Document:

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                                                                    Exhibit 4.1

                           THIRD AMENDED AND RESTATED
                         1994 LONG TERM INCENTIVE PLAN

    WHEREAS, on October 7, 1994, J.D. Carreker & Associates, Inc. adopted the
J.D. Carreker & Associates, Inc. Long Term Incentive Plan, which was approved by
its shareholders; and

    WHEREAS, the Board of Directors of Carreker Corporation (successor to J.D.
Carreker & Associates, Inc.) (the "Company") approved various amendments to such
Plan, which amendments were approved by the stockholders; and

    WHEREAS, the Board of Directors of the Company has determined that it is
advisable and in the best interests of the Company to amend and restate the
plan, effective as of July 19, 2001, subject to the approval of the Company's
stockholders, and the plan shall be known as the Carreker Corporation Third
Amended and Restated 1994 Long Term Incentive Plan (the "Plan").

    NOW, THEREFORE, the terms of the Plan shall be as follows:

                                   I. GENERAL

1.  PURPOSE. The Plan has been established by the Company to:

    (a) attract and retain employees, consultants and non-employee directors;

    (b) motivate participating employees, consultants and non-employee
       directors, by means of appropriate incentive, to achieve long-range
       goals;

    (c) provide incentive compensation opportunities for participating
       employees, consultants and non-employee directors which are competitive
       with those of other major corporations; and

    (d) further identify the interests of participating employees, consultants
       and non-employee directors with those of the Company's other shareholders
       through compensation alternatives based on the Company's common stock;

and thereby promote the long-term financial interest of the Company and its
Subsidiaries, including the growth in value of the Company's equity and
enhancement of long-term shareholder return.

2.  EFFECTIVE DATE. The provisions of the Plan originally became effective on
    October 7, 1994. The Plan shall be unlimited in duration and, in the event
    of plan termination, shall remain in effect as long as any awards under it
    are outstanding; PROVIDED, HOWEVER, that no awards of incentive stock
    options ("INCENTIVE STOCK OPTIONS") as provided in Section 422 of the Code
    may be made under the Plan after June 19, 2010. The provisions of the Plan
    as restated and amended herein shall become effective as of July 19, 2001
    (the "EFFECTIVE DATE"), subject to the approval of the holders of a majority
    of the shares of voting stock of all classes of the Company present, or
    represented, and entitled to vote at a meeting of its stockholders, or the
    unanimous written consent of all holders of common stock.

3.  DEFINITIONS. The following definitions are applicable to the Plan.

    "Board" means the Board of Directors of the Company.

    "Code" means the Internal Revenue Code of 1986, as amended.

    "Committee" means the Compensation Committee of the Board or, if no
Compensation Committee is in existence, the entire Board.

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    "Disabled" means the inability of a Participant, by reason of a physical or
mental impairment, to engage in any substantial gainful activity, of which the
Board shall be the sole judge.

    "Fair Market Value" of Stock means as of any date, the value of Stock
determined as follows:

    (a) If the Stock is listed on any established stock exchange or a national
       market system, including without limitation the National Market System of
       the National Association of Securities Dealers, Inc. Automated Quotation
       ("NASDAQ") System, the Fair Market Value of a Share of Stock shall be the
       closing sales price for such stock (or the closing bid, if no sales were
       reported) as quoted on such system or exchange (or the exchange with the
       greatest volume of trading in Stock) on the date of grant, as reported in
       THE WALL STREET JOURNAL or such other source as the Board deems reliable;

    (b) If the Stock is quoted on the NASDAQ System (but not on the National
       Market System thereof) or regularly quoted by a recognized securities
       dealer but selling prices are not reported, the Fair Market Value of a
       Share of Stock shall be the mean between the bid and asked prices for the
       Stock on the last market trading day prior to the day of determination,
       as reported in THE WALL STREET JOURNAL or such other source as the Board
       deems reliable; or

    (c) In the absence of an established market for the Stock, the Fair Market
       Value thereof shall be determined in good faith by the Committee.

    "Option Date" means, with respect to any Stock Option, the date on which the
Stock Option is awarded under the Plan.

    "Participant" means any employee, consultant or non-employee director of the
Company or any Subsidiary who is selected by the Board to participate in the
Plan.

    "Performance Period" has the meaning ascribed to it in Article IV.

    "Related Company" means any corporation during any period in which it is a
Subsidiary, or during any period in which it directly or indirectly owns 50% or
more of the total combined voting power of all classes of stock of the Company
that are entitled to vote.

