Document:

Exhibit 10.9

                                                 AS AMENDED THROUGH
                                                 JUNE 15, 1995

                    CARRINGTON LABORATORIES, INC.
                    EMPLOYEE STOCK PURCHASE PLAN

       Section 1.  Purpose.  It is the purpose of the Plan to promote the
  interests of the Company and its shareholders by providing a method  by
  which eligible  employees  may  use  voluntary  payroll  deductions  to
  purchase shares of Common Stock at  a discount, thereby affording  them
  the opportunity to invest in the  Company at a preferential price,  and
  to acquire  a proprietary  interest in  the  Company and  an  increased
  personal interest in its continued success  and progress.  The Plan  is
  intended to  qualify as  an employee  stock  purchase plan  within  the
  meaning of Section 423 of the Code and shall be construed accordingly.

       Section 2.  Definitions.  As used herein the following terms  have
  the following meanings:

            (a)   "Affiliate" means any corporation that is a  subsidiary
       corporation of the Company within the meaning of Section 424(f) of
       the Code  and that  has been  designated by  the Committee  as  an
       Affiliate for purposes of the Plan.

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

            (c)   "Code" means the United States Internal Revenue Code of
       1986, as from time to time amended.

            (d)   "Committee" means the Committee described in Section  4
       hereof.

            (e)   "Common Stock" means the $.01 par value Common Stock of
       the Company.

            (f)   "Company" means Carrington Laboratories, Inc.
<PAGE>
            (g)   "Compensation" means  (i) with  respect to  a  salaried
       employee, the basic annual salary of such employee as of the first
       day of the Plan Year (except  with respect to a salaried  employee
       whose participation in the Plan begins on an Enrollment Date other
       than January 1,  in which case,  for the Plan  Year in which  such
       participation begins,  "Compensation" means  that portion  of  the
       basic annual salary of such employee, as of the Enrollment Date on
       which such participation  begins, that is  payable for the  period
       from such  Enrollment  Date through  the  remainder of  that  Plan
       Year), and shall  not include bonuses,  overtime pay,  allowances,
       commissions,  deferred   compensation   payments  or   any   other
       extraordinary compensation,  and (ii)  with respect  to an  hourly
       compensated employee, the straight-time hourly rate of pay of such
       employee as of the first day of the Plan Year, multiplied by 2,080
       (except with  respect  to  an hourly  compensated  employee  whose
       participation in the Plan begins on April 1, July 1 or October  1,
       in which  case, for  the Plan  Year  in which  such  participation
       begins, "Compensation" means the straight-time hourly rate of  pay
       of such  employee  as  of such  April  1,  July 1  or  October  1,
       multiplied by 1,560,  1,040 or 520,  respectively), and shall  not
       include bonuses,  overtime pay,  premium  pay or  other  irregular
       payments.  The Compensation  of an employee  who does not  receive
       salary or  wages  computed  in  United  States  dollars  shall  be
       determined by converting such salary  or wages into United  States
       dollars in accordance with the Compensation Exchange Rate.

            (h)   "Compensation Exchange Rate" means the New York foreign
       currency exchange rate as reported in The Wall Street Journal  for
       the last business day in December immediately preceding the  first
       day of the Plan Year.

            (i)   "Eligible Employee" means any  employee of the  Company
       or an  Affiliate  who  is eligible  to  participate  in  the  Plan
       pursuant to Section 5 hereof.

            (j)   "Enrollment Date" means any January 1, April 1, July  1
       or October 1 of any Plan Year.

            (k)   "Fair Market Value" means the closing sale price on the
       date in question (or, if there was no reported sale on such  date,
       on the last preceding day on which any reported sale occurred)  of
       the Common Stock  on the Nasdaq  National Market  or any  national
       stock exchange or other stock market on which the Common Stock may
       from time to time be traded.

            (l)   "Option" means any option to purchase shares of  Common
       Stock granted by the Committee pursuant  to the provisions of  the
       Plan.

            (m)   "Participant" means an Eligible Employee who elects  to
       participate in the Plan pursuant to Section 6 hereof.

            (n)   "Plan"  means   this  Carrington   Laboratories,   Inc.
       Employee Stock Purchase Plan.

            (o)   "Plan Year" means  each period  beginning on  January 1
       and ending  on the  following December  31, commencing  January 1,
       1993.
<PAGE>
       Section 3. Number of  Shares.  The aggregate  number of shares  of
  Common Stock issued pursuant  to Options granted  under the Plan  shall
  not exceed a total of 500,000 shares.  The maximum number of shares  of
  Common Stock available for sale under the Plan is subject to adjustment
  as provided  in Section  14.   The Common  Stock to  be delivered  upon
  exercise of Options may  consist of authorized  but unissued shares  of
  Common Stock or shares of Common Stock previously issued and reacquired
  by the Company.

