Document:

Exhibit 10.8

                                                                                    Exhibit 10.8

STOCK OPTION AGREEMENT

FOR NON-QUALIFIED STOCK OPTION

FOR OFFICERS AND EMPLOYEES

A NON-QUALIFIED STOCK OPTION (the "Option") for a total of    5,000    shares (the "Shares") of common stock, par value $0.10 ("Common Stock"), of Guaranty Federal Bancshares, Inc. (the "Corporation"), which Option shall not be considered an incentive stock option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended, is hereby granted to   (the "Optionee") at the price and upon the terms and conditions set forth in this Stock Option Agreement (this "Agreement").

1.   Option Price. The exercise price is $ 17.20    for each Share under the Option, being 100% of the fair market value of the Common Stock on the date of grant of the Option as determined by the Stock Compensation Plan Committee of the Board of Directors of the Corporation (the "Committee").

2.   Exercises of Option. 

(a) Schedule of Rights to Exercise. The Option shall become exercisable and vest as follows:

       

                           Percentage of

                           Total Shares

                   Shares       Under Option Which

Date                   Exercisable   Are Exercisable

As of    September 23, 2004           1,000       20%

As of    September 23, 2005           1,000       40%

As of   September 23, 2006           1,000       60%

As of   September 23, 2007           1,000       80%

As of   September 23, 2008           1,000       100%

Subject to Section 5(a) hereof, the Option shall be exercisable to the extent as of the dates shown above, provided the Optionee is an employee, director or director emeritus of the Corporation or Guaranty Bank (the "Bank") as of such applicable date. Notwithstanding any provisions in this Section 2, in no event shall the Option be exercisable prior to six months following the date of grant of the Option. Subject to Sections 6 and 7(b) hereof, the Option shall be 100% vested and exercisable upon the death or Disability of the Optionee, or upon a Change in Control (defined hereafter) of the Corporation.

(b) Method of Exercise. The Option shall be exercisable by a written notice, a form of which is attached hereto, which shall:

(i) State the election to exercise the Option, the number of Shares with respect to which it is being exercised, the person in whose name the stock certificate or certificates for such Shares is to be registered, his or her address and Social Security Number (or if more than one, the names, addresses and Social Security Numbers of such persons);

( ii) Contain such representations and agreements as to the holder’s investment intent with respect to such Shares as may be satisfactory to the Corporation’s counsel;

(iii) Be signed by the person or persons entitled to exercise the Option and, if the Option is being exercised by any person or persons other than the Optionee, be accompanied by proof, satisfactory to counsel for the Corporation, of the right of such person or persons to exercise the Option; and

(iv) Be in writing and delivered in person or by certified mail to the Chief Financial Officer of the Corporation.

Payment of the purchase price of any Shares with respect to which the Option is being exercised shall be paid to the Corporation in cash (by certified or bank cashier’s or teller’s check), Common Stock or a combination of cash and Common Stock. Common Stock utilized in full or partial payment of the exercise price shall be valued at the fair market value at the date of exercise of such Option. Upon receipt by the Corporation of payment in full, the certificate or certificates for Shares as to which the Option shall be exercised shall be registered in the name of the person or persons exercising the Option. Optionee shall not have any of the rights of a stockholder of the Corporation with respect to the Shares being acquired pursuant to this Agreement until the Shares are issued to the Optionee.

Subject to vesting requirements contained herein, Optionee may engage in the "cashless exercise" of the Option. Upon a cashless exercise, Optionee shall give the Corporation written notice of the exercise of the Option together with an order to a registered broker-dealer or equivalent third party, to sell part or all of the Shares subject to the Option (the "Optioned Stock") and to deliver enough of the proceeds to the Corporation to pay the Option exercise price and any applicable withholding taxes. If the Optionee does not sell the Optioned Stock through a registered broker-dealer or third party, the Optionee can give the Corporation written notice of the exercise of the Option and the third party purchaser of the Optioned Stock shall pay the Option exercise price plus any applicable withholding taxes to the Corporation.

