Document:

<PAGE>

                                                                   Exhibit 10.23

                          REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement (the "Agreement") is entered into as of
November 29, 1999 by and between ANCOR COMMUNICATIONS, INCORPORATED, a Minnesota
corporation (the "Company"), and INTEL CORPORATION, a Delaware corporation
(together with its successors and permitted assigns, the "Purchaser").

     WHEREAS, the Purchaser has agreed to purchase shares of the Company's
Common Stock, $.01 par value per share (the "Common Stock"), pursuant to that
certain Stock Purchase Agreement between the Company and the Purchaser dated as
of November 29, 1999 (the "Stock Purchase Agreement").

     WHEREAS, in connection with such purchase, the Company and the Purchaser
desire to enter into certain arrangements with respect to the registration for
public sale under the Securities Act of 1933, as amended (the "Securities Act"),
of the Common Stock.

     NOW, THEREFORE, in consideration of the mutual promises and agreements
contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company and the Purchaser
hereby agree as follows:

     1. Definitions.

          1.1 "Commission" shall mean the Securities and Exchange Commission or
     any other federal agency at the time administering the Securities Act.

          1.2 "Company" shall mean Ancor Communications, Incorporated, a
     Minnesota corporation.

          1.3 "Common Shares" shall mean the shares of common stock, par value
     $.01 per share, authorized by the Company's Articles of Incorporation and
     any additional shares of common stock which may be authorized in the future
     by the Company, and any stock into which such Common Shares may hereafter
     be changed.

          1.4 "Public Offering" shall mean any offering of Common Shares to the
     public, either on behalf of the Company or any of its security holders,
     pursuant to an effective registration statement under the Securities Act.

          1.5 "Purchaser" shall mean Intel Corporation, a Delaware corporation,
     together with its successors and permitted assigns.

          1.6 "Registrable Securities" shall mean (a) the Common Stock and (b)
     any additional securities issued with respect to the above-described
     securities upon any stock split, stock dividend, recapitalization, or
     similar event. A portion of Registrable Securities shall cease to be
     Registrable Securities when (x) a registration statement with respect to
     the sale of such
<PAGE>

     portion of securities shall have been declared effective under the
     Securities Act and such portion of securities shall have been disposed of
     in accordance with such registration statement, (y) such portion of
     securities shall be eligible to be distributed pursuant to Rule 144 under
     the Securities Act in a single three-month period by the holder thereof or
     (z) such portion of securities shall have ceased to be outstanding.

          1.7 "Registration Expenses" shall mean the expenses described in
     Section 6.

          1.8 "Securities Act" shall mean the Securities Act of 1933, as
     amended.

          1.9 "Common Stock" shall mean the outstanding shares of common stock
     of the Company, $.01 per share, purchased by Purchaser pursuant to the
     Stock Purchase Agreement.

          1.10 "Stock Purchase Agreement" shall meant that certain Stock
     Purchase Agreement, dated as of November 29, 1999, by and between the
     Company and the Purchaser relating to the purchase of Common Stock by the
     Purchaser.

     2. Demand Registration.

          2.1 Subject to Sections 2.3, 2.4 and 2.5, if at any time after six
     months has elapsed from the date of the closing of the transactions
     contemplated by the Stock Purchase Agreement, the Company shall receive a
     written request therefor from holder or holders of Registrable Securities,
     the Company shall prepare and file a registration statement under the
     Securities Act covering such number of Registrable Securities as are the
     subject of such request, the minimum number of which shall not be less than
     the equivalent of $1,000,000 of such securities' fair market value, and
     shall use its best efforts to cause such registration statement to become
     effective. Upon the receipt of a registration request meeting the
     requirements of this Section 2.1, the Company shall promptly give written
     notice to all other record holders of Registrable Securities that such
     registration is to be effected. The Company shall include in such
     registration statement such additional Registrable Securities as such other
     record holders request in writing within thirty (30) days after the date of
     the Company's written notice to them. If (a) the holders of a majority of
     the Registrable Securities for which registration has been requested
     pursuant to this Section 2.1 determines for any reason not to proceed with
     the registration at any time before the related registration statement has
     been declared effective by the Commission, (b) such registration statement,
     if theretofore filed with the Commission, is withdrawn and (c) the holders
     of the Registrable Securities subject to such registration statement agree
     to bear their own Registration Expenses incurred in connection therewith
     and to reimburse the Company for the Registration Expenses incurred by it
     in such connection or if such registration statement, if theretofore filed
     with the Commission, is withdrawn at the initiative of the Company, then
     the holders of the Registrable Securities shall not be deemed to have
     exercised their demand registration right pursuant to this Section 2.1.

                                       2
<PAGE>

          2.2 At the request of the holders of a majority of the Registrable
     Securities to be registered, the method of disposition of all Registrable
     Securities included in such registration shall be an underwritten Public
     Offering. The managing underwriter of any such Public Offering shall be
     selected by the Company. If in the good faith judgment of the managing
     underwriter of such Public Offering, the inclusion of all of the
     Registrable Securities the registration of which has been requested would
     interfere with their successful marketing, the number of Registrable
     Securities to be included in the underwritten Public Offering may be
     reduced in the discretion of the managing underwriter pro rata, among the
     requesting holders thereof in proportion to the number of Registrable
     Securities included in their respective requests for registration,
     provided, however, that the number of Shares of Registrable Securities
     shall not be reduced unless and until the Shares to be offered by any other
     holder of securities are first excluded from such registration. Registrable
     Securities that are so excluded from such underwritten Public Offering
     shall be withheld from sale by the holders thereof for such period, not
     exceeding one hundred and twenty (120) days, as the managing underwriter
     reasonably determines is necessary to effect such Public Offering.

          2.3 The Company shall be obligated to prepare, file and cause to be
     effective not more than two (2) registration statements pursuant to Section
     2.1.

          2.4 Notwithstanding the foregoing, in the event that prior to the
     preparation and filing of any registration statement requested pursuant to
     Section 2.1 or Section 4, there is (a) material non-public information
     regarding the Company which the Board of Directors reasonably determines to
     be in the best interests of the Company not to disclose or (b) a
     significant business opportunity (including but not limited to the
     acquisition or disposition of assets other than in the ordinary course of
     business or any merger, consolidation, tender offer or other similar
     transaction available to the Company which the Board of Directors
     reasonably determines to be in the Company's best interests not to
     disclose, the Company may delay initiating the preparation and filing of
     such registration statement for a period not to exceed ninety (90) days
     until such time as either of the events in clauses (a) or (b) no longer
     exists; provided however, that the Company may not utilize this right under
     this Section and Section 5.12 more than once in any twelve (12) month
     period.

          2.5 Notwithstanding anything to the contrary contained herein, at any
     time within thirty (30) days after receiving a demand for registration
     pursuant to Section 2.1 or Section 4, the Company may elect to effect an
     underwritten primary registration in lieu of the requested registration. If
     the Company so elects, the Company shall give prompt written notice to all
     holders of Registrable Securities of its intention to effect such a
     registration and shall afford such holders the rights contained in Section
     3 with respect to "piggyback" registrations. In such event, the demand for
     registration pursuant to Section 2.1 or Section 4 shall be deemed to have
     been withdrawn.

