Document:

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                                                                     Exhibit 4.1

                               ENESCO GROUP, INC.
                                Itasca, Illinois

                      CERTIFICATE OF GRANT OF NON-QUALIFIED
                                  STOCK OPTION

                                             Date of Grant:  June 6, 2001
                                             Total Number of Shares:  50,000
                                             Price per Share:  $5.60

To:  Jeffrey S. Smith

Dear Jeff:

         This letter is a certificate formally granting you a Non-qualified
Stock Option with respect to the number of shares indicated above. The Stock
Option exercise price will be $5.60 per share. Your option will become
exercisable only after six months from the date of grant and subject to the
Company achieving certain stock fair market value performance criteria or,
without conditions, after the eighth anniversary of the date of grant. The Stock
Option granted under this certificate is not to be treated as an incentive stock
option under the Internal Revenue Code of 1986. The terms of this Stock Option
are as if it were granted under the Company's 1996 Stock Option Plan (the
"Plan").

         The Company agrees to file a Registration Statement on Form S-8 with
the Securities and Exchange Commission with respect to shares of common stock
underlying the Stock Option.

         You may exercise your right to purchase all or any of the shares
included under this grant on or after the date on which those shares become
exercisable but, in any event, not later than June 5, 2011.

         In order to exercise, you must forward a completed Stock Option
Exercise Order together with payment in full to the Treasurer, Enesco Group,
Inc., 225 Windsor Drive, Itasca, Illinois 60143, for the shares which you elect
to purchase. You can elect to make your purchase in cash, Enesco Group, Inc.
stock, or a combination of cash and Enesco Group, Inc. stock.

         Please be advised that the Company will accept shares acquired under a
Stock Option program of the Company in payment for new option shares only if the
shares tendered by the optionee have been held by such optionee for a period of
at least six months and are free and clear of all liens and encumbrances.

         No purchase can be made of fewer than ten shares at any one time. Any
exercise of the option will be effective on the date when payment is received in
the office of the Treasurer, except that no payment will be accepted which is
received after June 5, 2011. You will receive a stock certificate representing
shares for which you have made payment.

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         Under existing law, the difference between the price paid for any
shares purchased under this option and their market value on the date or dates
the option is exercised will be subject to any applicable taxes, including the
withholding of federal income, social security and medicare taxes. In addition,
there may be applicable state or local taxes and withholding requirements. The
payment of all such taxes is of course your personal responsibility. However,
the Company is also responsible for meeting the withholding requirements and in
order to do so will retain the required number of shares purchased under the
option unless you elect to deposit with it an amount equal to any required
withholding.

         This option is subject to the termination under certain circumstances.
Please review these provisions carefully in connection with any termination of
employment.

         This option is exercisable during your lifetime only by you and is not
transferable by you, except in the event of your death and then only under
certain circumstances. Any attempted transfer or other disposition of the option
by you will be void and will constitute valid grounds for its cancellation by
the Company.

         This stock option grant is made as if it were under the Plan, as it may
be amended from time to time. A copy of the Plan, as amended, is enclosed
together with a Prospectus dated September 6, 1996. Please read these carefully.

         This option will be of no force or effect and no rights will exist
under it after June 5, 2011.

         We would appreciate your signing the enclosed acknowledgment confirming
your receipt of this Certificate of Grant and returning it to me.

                                                   ENESCO GROUP, INC.

                                                   /s/ M. Frances Durden

                                                   M. Frances Durden
                                                   Secretary

Enclosures<PAGE>
                                                                     Exhibit 4.2

                               ENESCO GROUP, INC.
                                Itasca, Illinois

                      CERTIFICATE OF GRANT OF NON-QUALIFIED
                                  STOCK OPTION

                                            Date of Grant:  June 22, 2001
                                            Total Number of Shares:  35,994
                                            Price per Share:  $6.39

To:  Paul Perez

Dear Paul:

         This letter is a certificate formally granting you a Non-qualified
Stock Option with respect to the number of shares indicated above. The Stock
Option exercise price will be $6.39 per share. Your option will become
exercisable only after six months from the date of grant and subject to the
Company achieving certain stock fair market value performance criteria or,
without conditions, after the eighth anniversary of the date of grant. The Stock
Option granted under this certificate is not to be treated as an incentive stock
option under the Internal Revenue Code of 1986. The terms of this Stock Option
are as if it were granted under the Company's 1996 Stock Option Plan (the
"Plan").

