Document:

UMB Financial Corporation By Laws - December, 2002

EXHIBIT 4.2

                    UMB FINANCIAL CORPORATION  

                             BY-LAWS  

               (As amended through October 17, 2002)  

ARTICLE I  

Location of Offices  

Section 1. Principal
Office. The principal office of the Corporation shall be located in Kansas City,
Jackson County, Missouri, or at such other place as may be designated from time to time by
the Board of Directors.  

Section 2. Other
Offices. The Corporation may have offices at such other place or places, either
within or without the State of Missouri, as the Board of Directors may from time to time
designate.  

ARTICLE II  

Meetings of Stockholders  

Section 1. Annual
Meeting. The annual meeting of the stockholders shall be held at the principal
office of the Corporation, or at such other place as shall be designated in the notice
thereof, beginning at 11:00 a.m. or such other hour as shall be designated in such notice,
on the Thursday following the third Wednesday in April in each year, or if that be a legal
holiday on the next succeeding day not a legal holiday, for the purpose of electing a
Board of Directors and transacting such other business as may come before the meeting.  

Section 2. Special
Meetings. Special meetings of the stockholders may be called at any time by the
Chairman of the Board, or in the case of the absence or disability of the Chairman of the
Board, by the Vice-Chairman of the Board, or the President, or at any time upon the
written request of a majority of the Board of Directors, or upon the written request of
the holders of not less than one-fifth of the outstanding stock of the Corporation
entitled to vote at such meeting. Each call for a special meeting of the stockholders
shall state the time, the day, the place and the purpose or purposes of such meeting, and
shall be in writing, signed by the persons making the same, and delivered to the
Secretary. No business shall be transacted at a special meeting other than such as is
included in the purposes stated in the call.  

 Section 3. Notice of
Meetings. Written or printed notice of each meeting of the stockholders stating the
hour and day when, and the place where, such meeting is to be held shall be served as
hereinafter provided on each stockholder entitled to vote thereat not less than ten (10)
days or no more than fifty (50) days before such meeting, except that further notice shall
be given of particular matters if required by law. In the case of the annual meetings the
notice shall state that the purposes thereof are the election of a Board of Directors and
the transaction of such other business as may come before the meeting. In the case of a
special meeting such notice shall state the purpose or purposes for which the meeting is
called. Service of such notice shall be made either personally or by depositing the same
in a sealed envelope addressed to the stockholder at his address as it appears upon the
records of the Corporation, and deposited in a United States Post Office, with the postage
thereon prepaid. If such notice is served by mailing the same, it shall be deemed to have
been given at the time when the same shall be thus mailed. If any stockholder shall not
have an address appearing upon the books of the Corporation, such notice may be given by
mailing the same as heretofore provided, addressed to such stockholder at the General Post
Office in Kansas City, Missouri. Service of such notice shall be made by the Secretary,
but in case the Secretary shall refuse or neglect to serve such notice upon each
stockholder as herein provided, then such service may be made by any officer or director
of the Corporation. In addition, such published notice shall be given as required by law.  

Section 4. Waiver of
Notice. Any stockholder may waive notice of any meeting of the stockholders, by a
writing signed by him, or by his duly authorized attorney, either before or after the time
of such meeting. A copy of such waiver shall be entered in the minutes, and shall be
deemed to be the notice required by law or by these By-Laws. Any stockholder present in
person, or represented by proxy, at any meeting of the stockholders shall be deemed to
have thereby waived notice of such meeting except where such attendance is for the express
purpose of objecting to the transaction of any business because the meeting is not
lawfully called or convened.  

Section 5. Actions
Without a Meeting. Any action which is required to be taken, or may
be taken, at a meeting of stockholders may be taken without a meeting if consents in
writing, setting forth the action so taken, shall be signed by all of the stockholders
entitled to vote with respect to the subject matter thereof. Such consents shall have the
same force and effect as a unanimous vote of the stockholders at a meeting duly held, and
may be stated as such in any certificate or document filed under the provisions of Chapter
351 of the Revised Statutes of Missouri, 1959, as amended. The Secretary shall file such
consents in the minute book of the Corporation.  

Section 6. List of
Stockholders. At least ten (10) days before each meeting of stockholders the
Secretary shall cause to be prepared a complete list of the names and addresses of all
stockholders entitled to vote at such meeting, arranged in alphabetical order, with the
number of shares held by each, and such list shall be produced and kept at the registered
Missouri office and shall be subject to inspection by any stockholder during regular
business hours. Such list shall also be produced and kept open at the meeting and shall be
subject to inspection by any stockholder during the meeting.  

Section 7. Quorum. At any
meeting of the stockholders, a majority of the outstanding capital stock entitled to vote
at such meeting, being represented in person or by proxy, shall constitute a quorum for
all purposes, including the election of directors, except where it is otherwise provided
by law.  

Section 8. Organization. The
Chairman of the Board, and in his absence, the Vice-Chairman of the Board or the
President, shall preside at each meeting of the shareholders and shall act as Chairman
thereof. The Secretary shall act as secretary of all meetings of the stockholders.  

Section 9. Voting. At each
meeting of the stockholders, each stockholder shall be entitled to vote in person, or by
proxy made in accordance with the provisions of the By-Laws of the Corporation, held by
some person or persons present at such meeting, upon all matters presented at the meeting.
With the exception of the election of directors, each stockholder shall have one vote for
each share of stock standing in his name on the books of the Corporation on the record
date determined as provided in Section 6 of Article VII of the By-Laws. In the election of
directors each stockholder shall have the right to cast as many votes in the aggregate as
shall equal the number of shares held by him multiplied by the number of directors to be
elected at such election, and said votes may be cast for one director or distributed among
two or more candidates. All questions, except any question the manner of deciding which is
specially regulated by law, shall be determined by a majority of the outstanding shares of
capital stock represented at each meeting. If voting shall be by ballot for the election
of directors or other questions, the Chairman of such meeting of the stockholders may
appoint not less than two (2) persons, who are not directors or candidates for the
election as a director, to act as Inspectors of Election and to receive and canvass the
votes cast at such meeting and certify the results to the Chairman. Each such Inspector,
before entering upon the discharge of his duties, shall take and subscribe the following
oath: “I do solemnly swear, that I will execute the duties of an Inspector of the
election now to be held, with strict impartiality and according to the best of my
ability.” The Inspectors of Election shall take care of the polls and after the
balloting shall make and file a written certificate of the result of the votes cast at the
meeting.  

Section 10. Adjournment. If,
at any meeting of the stockholders, a quorum shall fail to attend at the time and place
for which such meeting was called, or if the business of such meeting shall not be
completed, the stockholders present in person or represented by proxy may, by a majority
vote, adjourn the meeting from day to day, or from time to time, not exceeding ninety (90)
days from such adjournment, without further notice, until a quorum shall attend or the
business thereof shall be completed. Such adjournment and the reasons therefor shall be
recorded in the minutes. At any such adjournment meeting, any business may be transacted
which might have been transacted at the meeting as originally called.  