                                       3
<PAGE>

     3. Piggyback Registration.

     3.1 At any time from the date of the closing of the transactions
contemplated by the Stock Purchase Agreement, each time the Company shall
determine to proceed with the actual preparation and filing of a registration
statement under the Securities Act in connection with the proposed offer and
sale for money of any of its securities by it or any of its security holders
(other than a registration statement on Form S-8, Form S-4 or other limited
purpose form), the Company will give written notice of its determination to all
record holders of Registrable Securities. Upon the written request of a record
holder of any Registrable Securities given within 30 days after the date of any
such notice from the Company, the Company will, except as herein provided, cause
all Registrable Securities the registration of which is requested to be included
in such registration statement, all to the extent requisite to permit the sale
or other disposition by the prospective seller or sellers of the Registrable
Securities to be so registered; provided, however, that nothing herein shall
prevent the Company from, at any time, abandoning or delaying any registration;
and provided, further, that if the Company determines not to proceed with a
registration after the registration statement has been filed with the
Commission, and the Company's decision not to proceed is primarily based upon
the anticipated Public Offering price of the securities to be sold by the
Company, the Company shall promptly complete the registration for the benefit of
those selling security holders who wish to proceed with a Public Offering of
their Registrable Securities and who agree to bear all of the Registration
Expenses incurred by the Company as the result of such registration after the
Company has decided not to proceed. Notwithstanding the foregoing, in the
discretion of the holders of the Registrable Securities to be included in the
registration (provided that such holders are the record holders of at least 51%
of the Registrable Securities), such registration may count as a demand
registration under Section 2.1 (if it otherwise meets the requirements of
Section 2.1) for which the Company will pay all Registration Expenses.

     3.2 If any registration pursuant to Section 3.1 is underwritten in whole or
in part, the Company may require that the Registrable Securities included in the
registration be included in the underwriting on the same terms and conditions as
the securities otherwise being sold through the underwriters. Notwithstanding
the foregoing, in connection with such underwriting the holders shall not be
required to provide representations and warranties regarding the Company or
indemnification of the underwriters for material misstatements or omissions in
the registrations statement or prospectus for such offering other than
misstatements and omissions based on information provided by the holders in
writing specifically for use in the preparation of the registration statement.
If, in the good faith judgment of the managing underwriter of the Public
Offering, the inclusion of all of the Registrable Securities originally covered
by requests for registration would reduce the number of shares to be offered by
the Company or interfere with the successful marketing of the shares offered by
the Company, the number of Registrable Securities to be included in the Public
Offering may be reduced pro rata among the holders of the Registrable Securities
requested to be included in the registration and the holders of other securities
proposed to be included in such registration (other than securities to be issued
by the Company), provided, however, that the remaining number of Registrable
Securities held by the holders thereof to be included in the Public Offering
shall not be less than

                                       4
<PAGE>

15% of the aggregate number of Registrable Securities requested to be included
in such registration.

     4. Short Form Registration. Subject to Sections 2.4 and 2.5, in addition to
the registration rights provided in Sections 2 and 3, if the Company qualifies
for the use of Form S-3 or any similar registration form then in force, at the
request of a majority of the holders of Registrable Securities then outstanding,
at any time after six months has elapsed from the date of the closing of the
transactions contemplated by the Stock Purchase Agreement, the Company shall at
its expense file a registration statement on such form covering Registrable
Securities on behalf of such holder or holders, provided, however, that the
Company shall not be required to effect any such registration pursuant to this
Section 4 if the holders of Registrable Securities propose to sell Registrable
Securities at an aggregate price to the public of less than $1,000,000. The
holders may also require that the Company offer the Registrable Securities on a
delayed and continuous offering basis on Form S-3 or any similar registration
form then in force subject to the terms of Section 5.2 below. The Company shall
give notice to all the holders of Registrable Securities who did not join in
such request and afford them a reasonable opportunity to participate in such
registration. There shall be no limit on the number of requests for registration
pursuant to this Section 4. Registration pursuant to this Section 4 shall not be
deemed to be a demand registration as described in Section 2.

     5. Registration Procedures. If and whenever the Company is required by the
provisions of Section 2, Section 3 or Section 4 to effect a registration of
Registrable Securities under the Securities Act, the Company will use reasonable
efforts to effect the registration and sale of such Registrable Securities in
accordance with the intended methods of disposition specified by the holders
participating therein. Without limiting the foregoing, the Company in each such
case will, as expeditiously as possible:

          5.1 In the case of a demand registration pursuant to Section 2.1 or
     Section 4, prepare and file with the Commission the requisite registration
     statement to effect such registration (including such audited financial
     statements as may be required by the Securities Act or the rules and
     regulations thereunder) and use reasonable efforts to cause such
     registration statement to become effective; provided, however, that as far
     in advance as practical before filing such registration statement or any
     amendment thereto, the Company will furnish counsel for the requesting
     holders of Registrable Securities with copies of reasonably complete drafts
     of all such documents proposed to be filed, and any such holder shall have
     the opportunity to object to any information pertaining solely to such
     holder that is contained therein and the Company will make the corrections
     reasonably requested by such holder with respect to such information prior
     to filing such registration statement or amendment. Notwithstanding the
     foregoing, in the event

                                       5
<PAGE>

     that the provisions of this Section 5.1 conflict with Section 6.2 of the
     Stock Purchase Agreement, the terms of Section 6.2 the Stock Purchase
     Agreement shall govern.

          5.2 Prepare and file with the Commission such amendments and
     supplements to such registration statement and any prospectus used in
     connection therewith as may be necessary to maintain the effectiveness of
     such registration statement and to comply with the provisions of the
     Securities Act with respect to the disposition of all Registrable
     Securities included in such registration statement, in accordance with the
     intended methods of disposition thereof, until the earlier of (a) such time
     as all of the Registrable Securities included in such registration
     statement have been disposed of in accordance with the intended methods of
     disposition by the holder or holders thereof as set forth in such
     registration statement or (b) one hundred eighty (180) days after such
     registration statement becomes effective (or one (1) year after such
     registration statement becomes effective in the case of a registration
     statement on Form S-3 or any similar registration form then in force).

          5.3 Promptly notify each requesting holder and the underwriter or
     underwriters, if any:

               (a) when such registration statement or any prospectus used in
          connection therewith, or any amendment or supplement thereto, has been
          filed and, with respect to such registration statement or any
          post-effective amendment thereto, when the same has become effective;

               (b) of any written request by the Commission for amendments or
          supplements to such registration statement or prospectus;

               (c) of any notification received by the Company from the
          Commission regarding the Commission's initiation of any proceeding
          with respect to, or of the issuance by the Commission of, any stop
          order suspending the effectiveness of such registration statement; and

               (d) of the receipt by the Company of any notification with
          respect to the suspension of the qualification of any Registrable
          Securities for sale under the applicable securities or blue sky laws
          of any jurisdiction.

