Document:

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                                                                    EXHIBIT 10.5

                                 UGI CORPORATION

                            2000 STOCK INCENTIVE PLAN
                    AMENDED AND RESTATED AS OF APRIL 29, 2003

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                                TABLE OF CONTENTS

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Section Number                                                                                   Page
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1.  Purpose and Design......................................................................        1
2.  Definitions.............................................................................        1
3.  Maximum Number of Shares Available for Options and Restricted Stock Grants..............        3
4.  Duration of the Plan....................................................................        4
5.  Administration..........................................................................        4
6.  Eligibility.............................................................................        4
7.  Options    .............................................................................        4
8.  Restricted Stock........................................................................        7
9.  Dividend Equivalents and Restricted Stock Dividend Equivalents..........................        8
10. Requirements for Performance Goals and Performance Periods..............................       10
11. Non-Transferability.....................................................................       11
12. Consequences of a Change of Control.....................................................       11
13. Adjustment of Number and Price of Shares, Etc...........................................       12
14. Limitation of Rights....................................................................       13
15. Amendment or Termination of Plan........................................................       13
16. Tax Withholding.........................................................................       13
17. Governmental Approval...................................................................       14
18. Effective Date of Plan..................................................................       14
19. Successors .............................................................................       14
20. Headings and Captions...................................................................       14
21. Governing Law...........................................................................       14
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                                       (i)

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                                 UGI CORPORATION

                            2000 STOCK INCENTIVE PLAN
                    AMENDED AND RESTATED AS OF APRIL 29, 2003

1.   PURPOSE AND DESIGN

         The purpose of this Plan is to assist the Company in securing and
retaining key corporate executives of outstanding ability, who are in a position
to significantly participate in the development and implementation of the
Company's strategic plans and thereby contribute materially to the long-term
growth, development and profitability of the Company, by affording them an
opportunity to purchase its Stock under options or an opportunity to acquire
stock by the achievement of specific performance goals. The Plan is designed to
align directly long-term executive compensation with tangible, direct and
identifiable benefits realized by the Company's shareholders.

2.   DEFINITIONS

     Whenever used in this Plan, the following terms will have the respective
meanings set forth below:

         2.01 "Board" means UGI's Board of Directors as constituted from time to
time.

         2.02 "Change of Control" means a change of control as defined in a
change of control agreement between a Participant's respective employer and
certain of its employees.

         2.03 "Committee" means the Compensation and Management Development
Committee of the Board or its successor.

         2.04 "Company" means UGI Corporation, a Pennsylvania corporation, any
successor thereto and any Subsidiary.

         2.05 "Comparison Group" means the group determined by the Committee (no
later than ninety (90) days after the commencement of a Performance Period)
consisting of the Company and such other companies deemed by the Committee (in
its sole discretion) to be reasonably comparable to the Company.

         2.06 "Date of Grant" means the effective date of an Option or
Restricted Stock grant; provided, however, that no retroactive grants will be
made.

         2.07 "Dividend Equivalent" means an amount determined by multiplying
the number of shares of Stock subject to an Option granted in conjunction with
the Dividend Equivalent (whether or not the Option is ever exercised with
respect to any or all shares of Stock subject thereto), subject to any
adjustment under Section 13, by the per-share cash dividend, or the

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per-share fair market value (as determined by the Committee) of any dividend in
consideration other than cash, paid by the Company on its Stock on a dividend
payment date that falls within the relevant Performance Period. See also
"Restricted Stock Dividend Equivalent."

         2.08 "Employee" means a regular full-time salaried employee (including
officers and directors who are also employees) of the Company.

         2.09 "Fair Market Value" of Stock means the average of the highest and
lowest sales prices thereof on the New York Stock Exchange on the day on which
Fair Market Value is being determined, as reported on the Composite Tape for
transactions on the New York Stock Exchange. In the event that the New York
Stock Exchange does not express sales prices in decimal form, the average will
be rounded to the next highest one-eighth of a point (.125). Notwithstanding the
foregoing, in the case of a cashless exercise pursuant to Section 7.4(iv), the
Fair Market Value will be the actual sale price of the shares issued upon
exercise of the Option. In the event that there are no Stock transactions on the
New York Stock Exchange on such day, the Fair Market Value will be determined as
of the immediately preceding day on which there were Stock transactions on that
exchange.

         2.10 "Option" means the right to purchase Stock pursuant to the
relevant provisions of this Plan at the Option Price for a specified period of
time, not to exceed ten years from the Date of Grant, which period of time will
be subject to earlier termination prior to exercise in accordance with Section
7.3(b) of this Plan.