    "Restricted Stock" has the meaning ascribed to it in Article IV.

    "Stock" means Carreker Corporation common stock, $.01 par value.

    "Stock Option" means the right of a Participant to purchase Stock pursuant
to an Incentive Stock Option or Non-Qualified Option awarded pursuant to the
provisions of the Plan.

    "Subsidiary" means any corporation during any period of which 50% or more of
the total combined voting power of all classes of stock entitled to vote is
owned, directly or indirectly, by the Company.

4.  ADMINISTRATION. The authority to manage and control the operation and
    administration of the Plan shall be vested in the Board. Subject to the
    provisions of the Plan, the Board will have authority to select employees,
    consultants, consultants and/or non-employee directors to receive awards of
    Stock Options and/or Restricted Stock, to determine the time or times of
    receipt, to determine the types of awards and the number of shares covered
    by the awards, to establish the terms, conditions, performance criteria,
    restrictions, and other provisions of such awards, and to cancel or suspend
    awards. In making such award determinations, the Board may take into account
    the nature of services rendered by the respective employee, consultant
    and/or non-employee director, his or her present and potential contribution
    to the Company's success, and such other factors as the Board deems
    relevant. The Board is authorized to interpret the Plan, to establish,
    amend, and rescind any rules and regulations relating to the Plan, to
    determine the terms and provisions of any

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    agreements made pursuant to the Plan, to modify such agreements, and to make
    all other determinations that may be necessary or advisable for the
    administration of the Plan.

    The Board, in its discretion, may delegate any or all of its authority,
powers, and discretion under this Plan to the Committee, and the Board in its
discretion may revest any or all such authority, powers, and discretion in
itself at any time. If appointed, the Committee shall function as follows: A
majority of the Committee shall constitute a quorum, and the acts of a majority
of the members present at any meeting at which a quorum is present, or acts
approved in writing by all members of the Committee, shall be the acts of the
Committee, unless provisions to the contrary are embodied in the Company's
Bylaws or resolutions duly adopted by the Board. All actions taken and decisions
and determinations made by the Board or the Committee pursuant to the Plan shall
be binding and conclusive on all persons interested in the Plan. No member of
the Board or the Committee shall be liable for any action or determination taken
or made in good faith with respect to the Plan.

5.  PARTICIPATION. Subject to the terms and conditions of the Plan, the Board
    shall determine and designate, from time to time, the employees, consultants
    and non-employee directors of the Company and/or its Subsidiaries who will
    participate in the Plan. In the discretion of the Board, more than one award
    may be granted to a Participant. Except as otherwise agreed to by the
    Company and the Participant, any award under the Plan shall not affect any
    previous award to the Participant under the Plan or any other plan
    maintained by the Company or its Subsidiaries.

6.  SHARES SUBJECT TO THE PLAN. The shares of Stock with respect to which awards
    may be made under the Plan shall be either authorized and unissued shares or
    issued and outstanding shares (including, in the discretion of the Board,
    shares purchased in the market). Subject to the provisions of paragraph
    I.10, the number of shares of Stock available under the Plan shall not
    exceed 9,130,710 shares in the aggregate increased, as of the first day of
    each fiscal year, commencing February 1, 2002, by that number of shares of
    Stock equal to two per cent (2%) of the number of shares of Stock
    outstanding as of January 31, 2000. If, for any reason, any award under the
    Plan otherwise distributable in shares of Stock, or any portion of the
    award, shall expire, terminate, or be forfeited or cancelled, or be settled
    in cash pursuant to the terms of the Plan and, therefore, any such shares
    are no longer distributable under the award, such shares of Stock shall
    again be available for award under the Plan.