          5.4 Furnish to each holder of Registrable Securities included in such
     registration statement such number of conformed copies of such registration
     statement and of each amendment and supplement thereto, and such number of
     copies of the prospectus contained in such registration statement
     (including each preliminary prospectus and any summary prospectus) and any
     other prospectus filed under Rule 424 promulgated under the Securities Act
     relating to such seller's Registrable Securities, and such other documents,
     as such holder may reasonably request to facilitate the disposition of its
     Registrable Securities.

                                       6
<PAGE>

          5.5 Use reasonable efforts to register or qualify all Registrable
     Securities included in such registration statement under the securities or
     "blue sky" laws of such states as each holder of Registrable Securities
     shall reasonably request within thirty (30) days following the original
     filing of such registration statement and to keep such registration or
     qualification in effect for so long as such registration statement remains
     in effect, and take any other action which may be reasonably necessary or
     advisable to enable such holder to consummate the disposition in such
     states of the Registrable Securities owned by such holder, except that the
     Company shall not for any such purpose be required (a) to qualify generally
     to do business as a foreign corporation in any jurisdiction wherein it
     would not but for the requirements of this Section 5.5 be obligated to be
     so qualified, (b) to consent to general service of process in any such
     jurisdiction or (c) to subject itself to taxation in any such jurisdiction
     by reason of such registration or qualification.

          5.6 Use its best efforts to cause all Registrable Securities included
     in such registration statement to be registered with or approved by such
     other governmental agencies or authorities as may be necessary to enable
     each holder thereof to consummate the disposition of such Registrable
     Securities.

          5.7 Notify each holder whose Registrable Securities are included in
     such registration statement, at any time when a prospectus relating thereto
     is required to be delivered under the Securities Act, of the happening of
     any event as a result of which any prospectus included in such registration
     statement, as then in effect, includes an untrue statement of a material
     fact or omits to state any material fact required to be stated therein or
     necessary to make the statements therein, in the light of the circumstances
     under which they were made, not misleading, and, subject to Section 5.12,
     at the request of any such holder promptly prepare and furnish to such
     holder a reasonable number of copies of a supplement to or an amendment of
     such prospectus as may be necessary so that, as thereafter delivered to the
     purchaser of such Registrable Securities, such prospectus shall not include
     an untrue statement of a material fact or omit to state a material fact
     required to be stated therein or necessary to make the statements therein,
     in the light of the circumstances under which they were made, not
     misleading.

          5.8 Otherwise use its best efforts to comply with all applicable rules
     and regulations of the Commission.

          5.9 Use reasonable efforts to cause all Registrable Securities
     included in such registration statement to be listed, upon official notice
     of issuance, on any securities exchange or quotation system on which any of
     the securities of the same class as the Registrable Securities are then
     listed.

          5.10 Furnish, at the request of any holder requesting registration of
     Registrable Securities, on the date that such Registrable Securities are
     delivered to the underwriters for sale, if such securities are being sold
     through underwriters, or, if such securities are not being sold through
     underwriters, on the date that the registration statement with respect to
     such securities becomes effective, (i) an opinion, dated as of such date,
     of the counsel representing the Company for the purposes of such
     registration, in form and substance as is customarily given to

                                       7
<PAGE>

     underwriters in an underwritten public offering and reasonably satisfactory
     to the holders requesting registration, addressed to the underwriters, if
     any, and to the holders requesting registration of Registrable Securities
     and (ii) in the event that such securities are being sold through
     underwriters, a "comfort" letter dated as of such date, from the
     independent certified public accountants of the Company, in form and
     substance as is customarily given by independent certified public
     accountants to underwriters in an underwritten public offering and
     reasonably satisfactory to a majority in interest of the holders requesting
     registration, addressed to the underwriters and to the holders requesting
     registration of Registrable Securities.

          5.11 In the event of any underwritten public offering, enter into and
     perform its obligations under an underwriting agreement in usual and
     customary form (including customary indemnification of the underwriters by
     the Company), with the managing underwriter(s) of such offering. Each
     holder participating in such underwriting shall also enter into and perform
     its obligations under such an agreement; provided, however, that it shall
     not be considered customary to require any of the holders to provide
     representations and warranties regarding the Company or indemnification of
     the underwriters for material misstatements or omissions in the
     registration statement or prospectus for such offering other than
     misstatements and omissions based on information provided by the holders in
     writing specifically for use in the preparation of the registration
     statement.

          5.12 The Company may require each holder whose Registrable Securities
     are being registered to, and each such holder, as a condition to including
     Registrable Securities in such registration statement, shall, furnish the
     Company and the underwriters with such information and affidavits regarding
     such holder and the distribution of such Registrable Securities as the
     Company and the underwriters may from time to time reasonably in connection
     with such registration statement. At any time during the effectiveness of
     any registration statement covering Registrable Securities offered by a
     holder, if such holder becomes aware of any change materially affecting the
     accuracy of the information contained in such registration statement or the
     prospectus (as then amended or supplemented) relating to such holder, it
     will immediately notify the Company of such change.

          5.13 Upon receipt of any notice from the Company of the happening of
     any event of the kind described in Section 5.7, each holder will forthwith
     discontinue such holder's disposition of Registrable Securities pursuant to
     the registration statement relating to such Registrable Securities until
     such holder receives the copies of the supplemented or amended prospectus
     contemplated by Section 5.7 and, if so directed by the Company, shall
     deliver to the Company all copies, other than permanent file copies, then
     in such holder's possession of the prospectus relating to such Registrable
     Securities.

          5.14 Notwithstanding anything contained herein to the contrary, in the
     event that, during the period of time the Company is required to maintain
     the effectiveness of the registration statement relating to the Registrable
     Securities there is (a) material non-public information regarding the
     Company which the Board of Directors reasonably determines to be in the
     best interests of the Company not to disclose or (b) a significant business
     opportunity

                                       8
<PAGE>

     (including but not limited to the acquisition or disposition of assets
     other than in the ordinary course of business or any merger, consolidation,
     tender offer or other similar transaction available to the Company which
     the Board of Directors reasonably determines to be in the Company's best
     interests not to disclose, the Company may suspend the effectiveness of
     such registration statement for a period not to exceed ninety (90) days
     until such time as either of the events in clauses (a) or (b) no longer
     exists; provided however, that the Company may not utilize this right under
     this Section and Section 2.4 more than once in any twelve (12) month
     period.

