Document:

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                                                                  EXHIBIT 10.7.a

                        GRANITE CONSTRUCTION INCORPORATED

               KEY MANAGEMENT DEFERRED INCENTIVE COMPENSATION PLAN

                                 Amendment No. 1

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         WHEREAS, Granite Construction Incorporated (the "Company") maintains
the Granite Construction Incorporated Key Management Deferred Incentive
Compensation Plan (the "Plan") for the benefit of its eligible employees; and

         WHEREAS, the Company desires to modify the Plan's distribution
provisions.

         NOW, THEREFORE, Section 7(c) of the Plan is hereby amended as follows,
effective as of January 1, 1999:

                  (c) Timing Of Distributions. Subject to Sections 7(d), 7(g)
         and 10, the distribution of the balance of a Participant's Account will
         be made or begin as soon as practicable following the earliest of the
         following events:

                  -   Occurrence of the date set forth in the Participant's
                      deferral form.

                  -   The Participant's disability, as determined under the
                      Company's Long Term Disability Plan.

                  -   The Participant's "retirement" under the Company's
                      tax-qualified retirement plans; provided, however, that a
                      Participant may elect to have his or her distribution be
                      made or begin not later than five years after such
                      retirement."

                  -   The Participant's death.

<PAGE>   2

         To record the adoption of this Amendment No. 1 to the Plan, the Company
has caused it to be executed this 23 day of April 1999.

                                           GRANITE CONSTRUCTION
                                           INCORPORATED

                                           By        /s/  David H. Watts
                                             -----------------------------------
                                             DAVID H. WATTS, PRESIDENT & CEO

                                           By        /s/  Michael Futch
                                             -----------------------------------
                                             MICHAEL FUTCH, SECRETARY

                                       -2-<PAGE>   1
                                                                   EXHIBIT 10.10

                        GRANITE CONSTRUCTION INCORPORATED

                           1999 EQUITY INCENTIVE PLAN

<PAGE>   2

                                TABLE OF CONTENTS
                                -----------------
<TABLE>
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                                                                                     Page
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<S>                                                                                  <C>
SECTION 1.  ESTABLISHMENT, PURPOSE, AND TERM OF PLAN                                   1
         1.1      Establishment                                                        1
         1.2      Purpose                                                              1
         1.3      Term of Plan

SECTION 2.  DEFINITIONS AND CONSTRUCTION                                               1
         2.1      Definitions                                                          1
         2.2      Construction                                                         5

SECTION 3.  ELIGIBILITY AND AWARD LIMITATIONS                                          5
         3.1      Persons Eligible for Incentive Stock Options                         5
         3.2      Persons Eligible for Other Awards                                    5
         3.3      Section 162(m) Award Limits                                          5

SECTION 4.  ADMINISTRATION                                                             6
         4.1      Administration by Committee                                          6
         4.2      Authority of Officers                                                6
         4.3      Administration with Respect to Insiders                              6
         4.4      Committee Complying with Section 162(m)                              6
         4.5      Powers of the Committee                                              6

SECTION 5.  STOCK SUBJECT TO PLAN                                                      8
         5.1      Maximum Number of Shares Issuable                                    8
         5.2      Lapsed Awards                                                        8
         5.3      Adjustment in Capitalization                                         8

SECTION 6.  STOCK OPTIONS                                                              8
         6.1      Grant of Options                                                     8
         6.2      Exercise Price                                                       9
         6.3      Exercise Period                                                      9
         6.4      Payment of Exercise Price                                            9
         6.5      Effect of Termination of Service                                    10
         6.6      Transferability of Options                                          12

SECTION 7.  RESTRICTED STOCK                                                          12
         7.1      Grant of Restricted Stock                                           12
         7.2      Nontransferability During Period of Restriction                     12
         7.3      Other Restrictions                                                  12
         7.4      Voting Rights                                                       13
         7.5      Dividends and Other Distribution                                    13
         7.6      Effect of Termination of Service                                    13
</TABLE>

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                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
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<S>                                                                                  <C>
SECTION 8.  PERFORMANCE SHARES AND PERFORMANCE UNITS                                  13
         8.1      Grant of Performance Shares or Performance Units                    13
         8.2      Value of Performance Shares and Performance Units                   14
         8.3      Establishment of Performance Goals and Performance Period           14
         8.4      Measurement of Performance Goals                                    14
         8.5      Determination of Value of Performance Shares and Performance Units  15
         8.6      Dividend Equivalents                                                15
         8.7      Form and Timing of Payment                                          15
         8.8      Restrictions Applicable to Payment in Shares                        15
         8.9      Effect of Termination of Service                                    16
         8.10     Nontransferability                                                  16

SECTION 9.  DIRECTOR FEE AWARDS                                                       16
         9.1      Effective Date and Duration of this Section                         16
         9.2      Mandatory and Elective Director Fee Awards                          17
         9.3      Time and Manner of Election                                         17
         9.4      Automatic Grant of Director Fee Awards                              18
         9.5      Option Payment                                                      18
         9.6      Stock Units Payment                                                 20
         9.7      Fractional Shares                                                   21

SECTION 10.  CHANGE IN CONTROL                                                        22
         10.1     Effect of Change in Control                                         22
         10.2     Termination of Service After a Change in Control                    22
         10.3     Definition                                                          23

SECTION 11. REQUIREMENTS OF LAW                                                       23
         11.1     Compliance with Securities Law                                      23
         11.2     Governing Law                                                       24

SECTION 12.  TAX WITHHOLDING                                                          24
         12.1     Tax Withholding In General                                          24
         12.2     Withholding of Shares                                               24

SECTION 13.  AMENDMENT AND TERMINATION OF PLAN                                        24
         13.1     Amendment and Termination of Plan                                   24
         13.2     Effect of Amendment or Termination                                  24
</TABLE>

                                       ii
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                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
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<S>                                                                                  <C>
SECTION 14.  MISCELLANEOUS PROVISIONS                                                 24
         14.1     Beneficiary Designation                                             24
         14.2     Rights as an Employee or Director                                   25
         14.3     Rights as a Stockholder                                             25
         14.4     Provision of Information                                            25
         14.5     Unfunded Obligation                                                 25
         14.6     Indemnification                                                     25
</TABLE>

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                                  PLAN HISTORY

<TABLE>
<S>                        <C>
May 17, 1999               Board adopts Plan, with an initial reserve of 2,500,000 shares.

May 24, 1999               Stockholders approve Plan, with an initial reserve of 2,500,000 shares.

[ May 24, 2004             In compliance with Treas. Reg. Section 1.162-27(e)(4)(vi), the stockholders reapprove the
                           material terms of the "performance goals" for purposes of Section 162(m) at the annual
                           stockholders meeting occurring in the fifth year following the year in which the
                           stockholders previously approved the performance goals.]
</TABLE>

<PAGE>   6
                        GRANITE CONSTRUCTION INCORPORATED
                           1999 EQUITY INCENTIVE PLAN

                  SECTION 1.  ESTABLISHMENT, PURPOSE, AND TERM OF PLAN

         1.1 ESTABLISHMENT. Granite Construction Incorporated, a Delaware
corporation, hereby establishes the Granite Construction Incorporated 1999
Equity Incentive Plan (the "PLAN") effective as of the date of its approval by
the stockholders of the Company (the "EFFECTIVE DATE").

         1.2 PURPOSE. The purpose of the Plan is to advance the interests of the
Company, by encouraging and providing for the acquisition of an equity interest
in the success of the Company by Employee and Directors, by providing additional
incentives and motivation toward superior performance of the Company, and by
enabling the Company to attract and retain the services of Employees and
Directors upon whose judgment, interest, and special effort the successful
conduct of its operations is largely dependent. The Plan seeks to achieve this
purpose by providing for Awards in the form of Options, Restricted Stock,
Performance Units and Performance Shares, by providing Nonemployee Directors
with the opportunity to receive Options or Stock Units in lieu of compensation
otherwise payable in cash, and by providing for payments in the form of shares
of Stock or cash.

         1.3 TERM OF PLAN. The Plan shall remain in effect until the earlier of
(i) its termination by the Committee pursuant to Section 13 or (ii) the date on
which all of the shares of Stock available for issuance under the Plan have been
issued and all restrictions on such shares under the terms of the Plan and the
agreements evidencing Awards granted under the Plan have lapsed. However, all
Awards shall be granted, if at all, within five (5) years from the Effective
Date.

                     SECTION 2. DEFINITIONS AND CONSTRUCTION

         2.1 DEFINITIONS. Whenever used herein, the following terms shall have
their respective meanings set forth below:

                  (a) "AWARD" means any Option, Restricted Stock, Performance
Unit, Performance Share or Director Fee Award granted under the Plan.

                  (b) "AWARD AGREEMENT" means a written agreement between the
Company and a Participant setting forth the terms, conditions and restrictions
of the Award granted to the Participant. An Award Agreement may be an "Option
Agreement," a "Restricted Stock Agreement," a "Performance Share Agreement," a
"Performance Unit Agreement," a "Nonemployee Director Option Agreement," or a
"Stock Units Agreement."

                  (c) "BOARD" means the Board of Directors of the Company.

                                       1
<PAGE>   7

                  (d) "CODE" means the Internal Revenue Code of 1986, as
amended, and any applicable regulations promulgated thereunder.