         2.11 "Option Price" means an amount per share of Stock purchasable
under an Option designated by the Committee on the Date of Grant of an Option to
be payable upon exercise of such Option. The Option Price will not be less than
100% of the Fair Market Value of the Stock determined on the Date of Grant.

         2.12 "Participant" means an Employee designated by the Committee to
participate in the Plan.

         2.13 "Performance Goal" means the objective goal or goals that must be
met in order for Dividend Equivalents and Restricted Stock Dividend Equivalents,
if any, to be paid and restrictions on Restricted Stock to lapse. All
Performance Goals must meet the requirements of Section 10.

         2.14 "Performance Period" means the performance period during which
performance will be measured for Performance Goals. Performance Periods must
meet the requirements of Section 10.

         2.15 "Plan" means this 2000 Stock Incentive Plan.

         2.16 (a) "Restricted Stock" means shares of Stock that are subject to
restrictions which lapse upon the achievement of Performance Goals within the
relevant Performance Period.

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         2.16 (b) "Restricted Stock Dividend Equivalent" means an amount
determined by multiplying the number of shares of Restricted Stock granted in
conjunction with the Restricted Stock Dividend Equivalent, subject to any
adjustment under Section 13, by the per-share cash dividend, or the per-share
fair market value (as determined by the Committee) of any dividend in
consideration other than cash, paid by the Company on its Stock on a dividend
payment date that falls within the relevant Performance Period.

         2.17 "Stock" means the Common Stock of UGI or such other securities of
UGI as may be substituted for Stock or such other securities pursuant to Section
13.

         2.18 "Subsidiary" means any corporation or partnership, at least 20% of
the outstanding voting stock, voting power or partnership interest of which is
owned respectively, directly or indirectly, by the Company.

         2.19 "Termination without Cause" means termination for the convenience
of the Company for any reason other than (i) misappropriation of funds, (ii)
habitual insobriety or substance abuse, (iii) conviction of a crime involving
moral turpitude, or (iv) gross negligence in the performance of duties, which
gross negligence has had a material adverse effect on the business, operations,
assets, properties or financial condition of the Company. The Committee will
have the sole discretion to determine whether a significant reduction in the
duties and responsibilities of a Participant will constitute a Termination
without Cause.

         2.20 "UGI" means UGI Corporation, a Pennsylvania corporation or any
successor thereto.

3.   MAXIMUM NUMBER OF SHARES AVAILABLE FOR OPTIONS AND RESTRICTED STOCK GRANTS

     The number of shares of Stock which may be made the subject of Options and
the number of shares of Restricted Stock that may be granted under this Plan may
not exceed 1,650,000 in the aggregate (after giving retroactive effect to the
3-for-2 Stock split distributed April 1, 2003), subject, however, to the
adjustment provisions of Section 13 below, and provided that the maximum number
of Restricted Shares issued hereunder is 750,000. With regard to grants to any
one individual in a calendar year: (i) the number of shares of Restricted Stock
that may be issued will not exceed 150,000, and (ii) the number of shares of
Restricted Stock together with the number of shares of Stock which may be the
subject of grants of Options will not exceed 750,000. If any Option expires or
terminates for any reason without having been exercised in full or if Restricted
Stock is forfeited, the unpurchased shares subject to the Option or the
forfeited shares of Restricted Stock will again be available for the purposes of
the Plan. Shares of Restricted Stock and shares which are the subject of Options
may be previously issued and outstanding shares of Stock reacquired by the
Company and held in its treasury, or may be authorized but unissued shares of
Stock, or may be a combination of both.

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4.   DURATION OF THE PLAN

     The Plan will remain in effect until all Stock subject to it has been
transferred to Participants or all Options have terminated or been exercised and
all shares of Restricted Stock have been vested or forfeited. Notwithstanding
the foregoing, Options and Restricted Stock may not be granted after December
31, 2009.

