Document:

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                                                                   EXHIBIT 10.2

                                      LEASE

                     CIRIACO FORGIONE AND FILOMENA FORGIONE

                                       TO

                             TUBE DISTRIBUTORS INC.

ADDRESS:                5349 MAINGATE DRIVE, MISSISSAUGA

COMMENCING:             July 1, 2001

ENDING:                 June 30, 2006

AREA:                   18,101 square feet

RENT:                   Annual: Year 1: $80,549.40   Monthly: Year 1: $6,712.45
                                Year 2: $80,549.40            Year 2: $6,712.45
                                Year 3: $85,074.42            Year 3: $7,089.56
                                Year 4: $85,074.42            Year 4: $7,089.56
                                Year 5: $89,599.42            Year 5: $7,466.60

ADDITIONAL RENT:        $3,066.61 on account of additional rent on the 1st day
                        of each and every month collectable in the same manner
                        as rent and to be adjusted from time to time.

NOTE:                   This cover sheet forms a part of the attached Lease.

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            THIS INDENTURE made the 1st day of JUNE two thousand and one.

            IN PURSUANCE of the Short Forms of Leases Act

BETWEEN:

                CIRIACO FORGIONE AND FILOMENA FORGIONE

            hereinafter called the "Lessor" or the "Landlord"

                                OF THE FIRST PART

                              -and-

                             TUBE DISTRIBUTORS INC.

            hereinafter called the "Lessee" or the "Tenant"

                               OF THE SECOND PART

            WITNESSETH that in consideration of the rents, covenants and
agreements hereinafter reserved and contained on the part of the said Lessee, to
be paid, observed and performed, the said Lessor has demised and leased and by
these presents doth demise and lease unto the said Lessee

All of those certain lands and premises legally described in Schedule "A"
attached hereto and municipally known as 5349 Maingate Drive, Mississauga,
Ontario (the "Lands") and situate thereon a one storey industrial building
comprising approximately 18,101 square feet (the "Industrial Building").

The whole of the said Lands, Industrial Building, together with all structures,
improvements and corrections in or upon the Lands or Industrial Building or any
part thereof from time to time shall hereinafter be referred to as the
"premises" or "demised premises".

1.    TO HAVE AND TO HOLD the said demised premises for and during the term of
FIVE years, to be computed from the 1ST day of JULY, 2001 and from thenceforth
ensuing and to be fully completed and ended on the 30TH day of JUNE, 2006.

2.    The annual rental shall be as set out on Schedule "D" attached hereto.

3.    Intentionally Deleted.

4.    The Lessor covenants and agrees that if the Lessee shall have promptly
paid all rents and other payments when due hereunder, and shall have observed
and performed all of the tenant's covenants herein, and provided further that if
this Lease has not been terminated for any reason whatsoever, the Lessee shall
have the option, at the expiration of the term hereof upon written request of
the Lessee delivered to the Lessor at least six (6) months prior to the
termination of the Lease (and if such written request of the Lessee is not
delivered to the Lessor on or before the 1st day of JANUARY, 2006 this right of
renewal shall be automatically null and void and automatically terminated) the
Lessor shall grant to the Lessee a renewal and extension of this Lease for a
further period of FIVE (5) years upon the same terms and conditions as contained
herein, save and except (a) as to any further right of renewal and (b) except as
to rent. The rent for such renewal period shall be such rental as the parties
herein agree upon. If the parties herein are unable to agree to the rental,

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                                       2

such rental shall be determined in accordance with the provisions of The
Arbitration Act of Ontario, the decision of the Arbitrator shall be based on the
then current rental rate for space similar to the demised premises in a similar
location.

           THE SAID LESSEE COVENANTS WITH THE SAID LESSOR AS FOLLOWS:

5.    To pay rent, and such other amounts for which the Lessor may be entitled
to demand payment from the Lessee under the provisions of this Lease (sometimes
called "additional rent" or "additional rental") which amounts shall be
collectable as rent.

6.    To pay as the same become due respectively all charges for public
utilities, including water, gas, electrical power or energy, steam or hot water
used upon or in respect of the demised premises and for fittings, machines,
apparatus, meters or other things leased in respect thereof, and for all work or
services performed by any corporation or commission in respect of or in
connection with any such public utilities.

7.    (a) To pay and discharge as additional rent, in each and every year during
the said term, as the same becomes due respectively, all taxes (including but
not limited to local improvement rates), rates, duties and assessments
whatsoever that may be levied, rated, charged or assessed against the said
premises or any part thereof, and any equipment, facilities, installations and
improvements made thereto, and without limiting the generality of the foregoing,
every other tax, charge, rate, assessment or payment which may become a charge
or encumbrance upon or levied or collected or in respect of the demised premises
or any part thereof, or equipment, machinery, or other facilities now or at any
time brought in or on the demised premises, as the same becomes due
respectively, whether charged by any municipal, parliamentary, or other body
during the term hereby demised. The Tenant shall not be obligated to pay or
contribute towards the Lessor's capital taxes, income taxes or other like taxes
personal to the Lessor.

      (b) To pay in each and every year as additional rental within fifteen (15)
days after receipt of written notice from the Lessor, all charges, taxes, rates,
duties and assessments of the kind or nature referred to in this Paragraph 7
hereof, including realty taxes and local improvement rates charged, levied,
rated or assessed against the parking areas, entrance areas, driveways,
walkways, lawns and other areas (inside or outside) of the Industrial Building.

      (c) If the taxes in respect of the demised premises, or any part thereof,
shall be increased by reason of any installation made in or upon, or any
alterations made in or to the demised premises by the Lessee, the Lessee shall
be responsible to pay the amount of such increase to the extent that the same is
not included in the taxes referred to in the other subparagraphs in paragraph 7
hereof.

      (d) If the Lessee or any person occupying the demised premises or any part
thereof shall elect to have the demised premises or any part thereof assessed
for Separate School Taxes, the Lessee shall be liable for the amount by which
the said Separate School Taxes exceed the taxes for school taxes, had such
election not been made.

      (e) And to pay all business taxes in respect of the business carried on by
the Lessee in and upon or by reason of their occupancy of the premises hereby
demised and in respect of the occupancy of the premises by the Lessee and in
respect of the use by the Lessee of parking areas, entrances, driveways,
walkways, lawns and other outside areas (and any other lands) contained within
the demised premises and if in respect of any year of the term any part of the
said outside area is assessed for business taxes, to pay the business taxes
levied in respect of such outside areas whether such business taxes are assessed
against the Lessee or against the Lessor and if such business taxes are assessed
against the Lessor to pay the same to the Lessor as additional rent within
twenty days after it is demanded in writing.

      (f) Intentionally Deleted.

      (g) If requested by the Lessor, the Lessee shall pay monthly to the Lessor
one-twelfth (1/12) of the additional annual rentals provided for in this
Lease, such payments to be based upon the

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                                       3

 Lessor's estimate of such amounts, or upon the actual amount thereof when
 incurred or levied. Any necessary adjustment for any item as set out in the
 whole of this Paragraph will be made between the parties at the end of each
 Lease Year or at the end of the term, as the case may be.

      (h) To pay and discharge as additional rent, all duties, real property
taxes, local improvement rates, business taxes, assessments and payments,
extraordinary as well as ordinary, whether foreseen or not, as shall during the
term hereby demised be laid, levied, assessed or imposed upon the building or
the demised premises by virtue of any present or future law, order or ordinance
of Canada or the provincial, city, county or local government or of any
department, office or bureau thereof or any other governmental authority
including all goods and services taxes, sales, taxes, or business transaction
taxes, or any other taxes imposed on the Landlord in respect to rents,
additional rents or any other amounts payable by the Lessee to the Lessor under
the Lease, whether characterized as a goods and services tax, sales tax, or
otherwise (herein called "Goods and Services Taxes"), it being the intention of
the parties that the Landlord shall be fully reimbursed by the Lessee with
respect to any and all Goods and Services Taxes payable by the Landlord.

      (i) Additional rent, comprising realty taxes and building insurance, is
estimated during the 2001 calendar year to be $1.78 per square foot per annum
and $0.12 per square foot per annum respectively for a total of $1.90 per square
foot per annum, all subject to readjustment based upon the actual costs of such
realty taxes and the Lessor's actual costs of its insurance.

      (j) Provided that the Lessee is not in default under the Lease the
Landlord shall authorize the Tenant to appeal or contest the realty taxes levied
against the demised premises provided that no such appeal or contest has the
effect of amending, altering, changing or affecting in any way the zoning or
allowed uses of the demised property and provided further that the Lessee shall
keep the Lessor fully informed with respect to such appeal or contestation.

8.    (a) Subject to the Lessor's representations and warranties in this
Lease set out, to repair, reasonable wear and tear, damage by fire, lightning
and tempest only excepted, and excepting the cost of maintaining, repairing or
replacing the structural components of the Industrial Building including the
roof and roof membrane unless such repairs or replacements are required as a
result of the negligence or wilful act of the Lessee or those for whom the
Lessee is at law responsible and to keep up fences.

      (b) Without limiting the generality of the foregoing, to maintain in a
proper manner the demised premises and to keep the driveway, parking areas and
sidewalks free of debris, snow, ice and accumulated garbage and to keep the
demised premises clean and in such condition as a careful and prudent owner
would do.