7.  COMPLIANCE WITH APPLICABLE LAWS AND WITHHOLDING OF TAXES. Notwithstanding
    any other provision of the Plan, the Company shall have no liability to
    issue any shares of Stock under the Plan unless such issuance would comply
    with all applicable laws and the applicable requirements of any securities
    exchange or similar entity. Prior to the issuance of any shares of Stock
    under the Plan, the Company may require a written statement that the
    recipient is acquiring the shares for investment and not for the purpose or
    with the intention of distributing the shares. If the redistribution of
    shares is restricted, certificates representing such shares may bear a
    legend referring to such restrictions. All awards and payments under the
    Plan are subject to withholding of all applicable taxes, which withholding
    obligations may be satisfied, with the consent of the Board, through the
    surrender of shares of Stock which the Participant already owns, or to which
    a Participant is otherwise entitled under the Plan. The Company shall have
    the right to deduct from all amounts paid in cash in consequence of the
    exercise of a Stock Option under the Plan any taxes required by law to be
    withheld with respect to such cash payments. Where an employee or other
    person is entitled to receive shares of Stock pursuant to the exercise of a
    Stock Option pursuant to the Plan, the Company shall have the right to
    require the employee or such other person to pay to the Company the amount
    of any taxes that the Company is required to withhold with respect to such
    shares, or, in lieu thereof, to retain, or sell without notice, a sufficient
    number of such shares to cover the amount required to be withheld. Upon the
    disposition (within the meaning of Code Section 424 (c)) of shares of Stock
    acquired pursuant to the exercise of an Incentive Stock Option prior to the
    expiration of the holding period requirements of Code

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    Section 422 (a) (1), the employee shall be required to give notice to the
    Company of such disposition and the Company shall have the right to require
    the employee to pay to the Company the amount of any taxes that are required
    by law to be withheld with respect to such disposition.

8.  TRANSFERABILITY. Stock Options awarded under the Plan are not transferable
    except as designated by the Participant by will or by the laws of descent
    and distribution. Stock Options may be exercised during the lifetime of the
    Participant only by the Participant or by his guardian or legal
    representative.

9.  EMPLOYEE, CONSULTANT, NON-EMPLOYEE DIRECTOR AND STOCKHOLDER STATUS. The Plan
    does not constitute a contract of employment, and selection as a Participant
    will not give any employee, consultant or non-employee director the right to
    be retained in the employ or as a consultant or non-employee director of the
    Company or any Subsidiary. No award under the Plan shall confer upon the
    holder thereof any right as a stockholder of the Company prior to the date
    on which he fulfills all service requirements and other conditions for
    receipt of shares of Stock.

10. ADJUSTMENTS TO NUMBER OF SHARES SUBJECT TO THE PLAN. Subject to the
    following provisions of this paragraph 10, in the event of any change in the
    outstanding shares of Stock of the Company by reason of any stock dividend,
    spilt, spinoff, recapitalization, merger, consolidation, combination,
    exchange of shares or other similar change, the aggregate number of shares
    of Stock with respect to which awards may be made under the Plan, the terms
    and the number of shares of any outstanding Stock Options, and the purchase
    price of a share of Stock under Stock Options, may be equitably adjusted by
    the Board in its sole discretion.

11. CAPITAL TRANSACTION. In the event that there shall occur (a) a merger or
    consolidation of the Company with or into another corporation in which the
    Company shall not be the surviving corporation (other than such a merger or
    consolidation undertaken to reincorporate in another jurisdiction) (for
    purposes of this Section 11, the Company shall not be deemed the surviving
    corporation in any such transaction if, as the result thereof, it becomes a
    wholly-owned subsidiary of another corporation), (b) a dissolution of the
    Company, or (c) a transfer of all or substantially all of the assets or
    shares of stock of the Company in one transaction or a series of related
    transactions to one or more other persons or entities (any such transaction
    being referred to herein as a "Capital Transaction"), then:

    (a) If there is a plan or agreement respecting the Capital Transaction and
       if such plan or agreement specifically provides for the change,
       conversion, or exchange of the shares of Stock under outstanding and
       unexercised Options for securities of another corporation, then the Board
       shall adjust the shares of Stock underlying such outstanding and
       unexercised Options (and shall adjust the shares of Stock remaining under
       the Plan which are then available to be awarded under the Plan, if such
       plan or agreement makes specific provision therefore) in manner not
       inconsistent with the provisions of such plan or agreement for the
       adjustment, change, conversion, or exchange of such shares of Stock and
       such Options;

    (b) If there is no plan or agreement respecting the Capital Transaction or
       if such plan or agreement does not specifically provide for the change,
       conversion, or exchange of the shares of Stock under outstanding and
       unexercised Options for securities of another corporation, then the
       Committee shall provide the Participant with thirty (30) days advance
       written notice of such transaction and the Participant, without the
       necessity of any further action by the Committee, shall be entitled to
       purchase, prior to the effective date of such Capital Transaction, the
       number of Option Shares which are then vested. The unvested or
       unexercised portion of the Option shall be deemed cancelled and
       terminated as of the effective date of such transaction.

