thereof, when
surrendered at the office of the Warrant Agent, for another Warrant Certificate,
or other Warrant Certificate of different denominations, of like tenor and
representing in the aggregate the right to purchase a like number of shares of
Common Stock. Warrant Certificates surrendered for exchange shall be canceled by
the Warrant Agent and delivered to the Company from time to time upon request.

         Section 5. Exercise of Warrants.

         Subject to the provisions of this Agreement, each registered holder of
Warrants shall have the right, which may be exercised commencing at the opening
of business Eastern time on ___________, 200__ and terminating at 5:00 p.m.,
Eastern time, on ___________, 200__ (the "Expiration Date"), to purchase from
the Company (and the Company shall issue and sell to such registered holder of
Warrants) the number of fully paid and non-assessable shares of Common Stock
which the holder may at the time be entitled to receive, upon surrender to the
Company at the office of the Warrant Agent of the Warrant Certificates
evidencing such Warrants, with the form of election to purchase on the reverse
thereof duly filled in and executed, and upon payment to the Company of the
Warrant Price, determined in accordance with the provisions of Sections 9 and 10
of this Agreement, for the number of shares in respect of which such Warrants
are then exercised. Payment of such Warrant Price shall be made in cash or by
certified check or bank draft payable, in United States dollars, to the order of
the Company. No adjustment shall be made for any dividends on any shares of
Common Stock issuable upon exercise of any warrant of the Company outstanding on
the date hereof. Subject to Section 6, upon such surrender of the Warrants and
payment of the Warrant Price as aforesaid, the Company shall issue and cause to
be delivered with all reasonable dispatch, upon the written order of

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the registered holder of such Warrants, and in such name or names as such
registered holder may designate, a certificate or certificates for the number of
full shares of Common Stock so purchased upon the exercise of such Warrants. No
fractional shares of Common Stock will be issued. Such certificate or
certificates shall be deemed to have been issued and any person so designated to
be named therein shall be deemed to have become a holder of record of such
shares as of the date of the surrender of such Warrants and payment of the
Warrant Price as aforesaid; provided, however, that if, at the date of surrender
of such Warrants and payment of such Warrant Price, the transfer books for the
shares of Common Stock or other class of stock purchasable upon the exercise of
such Warrants shall be closed, the certificates for the shares in respect to
which such Warrants are then exercised shall be deemed to have been issued as of
the date on which such books shall be opened (whether before, on or after the
Expiration Date) and until such date the Company shall be under no duty to
deliver any certificate for such shares; provided, further, however, that such
transfer books, unless otherwise required by law or by applicable rule of any
national securities exchange, shall not be closed at any one time for a period
longer than 20 days. The rights of purchase represented by the Warrants shall be
exercisable, at the election of the registered holders thereof, either as an
entirety or from time to time for part only of the shares specified therein and,
in the event that any Warrant is exercised in respect of fewer than all of the
shares specified therein at any time prior to the Expiration Date, a new Warrant
Certificate evidencing the remaining Warrant or Warrants will be issued to such
registered holder for the remaining number of shares specified in the Warrant so
surrendered, and the Warrant Agent is hereby irrevocably authorized to
countersign and to deliver the required new Warrants pursuant to the provisions
of this Section and of Section 3 of this Agreement; and the Company, whenever
requested by the Warrant Agent, will supply the Warrant Agent with Warrant
Certificates duly executed on behalf of the Company for such purpose. After the
respective Expiration Dates of the Warrants any such Warrants which have not
been exercised shall be void.

         Section 6. Payment of Taxes.

         The Company will pay any documentary stamp taxes attributable to the
initial issuance of Common Stock upon the exercise of the Warrants by the
registered holder thereof; provided, however, that the Company shall not be
required to pay any tax or taxes which may be payable in respect to any transfer
of a Warrant or in respect to any transfer involved in the issue or delivery of
any certificates for shares of Common Stock in a name other than that of the
registered holder of Warrants in respect of which such shares are issued, and in
such case neither the Company nor the Warrant Agent shall be required to issue
or deliver any certificate for shares of Common Stock or any Warrant until the
person requesting the same has paid to the Company or Warrant Agent the amount
of such tax or has established to the Company's and to the Warrant Agent's
satisfaction that such tax has been paid.

         Section 7. Mutilated or Missing Warrants.

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         In case any of the Warrant Certificates shall be mutilated, lost,
stolen or destroyed, the Company may in its discretion issue, and the Warrant
Agent shall then countersign and deliver, in exchange and substitution for and
upon cancellation of the mutilated Warrant Certificate, or in lieu of and
substitution for the Warrant Certificate lost, stolen or destroyed, a new
Warrant Certificate of like tenor and representing an equivalent right or
interest, but only upon receipt of evidence satisfactory to the Company and the
Warrant Agent of such loss, theft or destruction of such Warrant Certificate
and, in the case of a lost, stolen or destroyed Warrant Certificate, indemnity,
if requested, also satisfactory to them. Applicants for such substitute Warrant
Certificate shall also comply with such other reasonable regulations and pay
such reasonable charges as the Company or the Warrant Agent may prescribe.

         Section 8. Reservation of Common Stock.

         There has been reserved, and the Company shall at all times keep
reserved, free from preemptive rights, out of the authorized and unissued shares
of Common Stock, or its authorized and issued Common Stock held in its Treasury,
a number of shares sufficient to satisfy any obligation to issue shares of
Common Stock upon the exercise of the Warrants; and the Transfer Agent for the
shares of Common Stock and every subsequent transfer agent for any shares of the
Company's capital stock issuable upon the exercise of any of the rights of
purchase aforesaid are hereby irrevocably authorized and directed at all times
to reserve such number of authorized and unissued shares as shall be requisite
for such purpose. The Company agrees that all shares of Common Stock issued upon
exercise of the Warrants shall be, at the time of delivery of the certificates
for such shares of Common Stock, duly authorized, validly issued and
outstanding, fully paid and non-assessable and listed on any securities exchange
upon which the other shares of Common Stock are then listed. So long as any
unexpired Warrants remain outstanding, the Company will file such post-effective
amendments to the Registration Statement (File No. ___________) filed pursuant
to the Securities Act of 1933 with respect to the Warrants (or such other
registration statements or post-effective amendments or supplements) as may be
necessary to permit it to deliver to each person exercising a Warrant, a
Prospectus meeting the requirements of such Act and otherwise complying
therewith, and will deliver such a Prospectus to each such person. The Company
will keep a copy of this Agreement on file with the Transfer Agent for the
shares of Common Stock and with every subsequent transfer agent for any shares
of the Company's capital stock issuable upon the exercise of the rights of
purchase represented by the Warrants. The Warrant Agent is hereby irrevocably
authorized to requisition from time to time from such Transfer Agent stock
certificates required to honor outstanding Warrants. The Company will supply
such Transfer Agent with duly executed stock certificates for such purpose. All
Warrants surrendered in the exercise of the rights thereby evidenced shall be
canceled by the Warrant Agent and shall thereafter be delivered to the Company,
and such canceled Warrants shall constitute sufficient evidence of the number of
shares of Common Stock which have been issued upon the exercise of such
Warrants. Promptly after the Expiration Date, the Warrant Agent shall certify to
the Company as to the total aggregate amount of Warrants

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then outstanding, and thereafter no shares of Common Stock shall be subject to
reservation in respect of such Warrants which shall have expired.

