Document:

NEITHER THIS WARRANT NOR THE SHARES ISSUABLE UPON
EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")
OR ANY OTHER APPLICABLE SECURITIES LAWS IN RELIANCE
UPON AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER
SECURITIES LAWS.  NEITHER THIS WARRANT NOR THE SHARES
ISSUABLE UPON EXERCISE HEREOF MAY BE SOLD, PLEDGED,
TRANSFERRED, ENCUMBERED OR OTHERWISE DISPOSED OF
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR IN A
TRANSACTION WHICH IS EXEMPT FROM REGISTRATION UNDER
THE PROVISIONS OF THE SECURITIES ACT.

STOCK PURCHASE WARRANT

To Purchase 195,771 Shares of Common Stock of
CAMBEX CORPORATION
THIS CERTIFIES that, for value received, Ladenburg Thalmann & Co. Inc.,
(the "Holder"), is entitled, upon the terms and subject to the
conditions hereinafter set forth, at any time on or after July 20, 2000
(the "Issuance Date") and on or prior to the close of business on July
20, 2003 (the "Termination Date") but not thereafter, to subscribe for
and purchase from Cambex Corporation, a Massachusetts corporation
(the "Company"), up to 195,771 shares (the "Warrant Shares") of
Common Stock, $0.10 par value, of the Company (the "Common
Stock").  The purchase price of one share of Common Stock (the
"Exercise Price") under this Warrant shall be $2.9376 (115% of the
average of the VWAP on the five (5) business days immediately
preceding the initial closing date of that certain Common Stock
Purchase Agreement, dated July 6, 2000, by and between the
Company and Thumberland Limited).  The Exercise Price and the
number of shares for which the Warrant is exercisable shall be subject
to adjustment as provided herein.  In the event of any conflict between
the terms of this Warrant and terms applicable to warrants included in
that certain Common Stock Purchase Agreement, dated July 14, 2000,
between Thumberland Limited and the Company (the "Purchase
Agreement"), such terms included in the Purchase Agreement shall
control (even though the Holder of this Warrant is not a party to the
Purchase Agreement). Capitalized terms used and not otherwise
defined herein shall have the meanings set forth for such terms in the
Purchase Agreement.
Title to Warrant.  Prior to the Termination Date hereof and subject to
compliance with applicable laws, this Warrant and all rights hereunder
are transferable, in whole or in part, at the office or agency of the
Company by the holder hereof in person or by duly authorized attorney,
upon surrender of this Warrant together with the Assignment Form
annexed hereto properly endorsed.
Authorization of Shares.  The Company covenants that all shares of
Common Stock which may be issued upon the exercise of rights
represented by this Warrant will, upon exercise of the rights represented
by this Warrant in accordance with its terms, be duly authorized, validly
issued, fully paid and nonassessable and free from all taxes, liens and
charges in respect of the issue thereof (other than taxes in respect of any
transfer occurring contemporaneously with such issue).
Exercise of Warrant.  Except as provided in Section 4 herein, exercise of
the purchase rights represented by this Warrant may be made at any
time or times on or after the Issuance Date and before the close of
business on the Termination Date hereof; provided, however, in the
event that the Purchase Agreement is terminated by the Company for
the Purchaser's failure to fund a Draw Down, the Holder may only
exercise a pro-rata portion of this Warrant, based upon the portion of
the maximum amount that may be purchased pursuant to the Purchase
Agreement and that has not been previously honored.  Exercise of this
Warrant or any part hereof shall be effected by the surrender of this
Warrant and the Notice of Exercise Form annexed hereto duly executed,
at the office of the Company (or such other office or agency of the
Company as it may designate by notice in writing to the registered
holder hereof at the address of such holder appearing on the books of the
Company) and upon payment of the Exercise Price of the shares thereby
purchased by wire transfer or cashier's check drawn on a United States
bank, the holder of this Warrant shall be entitled to receive a certificate
for the number of shares of Common Stock so purchased. Certificates
for shares purchased hereunder shall be delivered to the holder hereof
within three (3) Trading Days after the date on which this Warrant shall
have been exercised as aforesaid. This Warrant shall be deemed to have
been exercised and such certificate or certificates shall be deemed to
have been issued, and Holder or any other person so designated to be
named therein shall be deemed to have become a holder of record of
such shares for all purposes, as of the date the Warrant has been
exercised by payment to the Company of the Exercise Price and all taxes
required to be paid by Holder, if any, pursuant to Section 5 prior to the
issuance of such shares, have been paid.  If this Warrant shall have been
exercised in part, the Company shall, at the time of delivery of the
certificate or certificates representing Warrant Shares, deliver to Holder
a new Warrant evidencing the rights of Holder to purchase the
unpurchased shares of Common Stock called for by this Warrant, which
new Warrant shall in all other respects be identical with this Warrant.
If a registration statement is not effective for the resale of Warrant
Shares at any time after one year from the date of this Warrant, this
Warrant may also be exercised by means of a "cashless exercise" in
which the holder shall be entitled to receive a certificate for the number
of shares equal to the quotient obtained by dividing [(A-B) (X)] by (A),
where:
(A) = the average of the high and low trading prices per share of Common
Stock  on the Trading Day preceding the date of such election;

(B) =  the Exercise Price of the Warrants; and

(X) = the number of shares issuable upon exercise of the Warrants in
accordance with the terms of this Warrant.