         The Company agrees to file a Registration Statement on Form S-8 with
the Securities and Exchange Commission with respect to shares of common stock
underlying the Stock Option.

         You may exercise your right to purchase all or any of the shares
included under this grant on or after the date on which those shares become
exercisable but, in any event, not later than June 21, 2011.

         In order to exercise, you must forward a completed Stock Option
Exercise Order together with payment in full to the Treasurer, Enesco Group,
Inc., 225 Windsor Drive, Itasca, Illinois 60143, for the shares which you elect
to purchase. You can elect to make your purchase in cash, Enesco Group, Inc.
stock, or a combination of cash and Enesco Group, Inc. stock.

         Please be advised that the Company will accept shares acquired under a
Stock Option program of the Company in payment for new option shares only if the
shares tendered by the optionee have been held by such optionee for a period of
at least six months and are free and clear of all liens and encumbrances.

         No purchase can be made of fewer than ten shares at any one time. Any
exercise of the option will be effective on the date when payment is received in
the office of the Treasurer, except that no payment will be accepted which is
received after June 21, 2011. You will receive a stock certificate representing
shares for which you have made payment.

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         Under existing law, the difference between the price paid for any
shares purchased under this option and their market value on the date or dates
the option is exercised will be subject to any applicable taxes, including the
withholding of federal income, social security and medicare taxes. In addition,
there may be applicable state or local taxes and withholding requirements. The
payment of all such taxes is of course your personal responsibility. However,
the Company is also responsible for meeting the withholding requirements and in
order to do so will retain the required number of shares purchased under the
option unless you elect to deposit with it an amount equal to any required
withholding.

         This option is subject to the termination under certain circumstances.
Please review these provisions carefully in connection with any termination of
employment.

         This option is exercisable during your lifetime only by you and is not
transferable by you, except in the event of your death and then only under
certain circumstances. Any attempted transfer or other disposition of the option
by you will be void and will constitute valid grounds for its cancellation by
the Company.

         This stock option grant is made as if it were under the Plan, as it may
be amended from time to time. A copy of the Plan, as amended, is enclosed
together with a Prospectus dated September 6, 1996. Please read these carefully.

         This option will be of no force or effect and no rights will exist
under it after June 21, 2011.

         We would appreciate your signing the enclosed acknowledgment confirming
your receipt of this Certificate of Grant and returning it to me.

                                                  ENESCO GROUP, INC.

                                                  /s/ M. Frances Durden

                                                  M. Frances Durden
                                                  Secretary

Enclosures<PAGE>
                                                                   EXHIBIT 10.17

                                   SEEC, INC.

                  2000 NON-EMPLOYEE DIRECTORS STOCK OPTION PLAN

                                     PURPOSE

    The purpose of the SEEC, Inc. Directors Stock Option Plan (the "Plan") is to
promote the interests of SEEC, Inc. (the "Corporation") and its shareholders by
attracting and retaining experienced and knowledgeable directors and by aligning
their economic interest more closely with those of the Corporation's
shareholders.

                                    SECTION 1

                       EFFECTIVE DATE AND DURATION OF PLAN

    The effective date of the Plan shall be November 3, 2000 (the "Effective
Date"), which is the date of adoption of the Plan by the Board of Directors of
the Corporation.

                                    SECTION 2

                                 ADMINISTRATION

    The Plan shall be administered by the Corporation's Board of Directors (the
"Board"). The Board shall interpret the Plan and prescribe such rules,
regulations and procedures in connection with the operation of the Plan as it
shall deem to be necessary and advisable for the administration of the Plan
consistent with the purposes of the Plan.

    Subject to applicable state and federal laws and regulations or rules issued
by NASDAQ or other national stock exchange on which the Corporation's stock may
be listed, the Board may at any time terminate or modify the Plan. The Board's
authority to amend the Plan includes the following: (i) a material increase in
the total number of shares of Common Stocks available for issuance under the
Plan; (ii) a material modification of the eligibility requirements for
participation in the Plan; or (iii) a material increase in the benefits accorded
to participants under the Plan.

