X0201 4 2004-01-23 0 0001093546 STONEPATH GROUP INC STG 0001203521 JONES DAVID R 2 OCEAN DRIVE SCITUATE MA 02066 1 0 0 0 Employee Stock Option (right to buy) 3.05 2004-01-23 4 A 0 25000 0 A 2014-01-23 common stock 25000 90000 D Vesting shall occur as to 12,500 Options provided the Reporting Person continues to serve on the Company's Board of Directors through 12/19/04; and the remaining 12,500 Options shall vest provided the Reporting Person continues to serve on the Company's Board of Directors through 12/19/05. Includes options to purchase 65,000 shares of the Company's common stock as previously reported by Reporting Person /s/ David R. Jones 2004-01-26