      (c) Without limiting the generality of the foregoing, subject to the
Lessor's representations and warranties in this Lease set out, the Lessee at its
own expense shall maintain and keep the demised premises and every part thereof,
in good order and condition and promptly make all needed repairs and
replacements, reasonable wear and tear, damage by fire, lightning and tempest
excepted and excepting structural repairs and replacements, repairs to the roof
and roof membrane unless such repairs or replacements are required as a result
of the negligence or wilful act of the Lessee or those for whom the Lessee is in
law responsible. Save as herein set out the Lessee hereby covenants and agrees
with the Lessor to assume the sole responsibility for the condition, operation,
maintenance and management of the demised premises and every part thereof, and
that the Lessor shall be under no liability for damages to the property of the
Lessee or any of the sub-lessees, sub-tenants, licensees or any person on the
demised premises, which is, or may at any time be on the demised premises on any
account, or for any reason whatsoever. If any structural repairs or replacements
or repairs to the roof or roof membrane are required, such repairs or
replacements shall be performed by the Lessor and the cost of same shall be paid
by the Lessor unless such repairs or replacements are required as a result of
the negligence or wilful act of the Lessee or those for whom the Lessee is in
law responsible in which case the Lessee shall forthwith pay all costs and
expenses incurred by the Lessor in this regard plus the sum equal to 15% thereof
on account of the Lessor's overhead.

      (d) The Lessee covenants to comply, at its own expense with any orders for
alterations or repairs that may from time to time, during the currency of this
Lease, be required as the direct result of its occupation, by any Dominion,
Provincial, Municipal or other authority, under or by virtue of

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                                       4

any statute, regulation or by-law in that respect, or by any insuring body as
described in this Lease and further covenants to save harmless and indemnify the
Lessor from any loss or liability arising out of any breach, violation or
non-performance by the Lessee of any covenant, term or provision hereof, or by
the reason of the registration of any lien. To the extent, however that the
alteration, repair or replacement required constitutes a state, condition or
circumstance which existed prior to the commencement date, it shall be the
Lessor's obligation to comply with any such applicable legislation. Similarly,
to the extent that the subject matter of the alteration, repair or replacement
relates to any structural component of the Industrial Building or is the subject
matter of a warranty provided by the Lessor or has been caused by the act,
omission or negligence of the Lessor or those for whom it is responsible in law,
then the Lessor covenants to comply with such applicable legislation.

      (e) In the event of any substantial damage to the demised premises by any
cause, the Lessee shall give notice in writing to the Lessor of such damage
forthwith upon the same becoming known to the Lessee.

      (f) The Lessee shall not make any alteration, addition or improvement
without first submitting the plans and specifications (including materials to be
used) thereof to the Lessor, and without first obtaining the approval in
writing, thereof of the Lessor, such approval not to be unreasonably withheld.
Any building, erection or improvement placed or erected upon the demised
premises shall become a part thereof and shall be subject to all the provisions
of this Lease. The Lessee may remove its usual trade fixtures as set out in this
Lease. Notwithstanding anything herein contained: (i) the Lessor shall have the
right upon the termination of this Lease to require the Lessee to remove its
installations, alterations, additions, partitions and fixtures or anything in
the nature of a leasehold improvement made or installed by the Lessee and to
make good any damage caused to the demised premises and the Industrial Building
by such installation or removal; (ii) the Lessee shall have the right upon the
termination of this Lease to remove its installations, alterations, additions,
partitions and fixtures or anything in the nature of a leasehold improvement
made or installed by the Lessee provided that it makes good any damage caused to
the demised premises and the Industrial Building by such installation or
removal.

      (g) That it shall be lawful for the Lessor and its agents at all
reasonable times during the said term to enter the demised premises to inspect
the condition thereof; where an inspection reveals repairs, care or maintenance
are necessary and required by this Lease to be done by the Lessee, the Lessee
will make the necessary repairs and rectify any deficiency in a good,
workmanlike and proper manner and in accordance with the terms of this Lease.
Save in the event of an emergency the Lessor shall first provide 24 hours
notice, such inspections shall take place during normal business hours and the
Lessor or its agents shall be accompanied by a representative of the Lessee.

      (h) That the Lessee will at the expiration or sooner determination of the
said term peaceably surrender and yield upon the Lessor the said premises hereby
demised with the appurtenances, together with all buildings or erections which
at any time during the said term shall be made therein or thereon in good and
substantial repair and condition, and consistent with the maintenance of the
building or buildings on the demised premises, given the age, condition and
location of the premises, for the purposes as herein provided, reasonable wear
and tear, damage by fire, lightning and tempest only excepted.

      (i) Wherever the Lessee is required to do any work, or cause any work to
be done, under the repairs, maintenance and alteration paragraphs, the Lessee
shall proceed with such work with all reasonable speed; and that in the event of
default of the Lessee under the provisions of these clauses, the Lessor itself
may after 15 days notice comply with any such requirements as aforesaid and the
Lessee shall forthwith pay all costs and expenses incurred by the Lessor in this
regard plus a sum equal to fifteen percent (15%) thereof for overhead, and the
Lessee hereby agrees that all of such costs and expenses shall be recoverable by
the Lessor as if the same were rent due and in arrears under this Lease.

      (j) Notwithstanding any other provision of this Lease the Lessee shall not
be responsible to repair or replace where the repair or replacement is required
as a result of the negligence or wilful act of the Lessor or those for whom the
Lessor is responsible.

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                                       5

9.    To heat the said demised premises and to make all necessary repairs
(including replacements) to the heating, ventilation and air-conditioning
equipment (HVAC). On or prior to possession, the Lessor shall provide the Lessee
with certificates from electrical and from heating, ventilation and air
conditioning (HVAC) contractors certifying that the electrical and HVAC systems
are properly maintained and are in good working order. At the end of the Term,
the Lessee shall provide the Lessor with the certificate of a contractor
approved by the Lessor confirming that the HVAC system is properly maintained
and in good working order and, and a similar certificate in respect of the
electrical system from a contractor acceptable to the Lessor. Subject to the
Lessor's obligations to provide the electrical and HVAC certificates hereof and
to the provisions of this paragraph and of Schedule "A", the Lessee accepts the
demised premises as is.

10.   The Lessee will not assign or sublet or part with possession of the
demised premises in whole or in part without leave from the Lessor, such leave
not to be unreasonably withheld or unduly delayed.

      Prior to the Lessee entering into any Agreement to Assign or Sub-let, it
shall notify the Lessor in writing of its intention to do so and shall request
the Lessor's consent to such Assignment or Sub-letting. In no event shall any
Assignment or Sub-letting to which the Lessor has consented release or relieve
the Lessee from its obligations fully to perform all of the terms, covenants and
conditions of this Lease. If this Lease contains a right of renewal and this
lease including such right of renewal is assigned and the assignee exercises
such right of renewal, the Lessee shall remain liable under the terms of the
renewal lease as if such lease had been renewed by the Lessee herein.

11.   The Lessee will not do or omit to do, or permit to be done or omitted
anything upon or in respect of the demised premises that is to be done or
omitted upon or in respect of the demised premises, or keep anything therein,
the doing or omission, or keeping of, which (as the case may be) shall be or
result in a nuisance or which shall be annoying or disturbing to the Lessor. In
case of the Lessor reasonably complaining that there is a nuisance, then upon
receiving notice thereof the said Lessee shall immediately abate such nuisance.

12.   Subject to Paragraph 8 (d) the Lessee will comply promptly with and
conform to all requirements of all applicable statutes, laws, by-laws,
regulations, ordinances and orders from time to time or at any time enforced
during the term hereof and affecting the condition, equipment, maintenance, use
or occupation of the demised premises and without limiting the generality of the
foregoing, the Lessee specifically covenants and agrees to comply promptly with
all requirements of the Local Board of Health, Police or Fire Departments,
Municipal, Provincial or Federal or any other government authority and
specifically The Canadian Fire Underwriters' Association or any body having
similar functions or of any liability or fire insurance company by which the
Lessor and the Lessee, or either of them, may be insured at any time during the
term hereof, and to fully indemnify the Lessor from any breach thereof. In the
event of the default of the Lessee under the provisions of this paragraph, the
Lessor may (but the Lessor shall not be prejudiced by its failure to do so)
itself comply with any such requirements as aforesaid and the Lessee shall
forthwith pay all costs and expenses incurred by the Lessor in this regard and
the Lessee agrees that all such costs and expenses shall be recoverable by the
Lessor as if the same were additional rent reserved and in arrears under this
Lease.

13.   The demised premises shall be used only for the purposes of office and
warehouse of general industrial products and ancillary uses thereto.

14.   (a) The Lessee will pay all premiums with respect to insurance placed or
to be placed or hereafter placed by the Lessor on the demised premises or any
portion or portions thereof and to be written in the name of the Lessor and
which may (solely at the option of the Lessor) include insurance for the
following:

      (i) fire, extended coverage and malicious damage insurance up to the full
replacement value of the Industrial Building, its improvements and equipment, or
so much thereof as the Lessor causes insurance to be placed;

      (ii) upon the full annual rental income thereof;

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                                       6

      (iii) broad boiler and unfired pressure vessels insurance, including
 repair or replacement and rental income coverages in the amount reasonably
 satisfactory to the Lessor;

      (iv) plate glass insurance;

      (v) such other insurance as may be or may become customary for owners of
property to carry, as respects loss of, or damage to the demised premises or
liability arising therefrom specifically including any insurance required by
reason of the introduction by or on behalf of the Lessee and/or his sub-tenants,
or anyone else occupying the demised premises or any portion thereof of any
radio-active materials or substances into the demised premises or exposing them;

      (vi) it is specifically agreed and understood that this clause shall not
be interpreted in any way as being a covenant by the Lessor to place any one or
more of the above insurances, and the Lessor's failure to place such insurance
or cause such insurance to be placed shall not leave it open to any liability
whatsoever;

      (b) The Lessee covenants that nothing will be done or omitted to be done
whereby any policy or part thereof shall be cancelled or the premises or any
portion thereof rendered uninsurable or may make void or voidable any insurance
on the premises.

