Document:

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                                  Exhibit 10(b)

                               DMI FURNITURE, INC.
                                 (the "Company")

                1998 STOCK OPTION PLAN FOR INDEPENDENT DIRECTORS

1.       PURPOSE.

         The purpose of the 1998 Stock Option Plan for Independent Directors
(the "Plan") is to foster a common interest between the Company's independent
directors and stockholders by providing compensation intended to reward
long-term growth in stockholder value through automatic grants of stock options
to its independent directors.

2.       SHARES SUBJECT TO THE PLAN.

         The aggregate number of shares of the Company's common stock, par value
$.10 per share ("Shares"), that may be issued under the Plan shall not exceed
100,000 Shares, subject to adjustment pursuant to Section 6 of the Plan. Shares
to be issued under the Plan shall be made available either from authorized but
unissued Shares or from Shares issued and reacquired by the Company. If options
are for any reason cancelled, or expire or terminate unexercised, the Shares
covered by such options shall again be available for the grant of options within
the limits provided by the preceding sentence.

3.       ELIGIBILITY.

         All directors who have been elected by the Company's stockholders and
who are not employees of the Company ("Independent Directors") are entitled to
receive grants of options under the Plan.

4.       GRANT OF OPTIONS.

         Subject to the approval of this Plan by the Company's stockholders and
the other terms and conditions of this Plan:

         a. Each Independent Director elected for the first time after approval
of the Plan by the Company's stockholders shall automatically be granted an
option for 5,000 Shares on the March 15th immediately following initial
election.

         b. Each Independent Director in office on March 15 of any year during
the term of the Plan shall automatically be granted an option for 1,000 Shares
on such date.

         c. Each Independent Director in office on March 15, 1998 shall
automatically be granted an option for 1,000 Shares as of that date, subject to
the approval of the Plan by the

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Corporation's stockholders, which approval shall also constitute approval of the
options granted as of March 15, 1998.

5.       TERMS AND CONDITIONS OF OPTIONS.

         As soon as practicable after each grant of options pursuant to the
Plan, the Company and the Independent Director shall enter into an option
agreement evidencing the options granted. Any provision of an option agreement
between the Company and an Independent Director that conflicts directly with the
terms and conditions of this Plan shall be of no force or effect

         a. Option Price. The option price for options granted under the Plan
shall be the Fair Market Value of the Common Stock on the date of the grant of
such options. If the date of grant is not a trading day, the option price shall
be the Fair Market Value of the Common Stock as of the last trading day before
the date of the grant. The Fair Market Value of the Common Stock shall mean the
closing bid price of Common Stock reported on the Nasdaq SmallCap Market, or the
closing sales price for the Common Stock reported on the Nasdaq National Market
or the principal exchange on which the Common Stock may then be listed.

         b. Payment. The option price shall be payable in cash or in shares of
Common Stock owned by the Independent Director for at least six months before
the date the option is exercised, which shall be valued at the Fair Market Value
of the Common Stock on the date of exercise. No Shares shall be issued until
full payment has been made. A holder of an option shall have none of the rights
of a stockholder until certificates for the Shares are issued.

         c. Period of Options. Each option shall expire ten years from the date
of the grant of the option and shall be void and unexercisable thereafter,
unless earlier terminated as provided herein.

         d. Exercise of Options.

                  (i) No option may be exercised before the later of the date of
approval of the Plan by the Company's stockholders and the first anniversary of
the grant. Options for no more than 50% of the Shares subject to the options may
be exercised before the second anniversary of the grant. Options for 100% of the
Shares subject to the options may be exercised on or after the second
anniversary of the grant.

                  (ii) No option shall be exercised for fewer than 25 Shares
unless the total number of Shares remaining unpurchased under the option is
fewer than 25.

         e. Transfer of Options.

                  (i) Except as provided in subsection (ii), an option granted
under the Plan may not be transferred except by will or the laws of descent and
distribution and, during the lifetime of the Independent Director to whom
granted, may be exercised only by such Independent Director.

