Document:

Exhibit 10.27

                        JACK HENRY & ASSOCIATES, INC.
                            RESTRICTED STOCK PLAN

  Adopted by the Stockholders and Amended by the Board of Directors November
                                   1, 2005

 1.   Purpose of the  Plan.  The  Jack Henry  &  Associates, Inc.  Restricted
 Stock Plan ("Plan")  is  intended to provide Jack Henry  &  Associates, Inc.
 (the "Corporation") with a means to assist in the recruiting, retaining  and
 rewarding of employees and members of the Board of Directors and to motivate
 such individuals to exert their best efforts on behalf of the Corporation by
 providing incentives through the granting of shares of stock.

 2.   Definitions.  The following terms shall have the following meanings:

      a.   "Act" means the Securities  Exchange Act of  1934, as amended,  or
           any successor thereto.

      b.   "Award" means any grant of restricted stock under the Plan.

      c.   "Award Agreement"  means an  agreement  entered into  between  the
           Corporation and a  Participant, as such  agreement may be  amended
           from  time  to  time,  setting  forth  the  terms  and  provisions
           applicable to any Award.

      d.   "Board" means the Board of Directors of the Corporation.

      e.   "Change in Control" means (i) the purchase or other acquisition by
 any person, entity or group of persons, within the meaning of Section  13(d)
 or  14(d)  of  the  Act  (excluding,  for this purpose,  the  Corporation or
 its subsidiaries  or  any  employee benefit  plan  or  related  trust of the
 Corporation or  its  subsidiaries),  of  beneficial  ownership,  within  the
 meaning of  Rule  13d-3 promulgated under the  Act, of  20%  or  more of the
 combined  voting  power   of  the   Corporation's  then-outstanding   voting
 securities entitled to vote  generally in the election  of directors in  any
 transaction or series of transactions; (ii) when individuals who,  as of the
 date hereof, constituting the Board ("Incumbent Board") cease for any reason
 to constitute at least a majority of the Board, provided that any person who
 becomes a  director  subsequent  to  the  date  hereof  whose  election,  or
 nomination for election by the  Corporation's shareholders, was approved  in
 advance by a vote of  at least a majority  of the directors then  comprising
 the Incumbent Board  excluding members  of its  Incumbent Board  who are  no
 longer  serving  as  directors  (other  than  an  individual  whose  initial
 assumption of office is in connection with an actual or threatened  election
 contest relating to the  election of directors of  the Corporation, as  such
 terms are used in Rule 14a-11  of Regulation 14A promulgated under the  Act,
 or an individual approved by the  Incumbent Board as result of an  agreement
 intended to avoid or settle an  actual or threatened contest) shall be,  for
 purposes of this section, considered as though such person  were a member of
 the  Incumbent  Board;  (iii) consummation  of  a reorganization,  merger or
 consolidation,  in  each  case  following  such  reorganization,  merger  or
 consolidation: (a)  persons who  were the  shareholders of  the  Corporation
 immediately  prior   to  such   reorganization,  merger   or   consolidation
 immediately thereafter own 50% or less of the combined voting power entitled
 to vote generally in the election of directors of the reorganized, merged or
 consolidated corporation's then-outstanding voting  securities, or (b)  less
 than  a  majority  of  members  of  the  board  or  other governing  body of
 such reorganized, merged  or  consolidated corporation  were members  of the
 Incumbent Board at the time of the execution of the initial agreement or the
 approval of the transaction by the  Board; or (iv) approval by  shareholders
 of a  liquidation or  dissolution of  the Corporation  (and the  Corporation
 shall commence such liquidation or dissolution), or consummation of the sale
 of all  or  substantially all  of  the assets  of  the Corporation  (in  one
 transaction or  a series of transactions).

      f.   "Code" means the Internal Revenue Code of 1986, as amended, or any
 successor thereto.

      g.   "Common Stock" means  common stock of  the Corporation, par  value
 $0.01.

      h.   "Director" means an individual actively serving as a member of the
 Board.

      i.   "Family Member" means  any child,  stepchild, grandchild,  parent,
 stepparent, spouse, former  spouse, sibling,  niece, nephew,  mother-in-law,
 father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law,
 including adoptive  relationships,  any  person  sharing  the  Participant's
 household (other than a tenant or employee), a trust in which the  foregoing
 persons have more  than 50%  of the  beneficial interests,  a foundation  in
 which the Participant  or the foregoing  persons control  the management  of
 assets and  any other  entity  in which  the  Participant or  the  foregoing
 persons own more than 50% of the voting interests.