      (c) That at all times during the term, the Lessee will maintain at its own
expense comprehensive general liability insurance in a company licenced to carry
on business in the Province of Ontario covering the Lessee and the Lessor in
respect of the demised premises and its operations therein with a limit of not
less than $2,000,000.00 and covering claims for personal injury, death, or
property damage or loss. Such insurance shall include, without limitation any
accident caused by the explosion of a pressure vessel or vessels within the
demised premises and shall also cover liability assumed by the Lessee under the
terms of this Lease. The Lessee shall furnish to the Lessor during the
continuation of this Lease satisfactory evidence that such insurance is in full
force and effect and evidence of renewal or replacement of each such policy
shall be in the hands of the Lessor at least ten (10) days before the expiration
thereof.

      (d) The Lessee covenants that it will not do or omit to do, or permit to
be done or omitted, upon the demised premises anything which will increase the
insurance risk, or cause the Lessor to pay an increased rate of insurance. It is
understood that in case the insurance rate of the Lessor shall be increased by
reason of the occupancy or use by the Lessee herein of the demised premises then
the Lessee shall pay to the Lessor, as additional rent, in addition to any part
of insurance premiums hereinbefore agreed to be paid by the Lessee, the amount
by which the insurance premiums shall be so increased.

      (e) If notice of cancellation shall be given, respecting any insurance
policy, or if any insurance policy upon the said demised premises or any part
thereof, shall be cancelled or refused to be renewed by an insurer by reason of
the use or occupation of the demised premises or any part thereof by the Lessee,
the Lessee shall remedy or rectify such use or occupation within five (5) days
after being requested so to do, in writing, by the Lessor and if the Lessee
shall fail to do so as aforesaid, the Lessor may, in addition to its other
remedies contained herein, deem this Lease to be in default by the Lessee and
may at the Lessor's option require the Lessee to vacate the premises forthwith
by leaving upon the said premises notice in writing of it, the Lessor's
intention so to do, and the Lessee shall immediately deliver up possession of
the demised premises to the Lessor and for the purposes of this Lease.

15.   (a) The Lessee shall examine the premises before taking possession
hereunder, and such taking of possession shall be conclusive evidence as against
the Lessee that at the time thereof, subject to the Lessor's warranties as
herein contained, the Lessor's Work set out in Schedule "A" hereto and any
contrary terms herein contained in the Lease, the premises were in good order
and satisfactory condition. The Lessee agrees that there is no promise,
representation, or undertaking by or binding upon the Lessor with respect to any
alteration, remodelling or decorating of, or installation of equipment or
fixtures in the premises except such, if any, as is expressly set forth in this
Lease and that in the case of any such express provision then unless the same
provides for completion of the alteration, remodelling or decorating, of such
installation, after the Lessee's taking of possession hereunder, such taking of
possession shall constitute conclusive evidence as against

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                                       7

the Lessee that such alteration, remodelling or decorating or installation of
equipment or fixtures has been satisfactorily completed. Subject to the
provisions of the Lease the Lessee hereby accepts the demised premises in their
present condition.

      (b) The Lessee will not bring upon the demised premises or any part
thereof any machinery, equipment, article or thing that by reason of its weight
or size might damage the demised premises and will not at any time overload the
floors of the demised premises and that if any damage is caused to the demised
premises by any machinery, equipment, article or thing or by overloading or by
any act, neglect or misuse on the part of the Lessee or any of its servants,
agents or employees or any person having business with the Lessee, the Lessee
will repair same unless the damage relates to a structural component of the
Industrial Building in which case the Lessor shall repair such damage at the
cost of the Lessee.

16.   The Lessee shall have the right to erect signs on the exterior of the
Industrial Building denoting its tenancy therein provided such signs conform
with all municipal by-laws. The Lessee will not erect on, affix or fasten to the
roof or the outside walls of the Industrial Building any television or radio
antenna, sign, fixture or attachment of any kind whatsoever without the consent
of the Lessor such consent shall not be unreasonably withheld. Any such signs or
other advertising material, as aforesaid, shall be removed by the Lessee at the
termination of this Lease and the Lessee shall promptly repair any and all
damage caused by such removal. The cost of such sign and the installation and
erection thereof shall be borne entirely by the Lessee. At the end of the term
the Lessee shall remove such signs and, at the Lessor's option, remove the sign
boxes if any, and restore the premises to their original condition, reasonable
wear and tear excluded.

17.   In case without the written prior consent of the Lessor, the demised
premises or any major portion thereof shall become and remain vacant or not be
used for a period of fifteen (15) days except for major renovations, or be used
by or for any other person or persons other than the Lessee, or for any purpose
other than as hereinbefore provided, or if the term hereby granted or any of the
goods and chattels of the Lessee or any Assignee or Sub-Tenant shall be at any
time seized or taken in execution or attachment by any creditor of such Lessee,
Assignee or Sub-Tenant, or if the Lessee or any such Assignee or Sub-Tenant
shall make any assignment for the benefit of creditors, or shall become bankrupt
or insolvent, or make a proposal to its creditors, or being bankrupt or
insolvent take the benefit of any Act now or hereafter in force for bankrupt or
insolvent debtors, or being a Company shall become subject to any legislative
enactment relating to liquidation or winding up either voluntary or compulsory,
or shall make a sale under The Bulk Sales Act, or give any Bill of Sale without
complying with The Bulk Sales Act, in respect of goods on the premises or to
sell or dispose of its good and chattels so that there would not be in the event
of such sale or disposal in the reasonable opinion of the Lessor a sufficient
distress on the premises for the then accruing rent, or shall attempt to abandon
the premises, then and in every such case, the then current month's rent and an
amount equivalent to the next ensuing three months' rent and the Lessee's share
of the taxes and additional rental as provided for in this Lease for the then
current year (to be reckoned on the rate for the next preceding year in case the
rate shall not have been fixed for the then current year) shall immediately
become due and payable, and at the option of the Lessor, this Lease shall cease
and determine and the said term shall immediately become forfeited and void and
the Lessor may re-enter and take possession of the premises as though the Lessee
was holding over after the expiration of the said term without any rights
whatever; or in such case and in every such case, instead of determining this
Lease as aforesaid, the Lessor may take possession of the demised premises, or
any part or parts thereof with all the rights and remedies as in the case of
non-payment of rent by the Lessee herein.

18.   Notwithstanding anything contained in any present or future Act of the
Legislature of the Province of Ontario, and notwithstanding any other Statute or
law to the contrary, none of the goods or chattels owned by the Lessee at any
time during the continuance of the term hereby created on the said demised
premises shall be exempt from levy by distress for rent in arrears by the Lessee
and that upon any claim being made for such exemption by the Lessee or on
distress being made by the Lessor, this covenant and agreement may be pleaded as
an estoppel against the Lessee in any action brought to test the right to the
levying upon any such goods as are named as exempted in the said Statutes or in
any sections thereof, the Lessee waiving as he hereby does all and every benefit
that could or might have accrued to him under and by virtue of the said section
of the said Statutes or by virtue of any such Statute or section thereof or law
but for the above covenant.

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                                       8

19.   In case of removal by the Lessee of its goods and chattels from the
demised premises, otherwise than in the ordinary course of business, the Lessor
may follow the same for thirty (30) days in the same manner as is provided for
in the Act respecting fraudulent and clandestine removal of goods or any other
Act or Statute relating to same.

20.   Unless caused by the gross negligence or wilful act of the Lessor or those
for whom the Lessor is responsible the Lessor shall not, in any event
whatsoever, be liable or responsible in any way for any personal injury or death
that may be suffered or sustained by the Lessee herein, any employee, servant or
agent of the Lessee, any sub-Lessee or Licensee, any customer, or any other
person or persons or any persons on the business of the Lessee or sub-Lessee or
Licensee who may be upon the demised premises or for any loss, damage or injury
to any property, including cars and contents thereof, belonging to the Lessee,
any employee servant or agent of the Lessee, any sub-Lessee or Licensee of the
Lessee or any person on the business of the Lessee or sub-Lessee or Licensee in
or about the demised premises while such property is on the demised premises and
which may be caused or occasioned by any cause or matter whatsoever; and in
particular but without restricting the generality of the foregoing, those which
may be caused or occasioned by steam, electricity, gas, fumes, vapors,
waterworks, water, rainwater, other water, sleet, snow, ice, melted sleet, snow
or ice, which may leak, issue or flow from the demised premises or which may
leak, issue or flow into the demised premises or from any water, steam,
sprinkler or damaged pipes or plumbing where situate in the demised premises, or
which may be caused or occasioned or attributable to the condition or
arrangement of any electrical or other wiring or caused or occasioned by snow or
ice or other substances or obstructions on the sidewalks, driveways, roads,
streets, and grounds in or about or appurtenant to the Industrial Building or
caused or occasioned by the failure to supply ice or snow removal or by the
defective condition or inaccurate repair or misrepair thereof or by any defect
in any machinery or equipment in the said Industrial Building or in the
operation thereof by the Lessee or by any defects or the misrepair or non-repair
of the demised premises or of the Industrial Building unless such misrepair or
non-repair is the obligation of the Lessor, and the Lessee further covenants and
agrees to indemnify and save the Lessor harmless from and against any and all
liabilities, claims, demands or causes of action of any nature or any such
expense for any such injury, death, loss or damage as aforesaid.

