Document:

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                                                                   EXHIBIT 10.17

      PERSONAL & CONFIDENTIAL

      Dear Janet Waldo:

      This letter will confirm our agreement with respect to the terms of your
employment by Bridgetech Holdings International, Inc., a Delaware corporation
(referred to herein as "the Company").

      The Company desires to retain your services, and you wish to be employed
by the Company. In furtherance of the mutual desires of the parties, you and the
Company have agreed, effective November 21, 2005, as follows:

1.    EMPLOYMENT. The Company hereby agrees to employ you, and you hereby agree
      to be employed by the Company, upon the terms and subject to the
      conditions set forth in this Agreement.

2.    TERM OF EMPLOYMENT. The period of employment under this Agreement shall
      begin on November 21, 2005 and shall continue through November 20, 2006
      (the "Term"), unless sooner terminated in accordance with Section 5 below
      or unless extended by mutual agreement of the parties (the "Employment
      Term").

3.    DUTIES AND. RESPONSIBILITIES.

      3.1.  The Company will employ you as President of the Contract Research
            Organization (CRO) (or such amended name as agreed to by the
            parties). In such capacity, you shall perform the customary duties
            and have the customary responsibilities of such position and such
            other related duties as may be reasonably assigned to you from time
            to time by the Company and such other or different duties as you may
            agree to in writing.

      3.2.  You agree to faithfully serve the Company, to devote your full
            working time, attention and energies to the business of the Company,
            and to perform the duties under this Agreement to the best of your
            abilities.

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      3.3.  You agree (i) to comply with all applicable laws, rules and
            regulations, and all requirements of all applicable regulatory,
            self-regulatory, and administrative bodies; (ii) to comply with the
            Company's Policies and Procedures; (iii) to comply with the terms of
            this Agreement; and (iv) not to engage in any other business or
            employment without the written consent of the Company except as
            otherwise specifically provided herein.

4.    COMPENSATION AND BENEFITS. During the Employment Term, your compensation
      shall be as follows:

      4.1.  BASE SALARY. The Company shall pay you an annual Base Salary of ONE
            HUNDRED AND FIFTY THOUSAND DOLLARS ($150,000.00). Base Salary shall
            be paid periodically at the same times as the Company generally pays
            Base Salary to its other professional staff employees.

      4.2   BONUS COMPENSATION. In addition to Base Salary, as incentive
            compensation, the Company shall provide you with Bonus Compensation
            earned during the Employment Term. Bonus shall be range from 25% to
            75% of Base Salary based upon the completion of certain agreed upon
            performance criteria. The total amount of the annual cash bonus
            earned shall be paid 45 days after year-end.

      4.3   STOCK. The Company shall award you 50,000 shares of Restricted
            Common Stock upon acceptance of the position. The shares are to be
            Rule 144 shares that can not be sold for a period of twelve months.
            In addition, you will be granted 50,000 non-qualified stock options
            upon acceptance of the position, which will vest immediately. You
            will also be able to participate in the company's stock option plan
            and additional options will be granted to you on an annual basis,
            based upon your performance with the company.

      4.2.  OTHER BENEFITS. During the Employment Term, you also shall be
            eligible to participate in the Company's other employee benefit
            plans and programs as from time to time may generally be made
            available to the Company's similarly-situated employees, subject in
            each case to the terms and provisions of such plans and programs.

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      4.3.  BUSINESS EXPENSES. The Company recognizes that, in connection with
            your duties and responsibilities under this Agreement, you will
            incur ordinary and necessary business expenses. The Company agrees
            to reimburse you for such ordinary and necessary business expenses
            in accordance with the Company's applicable guidelines and
            procedures.

5.    TERMINATION OF EMPLOYMENT PRIOR TO LAST DAY OF THE TERM. Notwithstanding
      anything to the contrary herein, your employment under this Agreement
      shall terminate prior to the expiration of the Term upon the occurrence of
      any of the circumstances set forth in this Section 5. Upon termination,
      you (or your beneficiary or estate, as the case may be) shall be entitled
      to receive the compensation and benefits described in Section 6 below.

      5.1.  DEATH. Your employment shall terminate upon your death.

      5.2.  TOTAL DISABILITY. The Company may terminate your employment upon
            your becoming "Totally Disabled." For purposes of this Agreement,
            you will be considered to be "Totally Disabled" as of the date you
            become entitled to receive disability benefits under the Company's
            long-term disability plan as in effect at the time.

      5.3.  TERMINATION BY THE COMPANY FOR CAUSE. The Company may terminate your
            employment at any time for "Cause." As used herein, "Cause" shall
            mean (i) any material act of dishonesty committed by you affecting
            the Company, (ii) your continued failure to perform substantially
            your duties as President and Chief Operating Officer with the
            Company (other than any such failure resulting from your incapacity
            due to physical or mental illness) reasonably promptly after a
            written demand for substantial performance is delivered to you by
            the Company which specifically identifies the manner in which the
            Company believes that you have not substantially performed your
            duties, (iii) your use of alcohol, drugs or other controlled
            substances in such a manner as to interfere materially with the
            performance of your duties for the Company if such material
            interference shall continue for 30 days after notice in writing from
            the Company specifying such interference in reasonable detail, (iv)
            material violation by you of any material Company policy in the
            Company policy manual, as

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            amended from time to time, or other Company policies and procedures
            which prior to such violation were set forth in writing and provided
            or made available to you (including, without limitation, policies
            and procedures relating to proprietary information,
            nondiscrimination, sexual harassment or other unlawful conduct)
            which could otherwise result in termination of employment
            (collectively, the "Policies and Procedures"), or (v) your failure
            to comply with the obligations of this Agreement in any material
            respect if such failure shall continue for 30 days after notice, in
            writing, from the Company specifying such failure in reasonable
            detail.

      5.4.  TERMINATION BY THE COMPANY WITHOUT CAUSE. The Company may terminate
            your employment at any time, without Cause, upon 30 days' prior
            written notice to you.

      5.5.  TERMINATION BY YOU FOR GOOD REASON. You may terminate your
            employment at any time for "Good Reason."

            5.5.1. As used herein, "Good Reason" shall mean (i) that the Company
                  has changed the level or nature of your duties and
                  responsibilities without your written consent such that an
                  objective observer, considering your duties and
                  responsibilities (as so changed) as a whole, would conclude
                  that there has been an adverse change in your duties and
                  responsibilities as compared to those in effect prior to the
                  first such change to which you have not so consented; (ii) the
                  Company has changed the amount of your Base Salary and/or the
                  percentage and corresponding cash bonus levels of your Bonus
                  Compensation as stated under 4.1 and 4.2 without your written
                  consent such that an objective observer, considering your Base
                  Salary and Bonus Compensation (as so changed) as a whole,
                  would conclude that there has been an adverse change in your
                  compensation and benefits as compared to those in effect prior
                  to the first such change to which you have not so consented;
                  (iii) the Company materially breaches any of its obligations
                  hereunder (it being understood that, without limitation, any
                  reduction in, or failure to pay, Base Salary or Bonus

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                  Compensation or failure to provide any of the benefits you are
                  entitled to be provided under the benefit plans referred to in
                  Section 4.3 and Section 4.4 would be a material breach); or
                  (iv) that the Company has required without your consent that
                  you render your regular duties at an office located more than
                  50 miles from the locations at which you perform your regular
                  duties as of the date of this Agreement.

            5.5.2. In order for you to effect a termination for Good Reason
                  after the occurrence of an event described above, (A) within
                  60 days after the occurrence of such event or, in the case of
                  clause (i) the last such change, you must give written notice
                  to the Company of the occurrence of such event constituting
                  Good Reason, and (B) the Company shall have failed to cure
                  such event within 30 days from the date you deliver the
                  written notice to the Company. If such event has occurred and
                  you provide the notice and the Company fails to cure such
                  event as provided in the preceding sentence, you shall
                  thereupon be entitled to terminate your employment with the
                  Company for Good Reason within the following 30 days and, upon
                  doing so, you shall be treated as if you were terminated by
                  the Company without Cause under Section 5.4; provided that if
                  you do not so terminate your employment within such 30 day
                  period you will forfeit your right to terminate your
                  employment for Good Reason due to such Good Reason event.