     6. Expenses. With respect to any registration requested pursuant to Section
2 (except as otherwise provided in such Section with respect to a registration
voluntarily terminated at the request of the requesting holders of Registrable
Securities), Section 3 (except as otherwise provided in such Section with
respect to a registration continued by holders of Registrable Securities who
wish to proceed with a Public Offering that is withdrawn by the Company) or
Section 4, the Company shall bear all of the expenses ("Registration Expenses")
incident to the Company's performance of or compliance with its obligations
under this Agreement in connection with such registration including, without
limitation, all registration, filing, securities exchange listing and NASD fees,
all registration, filing, qualification and other fees and expenses or complying
with state securities or "blue sky" laws, all word processing, duplicating and
printing expenses, messenger and delivery expenses, the fees and disbursements
of counsel for the Company and of its independent public accountants, including
the expenses of any special audits or "cold comfort" letters required by or
incident to such performance and compliance, premiums and other costs of any
policies of insurance against liabilities arising out of the Public Offering of
the Registrable Securities being registered obtained by the Company (it being
understood that the Company shall have no obligation to obtain such insurance)
and any fees and disbursements of underwriters customarily paid by issuers or
sellers of securities; but excluding underwriting discounts and commissions and
transfer taxes, if any, in respect of Registrable Securities and any fees and
disbursements of counsel and accountants to the holders of the Registrable
Securities, which discounts, commissions, transfer taxes, fees and disbursements
shall in any registration be payable by the holders of the Registrable
Securities being registered, pro rata in proportion to the number of Registrable
Securities being sold by them.

     7. Indemnification.

          7.1 The Company will, to the full extent permitted by law, indemnify
     and hold harmless each holder of Registrable Securities which are included
     in a registration statement pursuant to the provisions of this Agreement,
     and its directors, officers, shareholders, employees, representatives and
     partners and each other person, if any, who controls such holder within the
     meaning of the Securities Act (collectively the "Related Entities"), from
     and against any and all losses, claims, damages, expenses or liabilities,
     joint or several (collectively, "Losses") to which such holder and its
     Related Entities may become subject under the Securities Act or otherwise,
     insofar as such Losses (or actions or proceedings, whether commenced or
     threatened, in respect thereof) arise out of or are based upon any untrue
     statement or alleged untrue statement of any material fact contained in a
     registration statement prepared and filed hereunder, any preliminary,

                                       9
<PAGE>

     final or summary prospectus contained therein or any amendment or
     supplement thereto or any omission or alleged omission to state therein a
     material fact required to be stated therein or necessary to make the
     statements therein (in the case of a prospectus, in the light of the
     circumstances under which they were made) not misleading or any violation
     or alleged violation by the Company of the Securities Act, the Exchange
     Act, any federal or state securities law or any rule or regulation
     promulgated under the Securities Act, the Exchange Act or any federal or
     state securities law in connection with the offering covered by such
     registration statement, and the Company will reimburse the holder and any
     of its Related Entities for any legal or other expenses reasonably incurred
     by them in connection with investigating or defending against any such
     Losses (or action or proceeding in respect thereof); provided, however,
     that the Company will not be liable in any such case to the extent that any
     such Losses arise out of or are based upon (a) an untrue statement or
     alleged untrue statement or omission or alleged omission made in conformity
     with written information furnished by such holder specifically for use in
     the preparation of the registration statement or (b) such holder's failure
     to send or give a copy of the final prospectus to the persons asserting an
     untrue statement or alleged untrue statement or omission or alleged
     omission at or prior to the written confirmation of the sale of Registrable
     Securities to such person if such statement or omission was corrected in
     such final prospectus. Such indemnity shall remain in full force and effect
     regardless of any investigation made by or on behalf of such holder or any
     of its Related Entities and shall survive the transfer of such securities
     by such holder.

          7.2 Each holder of Registrable Securities which are included in a
     registration pursuant to the provisions of this Agreement will, to the full
     extent permitted by law, indemnify and hold harmless the Company and its
     Related Entities from and against any and all Losses to which the Company
     and its Related Entities may become subject under the Securities Act or
     otherwise, insofar as such Losses (or actions or proceedings, whether
     commenced or threatened, in respect thereof) arise out of or are based upon
     any untrue or alleged untrue statement of any material fact contained in a
     registration statement prepared and filed hereunder, any preliminary, final
     or summary prospectus contained therein or any amendment or supplement
     thereto, or arise out of or are based upon the omission or the alleged
     omission to state therein a material fact required to be stated therein or
     necessary to make the statements therein (in the case of a prospectus, in
     the light of the circumstances under which they were made) not misleading,
     or arise out of or are based upon any violation or alleged violation by the
     holder of the Securities Act, the Exchange Act, any federal or state
     securities law or any rule or regulation promulgated under the Securities
     Act, the Exchange Act or any federal or state securities law in connection
     with the offering covered by such registration statement, in each case to
     the extent, but only to the extent, that such untrue statement or alleged
     untrue statement or omission or alleged omission or violation was so made
     in reliance upon and in strict conformity with written information
     furnished by such holder specifically for use in the preparation of such
     registration statement. Such indemnity shall remain in full force and
     effect regardless of any investigation made by or on behalf of the Company
     or any of its Related Entities. The holder of Registrable Securities
     included in a registration statement shall also indemnify each other person
     who participates (including as an underwriter) in the offering or sale of
     Registrable Securities, their officers and directors, and partners, and
     each other person, if any, who controls any such participating person

                                       10
<PAGE>

     within the meaning of the Securities Act to the same extent as provided
     above with respect to the Company. The total amounts payable in indemnity
     by a holder under this subsection shall not exceed in the aggregate the net
     proceeds received by such holder in the registered offering which triggered
     this indemnification unless such claim for indemnification is based upon
     fraud committed by such holder.

          7.3 Promptly after receipt by a party indemnified pursuant to the
     provisions of Section 7.1 or Section 7.2 of notice of the commencement of
     any action involving the subject matter of the foregoing indemnity
     provisions, such indemnified party will, if a claim thereof is to be made
     against the indemnifying party pursuant to the provisions of Section 7.1 or
     Section 7.2, promptly notify the indemnifying party of the commencement
     thereof; but the omission so to notify the indemnifying party will not
     relieve the indemnifying party from any liability which it may have to any
     indemnified party except to the extent that the indemnifying party is
     actually prejudiced by such failure to give notice. In case any such action
     is brought against any indemnified party, the indemnifying party shall have
     the right to participate in, and, to the extent that it may wish, jointly
     with any other indemnifying party, to assume the defense thereof, with
     counsel reasonably satisfactory to such indemnified party; provided,
     however, that if the defendants in any action include both the indemnified
     party and the indemnifying party and the indemnified party reasonably
     concludes that there is a conflict of interest that would prevent counsel
     for the indemnifying party from also representing the indemnified party,
     the indemnified party shall have the right to select separate counsel to
     participate in the defense of such action on behalf of the indemnified
     party or parties with the fees and expenses of such separate counsel to be
     paid by the indemnifying party. After notice from the indemnifying party to
     such indemnified party of its election so to assume the defense thereof,
     the indemnifying party will not be liable to such indemnified party
     pursuant to the provisions of Section 7.1 or Section 7.2 for any legal or
     other expense subsequently incurred by such indemnified party in connection
     with the defense thereof unless (a) the indemnified party shall have
     employed counsel in accordance with the proviso of the preceding sentence,
     (b) the indemnifying party shall not have employed counsel reasonably
     satisfactory to the indemnified party to represent the indemnified party
     within a reasonable time after the notice of the commencement of the action
     or (c) the indemnifying party has authorized the employment of counsel for
     the indemnified party at the expense of the indemnifying party. If the
     indemnifying party is not entitled to, or elects not to, assume the defense
     of a claim, it will not be obligated to pay the fees and expenses of more
     than one counsel for the indemnified parties with respect to such claim. No
     indemnifying party shall consent to entry of any judgment or enter into any
     settlement which does not include as an unconditional term thereof the
     giving by the claimant or plaintiff to such indemnified party of a release
     from all liability in respect to such claim or litigation without the
     consent of the indemnified party. No indemnifying party shall be subject to
     any liability for any settlement made without its consent. An indemnified
     party may at any time elect to participate in the defense of any claim or
     proceeding at its own expense.

