Document:

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                                                                    EXHIBIT 10.9

       Amendment to Seitel, Inc. Non-Employee Directors' Stock Option Plan
                           Effective December 31, 1996

Section 9(c) of the Plan is hereby deleted and replaced with the following:

(c) Limited Transferability. The Options granted hereunder may be transferred by
a Participant to (1) the spouse, children or grandchildren of the Participant
("Immediate Family Members"), (2) a trust or trusts for the exclusive benefit of
such Immediate Family Members, (3) a partnership in which such Immediate Family
Members are the only partners, or (4) such other person or persons as may be
approved by the Board of Directors in their sole discretion, provided that
subsequent transfers of transferred Options shall be prohibited except those by
will or in accordance with the laws of descent and distribution. Following
transfer, any such Options shall continue to be subject to the same terms and
conditions as were applicable immediately prior to transfer, provided that for
purposes of this Plan the transferee shall be treated as optionee. However, the
events of termination of employment described in this Plan, as well as other
similar conditions relating to exercisability, termination, expiration, and
vesting shall continue to be applied with respect to the original optionee, and
following discontinuance of employment of such original optionee or such other
event, the Options shall be exercisable by the transferee only to the extent,
and for the periods specified pursuant to the terms of this Plan.<PAGE>

                                                                   EXHIBIT 10.10

                                  SEITEL, INC.
                             NON-EMPLOYEE DIRECTORS'
                           DEFERRED COMPENSATION PLAN

1.   Purpose. The purpose of the Non-Employee Directors' Deferred Compensation
     Plan (the "Plan") of Seitel, Inc., a Delaware corporation (the "Company"),
     is to attract and retain highly qualified persons to serve as non-employee
     Directors of the Company by providing such Directors with greater
     flexibility in the form and timing of receipt of fees for services on the
     Board of Directors, and an opportunity to obtain a greater proprietary
     interest in the Company's success and progress through receipt of fees in
     the form of options and deferral of fees in the form of Deferred Shares,
     thereby aligning such Directors' interests more closely with the interests
     of shareholders of the Company.

2.   Definitions. In addition to terms defined elsewhere in the Plan, the
     following are defined terms under the Plan:

          (a) "Account" means the account established under Sections 8 and 9 for
     Participants, which may include, as subaccounts, a Cash Account and
     Deferred Share Account. Such Accounts, and deferred cash and Deferred
     Shares credited thereto, are maintained solely as bookkeeping entries by
     the Company evidencing unfunded obligations of the Company.

          (b) "Agreement" means a written agreement between the Company and a
     Participant setting forth the terms of an Option.

          (c) "Board" means the Board of Directors of the Company.

          (d) "Deferred Share" means a credit to a Participant's Deferred Share
     Account under Section 9 which represents the right to receive one Share
     upon settlement of the Account.

          (e) "Director Fees" means annual director fees payable to a Director
     in his or her capacity as such for service on the Board.

          (f) "Exchange Act" means the Securities Exchange Act of 1934, as
     amended. References to any provision of the Exchange Act include rules
     thereunder and successor provisions and rules thereto.

          (g) "Fair Market Value" of a Share means, as of any given date, the
     closing sales price of a Share reported in the table entitled "New York
     Stock Exchange Composite Transactions" contained in The Wall Street Journal
     (or an equivalent successor table) for such date or, if no such closing
     sales price was reported for such date, for the most recent trading day
     prior to such date for which a closing sales price was reported.

          (h) "Option" means the right, granted to a Participant under Section 7
     in payment of Director Fees, to purchase a specified number of Shares at
     the specified exercise price for a specified period of time under the Plan.
     All Options will be non-qualified stock options.

          (i) "Option Value" means the value of an Option as of a given date
     determined in accordance with the Black-Scholes option valuation model or
     such other recognized option valuation model used by the Company in
     preparing footnotes to the Company's financial statements. For this
     purpose, the applicable option valuation model shall be based on
     assumptions consistent with those then used in preparing footnotes to the
     Company's financial statements in conformity with Statement of Financial
     Accounting Standards No. 123.

          (j) "Participant" means a person who has been granted an Option in
     payment of Director Fees which remains outstanding, who has amounts of
     deferred cash or Deferred Shares credited to his or her Account, or who has
     elected to be granted Options in payment of Director Fees or to defer
     payment of Director Fees in the form of deferred cash or Deferred Shares
     under the Plan.

