Document:

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                                   Exhibit 4.2

    Composite Ace Cash Express, Inc. Non-Employee Directors Stock Option Plan
                      (as amended through August 17, 1998)

<PAGE>

                                    COMPOSITE
                             ACE CASH EXPRESS, INC.
                    NON-EMPLOYEE DIRECTORS STOCK OPTION PLAN
                      (AS AMENDED THROUGH AUGUST 17, 1998)

        On March 27, 1995 (the "Effective  Date"), the Board of Directors of Ace
Cash Express, Inc. (the "Company") adopted the following  Non-Employee Directors
Stock Option Plan:

     1. PURPOSE. The purpose of the Plan is to provide non-employee directors of
  the Company with a proprietary interest in the Company through the granting of
  options which will

            (a)  increase  the  interest of the  non-employee  directors  in the
                 Company's welfare;

            (b)  furnish an incentive to the non-employee  directors to continue
                 their services for the Company; and

            (c)  provide a means  through  which the Company  may  attract  able
                 persons to serve on the Board.

     2. ADMINISTRATION. The Plan will be administered by the Committee.

     3.  PARTICIPANTS.  All  non-employee  directors  of the  Company  are to be
  granted  options under the Plan, and upon such grant will become  participants
  in the Plan.

     4. SHARES  SUBJECT TO PLAN.  Options may not be granted  under the Plan for
  more than 260,000  shares of Common Stock of the Company,  but this number may
  be adjusted to reflect,  as deemed  appropriate  by the  Committee,  any stock
  dividend, stock split, share combination,  recapitalization or the like, of or
  by the  Company.  Shares to be optioned  and sold may be made  available  from
  either  authorized  but  unissued  Common  Stock or Common  Stock  held by the
  Company in its treasury.  Shares that by reason of the expiration of an option
  or otherwise are no longer  subject to purchase  pursuant to an option granted
  under the Plan may be reoffered under the Plan.

     5.  ALLOTMENT  OF  SHARES.  Grants of  options  under the Plan  shall be as
  described in this Section 5.

            (a)  On the  Effective  Date,  Howard W.  Davis  shall be granted an
                 option,  effective as of that date, to purchase 5,000 shares of
                 Common Stock of the Company.

            (b)  On December 1, 1995, each then serving non-employee director of
                 the Company  shall be granted an option,  effective  as of that
                 date, to purchase  3,000 shares of Common Stock of the Company.
                 On December 1, 1996, each then serving non-employee director of
                 the Company  shall be granted an option,  effective  as of that
                 date, to purchase  4,500 shares of Common Stock of the Company.
                 On December 1, 1997, each then serving non-employee director of
                 the Company  shall be granted an option,  effective  as of that
                 date, to purchase  6,750 shares of Common Stock of the Company.
                 On  December  1  (the   "Annual   Grant  Date")  of  each  year
                 thereafter,  commencing  December  1, 1998,  each then  serving
                 non-employee  director  of the  Company  shall  be  granted  an
                 option,  effective  as of that Annual  Grant Date,  to purchase
                 5,000 shares of Common Stock of the Company.

            (c)  Each  non-employee  who is  elected  to the  Board  who has not
                 previously served as a director of the Company shall be granted
                 an  option,  effective  as of the date of his  election  to the
                 Board (the "Initial  Grant Date"),  to purchase 5,000 shares of
                 Common Stock of the Company  until  November  30,  1996,  7,500
                 shares of Common Stock of the Company until  November 30, 1997,
                 and  11,250  shares of Common  Stock on and after  December  1,
                 1997.

<PAGE>

            (d)  Any  non-employee  director may elect by written  notice to the
                 Company not to receive one or more option grants hereunder,  by
                 electing  on the  Initial  Grant Date or at least six months in
                 advance of the Annual Grant Date,  whichever is applicable,  of
                 the option.

            (e)  The Plan shall be submitted to the Company's  shareholders  for
                 approval.  The Committee may grant options under the Plan prior
                 to the time of  shareholder  approval,  which  options  will be
                 effective when granted,  but if for any reason the shareholders
                 of the  Company do not approve the Plan prior to one year after
                 the date of  adoption  of the Plan by the  Board,  all  options
                 granted under the Plan will be terminated and of no effect;  no
                 option  may be  exercised  in  whole  or in part  prior to such
                 shareholder approval.