      5.6.  TERMINATION BY YOU WITHOUT GOOD REASON. You may terminate your
            employment at any time without Good Reason upon 30 days' prior
            written notice to the Company.

6.    CONSEQUENCES OF TERMINATION. The following provisions shall apply if your
      employment under this Agreement is terminated prior to the expiration of
      the Term.

      6.1.  COMPENSATION AND BENEFITS. Except as otherwise provided in this
            Section 6, upon termination of your employment under this Agreement:

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            6.1.1. Your right to receive compensation under this Agreement shall
                   cease as of the effective date of such termination.

            6.1.2. The Company shall pay you any accrued but unpaid Base Salary
                   and Bonus Compensation for services rendered to the date of
                   termination and any unpaid expenses required to be reimbursed
                   under this Agreement. Such amounts shall be paid within 30
                   days after such termination or as otherwise required by law.

            6.1.3  Any compensation or benefits to which you may be entitled
                   upon termination pursuant to the plans, policies and
                   arrangements referred to in Sections 4.3, 4.4 and 4.5 shall
                   be determined and paid or forfeited in accordance with the
                   terms of such plans, policies and arrangements. Nothing in
                   this Agreement shall limit any benefits or rights to which
                   you are entitled under "COBRA."

      6.2.  DEATH OR TOTAL DISABILITY. If your employment is terminated by
            reason of your death pursuant to Section 5.1 or Total Disability
            pursuant to Section 5.2, the Company shall not be obligated to make
            any payments to you under this Agreement following the date of
            termination, except that the Company shall pay you (or your
            beneficiary in the event of death) the amounts described in Section
            6.1 above.

      6.3.  TERMINATION BY THE COMPANY FOR CAUSE OR TERMINATION BY YOU WITHOUT
            GOOD REASON. If your employment is terminated by the Company for
            Cause pursuant to Section 5.3 or is terminated by you without Good
            Reason pursuant to Section 5.6, the Company shall not be obligated
            to make any payments to you under this Agreement following the date
            of termination, except that the Company shall pay to you the amounts
            described in Section 6.1 above.

      6.4.  TERMINATION BY THE COMPANY WITHOUT CAUSE OR TERMINATION BY YOU FOR
            GOOD REASON. In addition to the amounts described in Section 6.1
            above, you will be entitled to the following benefits if your
            employment is

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            terminated by the Company without Cause pursuant to Section 5.4 or
            by you for Good Reason pursuant to Section 5.5:

            6.4.1 The Company shall provide for your continued coverage at the
                  Company's expense in the Company's comprehensive medical and
                  dental insurance program and any other health, disability or
                  death related programs until the earliest to occur of: (i) 6
                  months after the termination of your employment, subject to an
                  extension for an additional 6 months as contemplated by
                  Section 8.1; (ii) your death; or (iii) the date you commence
                  coverage under any other group health insurance plan, provided
                  that the foregoing shall not limit any rights to which you are
                  entitled under "COBRA."

            6.4.2 The Company shall pay you an amount equal to your average
                  monthly cash compensation over the prior 12 months (including
                  Base Salary and Bonus Compensation, for a period of 12 months
                  ("Severance Pay"), such amount to be paid in substantially
                  equal installments on a monthly basis, beginning 30 days
                  following the date of termination.

7.    CONFIDENTIALITY; OWNERSHIP OF PROPRIETARY INFORMATION. You agree that, at
      all times during the Employment Term and thereafter, the proprietary
      information and inventions provisions set forth in Appendix B shall be
      effective.

8.    RESTRICTIVE COVENANTS. By entering into this Agreement with you, the
      Company is providing you with the contractual benefits hereunder,
      including, without limitation, (i) the income opportunities made available
      to you hereunder (including, without limitation, the Base Salary set forth
      in Section 4.1, Bonus Compensation under Section 4.2, and (ii) the
      provisions of Section 6 hereof providing for certain payments to you or
      your beneficiary in certain circumstances following termination of your
      employment hereunder, which income opportunities and post-termination
      payment benefits are not afforded generally to other employees of the
      Company. In consideration of the Company's providing you with such
      benefits and opportunities, and as a material inducement from you to the
      Company's entering into this Agreement, you hereby agree to each of the
      following covenants:

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      8.1.  COVENANT NOT TO COMPETE. At all times during the Restricted Period
            (as defined below), you shall not participate or agree to
            participate in any business (or in any competing sub-unit in the
            case of a diversified business), as a stockholder, employee,
            consultant, officer, director, trustee, partner, proprietor or
            otherwise, that provides any services directly in competition with
            the company. You shall not be deemed to be participating in such a
            competing business if you are the beneficial owner of no more than
            5% of the ownership interests in any entity, provided you do not
            participate, directly or indirectly, in the conduct of the business
            of such company or render assistance to it other than such
            investment. The "Restricted Period" shall begin on the date hereof
            and continue until the date that is 12 months after the termination
            of your employment with the Company, but in no event beyond the date
            of December 31, 2009; provided, however, that if your employment is
            terminated by the Company without Cause or you terminate for Good
            Reason, then the Restricted Period shall end 12 months following
            your termination of employment..

      8.2.  COVENANT NOT TO SOLICIT CLIENTS. At all times from and after the
            date hereof until the date that is 12 months after the termination
            of your employment with the Company, you shall not, directly or
            indirectly through any other person or entity, solicit, entice,
            persuade or induce any person or entity, which is then, or has been
            within the twelve months preceding termination of your employment, a
            client, customer, or other person or entity having a material
            business relationship (each, a "Covered Person") with the Company or
            any subsidiary of the Company to terminate, reduce or disrupt or to
            otherwise alter adversely its contractual or other relationship with
            the Company or such entity or subsidiary.

      8.3.  COVENANT NOT TO SOLICIT EMPLOYEES. At all times from and after the
            date hereof until the date that is 12 months after the termination
            of your employment with the Company, you shall not, directly or
            indirectly through any other person or entity, solicit for
            employment, or employ or otherwise retain the services (through
            another entity or otherwise) of, any person who is then, or has been
            within the preceding twelve months, an employee, agent or consultant
            of the Company.

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      8.4.  ACKNOWLEDGMENT REGARDING RESTRICTIVE COVENANTS. You acknowledge and
            agree that the restraints contained in Section 8 are reasonable and
            enforceable in view of the Company's legitimate interests in
            protecting its business and customer goodwill and that you received
            consideration for your agreement to these covenants, including,
            without limitation, consideration provided in this Agreement. You
            further understand that the restrictive covenants will preclude, for
            a time, your employment with some of the competitors of the Company.
            You understand that the restrictions of Section 8 are limited
            geographically in view of the Company's operations, and that,
            accordingly, the restrictions contained in this Section shall apply
            in: (i) any city, county or other political subdivision of the State
            of California.

9.    ENFORCEMENT OF COVENANTS.

      9.1.  TERMINATION OF EMPLOYMENT AND FORFEITURE OF COMPENSATION. You agree
            that in the event that you breach any of the covenants set forth in
            Section 8 above, or breach in any significant respect the
            Proprietary Information and Inventions Agreement, the Company shall
            have the right to terminate your employment for Cause pursuant to
            Section 5.3 above; provided, that if the Company does not so
            terminate your employment within 90 days after final determination
            of such breach, it shall not thereafter be entitled to terminate
            your employment for Cause on account of such breach. In addition,
            you agree that if so terminated, the Company shall have the right to
            discontinue any or all remaining benefits payable pursuant to
            Section 6 above, subject to any rights that might otherwise be
            already vested. Such termination of employment or discontinuance of
            benefits shall be in addition to and shall not limit any and all
            other rights and remedies that the Company may have against you.