                  (e) "COMMITTEE" means the Compensation Committee or other
committee of the Board duly appointed to administer the Plan and having such
powers as shall be specified by the Board. If no committee of the Board has been
appointed to administer the Plan, the Board shall exercise all of the powers of
the Committee granted herein, and, in any event, the Board may in its discretion
exercise any or all of such powers.

                  (f) "COMPANY" means Granite Construction Incorporated, a
Delaware corporation, or any successor corporation thereto.

                  (g) "DIRECTOR" means a member of the Board.

                  (h) "DIRECTOR FEE AWARD" means any Nonemployee Director Option
or Stock Unit granted pursuant to Section 9.

                  (i) "DISABILITY" means a permanent and total disability as
defined under the Company's Long Term Disability Plan or any successor plan,
regardless of whether the Participant is covered by such Long Term Disability
Plan.

                  (j) "DIVIDEND EQUIVALENT" means a credit, made at the
discretion of the Committee or as otherwise provided by the Plan, to the account
of a Participant in an amount equal to the cash dividends paid on one share of
Stock for each share of Stock represented by an Award of Performance Shares or
Stock Units held by such Participant.

                  (k) "EMPLOYEE" means any person treated as an employee
(including an officer or a Director who is also treated as an employee) in the
records of a Participating Company and, with respect to any Incentive Stock
Option granted to such person, who is an employee for purposes of Section 422 of
the Code; provided, however, that neither service as a Director nor payment of a
director's fee shall be sufficient to constitute employment for purposes of the
Plan.

                  (l) "EXCHANGE ACT" means the Securities Exchange Act of 1934,
as amended.

                  (m) "FAIR MARKET VALUE" means, as of any relevant date, the
closing sale price of a share of Stock (or the mean of the closing bid and asked
prices if the Stock is so quoted instead) on the relevant date on the New York
Stock Exchange or such other national or regional securities exchange or market
system constituting the primary market for the Stock, as reported in the Wall
Street Journal or such other source as the Company deems reliable. If the
relevant date does not fall on a day on which the Stock has traded on such
securities exchange or market system, the date on which the Fair Market Value
shall be established shall be the last day on which the Stock was so traded
prior to the relevant date, or such other appropriate day as shall be determined
by the Committee, in its discretion. If on such date, there is no public market
for the Stock, the Fair Market Value of a share of Stock shall be as determined
by the Committee.

                                       2
<PAGE>   8

                  (n) "INCENTIVE STOCK OPTION" means an Option intended to be
(as set forth in the Option Agreement) and which qualifies as an incentive stock
option within the meaning of Section 422(b) of the Code.

                  (o) "INSIDER" means an officer or a Director of the Company or
any other person whose transactions in Stock are subject to Section 16 of the
Exchange Act.

                  (p) "NONEMPLOYEE DIRECTOR" means a Director of the Company who
is not an Employee.

                  (q) "NON EMPLOYEE DIRECTOR OPTION" means a Director Fee Award
in the form of Nonstatutory Stock Option granted pursuant to the terms and
conditions of Section 9.

                  (r) "NONSTATUTORY STOCK OPTION" means an Option not intended
to be (as set forth in the Option Agreement) or which does not qualify as an
Incentive Stock Option.

                  (s) "OPTION" means the right to purchase Stock at a stated
price for a specified period of time pursuant to the terms and conditions of the
Plan. An Option may be either an Incentive Stock Option or a Nonstatutory Stock
Option.

                  (t) "PARENT CORPORATION" means any present or future "parent
corporation" of the Company, as defined in Section 424(e) of the Code.

                  (u) "PARTICIPANT" means any eligible person who has been
granted one or more Awards.

                  (v) "PARTICIPATING COMPANY" means the Company or any Parent
Corporation or Subsidiary Corporation.

                  (w) "PARTICIPATING COMPANY GROUP" means, at any point in time,
all corporations collectively which are then Participating Companies.

                  (x) "PERFORMANCE GOAL" means a performance goal established by
the Committee pursuant to Section 8.3.

                  (y) "PERFORMANCE PERIOD" means a period established by the
Committee pursuant to Section 8.3 at the end of which one or more Performance
Goals are to be measured.

                  (z) "PERFORMANCE SHARE" means a bookkeeping entry representing
a right granted to a Participant pursuant to the terms and conditions of Section
8 to receive a payment equal to the value of a Performance Share, as determined
by the Committee, based on performance.

                  (aa) "PERFORMANCE UNIT" means a bookkeeping entry representing
a right granted to a Participant pursuant to the terms and conditions of Section
8 to receive a payment equal to the value of a Performance Unit, as determined
by the Committee, based upon performance.

                                       3
<PAGE>   9

                  (bb) "PERIOD OF RESTRICTION" means the period during which
shares of Restricted Stock are subject to restriction as set forth in Section
7.2.

                  (cc) "RESTRICTED STOCK" means Stock granted to a Participant
pursuant to the terms and conditions of Section 7.

                  (dd) "RETIREMENT" means (i) with respect to an Employee,
termination of employment for retirement under the terms of the Company's
defined contribution plans, and (ii) with respect to a Nonemployee Director,
resignation from Service on the Board after attaining the age of 55 and after at
least ten years of Service on the Board.

                  (ee) "RULE 16b-3" means Rule 16b-3 under the Exchange Act, as
amended from time to time, or any successor rule or regulation.

                  (ff) "SECTION 162(m)" means Section 162(m) of the Code.

                  (gg) "SECURITIES ACT " means the Securities Act of 1933, as
amended.

                  (hh) "SERVICE" means a Participant's employment or service
with the Participating Company Group, whether in the capacity of an Employee or
a Director. A Participant's Service shall not be deemed to have terminated
merely because of a change in the capacity in which the Participant renders
Service to the Participating Company Group or a change in the Participating
Company for which the Participant renders such Service, provided that there is
no interruption or termination of the Participant's Service. Furthermore, a
Participant's Service with the Participating Company Group shall not be deemed
to have terminated if the Participant takes any military leave, sick leave, or
other bona fide leave of absence approved by the Company; provided, however,
that if any such leave exceeds ninety (90) days, on the one hundred eighty-first
(181st) day following the commencement of such leave any Incentive Stock Option
held by the Participant shall cease to be treated as an Incentive Stock Option
and instead shall be treated thereafter as a Nonstatutory Stock Option unless
the Participant's right to return to Service with the Participating Company
Group is guaranteed by statute or contract. Notwithstanding the foregoing,
unless otherwise designated by the Company or required by law, a leave of
absence shall not be treated as Service for purposes of determining vesting
under the Participant's Award Agreement. A Participant's Service shall be deemed
to have terminated either upon an actual termination of Service or upon the
corporation for which the Participant performs Service ceasing to be a
Participating Company. Subject to the foregoing, the Company, in its discretion,
shall determine whether a Participant's Service has terminated and the effective
date of such termination.

                  (ii) "STOCK" means the Common Stock of the Company, as
adjusted from time to time in accordance with Section 5.3.

                  (jj) "STOCK UNIT" means a Director Fee Award in the form of a
bookkeeping entry representing a right granted to a Participant pursuant to the
terms and conditions of Section 9 to receive payment of one (1) share of Stock.

                                       4
<PAGE>   10

                  (kk) "SUBSIDIARY CORPORATION" means any present or future
"subsidiary corporation" of the Company, as defined in section 424(f) of the
Code.

                  (ll) "TEN PERCENT OWNER" means a Participant who, at the time
an Option is granted to the Participant, owns stock possessing more than ten
percent (10%) of the total combined voting power of all classes of stock of a
Participating Company within the meaning of Section 422(b)(6) of the Code.

         2.2 CONSTRUCTION. Captions and titles contained herein are for
convenience only and shall not affect the meaning or interpretation of any
provision of the Plan. Except when otherwise indicated by the context, words in
the masculine gender, when used in the Plan shall include the feminine gender,
the singular shall include the plural, and the plural shall include the
singular. Use of the term "or" is not intended to be exclusive, unless the
context clearly requires otherwise.

                  SECTION 3. ELIGIBILITY AND AWARD LIMITATIONS

         3.1 PERSONS ELIGIBLE FOR INCENTIVE STOCK OPTIONS. Incentive Stock
Options may be granted only to Employees. For purposes of the foregoing
sentence, the term "Employees" shall include prospective Employees to whom
Options are granted in connection with written offers of employment with the
Participating Company Group, provided that any such Option shall be deemed
granted effective on the date that the Participant commences Service as an
Employee, with an exercise price determined as of such date in accordance with
Section 6.2.

         3.2 PERSONS ELIGIBLE FOR OTHER AWARDS. Awards other than Incentive
Stock Options may be granted only to Employees and Directors. For purposes of
the foregoing sentence, the terms "Employees" and "Directors" shall include
prospective Employees and prospective Directors to whom Awards are granted in
connection with written offers of employment or service as a Director with the
Participating Company Group, provided that no Stock subject to any such Award
shall vest, become exercisable or be issued prior to the date on which the
Participant commences Service. A Director Fee Award may be granted only to a
person who, at the time of grant, is a Nonemployee Director. Eligible persons
may be granted more than one (1) Award.

         3.3 SECTION 162(m) AWARD LIMITS. The following limitations (the
"SECTION 162(m) AWARD LIMITS") shall apply to the grant of any Award if, at the
time of grant, the Company is a "publicly held corporation" within the meaning
of Section 162(m).