21    (a) The Lessee will indemnify and save harmless the Lessor of and from all
liabilities, fines, suits, claims, demands and actions of every kind or nature
to which the Lessor shall or may become liable for or suffer by reason of any
breach, violation or non-performance by the Lessee of any covenant, term or
provision hereof or by reason of any injury, death or accident resulting from,
occasioned to or suffered by any person or persons or any property by reason of
any act, neglect or default on the part of the Lessee or any of its agents or
employees; such indemnification in respect of any such breach, violation or
non-performance, damage to property, injury or death occurring during the term
of the Lease shall survive any termination of this Lease, anything in this Lease
to the contrary notwithstanding.

      (b) The Lessor will indemnify and save harmless the Lessee of and from all
liabilities, fines, suits, claims, demands and actions of every kind or nature
to which the Lessee shall or may become liable for or suffer by reason of any
breach, violation or non-performance by the Lessor of the Lessor's warranties to
repair obligations in respect of structural components of the Industrial
Building; such indemnification occurring during the term of the Lease shall
survive any termination of this Lease, anything in this Lease to the contrary
notwithstanding.

22.   The Lessee shall have the right to park or permit to be parked motor
vehicles in the parking areas located adjacent to the building portions of the
demised premises. Unless otherwise specifically provided herein, the Lessor does
not guarantee the Lessee the use of any specific number of parking spaces in the
said parking areas.

23.   Except where the Lessee has exercised its option to renew, the Lessor may
place upon the said premises at any time during the said term a notice that the
said premises are for sale, and within six (6) months from the termination of
the said term, to place upon the demised premises a notice that they are to be
let, such notices to be of reasonable dimensions and reasonably placed so as not
to interfere with the Lessee's business, and the Lessee covenants and agrees
that he will not remove or damage such notices or permit them to be removed or
damaged. The Lessee will permit the Lessor to exhibit the demised premises
during the last six (6) months of the term to any prospective

<PAGE>
                                       9

tenant and will permit all persons having written authority therefor to view the
said premises at all reasonable hours.

      The Lessor covenants and agrees with the Lessee for quiet enjoyment.

      PROVIDED IT IS MUTUALLY COVENANTED, UNDERSTOOD AND AGREED AS FOLLOWS:

24.         That if during the term of this Lease:

            (a) The Industrial Building is totally destroyed by fire, lightning,
tempest, explosion, impact of aircraft or vehicles, acts of God or the Queen's
enemies, riots, or insurrections, or are partially destroyed so that it cannot
be repaired with reasonable diligence within one hundred and eighty (180) days
of the happening of such injury then the Lease shall at the option of the Lessor
or of the Lessee to be exercised within ten (10) days of the happening of the
injury, cease and become null and void from the date of such damage or
destruction, and the Lessee shall immediately surrender the premises and all
interest therein to the Lessor and the Lessee shall pay rent and other charges
only to the time of such surrender and any prepaid rent shall be returned to the
Lessee, and in case of destruction or partial destruction as above-mentioned,
the Lessor may re-enter or re-possess the premises discharged of this Lease, and
may remove all parties therefrom failing exercise of said option, the Lessor
shall repair or rebuild the demised premises to their pre-existing condition and
rent shall abate until completion;

            (b) if the Industrial Building is partially destroyed by fire,
lightning, tempest, explosion, impact of aircraft or vehicles, acts of God or
the Queen's enemies, riots or insurrections, and can be repaired with reasonable
diligence within one hundred and eighty (180) days from the happening of said
injury, and if the damage is such as to render the demised premises unfit for
the purpose herein intended, then the rent and other charges shall not run or
accrue after the said injury, or while the process of repairs is going on, and
the Lessor shall repair same with all reasonable speed and then rent shall
recommence immediately after the said repairs shall have been completed;

            (c) if the Industrial Building is partially destroyed by fire,
lightning, tempest, explosion, impact of aircraft or vehicles, acts of God or
the Queen's enemies, riots or insurrections, and can be repaired with reasonable
diligence within one hundred and eighty (180) days from the happening of said
injury and if the damage is such that the demised premises can be partially used
for the purposes of the Lessee, then until such damage shall have been repaired,
the rent and other said charges shall abate in proportion that the part of the
demised premises rendered unfit for the use of the Lessee herein provided bears
to the whole of the demised premises and the Lessor shall repair same with all
reasonable speed.

            (d) The decision of the Landlord's architect as to the time within
which the Industrial Building can or cannot be repaired, the state of
tenantability of the Industrial Building and as to the date on which the
Landlord's work of repair is completed, shall be final and binding on the
parties hereto. The Lessor's architect shall immediately provide the Lessee with
copies of any such decision.

25.   The Lessee may install its usual trade fixtures in the usual manner
provided such installation does not damage the structure of the Industrial
Building; and provided that the Lessee has performed all of the covenants
contained in this Lease on its part to be performed, including but not limited
to the payment of rent, the Lessee shall have the right at the expiration of the
Lease to remove such trade fixtures and such of its leasehold improvements as it
may in its sole and absolute discretion determine, provided that it shall make
good any damage or injury caused to the demised premises and the Industrial
Building that shall have resulted from such installation and removal. The right
of removal by the Lessee herein is limited to those items supplied and installed
by the Lessee. In the event that any fixtures or chattels belonging to the
Lessor are damaged, lost removed, or destroyed, at any time after the
commencement of this Lease, the Lessee covenants to restore them to their
condition as of the date of commencement of the Lease or to replace them if same
cannot be so restored, reasonable wear and tear excepted.

<PAGE>
                                       10

26.   (a) Any and all monies payable by the Lessee under the terms of this Lease
(whether to the Lessor or otherwise) shall be deemed to be payable and
collectable as rent. Any arrears of any part or all of same shall be deemed as
arrears of rent and the Lessor shall have the same remedy or remedies as he
would have in the event of arrears of rent and shall be entitled to take any
action therefor that it could have taken for arrears of rent.

      (b) If the Lessee defaults in paying as and when it becomes due any tax,
rates, insurance premiums or any other payment which it is required to pay under
the terms of this Lease, the Lessor shall have the right to pay same and to
recover same from the Lessee as rent in arrears, and such payments shall be
deemed to be arrears of rent payable by the Lessee and give the Lessor all
rights accordingly.

      (c) All arrears of rent and other payments by the Lessee, and any monies
paid by the Lessor herein on behalf of the Lessee, shall bear interest at the
rate of eighteen percentum (18%) per annum, calculated and compounded monthly,
from the time such arrears become due until they have been repaid to the Lessor.

27.   The Lessee acknowledges and agrees that, subject to the provisions of this
Lease, it is intended that this Lease shall be a completely carefree net Lease
for the Lessor, and that the Lessor shall not be responsible during the term of
the Lease for any costs, charges, expenses and outlays of any nature whatsoever
in respect of the demised premises or the contents thereof, all of which shall
be paid by the Lessee, excepting only the Lessor's capital taxes, income tax in
respect of income received from leasing the demised premises, corporation taxes,
succession duties, estate taxes and principal and interest payments to be made
in connection with any mortgage or mortgages placed on the demised premises by
the Lessor.

28.   This Lease and everything herein contained shall be deemed to be
subordinate to any charge or charges from time to time created by the Lessor
with respect to the demised premises by way of mortgage or charge and the Lessee
hereby covenants and agrees that it will promptly at any time and from time to
time as required by the Lessor during the term hereof, execute such
subordination and attornment covenants in favour of any such chargee and give
all further assurances to this proviso as may be reasonably required to
effectuate the postponement of its rights and privileges hereunder to the holder
or holders of any such charge or charges, provided that such mortgage or
mortgages shall permit the Lessee to continue in quiet possession of the demised
premises in accordance with the terms and conditions hereof as long as the
Lessee is not in default hereunder and whether or not such mortgage or mortgages
are in default and provided that any such chargee or mortgagee delivers a
non-disturbance agreement in favour of the Lessee in form satisfactory to the
Lessee acting reasonably.

      The Lessee agrees to provide the Lessor upon request from time to time a
certificate or certificates that the Lease herein is in full force and effect
(if such is the case) and the term has not been varied, amended or waived if
such is the case and that the rents hereunder are not in arrears.

29.   It is agreed between the Parties hereto that in the event of the said
premises being expropriated or condemned by any Department of the Federal,
Provincial or Municipal Governments then the Lessor shall have the right
notwithstanding anything herein contained to terminate this Lease upon giving
six (6) months' notice in writing to the Lessee or by paying the said Lessee a
bonus of six (6) months' rent, in which latter event, the Lessee undertakes to
vacate the said premises at the expiration of ninety (90) days from the delivery
of such notice. The Lessee shall be entitled, at its sole cost and expense, to
claim from the expropriating authority the value of its leasehold improvements,
the tenancy and the unexpired value of the remainder of the term.

30.   The Lessee, its servants, agents and employees will at all times during
the occupancy of the demised premises observe and conform to such rules and
regulations as shall be made by the Lessor from time to time including without
limiting the generality of the foregoing, the rules and regulations set forth in
Schedule "C" attached hereto and of which the Lessee shall be notified, such
rules and regulations being deemed to be incorporated in and form part of these
presents. The Lessee covenants that all delivering and receiving of goods and
merchandise shall be done by the Lessee at the rear of the demised premises.