                                    SECTION 3

                                   ELIGIBILITY

    All current directors of the Corporation who are not employees of the
Corporation or any of its subsidiaries are eligible to participate in the Plan.
Future directors of the Corporation who are not employees of the Corporation or
any of its subsidiaries will also be eligible to participate in the Plan.

    Subject to the provisions of the Plan, the Board shall have full and final
authority, in its discretion, to grant stock options (with or without stock
appreciation rights) as described herein and to determine the eligible directors
to whom stock options (with or without stock appreciation rights) shall be
granted and the number of shares to be covered by each stock option.

                                    SECTION 4

                         SHARES AVAILABLE UNDER THE PLAN

    Initially, the aggregate number of shares of the Corporation's Common Stock
("Common Stock") which may be issued or delivered and as to which stock options
may be granted under the Plan is 250,000 shares. To the extent permitted under
the terms of Section 2 of the Plan, the Board may from time to time increase or
decrease the aggregate number of shares reserved for issuance with the grant of
options under the Plan.

    If any stock option granted under the Plan is canceled by mutual consent or
terminates or expires for any reason

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without having been exercised in full, the number of shares subject to such
stock option shall again be available for purposes of the Plan, except that to
the extent that stock appreciation rights granted in conjunction with a stock
option under the Plan are exercised and the related stock option surrendered,
the number of shares available for purposes of the Plan shall be reduced by the
number of shares, if any, of Common Stock issued or delivered upon exercise of
such stock appreciation rights.

    The shares which may be issued or delivered under the Plan may be either
authorized but unissued shares or repurchased shares or partly each.

                                    SECTION 5

                             GRANT OF STOCK OPTIONS,
                         STOCK APPRECIATION RIGHTS, AND
                        LIMITED STOCK APPRECIATION RIGHTS

    The Board shall have authority, in its discretion, to grant "non-statutory
stock options" (stock options which do not qualify under Section 422 of the
Internal Revenue Code of 1986, as amended). The Board also shall have the
authority, in its discretion, to grant stock appreciation rights in conjunction
with non-statutory stock options with the effect provided in Section 6(D)
hereof. Stock appreciation rights granted in conjunction with a non- statutory
stock option may be granted either at the time such stock option is granted or
at any time thereafter during the term of such stock option. The Board shall
also have the authority, in its discretion, to grant limited stock appreciation
rights in accordance with the provisions of, and subject to, the terms and
conditions set forth in Section 10.

                                    SECTION 6

                    TERMS AND CONDITIONS OF STOCK OPTIONS AND
                            STOCK APPRECIATION RIGHTS

    Stock options and stock appreciation rights granted under the Plan shall be
subject to the following terms and conditions:

    (A) The purchase price at which each stock option may be exercised (the
"option price") shall be such price as the Board, in its discretion, shall
determine but shall not be less than one hundred percent (100%) of the fair
market value per share of Common Stock covered by the stock option on the date
of grant.

    (B) The option price shall be payable in full in any one or more of the
following ways:

    (i)in cash; and/or

        (ii) in shares of Common Stock (which are owned by the optionee free and
    clear of all liens and other encumbrances and which are not subject to the
    restrictions set forth in Section 8) having a fair market value on the date
    of exercise of the stock option, determined as provided in Section 6(H),
    equal to the option price for the shares being purchased.

    If the option price is paid in whole or in part in shares of Common Stock,
any portion of the option price representing a fraction of a share shall be paid
in cash. The date of exercise of a stock option shall be determined under
procedures established by the Board, and the option price shall be payable at
such time or times as the Board, in its discretion, shall determine. No shares
shall be issued or delivered upon exercise of a stock option until full payment
of the option price has been made. When full payment of the option price has
been made and, subject to the restrictions set forth in Section 8, the optionee
shall be considered for all purposes to be the owner of the shares with respect
to which payment has been made. Payment of the option price with shares shall
not increase the number of shares of Common Stock which may be issued or
delivered under the Plan as provided in Section 4.

