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                                  EXHIBIT 10.9

                          SELLING SHAREHOLDER AGREEMENT

          THIS SELLING SHAREHOLDER AGREEMENT (this "Agreement") is made and
enter into on the effective date of 7th day of February, 2002 by and among Paul
A. Kruger, and Randel T. Dunn (collectively, "Selling Shareholders" or singly,
"Selling Shareholder"), Judith H. Henkels ("Judith"), Mary L. Kelly ("Mary"),
and Precis, Inc., an Oklahoma corporation ("Precis").

                                    RECITALS

          1. The Selling Shareholders in the aggregate intend to offer for sale
and sell 1,900,000 shares of Precis common stock, $0.01 pare value per share
("Common Stock") through Stonegate Securities, Inc. ("Stonegate") pursuant to
registration under the Securities Act of 1933, as amended (the "1933 Act") (such
offer to sell and sale is referred to as the "Public Offering"). The 1,900,000
shares of Common Stock will be offered in two groups, the first to be 1,333,000
shares ("Primary Shares") and 567,000 shares ("Secondary Shares"). For purposes
of this Agreement, Primary Shares and Secondary Shares are collectively referred
to as the "Shares."

          2. Each Selling Shareholder intends to offer for sale pursuant to the
Public Offering the number of Primary Shares and Secondary Shares set forth
opposite each Selling Shareholder's name as follows:

<Table>
<Caption>
                                                                                        NUMBER OF SHARES
                                                                              -------------------------------------
                                                                               PRIMARY     SECONDARY        TOTAL
SELLING SHAREHOLDER                                                            SHARES        SHARES         SHARES
-------------------                                                           --------       -------      ---------
<S>                                                                            <C>           <C>          <C>
Paul A. Kruger                                                                 467,000       533,000      1,000,000
Randel T. Dunn                                                                 866,000        34,000        900,000
</Table>

          3. Pursuant to the agreement amongst Precis, Stonegate, the Selling
Shareholders dated as of February 7, 2002 (the "Stonegate Agreement"), Judith
and, in her absence, Mary are appointed as the contact person for purposes of
determining those Selling Shareholders desiring to sell all or any portion of
their Primary Shares and, if applicable, Secondary Shares at the sale price
proposed by Stonegate or offered by the purchaser.

          4. Precis does not require any additional capital as of the date of
this agreement; however, the Board of Directors of Precis has concluded that it
is in the best interest of Precis and its non-affiliate shareholders to take
actions to increase the number of shares of Common Stock owned by non-affiliates
(ultimately to increase the "public float" of the Common Stock) in order to
establish and maintain a more orderly market of and broaden ownership of the
Common Stock and reduce to some extent the volatility of the Common Stock in the
market place, while avoiding any additional dilution to the current shareholders
of Precis.

          5. Each of the Selling Shareholders will constitute an "underwriter"
within the meaning of the 1933 Act and have the attendant liability.

          6. Each Selling Shareholder desires to be (i) indemnified by Precis
for any and all liabilities and claims arising from or attributable to the offer
and sale of the Shares and (ii) receive contributions from the other Selling
Shareholders for any and all liabilities, claims and expenses arising from or
attributable to the offer and sale of the Shares on a pro rata basis based upon
the sale proceeds that each Selling Shareholder receives pursuant to the sale of
the Shares and the Public Offering.

          NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements herein contained, and intending to be legally bound
hereby, Selling Shareholders and Precis hereby agree as follows:

          1. SELECTION OF REPRESENTATIVE. Selling Shareholders hereby appoint
and authorize Judith or in her absence, Mary, as their agent and representative
for all purposes under the Stonegate Agreement and for all purposes set forth
herein ("Representative").

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          2. PROCEDURES FOR SALE OF SHARES. Pursuant to the Stonegate Agreement,
each offer to purchase Shares ("Purchase Offer") received by Stonegate will be
made to and through Representative.

          2.1 ESTABLISHMENT OF MINIMUM PER SHARE SALE PRICES. Upon execution of
this Agreement, each Selling Shareholder shall provide to Representative in
writing the number of Primary Shares and Secondary Shares the Selling
Shareholder is willing to sell at a specific price per share ("Minimum Sale
Price"). Each Selling Shareholder shall have the right to change the previously
established Minimum Sale Price by giving Representative three days prior written
notice.

          2.2 PURCHASE OFFER GREATER THAN MINIMUM SALE PRICE. In the event
Stonegate notifies Representative of an offer to purchase Shares ("Purchase
Offer") and the purchase price per share equals or exceeds the Minimum Sale
Price, Representative is hereby authorized to sell the Selling Shareholder's pro
rata portion of the Shares, giving priority to the sale of Primary Shares as set
forth below, without any further consent or notice to the Selling Shareholder.
Each Selling Shareholder shall take all necessary actions to effectuate any sale
in accordance with the provisions of this Section 2.2 and the other provisions
of this Agreement.