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    Not withstanding the foregoing, the Board or the Committee may provide that
upon the occurrence of such events as it shall deem appropriate, any or all
outstanding Options shall become fully vested and exercisable.

12. AGREEMENT WITH COMPANY. At the time of any awards under the Plan, the Board
    will require a Participant to enter into an agreement with the Company in a
    form specified by the Board, agreeing to the terms and conditions of the
    Plan and to such additional terms and conditions, not inconsistent with the
    Plan, as the Board may, in its sole discretion, prescribe.

13. AMENDMENT AND TERMINATION OF PLAN. Subject to the following provisions of
    this paragraph 13, the Board may at any time and in any way amend, suspend,
    or terminate the Plan. No amendment of the Plan and, except as provided in
    paragraphs 6 and 10, no action by the Board shall, without further approval
    of the stockholders of the Company, increase the total number of shares of
    Stock with respect to which awards may be made under the Plan, materially
    increase the benefits accruing to Participants under the Plan, or materially
    modify the requirements as to eligibility for participation in the Plan, if
    stockholder approval of such amendment is a condition of Securities and
    Exchange Commission Rule 16b-3 or the Code at the time such amendment is
    adopted. No amendment, suspension, or termination of the Plan shall alter or
    impair any Stock Option or Restricted Stock previously awarded under the
    Plan without the consent of the holder thereof.

                          II. INCENTIVE STOCK OPTIONS

1.  DEFINITION. The award of an Incentive Stock Option under the Plan entitles
    the Participant to purchase shares of Stock at a price fixed at the time the
    option is awarded, subject to the following terms of this Part II.

2.  ELIGIBILITY. The Board shall designate the Participants to whom Incentive
    Stock Options, as described in section 422 (b) of the Code or any successor
    section thereto, are to be awarded under the Plan and shall determine the
    number of option shares to be offered to each of them. Incentive Stock
    Options may be awarded only to employees, and not to consultants or
    non-employee directors. In no event shall the aggregate Fair Market
    (determined at the time the option is awarded) of Stock with respect to
    which Incentive Stock Options are exercisable for the first time by an
    individual during any calendar year (under all plans of the Company and all
    Related Companies) exceed $100,000.

3.  PRICE. The purchase price of a share of Stock under each Incentive Stock
    Option shall be determined by the Board, provided, however, that in no event
    shall such price be less than the greater of (a) 100% of the Fair Market
    Value of a share of Stock as of the Option Date (or 110% of such Fair Market
    Value if the holder of the option owns stock possessing more than 10% of the
    combined voting power of all classes of stock of the Company or any
    Subsidiary) or (b) the par value of a share of Stock on such date. The full
    purchase price of each share of Stock purchased upon the exercise of any
    Incentive Stock Option shall be paid in cash at the time of such exercise
    or, with the approval of the Board, in shares of Stock, valued at the Fair
    Market Value per share on the date of exercise. As soon as practicable
    thereafter, a certificate representing the shares so purchased shall be
    delivered to the person entitled thereto.

4.  EXERCISE. Each Option shall become and be exercisable at such time or times
    and during such period or periods, in full or in such installments as may be
    determined by the Board at the Option Date.

5.  OPTION EXPIRATION DATE. The "Expiration Date" with respect to an Incentive
    Stock Option or any portion thereof awarded to a Participant under the Plan
    means the earliest of:

    (a) the date that is 10 years after the date on which the Incentive Stock
       Option is awarded (or, if the Participant owns stock possessing more than
       10% of the combined voting power of all

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       classes of stock of the Company or any Subsidiary, the date that is 5
       years after the date on which the Incentive Stock Option is awarded);

    (b) the date established by the Board at the time of the award;

    (c) the date that is one year after the Participant's employment with the
       Company and all Related Companies is terminated by reason of the
       Participant becoming Disabled or by reason of the Participant's death; or

    (d) the date that is three months after the date the Participant's
       employment with the Company and all Related Companies is terminated for
       any other reason.

    All rights to purchase shares of Stock pursuant to an Incentive Stock Option
shall cease as of such option's Expiration Date.

                        III. NON-QUALIFIED STOCK OPTIONS

1.  DEFINITION. The award of an Non-Qualified Stock Option under the Plan
    entitles the Participant to purchase shares of Stock at a price fixed at the
    time the option is awarded, subject to the following terms of this
    Part III.

