Document:

<PAGE>   1
                                                                     EXHIBIT 4.2

                                            As amended through February 18, 2000

                                  PROVANT, INC.

                      1998 NON-QUALIFIED STOCK OPTION PLAN

1.  PURPOSE

                The purpose of this 1998 Non-Qualified Stock Option Plan (the
"Plan") is to advance the interests of PROVANT, Inc. (the "Company") by
enhancing the ability of the Company and its subsidiaries to attract and retain
employees, consultants or advisers who are in a position to make significant
contributions to the success of the Company, to reward them for their
contributions and to encourage them to take into account the long-term interests
of the Company.

                The Plan provides for the award of options to purchase shares of
the Company's common stock ("Stock"). Options granted pursuant to the Plan shall
be non-qualified options and not incentive stock options as defined in Section
422 of the Internal Revenue Code of 1986.

2.  ELIGIBILITY FOR AWARDS

                Persons eligible to receive awards under the Plan shall be all
employees, consultants and advisers of the Company and its subsidiaries who, in
the opinion of the Board, are in a position to make a significant contribution
to the success of the Company and its subsidiaries. Except for awards covering
no more than 25,000 shares of Stock in the aggregate, directors and officers of
the Company shall not be eligible to receive awards under the Plan. A subsidiary
for purposes of the Plan shall be a corporation in which the Company owns,
directly or indirectly, stock possessing 50% or more of the total combined
voting power of all classes of stock. Persons selected for awards under the Plan
are referred to herein as "participants".

3.  ADMINISTRATION

                The Plan shall be administered by the Board of Directors (the
"Board") of the Company. The Board shall have authority, not inconsistent with
the express provisions of the Plan, (a) to grant awards consisting of options to
such participants as the Board may select; (b) to determine the time or times
when awards shall be granted and the number of shares of Stock subject to each
award; (c) to determine the terms and conditions of each award; (d) to prescribe
the form or forms of any instruments evidencing awards and any other instruments
required under the Plan and to change such forms from time to time; (e) to
adopt, amend and rescind rules and regulations for the administration of the
Plan; and (f) to interpret the Plan and to decide any questions and settle all
controversies and disputes that may arise in connection with the Plan. All
exercises of the foregoing authority by the Board shall be conclusive and shall
bind all parties. Subject to Section 8, the Board shall also have the authority,
both generally and in particular instances, to waive compliance by a participant
with any obligation to be performed by the participant under an award, to waive
any condition or provision of an award, and to amend or cancel any award (and if
an award is canceled, to grant a new award on such
<PAGE>   2
terms as the Board shall specify), except that the Board may not take any action
with respect to an outstanding award that would adversely affect the rights of
the participant under such award without such

participant's consent. Nothing in the preceding sentence shall be construed as
limiting the power of the Board to make adjustments required by Section 5(c) and
Section 6(i).

                The Board may, in its discretion, delegate some or all of its
powers with respect to the Plan to a committee (the "Committee"), in which event
all references in this Plan (as appropriate) to the Board shall be deemed to
refer to the Committee. A majority of the members of the Committee, if one is
appointed, shall constitute a quorum. Any determination of the Committee under
the Plan may be made without notice or meeting of the Committee by a writing
signed by a majority of the Committee members.

4.  EFFECTIVE DATE AND TERM OF PLAN

                The Plan shall become effective on the date on which it is
approved by the Board.

                No awards shall be granted under the Plan after the completion
of ten years from the date on which the Plan was adopted by the Board, but
awards previously granted may extend beyond that date.

5.  SHARES SUBJECT TO THE PLAN

                (a) Number of Shares. Subject to adjustment as provided in
Section 5(c), the aggregate number of shares of Stock that may be delivered upon
the exercise of awards granted under the Plan shall be 2,000,000 shares. If any
award granted under the Plan terminates without having been exercised in full,
or upon exercise is satisfied other than by delivery of Stock, the number of
shares of Stock as to which such award was not exercised shall be available for
future grants within the limits set forth in this Section 5(a).

                (b) Shares to be Delivered. Shares delivered under the Plan
shall be authorized but unissued Stock or, if the Board so decides in its sole
discretion, previously issued Stock acquired by the Company and held in its
treasury. No fractional shares of Stock shall be delivered under the Plan.

                (c) Changes in Stock. In the event of a stock dividend, stock
split or combination of shares, recapitalization or other change in the
Company's capital stock, the number and kind of shares of Stock subject to
awards then outstanding or subsequently granted under the Plan, the exercise
price of such awards, the maximum number of shares of Stock that may be
delivered under the Plan, and other relevant provisions shall be appropriately
adjusted by the Board, whose determination shall be binding on all persons.