     6. GRANT OF  OPTIONS.  All  options  under the Plan shall be  automatically
  granted as provided in Section 5. The grant of options  shall be  evidenced by
  stock option  agreements  containing such terms and provisions as are approved
  by the  Committee,  but not  inconsistent  with the Plan.  The  Company  shall
  execute stock option agreements upon instructions from the Committee.

     7. OPTION  PRICE.  The option price shall be equal to the closing  price of
  Common  Stock of the  Company on (a) for the grant  under  Section  5(a),  the
  Effective Date and (b) for all subsequent grants, the Annual Grant Date or the
  Initial Grant Date, whichever is applicable, on which such grants are made.

     8. OPTION PERIOD. The Option Period will begin on the effective date of the
  option grant and will terminate on the fifth anniversary of that date.

     9. RIGHTS IN EVENT OF DEATH OR DISABILITY. If a participant dies or becomes
  disabled prior to termination of his right to exercise an option in accordance
  with the  provisions  of his stock option  agreement  without  having  totally
  exercised the option, the option may be exercised, to the extent of the shares
  with respect to which the option could have been exercised by the  participant
  on the date of his death or disability,  by (i) the participant's estate or by
  the  person  who  acquired  the right to  exercise  the  option by  bequest or
  inheritance  or by  reason  of the  death  of the  participant,  or  (ii)  the
  participant or his personal  representative  in the event of the participant's
  disability,  provided  the  option  is  exercised  prior  to the  date  of its
  expiration or not more than 180 days after the date of the participant's death
  or disability, whichever first occurs. The date of disability of a participant
  shall be determined by the Committee.

     10.  PAYMENT.  Full payment for shares  purchased upon exercising an option
  shall be made in cash or by check at the time of  exercise,  or on such  other
  terms as are set forth in the applicable  option  agreement.  No shares may be
  issued until full payment of the purchase  price therefor has been made, and a
  participant  will have none of the rights of a  shareholder  until  shares are
  issued to him.

     11. VESTING.

            (a)  The option  described  in Section  5(a) will be fully vested on
                 the Effective Date. Each option  described in Section 5(c) will
                 be fully vested on the Initial Grant Date of that option.  Each
                 other option will become exercisable to the extent of one-third
                 of the total optioned shares on each successive  anniversary of
                 the Annual Grant Date for such option.

            (b)  No fractional  share will be issued;  if an  installment  would
                 cover a fractional  share,  such installment will be rounded to
                 the next higher  whole  share  (except in the case of the final
                 installment,  which  will  be for  the  balance  of  the  total
                 optioned shares).

            (c)  In no event  may an  option  be  exercised  or shares be issued
                 pursuant  to an option if any  requisite  action,  approval  or
                 consent  of  any  governmental  authority  of any  kind  having
                 jurisdiction  over the exercise of options  shall not have been
                 taken or secured.

<PAGE>

     12. CAPITAL ADJUSTMENTS AND REORGANIZATIONS. The number of shares of Common
  Stock covered by each outstanding option granted under the Plan and the option
  price thereof, and the number of shares to be granted pursuant to Section 5(b)
  and  the  option  price  thereof,  may  be  adjusted  to  reflect,  as  deemed
  appropriate  by  the  Committee,   any  stock  dividend,  stock  split,  share
  combination,  exchange  of shares,  recapitalization,  merger,  consolidation,
  separation, reorganization, liquidation or the like of or by the Company.

     13. NON-ASSIGNABILITY. Options may not be transferred other than by will or
  by the laws of descent and distribution.  Except as otherwise  provided in the
  Plan, during a participant's lifetime, options granted to a participant may be
  exercised only by the participant.

     14.  INTERPRETATION.  The  Committee  shall  interpret  the Plan and  shall
  prescribe such rules and  regulations in connection  with the operation of the
  Plan as it determines to be advisable for the  administration of the Plan. The
  Committee may rescind and amend its rules and regulations.

     15. AMENDMENT OR DISCONTINUANCE. The Plan may be amended or discontinued by
  the Board without the approval of the shareholders of the Company, except that
  any  amendment  that would (a)  materially  increase the benefits  accruing to
  participants under the Plan, (b) materially  increase the number of securities
  that may be issued under the Plan, or (c) materially  modify the  requirements
  of  eligibility  for  participation  in the  Plan,  must  be  approved  by the
  share-holders of the Company. In addition,  the Plan shall not be amended more
  than once every six months, other than to comport with changes in the Internal
  Revenue Code of 1986, as amended,  or the Employee  Retirement Income Security
  Act of 1974, as amended, or the rules thereunder.

