Document:

EXHIBIT 10.14

                                                                    CONFIDENTIAL

                         MARKETING AND LICENSE AGREEMENT

     THIS MARKETING AND LICENSE AGREEMENT is entered into as of June 1, 2003
(the "Effective Date") by and between GENERAL PLASTIC INDUSTRIAL CO., LTD., a
Taiwan corporation having its principal place of business at 50 Tzu-Chiang Rd.,
Wu-Chi Town, Taichung County, Taiwan (hereinafter referred to as "GPI") and
Color Imaging, Inc., a Delaware corporation having its principal place of
business at 4350 Peachtree Ind. Blvd., Suite 100, Norcross, GA 30071
(hereinafter referred to as "CI"). Capitalized terms are defined in Article VII
hereof.

     WHEREAS, CI wishes to acquire certain licenses and rights from GPI for
certain toner, drums, and all-in-one cartridges that GPI develops, manufactures,
and/or sells (hereinafter referred to as "Licensed Products") as further set
forth herein; and

     WHEREAS, GPI wishes to grant such licenses and rights to CI, in accordance
with subject to the terms contained herein.

     NOW, THEREFORE, for and in consideration of the premises and promise
contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties do hereby agree as
follows:

                                   ARTICLE I.

                                     LICENSE

     1.1  Grant of License.

     GPI hereby grants to CI an exclusive license to sell Licensed Products,
offer to sell Licensed Products, and import and export Licensed Products for use
or sale in the Field, free from suit by GPI for patent infringement in all
states of the United States and Canada.

     1.2 Exclusivity. The licenses granted under Section 1.1 is exclusive to CI
in that, after the Effective Date, GPI agrees not to grant to a third party
another concurrently effective license, or option to a license, to use Licensed
Products, sell Licensed Products, offer to sell Licensed Products, or import and
export Licensed Products for use or sale in the Field in the United States and
Canada. However, GPI and CI both agree that GPI at its will can grant to a third
party another concurrently effective license, or option to a license, to use
Licensed Products, sell Licensed Products, offer to sell Licensed Products, or
import and export Licensed Products for use or sale in the Field in all
countries of the world except the United States and Canada. During the term of
this Agreement, CI agrees that it will not directly nor indirectly research,
develop, or commercialize other products for use in the Field, except in
collaboration with GPI, pursuant to this Agreement. Notwithstanding anything in
this agreement or otherwise, CI agrees that GPI retains any and all GPI's
intellectual property rights in the Licensed Products.

     1.3 Delivery of Samples. During the term of this Agreement, GPI shall have
the obligation to provide sample(s) of the Licensed Products to CI upon CI's
reasonable request. To the extent CI provides sample(s) of the Licensed
Products, at no charge or cost, to customers or prospective customers so as to

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                                                                    CONFIDENTIAL

promote the sale of the Licensed Products, GPI agrees to, upon documentation
being provided to GPI by CI, credit CI for one-half of the delivered duty
related cost to CI. CI is responsible for the costs associated with delivering
the sample(s) to the customer or prospective customer.

     1.4 No Further Rights. Except as expressly provided in this Article I, no
further or different license or right is granted or implied.

     1.5 No Franchise. The parties agree that this Agreement shall not
constitute a franchise agreement under Florida, Georgia, New York, Delaware, or
any other state law. If the parties' relationship is deemed to be a franchise by
a court of law or other judicial body, the parties hereto expressly agree to
waive all rights and remedies which either of them may have due to any status as
a franchiser or franchisee or pursuant to the application of any franchise laws,
rules, or regulations.

                                  ARTICLE II.

                                 FINANCIAL TERMS

     2.1 Marketing Expenses. GPI agrees to render a monthly payment in the
amount of $3,500 to CI as a consideration from GPI toward CI's marketing and
promotional expenses related to the Licensed Products. This payment shall run
from June 1, 2003 and continue thereafter for a maximum of thirty-six (36)
monthly payment. This payment shall automatically stop if this Agreement is
terminated.

     2.2 Other Expenses. GPI agrees to indemnify and hold harmless CI for any
costs and expense arising from any defective Licensed Product, and/or any
recalled Licensed Product including litigation arising therefrom. GPI agrees to
credit CI for product cost, shipping and related expenses arising from any
defective Licensed Product, and/or any recalled Licensed Product.

                                  ARTICLE III.

                          INTELLECTUAL PROPERTY RIGHTS

     3.1 Intent. Except as expressly set forth herein, no licenses, transfers,
or other rights are granted under this Agreement.

     3.2 No Assignment. The parties agree that this Agreement is a license and
is not an assignment or transfer of title to CI of GPI's ownership rights in the
Licensed Products and Technology. If any mediator, arbitrator, or tribunal
construes this document to create an assignment of any of GPI's rights in any of
the Licensed Products or Technology, CI agrees that it shall cooperate fully and
promptly in executing any documents reasonably necessary to establish title in
the Licensed Products and Technology solely in GPI, including signing formal
assignment documents. Further, in such instance, this Agreement shall be amended
in whatever respects are reasonably necessary to ensure that it is interpreted
to be a license, based on the findings of such mediator, arbitrator, or
tribunal. In the event of any proceedings instituted to settle a dispute
concerning this Agreement, CI agrees that it shall not take a position contrary
to this Section. This Section shall survive expiration or termination of this
Agreement for any reason.

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                                                                    CONFIDENTIAL

     3.3  New Inventions and Materials.

          (a) Ownership. All new Intellectual Property and Proprietary
Information that relates to the Licensed Products, and that is not in existence
as of Effective Date but is conceived, made, or suggested during the term hereof
by either party hereto or its employees, consultants, agents, members, managers,
officers, directors, shareholders, or contractors (collectively, "New Related
Technology"), shall be assigned to and owned by GPI and shall become immediately
subject to the license to CI in the Field as set forth herein. Each party agrees
to promptly disclose to the other party the creation, development, or discovery
of New Related Technology promptly upon the occurrence of such creation,
development, or discovery. Notwithstanding the above, the New Related Technology
does not include any toner developed by CI and any new improvements made by CI
related to making, testing, measuring, processing, and storing toner.