    (C) Subject to Section 10 hereof, no stock option shall vest or be
exercisable during the first six (6) months of its term, except that this
limitation on exercise shall not apply if the optionee dies during such six (6)
month period. No non-statutory stock option shall be exercisable after the
expiration of ten (10) years from the date of grant. Subject to

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this Section 6(C) and Sections 6(F), 6(G) and 6(H), stock options shall vest and
be exercisable at such times, in such amounts and subject to such restrictions
as shall be determined, in its discretion, by the Board and set forth in the
applicable stock option agreement.

    (D) Stock appreciation rights shall be exercisable to the extent that the
related stock option is exercisable and only by the same person or persons who
are entitled to exercise the related stock option. Stock appreciation rights
shall entitle the optionee to surrender the related stock option, or any portion
thereof, and to receive from the Corporation in exchange therefor that number of
shares of Common Stock having an aggregate fair market value equal to the excess
of the fair market value of one share of Common Stock on such date of exercise
over the option price per share, multiplied by the number of shares covered by
the stock option, or portion thereof, which is surrendered. Cash shall be paid
in lieu of any fractional shares. The Board shall have the authority, in its
discretion, to determine that the obligation of the Corporation shall be paid in
cash or part in cash and part in shares, except that the Corporation shall not
pay to any person who is subject to the provisions of Section 16 of the Exchange
Act at the time of exercise of stock appreciation rights any portion of the
obligation of the Corporation in cash (except cash in lieu of a fractional
share) unless such stock appreciation rights are exercised in a period during
which such person is not prohibited from trading Corporation stock by the rules
and regulations promulgated under Section 16 of the Exchange Act by the
Securities and Exchange Commission. The date of exercise of stock appreciation
rights shall be determined under procedures established by the Board, and
payment under this Section 6(D) shall be made by the Corporation as soon as
practicable after the date of exercise. To the extent that a stock option as to
which stock appreciation rights have been granted in conjunction therewith is
exercised, the stock appreciation rights shall be canceled. For the purposes of
this Section 6(D), the fair market value of Common Stock shall be determined as
provided in Section 6(H).

    (E) No stock option or stock appreciation rights shall be transferable by an
optionee other than by will, or if an optionee dies intestate, by the laws of
descent and distribution of the state of domicile of the optionee at the time of
death, and all stock options and stock appreciation rights shall be exercisable
during the lifetime of an optionee only by the optionee.

    (F) Unless otherwise determined by the Board and set forth in the stock
option agreement referred to in Section 6(G) or an amendment thereto:

        (i) Following the death of an optionee during his or her tenure as a
    director of the Corporation, any outstanding stock option held by the
    optionee at the time of death shall be exercisable in full (whether or not
    so exercisable on the date of the death of the optionee) by such optionee's
    estate or by the person or persons entitled to do so under the will of the
    optionee, or, if the optionee shall fail to make testamentary disposition of
    the stock option or shall die intestate, by the legal representative of the
    optionee, at any time prior to the expiration date of such stock option or
    within one (1) year after the date of death, whichever is the shorter
    period. Following the death of an optionee after his or her resignation or
    retirement from the Board, but during a period when a stock option is
    exercisable in full (whether or not so exercisable on the date of the death
    of the optionee) as provided in clause (i) above, any outstanding stock
    option held by the optionee at the time of death shall be exercisable by
    such optionee's estate or by such person or persons entitled to do so under
    the Will of the optionee or by such legal representative to the extent the
    stock option was exercisable by the optionee at the time of death at any
    time prior to the expiration date of such stock option.

        (ii) In the event a director resigns from the Board or is terminated
    from the Board as a result of intentional, willful, reckless or grossly
    negligent conduct of the director entailing a substantial violation of any
    material provisions of federal or state laws, rules, regulations, or orders
    or directives of any governmental agency applicable to the Corporation or
    its affiliates, or Corporation policy or agreement with the Corporation, the
    rights of such optionee under any then outstanding stock option shall
    terminate at the time of the director's resignation or termination. In
    addition, if an optionee engages in the operation or management of a
    business, whether as owner, partner, officer, director, consultant, advisor
    or agent (whether paid or unpaid) or otherwise and whether during or after
    the director's resignation from the Corporation's Board, which is in
    competition with the Corporation or any of its subsidiaries, the Board may
    in its discretion immediately terminate all stock options held by the
    optionee. Whether an optionee has engaged in the operation or management of
    a business which is in competition with the Corporation or any of its
    subsidiaries shall be determined in each case by a majority vote of the
    Board and any such determination by the Board shall be final and binding.