       Section 4.    Administration of  the  Plan.   The  Plan  shall  be
  administered by the  Committee, which shall  consist of  three or  more
  employees of  the Company.    Each member  of  the Committee  shall  be
  appointed by and shall serve at the pleasure of the Board of Directors.
   The Board of  Directors shall have  the sole  continuing authority  to
  appoint members  of  the Committee  both  in substitution  for  members
  previously appointed  and  to  fill  vacancies  however  caused.    The
  following provisions shall apply to the  administration of the Plan  by
  the Committee:

            (a)   The Committee  shall designate  one of  its members  as
       Chairman and shall hold  meetings at such times  and places  as it
       may determine.  Each member of the Committee shall be  notified in
       writing of the time and place  of any meeting of the Committee  at
       least two days prior  to such meeting,  provided that such  notice
       may be waived by a Committee member.  A majority of the members of
       the Committee shall constitute a quorum and any action taken by  a
       majority of  the members  of the  Committee  present at  any  duly
       called meeting at which a quorum is present (or action unanimously
       approved in writing) shall constitute action by the Committee.

            (b)   The Committee may appoint a Secretary (who need not  be
       a member of the Committee) who shall keep minutes of its meetings.
       The  Committee may make such rules and regulations for the conduct
       of its business as it may determine.

            (c)   The Committee shall have full authority subject to  the
       express provisions of the Plan to interpret the Plan, to  provide,
       modify and rescind  rules and regulations  relating to  it and  to
       make all  other determinations  and perform  such actions  as  the
       Committee deems necessary or advisable to administer the Plan.

            (d)   No member  of the  Committee shall  be liable  for  any
       action taken or determination made in  good faith with respect  to
       the Plan or any Option granted hereunder.

       Section 5. Eligible Employees.  Each employee of the Company or an
  Affiliate shall  be  eligible to  participate  in the  Plan;  provided,
  however, that:

            (a)   An employee  shall not  be granted  an Option  if  such
       employee would, immediately after grant  of the Option, own  stock
       possessing 5% or more of the total combined voting power or  value
       of all classes of stock of the Company or any parent or subsidiary
       corporation of the Company (within  the meaning of Section  424(e)
       and (f) of the Code).  For purposes of determining stock ownership
       under this  paragraph, the  rules of  Section 424(d)  of the  Code
       shall apply, and stock which the  employee may purchase under  any
       outstanding options  shall  be  treated  as  stock  owned  by  the
       employee; and
<PAGE>
            (b)   No employee shall be granted  an Option under the  Plan
       which would permit  such employee's rights  to purchase shares  of
       stock under all employee stock purchase  plans of the Company  and
       its parent  and subsidiary  corporations  (within the  meaning  of
       Section 424(e) and (f) of the Code) to accrue (within the  meaning
       of Section 423(b)(8)  of the Code)  at a rate  which exceeds  U.S.
       $25,000 of fair market value of such stock (determined at the time
       such option is granted)  for each calendar  year during which  any
       such option granted to such employee is outstanding at any time.

  For purposes of this Section 5,  the term "employee" shall not  include
  an employee whose customary employment is 20 hours or less per week  or
  is for not more than five months in any calendar year.

       Section 6.  Method of Participation.   Each person who will be  an
  Eligible Employee on any  Enrollment Date may  elect to participate  in
  the Plan by executing and delivering to the Company, on or before  such
  Enrollment Date, a payroll deduction authorization form as provided  in
  this  Section.    Such  Eligible   Employee  shall  thereby  become   a
  Participant on  such Enrollment  Date and  shall remain  a  Participant
  until such Eligible Employee's participation is terminated as  provided
  in Section 11 or 12 hereof; provided, however, that if the Company does
  not receive  such  payroll  deduction authorization  form  in  time  to
  implement the  authorized  withholding  for  the  payroll  period  that
  includes such Enrollment Date, no withholding  shall be made on  behalf
  of such Participant  pursuant to this  Plan until  the next  succeeding
  payroll period.