No Fractional Shares or Scrip.  No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this
Warrant.  As to any fraction of a share which Holder would otherwise be
entitled to purchase upon such exercise, the Company shall pay a cash
adjustment (which may be effected as a reduction of the amount paid by
the Holder upon such exercise) in respect of such final fraction in an
amount equal to the Exercise Price.
Charges, Taxes and Expenses.  Issuance of certificates for shares of
Common Stock upon the exercise of this Warrant shall be made without
charge to the holder hereof for any issue or transfer tax or other
incidental expense in respect of the issuance of such certificate, all of
which taxes and expenses shall be paid by the Company, and such
certificates shall be issued in the name of the holder of this Warrant or in
such name or names as may be directed by the holder of this Warrant;
provided, however, that in the event certificates for shares of Common
Stock are to be issued in a name other than the name of the holder of this
Warrant, this Warrant when surrendered for exercise shall be
accompanied by the Assignment Form attached hereto duly executed by
the holder hereof; and the Company may require, as a condition thereto,
the payment of a sum sufficient to reimburse it for any transfer tax
incidental thereto.
Closing of Books.  The Company will not close its shareholder books or
records in any manner which prevents the timely exercise of this
Warrant.
Transfer, Division and Combination. The Holder acknowledges that this
Warrant and the Warrant Shares have not been registered under the
Securities Act or applicable state law.  The Holder agrees, by acceptance
of this Warrant, (i) that no sale, transfer or distribution of this Warrant
or the Warrant Shares shall be made except in compliance with the
Securities Act and the rules and regulations promulgated thereunder,
including, without limitation, any applicable prospectus delivery
requirements and (ii) that if distribution of this Warrant or any Warrant
Shares is proposed to be made by it otherwise than by delivery of a
prospectus meeting the requirements of Section 10 of the Securities Act,
such action shall be taken only after submission to the Company of an
opinion of counsel, reasonably satisfactory in form and substances to the
Company's counsel, to the effect that the proposed distribution will not
be in violation of the Securities Act or applicable state law.  If the
Company reasonably determines that the proposed assignment is
permitted pursuant to the provisions hereof, upon surrender by the
Holder of this Warrant to the Company at its principal office with the
Assignment Form attached hereto duly completed, the Company shall
register the assignment of this Warrant in accordance with the
information contained in the Assignment Form and execute and deliver a
new Warrant or Warrants in the name of the assignee or assignees
named in such Assignment Form (and, if applicable, a new Warrant in
the name of the Holder evidencing any remaining portion of the Warrant
not theretofore exercised, transferred or assigned) and this Warrant
shall promptly be canceled.  Conditions to the transfer of this Warrant
or any portion thereof shall be that the proposed transferee deliver to the
Company his or its written agreement to accept and be bound by all of
the terms and conditions of this Warrant.  The term "Warrant" as used
herein includes any Warrants into which this Warrant may be divided or
exchanged.
			(b)	This Warrant may be divided or combined with
other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and
denominations in which new Warrants are to be issued, signed by Holder or
its agent or attorney.  Subject to compliance with Section 7(a), as to any
transfer which may be involved in such division or combination, the
Company shall execute and deliver a new Warrant or Warrants in exchange
for the Warrant or Warrants to be divided or combined in accordance with
such notice.

			(c)	The Company shall prepare, issue and deliver
at its own expense (other than transfer taxes) the new Warrant or Warrants
under this Section 7.

			(d)	The Company agrees to maintain, at its
aforesaid office, books for the registration and the registration of transfer of
the Warrants.