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                  (ii) Subject to any restrictions under Section 16(b) of the
Securities Exchange Act of 1934 (the "Exchange Act") or under the form
appropriate for the registration of employee stock options under the Securities
Act of 1933, the Independent Director may transfer the options to (i) the
Independent Director's spouse or lineal descendants ("Immediate Family
Members"), (ii) trusts for the exclusive benefit of the Independent Director
and/or his or her Immediate Family Members, or (iii) a partnership or limited
liability company in which the Independent Director and/or his or her Immediate
Family Members are the only partners or members, as applicable; provided that
(a) there may be no consideration for any such transfer and (b) subsequent
transfers of any transferred option shall be prohibited other than by bequest or
the laws of descent and distribution. Following transfer, an option shall
continue to be subject to the terms and conditions of this Plan that were
applicable immediately before transfer, except that for purposes of Section
5(f), after the Independent Director who transfers the options ceases to serve
as a director of the Corporation, the transferee may exercise the transferred
option after the death or retirement of the Independent Director only to the
extent that the option could have been exercised by such Independent Director or
his legal representatives or beneficiaries if the option had not been
transferred.

         f. Termination of Service.

                  (i) If an Independent Director ceases to serve as a director,
other than by reason of death or retirement with the permission of the Board or
in accordance with any age qualifications contained in the Company's by-laws,
the Independent Director may exercise only those options that were exercisable
by him at the date of his termination of service as a director. Any option held
by such Independent Director shall expire unless exercised within six months
from the date of termination of the Independent Director's service.

                  (ii) If an Independent Director retires from service as a
director with the permission of the Board or in accordance with any age
qualifications contained in the Company's by-laws, his options will become
immediately exercisable for all of the Shares subject to the option whether or
not the options would otherwise have been fully exercisable on the date of his
retirement. The retired Independent Director may exercise the options at any
time during their remaining term.

                  (iii) If an Independent Director dies while serving as a
director of the Company or after retirement with the permission of the Board or
in accordance with any age qualifications contained in the Company's by-laws,
his legal representatives or beneficiaries may exercise his options for all of
the Shares subject to the options at any time during the remaining term of the
options.

                  (iv) If an Independent Director dies during the six months
after the date of his termination of service as a director other than by reason
of retirement with the permission of the Board or in accordance with any age
qualifications contained in the Company's by-laws, his options may be exercised
by his legal representatives or beneficiaries at any time within one year

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after the date of his death, for the number of Shares for which the options were
exercisable at the date of termination of his service as a director.

6.       ADJUSTMENT IN THE EVENT OF RECAPITALIZATION OF THE COMPANY.

         In the event of a reorganization, recapitalization, stock split, stock
dividend, combination of shares, merger, consolidation, rights offering, or any
other change in the corporate structure of the Company that results in an
increase or decrease in the number of Shares outstanding without receipt of
consideration by the Company, the number of Shares subject to any option and the
option price will be automatically adjusted in proportion to any increase or
decrease in the number of outstanding Shares. If the stated par value of the
Shares is changed or eliminated, the class of shares resulting from such event
will be deemed to be the Shares within the meaning of the Plan.

         The Company's issuance of shares of its capital stock for consideration
will not affect the number of Shares subject to an option or the option price,
and neither the number of Shares subject to an option nor the option price under
this Plan will be adjusted upon such issuance.

7.       CHANGE IN CONTROL.

         Upon a Change in Control in the Company, all options previously granted
and not exercised shall become immediately exercisable to the same extent and in
the same manner as if they had become exercisable in accordance with the
provisions of the Plan relating to the period of options and to termination of
service.

         For purposes of the Plan, a "Change in Control" of the Company shall be
deemed to have occurred if:

         a. Any "person" (as that term is used in Sections 13(d) and 14(b) of
the Exchange Act) becomes the "beneficial owner" (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of securities of the Company
representing 20% or more of the combined voting power of the Company's then
outstanding capital stock after the date this Plan is approved by the Company's
stockholders through the acquisition of additional shares of the Company's
capital stock other than as a result of the issuance of shares by the Company in
connection with any stock compensation plan for the benefit of the Company's
directors or employees, or any stock split, stock dividend, or other event
described in Section 6;

         b. During any period of two consecutive years individuals who at the
beginning of such period constitute the Board cease for any reason to constitute
a majority of the Board, unless the nomination of each new director for election
by the Company's stockholders was approved by a vote of at least two-thirds of
the directors then still in office who were directors at the beginning of the
period;

         c. Upon the consummation of (a) any merger or consolidation of the
Company in which the Company would not be the surviving corporation, or pursuant
to which Shares are

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converted to cash, securities or other property, other than a merger of the
Company in which holders of Shares have the same proportionate ownership of
common stock of the surviving corporation immediately after the merger, or (b)
any sale, lease, exchange or transfer (in one transaction or series of related
transactions) of all, or substantially all, of the assets of the Company,
provided the Company shall deliver written notice of the date of consummation of
any transaction described in (a) or (b) to each Independent Director at least
ten days prior to consummation;

         d. Any person (other than the Company or any Independent Director)
publicly announces an intention to take or to consider taking actions which, if
consummated, would constitute a Change in Control of the Company.