                                       11
<PAGE>

          7.4 The foregoing indemnity agreements of the Company and holders are
     subject to the condition that, insofar as they relate to any violation
     (indemnifiable under this Section 7) made in a preliminary prospectus but
     eliminated or remedied in the amended prospectus on file with the SEC at
     the time the registration statement in question becomes effective or the
     amended prospectus filed with the SEC pursuant to SEC Rule 424(b) (the
     "Final Prospectus"), such indemnity agreement shall not inure to the
     benefit of any person if a copy of the Final Prospectus was timely
     furnished to the indemnified party and was not furnished to the person
     asserting the loss, liability, claim or damage at or prior to the time such
     action is required by the Securities Act.

          7.5 The obligations of the Company and holders under this Section 7
     shall survive until the fifth anniversary of the completion of any offering
     of Registrable Securities in a registration statement, regardless of the
     expiration of any statutes of limitation or extensions of such statutes

     8. Covenants Relating to Rule 144. If at any time the Company is required
to filed reports in compliance with either Section 13 or Section 15(d) of the
Securities Exchange Act of 1934, as amended, (the "Exchange Act") the Company
will (a) file reports in compliance with the Exchange Act and (b) comply with
all rules and regulations of the Commission applicable to the use of Rule 144.

     9. Underwritten Offerings. If a distribution of Registrable Securities
pursuant to a registration statement is to be underwritten, the holders whose
Registrable Securities are to be distributed by such underwriters shall be
parties to such underwriting agreement. No requesting holder may participate in
such underwritten offering unless such holder agrees to sell its Registrable
Securities on the basis provided in such underwriting agreement and completes
and executes all questionnaires, powers of attorney, indemnities and other
documents reasonably required under the terms of such underwriting agreement.
Notwithstanding the foregoing, in connection with such underwriting the holders
shall not be required to provide representations and warranties regarding the
Company or indemnification of the underwriters for material misstatements or
omissions in the registrations statement or prospectus for such offering other
than misstatements and omissions based on information provided by the holders in
writing specifically for use in the preparation of the registration statement.
If any requesting holder disapproves of the terms of an underwriting, such
holder may elect to withdraw therefrom and from such registration by notice to
the Company and the managing underwriter, and each of the remaining requesting
holders shall be entitled to increase the number of Registrable Securities being
registered to the extent of the Registrable Securities so withdrawn in the
proportion which the number of Registrable Securities being registered by such
remaining requesting holder bears to the total number of Registrable Securities
being registered by all such remaining requesting holders.

                                       12
<PAGE>

     10. Amendment. This Agreement may be amended with the written consent of
the Company and the holders of more than 50% of the Registrable Securities.
Without the prior written consent of the Purchaser, the Company covenants and
agrees that it shall not grant, or cause or permit to be created, for the
benefit of any person or entity any registration rights of any kind (whether
similar to the demand, "piggyback" or Form S-3 registration rights described in
this Section 7, or otherwise) relating to shares of the Company's Common Stock
or any other securities of the Company that are pari passu or superior to the
rights granted under this Agreement.

     11. Termination. This Agreement, and all of the Company's obligations
hereunder (other than its obligations pursuant to Section 7, which obligations
shall survive such termination), shall terminate upon the earlier to occur of
(a) the date on which there are no Registrable Securities outstanding; or (b)
three (3) years after the closing of the transactions contemplated by the Stock
Purchase Agreement.

     12. Assignment of Registration Rights. The rights to cause the Company to
register Registrable Securities pursuant hereto may be assigned, in whole or in
part (but only with all related obligations), by a holder of Registrable
Securities to a transferee or assignee of such securities provided such
transferee agrees in writing to be bound by and subject to the terms and
conditions hereof.

                                      * * *

                                       13
<PAGE>

                                       Company:

                                       ANCOR COMMUNICATIONS,
                                       INCORPORATED

                                       By: /s/ Steven E Snyder
                                           -------------------------------------
                                       Print Name:  Steven E Snyder
                                                    ----------------------------
                                       Title: CFO
                                              ----------------------------------

                                       Purchaser:

                                       INTEL CORPORATION

                                       By: /s/ Arvind Sodhani
                                           -------------------------------------
                                       Print Name: Arvind Sodhani
                                                   -----------------------------
                                       Title: Vice President and Treasurer
                                              ----------------------------------

                                       14<PAGE>

                                                                    EXHIBIT 10.6

                                 CONSEP, INC.

                           1992 STOCK INCENTIVE PLAN

                        (Including Restatement of 1987
                       Non-Qualified Stock Option Plan)

     1.   Purposes of the Plan.  The purposes of this Stock Incentive Plan are
          --------------------
to attract and retain the best available personnel for positions of substantial
responsibility, to provide additional incentive to the Employees and Consultants
of the Company and to promote the success of the Company's business.

     Options granted hereunder may be either "incentive stock options," as
defined in Section 422 of the Internal Revenue Code of 1986, as amended, or
"nonqualified stock options," at the discretion of the Board and as reflected in
the terms of the written option agreement.  In addition, shares of the Company's
Common Stock may be sold hereunder independent of any option grant.

     The Company's 1987 Non-Qualified Stock Option Plan (the "1987 Plan") is
hereby amended and restated in its entirety.  All outstanding options granted
under the 1987 Plan shall be deemed Nonqualified Stock Options under this Plan
and subject to the terms and conditions hereof.

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

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

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

          (c)  "Common Stock" shall mean the Voting Common Stock of the Company.
                ------------

          (d)  "Company" shall mean Consep, Inc., an Oregon corporation.
                -------

          (e)  "Committee" shall mean the Committee appointed by the Board of
                ---------
Directors in accordance with paragraph (a) of Section 4 of the Plan, if one is
appointed.

          (f)  "Consultant" shall mean any person who is engaged by the Company
                ----------
or any Subsidiary to render consulting services and is compensated for such
consulting services and any director of the Company whether compensated for such
services or not.

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

          (h)  "Employee" shall mean any person, including officers and
                --------
directors, employed by the Company or any Parent or Subsidiary of the Company.
The payment of a director's fee by the Company shall not be sufficient to
constitute "employment" by the Company.