          2.3 PURCHASE OFFER LESS THAN MINIMUM SALE PRICE. In the event the
Purchase Offer is at a per share price less than the Minimum Sale Price,
Representative shall use her best efforts to immediately notify, either orally
or in writing, the Selling Shareholder regarding the terms of the offer to
purchase Shares, the price per Share, the amount of Primary Shares or, if
applicable, Secondary Shares that the Selling Shareholder will be entitled to
sell under the Purchase Offer. Each Selling Shareholder shall have the right and
authority to accept or reject such Purchase Offer (in whole or in part). In the
event a Selling Shareholder elects, either orally or in writing, not to sell
Selling Shareholder's Primary Shares or, if applicable, Secondary Shares,
Representative shall be authorized to allocate the Shares among Selling
Shareholders, including Representative in her capacity as a Selling Shareholder,
to be sold in connection with such Purchase Offer as the Representative
determines, in Representative's sole and absolute discretion, however, giving
first priority to those Selling Shareholders that elect to accept such Purchase
Offer and that have not previously sold all of their Primary Shares until all of
their Primary Shares have been sold. Although Representative shall use her best
efforts to notify all of the other Selling Shareholders of any Purchase Offer
pursuant to this Section 2.3, Representative shall not have any liability for
failure to notify a Selling Shareholder of such Purchase Offer. The failure of a
Selling Shareholder to affirmatively accept any offer to purchase Shares within
24 hours following Representative's notice of such Purchase Offer pursuant to
this Section 2.3 shall constitute an election by such Selling Shareholder to not
accept the Purchase Offer.

          2.4 PRO RATA SALE OF SHARES. Each Selling Shareholder shall have the
right, but not the obligation, to sell a proportionate number of Primary Shares
based upon the number of Primary Shares held by the Selling Shareholders at the
time of the Purchase Offer is received by the Representative that have not been
previously sold or committed to be sold by the Selling Shareholder. In the event
all of the Primary Shares have been sold or have been committed to be sold by
the Selling Shareholder, each Selling Shareholder shall have the right, but not
the obligation, to sell a proportionate number of Second Shares based upon the
number of Secondary Shares based upon the number of Secondary Shares held by the
Selling Shareholders at the time of the Purchase Offer is received by the
Representative that have not been previously sold or committed to be sold by the
Selling Shareholders.

          2.4 EXPENSES OF PUBLIC OFFERING. The Selling Shareholders hereby agree
to bear all costs and expenses of the Public Offering, including without
limitation all registration and filing fees, printing expenses, fees and
disbursement of Precis' legal counsel, accounting and auditing fees and
disbursement of Precis' independent accountants, stock transfer, and sales
commissions and discounts, if any, associated with the sale of the Shares
(including the costs and expenses of Stonegate under the Stonegate Agreement and
the letter agreement dated January 31, 2002) (collectively, the "Offering
Costs"). The Offering Costs shall be born and paid by the Selling Shareholders
on a pro rata basis based upon the proceeds from sale of each Selling
Shareholder's Shares. To the extent that Precis or any Selling Shareholder pays
a Selling Shareholder's allocable share of the Offering Costs, Precis or the
Selling Shareholder that paid such Offering Costs shall be entitled to
reimbursement of such Offering Costs. Each Selling Shareholder hereby authorizes
and directs Stonegate to pay from the proceeds of sale of a Selling
Shareholder's Shares the Selling Shareholder's allocable share of the Offering
Costs. Stonegate shall not have any liability related to the payment of Offering
Costs from the proceeds of sale of a Selling Shareholder.

                                      -2-
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          3. PRECIS INDEMNIFICATION. Precis shall indemnify and hold harmless
each Selling Shareholder (the "Indemnified Party") against any and all
investigations of, preparation for or defense of any pending or threatened
liabilities, claims, judgment, fines and amounts paid in settlement and expenses
(including attorneys fees) actually and reasonably incurred by the Indemnified
Party (collectively the "Loss, Claim or Expense") in connection with any claim
or any threatened, pending or completed action, suit or proceeding, whether
civil, criminal, administrative or investigative ("Proceeding"), including any
action by or in the right of Precis, to which the Indemnified Party is, was or
at any time becomes a party, or is threatened to be made a party, by reason of
the fact that the Indemnified Party is, was or at any time participant in the
sale and distribution of the Shares as part of the Public Offering and by reason
of any misstatement or omissions to state a material fact by Precis. Precis
further agrees that the Indemnified Party shall not have any liability to Precis
or its affiliates, officers, directors, agents, employees, persons deemed to be
in control of Precis within the meaning of either Section 15 of the Securities
Act of 1933, as amended, or Section 20 of the Securities Exchange Act of 1934,
as amended, or shareholders for any Losses, Claims or Expenses. Precis agrees
that the provisions of this Section 3shall apply (i) whether or not the
Indemnified Party is a formally named party to or the subject or target of any
Proceeding and (ii) in addition to any liability that Precis may otherwise have
and shall be binding upon and inure to the benefit of any successors, assigns,
heirs and personal representatives of Precis or an Indemnified Party.

               3.1 LIMITATIONS ON INDEMNITY. No indemnity pursuant to this
        Section 3 shall be paid to the Indemnified Party (i) for the amount of
        such Loss, Claim or Expense for which the Indemnified Party is
        indemnified pursuant to any insurance purchased and maintained by Precis
        or (ii) on account of the Indemnified Party's conduct that is finally
        adjudged to have been knowingly fraudulent, deliberately dishonest or
        willful misconduct.

