Document:

<PAGE>
                         WAIVER AND SECOND AMENDMENT TO
                          LOAN AND SECURITY AGREEMENT

         This WAIVER AND SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT (this
"Waiver and Second Amendment") is dated as of September 30, 2002 and entered
into by and among FLEET CAPITAL CORPORATION ("Fleet"), a Rhode Island
corporation with an office at 15260 Ventura Boulevard, Suite 400, Sherman Oaks,
California 91403, individually as a Lender and as Agent ("Agent") for itself and
any other financial institution which is or becomes a party to the Loan
Agreement referred to below (each such financial institution, including Fleet,
is referred to hereinafter individually as a "Lender" and collectively as the
"Lenders"), the LENDERS and MOBILE MINI, INC., a Delaware corporation with its
chief executive office and principal place of business at 7420 South Kyrene
Road, Suite 101, Tempe, Arizona 85283 ("Borrower").

                                    RECITALS

         Whereas, the Borrower, the Agent and the Lenders have entered into that
certain Loan and Security Agreement dated as of February 11, 2002, as amended,
supplemented or otherwise modified to date (the "Loan Agreement"); capitalized
terms used in this Amendment without definition shall have the meanings given
such terms in the Loan Agreement); and

         Whereas, the Borrower has requested that the Lenders agree, subject to
the conditions and on the terms set forth in this Waiver and Second Amendment,
to waive certain potential violations of the Loan Agreement and to amend certain
provisions of the Loan Agreement;

         Whereas, the Lenders are willing to agree to such waiver and to amend
the Loan Agreement, subject to the conditions and on the terms set forth herein;

         NOW THEREFORE, in consideration of the premises and the mutual
agreements set forth herein, the Borrower, the Lenders and the Agent agree as
follows:

         1. WAIVER. For good and valuable consideration and subject to the
conditions and on the terms set forth in this Waiver and Second Amendment, Agent
and the undersigned Lenders hereby agree to waive an Event of Default under
Section 10.1.13 of the Loan Agreement which may result in connection with a
potential judgment in favor of Nuko Holdings I, LLC, a Delaware limited
liability company, in the amount of up to $7,500,000, plus attorneys' fees, if
applicable (the "Nuko Judgment").

         2. AMENDMENTS TO LOAN AGREEMENT. Subject to the conditions and on the
terms set forth in this Waiver and Second Amendment and in reliance on the
representations and warranties of the Borrower set forth in this Waiver and
Second Amendment, the Loan Agreement is hereby amended as follows:
<PAGE>
         2.1 AMENDMENT TO DEFINITION OF AVAILABILITY RESERVE. The definition of
"Availability Reserve" in Appendix A of the Loan Agreement is deleted in its
entirety and replaced with the following:

                  ""Availability Reserve" - a reserve against Availability equal
         to $10,000,000; provided, however, that such amount shall be increased
         to $17,500,000 from September _, 2002, until such time as a payment is
         made by Borrower under a final judgment with respect to the pending
         litigation matter between the Borrower and Nuko or the matter is
         otherwise finally resolved; provided further that, in the sole and
         absolute discretion of Agent, such amount may be reduced by the amount
         of a satisfactory appeal bond posted by Borrower in connection with the
         matter and/or up to $2,000,000 of proceeds held in escrow by Borrower
         in anticipation of a Nuko Judgment; provided further that the amount
         shall be reduced automatically if the trial court in the litigation
         matter between the Borrower and Nuko either (i) vacates the judgment
         issued in the case on September 13, 2002, by granting Borrower's motion
         to set aside the verdict or Borrower's motion for new trial (in either
         case, the reduction shall be in the amount of $7,500,000) or (ii)
         lowers the amount of the jury verdict in such matter by ordering a
         remittitur (in which case the reduction shall be in the amount of the
         remittitur ordered by the trial court)."

         2.2 AMENDMENT TO DEFINITION OF DEBT RATIO. The definition of "Debt
Ratio" in Appendix A of the Loan Agreement is deleted in its entirety and
replaced with the following:

                  ""Debt Ratio" - as of any date of determination, the ratio
         of (i) Funded Debt as of such date to (ii) Consolidated EBITDA for the
         four fiscal quarters ending on such date; provided, however, that
         solely for purposes of Section 8.3 and compliance with the Debt Ratio
         set forward in Exhibit 8.3, such calculation shall not include any
         accruals or cash payments made in connection with the Nuko Judgment."

         2.3 AMENDMENT TO DEFINITION OF FIXED CHARGE COVERAGE RATIO. The
definition of "Fixed Charge Coverage Ratio" in Appendix A of the Loan Agreement
is deleted in its entirety and replaced with the following:

                                      -2-
<PAGE>
                  ""Fixed Charge Coverage Ratio" - as of any date of
         determination, the ratio of (i) Consolidated Net Cash Flow for the four
         fiscal quarters ending on such date to (ii) the sum of Interest Expense
         for the four fiscal quarters ending on such date plus the current
         portion of Funded Debt as of such date; provided, however, that such
         calculation shall not include any accruals or cash payments made in
         connection with the Nuko Judgment."