            The  payroll  deduction  authorization  form  executed  by  a
  Participant shall request withholding, by means of substantially  equal
  payroll deductions over the Plan Year, of an amount which shall be  not
  more than 10% nor less than  1% of such Participant's Compensation  for
  the Plan Year.  A Participant may change the withholding rate of his or
  her payroll deduction authorization within such limits by delivering  a
  new payroll  deduction authorization  form  to the  Company;  provided,
  however, that a change  pursuant to this sentence  may be made by  each
  Participant no more than three times  in respect of any Plan Year;  and
  provided further, that if the Company does not receive such new payroll
  deduction authorization form in  time to implement  the change for  the
  payroll  period  during  which  it  receives  such  form,  the   change
  authorized thereby shall not be made until the next succeeding  payroll
  period.   All  amounts  withheld in  accordance  with  a  Participant's
  payroll deduction  authorization shall  be  credited to  a  withholding
  account for  such  Participant.    No  interest  shall  be  payable  on
  withholding accounts.
<PAGE>
       Section 7.  Grant of Options.  Each  Participant shall be  granted
  an Option on  the first day  of each Plan  Year to  purchase shares  of
  Common  Stock;  provided,  however,  that  a  Participant  who   begins
  participation on an Enrollment Date other than January 1 in  accordance
  with Section 6 shall be granted  an Option on such Enrollment Date  and
  on the first day of  each succeeding Plan Year.   Each Option shall  be
  exercisable in installments on the last  business day of each  calendar
  month during  the Plan  Year, beginning  with the  month in  which  the
  Option is granted, for the number of whole shares of Common Stock to be
  determined by dividing (a) the balance in the Participant's withholding
  account on the last business day of the month by (b) the purchase price
  per share of the  Common Stock as  determined under Section  8.  In  no
  event shall the  number of shares  with respect to  which an Option  is
  granted to a Participant  in a Plan Year  exceed that number of  shares
  which has an  aggregate Fair Market  Value (determined on  the date  of
  grant) of U.S. $25,000, and the number of shares actually purchased  by
  a Participant in a Plan Year may  not exceed this number.  The  Company
  shall reduce, on  a substantially  proportionate basis,  the number  of
  shares of Common Stock receivable by each Participant upon exercise  of
  an Option in any  month in the  event that the  total number of  shares
  then available under the Plan is  less than the total number of  shares
  with respect to which all Participants exercise Options in such month.

       Section 8.  Option Price. The  purchase price per share of  Common
  Stock under each installment of each  Option shall equal the lesser  of
  (a) 85% of the Fair Market Value per share of Common Stock on the  date
  of grant of the Option or (b) 85% of the Fair Market Value per share of
  Common Stock on the date on which the installment is exercised.

       Section 9.  Exercise of Options. An employee who is a  Participant
  in the  Plan on  the last  business  day of  a  month shall  be  deemed
  automatically to have exercised the  current installment of the  Option
  granted to him  or her for  that Plan Year.   Upon  such exercise,  the
  Company shall apply the entire balance of the Participant's withholding
  account to the purchase of the maximum number of whole shares of Common
  Stock as determined under Section 7.   For purposes of this Section  9,
  the balance in the withholding account of a Participant whose salary or
  wages are not computed in United States dollars shall be converted into
  United States dollars in accordance with the New York foreign  currency
  exchange rate  as reported  in The  Wall Street  Journal for  the  last
  business day of  the month.   Shares of  Common Stock  purchased for  a
  Participant under the Plan shall be held in custody for the account  of
  such Participant as provided  in the following  paragraph unless he  or
  she has requested, by written notice  to the Company at any time,  with
  respect to  any  installment  of  an Option  or  with  respect  to  all
  installments, that certificates representing  shares purchased for  his
  or her account  under the Plan  not be held  in custody.   The  Company
  shall issue and  deliver to the  Participant certificates  representing
  shares for which such  a request has been  made as soon as  practicable
  after such shares are purchased, subject  to the limitations set  forth
  in the following sentence of this Section 9.  Certificates representing
  shares for which such a request has not previously been made and  which
  are being  held  in  custody  shall be  issued  and  delivered  to  the
  Participant as soon as practicable after the end of the month in  which
  the Participant  makes  a  written request  to  the  Company  therefor;
  provided, however, that the obligation of the Company to deliver shares
  of Common Stock shall be  postponed for such period  of time as may  be
  necessary to  register  or  qualify  the  purchased  shares  under  the
<PAGE>
  Securities Act of 1933 and any  applicable foreign or state  securities
  law; and, provided further, that the Participant shall not be  entitled
  to receive a certificate representing the shares in his or her  account
  under the Plan, other than at the end of a Plan Year or upon withdrawal
  from the Plan  pursuant to Section 11  or 12, unless  there are ten  or
  more shares in such account.

            The Company shall  issue or cause  to be issued  one or  more
  global certificates (collectively,  the "Global  Certificate"), in  the
  name of an officer or officers of Company designated from time to  time
  by the Committee to  serve as Custodian for  Participants in the  Plan,
  representing all shares purchased for Participants under the Plan  that
  the Company has not been requested to deliver to the Participants.  The
  Company shall  maintain complete  and accurate  records indicating  the
  number of  shares purchased  for each  Participant under  the Plan  for
  which  certificates  have  not  been  issued  and  delivered  to   such
  Participant, and the Company shall, no less frequently than  quarterly,
  deliver reports to such Participants  indicating such number of  shares
  and containing such other information as the Company may deem necessary
  or advisable.   A  Participant  shall possess  all  of the  rights  and
  privileges of a stockholder of the Company with respect to Common Stock
  purchased under the Plan upon the issuance to or for the benefit of the
  Participant of  a certificate  or  certificates (including  the  Global
  Certificate) representing such  shares.  The  Company shall deliver  or
  cause to be  delivered to each  Participant for whom  shares of  Common
  Stock have been  purchased under the  Plan and are  represented by  the
  Global Certificate all dividends and  distributions in respect of  such
  shares and all  notices, proxy statements  and other communications  to
  the Company's shareholders  in accordance with  applicable law and  the
  rules and regulations of the Securities and Exchange Commission.