8.       ADMINISTRATION OF THE PLAN.

         The program will be administered by the Board of Directors. Under no
circumstances, however, will the Board of Directors have discretion to determine
which Independent Directors will receive grants of options, the number of Shares
subject to such options, or the terms or conditions upon which options may be
granted or exercised.

9.       AMENDMENT OF THE PLAN.

         The Plan may be amended by the Board of Directors, except that
stockholder approval is required for any amendment that would change (i) the
total number of Shares as to which options may be granted, (ii) persons eligible
to receive grants of options under the Plan, (iii) the option price, (iv) the
period during which options may be granted or exercised, or (v) the requirement
that the Plan be administered by the Board of Directors. The Board of Directors
shall not amend the Plan to confer any discretion on the Board as to persons
eligible to receive grants of options, the number of Shares subject to such
options, or the terms and conditions upon which such options may be granted or
exercised.

10.       APPROVAL OF STOCKHOLDERS; TERMINATION.

         The Plan will not take effect until adopted by the Board and approved
by holders of a majority of the outstanding Shares. The Plan shall terminate on
the tenth anniversary of approval of the Plan by the Company's stockholders, but
the termination of the Plan shall not affect the period of any option that has
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                                  EXHIBIT 10(c)

                               DMI FURNITURE, INC.
           STOCK COMPENSATION AND DEFERRAL PLAN FOR OUTSIDE DIRECTORS

                      SECTION 1 -- PURPOSE AND DEFINITIONS

         1.1 PURPOSE. The purpose of the DMI Furniture, Inc. Stock Compensation
and Deferral Plan for Outside Directors (the "Plan") is to foster ownership of
the Company's Common Stock by Outside Directors of the Company by paying a
portion of the retainer fee paid to each Outside Director in shares of Common
Stock, and thereby improving the Company's ability to attract and retain highly
qualified individuals to serve as directors of the Company; providing
competitive remuneration for Board service; enhancing the breadth of Outside
Director remuneration; and strengthening the commonality of interest between
directors and stockholders.

         1.2 DEFINITIONS. In this Plan, the following definitions apply:

                  (a) "Award" means the annual award of shares of Common Stock
to each Outside Director under this Plan.

                  (b) "Beneficiary" means the person, persons or entity
designated pursuant to Section 6 to receive payments under the Plan after the
death of a Participant.

                  (c) "Board" means the Board of Directors of DMI Furniture,
Inc.

                  (d) "Chief Executive Officer" shall mean the most senior
executive officer of the Company, who shall be a member of the Board but shall
not be eligible to participate in the Plan.

                  (e) "Common Stock" means the common stock, par value $.10 per
share, of DMI Furniture, Inc.

                  (f) "Company" means DMI Furniture, Inc., a Delaware
corporation.

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                  (g) "Deferred Amount" means an amount of Fees deferred under
this Plan.

                  (h) "Fees" means payments that the Outside Director receives
from the Company for services as a member of its Board. Such payments may
include Retainer Fees, special and regular board meeting fees and committee
meeting and chairmanship fees, but shall exclude direct reimbursement of
expenses.

                  (i) "Fiscal Year" means the Company's fiscal year.

                  (j) "Market Value" shall mean the closing bid price of Common
Stock reported on NASDAQ, or the closing sales price for the Common Stock
reported on the NASDAQ National Market System, on the last trading day before
the end of the Fiscal Year.

                  (k) "Outside Director" means any member of the Company's Board
of Directors who is not also a full-time employee of the Company.

                  (l) "Participant" means each Outside Director in office at the
end of the applicable Fiscal Year.

                  (m) "Plan" means this DMI Furniture, Inc. Stock Compensation
and Deferral Plan for Outside Directors, as it may be amended from time to time.

                  (n) "Retainer Fee" means the sum of the twelve monthly
retainer fees in effect from time to time that are payable to Outside Directors
during a Fiscal Year.