                  (a) STOCK OPTIONS. Subject to adjustment as provided in
Section 5.3, no Employee shall be granted one or more Options within any fiscal
year of the Company which in the aggregate are for the purchase of more than one
hundred thousand (100,000) shares; provided, however, that the Company may make
an additional one-time grant to any newly-hired Employee of an Option for the
purchase of up to two hundred fifty thousand (250,000) shares. An Option which
is canceled in the same fiscal year of the Company in which it was granted shall
continue to be counted against the limits described in this subsection for such
period.

                                       5
<PAGE>   11

                  (b) RESTRICTED STOCK. Subject to adjustment as provided in
Section 5.3, no Employee may be granted within any fiscal year of the Company
more than one hundred thousand (100,000) shares of Restricted Stock, provided
that such limit shall apply only to Awards of Restricted Stock which are granted
or with respect to which the Period of Restriction lapses contingent upon the
attainment of Performance Goals.

                  (c) PERFORMANCE SHARES AND PERFORMANCE UNITS. Subject to
adjustment as provided in Section 5.3, no Employee may be granted (i)
Performance Shares which could result in such Employee receiving more than one
hundred thousand (100,000) shares of Stock for each full fiscal year of the
Company contained in the Performance Period for such Award, or (ii) Performance
Units which could result in such Employee receiving more than one million five
hundred thousand dollars ($1,500,000) for each full fiscal year of the Company
contained in the Performance Period for such Award. No Participant may be
granted more than one Performance Share Award or one Performance Unit Award (but
not both such Awards) for the same Performance Period.

                            SECTION 4. ADMINISTRATION

         4.1 ADMINISTRATION BY COMMITTEE. The Plan shall be administered by the
Committee. All questions of interpretation of the Plan or of any Award shall be
determined by the Committee, and such determinations shall be final, binding and
conclusive for all purposes and upon all persons whomsoever.

         4.2 AUTHORITY OF OFFICERS. Any officer of a Participating Company shall
have the authority to act on behalf of the Company with respect to any matter,
right, obligation, determination or election which is the responsibility of or
which is allocated to the Company herein, provided the officer has apparent
authority with respect to such matter, right, obligation, determination or
election.

         4.3 ADMINISTRATION WITH RESPECT TO INSIDERS. With respect to
participation by Insiders in the Plan, at any time that any class of equity
security of the Company is registered pursuant to Section 12 of the Exchange
Act, the Plan shall be administered in compliance with the requirements, if any,
of Rule 16b-3.

         4.4 COMMITTEE COMPLYING WITH SECTION 162(m). If the Company is a
"publicly held corporation" within the meaning of Section 162(m), the Board may
establish a Committee of "outside directors" within the meaning of Section
162(m) to approve the grant of any Award which might reasonably be anticipated
to result in the payment of employee remuneration that would otherwise exceed
the limit on employee remuneration deductible for income tax purposes pursuant
to Section 162(m).

         4.5 POWERS OF THE COMMITTEE. In addition to any other powers set forth
in the Plan and subject to the provisions of the Plan, the Committee shall have
the full and final power and authority, in its discretion:

                                       6
<PAGE>   12

                  (a) to determine the persons to whom, and the time or times at
which, Awards shall be granted and the number of shares of Stock or units to be
subject to each Award and the value of a unit;

                  (b) to determine the type of Award granted and to designate
Options as Incentive Stock Options or Nonstatutory Stock Options;

                  (c) to determine the Fair Market Value of shares of Stock or
other property;

                  (d) to determine the terms, conditions and restrictions
applicable to each Award (which need not be identical) and any shares acquired
pursuant thereto, including, without limitation, (i) the exercise price of any
Option, (ii) the method of payment for shares purchased upon the exercise of any
Option, (iii) the method for satisfaction of any tax withholding obligation
arising in connection with any Award, including by the withholding or delivery
of shares of stock, (iv) the timing, terms and conditions of the exercisability
or vesting of any Award or any shares acquired pursuant thereto, (v) the
Performance Goals applicable to any Award and the extent to which such
Performance Goals have been attained, (vi) the time of the expiration of any
Award, (vii) the effect of the Participant's termination of Service on any of
the foregoing, and (viii) all other terms, conditions and restrictions
applicable to the Award or shares acquired pursuant thereto not inconsistent
with the terms of the Plan;

                  (e) to determine whether an Award of Performance Shares or
Performance Units will be settled in shares of Stock, cash, or in any
combination thereof;

                  (f) to approve one or more forms of Award Agreement;

                  (g) to amend, modify, extend, cancel, renew, or grant a new
Award in substitution for, any Award or to waive any restrictions or conditions
applicable to any Award or any shares acquired pursuant thereto;

                  (h) to accelerate, continue, extend or defer the
exercisability or vesting of any Award or any shares acquired pursuant thereto,
including with respect to the period following a Participant's termination of
Service;

                  (i) to prescribe, amend or rescind rules, guidelines and
policies relating to the Plan, or to adopt supplements to, or alternative
versions of the Plan, including, without limitation, as the Committee deems
necessary or desirable to comply with the laws of, or to accommodate the tax
policy or custom of, foreign jurisdictions whose citizens may be granted Awards;
and

                  (j) to correct any defect, supply any omission or reconcile
any inconsistency in the Plan or any Award Agreement and to make all other
determinations and take such other actions with respect to the Plan or any Award
as the Committee may deem advisable to the extent consistent with the Plan and
applicable law.

                                       7
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                        SECTION 5. STOCK SUBJECT TO PLAN

         5.1 MAXIMUM NUMBER OF SHARES ISSUABLE. Subject to adjustment as
provided in Section 5.3, the maximum aggregate number of shares of Stock that
may be issued under the Plan shall be two million five hundred thousand
(2,500,000) and shall consist of authorized but unissued or reacquired shares of
Stock not reserved for any other purpose, or any combination thereof.

         5.2 LAPSED AWARDS. If any Award granted under the Plan terminates,
expires or lapses for any reason without having been exercised or settled in
full, or if shares are reacquired pursuant to withholding, or if shares subject
to forfeiture or repurchase are forfeited or repurchased by the Company, any
shares reacquired or subject to such lapsed Award again shall be available for
issuance under the Plan.

         5.3 ADJUSTMENT IN CAPITALIZATION. In the event of any stock dividend,
stock split, reverse stock split, recapitalization, merger, combination,
exchange of shares, reclassification or similar change in the capital structure
of the Company, appropriate adjustments shall be made in the number and class of
shares subject to the Plan and to any outstanding Awards, in the Section 162(m)
Award Limits set forth in Section 3.3, and in the exercise price per share of
any outstanding Options. If a majority of the shares which are of the same class
as the shares that are subject to outstanding Awards are exchanged for,
converted into, or otherwise become (whether or not pursuant to a Change in
Control, as defined in Section 10.3) shares of another corporation (the "NEW
SHARES"), the Committee may unilaterally amend the outstanding Awards to provide
that such Awards are for New Shares. In the event of any such amendment, the
number of shares subject to outstanding Awards and the exercise price per share
of outstanding Options shall be adjusted in a fair and equitable manner as
determined by the Committee, in its discretion. Notwithstanding the foregoing,
any fractional share resulting from an adjustment pursuant to this Section 5.3
shall be rounded down to the nearest whole number, and in no event may the
exercise price of any Option be decreased to an amount less than the par value,
if any, of the stock subject to the Option. The adjustments determined by the
Committee pursuant to this Section 5.3 shall be final, binding and conclusive.

                            SECTION 6. STOCK OPTIONS

         6.1 GRANT OF OPTIONS. Subject to the provisions of Sections 1.3 and 5,
Options (other than pursuant to a Director Fee Award) may be granted to
Participants at any time and from time to time as shall be determined by the
Committee. Each Option shall be evidenced by an Option Agreement that shall
specify the type of Option granted, the exercise price, the duration of the
Option, the number of shares of Stock to which the Option pertains, and such
other provisions as the Committee shall determine. No Option or purported Option
shall be a valid and binding obligation of the Company unless evidenced by a
fully executed Option Agreement. Option Agreements may incorporate all or any of
the terms of the Plan by reference and, except as otherwise set forth in Section
9 with respect to a Nonemployee Director Option, shall comply with and be
subject to the terms and conditions set forth in Sections 6.2 through 6.6 below.

                                       8
<PAGE>   14

         6.2 EXERCISE PRICE. The exercise price for each Option shall be
established in the discretion of the Committee; provided, however, that (a) the
exercise price per share for an Incentive Stock Option shall be not less than
the Fair Market Value of a share of Stock on the effective date of grant of the
Option, (b) the exercise price per share for a Nonstatutory Stock Option shall
be not less than eighty-five percent (85%) of the Fair Market Value of a share
of Stock on the effective date of grant of the Option, and (c) no Incentive
Stock Option granted to a Ten Percent Owner shall have an exercise price per
share less than one hundred ten percent (110%) of the Fair Market Value of a
share of Stock on the effective date of grant of the Option. Notwithstanding the
foregoing, an Option (whether an Incentive Stock Option or a Nonstatutory Stock
Option) may be granted with an exercise price lower than the minimum exercise
price set forth above if such Option is granted pursuant to an assumption or
substitution for another option in a manner qualifying under the provisions of
Section 424(a) of the Code.