         2.4 AMENDMENT TO DEFINITIONS-ADDITIONAL DEFINED TERMS. The definitions
of each of "Nuko" and "Nuko Judgment" shall be inserted immediately following
the definition of "Multiemployer Plan" in Appendix A as follows:

             "Nuko" - Nuko Holdings I, LLC, a Delaware limited liability
company."

             "Nuko Judgment" - a court judgment in favor of Nuko equaling the
lesser of (x) the actual amount of any final judgment rendered in favor of Nuko
and (y) $7,500,000, plus costs and attorneys' fees."

         3. AMENDMENT FEE. In consideration of the foregoing, the Borrower
hereby agrees to the pay the Agent for the pro rata account of all Lenders
executing this Waiver and Second Amendment on or prior to 5:00 p.m. (Los Angeles
Time) on September __, 2002, an amendment fee equal to one hundred thousand
dollars ($100,000), due and payable to Agent upon the effective date of this
Waiver and Second Amendment.

         4. REPRESENTATIONS AND WARRANTIES OF THE BORROWER. In order to induce
the Lenders and the Agent to enter into this Waiver and Second Amendment, the
Borrower represents and warrants to each Lender and the Agent that the following
statements are true, correct and complete:

             4.1 CORPORATE ACTION. Borrower is duly authorized and empowered to
enter into, execute, deliver and perform this Waiver and Second Amendment and
Guarantors are duly authorized to enter into, execute, deliver and perform the
Consent of Guarantors attached hereto (the "Guarantor Consent"). The execution,
delivery and performance of this Waiver and Second Amendment have been duly
authorized by all necessary corporate or other relevant action and do not and
will not (i) require any consent or approval of the shareholders of Borrower or
any of the Guarantors; (ii) contravene Borrower's or any of the Guarantors'
charter or articles or certificate of incorporation or other organizational
documents, as applicable; (iii) violate, or cause Borrower or any Guarantor to
be in default under, any provision of any law, rule, regulation, order, writ,
judgment, injunction, decree, determination or award in effect having
applicability to Borrower or any Guarantor; (iv) result in a breach of or
constitute a default under any indenture or loan or credit agreement or any
other agreement, lease or instrument to which Borrower or any Guarantor is a
party or by which it or its Properties may be bound or affected; or (v) result
in, or require, the creation or imposition of any Lien (other than Permitted
Liens) upon or with respect to any of the Properties now owned or hereafter
acquired by Borrower or any Guarantor.

                                      -3-
<PAGE>
             4.2 LEGALLY ENFORCEABLE AGREEMENT. This Waiver and Second Amendment
is a legal, valid and binding obligation of Borrower, enforceable against it in
accordance with its terms, except as limited by applicable bankruptcy or
insolvency laws, and by general principles of equity.

             4.3 SOLVENT FINANCIAL CONDITION. Borrower is Solvent.

             4.4 NO DEFAULT OR EVENT OF DEFAULT. Except as provided herein, no
event has occurred and is continuing or will result from the execution and
delivery of this Waiver and Second Amendment that would constitute a Default or
an Event of Default.

             4.5 NO MATERIAL ADVERSE EFFECT. Except as provided herein, no event
has occurred that has resulted, or could reasonably be expected to result, in a
Material Adverse Effect.

             4.6 REPRESENTATIONS AND WARRANTIES. Each of the representations and
warranties contained in the Loan Documents is and will be true and correct in
all material respects on and as of the date hereof and as of the effective date
of this Waiver and Second Amendment, except to the extent that such
representations and warranties specifically relate to an earlier date, in which
case they were true, correct and complete in all material respects as of such
earlier date.

         5. CONDITIONS TO EFFECTIVENESS OF THIS WAIVER AND SECOND AMENDMENT.
This Waiver and Second Amendment shall be effective only if and when signed by,
and when counterparts hereof shall have been delivered to the Agent (by hand
delivery, mail or telecopy) by the Borrower and the Majority Lenders and only if
and when each of the following conditions is satisfied:

             5.1 AMENDMENT FEE. In consideration of the foregoing, the Borrower
shall pay the Agent the amendment fee required by Section 3 above.

             5.2 NO DEFAULT OR EVENT OF DEFAULT; ACCURACY OF REPRESENTATIONS AND
WARRANTIES. No Default or Event of Default shall exist and each of the
representations and warranties made by the Loan Parties herein and in or
pursuant to the Loan Documents shall be true and correct in all material
respects as if made on and as of the date on which this Waiver and Second
Amendment becomes effective (except that any such representation or warranty
that is expressly stated as being made only as of a specified earlier date shall
be true and correct as of such earlier date), and the Borrower shall have
delivered to the Agent a certificate confirming such matters.

             5.3 EXPENSE REIMBURSEMENTS. The Borrower shall have paid all
expense reimbursements due to the Agent pursuant to Section 2.8 of the Loan
Agreement.

         6. EFFECT OF THIS WAIVER AND SECOND AMENDMENT. From and after the date
on which this Waiver and Second Amendment becomes effective, all references in
the Loan Documents to the Loan Agreement shall mean the Loan Agreement as

                                      -4-
<PAGE>
amended hereby. Except as expressly amended hereby or waived herein, the Loan
Agreement and the other Loan Documents, including the Liens granted thereunder,
shall remain in full force and effect, and are hereby ratified and confirmed.