No Rights as Shareholder until Exercise. This Warrant does not confer
upon the Holder any rights as a shareholder of the Company, either at
law or in equity.  The rights of the Holder are limited to those expressed
herein and the Holder, by acceptance hereof, consents to and agrees to
be bound by and to comply with all the provisions of this Warrant.  Each
Holder, by acceptance of this Warrant, agrees that the Company and its
transfer agent, if any, may, prior to any presentation of this Warrant for
registration of transfer, deem and treat the person in whose name this
Warrant is registered as the absolute, true and lawful owner of this
Warrant for all purposes whatsoever and neither the Company nor any
transfer agent shall be affected by any notice to the contrary.
Loss, Theft, Destruction or Mutilation of Warrant.  The Company
covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this
Warrant or any stock certificate relating to the Warrant Shares, and in
case of loss, theft or destruction, of indemnity or security reasonably
satisfactory to it (which shall not include the posting of any bond), and
upon surrender and cancellation of such Warrant or stock certificate, if
mutilated, the Company will make and deliver a new Warrant or stock
certificate of like tenor and dated as of such cancellation, in lieu of such
Warrant or stock certificate.
Saturdays, Sundays, Holidays, etc.  If the last or appointed day for the
taking of any action or the expiration of any right required or granted
herein shall be a Saturday, Sunday or a legal holiday, then such action
may be taken or such right may be exercised on the next succeeding day
not a Saturday, Sunday or legal holiday.
Adjustments of Exercise Price and Number of Warrant Shares.  (a)
Stock Splits, etc. The number and kind of securities purchasable upon
the exercise of this Warrant and the Exercise Price shall be subject to
adjustment from time to time upon the happening of any of the
following.  In case the Company shall (i) pay a dividend in shares of
Common Stock or make a distribution in shares of Common Stock to
holders of its outstanding Common Stock, (ii) subdivide its outstanding
shares of Common Stock into a greater number of shares of Common
Stock, (iii) combine its outstanding shares of Common Stock into a
smaller number of shares of Common Stock or (iv) issue any shares of its
capital stock in a reclassification of the Common Stock, then the number
of Warrant Shares purchasable upon exercise of this Warrant
immediately prior thereto shall be adjusted so that the holder of this
Warrant shall be entitled to purchase the kind and number of Warrant
Shares or other securities of the Company which he would have owned
or have been entitled to purchase had such Warrant been exercised in
advance thereof.  Upon each such adjustment of the kind and number of
Warrant Shares or other securities of the Company which are
purchasable hereunder, the holder of this Warrant shall thereafter be
entitled to purchase the number of Warrant Shares or other securities
resulting from such adjustment at an Exercise Price per Warrant Share or
other security obtained by multiplying the Exercise Price in effect
immediately prior to such adjustment by the number of Warrant Shares
purchasable pursuant hereto immediately prior to such adjustment and
dividing by the number of Warrant Shares or other securities of the
Company resulting from such adjustment.  An adjustment made
pursuant to this paragraph shall become effective immediately after the
effective date of such event retroactive to the record date, if any, for such
event.
			(b)  Reorganization, Reclassification, Merger,
Consolidation or Disposition of Assets.  In case the Company shall
reorganize its capital, reclassify its capital stock, consolidate or merge with
or into another corporation (where the Company is not the surviving corporation
or where there is a change in or distribution with respect to the Common
Stock of the Company), or sell, transfer or otherwise dispose of all or
substantially all its property, assets or business to another corporation and,
pursuant to the terms of such reorganization, reclassification, merger,
consolidation or disposition of assets, shares of common stock of the
successor or acquiring corporation, or any cash, shares of stock or other
securities or property of any nature whatsoever (including warrants or other
subscription or purchase rights) in addition to or in lieu of common stock of
the successor or acquiring corporation ("Other Property"), are to be received
by or distributed to the holders of Common Stock of the Company, then
Holder shall have the right thereafter to receive, upon exercise of this
Warrant, the number of shares of common stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and Other
Property receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a holder of
the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event.  In case of any such reorganization,
reclassification, merger, consolidation or disposition of assets, the successor
or acquiring corporation (if other than the Company) shall expressly assume
the due and punctual observance and performance of each and every
covenant and condition of this Warrant to be performed and observed by the
Company and all the obligations and liabilities hereunder, subject to such
modifications as may be deemed appropriate (as determined in good faith by
resolution of the Board of Directors of the Company) in order to provide for
adjustments of shares of Common Stock for which this Warrant is exercisable
which shall be as nearly equivalent as practicable to the adjustments provided
for in this Section 11.  For purposes of this Section 11, "common stock of the
successor or acquiring corporation" shall include stock of such corporation of
any class which is not preferred as to dividends or assets over any other class
of stock of such corporation and which is not subject to redemption and shall
also include any evidences of indebtedness, shares of stock or other securities
which are convertible into or exchangeable for any such stock, either
immediately or upon the arrival of a specified date or the happening of a
specified event and any warrants or other rights to subscribe for or purchase
any such stock.  The foregoing provisions of this Section 11 shall similarly
apply to successive reorganizations, reclassifications, mergers, consolidations
or disposition of assets.