(c) Restrictions on Exercise. The Option may not be exercised if the issuance of Shares upon such exercise would constitute a violation of any applicable federal or state securities or other law or valid regulation or the requirements of any stock exchange or trading market upon which the Common Stock is then listed. As a condition to the Optionee’s exercise of the Option, the Corporation may require the person exercising the Option to make any representation and warranty to the Corporation as may be required by any applicable law or regulation. Upon the termination of Optionee’s employment or service by the Corporation or the Bank for "cause" (as defined in 12 C.F.R. 563.39(b)(1)) as determined by the Board of Directors of the Corporation, the unexercised portion of the Option at the time of such termination shall immediately cease to be exercisable as of the date of such termination of employment or service. Upon the exercise of the Option (or any portion thereof), the Committee, in its sole and absolute discretion, may make a cash payment to the Optionee, in whole or in part, in lieu of the delivery of Shares. Such cash payment shall be equal to the difference between the fair market value of the Common Stock on the date the Option (or any portion thereof) is exercised and the exercise price per Share of the Option, less applicable withholding. Such cash payment shall be in exchange for the cancellation of such Option (or portion thereof). Such cash payment shall not be made in the event that such transaction would result in liability to the Optionee or the Corporation under Section 16(b) of the Securities Exchange Act of 1934, as amended, and regulations promulgated thereunder.

3. Non-transferability of Option. The Option may not be transferred in any manner otherwise than by will or the laws of descent or distribution and may be exercised during the lifetime of the Optionee only by the Optionee (or a guardian of Optionee if Optionee is incapacitated). The terms of the Option shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee.

4. Term of Option. The Option may not be exercised more than ten (10) years from the date of grant of the Option (the "Expiration Date"), as set forth below, and may be exercised during such term only in accordance with the terms of this Agreement.

5. Effect of Termination of Service or Employment, Disability, Death and Retirement.

(a) Termination of Service or Employment. Except as provided in Section 2(c) hereof, in the event that Optionee’s service or employment with the Corporation or the Bank shall terminate for any reason, other than Disability, death or Retirement, all of the Option and all of Optionee’s rights to purchase or receive Shares pursuant hereto, shall automatically terminate on (A) the earlier of (i) or (ii): (i) the Expiration Date, or (ii) the expiration of not more than three (3) months after the date of such termination of service or employment; or (B) at such later date as is determined by the Committee at the time of the grant of the Option based upon the Optionee’s continuing status as a director or director emeritus of the Bank or the Corporation, but only if, and to the extent that, the Optionee was entitled to exercise the Option at the date of such termination of service or employment. In the event that a subsidiary of the Corporation ceases to be a subsidiary of the Corporation, the employment of all of its employees who are not immediately thereafter employees of the Corporation shall be deemed to terminate upon the date such subsidiary so ceases to be a subsidiary of the Corporation.

(b) Disability or Retirement. If Optionee’s employment or service with the Corporation or the Bank shall terminate as the result of the Disability or Retirement of Optionee, the Option shall become immediately 100% exercisable, and Optionee thereafter may exercise any part or all of the Option at any time prior to the Expiration Date. For purposes of this Agreement, (i) the term "Disability" shall mean any physical or mental impairment which renders the Optionee incapable of continuing in the employment or service of the Bank or the Corporation in his or her then current capacity as determined by the Committee, and (ii) the term "Retirement" shall mean termination of service in all capacities as an employee, director and director emeritus following attainment of not less than age 55 and completion of not less than ten years of service to the Corporation or the Bank. Service to the Corporation or the Bank rendered prior to the date of grant of the Option shall be recognized in determining eligibility to meet the requirements of Retirement under this Agreement.

(c) Death. In the event of death of Optionee, the Option shall become immediately 100% exercisable and may be exercised by the person or persons to whom the Optionee’s rights under the Option pass by will or by the laws of descent and distribution (including the Optionee’s estate during the period of administration) at any time prior to the Expiration Date.

(d) Option Deemed Exercisable. For purposes of this Section 5, any portion of the Option shall be considered exercisable at the date of termination of employment or service if any such portion of the Option would have been exercisable at such date of termination of employment or service without regard to the Disability or death of Optionee.