            No fractional shares  shall be  issued upon  exercise of  any
  installment of an  Option.  Any  balance remaining  in a  Participant's
  withholding account  following  exercise  of an  installment  shall  be
  returned to the Participant, except that any such balance  representing
  a fractional share of Common Stock shall be retained in the withholding
  account and applied to the purchase of  shares in the next month.   The
  cash proceeds received by the Company upon exercise of an Option  shall
  constitute general funds of the Company.  To the extent any installment
  of an Option is exercised with respect  to less than all of the  shares
  of Common  Stock available  for purchase  under such  installment,  the
  unexercised portion of the installment shall expire and become null and
  void as  of  the  end of  the  month  for which  such  installment  was
  exercisable.  Any  unexercised portion of  an Option  shall expire  and
  become null and  void as  of the end  of the  Plan Year  in which  such
  Option was granted.
<PAGE>
       Section 10.   Restrictions on  Sale of  Stock.   Shares of  Common
  Stock purchased under the  Plan may not be  sold, pledged or  otherwise
  transferred within two  years after the  date of  purchase unless  such
  shares are first offered to the  Company for purchase at a price  equal
  to the  Fair Market  Value of  the  shares on  the  date on  which  the
  Participant delivers written notice of such offer to the Company.   The
  Company must  accept or  reject  the offer  no  later than  5:00  p.m.,
  Central Time, on  the next business  day following its  receipt of  the
  written notice from the Participant.   If the Company rejects or  fails
  to accept the offer, the Participant  shall be free to sell, pledge  or
  transfer the  shares covered  by such  offer; provided,  however,  that
  shares of  Common Stock  purchased  under the  Plan  may not  be  sold,
  pledged or otherwise transferred under  any circumstances prior to  the
  approval of the Plan by the  Company's shareholders in accordance  with
  Section 17.   Certificates representing shares  of Common Stock  issued
  under the  Plan  shall  contain  a  restrictive  legend  describing  or
  referring to the restrictions imposed by this Section 10, in accordance
  with applicable  law,  until  such restrictions  have  terminated  with
  respect to the shares represented by such certificates.

       Section 11.  Cancellation of Option and Withdrawal From the  Plan.
   A Participant who holds an Option under the Plan may at any time prior
  to exercise  of the  final installment  thereof pursuant  to Section  9
  cancel the  remaining unexercised  portion of  such Option  by  written
  notice delivered to the Company.   Upon such cancellation, the  balance
  in the Participant's withholding account and  any shares being held  in
  custody shall be returned to such Participant and he or she shall cease
  to be a Participant.  Partial cancellation shall not be permitted.

            A Participant  may terminate  his  or her  payroll  deduction
  authorization as of any date by written notice delivered to the Company
  and shall thereby cease to be a  Participant as of such date.   Partial
  termination  of  a  payroll   deduction  authorization  shall  not   be
  permitted, except to  the extent  expressly permitted  by Section 6  of
  this Plan.   Any  Participant who  voluntarily  terminates his  or  her
  payroll deduction authorization  prior to the  last business  day of  a
  month shall  be  deemed to  have  cancelled the  remaining  unexercised
  portion of his or her Option, including the installment that would have
  been exercisable on the last business day of such month.

            A Participant who  withdraws from the  Plan pursuant to  this
  Section 11 may re-enroll as of any subsequent Enrollment Date on  which
  he or she is an Eligible Employee in accordance with the procedure  set
  forth in Section 6 of this Plan; provided, however, that a  Participant
  shall not be  permitted to re-enroll  in the Plan  until an  Enrollment
  Date that  is  at  least six  months  after  the date  of  his  or  her
  withdrawal.

       Section 12.  Termination of Employment.  Upon the termination of a
  Participant's employment  with  the Company  or  an Affiliate  for  any
  reason, such person shall  cease to be  a Participant, the  unexercised
  portion of any Option held by such Participant under the Plan shall  be
  deemed cancelled, the balance of such Participant's withholding account
  and any  shares  being  held  in custody  shall  be  returned  to  such
  Participant (or,  in  the event  of  the Participant's  death,  to  the
  executor or administrator  of his or  her estate) and  he or she  shall
  have no further rights under the Plan.
<PAGE>
            All Participants shall  have the same  rights and  privileges
  under the Plan.   Notwithstanding the  foregoing, nothing  in the  Plan
  shall confer upon any Participant any  right to continue in the  employ
  of the Company or an Affiliate or  in any way interfere with the  right
  of the  Company or  an Affiliate  to terminate  the employment  of  the
  Participant  at  any  time,  with  or  without  cause.    Transfers  of
  employment among the Company and its Affiliates and approved  leaves of
  absence not exceeding 90 days shall  not be considered terminations  of
  employment for purposes of this Plan.

       Section 13.  Transferability.   An Option  granted under the  Plan
  shall not be transferable by the  Participant and shall be  exercisable
  only by the Participant.