         Section 9. Warrant Price.

         The Warrant Price at which Common Stock shall be purchasable pursuant
to the Warrants shall be $10.00 per Warrant. The Warrant Price is subject to
adjustment, as provided in Section 10 hereof.

         Section 10. Adjustments.

         Any and all of the shares of the Common Stock of the Company which may
be acquired by a Warrant holder or his registered assigns as a result of the
exercise, in whole or in part, of this Warrant, shall be subject to the
antidilution adjustments set forth below. It is expressly understood that the
Warrant Price set forth below (before giving effect to any adjustments) shall
mean $10.00 per Warrant.

         (a) In case the Company shall (i) declare a dividend on its Common
Stock in shares of its capital stock, (ii) subdivide its outstanding Common
Stock into a greater number of shares, (iii) combine its outstanding Common
Stock into a smaller number of shares, or (iv) issue any shares by
reclassification of its Common Stock (including any such reclassification in
connection with a consolidation or merger in which the Company is the continuing
corporation), the Warrant Price in effect at the time of the record date for
such dividend or of the effective date of such subdivision, combination or
reclassification shall be proportionately adjusted so that the warrantholder
shall be entitled to receive the kind and aggregate number of shares of Common
Stock which it would have owned or would have been entitled to receive after the
happening of any of the events described above on any record date with respect
thereto, if this Warrant had been exercised immediately prior to such time such
dividend, subdivision, combination or reclassification occurred. Such adjustment
shall be made successively whenever any event listed above shall occur. If after
an adjustment a holder of a Warrant upon exercise of it may receive shares of
two or more classes of capital stock of the Company, the Company shall determine
the allocation of the adjusted Warrant Price between the classes of capital
stock. After such allocation, the exercise privilege and the Warrant Price of
each class of capital stock shall thereafter be subject to adjustment on terms
comparable to those applicable to Common Stock in this Section.

         (b) Whenever the Warrant Price payable upon exercise of this Warrant is
adjusted pursuant to paragraphs (a) or (b), above, the number of shares of
Common Stock purchasable upon exercise of this Warrant shall simultaneously be
adjusted by multiplying the number of shares of Common Stock initially issuable
upon exercise of this Warrant by the Warrant Price in effect on the date
immediately preceding such event and dividing the product so obtained by the
Warrant Price, as adjusted.

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         (c) No adjustment in the Warrant Price shall be required unless such
adjustment would require an increase or decrease of at least 1% in such price,
provided, however, that any adjustments which by reason of this paragraph (c)
are not required to be made shall be carried forward and taken into account in
any subsequent adjustment. All calculations under this Section 10 shall be made
to the nearest cent or to the nearest one-tenth of a share, as the case may be.
Anything in this Section 10 to the contrary notwithstanding, the Company shall
be entitled, but shall not be required, to make such changes in the Warrant
Price, in addition to those required by this Section 10, as it, in its
discretion, shall determine to be advisable in order that any share, dividend,
subdivision of Common Stock, distribution of rights or warrants to purchase
Common Stock or distribution of evidences of indebtedness or other assets (other
than distributions of cash) hereafter made by the Company to the holders of its
Common Stock shall not result in any tax to the holders of its Common Stock or
securities convertible into Common Stock.

         (d) Whenever the Warrant Price is adjusted, as herein provided, the
Company will promptly prepare a certificate signed by the President of the
Company setting forth (i) the Warrant Price as so adjusted, (ii) the number of
shares of Common Stock or other securities purchasable upon exercise of the
Warrant after such adjustment, and (iii) a brief statement of the facts
accounting for such adjustment. The Company will promptly file such certificate
with its Warrant Agent, if any has been appointed, and cause a brief summary
thereof to be sent by ordinary first class mail to the warrantholder, at his
last address as it shall appear in the Warrant Register. The affidavit of an
officer of the Warrant Agent or the Secretary or an Assistant Secretary of the
Company that such notice has been mailed shall, in the absence of fraud, be
prima facie evidence of the facts stated therein. The Company may retain a firm
of independent public accountants of recognized standing selected by the Board
of Directors (who may be the regular accountants employed by the Company) to
make any computation required by this Section 10, and a certificate signed by
such firm shall be conclusive evidence of the correctness of such adjustment.

         (e) No adjustment need be made for a transaction referred to in
subsections (a) or (b) of this Section 10 if warrantholders are to participate
in the transaction on a basis and with notice that the Board of Directors
determines to be fair and appropriate in light of the basis and notice on which
holders of Common Stock participate in the transaction. No adjustment need be
made for rights to purchase Common Stock pursuant to a Company plan for
reinvestment of dividends or interest. No adjustment need be made for a change
in the par value or no par value of the Common Stock. To the extent the Warrants
become convertible into cash, no adjustment need be made thereafter as to the
cash. Interest will not accrue on the cash.

         (f) The form of Warrants need not be changed because of any change
pursuant to this Section, and Warrants issued after such change may state the
same Warrant Price and the same number of shares as is stated in such Warrants
initially issued pursuant to this agreement. However, the Company may at any
time in its sole discretion (which shall be conclusive) make any change in

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the form of Warrants that the Company may deem appropriate and that does not
affect the substance thereof; and any Warrant thereafter issued or
countersigned, whether in exchange or substitution for an outstanding Warrant or
otherwise, may be in the form as so changed.

         Section 11. Fractional Interest.

         The Company shall not be required to issue fractions of shares of
Common Stock on the exercise of the Warrants. If more than one Warrant shall be
surrendered for exercise at one time by the same holder, the number of full
shares which shall be issuable upon exercise thereof shall be computed on the
basis of the aggregate number of shares of Common Stock purchasable on exercise
Warrants so presented. If any fraction of a share would, except for the
provisions of this Section 11, be issuable upon exercise of a Warrant, the
Company shall pay an amount in cash equal to the Warrant Price on the day
immediately preceding the date the Warrant is presented for exercise, multiplied
by such fraction.

         Section 12. Notices to Warrantholders.