      j.   "Incapacitated" means a mental  or physical illness that  entitles
 the Participant to receive benefits under a long-term disability plan of the
 Corporation, or if there is no such  plan or the Participant is not  covered
 by such a plan or the Participant is  not an employee of the Corporation,  a
 mental  or  physical  illness  that  renders  the  Participant  totally  and
 permanently  incapable  of  performing  the  Participant's  duties  for  the
 Corporation.  Notwithstanding  the foregoing, Incapacity  shall not  qualify
 under this Plan if it is the result of (i) a willfully self-inflected injury
 or willfully self-induced sickness; or (ii) an injury or disease contracted,
 suffered,  or  incurred  while  participating  in  a criminal  offense.  The
 determination of Incapacity  for purposes of  this Plan shall be made  by  a
 physician satisfactory to  the Board  and shall not  be construed  to be  an
 admission of incapacity for any other purpose.

      k.   "Participant" means an employee or  a Director of the  Corporation
 or its subsidiaries, who is selected by the Board to receive an Award.

      l.   "Permitted Transferee" means any Family Member of a Participant or
 a trust maintained exclusively for the benefit of , or a partnership all  of
 the interests in which are held by, one  or more of the Participant and  his
 or her Family Members.

 3.   Stock Subject to the  Plan.   Subject  to the adjustments described  in
 Section 8, 3,000,000  shares of Common  Stock (the  "Restricted Stock")  are
 authorized for Awards under the Plan.  Such shares may come from  authorized
 but unissued shares of Common Stock and/or from previously issued shares  of
 Common Stock that have been reacquired by the Corporation.  In the event any
 Award shall expire or  terminate for any reason,  the shares subject to  the
 Award shall again be available for the purposes of the Plan.  Subject to the
 adjustments described in  Section 8, the  number of shares  of Common  Stock
 that may be granted to all Participants in the aggregate as Awards under the
 Plan in any fiscal year of the Corporation shall not exceed 500,000 shares.

 4.   Administration of the  Plan.  The  Plan  shall  be administered by  the
 Board, which may from time to time delegate all or any part of its authority
 under this  Plan to  a  committee of  the  Board (or  subcommittee  thereof)
 appointed by the Board.  A majority of the committee (or subcommittee) shall
 constitute a quorum,  and the  action of the  members of  the committee  (or
 subcommittee) present at any meeting at  which a quorum is present, or  acts
 unanimously approved in  writing, shall  be the  acts of  the committee  (or
 subcommittee).  To  the extent of  any such delegation,  references in  this
 Plan to the Board shall be deemed to be references to any such committee (or
 subcommittee).   The interpretation  and construction  by the  Board of  any
 provision of  the  Plan  or  of  any  agreement,  notification  or  document
 evidencing the grant of an Award and any determination by the Board pursuant
 to any  provision  of this  Plan  or  any such  agreement,  notification  or
 document shall be conclusive.   No member of the  Board shall be liable  for
 any such action or determination made in good faith.

 5.   Eligibility.  Awards  may be granted to any employee or Director of the
 Corporation or its subsidiaries pursuant to the sole discretion of the Board
 in accordance with Section 4.

 6.   Awards; Vesting.

      a.   Awards.  Awards may be granted to Participants in such amounts and
 upon such  terms, and  at  any time  and  from time  to  time,  as  shall be
 determined by the Board and set forth in an Award Agreement duly executed on
 behalf of the Corporation and accepted by the Participant.

      b.   Performance-Based Awards.  The Board may, in its sole and absolute
 discretion,  determine  that  certain  Awards  should  be  subject  to  such
 requirements so  that they  are deductible  by  the Corporation  under  Code
 Section 162(m).  If the Board so determines, such Awards shall be considered
 performance-based awards  subject to  the terms  of  this Section  6.b.,  as
 provided in the Award Agreement.  A performance-based Award shall be granted
 by the Board in a manner to satisfy the requirements of Code Section  162(m)
 and the regulations  thereunder.  The  performance measures to  be used  for
 purposes of a performance-based Award shall be determined by a committee  or
 subcommittee of  the  Board,  consisting solely  of  outside  directors  (as
 defined in Treasury  Regulations Section 1.162-27(e)  (3), in  its sole  and
 absolute discretion, no  later than 90  days after the  commencement of  the
 period of service to which such performance criteria relates or, if earlier,
 the date  on which  25% of  such  period  of  service  elapses.  Performance
 objectives need not be the same with respect to all performance-based Awards
 granted  under  the  Plan.  Each  of  the  performance  criteria  is  to  be
 specifically defined in  advance by the  committee  or  subcommittee and may
 include or exclude specified  items of an  unusual or non-recurring  nature.
 The criteria  upon  which  the committee  or  subcommittee  shall  establish
 performance objectives shall  include but not  be limited  to: earnings  per
 share of stock; book value per share  of stock; net income (before or  after
 taxes); operating income; return on invested capital, assets or equity; cash
 flow return on investments  which equals net cash  flows divided by  owners'
 equity; earnings before interest or taxes; gross revenues or revenue growth;
 market share; expense management; improvements in capital structure;  profit
 margins; stock price; total stockholder return;  free cash flow; or  working
 capital.  Performance-based Awards  shall  be  forfeited if  the  applicable
 performance objective(s) are not achieved or if the Plan is not approved  by
 the shareholders  of the  Corporation  as  described  in  Section  14.  Such
 committee or  subcommittee  shall  determine  whether,  with  respect  to  a
 performance period,  the applicable  performance goals  have been  met  with
 respect  to  an  Award and,  if  they have,  to  so certify  in  writing and
 ascertain  the  amount  of  the  applicable  performance-based  Award.   The
 committee or subcommittee shall have  the discretion to adjust  performance-
 based awards downward.   Unless the  shareholders of  the Corporation  shall
 have first approved  thereof, no amendment  of the Plan  shall be  effective
 which  would  increase  the  maximum  amount  which  can  be  paid  under  a
 performance-based  Award,  which  would  change  the  specified  performance
 objectives for payment  of performance-based Awards,  or which would  modify
 the requirements as  to eligibility for  participation in  performance-based
 Awards under the Plan.  In no event shall the total amount of a performance-
 based Award paid to  any Participant in any  fiscal year of the  Corporation
 exceed 50,000 shares of Common Stock.