         6.3 EXERCISE PERIOD. Options shall be exercisable at such time or
times, or upon such event or events, and subject to such terms, conditions,
performance criteria and restrictions as shall be determined by the Committee
and set forth in the Option Agreement evidencing such Option; provided, however,
that (a) no Option shall be exercisable after the expiration of ten (10) years
after the effective date of grant of such Option, (b) no Incentive Stock Option
granted to a Ten Percent Owner shall be exercisable after the expiration of five
(5) years after the effective date of grant of such Option, and (c) no Option
granted to a prospective Employee or prospective Director may become exercisable
prior to the date on which such person commences Service. Subject to the
foregoing, unless otherwise specified by the Committee in the grant of an
Option, any Option granted hereunder shall have a term of ten (10) years from
the effective date of grant of the Option.

         6.4 PAYMENT OF EXERCISE PRICE. The purchase price of Stock upon
exercise of any Option shall be paid in full by such methods as shall be
permitted by the Committee or as provided in a Participant's Option Agreement,
which need not be the same for all Participants, and subject to the following:

                  (a) FORMS OF CONSIDERATION AUTHORIZED. Except as otherwise
provided below, payment of the exercise price for the number of shares of Stock
being purchased pursuant to any Option shall be made (i) in cash, by check, or
cash equivalent, (ii) by tender to the Company, or attestation to the ownership,
of shares of Stock owned by the Participant having a Fair Market Value not less
than the exercise price, (iii) by delivery of a properly executed notice
together with irrevocable instructions to a broker providing for the assignment
to the Company of the proceeds of a sale or loan with respect to some or all of
the shares being acquired upon the exercise of the Option (including, without
limitation, through an exercise complying with the provisions of Regulation T as
promulgated from time to time by the Board of Governors of the Federal Reserve
System) (a "CASHLESS EXERCISE"), (iv) provided that the Participant is an
Employee, by cash for a portion of the aggregate exercise price not less than
the par value of the shares being acquired and the Participant's promissory note
in a form approved by the Company for the balance of the aggregate exercise
price, (v) by such other consideration as may be approved by the Committee from
time to time to the extent permitted by applicable law, or (vi) by any
combination thereof. The Committee may at any time or from time to time grant

                                       9
<PAGE>   15

Options which do not permit all of the foregoing forms of consideration to be
used in payment of the exercise price or which otherwise restrict one or more
forms of consideration. The proceeds from payment of the Option exercise prices
shall be added to the general funds of the Company and shall be used for general
corporate purposes.

                  (b) LIMITATIONS ON FORMS OF CONSIDERATION.

                           (i) TENDER OF STOCK. Notwithstanding the foregoing,
an Option may not be exercised by tender to the Company, or attestation to the
ownership, of shares of Stock to the extent such tender or attestation would
constitute a violation of the provisions of any law, regulation or agreement
restricting the redemption of the Company's stock. Unless otherwise provided by
the Committee, an Option may not be exercised by tender to the Company, or
attestation to the ownership, of shares of Stock unless such shares either have
been owned by the Optionee for more than six (6) months or were not acquired,
directly or indirectly, from the Company.

                           (ii) CASHLESS EXERCISE. The Company reserves, at any
and all times, the right, in the Company's sole and absolute discretion, to
establish, decline to approve or terminate any program or procedures for the
exercise of Options by means of a Cashless Exercise.

                           (iii) PAYMENT BY PROMISSORY NOTE. No promissory note
shall be permitted if the exercise of an Option using a promissory note would be
a violation of any law. Any permitted promissory note shall be on such terms as
the Committee shall determine at the time the Option is granted. The Committee
shall have the authority to permit or require the Optionee to secure any
promissory note used to exercise an Option with the shares of Stock acquired
upon the exercise of the Option or with other collateral acceptable to the
Company. Unless otherwise provided by the Committee, if the Company at any time
is subject to the regulations promulgated by the Board of Governors of the
Federal Reserve System or any other governmental entity affecting the extension
of credit in connection with the Company's securities, any promissory note shall
comply with such applicable regulations, and the Optionee shall pay the unpaid
principal and accrued interest, if any, to the extent necessary to comply with
such applicable regulations.

         6.5 EFFECT OF TERMINATION OF SERVICE.

                  (a) OPTION EXERCISABILITY. Subject to earlier termination of
the Option as otherwise provided herein and unless otherwise provided by the
Committee in the grant of an Option and set forth in the Option Agreement, an
Option shall be exercisable after a Participant's termination of Service as
follows:

                           (i) DEATH OR DISABILITY. If the Participant's Service
is terminated by reason of the death or Disability of the Participant, the
Option, to the extent unexercised and exercisable on the date on which the
Participant's Service terminated, may be exercised by the Participant (or the
Participant's guardian or legal representative or other person who acquired the
right to exercise the Option by reason of the Participant's death) at any time
prior to the

                                       10
<PAGE>   16

expiration of six (6) months (or such longer period of time as determined by the
Committee, in its discretion) after the date on which the Participant's Service
terminated, but in any event no later than the date of expiration of the
Option's term as set forth in the Option Agreement evidencing such Option (the
"OPTION EXPIRATION DATE"). If an Option intended to be an Incentive Stock Option
is exercised by a Participant more than three (3) months following the
Participant's termination of Service by reason of a Disability which is not a
"permanent and total disability" as defined in Section 22(e)(3) of the Code,
such exercise will be treated as the exercise of a Nonstatutory Stock Option to
the extent required by Section 422 of the Code. The Participant's Service shall
be deemed to have terminated on account of death if the Participant dies within
three (3) months after the Participant's termination of Service.

                           (ii) RETIREMENT. If the Participant's Service is
terminated by reason of the Retirement of the Participant, the Option may be
exercised at such time (but in any event no later than the Option Expiration
Date) and in such amounts as shall be determined by the Committee at the time of
grant of the Option and set forth in the Option Agreement.

                           (iii) TERMINATION FOR CAUSE. Notwithstanding any
other provision of the Plan to the contrary, if the Participant's Service is
terminated for Cause, as defined below, the Option shall terminate and cease to
be exercisable immediately upon such termination of Service. For purposes of
this subsection, "CAUSE" shall mean any of the following: (1) the Participant's
theft, dishonesty, or falsification of any Participating Company documents or
records; (2) the Participant's repeated failure to report to work during normal
hours, other than for customarily excused absences for personal illness or other
reasonable cause; (3) the Participant's conviction (including any plea of guilty
or nolo contendere) of theft or felony; (4) the Participant's wrongful
disclosure of a Participating Company's trade secrets or other proprietary
information; (5) any other dishonest or intentional action by the Participant
which has a detrimental effect on a Participating Company; or (6) the
Participant's habitual and repeated nonperformance of the Participant's duties.

                           (iv) OTHER TERMINATION OF SERVICE. If the
Participant's Service terminates for any reason, except death, Disability,
Retirement or termination for Cause, the Option, to the extent unexercised and
exercisable by the Participant on the date on which the Participant's Service
terminated, may be exercised by the Participant within thirty (30) days (or such
longer period of time as determined by the Committee, in its discretion) after
the date on which the Participant's Service terminated, but in any event no
later than the Option Expiration Date.

                  (b) EXTENSION IF EXERCISE PREVENTED BY LAW. Notwithstanding
the foregoing (except Section 6.5(a)(iii)), if the exercise of an Option within
the applicable time periods set forth in Section 6.5(a) is prevented by the
provisions of Section 11.1 below regarding compliance with securities laws, the
Option shall remain exercisable until thirty (30) days after the date the
Participant is notified by the Company that the Option is exercisable, but in
any event no later than the Option Expiration Date.

                                       11
<PAGE>   17

                  (c) EXTENSION IF OPTIONEE SUBJECT TO SECTION 16(b).
Notwithstanding the foregoing (except Section 6.5(a)(iii)), if a sale within the
applicable time periods set forth in Section 6.5(a) of shares acquired upon the
exercise of the Option would subject the Participant to suit under Section 16(b)
of the Exchange Act, the Option shall remain exercisable until the earliest to
occur of (i) the tenth (10th) day following the date on which a sale of such
shares by the Participant would no longer be subject to such suit, (ii) the one
hundred and ninetieth (190th) day after the Participant's termination of
Service, or (iii) the Option Expiration Date.

         6.6 TRANSFERABILITY OF OPTIONS. During the lifetime of the Participant,
an Option shall be exercisable only by the Participant or the Participant's
guardian or legal representative. No Option shall be assignable or transferable
by the Participant, except by will or by the laws of descent and distribution.
Notwithstanding the foregoing, a Nonstatutory Stock Option shall be assignable
or transferable to the extent permitted by the Committee and set forth in the
Option Agreement evidencing such Option.

                           SECTION 7. RESTRICTED STOCK

         7.1 GRANT OF RESTRICTED STOCK. Subject to the provisions of Sections
1.3 and 5, Awards of Restricted Stock may be granted to Participants at any time
and from time to time as shall be determined by the Committee, including,
without limitation, upon the attainment of one or more Performance Goals as
described in Section 8.4. If either the grant of Restricted Stock or the lapsing
of the Period of Restriction is to be contingent upon the attainment of one or
more Performance Goals, the Committee shall follow procedures substantially
equivalent to those set forth in Sections 8.3 through 8.5. Shares of Restricted
Stock shall be issued for no consideration other than services rendered. Each
grant of Restricted Stock shall be evidenced by a Restricted Stock Agreement
that shall specify the number of shares of Stock subject to and the other terms,
conditions and restrictions of such Award as the Committee shall determine. No
Restricted Stock Award or purported Restricted Stock Award shall be a valid and
binding obligation of the Company unless evidenced by a fully executed
Restricted Stock Agreement. Restricted Stock Agreements may incorporate all or
any of the terms of the Plan by reference and shall comply with and be subject
to the terms and conditions set forth in Sections 7.2 through 7.6 below.