          (b) Assignment. CI shall, and shall cause its employees, consultants,
agents, members, managers, officers, directors, shareholders, or contractors to,
execute any and all documents and take any other actions reasonably required by
GPI to ensure that all such New Related Technology described in Section 3.3(a)
is properly and validly assigned to GPI.

          (c) License. GPI shall execute any and all documents and take any
other actions reasonably required by CI to ensure that all such New Related
Technology described in Section 3.3(a) becomes subject to the license to CI in
the Field granted herein.

     3.4   Trademarks. Upon the request of GPI, the Managers of CI shall
collaborate in the selection of any names, trademarks, service marks, trade
dress, domain names, icons, logos, and other source-identifying elements to be
used in connection with the marketing and commercialization of the Licensed
Products in the Field (together, the "Trademarks"). GPI shall own all Trademarks
and shall have the right to apply in its own name for state, federal, and
international registration of same. At all times while the Trademarks are owned
by GPI, CI shall have a royalty-free right and license to use the Trademarks in
the marketing, promotion, registration, sale, and distribution of the Licensed
Products.

                                   ARTICLE IV.

                                  INFRINGEMENT

     4.1 Indemnification. GPI shall defend, indemnify and hold CI, its officers,
directors, representatives, employees, and agents of the Licensed Products
harmless from and against any and all liability, losses, claims, costs, damages,
demand, penalties, or other expenses (including court costs, attorneys' fees,
costs of investigation and costs of defense and other legal expenses)
(hereinafter "Liabilities") occasioned by any real or potential claim, demand or
action (whether or not meritorious) which arises out of sale, offer for sale, or
use by its officers, directors, representatives, employees, agents of the
Licensed Products in the areas, regions and/or countries where such use, offer

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for sale or sale may infringe any patents that may cover these areas, regions
and/or countries.

     4.2 Cooperation and Communication. CI shall keep GPI advised of any such
claim in writing within thirty (30) days after CI receives such claim from a
third party or knows such a claim may be made by a third party. Within ninety
(90) days after notification from CI to GPI, GPI at its sole discretion shall
decide how to respond to the third party. GPI shall keep CI advised of GPI's
decision or plans. CI shall work with and provide reasonable assistance to GPI
if GPI decides to take necessary actions. If GPI decides to take legal actions
to defend it from any such claim, GPI shall choose law firms and attorneys with
respect to such legal actions. CI shall continue to sell and/or offer for sale
of the Licensed Products during the term of this Agreement regardless whether
there is such a claim made by a third party unless GPI notifies CI in writing
otherwise.

     4.3 CI's Choice. Notwithstanding the foregoing, if GPI does not provide CI
its decisions or plans within one hundred twenty (120) days after notification
from CI to GPI, CI shall have the option to take necessary actions including
legal action to defend CI from such a claim; however, CI shall consult GPI
concerning any legal actions brought by CI under this provision. CI shall
apprise GPI of its plans with respect to such legal actions, including, but not
limited to, any settlement or compromise thereof. No such settlement or
compromise shall be made or entered into by CI without GPI's prior written
approval, which shall not be unreasonably withheld. CI shall consult GPI
concerning choice of law firms and attorneys with respect to such legal actions.
CI shall defer to GPI's choice of law firms and attorneys with respect to such
legal actions. GPI shall work with and provide reasonable assistance to CI if CI
decides to take such legal actions. For such legal actions taken by CI, CI
itself shall pay all costs first and then get reimbursement from GPI.

                                   ARTICLE V.

                              TERM AND TERMINATION

     5.1 Original Term. The original term of this Agreement shall commence on
the Effective Date and shall remain in effect for three (3) years unless and
until terminated in accordance with the terms of this Article V.

     5.2 At Each Party's Election. Each party may terminate this Agreement at
any time by giving the other party written notice of its election to terminate,
with such termination effective thirty (30) days after receipt by the other
party of such written notice.

     5.3 Breach of Agreement. Upon any material breach of this Agreement by one
of the parties (the breaching party), the other party, in addition to any other
remedy available at law or equity, may elect to terminate this Agreement by
giving the breaching party thirty (30) days' written notice of such election.
This Agreement shall terminate upon the expiration of the thirty-day period
unless the breaching party has cured such breach on or before the expiration of
such period. If the breach is of a type that requires more than thirty (30) days
but less than ninety (90) days to cure, the cure period shall be extended to
ninety (90) days so long as the breaching party has, throughout the ninety-day
period, diligently undertaken substantive and progressive efforts to cure such

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breach on or before the date that such ninety-day period expires and such breach
is in fact cured on or before the expiration of such period.

     5.4 Insolvency. Any party's Bankruptcy shall constitute an immediate and
material breach of this Agreement and, upon the occurrence of same, this
Agreement shall immediately terminate.

     5.5 Change of Management Control. Any party's change of Management Control
change shall constitute an immediate and material breach of this Agreement and,
upon the occurrence of same, this Agreement shall immediately terminate. Change
of Management Control occurs when any party is purchased by a third party, is
merged with a third party, or a controlling block of shares of any party is
acquired by a third party.

     5.6 Effects of Expiration or Termination. Upon termination of this
Agreement for any reason, all exclusive licenses and rights granted hereunder
shall terminate and revert to GPI for the benefit of GPI. Further, all
Trademarks, along with all good will embodied therein, will be assigned by CI to
GPI for GPI's future use and commercial exploitation.

     5.7 Surviving Obligations and Provisions. In addition to any provision of
this Agreement that expressly survives the termination of this Agreement, the
provisions of Sections 1.5, 3.2, 4.1, 6.1, and 6.8 shall so survive.