         7. GOVERNING LAW; CONSENT TO FORUM. THIS WAIVER AND SECOND AMENDMENT
HAS BEEN NEGOTIATED AND DELIVERED IN AND SHALL BE DEEMED TO HAVE BEEN MADE IN
LOS ANGELES, CALIFORNIA. THIS WAIVER AND SECOND AMENDMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA; PROVIDED,
HOWEVER, THAT IF ANY OF THE COLLATERAL SHALL BE LOCATED IN ANY JURISDICTION
OTHER THAN CALIFORNIA, THE LAWS OF SUCH JURISDICTION SHALL GOVERN THE METHOD,
MANNER AND PROCEDURE FOR FORECLOSURE OF AGENT'S LIEN UPON SUCH COLLATERAL AND
THE ENFORCEMENT OF AGENT'S OTHER REMEDIES IN RESPECT OF SUCH COLLATERAL TO THE
EXTENT THAT THE LAWS OF SUCH JURISDICTION ARE DIFFERENT FROM OR INCONSISTENT
WITH THE LAWS OF CALIFORNIA. AS PART OF THE CONSIDERATION FOR NEW VALUE
RECEIVED, AND REGARDLESS OF ANY PRESENT OR FUTURE DOMICILE OR PRINCIPAL PLACE OF
BUSINESS OF BORROWER, AGENT OR ANY LENDER, BORROWER HEREBY CONSENTS AND AGREES
THAT THE SUPERIOR COURT OF LOS ANGELES COUNTY, CALIFORNIA, OR, AT AGENT'S
OPTION, THE UNITED STATES DISTRICT COURT FOR THE CENTRAL DISTRICT OF CALIFORNIA,
SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES
BETWEEN BORROWER ON THE ONE HAND AND AGENT OR ANY LENDER ON THE OTHER HAND
PERTAINING TO THIS WAIVER AND SECOND AMENDMENT OR TO ANY MATTER ARISING OUT OF
OR RELATED TO THIS WAIVER AND SECOND AMENDMENT. BORROWER EXPRESSLY SUBMITS AND
CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY
SUCH COURT, AND BORROWER HEREBY WAIVES ANY OBJECTION WHICH BORROWER MAY HAVE
BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS
AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS
DEEMED APPROPRIATE BY SUCH COURT. BORROWER HEREBY WAIVES PERSONAL SERVICE OF THE
SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND
AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY
REGISTERED OR CERTIFIED MAIL ADDRESSED TO BORROWER AT THE ADDRESS SET FORTH IN
THIS WAIVER AND SECOND AMENDMENT AND THAT SERVICE SO MADE SHALL BE DEEMED
COMPLETED UPON THE EARLIER OF BORROWER'S ACTUAL RECEIPT THEREOF OR 3 DAYS AFTER
DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE PREPAID. NOTHING IN THIS WAIVER AND
SECOND AMENDMENT SHALL BE DEEMED OR OPERATE TO AFFECT THE RIGHT OF AGENT OR ANY
LENDER TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW, OR TO
PRECLUDE THE ENFORCEMENT BY AGENT OR ANY LENDER OF ANY JUDGMENT OR ORDER
OBTAINED IN SUCH FORUM OR THE TAKING OF ANY ACTION UNDER

                                      -5-
<PAGE>
THIS WAIVER AND SECOND AMENDMENT TO ENFORCE SAME IN ANY OTHER APPROPRIATE FORUM
OR JURISDICTION.

         8. COMPLETE AGREEMENT. This Waiver and Second Amendment sets forth the
complete agreement of the parties in respect of any amendment to any of the
provisions of any Loan Document or any waiver thereof.

         9. CATCHLINES & COUNTERPARTS. The catchlines and captions herein are
intended solely for convenience of reference and shall not be used to interpret
or construe the provisions hereof. This Waiver and Second Amendment may be
executed by one or more of the parties to this Waiver and Second Amendment on
any number of separate counterparts (including by telecopy), all of which taken
together shall constitute but one and the same instrument.

                  [remainder of page intentionally left blank]

                                      -6-
<PAGE>
         IN WITNESS WHEREOF, this Waiver and Second Amendment has been duly
executed on the day and year specified at the beginning of this Agreement.

                                      BORROWER:

                                      MOBILE MINI, INC., a Delaware corporation

                                      By:   /s/ Lawrence Trachtenberg
                                            ------------------------------------
                                      Name:  Lawrence Trachtenberg
                                      Title: Executive Vice President

                                      AGENT:

                                      FLEET CAPITAL CORPORATION,
                                      a Rhode Island corporation, as Agent

                                      By:
                                            ------------------------------------
                                      Name:  Matthew Van Steenhuyse
                                      Title: Senior Vice President
<PAGE>
         IN WITNESS WHEREOF, this Waiver and Second Amendment has been duly
executed on the day and year specified at the beginning of this Agreement.