                The Board may also adjust the number of shares subject to
outstanding awards and the exercise price and the terms of outstanding awards to
take into consideration material changes in accounting practices or principles,
extraordinary dividends, consolidations or mergers (except those described in
Section 6(i)), acquisitions or dispositions of stock or

                                       -2-
<PAGE>   3
property or any other event if it is determined by the Board that such
adjustment is appropriate to avoid distortion in the operation of the Plan.

6.  TERMS AND CONDITIONS OF OPTIONS

                (a) Exercise Price of Options. The exercise price of each option
shall be determined by the Board but shall not be less, in the case of an
original issue of authorized stock, than par value.

                (b) Duration of Options. Options shall be exercisable during
such period or periods as the Board may specify. The latest date on which an
option may be exercised (the "Final Exercise Date") shall be the date that is
ten years from the date the option was granted or such earlier date as the Board
may specify at the time the option is granted.

                (c) Exercise of Options.

                (i)   Options shall become exercisable at such time or times and
                      upon such conditions as the Board shall specify. In the
                      case of an option not immediately exercisable in full, the
                      Board may at any time accelerate the time at which all or
                      any part of the option may be exercised.

                (ii)  Options may be exercised only in writing. Written notice
                      of exercise must be signed by the proper person and
                      furnished to the Company, together with (A) such documents
                      as the Board requires and (B) payment in full as specified
                      below in Section 6(d) for the number of shares for which
                      the option is exercised.

                (iii) The delivery of Stock upon the exercise of an option shall
                      be subject to compliance with (A) applicable federal and
                      state laws and regulations, (B) if the outstanding Stock
                      is at the time listed on any stock exchange, the listing
                      requirements of such exchange, and (C) Company counsel's
                      approval of all other legal matters in connection with the
                      issuance and delivery of such Stock. If the sale of Stock
                      has not been registered under the Securities Act of 1933,
                      as amended, the Company may require, as a condition to
                      exercise of the option, such representations or agreements
                      as counsel for the Company may consider appropriate to
                      avoid violation of such Act and may require that the
                      certificates evidencing such Stock bear an appropriate
                      legend restricting transfer.

                (iv)  The Board shall have the right to require that the
                      participant exercising the option remit to the
                      Company an amount sufficient to satisfy any federal,
                      state, or local withholding tax requirements (or make
                      other arrangements satisfactory to the Company with
                      regard to such taxes) prior to the delivery of any
                      Stock pursuant to the exercise of the option. If
                      permitted by the Board, either at the time of the
                      grant of the option or the time of exercise, the
                      participant may elect, at such time and in such
                      manner as the Board may prescribe, to satisfy such
                      withholding obligation by (A) delivering to the

                                       -3-
<PAGE>   4
                      Company Stock (which in the case of Stock acquired from
                      the Company shall have been owned by the participant for
                      at least six months prior to the delivery date, unless the
                      Board otherwise determines) having a fair market value
                      equal to such withholding obligation, or (B) requesting
                      that the Company withhold from the shares of Stock to be
                      delivered upon the exercise a number of shares of Stock
                      having a fair market value equal to such withholding
                      obligation.

                (v)   If an option is exercised by the executor or administrator
                      of a deceased participant, or by the person or persons to
                      whom the option has been transferred by the participant's
                      will or the applicable laws of descent and distribution,
                      the Company shall be under no obligation to deliver Stock
                      pursuant to such exercise until the Company is satisfied
                      as to the authority of the person or persons exercising
                      the option.

         (d) Payment for and Delivery of Stock. Stock purchased upon exercise of
an option under the Plan shall be paid for as follows:

                (i)   in cash or by personal check, certified check, bank draft
                      or money order payable to the order of the Company; or

                (ii)  if so permitted by the Board, (A) through the delivery of
                      shares of Stock (which, in the case of Stock acquired from
                      the Company, shall have been held for at least six months
                      prior to delivery) having a fair market value on the last
                      business day preceding the date of exercise equal to the
                      purchase price or (B) by delivery of a promissory note of
                      the participant to the Company, such note to be payable on
                      such terms as are specified by the Board or (C) by
                      delivery of an unconditional and irrevocable undertaking
                      by a broker to deliver promptly to the Company sufficient
                      funds to pay the exercise price or (D) by any combination
                      of the permissible forms of payment.

         (e) Rights as Shareholder. A participant shall not have the rights of a
shareholder with regard to awards under the Plan except as to Stock actually
received by the participant under the Plan.

         (f) Nontransferability of Awards; Restrictions on Stock. Except as the
Board may otherwise determine, no award may be transferred other than by will or
by the laws of descent and distribution, and during a participant's lifetime an
award may be exercised only by the participant.

         The Board, in its discretion, may at the time an award is granted make
Stock delivered under the award subject to such restrictions and conditions,
including restrictions on resale and buy-back rights, as it deems appropriate.