     5.8. Renewal. This Agreement is automatically renewed annually at the end
of the original term of this Agreement unless and until terminated in accordance
with the terms of this Article V.

                                  ARTICLE VI.

                                   GENERAL

     6.1 Proprietary Information.

          (a) All Proprietary Information, whether so marked or not, which is
disclosed by one party to the other during the term of this Agreement shall be
maintained in confidence by the receiving party and shall not be disclosed by
the receiving party to any other person or entity, or used (or caused to be
used) for the benefit of any other person or entity, without the prior written
consent of the disclosing party, except to the extent that such Proprietary
Information: (i) is necessary to be disclosed to agents, consultants, or other
third parties for the test, or commercialization of the Licensed Products, which
persons or entities first agree in writing to be bound by equivalent
confidentiality obligations; or (ii) is required to be disclosed by law or
pursuant to the request of a court or governmental agency; provided, however
that the required party shall provide the owner of the requested Proprietary
Information with at least ten (10) days' advance written notice of such legal
requirement prior to disclosure and assist such party as requested in obtaining
a protective order or other similar relief for such Proprietary Information. The
obligations of the parties hereunder shall continue in full force and effect
during the term hereof and for a minimum period of five (5) years following the
termination of this Agreement; provided, however, that if any such Proprietary
Information constitutes a trade secret, as defined under applicable law, such
obligations shall remain in effect with respect to such Proprietary Information

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for so long beyond such five-year period as such Proprietary Information
continues to constitute a trade secret as so defined.

          (b) Each party hereto acknowledges that any breach of the obligations
set forth in this Section 6.1 would result in irreparable harm to other party
for which monetary damages alone would be an insufficient remedy. Thus, although
nothing in this Section will prohibit pursuit of any remedies available against
any party under applicable law (which shall be cumulative with those remedies
set forth herein), each party specifically agrees that, in the event of any
threatened or actual breach of such provisions by it, the other party shall be
entitled to an injunction and other equitable relief including, without
limitation, an equitable accounting of earnings, profits, and other benefits,
from a court of competent jurisdiction, as well as reimbursement of any
attorneys' fees and other costs incurred in obtaining such relief.

     6.2 Integration. This Agreement constitutes the entire agreement between
the parties as to the subject matter of such documents. All prior and
contemporaneous negotiations, representations, warranties, agreements,
statements, promises, and understandings are superseded and merged into,
extinguished by, and completely expressed by such documents. No party shall be
bound by or charged with any written or oral agreements, representations,
warranties, statements, promises, or understandings not specifically set forth
in such documents.

     6.3 Addresses and Notices. All notices, demands, requests, reports, and
other communications provided in this Agreement or under applicable law shall be
in writing and shall be deemed to have been made or given: (a) when delivered,
if delivered by hand or sent by facsimile; (b) on the day following deposit with
an overnight courier; or (c) on the date five days following deposit with the
United States Mail, certified or registered:

If to GPI:                                  If to CI:
General Plastics Industrial Co., Ltd.       Color Imaging, Inc.
Attn: Mr. Robin Hsu                         Attn:  Mr. Morris E. Van Asperen
Vice President                              Executive Vice President and
50 Tzu-Chiang Road                             Chief Financial Officer
Wu-Chi Town                                 Color Imaging Inc.
Taichung County                             4350 Peachtree Ind. Blvd., Suite 100
Taiwan                                      Norcross, GA 30071
Tel: 886-4-26393103                         Tel: 770.840.1090
Fax: 886-4-26396204                         Fax: 770.242-3494

With a copy to:
Tim Tingkang Xia, Esq.
Merchant & Gould, LLC
133 Peachtree Street, N.E.
Suite 4900
Atlanta, Georgia 30303
Tel: (404) 954-5100
Fax: (404) 954-5099

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     6.4 Applicable Law. This Agreement and its effect are subject to and shall
be construed and enforced in accordance with the law of the State of Georgia,
without regard to conflict of laws principles.

     6.5 Compliance with Law; Severability. Nothing in this Agreement shall be
construed to require the commission of any act contrary to law. If this
Agreement conflicts with any statute, law, ordinance, or treaty concerning the
legal right of the parties to contract, the latter shall prevail. In such event,
the affected provisions of this Agreement shall be curtailed and limited only to
the extent necessary to bring it within the applicable legal requirements and
the validity, legality, and enforceability of the remaining provisions of this
Agreement shall not in any way be affected or impaired thereby.

     6.6 Arbitration. Subject to pursuit of equitable remedies in a court of
competent jurisdiction, any dispute, controversy, or claim arising out of or in
connection with, or relating to, this Agreement or any breach or alleged breach
hereof shall, upon the request, be submitted to, and settled by, arbitration in
the City of Atlanta, state of Georgia, pursuant to the commercial arbitration
rules then in effect of the American Arbitration Association (or at any time or
at any other place or under any other form of arbitration mutually acceptable to
the parties). Any award rendered shall be final and conclusive upon the parties
and a judgment thereon may be entered in the highest court of the forum, state
or federal, having jurisdiction. The expenses of the arbitration shall be borne
equally by the parties to the arbitration, provided that each party shall pay
for and bear the cost of its own experts, evidence and attorneys' fees, except
that in the discretion of the arbitrator, any award may include the cost of a
party's attorneys' fees if the arbitrator expressly determines that the party
against whom such award is entered has caused the dispute, controversy, or claim
to be submitted to arbitration as a dilatory tactic.

     6.7 Headings. The headings of the various Articles, Sections and
Subsections of this Agreement are used solely for the convenience of the
parties, do not form a part of this Agreement, do not affect the interpretation
or meaning of this Agreement, and do not define, limit, extend, or describe its
scope or intent.

     6.8 No Third-Party Beneficiaries. None of the provisions of this Agreement
shall be for the benefit of, or enforceable by, any third party. The agreements
herein contained are made for the sole benefit of the parties hereto and no
other person or entity is intended to or shall have any rights or benefits
hereunder, whether as a third party beneficiary or otherwise.