      9.2.  RIGHT TO INJUNCTION. You acknowledge that a breach of the covenants
            set forth in Section 8 or in the Proprietary Information and
            Inventions Agreement will cause irreparable damage with respect to
            which any remedy at law for damages will be inadequate. Therefore,
            in the event of breach or anticipatory breach of the covenants set
            forth in Section 8 or in the Proprietary Information and Inventions
            Agreement by you, you and the

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            Company agree that the Company shall be entitled to the following
            particular forms of relief, in addition to remedies otherwise
            available to it at law or equity: (i) injunctions, both preliminary
            and permanent, enjoining or restraining such breach or anticipatory
            breach and you hereby consent to the issuance thereof forthwith
            (subject to your right to appeal the issuance thereof) and without
            bond by any court of competent jurisdiction; and (ii) recovery of
            all reasonable sums expended and costs, including reasonable
            attorney's fees, incurred to enforce the covenants set forth in
            Section 8 or in the Proprietary Information and Inventions
            Agreement; provided, however, that there may not be any recovery of
            any such sum to the extent that a court of competent jurisdiction
            finds that you have not breached or are not in anticipatory breach,
            as the case may be, of any such covenant.

      9.3.  SEPARABILITY OF COVENANTS. The covenants contained in Section 8 and
            in the Proprietary Information and Inventions Agreement constitute
            separate covenants. If in any judicial proceeding, a court shall
            hold that any of the covenants set forth in Section 8 or in the
            Proprietary Information and Inventions Agreement is not permitted by
            applicable laws, you and the Company agree that such provisions
            shall and are hereby reformed to the maximum time, geographic, or
            occupational limitations permitted by such laws. Further, in the
            event a court shall hold unenforceable any of the separate covenants
            deemed included herein, then such unenforceable covenant or
            covenants shall be deemed eliminated from the provisions of this
            Agreement for the purpose of such proceeding to the extent necessary
            to permit the remaining separate covenants to be enforced in such
            proceeding. You and the Company further agree that the covenants in
            Section 8 and in the Proprietary Information and Inventions
            Agreement shall each be construed as a separate agreement
            independent of any other provisions of this Agreement, and the
            existence of any claim or cause of action by you against the Company
            whether predicated on this Agreement or otherwise, shall not
            constitute a defense to the enforcement by the Company of any of the
            covenants set forth in Section 8 or in the Proprietary Information
            and Inventions Agreement.

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      9.4.  SURVIVAL OF PROVISIONS. The provisions of this Agreement shall
            survive the termination of your employment in accordance with their
            respective terms.

10.   WITHHOLDING OF TAXES. The Company shall withhold from any amounts payable
      under this Agreement all applicable federal, state, local, or other taxes
      (including, but not limited to, FICA taxes).

11.   NON-DISCLOSURE OF AGREEMENT TERMS. You agree that you will not disclose
      the terms of this Agreement (other than the existence of this contract,
      the term of employment and the restrictive covenants) to any third party
      other than your immediate family, attorneys, accountants, or other
      consultants or advisors or except as may be required by any governmental
      authority.

12.   ASSIGNMENT. This Agreement shall not be assignable by the Company without
      your consent, except that if the Company should merge or otherwise
      consolidate with or into, or transfer substantially all of its assets to
      another corporation or other form of business organization, then this
      Agreement shall be binding upon you and inure to the benefit of the
      successor corporation or business organization. You may not assign, pledge
      or encumber this Agreement or our rights and obligations hereunder or any
      part hereunder. This Agreement and all of the provisions hereof shall be
      binding upon and inure to the benefit of the parties and their respective
      successors and permitted assigns. Without limiting the generality of the
      immediately preceding sentence, this Agreement and all of the provisions
      hereof shall be binding upon and inure to the benefit of any successor to
      the Company as a result of a change in control (whether direct or
      indirect, by purchase, merger, consolidation or otherwise) of either such
      entity, any intervening successor to each such entity, or any of their
      parent entities.

13.   NO CLAIM AGAINST ASSETS. Nothing in this Agreement shall be construed as
      giving you any claim against any specific assets of the Company or as
      imposing any trustee relationship upon the Company on your behalf. Except
      as may be specifically provided under the terms of an employee benefit or
      other program, the Company shall not be required to establish a special or
      separate fund or to segregate any of its assets in order to provide for
      the satisfaction of its

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      obligations under this Agreement. Your rights under this Agreement shall
      be limited to those of an unsecured general creditor of the Company.

14.   GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
      ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA. Any dispute hereunder
      shall be subject to the exclusive jurisdiction of the courts in the state
      of California, and you and the Company and their successors and permitted
      assigns consent to personal jurisdiction in such state.

15.   ENTIRE AGREEMENT; AMENDMENT. This Agreement supersedes any and all prior
      agreements, whether written or oral, between the Company or any
      representative thereof and you relating to the terms of your employment by
      you for the Company during the Term or to your compensation for such
      services, including, without limitation, any "employment at-will"
      agreement, and all such prior agreements shall be and are null and void.
      It may not be amended except by a written agreement signed by both
      parties.

16.   NOTICES. Any notice, consent, request or other communication made or given
      in connection with this Agreement shall be in writing and shall be deemed
      to have been duly given when delivered or mailed by registered or
      certified mail, return receipt requested, or by facsimile or by hand
      deliver, to those listed below at their following respective addresses or
      at such address as each may specify by notice to the others:

To the Company:

Thomas C. Kuhn III, EVP & CFO
Bridgetech Holdings International, Inc.

To you, at your address on file in the records of the Company.

17.   MISCELLANEOUS.

      17.1. WAIVER. The failure of a party to insist upon strict adherence to
            any term of this Agreement on any occasion shall not be considered a
            waiver thereof or deprive that party of the right thereafter to
            insist upon strict adherence to that term or any other term of this
            Agreement.

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      17.2. SEPARABILITY. Whenever possible, each provision of this Agreement
            will be interpreted in such manner as to be effective and valid
            under applicable law, but if any provision of this Agreement is held
            to be invalid, illegal or unenforceable in any respect under
            applicable law or rule in any jurisdiction, such invalidity,
            illegality or unenforceability will not affect any other provision
            or any other jurisdiction, but this Agreement will be reformed,
            construed and enforced in such jurisdiction as if such invalid,
            illegal or unenforceable provision had never been contained therein.

      17.3. HEADINGS. Section headings are used herein for convenience of
            reference only and shall not affect the meaning of any provision of
            this Agreement.

      17.4. RULES OF CONSTRUCTION. Whenever the context so requires, the use of
            the singular shall be deemed to include the plural and vice versa.

      17.5. NO CONFLICTING AGREEMENTS. You represent and warrant to the Company
            that you are not a party to or bound by any confidentiality,
            noncompetition, nonsolicitation or other agreement or restriction
            which could conflict with or be violated by the performance of your
            duties to the Company under this Agreement or otherwise.

Acknowledged and Agreed to:

/s/ Janet Waldo                         /s/ Michael Chermak
-------------------------------         ----------------------------------
Janet Waldo                             Bridgetech Holdings International, Inc.
17 Nov. 05                              By: Michael Chermak
                                        Its Chief Executive Officer

                                 Page 13 of 13<PAGE>

                                                                   EXHIBIT 10.18

                     BRIDGETECH HOLDINGS INTERNATIONAL, INC.
                             2005 STOCK OPTION PLAN

      1. ESTABLISHMENT, PURPOSE AND TERM OF PLAN.

            1.1 ESTABLISHMENT. The Bridgetech Holdings International, Inc. 2005
Stock Option Plan (the "PLAN") is hereby established effective as of May 2,
2005.

            1.2 PURPOSE. The purpose of the Plan is to advance the interests of
the Participating Company Group and its shareholders by providing an incentive
to attract, retain and reward persons performing services for the Participating
Company Group and by motivating such persons to contribute to the growth and
profitability of the Participating Company Group.