         (a) Upon any adjustment of the Warrant Price and the number of shares
issuable on exercise of a Warrant, then and in each such case the Company shall
give written notice thereof to the Warrant Agent, which notice shall state the
Warrant Price resulting from such adjustment and the increase or decrease, if
any, in the number of shares purchasable at such price upon the exercise of a
Warrant, setting forth in reasonable detail the method of calculation and the
facts upon which such calculation is based. The Company shall also publish such
notice once in an Authorized Newspaper. For the purposes of this Agreement, an
"Authorized Newspaper" shall mean a newspaper customarily published on each
business day, in one or more morning editions or one or more evening editions,
or both (and whether or not it shall be published in Saturday and Sunday
editions or on holidays), printed in the English language and of general
circulation in the City of New York State of New York. Failure to give or
publish such notice, or any defect therein, shall not affect the legality of
validity of the subject adjustments.

         (b) In case at any time:

             (1) the Company shall pay any dividends payable in stock upon its
Common Stock or make any distribution (other than regular cash dividends) to the
holders of its Common Stock;

             (2) the Company shall offer for subscription pro rata to the
holders of its Common Stock any additional shares of stock of any class or other
rights;

             (3) there shall be any capital reorganization or reclassification
(other than a reclassification involving merely the subdivision or combination
of outstanding Common Stock) or

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merger or consolidation of the Company with, or sale of all or substantially all
of its assets to, another corporation; or

             (4) there shall be a voluntary or involuntary dissolution,
liquidation, or winding up of the Company;

then, in any one or more of such cases, the Company shall give written notice
and publish the same in the manner set forth in this Section 12 hereinabove.
Such notice shall also specify the date as of which the holders of Common Stock
or record shall participate in such dividend, distribution, or subscription
rights, or shall be entitled to exchange their Common Stock for securities or
other property deliverable upon such reorganization, reclassification,
consolidation, merger, sale, dissolution, liquidation, or winding up, as the
case may be. Such notice shall be given and published at least twenty (20) days
prior to the action in question and not less than twenty (20) days prior to the
record date or the date on which the Company's transfer books are closed in
respect thereof. Failure to give or publish such notice, or any defect therein,
shall not affect the legality or validity of any of the matters set forth in
this section 12 inclusive.

         (c) The Company shall cause copies of all financial statements and
reports, proxy statements and other documents as it shall send to its
stockholders to be sent by first-class mail of the United States Postal Service,
postage prepaid, on the date of mailing to such stockholders, to each registered
holder of Warrants at his address appearing on the Warrant register as of the
record date for the determination of the stockholders entitled to such
documents.

         Section 13. Disposition of Proceeds on Exercise of Warrants.

         (a) The Warrant Agent shall promptly forward to the Company all monies
received by the Warrant Agent for the purchase of shares of Common Stock through
the exercise of Warrants.

         (b) The Warrant Agent shall keep copies of this Agreement available for
inspection by holders of Warrants during normal business hours.

         Section 14. Merger or Consolidation or Change of Name of Warrant Agent.

         (a) Any corporation or company which may succeed to the business of the
Warrant Agent by any merger or consolidation or otherwise to which the Warrant
Agent shall be a party, or any corporation or company succeeding to the
corporate trust business of the Warrant Agent, shall be the successor to the
Warrant Agent hereunder without the execution or filing of any paper or any
further act on the part of any of the parties hereto, provided that such
corporation would be eligible for appointment as a successor Warrant Agent under
the provisions of Section 18 of this Agreement. In case at the time such
successor to the Warrant Agent shall succeed to the agency created by this
Agreement, any of the Warrants shall have been countersigned but not delivered,
any such successor

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to the Warrant Agent may adopt the countersignature of the original Warrant
Agent and deliver such Warrants so countersigned; and in case at that time any
of the Warrants shall not have been countersigned, any successor to the Warrant
Agent shall countersign such Warrants in its own name; and in all such cases
such Warrants shall have the full force provided in the Warrants and in this
Agreement.

         (b) In case at any time the name of the Warrant Agent shall be changed
and at such time any of the Warrants shall have been countersigned but not
delivered, the Warrant Agent may adopt the countersignature under its prior name
and deliver Warrants so countersigned; and in case at that time any of the
Warrants shall have been countersigned, the Warrant Agent may countersign such
Warrants either in its prior name or in its changed name; and in all such cases
such Warrants shall have the full force provided in the Warrants and in this
Agreement.

         Section 15. Reorganization of the Company.

         If the Company consolidates or merges with or into, or transfers or
leases all or substantially all its assets to, any person, upon consummation of
such transaction the Warrants shall automatically become exercisable for the
kind and amount of securities, cash or other assets which the holder of a
Warrant would have owned immediately after the consolidation, merger, transfer
or lease if the holder had exercised the Warrant immediately before the
effective date of the transaction. Concurrently with the consummation of such
transaction, the corporation formed by or surviving any such consolidation or
merger if other than the Company, or the person to which such sale or conveyance
shall have been made, shall enter into a supplemental Warrant Agreement so
providing and further providing for adjustments which shall be as nearly
equivalent as may be practical to the adjustments provided for in Section 10
hereof. The successor Company shall mail to Warrant holders a notice describing
the supplemental Warrant Agreement or the primary exchange on which the Common
Stock is traded. If the issuer of securities deliverable upon exercise of
Warrants under the supplemental Warrant Agreement is an affiliate of the formed,
surviving, transferee or lessee corporation, that issuer shall join in the
supplemental Warrant Agreement. If this subsection 15 applies, subsections (a)
and (b) of Section 10 do not apply.

         Section 16. When Issuance or Payment May Be Deferred.

         In any case in which Section 10 hereof shall require that an adjustment
in the Warrant Price be made effective as of a record date for a specified
event, the Company may elect to defer until the occurrence of such event (i)
issuing to the holder of any Warrant exercised after such record date the shares
of Common Stock or other capital stock of the Company, if any, issuable upon
such exercise on the basis of the Warrant Price and (ii) paying to such holder
any amount in cash in lieu of a fractional share pursuant to section 12;
provided, however, that the Company shall deliver to such holder a due bill or
other appropriate instrument evidencing such holder's right to receive such

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additional shares of Common Stock, other capital stock and cash upon the
occurrence of the event requiring such adjustment.

         Section 17. Redemption of Warrants.

         The Warrants are redeemable by the Company commencing on _____________,
200[3], and prior to their expiration on ______________, ______, in whole or in
part, at a redemption price of $.10 per Warrant at any time on thirty (30) days'
prior written notice if the closing bid price of the Common Stock equals or
exceeds $17.50 for thirty (30) consecutive trading days provided the notice is
delivered within forty-five (45) days of the end of the thirty (30) day
consecutive trading period. Any redemption in part shall be made pro rata to all
Warrant holders. The redemption notice shall be mailed to the holders of the
Warrants at their respective addresses appearing in the Warrant register.
Holders of the Warrants will have exercise rights until the close of business on
the date fixed for redemption.