     6.9 Waiver. A party's express or implied consent or waiver of the other
party's breach of its obligations hereunder shall not be deemed to be, or
construed as, a consent to, or waiver of, any other breach of the other party. A
party's failure, no matter how long, to: (a) complain of any act, or failure to
act, by the other party; (b) declare the other party in default; (c) insist upon
the strict performance of any obligation or condition of this Agreement; or (d)
exercise any right or remedy consequent upon a breach thereof; shall not
constitute a waiver by such party of its rights, such breach, or any other
obligation or condition. A party's consent in any one instance shall not limit
or waive the necessity to obtain such party's consent in any future instance. No
single or partial exercise of any right, power or privilege by a party hereunder

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shall preclude any other or further exercise thereof or the exercise of any
other right, power or privilege by such party. In any event, no consent or
waiver shall be effective for any purpose hereunder unless such consent or
waiver is in writing and signed by the party granting such consent or waiver.

     6.10 Construction. The parties agree that each party has reviewed this
Agreement and that any rule of construction to the effect that ambiguities are
to be resolved against the drafting party shall not apply to the interpretation
of this Agreement.

     6.11 Assignment. This Agreement, and the exclusive license, rights, and
duties contained in this Agreement, shall not be assigned by a party without the
prior written consent of the other party.

                                  ARTICLE VII.

                                   DEFINITIONS

     When capitalized in this Agreement, the following terms shall have the
meanings set forth below:

     7.1 "Agreement" means this Marketing and License Agreement between GPI and
CI.

     7.2 "Effective Date" means the date of this Agreement, June 1, 2003.

     7.3 "Intellectual Property" means and includes any and all inventions,
discoveries, improvements, devices, enhancements, ideas, concepts, confidential
information, trade secrets, knowledge, information, know-how, technology, data,
techniques, applications, methods, processes, protocols, formulas, formulations,
engineering, software, designs, drawings, flowcharts, models, databases,
research, studies, creations, samples, works of authorship, trademarks, service
marks, trade dress, and any other intangible or intellectual rights or
properties, whether or not patentable, registrable, or enforceable.

     7.4 "Field" means the use of an all-in-one, drum, or toner cartridge in an
electrophotographic image forming apparatus such as copier, printer, fax machine
and the like.

     7.5 "Licensed Product" means GPI's compatible cartridge products listed in
Exhibit A. Exhibit A is incorporated herein by reference. The list of products
in Exhibit A can be expanded or reduced from time to time by a written Amendment
in writing agreed upon by both GPI and CI, or by an updated Exhibit A given by
GPI, which automatically overrides any and all preceding Exhibit A(s) that were
dated prior to the updated Exhibit A. Any ambiguities to the products listed in
Exhibit A shall be resolved according to the interpretation of GPI.

     7.6 "Proprietary Information" means all confidential, whether it is marked
so or not, Technology, Intellectual Property, technical information, data,
techniques, knowledge, skill, know-how, experience, trade secrets, confidential
information, developments, formulae, processes, materials, and other
commercially sensitive information of a party which is disclosed or transferred
from one party to the other or developed in the course of performance under, or
during the term of, this Agreement, including by way of illustration and not
limitation, designs, drawings, documents, models, performance evaluations,

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testing results and reports and other similar information. "Proprietary
Information" shall not include any of the foregoing that is: (a) in the
possession of the receiving party at the time of disclosure as shown by the
receiving party's files and records immediately prior to the time of
disclosures; (b) prior to or after the time of disclosure becomes part of the
public knowledge or literature, not as a result of any improper inaction or
action of a party under an obligation of confidentiality; or (c) lawfully
obtained by the receiving party from sources independent of the disclosing
party, which sources have a lawful right to disclose such information.

     7.7 "Technology" means any and all Intellectual Property and Proprietary
Information that relates to the Licensed Products, or the Field.

     7.8 "Trademarks" shall have the meaning set forth in Section 3.4.

                         [SIGNATURES ON FOLLOWING PAGE]

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     IN WITNESS WHEREOF, the parties hereto have each caused a duly authorized
officer to sign this Agreement to be effective as of the Effective Date.

CI:

Color Imaging, Inc.                                  [CI SEAL]

By:       /S/ SUELING WANG
      --------------------------------------
Name:   Sueling Wang, PhD
Title:  President

Date:   10/09/03
      --------------------------------------

GPI:

General Plastics Industrial Co., Ltd.                [CORPORATE SEAL]

By:      /S/ JUI-CHI WANG
     ---------------------------------------
Name:   Jui-Chi Wang
Title:  President

Date:  OCT. 9, 2003
     ---------------------------------------

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                                    EXHIBIT A

                            LIST OF LICENSED PRODUCTS

--------------------------------------------------------------------------------
1.   Canon PC1060 L50 series cartridges.
--------------------------------------------------------------------------------
2.   Hewlett Packard HP2100 series regular and corresponding refill toner
     cartridges.
--------------------------------------------------------------------------------
3.   Hewlett Packard HP2100 series high yield and corresponding refill toner
     cartridges.
--------------------------------------------------------------------------------
4.   Ricoh Aficio AP3800c series toner cartridges.
--------------------------------------------------------------------------------
5.   Xerox XD100 series toner and drum cartridges once available.
--------------------------------------------------------------------------------
6.   Xerox XL2120 series toner and drum cartridges once available.
--------------------------------------------------------------------------------
7.   Sharp AL1000 series tone and drum cartridges once available.
--------------------------------------------------------------------------------
8.   Canon E20 / E40 series cartridge once available.
--------------------------------------------------------------------------------
9.   Brother TN 430 / TN460 series cartridge once available.
--------------------------------------------------------------------------------

GPI:                                         CI:

General Plastics Industrial Co., Ltd.        Color Imaging, Inc.