2.  ELIGIBILITY. The Board shall designate the Participants to whom
    Non-Qualified Stock Options are to be awarded under the Plan and shall
    determine the number of option shares to be offered to each of them.

3.  PRICE. The purchase price of a share of stock under each Non-Qualified Stock
    Option shall be determined by the Board; provided, however, that in no event
    shall such price be less than the par value of a share of such Stock on such
    date. The full purchase price of each share of Stock purchased upon the
    exercise of any Non-Qualified Stock Option shall be paid in cash at the time
    of such exercise or, with the approval of the Board, in shares of Stock,
    valued at the Fair Market Value per share on the date of exercise. If the
    Company shall have a class of its Common Stock registered pursuant to
    Section 12 of the 1934 Act, an option holder may also make payment at the
    time of exercise of an option by delivering to the Company a properly
    executed exercise notice together with irrevocable instructions to a broker
    approved by the Company that upon such broker's sale of shares with respect
    to which such option is exercised, it is to deliver promptly to the Company
    the amount of sale proceeds necessary to satisfy the option exercise price
    and any required withholding taxes. As soon as practicable thereafter, a
    certificate representing the shares so purchased shall be delivered to the
    person entitled thereto.

4.  EXERCISE. Each Option shall become and be exercisable at such time or times
    and during such period or periods, in full or in such installments as may be
    determined by the Board at the Option Date.

5.  OPTION EXPIRATION DATE. The "Expiration Date" with respect to a
    Non-Qualified Stock Option or any portion thereof awarded to a Participant
    under the Plan means the earliest of:

    (a) the date established by the Board at the time of the award; or

    (b) the date that is one year after the Participant's employment with the
       Company and all Related Companies is terminated by reason of the
       Participant becoming Disabled or by reason of the Participant's death; or

    (c) the date that is three months after the date the Participant's
       employment with the Company and all Related Companies is terminated for
       any other reason, or the date the Participant ceases to serve as a
       consultant or non-employee director of the Company for any reason.

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    All rights to purchase shares of Stock pursuant to a Non-Qualified Stock
Option shall cease as of such option's Expiration Date.

                              IV. RESTRICTED STOCK

1.  DEFINITION. A Restricted Stock award is an offer by the Company to sell to
    an eligible person shares of Stock that are subject to restrictions. The
    Board will determine to whom an offer will be made, the number of shares of
    Stock the person may purchase, the price to be paid, the restrictions to
    which the shares will be subject, and all other terms and conditions of the
    Restricted Stock award, subject to the following.

2.  ELIGIBILITY. The Board shall designate the Participants to whom Restricted
    Stock is to be awarded and the number of shares of Stock that are subject to
    the award. The offer of Restricted Stock will be accepted by the
    Participant's execution and delivery of the Restricted Stock Purchase
    Agreement and full payment for the Shares to the Company within thirty (30)
    days from the date the Restricted Stock Purchase Agreement is delivered to
    the person.

3.  TERMS AND CONDITIONS OF AWARDS. The purchase price of shares sold pursuant
    to a Restricted Stock Award will be determined by the Committee on the date
    the Restricted Stock Award is granted. Restricted Stock Awards shall be
    subject to such restrictions as the Committee may impose. These restrictions
    may be based upon completion of a specified number of years of service with
    the Company or upon completion of performance goals as set out in advance in
    the Participant's individual Restricted Stock Purchase Agreement. Restricted
    Stock Awards may vary from Participant to Participant and between groups of
    Participants. Prior to the grant of a Restricted Stock Award, the Committee
    shall: (a) determine the nature, length and starting date of any Performance
    Period for the Restricted Stock Award; (b) select from among the Performance
    Factors to be used to measure performance goals, if any; and (c) determine
    the number of shares that may be awarded to the Participant. Prior to the
    payment of any Restricted Stock Award, the Committee shall determine the
    extent to which such Restricted Stock Award has been earned. Performance
    Periods may overlap and Participants may participate simultaneously with
    respect to Restricted Stock Awards that are subject to different Performance
    Periods and having different performance goals and other criteria.

4.  TERMINATION DURING PERFORMANCE PERIOD. If a Participant is terminated during
    a Performance Period for any reason, then such Participant will be entitled
    to payment (whether in shares of Stock, cash or otherwise) with respect to
    the Restricted Stock Award only to the extent earned as of the date of
    termination in accordance with the Restricted Stock Purchase Agreement,
    unless the Committee determines otherwise.