               3.2 CONTINUATION OF INDEMNIFY. The provisions of this Section 3
        shall continue during the period that the Indemnified Party shall be
        subject to any possible Proceeding by reason of the fact that the
        Indemnified Party is, was or at any time a participant in the sale and
        distribution of the Shares as part of the Public Offering.

               3.3 NOTIFICATION AND DEFENSE OF CLAIM. Within 30 days after
        receipt by the Indemnified Party of notice of the commencement of any
        Proceeding in which the Indemnified Party has a right to indemnification
        pursuant to this Section 3, the Indemnified Party shall notify Precis;
        however, the omission of the Indemnified Party to timely notify Precis
        shall not relieve Precis from any liability that Precis may have to the
        Indemnified Party under this Section 3 or otherwise. With respect to any
        such action, suit or proceeding as to which the Indemnified Party
        notifies Precis of the commencement thereof

               (i) Precis will be entitled to participate therein at its own
        expense and

               (ii) Except as otherwise provided below, to the extent that
        Precis may wish, any other person similarly notified by the Indemnified
        Party will be entitled to assume defense thereof, with counsel
        satisfactory to the Indemnified Party. After notice from Precis of its
        election to assume the defense thereof, Precis will not be liable to the
        Indemnified Party under this Section for any additional legal or other
        expenses subsequently incurred by the Indemnified Party in connection
        with the defense thereof other than as otherwise provided below. The
        Indemnified Party shall have the right to employ its own counsel in such
        action, suit or proceeding; provided, however, that the fees and
        expenses of such counsel incurred after notice from Precis of the
        assumption of the defense thereof shall be at the expense of the
        Indemnifying Party, unless (a) the employment of counsel by the
        Indemnified Party has been authorized by Precis, (b) the Indemnified
        Party shall have reasonably concluded that there may be a conflict of
        interest between Precis and the Indemnified Party in the conduct of the
        defense of such action, or (c) Precis shall not have employed counsel to
        assume the defense of such action, in each of which cases the fees and
        expense of counsel shall be at the expense of Precis. Precis shall not
        be entitled to assume the defense of any action, suit or proceeding
        brought by or on behalf of Precis or as to which the Indemnified Party
        shall have made the conclusion provided for in (b) above.
        Notwithstanding the foregoing, in no event shall Precis be obligated to
        reimburse the fees or expenses of more than one counsel for the
        Indemnified Party.

               (iii) Precis shall not be liable to indemnify the Indemnified
        Party under this Section 3 for any amount paid in settlement of any
        Losses, Claims or Expenses and related Proceeding effected without
        Precis' written consent. Precis shall not settle any Losses, Claims or
        Expenses and related Proceedings in any manner that would impose any
        obligation, penalty or limitation on the Indemnified Party without the
        Indemnified Party's written consent. Neither Precis nor the Indemnified
        Party will unreasonably withhold its consent to any proposed settlement.

                                      -3-
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               3.4 REPAYMENT OF EXPENSES. The Indemnified Party shall reimburse
        Precis for all reasonable expenses paid by Precis in defending any
        Proceeding against the Indemnified Party in the event and only to the
        extent that it shall be ultimately determined that the Indemnified Party
        is not entitled to be indemnified by Precis for such expenses under this
        Agreement.

               3.5 ENFORCEMENT. It is hereby acknowledged that the provisions of
        this Section 3 are contained in this Agreement to induce the Indemnified
        Party to participate in the Public Offering with the other Selling
        Shareholders and that the Indemnified Party's participation is, in part,
        in reliance upon the provisions of this Section 3. In the event the
        Indemnified Party is required to bring any action to enforce the
        Indemnified Party's right to collect moneys due under this Section 3 and
        is successful in such action, Precis shall reimburse the Indemnified
        Party for all of the Indemnified Party's attorneys fees and expenses in
        bringing and pursuing such action.

               3.6 JUDICIALLY IMPOSED LIMITATIONS. If for any reason the
        indemnification provisions of this Section 3 are judicially determined
        to be unavailable or insufficient to hold any Indemnified Party
        harmless, then Precis agrees to contribute to the Losses, Claims or
        Expenses for which indemnification is held unavailable in such
        proportion as is appropriate to reflect not only the relative benefits
        received by Precis and such Indemnified Party, but also relevant fault
        of each such person or entity, as well as any relevant equitable
        considerations.

          4. SELLING SHAREHOLDER CONTRIBUTIONS. In recognition of the
"underwriter" status of each Selling Shareholder under the 1933 Act and the
Public Offering is the type of transaction that sometimes results in litigation,
in the event Precis fails to fully indemnify the Indemnified Parties or is
prohibited from indemnifying the Indemnified Parties with respect to any Loss,
Claim or Expense pursuant to Section 3 of this Agreement, each Selling
Shareholder (the "Contributing Shareholder") hereby agrees to contribute and
hold harmless each of the other Selling Shareholders (the "Benefitting
Shareholder") against that percent of any such Loss, Claim or Expenses
determined by dividing the sale proceeds received by the Contributing
Shareholder from sale of Shares pursuant to the Public Offering by the aggregate
sum of all proceeds received by the Selling Shareholders as s group from sale of
Shares pursuant to the Public Offering. The Contributing Shareholder agrees that
the provisions of this Section 4shall apply (i) whether or not the Benefiting
Party is a formally named party to or the subject or target of any Proceeding
and (ii) in addition to any liability that the Contributing Shareholder may
otherwise have and shall be binding upon and inure to the benefit of any
successors, assigns, heirs and personal representatives of the Contributing
Shareholder or the Benefitting Shareholder.