                                      BORROWER:

                                      MOBILE MINI, INC., a Delaware corporation

                                      By:
                                            ------------------------------------
                                      Name:  Lawrence Trachtenberg
                                      Title: Executive Vice President

                                      AGENT:

                                      FLEET CAPITAL CORPORATION,
                                      a Rhode Island corporation, as Agent

                                      By:   /s/ Matthew Van Steenhuyse
                                            ------------------------------------
                                      Name:  Matthew Van Steenhuyse
                                      Title: Senior Vice President
<PAGE>
                                      LENDERS:

                                      FLEET CAPITAL CORPORATION,

                                      By:   /s/ Matthew Van Steenhuyse
                                            ------------------------------------
                                      Name:  Matthew Van Steenhuyse
                                      Title: Senior Vice President

                                      -2-
<PAGE>
                                      JP MORGAN CHASE BANK

                                      By:    /s/ Donna Diforio
                                             -----------------------------------
                                      Name:  Donna Diforio
                                      Title: Vice President

                                      -3-
<PAGE>
                                      BANK OF AMERICA, N.A.

                                      By:    /s/ Stephen King
                                             -----------------------------------
                                      Name:  Stephen King
                                      Title: Senior Vice President

                                      -4-
<PAGE>
                                      BANK ONE, NA,
                                      with its main office in Chicago, Illinois

                                      By:    /s/ Steve Reinhart
                                             -----------------------------------
                                      Name:  Steve Reinhart
                                      Title: First Vice President

                                      -5-
<PAGE>
                                      WASHINGTON MUTUAL BANK

                                      By:    /s/ Terri K. Lins
                                             -----------------------------------
                                      Name:  Terri K. Lins
                                      Title: Vice President

                                      -6-
<PAGE>
                                      WACHOVIA BANK, NATIONAL
                                      ASSOCIATION,
                                      f/k/a First Union National Bank

                                      By:    /s/ Eric Butler
                                             -----------------------------------
                                      Name:  Eric Butler
                                      Title: Managing Director

                                      -7-
<PAGE>
                                      DEUTSCHE FINANCIAL SERVICES CORP.

                                      By:    /s/ Joseph Kinkenon
                                             -----------------------------------
                                      Name:  Joseph Kinkenon
                                      Title: Vice President

                                      -8-
<PAGE>
                                      U.S. BANK NATIONAL ASSOCIATION

                                      By:    /s/ Joseph P. Howard
                                             -----------------------------------
                                      Name:  Joseph P. Howard
                                      Title: Vice President

                                      -9-
<PAGE>
                                      ALLFIRST BANK

                                      By:
                                             -----------------------------------
                                      Name:  Nancy Z. Reimann
                                      Title:
                                             -----------------------------------

                                      -10-
<PAGE>
                                      PNC BANK, NATIONAL ASSOCIATION

                                      By:    /s/ Lawrence Weinstein
                                             -----------------------------------
                                      Name:  Lawrence Weinstein
                                      Title: Vice President

                                      -11-
<PAGE>
                                      THE PROVIDENT BANK

                                      By:    /s/ Marshall M. Stuart
                                             -----------------------------------
                                      Name:  Marshall M. Stuart
                                      Title: Vice President

                                     - 12-
<PAGE>
                                      BANK LEUMI USA

                                      By:    /s/ Jacques Delvoye
                                             -----------------------------------
                                      Name:  Jacques Delvoye
                                      Title: Vice President

                                     - 13 -
<PAGE>
                             CONSENT OF GUARANTORS

     Reference is hereby made to that certain Waiver and Second Amendment to
Loan and Security Agreement, dated as of September 30, 2002 (as the same shall
be amended, restated, amended and restated, supplemented or otherwise modified
from time to time, the "Waiver and Second Amendment"), among Fleet Capital
Corporation ("Fleet"), a Rhode Island corporation with an office at 15260
Ventura Boulevard, Suite 400, Sherman Oaks, California 91403, individually as a
Lender and as Agent ("Agent") for itself and any other financial institution
which is or becomes a party thereto (each such financial institution, including
Fleet, is referred to hereinafter individually as a "Lender" and collectively
as the "Lenders"), the Lenders and Mobile Mini, Inc., a Delaware corporation
with its chief executive office and principal place of business at 7420 South
Kyrene Road, Suite 101, Tempe, Arizona 85283 ("Borrower"). Capitalized terms
used herein and not otherwise defined shall have the meanings given them in the
Waiver and Second Amendment and, to the extent not defined therein, in the Loan
and Security Agreement, dated as of February 11, 2002, by and among the
Borrower, the Agent and the Lenders (the "Loan Agreement").

     Each of the undersigned hereby (a) acknowledges receipt of a copy of the
Waiver and Second Amendment, (b) consents to the terms of the Waiver and Second
Amendment, (c) agrees and reaffirms that the Guaranty executed by it remains in
full force and effect as a continuing guaranty of the obligations owing to the
Agent and Lenders under the Loan Agreement and the Loan Documents referred to
therein and (d) agrees and reaffirms that all of its obligations under each
other Loan Document executed by it pursuant to the Loan Agreement remain in
full force and effect, and each such document is hereby deemed to be entered
into pursuant to the Loan Agreement.