Voluntary Adjustment by the Company.  The Company may at any time
during the term of this Warrant, reduce the then current Exercise Price
to any amount and for any period of time deemed appropriate by
resolution of the Board of Directors of the Company.
Notice of Adjustment.  Whenever the number of Warrant Shares or
number or kind of securities or other property purchasable upon the
exercise of this Warrant or the Exercise Price is adjusted, as herein
provided, the Company shall promptly mail by registered or certified
mail, return receipt requested, to the holder of this Warrant notice of
such adjustment or adjustments setting forth the number of Warrant
Shares (and other securities or property) purchasable upon the exercise
of this Warrant and the Exercise Price of such Warrant Shares (and
other securities or property) after such adjustment, setting forth a brief
statement of the facts requiring such adjustment and setting forth the
computation by which such adjustment was made.  Such notice, in the
absence of manifest error, shall be conclusive evidence of the correctness
of such adjustment.
Notice of Corporate Action.  If at any time:
			(a)	the Company shall take a record of the holders
of its Common Stock for the purpose of entitling them to receive a dividend
or other distribution, or any right to subscribe for or purchase any evidences
of its indebtedness, any shares of stock of any class or any other securities or
property, or to receive any other right, or

			(b)	there shall be any capital reorganization of the
Company, any reclassification or recapitalization of the capital stock of the
Company or any consolidation or merger of the Company with, or any sale,
transfer or other disposition of all or substantially all the property, assets
or business of the Company to, another corporation or,

			(c)	there shall be a voluntary or involuntary
dissolution, liquidation or winding up of the Company;

then, in any one or more of such cases, the Company shall give to Holder (i)
at least 30 days' prior written notice of the date on which a record date shall
be selected for such dividend, distribution or right or for determining rights
to vote in respect of any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, liquidation or winding up, and (ii)
in the case of any such reorganization, reclassification, merger, consolidation,
sale, transfer, disposition, dissolution, liquidation or winding up, at least 30
days' prior written notice of the date when the same shall take place.  Such
notice in accordance with the foregoing clause also shall specify (i) the date
on which any such record is to be taken for the purpose of such dividend,
distribution or right, the date on which the holders of Common Stock shall be
entitled to any such dividend, distribution or right, and the amount and
character thereof, and (ii) the date on which any such reorganization,
reclassification, merger, consolidation, sale, transfer, disposition,
dissolution, liquidation or winding up is to take place and the time, if any
such time is to be fixed, as of which the holders of Common Stock shall be
entitled to exchange their shares of Common Stock for securities or other
property deliverable upon such disposition, dissolution, liquidation or
winding up.
Each such written notice shall be sufficiently given if addressed to Holder at
the last address of Holder appearing on the books of the Company and
delivered in accordance with Section 16(d).
Authorized Shares.  The Company covenants that during the period the
Warrant is outstanding, it will reserve from its authorized and unissued
Common Stock a sufficient number of shares to provide for the issuance
of the Warrant Shares upon the exercise of any purchase rights under
this Warrant.  The Company further covenants that its issuance of this
Warrant shall constitute full authority to its officers who are charged
with the duty of executing stock certificates to execute and issue the
necessary certificates for the Warrant Shares upon the exercise of the
purchase rights under this Warrant.  The Company will take all such
reasonable action as may be necessary to assure that such Warrant
Shares may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of  the Principal
Market upon which the Common Stock may be listed.
			The Company shall not by any action, including,
without limitation, amending its certificate of incorporation or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the
taking of all such actions as may be necessary or appropriate to protect the
rights of Holder against impairment.  Without limiting the generality of the
foregoing, the Company will (a) not increase the par value of any shares of
Common Stock receivable upon the exercise of this Warrant above the
amount payable therefor upon such exercise immediately prior to such
increase in par value, (b) take all such action as may be necessary or
appropriate in order that the Company may validly and legally issue fully
paid and nonassessable shares of Common Stock upon the exercise of this
Warrant, and (c) use reasonable efforts to obtain all such authorizations,
exemptions or consents from any public regulatory body having jurisdiction
thereof as may be necessary to enable the Company to perform its obligations
under this Warrant.

			Before taking any action which would cause an
adjustment reducing the current Exercise Price below the then par value, if
any, of the shares of Common Stock issuable upon exercise of the Warrants,
the Company shall take any corporate action which may be necessary in
order that the Company may validly and legally issue fully paid and non-
assessable shares of such Common Stock at such adjusted Exercise Price.

			Before taking any action which would result in an
adjustment in the number of shares of Common Stock for which this Warrant
is exercisable or in the Exercise Price, the Company shall obtain all such
authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction
thereof.