         7.2 NONTRANSFERABILITY DURING PERIOD OF RESTRICTION. During such period
beginning on the date of grant of a Restricted Stock Award as may be established
by the Committee (the "PERIOD OF RESTRICTION"), no shares of such Restricted
Stock may be sold, transferred, pledged, assigned, or otherwise alienated or
hypothecated, except by will or the laws or descent and distribution. The
Committee, in its discretion, may provide for the lapse of the Period of
Restriction, in full or in installments, at such time or times, upon such event
or events, or upon satisfaction of such conditions or performance criteria
(including, without limitation, Performance Goals as described in Section 8.4)
as the Committee may establish and set forth in the Restricted Stock Agreement
evidencing the Award. All rights with respect to Restricted Stock granted to a
Participant hereunder shall be exercisable during his or her lifetime only by
such Participant.

         7.3 OTHER RESTRICTIONS. The Committee may impose such other
restrictions on any shares of Restricted Stock granted hereunder as it may deem
advisable, including, without

                                       12
<PAGE>   18

limitation, restrictions under applicable Federal securities law and under any
blue sky or state securities laws applicable to such shares, and may legend the
certificates representing the Restricted Stock to give appropriate notice of
such restrictions.

         7.4 VOTING RIGHTS. During the Period of Restriction, Participants
holding shares of Restricted Stock granted hereunder may exercise full voting
rights with respect to those shares.

         7.5 DIVIDENDS AND OTHER DISTRIBUTION. During the Period of Restriction,
Participants holding shares of Restricted Stock granted hereunder shall be
entitled to receive all dividends and other distributions paid with respect to
those shares while they are so held. If any such dividends or distributions are
paid in shares of stock, the shares shall be subject to the same restrictions on
transferability pursuant to Section 7.2 as the shares of Restricted Stock with
respect to which they were paid.

         7.6 EFFECT OF TERMINATION OF SERVICE. Unless otherwise provided by the
Committee in the grant of a Restricted Stock Award and set forth in the
Restricted Stock Agreement, the effect of a Participant's termination of Service
on his or her Restricted Stock Award shall be as follows:

                  (a) DEATH OR DISABILITY. If the Participant's Service is
terminated by reason of the death or Disability of the Participant during the
Period of Restriction, the restrictions applicable to the shares of Restricted
Stock pursuant to Section 7.2 shall terminate automatically with respect to all
such shares.

                  (b) RETIREMENT. If the Participant's Service is terminated by
reason of the Retirement of the Participant during the Period of Restriction,
then the restrictions applicable to the shares of Restricted Stock pursuant to
Section 7.2 shall terminate automatically with respect to that number of shares
(rounded to the nearest whole number) equal to (i) the number of shares of
Restricted Stock granted to the Participant multiplied by (ii) the number of
full months which have elapsed since the effective date of grant of the Award
divided by the maximum number of full months of the Period of Restriction. All
remaining shares of Restricted Stock shall be forfeited and automatically
reacquired by the Company.

                  (c) OTHER TERMINATION OF SERVICE. If the Participant's Service
terminates during the Period of Restriction for any reason except death,
Disability or Retirement, any shares of Restricted Stock still subject to
restrictions pursuant to Section 7.2 at the date of such termination shall be
forfeited and automatically reacquired by the Company; provided, however, that,
in the event of an involuntary termination of the Participant's Service, the
Committee, in its sole discretion, may waive the automatic forfeiture of any or
all such shares and/or add such new restrictions to such shares of Restricted
Stock as it deems appropriate.

            SECTION 8.  PERFORMANCE SHARES AND PERFORMANCE UNITS

         8.1 GRANT OF PERFORMANCE SHARES OR PERFORMANCE UNITS. Subject to the
provisions of Sections 1.3 and 5, the Committee, at any time and from time to
time, may grant Awards of Performance Shares or Performance Units to such
Participants and in such amounts as it shall

                                       13
<PAGE>   19

determine. Each grant of a Performance Share or Performance Unit Award shall be
evidenced by a Performance Share Agreement or a Performance Unit Agreement that
shall specify the number of Performance Shares or Performance Units subject
thereto, the value of each Performance Share or Performance Unit, the
Performance Goals and Performance Period applicable to the Award, and the other
terms, conditions and restrictions of the Award as the Committee shall
determine. No Performance Share or Performance Unit Award or purported Award
shall be a valid and binding obligation of the Company unless evidenced by a
fully executed Award Agreement. Performance Share and Performance Unit
Agreements may incorporate all or any of the terms of the Plan by reference and
shall comply with and be subject to the terms and conditions set forth in
Sections 8.2 through 8.10 below.

         8.2 VALUE OF PERFORMANCE SHARES AND PERFORMANCE UNITS. Unless otherwise
provided by the Committee in granting an Award, each Performance Share shall
have an initial value equal to the Fair Market Value of a share of Stock on the
effective date of grant of the Performance Share and each Performance Unit shall
have an initial value of one hundred dollars ($100). The ultimate value of a
Performance Share or Performance Unit to the Participant will depend on the
extent to which Performance Goals established by the Committee are attained
within the applicable Performance Period established by the Committee.

         8.3 ESTABLISHMENT OF PERFORMANCE GOALS AND PERFORMANCE PERIOD. The
Committee, in its discretion, shall establish the Performance Period applicable
to each Performance Share or Performance Unit Award. Prior to the commencement
of the applicable Performance Period, or such later date as may be permitted
with respect to "performance-based compensation" under Section 162(m), the
Committee shall establish one or more Performance Goals which, when measured at
the end of the Performance Period, shall determine the ultimate value of the
Award to be paid to the Participant. Once established, the Performance Goals
shall not be changed during the Performance Period.

         8.4 MEASUREMENT OF PERFORMANCE GOALS. Performance Goals shall be
established by the Committee on the basis of targets to be attained
("PERFORMANCE TARGETS") with respect one or more measures of business or
financial performance (each, a "PERFORMANCE MEASURE"). Performance Measures
shall have the same meanings as used in the Company's financial statements, or
if such terms are not used in the Company's financial statements, they shall
have the meaning applied pursuant to generally accepted accounting principles,
or as used generally in the Company's industry. Performance Targets may include
a minimum, maximum, target level and intermediate levels of performance, with
the ultimate value of a Performance Share or Performance Unit Award determined
by the level attained. Performance Targets may be absolute or relative to a
standard selected by the Committee. Performance Measures shall be calculated
with respect to the Company and each Parent Corporation and Subsidiary
Corporation consolidated therewith for financial reporting purposes or such
division or other business unit thereof as may be selected by the Committee. For
purposes of the Plan, the Performance Measures applicable to an Award shall be
calculated before the effect of changes in accounting standards, restructuring
charges and similar extraordinary items, determined according to criteria
established by the Committee, occurring after the establishment of the
Performance Goals applicable to an Award. Performance Measures may be one or
more of the following as

                                       14
<PAGE>   20

determined by the Committee: (a) revenue, (b) operating income, (c) pre-tax
profit, (d) net income, (e) gross margin, (f) operating margin, (g) earnings per
share, (h) return on stockholder equity, (i) return on capital, (j) return on
net assets, (k) economic value added and (1) cash flow.

         8.5 DETERMINATION OF VALUE OF PERFORMANCE SHARES AND PERFORMANCE UNITS.
As soon as practicable following the completion of the Performance Period for
each Performance Share and Performance Unit Award, the Committee shall certify
in writing the extent to which the applicable Performance Goals have been
attained and the resulting value of the Award earned by the Participant and to
be paid upon its settlement in accordance with the terms of the Award Agreement.
The Committee shall have no discretion to increase the value of an Award payable
upon its settlement in excess of the amount called for by the terms of the Award
Agreement on the basis of the degree of attainment of the Performance Goals as
certified by the Committee. However, notwithstanding the attainment of any
Performance Goal, if permitted under a Participant's Award Agreement evidencing
a Performance Share or Performance Unit Award, the Committee shall have the
discretion, on the basis of such criteria as may be established by the
Committee, to reduce some or all of the value of an Award that would otherwise
be paid upon its settlement. No such reduction may result in an increase in the
amount payable upon settlement of another Participant's Award. As soon as
practicable following the Committee's certification, the Company shall notify
the Participant of the determination of the Committee.

         8.6 DIVIDEND EQUIVALENTS. The Committee may, in its discretion, provide
that any Performance Share shall include a right to Dividend Equivalents with
respect to cash dividends paid on Stock for which the record date is prior to
the date on which the Performance Share is settled or forfeited. Dividend
Equivalents may be paid currently or may be accumulated and paid to the extent
that Performance Shares become nonforfeitable, as determined by the Committee.
Settlement of Dividend Equivalents may be in cash, shares of Stock, or a
combination thereof as determined by the Committee, and may be paid on the same
basis as settlement of the related Performance Share as provided in Section 8.7.
Dividend Equivalents shall not be paid with respect to Performance Units.

         8.7 FORM AND TIMING OF PAYMENT. Payment of the ultimate value of a
Performance Share or Performance Unit Award earned by a Participant as
determined following the completion of the applicable Performance Period
pursuant to Sections 8.5 and 8.6 may be made in cash, shares of Stock, or a
combination thereof as determined by the Committee. Payments in shares of Stock
shall be determined by the Fair Market Value of a share of Stock on the last day
of such Performance Period. Payment may be made in a lump sum or installments as
prescribed by the Committee. If any payment is to be made on a deferred basis,
the Committee may, but shall not be obligated to, provide for the payment of
Dividend Equivalents or interest during the deferral period.