     Although the Agent has informed us of the matters set forth above, and we
have acknowledged same, we understand and agree that the Agent has no duty
under the Loan Agreement or any other Loan Document or any other agreement
between us to so notify us or to seek an acknowledgement, and nothing contained
herein is intended to or shall create such a duty as to any advances or
transactions hereafter.

                            [Signature Page Follows]
<PAGE>
         IN WITNESS WHEREOF, each of the Guarantors has executed and delivered
this Guaranty as of the date set forth in the first paragraph hereof.

                                       GUARANTORS:

                                       MOBILE MINI I, INC.,
                                       an Arizona corporation

                                       By: /s/ Larry Trachtenberg
                                          --------------------------------------
                                          Name:  Larry Trachtenberg
                                                 -------------------------------
                                          Title: EVP, Secretary/Treasurer
                                                 -------------------------------

                                       MOBILE MINI HOLDINGS, INC.,
                                       a Delaware corporation

                                       By: /s/ Larry Trachtenberg
                                          --------------------------------------
                                          Name:  Larry Trachtenberg
                                                 -------------------------------
                                          Title: President
                                                 -------------------------------

                                       DELIVERY DESIGN SYSTEMS, INC.,
                                       an Arizona corporation

                                       By: /s/ Larry Trachtenberg
                                          --------------------------------------
                                          Name:  Larry Trachtenberg
                                                 -------------------------------
                                          Title: EVP
                                                 -------------------------------

                                       MOBILE MINI, LLC,
                                       a Delaware limited liability company

                                       By: /s/ Larry Trachtenberg
                                          --------------------------------------
                                          Name:  Larry Trachtenberg
                                                 -------------------------------
                                          Title: EVP
                                                 -------------------------------

                                       MOBILE MINI, LLC,
                                       a California limited liability company

                                       By: /s/ Larry Trachtenberg
                                          --------------------------------------
                                          Name:  Larry Trachtenberg
                                                 -------------------------------
                                          Title: EVP
                                                 -------------------------------

                                       MOBILE MINI OF OHIO, LLC,
                                       a Delaware limited liability company

                                       By: /s/ Larry Trachtenberg
                                          --------------------------------------
                                          Name:  Larry Trachtenberg
                                                 -------------------------------
                                          Title: EVP
                                                 -------------------------------

<PAGE>
                                       MOBILE MINI TEXAS LIMITED
                                       PARTNERSHIP, LLP,
                                       a Texas limited liability partnership

                                       By: /s/ Larry Trachtenberg
                                          --------------------------------------
                                          Name:  Larry Trachtenberg
                                                 -------------------------------
                                          Title: Treasurer
                                                 -------------------------------<PAGE>
EXHIBIT (10)(V)

                                 SYNTELLECT INC.
                         NONEMPLOYEE DIRECTOR STOCK PLAN
                       (AS AMENDED THROUGH AUGUST 6, 2002)

                 ARTICLE I ESTABLISHMENT, PURPOSE, AND DURATION

         1.1.     Establishment of the Plan. Syntellect Inc. a Delaware
corporation, hereby establishes the Syntellect Inc. Nonemployee Director Stock
Plan (the "Plan") for the benefit of its Nonemployee Directors. The Plan sets
forth the terms of one-time and annual grants of Nonqualified Stock Options to
Nonemployee Directors. All such grants are subject to the terms and provisions
set forth in this Plan.

         1.2.     Purpose of the Plan. The purpose of the Plan is to encourage
ownership in the Company by Nonemployee Directors, to strengthen the ability of
the Company to attract and retain the services of experienced and knowledgeable
individuals as Nonemployee Directors of the Company, and to provide Nonemployee
Directors with a further incentive to work for the best interests of the Company
and its shareholders.

         1.3.     Effective Date. The Plan is effective as of the date approved
by the Company's shareholders (the "Effective Date"). The Plan will be deemed to
be approved by the shareholders if it receives the affirmative vote of the
holders of a majority of the shares of stock of the Company present, or
represented, and entitled to vote at a meeting duly held in accordance with the
applicable provisions of the Delaware General Corporation Law and the Company's
By-Laws and Certificate of Incorporation. Any Awards granted under the Plan
prior to shareholder approval are effective when made, but no Award may be
exercised or settled before shareholder approval. If the shareholders fail to
approve the Plan, any Award previously made shall be automatically cancelled
without any further act.

         1.4.     Duration of the Plan. The Plan shall remain in effect until
such time as the Plan is terminated by the Board of Directors pursuant to
Article 7 or Section 8.4.

                     ARTICLE 2 DEFINITIONS AND CONSTRUCTION

         2.1.     Definitions. For purposes of the Plan, the following terms
will have the meanings set forth below:

                  (a)      "Award" means a grant of Nonqualified Stock Options
                  under the Plan.

                  (b)      "Board" or "Board of Directors" means the Board of
                  Directors of the Company, and includes any committee of the
                  Board of Directors designated by the Board to administer this
                  Plan.