(e) Termination of Option. To the extent that Optionee’s service or employment with the Corporation or Bank terminates for any reason, and the Option (or portion thereof) shall not have been exercised within the applicable period set forth in this Section 5, the Option (or portion thereof), and all rights to purchase or receive Shares pursuant thereto, shall terminate on the last day of the applicable period as provided herein.

6. Recapitalization, Merger, Consolidation, Change in Control and Other Transactions.

(a) Adjustment. Subject to any required action by the stockholders of the Corporation, within the sole discretion of the Committee, the number of Shares covered by the Option and the exercise price per Share of the Option shall be proportionately adjusted for any increase or decrease in the number of issued and outstanding shares of Common Stock resulting from a subdivision or consolidation of shares of Common Stock (whether by reason of merger, consolidation, recapitalization, reclassification, split-up, combination of shares, or otherwise) or the payment of a stock dividend (but only on the Common Stock) or any other increase or decrease in the number of Shares effected without the receipt or payment of consideration by the Corporation (other than shares held by dissenting stockholders).

(b) Change in Control. The Option shall become immediately exercisable in the event of a Change in Control (defined hereafter) of the Corporation, as determined by the Committee. In the event of such a Change in Control, the Committee and the Board of Directors will take one or more of the following actions to be effective as of the date of such Change in Control:

(i) provide that such Option shall be assumed, or equivalent options shall be substituted ("Substitute Options") by the acquiring or succeeding corporation (or an affiliate thereof), provided that: the shares of stock issuable upon the exercise of such Substitute Options shall constitute securities registered in accordance with the Securities Act of 1933, as amended (the "1933 Act"), or such securities shall be exempt from such registration in accordance with Sections 3(a)(2) or 3(a)(5) of the 1933 Act (collectively, "Registered Securities"), or in the alternative, if the securities issuable upon the exercise of such Substitute Options shall not constitute Registered Securities, then the Optionee will receive upon consummation of the Change in Control transaction a cash payment for the Option surrendered equal to the difference between (1) the fair market value of the consideration to be received for each Share in the Change in Control transaction times the number of Shares subject to the surrendered Option, and (2) the aggregate exercise price of the surrendered Option; or

(ii) in the event of a transaction under the terms of which the holders of the Common Stock of the Corporation will receive upon consummation thereof a cash payment (the "Merger Price") for each Share exchanged in the Change of Control transaction, to make or to provide for a cash payment to the Optionee equal to the difference between (A) the Merger Price times the number of Shares under the Option (to the extent then exercisable at prices not in excess of the Merger Price) and (B) the aggregate exercise price of all such Shares under the Option in exchange for such Shares under the Option.

(iii) For purposes of this Agreement, the term "Change in Control" shall mean (A) the sale of all, or a material portion, of the assets of the Corporation; (B) the merger or recapitalization of the Corporation whereby the Corporation is not the surviving entity; or (C) the acquisition, directly or indirectly, of the beneficial ownership (within the meaning of that term as it is used in Section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder) of twenty-five percent (25%) or more of the outstanding voting securities of the Corporation by any person, trust, entity or group. This limitation shall not apply to the purchase of Shares by underwriters in connection with a public offering of Corporation stock, or the purchase of shares of up to 25% of any class of securities of the Corporation by a tax-qualified employee stock benefit plan which is exempt from the approval requirements, set forth under 12 C.F.R. ss.574.3(c)(1)(vi) as now in effect or as may hereafter be amended. The term "person" refers to an individual or a corporation, partnership, limited liability company, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not specifically listed herein. The decision of the Committee as to whether a Change in Control has occurred shall be conclusive and binding.