            1.3 TERM OF PLAN. The Plan shall continue in effect until the
earlier of its termination by the Board or the date on which all of the shares
of Stock available for issuance under the Plan have been issued and all
restrictions on such shares under the terms of the Plan and the agreements
evidencing Options granted under the Plan have lapsed. However, all Options
shall be granted, if at all, within ten (10) years from the earlier of the date
the Plan is adopted by the Board or the date the Plan is duly approved by the
shareholders of the Company.

      2. DEFINITIONS AND CONSTRUCTION.

            2.1 DEFINITIONS. Whenever used herein, the following terms shall
have their respective meanings set forth below:

                  (a) "BOARD" means the Board of Directors of the Company. If
one or more Committees have been appointed by the Board to administer the Plan,
"BOARD" also means such Committee(s).

                  (b) "CODE" means the Internal Revenue Code of 1986, as
amended, and any applicable regulations promulgated thereunder.

                  (c) "COMMITTEE" means the Compensation Committee or other
committee of the Board duly appointed to administer the Plan and having such
powers as shall be specified by the Board. Unless the powers of the Committee
have been specifically limited, the Committee shall have all of the powers of
the Board granted herein, including, without limitation, the power to amend or
terminate the Plan at any time, subject to the terms of the Plan and any
applicable limitations imposed by law.

                  (d) "COMPANY" means Bridgetech Holdings International, Inc., a
Delaware corporation, or any successor corporation thereto.

<PAGE>

                  (e) "CONSULTANT" means a person engaged to provide consulting
or advisory services (other than as an Employee or a Director) to a
Participating Company, provided that the identity of such person, the nature of
such services or the entity to which such services are provided would not
preclude the Company from offering or selling securities to such person pursuant
to the Plan in reliance on either the exemption from registration provided by
Rule 701 under the Securities Act or, if the Company is required to file reports
pursuant to Section 13 or 15(d) of the Exchange Act, registration on a Form S-8
Registration Statement under the Securities Act.

                  (f) "DIRECTOR" means a member of the Board or of the board of
directors of any other Participating Company.

                  (g) "DISABILITY" means the inability of the Optionee, in the
opinion of a qualified physician acceptable to the Company, to perform the major
duties of the Optionee's position with the Participating Company Group because
of the sickness or injury of the Optionee.

                  (h) "EMPLOYEE" means any person treated as an employee
(including an Officer or a Director who is also treated as an employee) in the
records of a Participating Company and, with respect to any Incentive Stock
Option granted to such person, who is an employee for purposes of Section 422 of
the Code; provided, however, that neither service as a Director nor payment of a
director's fee shall be sufficient to constitute employment for purposes of the
Plan. The Company shall determine in good faith and in the exercise of its
discretion whether an individual has become or has ceased to be an Employee and
the effective date of such individual's employment or termination of employment,
as the case may be. For purposes of an individual's rights, if any, under the
Plan as of the time of the Company's determination, all such determinations by
the Company shall be final, binding and conclusive, notwithstanding that the
Company or any court of law or governmental agency subsequently makes a contrary
determination.

                  (i) "EXCHANGE ACT" means the Securities Exchange Act of 1934,
as amended.

                  (j) "FAIR MARKET VALUE" means, as of any date, the value of a
share of Stock or other property as determined by the Board, in its discretion,
or by the Company, in its discretion, if such determination is expressly
allocated to the Company herein, subject to the following:

                        (i) If, on such date, the Stock is listed on a national
or regional securities exchange or market system, the Fair Market Value of a
share of Stock shall be the closing price of a share of Stock (or the mean of
the closing bid and asked prices of a share of Stock if the Stock is so quoted
instead) as quoted on the Nasdaq National Market, The Nasdaq SmallCap Market or
such other national or regional securities exchange or market system
constituting the primary market for the Stock, as reported in The Wall Street
Journal or such other source as the Company deems reliable. If the relevant date
does not fall on a day on which the Stock has traded on such securities exchange
or market system, the date on which the Fair

                                        2
<PAGE>

Market Value shall be established shall be the last day on which the Stock was
so traded prior to the relevant date, or such other appropriate day as shall be
determined by the Board, in its discretion.

                        (ii) If, on such date, the Stock is not listed on a
national or regional securities exchange or market system, the Fair Market Value
of a share of Stock shall be as determined by the Board in good faith without
regard to any restriction other than a restriction which, by its terms, will
never lapse.

                        (iii) If, on such date, the Company is in non reporting
status or is deemed a "Pink Sheet" entity, the Fair Market Value of a share of
Stock shall be determined by the Board based upon the last sale of securities
under a Subscription Agreement.

                  (k) "INCENTIVE STOCK OPTION" means an Option intended to be
(as set forth in the Option Agreement) and which qualifies as an incentive stock
option within the meaning of Section 422(b) of the Code.

                  (l) "INSIDER" means an Officer, a Director of the Company or
other person whose transactions in Stock are subject to Section 16 of the
Exchange Act.

                  (m) "NONSTATUTORY STOCK OPTION" means an Option not intended
to be (as set forth in the Option Agreement) or which does not qualify as an
Incentive Stock Option.

                  (n) "OFFICER" means any person designated by the Board as an
officer of the Company.

                  (o) "OPTION" means a right to purchase Stock pursuant to the
terms and conditions of the Plan. An Option may be either an Incentive Stock
Option or a Nonstatutory Stock Option.

                  (p) "OPTION AGREEMENT" means a written agreement between the
Company and an Optionee setting forth the terms, conditions and restrictions of
the Option granted to the Optionee and any shares acquired upon the exercise
thereof. An Option Agreement may consist of a form of "Notice of Grant of Stock
Option" and a form of "Stock Option Agreement" incorporated therein by
reference, or such other form or forms as the Board may approve from time to
time.

                  (q) "OPTIONEE" means a person who has been granted one or more
Options.

                  (r) "PARENT CORPORATION" means any present or future "parent
corporation" of the Company, as defined in Section 424(e) of the Code.

                  (s) "PARTICIPATING COMPANY" means the Company or any Parent
Corporation or Subsidiary Corporation.

                                        3
<PAGE>

                  (t) "PARTICIPATING COMPANY GROUP" means, at any point in time,
all corporations collectively which are then Participating Companies.

                  (u) "RULE 16b-3" means Rule 16b-3 under the Exchange Act, as
amended from time to time, or any successor rule or regulation.

                  (v) "SECURITIES ACT" means the Securities Act of 1933, as
amended.

                  (w) "SERVICE" means an Optionee's employment or service with
the Participating Company Group, whether in the capacity of an Employee, a
Director or a Consultant. An Optionee's Service shall not be deemed to have
terminated merely because of a change in the capacity in which the Optionee
renders Service to the Participating Company Group or a change in the
Participating Company for which the Optionee renders such Service, provided that
there is no interruption or termination of the Optionee's Service. Furthermore,
an Optionee's Service with the Participating Company Group shall not be deemed
to have terminated if the Optionee takes any military leave, sick leave, or
other bona fide leave of absence approved by the Company; provided, however,
that if any such leave exceeds ninety (90) days, on the ninety-first (91st) day
of such leave the Optionee's Service shall be deemed to have terminated unless
the Optionee's right to return to Service with the Participating Company Group
is guaranteed by statute or contract. Notwithstanding the foregoing, unless
otherwise designated by the Company or required by law, a leave of absence shall
not be treated as Service for purposes of determining vesting under the
Optionee's Option Agreement. The Optionee's Service shall be deemed to have
terminated either upon an actual termination of Service or upon the corporation
for which the Optionee performs Service ceasing to be a Participating Company.
Subject to the foregoing, the Company, in its discretion, shall determine
whether the Optionee's Service has terminated and the effective date of such
termination.

                  (x) "STOCK" means the common stock of the Company, par value
$0.000001, as adjusted from time to time in accordance with Section 4.2.