       Section 14.   Adjustments Upon Changes  in Common Stock.   In  the
  event the Company shall effect a split of the Common Stock or declare a
  dividend payable  in Common  Stock, or  in  the event  the  outstanding
  Common Stock shall  be combined into  a smaller number  of shares,  the
  maximum number of shares as to  which Options may be granted under  the
  Plan shall  be increased  or decreased  proportionately, and  the  Fair
  Market Value per share of Common Stock as  of the date of grant of  all
  outstanding Options  shall  be adjusted,  for  purposes of  making  the
  determination required by Section  8 of this Plan,  in a manner  deemed
  appropriate by the Board of Directors.

            In the  event  of  a reclassification  of  Common  Stock  not
  covered by  the  foregoing,  or  in  the  event  of  a  liquidation  or
  reorganization of  the Company,  including a  merger, consolidation  or
  sale of assets, the Board of Directors shall make such adjustments,  if
  any, as it may deem appropriate in the number, purchase price and  kind
  of shares that  are covered by  Options theretofore  granted under  the
  Plan or that are otherwise subject to the Plan.  The provisions of this
  Section shall only be applicable if,  and only to the extent that,  the
  application thereof  does  not  conflict with  any  valid  governmental
  statute, regulation or rule.

       Section 15.  Amendment  and Termination of the  Plan.  Subject  to
  the right  of  the Board  of  Directors  to terminate  the  Plan  prior
  thereto, the Plan shall terminate when all or substantially all of  the
  Common Stock reserved for purposes of the Plan has been purchased.   No
  Options may be  granted after termination  of the Plan.   The Board  of
  Directors may alter or amend the Plan but may not without the  approval
  of the shareholders of  the Company and  of any regulatory  authorities
  having jurisdiction  make any  alteration  or amendment  thereof  which
  operates (a) to  increase the total  number of shares  of Common  Stock
  which may be issued under the  Plan (other than as provided in  Section
  14), (b) to modify the criteria for determining the employees (or class
  of employees) eligible  to receive  Options under  the Plan  or (c)  to
  materially increase benefits  accruing under the  Plan to  Participants
  who are subject to  Section 16 of the  Securities Exchange Act of  1934
  (the "Exchange Act").

            No termination  or  amendment  of the  Plan  shall  adversely
  affect the rights of a Participant under an outstanding Option,  except
  with the consent of such Participant.
<PAGE>
       Section 16.  Requirements of Law.  The granting of Options and the
  issuance of  Common Stock  upon  the exercise  of  an Option  shall  be
  subject to  all applicable  laws, rules  and  regulations and  to  such
  approval by governmental agencies as may be required.

       Section 17.  Effective  Date of the Plan.   The Plan shall  become
  effective, as of the date of its adoption by the Board of Directors, if
  it is duly approved at the  1993 annual meeting of stockholders of  the
  Company.  The affirmative vote of the holders of at least a majority of
  the shares of stock of the  Company present and voting on the  approval
  of the Plan at  the meeting, provided that  the total number of  shares
  voting for the proposal represents more than 50% of the total number of
  shares of  stock entitled  to vote  at such  annual meeting,  shall  be
  required to approve the Plan.  If the Plan is not so approved, the Plan
  shall terminate,  the  unexercised  portions  of  all  Options  granted
  hereunder shall  be  null and  void  and  all shares  of  Common  Stock
  theretofore issued upon the exercise of Options under the Plan shall be
  deemed  cancelled.     Certificates  representing   shares  issued   to
  Participants prior  to  shareholder approval  of  the Plan  shall  bear
  appropriate  legends  indicating  that  the  shares  have  been  issued
  contingent upon shareholder approval and  are cancellable in the  event
  such approval is  not obtained.   Upon such cancellation,  Participants
  shall promptly  deliver to  the Company  all certificates  representing
  cancelled  shares  and  the  Company  shall  promptly  return  to   the
  Participants,  without   interest,  all   funds  obtained   from   such
  Participants through payroll  deductions and used  for the purchase  of
  such shares.

       Section 18.  Rule 16b-3 Compliance.  Transactions under this  Plan
  are intended to comply with all applicable conditions of Rule 16b-3  or
  its successors adopted under the Exchange Act, some of which conditions
  are not set forth herein.  To the  extent any provision of the Plan  or
  action by the Committee fails to so comply, it shall be deemed null and
  void, to  the extent  permitted  by law  and  deemed advisable  by  the
  Committee.Exhibit 10.10

       NOTICE:  THE WARRANTS REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN
       REGISTERED UNDER THE SECURITIES ACT OF  1933 OR THE SECURITIES  OR
       BLUE SKY LAWS  OF ANY  JURISDICTION.   THESE WARRANTS  MAY NOT  BE
       SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO  THE
       EXPRESS PROVISIONS HEREOF.

  Void after May 9, 2000

                    CARRINGTON LABORATORIES, INC.