<PAGE>

    (G) All stock options and stock appreciation rights shall be confirmed by a
stock option agreement, or an amendment thereto, which shall be executed by the
Chief Executive Officer or the President (if other than the Chief Executive
Officer) or any Executive Vice President or Vice President on behalf of the
Corporation and by the director to whom such stock options and stock
appreciation rights are granted.

    (H) Fair market value of the Common Stock,

        (i) so long as the Common Stock trades on the NASDAQ National Market,
    the "fair market value" of such stock shall be the average of the closing
    bid and ask price quoted on the NASDAQ National Market on the trade date
    immediately preceding the date as of which "fair market value" is to be
    determined or other reasonable method or formula as may be determined by the
    Board in its discretion; or

        (ii) in the event the Common Stock ceases to be traded on the NASDAQ
    National Market and is traded on another exchange, the "fair market value"
    of such stock shall be as set forth in such reliable publication as the
    Board, in its discretion, may choose to rely upon, by taking the average of
    the highest and lowest price per share transaction of the Common Stock as
    quoted on such exchange on the nearest date before the date as of which fair
    market value is to be determined or by such other reasonable method or
    formula as may be determined by the Board in its discretion.

    (I) The obligation of the Corporation to issue or deliver shares of Common
Stock under the Plan shall be subject to (i) the effectiveness of a registration
statement under the Securities Act of 1933, as amended, with respect to such
shares, if deemed necessary or appropriate by counsel for the Corporation, and
(ii) all other applicable laws, regulations, rules and orders which may then be
in effect.

    Subject to the foregoing provisions of this Section 6 and the other
provisions of the Plan, any stock option or stock appreciation rights granted
under the Plan shall be subject to such other terms and conditions as the Board
shall deem advisable.

                                    SECTION 7

                      ADJUSTMENT AND SUBSTITUTION OF SHARES

    If a dividend or other distribution shall be declared upon the Common Stock
payable in shares of Common Stock, the number of shares of Common Stock then
subject to any outstanding stock option and the number of shares which may be
issued or delivered under the Plan but are not then subject to an outstanding
stock option shall be adjusted by adding thereto the number of shares which
would have been distributable thereon if such shares had been outstanding on the
date fixed for determining the stockholders entitled to receive such stock
dividend or distribution.

    If the outstanding shares of Common Stock shall be changed into or
exchangeable for a different number or kind of shares of stock or other
securities of the Corporation or another corporation, whether through
reorganization, reclassification, recapitalization, stock split-up, combination
of shares, merger or consolidation, then there shall be substituted for each
share of Common Stock subject to any then outstanding stock option and for each
share of Common Stock which may be issued or delivered under the Plan but is not
then subject to an outstanding stock option, the number and kind of shares of
stock or other securities into which each outstanding share of Common Stock
shall be so changed or for which each such share shall be exchangeable.

    In the case of any adjustment or substitution as provided for in this
Section 7, the aggregate option price for all shares subject to each then
outstanding stock option prior to such adjustment or substitution shall be the
aggregate option price for all shares of stock or other securities (including
any fraction) to which such shares shall have been adjusted or which shall have
been substituted for such shares. Any new option price per share shall be
carried to at least three decimal places with the last decimal place, rounded.

    All fractional shares or other securities which result from any such
adjustment or substitution shall be carried to at least three decimal places
with the last decimal place, rounded. However, upon exercise of stock options,
no

<PAGE>

adjustment or substitution provided for in this Section 7 shall require the
Corporation to issue or sell a fraction of a share or other security.

                                    SECTION 8

                   RESTRICTIONS ON TRANSFER OF CERTAIN SHARES

    Shares of Common Stock acquired by a director of the Corporation under
exercise of an option pursuant to Section 6(B) shall not be sold or otherwise
transferred (including any sale or transfer pursuant to Section 6(B)(iii)) prior
to (i) the expiration of six months after the date of the grant of the option to
the optionee; or (ii) any lesser period of time permitted by the Securities and
Exchange Commission pursuant to Section 16(b) of the Securities Exchange Act of
1934, whichever may first occur. The Corporation is authorized to (i) retain the
certificate(s) representing such shares or place such certificates in the
custody of its transfer agent, (ii) place a restrictive legend on such shares,
and/or (iii) issue a stop transfer order to the transfer agent with respect to
such shares in order to enforce the transfer restrictions of this Section 8.