(c) Extraordinary Corporate Action. Notwithstanding any provisions of this Agreement to the contrary, subject to any required action by the stockholders of the Corporation, in the event of any Change in Control, recapitalization, merger, consolidation, exchange of shares, spin-off, reorganization, tender offer, partial or complete liquidation or other extraordinary corporate action or event, the Committee, in its sole discretion, shall have the power, prior or subsequent to such action or event, to:

(i) appropriately adjust the number of Shares subject to the Option, the exercise price per Share under the Option, and the consideration to be given or received by the Corporation upon the exercise of any part or all of the Option;

(ii) cancel any part or all of a previously granted Option, provided that appropriate consideration is paid to the Optionee in connection therewith; and/or

(iii) make such other adjustments in connection with the Option as the Committee, in its sole discretion, deems necessary, desirable, appropriate or advisable.

(d) Acceleration. The Committee shall at all times have the power to accelerate the exercise date of the Option for any or no reason in the Committee’s sole and absolute discretion.

Except as expressly provided in Sections 6(a) and 6(b) hereof, Optionee shall not have any rights by reason of the occurrence of any of the events described in this Section 6.

7. Modification of the Option. At any time and from time to time, the Board of Directors of the Corporation may authorize the Committee to direct the execution of an instrument providing for the modification of the Option, provided no such modification, extension or renewal shall confer on the holder of the Option any right or benefit which could not be conferred on the Optionee by the grant of a new option at such time, or shall not materially decrease the Optionee’s benefits under the Option without the consent of the holder of the Option, except as otherwise permitted under Section 9 hereof.

8. Change in Applicable Law. Notwithstanding any other provision contained in this Agreement, in the event of a change in any federal or state law, rule or regulation which would make the exercise of all or part of the Option unlawful or subject the Corporation or Bank to any penalty, the Committee may restrict any such exercise without the consent of the Optionee or other holder thereof in order to comply with any such law, rule or regulation or to avoid any such penalty.

9. Unsecured Obligation. Optionee shall not have any interest in any fund or special asset of the Corporation or the Bank by reason of this Agreement or the Option. No trust fund shall be created in connection with this Agreement or the Option, and there shall be no required funding of amounts which may become payable to Optionee.

10. Withholding Tax. The Corporation shall have the right to deduct from all amounts paid in cash with respect to the cashless exercise of Option under this Agreement any taxes required by law to be withheld with respect to such cash payments. If Optionee or any other person is entitled to receive Shares pursuant to the exercise of the Option, the Corporation shall have the right to require the Optionee or such other person to pay the Corporation the amount of any taxes which the Corporation is required to withhold with respect to such Shares, or, in lieu thereof, to retain, or to sell without notice, a number of Shares sufficient to cover the amount required to be withheld.

11. No Employee Rights. No action taken by the Committee in administration of this Agreement shall be construed as giving any person any rights of employment or retention as an employee, director or in any other capacity with the Corporation, the Bank or other subsidiaries thereof.

12. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Missouri, without regard to its conflict or choice of laws provisions, except to the extent that federal law shall be deemed to apply.QuickLinks
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Exhibit 4.01    
    

 
 

1994 Directors' Stock Option Plan    
    

PAUL-SON GAMING CORPORATION  

1994 DIRECTORS' STOCK OPTION PLAN  

Adopted by the Board of Directors January 31, 1994

Revised by the Board of Directors August 24, 1994

Approved by the Stockholders October 5, 1994

Revised by the Board of Directors July 29, 1996

Further Revised by the Board of Directors September 24, 1999

Further Revised, by the Board of Directors September 12, 2002

Approved by the Stockholders October 29, 2003  

	1.
	Purpose 

        The
Paul-Son Gaming Corporation 1994 Directors' Stock Option Plan (the "Plan") is intended to promote the interests of Paul-Son Gaming Corporation (the
"Corporation") and its subsidiaries by offering members of the Board of Directors of the Corporation who are not employed as regular salaried officers or employees of the Corporation or any of its
subsidiaries (hereinafter referred to as "Non-Employee Directors" or "Optionees") the opportunity to participate in a stock option plan in order to encourage Non-Employee
Directors to take a long term view of the affairs of the Corporation; to attract and retain highly qualified Non-Employee Directors; and to aid in rewarding Non-Employee
Directors for their services to the Corporation. 