5.  STOCK CERTIFICATE LEGEND. Each certificate issued in respect of shares of
    Restricted Stock awarded under the Plan shall be registered in the name of
    the Participant and, at the discretion of the Board, each such certificate
    may be deposited in a bank designated by the Board. Each such certificate
    shall bear the following (or a similar) legend;

       "The transferability of this certificate and the shares of stock
       represented hereby are subject to the terms and conditions (including
       forfeiture) contained in the Carreker Corporation, 1994 Long-Term
       Incentive Plan and an agreement entered into between the registered owner
       and Carreker Corporation A copy of such plan and agreement is on file in
       the office of the Secretary of Carreker Corporation, 4055 Valley View
       Lane, Suite 1000, Dallas, Texas 75244."

    At the end of the Performance Period for Restricted Stock, such Restricted
Stock will be transferred free of all restrictions to a Participant (or his or
her legal representative, beneficiary or heir).<Page>

                                                                    Exhibit 4.2

                CARREKER CORPORATION DIRECTOR STOCK OPTION PLAN

    WHEREAS, on March 30, 1998, Carreker Corporation (the "Company") adopted the
Carreker Corporation Director Stock Option Plan, which was approved by its
shareholders; and

    WHEREAS, the Board of Directors of the Company has determined that it is
advisable and in the best interests of the Company to amend and restate such
plan effective as of July 19, 2001, subject to the approval of the Company's
stockholders, and the plan shall be known as the Carreker Corporation Director
Stock Option Plan (the "Plan").

    NOW, THEREFORE, the terms of the Plan shall be as follows:

SECTION 1. PURPOSE.

    The purpose of this Plan of the Company is to encourage ownership in the
Company by outside directors of the Company whose continued services are
considered essential to the Company's continued progress and thus to provide
them with a further incentive to continue as directors of the Company.

SECTION 2. ADMINISTRATION.

    The Plan shall be administered by the Compensation Committee (the
"COMMITTEE") appointed by the Board of Directors of the Company. Awards of stock
options under the Plan and the amount and nature of the awards to be granted
shall be automatic as described in section 6 hereof. However, all questions or
interpretation of the Plan or of any opinions issued under it shall be
determined by the Committee and such determination shall be final and binding
upon all persons having an interest in the Plan. Any or all powers and
discretion vested in the Committee under the Plan may be exercised by any
subcommittee so authorized by the Committee.

SECTION 3. PARTICIPATION IN THE PLAN.

    All directors of the Company shall be eligible to participate in the Plan
unless they are employees of the Company or any subsidiary of the Company.

SECTION 4. STOCK SUBJECT TO THE PLAN.

    The stock which is made the subject of awards granted under the Plan shall
be the Company's Common Stock ("COMMON STOCK"), par value $.01 per share. The
total number of shares issuable under the Plan shall not exceed 200,000 shares
(subject to adjustment under Section 11). If any outstanding option under the
Plan for any reason expires or is terminated without having been exercised in
full, the shares allocable to the unexercised portion of such option shall again
become available for grant pursuant to the Plan.

SECTION 5. NON-STATUTORY STOCK OPTIONS.

    All options granted under the Plan shall be non-statutory options not
entitled to special tax treatment under Section 422 of the Internal Revenue Code
of 1986.

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SECTION 6. TERMS, CONDITIONS AND FORM OF OPTIONS.

    Each option granted under the Plan shall be evidenced by a written agreement
in such form as the Committee shall from time to time approve (the "OPTION
AGREEMENT"), which agreements shall comply with and be subject to the following
terms and conditions:

    a.  OPTION GRANT DATES. Options shall be granted automatically to each
        director on the first business day of the Board Compensation Year (the
        "date of grant").

        "BOARD COMPENSATION YEAR" shall mean the period from August 1 through
        July 31, commencing August 1, 2001.

    b.  OPTION AWARD. Each director shall be granted an option for shares,
        exercisable at the "Fair Market Value" of the shares as of the date of
        grant. The number of shares covered by the option shall be determined by
        calculating the "Fair Value" of the stock option using the Black-Scholes
        pricing model, taking into account the exercise price and expected term
        of the option, the current price of the stock, its expected volatility,
        the expected dividend yield on the stock, and the risk-free interest
        rate during the expected term of the option. The Fair Value of the
        option award shall be equal to $60,000.