         Section 18. Duties of Warrant Agent.

         The Warrant Agent undertakes the duties and obligations imposed by this
Agreement upon the following terms and conditions, by all of which the Company
and the holders of Warrants, by their acceptance thereof, shall be bound:

         (a) The statements of fact and recitals contained herein and in the
Warrants shall be taken as statements of the Company; and the Warrant Agent
assumes no responsibility for the correctness of any of the same except such as
describe the Warrant Agent and assumes no responsibility with respect to the
distribution of the Warrants except as herein expressly provided.

         (b) The Warrant Agent shall not be responsible for any failure of the
Company to comply with any of the covenants contained in this Agreement or in
the Warrants to be complied with by the Company.

         (c) The Warrant Agent may consult at any time with counsel satisfactory
to it (who may be counsel for the Company) and the Warrant Agent shall incur no
liability or responsibility to the Company or to any holder of any Warrant in
respect of any action taken, suffered or omitted by it hereunder in good faith
and in accordance with the opinion or the advice of such counsel.

         (d) The Warrant Agent shall incur no liability or responsibility to the
Company or to any holder of any Warrant for any action taken in reliance on any
notice, resolution, waiver, consent, order, certificate, or other paper,
document or instrument believed by it to be genuine and to have been signed,
sent or presented by the proper party or parties.

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         (e) The Company agrees to pay to the Warrant Agent reasonable
compensation for all services rendered by the Warrant Agent in the execution of
this Agreement, to reimburse the Warrant Agent for all expenses, taxes and
governmental charges and other charges of any kind and nature incurred by the
Warrant Agent in the execution of this Agreement and to indemnify the Warrant
         Agent and save it harmless against any and all liabilities, including
judgments, costs and reasonable counsel fees, for anything done or omitted by
the Warrant Agent in the execution of this Agreement except as a result of the
Warrant Agent's negligence, willful misconduct or bad faith.

         (f) The Warrant Agent shall be under no obligation to institute any
action, suit or legal proceeding or to take any other action likely to involve
expenses unless the Company or one or more registered holders of Warrants shall
furnish the Warrant Agent with reasonable security and indemnity for any costs
and expenses which may be incurred, but this provision shall not affect the
power of the Warrant Agent to take such action as the Warrant Agent may consider
proper, whether with or without any such security or indemnity. All rights of
action under this Agreement or under any of the Warrants may be enforced by the
Warrant Agent without the possession of any of the Warrants or the production
thereof at any trial or other proceeding relative thereto, and any such action,
suit or proceeding instituted by the Warrant Agent shall be brought in its name
as Warrant Agent, and any recovery of judgment shall be for the ratable benefit
of the registered holders of the Warrants, as their respective rights or
interests may appear.

         (g) The Warrant Agent and any stockholder, director, officer, partner
or employee of the Warrant Agent may buy, sell or deal in the Warrants or other
securities of the Company or become pecuniarily interested in any transaction in
which the Company may be interested, or contract with or lend money to or
otherwise act as fully and freely as though it were not the Warrant Agent under
this Agreement. Nothing herein shall preclude the Warrant Agent from acting in
any other capacity for the Company or for any other legal entity.

         (h) The Warrant Agent shall act hereunder solely as agent and not in a
ministerial capacity, and its duties shall be determined solely by the
provisions hereof. The Warrant Agent shall not be liable for anything which it
may do or refrain from doing in connection with this Agreement except for its
own negligence, willful misconduct or bad faith.

         (i) The Warrant Agent may execute and exercise any of the rights or
powers hereby vested in it or perform any duty hereunder either itself or by or
through its attorneys or agents, and the Warrant Agent shall not be answerable
or accountable for any act, default, neglect or misconduct of any such attorneys
or agents or for any loss to the Company resulting from such neglect or
misconduct, provided reasonable care had been exercised in the selection and
continued employment thereof.

         (j) Any request, direction, election, order or demand of the Company
shall be sufficiently evidenced by an instrument signed in the name of the
Company by its President or Vice President or

                                       11

<PAGE>

its Secretary or an Assistant Secretary or its Treasurer or an Assistant
Treasurer (unless other evidence in respect thereof be herein specifically
prescribed); and any resolution of the Board of Directors may be evidenced to
the Warrant Agent by a copy thereof certified by the Secretary or an Assistant
Secretary of the Company.

         Section 19. Change of Warrant Agent.

         The Warrant Agent may resign and be discharged from its duties under
this Agreement by giving to the Company notice in writing, and to the holders of
the Warrants notice by mailing such notice to the holders at their addresses
appearing on the Warrant register, of such resignation, specifying a date when
such resignation shall take effect. The Warrant Agent may be removed by like
notice to the Warrant Agent from the Company and by like mailing of notice to
the holders of Warrants. If the Warrant Agent shall resign or be removed or
shall otherwise become incapable of acting, the Company shall appoint a
successor to the Warrant Agent. If the Company shall fail to make such
appointment within a period of 30 days after such removal or after it has been
notified in writing of such resignation or incapacity by the resigning or
incapacitated Warrant Agent or by the registered holder of a Warrant (who shall,
with such notice, submit his Warrant for inspection by the Company), then the
registered holder of any Warrant may apply to any court of competent
jurisdiction for the appointment of a successor to the Warrant Agent. Any
successor warrant agent, whether appointed by the Company or by such a court,
shall be a bank or trust company, in good standing, incorporated under the laws
of any state in the United States of America. After appointment, the successor
warrant agent shall be vested with the same powers, rights, duties and
responsibilities as if it had been originally named as Warrant Agent without
further act or deed; but the former Warrant Agent shall deliver and transfer to
the successor warrant agent all cancelled Warrants, records and property at the
time held by it hereunder, and execute and deliver any further assurance,
conveyance, act or deed necessary for the purpose. Failure to file or mail any
notice provided for in this Section, however, or any defect therein, shall not
affect the legality or validity of the resignation or removal of the Warrant
Agent or the appointment of the successor warrant agent, as the case may be.

         Section 20. Identity of Transfer Agent.

         Forthwith upon the appointment of any Transfer Agent for the shares of
Common Stock or of any subsequent transfer agent for shares of Common Stock or
other shares of the Company's capital stock issuable upon the exercise of the
rights of purchase represented by the Warrants, the Company shall file with the
Warrant Agent a statement setting forth the name and address of such Transfer
Agent.

         Section 21. Notices.

                                       12

<PAGE>

         Any notice pursuant to this Agreement to be given or made by the
Warrant Agent or by the registered holder of any Warrant to or on the Company
shall be sufficiently given or made if sent by prepaid, addressed (until another
address is filed in writing by the Company with the Warrant Agent) as follows:

                  PEPC Worldwide, N.V.
                  ___________________________

                  ___________________________

         Any notice pursuant to this Agreement to be given or made by the
Company or by the registered holder of any Warrant to or on the Warrant Agent
shall be sufficiently given or made if sent by first-class mail of the United
States Postal Service, postage prepaid, addressed (until another address is
filed in writing by the Warrant Agent with the Company) as follows:

                  ___________________________

                  ___________________________

                  ___________________________

         Section 22. No Stockholder Rights.