	2.
	Administration 

        The
Plan shall be administered by a Committee (the "Committee") of not less than two Directors of the Corporation who are not eligible to participate under the Plan, selected by and
serving at the pleasure of the Corporation's Board of Directors (the "Board"). The Committee shall not have any discretion to determine or vary any matters which are fixed under the terms of the Plan
including, without limitation, which individuals shall receive option awards, how many shares of the Corporation's stock shall be subject to each such option award, what the exercise price of stock
covered by an option shall be, and what means of payment shall be acceptable. 

        The
Committee shall have the authority to otherwise interpret the Plan and make all determinations necessary or advisable for its administration. 

        The
Committee's decisions under the Plan shall be subject to the approval of the Board. 

	3.
	Eligibility 

        Only
Non-Employee Directors, who are not participants in the Corporation's 1994 Long Term Incentive Plan, will be eligible to be granted awards. 

	4.
	Stock
Subject to the Plan 

        The
stock from which awards may be granted shall be the Corporation's $.01 par value Common Stock ("Common Stock"). When options are exercised, the Corporation may either issue
authorized but unissued shares of Common Stock or transfer issued shares of Common Stock held in its treasury. The total number of shares of Common Stock which may be granted as stock options shall
not exceed 150,000. If an option expires, or is otherwise terminated prior to its exercise, the Common Stock covered by such an option immediately prior to such expiration or other termination shall
continue to be available for grant under the Plan. 

 
	5.
	Grant
and Amount of Options 

        The
date of grant of the initial option ("Initial Option") for a Non-Employee Director commencing his or her term shall be the date that he or she becomes a member of the
Board of Directors ("Commencement Date"). The Initial Option grant shall be to purchase 6,000 shares of Common Stock (subject to vesting per Section 6.2 and to adjustment per Section 7). 

        Annual
awards of options ("Annual Options" or individually an "Annual Option") shall be granted beginning on the anniversary of the Commencement Date, and continuing each year
thereafter. An Annual Option will be to purchase: (i) prior to the third anniversary of the Commencement date, 1,500 shares of Common Stock for each of the following Board committees on which
the Non-Employee Director served for a period of at least six months during the twelve months prior to the date of grant: (A) Audit Committee; (B) Compliance Committee; and
(C) Compensation Committee; and (ii) on the third anniversary of the Commencement Date, and each year thereafter, an additional 2,000 shares of Common Stock (all grant amounts subject to
adjustment per section 7). The Initial Option and the Annual Options are collectively referred to herein as "option" or "options." 

	6.
	Terms
and Conditions of Options 

        Options
shall be designated non-statutory options or not qualified as Incentive Stock Options under Section 422(a) of the Internal Revenue Code of 1986, as amended
(the "Code"), and shall be evidenced by written instruments approved by the Committee. Such instruments shall conform to the following terms and conditions: 

	6.1
	Option
price 

        The
option price shall be the fair market value of the shares of Common Stock under option on the date such option is granted. The fair market value per share shall be the last reported
sale price of the stock on such date on the Nasdaq National Market, or on such other stock exchange that the Common Stock may be listed from time to time. The option price shall be paid (i) in
cash or (ii) in shares of Common Stock, including Common Stock underlying the option being exercised, having a fair market value equal to such option price or (iii) in a combination of
cash and shares of Common Stock, including Common Stock underlying the option being exercised. The fair market value of shares of Common Stock delivered to the Corporation pursuant to the immediately
preceding sentence shall be determined on the basis of the last reported sale price of the Common Stock on the Nasdaq National Market on the day of exercise or, if there was no such sale price on the
day of exercise, on the day next preceding the day of exercise on which there was such a sale. 

	6.2
	Vesting,
exercise and term of options 

        The
Initial Option shall be exercisable to the extent of vesting. The Initial Option shall vest over a three year period, with one-third of the Initial Option (2,000 shares)
vesting upon each anniversary of the Commencement Date. Annual Options shall be fully vested upon grant, but shall only be exercisable six months and one day from the date of grant. 

        Except
in special circumstances, each option shall expire upon the earlier of the tenth anniversary of the date of its grant or nine months after the Non-Employee Director
retires. 