Section 11. Proxies. Proxies
must either (1) be in writing, signed by the stockholder himself, or by his duly
authorized attorney, or by his legal representative, or (2) be sent by electronic means to
the Company’s transfer agent or other proxy tabulator through a system that is
designed to (i) enable the transfer agent or other proxy tabulator to verify that the
transmission was authorized by the shareholder, and (ii) enable the recipient to retain,
retrieve and reproduce the information sent by the shareholder. Unless specified therein
that it is irrevocable, any proxy may be revoked at the pleasure of the person executing
it (i) by a writing signed by the shareholder, his or her attorney or legal representative
and filed with the transfer agent or other proxy tabulator or (ii) by notice given
electronically to the Company’s transfer agent or proxy tabulator. To be effective
the grant of a proxy or the revocation of a proxy must be manually signed and filed with
or delivered electronically to the Secretary of the Corporation at or before the roll call
of the meeting at which the same is to be used. No proxy shall be valid after the
expiration of eleven (11) months from its date, unless the person executing it shall have
specified therein the length of time for which such proxy is to continue in force. In the
event that such instrument in writing shall designate two or more persons to act as
proxies, a majority of such persons present at the meeting, or, if only one shall be
present, then that one, shall have and may exercise all of the powers conferred by such
written instrument upon all of the persons so designated, unless the instrument shall
otherwise provide.  

ARTICLE III  

Directors  

Section 1. Qualifications. The
corporate powers, business and property of the Corporation shall be exercised, conducted
and controlled by the Board of Directors. It shall not be necessary for a director to be a
stockholder.  

Section 2. Directors
— Number; Classes. Unless the Articles of Incorporation shall
require a different number, the number of directors to constitute the Board of Directors
shall be thirty-one (31). Commencing with the annual meeting of shareholders in 1979, the
Board of Directors shall be divided into three classes, Class I, Class II, and Class III,
as nearly equal in number as possible. At the annual meeting of shareholders in 1979,
directors of the first class (Class I) shall be elected to hold office for a term expiring
at the next succeeding annual meeting of shareholders, directors of the second class
(Class II) shall be elected to hold office for a term expiring at the second succeeding
annual meeting of shareholders, and directors of the third class (Class III) shall be
elected to hold office for a term expiring at the third succeeding annual meeting of
shareholders. At each annual meeting of shareholders, subsequent to the annual meeting of
shareholders in 1979, the successors to the class of directors whose term shall then
expire shall be elected to hold office for a term expiring at the third succeeding annual
meeting. Any increase or decrease in the authorized number of directors shall be
apportioned among the classes so as to make all classes as nearly equal in number as
possible. No decrease in the authorized number of directors shall shorten the term of any
incumbent director. If it shall happen at any time that the election of directors shall
not be held on the day designated by the By-Laws of the Corporation, such election may be
held on any other day at a special meeting of the shareholders called and held for that
purpose.  

Section 3. Election of
Directors; Terms; Removals; Vacancies. If at any meeting of
shareholders, due to a vacancy or vacancies, or otherwise, directors of more than one
class are to be elected, each class of directors to be elected at the meeting shall be
elected in a separate election. Each director shall hold office for the term for which he
is elected in accordance with these By-Laws, and until his successor is elected and
qualified or until his earlier death, resignation or removal. The entire Board or any one
or more directors may be removed with or without cause if (1) at a meeting specially
called for the purpose of removing directors, the holders of at least two-thirds of the
outstanding shares of stock then entitled to vote in elections of directors shall vote for
such removal, and (2) as to any director, the number of shares voted against removal would
not be sufficient to elect him if then cumulatively voted in an election of the entire
Board of Directors, or, if there be classes of directors, at an election of the class of
directors of which he is a part. If the office of any director is vacant by reason of
death, resignation, removal or increase in the number of authorized directors due to
amendment of the By-Laws, a majority of the other directors, though less than a quorum,
may fill the vacancy until a successor shall have been duly elected at a shareholders
meeting, which election shall be not later than the next regularly scheduled annual
meeting of the shareholders. Any successor so elected at a shareholders meeting shall be
elected for a term which shall expire on the same date as the term of his predecessor
would have expired.  

Section 4. Annual
Meeting. The annual meeting of the directors for the purpose of electing officers
and transacting such other business as may come before the meeting shall be held on the
same day as the annual meeting of the stockholders, following the final adjournment of the
annual meeting of stockholders on that day. In the event the annual meeting of
stockholders is continued, recessed or adjourned from day to day, or from time to time,
then in such event the annual meeting of the directors shall be held immediately following
the final adjournment of the annual meeting of stockholders. If for any reason such annual
meeting of the directors is not or cannot be held as herein prescribed, the officers may
be elected at any meeting of the directors thereafter held.  

Section 5. Regular
Meetings Other Than Annual Meetings. Regular meetings
of the directors may be held at such time and place as shall be determined from time to
time by resolution of the Board of Directors. After the time and place of such regular
meeting shall have been so determined, no notice of such regular meeting need be given.  

Section 6. Special
Meetings. Special meetings of the Board of Directors for any purpose or purposes
shall be called by the Secretary of the Corporation at the written request of the Chairman
of the Board, the Vice-Chairman of the Board, the President or at the written request of a
majority of the directors. Such request shall state the purpose or purposes of the
proposed meeting.  

Section 7. Notice of
Meetings. No notice shall be required to be given of any regular meeting of the
Board of Directors. Notice of any change in the place of holding any regular meeting, or
of any adjournment of a regular meeting to reconvene at a different place, shall be given
by mail or telegraph not less than forty-eight (48) hours before such meeting, to all
directors who were absent at the time such action was taken. The Secretary of the
Corporation shall give notice of all special meetings of the directors by delivering to
each director in person not later than the day prior to the meeting, or as to any such
director not so personally notified by mailing to him, a written or printed notice of such
meeting, postage prepaid, or by telegraph or by messenger delivery to each such director,
at his last known address, so that in the ordinary course of the method of delivery it
would reach such director at least on the day prior to the meeting. The business
transacted at all special meetings of directors shall be confined to the subjects stated
in the notice and to matters germane thereto, unless all directors of the Corporation are
present at such meeting and consent to the transaction of other business. Whenever any
notice is required to be given to any director under any provisions of the By-Laws, a
waiver thereof in writing, signed by the person entitled to said notice, whether before or
after the time stated therein, shall be deemed equivalent thereto. Such waiver may be by
telegram, confirmed in writing within five (5) days thereafter.  

Section 8. Actions
Without a Meeting. If all the directors, severally or collectively,
consent in writing to any action to be taken by the directors, such consents shall have
the same force and effect of a unanimous vote of the directors at a meeting duly held, and
may be stated as such in any certificate or document filed under the provisions of Chapter
351 of the Revised Statutes of Missouri, 1959, as amended. The Secretary shall file such
consents in the minute book of the Corporation.  

Section 9. Quorum. A majority
of the Board of Directors of the Corporation, at a meeting duly assembled, shall be
necessary to constitute a quorum for the transaction of business, and the act of a
majority of the directors present at a meeting at which a quorum is present shall be the
act of the Board of Directors, except where otherwise provided by law or by the By-Laws of
the Corporation.  

Section 10. Adjournment. If at
any meeting of the Board of Directors a quorum shall fail to attend, a majority of the
directors present at the time and place appointed for such meeting may adjourn the meeting
from time to time to any date until the next regular meeting, without notice other than
verbal announcement at the meeting and adjournments thereof, until a quorum shall attend.
Likewise, any meeting of directors at which a quorum is present may also be adjourned, in
like manner and on like notice, for such time or upon such call as may be determined by
vote of a majority of the directors there present. At any adjournment of any such meeting
at which a quorum shall be present, any business may be transacted which might have been
transacted at the meeting as originally called.  