                  (c)      "Change of Control" means and includes each of the
                  following:

                           (1)      there shall be consummated any consolidation
                  or merger of the Company in which the Company is not the
                  continuing or surviving entity, or pursuant to which Stock
                  would be converted into cash, securities or other property,
                  other than a merger of the Company in which the holders of the
                  Company's Stock immediately prior to the merger have the same
                  proportionate ownership of beneficial interest of common stock
                  or other voting securities of the surviving entity immediately
                  after the merger;

                           (2)      there shall be consummated any sale, lease,
                  exchange or other transfer (in one transaction or a series of
                  related transactions) of assets or earning power aggregating
                  more than 40% of the assets or earning power of the Company
                  and its subsidiaries (taken as a whole);

                           (3)      the shareholders of the Company shall
                  approve any plan or proposal for liquidation or dissolution of
                  the Company;

                           (4)      any person (as such term is used in Section
                  13(d) and 14(d)(2) of the Exchange Act), other than any
                  employee benefit plan of the Company or any subsidiary of the
                  Company or any entity holding shares of capital stock of the
                  Company for or pursuant to the terms of any such employee
                  benefit plan in its role as an agent or trustee for such plan,
                  shall become the beneficial
<PAGE>
                  owner (within the meaning of Rule 13d-3 under the Exchange
                  Act) of 20% or more of the Company's outstanding Stock; or

                           (5)      during any period of two consecutive years,
                  individuals who at the beginning of such period shall fail to
                  constitute a majority thereof, unless the election, or the
                  nomination for election by the Company's shareholders, of each
                  new director was approved by a vote of at least two-thirds of
                  the directors then still in office who were directors at the
                  beginning of the period.

                  (d)      "Code" means the Internal Revenue Code of 1986, as
         amended from time to time.

                  (e)      "Committee" means the committee appointed by the
         Board to administer the Plan.

                  (f)      "Company" means Syntellect Inc., a Delaware
         corporation, or any successor as provided in Section 8.3.

                  (g)      "Disability" means a permanent and total disability,
         within the meaning of Section 22(e)(3) of the Code. To the extent
         permitted pursuant to Section 16 of the Exchange Act, Disability shall
         be determined by the Board in good faith, upon receipt of sufficient
         competent medical advice from one or more individuals, selected by the
         Board, who are qualified to give professional medical advice.

                  (h)      "Exchange Act" means the Securities Exchange Act of
         1934, as amended from time to time, or any successor provision.

                  (i)      "Fair Market Value" means the closing price for
         Shares on the relevant date, or (if there were no sales on such date)
         the closing price on the immediately preceding date on which such sales
         occurred, as reported in The Wall Street Journal or a similar
         publication selected by the Committee.

                  (j)      "Grant Date" means, for Options issued under Section
         6.1, the third business day after the date the Nonemployee Director is
         elected or appointed to the Board of Directors, and for Options issued
         under Section 6.2, June 1, 1995 and each anniversary of that date.

                  (k)      "Nonemployee Director" means any individual who is a
         member of the Board of Directors of the Company, but who is not
         otherwise an employee of the Company.

                  (l)      "Nonqualified Stock Option" or "NQSO" means an option
         to purchase Shares, granted under Article 6, that is not intended to be
         an incentive stock option qualifying under Section 422 of the Code.

                  (m)      "Option" means a Nonqualified Stock Option granted
         under the Plan.

                  (n)      "Participant" means a Nonemployee Director of the
         Company who has been granted an Award under the Plan.

                  (o)      "Shares" means the shares of the Company's common
         stock described in the Company's Certificate of Incorporation.

         2.2.     Gender and Number. Except as indicated by the context, any
masculine term also shall include the feminine, the plural shall include the
singular, and the singular shall include the plural.

         2.3.     Severability of Provisions. With respect to persons subject to
Section 16 of the Exchange Act, transactions under this Plan are intended to
comply with all applicable conditions of Rule 16b-3 or its successors under the
Exchange Act. To the extent any provision of the Plan or action by the Board
fails to so comply, it shall be deemed null and void, to the extent permitted by
law and deemed advisable by the Board, and the remaining provisions of the Plan
or actions by Board shall be construed and enforced as if the invalid provision
or action had not been included or undertaken.

         2.4.     Incorporation by Reference. In the event this Plan does not
include a provision required by Rule 16b-3 to be stated herein, such provision
(other than one relating to eligibility requirements or the price and amount of
Awards) shall be deemed automatically to be incorporated by reference herein,
insofar as Participants subject to Section 16 of the Exchange Act are concerned.

                                       2
<PAGE>
                            ARTICLE 3 ADMINISTRATION

         3.1.     The Committee. The Plan will be administered by the Committee,
subject to the restrictions set forth in the Plan.

         3.2.     Administration by the Committee. The Committee has the full
power, discretion, and authority to interpret and administer the Plan in a
manner that is consistent with the Plan's provisions. However, the Committee
does not have the power to (i) determine Plan eligibility, or to determine the
number, the price, the vesting period, or the timing of Awards to be made under
the Plan to any individual Participant or (ii) take any action that would result
in the Awards not being treated as "formula awards" within the meaning of Rule
16b3(c)(ii) or any successor provision, promulgated pursuant to the Exchange
Act.