                  (y) "SUBSIDIARY CORPORATION" means any present or future
"subsidiary corporation" of the Company, as defined in Section 424(f) of the
Code.

                  (z) "TEN PERCENT OWNER OPTIONEE" means an Optionee who, at the
time an Option is granted to the Optionee, owns stock possessing more than ten
percent (10%) of the total combined voting power of all classes of stock of a
Participating Company within the meaning of Section 422(b)(6) of the Code.

            2.2 CONSTRUCTION. Captions and titles contained herein are for
convenience only and shall not affect the meaning or interpretation of any
provision of the Plan. Except when otherwise indicated by the context, the
singular shall include the plural and the plural shall include the singular. Use
of the term "or" is not intended to be exclusive, unless the context clearly
requires otherwise.

      3. ADMINISTRATION.

                                        4
<PAGE>

            3.1 ADMINISTRATION BY THE BOARD. The Plan shall be administered by
the Board. All questions of interpretation of the Plan or of any Option shall be
determined by the Board, and such determinations shall be final and binding upon
all persons having an interest in the Plan or such Option.

            3.2 AUTHORITY OF OFFICERS. Any Officer shall have the authority to
act on behalf of the Company with respect to any matter, right, obligation,
determination or election which is the responsibility of or which is allocated
to the Company herein, provided the Officer has apparent authority with respect
to such matter, right, obligation, determination or election.

            3.3 POWERS OF THE BOARD. In addition to any other powers set forth
in the Plan and subject to the provisions of the Plan, the Board shall have the
full and final power and authority, in its discretion:

                  (a) to determine the persons to whom, and the time or times at
which, Options shall be granted and the number of shares of Stock to be subject
to each Option;

                  (b) to designate Options as Incentive Stock Options or
Nonstatutory Stock Options;

                  (c) to determine the Fair Market Value of shares of Stock or
other property;

                  (d) to determine the terms, conditions and restrictions
applicable to each Option (which need not be identical) and any shares acquired
upon the exercise thereof, including, without limitation, (i) the exercise price
of the Option, (ii) the method of payment for shares purchased upon the exercise
of the Option, (iii) the method for satisfaction of any tax withholding
obligation arising in connection with the Option or such shares, including by
the withholding or delivery of shares of stock, (iv) the timing, terms and
conditions of the exercisability of the Option or the vesting of any shares
acquired upon the exercise thereof, (v) the time of the expiration of the
Option, (vi) the effect of the Optionee's termination of Service with the
Participating Company Group on any of the foregoing, and (vii) all other terms,
conditions and restrictions applicable to the Option or such shares not
inconsistent with the terms of the Plan;

                  (e) to approve one or more forms of Option Agreement;

                  (f) to amend, modify, extend, cancel or renew any Option or to
waive any restrictions or conditions applicable to any Option or any shares
acquired upon the exercise thereof;

                  (g) to accelerate, continue, extend or defer the
exercisability of any Option or the vesting of any shares acquired upon the
exercise thereof, including with respect to the period following an Optionee's
termination of Service with the Participating Company Group;

                                        5
<PAGE>

                  (h) to prescribe, amend or rescind rules, guidelines and
policies relating to the Plan, or to adopt supplements to, or alternative
versions of, the Plan, including, without limitation, as the Board deems
necessary or desirable to comply with the laws of, or to accommodate the tax
policy or custom of, foreign jurisdictions whose citizens may be granted
Options; and

                  (i) to correct any defect, supply any omission or reconcile
any inconsistency in the Plan or any Option Agreement and to make all other
determinations and take such other actions with respect to the Plan or any
Option as the Board may deem advisable to the extent not inconsistent with the
provisions of the Plan or applicable law.

            3.4 ADMINISTRATION WITH RESPECT TO INSIDERS. With respect to
participation by Insiders in the Plan, at any time that any class of equity
security of the Company is registered pursuant to Section 12 of the Exchange
Act, the Plan shall be administered in compliance with the requirements, if any,
of Rule 16b-3.

            3.5 INDEMNIFICATION. In addition to such other rights of
indemnification as they may have as members of the Board or officers or
employees of the Participating Company Group, members of the Board and any
officers or employees of the Participating Company Group to whom authority to
act for the Board or the Company is delegated shall be indemnified by the
Company against all reasonable expenses, including attorneys' fees, actually and
necessarily incurred in connection with the defense of any action, suit or
proceeding, or in connection with any appeal therein, to which they or any of
them may be a party by reason of any action taken or failure to act under or in
connection with the Plan, or any right granted hereunder, and against all
amounts paid by them in settlement thereof (provided such settlement is approved
by independent legal counsel selected by the Company) or paid by them in
satisfaction of a judgment in any such action, suit or proceeding, except in
relation to matters as to which it shall be adjudged in such action, suit or
proceeding that such person is liable for gross negligence, bad faith or
intentional misconduct in duties; provided, however, that within sixty (60) days
after the institution of such action, suit or proceeding, such person shall
offer to the Company, in writing, the opportunity at its own expense to handle
and defend the same.

      4. SHARES SUBJECT TO PLAN.

            4.1 MAXIMUM NUMBER OF SHARES ISSUABLE. Subject to adjustment as
provided in Section 4.2, the maximum aggregate number of shares of Stock that
may be issued under the Plan shall be Five Million (5,000,000) and shall consist
of authorized but unissued or reacquired shares of Stock or any combination
thereof. If an outstanding Option for any reason expires or is terminated or
canceled or if shares of Stock are acquired upon the exercise of an Option
subject to a Company repurchase option and are repurchased by the Company at the
Optionee's exercise price, the shares of Stock allocable to the unexercised
portion of such Option or such repurchased shares of Stock shall again be
available for issuance under the Plan. However, except as adjusted pursuant to
Section 4.2, in no event shall more than Five Million (5,000,000) shares of
Stock be available for issuance pursuant to the exercise of Incentive Stock
Options (the "ISO SHARE ISSUANCE LIMIT"). Notwithstanding the foregoing, at any
such time as

                                        6
<PAGE>

the offer and sale of securities pursuant to the Plan is subject to compliance
with Section 260.140.45 of Title 10 of the California Code of Regulations
("SECTION 260.140.45"), the total number of shares of Stock issuable upon the
exercise of all outstanding Options (together with options outstanding under any
other stock option plan of the Company) and the total number of shares provided
for under any stock bonus or similar plan of the Company shall not exceed thirty
percent (40%) (or such other higher percentage limitation as may be approved by
the shareholders of the Company pursuant to Section 260.140.45) of the then
outstanding shares of the Company as calculated in accordance with the
conditions and exclusions of Section 260.140.45.

            4.2 ADJUSTMENTS FOR CHANGES IN CAPITAL STRUCTURE. In the event of
any stock dividend, stock split, reverse stock split, recapitalization,
combination, reclassification or similar change in the capital structure of the
Company, appropriate adjustments shall be made in the number and class of shares
subject to the Plan and to any outstanding Options, in the ISO Share Issuance
Limit set forth in Section 4.1, and in the exercise price per share of any
outstanding Options. If a majority of the shares which are of the same class as
the shares that are subject to outstanding Options are exchanged for, converted
into, or otherwise become (whether or not pursuant to an Ownership Change Event,
as defined in Section 8.1) shares of another corporation (the "NEW SHARES"), the
Board may unilaterally amend the outstanding Options to provide that such
Options are exercisable for New Shares. In the event of any such amendment, the
number of shares subject to, and the exercise price per share of, the
outstanding Options shall be adjusted in a fair and equitable manner as
determined by the Board, in its discretion. Notwithstanding the foregoing, any
fractional share resulting from an adjustment pursuant to this Section 4.2 shall
be rounded down to the nearest whole number, and in no event may the exercise
price of any Option be decreased to an amount less than the par value, if any,
of the stock subject to the Option. The adjustments determined by the Board
pursuant to this Section 4.2 shall be final, binding and conclusive.