By:   /S/ JUI-CHI WANG                       By:  /S/ SUELING WANG
     --------------------------------           --------------------------------
Name:   Jui-Chi Wang                         Name:   Sueling Wang
Title:  President                            Title:  President

Date:   OCT. 9, 2003                         Date:   10/09/03
     --------------------------------           --------------------------------

                                       11

1685772Exhibit 4.1

Exhibit
  4.1

 Registered
  

 No. 1

  $51,508,000

  CUSIP
  No: 46625HAZ3 

 J.P.
  MORGAN CHASE & CO.  

 Capped Quarterly
  Observation Notes Linked to the S&P 500® Index
  due October 30, 2008 (“Notes”)  

 This security
  is not a deposit or other obligation of a bank and is not insured
  by the Federal Deposit Insurance Corporation or by any other governmental
  entity.  

 This security
  is a Registered Global Security within the meaning of the Indenture
  hereinafter referred to and is registered in the name of Cede &
  Co., the nominee of The Depository Trust Company (the “Depositary”).
  This Registered Global Security is exchangeable for Notes registered
  in the name of a Person other than the Depositary or its nominee
  only in the limited circumstances described in the Indenture, and
  no transfer of this security (other than a transfer of this security
  as a whole by the Depositary to a nominee of the Depositary or by
  a nominee of the Depositary to the Depositary or another nominee
  of the Depositary) may be registered except in such limited circumstances.
  The Depositary will not sell, assign, transfer or otherwise convey
  any beneficial interest in this Registered Global Security unless
  such beneficial interest is in an amount equal to an authorized denomination
  for the Notes, and the Depositary, by its acceptance hereof, agrees
  to be so bound.  

 Unless this security
  is presented by an authorized representative of the Depositary to
  J.P. Morgan Chase & Co. or its agent for registration of transfer,
  exchange or payment, and any Notes issued are registered in the name
  of Cede & Co. or such other name as is requested by an authorized
  representative of the Depositary (and any payment is made to Cede
  & Co. or to such other entity as is an authorized representative
  of the Depositary), any transfer, pledge or other use hereof for
  value or otherwise by or to any Person is wrongful since the registered
  owner hereof, Cede & Co., has an interest herein.  

 J.P. Morgan Chase
  & Co., a corporation duly organized and existing under the laws
  of the State of Delaware (herein called the “Company,”
  which term includes any successor corporation under the Indenture
  hereinafter referred to), for value received, hereby promises to
  pay to CEDE & CO., or registered assigns, the amount due upon
  maturity, as determined in accordance with the formula set forth
  under “Payment at Maturity” below, with respect to the
  principal sum of 

 FIFTY-ONE
  MILLION FIVE HUNDRED EIGHT THOUSAND DOLLARS ($51,508,000), 

 on October 30,
  2008, on the terms and in the manner described on the reverse hereof.
   

 Payment at maturity
  will be made at the office or agency of the Company maintained for
  that purpose in the Borough of Manhattan, The City of New York, in
  such coin or currency of the United States of America as at the time
  of payment is legal tender for the payment of public and private
  debts; provided, however, that at the option of the Company,
  payment at maturity may be made by check mailed to the address of
  the Person entitled thereto as such address shall appear in the security
  register of the Company.  

 Reference is
  hereby made to the further provisions of this security set forth
  on the reverse hereof, which further provisions shall for all purposes
  have the same effect as if set forth at this place. Capitalized terms
  not otherwise defined herein shall have their respective meanings
  in the Indenture.  

 Unless the certificate
  of authentication hereon has been executed by the Trustee referred
  to on the reverse hereof, or an Authenticating Agent, by manual signature,
  this security shall not be entitled to any benefit under the Indenture
  or be valid or obligatory for any purpose.  

 Payment
  at Maturity  

 This security
  pays no interest. This security will mature on October 30, 2008 (the
  “Maturity Date”).  

 On the Maturity
  Date the Company shall pay a cash payment based on the performance
  of the S&P 500® Index (the “Index”)
  per $1,000 principal amount of securities equal to the greater of:
  (i) $1,100, (the “Minimum Payment Amount”) and (ii)
  $1,000 plus an amount in cash equal to the Additional Amount (as
  defined below).  

 The “Additional
  Amount” will be calculated by the calculation agent by multiplying
  $1,000 by the sum of the Quarterly Capped Index Returns for each
  of the 20 Quarterly Valuation Periods during the term of the securities.
   

 The “Quarterly
  Capped Index Return” for any Quarterly Valuation Period,
  as calculated by the calculation agent on the relevant Period Valuation
  Date, is equal to the Index Closing Level at the end of the Quarterly
  Valuation Period less the Index Closing Level at the beginning of
  that Quarterly Valuation Period divided by the Index Closing Level
  at the beginning of that Quarterly Valuation Period; provided,
  however, that in no event will the Quarterly Capped Index
  Return for any Quarterly Valuation Period exceed .05 (or 5%). 

 Each “Quarterly
  Valuation Period” is the period from and including a Period
  Valuation Date to and including the immediately subsequent Period
  Valuation Date; except that the first Quarterly Valuation Period
  begins on October 24, 2003. The first Quarterly Valuation Period
  will be greater than one calendar quarter.  

 The “Period
  Valuation Dates” are the 27th of each January, April, July
  and October, beginning January 2004 through July 2008 and the final
  Period Valuation Date is October 27, 2008, in each such case subject
  to adjustment if such date is not a Trading Day or if a Market Disruption
  Event occurs on such date as described in the two following paragraphs.
   