5.   ADMINISTRATION

     The Plan will be administered by the Committee. Subject to the express
provisions of the Plan, the Committee will have authority, in its complete
discretion, to determine the Employees to whom, and the time or times at which
grants will be made. In making such determinations, the Committee may take into
account the nature of the services rendered by an Employee, the present and
potential contributions of the Employee to the Company's success and such other
factors as the Committee in its discretion deems relevant. Awards under a
particular Section of the Plan need not be uniform as among Participants.
Subject to the express provisions of the Plan, the Committee will also have
authority to construe and interpret the Plan, to prescribe, amend and rescind
rules and regulations relating to it, to determine the terms and provisions of
the respective stock option agreements required by Section 7.2 of the Plan and
the terms and provisions of the restrictions relating to Restricted Stock (none
of which need be identical), and to make all other determinations (including
factual determinations) necessary or advisable for the orderly administration of
the Plan. All ministerial functions, in addition to those specifically delegated
elsewhere in the Plan, shall be performed by a committee comprised of Company
employees ("Administrative Committee") appointed by the Committee. A Stock
option agreement as discussed below shall be executed by each Participant
receiving a grant under the Plan and shall constitute that Participant's
acknowledgement and acceptance of the terms of the Plan and the Committee's
authority and discretion.

6.   ELIGIBILITY

     Grants hereunder may be made only to Employees (including directors who are
also Employees of the Company) who, in the sole judgment of the Committee, are
individuals who are in a position to significantly participate in the
development and implementation of the Company's strategic plans and thereby
contribute materially to the continued growth and development of the Company and
to its future financial success.

7.   OPTIONS

     7.1 Grant of Options. Subject to the provisions of Sections 2.11 and 3: (i)
Options may be granted to Participants at any time and from time to time as may
be determined by the Committee; and (ii) the Committee will have complete
discretion in determining the Options to be granted, the number of shares of
Stock to be subject to each Option, the Option Price to be paid for the shares
upon the exercise of each Option, the period within which each Option may be
exercised, the vesting schedule associated with the Option, and whether the
Option will include Dividend Equivalents.

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     7.2 Option Agreement. As determined by the Committee on the Date of Grant,
each Option will be evidenced by a stock option agreement that will, among other
things, specify the Date of Grant, the Option Price, the duration of the Option,
the number of shares of Stock to which the Option pertains, the Option's vesting
schedule, and whether the Option will include Dividend Equivalents.

     7.3 Exercise and Vesting.

         (a) Except as otherwise specified by the Committee in the stock option
agreement, the Option shall become exercisable in equal one-third (1/3)
installments on the first, second and third anniversaries of the Date of Grant.
Notwithstanding the foregoing, in the event that any such Options are not by
their terms immediately exercisable, the Committee may accelerate the
exercisability of any or all outstanding Options at any time for any reason. No
Option will be exercisable on or after the tenth anniversary of the Date of
Grant.

         (b) Except as otherwise specified by the Committee, in the event that a
Participant holding an Option ceases to be an Employee, the Options held by such
Participant will terminate on the date such Participant ceases to be an
Employee. The Committee will have authority to determine whether an authorized
leave of absence or absence on military or governmental service will constitute
a termination of employment for the purposes of this Plan. However, if a
Participant holding an Option ceases to be an Employee by reason of (i)
Termination without Cause, (ii) retirement, (iii) disability, or (iv) death, the
Option held by any such Participant will thereafter become exercisable pursuant
to the following:

            (i) Termination Without Cause. If a Participant terminates
employment on account of a Termination without Cause, the Option held by such
Participant will thereafter be exercisable only with respect to that number of
shares of Stock with respect to which it is already exercisable on the date such
Participant ceases to be an Employee; and such Option will terminate upon the
earlier of the expiration date of the Option or the expiration of the 13 month
period commencing on the date such Participant ceases to be an Employee.

            (ii) Retirement. If a Participant terminates employment on account
of a retirement under the Company's retirement plan applicable to that
Participant, the Option held by such Participant will thereafter become
exercisable as if such Participant had remained employed by the Company for 36
months after the date of such retirement; and such Option will terminate upon
the earlier of the expiration date of the Option or the expiration of such 36
month period. Retirement for Employees of AmeriGas Propane, Inc. ("API") means
termination of employment with API after attaining age 55 with ten or more years
of service with API and its affiliates.

            (iii) Disability. If a Participant is determined to be "disabled"
(as defined under the Company's long-term disability plan), the Option held by
such Participant will thereafter become exercisable as if such Participant had
remained employed by the Company for 36 months after the date of such
disability; and such Option will terminate upon the earlier of the expiration
date of the Option or the expiration of such 36 month period.