          (i)  "Incentive Stock Option" shall mean an Option intended to qualify
                ----------------------
as an incentive stock option within the meaning of Section 422 of the Code.

          (j)  "Nonqualified Stock Option" shall mean an option not intended to
                -------------------------
qualify as an incentive stock option within the meaning of Section 422 of the
Code.

                                      -1-
<PAGE>

          (k)  "Option" shall mean a stock option granted pursuant to the Plan.
                ------

          (l)  "Optioned Stock" shall mean the Common Stock subject to an
                --------------
option.

          (m)  "Optionee" shall mean an Employee or Consultant who receives an
                --------
Option.

          (n)  "Parent" shall mean a "parent corporation," whether now or
                ------
hereafter existing, as defined in Section 425 (e) of the Code.

          (o)  "Plan" shall mean this Stock Incentive Plan.
                ----

          (p)  "Sale" or "Sold" shall include, with respect to the sale of
                ----      ----
Shares under the Plan, the sale of Shares for consideration in the form of cash
or notes, as well as a grant of Shares without consideration, except past or
future services.

          (q)  "Share" shall mean a share of the Common Stock, as adjusted in
                -----
accordance with Section 11 of the Plan.

          (r)  "Subsidiary" shall mean a "subsidiary corporation," whether now
                ----------
or hereafter existing, as defined in Section 425(f) of the Code.

     3.   Stock Subject to the Plan.  Subject to the provisions of Section 11 of
          -------------------------
the Plan, the maximum aggregate number of shares which may be optioned and/or
Sold under the Plan is 10,750,000 shares of Common Stock.  The Shares may be
authorized, but unissued, or reacquired Common Stock.

     If an Option should expire or become unexercisable for any reason without
having been exercised in full, the unpurchased Shares which were subject thereto
shall unless the Plan shall have been terminated, become available for future
Option grants and/or Sales under the Plan.  If Shares Sold under the Plan are
repurchased by the Company pursuant to restrictions applicable to such Shares,
the number of Shares repurchased shall, unless the Plan shall have been
terminated, become available for future Option grants and/or Sales under the
Plan.

     4.   Administration of the Plan.
          --------------------------

          (a)  Procedure.  The Plan shall be administered by the Board of
               ---------
Directors of the Company.

               (i)    Subject to subparagraph (ii), the Board of Directors may
appoint a Committee consisting of not less than three (3) members of the Board
of Directors to administer the Plan on behalf of the Board of Directors, subject
to such terms and conditions as the Board of Directors may prescribe. Once
appointed, the Committee shall continue to serve until otherwise directed by the
Board of Directors. From time to time the Board of Directors may increase the
size of the Committee and appoint additional members thereof, remove members
(with or without cause) and appoint new members in substitution thereof, fill
vacancies however caused, or remove all members of the Committee and thereafter
directly administer the Plan.

     Members of the Board who are either eligible for Options and/or Sales or
have been granted Options or Sold Shares may vote on any matters affecting the
administration of the Plan or the grant of any Options or Sale of any Shares
pursuant to the Plan, except that no such member shall act upon the granting of
an Option or Sale of Shares to himself, but any such member may be counted in
determining the existence of a quorum at any meeting of the Board during which
action is taken with respect to the granting of options or Sale of Shares to
him.

               (ii)   Notwithstanding the foregoing subparagraph (i), if and in
any event the Company registers any class of any equity security pursuant to
Section 12 of the Securities Exchange Act of 1934, from the effective date of
such registration until six (6) months after the termination of such
registration, any grants of options to officers or directors shall only be made
by the Board; provided, however, that if any member of the Board has received an
option grant or stock award under this Plan or any other stock option or other
stock plan of the Company, or any of its affiliates, at any time within the
preceding year, any grants of options to officers or directors must be made

                                      -2-
<PAGE>

by, or only in accordance with the recommendation of, a Committee consisting of
two or more persons, each of whom must be a member of the Board of Directors of
the Company, appointed by the Board and having full authority to act in the
matter, and none of whom has received any option grant or stock award under this
Plan or any other stock option or other stock plan of the Company, or any of its
affiliates at any time within the preceding year.

          (b)  Powers of the Board.  Subject to the provisions of the Plan, the
               -------------------
Board shall have the authority, in its discretion: (i) to grant Incentive Stock
Options in accordance with Section 422 of the Code, or nonqualified stock
Options; (ii) to authorize Sales of Shares of Common Stock hereunder; (iii) to
determine upon review of relevant information and in accordance with Section 8
(b) of the Plan, the fair market value of the Common Stock; (iv) to determine
the exercise/purchase price per share of Options to be granted or Shares to be
Sold, which exercise/purchase price shall be determined in accordance with
Section 8(a) of the Plan; (v) to determine the Employees or Consultants to whom,
and the time or times at which, Options shall be granted and the number of
Shares to be represented by each Option; (vi) to determine the Employees or
Consultants to whom, and the time or times at which, Shares shall be Sold and
the number of Shares to be Sold; (vii) to interpret the Plan; (viii) to
prescribe, amend and rescind rules and regulations relating to the Plan; (ix) to
determine the terms and provisions of each Option granted (which need not be
identical) and, with the consent of the holder thereof, modify or amend each
option; (x) to determine the terms and provisions of each Sale of Shares (which
need not be identical) and, with the consent of the purchaser thereof, modify or
amend each Sale; (xi) to accelerate or defer (with the consent of the Optionee)
the exercise date of any option, consistent with the provisions of Section 9 of
the Plan; (xii) to accelerate or defer (with the consent of the Optionee or
purchaser of Shares) the vesting restrictions applicable to Shares Sold under
the Plan or pursuant to Options granted under the Plan; (xiii) to authorize any
person to execute on behalf of the Company any instrument required to effectuate
the grant of an Option or Sale of Shares previously granted or authorized by the
Board; (xiv) to determine the restrictions on transfer, vesting restrictions,
repurchase rights, or other restrictions applicable to Shares issued under the
Plan; (xv) to effect, at any time and from time to time, with the consent of the
affected Optionees, the cancellation of any or all outstanding Options under the
Plan and to grant in substitution therefor new Options under the Plan covering
the same or different numbers of Shares, but having an option price per Share
consistent with the provisions of Section 8 of this Plan as of the date of the
new Option grant; and (xvi) to make all other determinations deemed necessary or
advisable for the administration of the Plan.

          (c)  Effect of Board's Decision.  All decisions, determinations and
               --------------------------
interpretations of the Board shall be final and binding on all Optionees and any
other holders of any Options granted under the Plan or Shares Sold under the
Plan.

     5.   Eligibility.
          ------------

          (a)  Persons Eligible.  Options may be granted and/or Shares Sold only
               ----------------
to Employees and Consultants.  Incentive Stock options may be granted only to
Employees.  An Employee or Consultant who has been granted an Option or Sold
Shares may, if he is otherwise eligible, be granted an additional Option or
Options or Sold additional Shares.