Miscellaneous.
Jurisdiction. This Warrant shall be binding upon any
successors or assigns of the Company.  This Warrant shall constitute a
contract under the laws of New York without regard to its conflict of law
principles or rules, and be subject to arbitration pursuant to the terms set
forth in the Purchase Agreement.
Restrictions.  The holder hereof acknowledges that the
Warrant Shares acquired upon the exercise of this Warrant, if not registered,
will have restrictions upon resale imposed by state and federal securities
laws.
Nonwaiver and Expenses.  No course of dealing or any delay
or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice Holder's rights, powers or
remedies, notwithstanding all rights hereunder terminate on the Termination
Date hereof.  If the Company willfully fails to comply with any material
provision of this Warrant, the Company shall pay to Holder such amounts as
shall be sufficient to cover any costs and expenses including, but not limited
to, reasonable attorneys' fees, including those of appellate proceedings,
incurred by Holder in collecting any amounts due pursuant hereto or in
otherwise enforcing any of its rights, powers or remedies hereunder.
Notices.  Any notice, request or other document required or
permitted to be given or delivered to the holder hereof by the Company shall
be delivered in accordance with the notice provisions of the Purchase
Agreement.
Limitation of Liability.  No provision hereof, in the absence of
affirmative action by Holder to purchase shares of Common Stock, and no
enumeration herein of the rights or privileges of Holder hereof, shall give rise
to any liability of Holder for the purchase price of any Common Stock or as a
stockholder of the Company, whether such liability is asserted by the
Company or by creditors of the Company.
Remedies.  Holder, in addition to being entitled to exercise all
rights granted by law, including recovery of damages, will be entitled to
specific performance of its rights under this Warrant.  The Company agrees
that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and
hereby agrees to waive the defense in any action for specific performance
that a remedy at law would be adequate.
Successors and Assigns.  Subject to applicable securities laws,
this Warrant and the rights and obligations evidenced hereby shall inure to
the benefit of and be binding upon the successors of the Company and the
successors and permitted assigns of Holder.  The provisions of this Warrant
are intended to be for the benefit of all Holders from time to time of this
Warrant and shall be enforceable by any such Holder.
Amendment.  This Warrant may be modified or amended or
the provisions hereof waived with the written consent of the Company and
the Holder.
Severability.  Wherever possible, each provision of this
Warrant shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Warrant shall be prohibited by or
invalid under applicable law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such
provisions or the remaining provisions of this Warrant.
Headings.  The headings used in this Warrant are for the
convenience of reference only and shall not, for any purpose, be deemed a
part of this Warrant.
	Counterparts.  This Warrant may be
executed in any number of counterparts, all of which taken
together shall constitute one and the same instrument and shall
become effective when counterparts have been signed by each
party and delivered to the other parties hereto, it being
understood that all parties need not sign the same counterpart.
Execution may be made by delivery by facsimile.

IN WITNESS WHEREOF, the Company has caused this
Warrant to be executed by its officer thereunto duly authorized.

Dated: July 14, 2000
	CAMBEX CORPORATION

	By: /s/ Joseph Kruy
	Name:  Joseph Kruy
	Its:        Chairman, President and CEO

Agreed to and accepted:

LADENBURG THALMANN & CO. INC.

By: /s/ Joseph A. Smith
       Name: Joseph A. Smith
       Title: Managing Director

	NOTICE OF EXERCISE

To:	Cambex Corporation

(3)	The undersigned hereby elects to purchase ________
shares of Common Stock (the "Common Stock"), of Cambex Corporation
pursuant to the terms of the attached Warrant, and tenders herewith payment
of the exercise price in full, together with all applicable transfer taxes, if
any.
(4)	Please issue a certificate or certificates representing said
shares of Common Stock in the name of the undersigned or in such other
name as is specified below:

			_______________________________
			(Name)

			_______________________________
			(Address)
			_______________________________

Dated:

	______________________________
							Signature

ASSIGNMENT FORM

(To assign the foregoing warrant, execute
this form and supply required information.
Do not use this form to exercise the warrant.)

FOR VALUE RECEIVED, the foregoing Warrant and all
rights evidenced thereby are hereby assigned to

_______________________________________________ whose address is

______________________________________________________________
_.

______________________________________________________________
_

							Dated:
______________, _______

			Holder's Signature:
	_____________________________

			Holder's Address:
	_____________________________

	_____________________________

Signature Guaranteed:  ___________________________________________

NOTE:  The signature to this Assignment Form must correspond with the
name as it appears on the face of the Warrant, without alteration or
enlargement or any change whatsoever, and must be guaranteed by a bank or
trust company.  Officers of corporations and those acting in an fiduciary or
other representative capacity should file proper evidence of authority to
assign the foregoing Warrant.EXHIBIT 10.20

                  DOVER INVESTMENTS CORPORATION
           STOCK OPTION PLAN FOR NONEMPLOYEE DIRECTORS
        (Amended and Restated, Effective January 31, 2000)

                            ARTICLE I
                             GENERAL

          1.   PURPOSE.

          This Stock Option Plan for Nonemployee Directors (the "Plan") is
intended to attract and retain the services of experienced and knowledgeable
independent directors of Dover Investments Corporation (the "Company") for
the benefit of the Company and its stockholders and to provide additional
incentives for such directors to continue to work for the best interests of
the Company and its stockholders.

          2.   ADMINISTRATION.

          The Plan shall be administered by the Compensation Committee of the
Board of Directors of the Company (the "Committee").  The Committee shall,
subject to the provisions of the Plan, grant options under the Plan and shall
have the power to construe the Plan, to determine all questions arising
thereunder and to adopt and amend such rules and regulations for the
administration of the Plan as it may deem desirable.