<PAGE>
                                       11

31.   (a) PROVISO for re-entry by Lessor on non-payment of rent or non-payment
of any other payments to be made by the Lessee herein, or non-performance of
covenants, or in the case of a seizure or forfeiture of the term provided
however that the Lessor first gives five (5) days written notice of default to
the Lessee in order to cure a non-payment of rent or additional rent default and
with respect to all other events of default, twenty (20) days of default in
order to cure the default unless the nature of the default requires a period in
excess of twenty (20) days, and in such a case, such lengthier period of time as
is required provided that the Lessee immediately commences the curing of such
default and proceeds diligently to its remedying, all to the reasonable
satisfaction of the Lessor. Provided further however that in the event that
after three non-payment of rent or additional rent defaults have occurred during
the term of the Lease the Lessor shall no longer be required to give notice in
respect of a non-payment of rent or additional rent default.

      (b) The Lessee further covenants and agrees that notwithstanding anything
herein contained, the Lessor's right of re-entry hereunder for non-payment of
rent (including non-payment of any other payment to be made by the Lessee) or
non-performance of covenants shall become exercisable immediately upon default
being made.

      (c) The Lessee further covenants and agrees with the Lessor that in the
case of non-payment of rents (including non-payment of any other payments to be
made by the Lessee under this Lease) at the said times as herein provided, or
non-performance of said covenants, or in case the said demised premises shall be
deserted or vacated, the Lessor in addition to all its other rights hereby
reserved to it, shall have the right at its sole option (but shall not be
required to do so) to re-enter the demised premises as the agent of the Lessee
either by force or otherwise, without being liable for any prosecution therefor,
and to re-let and to manage the same and grant any lease or leases thereof upon
such terms as to the Lessor or its assigns may appear to be reasonable and to
demand, collect, receive and distrain for all rental which shall become payable
in respect hereof, and apply the said rentals after deducting all expenses
incurred in connection with the demised premises and in the collection of the
said rent including reasonable commission for the collection thereof to the
Lessor upon the rent hereby reserved, and the Lessor, its assigns and every such
agent acting as aforesaid from time to time, shall in so acting be the agents of
the Lessee, and the Lessee alone shall be responsible for their acts and the
Lessor and its assigns shall not be accountable for any monies except those
actually received. Without affecting the generality of the foregoing, it is
specifically agreed and understood that the Lessor may re-let the whole or any
portion of the demised premises for any period equal to or greater or lesser
than the remainder of the then current term and to do so as agent of the Lessee,
and to receive the rent therefor, said rent to be any sum which it may deem
reasonable, and to any Lessee or Tenant to which it may deem suitable and
satisfactory, and for any use and purpose which it may deem appropriate and in
connection with any such Lease, the Lessor may make such changes in the
character of the improvements to the demised premises as the Lessor may
determine to be appropriate or helpful in effecting such new lease and all to be
at the cost of the Lessee herein. However, in no event shall the Lessor be under
any obligation to re-let the demised premises in whole or in part for any
purpose which the Lessor may regard as injurious to the demised premises, or to
any Lessee or tenant which the Lessor in the exercise of reasonable discretion
shall deem to be objectionable. The Lessor, as the agent of the Lessee, shall
have the right, at its sole option (but shall not be required to do so) to take
possession of any furniture or other property of the said premises and sell the
same at public auction or private sale without notice and to apply the proceeds
of such sale and any rent derived therefrom or from re-letting the said
premises, upon and on account of the rent due under these presents, and the
Lessee shall remain liable to the Lessor for any deficiency if any, it being the
intention of this lease that nothing in this Lease contained and no entry made
by the Lessee herein, shall in any way release the Lessee from the payment of
the rent hereby reserved during the term hereof beyond such sum as may be
realized by the Lessor by the re-letting and the sale of furniture as
hereinbefore allotted. The Lessor shall not in any event be required to pay to
the Lessee any surplus of any sums received by the Lessor on the re-letting of
the demised premises in excess of the rent reserved in this Lease.

            AND FURTHER that the Lessee will, subject to the terms of this Lease
and of any Schedules hereto, at the expiration or sooner termination of the term
peaceably surrender and yield up unto the Lessor the premises with, at the
option of the Lessee, such of the improvements, erections and appurtenance which
at any time or times during the term shall be made, placed or erected therein or
thereon, in good and substantial repair and condition, reasonable wear and tear
excepted, and the Lessee shall surrender all keys for the demised premises to
the Lessor at the place

<PAGE>
                                       12

then fixed for payment of rent and shall inform the Lessor of all combinations
on locks, safes and vaults, if any, in the premises. The Lessee's obligation to
observe and perform this covenant shall survive the expiration or sooner
determination of the term or any renewal thereof.

32.   (a)   Subject to the Lessor's obligations under subsection 32 (c) hereof,
the Lessee, its employees or agents shall not permit any unlawful use, storage,
manufacturing or disposal of material or substances deemed to be hazardous or
dangerous as defined under Federal, Provincial or Municipal environment health
or safety laws. The Lessee shall indemnify and save harmless the Lessor from and
against the cost of cleaning-up any Environmental Contamination in respect of
the premises that is caused by the Lessee or by the Lessee's licencees, invitees
or by those for whom the Lessee is at law responsible including Environmental
Contamination resulting/arising from or related to any movement or migration of
such Environmental Contamination from a source, either on or off the premises or
the lands upon which it is situate and the Lessee shall also indemnify the
Lessor from any fines or penalties in connection with the aforesaid. For the
purposes of this paragraph, the term "Environmental Contamination" means any
contaminants, pollutants, dangerous substances, liquid wastes, industrial
wastes, hazardous materials, or hazardous substances as defined in or pursuant
to any applicable federal, provincial, state, municipal laws, statues or
ordinances.

      (b)   The Lessee hereby indemnifies, releases and holds the Landlord, its
officers, directors, employees and agents, past, present and future, harmless
from and against any and all liability, damages, losses, costs, judgments,
fines, penalties or expenses, including legal expenses, of any kind or nature
including special, consequential or punitive damages, arising out of claims,
demands, actions, causes of action, proceedings or suits, whether in law or in
equity, due to any breach of subsection 32 (a).

      (c)   The Lessor warrants that prior to the talking of possession of the
demised premises by the Lessee there was no Environmental Contamination. The
Lessor shall indemnify and save harmless the Lessee from and against the cost of
cleaning-up any Environmental Contamination in respect of the premises that is
caused by the Lessor or by the Lessor's licencees, invitees or by those for whom
the Lessor is at law responsible including Environmental Contamination
resulting/arising from or related to any movement or migration of such
Environmental Contamination from a source, either on or off the premises and the
Lessor shall also indemnify the Lessee from any fines or penalties in connection
with the aforesaid.

      (d)   This paragraph shall survive for an indefinite term and shall
survive the termination or expiration of this Lease and may only be terminated
if the parties execute a written agreement specifically effecting such a
termination.

33.   All rights and remedies of the Lessor under this Lease are cumulative and
not alternative and the exercise by the Lessor of any right or remedy for the
default or breach of any term, covenant, condition or agreement herein contained
shall not be deemed to be a waiver of or alter, affect or prejudice any other
right or remedies to which the Lessor may be lawfully entitled for the same
default or breach; and any waiver, condoning, excusing or overlooking by the
Lessor of the strict observance, performance or compliance by the Lessee or with
any term, covenant, condition or agreement herein contained, or any indulgence
granted by the Lessor to the Lessee shall not be deemed to be a waiver of any
continuing or subsequent default or breach by the Lessee, and not entitle the
Lessee to any similar indulgence theretofore granted. No waiver shall be
inferred from or implied by anything done or omitted by the Lessor save only
express waiver in writing.

34.   (a)   The Lessee has deposited with the Lessor a cheque for TEN THOUSAND
TWO HUNDRED AND FORTY-EIGHT DOLLARS AND NINETY-FOUR CENTS ($10,248.94), on
account of the rent, additional rent and G.S.T. due for the first month of the
term hereof, receipt of which is hereby acknowledged by the Lessor.

      (b)   The Lessee, contemporaneously with the execution of this Lease has
deposited with the Lessor the sum of ELEVEN THOUSAND DOLLARS ($11,000.00),
receipt of which is hereby acknowledged by the Lessor. Said deposit shall be
held by the Lessor without liability for interest, as security for the faithful
performance by the Lessee of all of the terms, covenants and conditions of this
Lease by the said Lessee to be kept and performed during the term hereof. If at
any time during the term of this Lease any of the rent herein reserved shall be
overdue and unpaid, or any or

<PAGE>
                                       13

any other sum payable by the Lessee to the Lessor hereunder shall be overdue and
unpaid, then the Lessor may, at the option of the Lessor (but the Lessor shall
not be required to), appropriate and apply any portion of said deposit to the
payment of any such overdue rent or other sum. In the event of the failure of
the Lessee to keep and perform any of the terms, covenants and conditions of
this Lease to be kept and performed by the Lessee, then the Lessor at its option
may, after terminating this Lease appropriate and apply said entire deposit, or
so much thereof as may be necessary to compensate the Lessor for all loss or
damage sustained or suffered by the Lessor due to such breach on the part of the
Lessee. Should the entire deposit or any portion thereof, be appropriated and
applied by the Lessor for the payment of overdue rent or other sums due and
payable by the Lessee hereunder, then the Lessee shall, upon the written demand
of the Lessor, forthwith remit to the Lessor a sufficient amount in cash to
restore said security to the original sum deposited and the Lessee's failure to
do so within five (5) days after receipt of such demand shall constitute a
breach of this Lease. Should the Lessee comply with all of the said terms,
covenants and conditions and promptly pay all of the rental herein provided for
as it falls due, and all other sums payable by the Lessee to the Lessor
hereunder, the said deposit shall be returned in full to the Lessee.