      5. ELIGIBILITY AND OPTION LIMITATIONS.

            5.1 PERSONS ELIGIBLE FOR OPTIONS. Options may be granted only to
Employees, Consultants, and Directors. For purposes of the foregoing sentence,
"Employees," "Consultants" and "Directors" shall include prospective Employees,
prospective Consultants and prospective Directors to whom Options are granted in
connection with written offers of an employment or other service relationship
with the Participating Company Group. Eligible persons may be granted more than
one (1) Option. However, eligibility in accordance with this Section shall not
entitle any person to be granted an Option, or, having been granted an Option,
to be granted an additional Option.

            5.2 OPTION GRANT RESTRICTIONS. Any person who is not an Employee on
the effective date of the grant of an Option to such person may be granted only
a Nonstatutory Stock Option. An Incentive Stock Option granted to a prospective
Employee upon the condition that such person become an Employee shall be deemed
granted effective on the date such person commences Service with a Participating
Company, with an exercise price determined as of such date in accordance with
Section 6.1.

                                        7
<PAGE>

            5.3 FAIR MARKET VALUE LIMITATION. To the extent that options
designated as Incentive Stock Options (granted under all stock option plans of
the Participating Company Group, including the Plan) become exercisable by an
Optionee for the first time during any calendar year for stock having a Fair
Market Value greater than One Hundred Thousand Dollars ($100,000), the portions
of such options which exceed such amount shall be treated as Nonstatutory Stock
Options. For purposes of this Section 5.3, options designated as Incentive Stock
Options shall be taken into account in the order in which they were granted, and
the Fair Market Value of stock shall be determined as of the time the option
with respect to such stock is granted. If the Code is amended to provide for a
different limitation from that set forth in this Section 5.3, such different
limitation shall be deemed incorporated herein effective as of the date and with
respect to such Options as required or permitted by such amendment to the Code.
If an Option is treated as an Incentive Stock Option in part and as a
Nonstatutory Stock Option in part by reason of the limitation set forth in this
Section 5.3, the Optionee may designate which portion of such Option the
Optionee is exercising. In the absence of such designation, the Optionee shall
be deemed to have exercised the Incentive Stock Option portion of the Option
first. Separate certificates representing each such portion shall be issued upon
the exercise of the Option.

      6. TERMS AND CONDITIONS OF OPTIONS.

            Options shall be evidenced by Option Agreements specifying the
number of shares of Stock covered thereby, in such form as the Board shall from
time to time establish. No Option or purported Option shall be a valid and
binding obligation of the Company unless evidenced by a fully executed Option
Agreement. Option Agreements may incorporate all or any of the terms of the Plan
by reference and shall comply with and be subject to the following terms and
conditions:

            6.1 EXERCISE PRICE. The exercise price for each Option shall be
established in the discretion of the Board; provided, however, that (a) the
exercise price per share for an Incentive Stock Option shall be not less than
the Fair Market Value of a share of Stock on the effective date of grant of the
Option, (b) the exercise price per share for a Nonstatutory Stock Option shall
be not less than eighty-five percent (85%) of the Fair Market Value of a share
of Stock on the effective date of grant of the Option, and (c) no Option granted
to a Ten Percent Owner Optionee shall have an exercise price per share less than
one hundred ten percent (110%) of the Fair Market Value of a share of Stock on
the effective date of grant of the Option. Notwithstanding the foregoing, an
Option (whether an Incentive Stock Option or a Nonstatutory Stock Option) may be
granted with an exercise price lower than the minimum exercise price set forth
above if such Option is granted pursuant to an assumption or substitution for
another option in a manner qualifying under the provisions of Section 424(a) of
the Code.

            6.2 EXERCISABILITY AND TERM OF OPTIONS. Options shall be exercisable
at such time or times, or upon such event or events, and subject to such terms,
conditions, performance criteria and restrictions as shall be determined by the
Board and set forth in the Option Agreement evidencing such Option; provided,
however, that (a) no Option shall be exercisable after the expiration of ten
(10) years after the effective date of grant of such Option, (b) no Incentive
Stock Option granted to a Ten Percent Owner Optionee shall be exercisable

                                        8
<PAGE>

after the expiration of five (5) years after the effective date of grant of such
Option, (c) no Option granted to a prospective Employee, prospective Consultant
or prospective Director may become exercisable prior to the date on which such
person commences Service with a Participating Company, and (d) with the
exception of an Option granted to an Officer, a Director or a Consultant, no
Option shall become exercisable at a rate less than twenty percent (20%) per
year over a period of five (5) years from the effective date of grant of such
Option, subject to the Optionee's continued Service. Subject to the foregoing,
unless otherwise specified by the Board in the grant of an Option, any Option
granted hereunder shall terminate ten (10) years after the effective date of
grant of the Option, unless earlier terminated in accordance with its
provisions.

            6.3 PAYMENT OF EXERCISE PRICE.

                  (a) FORMS OF CONSIDERATION AUTHORIZED. Except as otherwise
provided below, payment of the exercise price for the number of shares of Stock
being purchased pursuant to any Option shall be made (i) in cash, by check or
cash equivalent, (ii) by tender to the Company, or attestation to the ownership,
of shares of Stock owned by the Optionee having a Fair Market Value not less
than the exercise price, (iii) by delivery of a properly executed notice
together with irrevocable instructions to a broker providing for the assignment
to the Company of the proceeds of a sale or loan with respect to some or all of
the shares being acquired upon the exercise of the Option (including, without
limitation, through an exercise complying with the provisions of Regulation T as
promulgated from time to time by the Board of Governors of the Federal Reserve
System) (a "CASHLESS EXERCISE"), (iv) provided that the Optionee is an Employee
(unless otherwise not prohibited by law, including, without limitation, any
regulation promulgated by the Board of Governors of the Federal Reserve System)
and in the Company's sole discretion at the time the Option is exercised, by
delivery of the Optionee's promissory note in a form approved by the Company for
the aggregate exercise price, provided that, if the Company is incorporated in
the State of Delaware, the Optionee shall pay in cash that portion of the
aggregate exercise price not less than the par value of the shares being
acquired, (v) by such other consideration as may be approved by the Board from
time to time to the extent permitted by applicable law, or (vi) by any
combination thereof. The Board may at any time or from time to time, by approval
of or by amendment to the standard forms of Option Agreement described in
Section 7, or by other means, grant Options which do not permit all of the
foregoing forms of consideration to be used in payment of the exercise price or
which otherwise restrict one or more forms of consideration.

                  (b) LIMITATIONS ON FORMS OF CONSIDERATION.

                        (i) TENDER OF STOCK. Notwithstanding the foregoing, an
Option may not be exercised by tender to the Company, or attestation to the
ownership, of shares of Stock to the extent such tender or attestation would
constitute a violation of the provisions of any law, regulation or agreement
restricting the redemption of the Company's stock. Unless otherwise provided by
the Board, an Option may not be exercised by tender to the Company, or
attestation to the ownership, of shares of Stock unless such shares either have
been owned by the Optionee for more than six (6) months (and not used for
another Option exercise by attestation during such period) or were not acquired,
directly or indirectly, from the Company.

                                        9
<PAGE>

                        (ii) CASHLESS EXERCISE. The Company reserves, at any and
all times, the right, in the Company's sole and absolute discretion, to
establish, decline to approve or terminate any program or procedures for the
exercise of Options by means of a Cashless Exercise.

                        (iii) PAYMENT BY PROMISSORY NOTE. No promissory note
shall be permitted if the exercise of an Option using a promissory note would be
a violation of any law. Any permitted promissory note shall be on such terms as
the Board shall determine. The Board shall have the authority to permit or
require the Optionee to secure any promissory note used to exercise an Option
with the shares of Stock acquired upon the exercise of the Option or with other
collateral acceptable to the Company. Unless otherwise provided by the Board, if
the Company at any time is subject to the regulations promulgated by the Board
of Governors of the Federal Reserve System or any other governmental entity
affecting the extension of credit in connection with the Company's securities,
any promissory note shall comply with such applicable regulations, and the
Optionee shall pay the unpaid principal and accrued interest, if any, to the
extent necessary to comply with such applicable regulations.