Section 11. Organization. The
Chairman of the Board, and in his absence the Vice-Chairman of the Board or the President,
and in the absence of all of them, a Chairman pro tem, chosen by the directors present,
shall preside at each meeting of the directors and shall act as Chairman thereof. The
Secretary or an Assistant Secretary, and in the absence of the Secretary or any Assistant
Secretary, a Secretary pro tem, chosen by the directors present, shall act as Secretary of
all meetings of the directors.  

Section 12. Rules and
Regulations. The Board of Directors shall supervise all officers and agents and see
that their duties are properly performed. The Board of Directors may adopt such rules and
regulations for the conduct of their meetings, the guidance of the officers and the
management of the affairs of the Corporation as they deem proper, not inconsistent with
law or the By-Laws of the Corporation, and may, from time to time, determine the order of
business at their meetings.  

Section 13. Minutes and
Statements. The Board of Directors shall cause to be kept a complete record of
their meetings and acts, and of the proceedings of the stockholders.  

Section 14. Powers of
the Board. In addition to the power and authority conferred upon them by
law, the Board of Directors may exercise all such powers of the Corporation and do all
such lawful acts and things as are not by law prohibited or limited, and which are not
required or directed to be exercised or done by the stockholders.  

Section 15. Compensation
of Directors. The compensation to be paid the directors of this Corporation
for services at all regular or special meetings of the Board of Directors shall be
determined from time to time by the Board of Directors; provided, that no such
compensation shall be paid to any director who shall at the time be receiving a salary
from this Corporation or any of its subsidiaries as an officer thereof.  

ARTICLE IV  

Committees  

Section 1. Executive
Committee. The Board of Directors may, by resolution passed by a majority of the
total number of directors, designate an Executive Committee to consist of the Chairman of
the Board, the President, and such number of other Directors, Advisory Directors and
Executive Officers as they shall determine. The members of the Executive Committee shall
hold their office as such until the membership is changed by the Board of Directors. In
making such new appointments the Board of Directors shall designate the Directors,
Advisory Directors or Executive Officers said appointees are to succeed and the time they
are respectively to serve on said Committee. The Executive Committee shall have and may
exercise all powers of the Board of Directors. A majority of the members of the Executive
Committee shall determine its action and shall fix the time and place of its meetings
unless the Board of Directors shall otherwise provide. When regular meetings have been
established no notice shall be required thereof and any and all business may be transacted
thereat. Notices of special meetings shall be given in the same manner as is provided for
special meetings of the Board of Directors. Unless otherwise indicated in the notice
thereof any and all business may be transacted at a special meeting. A majority of the
Executive Committee shall constitute a quorum. The Executive Committee shall keep regular
minutes of its proceedings and shall report the same at the next succeeding meeting of the
Board of Directors.  

Section 2. Other
Committees. The Board of Directors may, from time to time, designate such other
committees as the Board may deem advisable, and may select or designate the manner of
selecting any such committee, which committee may consist in whole or in part of officers
of this Corporation, whether or not they be directors thereof, or directors of any
subsidiary of this corporation. Each such committee shall have and may exercise such
powers as the Board of Directors shall provide by its resolution.  

Section 3. Compensation
of Committee Members. The Board of Directors shall determine the
compensation to be paid to each member of any committee appointed by it for service on
such committee, provided that no such compensation shall be paid to any committee member
who shall at the time be receiving a salary from the Corporation or any of its
subsidiaries as an officer thereof. ARTICLE V  

Officers  

Section 1. Executive
Officers. The executive officers of the Corporation shall be a Chairman of the
Board, a President, one or more Vice-Chairmen of the Board, one or more Vice Presidents, a
Secretary, a Treasurer and such other executive officers as shall be designated by the
Board of Directors, all of whom shall be chosen by the Board of Directors. The Chairman of
the Board and the President shall be chosen from among the directors; any person may hold
two or more offices, except the offices of Chairman of the Board and Secretary, or
President and Secretary.  

Section 2. Subordinate
Officers. The Board of Directors, the Chairman of the Board, the Vice-Chairman of
the Board, or the President may appoint such subordinate officers and such assistant
officers as the Board of Directors, the Chairman of the Board, the Vice-Chairman of the
Board, or the President may deem necessary or advisable.  

Section 3. Tenure of
Office and Removal. The tenure of office of each of the executive
officers of the Corporation, subject to prior removal, shall be until the close of the
next annual meeting of the stockholders following his election, and until the election of
his successor. Any executive officer may be removed at any time prior to the expiration of
his term by affirmative vote of the majority of the directors. The Board of Directors, the
Chairman of the Board, the Vice-Chairman of the Board, or the President may remove any
subordinate officer or assistant officer at any time. If the office of any officer of the
Corporation becomes vacant by reason of death, resignation, retirement, disqualification
or removal from office, or inability to act, the Board of Directors may, in every such
case, choose a successor for such officer who shall hold office for such term as may be
prescribed by the Board of Directors, but no longer than the unexpired portion of the term
of the officer or agent whose place is vacant, and until his successor shall have been
duly elected and qualified.  

Section 4. Compensation. The
Board of Directors may from time to time in its discretion fix or alter the compensation
of any executive officer and the Board of Directors or the officer who appointed any
subordinate or assistant officer may from time to time in its or his discretion fix or
alter the compensation of any subordinate or assistant officer.  

Section 5. Duties of
the Officers. The Chairman of the Board, the Vice-Chairman of the Board, the
President and the Vice-Presidents shall perform such duties as may from time to time be
directed by the Board of Directors and have such powers as may from time to time be
conferred upon them by the Board of Directors, except to the extent otherwise provided by
law.  

The Secretary shall attend all
meetings of the stockholders of the Corporation, and the Board of Directors and standing
committees. He shall act as the clerk or secretary thereof and shall record all of the
proceedings of such meetings in minute books kept for that purpose. He shall keep in safe
custody the corporate seal of the Corporation and is authorized to affix the same to all
instruments requiring the Corporation’s seal. He shall have charge of the corporate
records and, except to the extent authority may be conferred upon any transfer agent or
registrar duly appointed by the Board of Directors, he shall maintain the
Corporation’s books, registers stock certificate and stock transfer books and stock
ledgers, and such other books, records and papers as the Board of Directors may from time
to time entrust to him. He shall give or cause to be given proper notice of all meetings
of stockholders and directors as required by law and the By-Laws, and shall perform such
other duties as may from time to time be prescribed by the Board of Directors.  

The Treasurer shall have the custody
of the corporate funds and securities of the Corporation and shall keep full and accurate
account of the receipts and disbursements in books belonging to the Corporation, and shall
deposit all moneys and other valuable effects in the name and to the credit of the
Corporation in such depositories as may be designated by the Board of Directors. He shall
disburse the funds of the Corporation in the manner and for the purpose ordered by the
Board of Directors, and shall render to the Board of Directors, whenever they may require
it, an account of all of his transactions as Treasurer and of the financial condition of
the Corporation. And he shall perform such other duties as the Board of Directors may from
time to time prescribe.  

Any subordinate officers and
assistant officers appointed by the Board of Directors, the Chairman of the Board, the
Vice-Chairman of the Board, or the President shall perform such duties as may from time to
time be directed by the Board of Directors or the officer who appointed them and any such
subordinate officer of assistant officer shall have such powers as may from time to time
be conferred upon them by the Board of Directors or the officer who appointed them, except
to the extent otherwise provided by law.  