<PAGE>

                                    SECTION 9

                        LIMITED STOCK APPRECIATION RIGHTS

    Limited stock appreciation rights may be granted in connection with all or
part of a non-statutory option, at the time such option is granted or at any
time thereafter during the term of the such option.

    Limited stock appreciation rights shall entitle the holder of an option in
connection with which such limited stock appreciation rights are granted, upon
exercise of the limited stock appreciation rights, to surrender the stock
option, or any applicable portion thereof, and any related stock appreciation
rights, to the extent unexercised, and to receive an amount of cash determined
pursuant to this Section 9. Such option, and any related stock appreciation
rights, shall, to the extent so surrendered, thereupon cease to be exercisable.

    Limited stock appreciation rights shall be subject to the following terms
and conditions and to such other terms and conditions not inconsistent with the
Plan as shall from time to time be approved by the Board.

    (A) Limited stock appreciation rights shall be exercisable, subject to
Section 9(B), during any one or more of the following periods:

        (i) for a period of 60 days beginning on the date on which shares of
    Common Stock are first purchased pursuant to a tender offer or exchange
    offer (other than such an offer by the Corporation), whether or not such
    offer is approved or opposed by the Corporation and regardless of the number
    of shares of Common Stock purchased pursuant to such offer;

        (ii) for a period of 60 days beginning on the date the Corporation
    acquires knowledge that any person or group deemed a person under Section
    13(d)(3) of the Exchange Act (other than any director of the Corporation on
    November 1, 1989, any Affiliate or Associate of any such director (with such
    terms having the respective meanings set forth in Rule 12b-2 under the
    Exchange Act as in effect on November 1, 1989), any member of the family of
    any such director, any trust (including the trustees thereof) established by
    or for the benefit of any such persons, or any charitable foundation,
    whether a trust or a corporation (including the trustees and directors
    thereof) established by or for the benefit of any such persons), in a
    transaction or series of transactions shall become the beneficial owner,
    directly or indirectly (with beneficial ownership determined as provided in
    Rule 13d-3, or any successor rule, under the Exchange Act), of securities of
    the Corporation entitling the person or group to 10% or more of all votes
    (without consideration of the rights of any class of stock to elect
    directors by a separate class vote) to which all shareholders of the
    Corporation would be entitled if the election of Directors were an election
    held on such date;

        (iii) for a period of 60 days beginning on the date of filing under the
    Exchange Act of a Statement on Schedule 13D, or any amendment thereto, by
    any person or group deemed a person under Section 13(d)(3) of the Exchange
    Act, disclosing an intention or possible intention to acquire or change
    control of the Corporation;

        (iv) for a period of 60 days beginning on the date of the Corporation's
    Annual Meeting of Shareholders, during any period of two consecutive years,
    when individuals who at the beginning of such period constitute the Board of
    Directors of the Corporation cease for any reason to constitute at least a
    majority thereof, unless the election, or the nomination for election by the
    shareholders of the Corporation, 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 such period; and

        (v) for a period of 60 days beginning on the date of approval by the
    shareholders of the Corporation of an agreement (a "reorganization
    agreement") providing for (a) the merger or consolidation of the Corporation
    with another corporation where the shareholders of the Corporation,
    immediately prior to the merger or consolidation, do not or will not
    beneficially own, immediately after the merger or consolidation, shares of
    the corporation issuing cash or securities in the merger or consolidation
    entitling such shareholders to 50% or more of all votes (without
    consideration of the rights of any class of stock to elect directors by a
    separate class vote) to which all shareholders of such corporation would be
    entitled in the election of Directors or where the members of the

<PAGE>

    Board of Directors of the Corporation, immediately prior to the merger or
    consolidation, do not or will not, immediately after the merger or
    consolidation, constitute a majority of the Board of Directors of the
    corporation issuing cash or securities in the merger or consolidation or (b)
    the sale or other disposition of all or substantially all the assets of the
    Corporation.