            6.4 TAX WITHHOLDING. The Company shall have the right, but not the
obligation, to deduct from the shares of Stock issuable upon the exercise of an
Option, or to accept from the Optionee the tender of, a number of whole shares
of Stock having a Fair Market Value, as determined by the Company, equal to all
or any part of the federal, state, local and foreign taxes, if any, required by
law to be withheld by the Participating Company Group with respect to such
Option or the shares acquired upon the exercise thereof. Alternatively or in
addition, in its discretion, the Company shall have the right to require the
Optionee, through payroll withholding, cash payment or otherwise, including by
means of a Cashless Exercise, to make adequate provision for any such tax
withholding obligations of the Participating Company Group arising in connection
with the Option or the shares acquired upon the exercise thereof. The Fair
Market Value of any shares of Stock withheld or tendered to satisfy any such tax
withholding obligations shall not exceed the amount determined by the applicable
minimum statutory withholding rates. The Company shall have no obligation to
deliver shares of Stock or to release shares of Stock from an escrow established
pursuant to the Option Agreement until the Participating Company Group's tax
withholding obligations have been satisfied by the Optionee.

            6.5 REPURCHASE RIGHTS. Shares issued under the Plan may be subject
to a right of first refusal, one or more repurchase options, or other conditions
and restrictions as determined by the Board in its discretion at the time the
Option is granted. The Company shall have the right to assign at any time any
repurchase right it may have, whether or not such right is then exercisable, to
one or more persons as may be selected by the Company. Upon request by the
Company, each Optionee shall execute any agreement evidencing such transfer
restrictions prior to the receipt of shares of Stock hereunder and shall
promptly present to the Company any and all certificates representing shares of
Stock acquired hereunder for the placement on such certificates of appropriate
legends evidencing any such transfer restrictions.

            6.6 EFFECT OF TERMINATION OF SERVICE.

                                       10
<PAGE>

                  (a) OPTION EXERCISABILITY. Subject to earlier termination of
the Option as otherwise provided herein and unless otherwise provided by the
Board in the grant of an Option and set forth in the Option Agreement, an Option
shall be exercisable after an Optionee's termination of Service only during the
applicable time period determined in accordance with this Section 6.6 and
thereafter shall terminate:

                        (i) DISABILITY. If the Optionee's Service terminates
because of the Disability of the Optionee, the Option, to the extent unexercised
and exercisable on the date on which the Optionee's Service terminated, may be
exercised by the Optionee (or the Optionee's guardian or legal representative)
at any time prior to the expiration of twelve (12) months (or such longer period
of time as determined by the Board, in its discretion) after the date on which
the Optionee's Service terminated, but in any event no later than the date of
expiration of the Option's term as set forth in the Option Agreement evidencing
such Option (the "OPTION EXPIRATION DATE").

                        (ii) DEATH. If the Optionee's Service terminates because
of the death of the Optionee, the Option, to the extent unexercised and
exercisable on the date on which the Optionee's Service terminated, may be
exercised by the Optionee's legal representative or other person who acquired
the right to exercise the Option by reason of the Optionee's death at any time
prior to the expiration of twelve (12) months (or such longer period of time as
determined by the Board, in its discretion) after the date on which the
Optionee's Service terminated, but in any event no later than the Option
Expiration Date. The Optionee's Service shall be deemed to have terminated on
account of death if the Optionee dies within three (3) months (or such longer
period of time as determined by the Board, in its discretion) after the
Optionee's termination of Service.

                        (iii) TERMINATION AFTER CHANGE IN CONTROL. The Board
may, in its discretion, provide in any Option Agreement that if the Optionee's
Service ceases as a result of "Termination After Change in Control" (as defined
in such Option Agreement), then (1) the Option, to the extent unexercised and
exercisable on the date on which the Optionee's Service terminated, may be
exercised by the Optionee (or the Optionee's guardian or legal representative)
at any time prior to the expiration of six (6) months (or such longer period of
time as determined by the Board, in its discretion) after the date on which the
Optionee's Service terminated, but in any event no later than the Option
Expiration Date, and (2) the exercisability and vesting of the Option and any
shares acquired upon the exercise thereof shall be accelerated effective as of
the date on which the Optionee's Service terminated to such extent, if any, as
shall have been determined by the Board, in its discretion, and set forth in the
Option Agreement. Notwithstanding the foregoing, if the Company and the other
party to the transaction constituting a Change in Control agree to treat such
transaction as a "pooling-of-interests" for accounting purposes and it is
determined that the provisions or operation of this Section 6.6(a)(iii) would
preclude treatment of such transaction as a "pooling-of-interests" and provided
further that in the absence of the preceding sentence such transaction would be
treated as a "pooling-of-interests," then this Section 6.6(a)(iii) shall be
without force or effect, and the vesting and exercisability of the Option shall
be determined under any other applicable provision of the Plan or the Option
Agreement evidencing such Option.

                                       11
<PAGE>

                        (iv) OTHER TERMINATION OF SERVICE. If the Optionee's
Service terminates for any reason, except Disability, death or Termination After
Change in Control, the Option, to the extent unexercised and exercisable by the
Optionee on the date on which the Optionee's Service terminated, may be
exercised by the Optionee at any time prior to the expiration of three (3)
months (or such longer period of time as determined by the Board, in its
discretion) after the date on which the Optionee's Service terminated, but in
any event no later than the Option Expiration Date.

                  (b) EXTENSION IF EXERCISE PREVENTED BY LAW. Notwithstanding
the foregoing, if the exercise of an Option within the applicable time periods
set forth in Section 6.6(a) is prevented by the provisions of Section 10 below,
the Option shall remain exercisable until three (3) months (or such longer
period of time as determined by the Board, in its discretion) after the date the
Optionee is notified by the Company that the Option is exercisable, but in any
event no later than the Option Expiration Date.

                  (c) EXTENSION IF OPTIONEE SUBJECT TO SECTION 16(b).
Notwithstanding the foregoing, if a sale within the applicable time periods set
forth in Section 6.6(a) of shares acquired upon the exercise of the Option would
subject the Optionee to suit under Section 16(b) of the Exchange Act, the Option
shall remain exercisable until the earliest to occur of (i) the tenth (10th) day
following the date on which a sale of such shares by the Optionee would no
longer be subject to such suit, (ii) the one hundred and ninetieth (190th) day
after the Optionee's termination of Service, or (iii) the Option Expiration
Date.

            6.7 TRANSFERABILITY OF OPTIONS. During the lifetime of the Optionee,
an Option shall be exercisable only by the Optionee or the Optionee's guardian
or legal representative. No Option shall be assignable or transferable by the
Optionee, except by will or by the laws of descent and distribution.
Notwithstanding the foregoing, to the extent permitted by the Board, in its
discretion, and set forth in the Option Agreement evidencing such Option, a
Nonstatutory Stock Option shall be assignable or transferable subject to the
applicable limitations, if any, described in Section 260.140.41 of Title 10 of
the California Code of Regulations, Rule 701 under the Securities Act, and the
General Instructions to Form S-8 Registration Statement under the Securities
Act.

      7. STANDARD FORMS OF OPTION AGREEMENT.

            7.1 OPTION AGREEMENT. Unless otherwise provided by the Board at the
time the Option is granted, an Option shall comply with and be subject to the
terms and conditions set forth in the form of Option Agreement approved by the
Board concurrently with its adoption of the Plan and as amended from time to
time.