Section 6. Officers’
Bonds. The Board of Directors may require any officer or officers to furnish the
Corporation a bond in such sum and in form and with security satisfactory to the Board of
Directors for the faithful performance of the duties of their offices and the restoration
to the Corporation in case of death, resignation or removal from office of such officer or
officers, of all books, papers, vouchers, money and other property of whatever kind in
their possession, belonging to the Corporation.  

ARTICLE VI  

Agents and Attorneys  

The Chairman of the Board, the
Vice-Chairman of the Board and the President or any one of them, may appoint such agents,
attorneys and attorneys-in-fact of the Corporation as any one of them may deem proper, and
any one of them may, by written power of attorney, authorize such agents, attorneys, or
attorneys-in-fact, to represent the Corporation and for it and in its name, place and
stead, and for its use and benefit to transact any and all business, to the extent
authorized, which said Corporation is authorized to transact or do by its Articles of
Incorporation, and in its name, place and stead, and as its corporate act and deed, to
sign, acknowledge and execute any and all contracts and instruments, in writing, necessary
or convenient in the transaction of such business as fully to all intents and purposes as
said Corporation might or could do if it acted by and through its regularly elected and
qualified officers.  

ARTICLE VII  

Certificate of Stock
and Transfers  

Section 1. Forms and
Execution of Certificates. Each stockholder of the Corporation whose
stock has been paid for in full shall be entitled to have a certificate or certificates,
certifying the number of shares of stock of the Corporation owned by him. The certificates
of stock shall be in such form as the Board of Directors shall determine. Each certificate
shall be signed by the Chairman or the President, and the Secretary or an Assistant
Secretary, having affixed to it the seal of the Corporation, which seal may be facsimile,
engraved or printed, and express on its face its number, date of issuance, the number of
shares for which and the person to whom it is issued. If the Corporation has a registrar,
a transfer agent or a transfer clerk who actually signs such certificates, the signatures
of any of the officers above mentioned may be facsimile, engraved or printed. In case any
such officer who has signed or whose facsimile signature has been placed upon any such
certificate shall have ceased to be such officer before such certificate is issued, such
certificate may nevertheless be issued by the Corporation with the same effect as if such
officer were an officer at the date of its issue.  

Section 2. Transfer of
Stock. Shares of stock, after certificates thereof have been issued, shall be
transferable only on the stock transfer books of the Corporation which shall be in the
possession of the Secretary or of a transfer agent or clerk for the Corporation. No
transfer shall be valid against the Corporation until the same is so entered upon its
books and the old certificate is surrendered for cancellation.  

Section 3. Old
Certificate to be Canceled. No new certificate shall be issued
for previously issued certificates until the former certificate or certificates for the
shares represented thereby shall have been surrendered to and canceled by the Secretary,
by writing across the face thereof the word “Canceled” with the date of
cancellation; in case any certificate shall be claimed to be lost or destroyed, no new or
duplicate certificate shall be issued for the shares represented thereby and no new
certificate shall be issued upon a transfer of such shares, except pursuant to a judgment
of a court of competent jurisdiction, duly given and made in accordance with the laws of
the State of Missouri, or upon a corporate surety bond or other indemnity in form and
amount satisfactory to the Corporation being furnished to the Corporation.  

Section 4. Treasury
Stock. All issued and outstanding stock of the Corporation that may be purchased or
otherwise required by the Corporation shall be treasury stock, and shall be subject to
disposal by action of the Board of Directors. Such stock shall neither vote nor
participate in dividends while held by the Corporation.  

Section 5. Registered
Stockholders. The Corporation shall be entitled to treat the registered holder of
any share or shares of stock whose name appears on its books as the owner or holder
thereof as the absolute owner of all legal and equitable interest therein for all purposes
and (except as may be otherwise provided by law) shall not be bound to recognize any
equitable or other claim to or interest in such shares of stock on the part of any other
person, regardless of whether or not it shall have actual or implied notice of such claim
or interest.  

Section 6. Closing of Stock Transfer Books — Fixing Record Date. The
Board of Directors shall have power to close the stock transfer books of the Corporation
for a period not exceeding fifty (50) days preceding the date of any meeting of
stockholders, or the date for payment of any dividend, or the date for the allotment of
rights, or the date when any change, conversion or exchange of capital stock shall go into
effect; provided, however, that in lieu of closing the stock transfer books as aforesaid,
the Board of Directors may fix in advance a date, not exceeding fifty (50) days preceding
the date of any meeting of stockholders, or the date for the payment of any dividend, or
the date for the allotment of rights, or the date when any change or conversion or
exchange of capital stock shall go into effect, as a record date for the determination of
the stockholders entitled to notice of, and to vote at, any such meeting, and any
adjournment thereof, or entitled to receive payment of any such dividend, or to any such
allotment of rights, or to exercise the rights in respect of any such change, conversion
or exchange of capital stock, and in such case such stockholders and only such
stockholders as shall be stockholders of record on the date so fixed shall be entitled to
notice of, and to vote at, such meeting, and any adjournment thereof, or to receive
payment of such dividend, or to receive such allotment of rights, or to exercise such
rights, as the case may be, notwithstanding any transfer of any stock on the books of the
Corporation after any such record date fixed as aforesaid. If the Board of Directors shall
not have closed the transfer books or set a record date for the determination of its
stockholders entitled to vote as herein provided, the date on which notice of the meeting
is mailed or the date such dividend is declared or other right announced, as the case may
be, shall be the record date for such determination of stockholders so entitled to
participate.  

ARTICLE VIII  

Seal  

The Corporation shall have a
corporate seal which shall have inscribed around the circumference thereof “UMB
Financial Corporation — Missouri”, and elsewhere thereon shall bear the words
“Corporate Seal”. The corporate seal may be affixed by impression or may be
facsimile, engraved or printed.  

ARTICLE IX  

Miscellaneous
Provisions  

Section 1. Fiscal Year.
The fiscal year of the Corporation shall be as determined from time to time by the Board
of Directors. Absent action by the Board of Directors, the fiscal year of the Corporation
shall begin on the first day of January in each calendar year and shall terminate on the
last day of December of the same calendar year.  

Section 2. Failure or
Refusal to Give Notice Upon Request. If the
Secretary, upon written request by the proper party or parties as permitted and provided
in these By-Laws, shall fail or refuse to give any notice which he is required to give in
accordance with the provisions hereof, the party or parties entitled to require that such
notice be given may sign and issue a notice of the character and in the manner herein
provided and setting forth in such notice the fact of such failure or refusal on the part
of the Secretary to give the notice as requested; and such notice so signed and issued
shall have the same force and effect as though signed and issued by the Secretary of the
Corporation.  

Section 3. Checks,
Drafts, etc. All checks and drafts on the Corporation’s bank accounts
and all bills of exchange and promissory notes, and all acceptances, obligations and other
instruments for the payment of money, shall be signed by such officer or officers or agent
or agents as shall be thereunto duly authorized from time to time by the Board of
Directors; provided, that the Board of Directors may authorize the use of facsimile
signatures of such officers and upon such terms and subject to such conditions as the
Board of Directors may determine.  

Section 4. Indemnification of Directors and Officers.  