      c.   Vesting.    Any  shares  of  Restricted  Stock  awarded  shall  be
 nontransferable by the Participant during the period described in the  Award
 Agreement and shall be  subject to the risk  of forfeiture described in  the
 Award Agreement.  Prior to the  time shares become transferable, the  shares
 of Restricted Stock shall bear a legend indicating their nontransferability,
 and, unless otherwise provided  in the Award  Agreement, if the  Participant
 ceases to be a Director or  terminates employment with Corporation prior  to
 the time a restriction lapses, and/or if the performance criteria  specified
 in the  Award Agreement  are not  achieved, if  applicable, the  Participant
 shall forfeit any shares of Restricted Stock which are still subject to  the
 restrictions at the time  of termination of such  employment or service,  or
 expiration  of  the  performance  period.  When  an Award  is  granted,  the
 Participant shall become vested in such shares in accordance with the  terms
 of the Award Agreement, which except  as otherwise provided in Section  6.b.
 with respect  to performance-based  Awards, shall  generally provide  for  a
 graded vesting schedule.  However, the Board may at any time accelerate  the
 vesting schedule, in its sole discretion.   Additionally, in the event of  a
 Change in  Control  or  death  or  Incapacity  of  the  Participant,  unless
 otherwise provided in the Award Agreement, all previously granted shares  of
 Restricted Stock not yet free of the restrictions of described herein  shall
 become immediately free of such restrictions.

      d.   Timing of Awards.  An Award shall be deemed to be made on the date
 on which the Board,  by formal action  of its members  duly recorded in  the
 records thereof,  makes  an  award  of  shares  of  Restricted  Stock  to  a
 Participant, provided that such award is evidenced by an Award Agreement  in
 the manner set forth in 6.a above within a reasonable time after the date of
 the Board action.  Notwithstanding  the  foregoing,  the Board  may, in  the
 records of its  formal action,  designate a future  date on  which an  Award
 shall be made.

      e.   Restricted Stock.  Restricted Stock may be granted in the form  of
 shares registered in the name of the Participant but held by the Corporation
 or an escrow agent designated by  the Corporation until the restrictions  on
 the Award lapse, subject to forfeiture, as provided in the applicable  Award
 Agreement.  The Board, in the  applicable Award Agreement, may, in its  sole
 discretion, award all  or any rights  of a shareholder  with respect to  the
 shares of Restricted  Stock during the  period that they  remain subject  to
 restrictions, including without limitation, the right to vote the shares and
 receive dividends.

      f.   Requirements for Issuance.  No shares of Restricted Stock will  be
 issued or  transferred  pursuant to  an  Award  unless and  until  all  then
 applicable requirements imposed  by federal and  state securities and  other
 laws, rules and regulations and by any regulatory agency having jurisdiction
 over the  Corporation, the  Common Stock  or  the Awards,  or by  any  stock
 exchange or securities quotation system upon  which the Common Stock may  be
 listed, have been fully met.   As a condition  precedent to the issuance  of
 shares  of  Restricted  Stock  pursuant  to  the  grant  of  an  Award,  the
 Corporation may require  the Participant to  take any  reasonable action  to
 meet such requirements.

 7.   Nontransferability of Award.  Except  as  otherwise  provided  in  this
 Section 7,  Awards  may  not  be  transferred by a Participant other than by
 will or  the laws  of descent  and  distribution.  Any  attempted  transfer,
 assignment, pledge,  hypothecation or  other  disposition except  as  herein
 provided,  including,  without  limitation,  any  disposition,   attachment,
 divorce, trustee  process or  similar process,  whether legal  or  equitable
 shall be null and void and without effect.  Notwithstanding anything  herein
 to the contrary, to the extent provided in the Award Agreement, an Award may
 be transferred by the Participant, without consideration and subject to  the
 provisions of this  Plan (including,  but not  limited to,  the vesting  and
 forfeiture provisions of Section  6.c.), to a  Permitted Transferee of  such
 Participant.