         (g) Death. Except as otherwise provided in the award by the Board at
the time of grant, if a participant dies, each option held by the participant
that was not then exercisable shall terminate and each option that was
exercisable immediately prior to death may be

                                       -4-
<PAGE>   5
exercised by the participant's executor or administrator or by the person or
persons to whom the option is transferred by will or the applicable laws of
descent and distribution, at any time within the one-year period (or such longer
or shorter period as the Board may determine) beginning with the date of the
participant's death but in no event beyond the Final Exercise Date.

         (h) Termination of Service other than by Death. Except as otherwise
provided in the award by the Board at the time of grant, if an employee's
employment with the Company and its subsidiaries terminates for any reason other
than by death, all options held by the employee that are not then exercisable
shall terminate and options that are exercisable on the date employment
terminates shall continue to be exercisable for 90 days, or such shorter or
longer period as the Board may determine, but in no event beyond the Final
Exercise Date.

         In the case of a participant who is not an employee, provisions
relating to the exercisability of options following termination of service shall
be specified in the award. If not so specified, all options held by such
participant that are not then exercisable shall terminate upon termination of
service. Options that are exercisable on the date the participant's service as a
consultant or adviser terminates shall continue to be exercisable for 90 days,
or such shorter or longer period as the Board may determine, but in no event
beyond the Final Exercise Date.

         (i) Merger, Consolidation, Asset Sale, Liquidation, etc.
Notwithstanding any other provisions of the Plan, in the event that a
transaction occurs that results in the Stock not being registered under Section
12 of the Securities Exchange Act of 1934, as amended, all options shall
terminate upon the completion of the transaction. If the transaction is intended
to be treated as a pooling of interests for accounting purposes, the Board shall
cause the acquiring or surviving corporation or one of its affiliates to grant
replacement options to participants. In all other transactions, the Board may
either arrange for replacement options, accelerate the exercisability of all
outstanding options (subject to completion of the transaction) or terminate all
options in exchange for a cash payment.

         The Company may grant options under the Plan in substitution for
options held by employees of another corporation who become employees of the
Company, or a subsidiary of the Company, as the result of a merger or
consolidation of the employing corporation with the Company or a subsidiary of
the Company, or as a result of the acquisition by the Company, or one of its
subsidiaries, of property or stock of the employing corporation. The Company may
direct that substitute options be granted on such terms and conditions as the
Board considers appropriate in the circumstances.

7.  EMPLOYMENT RIGHTS

         Neither the adoption of the Plan nor the grant of awards shall confer
upon any participant any right to continue as an employee of, or consultant or
adviser to, the Company or any subsidiary of the Company or affect in any way
the right of the Company or any such subsidiary to terminate his or her
employment by the Company or any subsidiary of the Company at any time. Except
as specifically provided by the Board in any particular case, the loss of
existing or potential profit in awards granted under this Plan shall not
constitute an element of damages in the event of termination of the relationship
of a participant even if the

                                       -5-
<PAGE>   6
termination is in violation of an obligation of the Company or any subsidiary of
the Company to the participant by contract or otherwise.

8.   EFFECT, DISCONTINUANCE, CANCELLATION, AMENDMENT AND
     TERMINATION

         Neither adoption of the Plan nor the grant of awards to a participant
shall affect the Company's right to make awards to such participant that are not
subject to the Plan, to issue to

such participant Stock as a bonus or otherwise, or to adopt other plans or
arrangements under which Stock may be issued.

         The Board may at any time discontinue granting awards under the Plan.
With the consent of the participant (except as otherwise provided in the Plan),
the Board may at any time cancel an existing award in whole or in part and grant
another award for such number of shares as the Board specifies. The Board may at
any time or times amend the Plan or any outstanding award for the purpose of
satisfying changes in applicable laws or regulations or for any other purpose
that may at the time be permitted by law, or may at any time terminate the Plan
as to further grants of awards, but no such amendment shall adversely affect the
rights of any participant (without the participant's consent) under any award
previously granted.

                                       -6-Exhibit 4.2

                        [LETTERHEAD OF LOEHMANN'S, INC.]

                                                                    May 12, 2000

                       Securities and Exchange Commission
                             450 Fifth Avenue, N.W.
                              Washington, D.C. 2054

                           Loehmann's, Inc. Form 10-K
                           --------------------------

Ladies and Gentlemen:

         In accordance with Item 601(b)(4)(iii) of Regulation S-K, Loehmann's,
Inc. (the "Registrant") has not filed herewith any instrument with respect to
long-term debt not being registered where the total number of securities
authorized thereunder does not exceed ten percent (10%) of the total assets of
the Registrant and its subsidiaries on a consolidated basis. The Registrant
hereby agrees to furnish a copy of any such agreement to the Securities and
Exchange Commission upon request.

                                    Sincerely,

                                    LOEHMANN'S, INC.

                                    /s/ Robert Glass
                                    ----------------
                                    Robert Glass
                                    President, Chief Operating Officer,
                                      Chief Financial Officer, Secretary
                                      and Director

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}]]