         Nothing contained in this Agreement or in any of the Warrant
Certificates shall be construed as conferring upon the holders thereof the right
to vote or to consent or to receive notice as stockholders in respect of the
meetings of stockholders or the election of Directors of the Company or any
other matter, or any rights whatsoever as stockholders of the Company.

         Section 23. Supplements and Amendments.

         The Company and the Warrant Agent may from time to time supplement or
amend this Agreement in order to cure any ambiguity or to correct or supplement
any provision contained herein which may be defective or inconsistent with any
other provision herein, or to make any other provision in regard to matters or
questions arising hereunder which the Company and the Warrant Agent may deem
necessary or desirable and which shall not be inconsistent with the provisions
of the Warrants and which shall not adversely affect the interest of the holders
of Warrants.

         Section 24. Successors.

         All the covenants and provisions of this Agreement by or for the
benefit of the Company or the Warrant Agent shall bind and inure to the benefit
of their respective successors and assigns hereunder.

         Section 25. Governing Law.

                                       13

<PAGE>

         This Agreement and each Warrant issued hereunder shall be deemed to be
a contract made under the laws of the State of Florida and for all purposes
shall be construed in accordance with the internal laws of said State applicable
to agreements and instruments made and to be performed entirely in such state
without giving effect to the conflicts of law principles thereof.

         Section 26. Benefits of This Agreement.

         Nothing in this Agreement shall be construed to give to any person or
corporation other than the Company, the Warrant Agent and the registered holders
of the Warrants any legal or equitable right, remedy or claim under this
Agreement; but this Agreement shall be for the sole and exclusive benefit of the
Company, the Warrant Agent and the registered holders of the Warrants.

         Section 27. 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 all
such counterparts shall together constitute but one and the same instrument.

         Section 28. Warrant Solicitation.

         The Company has engaged the Underwriter as its agent for the
solicitation of the exercise of the Warrants in accordance with the Rules and
Regulations of the National Association of Securities Dealers, Inc. The Company
has also agreed to (i) assist the Underwriter with respect to such solicitation
if reasonably requested by the Underwriter, and (ii) at the Underwriter's
request, provide the Underwriter and direct the Company's transfer agent and
Warrant Agent to deliver to the Underwriter, at the Company's cost, a list of
the record and, to the extent known, beneficial owners of the Company's
Warrants. Accordingly, the Company hereby instructs the Warrant Agent to
cooperate with the Underwriter in connection with the Underwriter's solicitation
activities, including, but not limited to, providing to the Underwriter at the
Company's cost, such list of record and beneficial holders of the Warrants.

         If upon the exercise of any Warrant, (i) the market price of the
Company's common stock is greater and such satisfaction was confirmed in writing
by holder of such Warrant, then the Warrant price, (ii) the exercise of the
Warrant was solicited by the Underwriter, (iii) the Warrant was not held in a
discretionary account, then the Warrant Agent simultaneously with the
distribution of the proceeds of the Company received upon exercise of the
Warrant(s) so exercised, shall, on behalf of the Company, pay from the proceeds
received upon exercise of the Warrant(s) a fee of five percent (5%) of the
Warrant price to the Underwriter for each Warrant exercised more than one (1)
year after the effective date of the Registration Statement. The Underwriter and
the Company may at any time

                                       14

<PAGE>

during business hours, examine the records of the Warrant Agent, including its
ledger of original warrant certificates returned to the Warrant Agent upon
exercise of Warrants.

         Provisions of this section may not be modified, amended or deleted
without the prior written consent of the Underwriter.

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

                                          PEPC WORLDWIDE, N.V.

                                          By:_______________________________

                                          __________________________________

                                          By:_______________________________

                                       15

<PAGE>

               [Form of Common Stock Purchase Warrant Certificate]

                                     [Face]

No.                                                               _____ Warrants
                               Warrant Certificate

                              PEPC WORLDWIDE, N.V.

         This Warrant Certificate certifies that ______________, or registered
assigns, is the registered holder of Warrants expiring ___________, 200_ (the
"Warrants") to purchase Common Stock, $.0001 par value per share (the "Common
Stock"), of PEPC Worldwide, N.V., a foreign corporation (the "Company"). Each
Warrant entitles the holder upon exercise to receive from the Company on or
before 5:00 p.m. Florida Time on ___________, 200_, one fully paid and
nonassessable ordinary share of Common Stock (a "Warrant Share") at the initial
exercise price (the "Warrant Price") of $10.00 payable in lawful money of the
United States of America upon surrender to the Company at the office of the
Warrant Agent of this Warrant Certificate and payment to the Company of the
Warrant Price at the office of the Warrant Agent, but only subject to the
conditions set forth herein and in the Warrant Agreement referred to on the
reverse hereof.

         The Warrant Price and number of Warrant Shares issuable upon exercise
of the Warrants are subject to adjustment upon the occurrence of certain events
set forth in the Warrant Agreement.

         The Warrant may be exercised commencing at the opening of business,
Florida Time on [________________] and terminating at 5:00 p.m., Florida Time on
___________, 200_, and to the extent not exercised by such time such Warrants
shall become void.

         Reference is hereby made to the further provisions of this Warrant
Certificate set forth on the reverse hereof and such further provisions shall
for all purposes have the same effect as though fully set forth at this place.

         This Warrant Certificate shall not be valid unless countersigned by the
Company, as such term is used in the Warrant Agreement.

                                      A-1

<PAGE>

         IN WITNESS WHEREOF, PEPC Worldwide, N.V. has caused this Warrant
Certificate to be signed by its President and by its Secretary, each by a
facsimile of his signature, and has caused a facsimile of its corporate seal to
be affixed hereunto or imprinted hereon.

Dated:

                                       PEPC WORLDWIDE, N.V.

                                       By ________________________________
                                                    President

                                       By ________________________________
                                                    Secretary

                                      A-2

<PAGE>

     [Form of Class A Redeemable Common Stock Purchase Warrant Certificate]

                                    [Reverse]

         The Warrants evidenced by this Warrant Certificate are part of a duly
authorized issue of Warrants expiring __________, 200__, entitling the holder on
exercise to receive ordinary shares of Common Stock, $.0001 par value per share,
of the Company (the "Common Stock"), and are issued or to be issued pursuant to
a Warrant Agreement dated as of __________, 2002 (the "Warrant Agreement"), duly
executed and delivered by the Company and ___________________ (the "Warrant
Agent"), which Warrant Agreement is hereby incorporated by reference in and made
a part of this instrument and is hereby referred to for a 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. A copy of the Warrant
Agreement may be obtained by the holder hereof upon written request to the
Warrant Agent.