 8.   Adjustments.   Notwithstanding any other provisions of the Plan, in the
 event of changes  in the capitalization  of the Corporation  by reason of  a
 recapitalization, merger, consolidation, split-up, stock split,  combination
 or exchange of shares of stock  and the like (each, an "Adjustment  Event"),
 the aggregate number of shares of common stock available under the Plan will
 be appropriately adjusted by the Board  such that the Adjustment Event  does
 not adversely effect the  rights of the Participants  under the Plan,  whose
 determination shall be conclusive.

 9.   Amendment and Termination; Term.   The Board may at any time  terminate
 the Plan or  make such modifications  to the Plan  as the  Board shall  deem
 advisable; provided,  however,  that  the Board  may  not,  without  further
 approval by the shareholders of the Corporation, increase the maximum number
 of shares as to which Awards may be granted under the Plan (except under the
 anti-dilution provisions of  Section 8), increase  the maximum amount  which
 can  be  paid  under  a   performance-based  Award,  change  the   specified
 performance objectives for payment  of performance-based Awards, modify  the
 requirements  as  to  eligibility  for  participation  in  performance-based
 Awards,  or  make  any  other  amendments  or  modifications  which  require
 shareholder approval  under applicable  law,  regulation or  stock  exchange
 rule.  Unless  otherwise terminated  earlier by  the Board,  the Plan  shall
 terminate on the date which is 10 years  after the date the Plan is  adopted
 by  the  Board  or,  if  earlier,  approved  by  the  shareholders  of   the
 Corporation.  No  termination  or amendment  to the  Plan may,  without  the
 consent of the affected Participant, have  a material adverse effect on  the
 rights of such Participant under such Award.

 10.   No Continued Right to Employment.  Nothing  in  the  Plan  or  in  any
 Award granted  pursuant to  the Plan  shall be  considered or  construed  as
 creating a contract of employment for any specified period of time or  shall
 confer on any individual any right to continue in the employment or  service
 of the Corporation or interfere in any way with the right of the Corporation
 to terminate his or her employment at any time.

 11.   Withholding.  The Corporation at  the time any  payment is made  under
 the Plan is authorized to withhold from such payment any amount necessary to
 satisfy income tax withholding requirements in respect of such payment;  and
 for  this purpose,  may withhold the necessary number  of shares to  satisfy
 such requirement.  Alternatively,  if  the  participant  shall  pay  to  the
 Corporation such cash amount as may be necessary to satisfy such withholding
 requirements, he or she shall be entitled to receive delivery of all  shares
 due hereunder.

 12.   Non-Waiver of Rights.  The  Corporation's  failure  to  enforce at any
 time any of the provisions of this Plan or any Award Agreement or to require
 at any time performance by the  Participant of any of the provisions  hereof
 shall in no way be construed to be a waiver of such provisions or to  affect
 either the validity of this Plan,  any Award Agreement, or any part  hereof,
 or the  right  of the  Corporation  thereafter  to enforce  each  and  every
 provision in accordance with the terms of the Plan and any Award Agreement.

 13.   Severability.   Any word, phrase, clause, sentence or other  provision
 herein which violates or is prohibited  by any applicable law, court  decree
 or public policy shall  be modified as necessary  to avoid the violation  or
 prohibition and so as to make this Plan and any Award Agreement  enforceable
 as fully  as  possible  under applicable  law,  and  if such  cannot  be  so
 modified, the same shall be ineffective  to the extent of such violation  or
 prohibition without  invalidating  or  affecting  the  remaining  provisions
 herein.

 14.   Effectiveness of  the Plan.  The  Plan  shall  become effective  after
 both its adoption by the Board and the  further approval of the Plan by  the
 shareholders of the Corporation given within 12 months of the date the  Plan
 is adopted by the  Board at a regular  meeting of the  shareholders or at  a
 special meeting duly called and held for such purposes.

 15.   Choice of Law.   The Plan shall be governed by and construed according
 to the laws of the  State of Delaware, without  regard to the principles  of
 conflicts of law which might otherwise apply.

 16.   Successors.   All obligations of the Corporation under this Plan shall
 be binding on any successor to the Corporation whether the existence of such
 successor  is  the  result  of  a  direct  or  indirect  purchase,   merger,
 consolidation, or otherwise,  of all or  substantially all  of the  business
 and/or assets of the Corporation.Exhibit 10.28

                        JACK HENRY & ASSOCIATES, INC.
                     2005 NON-QUALIFIED STOCK OPTION PLAN

                 Adopted by the Stockholders November 1, 2005

      Jack Henry & Associates, Inc. (the "Company"), a Delaware  corporation,
 hereby formulates and adopts the  following 2005 Non-Qualified Stock  Option
 Plan (the "Plan") for non-employee directors of the Company.