                                 Page 19 of 200

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          (k) "Plan Year" means, with respect to a Participant, the period
     commencing at the time of election of the Director at an annual meeting of
     shareholders (or the election of a class of Directors if the Company then
     has a classified Board of Directors), or the Director's initial appointment
     to the Board if not at an annual meeting of shareholders, and continuing
     until the next annual meeting of shareholders.

          (l) "Rule 16b-3" means Rule 16b-3, as from time to time in effect and
     applicable to the Plan and Participants, promulgated by the Securities and
     Exchange Commission under Section 16 of the Exchange Act.

          (m) "Share" means a share of Common Stock, $.01 par value, of the
     Company and such other securities as may be substituted for such Share or
     such other securities pursuant to Section 11.

          (n) "Valuation Date" means the last business day of a Plan Year and
     the last business day preceding a date on which a distribution is made in
     settlement of a Participant's Account.

3.   Shares Available Under the Plan. The total number of Shares reserved and
     available for issuance under the Plan is 30,000, subject to adjustment as
     provided in Section 11. Such Shares may be authorized but unissued Shares,
     treasury Shares, or Shares acquired in the market for the account of the
     Participant. For purposes of the Plan, Shares that may be purchased upon
     exercise of an Option or distributed in settlement of Deferred Shares will
     not be considered to be available after such Option has been granted or
     Deferred Share credited, except for purposes of issuance in connection with
     such Option or Deferred Share; provided, however, that if an Option expires
     for any reason without having been exercised in full, the Shares subject to
     the unexercised portion of such Option will again be available for issuance
     under the Plan.

4.   Administration of the Plan. The Plan will be administered by the Board;
     provided, however, that any action by the Board relating to the Plan will
     be taken only if, in addition to any other required vote, such action is
     approved by the affirmative vote of a majority of the Directors who are not
     then eligible to participate in the Plan. Subject to the direction of the
     Board, bookkeeping and other ministerial functions under the Plan shall be
     performed by the Secretary and the Chief Accounting Officer of the Company.

5.   Eligibility. Each non-employee Director of the Company who is paid Director
     Fees for service on the Board may participate in the Plan. No person other
     than those specified in this Section 5 will be eligible to participate in
     the Plan.

6.   Elections Relating to Participation. Each Director of the Company who is
     eligible under Section 5 may elect, in accordance with this Section 6, to
     be paid Director Fees in the form of Options under Section 7 or to defer
     receipt of Director Fees in the form of deferred cash under Section 8 or in
     the form of Deferred Shares under Section 9.

          (a) Time of Filing of Elections; Irrevocability. A Director shall
     elect to participate and the terms of such participation by filing an
     election with the Secretary of the Company prior to the beginning of a Plan
     Year (which generally will begin at each annual meeting of the
     shareholders) or at such earlier time as may be specified by the Secretary
     in order to ensure compliance with Rule 16b-3. Elections shall be deemed
     continuing, and therefore applicable to Plan Years after the initial Plan
     Year, until the election is modified or revoked by the Participant.
     Elections other than those subject to Section 6(d) shall become irrevocable
     at the commencement of the Plan Year to which an election relates, unless
     the Secretary specifies an earlier time at which elections shall become
     irrevocable in order to ensure compliance with Rule 16b-3. Elections
     relating to the time of settlement of a Cash Account or Deferred Share
     Account shall become irrevocable at the time specified in Section 6(d).
     Elections may be modified or revoked by filing a new election prior to the
     time the election to be modified or revoked has become irrevocable. The
     latest election filed with the Secretary shall be deemed to revoke all

                                 Page 20 of 200

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     prior inconsistent elections that remain revocable at the time of filing of
     the latest election. The Secretary will notify eligible Directors of any
     date prior to the commencement of a Plan Year by which Directors must make
     elections or upon which elections will become irrevocable in order to
     ensure compliance with Rule 16b-3.

          (b) Matters to be Elected. A Director's election must specify the
     following:

               (i) With respect to Director Fees, the percentage to be paid in
          the form of Options under Section 7, the percentage to be deferred and
          credited to the Participant's Cash Account under Section 8, and the
          percentage to be deferred and credited to the Participant's Deferred
          Share Account under Section 9. The sum of such percentages must not
          exceed 100%; if such sum is less than 100%, the balance of Director
          Fees will be paid in accordance with the Company's regular
          non-employee Director compensation policies.