         8.8 RESTRICTIONS APPLICABLE TO PAYMENT IN SHARES. Shares of Stock
issued in payment of any Performance Share or Performance Unit Award may be
fully vested and freely transferable shares or may be shares of Restricted Stock
subject to a Period of Restriction as provided in Section 7.2. Any such shares
of Restricted Stock shall be evidenced by a Restricted

                                       15
<PAGE>   21

Stock Agreement and shall be subject to the terms and conditions set forth in
Sections 7.2 through 7.6 above.

         8.9 EFFECT OF TERMINATION OF SERVICE. Unless otherwise provided by the
Committee in the grant of a Performance Share or Performance Unit Award and set
forth in the Award Agreement, the effect of a Participant's termination of
Service on his or her Performance Share or Performance Unit Award shall be as
follows:

                  (a) DEATH, DISABILITY OR RETIREMENT. If the Participant's
Service is terminated by reason of the death, Disability or Retirement of the
Participant while he or she is the holder of a Performance Share or Performance
Unit Award but before the completion of the applicable Performance Period, the
value of the Participant's Award shall be determined by the extent to which the
applicable Performance Goals have been attained with respect to the entire
Performance Period and shall be prorated based on the number of months of the
Participant's Service during the Performance Period. Payment shall be made
following the end of the Performance Period in any manner permitted by Section
8.7.

                  (b) OTHER TERMINATION OF SERVICE. If the Participant's Service
terminates for any reason except death, Disability or Retirement before the
completion of the Performance Period applicable to a Performance Share or
Performance Unit Award held by such Participant, such Award shall be forfeited
in its entirety; provided, however, that in the event of an involuntary
termination of the Participant's Service, the Committee, in its sole discretion,
may waive the automatic forfeiture of all or any portion of any such Award and
provide for payment of such Award or portion thereof on the same basis as if the
Participant's Service had terminated by reason of Retirement.

         8.10 NONTRANSFERABILITY. No Performance Shares or Performance Units may
be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated,
otherwise than by will or by the laws of descent and distribution until the
termination of the applicable Performance Period. All rights with respect to
Performance Shares and Performance Units granted to a Participant hereunder
shall be exercisable during his or her lifetime only by such Participant.

                         SECTION 9. DIRECTOR FEE AWARDS

         9.1 EFFECTIVE DATE AND DURATION OF THIS SECTION. This Section 9 shall
become effective on the first day (the "SECTION 9 EFFECTIVE DATE") of the first
calendar quarter beginning after the Effective Date, provided that elections
pursuant to Section 9.2 may be made prior to the Section 9 Effective Date. This
Section 9 shall continue in effect for the remainder of the calendar year
commencing on the Section 9 Effective Date (the "INITIAL PLAN YEAR") and for
each subsequent calendar year commencing during the term (as provided in Section
1.3) of the Plan (a "PLAN YEAR"). Notwithstanding any Participant's prior
election pursuant to Section 9.2, no Director Fee Award shall be granted after
termination of the Plan, and all Director Fees (as defined below) with respect
to which Director Fee Awards have not been granted prior to termination of the
Plan shall thereafter be paid in cash in accordance with the Company's normal
Director Fee payment procedures. However, subject to compliance with applicable
law as provided in Section 11, all Director Fee Awards granted prior to
termination of the Plan shall

                                       16
<PAGE>   22

continue to be governed by and may be exercised or settled in accordance with
the terms of the Plan and the Award Agreement evidencing such Director Fee
Award.

         9.2 MANDATORY AND ELECTIVE DIRECTOR FEE AWARDS. Except as otherwise
provided below, each Nonemployee Director shall be granted one or more Director
Fee Awards in lieu of payment in cash of fifty percent (50%) of such
Participant's annual retainer fee, meeting fees and other compensation payable
with respect to such Participant's service as a Director ("DIRECTOR FEES")
during the Initial Plan Year and each subsequent Plan Year (or the portion of
such Plan Year following an individual's initial appointment or election as a
Nonemployee Director). In addition, each Participant may elect to receive
Director Fee Awards in lieu of payment in cash of all or any portion of the
remaining fifty percent (50%) of such Participant's Director Fees for the
Initial Plan Year and each subsequent Plan Year or applicable portion thereof.
For the Initial Plan Year and each subsequent Plan Year or applicable portion
thereof, a Participant shall be entitled to elect one of the following
alternative forms of payment of the value of the Participant's Director Fees:

                  (a) OPTION PAYMENT. A minimum of fifty percent (50%), together
with such additional portion, if any, elected by the Participant up to a maximum
of one hundred percent (100%), of the Participant's Director Fees will be paid
in the form of a Nonemployee Director Option (an "OPTION PAYMENT") and the
balance will be paid in cash in accordance with the Company's normal Director
Fee payment procedures.

                  (b) STOCK UNITS PAYMENT. A minimum of fifty percent (50%),
together with such additional portion, if any, elected by the Participant up to
a maximum of one hundred percent (100%), of the Participant's Director Fees will
be paid in the form of Stock Units (a "STOCK UNITS PAYMENT") and the balance
will be paid in cash in accordance with the Company's normal Director Fee
payment procedures. In connection with an election to receive a Stock Units
Payment, the Participant may elect an "Early Settlement Date" (as defined below)
upon which the Stock Units will be settled in accordance with Section 9.6(d);
provided, however, that upon termination of the Participant's Service as a
Director prior to the Early Settlement Date, settlement shall be made as
provided in Section 9.6(d). Any "EARLY SETTLEMENT DATE" elected by the
Participant shall become irrevocable as provided in Section 9.3(b) and shall be
December 1 of the third Plan Year following the Plan Year of the Stock Units
Payment or December 1 of any subsequent Plan Year.

         9.3 TIME AND MANNER OF ELECTION.

                  (a) TIME OF ELECTION. Each Nonemployee Director shall make an
election pursuant to Section 9.2:

                           (i) for the Initial Plan Year: prior to the earlier
of (1) the date thirty (30) days following the Effective Date or (2) the Section
9 Effective Date;

                           (ii) for each subsequent Plan Year: prior to the
first day of such Plan Year; and

                                       17
<PAGE>   23

                           (iii) in the case of a newly appointed or elected
Nonemployee Director: on the date of such appointment or election for the
remainder of the Initial Plan Year or subsequent Plan Year of appointment or
election, as the case may be.

                  (b) ELECTION IRREVOCABLE. An election pursuant to Section 9.2
shall become irrevocable as of the commencement of the Plan Year or portion
thereof to which it applies.

                  (c) FAILURE TO TIMELY ELECT. Any Nonemployee Director who
fails to make an election in accordance with this Section for any Plan Year (or
the Initial Plan Year, as the case may be) shall be deemed to have elected
pursuant to Section 9.2 to receive Option Payments for fifty (50%) of the value
of such Participant's Director Fees earned during such Plan Year (or Initial
Plan Year) and to receive the balance of such Participant's Director Fees in
cash in accordance with the Company's normal Director Fee payment procedures.

                  (d) MANNER OF ELECTION. Each election in accordance with this
Section shall be made on a form prescribed by the Company for this purpose and
filed with the Chief Financial Officer of the Company.

         9.4 AUTOMATIC GRANT OF DIRECTOR FEE AWARDS. Subject to the provisions
of Sections 1.3 and 5, effective as of the last day of each quarter during any
Plan Year (or the Initial Plan Year, as the case may be), each Nonemployee
Director shall be granted automatically and without further action of the
Committee a Director Fee Award in lieu of that portion of the Director Fees
earned by the Participant during such quarter and specified by the Participant's
election under Section 9.2 for such Plan Year (or Initial Plan Year) and any
fractional share amount carried over from the prior quarter as provided in
Section 9.7 (the "QUARTERLY DIRECTOR FEES"). In accordance with the
Participant's election under Section 9.2 for the Plan Year (or Initial Plan
Year), the Director Fee Award shall be either in the form of an Option Payment
pursuant to Section 9.5 or a Stock Units Payment pursuant to Section 9.6.

         9.5 OPTION PAYMENT. Each Option Payment shall be in the form of a
Nonemployee Director Option and shall be evidenced by a Nonemployee Director
Option Agreement that shall specify the exercise price, the duration of the
Nonemployee Director Option, the number of shares of Stock to which the
Nonemployee Director Option pertains, and such other provisions as the Committee
shall determine. No such Nonemployee Director Option or purported Nonemployee
Director Option shall be a valid and binding obligation of the Company unless
evidenced by a fully executed Nonemployee Director Option Agreement. Nonemployee
Director Option Agreements may incorporate all or any of the terms of the Plan
by reference and shall comply with and be subject to the terms and conditions of
Section 6 to the extent not inconsistent with this Section and the terms and
conditions set forth in Sections 9.5(a) through 9.5(d) below:

                  (a) EXERCISE PRICE. The exercise price per share for each
Nonemployee Director Option shall be fifty percent (50%) of the average of the
Fair Market Values of a share of Stock for the ten (10) trading days preceding
the effective date of grant of the Nonemployee Director Option.