               4.1 LIMITATIONS ON INDEMNITY. No contribution pursuant to this
        Section 4 shall be paid to the Benefitting Shareholder (i) for the
        amount of such Loss, Claim or Expense for which the Indemnified Party is
        indemnified pursuant to any policy of insurance or (ii) on account of
        the Benefitting Shareholder's conduct that is finally adjudged to have
        been knowingly fraudulent, deliberately dishonest or willful misconduct.

               4.2 CONTINUATION OF INDEMNIFY. The provisions of this Section 4
        shall continue during the period that the Benefitting Shareholder shall
        be subject to any possible Proceeding by reason of the fact that the
        Indemnified Party is, was or at any time a participant in the sale and
        distribution of the Shares as part of the Public Offering.

               4.3 NOTIFICATION AND DEFENSE OF CLAIM. Within 30 days after
        receipt by the Benefitting Shareholder of notice of the commencement of
        any Proceeding in which the Benefitting Shareholder has a possible right
        to contribution pursuant to this Section 4, the Benefitting Shareholder
        shall notify the Contributing Shareholder; however, the omission of the
        Benefitting Shareholder to timely notify the Contributing Shareholder
        shall not relieve the Contributing Shareholder from any liability that
        the Contributing Shareholder may have to the Benefitting Shareholder
        under this Section 4 or otherwise. The Benefitting Shareholder shall
        have the right to employ its own counsel in such action, suit or
        proceeding; provided, however, in no event shall the Contributing
        Shareholder be obligated to reimburse the fees or expenses of more than
        one counsel for the Benefitting Shareholder. The Contributing
        Shareholder shall not be liable for contribution to the Indemnified
        Party under this Section 4 for any amount paid in settlement of any
        Losses, Claims or Expenses and related Proceeding effected without the
        Contributing Shareholder's written consent. The Contributing Shareholder
        will not unreasonably withhold its consent to any proposed settlement.

               4.4 REPAYMENT OF EXPENSES. The Benefitting Shareholder shall
        reimburse the Contributing Shareholder for all reasonable expenses paid
        by Contributing Shareholder, if any, in defending any Proceeding against
        the

                                      -4-
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        Benefitting Shareholder in the event and only to the extent that it
        shall be ultimately determined that the Benefitting Shareholder is not
        entitled to receive contribution for such expenses under this
        Agreement.

               4.5 ENFORCEMENT. It is hereby acknowledged that the provisions of
        this Section 4 are contained in this Agreement to induce the Benefitting
        Shareholder to participate in the Public Offering with the other Selling
        Shareholders and that the Indemnified Party's participation is, in part,
        in reliance upon the provisions of this Section 4. In the event the
        Indemnified Party is required to bring any action to enforce the
        Benefitting Shareholder's right to collect moneys due under this Section
        4 and is successful in such action, the Contributing Shareholder shall
        reimburse the Benefitting Shareholder for all of the Benefitting
        Shareholder's attorneys fees and expenses in bringing and pursuing such
        action.

          5. NOTICES. All notices and other communications given or made
pursuant hereto shall be in writing and shall be deemed to have been duly given
or made if and when delivered personally or by overnight courier to the parties
to this Agreement at addresses appearing below the signature of each such party
or sent by electronic transmission, with confirmation received, to the facsimile
numbers also specified below the signature of each such party (or at such other
address, facsimile or telephone number as shall be specified by like notice).

          6. AMENDMENT. This Agreement may be amended by the Selling
Shareholders and Precis at any time only by an instrument in writing signed by
the parties hereto.

          7. WAIVER. Any party hereto may with respect to any other party hereto
(a) extend the time for the performance of any of the obligations or other acts
or (b) waive compliance with any of the agreements or conditions contained in
this Agreement. Any such extension or waiver shall be valid if set forth in an
instrument in writing signed by the party or parties to be bound thereby. For
purposes of this Agreement, time shall be of the essence.

          8. HEADINGS; CONSTRUCTION. The headings contained in this Agreement
are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement. In this Agreement (a) words denoting the
singular include the plural and vice versa, (b) "it" or "its" or words denoting
any gender include all genders, (c) the word "including" shall mean "including
without limitation," whether or not expressed, (d) anyreference to a statute
shall mean the statute and any regulations thereunder in force as of the date of
this Agreement, unless otherwise expressly provided, (e) any reference herein to
a Section refers to a Section of this Agreement, unless otherwise stated, (f)
when calculating the period of time within or following which any act is to be
done or steps taken, the date which is the reference day in calculating such
period shall be excluded and (g) any reference to a party's "best efforts" or
"reasonable efforts" shall not include any obligation of such party to pay, or
guarantee the payment of, money or other consideration to any third party or to
agree to the imposition on such party of any condition reasonably considered by
such party to be materially burdensome to such party.

