EXHIBIT 4.6 EXCEL COMMUNICATIONS, INC. DIRECTOR STOCK OPTION AGREEMENT THIS DIRECTOR STOCK OPTION AGREEMENT (this "Option Agreement") is entered into as of August 26, 1996, between EXCEL COMMUNICATIONS, INC., a Delaware corporation (the "Company"),...Director Stock Option Agreement • January 21st, 1997 • Excel Communications Inc • Telephone communications (no radiotelephone) • Delaware