        "FAIR MARKET VALUE" shall mean the last sales price of the Company's
        Common Stock at the close of business on the relevant Grant Date as
        reported on the Nasdaq National Market.

    c.  LIMITED TRANSFERABILITY. Each option granted under the Plan by its terms
       shall not be transferable by the director otherwise than (i) by will or,
       if he dies intestate, by the laws of descent and distribution of the
       state of his domicile at the time of his death, or (ii) to an immediate
       family member or trust, corporation, partnership or other entity
       controlled by the director or an immediate family member or in which the
       director or an immediate family member is a beneficiary, partner,
       shareholder or member. The term "immediate family member" means any
       child, stepchild, grandchild, parent, stepparent, grandparent, spouse,
       sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
       brother-in-law, or sister-in-law, and shall include adoptive
       relationships. The transferee of a director shall not have the right to
       transfer the options transferred to him except by will or, if he dies
       intestate, by the laws of descent and distribution. A transfer to a minor
       shall not be permitted except pursuant to the Uniform Transfers to Minors
       Act or similar legislation. If a director transfers an option he shall
       immediately notify the Committee in writing of the name and address of
       the transferee, the number of options transferred and the date the
       transfer was made. Except as provided above, no option or interest
       therein may be transferred, assigned, pledged or hypothecated by the
       director during his lifetime, whether by operation of law or otherwise,
       or be made subject to execution, attachment or similar process.

    d.  VESTING; TERM OF OPTION. Options shall become vested over the Board
       Compensation Year on a calendar quarter basis, 25% on October 31, 25% on
       January 31, 25% on April 30, and 25% on July 31, provided that the
       director continues to serve as a director on each vesting date. No option
       shall be exercisable after the expiration of ten (10) years from the date
       on which such option is granted. Each option shall be exercisable during
       the entire term of the option; provided, however, that if an optionee
       dies before exercising any vested options, such options shall remain
       exercisable for a period of one (1) year following his date of death.

    e.  EXERCISE OF OPTION. An option granted hereunder may be exercised only by
        delivering a written notice to the Company accompanied by payment of the
        full consideration for such shares as to which such options are
        exercised. Unless otherwise prohibited by the Option Agreement, such
        consideration may be paid by delivery of shares of Common Stock or a
        combination of cash and shares of Common Stock; any such shares shall be
        valued at the fair market value of such shares on the date of exercise.
        Options may be exercised in full or in part for whole shares

<Page>

        (no fractional shares will be issued). The written notice referred to
        above shall specify the number of shares the optionee then desires to
        purchase.

        If any option has not been fully exercised on the last day of the term
        ("expiration date"), and the option exercise price is less than the then
        current Fair Market Value of the option shares, the unexercised portion
        of the Option shall be deemed exercised on such expiration date. In such
        event, shares of Common Stock shall not be issued until the option price
        and any other required amounts have been paid.

    f.  EXERCISE BY REPRESENTATIVE FOLLOWING DEATH OF DIRECTOR. Upon the death
       of a director, his options shall be exercisable by the person or persons
       entitled to do so under his will or by written designation filed with the
       Committee, or, if the director shall fail to make testamentary
       disposition of said options or shall die intestate, by the director's
       legal representative or representatives. All such options must be
       exercised prior to the specified expiration date of such options as
       provided in Section 6(d). Any exercise by a representative shall be
       subject to the provisions of this Plan.

    g.  PRORATION. In the event an optionee ceases to be a director of the
       Company for any reason before the full vesting of any option award, such
       option shall terminate in respect to the nearest whole number of optioned
       shares that are not vested.

SECTION 7. MODIFICATION, EXTENSION AND RENEWAL OF OPTIONS.

    The Committee shall have the power to modify, extend or renew outstanding
options and authorize the grant of new options in substitution therefore,
provided that any such action may not have the effect of altering or impairing
any rights or obligations of any option previously granted without the consent
of the director.

SECTION 8. ASSIGNABILITY.

    The rights and benefits under this Plan shall not be assignable or
transferable by the director excepted as provided herein.

SECTION 9. PLAN TERM.

    The Plan shall remain in effect until July 31, 2011. All options for shares
subject to the Plan shall be granted not later than such date.