     1.    
Any person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding whether civil,
criminal, administrative or investigative (other than an action by or in the
right of the Corporation) by reason of the fact that he is or was a director,
officer or employee of the Corporation, or is or was serving at the request of
the Corporation as a director, officer or employee of another corporation,
partnership, joint venture, trust or other enterprise (which shall be deemed to
include any employee benefit plan of the Corporation or any other corporation)
shall be indemnified against expenses (including attorneys’ fees),
judgments, fines and amounts paid in settlement (which shall include any excise
taxes assessed against a person with respect to an employee benefit plan)
actually and reasonably incurred by him in connection with such action, suit or
proceeding so long as: (a) such indemnification is permissible under applicable
provisions of law and regulations ; and (b) the results of an investigation of
the matter as described in Section 5 includes a finding under the provisions of
Section 5 that he acted in good faith and in a manner he reasonably believed to
be in or not opposed to the best interests of the Corporation or the
participants or beneficiaries of any employee benefit plan, and, with respect to
any criminal action or proceeding, had no reasonable cause to believe his
conduct was unlawful.  

     2.    
Any person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action or suit by or in the right of the
Corporation to procure a judgment in its favor by reason of the fact that he is
or was a director, officer or employee of the Corporation, or is or was serving
at the request of the Corporation as a director, officer or employee of another
corporation, partnership, joint venture, trust or other enterprise (which shall
be deemed to include any employee benefit plan of the Corporation or any other
corporation) shall be indemnified against expenses (including attorneys’
fees) and amounts paid in settlement (which shall include any excise taxes
assessed against a person with respect to an employee benefit plan) actually and
reasonably incurred by him in connection with the defense or settlement of the
action or suit so long as (a) such indemnification is permissible under
applicable provisions of law and regulations; and (b) the results of an
investigation of the matter as described in Section 5 includes a finding under
the provisions of Section 5 that he acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the
Corporation or the participants or beneficiaries of any employee benefit plan;
provided however that no such indemnification shall be made in respect of any
claim, issue or matter as to which such person shall have been adjudged to be
liable for negligence or misconduct in the performance of his or her duty to the
Corporation unless and only to the extent that the court in which the action or
suit was brought determines upon application that, despite the adjudication of
liability and in view of all the circumstances of the case, that the person is
fairly and reasonably entitled to indemnity for such expenses which the court
shall deem proper.  

     3.    
The termination of any action, suit, or proceeding by judgment, order,
settlement, conviction, or upon a plea of nolo contendere or its
equivalent, shall not, of itself, create a presumption that the person did not
act in good faith and in a manner which he reasonably believed to be in or not
opposed to the best interest of the Corporation, and, with respect to any
criminal action or proceeding, had reasonable cause to believe that his conduct
was unlawful.  

     4.    
Any person who has been successful on the merits or otherwise in defense of any
action, suit or proceeding referred to in Sections 1 or 2 above, shall be
indemnified against expenses (including attorneys’ fees) actually and
reasonably incurred by him in connection therewith.  

     5.    
Except as provided in Section 4, indemnification of anyone under Sections 1
or 2, unless ordered by a court, shall be made by the Corporation only as
authorized in each case upon a determination that it is proper because the
director, officer or employee has met the applicable standard of conduct set
forth. Such a determination shall be made by the Board of Directors by a
majority vote of a quorum consisting of directors who were not parties to the
action, suit or proceeding, or if such a quorum is not obtainable, or even if
obtainable, a quorum of disinterested directors so directs, by independent legal
counsel in a written opinion, or by the shareholders.  

     6.    
Notwithstanding anything herein to the contrary, no director, officer or
employee shall be indemnified against any expenses, penalties or other payments
incurred in an administrative proceeding or action instituted by a bank
regulatory agency to the extent that such indemnification would constitute a
“prohibited indemnification payment” (as such term is defined under
applicable provisions of the Federal Deposit Insurance Act and regulations
thereunder, as amended from time to time) except under circumstances
specifically permitted by such Act and regulations, or that would otherwise
constitute an indemnification payment that is prohibited by applicable
provisions of law or regulations.  

     7.    
If authorized by the Board of Directors and if permissible under applicable law
and regulation, the Corporation may advance the costs and expenses incurred in
defending a civil or criminal action, suit or proceeding upon receipt of an
undertaking by or on behalf of the director, officer or employee to repay such
amount if it is ultimately determined that he is not entitled to
indemnification.  

     8.    
The Corporation may purchase and maintain insurance on behalf of any person who
is or was a director, officer or employee of the Corporation or is or was
serving at the request of the Corporation as a director, officer or employee of
another corporation, partnership, joint venture, trust or other enterprise
against any liability for which it may indemnify such people under the terms of
this Article, and against other liabilities to the extent permitted by
applicable law and regulations.  

     9.    
The indemnification provided for directors, officers or employees of the
Corporation shall not be deemed exclusive of any other rights to which those
officers, directors or employees may be entitled under any by-law, agreement,
vote of shareholders or disinterested directors or otherwise, both as to actions
in his or her official capacity and as to actions in another capacity while
holding such office, and shall continue as to any person who has ceased to be a
director, officer or employee of the Corporation and shall inure to the benefit
of his or her heirs, executors and administrators.  

Section 5. Amendments
to By-Laws. The Board of Directors shall have the power to make, alter,
amend or repeal the By-Laws of this Corporation from time to time.UMBFC STOCK OPTION PLAN

EXHIBIT 4.4

                            UMB FINANCIAL CORPORATION

                        2002 INCENTIVE STOCK OPTION PLAN

1. Purpose of Plan 

      

           The purpose of this Plan is to promote the interests of UMB Financial
Corporation (the "Company") and its stockholders by encouraging key employees of
the Company, and its subsidiaries, to invest in common stock of the Company and
thereby acquire a proprietary and an increased personal interest in the Company,
which will provide such employees with an additional incentive to remain in the
employ of the Company and promote its continued success and progress.  

2. Administration 

      
     (a) Committee. The Plan
shall be  administered by the Officers'  Salary and Stock Option  Committee (the
"Committee")  of the Company's  Board of Directors (the "Board"),  or such other
committee  designated by the Board. The Committee shall consist of not less than
three directors, each of whom is a "Disinterested Person" within the meaning set
forth in Rule 16b-3 under the  Securities  Exchange  Act of 1934 (the  "Exchange
Act"). The Committee,  in its discretion,  may delegate its authority and duties
under the Plan to the Chief  Executive  Officer  and/or to other officers of the
Company under such conditions and/or limitations as the Committee may establish;
provided,  however,  that only the  Committee  may select  and grant  options to
persons who are  officers or directors of the Company for purposes of Section 16
of the Exchange Act or otherwise take action with respect to options  granted to
such individuals.