                  (o) "Stock Account" means the bookkeeping account to which a
Participant has Deferred Amounts credited pursuant to Section 4.1 and converted
to a Common Stock equivalent pursuant to Section 4.3.

                  (p) "Termination of Service" means the termination (by death,
retirement or otherwise) of a Participant's service as a Director of the
Company.

                           SECTION 2 -- ADMINISTRATION

         2.1 The Board shall administer this Plan. The Chief Executive Officer
shall have responsibility to conclusively

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interpret the provisions of this Plan and decide all questions of fact arising
in its application and such determinations shall be final and binding on the
Company and the Outside Directors.

         2.2 Determinations made with respect to any individual under this Plan
shall be made without the participation of such individual.

                       SECTION 3 -- ELIGIBILITY AND AWARDS

         3.1 ELIGIBILITY. Each Outside Director shall participate in this Plan.

         3.2 GRANTING AWARDS.

                  (a) Commencing at the end of the 1994 Fiscal Year, one-third
of each Participant's Retainer Fee for the immediately completed Fiscal Year
shall be paid in the form of the number of shares of Common Stock (rounded up to
the nearest five whole shares) having an aggregate Market Value equal to the
Retainer Fee then in effect.

                  (b) Each Participant may elect to increase or decrease the
portion of the Retainer Fee paid in Common Stock to any amount not less than
one-third of the Retainer Fee by completing and signing the Election Form
attached hereto as Annex A. Any such election shall be effective at the
beginning of the first calendar month that begins at least six months and one
day after delivery of an Election Form in accordance with this subsection and
shall remain in effect until amended by a subsequent Election Form delivered and
effective in accordance with this subsection.

         3.3 AWARD LIMITATIONS.

                  (a) The maximum number of shares of Common Stock that may be
issued under this Plan shall be one hundred sixty thousand shares (160,000),
subject to adjustments pursuant to Section VII.

                  (b) Subject to applicable rules and regulations of the
Securities and Exchange Commission, shares of Common Stock issued hereunder
shall be freely transferrable and nonforfeitable.

         3.4 PRO RATION OF CERTAIN AWARDS. Any Participant who serves as an
Outside Director for less than an entire Fiscal Year shall participate in this
Plan and shall receive an Award for a

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number of shares having an aggregate Market Value equal to one-third of the sum
of the monthly retainer fees for each whole calendar month of the Fiscal Year
during which the Participant served as an Outside Director.

         3.5 ISSUANCE OF COMMON STOCK. As soon as practicable after the end of
the Fiscal Year, the Company shall cause to be issued and delivered to each
Outside Director a stock certificate, registered in the name of such Outside
Director, evidencing the award of Common Stock pursuant to this Plan. Outside
Directors shall not be deemed for any purpose to be or have any rights as
stockholders of the Company with respect to any shares of Common Stock awarded
under this Plan, except as and when certificates therefor are issued. No
adjustment shall be made for dividends or distributions or other rights for
which the record date is before the date of such stock certificate.

                          SECTION 4 -- DEFERRAL OF FEES

         4.1 DEFERRAL ELECTION. Each Outside Director may elect to have all or a
portion of that Outside Director's Fees for any Fiscal Year, whether payable in
cash or in Common Stock, deferred under this Plan, by completing and signing the
Deferral Form attached hereto as Annex B. Such election shall be filed with the
Secretary of the Company before the beginning of the Fiscal Year during which
such Fee is earned.

         4.2 SUSPENSION OR CONTINUATION OF PARTICIPATION. An election pursuant
to Section 4.1 shall be irrevocable for the first Fiscal Year to which such
election relates, and it shall continue in effect for subsequent Fiscal Years
until revoked, increased or decreased prospectively by the Participant before
the beginning of the Fiscal Year for which the change is effective provided,
however, that election to defer or to change the deferral of Fees payable in
Common Stock shall become effective for the first Fiscal Year beginning at least
six months and one day after the Deferral Form is delivered to the Company. The
suspension of any deferrals under this Section 4.2 shall not affect existing
Deferred Amounts.