      (c)   The Lessor may deliver the funds deposited hereunder by the Lessee
to the purchaser of the Lessor's interest in the demised premises, in the event
that such interest be sold and thereupon the Lessor shall be discharged from any
further liability with respect to such deposit.

      (d)   The parties further covenant and agree that the said security
deposit shall be automatically forfeited to the Lessor, in addition to all its
other rights herein in the event of forfeiture of the Lease by the Lessee.

35.   Subject to the provisions of this Lease, there shall be no abatement from
or reduction of the rent due hereunder, nor shall the Lessee be entitled to
damages, losses, costs or disbursements from the Lessor during the term hereby
created on, caused by or on account of fire, (except as above), water, sprinkler
systems, partial or temporary failure or stoppage of heat, light elevators, live
steam or plumbing service in or to the said premises or building, whether due to
acts of God, strikes, accidents, the making alterations, repairs, renewals,
improvements, structural changes to the said premises or buildings or the
equipment of systems supplying the said services, or from any cause whatsoever.

37.   Any notice which either of the parties is required or permitted to give
pursuant to any provision of this Lease may, if intended for the Lessee, be
given by a writing left at THE DEMISED PREMISES or mailed by registered mail
addressed to the Lessee at the demised premises and if intended for the Lessor
by writing sent by registered mail to the Lessor at 146 GRACEFIELD AVENUE,
TORONTO, ONTARIO, M6L 1L1 notice shall be deemed to have been given at the time
it was delivered or mailed, as the case may be.

38.   Should the Lessee hold over after the expiration of this Lease and the
Lessor thereafter accept rent for the said premises, the Lessee shall hold the
said premises as a monthly tenant only of the Lessor but subject in all other
respect to the terms and conditions of this Lease.

39.   The Lessee will be permitted to enter upon the Demised Premises on a
rent-free basis and at its own risk and peril from July 1, 2001 to July 31, 2001
(the "Rent Free Period"), in order to make preparations for moving in; provided
the Lessee shall be responsible for all additional rent during the Rent Free
Period; provided further however that save and except for the payment of rent
the Lessee shall during the Rent Free Period be bound by all other provisions of
this Lease.

40.   (a)   The words importing the singular number only shall include the
plural, and vice versa, and words importing the masculine gender shall include
the feminine gender and words importing persons shall include firms and
corporations and vice versa.

      (b)   Unless the context otherwise requires, the word "Lessor" or
"Landlord" and the word "Lessee" or "Tenant" wherever used herein shall be
construed to include and shall mean the executors, administrators, successors
and/or assigns of the said Lessor and Lessee, respectively, and when there are
two or more Lessees bound by the same covenants herein contained, their
obligations shall be joint and several.

<PAGE>
                                       14

      (c)   Schedules "A", "B", "C", and "D" annexed hereto form part of this
Lease.

            IN WITNESS WHEREOF the parties hereto have executed these presents.

SIGNED, SEALED AND DELIVERED
 in the presence of:                   )
                                       ) /s/ Ciriaco Forgione
 /s/                                   )---------------------------------
 --------------------------------      ) CIRIACO FORGIONE
                                       )
                                       ) /s/ Filomena Forgione
                                       )---------------------------------
                                       ) FILOMENA FORGIONE
                                       )
                                       )
                                       )
                                       ) TUBE DISTRIBUTORS INC.
                                       ) Per:
                                       )
                                       ) /s/ Barry Seigel
                                       )---------------------------------
                                       ) Barry Seigel, President
                                       )
                                       ) /s/ Jeffrey Greenberg
                                       )---------------------------------
                                         Jeffrey Greenberg, Secretary

                                        We have authority to bind the
                                        Corporation.<PAGE>
                                                                   EXHIBIT 10.3

                              AMENDED AND RESTATED
                             TARPON INDUSTRIES, INC.
                             2004 STOCK OPTION PLAN

      1.    Definitions: As used herein, the following terms shall have the
following meanings:

            (a)   "Code" shall mean the Internal Revenue Code of 1986, as
      amended, and the applicable rules and regulations thereunder.

            (b)   "Committee" shall mean, (i) with respect to administration of
      the Plan regarding Participants who are subject to Section 16(a) and (b)
      of the Exchange Act, a committee meeting the standards of Rule 16b-3 of
      the Rules and Regulations under the Exchange Act, or any similar successor
      rule, appointed by the Board of Directors of the Company to perform any of
      the functions and duties of the Committee under the Plan, or the Board of
      Directors as a whole, and (ii) with respect to administration of the Plan
      regarding all other Participants, such committee or the Board of Directors
      of the Company, as described in clause (i), or such other committee or
      entity appointed by the Board of Directors of the Company to perform any
      of the functions and duties of the Committee under the Plan.

            (c)   "Common Shares" shall mean the Common Shares of the Company.

            (d)   "Company" shall mean Tarpon Industries, Inc., a Michigan
      corporation, or any successor thereof.

            (e)   "Discretion" shall mean the sole discretion of the Committee,
      with no requirement whatsoever that the Committee follow past practices,
      act in a manner consistent with past practices, or treat any key employee,
      director, consultant or advisor in a manner consistent with the treatment
      afforded other key employees, directors, consultants or advisors with
      respect to the Plan or otherwise.

            (f)   "Exchange Act" shall mean the Securities Exchange Act of 1934,
      as amended, and the rules and regulations thereunder.

            (g)   "Incentive Option" shall mean an option to purchase Common
      Shares which meets the requirements set forth in the Plan and also is
      intended to be, and qualifies as, an incentive stock option within the
      meaning of Section 422 of the Code.

            (h)   "Nonqualified Option" shall mean an option to purchase Common
      Shares which meets the requirements set forth in the Plan but is not
      intended to be, or does not qualify as, an incentive stock option within
      the meaning of the Code.

            (i)   "Participant" shall mean any individual designated by the
      Committee under Paragraph 6 for participation in the Plan.

<PAGE>

            (j)   "Plan" shall mean this 2004 Stock Option Plan of Tarpon
      Industries, Inc.

            (k)   "Securities Act" shall mean the Securities Act of 1933, as
      amended, and the rules and regulations thereunder.

            (l)   "Subsidiary" shall mean any corporation or other entity in
      which the Company has a direct or indirect ownership interest of 50% or
      more of the total combined voting power of all classes of outstanding
      voting equity interests.

      2.    Purpose of Plan: The purpose of the Plan is to provide key employees
(including officers), directors, consultants and advisors of the Company and its
Subsidiaries (collectively, "key employees") with an increased incentive to make
significant and extraordinary contributions to the long-term performance and
growth of the Company and its Subsidiaries, to join the interests of key
employees, directors, consultants and advisors with the interests of the
shareholders of the Company, and to facilitate attracting and retaining key
employees, directors, consultants and advisors of exceptional ability.

      3.    Administration: The Plan shall be administered by the Committee.
Subject to the provisions of the Plan, the Committee shall determine, from those
eligible to be Participants under the Plan, the persons to be granted stock
options, the amount of stock to be optioned to each such person, the time such
options shall be granted and the terms and conditions of any stock options. Such
terms and conditions may, in the Committee's Discretion, include, without
limitation, provisions providing for termination of the option, forfeiture of
the gain on any option exercises or both if the Participant competes with the
Company or otherwise acts contrary to the Company's interests, and provisions
imposing restrictions, potential forfeiture or both on shares acquired upon
exercise of options granted pursuant to this Plan. The Committee may condition
any grant on the potential Participant's agreement to such terms and conditions.

      Subject to the provisions of the Plan, the Committee is authorized to
interpret the Plan, to promulgate, amend and rescind rules and regulations
relating to the Plan and to make all other determinations necessary or advisable
for its administration. Interpretation and construction of any provision of the
Plan by the Committee shall, unless otherwise determined by the Board of
Directors of the Company, be final and conclusive. A majority of the Committee
shall constitute a quorum, and the acts of a majority of the members present at
any meeting at which a quorum is present, or acts approved in writing by a
majority of the Committee, shall be the acts of the Committee.

      4.    Indemnification: In addition to such other rights of indemnification
as they may have, the members of the Committee shall be indemnified by the
Company in connection with any claim, action, suit or proceeding relating to any
action taken or failure to act under or in connection with the Plan or any
option granted hereunder to the full extent provided for under the Company's
articles of incorporation or bylaws with respect to indemnification of directors
of the Company.

                                       2
<PAGE>

      5.    Maximum Number of Shares Subject to Plan: The maximum number of
shares with respect to which stock options may be granted under the Plan shall
be an aggregate of 650,000 Common Shares, which may consist in whole or in part
of authorized and unissued or reacquired Common Shares. Unless the Plan shall
have been terminated, shares covered by the unexercised portion of canceled,
expired or otherwise terminated options under the Plan shall again be available
for option and sale.

      Subject to Paragraph 16, the number and type of shares subject to each
outstanding stock option, the option price with respect to outstanding stock
options, the aggregate number and type of shares remaining available under the
Plan, and the maximum number and type of shares that may be granted to any
Participant in any fiscal year of the Company pursuant to Paragraph 6, shall be
subject to such adjustment as the Committee, in its Discretion, deems
appropriate to reflect such events as stock dividends, stock splits,
recapitalizations, mergers, statutory share exchanges or reorganizations of or
by the Company; provided that no fractional shares shall be issued pursuant to
the Plan, no rights may be granted under the Plan with respect to fractional
shares, and any fractional shares resulting from such adjustments shall be
eliminated from any outstanding option.