          (b)  ISO Limitation.  No Incentive Stock Option may be granted to an
               --------------
Employee which, when aggregated with all other Incentive Stock Options granted
to such Employee by the Company or any Parent or Subsidiary, would result in
Shares having an aggregate fair market value (determined for each Share as of
the date of grant of the Option covering such Share) in excess of $100, 000
becoming first available for purchase upon exercise of one or more Incentive
Stock Options during any calendar year.

          (c)  Section 5(b) Limitations.  Section 5(b) of the Plan shall apply
               ------------------------
only to an Incentive Stock Option evidenced by an "Incentive-Stock Option
Agreement" which sets forth the intention of the Company and the Optionee that
such Option shall qualify as an incentive Stock Option.  Section 5 (b) of the
Plan shall not apply to any Option evidenced by a "Nonqualified Stock Option
Agreement" which sets forth the intention of the Company and the Optionee that
such Option shall be a Nonqualified Stock Option.

          (d)  No right to Continued Employment.  The Plan shall not confer upon
               --------------------------------
any Optionee any right with respect to continuation of employment or consulting
relationship with the Company, nor shall it interfere in any way with his right
or the Company's right to terminate his employment or consulting relationship at
any time.

                                      -3-
<PAGE>

     6.   Term of Plan.  The Plan shall become effective upon the earlier to
          ------------
occur of its adoption by the Board of Directors or its approval by the
stockholders of the Company as described in Section 17 of the Plan.  It shall
continue in effect for a term of ten (10) years, unless sooner terminated under
Section 13 of the Plan.

     7.   Term of Option.  The term of each Incentive Stock Option shall be ten
          --------------
(10) years from the date of grant thereof or such shorter term as may be
provided in the Stock Option Agreement.  The term of each Nonqualified Stock
Option shall be ten (10) years and one (1) day from the date of grant thereof or
such shorter term as may be provided in the Stock Option Agreement.  However, in
the case of an Incentive Stock option granted to an Optionee who, at the time
the Incentive Stock Option is granted, owns stock representing more than ten
percent (10%) of the voting power of all classes of stock of the Company or any
Parent or Subsidiary, the term of the Incentive Stock Option shall be five (5)
years from the date of grant thereof or such shorter time as may be provided in
the Stock Option Agreement.

     8.   Exercise/Purchase Price and Consideration.
          -----------------------------------------

          (a)  Exercise/Purchase Price.  The per-Share exercise/purchase price
               -----------------------
for the Shares to be issued pursuant to exercise of an Option or a Sale (other
than a Sale which is a grant for which no purchase price is payable) shall be
such a price as is determined by the Board, but shall be subject to the
following:

               (i)    In the case of an Incentive Stock Option

                      (A)   granted to an Employee who, at the time of the grant
of such Incentive Stock Option, owns stock representing more than ten percent
(10%) of the voting power of all classes of stock of the Company or any Parent
or Subsidiary, the per Share exercise price shall be no less than one hundred
ten percent (110%) of the fair market value per Share on the date of the grant.

                      (B)   granted to any other Employee, the per Share
exercise price shall be no less than one hundred percent (100%) of the fair
market value per Share on the date of grant.

               (ii)   In the case of a Nonqualified Stock Option or Sale granted
or Sold to any person, the per Share exercise/purchase price shall be no less
than eighty-five percent (85%) of the fair market value per Share on the date of
grant or authorization of Sale.

               (iii)  In the case of an Option granted or Sale authorized on or
after the effective date of registration of any class of equity security of the
Company pursuant to Section 12 of the Exchange Act and prior to six (6) months
after the termination of such registration, the per Share exercise/purchase
price shall be no less than one hundred percent (100%) of the fair market value
per Share on the date of grant or authorization of Sale.

          (b)  Fair Market Value.  The fair market value per Share shall be
               -----------------
determined by the Board in its discretion; provided, however, that where there
is a public market for the Common Stock, the fair market value per Share shall
be the mean of the bid and asked prices of the Common Stock for the date of
grant or authorization of Sale, as reported in The Wall Street Journal (or, if
                                               -----------------------
not so reported, as otherwise reported by the National Association of Securities
Dealers Automated Quotation (NASDAQ) System) or, in the event the Common Stock
is listed on a stock exchange (including NASDAQ), the fair market value per
Share shall be the closing price on such exchange on the date of grant of the
option or authorization of Sale, as reported in The Wall Street Journal.
                                                -----------------------

          (c)  Consideration.  The consideration to be paid for the Shares to be
               -------------
issued upon exercise of an Option or pursuant to a Sale, including the method of
payment, shall be determined by the Board and may consist entirely of cash,
check, promissory note, other Shares of Common Stock having a fair market value
on the date of surrender equal to the aggregate exercise/purchase price of the
Shares as to which said option shall be exercised or Sale consummated, or any
combination of such methods of payment for the issuance of Shares.

                                      -4-
<PAGE>

     9.   Exercise of Option.
          ------------------

          (a)  Procedure for Exercise: Rights as a Stockholder.  Any option
               -----------------------------------------------
granted hereunder shall be exercisable at such times and under such conditions
as determined by the Board, including performance criteria with respect to the
Company and/or the Optionee, and as shall be permissible under the terms of the
Plan.

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

          An option shall be deemed to be exercised when written notice of such
exercise has been given to the Company in accordance with the terms of the
Option by the person entitled to exercise the Option and full payment for the
Shares with respect to which the option is exercised has been received by the
Company.  Full payment may, as authorized by the Board, consist of any
consideration and method of payment allowable under Section 8(c) of the Plan.
Each Optionee who exercises an Option shall, upon notification of the amount due
(if any) and prior to or concurrent with delivery of the certificate
representing the Shares, pay to the Company amounts necessary to satisfy
applicable federal, state and local tax withholding requirements.  An Optionee
must also provide a duly executed copy of any stock transfer agreement then in
effect and determined to be applicable by the Board.  Until the issuance,(as
evidenced by the appropriate entry on the books of the Company or of a duly
authorized transfer agent of the Company) of the stock certificate evidencing
such Shares, no right to vote or receive dividends or any other rights as a
stockholder shall exist with respect to the Optioned Stock, notwithstanding the
exercise of the option.  No adjustment will be made for a dividend or other
right for which the record date is prior to the date the stock certificate is
issued, except as provided in Section 11 of the Plan.

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

          (b)  Termination of Status as an Employee or Consultant.  If an
               --------------------------------------------------
Employee or Consultant ceases to serve as an Employee or Consultant (as the case
may be), he may, but only within three (3) months (or with respect to
Nonqualified Stock options, such other period of time not exceeding the
limitations of Section 7 above as is determined by the Board at the time of
grant of the Nonqualified Stock option) after the date he ceases to be an
Employee or Consultant (as the case may be) of the Company, exercise his option
to the extent that he was entitled to exercise it at the date of such
termination.  To the extent that: he was not entitled to exercise the Option at
the date of such termination, or if he does not exercise such Option (which he
was entitled to exercise) within the time specified herein, the Option shall
terminate.