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            (iv) Death. In the event of the death of a Participant while
employed by the Company, the Option theretofore granted to such Participant will
be fully and immediately exercisable (to the extent not otherwise exercisable by
its terms) at any time prior to the earlier of the expiration date of the Option
or the expiration of the 12 month period following the Participant's death.
Death of a Participant after such Participant has ceased to be employed by the
Company will not affect the otherwise applicable period for exercise of the
Option determined pursuant to Sections 7.3(b)(i), 7.3(b)(ii) or 7.3(b)(iii).
Such Option may be exercised by the estate of the Participant, by any person to
whom the Participant may have bequeathed the Option, any person the Participant
may have designated to exercise the same under the Participant's last will, or
by the Participant's personal representatives if the Participant has died
intestate.

         (c) Notwithstanding anything contained in this Section 7.3, with
respect to the number of shares of Stock subject to an Option with respect to
which such Option is or is to become exercisable, no Option, to the extent that
it has not previously been exercised, will be exercisable after it has
terminated, including without limitation, after any termination of such Option
pursuant to Section 7.3(b) hereof.

     7.4 Payment. The Option Price upon exercise of any Option will be payable
to the Company in full (i) in cash or its equivalent, (ii) by tendering shares
of previously acquired Stock already beneficially owned by the Participant for
more than one year and having a Fair Market Value at the time of exercise equal
to the Option Price being paid thereby, (iii) by applying Dividend Equivalents
payable to the Participant in accordance with Section 8 of the Plan in an amount
equal to the total Option Price, (iv) by payment through a broker in accordance
with procedures permitted by Regulation T of the Federal Reserve Board, (v) by
such other method as the Committee may approve, or (vi) by a combination of (i),
(ii), (iii), (iv) and/or (v). The cash proceeds from such payment will be added
to the general funds of the Company and will be used for its general corporate
purposes.

     7.5 Written Notice. A Participant wishing to exercise an Option must give
irrevocable written notice to the Company in the form and manner prescribed by
the Administrative Committee, indicating the date of award, the number of shares
as to which the Option is being exercised, and such other information as may be
required by the Administrative Committee. Full payment for the shares pursuant
to the Option must be received by the time specified by the Committee depending
on the type of payment being made but, in all cases, prior to the issuance of
the Stock. Except as provided in Section 7.3(b), no Option may be exercised at
any time unless the Participant is then an Employee of the Company.

     7.6 Issuance of Stock. As soon as practicable after the receipt of
irrevocable written notice and payment, the Company will, without stock transfer
taxes to the Participant or to any other person entitled to exercise an Option
pursuant to this Plan, deliver to, or credit electronically on behalf of, the
Participant, the Participant's designee or such other person the requisite
number of shares of Stock.

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     7.7 Privileges of a Shareholder. A Participant or any other person entitled
to exercise an Option under this Plan will have no rights as a shareholder with
respect to any Stock covered by the Option until the due exercise of the Option
and issuance of such Stock.

     7.8 Partial Exercise. An Option granted under this Plan may be exercised as
to any lesser number of shares than the full amount for which it could be
exercised. Such a partial exercise of an Option will not affect the right to
exercise the Option from time to time in accordance with this Plan as to the
remaining shares subject to the Option.

8.   RESTRICTED STOCK

     8.1 Grant of Restricted Stock. Subject to the provisions of Section 3,
shares of Restricted Stock and Restricted Stock Dividend Equivalents may be
granted to Participants at any time and from time to time as may be determined
by the Committee. Shares of Restricted Stock may be granted with or without
Restricted Stock Dividend Equivalents as determined by the Committee. Shares
issued or transferred pursuant to Restricted Stock awards may be issued or
transferred for consideration or for no consideration, and will be subject to
Performance Goals meeting the requirements of Section 10.

     8.2 Requirement of Employment or Service. If the Participant ceases to be
employed by, or provide service to, the Company before the Performance Goals are
met, the Restricted Stock award will terminate as to all shares covered by the
grant as to which the restrictions have not lapsed, and those shares of Stock
must be immediately returned to the Company. However, if a Participant holding
Restricted Stock ceases to be an Employee by reason of (i) retirement, (ii)
disability, or (iii) death, the restrictions on Restricted Stock held by any
such Participant will lapse pursuant to the following:

         (a) Retirement. If a Participant terminates employment on account of a
retirement under the Company's retirement plan applicable to that Participant,
the restrictions on such Participant's Restricted Stock will lapse with regard
to any Performance Period that ends within 36 months after the date of such
retirement; provided that the Performance Goals associated with such Performance
Period are achieved within that 36 month period. Retirement for Employees of
AmeriGas Propane, Inc. ("API") means termination of employment with API after
attaining age 55 with ten or more years of service with API and its affiliates.