         4.3 ACCOUNTING FOR DEFERRED AMOUNTS. The Deferred Amounts of each
Participant shall be credited by the Company to a bookkeeping account to reflect
the Company's liability to that Participant (the "Stock Account"). Each Deferred
Amount shall be

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converted into a stock equivalent on the date so credited, based on that date's
Market Price for the Common Stock, including fractional shares up to three
decimal places. Thereafter, additional stock equivalents shall be added to the
Stock Account equal to the amount of Common Stock that could be purchased with
dividends equal to that paid on one share of Common Stock, multiplied by the
number of stock equivalents then existing in the Stock Account, based on the
Market Price of the Common Stock on the date a dividend is paid on Common Stock.
If a stock dividend or stock split occurs, a Participant's Stock Account shall
be credited with a number of Common Stock equivalents equal to the number of
shares which were distributed with respect to each share of issued and
outstanding Common Stock, multiplied by the number of stock equivalents recorded
to the Participant's Stock Account on the record date for such distribution
(assuming that fractional shares could be held of record and that fractional
shares would be distributed). All distributions to a Participant in accordance
with Section 4.6 shall be debited to the Participant's Stock Account.

         4.4 ADJUSTMENTS. If the Company is a party to any consolidation,
recapitalization, merger, share exchange or other business combination and, in
connection with such transaction, all or part of the outstanding Common Stock
shall be changed into or exchanged for stock or other securities of any other
entity or of the Company or cash or any other property, then the Stock Account
of a Participant shall be converted on the effective date of such transaction to
such new securities or other consideration equal to the amount each share of
Common Stock receives, multiplied by the number of stock equivalents in the
Stock Account immediately prior to the transaction.

         4.5 STATEMENT OF STOCK ACCOUNT. Upon request, but no more frequently
than quarterly, the Company shall deliver to each Participant, within 30 days
after a written request, a statement in such form as the Company deems
desirable, setting forth the stock equivalents then credited to the Stock
Account, and the aggregate Market Price of those stock equivalents.

         4.6 DISTRIBUTIONS. Upon Termination of Service, a Director's Stock
Account shall be distributed to the Director either (i) in one lump sum, or (ii)
in such number of annual installments (not exceeding 5), as the Director has
elected on the last Election Form submitted at least 6 months before the
Termination of Service. Such distribution shall be made in

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Common Stock or in cash equal to the then-Market Price of the Common Stock
allocated to the Participant's Stock Account, as was elected by the Participant
on the last Election Form submitted at least 6 months before the Termination of
Service, beginning no later than 30 days following the Termination of Service.
If installment payments are elected by a Participant on the Election Form, the
first such installment shall be paid within the 30 day period, and the remaining
installments on annual anniversaries of the first distribution, with each
installment equal to a fraction of the Stock Account at the beginning of the
distribution period, plus any additions to the Stock Account since the last
installment distribution. The fractional amount of the beginning Stock Account
to be distributed at each installment shall have a numerator of 1 and a
denominator equal to the number of annual installments elected by the
Participant. All amounts payable under this Section after the death shall be
paid to the Participant's Beneficiary in the manner elected by the Participant
on the Deferral Form. In the absence of an election by the Participant as to the
form of payment, the payment shall be made in one installment in the form of
Common Stock.

                       SECTION 5 -- AMENDMENT OF THE PLAN

         5.1 The Board may, without further action by the stockholders and
without further consideration to the Company, amend this Plan or condition or
modify Awards under this Plan in response to changes in securities or other laws
or rules, regulations, or regulatory interpretations thereof applicable to this
Plan or to comply with stock market rules or requirements.

         5.2 The Board may, from time to time, amend this Plan or any provisions
thereof without further action by the stockholders except that no amendment may
(a) change the provisions of Section 3.2 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; (b) increase awards (i)
retrospectively, or (ii) more than once in any calendar year; (c) change the
eligibility for Awards or otherwise materially modify the terms of this Plan; or
(d) affect an Outside Director's rights under any Award made under this Plan
before such amendment without such Outside Director's consent.