          9. SEVERABILITY. If any term or other provision of this Agreement is
invalid, illegal or incapable of being enforced by any rule of law or public
policy, all other conditions and provisions of this Agreement shall nevertheless
remain in full force and effect so long as the economic or legal substance of
the transactions contemplated hereby is not affected in any manner adverse to
any party. Upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the parties hereto shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in an acceptable manner to the end that
transactions contemplated hereby are fulfilled to the extent reasonably
possible.

          10. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
and supersedes all prior agreements and undertakings, both written and oral,
among the parties, or any of them, with respect to the subject matter hereof,
except as otherwise expressly provided herein.

          11. ASSIGNMENT. This Agreement shall not be assigned by operation of
law or otherwise.

          12. PARTIES IN INTEREST. This Agreement shall be binding upon and
inure solely to the benefit of each party hereto, and nothing in this Agreement,
express or implied, is intended to or shall confer upon any other person any
right, benefit or remedy of any nature whatsoever under or by reason of this
Agreement, including, without limitation, by way of subrogation, other than
Sections 3 and 4 (which is intended to be for the benefit of the Indemnified
Party or Benefitting Shareholder and may be enforced by such Indemnified Party
or Benefitting Shareholder ).

                                      -5-
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          13. FAILURE OR INDULGENCE NOT WAIVER; REMEDIES CUMULATIVE. No failure
or delay on the part of any party hereto in the exercise of any right hereunder
shall impair such right or be construed to be a waiver of, or acquiescence in,
any breach of any covenant or agreement herein, nor shall any single or partial
exercise of any such right preclude other or further exercise thereof or of any
other right. All rights and remedies existing under this Agreement are
cumulative to, and not exclusive of, any rights or remedies otherwise available.

          14. GOVERNING LAW. This Agreement shall be governed by, and construed
in accordance with, the internal laws of the State of Oklahoma applicable to
contracts executed and fully performed within the State of Oklahoma.

          15. COUNTERPARTS. This Agreement may be executed in one or more
counterparts, and by the different parties hereto in separate counterparts, each
of which when executed shall be deemed to be an original but all of which taken
together shall constitute one and the same agreement.

          16. WAIVER OF JURY TRIAL. EACH OF THE SELLING SHAREHOLDERS AND PRECIS
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ALL RIGHTS TO
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED UPON
CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
OF THE TRANSACTIONS CONTEMPLATED HEREBY.

          17. JURISDICTION; SERVICE OF PROCESS. Any action or proceeding seeking
to enforce any provision of, or based on any right arising out of, this
Agreement may be brought against any of the parties in the courts of the State
of Oklahoma, County of Cleveland or, the State of Texas, County of Tarrant, the
United States District Court for the Western District of Oklahoma or the United
States District Court for the Northern District of Texas, and each of the
parties consents to the jurisdiction of such courts (and of the appropriate
appellate courts) in any such action or proceeding and waives any objection to
venue laid therein.

          IN WITNESS WHEREOF, the Selling Shareholders and Precis have caused
this Agreement to be executed as of the date first written above and with
respect to Precis by its duly authorized officers and with respect to Rhodes
Family Trust by its duly authorized trustee.

"Selling Shareholders
                                 /s/PAUL A. KRUGER
                                 -------------------
                                 Paul A. Kruger
                                 2500 South McGee Drive, Suite 141
                                 Norman, Oklahoma 73072

                                 /s/RANDEL T. DUNN
                                 -------------------
                                 Randel T. Dunn
                                 Dunn & Stone
                                 4900 Richmond, Suite 202
                                 Oklahoma City, Oklahoma 73118

"Precis"                         PRECIS, INC.

                                 By/s/PAUL A. KRUGER
                                   -----------------
                                 Paul A. Kruger, Chief Executive Officer
                                 2500 South McGee Drive, Suite 141
                                 Norman, Oklahoma 73072

"Representatives"

         "Judith"                /s/JUDITH H. HENKELS
                                 ----------------------------
                                 Judith H. Henkels
                                 2040 North Highway 360
                                 Grand Prairie, Texas 75050
         "Mary"
                                 /s/MARY L. KELLY
                                 -------------------

                                      -6-
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                                 Mary L. Kelly
                                 2040 North Highway 360
                                 Grand Prairie, Texas 75050

                                     -7-<PAGE>

                                                                    Exhibit 10.1

                      AMENDED AND RESTATED CSX CORPORATION
                            STOCK PLAN FOR DIRECTORS
                        (As Amended through May 1, 2001)

1.   Name of Plan. This plan shall be known as the "Amended and Restated CSX
     Corporation Stock Plan for Directors" (the "Plan".)

2.   Purpose of Plan. The purpose of the Plan is to enable CSX Corporation, a
     Virginia corporation (the "Company"), to attract and retain persons of
     exceptional ability to serve as directors and to solidify the common
     interests of its directors and shareholders in enhancing the value of the
     Company's Stock. The Plan provides for grants of Stock, grants of options
     to acquire Stock, and payment of directors' retainers and fees in Stock.