         (b) Disability. If a Participant is determined to be "disabled" (as
defined under the Company's long-term disability plan), the restrictions on such
Participant's Restricted Stock will lapse with regard to any Performance Period
that ends within 36 months after the date of such disability; provided that the
Performance Goals associated with such Performance Period are achieved within
that 36 month period.

         (c) Death. In the event of the death of a Participant while employed by
the Company, the restrictions on such Participant's Restricted Stock will lapse
at the end of the Performance Period associated with such Restricted Stock upon
the achievement of the related Performance Goals.

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     8.3 Restrictions on Transfer and Legend on Stock Certificate. Until the
Performance Goals are met, a Participant may not sell, assign, transfer, pledge
or otherwise dispose of the shares of Restricted Stock or rights to Restricted
Stock Dividend Equivalents, if any. Each certificate for a share of a Restricted
Stock will contain a legend giving appropriate notice of the restrictions in the
grant. The Participant will be entitled to have the legend removed from the
stock certificate covering the shares subject to restrictions when all
restrictions on such shares have lapsed. The Administrative Committee may
determine that the Company will not issue certificates for Restricted Stock
until all restrictions on such shares have lapsed, or that the Company will
retain possession of certificates for shares of Restricted Stock until all
restrictions on such shares have lapsed.

     8.4 Privileges of a Shareholder. Unless the Committee determines otherwise,
during the Performance Period, a Participant issued certificates under Section
8.3 will have the right to vote shares of Restricted Stock and to receive any
dividends or other distributions paid on such shares, subject to any
restrictions deemed appropriate by the Committee.

     8.5 Form of Payment for Restricted Stock. The Committee will have the sole
discretion to determine whether the Company's obligation in respect of payment
of Restricted Stock awards for a Participant who is not issued certificates
under Section 8.3 will be paid in Stock, solely in cash or partly in Stock and
partly in cash.

9.   DIVIDEND EQUIVALENTS AND RESTRICTED STOCK DIVIDEND EQUIVALENTS

     9.1 (a) Amount of Dividend Equivalents Credited. If the Committee so
specifies, as of the Date of Grant in the stock option agreement, from the Date
of Grant of an Option to a Participant (or, in the case of an Option granted
after the date of commencement of a Performance Period to a new Participant or
to a Participant with changed responsibilities, in which event, from such date
not earlier than the date of commencement of the Performance Period as is
designated by the Committee) until the earlier of (i) the end of the applicable
Performance Period or (ii) the date of disability, death or termination of
employment for any reason (including retirement), of a Participant, the Company
will keep records for such Participant ("Account") and will credit on each
payment date for the payment of a dividend made by UGI on its Stock an amount
equal to the Dividend Equivalent associated with such Option. Notwithstanding
the foregoing, a Participant may not accrue during any calendar year Dividend
Equivalents in excess of $1,000,000. Except as set forth in Section 9.5 below,
no interest will be credited to any such Account.

     9.1 (b) Amount of Restricted Stock Dividend Equivalents Credited. If the
Committee so specifies when granting Restricted Stock, from the Date of Grant of
Restricted Stock to a Participant (or, in the case of Restricted Stock granted
after the date of commencement of a Performance Period to a new Participant or
to a Participant with changed responsibilities, in which event, from such date
not earlier than the date of commencement of the Performance Period as is
designated by the Committee) until the earlier of (i) the end of the applicable
Performance Period or (ii) the date of disability, death or termination of
employment for any

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reason (including retirement), of a Participant, the Company will keep records
for such Participant ("Account") and will credit on each payment date for the
payment of a dividend made by UGI on its Stock an amount equal to the Restricted
Stock Dividend Equivalent associated with such Restricted Stock. Notwithstanding
the foregoing, a Participant may not accrue during any calendar year Restricted
Stock Dividend Equivalents in excess of $1,000,000. No interest will be credited
to any such Account.

     9.2 Payment of Credited Dividend Equivalents and Restricted Stock Dividend
Equivalents. Payment of Dividend Equivalents and Restricted Stock Dividend
Equivalents will be made only upon the determination by the Committee that the
Performance Goals associated with such Dividend Equivalents and Restricted Stock
Dividend Equivalents have been achieved as prescribed in accordance with Section
10.