                       SECTION 6 -- BENEFICIARIES

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         Each Participant shall have the right, at any time, to designate any
person, persons or entity as a Beneficiary or Beneficiaries (both principal as
well as contingent) to whom payments under this Plan in Common Stock or cash
shall be made. Such designation and any subsequent change in the Beneficiary
Designation shall be made by the filing of a Designation of Beneficiary in the
form attached as Annex C with the Secretary of the Company. Such designation
shall be effective only when received by the Secretary of the Company. A new
beneficiary form will revoke all previous Beneficiary Designations. Any
finalized divorce of a Participant after the date of filing of the Designation
of Beneficiary form designating a spouse as Beneficiary shall also revoke such
designation. If the Participant fails to designate a Beneficiary as provided
above, or if the Beneficiary designation is revoked by divorce without execution
of a new designation, or if all designated Beneficiaries predecease the
Participant, then the Participant's designated Beneficiary shall be deemed to be
the person or persons surviving the Participant in the first of the following
classes of which there is a survivor, share and share alike:

         (a) Surviving spouse;

         (b) Participant's children, except that if any of the children
predecease the Participant but leaves issue surviving, then such issue shall
take per stirpes the share their parent would have taken if living;

         (c) Participant's estate.

         If it shall be found upon evidence satisfactory to the Board that any
Participant or Beneficiary to whom a benefit is payable under this Plan is
unable to care for their affairs because of illness or accident, any payment due
(unless prior claim therefor shall have been made by duly authorized guardian or
other legal representative) shall be paid, upon the appropriate indemnification
of the Board, to the spouse or other person deemed by the Board to have incurred
expenses for the care of such Participant or Beneficiary. Any payment shall be a
payment for account of the Participant or Beneficiary and shall be a complete
discharge of any liability of the Plan therefor.

                       SECTION 7 -- MISCELLANEOUS

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         7.1 EXPENSES. The expenses of administering the Plan shall be borne by
the Company, and shall not be charged against any Participant's Stock Account.

         7.2 APPLICABLE LAW. The provisions of the Plan shall be construed,
administered and enforced according to the laws of the State of Delaware.

         7.3 NO TRUST OR FUND. No action by the Company or the Board under this
Plan shall be construed as creating a trust, escrow or other secured or
segregated fund or other fiduciary relationship of any kind in favor of any
Participant, Beneficiary, or any other persons otherwise entitled to a Stock
Account. The status of Participants and Beneficiaries with respect to any
liabilities assumed by the Company hereunder shall be solely those of unsecured
creditors of the Company. Any asset acquired or held by the Company in
connection with liabilities assumed by it hereunder shall not be deemed to be
held under any trust, escrow or other secured or segregated fund or other
fiduciary relationship of any kind for the benefit of a Participant or
Beneficiary or to be security for the performance of the obligations of the
Company, but shall be and remain a general, unpledged, unrestricted asset of the
Company at all times subject to the claims of general creditors of the Company.

         7.4 NO ASSIGNABILITY AND BINDING EFFECT. Neither the Participant nor
any other person shall acquire any right to or interest in any amount awarded to
the Participant, otherwise than by actual payment in accordance with the
provisions of this Plan, or have any power, voluntarily or involuntarily, to
transfer, assign, anticipate, pledge mortgage or otherwise encumber, alienate or
transfer any rights hereunder in advance of any of the payments to be made
pursuant to the Plan or any portion thereof. The obligations of the Company
hereunder shall be binding upon any and all successors and assigns to the
Company.

         7.5 WITHHOLDING. The Company shall comply with all federal and state
laws and regulations respecting the withholding, deposit and payment of any
income or employment taxes relating to Deferred Amounts under this Plan.

         7.6 NO IMPACT ON DIRECTORSHIP. This Plan shall not be construed to
confer any right on the part of a Participant to be or remain a Director or to
receive any, or any particular rate of, Fees.

<PAGE>   9

         7.7 STOCKHOLDER RIGHTS. Nonemployee Directors shall not be deemed for
any purpose to be or have rights as stockholders of the Company with respect to
any stock equivalents credited to a Participant's Stock Account, until and
unless a certificate for Common Stock is issued upon distribution hereunder.

         7.8 REGULATORY COMPLIANCE AND LISTING. The issuance or delivery of any
shares of Common Stock may be postponed by the Company for such period as may be
required to comply with any applicable requirements under the federal securities
laws, any applicable listing requirements of any national securities market, or
any requirements under any other law or regulation applicable to the issuance or
delivery of such shares. The Company shall not be obligated to issue or deliver
any such shares if the issuance or delivery thereof shall constitute a violation
of any provision of any law or of any regulation of any governmental authority
or any national securities market on which the Company's securities are listed.

         7.9 EFFECTIVE DATE. This Plan shall become effective upon its approval
by the stockholders of the Company. This Plan shall be submitted to the
stockholders for their approval at the Company's 1994 Annual Meeting of
Stockholders.

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