         Warrants may be exercised commencing at the opening of business Florida
Time on __________, 2002 and terminating at 5:00 p.m., Florida Time, on
__________, 200_. The holder of Warrants evidenced by this Warrant Certificate
may exercise them by surrendering this Warrant Certificate, with the form of
election to purchase set forth hereon properly completed and executed, together
with payment of the Warrant Price in cash or by certified check or bank draft
payable to the order of the Company at the office of the Warrant Agent. In the
event that upon any exercise of Warrants evidenced hereby the number of Warrants
exercised shall be less than the total number of Warrants evidenced hereby,
there shall be issued to the holder hereof or his assignee a new Warrant
Certificate evidencing the number of Warrants not exercised. No adjustment shall
be made for any dividends on any Common Stock issuable upon exercise of this
Warrant.

         The Warrant Agreement provides that upon the occurrence of certain
events the Warrant Price set forth on the face hereof may, subject to certain
conditions, be adjusted. If the Warrant Price is adjusted, the Warrant Agreement
provides that the number of shares of Common Stock issuable upon the exercise of
each Warrant shall be adjusted. No fractions of a share of Common Stock will be
issued upon the exercise of any Warrant, but the Company will pay the cash value
thereof determined as provided in the Warrant Agreement.

         Warrant Certificates, when surrendered at the office of the Company by
the registered holder thereof in person or by legal representative or attorney
duly authorized in writing, may be exchanged, in the manner and subject to the
limitations provided in the Warrant Agreement, but without payment of any
service charge, for another Warrant Certificate or Warrant Certificates of like
tenor evidencing in the aggregate a like number of Warrants.

                                      A-3

<PAGE>

         Upon due presentation for registration of transfer of this Warrant
Certificate at the office of the Warrant Agent 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 in the Warrant Agreement,
without charge except for any tax or other governmental charge imposed in
connection therewith.

         The Company may deem and treat the registered holder(s) thereof 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, 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.
Neither the Warrants nor this Warrant Certificate entitles any holder hereof to
any rights of a stockholder of the Company.

                                      A-4

<PAGE>

                         [Form of Election to Purchase]

                    (To Be Executed Upon Exercise Of Warrant)

         The undersigned hereby irrevocably elects to exercise the right,
represented by this Warrant Certificate, to receive __________ shares of Common
Stock and herewith tenders payment for such shares to the order of PEPC
Worldwide, N.V. in the amount of $______ in accordance with the terms hereof.

         The undersigned requests that a certificate for such shares be
registered in the name of __________________________, whose address is and that
such shares be delivered to ______________________________ whose address is .

         If said number of shares is less than all of the shares of Common Stock
purchasable hereunder, the undersigned requests that a new Warrant Certificate
representing the remaining balance of such shares be registered in the name of
__________________________________, whose address is ___________________________
____________________________, and that such Warrant Certificate be delivered to
_____________________________________ , whose address is _______________________
_____________________________________________________________.

                                         Signature:

                                         _______________________________________

Date:

                                         Signature Guaranteed:

                                         _______________________________________

                                      A-5<PAGE>

                                                                    Exhibit 10.1

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

                              TERMS AND CONDITIONS

                                     of the

                               PEPC WORLDWIDE N.V.
                           EMPLOYEE STOCK OPTION PLAN

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

<PAGE>

                              TERMS AND CONDITIONS

                                     of the

                 PEPC WORLDWIDE N.V. EMPLOYEE STOCK OPTION PLAN

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

I.       PREAMBLE

(i)    For the purpose of increasing the commitment of the Employees to the
       business of the Employer, PEPC Worldwide wishes to grant from time to
       time Options to the Employees under the terms and conditions of the Plan;

(ii)   an Option gives the right to acquire a number of Shares during the
       Exercise Period upon payment of the Exercise Price. An Option will be
       granted unconditionally and irrevocably and can be exercised in full or
       in part during the Exercise Period, subject to the provisions of the
       Option Agreement;

(iii)  any and all rights that arise from the grant and exercise of an Option
       and relationships between PEPC Worldwide, the Employer and the
       Participants are governed by Dutch law, the Articles of Association, the
       provisions as contained in the Option Agreement and the provisions of the
       Plan.

<PAGE>

                                                     Terms and Conditions of the
                                                             PEPC Worldwide N.V.
                                                      Employee Stock Option Plan
                                                                          Page 2

II.      GENERAL

Article 1 - Terms and conditions

1.1  Subject to the terms and conditions set forth in this Plan, PEPC Worldwide
     wishes to grant Employees Options.

1.2  Options will be granted for purposes of increasing the commitment of the
     Employees to the business of the Employer, and not for past performances of
     Employees.

Article 2 - Definitions

In this Plan, the following definitions apply unless explicitly expressed
otherwise. Where the context so admits, singular expressions shall include the
plural and vice versa, and the use of masculine forms in the text include the
feminine.

Affiliated Company:          means a company, which is a subsidiary of PEPC
                             Worldwide in which PEPC Worldwide holds directly
                             or indirectly at least 33,3% (thirty-three percent)
                             of the shares.

Articles of Association:     means the articles of association of PEPC
                             Worldwide N.V.

Board:                       means the Board of Directors (directie) of PEPC
                             Worldwide, as mentioned in section 12 of the
                             Articles of Association, or a duly constituted
                             committee thereof.

Date of Delivery:            means the date on which the Participant acquires
                             title to Shares upon exercise  of his Option.

<PAGE>

                                                     Terms and Conditions of the
                                                             PEPC Worldwide N.V.
                                                      Employee Stock Option Plan
                                                                          Page 3

Date of Grant:               means the date on which the Option is granted to
                             the Participant, as specified in the Option
                             Agreement.

Employee:                    means any individual who is employed by the
                             Employer for an indefinite period of time.

Employer:                    means PEPC Worldwide or an Affiliated Company.

Exercise Date:               means the date on which the Participant notifies
                             PEPC Worldwide, by sending an Exercise Notice, that
                             he wishes to exercise his Option.

Exercise Notice:             means a letter, substantially in accordance with
                             the form as attached to the Option Agreement, sent
                             to PEPC Worldwide by the Participant indicating his
                             intention to exercise his Option.

Exercise Period:             means the period beginning on the Date of Grant and
                             ending on the fifth anniversary of the Date of
                             Grant, unless specified otherwise in the Option
                             Agreement.

Exercise Price:              means the highest of (a) the Fair Market Value of
                             the Shares at the Date of Grant or (b) the  par
                             value of One (1) Share at the Date of Grant, as
                             specified in the Option Agreement.