      1.   Purpose.  The purpose of the Plan is to obtain for the Company the
 benefits of the  additional incentive inherent  in the  ownership of  Common
 Stock, $.01  par  value per  share,  of  the Company  ("Common  Stock"),  by
 selected non-employee  directors of  the Company  who are  important to  the
 success and the growth of the business  of the Company,  to help the Company
 retain the services  of such  persons, and to compensate  such  persons  for
 their service on the Board of Directors.

      2.   Stock Option Committee.   The Board  of Directors  of the  Company
 shall appoint from among its members a Non-Qualified Stock Option  Committee
 (the "Committee"), consisting of no fewer  than two directors, none of  whom
 shall be eligible to participate under the Plan.  The Committee shall select
 one of its members as Chairman and shall adopt such rules and regulations as
 it shall deem  appropriate concerning the  holding of its  meetings and  the
 transaction  of  its business.  A majority  of  the  whole  Committee  shall
 constitute a  quorum, and  the act  of  a majority  of  the members  of  the
 Committee shall be the act  of the Committee.   Any member of the  Committee
 may be  removed at  any time  either  with or  without cause  by  resolution
 adopted by the Board  of Directors of  the Company; and  any vacancy on  the
 Committee may at any time  be filled by resolution  adopted by the Board  of
 Directors.

      3.   Stock Subject to Options.  Subject to the provisions of  paragraph
 13, the number of shares of Common Stock subject at any one time to  options
 granted under  the Plan  plus the  number of  such shares  then  outstanding
 pursuant to exercises of options granted under the Plan shall not exceed  an
 aggregate  of  700,000  shares.  If and to the extent  that options  granted
 under the Plan terminate  or expire in accordance  with paragraph 8  without
 having been exercised, new options may be granted with respect to the shares
 covered by such terminated  or expired options,  provided that the  granting
 and terms  of  such  new options  shall  in  all respects  comply  with  the
 provisions of the Plan.

      There shall be reserved at all times  for sale under the Plan a  number
 of shares of Common Stock (either  authorized and unissued shares or  shares
 held in the  Company's treasury,  or both) equal  to the  maximum number  of
 shares which may  be purchased pursuant  to options granted  or that may  be
 granted under the Plan.

      Shares transferred  by the Company  upon  the  exercise of  any  option
 granted under  the Plan  may be  shares of  authorized and  unissued  Common
 Stock, shares of  issued Common  Stock held  in the  Company's treasury,  or
 both.

      4.   Administration.   The  Committee  shall  have  the  authority  and
 responsibility, within the limitations of the  Plan, as amended or  modified
 from time to time, to calculate the "fair market value" of shares subject to
 grant in  accordance with  paragraph  7, the  terms  and provisions  of  the
 respective Option Agreements (which need not be identical), and to make  all
 other determinations necessary or advisable for administering the Plan.

           Any or all powers and functions  of the Committee may at any  time
 and from  time  to time  be  exercised by  the  Board of  Directors  or  the
 Executive  Committee  thereof;  provided,  however,  that  such  powers  and
 functions of the Committee may be exercised by the Board of Directors or the
 Executive Committee,  as the  case may  be, only  if, at  the time  of  such
 exercise, a majority of the members of the entire Board of Directors or  the
 Executive Committee, as  the case may  be, and a  majority of the  directors
 acting in the particular matter, are  not eligible to participate under  the
 Plan.

      5.   Eligible Participants.  Options may be granted under the Plan only
 to non-employee directors of the Company.   A "non-employee director"  shall
 mean a director who  is not at the  time of the grant  to him of any  option
 under the Plan, or at any time within one year prior thereto, an employee of
 the Company  or its  subsidiaries.   A non-employee  director receiving  any
 option under the Plan is hereinafter referred to as an "Optionee".

      6.   Grant of Options.

           (a)  Annual Grants.  On the third  business day following the  day
      of each annual meeting  of the stockholders of  the Company, each  non-
      employee director shall automatically and without further action of the
      Board or the Committee be granted a non-statutory stock option (a stock
      option which does not qualify under Sections 422 or 423 of the Internal
      Revenue Code  of  1986)  to purchase  10,000 shares  of  Common  Stock,
      subject to adjustment  and  substitution  as set  forth below.  If  the
      number of  shares  then remaining  available  for the  grant  of  stock
      options under the Plan is not sufficient for each non-employee director
      to be granted an option for 10,000 shares (or the number of adjusted or
      substituted shares), then each  non-employee director shall be  granted
      an option for a number  of whole shares equal  to the number of  shares
      then  remaining  available  divided  by  the  number  of   non-employee
      directors, disregarding any fractions of a share.