      

     (b) Duties.  Subject to  applicable  law and the terms of the Plan,  and in
addition to such other powers and authority  granted to the Committee  under the
terms of the Plan,  the  Committee  shall have full power and  authority to: (i)
designate  recipients  of options  ("Optionees");  (ii)  determine the number of
shares  to be  covered  by each  option,  the  option  price and the term of the
option;  (iii) determine the terms and conditions,  which need not be identical,
of each  option  and  prepare  or cause to be  prepared  the  respective  option
agreements  incorporating such terms and conditions  evidencing each option (the
"Option  Agreement");  (iv)  determine  whether,  to  what  extent,  under  what
circumstances,  and by what method or methods options may be settled, exercised,
canceled,  forfeited,  or suspended;  (v) interpret and administer the Plan, any
Option  Agreement  and any  instrument  or agreement  relating to, or any option
granted under, the Plan; (vi) establish,  amend, suspend or waive such rules and
regulations and appoint such agents as it shall deem  appropriate for the proper
administration of the Plan; and (vii) make any other  determination and take any
other action that the Committee deems necessary or desirable for  administration
of  the  Plan.   Unless   otherwise   expressly   provided  in  the  Plan,   all
determinations,  designations,  interpretations,  and  other  decisions  of  the
Committee shall be final, conclusive and binding upon all persons, including the
Company,  any Optionee,  any stockholder,  and any employee of the Company or of
any affiliate.  All determinations and selections of the Committee shall be made
by a majority of its members.

3. Stock Available for Options
 

      

     (a) Number Authorized. Subject to adjustment as provided in Paragraph 3(b),
options with respect to one million(1,000,000) shares of common stock, par value
$1.00 per share,  of the Company  ("Shares")  may be granted under this Plan. If
any option  granted  hereunder  shall expire,  terminate or be forfeited for any
reason during the term of the Plan without  having been  exercised in full,  any
Shares not purchased under such option shall become  available for other options
which may be granted under the Plan.  Shares issued upon the exercise of options
may consist,  in whole or in part, of either previously  authorized but unissued
Shares or treasury Shares.

      

     (b)  Adjustments.  In the event of a stock dividend,  stock split,  reverse
stock split, or split-up the Committee shall make appropriate and  proportionate
adjustments  in the aggregate  number and class of Shares which may be delivered
under the Plan,  and in the number,  class and option price of Shares subject to
outstanding  options granted under the Plan,  provided that the number of Shares
subject to any option shall always be a whole  number.  For any other  corporate
transaction  affecting  the  Shares  or any  transaction  or event for which the
Committee  determines  an adjustment  may be  appropriate,  the Committee  shall
determine  whether such transaction or event affects the Shares such that, after
considering Section 424 of the Code, as amended, and the regulations thereunder,
including Treas.  Reg.  Section  1.425-1(e),  as amended,  any adjustment in the
aggregate  number and class of Shares which may be delivered  under the Plan, or
in the number,  class and option price of Shares subject to outstanding  options
granted under the Plan,  would be in the best  interests of the Company.  If the
Committee determines an adjustment  contemplated in the preceding sentence would
be in the best  interests  of the Company and would be  appropriate  in order to
prevent dilution or enlargement of the benefits or potential  benefits  intended
to be made available under the Plan,  then the Committee shall make  adjustments
in the  aggregate  number and class of Shares which may be  delivered  under the
Plan, and in the number, class and option price of Shares subject to outstanding
options  granted  under  the  Plan  as the  Committee,  in its  sole  discretion
determines to be appropriate , provided that the number of Shares subject to any
option shall always be a whole number.  Furthermore, no adjustment shall be made
with respect to options that would cause the Plan to violate  Section 422 of the
Internal Revenue Code of 1986, as amended (the "Code").

4. Eligibility  

      

     Options may be granted only to full-time regular salaried  employees of the
Company or any "subsidiary  corporation" of the Company, as that term is defined
in Section 424 of the Code (a "Subsidiary Corporation"), who serve as an officer
of the Company or a  Subsidiary  Corporation  or as a  department  head (or in a
comparable  capacity) of the Company or any  Subsidiary  Corporation  ("Eligible
Employees").  The Committee  shall  determine  which of such Eligible  Employees
shall receive  options and the number of Shares  subject to each option,  taking
into account the duties of the respective Eligible Employees,  their present and
potential  contributions  to the  success  of the  Company,  the number of years
remaining in which  effective  service may be  anticipated  from them,  and such
other  factors as it may deem  relevant in  connection  with  accomplishing  the
purpose of the Plan.

5. Stock Options  

      

     Options  granted  hereunder  are  intended  to qualify as  Incentive  Stock
Options  within the  meaning of  Section  422 of the Code,  and the terms of any
option granted  hereunder  shall comply in  all-respects  with the provisions of
Section 422 of the Code and any regulations promulgated  thereunder.  Any option
granted under the Plan shall be evidenced by an Option Agreement in such form as
the Committee may from time to time approve. Any such option shall be subject to
the following terms and conditions and to such additional  terms and conditions,
not  inconsistent  with the provisions of the Plan, as the Committee  shall deem
desirable:

      

     (a) Option Price. The purchase price per Share  purchasable under an option
shall be  determined by the  Committee;  provided,  however,  that such purchase
price shall not be less than one hundred percent (100%) of the fair market value
of the Share on the date of grant of the option,  and, provided,  further,  that
such purchase price shall not be less than one hundred and ten percent (110%) of
the fair  market  value of the  Share on the date of grant  with  respect  to an
option granted to an Eligible Employee owning stock that possesses more than ten
percent (10%) of the total combined  voting power of all classes of stock of the
Company,  or any parent  corporation  (as  defined  in  Section  424 of the Code
("Parent  Corporation") ) or any Subsidiary  Corporation (a "10% holder").  Fair
market  value  shall  be the  mean of the  closing  bid and  ask  prices  of the
Company's  Shares on the day the option is granted as reported  on the  National
Association of Securities Dealers, Inc. Automated Quotation System.

      

     (b) Option Term. The term of each option shall be fixed by the Committee in
its sole  discretion;  provided,  however,  that no option shall be  exercisable
after the  expiration of ten years from its date of grant and an option  granted
to a 10% holder shall not be exercisable after the expiration of five years from
the date such option is granted.

      

     (c)  Exercisability.  Options shall be exercisable at such time or times as
determined  by the  Committee;  provided,  that no option  shall be  exercisable
during the period starting on the date of grant and ending on the day before the
second  anniversary  date of the date of  grant.  No  option  may at any time be
exercised  with respect to a fractional  share or with respect to fewer than ten
(10) shares or the remaining shares then subject to the option, if less than ten
(10).

      

     (d) Method of Exercise. Subject to the other provisions of the Plan and any
applicable Option Agreement, any option may be exercised by an Optionee in whole
or in part at such time or  times,  and the  Optionee  may make  payment  of the
option price in such form or forms as the Committee shall determine,  including,
without  limitation,  payment by delivery of cash or Shares having a fair market
value  on  the  exercise  date  equal  to  the  total  option  price,  or by any
combination  of cash or Shares as the  Committee  may specify in the  applicable
Option Agreement.  However,  except as provided in Paragraph 10, no option shall
be exercisable,  in whole or in part,  unless the Optionee is then in the employ
of the Company and/or a Subsidiary  Corporation and shall have continuously been
so employed since the date the option was granted.

      

     (e) Limitations. In accordance with rules and procedures established by the
Committee,  the aggregate fair market value (determined as of the time of grant)
of the Shares with respect to which Incentive Stock Options held by any Optionee
are  exercisable  for the first time by such  Optionee  during any calendar year
under  the Plan and  under  any  other  plans of the  Company  or of any  Parent
Corporation  or  Subsidiary   Corporation  shall  not  exceed  $100,000  or,  if
different, the maximum in effect under Section 422 of the Code, or any successor
provision,  and any regulations promulgated  thereunder.  If, however, the limit
described in the preceding  sentence is exceeded as a result of an  acceleration
of an option's  exercisability as provided for in an Option Agreement on account
of permanent and total disability, death or Qualified Retirement, the Optionee's
otherwise  valid  options will not fail to be valid and  exercisable;  provided,
however,  that to the extent the aggregate  fair market value of the Shares with
respect to which such options are exercisable for the first time by the Optionee
in any calendar year (under all plans of the Company or any Parent or Subsidiary
Corporation)exceeds  $100,000,  or the limit then in effect under Section 422 of
the Code,  the amount in excess of such  limit will be treated as  non-qualified
stock options and the amount at or below such limit will be treated as Incentive
Stock Options.