          The interpretation and construction by the Committee of any
provision of the Plan or of any option granted under it shall be final.
No member of the Committee shall be liable for any action or determination
made in good faith with respect to the Plan or any option granted under it.

          3.   ELIGIBILITY.

          Each director of the Company who is not otherwise an employee of
the Company or any subsidiary and has not been an employee of the Company or
any subsidiary for all or any part of the preceding fiscal year shall
automatically be granted options to purchase 1,000 shares of the
Company's Class A Common Stock, $.01 par value per share (the "Class A Stock")
(subject to adjustment as provided in Article III hereof) on
November 16, 1994.  Thereafter, options to purchase 500 shares of Class A
Stock (subject to adjustment as provided in Article III hereof) shall
automatically be granted to each such director; provided, however, that such
automatic option grants shall be made only if the director (i) has served on
the Board of Directors for the entire two preceding fiscal years, (ii) is
not otherwise an employee of the Company or any subsidiary on the
date of grant, and (iii) has not been an employee of the Company or any
subsidiary for all or any part of the preceding fiscal year.

         In addition, on the earlier of the date that any person is for
the first time appointed to the Board of Directors or elected by the
stockholders of the Company to the Board of Directors, options to purchase
1,000 shares of Class A Stock (subject to adjustment as provided in
Article III hereof) shall automatically be granted to such newly appointed or
elected director; provided, however, that such automatic option grant shall
be made only if the director is not otherwise an employee of the Company or
any subsidiary on the date of such appointment or election and has not been
an employee of the Company or any subsidiary for all or any part of the
preceding fiscal year.  Thereafter, on the date of such appointment or
election, as the case may be, options to purchase 500 shares of Class A Stock
(subject to adjustment as provided in Article III hereof) shall automatically
be granted to such director; provided, however, that such automatic option
grants shall be made only if the director (i) has served on the Board of
Directors for the entire fiscal year, (ii) is not otherwise an employee of
the Company or any subsidiary on the date of grant, (iii) has not been
an employee of the Company or any subsidiary for all or any part of the
preceding fiscal year, and (iv) has attended at least four board meetings
during the preceding fiscal year.

         In the event that the number of shares of Class A Stock
subject to future grant under the Plan is insufficient to make all automatic
grants required to be made on a particular date, then all nonemployee
directors entitled to a grant of options on such date shall share ratably in
the number of options on shares of the Class A Stock then available for
grant under the Plan.

          4.   SHARES OF STOCK SUBJECT TO THE PLAN.

          The shares that may be issued under the Plan shall be authorized
and unissued or reacquired shares of the Class A Stock.  The aggregate number
of shares which may be issued under the Plan shall not exceed 12,500 shares
of Class A Stock, unless an adjustment is required in accordance with
Article III.

          5.   AMENDMENT OF THE PLAN.

          The Board of Directors may, insofar as permitted by law, from time
to time, suspend or discontinue the Plan or revise or amend it in any respect
whatsoever, except that no such amendment shall alter or impair or diminish
any rights or obligations under any option theretofore granted under the Plan
without the consent of the person to whom such option was granted.  In
addition, without further stockholder approval, no such amendment shall
increase the number of shares subject to the Plan (except as authorized by
Article III), change the designation in Section 3 of Article I of the class
of persons eligible to receive options under the Plan, provide for the grant
of options having an option price per share less than fair market value
(as defined in Section 11 of this Article I) on the date of grant, extend
the term during which options may be exercised, extend the final date upon
which options under the Plan may be granted, or otherwise amend the Plan in a
way that would require stockholder approval under Rule 16b-3 under the
Securities Exchange Act of 1934, as amended (the "Exchange Act"). In addition,
as required by such Rule 16b-3, the provisions of Section 3 of Article I
regarding the formula for determining the amount, exercise price
and timing of grants of options shall in no event be amended more than once
every six months, other than to comport with changes in the Internal Revenue
Code of 1986, as amended.

          6.   APPROVAL OF STOCKHOLDERS.

          All options granted under the Plan before the Plan is approved by
affirmative vote at the 1990 annual meeting of stockholders of the Company,
or any adjournment thereof, of the holders of a majority of the outstanding
shares of Class A Stock and Class B Stock, $.01 par value per share, of the
Company, voting together as a single class, present in person or by proxy and
entitled to vote at the meeting shall be subject to such approval.  No option
granted hereunder may become exercisable unless and until such approval is
obtained.

          7.   TERM OF PLAN.

          Options may be granted under the Plan until September 28, 2004, the
date of termination of the Plan.  Notwithstanding the foregoing, each option
granted under the Plan shall remain in effect until such option has been
satisfied by the issuance of shares or terminated in accordance with its
terms and the terms of the Plan.