Fair Market Value:           means the value (waarde in het economisch verkeer)
                             of One (1) Share, as specified in article 7 of the
                             Plan.

Listing:                     means the listing of the Shares on a stock exchange
                             recognized by the relevant supervisory authority in
                             the jurisdiction in which the operator of such
                             exchange is established.

<PAGE>

                                                     Terms and Conditions of the
                                                             PEPC Worldwide N.V.
                                                      Employee Stock Option Plan
                                                                          Page 4

Option:                     means any option that is granted to Participants
                            pursuant to this Plan, providing for the right to
                            purchase and acquire a number of Shares as
                            specified in the Option Agreement.

Option Agreement:           means, with respect to each Option granted to a
                            Participant, the signed written agreement between
                            the Participant and PEPC Worldwide or an Affiliated
                            Company, setting forth the terms and conditions of
                            the Option.

Participant:                means an Employee who is granted an Option under
                            this Plan.

PEPC Worldwide:             means the public company PEPC Worldwide N.V.,
                            having its registered seat in Amsterdam, The
                            Netherlands.

Plan:                       means this PEPC N.V. Employee Stock Option Plan,
                            established and governed by these rules and by
                            provisions as contained in any document executed
                            hereunder, as amended from time to time.

Purchase Price:             means, at any specified time, the Exercise Price of
                            an Option to purchase One (1) Share multiplied by
                            the number of Shares subject to such an Option
                            being exercised.

Share:                      means One (1) share in the capital of PEPC
                            Worldwide, each with a par value of EUR 0.10 (Ten
                            Eurocents), or any other par value as a result of a
                            Shareholders' decision.

Supervisory Board:          means the Supervisory Board (raad van
                            commissarissen) of PEPC Worldwide, as mentioned in
                            section 20 of the Articles of Association.

<PAGE>

                                                     Terms and Conditions of the
                                                             PEPC Worldwide N.V.
                                                      Employee Stock Option Plan
                                                                          Page 5

III.     AWARD AND EXERCISE OF OPTIONS

Article 3 - Award of Options

3.1    Subject to required action of the general meeting of shareholders, the
       Board has the discretionary authority to grant an Option to Employees
       whereas the Supervisory Board has the discretionary authority to grant
       options to members of the Board. All grants of Options shall take place
       upon the recommendation of the Board and subsequent approval by the
       Supervisory Board thereof. As long as no members of the Supervisory Board
       have been appointed, this latter authority will be delegated to a
       corporate body to be appointed by PEPC Worldwide's general or
       extraordinary meeting of shareholders. An Employee or member of the Board
       will be informed about the grant of an Option by receipt of an Option
       Agreement setting forth the terms and conditions pertaining to such an
       Option.

3.2    The receiver of an Option Agreement must indicate his intention to
       participate in the Plan by returning a completed and signed Option
       Agreement to PEPC Worldwide within 14 (fourteen) days after receipt of
       the Option Agreement.

3.3    By returning the completed and signed Option Agreement, the Participant
       agrees with all the terms and conditions of the Plan and the Option
       Agreement.

Article 4 - Nature of the Option

4.1    Without prejudice to the provisions of this Plan and the Option
       Agreement, an Option gives the unconditional and irrevocable right to
       acquire a number of Shares during the Exercise Period, as specified in
       the Option Agreement, free from any liens, charges and encumbrances of
       any kind, against payment of the Purchase Price in accordance with the
       provisions of the Plan and the Option Agreement.

<PAGE>

                                                     Terms and Conditions of the
                                                             PEPC Worldwide N.V.
                                                      Employee Stock Option Plan
                                                                          Page 6

4.2    The Option is strictly personal and cannot be assigned, transferred,
       pledged, encumbered or otherwise used for the purpose of creating
       security title or interest of whatsoever nature thereon. The Participants
       may furthermore not issue or grant any options, cash-options or similar
       instruments over Options. Any Option which purportedly has been directly
       or indirectly assigned or transferred, pledged, encumbered or otherwise
       used for the purpose of security title or interest of whatever nature
       thereon or for which any option, cash-option or similar instrument has
       been issued or granted, will lapse with immediate effect and can
       therefore no longer be exercised.

4.3    This Plan nor any Option or the Option Agreement forms part of the
       employment agreement concluded between the Participant and the Employer
       nor of any additional employment conditions (secundaire
       arbeidsvoorwaarden), and this Plan nor the Option or Option Agreement
       creates any other rights than those laid down in this Plan and the Option
       Agreement.

4.4    The grant of Options and/or the acquisition of Shares under the Plan will
       have no effect on the entitlement of the Participant to pension rights,
       pension schemes, additional employment conditions or on the entitlement
       to grants of future Options.

4.5    The Participant has no right to any recourse and is not entitled to any
       compensation for any losses occurred by the (immediate) lapse of the
       Option upon termination of the employment agreement with the Employer. In
       particular, but without limitation, the Participant is not entitled to
       any compensation on the basis of article 7:685 (ontbinding wegens
       gewichtige redenen) and/or article 7:681 (kennelijk onredelijke
       beeindiging) of the Dutch Civil Code (Burgerlijk Wetboek).

4.6    The grant of an Option under this Plan cannot be considered as any
       guarantee that employment of the Participant with the Employer will
       continue.

<PAGE>

                                                     Terms and Conditions of the
                                                             PEPC Worldwide N.V.
                                                      Employee Stock Option Plan
                                                                          Page 7

Article 5 - Exercise Period

5.1    An Option may be exercised during the Exercise Period, such subject to
       the provisions of this Plan and the Option Agreement.

5.2    The Option will lapse upon the expiry of the Exercise Period and
       therefore cannot be exercised after such expiration.

Article 6 - Exercise and Settlement

6.1    A Participant wishing to exercise his Option must complete an Exercise
       Notice and send it, completed and duly signed, to the Board by registered
       mail or facsimile with a confirmation of receipt report. In case the
       Participant is a member of the Board, the Exercise Notice will be send to
       the Supervisory Board or, if no Supervisory Board has been installed, the
       corporate body as referred to in Article 3.1.

6.2    Subject to Articles 4.2, 5.1, 6.3 and 15, delivery of the Shares shall be
       made by PEPC Worldwide within 14 days following the receipt of the
       Exercise Notice by the Board.

6.3    Payment of the Purchase Price must be received by PEPC Worldwide free and
       clear of charges in immediately available funds without deduction for any
       present or future taxes, fees, restrictions or conditions of any nature
       on the account of PEPC Worldwide as specified in the Exercise Notice,
       prior to the Date of Delivery.