SECTION 10. LIMITATION OF RIGHTS.

    a.  NO RIGHT TO CONTINUE AS A DIRECTOR. Neither the Plan, nor the granting
       of an option nor any other action taken pursuant to the Plan shall
       constitute or be evidence of any agreement or understanding, expressed or
       implied, that the Company will retain a director for any period of time,
       or at any particular rate of compensation.

    b.  NO SHAREHOLDERS' RIGHT FOR OPTIONS. An optionee shall have no rights as
       a shareholder with respect to the shares covered by his options until the
       date of the issuance to him of a stock certificate therefore, and no
       adjustment will be made for dividends or other rights for which the
       record date is prior to the date such certificate is issued.

SECTION 11. ADJUSTMENT OF NUMBER OF SHARES.

    In the event that a stock dividend or stock split shall hereafter be
declared with respect to the Company's Common Stock, the number of shares of
Common Stock then subject to any outstanding option under the Plan and the
number of shares reserved for issuance pursuant to the Plan but not yet

<Page>

covered by an outstanding option shall be adjusted by adding to each such shares
the number of shares which would be distributable thereon if such share had been
outstanding on the date fixed for determining the shareholders entitled to
receive such stock dividend or stock split. In the event that the outstanding
shares of Common Stock shall be changed into or exchanged for a different number
or kind of shares of stock or other securities of the Company, whether through
reorganization, recapitalization or reclassification, then there shall be
substituted for each share of Common Stock subject to an outstanding option and
for each share of Common Stock reserved for delivery pursuant to the Plan but
not yet covered by an option, the number and kind of shares of stock or other
securities in to which each outstanding share of Common Stock shall be so
changed or for which each such share shall be so exchanged. In the event there
shall be any change other than as specified above in this Section 11 or in
Section 12 in the outstanding shares of Common Stock or of any stock or other
securities into which such Common Stock shall have been changed or for which it
shall have been exchanged, then the Committee may make such adjustment or
change, if any, as it deems equitable in the number or kind of shares or other
securities then subject to outstanding options. In the case of any such
substitution or adjustment provided for in this Section 11, the option price for
each share covered by outstanding options prior to such substitution or
adjustment will be the option price for all shares of stock or other securities
which shall have been substituted for such share or to which such share shall
have been adjusted pursuant to this Section 11. No adjustment or substitution
provided for in this Section 11 shall require the Company to sell a fractional
share, and any fractional share resulting from any such adjustment or
substitution shall be eliminated from the option in question.

SECTION 12. BUSINESS COMBINATIONS.

    In the event that, while there remain options outstanding hereunder, there
shall occur a dissolution of the Company, a merger or consolidation in which the
Company is not the surviving corporation (for such purpose, the Company shall
not be deemed the surviving corporation in any such transaction if, as a result
thereof, it becomes a wholly owned subsidiary of another corporation) or a
transfer, in one or a series of related transactions, of substantially all of
the assets of the Corporation:

    (a) If a provision is made in writing in connection with such transaction
       for the assumption and continuance of any such option, or the
       substitution for such option of a new substantially equivalent option
       covering different shares or securities, with appropriate adjustment as
       to the number and kinds of shares or other securities deliverable with
       respect thereto, the existing option, or the new option substituted
       therefore, as the case may be, shall continue in the manner and under the
       terms provided; or

    (b) If provision is not made in such transaction for the continuance and
       assumption of any such option or for the substitution of a new
       substantially equivalent option, then the holder of such option shall be
       entitled immediately prior to the effective date of any such transaction
       to purchase the full number of shares covered by such option whether or
       not then exercisable as to such shares. The unexercised portion of any
       option shall be deemed cancelled as of the effective date of such
       transaction.

SECTION 13. EFFECTIVE DATE OF PLAN; SHAREHOLDER APPROVAL.

    The Plan was amended and restated effective July 19, 2001, subject to
approval of the Company's shareholders.

SECTION 14. AMENDMENT OF THE PLAN.

    The Board of Directors may suspend or discontinue the plan or amend it in
any respect whatsoever; provided, however, that without approval of the
shareholders of the Company, no revision or amendment shall increase the number
of shares subject to the Plan (except as provided in
<Page>

Section 11), change the designation of the class of directors eligible to
receive options, or materially increase the benefits accruing to participants
under the Plan.

SECTION 15. NOTICE.

    Any written notice to the Company or the Committee required by any
provisions of the Plan shall be addressed to the Secretary of the Company and
shall become effective when it is received.

SECTION 16. GOVERNING LAW.

    The Plan and all determinations made and actions taken pursuant thereto
shall be governed by the laws of the State of Texas and construed accordingly.

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