                                       18
<PAGE>   24

                  (b) NUMBER OF SHARES SUBJECT TO NONEMPLOYEE DIRECTOR OPTION.
The number of shares of Stock subject to a Nonemployee Director Option shall be
determined by the following formula (with any resulting fractional share being
disregarded):

                                    X  =  A / (B x 50%)

                           where,

                                    X is the number of shares subject to the
                                    Nonemployee Director Option;

                                    A is the amount of Quarterly Director Fees
                                    in lieu of which the Option Payment is made;
                                    and

                                    B is the average of the Fair Market Values
                                    of a share of Stock for the ten (10) trading
                                    days preceding the effective date of grant
                                    of the Nonemployee Director Option.

                  (c) EXERCISE PERIOD. Each Nonemployee Director Option shall be
vested and exercisable on and after the date of grant of the Nonemployee
Director Option and shall terminate and cease to be exercisable on the date ten
(10) years after the date of grant of the Nonemployee Director Option, unless
earlier terminated pursuant to the terms of the Plan or the Nonemployee Director
Option Agreement.

                  (d) EFFECT OF TERMINATION OF SERVICE.

                           (i) NONEMPLOYEE DIRECTOR OPTION GRANT. No Participant
shall be granted a Nonemployee Director Option following the date on which such
Participant's Service as a Director terminates for any reason. All of such
Participant's Director Fees with respect to which Director Fee Awards have not
been granted prior to the Participant's termination of Service as a Director
shall be paid in cash in accordance with the Company's normal Director Fee
payment procedures.

                           (ii) NONEMPLOYEE DIRECTOR OPTION EXERCISABILITY.
Subject to earlier termination as otherwise provided herein, a Nonemployee
Director Option shall remain exercisable after a Participant's termination of
Service at any time prior to the expiration of twelve (12) months after the date
on which the Participant's Service terminated, but in any event no later than
the Option Expiration Date.

                           (iii) EXTENSION IF EXERCISE PREVENTED BY LAW.
Notwithstanding the foregoing, if the exercise of a Nonemployee Director Option
within the applicable time period set forth in Section 9.5(d)(ii) is prevented
by the provisions of Section 11.1 below, the Nonemployee Director Option shall
remain exercisable until thirty (30) days after the date the Participant is
notified by the Company that the Nonemployee Director Option is exercisable, but
in any event no later than the Option Expiration Date.

                                       19
<PAGE>   25

                           (iv) EXTENSION IF PARTICIPANT SUBJECT TO SECTION
16(b). Notwithstanding the foregoing, if a sale within the applicable time
period set forth in Section 9.5(d)(ii) of shares acquired upon the exercise of
the Nonemployee Director Option would subject the Participant to suit under
Section 16(b) of the Exchange Act, the Option shall remain exercisable until the
earliest to occur of (i) the tenth (10th) day following the date on which a sale
of such shares by the Participant would no longer be subject to such suit, (ii)
the one hundred and ninetieth (190th) day after the Participant's termination of
Service, or (iii) the Option Expiration Date.

         9.6 STOCK UNITS PAYMENT. Each Stock Units Payment shall be evidenced by
a Stock Units Agreement that shall specify the number of Stock Units to which
such agreement pertains, the form and time of settlement of such Stock Units and
such other provisions as the Committee shall determine. No such Stock Units
Award or purported Stock Units Award shall be a valid and binding obligation of
the Company unless evidenced by a fully executed Stock Units Agreement. Stock
Units Agreements may incorporate all or any of the terms of the Plan by
reference and shall comply with and be subject to the terms and conditions set
forth in Sections 9.6(a) through 9.6(f) below:

                  (a) PAYMENT. No additional cash consideration shall be
required upon settlement of a Stock Units Award.

                  (b) NUMBER OF STOCK UNITS SUBJECT TO STOCK UNITS AWARD. The
number of Stock Units subject to a Stock Units Award shall be determined by the
following formula (with any resulting fractional Stock Unit being disregarded):

                                    X  =  A / B

                           where,

                                    X is the number of Stock Units subject to
                                    the Stock Units Award;

                                    A is the amount of Quarterly Director Fees
                                    in lieu of which the Stock Units Payment is
                                    made; and

                                    B is the average of the Fair Market Values
                                    of a share of Stock for the ten (10) trading
                                    days preceding the effective date of grant
                                    of the Stock Units Award.

                  (c) VOTING AND DIVIDEND EQUIVALENT RIGHTS. Participants shall
have no voting rights with respect to shares of Stock represented by Stock Units
until the date of the issuance of a certificate for such shares (as evidenced by
the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company). Prior to settlement of a Stock Units Award, such
Award shall include the right to Dividend Equivalents, pursuant to which the
Participant shall be credited with additional whole and/or fractional Stock
Units as of the record date of any payment of cash dividends with respect to the
Stock occurring prior to such settlement date. Such additional Stock Units shall
be subject to the same terms and

                                       20
<PAGE>   26

conditions and shall be settled in the same manner and at the same time as the
Stock Units originally subject to the Stock Units Award. The number of such
whole and/or fractional Stock Units to be credited with respect to any Stock
Units Award on the record date of any cash dividend paid on the Stock shall be
determined by the following formula:

                                    X  =  (A x B) / C

                           where,

                                    X is the number of whole and/or fractional
                                    Stock Units to be credited with respect to
                                    the Stock Units Award;

                                    A is the amount of cash dividends paid on
                                    one share of Stock;

                                    B is the number of whole and fractional
                                    Stock Units subject to the Stock Units Award
                                    as of the cash dividend record date; and

                                    C is the Fair Market Value of a share of
                                    Stock on the cash dividend record date.

                  (d) SETTLEMENT OF STOCK UNITS. Subject to the provisions of
Section 11.1 below, the Company shall issue to the Participant, within thirty
(30) days following the earlier of (i) the Early Settlement Date elected by the
Participant with respect to the Stock Units Award or (ii) the date of
termination of the Participant's Service as a Director, a number of whole shares
of Stock equal to the number of whole Stock Units subject to the Stock Units
Award. Such shares of Stock shall not be subject to any restriction on transfer
other than any such restriction as may be required pursuant to Section 11.1 or
any applicable law, rule or regulation. On the same settlement date, the Company
shall pay to the Participant cash in lieu of any fractional Stock Unit subject
to the Stock Units Award in an amount equal to the Fair Market Value on the
settlement date of such fractional share of Stock.

                  (e) EFFECT OF TERMINATION OF SERVICE. No Participant shall be
granted a Stock Units Award following the date on which such Participant's
Service as a Director terminates for any reason. All of such Participant's
Director Fees with respect to which Director Fee Awards have not been granted
prior to the Participant's termination of Service as a Director shall be paid in
cash in accordance with the Company's normal Director Fee payment procedures.

                  (f) NONTRANSFERABILITY OF STOCK UNITS. Prior to their
settlement pursuant to Section 9.6(d), no Stock Units granted to a Participant
shall be subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, or garnishment by creditors of the Participant
or the Participant's beneficiary, except by will or by the laws of descent and
distribution.

         9.7 FRACTIONAL SHARES. No fractional shares of Stock shall be issued
upon the exercise of any Nonemployee Director Option or settlement of any Stock
Units. Any portion of

                                       21
<PAGE>   27

a Participant's Quarterly Director Fees subject to the Participant's election
under Section 9.2 representing a fractional share amount that would otherwise be
paid in the form of an Option Payment or a Stock Units Payment shall instead be
carried over and combined with the Quarterly Director Fees for the following
quarter of the Plan Year (or Initial Plan year, as the case may be) or the
subsequent Plan Year. Any such fractional share amount remaining upon
termination of a Participant's Service as a Director shall be paid to the
Participant in cash, without interest.

                          SECTION 10. CHANGE IN CONTROL

         10.1 EFFECT OF CHANGE IN CONTROL. In the event of a Change in Control
of the Company as defined in Section 10.3 below, the surviving, continuing,
successor, or purchasing corporation or parent corporation thereof, as the case
may be (the "ACQUIRING CORPORATION"), shall either assume all outstanding Awards
or substitute new Awards having an equivalent value for such outstanding Awards.
In the event the Acquiring Corporation elects not to assume or substitute for
such outstanding Awards, and provided that the Participant's Service has not
terminated prior to the effective date of the Change in Control (unless, with
respect to Performance Shares or Performance Units, the Participant's Service
terminated by reason of the death, Disability or Retirement of the Participant),
all unexercisable, unvested or unpaid portions of such outstanding Awards shall
become immediately exercisable, immediately payable and vested in full
immediately prior to the effective date of the Change in Control. For purposes
of the preceding sentence:

                  (a) the value of Performance Shares and Performance Units
shall be determined and paid based upon the greater of (i) the extent to which
the applicable Performance Goals have been attained during the Performance
Period up to the effective date of the Change in Control or (ii) the
pre-established 100% of target level with respect to each Performance Target
comprising the applicable Performance Goals;

                  (b) any outstanding Stock Units Award not assumed or
substituted for by the Acquiring Corporation shall be settled in accordance with
Section 9.6(d) immediately prior to the effective date of the Change in Control;
and

                  (c) any Director Fees with respect to which the Company has
not made either an Option Payment or a Stock Units Payment pursuant to Section 9
prior to the effective date of the Change in Control shall be paid in cash
immediately prior to such effective date.

Any Options which are neither assumed or substituted for by the Acquiring
Corporation nor exercised as of the date of the Change in Control shall
terminate as of the effective date of the Change in Control.