      6.    Participants: the Committee shall determine and designate from time
to time, in its Discretion, those key employees (including officers), directors,
consultants and advisors of or to the Company or any Subsidiary to whom options
are to be granted and who thereby become Participants under the Plan; provided,
however, that (a) Incentive Options shall be granted only to employees (as
defined in the Code) of the Company or a corporate Subsidiary, to the extent
required by Section 422 of the Code, or any successor provision, and (b) no
Participant may be granted stock options to purchase more than 600,000 Common
Shares in the aggregate in any fiscal year of the Company, subject to any
adjustments provided in the final paragraph of Paragraph 5 and in Paragraph 16.

      7.    Allotment of Shares: The Committee shall determine and fix the
number of Common Shares to be offered to each Participant; provided that no
Incentive Option may be granted under the Plan to any one Participant which
would result in the aggregate fair market value, determined as of the date the
option is granted, of the underlying stock with respect to which Incentive
Options are exercisable for the first time by such individual during any
calendar year (under all of such plans of the Company and its parent and
Subsidiary corporations) exceeding $100,000.

      8.    Option Price: Subject to the rules set forth in this Paragraph 8,
the Committee, in its Discretion, shall establish the option price at the time
any option is granted. With respect to an Incentive Option, such option price
shall not be less than 100% of the fair market value of the stock on the date on
which such option is granted; provided that with respect to an Incentive Option
granted to an employee who at the time of the grant owns (after applying the
attribution rules of Section 424(d) of the Code) more than 10% of the total
combined voting stock of the Company or of any parent or Subsidiary, the option
price shall not be less than 110% of the fair market value of the stock subject
to the Incentive Option on the date such option is granted. With respect to a
Nonqualified Option, the option price shall be not less than the par value, if
any, of the Common Shares. Fair market value of a share shall be determined by
the Committee

                                       3
<PAGE>

and may be determined by using the closing sale price of the Company's stock on
any exchange or other market on which the Common Shares shall be traded on such
date, or if there is no sale on such date, on the next following date on which
there is a sale, or the average of the closing bid and asked prices in any
market or quotation system in which the Common Shares shall be listed or traded
on such date. The option price will be subject to adjustment in accordance with
the provisions of Paragraphs 5 and 16 of the Plan.

      9.    Granting and Exercise of Options: The granting of options under the
Plan shall be effected in accordance with determinations made by the Committee
pursuant to the provisions of the Plan, by execution of instruments in writing
in form approved by the Committee. Such instruments shall constitute binding
contracts between the Company and the Participant.

      Subject to the terms of the Plan, the Committee, in its Discretion, may
grant to Participants Incentive Options, Nonqualified Options or any combination
thereof. Each option granted under the Plan shall designate the number of shares
covered thereby, if any, with respect to which the option is an Incentive Option
and the number of shares covered thereby, if any, with respect to which the
option is a Nonqualified Option.

      Subject to the terms of the Plan, each option granted under the Plan shall
be exercisable at any such time or times or in any such installments as may be
determined by the Committee in its Discretion; provided that the aggregate fair
market value (determined as of the date the option is granted) of the underlying
stock with respect to which Incentive Options are exercisable for the first time
by such individual during any calendar year (under all of such plans of the
Company and its parent and Subsidiary corporations) shall not exceed $100,000.
Except as provided in Paragraph 13, options may be exercised only while the
Participant is an employee, director, consultant or advisor of the Company or a
Subsidiary.

      Notwithstanding any other term or provision of this Plan, but subject to
the requirements of the Code with respect to Incentive Options that are intended
to remain Incentive Options, in connection with a Participant ceasing to be an
employee of the Company or a Subsidiary for any reason, the stock option
agreement may provide for the acceleration of, or the Committee may accelerate,
in its Discretion (exercised at the date of the grant of the stock option or
after the date of grant), in whole or in part, the time or times or installments
with respect to which any option granted under this Plan shall be exercisable in
connection with termination of a Participant's employment with the Company or a
Subsidiary, subject to any restrictions, terms and conditions fixed by the
Committee either at the date of the award or at the date it exercises such
Discretion.

      Successive stock options may be granted to the same Participant, whether
or not the option or options previously granted to such Participant remain
unexercised. A Participant may exercise any option granted under the Plan, if
then exercisable, notwithstanding that options granted to such Participant prior
to the option then being exercised remain unexercised.

      10.   Payment of Option Price: At the time of the exercise in whole or in
part of any option granted under this Plan, payment in full in cash, or with the
consent of the Committee, in its Discretion, in Common Shares or by a promissory
note payable to the order of the Company which is acceptable to the Committee,
shall be made by the Participant for all shares so

                                       4
<PAGE>

purchased. Such payment may, with the consent of the Committee, in its
Discretion, also consist of a cash down payment and delivery of such a
promissory note in the amount of the unpaid exercise price. In the Discretion
of, and subject to such conditions as may be established by, the Committee,
payment of the option price may also be made by the Company retaining from the
shares to be delivered upon exercise of the stock option that number of shares
having a fair market value on the date of exercise equal to the option price of
the number of shares with respect to which the Participant exercises the option.
In the Discretion of the Committee, a Participant may exercise an option, if
then exercisable, in whole or in part, by delivery to the Company of written
notice of the exercise in such form as the Committee may prescribe, accompanied
by irrevocable instructions to a stock broker to promptly deliver to the Company
full payment for the shares with respect to which the option is exercised from
the proceeds of the stock broker's sale of or loan against some or all of the
shares. Such payment may also be made in such other manner as the Committee
determines is appropriate, in its Discretion. No Participant shall have any of
the rights of a shareholder of the Company under any option until the actual
issuance of shares to such Participant, and prior to such issuance no adjustment
shall be made for dividends, distributions or other rights in respect of such
shares, except as provided in Paragraphs 5 and 16.

      11.   Transferability of Option: Except as otherwise provided in this
Paragraph 11, (1) to the extent required by Section 422 of the Code, or any
successor section, but only with respect to Incentive Options, or (2) to the
extent determined by the Committee in its Discretion (either by resolution or by
a provision in, or amendment to, the option), (a) no option granted under the
Plan to a Participant shall be transferable by such Participant otherwise than
(1) by will, or (2) by the laws of descent and distribution or, (3) with respect
to Nonqualified Options only (unless permitted by Section 422 of the Code or any
successor section), pursuant to a qualified domestic relations order as defined
in the Code or Title I of the Employee Retirement Income Security Act, or the
rules thereunder, and (b) such option shall be exercisable, during the lifetime
of the Participant, only by the Participant.

      The Committee may, in its Discretion, authorize all or a portion of the
options to be granted to an optionee to be on terms which permit transfer by
such optionee to, and the exercise of such option by, (i) the spouse, children
or grandchildren of the optionee ("Immediate Family Members"), (ii) a trust or
trusts for the exclusive benefit of such Immediate Family Members, (iii) a
partnership in which such Immediate Family Members are the only partners, or
(iv) such other persons or entities as determined by the Committee, in its
Discretion, on such terms and conditions as the Committee, in its Discretion,
may determine; provided that (y) the stock option agreement pursuant to which
such options are granted must be approved by the Committee and must expressly
provide for transferability in a manner consistent with this Paragraph 11, and
(z) subsequent transfers of transferred options shall be prohibited except for
transfers the original optionee would be permitted to make (if he or she were
still the owner of the option) in accordance with this Paragraph 11.

      Following transfer, any such options shall continue to be subject to the
same terms and conditions as were applicable immediately before transfer,
provided that for purposes of Paragraphs 9,10,14, 16 and 18 the term
"Participant" shall be deemed to refer to the transferee. The events of
termination of employment of Paragraph 13 shall continue to be applied with

                                       5
<PAGE>

respect to the original optionee, following which the options shall be
exercisable by the transferee only to the extent, and for the periods, specified
in Paragraph 13. The original optionee shall remain subject to withholding taxes
and related requirements upon exercise provided in Paragraph 15. The Company
shall have no obligation to provide any notice to any transferee, including,
without limitation, notice of any termination of the option as a result of
termination of the original optionee's employment with, or other service to, the
Company.

      12.   Continuance of Employment; No Right to Continued Employment: The
Committee may require, in its Discretion, that any Participant under the Plan to
whom an option shall be granted shall agree in writing as a condition of the
granting of such option to remain in his or her position as an employee,
director, consultant or advisor of the Company or a Subsidiary for a designated
minimum period from the date of the granting of such option as shall be fixed by
the Committee.

      Nothing contained in the Plan or in any option granted pursuant to the
Plan, nor any action taken by the Committee hereunder, shall confer upon any
Participant any right with respect to continuation of employment, consultation
or other service by or to the Company or a Subsidiary nor interfere in any way
with the right of the Company or a Subsidiary to terminate such person's
employment, consultation or other service at any time.