IV.    DETERMINATION OF VALUE

Article 7 - Determination of the Fair Market Value of the Shares

<PAGE>

                                                     Terms and Conditions of the
                                                             PEPC Worldwide N.V.
                                                      Employee Stock Option Plan
                                                                          Page 8

The Fair Market Value shall be determined each year by the Board, based on the
most recent transaction in Shares, provided such a transaction has been
concluded within the last preceding financial year. If such a transaction has
not been concluded in the last preceding financial year, the Fair Market Value
shall be determined by the Board at least once a year and at any occasion as the
Board in its sole discretion deems necessary or desirable, based upon the advice
of an independent valuation expert. The Fair Market Value will continue to apply
until the following date of such determination. After a Listing, the Fair Market
Value will be equal to the closing price of One (1) Share, as quoted on the
stock exchange on which such Listing has taken place, on the last preceding
business day or, in the absence of a closing price on the last preceding
business day, the most recent bid price.

V.     TERMINATION OF EMPLOYMENT

Article 8 - Cancellation of the Option

8.1    Upon the death of the Participant, the Option will lapse and the
       Participant's beneficiaries will receive, within six months after the
       date of death, an amount in cash equal to the difference between the
       Purchase Price and the Fair Market Value of the Shares subject to Option
       at the date of death of the Participant, less any amounts that could have
       become due as penalty pursuant to Article 9 upon exercise of the Option
       at such date.

8.2    In case the employment agreement with the Participant terminates for any
       reason other than death of the Participant:

       (i)   prior to the first anniversary of the Date of Grant, the Option
             will lapse immediately in respect of all Shares subject to that
             Option;

       (ii)  on or after the first but prior to the second anniversary of the
             Date of Grant, the Option will lapse immediately in respect of 75%
             of the total number of Shares subject to that Option; and

<PAGE>

                                                     Terms and Conditions of the
                                                             PEPC Worldwide N.V.
                                                      Employee Stock Option Plan
                                                                          Page 9

       (iii) on or after the second but prior to the third anniversary of the
             Date of Grant, the Option will lapse immediately in respect of 50%
             of the total number of Shares subject to that Option.

Article 9- Penalty

The Participant whose employment agreement with PEPC Worldwide or an Affiliated
Company is terminated for whatever reason prior to the third anniversary of the
Date of Grant and who has exercised or, to the extent permitted under this Plan,
exercises his Option, shall offer the Shares held by him for sale and transfer
to PEPC Worldwide or a party designated and appointed by PEPC Worldwide or, if
the Shares are no longer held by the Participant, may have to pay a penalty to
PEPC Worldwide as may be specified in the Option Agreement.

VI.   MISCELLANEOUS

Article 10 - Tax and Social Security

10.1  All tax and social security levies in respect of the grant of an Option
      and the implementation of the Plan shall be borne by the Participant. The
      Employer has the right to withhold any amounts from the gross salary of
      the Participant as required by applicable (tax and social security) law.
      In case an Option is canceled for whatever reason, the Participant will
      not be compensated for any taxes and social security levies (to be) paid
      in connection with that Option.

<PAGE>

                                                     Terms and Conditions of the
                                                             PEPC Worldwide N.V.
                                                      Employee Stock Option Plan
                                                                         Page 10

10.2  The Plan is governed by the tax and social security legislation and
      regulations prevailing as at [date of adoption of this Plan] (the date of
      adoption of the Plan by the [general meeting of shareholders/Board] of
      PEPC Worldwide). If any tax and/or social security legislation or
      regulations are amended in the future and any tax or employee social
      security and insurance levies become payable to the relevant authorities,
      the costs and the risks related thereto shall be borne solely by the
      Participant.

Article 11 - Implementation and interpretation

The implementation of the Plan will be effected under the exclusive authority of
the relevant corporate body as referred to in Article 3.1. Any and all
situations and eventualities not regulated by this Plan shall be exclusively
considered and decided upon by this corporate body.

Article 12 - Register

The Board will maintain a register in which the grant, exercise and (reasons of)
cancellation of Options will be recorded. The Participant will receive an
extract of this register with respect to his details upon request in writing
addressed to the Board.

Article 13 - Written Acknowledgment

14.1  Any notification by PEPC Worldwide to the Participant under this Plan
      shall be sent to the address of such Participant filed with the personnel
      department of the Employer.

14.2  Any notification by the Participant to PEPC Worldwide under this Plan
      shall be sent to the address of PEPC Worldwide as registered with the
      relevant trade register of the Chamber of Commerce in The Netherlands.

<PAGE>

                                                     Terms and Conditions of the
                                                             PEPC Worldwide N.V.
                                                      Employee Stock Option Plan
                                                                         Page 11

Article 14 - Amendments

14.1  The Board reserves the right to adjust the Exercise Price and/or the
      number of Shares subject to Options granted without prior notice, and may
      do so at any time it deems necessary or desirable, particularly in the
      case of a change in the company structure of PEPC Worldwide or in the
      event of a take-over, merger (juridische fusie), share for share merger
      (aandelenfusie), legal split (juridische splitsing) or liquidation
      (vereffening en ontbinding) or substantial fluctuation of the Fair Market
      Value due to a split, repayment, issue or cancellation of Shares. In case
      one of the aforementioned events occurs, the Board may furthermore, at its
      discretion, decide to (i) continue the Plan; (ii) cancel all Options in
      return for a cash settlement and redeem the Shares against payment of the
      Fair Market Value applicable on the date of such redemption (not taking
      into account the penalty provisions); or (iii) roll-over the Options to
      the surviving entity.

14.2  In addition to the Board's authority as referred to in Article 14.1, the
      Board may, at its sole discretion, revise, amend, suspend or terminate the
      Plan and/or the Option Agreement in whole or in part including, without
      limitation, the adoption of any amendment deemed necessary or desirable in
      case a Listing takes place, or in case Options are being offered to
      foreign Employees, or to correct any inconsistency, defect or omission in
      the Plan and/or the Option Agreement or in any Option granted under the
      Plan.

14.3  Any amendment to any provision of this Plan and/or the Option Agreement
      shall not adversely affect the rights of Participants and shall be
      notified to the Participants.

Article 15 - Insider Trading Rules

Participants of the Plan shall be subject to and bound by the terms and
conditions of the insider trading rules applicable to PEPC Worldwide after a
Listing has taken place. Such insider trading rules may restrict the rights of
the Participants under the Plan with respect to the timing of exercise of
Options and subsequent sale of Shares.

<PAGE>

                                                     Terms and Conditions of the
                                                             PEPC Worldwide N.V.
                                                      Employee Stock Option Plan
                                                                         Page 12

Article 16 - Governing Law

16.1  This Plan shall be governed by and shall be construed in accordance with
      the law of The Netherlands.

16.2  PEPC Worldwide and the Participant hereby irrevocably submit, in respect
      of any suit, action or proceeding related to the implementation or
      enforcement of this Plan, to the exclusive jurisdiction of the court of
      Amsterdam.

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