         3.3.     Decisions Binding. The Committee's determinations and
decisions under the Plan, and all related orders or resolutions of the Board
shall be final, conclusive, and binding on all persons, including the Company,
its stockholders, employees, Participants, and their estates and beneficiaries.

                      ARTICLE 4 SHARES SUBJECT TO THE PLAN

         4.1.     Number of Shares. The total number of Shares available for
grant under the Plan may not exceed 150,000, subject to adjustment as provided
in Section 4.3. The Shares issued pursuant to the exercise of Options granted
under the Plan may be authorized and unissued Shares or Shares reacquired by the
Company, as determined by the Committee.

         4.2.     Lapsed Awards. If any Option granted under the Plan
terminates, expires, or lapses for any reason, any Shares subject to purchase
pursuant to such Option again will be available for grant under the Plan.

         4.3.     Adjustments in Authorized Shares. In the event of any merger,
reorganization, consolidation, recapitalization, separation, liquidation, stock
dividend, split-up, Share combination, or other change in the corporate
structure of the Company affecting the Shares, the number and/or type of Shares
subject to any outstanding Award, and the Option exercise price per Share under
any outstanding Option will be automatically adjusted so that the proportionate
interests of the Participants will be maintained as before the occurrence of
such event.

                     ARTICLE 5 ELIGIBILITY AND PARTICIPATION

         5.1.     Eligibility. Eligibility to participate in the Plan is limited
to Nonemployee Directors.

         5.2.     Actual Participation. All eligible Nonemployee Directors will
receive a grant of Options pursuant to Article 6.

                           ARTICLE 6 GRANT OF OPTIONS

         6.1.     One-Time Grant of Options. An Option to purchase 10,000 Shares
shall be granted to each Nonemployee Director on the third business day after
the date the Nonemployee Director is first elected or appointed to the Board of
Directors. The specific terms of the Options are subject to the provisions of
this Article 6 and the Award Agreement executed pursuant to Section 6.3.

         6.2.     Annual Grant of Options. Each individual who is a Nonemployee
Director on the relevant Grant Date and who has not received an Option pursuant
to Section 6.1 within ninety (90) days prior to the relevant Grant Date will be
granted an Option to purchase 5,000 Shares, subject to the limitations on the
number of Shares that may be awarded under the Plan. The specific terms of the
Options are subject to the provisions of this Article 6 and the Award Agreement
executed pursuant to Section 6.3.

         6.3.     Award Agreement. The grant of Options will be evidenced by an
Award Agreement that will not include any terms or conditions that are
inconsistent with the terms and conditions of this Plan.

         6.4.     Option Exercise Price Per Share. The Option exercise price per
Share under any Option granted pursuant to this Article 6 shall be the Fair
Market Value of such Share on the Grant Date (the "Exercise Price").

                                       3
<PAGE>
         6.5.     Duration of Options. Each Option granted to a Participant
under this Article 6 shall expire on the tenth (10th) anniversary date of the
Grant Date, unless the Option is earlier terminated, forfeited, or surrendered
pursuant to a provision of this Plan.

         6.6.     Vesting of Options Subject to Exercise. Subject to Section
1.3, the Options granted to the Participants under this Article 6 shall vest and
become subject to exercise in accordance with the following schedule:

         No part of (i) an Option granted under Section 6.1, or (ii) each annual
         Option granted under Section 6.2 may be exercised until the first
         anniversary of the Grant Date of such Option, at which time 100% of the
         Shares subject to the Option shall vest and may be acquired upon
         exercise.

         6.7.     Exercise of Disposition of Options. Participants shall be
entitled to exercise any Option that has vested at any time within the period
beginning with the Grant Date and ending ten (10) years after the Grant Date;
provided, however, that the disposition by a Participant of any Shares acquired
pursuant to the exercise of an Option shall occur only after the end of the six
(6) month period beginning on the date that Company's shareholders approve the
Plan.

         6.8.     Payment. Options are exercised by delivering a written notice
of exercise to the Secretary of the Company, setting forth the number of Options
to be exercised and accompanied by a payment equivalent to the product of the
number of Options exercised multiplied by the Exercise Price (the "Total
Exercise Price"). The Total Exercise Price is payable:

                  (a)      in cash or its equivalent;

                  (b)      by tendering previously acquired Shares having a Fair
         Market Value at the time of exercise equal to the Total Exercise Price;

                  (c)      by a combination of (a) and (b).

         As soon as practicable after receipt of a written notification of
exercise and full payment, the Company shall deliver to the Participant, in the
Participant's name, Share certificates in an appropriate amount based upon the
number of Shares purchased pursuant to the exercise of the Options.

         6.9.     Restrictions on Share Transferability. To the extent necessary
to ensure that Options granted under this Article 6 comply with applicable law,
the Board shall impose restrictions on the transferability of any Shares
acquired pursuant to the exercise of an Option under this Article 6, including,
without limitation, restrictions under applicable Federal securities laws, under
the requirements of any Stock exchange or market upon which such Shares are then
listed and/or traded, and under any blue sky or state securities laws applicable
to such Shares.