      13.   Termination of Employment; Expiration of Options: Subject to the
other provisions of the Plan, including, without limitation, Paragraphs 9 and 16
and this Paragraph 13, all rights to exercise options shall terminate when a
Participant ceases to be an employee, director, consultant or advisor of or to
the Company or a Subsidiary for any cause, except that the Committee may, in its
Discretion, permit the exercise of all or any portion of the options granted to
such Participant

            (i) for a period not to exceed three months following such
      termination with respect to Incentive Options that are intended to remain
      Incentive Options if such termination is not due to death or permanent
      disability of the Participant,

            (ii) for a period not to exceed one year following termination of
      employment with respect to Incentive Options that are intended to remain
      Incentive Options if termination of employment is due to the death or
      permanent disability of the Participant, and

            (iii) for a period not to extend beyond the expiration date with
      respect to Nonqualified Options or Incentive Options that are not intended
      to remain Incentive Options,

all subject to any restrictions, terms and conditions fixed by the Committee
either at the date of the award or at the date it exercises such Discretion. In
no event, however, shall an option be exercisable after its expiration date,
and, unless the Committee in its Discretion determines otherwise (pursuant to
Paragraph 9 or Paragraph 16), an option may only be exercised after termination
of a Participant's employment, consultation or other service by or to the
Company to the extent exercisable on the date of such termination or to the
extent exercisable as a result of the reason for such termination. The Committee
may evidence the exercise of its Discretion

                                       6
<PAGE>

under this Paragraph 13 in any manner it deems appropriate, including by
resolution or by a provision in, or amendment to, the option.

      If not sooner terminated, each stock option granted under the Plan shall
expire not more than 10 years from the date of the granting thereof; provided
that with respect to an Incentive Option granted to a Participant who, at the
time of the grant, owns (after applying the attribution rules of Section 424(d)
of the Code) more than 10% of the total combined voting stock of all classes of
stock of the Company or of any parent or Subsidiary, such option shall expire
not more than 5 years after the date of granting thereof.

      14.   Investment Purpose: If the Committee in its Discretion determines
that as a matter of law such procedure is or may be desirable, it may require a
Participant, upon any exercise of any option granted under the Plan or any
portion thereof and as a condition to the Company's obligation to deliver
certificates representing the shares subject to exercise, to execute and deliver
to the Company a written statement, in form satisfactory to the Committee,
representing and warranting that the Participant's purchase of Common Shares
upon exercise thereof shall be for such person's own account, for investment and
not with a view to the resale or distribution thereof and that any subsequent
sale or offer for sale of any such shares shall be made either pursuant to (a) a
Registration Statement on an appropriate form under the Securities Act, which
Registration Statement has become effective and is current with respect to the
shares being offered and sold, or (b) a specific exemption from the registration
requirements of the Securities Act, but in claiming such exemption the
Participant shall, prior to any offer for sale or sale of such shares, obtain a
favorable written opinion from counsel for or approved by the Company as to the
availability of such exemption. The Company may endorse an appropriate legend
referring to the foregoing restriction upon the certificate or certificates
representing any shares issued or transferred to the Participant upon exercise
of any option granted under the Plan.

      15.   Withholding Payments: If upon the exercise of any Nonqualified
Option or a disqualifying disposition (within the meaning of Section 422 of the
Code) of shares acquired upon exercise of an Incentive Option, there shall be
payable by the Company or a Subsidiary any amount for income tax withholding, in
the Committee's Discretion, either the Participant shall pay such amount to the
Company, or the amount of Common Shares delivered by the Company to the
Participant shall be appropriately reduced, to reimburse the Company or such
Subsidiary for such payment. The Company or any of its Subsidiaries shall have
the right to withhold the amount of such taxes from any other sums or property
due or to become due from the Company or any of its Subsidiaries to the
Participant upon such terms and conditions as the Committee shall prescribe. The
Company may also defer issuance of the stock upon exercise of such option until
payment by the Participant to the Company of the amount of any such tax. The
Committee may, in its Discretion, permit Participants to satisfy such
withholding obligations, in whole or in part, by electing to have the amount of
Common Shares delivered or deliverable by the Company upon exercise of a stock
option appropriately reduced, or by electing to tender Common Shares back to the
Company subsequent to exercise of a stock option to reimburse the Company or
such Subsidiary for such income tax withholding, subject to such rules and
regulations, if any, as the Committee may adopt. The Committee may make such
other arrangements with respect to income tax withholding as it shall determine.

                                       7
<PAGE>

      16.   Extraordinary Transactions: In case the Company (1) consolidates
with or merges into any other corporation or other entity and is not the
continuing or surviving entity of such consolidation or merger, or (2) permits
any other corporation or other entity to consolidate with or merge into the
Company and the Company is the continuing or surviving entity but, in connection
with such consolidation or merger, the Common Shares are changed into or
exchanged for stock or other securities of any other corporation or other entity
or cash or any other assets, or (3) transfers all or substantially all of its
properties and assets to any other corporation or other person or entity, or (4)
dissolves or liquidates, or (5) effects a capital reorganization or
reclassification in such a way that holders of Common Shares shall be entitled
to receive stock, securities, cash or other assets with respect to or in
exchange for the Common Shares, then, and in each such case, proper provision
shall be made so that each Participant holding a stock option upon the exercise
of such option at any time after the consummation of such consolidation, merger,
transfer, dissolution, liquidation, reorganization or reclassification (each
transaction, for purposes of this Paragraph 16, being herein called a
"Transaction"), shall be entitled to receive (at the aggregate option price in
effect for all Common Shares issuable upon such exercise immediately prior to
such consummation and as adjusted to the time of such Transaction), in lieu of
Common Shares issuable upon such exercise prior to such consummation, the stock
and other securities, cash and assets to which such Participant would have been
entitled upon such consummation if such Participant had so exercised such stock
option in full immediately prior thereto (subject to adjustments subsequent to
such Transaction provided for in Paragraph 5).

      Notwithstanding anything in the Plan to the contrary, in connection with
any Transaction and effective as of a date selected by the Committee, which date
shall, in the Committee's judgment, be far enough in advance of the Transaction
to permit Participants holding stock options to exercise their options and
participate in the Transaction as a holder of Common Shares, the Committee,
acting in its Discretion without the consent of any Participant, may effect one
or more of the following alternatives with respect to all of the outstanding
stock options (which alternatives may be made conditional on the occurrence of
the applicable Transaction and which may, if permitted by law, vary among
individual Participants): (a) accelerate the time at which stock options then
outstanding may be exercised so that such stock options may be exercised in full
for a limited period of time on or before a specified date fixed by the
Committee after which specified date all unexercised stock options and all
rights of Participants thereunder shall terminate; (b) accelerate the time at
which stock options then outstanding may be exercised so that such stock options
may be exercised in full for their then remaining term; or (c) require the
mandatory surrender to the Company of outstanding stock options held by such
Participants (irrespective of whether such stock options are then exercisable)
as of a date, before or not later than sixty days after such Transaction,
specified by the Committee, and in such event the Company shall thereupon cancel
such stock options and shall pay to each Participant an amount of cash equal to
the excess of the fair market value of the aggregate Common Shares subject to
such stock option, determined as of the date such Transaction is effective, over
the aggregate option price of such shares, less any applicable withholding
taxes; provided, however, the Committee shall not select an alternative (unless
consented to by the Participant) such that, if a Participant exercised his or
her accelerated stock option pursuant to alternative (a) or (b) and participated
in the Transaction or received cash pursuant to alternative (c), the alternative
would result in the Participant's owing any money by virtue of the operation of
Section 16(b) of the

                                       8
<PAGE>

Exchange Act. If all such alternatives have such a result, the Committee shall,
in its Discretion, take such action to put such Participant in as close to the
same position as such Participant would have been in had alternative (a), (b) or
(c) been selected but without resulting in any payment by such Participant
pursuant to Section 16(b) of the Exchange Act. Notwithstanding the foregoing,
with the consent of affected Participants, each with respect to such
Participant's option only, the Committee may in lieu of the foregoing make such
provision with respect to any Transaction as it deems appropriate.

      17.   Effectiveness of Plan: This Plan shall be effective on the date the
Board of Directors of the Company adopts this Plan, provided that the
shareholders of the Company approve the Plan within 12 months before or after
its adoption by the Board of Directors. Options may be granted before
shareholder approval of this Plan, but each such option shall be subject to
shareholder approval of this Plan. No option granted under this Plan shall be
exercisable unless and until this Plan shall have been approved by the Company's
shareholders.

      18.   Termination, Duration and Amendments to the Plan: The Plan may be
abandoned or terminated at any time by the Board of Directors of the Company.
Unless sooner terminated, the Plan shall terminate on the date ten years after
the earlier of its adoption by the Board of Directors or its approval by the
shareholders of the Company, and no stock options may be granted under the Plan
thereafter. The termination of the Plan shall not affect the validity of any
option which is outstanding on the date of termination.

      For the purpose of conforming to any changes in applicable law or
governmental regulations, or for any other lawful purpose, the Board of
Directors shall have the right, with or without approval of the shareholders of
the Company, to amend or revise the terms of this Plan or any option agreement
under this Plan at any time; provided, however, that (i) to the extent required
by Section 162(m) of the Code and related regulations, or any successor rule,
but only with respect to amendments or revisions affecting Participants whose
compensation is subject to Section 162(m) of the Code, and to the extent
required by Section 422 of the Code, or any successor section, but only with
respect to Incentive Options, no such amendment or revision shall increase the
maximum number of shares in the aggregate which are subject to this Plan
(subject, however, to the provisions of Paragraphs 5 and 16) without the
approval or ratification of the shareholders of the Company, and (ii) no such
amendment or revision shall change the option price (except as contemplated by
Paragraphs 5 and 16) or alter or impair any option which shall have been
previously granted under this Plan, in a manner adverse to a Participant,
without the consent of such Participant.

      As adopted by the Board of Directors on October 6, 2004.

                                      9

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