          8.   RESTRICTIONS.

          All options granted under the Plan shall be subject to the
requirement that, if at any time the Committee shall determine, in its
discretion, that the listing, registration or qualification of the shares
subject to options granted under the Plan upon any securities exchange or
under any state or federal law, or the consent or approval of any government
regulatory body, is necessary or desirable as a condition of, or in
connection with, the granting of such option or the issuance, if any,
or purchase of shares in connection therewith, such option may not be
exercised in whole or in part unless such listing, registration,
qualification, consent or approval shall have been effected or
obtained free of any conditions not acceptable to the Committee.

          9.   NONASSIGNABILITY.

          No option shall be assignable or transferable by the grantee except
by will or by the laws of descent and distribution.  During the lifetime of
the optionee, the option shall be exercisable only by him, and no other
person shall acquire any rights therein.

          10.  WITHHOLDING TAXES.

          Whenever shares of Class A Stock are to be issued under the Plan,
the Company shall have the right to require the optionee to remit to the
Company an amount sufficient to satisfy federal, state and local withholding
tax requirements prior to the delivery of any certificate or certificates for
such shares.

          11.  DEFINITION OF "FAIR MARKET VALUE".

          For the purposes of this Plan, the term "fair market value", when
used in reference to the date of grant of an option or the date of surrender
of Class A Stock in payment for the purchase of shares pursuant to the
exercise of an option, as the case may be, shall mean the closing sale price
of the Class A Stock on the New York Stock Exchange as shown on the Composite
Tape for New York Stock Exchange -- Listed Stocks.  If the Class A Stock is
not listed on the New York Stock Exchange, the term "fair market value" shall
mean the highest closing sale price on such date on the principal United
States securities exchange registered under the Exchange Act on which such
stock is listed, or, if such stock is not listed on any such securities
exchange, the highest closing sale price or bid quotation with respect to a
share of such stock on such date on the NASDAQ/National Market System or
the National Association of Securities Dealers, Inc. Automated Quotations
System or any successor system, or, if no such quotations are available,
the fair market value on such date of a share of such stock as determined
in good faith by the Committee.

                                 ARTICLE II
                               STOCK OPTIONS

          1.   AWARD OF STOCK OPTIONS.

          Awards of stock options shall be made under the Plan under all the
terms and conditions contained herein.  Each option granted under the Plan
shall be evidenced by an option agreement duly executed on behalf of the
Company and by the director to whom such option is granted, which option
agreements may but need not be identical and shall comply with and be
subject to the terms and conditions of the Plan.  Any option agreement may
contain such other terms, provisions and conditions not inconsistent with
the Plan as may be determined by the Committee.

          2.   TERM OF OPTIONS AND EFFECT OF TERMINATION.

          Notwithstanding any other provision of the Plan, no option granted
under the Plan shall be exercisable after the expiration of 10 years from the
date of its grant.

          In the event that any outstanding option under the Plan expires by
reason of lapse of time or otherwise is terminated for any reason, then the
shares of Class A Stock subject to any such option which have not been issued
pursuant to the exercise of the option shall again become available in the
pool of shares of Class A Stock for which options may be granted under the Plan.

          3.   TERMS AND CONDITIONS OF OPTIONS.

          Options granted pursuant to the Plan shall be evidenced by
agreements in such form as the Committee shall from time to time determine,
which agreements shall comply with the following terms and conditions.

               A.   Number of Shares

               Each option agreement shall state the number of shares to
which the option pertains.

               B.   Option Price

               Each option agreement shall state the option price per share
(or the method by which such price shall be computed), which shall be equal
to 100% of the fair market value of a share of the Class A Stock on the date
such option is granted.

               C.   Medium and Time of Payment

               The option price shall be payable upon the exercise of an
option in the legal tender of the United States or, in the discretion of the
Committee, in shares of the Class A Stock or in a combination of such legal
tender and such shares.  Upon receipt of payment, the Company shall
deliver to the optionee (or person entitled to exercise the option) a
certificate or certificates for the shares of Class A Stock to which the
option pertains.

               D.   Exercise of Options

               Options granted under the Plan shall become exercisable in
installments to the extent of one-half of the shares covered by the option
on the date one year after the date of grant, and the remaining one-half of
the shares covered by the option on the date two years after the date
of grant.

               To the extent that an option has become exercisable and subject
to the restrictions and limitations set forth in this Plan and in the option
agreement, it may be exercised in whole or in such lesser amount as may be
authorized by the option agreement; provided, however, that no option shall
be exercised for fewer than 100 shares.  If exercised in part, the unexercised
portion of an option shall continue to be held by the optionee and may
therefore be exercised as herein provided.