          (c)  Disability of Optionee. Notwithstanding the provisions of Section
               ----------------------
9(b) above, in the event an Employee or Consultant is unable to continue his
employment or consulting relationship (as the case may be) with the Company as a
result of his total and permanent disability (as defined in Section 22(e)(3) of
the Code), he may, but only within twelve (12) months (or with respect to
Nonqualified Stock Options, such other period of time not exceeding the
limitations of Section 7 above as is determined by the Board at the time of
grant of the Nonqualified Stock Option) from the date of termination, exercise
his option to the extent he was entitled to exercise it at the date of such
termination.  To the extent that he was not entitled to exercise the Option at
the date of termination, or if he does not exercise such Option (which he was
entitled to exercise) within the time specified herein, the option shall
terminate.

          (d)  Death of Optionee.  In the event of the death of an Optionee,
               -----------------
during the term of the Option who is at the time of his death an Employee or
Consultant of the Company and who shall have been in Continuous Status as an
Employee or consultant since the date of grant of the Option, the Option may be
exercised, at any time within twelve (12) months (or such other period of time
not exceeding the limitations of Section 7 above as is determined by the Board
at the time of grant of the Option) following the date of death, by the
Optionee's estate or by a person who acquired the right to exercise the Option
by bequest or inheritance, but only to the extent of the right to exercise as of
the date of death.

     10.  Nontransferability of Options.  An option may not be sold, pledged,
          -----------------------------
assigned, hypothecated, transferred or disposed of in any manner other than by
will or by the laws of descent or distribution and may be exercised during the
lifetime of the Optionee only by the Optionee.

                                      -5-
<PAGE>

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

          In the event of the proposed dissolution or liquidation of the
Company, the Option will terminate immediately prior to the consummation of such
proposed action, unless otherwise provided by the Board.  The Board may, in the
exercise of its sole discretion in such instances, declare that any Option shall
terminate as of a date fixed by the Board and give each Optionee the right to
exercise his Option as to all or any part of the Optioned Stock, including
Shares as to which the Option would not otherwise be exercisable.  In the event
of a proposed sale of all or substantially all of the assets of the Company, or
the merger of the Company with or into another corporation, the Option shall be
assumed or an equivalent option shall be substituted by such successor
corporation or a parent or subsidiary of such successor corporation, unless the
Board determines, in the exercise of its sole discretion and in lieu of such
assumption or substitution, that the Optionee shall have the right to exercise
the Option as to all of the Optioned Stock, including Shares as to which the
Option would not otherwise be exercisable.  If the Board makes an Option fully
exercisable in lieu of assumption or substitution in the event of a merger or
sale of assets, the Board shall notify the Optionee that the option shall be
fully exercisable for a period of thirty (30) days from the date of such notice
or such shorter period as the Board may specify in the notice, and the Option
will terminate upon the expiration of such period.

     12.  Time of Granting Options.  The date of grant of an Option shall, for
          ------------------------
all purposes, be the date on which the Board makes the determination granting
such Option.  Notice of the determination shall be given to each Employee or
Consultant to whom an Option is so granted within a reasonable time after the
date of such grant.

     13.  Amendment and Termination of the Plan.
          -------------------------------------

          (a)  Amendment and Termination.  The Board may amend or terminate the
               -------------------------
Plan from time to time in such respects as the Board may deem advisable;
provided that the following revisions or amendments shall require approval of
the stockholders of the Company in the manner described in Section 17 of the
Plan:

               (i)    any increase in the number of Shares subject to the Plan,
other than in connection with an adjustment under Section 11 of the Plan;

               (ii)   any change in the designation of the class of Employees or
Consultants eligible to be granted Options; or

               (iii)  if the Company has a class of equity security registered
under Section 12 of the Exchange Act at the time of such revision or amendment,
any material increase in the benefits accruing to participants under the Plan.

          (b)  Stockholder Approval.  If any amendment requiring stockholder
               --------------------
approval under Section 13 (a) of the Plan is made subsequent to the first
registration of any class of equity security by the Company under Section 12 of
the Exchange Act, such stockholder approval shall be solicited as described in
Section 17(a) of the Plan.

          (c)  Effect of Amendment or Termination.  Any such amendment or
               ----------------------------------
termination of the Plan shall not affect Options already granted, and such
Options shall remain in full force and effect as if this Plan had not been

                                      -6-
<PAGE>

amended or terminated, unless mutually agreed otherwise between the Optionee and
the Board, which agreement must be in writing and signed by the Optionee and the
Company.

     14.  Conditions Upon Issuance of Shares.  Shares shall not be issued
          ----------------------------------
pursuant to the exercise of an option or a Sale unless the exercise of such
Option or consummation of the Sale and the issuance and delivery of such Shares
pursuant thereto shall comply with all relevant provisions of law, including,
without limitation, the Securities Act of 1933, as amended, applicable state
securities laws, the Exchange Act, the rules and regulations promulgated
thereunder, and the requirements of any stock exchange upon which the Shares may
then be listed, and shall be further subject to the approval of counsel for the
Company with respect to such compliance.

          As a condition to the exercise of an Option or a Sale, the Company may
require the person exercising such Option or to whom Shares are being Sold to
represent and warrant at the time of any such exercise or Sale that the Shares
are being purchased only for investment and without any present intention to
sell or distribute such Shares if, in the opinion of counsel for the Company,
such a representation is required by any of the aforementioned relevant
provisions of law.

     15.  Reservation of Shares.  The Company, during the term of this Plan,
          ---------------------
will at all times reserve and keep available such number of Shares as shall be
sufficient to satisfy the requirements of the Plan.

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

     16.  Option Agreement.  Options shall be evidenced by written option
          ----------------
agreements in such form as the Board shall approve.

     17.  Stockholder Approval.  Continuance of the Plan shall be subject to
          --------------------
approval by the stockholders of the Company within twelve months before or after
the date the Plan is adopted.  If such stockholder approval is obtained at a
duly held stockholders meeting, it may be obtained by the affirmative vote of
the holders of a majority of the outstanding shares of the Company, such holders
being present or represented and entitled to vote thereon.  If and in the event
that the Company registers any class of any equity security pursuant to Section
12 of the Exchange Act,  the approval of such stockholders of the Company shall
be:

          (a)  Solicitation.
               -------------

               (i)    solicited substantially in accordance with Section 14 (a)
of the Exchange Act and the rules and regulations promulgated thereunder, or

               (ii)   solicited after the Company has furnished in writing to
the holders entitled to vote substantially the same information concerning the
Plan as that which would be required by the rules and regulations in effect
under Section 14(a) of the Exchange Act at the time such information is
furnished; and

          (b)  Time.  Obtained at or prior to the first annual meeting of
               ----
stockholders held subsequent to the first registration of any class of equity
securities of the Company under Section 12 of the Exchange Act.

          If such stockholder approval is obtained by written consent, it must
be obtained by the written consent of stockholders of the Company in compliance
with the requirements of applicable state law.

                              __________________

                                      -7-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00006-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00006-of-00352.parquet"}]]