 If any scheduled
  Period Valuation Date occurring from and including January 2004 to
  and including July 2008 is not a Trading Day or if a Market Disruption
  Event occurs on any such date, such Period Valuation Date will be
  the immediately succeeding Trading Day during which no Market Disruption
  Event shall have occurred; provided that if a Market Disruption
  Event occurs on any of the scheduled Period Valuation Dates occurring
  from and including January 2004 to and including July 2008 and on
  each of the five Trading Days immediately succeeding that scheduled
  Period Valuation Date, then (i) such fifth Trading Day will be deemed
  to be the relevant Period Valuation Date, notwithstanding the occurrence
  of a Market Disruption Event on such day and (ii) with respect to
  any such fifth Trading Day on which a Market Disruption Event occurs,
  the calculation agent will determine the Index Closing Level on such
  fifth Trading Day in accordance with the formula for and method of
  calculating the Index Closing Level last in effect prior to the commencement
  of the Market Disruption Event, using the closing price (or, if trading
  in the relevant securities has been materially suspended or materially
  limited, its good faith estimate of the closing price that would
  have prevailed but for such suspension or limitation) on such Trading
  Day of each security most recently comprising the Index. 

 If October 27,
  2008 (the final Period Valuation Date) is not a Trading Day or if
  there is a Market Disruption Event on such day, the final Period
  Valuation Date will be the immediately succeeding Trading Day during
  which no Market Disruption Event shall have occurred; provided
  that the Index Closing Level will not be determined on a date later
  than the second scheduled Trading Day prior to maturity, and if such
  day is not a Trading Day, or if there is a Market Disruption Event
  on such date, the calculation agent will determine the Index Closing
  Level on such date in accordance with the formula for and method
  of calculating the Index Closing Level last in effect prior to commencement
  of the Market Disruption Event (or prior to the non-Trading Day),
  using the closing price (or, if trading in the relevant securities
  has been materially suspended or materially limited, its good faith
  estimate of the closing price that would have prevailed but for such
  suspension or limitation or non-Trading Day) on such date of each
  security most recently constituting the Index.  

 The “Index
  Closing Level” on any Trading Day will equal the closing
  level of the Index or any Successor Index (as defined below) at the
  regular official weekday close of the principal trading session of
  the New York Stock Exchange, Inc. (the “NYSE”),
  the American Stock Exchange LLC (the “AMEX”), the
  Nasdaq National Market or the Relevant Exchange or market for the
  Successor Index.  

 A “Trading
  Day” is a day, as determined by the calculation agent, on
  which trading is generally conducted on the NYSE, the AMEX, the Nasdaq
  National Market, the Chicago Mercantile Exchange and the Chicago
  Board Options Exchange and in the over-the-counter market for equity
  securities in the United States.  

 The Company will
  irrevocably deposit with DTC no later than the close of business
  on the Maturity Date funds sufficient to make payments of the amount
  payable at maturity with respect to the Notes on such date. The Company
  will give DTC irrevocable instructions and authority to pay such
  amount to the Holders of the Notes entitled thereto. In the event
  that the Maturity Date is not a Business Day, then payments payable
  on such date will be made on the next succeeding Business Day with
  the same force and effect as if made on such date, except that, if
  such Business Day falls in the next calendar year such payment will
  be made on the immediately preceding Business Day. A “Business
  Day” is any day other than a day on which banking institutions
  in The City of New York are authorized or required by law or regulation
  to close or a day on which transactions in dollars are not conducted.
   

 Calculation
  Agent  

 J.P. Morgan Securities
  Inc. will act as the calculation agent. The calculation agent will
  determine the Index Closing Level on each Period Valuation Date,
  each Quarterly Capped Index Return and the Additional Amount of cash,
  if any, the Company will pay Holders at maturity of the Notes. In
  addition, the calculation agent will determine whether there has
  been a Market Disruption Event or a discontinuance of the Index and
  whether there has been a material change in the method of calculating
  the Index. All determinations made by the calculation agent will
  be at the sole discretion of the calculation agent and will, in the
  absence of manifest error, be conclusive for all purposes and binding
  on Holders and on the Company. The Company may appoint a different
  calculation agent from time to time after the date of this prospectus
  supplement without the Holders’ consent and without notifying
  Holders.  

 The calculation
  agent will calculate the Additional Amount on the final Period Valuation
  Date. The calculation agent will provide written notice to the Trustee
  at its New York office, on which notice the Trustee may conclusively
  rely, of the Additional Amount on or prior to 11:00 a.m. on the Business
  Day preceding the Maturity Date.  

 All calculations
  with respect to the Quarterly Capped Index Return or the Index Closing
  Level will be rounded to the nearest one hundred-thousandth, with
  five one-millionths rounded upward (e.g., .876545 would be rounded
  to .87655); all dollar amounts related to determination of the Additional
  Amount payable per Note will be rounded to the nearest ten-thousandth,
  with five one hundred-thousandths rounded upward (e.g., .76545 would
  be rounded up to .7655); and all dollar amounts paid on the aggregate
  number of notes will be rounded to the nearest cent, with one-half
  cent rounded upward.  

 Market Disruption
  Events  

 With respect
  to the Index, a “Market Disruption Event” means:
   

	(i)(a)	a
      suspension, absence or material limitation of trading of stocks
      then constituting 20 percent or more of the level of the Index
      (or the relevant Successor Index) on the Relevant Exchanges (as
      defined below) for such securities for more than two hours of
      trading or during the one hour period preceding the close of
      the principal trading session on such Relevant Exchange; or
	 	 
	(b)	a
      breakdown or failure in the price and trade reporting systems
      of any Relevant Exchange as a result of which the reported trading
      prices for stocks then constituting 20 percent or more of the
      level of the Index (or the relevant Successor Index) during the
      last one hour preceding the close of the principal trading session
      on such Relevant Exchange are materially inaccurate; or
	 	 
	(c)	the
      suspension, absence or material limitation of trading on any
      major U.S. securities market for trading in futures or options
      contracts related to the Index (or the relevant Successor Index)
      for more than two hours of trading or during the one hour period
      preceding the close of the principal trading session on such
      market, in each case as determined by the calculation agent in
      its sole discretion; and

	(ii)	a
      determination by the calculation agent in its sole discretion
      that the event described above materially interfered with its
      ability or the ability of any of our affiliates to adjust or
      unwind all or a material portion of any hedge with respect to
      the Notes.