                    Common Stock Purchase Warrant

       CARRINGTON LABORATORIES,  INC.  (the "Company")  hereby  certifies
  that for  valuable  consideration,  the  receipt  of  which  is  hereby
  acknowledged, E. DON  LOVELACE is entitled,  subject to  the terms  set
  forth below, to purchase from the Company, at any time or from time  to
  time after September 14, 1993 and  before 5:00 p.m. Dallas, Texas  time
  on May 9,  2000 (the "Expiration  Date"), Five  Thousand (5,000)  fully
  paid and non-assessable shares  of Common Stock of  the Company at  the
  price of  $13.00 per  share (the  "Purchase Price").   The  number  and
  character of such  shares of Common  Stock and the  Purchase Price  are
  subject to adjustment as provided herein.

       As used herein, the following  terms unless the context  otherwise
  requires have the following respective meanings:

            (a)  The term "Common Stock" includes all stock of any  class
       or classes (however  designated) of the  Company, authorized  upon
       the Original Issue Date or thereafter, the holders of which  shall
       have the right, without limitation as to amount, either to all  or
       to a share  of the balance  of current  dividends and  liquidating
       dividends after the payment of dividends and distributions on  any
       shares entitled to preference, and the holders of which shall as a
       class, in the absence  of contingencies, be  entitled to vote  for
       the election  of a  majority of  directors  of the  Company  (even
       though the right so to vote has been suspended by the happening of
       such a contingency).

            (b)  The term "Company" includes any corporation which  shall
       succeed to or assume the obligations of the Company hereunder.

            (c)  The term "Original Issue Date" means September 15, 1993,
       the date as of which the Warrants were first issued.

            (d)  The term "Other Securities"  refers to any stock  (other
       than Common  Stock) and  other securities  of the  Company or  any
       other person (corporate  or otherwise)  which the  holders of  the
       Warrants at any time shall be  entitled to receive, or shall  have
       received, upon the  exercise of  the Warrants,  in lieu  of or  in
       addition to Common Stock, or which  at any time shall be  issuable
       or shall have  been issued in  exchange for or  in replacement  of
       Common  Stock  or  Other  Securities  pursuant  to  Section  5  or
       otherwise.
<PAGE>
            (e)  The term "Purchase Price"  shall be the then  applicable
       exercise price for one share of Common Stock hereunder.

            (f)  The term "Securities Acts"  means the Securities Act  of
       1933, as  amended, and  the securities  or blue  sky laws  of  any
       jurisdiction applicable to any exercise, transfer or surrender for
       exchange of the Warrants or of Common Stock (or Other  Securities)
       previously issued upon exercise of the Warrants.

            (g)  The term "Warrants"  means the  warrants represented  by
       this instrument.

       1.   Sale or  Exercise  Without  Registration.    Subject  to  the
  provisions of  Section 12  hereof, if,  at the  time of  any  exercise,
  transfer or surrender for exchange of a Warrant or of Common Stock  (or
  Other Securities) previously issued upon the exercise of Warrants, such
  Warrant or Common Stock (or Other  Securities) shall not be  registered
  under the Securities Acts, the Company  may require, as a condition  of
  allowing such exercise, transfer  or exchange, that  (i) the holder  or
  transferee of such Warrant  or Common Stock  (or Other Securities),  as
  the case  may be,  furnish to  the Company  a satisfactory  opinion  of
  counsel to the effect that such  exercise, transfer or exchange may  be
  made without registration under the Securities Acts and (ii) the holder
  or transferee execute and deliver to  the Company an investment  letter
  in form  and substance  acceptable to  the Company,  provided that  the
  disposition thereof shall at  all times be within  the control of  such
  holder or transferee,  as the case  may be.   The first  holder of  the
  Warrants represents to the  Company that such  holder is acquiring  the
  Warrants for  investment  and  not with  a  view  to  the  distribution
  thereof.

       2.   Exercise of Warrant.

            2.1  Exercise in  Full.   Subject to  the provisions  hereof,
  this Warrant may be exercised in full by the holder hereof by surrender
  of this Warrant, with the form  of subscription at the end hereof  duly
  executed by such  holder, to  the Company  at its  principal office  in
  Dallas County, Texas, accompanied by payment,  in cash or by  certified
  or official bank  check payable  to the order  of the  Company, in  the
  amount obtained by  multiplying the number  of shares  of Common  Stock
  called for on the  face of this Warrant  (without giving effect to  any
  adjustment therein) by the Purchase Price.