    (B) Subject to Section 10 hereof, limited stock appreciation rights shall in
no event be exercisable unless and until the holder of the limited stock
appreciation rights shall have completed at least six months of continuous
service with the Corporation or a Subsidiary, or both, immediately following the
date upon which the limited stock appreciation rights shall have been granted.

    (C) Upon exercise of limited stock appreciation rights, the holder thereof
shall be entitled to receive an amount of cash in respect of each share of
Common Stock subject to the related option equal to the excess of the fair
market value of such share over the option price of such related option, and for
this purpose fair market value shall mean the highest sale price of the Common
Stock as reported on the NASDAQ National Market System or other national stock
exchange on which the Corporation's Common Stock is listed or the highest stock
price for Corporation Common Stock as set forth in such reliable publication as
the Board, in its discretion, may choose to rely upon during the period
beginning on the 90th day prior to the date on which the limited stock
appreciation rights are exercised and ending on such date, except that (a) in
the event of a tender offer or exchange offer for Common Stock, fair market
value shall mean the greater of the highest sale price or highest price paid for
Common Stock pursuant to any tender offer or exchange offer in effect at any
time beginning on the 90th day prior to the date on which the limited stock
appreciation rights are exercised and ending on such date, (b) in the event of
the acquisition by any person or group of beneficial ownership of securities of
the Corporation entitling the person or group to 10% or more of all votes to
which all shareholders of the Corporation would be entitled in the election of
Directors or in the event of the filing of a Statement on Schedule 13D, or any
amendment thereto, disclosing an intention or possible intention by any person
or group to acquire control of the Corporation, fair market value shall mean the
greater of such highest sale price or the highest price paid per share paid for
Common Stock shown on the Statement on Schedule 13D, or any amendment thereto,
filed by the person or group becoming a 10% beneficial owner or disclosing an
intention or possible intention to acquire control of the Corporation and (c) in
the event of approval by shareholders of the Corporation of a reorganization
agreement, fair market value shall mean the greater of the highest sale price,
highest price paid or the fixed or formula price specified in the reorganization
agreement if such price is determinable as of the date of exercise of the
limited stock appreciation rights. Any securities or property which are part or
all of the consideration paid for Common Stock in a tender offer or exchange
offer or under an approved reorganization agreement shall be valued at the
higher of (a) the valuation placed on such securities or property by the person
making the tender offer or exchange offer or by the corporation other than the
Corporation issuing securities or property in the merger or consolidation or to
whom the Corporation is selling or otherwise disposing of all or substantially
all the assets of the Corporation and (b) the valuation placed on such
securities or property by the Board.

    (D) To the extent that limited stock appreciation rights shall be exercised,
the option in connection with which such limited stock appreciation rights shall
have been granted shall be deemed to have been exercised and any related stock
appreciation rights shall be canceled. To the extent that the option in
connection with which limited stock appreciation rights shall have been granted
or any related stock appreciation rights shall be exercised, the limited stock
appreciation rights granted in connection with such option shall be canceled.

                                   SECTION 10

                      ACCELERATION OF THE EXERCISE DATE OF
               STOCK OPTIONS AND RELATED STOCK APPRECIATION RIGHTS

    Notwithstanding any other provision of this Plan, all stock options and
stock appreciation rights shall become exercisable upon the occurrence of any of
the events specified in Section 9(A) whether or not such options are then
exercisable under the provisions of the applicable agreements relating thereto,
except that if stock appreciation rights have been granted along with limited
stock appreciation rights to the same option holder with respect to the same
option, in no event may the stock appreciation rights be exercised for cash
during any of the 60-day periods

<PAGE>

provided for in Section 9.

                                   SECTION 11

                        EFFECT OF THE PLAN ON THE RIGHTS
                          OF DIRECTORS AND CORPORATION

    Neither the adoption of the Plan nor any action of the Board pursuant to the
Plan shall be deemed to give any director any right to be granted a stock option
(with or without stock appreciation rights) under the Plan and nothing in the
Plan, in any stock option or stock appreciation rights granted under the Plan or
in any stock option agreement shall confer any right to any director to continue
as a director of the Corporation or interfere in any way with the rights of the
Corporation to remove the director from the Company's Board of Directors in
accordance with the Corporation's Articles of Incorporation and Bylaws at any
time.

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