     16. EFFECT OF PLAN.  Neither the adoption of the Plan nor any action of the
  Board or the Committee shall be deemed to give any  non-employee  director any
  rights  other  than as may be  evidenced  by the Plan and  each  stock  option
  agreement,  or any  amendment  thereto,  duly  authorized by the Committee and
  executed on behalf of the Company in accordance  with the Plan,  and then only
  to the extent and on the terms and  conditions  expressly set forth herein and
  therein.

     17. TERM.  Unless sooner  terminated by action of the Board,  the Plan will
  terminate on March 26, 2005.  No options will be granted  under the Plan after
  that date, but options  granted before that date will continue to be effective
  in accordance with their terms.

     18. DEFINITIONS.  For the purposes of the Plan, unless the context requires
  otherwise, the following terms shall have the meanings indicated:

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

            (b)  "Committee"  means the Compensation  Committee of the Board, or
                 in the  absence  of such a  committee,  shall  mean the  entire
                 Board.

            (c)  "Common  Stock"  means the Common  Stock  which the  Company is
                 currently   authorized  to  issue  or  may  in  the  future  be
                 authorized  to issue (as long as the common  stock  varies from
                 that  currently  authorized,  if at all,  only in amount of par
                 value).

            (d)  "Option  Period" means the period during which an option may be
                 exercised.

            (e)  "Plan" means this Non-Employee  Directors Stock Option Plan, as
                 may be amended from time to time.<PAGE>

                                   Exhibit 4.3

             Composite Ace Cash Express, Inc. 1987 Stock Option Plan
                 (as amended and in effect on December 17, 1997)

<PAGE>

                                    COMPOSITE
                             ACE CASH EXPRESS, INC.
                             1987 STOCK OPTION PLAN
                 (AS AMENDED AND IN EFFECT ON DECEMBER 17, 1997)

     On December 18, the Board of Directors of Ace Cash  Express,  Inc.  adopted
the following 1987 Stock Option Plan:

     1. PURPOSE.  The purpose of the Plan is to provide certain employees with a
  proprietary  interest in the Company through the granting of options which are
  intended to

            (a)  increase  the  interest  of  the  employees  in  the  Company's
                 welfare;

            (b)  furnish  an  incentive  to such  employees  to  continue  their
                 services for the Company; and

            (c)  provide a means  through  which the Company  may  attract  able
                 persons to enter its employ.

     2. ADMINISTRATION. The Plan shall be administered by the Board.

     3. PARTICIPANTS.  The Board shall, from time to time, select the particular
  employees  of the  Company  and its  Subsidiaries  to whom  options  are to be
  granted, and who will, upon such grant, become participants in the Plan.

     4. STOCK  OWNERSHIP  LIMITATION.  No Incentive  Option may be granted to an
  employee who owns more than 10% of the voting power of all classes of stock of
  the Company or its Parent or Subsidiaries.  This limitation shall not apply if
  the option price is at least 110% of the fair market value of the stock at the
  time  the  Incentive  Option  is  granted  and  the  Incentive  Option  is not
  exercisable more than five years from the date it is granted.

     5. SHARES  SUBJECT TO PLAN.  The Board may not grant options under the Plan
  for more than  1,620,000  shares of Common Stock of the Company  (after giving
  effect to the  three-for-two  split of the Common Stock on November 30, 1997),
  but this  number may be  adjusted to  reflect,  if deemed  appropriate  by the
  Board, any stock dividend, stock split, share combination, recapitalization or
  the like,  of or by the  Company.  Shares to be optioned  and sold may be made
  available  from either  authorized  but unissued  Common Stock or Common Stock
  held by the Company in its treasury.  Shares that by reason of the  expiration
  of an option or  otherwise  are no longer  subject to purchase  pursuant to an
  option granted under the Plan may be reoffered under the Plan.

     6. LIMITATION ON AMOUNT. The aggregate fair market value (determined at the
  time of grant)  of the  shares of Common  Stock  which any  employee  is first
  eligible to purchase in any  calendar  year by exercise of  Incentive  Options
  (within the meaning of Section  422A of the  Internal  Revenue  Code)  granted
  under this Plan and all  incentive  stock  option  plans of the Company or any
  Parent or Subsidiary  shall not exceed  $100,000.  For this purpose,  the fair
  market  value  (determined  at the date of grant of each  option) of the stock
  purchasable  by exercise of an Incentive  Option (or an  installment  thereof)
  shall be counted against the $100,000  annual  limitation for an employee only
  for the calendar year in which such stock is first purchasable under the terms
  of the option.