6. Options Not Assignable  

      

     No option granted pursuant to this Plan shall be assignable or transferable
by  the  Optionee,  otherwise  than  by  will  or by the  laws  of  descent  and
distribution; provided, however, that an Optionee may designate a beneficiary to
exercise the option after the Optionee's death pursuant to a written designation
of beneficiary  filed with and approved by the Committee prior to the Optionee's
death. An option shall be exercisable during the lifetime of an Optionee only by
the  Optionee or by the guardian or legal  representative  of an Optionee who is
permanently  and totally  disabled  (within the meaning of Section 22 (e) (3) of
the Code).

7. Purchase for Investment  

      

     (a) Investment  Representation.  All Optionees meeting the definition of an
"Affiliate"  under Rule 144(a) of the  Securities  Act of 1933,  as amended (the
"Act") as well as any other  Optionee that the Committee may select,  shall,  in
connection  with an option  granted  under the Plan, be required by the terms of
his or her Option  Agreement  to  represent  and agree that all options  granted
pursuant to such Option Agreement and any and all Shares  purchased  pursuant to
the exercise of any such options will be purchased for investment and not with a
view to the distribution or resale thereof.

      

     (b) Effect of Resale.  The sale of any option granted pursuant to this Plan
or sale of any Shares  purchased  pursuant to the exercise of such option by any
Optionee who has given the investment representation required by Paragraph 7(a),
or other person or persons  attempting to sell any such option or shares,  shall
be made in full  compliance  with Rule 144 of the Act and any attempted  sale of
such option or shares  that fails to so comply  shall be deemed null and void by
the Company.  If any Optionee or other person or persons exercising an option on
his/her  behalf,  shall sell or attempt to sell all or any part of the Shares so
purchased pursuant to such option,  within one (1) year from the date of his/her
purchase thereof,  all other options  theretofore  granted to such Optionee,  or
held  by  such  person  or  persons,  and not  yet  exercised,  shall  terminate
immediately upon such sale or attempt to sell. 

8. Employee's Agreement to Serve  

      

     Each employee  receiving an option shall, as one of the terms of his Option
Agreement,  agree that he will  remain in the employ of the  Company  or, at the
election of the  Company  from time to time,  a  Subsidiary  Corporation,  for a
period of at least two (2) years from the date the option is granted to him; and
that he will,  during such employment,  devote his entire time, energy and skill
to the service of the Company or such  Subsidiary  Corporation and the promotion
of its  interests,  subject  to  vacations,  sick leave and leaves of absence in
accordance  with the  practices  and policies of the Company and its  Subsidiary
Corporations.  Such  employment  shall be at the pleasure of the Company or such
Subsidiary Corporation, and shall be at such compensation as the Company or such
Subsidiary Corporation shall determine from time to time. Nothing in the Plan or
in any option granted pursuant thereto shall confer on any Optionee any right to
continue in the employ of the Company or any Subsidiary Corporation or affect in
any way the right of the Company or any  Subsidiary  Corporation to terminate an
Optionee's   employment  at  any  time.  Further,   the  Company  or  Subsidiary
Corporation  may at any time terminate the employment of an Optionee,  free from
any liability or any claim under the Plan, unless otherwise  expressly  provided
in the Plan or in any Option Agreement. 

9. Rights of the Company in the Event of Competing Employment.
 

      

     Each Eligible  Employee  receiving an option shall,  as one of the terms of
his Option  Agreement,  agree that in the event the  employment of such Eligible
Employee with the Company or any Subsidiary  Corporation shall be terminated for
any reason,  and such Eligible Employee within two (2) years thereafter  becomes
employed by any person,  business or entity  engaged in business in  competition
with the business of the Company or any Subsidiary Corporation,  or in any other
manner, either directly or indirectly,  on his or her own account, by or through
any other individual or entity, as an officer, director, employee or stockholder
of a corporation, or as a partner, employee or joint venturer, competes with the
business of the Company or any Subsidiary  Corporation,  at a business  location
which is within a radius of thirty  (30) miles of any  business  location of the
Company or any  Subsidiary  Corporation,  all options then held by such Eligible
Employee shall terminate  immediately and such Eligible Employee will pay to the
Company (or its assigns) within thirty (30) days after demand by the Company, an
amount equal to the excess,  if any, of (a) the fair market value on the date of
exercise of the Shares of Common Stock of the Company acquired upon the exercise
of options  granted  under the Plan which were  exercised at any time within the
two (2) year period preceding the commencement of such competition, over (b) the
purchase price paid for such Shares.  Such amount shall be subject to adjustment
as described in Paragraph 3(b) above.  The Eligible  Employee shall grant to the
Company a right of set-off against any sums due him or her from the Company or a
Subsidiary Corporation for all sums due the Company under this subparagraph.

10. Exercisability of Options Following Termination of Employment  

      

     (a)  General.  In the event that the  employment  of an  Optionee  shall be
terminated due to death,  permanent and total disability  (within the meaning of
Section 22 (e) (3) of the Code) or retirement  after having reached an age of at
least  sixty (60) years and having at least  twenty  (20) years of service as an
employee of the Company or any Subsidiary Corporation,  all options held by such
Optionee  shall  remain  exercisable  for a limited  period of time as indicated
below,  subject to earlier termination of such options as provided in Paragraphs
7  and 9  above.  However,  upon  the  expiration  of  such  limited  period  of
exercisability  or (if earlier)  upon the  expiration  of the option term,  such
option shall terminate and cease to be exercisable.  In the event an Optionee is
no longer  employed by the  Company or a  Subsidiary  Corporation  for any other
reason,  all  options  held by such  Optionee  shall  terminate  and cease to be
exercisable immediately upon the date that the Optionee ceased to be employed by
the Company or any Subsidiary Corporation.  Options granted under the Plan shall
not be  affected  by any change of duties or  position  so long as the  Optionee
continues  to be an  employee of the Company or a  Subsidiary  Corporation.  The
Option  Agreements  may contain such  provisions as the Committee  shall approve
with reference to the effect of approved leaves of absence.

      

     (b)  Disability or Retirement of Optionee.  If an Optionee  terminates  his
employment with the Company or a Subsidiary  Corporation after having reached an
age of at least  sixty  (60)  years and  having at least  twenty  (20)  years of
service as an employee of the Company or any Subsidiary Corporation  ("Qualified
Retirement"),  all options  held by such  Optionee  may be exercised at any time
within the three (3)-month  period  following such Qualified  Retirement (to the
extent the  Optionee  was  entitled to  exercise  the options on the date of the
Optionee's Qualified Retirement;  provided, that an Option Agreement may provide
for the acceleration of exercisability in the event of Qualified Retirement.) If
an Optionee  becomes  permanently  and totally  disabled  (within the meaning of
Section 22(e) (3) of the Code) and ceases by reason thereof to be an employee of
the Company or a Subsidiary  Corporation,  all options held by such Optionee may
be  exercised  at  any  time  within  the  one  (1)-year  period  following  the
termination of such Optionee's  employment by virtue of such permanent and total
disability  (to the extent the  Optionee was entitled to exercise the options on
the date of the termination;  provided, that an Option Agreement may provide for
the  acceleration  of  exercisability  in  the  event  of  permanent  and  total
disability.) Notwithstanding the above, in no event may any option granted under
this Plan be exercised after the expiration of the term for which the option was
granted.