3.   Effective Date and Term and Shares Subject to Plan. The Plan shall be
     effective as of the date it is adopted by the Board of Directors of the
     Company, subject, however, to approval by at least a majority of the
     outstanding shares of Stock present or represented and entitled to vote at
     a meeting of shareholders of the Company not later than April 17, 1997, and
     shall remain in effect until amended or terminated by action of the Board.
     Of the 1,000,000 shares subject to the Plan as of May 1, 1992, the date of
     original approval by shareholders of the Company, 956,728 shares remain
     unissued and subject to the Plan as of March 18, 1997.

4.   Eligible Participants. Each member of the Board from time to time who is
     not a full-time employee of the Company or any of its subsidiaries shall be
     a participant ("Participant") in the Plan.

5.   Definitions.

     (a) "Annual Meeting" means the Company's Annual Meeting of Shareholders.

     (b) "Board of Directors" or "Board" means the Board of Directors of CSX
         Corporation.

     (c) "Business Day" means, if relevant to a determination of the value of
         Stock, a day on which shares of Stock are or could be traded on the New
         York Stock Exchange (or other national stock exchange, or if not so
         listed, could be traded over-the-counter). In all other cases, the term
         means a day on which the offices of the Company are open for the
         conduct of business in the normal course.

     (d) "Distribution Event" means any of the events listed in Section 12,
         "Change of Control," with the following modification: the words,
         "Approval by the shareholders of the Company of," in the first line of
         Sections 12(c) and 12(d) are replaced for purposes of this Section 5(d)
         with the words, "Consummation of, i.e., actual change in ownership of
                                           -----
         Stock,

                                       1

<PAGE>

          Outstanding Company Voting Securities, and/or assets of the Company or
          its principal subsidiary by reason of,".

     (e)  "Payment Date" means the fifteenth day of the last month of each
          quarter of the Corporation's fiscal year or, if the fifteenth day of
          such month is not a Business Day, on the next Business Day following
          the fifteenth day of such month.

     (f)  "Fair Market Value" means, as of any given date, the mean between the
          high and low selling prices of the Stock per share on the New York
          Stock Exchange on such date (or, if there is no reported sale on such
          date, on the last preceding date on which any reported sale occurred).

     (g)  "Stock" means the Common Stock of the Company and rights, options or
          warrants for the purchase of securities of the Company which may be
          issued with shares of Stock pursuant, and subject, to plans or
          agreements adopted or entered into from time to time by the Company.
          If the par value of Stock is changed, or in the event of a change in
          the capital structure of the Company, the shares resulting from such a
          change shall be deemed to be Stock within the meaning the Plan.

6.   Shares and Stock Options.

     (a)  Commencing May 1, 1992, the annual retainer payable to each
          Participant for service on the Board shall be payable in part in
          shares of Stock subject to any applicable deferrals and restrictions
          set forth in Section 8 hereof. Subject to paragraphs (b) and (c)
          below, each Participant shall be paid 40 percent of the annual
          retainer payable to each Participant for service on the Board (the
          "Designated Percentage") in shares of Stock. The shares shall be
          deducted at their Fair Market Value, determined as of the Business Day
          immediately preceding the date of the Company's Annual Meeting of
          Shareholders ("Annual Meeting"), from the Participant's annual
          retainer.

     (b)  Any person who becomes a non-employee director following the Company's
          Annual Meeting, whether by appointment or election as a director or by
          change in status from a full-time employee, shall receive shares of
          Stock as a portion of the compensation to be paid to such Participant
          until the next Annual Meeting. The number of shares of Stock issued to
          such Participant shall be determined by dividing the product of the
          pro rata portion of the annual retainer to be paid to such director
          and the Designated Percentage by the Fair Market Value on the day such
          person becomes a Participant. A Participant who becomes a non-employee
          director following the Company's Annual Meeting may, at the beginning
          of such term, make his or her Annual Election as set forth in
          paragraph (c) below regardless of the number of months remaining until
          the next Annual Meeting.

     (c)  Each Participant may also make one election during the period from
          Annual Meeting to the next Annual Meeting (the "Annual Election") to
          receive up to 100 percent of his or her retainers and/or fees in
          shares of Stock, subject to any applicable deferrals and restrictions
          set forth in Section 8 hereof. The Annual Election must be in writing
          and shall be delivered to the Corporate Secretary of the Company no
          later than six months prior to the next Annual Meeting. The Annual
          Election shall be irrevocable in respect of the year to which it
          pertains and shall specify the applicable percentage of the annual
          retainers and/or fees above the Designated Percentage that such
          Participant wishes to receive in shares of Stock. The Annual Election
          shall not be effective until at least six months and one day following
          its execution and receipt by the Company.

                                        2

<PAGE>

     (d) In addition to the awards described in the previous provisions of this
         Section 6, the Board may make additional awards of Stock or options to
         acquire Stock to Participants upon such terms as it deems fit;
         provided, however, that options to acquire Stock ("Stock Options")
         shall be subject to the restrictions in Section 10.