     7. ALLOTMENT OF SHARES.  The Board shall  determine the number of shares of
  Common  Stock to be offered from time to time by grant of options to employees
  of the  Company  or its  Subsidiaries.  The grant of an option to an  employee
  shall not be deemed  either to entitle the employee to, or to  disqualify  the
  employee from, participation in any other grant of options under the Plan.

<PAGE>

     8. GRANT OF  OPTIONS.  All  options  under the Plan shall be granted by the
  Board.  The Board is authorized to grant  Incentive  Options and  Nonqualified
  Options  under the Plan.  The grant of  options  shall be  evidenced  by stock
  option agreements  containing such terms and provisions as are approved by the
  Board, but not inconsistent  with the Plan,  including  provisions that may be
  necessary to assure that any option that is intended to be an Incentive Option
  will comply with Section 422A of the Internal  Revenue Code. The Company shall
  execute stock option  agreements upon  instructions  from the Board. An option
  agreement may provide,  if the Board so determines,  that upon exercise of the
  option the Board may elect to pay, in lieu of receipt from the optionholder of
  the  exercise  price and  issuance  of  certificates  for the  shares of stock
  exercised, an amount equal to the excess of the fair market value per share on
  the date of  exercise  over the per share  exercise  price  under the  option,
  multiplied  by the number of shares  covered by the option or portion  thereof
  being exercised (any such excess being  hereinafter  referred to as the "Stock
  Appreciation") . If such an election is made, the Stock  Appreciation shall be
  paid to the  optionholder  either  in cash or in  Common  Stock or in cash and
  Common  Stock (based on the fair market value of such stock on the date of the
  election by the  optionholder),  as the Board shall  determine.  The option to
  purchase shares shall terminate with respect to the number of shares for which
  the Stock  Appreciation  is paid. The Plan shall be submitted to the Company's
  shareholders  for approval.  The Board may grant options under the Plan prior,
  to the time of  shareholder  approval,  which  options will be effective  when
  granted,  but if for any reason the shareholders of the Company do not approve
  the Plan prior to one year from the date of adoption of the Plan by the Board,
  all options granted under the Plan will be terminated and of no effect, and no
  option  may be  exercised  in  whole  or in part  prior  to  such  shareholder
  approval.

     9. OPTION  PRICE.  The option price shall not be less than 100% of the fair
  market  value per share of the Common Stock on the date the option is granted,
  if the options granted are intended to be Incentive  Options.  The Board shall
  determine  the fair  market  value of the  Common  Stock on the date of grant,
  using any reasonable  valuation method,  and shall set forth the determination
  in its minutes.

     10. OPTION PERIOD.  The Option Period shall begin on the date the option is
  granted,  which  shall be the date on which the Board  authorizes  the  option
  unless the Board  specifies a later date. No option,  may terminate later than
  ten years from the date the option is  granted.  The Board may provide for the
  exercise  of options  in  installments  and upon such  terms,  conditions  and
  restrictions as it may determine. The Board may provide for termination of the
  option in the case of termination of employment or any other reason.

     11. RIGHTS IN EVENT OF DEATH. If a participant dies prior to termination of
  his right to exercise an option in  accordance  with the  provisions of his or
  her stock option agreement  without having totally  exercised the option,  the
  option may be exercised, to the extent of the shares with respect to which the
  option  could  have  been  exercised  by the  participant  on the  date of the
  participant's death, by the participant's estate or by the person who acquired
  the right to exercise the option by bequest or inheritance or by reason of the
  death of the  participant,  provided the option is exercised prior to the date
  of its  expiration  or 180  days  from the  date of the  participant's  death,
  whichever first occurs.

     12.  PAYMENT.  Full payment for shares  purchased upon exercising an option
  shall be made in cash or by check at the time of  exercise,  or on such  other
  terms as are set forth in the applicable  option  agreement.  No shares may be
  issued until full payment of the purchase  price therefor has been made, and a
  participant  shall have none of the rights of a  shareholder  until shares are
  issued to him or her.