         10.2 TERMINATION OF SERVICE AFTER A CHANGE IN CONTROL. The Committee
may, in its discretion, provide in any Award Agreement that if the Participant's
Service is terminated within twelve (12) months (or such other period specified
by the Committee) following a Change in Control by reason of (a) the involuntary
termination by the Participating Company Group of the Participant's Service for
any reason other than "Cause" (as such term is defined in the Award Agreement)
or the Participant's death or Disability, or (b) the Participant's resignation
for "Good

                                       22
<PAGE>   28

Reason" (as such term is defined in the Award Agreement) from all capacities in
which the Participant is then rendering Service to the Participating Company
Group, then (i) the exercisability, vesting and payment of the outstanding Award
held by such Participant shall be accelerated effective as of the date on which
the Participant's Service terminated to such extent, if any, as shall have been
specified by the Committee and set forth in the Award Agreement, and (ii) the
outstanding Option held by such Participant, to the extent unexercised and
exercisable on the date on which the Participant's Service terminated, may be
exercised by the Participant (or the Participant's guardian or legal
representative) at any time prior to the expiration of six (6) months (or such
other period of time specified by the Committee) after the date on which the
Participant's Service terminated, but in any event no later than the Option
Expiration Date.

         10.3 DEFINITION. A "CHANGE IN CONTROL" shall be deemed to have occurred
in the event of:

                  (a) an acquisition, consolidation, or merger of the Company
with or into any other corporation or corporations, unless the stockholders of
the Company retain, directly or indirectly, at least a majority of the
beneficial interest in the voting stock of the surviving or acquiring
corporation or corporations; or

                  (b) the sale, exchange, or transfer of all or substantially
all of the assets of the Company to a transferee other than a corporation or
partnership controlled by the Company or the stockholders of the Company; or

                  (c) a transaction or series of related transactions in which
stock of the Company representing more than thirty percent (30%) of the
outstanding voting power of the Company is sold, exchanged, or transferred to
any single person or affiliated persons leading to a change of a majority of the
members of the Board.

         The Board shall have final authority to determine whether multiple
transactions are related and the exact date on which a Change in Control has
been deemed to have occurred under subsections (a), (b), and (c) above.

                         SECTION 11. REQUIREMENTS OF LAW

         11.1 COMPLIANCE WITH SECURITIES LAW. The granting of Awards and the
issuance of shares of Stock pursuant to any Award shall be subject to compliance
with all applicable laws, rules, and regulations, and to such approvals by any
governmental agencies, securities exchanges or market systems as may be
required. In addition, no Option may be exercised unless (a) a registration
statement under the Securities Act shall at the time of exercise of the Option
be in effect with respect to the shares issuable upon exercise of the Option or
(b) in the opinion of legal counsel to the Company, the shares issuable upon
exercise of the Option may be issued in accordance with the terms of an
applicable exemption from the registration requirements of the Securities Act.
The inability of the Company to obtain from any regulatory body having
jurisdiction the authority, if any, deemed by the Company's legal counsel to be
necessary to the lawful issuance and sale of any shares hereunder shall relieve
the Company of any liability in respect of the failure to issue or sell such
shares as to which such requisite authority shall not

                                       23
<PAGE>   29

have been obtained. As a condition to the issuance of any Stock, the Company may
require the Participant to satisfy any qualifications that may be necessary or
appropriate, to evidence compliance with any applicable law or regulation and to
make any representation or warranty with respect thereto as may be requested by
the Company.

         11.2 GOVERNING LAW. The Plan, and all agreements hereunder, shall be
construed in accordance with and governed by the laws of the State of
California.

                           SECTION 12. TAX WITHHOLDING

         12.1 TAX WITHHOLDING IN GENERAL. The Company shall have the power to
withhold, or require a Participant to remit to the Company, an amount sufficient
to satisfy the Federal, state, local and foreign tax withholding obligations, if
any, of any Participating Company with respect to any Award. The Company shall
have no obligation to deliver shares of Stock or make any payment of cash under
the Plan until such tax withholding obligations have been satisfied.

         12.2 WITHHOLDING OF SHARES. To the extent permissible under applicable
tax, securities, and other laws, the Company may, in its sole discretion, permit
a Participant to satisfy all or a part of his or her tax withholding requirement
by directing the Company to apply shares of Stock to which the Participant is
entitled as a result of the exercise of an Option or the lapse of a Period of
Restriction with respect to a Restricted Stock Award (including, for this
purpose, the filing of an election under section 83(b) of the Code), or which
would otherwise be issued to the Participant pursuant to an Award, to satisfy
such requirement. Shares of Stock so applied shall be valued at their Fair
Market Value on the date when the taxes otherwise would be withheld in cash.

                  SECTION 13. AMENDMENT AND TERMINATION OF PLAN

         13.1 AMENDMENT AND TERMINATION OF PLAN. The Committee at any time may
terminate, and from time to time, may amend, the Plan; provided, however, that
no such amendment may be made without approval of the stockholders of the
Company to the extent that the Committee deems such stockholder approval to be
necessary or advisable for compliance with applicable tax and securities laws or
other regulatory requirements, including the requirements of any stock exchange
or market system on which the Stock is then listed.

         13.2 EFFECT OF AMENDMENT OR TERMINATION. No termination or amendment of
the Plan shall affect any then outstanding Award unless expressly provided by
the Committee. In any event, no termination or amendment of the Plan shall in
any manner adversely affect any Award theretofore granted under the Plan,
without the consent of the Participant, unless such termination or amendment is
necessary to comply with any applicable law, regulation or rule.

                      SECTION 14. MISCELLANEOUS PROVISIONS

         14.1 BENEFICIARY DESIGNATION. Each Participant may name, from time to
time, any beneficiary or beneficiaries (who may be named contingently or
successively) to whom any benefit under the Plan is to be paid in case of such
Participant's death before he or she receives

                                       24
<PAGE>   30

any or all of such benefit. Each designation will revoke all prior designations
by the same Participant, shall be in a form prescribed by the Company, and will
be effective only when filed by the Participant in writing with the Company
during the Participant's lifetime. In the absence of any such designation,
benefits remaining unpaid at the Participant's death shall be paid to his or her
estate.

         14.2 RIGHTS AS AN EMPLOYEE OR DIRECTOR. No individual, even though
eligible pursuant to Section 3, shall have a right to be selected as a
Participant, or, having been so selected, to be selected again as a Participant.
Nothing in the Plan or any Award granted under the Plan shall confer on any
Participant a right to remain an Employee or Director, or interfere with or
limit in any way the right of a Participating Company to terminate the
Participant's Service at any time.

         14.3 RIGHTS AS A STOCKHOLDER. A Participant shall have no rights as a
stockholder with respect to any shares covered by an Award until the date of the
issuance of a certificate for such shares (as evidenced by the appropriate entry
on the books of the Company or of a duly authorized transfer agent of the
Company). No adjustment shall be made for dividends, distributions or other
rights for which the record date is prior to the date such certificate is
issued, except as provided in Section 5.3 or another provision of the Plan.

         14.4 PROVISION OF INFORMATION. Each Participant shall be given access
to information concerning the Company equivalent to that information generally
made available to the Company's common stockholders.

         14.5 UNFUNDED OBLIGATION. Any amounts payable to Participants pursuant
to the Plan shall be unfunded obligations for all purposes, including, without
limitation, Title I of the Employee Retirement Income Security Act of 1974. No
Participating Company shall be required to segregate any monies from its general
funds, or to create any trusts, or establish any special accounts with respect
to such obligations. The Company shall retain at all times beneficial ownership
of any investments, including trust investments, which the Company may make to
fulfill its payment obligations hereunder. Any investments or the creation or
maintenance of any trust or any Participant account shall not create or
constitute a trust or fiduciary relationship between the Committee or any
Participating Company and a Participant, or otherwise create any vested or
beneficial interest in any Participant or the Participant's creditors in any
assets of any Participating Company. The Participants shall have no claim
against any Participating Company for any changes in the value of any assets
which may be invested or reinvested by the Company with respect to the Plan.

         14.6 INDEMNIFICATION. In addition to such other rights of
indemnification as they may have as members of the Committee or officers or
employees of the Participating Company Group, members of the Committee and any
officers or employees of the Participating Company Group to whom authority to
act for the Committee or the Company is delegated shall be indemnified by the
Company against all reasonable expenses, including attorneys' fees, actually and
necessarily incurred in connection with the defense of any action, suit or
proceeding, or in connection with any appeal therein, to which they or any of
them may be a party by reason of any action taken or failure to act under or in
connection with the Plan, or any right granted

                                       25
<PAGE>   31

hereunder, and against all amounts paid by them in settlement thereof (provided
such settlement is approved by independent legal counsel selected by the
Company) or paid by them in satisfaction of a judgment in any such action, suit
or proceeding, except in relation to matters as to which it shall be adjudged in
such action, suit or proceeding that such person is liable for gross negligence,
bad faith or intentional misconduct in duties; provided, however, that within
sixty (60) days after the institution of such action, suit or proceeding, such
person shall offer to the Company, in writing, the opportunity at its own
expense to handle and defend the same.

         IN WITNESS WHEREOF, the undersigned Secretary of the Company certifies
that the foregoing Granite Construction Incorporated 1999 Equity Incentive Plan
was duly adopted by the Board on May 17, 1999.

                                            GRANITE CONSTRUCTION INCORPORATED

                                                        /s/ Michael Futch
                                            ------------------------------------
                                            Michael Futch, Secretary

                                       26

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