7.   Payment of Shares. Payments to directors of Stock or Stock Options pursuant
     to this Plan shall be made as follows, subject to any applicable deferrals
     and restrictions pursuant to Section 8 of this Plan:

     (a) Shares payable as the Designated Percentage pursuant to Section 6 of
         the Plan shall be payable immediately following the Company's Annual
         Meeting.

     (b) Following payment of the Designated Percentage, the balance of each
         director's retainers to be paid in Stock, if any, shall be prorated and
         paid on the Payment Dates remaining until the next Annual Meeting.

     (c) Unless otherwise specified by resolution of the Board of Directors, any
         compensation to be paid in Stock and any grant of Stock shall be made
         on or as of the Payment Date next succeeding the date on which such
         payments have been earned or are otherwise payable or issuable.

     (d) The number of shares to be issued in payment of retainers and fees
         denominated in dollars shall be calculated on the basis of the Fair
         Market Value on the Payment Date as of which such shares are issued.

8.   Deferrals and Restrictions on Payment. Payment of shares issuable under
     Section 6 shall, at the Participant's election (which election must be in
     writing and shall be delivered to the Corporate Secretary of the Company no
     later than six months prior to the next Annual Meeting), be deferred in
     accordance with a deferral election made by the Participant and filed with
     the Company. The Company shall transfer shares of Stock or other assets
     equal in value to a number of shares as to which payment is deferred to a
     trust to secure the Company's obligation to pay shares of Stock to the
     Participant in the future, but any assets transferred shall remain subject
     to the claims of the Company's creditors and any interest the Participant
     may be deemed to have in the trust may not be sold, hypothecated or
     transferred (including, without limitation, transfer by gift or donation).
     The Company shall distribute Stock deferred pursuant to this Section 8 in
     accordance with elections made by each participant on forms approved by the
     Board; provided, however, that upon a Distribution Event, as hereinafter
     defined, all Stock previously deferred shall be issued immediately, except
     that a Participant may elect that shares which would be distributed to him
     or to her upon a Distribution Event may continue to be held in trust for
     distribution in accordance with this Section 8. Such election with respect
     to Distribution Event described in the preceding sentence shall be
     effective no earlier than the Annual Meeting following such election. The
     Participant's right to receive the shares issued under Section 6 shall not
     be affected by a termination of the trust described herein.

9.   Share Certificates, Voting and Other Rights. The certificates for shares
     issued hereunder shall be issued in the name of the Participant or the
     trustee of the trust described in Section 8, as the case may be, and shall
     be held by such Participant or such trustee; provided, however, that each
     Participant shall be entitled to all rights of a shareholder with respect
     to Stock for all such shares issued in his name, including the right to
     vote the shares, and the Participant or the trustee, as the case may be,
     shall receive all dividends and other distributions paid or made with
     respect thereto.

                                        3

<PAGE>

10.  Procedures with Respect to Stock Options.

     (a) Each Stock Option granted pursuant to the Plan:

         (i)  will consist of an option to purchase shares of Stock at a
              purchase price not less than 100 percent of the Fair Market Value
              of the Stock on the date of grant;

         (ii) will be exercisable during the time period specified in the terms
              of the grant and reflected in an agreement entered into with a
              Participant, but such exercise shall not be earlier than one year
              after the date of grant of the Stock Option and not later than 15
              years after the date of grant of the Stock Option, with the
              determination of the final date of exercise of the Stock Option to
              be made at the time of grant.

     (b) In the event of the death of a Participant who holds unexercised Stock
         Options awarded under the Plan, the Stock Option may be exercised by a
         beneficiary designated by the Participant prior to his death, or if no
         beneficiary is designated, by the executor or executrix of the
         Participant's estate or by the person or persons to whom the
         Participant's rights have passed by will or the laws of descent and
         distribution, such exercise to be in accordance with the provisions of
         the Plan and to the same extent as though the Participant were then
         living.

11.  Fractions of Shares. The Company shall not issue fractions of shares.
     Whenever under the terms of the Plan a fractional share would otherwise be
     required to be issued, the Participant or the trustee of the trust
     described in Section 8, as the case may be, shall be paid in cash for such
     fractional share based upon the same Fair Market Value which was utilized
     to determine the number of shares to be issued on the relevant Payment
     Date.

12.  Change of Control. "Change of Control" shall mean any of the following:

     (a) Stock Acquisition. The acquisition, by any individual, entity or group
         [within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities
         Exchange Act of 1934, as amended (the "Exchange Act")] (a "Person") of
         beneficial ownership (within the meaning of Rule 13d-3 promulgated
         under the Exchange Act) of 20 percent or more of either (i) the then
         outstanding shares of Stock of the Company, or (ii) the combined voting
         power of the then outstanding voting securities of the Company entitled
         to vote generally in the election of directors (the "Outstanding
         Company Voting Securities"); provided, however, that for purposes of
         this subsection (a), the following acquisitions shall not constitute a
         Change of Control: (i) any acquisition directly from the Company; (ii)
         any acquisition by the Company; (iii) any acquisition by any employee
         benefit plan (or related trust) sponsored or maintained by the Company
         or any corporation controlled by the Company; or (iv) any acquisition
         by any corporation pursuant to a transaction which complies with
         clauses (i), (ii) and (iii) of subsection (c) of this Section 12; or

