2003 Executive Director Stock Purchase Plan

EXHIBIT 10(V)


CATUITY INC. 2003 EXECUTIVE DIRECTOR STOCK PURCHASE PLAN


PURPOSE. The purpose of the Catuity Inc. 2003 Executive Director Stock Purchase Plan (the "Plan") is to provide a direct means for any Directors who are also executives of Catuity Inc. (the "Company") to use a portion of their cash compensation to purchase shares of common stock (the "Stock") of the Company, at the market price thereof.


COMMITTEE TO ADMINISTER PLAN. The Compensation Committee of the Board of Directors of the Company (the "Committee") shall administer the Plan. The Committee may establish from time to time such regulations, provisions and procedures, within the terms of the Plan, as in the opinion of its members may be advisable in the administration of the Plan. The interpretation and construction by the Committee of any provisions of the Plan shall be final unless otherwise determined by the Board of Directors. No member of the Board of Directors or the Committee shall be liable for any action or determination made in good faith with respect to the Plan.


ELIGIBILITY. Participation under the Plan shall be open only to Executive Directors (the "Eligible Executives") of the Company. No purchase rights shall be granted under the Plan to any person who is not an Eligible Executive.


STOCK AVAILABLE FOR PLAN. Purchase of Stock pursuant to and on behalf of this Plan for delivery under this Plan shall be made out of the Company's presently or hereafter authorized but unissued Stock. The maximum number of shares of Stock that may be purchased under the Plan is 100,000 shares and in no event may the number of shares be increased without shareholder approval.


EFFECTIVE DATES. This Plan shall become effective on the date it is approved by the Company's shareholders. The first Purchase Period under the Plan shall be the date of shareholder approval. The next Purchase Period shall commence on the day after shareholder approval and end on the last trading date of that month. Thereafter, and as long as the Plan remains in effect, a new Purchase Period shall commence on the first day of each calendar month and end on the last trading day of each such month. For purposes of the first Purchase Period, Eligible Executives shall be able to purchase shares with payroll deductions voluntarily foregone prior to the Plan's approval.


PARTICIPATION. An Eligible Executive at or prior to the first day of any Purchase Period may become a Participant as of such date by, prior to such date, completing and forwarding a payroll deduction authorization form (the "Authorization") to the Chief Financial Officer. The Authorization will direct a regular payroll deduction from the Participant's compensation to be made on each of the Participant's pay dates occurring during each Purchase Period in which he or she is a Participant.


PAYROLL DEDUCTIONS AND LUMP SUM PAYMENTS. The Company and its Participating Subsidiaries will maintain payroll deduction accounts for all of the Participants. Payments made by Participants by payroll deduction shall be credited to the Participant's Stock Purchase Account (the "Purchase Account"). No amounts other than payroll deductions authorized under this Plan may be credited to a Participant's Purchase Account. A Participant may authorize a payroll deduction in any amount not le ...