            2.2  Partial Exercise.   Subject  to the  provisions  hereof,
  this Warrant may be exercised in  part by surrender of this Warrant  in
  the manner and at the place provided in Subsection 2.1 except that  the
  amount payable by  the holder upon  any partial exercise  shall be  the
  amount obtained by multiplying (a) the number of shares of Common Stock
  (without giving effect  to any  adjustment therein)  designated by  the
  holder in the subscription at the end hereof by (b) the Purchase Price.
   Upon any such partial exercise, the  Company will forthwith issue  and
  deliver to the holder hereof a  new Warrant or Warrants of like  tenor,
  in the name of the holder hereof, calling in the aggregate on the  face
  or faces  thereof  for the  number  of  shares of  Common  Stock  equal
  (without giving effect to any adjustment therein) to the number of such
  shares called for on the face of this Warrant minus the number of  such
  shares designated by the holder in the subscription at the end  hereof.
   No fractional shares of Common Stock may be purchased upon exercise of
  any Warrants.
<PAGE>
       3.   Delivery of Stock Certificates, etc. on Exercise.  As soon as
  practicable after the exercise of this Warrant in full or in part,  the
  Company will cause to  be issued in  the name of  and delivered to  the
  holder hereof a  certificate or certificates  for the  number of  fully
  paid and non-assessable shares of Common Stock (or Other Securities) to
  which such holder shall be entitled  upon such exercise, plus, in  lieu
  of any  fractional  share  to which  such  holder  would  otherwise  be
  entitled, cash equal to  such fraction multiplied  by the then  current
  market value of one full share, together with any other stock or  Other
  Securities and  property (including  cash, where  applicable) to  which
  such holder is  entitled upon such  exercise pursuant to  Section 4  or
  otherwise.

       4.   Adjustment for Dividends in Other Stock, Property, etc.;
  Reclassification, etc.  In case at any time or from time to time  after
  the  Original  Issue  Date  the  holders  of  Common  Stock  (or  Other
  Securities) shall have received, or (on or after the record date  fixed
  for the determination of shareholders  eligible to receive) shall  have
  become entitled to receive, without payment therefor,

            (a)  other  or  additional  stock  or  Other  Securities   or
       property (other than cash) by way of dividend, or

            (b)  any cash paid or payable (including, without limitation,
       by way of dividend), except out of earned surplus of the  Company,
       or

            (c)  other or additional (or less) stock or Other  Securities
       or  property  (including  cash)  by  way  of  spin-off,  split-up,
       reclassification,  recapitalization,  combination  of  shares   or
       similar corporate rearrangement,

  then, and  in each  such case,  the holder  of this  Warrant, upon  the
  exercise hereof as provided in Section 2, shall be entitled to  receive
  the amount of stock and Other  Securities and property (including  cash
  in the cases referred to in Subsections (b) and (c) of this Section  4)
  which such holder would  hold on the  date of such  exercise if on  the
  Original Issue Date such  holder had been the  holder of record of  the
  number of shares of Common Stock called for on the face of this Warrant
  and had thereafter, during the period  from the Original Issue Date  to
  and including the date of such  exercise, retained such shares and  all
  such other  or additional  (or less)  stock  and Other  Securities  and
  property (including cash in  the cases referred  to in Subsections  (b)
  and (c) of this Section 4)  receivable by him as aforesaid during  such
  period, giving effect to all adjustments called for during such  period
  by Section 5 hereof.
<PAGE>
       5.   Reorganization, Consolidation,  Merger,  etc.   In  case  the
  Company  after   the   Original  Issue   Date   shall  (a)   effect   a
  reorganization, (b) consolidate with or merge into any other person, or
  (c) transfer all or  substantially all of its  properties or assets  to
  any other  person  under  any plan  or  arrangement  contemplating  the
  dissolution of the Company, then, in each such case, the holder of this
  Warrant, upon the exercise hereof as provided in Section 2 at any  time
  after the consummation of such reorganization, consolidation or  merger
  or the effective date of such dissolution, as the case may be, shall be
  entitled to receive (and the Company shall be entitled to deliver),  in
  lieu of  the Common  Stock (or  Other  Securities) issuable  upon  such
  exercise prior to such consummation or  such effective date, the  stock
  and Other Securities and property (including cash) to which such holder
  would have been entitled upon such  consummation or in connection  with
  such dissolution, as the case may  be, if such holder had so  exercised
  this  Warrant  immediately  prior  thereto,  all  subject  to   further
  adjustment thereafter as provided in Section 4 hereof.

       6.   Notices of Record Date, etc.  In the event of:

            (a)  any taking by the Company of a record of the holders  of
       any class of securities for the purpose of determining the holders
       thereof who are  entitled to receive  any dividend  (other than  a
       cash dividend payable  out of earned  surplus of  the Company)  or
       other distribution, or  any right  to subscribe  for, purchase  or
       otherwise acquire any shares  of stock of any  class or any  Other
       Securities or property, or to receive any other right, or

            (b)  any  capital   reorganization   of  the   Company,   any
       reclassification or recapitalization of  the capital stock of  the
       Company or any transfer of all or substantially all the assets  of
       the Company to or consolidation or  merger of the Company with  or
       into any other person, or

            (c)  any voluntary or involuntary dissolution, liquidation or
       winding-up of the Company,

  then and in each such event the Company will mail or cause to be mailed
  to each holder of a Warrant a  notice specifying (i) the date on  which
  any such  record is  to be  taken  for the  purpose of  such  dividend,
  distribution or right,  and stating the  amount and  character of  such
  dividend, distribution or right,  and (ii) the date  on which any  such
  reorganization,    reclassification,    recapitalization,     transfer,
  consolidation, merger,  dissolution, liquidation  or winding-up  is  to
  take place, and the time, if any, as of which the holders of record  of
  Common Stock (or Other Securities) shall be entitled to exchange  their
  shares of Common Stock  (or Other Securities)  for securities or  other
  property  deliverable  upon   such  reorganization,   reclassification,
  recapitalization,   transfer,   consolidation,   merger,   dissolution,
  liquidation or winding-up.  Such notice shall be mailed at least twenty
  (20) days prior to the date therein specified.