           (b)  Grant Limitation.   Notwithstanding  any other  provision  of
      this Plan, no non-employee director may be granted options to  purchase
      more than 100,000 shares of Common Stock pursuant to the Plan.

      7.   Price.

           (a)  The option price  of each share  of Common Stock  purchasable
      under any option  granted under  the Plan shall  be 100%  of the  "fair
      market value" thereof at the time the option is granted.

           (b)  The option price shall  become immediately due upon  exercise
      of the option  and shall  be payable in  one of  the alternative  forms
      specified below: (1)  full payment by  certified check  payable to  the
      Company; (2)  full payment  in shares  of Common  Stock having  a  fair
      market value on the Exercise Date (as such term is defined below) equal
      to the option price,  which shares shall have  been held for more  than
      six months by the individual; or (3) any combination of certified check
      payable to the  Company and/or shares  of Common Stock  valued at  fair
      market value on the Exercise Date, equal in the aggregate to the option
      price.  For purposes of this subsection (b), the Exercise Date shall be
      the date  on which  written notice  of the  exercise of  the option  is
      delivered to the Company, together with payment of the option price for
      the purchased shares.

           (c)  The "fair market value" of a share on a particular date shall
      be: (1) if shares  of Common Stock are  listed on such  date on one  or
      more national securities exchanges or the Nasdaq Stock Market, the last
      reported sale  price  of  a share  on  such  date as  recorded  on  the
      composite tape system or on the Nasdaq  Stock Market, or if no sale  of
      Common Stock took place on such date, the last reported sale price of a
      share on the most recent day on which a  sale of a share took place  as
      recorded by on such  exchange or the Nasdaq  Stock Market, as the  case
      may be;  or (2)  if Common  Stock is  not listed  on such  date on  any
      national securities  exchange  or the  Nasdaq  Stock Market,  the  mean
      between the last closing bid and asked quotations of a share of  Common
      Stock on such date (or if none, on the most recent date on which  there
      were bid and asked  quotations of a share),  as reported by the  Nasdaq
      Stock Market,  the National  Quotation Bureau,  Incorporated, or  other
      similar service selected by the Board of Directors or the Committee.

      8.   Exercisability,  Vesting  and  Duration  of  Options.   No  option
 granted under the Plan shall be exercisable until six months after the  date
 of grant.   Subject to  the foregoing, all  options granted  under the  Plan
 shall be fully vested  and exercisable after the  fourth anniversary of  the
 date of  the  director's first  election  or  appointment to  the  Board  of
 Directors of the Company  (the "Initial Service Date").   For directors  who
 have served  less than  four  continuous years,  and  subject to  the  first
 sentence of this paragraph 8, options granted under the Plan shall vest  and
 become exercisable as follows:

           (a)  with respect to 25%  of the shares  subject to option,  after
      the expiration of one year from the Initial Service Date;

           (b)  with respect to 50%  of the shares  subject to option,  after
      the expiration of two years from the Initial Service Date;

           (c)  with respect to 75%  of the shares  subject to option,  after
      the expiration of three years from the Initial Service Date.

 Provided, however,  that any  option granted  under  the Plan  shall  become
 exercisable in its entirety upon  the Optionee's death, illness,  disability
 or retirement as determined by the  Committee; and provided further that  no
 portion of any option not  theretofore exercisable shall become  exercisable
 following the removal or  termination of the Optionee  as a director of  the
 Company, for any reason other than his or her death, illness, disability  or
 retirement as determined by the Committee.

      The unexercised portion  of any vested  option granted  under the  Plan
 shall automatically and without notice terminate and become null and void at
 the time of the earliest  to occur of the  following: (i) the expiration  of
 ten years  from  the  date  on  which such  option  was  granted;  (ii)  the
 expiration of one  year following the  issuance of  letters testamentary  or
 letters of administration  to the executor  or administrator  of a  deceased
 Optionee or Permitted Transferee (as defined in paragraph 10); or (iii)  the
 surrender by the Optionee or Permitted Transferee to the Company of any such
 option (whether or not in exchange for any other option).

      9.   Exercise of  Options.   Options granted  under the  Plan shall  be
 exercised by  the  Optionee  (or by  his  executors  or  administrators,  or
 Permitted Transferee, as provided in paragraph 10) as to all or part of  the
 shares covered thereby,  by the  giving of  written notice  of the  exercise
 thereof to  the Company  at its  principal business  office, specifying  the
 number of shares to be purchased,  specifying a business day, not less  than
 10 days nor more than 15  days from the date such  notice is given, for  the
 payment of the purchase price against delivery of the shares being purchased
 and specifying the method of payment of such purchase price.

      Subject to  the provisions  of paragraph  17, the  Company shall  cause
 certificates for the shares so purchased to be delivered to the Optionee  or
 his executors or  administrators or  Permitted Transferee  at its  principal
 business office, against  payment of the  full purchase price,  on the  date
 specified in the notice of exercise.