        After
becoming exercisable, each option shall remain exercisable until the expiration or termination of the option. After becoming exercisable an option may be exercised by the Optionee
from time to time, in whole or part, up to the total number of shares with respect to which it is then exercisable. The Committee may provide that payment of the option exercise price may be made
following delivery of the certificate for the exercised shares. 

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        Upon
the exercise of an option, the purchase price will be payable in full in cash or Common Stock as provided in Paragraph 6.1. Any shares of Common Stock so assigned and
delivered to the Corporation in payment or partial payment of the purchase price will be valued at Fair Market Value on the exercise date. Upon the exercise of a non-qualified stock
option, the Corporation shall withhold from the shares of Common Stock to be issued to the eligible Optionee the number of shares necessary to satisfy the Corporation's obligation to withhold Federal
taxes, such determination to be based on the shares' Fair Market Value on the date of exercise. 

	6.3
	Termination
of Directorship 

        If
an Optionee ceases, other than by reason of death or retirement to be elected to serve on the Board: (A) all options granted to such Optionee and exercisable on the date of
termination of Directorship shall expire on the earlier of (i) the tenth anniversary after the date of grant or (ii) nine months after the day such Optionee's term ends; and
(B) all options granted to such Optionee which are unvested or unexercisable shall expire. 

	6.4
	Exercise
upon death of optionee 

        If
an Optionee dies, the option may be exercised, to the extent of the number of shares that the Optionee could have exercised on the date of such death, by the Optionee's estate,
personal representative or beneficiary who acquires the option by will or by the laws of descent and distribution. Such exercise may be made at any time prior to the earlier of (i) the tenth
anniversary after the date of grant or (ii) the second anniversary of such Optionee's death. On the earlier of such dates, the option shall terminate. The Committee may approve all cash
payments to the estate of an Optionee if circumstances warrant such a decision. 

	6.5
	Assignability

        No
option shall be assignable or transferable by the Optionee except by will or by the laws of descent and distribution and during the lifetime of the Optionee the option shall be
exercisable only by such Optionee. 

	7.
	Capital
Adjustments 

        The
number and price of shares of Common Stock covered by each award of options and the total number of shares that may be granted under the Plan shall be proportionally adjusted to
reflect, subject to any required action by the stockholders, any stock dividend or split, recapitalization, merger, consolidation, spin-off, reorganization, combination or exchange of
shares or other similar corporate change. 

	8.
	Change
of Control 

        Notwithstanding
the provisions of Section 7, in the event of a change of control, all vesting on all unexercised stock options will accelerate to the change of control date. For
purposes of this Plan, a "Change of Control" of the Corporation shall be deemed to have occurred at such time as (a) any "person" (as the term is used in Section 13(d) and 14(d) of the
Securities Exchange Act of 1934 ("Exchange Act")), not including Paul S. Endy, or his heirs or assigns, or the Paul S. Endy, Jr. Living Trust, or its beneficiaries, becomes the "beneficial owner" (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Corporation representing 25.0% or more of the combined voting power of the Corporation's
outstanding securities ordinarily having the right to vote at the election of directors; or (b) individuals who constitute the Board of Directors on the date hereof (the "Incumbent Board")
cease for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by at least a majority of the
directors comprising the Incumbent Board, or whose nomination for election was approved by a majority of the Board of Directors of the Corporation serving under an Incumbent Board, shall be, for
purposes of this clause (b), considered as if he or she were a member of the 

3

 

Incumbent
Board; or (c) merger, consolidation or sale of all or substantially all the assets of the Corporation occurs, unless such merger or consolidation shall have been affirmatively
recommended to the Corporation's stockholders by a majority of the Incumbent Board; or (d) a proxy statement soliciting proxies from stockholders of the Corporation by someone other than the
current management of the Corporation seeking stockholder approval of a plan or reorganization, merger or consolidation of the Corporation with one or more corporations as a result of which the
outstanding shares of the Corporation's securities are actually exchanged for or converted into cash or property or securities not issued by the Corporation unless the reorganization, merger or
consolidation shall have been affirmatively recommended to the Corporation's stockholders by a majority of the Incumbent Board. 