            7.2 AUTHORITY TO VARY TERMS. The Board shall have the authority from
time to time to vary the terms of any standard form of Option Agreement
described in this Section 7 either in connection with the grant or amendment of
an individual Option or in connection with the authorization of a new standard
form or forms; provided, however, that the terms and conditions of any such new,
revised or amended standard form or forms of Option Agreement

                                       12
<PAGE>

are not inconsistent with the terms of the Plan. Such authority shall include,
but not by way of limitation, the authority to grant Options which are
immediately exercisable subject to the Company's right to repurchase any
unvested shares of Stock acquired by an Optionee upon the exercise of an Option
in the event such Optionee's employment or service with the Company is
terminated for any reason, with or without cause. Such authority shall also
include, but not be way of limitation, the authority to grant Options which are
not immediately exercisable.

      8. CHANGE IN CONTROL.

            8.1 DEFINITIONS.

                  (a) An "OWNERSHIP CHANGE EVENT" shall be deemed to have
occurred if any of the following occurs with respect to the Company: (i) the
direct or indirect sale or exchange in a single or series of related
transactions by the shareholders of the Company of more than fifty percent (50%)
of the voting stock of the Company; (ii) a merger or consolidation in which the
Company is a party; (iii) the sale, exchange, or transfer of all or
substantially all of the assets of the Company; or (iv) a liquidation or
dissolution of the Company.

                  (b) A "CHANGE IN CONTROL" shall mean an Ownership Change Event
or a series of related Ownership Change Events (collectively, a "TRANSACTION")
wherein the shareholders of the Company immediately before the Transaction do
not retain immediately after the Transaction, in substantially the same
proportions as their ownership of shares of the Company's voting stock
immediately before the Transaction, direct or indirect beneficial ownership of
more than fifty percent (50%) of the total combined voting power of the
outstanding voting securities of the Company or, in the case of a Transaction
described in Section 8.1(a)(iii), the corporation or other business entity to
which the assets of the Company were transferred (the "TRANSFEREE"), as the case
may be. For purposes of the preceding sentence, indirect beneficial ownership
shall include, without limitation, an interest resulting from ownership of the
voting securities of one or more corporations or other business entities which
own the Company or the Transferee, as the case may be, either directly or
through one or more subsidiary corporations or other business entities. The
Board shall have the right to determine whether multiple sales or exchanges of
the voting securities of the Company or multiple Ownership Change Events are
related, and its determination shall be final, binding and conclusive.

            8.2 EFFECT OF CHANGE IN CONTROL ON OPTIONS. In the event of a Change
in Control, the surviving, continuing, successor, or purchasing corporation or
other business entity or parent thereof, as the case may be (the "ACQUIRING
CORPORATION"), may, without the consent of any Optionee, either assume the
Company's rights and obligations under outstanding Options or substitute for
outstanding Options substantially equivalent options for the Acquiring
Corporation's stock. In the event the Acquiring Corporation elects not to assume
or substitute for outstanding Options in connection with a Change in Control,
the exercisability and vesting of each such outstanding Option and any shares
acquired upon the exercise thereof held by Optionees whose Service has not
terminated prior to such date may be accelerated, effective as of the date ten
(10) days prior to the date of the Change in Control, to such extent, if any, as
shall have been determined by the Board, in its discretion, and set forth in the
Option Agreement

                                       13
<PAGE>

evidencing such Option. The exercise or vesting of any Option and any shares
acquired upon the exercise thereof that was permissible solely by reason of this
Section 8.2 and the provisions of such Option Agreement shall be conditioned
upon the consummation of the Change in Control. Any Options which are neither
assumed or substituted for by the Acquiring Corporation in connection with the
Change in Control nor exercised as of the date of the Change in Control shall
terminate and cease to be outstanding effective as of the date of the Change in
Control. Notwithstanding the foregoing, shares acquired upon exercise of an
Option prior to the Change in Control and any consideration received pursuant to
the Change in Control with respect to such shares shall continue to be subject
to all applicable provisions of the Option Agreement evidencing such Option
except as otherwise provided in such Option Agreement. Furthermore,
notwithstanding the foregoing, if the corporation the stock of which is subject
to the outstanding Options immediately prior to an Ownership Change Event
described in Section 8.1(a)(i) constituting a Change in Control is the surviving
or continuing corporation and immediately after such Ownership Change Event less
than fifty percent (50%) of the total combined voting power of its voting stock
is held by another corporation or by other corporations that are members of an
affiliated group within the meaning of Section 1504(a) of the Code without
regard to the provisions of Section 1504(b) of the Code, the outstanding Options
shall not terminate unless the Board otherwise provides in its discretion.

      9. PROVISION OF INFORMATION.

            At least annually, copies of the Company's balance sheet and income
statement for the just completed fiscal year shall be made available to each
Optionee and purchaser of shares of Stock upon the exercise of an Option. The
Company shall not be required to provide such information to key employees whose
duties in connection with the Company assure them access to equivalent
information. Furthermore, the Company shall deliver to each Optionee such
disclosures as are required in accordance with Rule 701 under the Securities
Act.

      10. COMPLIANCE WITH SECURITIES LAW.

            The grant of Options and the issuance of shares of Stock upon
exercise of Options shall be subject to compliance with all applicable
requirements of federal, state and foreign law with respect to such securities.
Options may not be exercised if the issuance of shares of Stock upon exercise
would constitute a violation of any applicable federal, state or foreign
securities laws or other law or regulations or the requirements of any stock
exchange or market system upon which the Stock may then be listed. In addition,
no Option may be exercised unless (a) a registration statement under the
Securities Act shall at the time of exercise of the Option be in effect with
respect to the shares issuable upon exercise of the Option or (b) in the opinion
of legal counsel to the Company, the shares issuable upon exercise of the Option
may be issued in accordance with the terms of an applicable exemption from the
registration requirements of the Securities Act. The inability of the Company to
obtain from any regulatory body having jurisdiction the authority, if any,
deemed by the Company's legal 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. As a condition to the exercise of any
Option, the Company may require the Optionee to satisfy any qualifications that
may be necessary or appropriate, to evidence

                                       14
<PAGE>

compliance with any applicable law or regulation and to make any representation
or warranty with respect thereto as may be requested by the Company.

      11. TERMINATION OR AMENDMENT OF PLAN.

            The Board may terminate or amend the Plan at any time. However,
subject to changes in applicable law, regulations or rules that would permit
otherwise, without the approval of the Company's shareholders, there shall be
(a) no increase in the maximum aggregate number of shares of Stock that may be
issued under the Plan (except by operation of the provisions of Section 4.2),
(b) no change in the class of persons eligible to receive Incentive Stock
Options, and (c) no other amendment of the Plan that would require approval of
the Company's shareholders under any applicable law, regulation or rule. No
termination or amendment of the Plan shall affect any then outstanding Option
unless expressly provided by the Board. In any event, no termination or
amendment of the Plan may adversely affect any then outstanding Option without
the consent of the Optionee, unless such termination or amendment is required to
enable an Option designated as an Incentive Stock Option to qualify as an
Incentive Stock Option or is necessary to comply with any applicable law,
regulation or rule.

      12. SHAREHOLDER APPROVAL.

            The Plan or any increase in the maximum aggregate number of shares
of Stock issuable thereunder as provided in Section 4.1 (the "AUTHORIZED
SHARES") shall be approved by the shareholders of the Company within twelve (12)
months of the date of adoption thereof by the Board. Options granted prior to
shareholder approval of the Plan or in excess of the Authorized Shares
previously approved by the shareholders shall become exercisable no earlier than
the date of shareholder approval of the Plan or such increase in the Authorized
Shares, as the case may be.

      IN WITNESS WHEREOF, the undersigned Secretary of the Company certifies
that the foregoing sets forth the Bridgetech Holdings International, Inc. 2005
Stock Option Plan as duly adopted by the Board on May 2, 2005.

                                      /s/ Thomas C. Kuhn III
                                    ----------------------------------------
                                    Thomas C. Kuhn III, EVP, CFO & Secretary

                                       15

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