      10.  Non-Transferability of Options. For the first six months after the
 date of grant,  no  option granted under the  Plan shall be transferable  by
 the Optionee other than by  will, or if the  Optionee dies intestate by  the
 laws of descent  and distribution.   In the event  of the Optionee's  death,
 options held by him at death shall thereafter be exercisable, as provided in
 subparagraph 8(ii), by such  person(s) entitled to do  so under the will  of
 the Optionee or, if the Optionee shall fail to make testamentary disposition
 of the stock option or shall  die intestate, by the legal representative  of
 the Optionee.

      Options may be transferred,  following the first  six months after  the
 date of grant  and during  the lifetime of  an Optionee,  to any  "Permitted
 Transferee".  Any such options shall remain subject to all of the terms  and
 conditions of this  Plan, including  but not  limited to  the provisions  on
 vesting and exercisability set forth in paragraph 8.  "Permitted Transferee"
 shall include members  of the immediate  family of the  Optionee, any  trust
 established for  the benefit  of the  Optionee or  the Optionee's  immediate
 family members, or any  charity qualified under  S501(c)(3) of the  Internal
 Revenue Code. For  this purpose, "immediate  family member"  shall mean  the
 Optionee's  spouse,   children,  step-children,   grandchildren  and   step-
 grandchildren, and any partnership,  corporation, limited liability  company
 or other  entity, all  the beneficial  interests in  which are  held by  the
 Optionee  or  immediate  family  members.  Permitted  Transferees  may  only
 transfer options  to  other  Permitted  Transferees  of  the  Optionee.  The
 Company may disregard any transfer of an option which has not been  properly
 registered with the Company or its  agents. In the event  of the death of  a
 Permitted  Transferee  who  held  options  at  death,  such  options   shall
 thereafter be  exercisable,  as  provided in  subparagraph  8(ii),  by  such
 person(s) entitled to do so under  the will of the Permitted Transferee,  or
 if such holder  shall fail  to make  testamentary disposition  of the  stock
 option or shall die intestate, by the legal representative of the  Permitted
 Transferee.

      11.  Rights  of  Optionee.   Neither the  Optionee  nor  his  Permitted
 Transferees, executors or administrators shall have  any of the rights of  a
 stockholder of the Company with respect  to the shares subject to an  option
 granted under the Plan  until certificates for such  shares shall have  been
 issued upon the exercise of such option.

      12.  Right to Terminate.  Nothing in the Plan or in any option  granted
 under the Plan shall  confer upon any  Optionee the right  to continue as  a
 director of  the Company  or affect  the right  of the  stockholders of  the
 Company to terminate the Optionee as a director at any time, or the right of
 the Board of Directors  to elect or remove  directors, subject, however,  to
 the provisions of Delaware law.

      13.  Adjustment of Shares.  If any change is made in the shares subject
 to the Plan or subject to any option granted under the Plan (through merger,
 consolidation, reorganization, recapitalization,  stock dividend,  split-up,
 combination of shares, exchange of shares, issuance of rights to  subscribe,
 or change in  capital structure), appropriate  adjustments or  substitutions
 shall be made by the Committee in or for such shares (including  adjustments
 in the maximum number of shares subject to  the Plan and the number of  such
 shares and price per share subject to the Plan and the number of such shares
 and price per shares subject to outstanding options) as the Committee in its
 sole discretion shall deem equitable to  prevent dilution or enlargement  of
 option rights; provided, however,  that in the case  of any transaction  (or
 series of transactions  carried out within  a period  of twelve  consecutive
 months) in  which  the  Company  is  consolidated  or  merged  with  another
 corporation (other  than a  subsidiary or  other affiliated  company of  the
 Company), or in which substantially all  of the properties or assets of  the
 Company are acquired by another person, firm or corporation (other than  one
 or more subsidiaries or other affiliated  companies of the Company), and  in
 which  the  stockholders  of  the   Company  receive,  either  directly   or
 indirectly, as consideration, cash and/or non-equity securities or a package
 which does not include an amount of equity securities (as defined in Section
 3(a)(11) of the Exchange Act) equal to more than 20% of the aggregate  value
 of such package as conclusively determined  by the Committee, the  Committee
 shall, alternatively,  have  the right  to  terminate all  then  outstanding
 options (in which  event such options   shall not  be subject  to the  above
 described adjustments) by causing written notice  of such termination to  be
 given to each Optionee not less than 30 days prior to the date on which such
 consolidation, merger or acquisition is expected to become effective and, if
 applicable, the date as of which it is expected that holders of Common Stock
 of record shall  be entitled to  exchange their shares  of Common Stock  for
 securities or other property deliverable upon such consolidation, merger  or
 acquisition.  In providing such notice,  the Board of Directors may, in  its
 discretion, with  respect to  options, waive  the restrictions  on  exercise
 pursuant to  paragraph  8  and  permit such  option  or  options  to  become
 immediately exercisable.  Such  notice  shall  be  deemed  duly  given  when
 delivered  personally,  or  mailed  first-class  postage  prepaid,  to  each
 Optionee at his address appearing in the records of the Company, and failure
 to give such notice to any Optionee, or any defect therein, shall not affect
 the termination of an option held by any other Optionee.