	9.
	Approvals

        The
issuance of shares pursuant to this Plan is expressly conditioned upon obtaining all necessary approvals from all regulatory agencies from which approval is required, including
gaming regulatory agencies, and upon obtaining stockholder ratification of the Plan. 

	10.
	Effective
Date of Plan 

        The
effective date of the Plan is January 31, 1994. 

	11.
	Term:
Amendment of Plan 

        This
Plan shall expire on January 30, 2009 (except to options outstanding on that date). The Board may terminate the Plan at any time. The Board may amend the Plan at any time,
provided however, the provisions of Section 5 pertaining to the amount of options to be granted and the timing of such option grants and the provisions of Paragraph 6.1 pertaining to the
option price of the Common Stock under option shall not be amended more than once every six months, other than to comport with changes in the Internal Revenue Code or the rules thereunder. Further
provided however, that, without the approval of the holders of a majority of the outstanding shares of Common Stock; the total number of shares that may be sold, issued or transferred under the Plan
may not be increased (except by adjustment pursuant to Section 7); the provisions of Section 3 regarding eligibility may not be modified; the purchase price at which shares may be
offered pursuant to options may not be reduced (except by adjustment pursuant to Section 7); and the expiration date of the Plan may not be extended and no change may be made which would cause
the Plan not to comply with Rule 16b-3 of the Exchange Act, as amended from time to time. No action of the Board or stockholders, however, may, without the consent of an Optionee,
alter or impair such Optionee's rights under any option previously granted. 

	12.
	Withholding
Taxes 

        The
Corporation shall have the right to deduct withholding taxes from any payments made pursuant to the Plan or to make such other provisions as it deems necessary or appropriate to
satisfy its obligations to withhold federal, state or local income or other taxes incurred by reason of payments or the issuance of shares of Common Stock under the Plan. Whenever under the Plan,
shares of Common Stock are to be delivered upon exercise of an option, the Committee shall be entitled to require as a condition of delivery that the grantee remit an amount sufficient to satisfy all
federal, state and other government withholding tax requirements related thereto. 

	13.
	Plan
Not a Trust 

        Nothing
contained in the Plan and no action taken pursuant to the Plan shall create or be construed to create a trust of any kind, or a fiduciary relationship, between the Corporation
and any Optionee, the executor, administrator or other personal representative, or designated beneficiary of such Optionee, or any other persons. If and to the extent that any Optionee or such
Optionee's executor, administrator or other personal representative, as the case may be, acquires a right to receive any payment from the Corporation pursuant to the Plan, such right shall be no
greater than the right of an unsecured general creditor of the Corporation. 

4

 
	14.
	Notices

        Each
Optionee shall be responsible for furnishing the Committee with the current and proper address for the mailing of notices and delivery of agreements, Common Stock and cash pursuant
to the Plan. Any notices required or permitted to be given shall be deemed given if directed to the person to whom addressed at such address and mailed by regular United States mail, first-class and
prepaid. If any item mailed to such address is returned as undeliverable to the addressee, mailing will be suspended until the Optionee furnishes the proper address. This provision shall not be
construed as requiring the mailing of any notice or notification if such notice is not required under the terms of the Plan or any applicable law. 

	15.
	Severability
of Provisions 

        If
any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and this Plan shall be construed
and enforced as if such provisions had not been included. 

	16.
	Payment
to Minors, etc. 

        Any
benefit payable to or for the benefit of a minor, an incompetent person or other person incapable of receipting therefor shall be deemed paid when paid to such person's guardian or
to the party
providing or reasonably appearing to provide for the care of such person, and such payment shall fully discharge the Committee, the Corporation and other parties with respect thereto. 

	17.
	Headings
and Captions 

        The
headings and captions herein are provided for reference and convenience only, shall not be considered part of the Plan, and shall not be employed in the construction of the Plan. 

	18.
	Controlling
Law 

        This
Plan shall be construed and enforced according to the laws of the State of Nevada to the extent not preempted by federal law, which shall otherwise control. 

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QuickLinks

Exhibit 4.01

1994 Directors' Stock Option Plan

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