               (ii) In the case of a deferral under Section 8 or 9, the period
          or periods during which settlement of the Participant's Cash Account
          or Deferred Share Account will be deferred, subject to Section 6(d),
          and whether distribution will be in a lump sum or in annual
          installments; provided, however, that not more than ten installments
          may be elected, and any installment distributions must commence no
          later than the first business day of the year following the year in
          which the Participant ceases to serve as a Director. An election as to
          the period or periods in which such settlement will be deferred may
          relate to a given Plan Account or Deferred Share Account in respect of
          such Plan Year and to any additional amounts credited as interest or
          dividend equivalents in respect of such originally credited amounts
          and previously credited amounts.

          (c) Form of Election. Elections under the Plan shall be made in
     writing on such form or forms as may be specified from time to time by the
     Secretary.

          (d) Modifying the Time of Settlement. A Participant may modify an
     election as to the time at which a Participant's Cash Account will be
     settled under Section 8 or Deferred Share Account will be settled under
     Section 9 at any time prior to the earlier of (i) the calendar year in
     which a lump sum settlement will occur or the first installment will
     commence or (ii) the time the Participant ceases to serve as a Director of
     the Company, except that such modification may only extend the date of
     settlement to a date later than the previously elected settlement date.
     Such modification shall be made by filing a new election with the
     Secretary. The foregoing notwithstanding, the Secretary may disapprove or
     limit elections under this Section 6(d) in order to ensure that the
     Participant will not be deemed to have constructively received compensation
     in respect of the Participant's Account prior to settlement.

          (e) Delayed Effectiveness of Elections in Order to Comply with Rule
     16b-3. Other provisions of this Section 6 notwithstanding, if any payment
     of Director Fees in the form of Options under Section 7 or deferral of
     receipt of Director Fees in the form of Deferred Shares under Section 9
     would occur (i) less than six months after the Participant's election which
     would result in such payment or deferral became irrevocable, (ii) at a time
     when the Company's employee benefit plans are being operated in conformity
     with Rule 16b-3 as in effect on and after May 1, 1991, and (iii) at a time
     that Rule 16b-3 imposes a requirement with participant-director
     transactions occur at least six months after the participant's making of an
     irrevocable election in order for such transactions to be exempt from
     Section 16(b) liability, then any Director Fees otherwise payable within
     six months after such election became irrevocable shall instead accrue and
     be payable at the date that is six months and one day after such election
     became irrevocable.

          (f) No Reallocation of Accounts. Amounts credited as cash to a
     Participant's Cash Account may not be reallocated or switched to the
     Participant's Deferred Share Account, and amounts credited to the
     Participant's Deferred Share Account may not be reallocated or switched to
     the Participant's Cash Account.

          (g) Cessation of Service as a Director. If any Director Fees otherwise
     subject to an election would be paid to a Participant after he or she has
     ceased to serve as a Director, such payment shall not be subject to such
     election, but shall instead be paid in accordance with the Company's
     regular non-employee Director compensation policies.

                                 Page 21 of 200

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7.   Options Granted in Payment of Director Fees. A Participant who has elected
     to be paid a specified amount of Director Fees in the form of Options shall
     be granted, at the close of business on the day the Participant's Plan Year
     commences (usually the day of the Company's annual meeting of
     shareholders), an Option to purchase the number of whole Shares determined
     by dividing the specified amount of Director Fees (as then in effect) that
     would be payable for the full Plan Year by the Option Value as of that
     date. The Fair Market Value of any fractional share resulting from the
     foregoing calculation will be paid in cash to the Participant.

          (a) Exercise Price. The exercise price per Share purchasable under an
     Option will be equal to 100% of the Fair Market Value of a Share on the
     date of grant of the Option.

          (b) Option Term. Each Option will expire ten years after the date of
     grant; provided, however, that any portion of an Option that is not yet
     exercisable at the date a Participant ceases to serve as a Director will
     expire at the date such service ceases.

          (c) Exercisability. Each Option will become exercisable as to 25% of
     the underlying shares on the last day of each calendar quarter following
     the date of grant; provided, however, that any Option that is not fully
     exercisable at the close of business on the last day of the Plan Year in
     which it was granted shall become fully exercisable on such date.

          (d) Method of Exercise. Each Option may be exercised, in whole or in
     part, at such time as it has become exercisable and prior to its expiration
     by giving written notice of exercise to the Secretary specifying the Option
     to be exercised and the number of shares to be purchased, and accompanied
     by payment in full of the exercise price in cash (including by check) or by
     surrender of Shares (other than Shares acquired from the Company by
     exercise of an option less than six months before the date of surrender)
     having a Fair Market Value at the time of exercise equal to the exercise
     price, or a combination of a cash payment and surrender of such Shares.