               E.   Termination of Directorship Except by Death

               In the event that an optionee shall cease to be a director of
the Company for any reason other than his death, his option shall be
exercisable, to the extent it was exercisable at the date he cease to be a
director, for a period of 30 days after such date, and shall then terminate.
Such option may be exercised at any time within such 30-day period and prior
to the date on which the option expires by its terms.

               F.   Death of Optionee and Transfer of Option

               If an optionee dies while a director of the Company, or within
the 30-day period after termination of such status during which he is
permitted to exercise an option in accordance with subsection 3(E) of this
Article II, such option may be exercised at any time within six months after
the optionee's death, but only to the extent the option was exercisable at
the time of death.  Such option may be exercised at any time within such
six-month period and prior to the date on which the option expires by its
terms.  During such period, such option may be exercised by any person or
persons designated by the optionee on a Beneficiary Designation Form adopted
by the Committee for such purpose, or, if there is no effective Beneficiary
Designation Form on file with the Committee, by the executors or
administrators of the optionee's estate or by any person or
persons who shall have acquired the option directly from the optionee by his
will or the applicable laws of descent and distribution.

                           ARTICLE III
               RECAPITALIZATION AND REORGANIZATIONS

          The number of shares of Class A Stock covered by the Plan, the
number of shares and price per share of each outstanding option, and the
number of shares subject to each grant provided for in Article I,
Section 3 hereof shall be proportionately adjusted for any increase or
decrease in the number of issued and outstanding shares of Class A Stock
resulting from a subdivision or consolidation of shares or the payment of
a stock dividend or any other increase or decrease in the number of issued
and outstanding shares of Class A Stock effected without receipt of
consideration by the Company.

          If the Company shall be the surviving corporation in any merger or
consolidation, each outstanding option shall pertain to and apply to the
securities to which a holder of the same number of shares of Class A Stock
that are subject to that option would have been entitled.  A dissolution or
liquidation of the Company, or a merger or consolidation in which the Company
is not the surviving corporation, shall cause each outstanding option to
terminate, unless the agreement of merger or consolidation shall otherwise
provide; provided that, in the event such dissolution, liquidation, merger
or consolidation will cause outstanding options to terminate, each optionee
shall have the right immediately prior to such dissolution, liquidation,
merger or consolidation to exercise his option in whole or in part without
regard to any limitations on the exercisability of such option other than
(i) the expiration date of the option, (ii) the limitation set forth in
Section 9 of Article I, and (iii) the 100 share limitation set forth in
subsection 3(D) of Article II.

          To the extent that the foregoing adjustments relate to stock or
securities of the Company, such adjustments shall be made by the Committee,
whose determination in that respect shall be final, binding and conclusive.

          The grant of an option pursuant to the Plan shall not affect in any
way the right or power of the Company to make adjustments, reclassifications,
reorganizations or changes of its capital or business structure or to merge
or to consolidate or to dissolve, liquidate or sell, or transfer
all or any part of its business or assets.

                               ARTICLE IV
                        MISCELLANEOUS PROVISIONS

          1.   RIGHTS AS A STOCKHOLDER.

          An optionee or a transferee of an option shall have no rights as a
stockholder with respect to any shares covered by an option until the date of
the receipt of payment (including any amounts required by the Company
pursuant to Section 10 of Article I) by the Company.  No adjustment shall be
made as to any option for dividends (ordinary or extraordinary, whether in
cash, securities or other property) or distributions or other rights for
which the record date is prior to such date, except as provided in Article III.

          2.   PURCHASE FOR INVESTMENT.

          Unless the shares of Class A Stock to be issued upon exercise of
an option granted under the Plan have been effectively registered under the
Securities Act of 1933 as now in force or hereafter amended, the Company
shall be under no obligation to issue any shares of Class A Stock
covered by any option unless the person who exercises such option, in whole
or in part, shall give a written representation and undertaking to the
Company which is satisfactory in form and scope to counsel to the Company
and upon which, in the opinion of such counsel, the Company may
reasonably rely, that he is acquiring the shares of Class A Stock issued
to him pursuant to such exercise of the option for his own account as an
investment and not with a view to, or for sale in connection with,
the distribution of any such shares of Class A Stock, and that he will
make no transfer of the same except in compliance with any rules and
regulations in force at the time of such transfer under the Securities
Act of 1933, or any other applicable law, and that if shares of Class A
Stock are issued without such registration, a legend to this effect may
be endorsed upon the securities so issued.

          3.   OTHER PROVISIONS.

          The option agreements authorized under the Plan shall contain
such other provisions, including, without limitation, restrictions upon
the exercise of the option or restrictions required by any applicable
securities laws, as the Committee shall deem advisable.

          4.   APPLICATION OF FUNDS.

          The proceeds received by the Company from the sale of Class A Stock
pursuant to the exercise of options will be used for general corporate
purposes.

          5.   NO OBLIGATION TO EXERCISE OPTION.

          The granting of an option shall impose no obligation upon the
optionee to exercise such option.

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