 For the purpose
  of determining whether a Market Disruption Event exists at any time,
  if trading in a security included in the Index is materially suspended
  or materially limited at that time, then the relevant percentage
  contribution of that security to the level of the Index shall be
  based on a comparison of:  

	(i)	the
      portion of the level of the Index attributable to that security
      relative to
	 	 
	(ii)	the
      overall level of the Index, in each case immediately before that
      suspension or limitation.

 For purposes
  of determining whether a Market Disruption Event has occurred:

	(i)	a
      limitation on the hours or number of days of trading will not
      constitute a Market Disruption Event if it results from an announced
      change in the regular business hours of the Relevant Exchange
      or market;
	 	 
	(ii)	a
      decision to permanently discontinue trading in the relevant futures
      or options contract will not constitute a Market Disruption Event;
	 	 
	(iii)	limitations
      pursuant to the rules of any Relevant Exchange similar to NYSE
      Rule 80A (or any applicable rule or regulation enacted or promulgated
      by any other self-regulatory organization or any government agency
      of scope similar to NYSE Rule 80A as determined by the calculation
      agent) on trading during significant market fluctuations will
      constitute a suspension, absence or material limitation of trading;
	 	 
	(iv)	a
      suspension of trading in futures or options contracts on the
      Index by the primary securities market trading in such contracts
      by reason of
	 	 
	 	(a)
      a price change exceeding limits set by such exchange or market,
	 	 
	 	(b)
      an imbalance of orders relating to such contracts, or
	 	 
	 	(c)
      a disparity in bid and ask quotes relating to such contracts
	 	 
	 	will,
      in each such case, constitute a suspension, absence or material
      limitation of trading in futures or options contracts related
      to the Index; and
	 	 
	(v)	a
      “suspension, absence or material limitation of trading”
      on any Relevant Exchange or on the primary market on which futures
      or options contracts related to the Index are traded will not
      include any time when such market is itself closed for trading
      under ordinary circumstances.

 “Relevant
  Exchange” means the primary U.S. organized exchange or market
  of trading for any security (or any combination thereof) then included
  in the Index or any Successor Index.  

 Discontinuance
  of the S&P 500 Index; Alteration of Method of Calculation 
  

 If Standard &
  Poor’s, a division of McGraw-Hill Companies, Inc. (“S&P”)
  discontinues publication of the Index and S&P or another entity
  publishes a successor or substitute index that the calculation agent
  determines, in its sole discretion, to be comparable to the discontinued
  Index (such index being referred to herein as a “Successor
  Index”), then any Index Closing Level will be determined
  by reference to the level of such Successor Index at the close of
  trading on the NYSE, the AMEX, the Nasdaq National Market or the
  Relevant Exchange or market for the Successor Index on the relevant
  Period Valuation Date.  

 Upon any selection
  by the calculation agent of a Successor Index, the calculation agent
  will cause written notice thereof to be promptly furnished to the
  Trustee, to the Company and to the Holders of the Notes. 

 If S&P discontinues
  publication of the Index prior to, and such discontinuance is continuing
  on, any Period Valuation Date and the calculation agent determines,
  in its sole discretion, that no Successor Index is available at 

 such time, then
  the calculation agent will determine the Index Closing Level for
  such date. The Index Closing Level will be computed by the calculation
  agent in accordance with the formula for and method of calculating
  the Index last in effect prior to such discontinuance, using the
  closing price (or, if trading in the relevant securities has been
  materially suspended or materially limited, its good faith estimate
  of the closing price that would have prevailed but for such suspension
  or limitation) at the close of the principal trading session on such
  date of each security most recently comprising the Index. Notwithstanding
  these alternative arrangements, discontinuance of the publication
  of the Index on the Relevant Exchange may adversely affect the value
  of the Notes.  

 If at any time
  the method of calculating the Index or a Successor Index, or the
  level thereof, is changed in a material respect, or if the Index
  or a Successor Index is in any other way modified so that such index
  does not, in the opinion of the calculation agent, fairly represent
  the level of the Index or such Successor Index had such changes or
  modifications not been made, then, from and after such time, the
  calculation agent will, at the close of business in New York City
  on each date on which the Index Closing Level is to be determined,
  make such calculations and adjustments as, in the good faith judgment
  of the calculation agent, may be necessary in order to arrive at
  a level of a stock index comparable to the Index or such Successor
  Index, as the case may be, as if such changes or modifications had
  not been made, and the calculation agent will calculate the Index
  Closing Level with reference to the Index or such Successor Index,
  as adjusted. Accordingly, if the method of calculating the Index
  or a Successor Index is modified so that the level of such index
  is a fraction of what it would have been if it had not been modified
  (e.g., due to a split in the index), then the calculation
  agent will adjust such index in order to arrive at a level of the
  Index or such Successor Index as if it had not been modified (e.g.,
  as if such split had not occurred).  

 Events of
  Default  

 Events of Default
  relating to the Notes are set forth in Section 5.01 of the Indenture.
   

 Alternate
  Additional Amount Calculation in Case of an Event of Default
  

 In case an Event
  of Default with respect to the Notes shall have occurred and be continuing,
  the amount declared due and payable for each note upon any acceleration
  of the Notes will be equal to $1,100 or $1,000 plus the Additional
  Amount determined as though the Index Closing Level for any Period
  Valuation Date scheduled to occur after such date of acceleration
  were the Index Closing Level on the date of acceleration. Therefore,
  the Quarterly Capped Index Return for the then current Quarterly
  Valuation Period would be equal to the Index Closing Level on the
  date of acceleration less the Index Closing Level at the beginning
  of that Quarterly Valuation Period divided by the Index Closing Level
  at the beginning of such Quarterly Valuation Period, and the Quarterly
  Capped Index Return for each remaining Quarterly Valuation Period
  would be equal to zero.  