          (e) Changes in Fees. If the amount of Director Fees is increased
     during a Plan Year, the increase in such fees may not be paid in the form
     of Options.

8.   Deferral of Director Fees in the Form of Deferred Cash. If a Participant
     has elected to defer receipt of a specified amount of Director Fees in the
     form of deferred cash, an amount equal to such specified amount shall be
     credited to the Participant's Cash Account as of the date such Director
     Fees otherwise would have been payable to the Participant but for such
     election to defer. As of the close of business on each Valuation Date,
     interest shall be credited to such Cash Account in an amount equal to the
     average daily balance in such Cash Account since the last Valuation Date
     multiplied by the prime interest rate as published in The Wall Street
     Journal and effective on the date of the last preceding annual meeting of
     shareholders of the Company.

9.   Deferral of Director Fees in the Form of Deferred Shares. If a Participant
     has elected to defer receipt of a specified amount of Director Fees in the
     form of Deferred Shares, a number of Deferred Shares shall be credited to
     the Participant's Deferred Share Account, at the close of business on the
     day the Participant's Plan Year commences, equal to the number of Shares
     having an aggregate Fair Market Value on such date equal to such specified
     amount. Such credit of Deferred Shares to the Participant's Deferred Share
     Account will initially be unvested and subject to forfeiture, and shall
     vest and become nonforfeitable as to 25% of such number of Deferred Shares
     on the last day of each calendar quarter following the date of such credit,
     except if all such shares have not become fully vested but the Director has
     served through the end of the applicable Plan Year, the full number of such
     Deferred Shares will become fully vested and nonforfeitable. Any Deferred
     Shares credited to a Participant's Deferred Share Account that are unvested
     at the time a Director ceases to serve as such will be forfeited at that
     time, regardless of the reason for the Director's termination. The amount
     of Deferred Shares credited to a Participant's Deferred Share Account shall
     include fractional Shares calculated to at least three decimal places.

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          (a) Crediting of Dividend Equivalents - Cash and Non-Share Dividends.
     If the Company declares and pays a dividend in the form of cash or property
     other than Shares in respect of Shares, then a number of additional
     Deferred Shares shall be credited to the Deferred Share Account as of the
     payment date for such dividend equal to (i) the number of Deferred Shares
     credited to such Account as of the record date for such dividend,
     multiplied by (ii) the amount of cash plus the Fair Market Value of any
     property other than Shares actually paid as a dividend on each Share at
     such payment date, divided by (iii) the Fair Market Value of a Share at
     such payment date.

          (b) Crediting of Dividend Equivalents - Share Dividends and Splits. If
     the Company declares and pays a dividend in the form of additional Shares
     payable in respect of Shares, or there occurs a forward stock split of
     Shares, then a number of additional Deferred Shares shall be credited to
     the Participant's Deferred Share Account as of the payment date for such
     dividend or forward stock split equal to (i) the number of Deferred Shares
     credited to such Account as of the record date for such dividend or split
     multiplied by (ii) the number of additional Shares actually paid as a
     dividend or issued in such split in respect of each Share.

10.  Settlement of Accounts. The Company will settle a Participant's Account by
     making one or more distributions to the Participant (or his or her
     designated beneficiary, upon the Participant's death) at the time or times,
     in a lump sum or installments, as specified in the Participant's election
     filed in accordance with Section 6; provided, however, that Accounts will
     be settled at times earlier than those specified in such election in
     accordance with Sections 10(b), 10(c), and 11.

          (a) Form of Distribution. Distributions in respect of a Participant's
     Cash Account shall be made only in cash. Distributions in respect of a
     Participant's Deferred Share Account shall be made only in Shares, together
     with cash in lieu of any fractional Share remaining at a time that less
     than one whole Deferred Share is credited to such Deferred Share Account.
     Shares may be delivered in certificate form to a Participant (or his or her
     designated beneficiary) or to a nominee for the account of the Participant
     (or his or her designated beneficiary), or in such other manner as the
     Secretary may determine.

          (b) Termination of Service as a Director; Death.

               (i) Cessation of Service Other than Due to Death. If a
          Participant ceases to serve as a Director due to any reason other than
          death, the Company shall make distributions in respect of the
          Participant's Account to such Participant in a lump sum or
          installments, as previously elected by the Participant, except that
          installment payments shall commence not later than the first business
          day of the year following the year in which the Participant ceases to
          serve as a Director.