      

     (c) Death of  Optionee.  If an  Optionee  holding  an option  which has not
expired or terminated shall die, then the estate of the decedent,  the person or
persons to whom the Optionee's  rights under the option were transferred by will
or by the laws of descent and distribution, or the beneficiary designated by the
Optionee in a written designation filed with and approved by the Committee prior
to the Optionee's death may, at any time within six (6) months after the date of
such death (whether or not the three (3)month or the one (1)-year period, as the
case may be,  specified in Paragraph 10(b) in the event of Qualified  Retirement
or permanent and total  disability  (within the meaning of Section 22 (e) (3) of
the Code), if applicable, had commenced to run on the date of his or her death),
but in no event  after  the  expiration  of the term for which  the  option  was
granted,  exercise all such options to the extent such  Optionee was entitled to
exercise such options as of the date of the Optionee's death; provided,  that an
Option Agreement may provide for the acceleration of exercisability in the event
of death.  Any such exercise  shall be effected by written notice to the Company
from the person entitled to exercise the option and the person or persons giving
the same shall  furnish to the  Company  such other  documents  or papers as the
Company may reasonably require, including,  without limitation,  evidence of the
authority  of such  person or  persons  to  exercise  the  option  and  evidence
satisfactory  to the Company  that any death taxes  payable with respect to such
shares have been paid or provided for.

11. Amendments and Termination. 

      

     The  Committee may amend,  alter,  suspend,  discontinue,  or terminate the
Plan, but no amendment, alteration, suspension,  discontinuation, or termination
shall be made that would impair the rights of an Optionee without the Optionee's
written  consent,  or that  without the approval of the  Company's  stockholders
would:

      

         (a) except as is provided in Paragraph 3(b) of the Plan,
                  materially increase the total number of Shares available under the Plan;

      

         (b) materially increase benefits accruing under the Plan; or

      

         (c) materially modify the requirements as to eligibility for participation in the Plan.

      

     The Committee may amend the terms of any option theretofore granted and may
also  substitute new options for options  previously  granted under this Plan or
for options granted under any other compensation plan of the Company,  including
without  limitation  previously granted options having higher option prices, but
no such  amendment  or  substitution  shall  impair the  rights of any  Optionee
without the Optionee's written consent.

      

     The Committee may correct any defect,  supply any omission or reconcile any
inconsistency in the Plan or any Option in the manner and to the extent it shall
deem  desirable to carry it into effect.  In the event the Company  shall assume
outstanding  options or the right or obligation to make future awards of options
in connection  with the acquisition of another  corporation or business  entity,
the Committee  may, in its  discretion,  make such  adjustments  in the terms of
options under the Plan as it shall deem appropriate.

12. General Provisions 

      

     (a)  Delivery  of Shares.  No Shares  shall be  delivered  pursuant  to the
exercise  of any  option,  in whole or in part,  until (i) there shall have been
such  compliance as the Company may deem  necessary or advisable with respect to
any and all  federal  and state  laws,  rules and  regulations  relating  to the
authorization, issuance, registration,  qualification, or sale of securities and
(ii)  payment in full of the option  price  thereof is  received  by the Company
either in cash or, as specified in the related Option Agreement,  in Shares or a
combination of cash and Shares of the Company.

      

     (b) Stockholder  Rights.  An Optionee shall not have any of the rights of a
stockholder  with  respect to the Shares  covered by an option until such Shares
have been  transferred  to him on the books and records of the Company  upon the
exercise of the option.

      

     (c) Rights to Awards.  No employee or other  person shall have any right to
be granted any option under the Plan,  and there is no obligation for uniformity
of treatment of employees  (including Eligible  Employees),  Optionee's or their
beneficiaries under the Plan.

      

     (d) No Cash Consideration for Options. Options shall be granted for no cash
consideration.

      

     (e)  Restrictions.  All  certificates  for Shares  delivered under the Plan
pursuant to any option shall be subject to such stock-transfer  orders and other
restrictions as the Committee may deem advisable  under the rules,  regulations,
and other requirements of the Securities and Exchange  Commission,  the National
Association of Securities Dealers,  Inc. with respect to its Automated Quotation
System,  any stock  exchange  upon  which the Shares  are then  listed,  and any
applicable Federal or state securities law, and the Committee may cause a legend
or legends to be placed on any such  certificates to make appropriate  reference
to such restrictions.

      

     (f) Governing Law. The validity,  construction,  and effect of the Plan and
any rules and regulations relating to the Plan shall be determined in accordance
with the laws of the State of Missouri and applicable Federal law.

      

     (g) Severability. If any provision of this Plan or any Option is or becomes
or is deemed to be invalid, illegal or unenforceable in any jurisdiction,  or as
to any Optionee or option,  or would disqualify the Plan or any option under any
law deemed  applicable by the Committee,  such  provision  shall be construed or
deemed  amended to conform to  applicable  laws, or if it cannot be construed or
deemed  amended  without,  in the  determination  of the  Committee,  materially
altering  the intent of the Plan or the  option,  it shall be  stricken  and the
remainder of the Plan and any such option shall remain in full force and effect.

      

     h) No Right to Employment. The grant of an option shall not be construed as
giving an  Optionee  the right to be  retained in the employ of the Company or a
Subsidiary Corporation.  Further, the Company or a Subsidiary Corporation may at
any time  terminate the employment of an Optionee,  free from any liability,  or
any claim under the Plan, unless otherwise  expressly provided in the Plan or in
any Option Agreement.

      

     i) Withholding  Taxes.  In the event that an option becomes  taxable at the
time of exercise or at any other time,  the Company's  obligation to deliver the
Shares  upon the  exercise  of the option  shall be  subject  to the  Optionee's
satisfaction  of  all  applicable  federal,  state  and  local  tax  withholding
requirements,  if any, as well as the  withholding  requirements  of any foreign
jurisdictions  arising out of the exercise of the option.  In that  regard,  the
Optionee  shall  pay the  amount of taxes,  if any,  required  by the law of the
United States or any applicable foreign  jurisdiction to be withheld as a result
of  the  exercise  of  the  option,  as  determined  by  the  Committee:  (a) by
withholding  from the amount of Shares due upon  exercise of the option;  (b) by
allowing  the  Optionee  to deliver to the Company  Shares  having a fair market
value on the date of payment  equal to the amount of such  required  withholding
taxes;  or (c) by making  payment to the Company in the manner  specified by the
Company,  including,  but not limited to, a deduction  from any  payments of any
kind otherwise due to the Optionee from the Company.

13. Effective Date and Term of Plan 

      

     This Plan shall be  effective  as of April 18, 2002  subject to approval of
the  Plan  by  the  Company's   shareholders  at  the  2002  Annual  Meeting  of
Shareholders  of the Company.  No option shall be granted  pursuant to this Plan
after April l7, 2012.

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