     (b) Board Composition. Individuals who, as of the date hereof, constitute
         the Board of Directors (the "Incumbent Board") cease for any reason to
         constitute at least a majority of the Board of Directors; provided,
         however, that any individual becoming a director subsequent to the date
         hereof whose election or nomination for election by the Company's
         shareholders, was approved by a vote of at least a majority of the
         directors then comprising the Incumbent Board shall be considered as
         though such individual were a member of the Incumbent Board, but
         excluding, for this purpose, any such individual whose initial
         assumption of office occurs as a result of an

                                        4

<PAGE>

          actual or threatened election contest with respect to the election or
          removal of directors or other actual or threatened solicitation of
          proxies or consents by or on behalf of a Person other than the Board
          of Directors; or

     (c)  Business Combination. Approval by the shareholders of the Company of a
          reorganization, merger, consolidation or sale or other disposition of
          all or substantially all of the assets of the Company or its principal
          subsidiary that is not subject, as a matter of law or contract, to
          approval by the Surface Transportation Board or any successor agency
          or regulatory body having jurisdiction over such transactions (the
          "Agency") (a "Business Combination"), in each case, unless, following
          such Business Combination:

          (i)    all or substantially all of the individuals and entities who
                 were the beneficial owners, respectively, of the Stock and
                 Outstanding Company Voting Securities immediately prior to such
                 Business Combination beneficially own, directly or indirectly,
                 more than 50 percent of, respectively, the then outstanding
                 shares of common stock and the combined voting power of the
                 then outstanding voting securities entitled to vote generally
                 in the election of directors, as the case may be, of the
                 corporation resulting from such Business Combination
                 (including, without limitation, a corporation which as a result
                 of such transaction owns the Company or its principal
                 subsidiary or all or substantially all of the assets of the
                 Company or its principal subsidiary either directly or through
                 one or more subsidiaries) in substantially the same proportions
                 as their ownership, immediately prior to such Business
                 Combination of the Stock and Outstanding Company Voting
                 Securities, as the case may be;

          (ii)   no Person (excluding any corporation resulting from such
                 Business Combination or any employee benefit plan (or related
                 trust) of the Company or such corporation resulting from such
                 Business Combination) beneficially owns, directly or
                 indirectly, 20% or more of, respectively, the then outstanding
                 shares of common stock of the corporation resulting from such
                 Business Combination or the combined voting power of the then
                 outstanding voting securities of such corporation except to the
                 extent that such ownership existed prior to the Business
                 Combination; and

          (iii)  at least a majority of the members of the Board resulting from
                 such Business Combination were members of the Incumbent Board
                 at the time of the execution of the initial agreement, or of
                 the action of the Board of Directors, providing for such
                 Business Combination; or

     (d)  Regulated Business Combination. Approval by the shareholders of the
          Company of a Business Combination that is subject, as a matter of law
          or contract, to approval by the Agency (a "Regulated Business
          Combination") unless such Business Combination complies with clauses
          (i), (ii) and (iii) of subsection (c) of this Section 12; or

     (e)  Liquidation or Dissolution. Approval by the shareholders of the
          Company of a complete liquidation or dissolution of the Company or its
          principal subsidiary.

13.  Withholding Taxes. Whenever the Company proposes or is required to issue or
     to transfer shares of Stock under the Plan, or whenever the Company is
     required to withhold taxes upon exercise of Stock Options under the Plan,
     a Participant:

     (a)  Shall remit to the Company an amount sufficient to satisfy any
          federal, state or local withholding tax liability prior to the
          delivery of any certificate or certificates for such shares; or

                                        5

<PAGE>

     (b) To the extent permitted by applicable laws, including regulations
         promulgated under the Securities Exchange Act of 1934, such federal,
         state or local withholding tax liability may be satisfied prior to the
         delivery of any certificate or certificates for the shares by an
         adjustment, equal in value to such liability, in the number of shares
         to be transferred to the Participant.

14.  Amendment. This Plan may be amended by action of a majority of the Board of
     Directors, and approval by shareholders shall not be required for any
     amendment which does not authorize additional shares to be subject to the
     Plan.

15.  Administration. The Plan will be administered by the Board. Except as
     otherwise specifically provided in the Plan, the Board will have the entire
     authority to interpret and administer the Plan, including the power and
     complete discretion with respect to any award of Stock or Stock Options to
     determine the terms and conditions of the award, the number of shares of
     Stock to be covered by the award, the time or times when an award will be
     granted, when Stock Options may be exercised, and the manner in which
     payment may be made upon the exercise of Stock Options. If the Board
     determines that a spin-off, stock dividend or other distribution not in the
     form of cash or Stock, consolidation, merger, dissolution, liquidation or
     other similar corporate transaction or event affects a Stock Option such
     that an adjustment is appropriate to preserve the intended benefits of a
     Stock Option, the Board may make such equitable changes or adjustments in
     the Stock Option as it deems necessary or appropriate. The Board may adopt
     rules and regulations for carrying out the Plan. The interpretation and
     construction of any provision of the Plan by the Board will be final and
     conclusive.

                                        6

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