               (ii) Death. If a Participant ceases to serve as a Director due to
          death or dies prior to distribution of all amounts from his or her
          Account, the Company shall make a single lump sum distribution to the
          beneficiary designated by such Participant in his or her most recent
          beneficiary designation form filed with the Secretary. If there is no
          beneficiary designation on file with the Secretary at the time of the
          Participant's death or no surviving designated beneficiary, such
          distributions shall be made to the executor or administrator of the
          Director's estate. Any such distribution shall be made as soon as
          practicable following notification to the Company of the Participant's
          death.

          (c) Financial Hardship. Other provisions notwithstanding, at the
     written request of a Participant or his or her legal representative, the
     Board, in its sole discretion, upon a finding that continued deferral will
     result in financial hardship to the Participant, may authorize (i) the
     distribution of all or a part of a Participant's Account in a single
     installment or (ii) the acceleration of payment of any multiple
     installments thereof.

11.  Adjustment Provisions. In the event any recapitalization, reorganization,
     merger, consolidation, spin-off, combination, repurchase, exchange of
     Shares or other securities of the Company, stock split or reverse split,

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     extraordinary dividend (whether in the form of cash, Shares, or other
     property), liquidation, dissolution, or other similar corporate transaction
     or event affects the Shares such that an adjustment is appropriate in order
     to prevent dilution or enlargement of a Participant's rights under the
     Plan, then an adjustment shall be made, in a manner that is proportionate
     to the change to the Shares and otherwise equitable, in (i) the number and
     kind of Shares remaining reserved and available for issuance under Section
     3, (ii) the number and kind of Shares issuable upon exercise of outstanding
     Options, and the exercise price per Share thereof (provided that no
     fractional Shares will be issued upon exercise of any Option), and (iii)
     the number and kind of Shares to be issued upon settlement of Deferred
     Shares under Section 9. Upon the effective date of the dissolution or
     liquidation of the Company, or of a reorganization, merger, or
     consolidation of the Company with one or more other corporations in which
     the Company is not the surviving corporation, or of the transfer of
     substantially all of the assets or shares of the Company to another
     corporation, the Plan shall terminate and all distributions shall be
     completed five business days before the scheduled completion of such
     corporate event unless provision is made in writing in connection with such
     corporate event for the continuance of the Plan and for the assumption of
     Accounts maintained under the Plan immediately prior to the effectiveness
     of such corporate event.

12.  Changes to the Plan. The Board may amend, alter, suspend, discontinue, or
     terminate the Plan without the consent of shareholders or Participants,
     except that any amendment or alteration will be subject to the approval of
     the Company's shareholders at or before the next annual meeting of
     shareholders for which the record date is after the date of such Board
     action if such shareholder approval is required by any federal or state law
     or regulation or the rules of any stock exchange or automated quotation
     system as then in effect, and the Board may otherwise determine to submit
     other such amendments or alterations to shareholders for approval;
     provided, however, that, without the consent of an affected Participant, no
     such action may materially impair the rights of such Participant with
     respect to any previously granted Option or any previous payment of fees in
     the form of deferred cash or Deferred Shares; and, provided further, that
     any provisions of this Plan relating to the amount, price, and timing of
     awards under this Plan shall not be amended more than once every six
     months, other than to comport with changes in the Internal Revenue Code,
     the Employee Retirement Income Security Act, or the rules thereunder, if
     such amendment would not comply with the requirements of Rule 16b-3.

13.  General Provisions.

          (a) Agreements; Account Statements. Options, Deferred Shares, and
     other rights or obligations under the Plan may be evidenced by Agreements
     or other documents executed by the Company and the Participant
     incorporating the terms and conditions set forth in the Plan, together with
     such other terms and conditions not inconsistent with the Plan, as the
     Secretary may from time to time approve. The Secretary shall provide each
     Participant, not less frequently than once per Plan Year, with an account
     statement reflecting Account balances under the Plan, Account transactions
     during the period covered by the statement, and such other information as
     the Secretary may deem relevant.

          (b) Compliance with Laws and Obligations. The Company will not be
     obligated to issue or deliver Shares in connection with any Option or in
     settlement of Deferred Shares in a transaction subject to the registration
     requirements of the Securities Act of 1933, as amended, or any other
     federal or state securities law, any requirement under any listing
     agreement between the Company and any stock exchange or automated quotation
     system, or any other law, regulation, or contractual obligation of the
     Company, until the Company is satisfied that such laws, regulations, and
     other obligations of the Company have been complied with in full.
     Certificates representing Shares issued under the Plan will be subject to
     such stop-transfer orders and other restrictions as may be applicable under
     such laws, regulations, and other obligations of the Company, including any
     requirement that a legend or legends be placed thereon.