       7.   Reservation of Stock, etc., Issuable on Exercise of Warrants.
   The Company will at all times  reserve and keep available, solely  for
  issuance and delivery upon the exercise of the Warrants, all shares  of
  Common Stock (or Other Securities) from time to time issuable upon  the
  exercise of the Warrants.
<PAGE>
       8.   Listing on Securities Exchanges.  If, at the time any of  the
  Warrants are exercised, the Company's Common Stock or Other  Securities
  then subject to  such Warrants are  listed on  any national  securities
  exchange and the shares  issuable upon exercise  of such Warrants  have
  not already been so listed, the Company will, at its expense,  promptly
  file an  application to  list on  such  exchange, subject  to  official
  notice of issuance, all shares of Common Stock or Other Securities,  as
  the case may be, from  time to time issuable  upon the exercise of  the
  Warrants, and will use its best efforts  to cause such shares to be  so
  listed as promptly as reasonably possible.  In the event such a listing
  application must be filed following the  exercise of any Warrants,  the
  Company may postpone the issuance and  delivery of the shares  issuable
  in respect thereof until the listing of such shares has been completed.

       9.   Exchange of Warrants.  Subject  to the provisions of  Section
  12 hereof,  upon  surrender  for  exchange  of  any  Warrant,  properly
  endorsed, to the Company, the Company at its own expense will issue and
  deliver to the holder thereof a new Warrant or Warrants of like  tenor,
  in the name of  such holder, calling  in the aggregate  on the face  or
  faces thereof for the  number of shares of  Common Stock called for  on
  the face or faces of the Warrant or Warrants so surrendered.

       10.  Replacement of Warrants.  Upon receipt of evidence reasonably
  satisfactory  to  the  Company  of  the  loss,  theft,  destruction  or
  mutilation of any Warrant and, in the  case of any such loss, theft  or
  destruction,  upon  delivery  of  an  indemnity  agreement   reasonably
  satisfactory in form and amount to the  Company or, in the case of  any
  such mutilation, upon surrender and  cancellation of such Warrant,  the
  Company at its expense will execute and deliver, in lieu thereof, a new
  Warrant of like tenor.

       11.  Warrant Agent.  The  Company may, by  written notice to  each
  holder of  a Warrant,  appoint  an agent  having  an office  in  Dallas
  County, Texas  for  the  purpose of  issuing  Common  Stock  (or  Other
  Securities) upon the exercise  of the Warrants  pursuant to Section  2,
  exchanging Warrants  pursuant  to  Section 9,  and  replacing  Warrants
  pursuant to Section  10, or any  of the foregoing,  and thereafter  any
  such issuance, exchange or  replacement, as the case  may be, shall  be
  made at such office by such agent.

       12.  Restriction on Transfer,  etc.  This  Warrant is issued  upon
  the following terms, to all of which each holder or owner hereof by the
  taking hereof consents and agrees:

            (a)  notwithstanding any  term  or provision  hereof  to  the
       contrary, this Warrant (and any Warrant for which this Warrant may
       be exchanged  or replaced)  may not  be transferred  or  assigned,
       except  by  will  or   pursuant  to  the   laws  of  descent   and
       distribution; provided, however, that  any transfer or  assignment
       shall be subject to the conditions set forth in Section 1  hereof;
       and

            (b)  until this Warrant  is transferred on  the books of  the
       Company, the Company may treat the registered holder hereof as the
       absolute owner hereof for all purposes, notwithstanding notice  to
       the contrary.
<PAGE>
       13.  Notices, etc.  All notices and other communications from  the
  Company to the holder  of this Warrant shall  be mailed by first  class
  registered or certified mail, postage prepaid,  at such address as  may
  have been furnished to the Company in writing by such holder, or, until
  an address is so furnished, to and at the address of the last holder of
  this Warrant who has so furnished an address to the Company.

       14.  Miscellaneous.   This  Warrant and  any  term hereof  may  be
  changed, waived,  discharged or  terminated only  by an  instrument  in
  writing signed by the party against  which enforcement of such  change,
  waiver, discharge  or termination  is sought.   This  Warrant shall  be
  construed and enforced in accordance with  and governed by the laws  of
  the State of Texas.  The headings  in this Warrant are for purposes  of
  reference only, and  shall not  limit or  otherwise affect  any of  the
  terms hereof.

  Dated: September 15, 1993

                                     CARRINGTON LABORATORIES, INC.

                                     By:
                                   Karl H. Meister, President

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