 Defeasance
   

 The Notes will
  not be subject to the defeasance provisions contained in Article
  13 of the Indenture.  

 IN WITNESS WHEREOF,
  the Company has caused this instrument to be duly executed under
  its corporate seal. 

 Date: October
  30, 2003  

	J.P.
      MORGAN CHASE & CO.
	 	 	 
	 	 	 
	By:	  
	 	

	 	Name:	   
	 	Title:	 
	 	 	 
	 	 	.
	 	 	 
	 	 	 
	Attest:	 
	 	

	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 

	[Seal]	 	 
	 	 	 
	 	 	 
	TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION
	 	 	 
	This
      is one of the Securities referred to in the within-mentioned
      Indenture.
	 	 	 
	 	DEUTSCHE
      BANK TRUST COMPANY AMERICA
	 	(f/k/a/
      Bankers Trust Company),
	 	As
      Trustee
	 	 	 
	 	BY:	JPMORGAN
      CHASE BANK
	 	As
      Authenticating Agent
	 	 	 
	 	 	 
	 	By:	 
	 	 	

	 	 	Name:
	 	 	Title:

 [REVERSE
  OF SECURITY]  

 Capped
  Quarterly Observation Notes Linked to the S&P 500® Index
  due October 30, 2008  

 This security
  is one of a duly authorized issue of securities of the Company (herein
  called the “Notes”), issued and to be issued in
  one or more series under an Indenture dated as of May 25, 2001, (the
  “Indenture”), between the Company and Deutsche Bank
  Trust Company Americas (f/k/a Bankers Trust Company) (herein called
  the  

 “Trustee,”
  which term includes any successor trustee under the Indenture), to
  which Indenture reference is hereby made for a statement of the respective
  rights, limitations of rights, duties and immunities thereunder of
  the Company, the Trustee, and the Holders and of the terms upon which
  the Notes are, and are to be, authenticated and delivered. This security
  is one of the series designated as the Capped Quarterly Observation
  Notes Linked to the S&P 500® Index due October 30, 2008
  of the Company, which series shall have an aggregate principal amount
  of $51,508,000.  

 The Notes are
  not redeemable at the option of the Company prior to maturity and
  are not subject to any sinking fund.  

 If an Event of
  Default specified under the Indenture with respect to the Notes shall
  occur and be continuing, the Notes may be declared due and payable
  in the manner and with the effect provided in the Indenture and on
  the face hereof and the calculation agent will determine the Additional
  Amount in accordance with the calculation set forth under “Alternate
  Additional Amount Calculation in Case of an Event of Default”
  on the face hereof. Upon payment of the amount so declared due and
  payable, all of the Company’s obligations in respect of the
  payment due at maturity on the Notes shall terminate.  

 The Indenture
  permits, with certain exceptions as therein provided, the amendment
  thereof and the modification of the rights and obligations of the
  Company and the rights of the Holders of the securities of each series
  to be affected under the Indenture at any time by the Company and
  the Trustee with the consent of the holders of a majority in aggregate
  principal amount of the securities at the time outstanding of each
  series to be affected. The Indenture also contains provisions permitting
  the Holders of specified percentages in aggregate principal amount
  of the securities of each series at the time Outstanding, on behalf
  of the Holders of all securities of such series, to waive compliance
  by the Company with certain provisions of the Indenture and certain
  past defaults under the Indenture and their consequences. Any such
  consent or waiver by the Holder of this security shall be conclusive
  and binding upon such Holder and upon all future Holders of this
  security and of any Notes issued upon the registration of transfer
  hereof or in exchange herefor or in lieu hereof, whether or not notation
  of such consent or waiver is made upon this security.  

 As provided in
  the Indenture and subject to certain limitations therein set forth,
  the transfer of this security is registrable in the security register
  of the Company, upon surrender of this security for registration
  of transfer in any place where the amount due at maturity of this
  security is payable, duly endorsed by, or accompanied by a written
  instrument of transfer in form satisfactory to the Company and the
  security registrar duly executed by, the Holder hereof or his attorney
  duly authorized in writing, and thereupon one or more new Notes,
  of authorized denominations and for the same aggregate principal
  amount, will be issued to the designated transferee or transferees.
   

 The Notes are
  issuable only in registered form without coupons in denominations
  of $1,000 and any integral multiple thereof. As provided in the Indenture
  and subject to certain limitations therein set forth, Notes are exchangeable
  for a like aggregate principal amount of Notes of like tenor of a
  different authorized denomination, as requested by the Holder surrendering
  the same.  

 No service charge
  shall be made for any such registration of transfer or exchange,
  but the Company may require payment of a sum sufficient to cover
  any tax or other governmental charge payable in connection therewith.
   

 Prior to due
  presentment of this security for registration of transfer, the Company,
  the Trustee and any agent of the Company or the Trustee may treat
  the Person in whose name this security is registered as the owner
  hereof and for all purposes, whether or not this security shall be
  overdue, and neither the Company, the Trustee nor any such agent
  shall be affected by notice to the contrary.  

 No recourse for
  the payment of amounts due at maturity of this security or for any
  claim based hereon or otherwise in respect hereof, and no recourse
  under or upon any obligation, covenant or agreement of the Company
  in the Indenture or any indenture supplemental thereto or in this
  security, or because of the creation of any indebtedness represented
  thereby, shall be had against any incorporator, stockholder, officer
  or director, as such, past, present or future, of the Company or
  of any successor corporation, either directly or through the Company,
  or any successor corporation, whether by virtue of any constitution,
  statute or rule of law or by the enforcement of any assessment or
  penalty or otherwise, all such liability being, by the acceptance
  hereof and as part of the consideration for the issue hereof, expressly
  waived and released by each Holder of this security.  

 Capitalized terms
  not otherwise defined herein shall have their respective meanings
  in the Indenture.  

 This security
  shall be governed by and construed in accordance with the laws of
  the State of New York.

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