         6.10.    Termination of Services on Board of Directors Due to Death or
Disability. If a Participant's service on the Board is terminated by reason of
death or Disability, any outstanding Options held by the Participant that are
not fully vested are immediately forfeited and returned to the Company. Any
outstanding options held by the Participant that are fully vested will remain
fully vested and subject to exercise.

         To the extent an Option is fully vested and exercisable as of the date
of death or Disability, it will remain exercisable for one year after the date
of death or Disability by the Participant or such person or persons as shall
have been named as the Participant's legal representative or beneficiary, or by
such persons as shall have acquired the Participant's Options by will or by the
laws of descent and distribution. Any Option that is fully vested but not
exercised during this one-year period after death or Disability will be
immediately forfeited to the Company.

         6.11.    Termination of Service on Board of Directors for Other
Reasons. If the Participant's service on the Board is terminated for any reason
other than for death or Disability, any outstanding Options held by the
Participant that are not fully vested as of the date of termination are
immediately forfeited to the Company. To the extent an Option is fully vested
and exercisable as of such date, it will remain exercisable for ninety (90) days
after the date the Participant's service on the Board terminates. Any Option
that is fully vested but not exercised during this ninety (90) day period after
termination of service will be immediately forfeited to the Company.

         6.12.    Limitations on the Transferability of Options. No Option
granted under this Article 6 may be sold, transferred, pledged, assigned, or
otherwise alienated, other than by will, the laws of descent and distribution,
or under

                                       4
<PAGE>
any other circumstances allowed by the Committee that would not violate the
transferability restrictions contained in Rule 16b-3(a)(2) or any successor
provision.

         6.13.    Change of Control. A Change of Control shall cause every
Option outstanding hereunder to become fully exercisable and allow each
Participant the right to exercise an Option prior to the occurrence of the event
otherwise terminating the Option.

               ARTICLE 7 AMENDMENT, MODIFICATION, AND TERMINATION

         7.1.     Amendment, Modification, and Termination. Subject to the terms
set forth in this Section 7.1, the Committee may terminate, amend, or modify the
Plan at any time; provided, however, that shareholder approval is required for
any Plan amendment that would materially increase the benefits to Participants
or the number of securities that may be issued, or materially modify the
eligibility requirements in the Plan. Further, Plan provisions relating to the
amount, price, and timing of securities to be awarded under the Plan may not be
amended more than once every six (6) months, other than to comport with changes
in the Code, the Employee Retirement Income Security Act, or the rules
thereunder.

         7.2.     Awards Previously Granted. Unless required by law, no
termination, amendment, or modification of the Plan shall in any manner
adversely affect any Award previously granted under the Plan, without the
written consent of the Participant holding the Award.

                             ARTICLE 8 MISCELLANEOUS

         8.1.     Indemnification. Each individual who is or shall have been a
member of the Board or the Committee shall be indemnified and held harmless by
the Company against and from any loss, cost, liability, or expense that may be
imposed upon or reasonably incurred by him or her in connection with or
resulting from any claim, action, suit, or proceeding to which he or she may be
a party or in which he or she may be involved by reason of any action taken or
failure to act under this Plan and against and from any and all amounts paid by
him or her in settlement thereof, with the Company's approval, or paid by him or
her in satisfaction of any judgment in any such action, suit, or proceeding
against him or her, provided he or she shall give the Company an opportunity, at
its own expense, to assume and defend the same before he or she undertakes to
defend it on his or her own behalf.

         The foregoing right if indemnification shall not be exclusive of any
other rights of indemnification to which such individuals may be entitled under
the Company's Certificate of Incorporation or By-Laws, as a matter of law, or
otherwise, or any power that the Company may have to indemnify them or hold them
harmless.

         8.2.     Beneficiary Designation. Each Participant under the Plan may
name any beneficiary or beneficiaries to whom any benefit under the Plan is to
be paid in the event of his or her death. Each designation will revoke all prior
designations by the same Participant, shall be in a form prescribed by the
Committee, and will be effective only when filed by the Participant in writing
with the Committee during his or her lifetime. In the absence of any such
designation, benefits remaining unpaid at the Participant's death shall be paid
to the Participant's estate.

         8.3.     Successors. All obligations of the Company under the Plan,
with respect to Awards granted hereunder, shall be binding on any successor to
the Company, whether the existence of such successor is the result of a direct
or indirect purchase, merger, consolidation, or otherwise, of all or
substantially all of the business and/or assets of the Company.

         8.4.     Requirements of Law. The granting of Awards under the Plan
shall be subject to all applicable laws, rules, and regulations, and to such
approvals by any governmental agencies or national securities exchanges as may
be required. Notwithstanding any other provision of the Plan, the Committee may,
in its sole discretion, terminate, amend, or modify the Plan in any way
necessary to comply with the applicable requirements of Rule 16b-3 promulgated
by the Securities and Exchange Commission as interpreted pursuant to no-action
letters and interpretive releases.

         8.5.     Governing Law. To the extent not preempted by Federal law, the
Plan, and all agreements hereunder, shall be construed in accordance with and
governed by the laws of the State of Arizona.

                                       5

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