          (c) Limitations on Transferability. Options, Deferred Shares, and any
     other rights under the Plan will not be transferable by a Participant
     except by will or the laws of descent and distribution, or to a designated
     beneficiary in the event of a Participant's death, and Options will be
     exercisable during the lifetime of the Participant only by such Participant
     or his or her guardian or legal representative; provided, however, that
     Options, Deferred Shares, and related rights may be transferred to one or
     more transferees during the lifetime of the Participant, but only if and to
     the extent then permissible without loss of the exemption under Rule 16b-3

                                 Page 24 of 200

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     and consistent with the registration of the offer and sale of Shares
     related thereto on Form S-8, Form S-3, or such other registration form of
     the Securities and Exchange Commission as may then be filed and effective
     with respect to the Plan. The Company may rely upon the beneficiary
     designation last filed in accordance with this Section 13(c).

          (d) Nonforfeitability. The interest of each Participant in deferred
     cash or vested Deferred Shares credited to his or her Account at all times
     will be nonforfeitable.

          (e) Compliance with Rule 16b-3. It is the intent of the Company that
     this Plan comply in all respects with applicable provisions of Rule 16b-3
     in connection with any grant of Options or deferral in the form of Deferred
     Shares. Accordingly, if any provision of this Plan or an Agreement does not
     comply with the requirements of Rule 16b-3 as then applicable to any such
     transaction, or would preclude a Director of the Company from being deemed
     a "disinterested person" under then applicable provisions of Rule 16b-3,
     such provision will be construed or deemed amended to the extent necessary
     so that such Participant shall avoid liability under Section 16(b) and
     ensure that the Director's status as a "disinterested person" is
     unaffected.

          (f) Continued Service as an Employee. If a Participant ceases to serve
     as a Director and, immediately thereafter, is employed by the Company or
     any subsidiary, then such Participant will not be deemed to have ceased to
     serve as a Director or as Chairman or as a member of a Board committee at
     that time, and his or her continued employment by the Company or any
     subsidiary will be deemed to be continued service as a Director or Chairman
     or a member of a Board committee; provided, however, that such former
     Director will not be deemed to be a non-employee Director for purposes of
     Section 5.

          (g) No Right to Continue as a Director. Nothing contained in the Plan
     or any Agreement will confer upon any Participant any right to continue to
     serve as a Director of the Company or to be nominated for re-election as a
     Director.

          (h) No Shareholder Rights Conferred. Nothing contained in the Plan or
     any Agreement will confer upon any Participant (or any person claiming
     rights by or through a Participant) any rights of a shareholder of the
     Company unless and until Shares are in fact issued to such Participant (or
     person) or, in the case of an Option, such Option is validly exercised in
     accordance with Section 7.

          (i) Unfunded Status of Accounts. The Plan is intended to constitute an
     "unfunded" plan to provide deferred compensation. With respect to any
     rights to payment of a Participant under his or her Account, nothing
     contained in the Plan or any Agreement shall give any such Participant any
     rights that are greater than those of a general creditor of the Company.

          (j) Nonexclusivity of the Plan. Neither the adoption of the Plan by
     the Board nor its submission to the shareholders of the Company for
     approval shall be construed as creating any limitations on the power of the
     Board to adopt such other compensatory arrangements for Directors as it may
     deem desirable.

          (k) Governing Law. The validity, construction, and effect of the Plan
     and any Agreement will be determined in accordance with the laws of the
     State of Delaware and applicable federal law.

14.  Shareholder Approval, Effective Date, and Plan Termination. The Plan will
     be effective as of the opening of business of the Company's 1996 Annual
     Meeting of Shareholders if, and only if, the shareholders of the Company
     approve the Plan at such Annual Meeting by the affirmative votes of the
     holders of a majority of Shares present, or represented, and entitled to
     vote on the matter at such Annual Meeting. Unless earlier terminated by
     action of the Board or in accordance with Section 11, the Plan will remain
     in effect until such time as no Shares remain available for issuance under
     the Plan and the Company and Participants have no further rights or
     obligations under the Plan.

Adopted By the Board of Directors effective May 22, 1996.

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