      14.  Amendment of the Plan.  The Board may, from time to time, amend or
 modify the Plan in all respects, except that without stockholder approval no
 such amendment or modification may (a)  increase the total number of  shares
 reserved for options thereunder (other than an increase merely reflecting an
 adjustment as described in paragraph 13),  (b) change the option price  from
 100% of the "fair market value" on the  date of grant, (c) change the  class
 of non-employee directors  eligible to receive  options, or  (d) extend  the
 period of exercise  beyond ten years  from the date  of grant.   Rights  and
 obligations under any option  previously granted under the  Plan may not  be
 altered or impaired by any such amendment or modification of the Plan except
 upon consent of the person to whom such option was granted.

      15.  Termination or Suspension of the Plan.  The Board of Directors may
 at  any  time  suspend  or  terminate  the  Plan.  The  Plan,  unless sooner
 terminated, shall terminate at the close  of business on  November 30, 2015.
 An option may  not be granted  while the Plan  is suspended or  after it  is
 terminated.  Rights and obligations under any option granted while the  Plan
 is in effect shall not be  altered or impaired by suspension or  termination
 of the Plan, except upon the consent of  the person to whom such option  and
 right were granted.

      16.  Form of Agreements with Optionees.  Subject to the limitations  of
 the Plan as  amended or  modified from time  to time,  every option  granted
 under the  Plan shall  be in  such form  and shall  contain such  terms  and
 conditions  (which  need  not  be  identical)  as  the  Committee,  in   its
 discretion, may determine.  The rights  and obligations under any such  form
 of option granted under  the Plan shall not  be altered or impaired,  except
 upon consent of the person to whom such option and right were granted.

      17.  Purchase for  Investment.   If  the  Committee in  its  discretion
 determines that as a matter of law such procedure is or may be desirable, it
 may require the Optionee, upon any  exercise of an option granted  hereunder
 or any portion  thereof and as  a condition to  the Company's obligation  to
 deliver certificates representing the shares subject to exercise, to execute
 and deliver to  the Company  a written  statement, in  form satisfactory  to
 legal counsel for the Company, representing and warranting that his purchase
 or receipt of shares of Common Stock upon exercise thereof shall be for  his
 own  account,  for  investment  and  not  with  a  view  to  the  resale  or
 distribution thereof and that any subsequent  offer for sale or sale of  any
 such shares shall be made either pursuant to (a) a Registration Statement on
 an appropriate  form under  the  Securities Act  of  1933, as  amended  (the
 "Securities Act"), which Registration Statement has become effective and  is
 current with respect to the shares being offered and sold or (b) a  specific
 exemption from the registration requirements of  the Securities Act, but  in
 claiming such exemption the Optionee shall,  prior to any offer for sale  or
 sale of such shares, obtain a favorable written opinion from counsel for  or
 approved by the Company as to the availability of such exemption.

      The  Company  may  endorse  an  appropriate  legend  referring  to  the
 foregoing restriction upon the certificate or certificates representing  any
 shares issued or  transferred to the  Optionee upon exercise  of any  option
 granted under the  Plan and may  issue "stop transfer"  instructions to  its
 transfer agent in respect of such shares.

      18.  Listing of Shares and Related Matters.   If at any time the  Board
 of Directors  shall determine,  in its  sole discretion,  that the  listing,
 registration or qualification  of the shares  covered by the  Plan upon  any
 national securities exchange or market system or under any state or  federal
 law, or the  consent or  approval of  any governmental  regulatory body,  is
 necessary or desirable as a condition of, or in connection with, the sale or
 purchase of shares under  the plan, no shares  will be delivered unless  and
 until such listing, registration,  qualification, consent or approval  shall
 have been  effected or  obtained, or  otherwise provided  for, free  of  any
 conditions not acceptable to the Board of Directors.

      19.  Governing Law.   The Plan  and all  options which  may be  granted
 under the Plan shall be governed  by, and construed in accordance with,  the
 laws of the State of Delaware from time to time obtaining, without regard to
 the principles of conflicts of laws which might otherwise apply.

      20.  Gender.  Unless the  context of the  Plan otherwise requires,  the
 masculine, feminine or neuter  gender each shall  include the other  genders
 and the singular shall include the plural.

      21.  Effective Date  of Plan.   The  Plan shall  become effective  upon
 approval by the affirmative vote of the holders of a majority of the  Common
 Stock present in person or by  proxy and entitled to  vote at a duly  called
 and convened meeting of such holders.

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