     13.  EXERCISE OF OPTION.  Options  granted  under the Plan may be exercised
  during the Option Period,  at such times, in such amounts,  in accordance with
  such terms and subject to such restrictions as are set forth in the applicable
  stock option  agreements.  In no event may an option be exercised or shares be
  issued pursuant to an option if any requisite  action,  approval or consent of
  any governmental  authority of any kind having  jurisdiction over the exercise
  of  options  shall  not have  been  taken or  secured.  The Board may offer an
  optionholder,  upon such conditions and restrictions as it deems advisable and
  in lieu of  receipt  from him or her of the  exercise  price and  issuance  of
  certificates for the shares of stock exercised,  the right to elect payment in
  cash,  Common Stock,  or a  combination  of cash and Common Stock as the Board
  shall determine in an amount equal to the Stock Appreciation.

     14. CAPITAL ADJUSTMENTS AND REORGANIZATIONS. The number of shares of Common
  Stock covered by each outstanding option granted under the Plan and the option
  price may be adjusted  to reflect,  as deemed  appropriate  by the Board,  any
  stock  dividend,   stock  split,  share   combination,   exchange  of  shares,
  recapitalization,    merger,   consolidation,    separation,   reorganization,
  liquidation or the like, of or by the Company.

     15. NON-ASSIGNABILITY. Options may not be transferred other than by will or
  by the laws of descent  and  distribution.  During a  participant's  lifetime,
  options granted to a participant may be exercised only by the participant.

     16. INTERPRETATION.  The Board shall interpret the Plan and shall prescribe
  such rules and  regulations in connection with the operation of the Plan as it
  determines to be advisable for the  administration  of the Plan. The Board may
  rescind or amend any rules and regulations so prescribed.

<PAGE>

     17. AMENDMENT OR DISCONTINUANCE. The Plan may be amended or discontinued by
  the Board without the approval of the shareholders of the Company, except that
  any  amendment  that would (a)  materially  increase the benefits  accruing to
  participants under the Plan, (b) materially  increase the number of securities
  that may be issued under the Plan, or (c) materially  modify the  requirements
  of  eligibility  for  participation  in  the  Plan  must  be  approved  by the
  shareholders of the Company.

     18. EFFECT OF PLAN.  Neither the adoption of the Plan nor any action of the
  Board shall be deemed to give any officer or employee  any right to be granted
  an option to purchase  Common Stock of the Company or any other rights  except
  as may be evidenced by any stock option agreement,  or any amendment  thereto,
  duly  authorized  by the Board and  executed on behalf of the Company and then
  only to the  extent  and on the  terms  and  conditions  expressly  set  forth
  therein.

     19. TERM.  Unless sooner terminated by action of the Board, this Plan shall
  terminate on December 17, 1997. The Board may not grant options under the Plan
  after that date,  but options  granted  before that date shall  continue to be
  effective in accordance with their terms.

     20. DEFINITIONS.  For the purpose of this Plan, unless the context requires
  otherwise, the following terms shall have the meanings respectively indicated:

            (a)  "Plan" means this  Incentive  Stock Option Plan as amended from
                 time to time.

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

            (c)  "Common  Stock"  means the Common  Stock  which the  Company is
                 currently   authorized  to  issue  or  may  in  the  future  be
                 authorized  to issue (as long as the common  stock  varies from
                 that  currently  authorized,  if at all,  only in amount of par
                 value).

            (d)  "Subsidiary"  means any  corporation  in an  unbroken  chain of
                 corporations  beginning with the Company if, at the time of the
                 granting of the option, each of the corporations other than the
                 last  corporation in the unbroken  chain owns stock  possessing
                 50% or more of the total  combined  voting power of all classes
                 of stock in one of the other  corporations  in the  chain,  and
                 "Subsidiaries" means more than one of any such corporations.

            (e)  "Parent"  means  any   corporation  in  an  unbroken  chain  of
                 corporations  ending  with  the  Company  if,  at the  time  of
                 granting of the option, each of the corporations other than the
                 Company owns stock possessing 50% or more of the total combined
                 voting  power  of all  classes  of  stock  in one of the  other
                 corporations in the chain.

            (f)  "Option  Period" means the period during which an option may be
                 exercised.

            (g)  "Incentive Option" means an option granted under the Plan which
                 meets the  requirements of Section 422A of the Internal Revenue
                 Code.

            (h)  "Nonqualified  Option"  means an option  granted under the Plan
                 which is not intended to be an Incentive Option.

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