     9.3 Timing of Payment of Dividend Equivalents and Restricted Stock Dividend
Equivalents.

         (a) Except as otherwise determined by the Committee, in the event of
the (i) termination of an Option prior to exercise pursuant to Section 7.3(b)
hereof, or (ii) acceleration of the exercise date of an Option pursuant to
Section 7.3(a) hereof, in either case prior to the end of the applicable
Performance Period, no payments of Dividend Equivalents associated with any
Option will be made (A) prior to the end of the applicable Performance Period
and (B) to any Participant whose employment by the Company terminates prior to
the end of the applicable Performance Period for any reason other than
retirement under the Company's retirement plan, death, disability or Termination
without Cause. As soon as practicable after the end of such Performance Period,
the Committee will certify and announce the results for each Performance Period
prior to any payment of Dividend Equivalents and unless a Participant will have
made an election under Section 9.6 to defer receipt of any portion of such
amount, a Participant will receive the aggregate amount of Dividend Equivalents
payable to that Participant in the form specified by the Committee.

         (b) Except as otherwise determined by the Committee, in the event of
the termination of a grant of Restricted Stock pursuant to Section 8.2 hereof,
no payments of Restricted Stock Dividend Equivalents associated with Restricted
Stock will be made (A) prior to the end of the applicable Performance Period and
(B) to any Participant whose employment by the Company terminates prior to the
end of the applicable Performance Period for any reason other than retirement
under the Company's retirement plan, death or disability. As soon as practicable
after the end of such Performance Period, the Committee will certify and
announce the results for each Performance Period prior to any payment of
Restricted Stock Dividend Equivalents and unless a Participant will have made an
election under Section 9.6 to defer receipt of any portion of such amount, a
Participant will receive the aggregate amount of Restricted Stock Dividend
Equivalents payable to that Participant in cash.

         (c) Notwithstanding anything to the contrary in this Section 9.3,
unless a payment of Dividend Equivalents associated with an Option is being made
upon full exercise or termination of such Option, no Dividend Equivalents will
be paid (either at the end of the

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applicable Performance Period or on a date such Dividend Equivalents are
scheduled to be paid pursuant to a deferral election) if the average Fair Market
Value of Stock for a period of thirty (30) consecutive business days immediately
preceding the end of the applicable Performance Period or the date such deferred
payment is scheduled to be made (as the case may be) is less than the exercise
price of the Option to which such Dividend Equivalents were associated, and such
payment will instead be made at the earlier of (i) such time as the average Fair
Market Value of Stock over a period of ninety (90) consecutive business days
thereafter exceeds the exercise price of such Option, or (ii) the termination or
expiration date of such Option.

     9.4 Form of Payment for Dividend Equivalents. The Committee will have the
sole discretion to determine whether the Company's obligation in respect of
payment of Dividend Equivalents will be paid solely in credits to be applied
toward payment of the Option Price, solely in cash or partly in such credits and
partly in cash.

     9.5 Interest on Dividend Equivalents. From a date which is thirty (30) days
after the end of the applicable Performance Period until the date that all
Dividend Equivalents associated with such Option and payable to a Participant
are paid to such Participant, the Account maintained by the Company in its books
and records with respect to such Dividend Equivalents will be credited with
interest at a market rate determined by the Administrative Committee. The
interest rate will be no higher than the prime interest rate as quoted in the
Wall Street Journal on the last day of the month preceding the end of the
Performance Period, or the preceding business day if the last day of the month
is not a business day.

     9.6 Deferral of Dividend Equivalents and Restricted Stock Dividend
Equivalents. A Participant will have the right to defer receipt of any Dividend
Equivalent or Restricted Stock Dividend Equivalent payments associated with an
Option or Restricted Stock if the Participant elects to do so on or prior to
December 31 of the year preceding the beginning of the last full year of the
applicable Performance Period (or such other time as the Administrative
Committee will determine is appropriate to make such deferral effective under
the applicable requirements of federal tax laws). The terms and conditions of
any such deferral (including the period of time thereof) will be subject to
approval by the Administrative Committee and all deferrals will be made on a
form provided a Participant for this purpose.

10.  REQUIREMENTS FOR PERFORMANCE GOALS AND PERFORMANCE PERIODS

     10.1 Designation as Qualified Performance-Based Compensation. Grants of
Restricted Stock, Restricted Stock Dividend Equivalents and Dividend Equivalents
will qualify as "qualified performance-based compensation" under Section 162(m)
of the Internal Revenue Code ("Code"), including the requirement that the
achievement of the goals be substantially uncertain at the time they are
established and that the goals be established in such a way that a third party
with knowledge of the relevant facts could determine whether and to what extent
the Performance Goals have been met. The Committee will not have discretion to
increase the amount of compensation that is payable upon achievement of the
designated Performance Goals, but may, in its sole discretion, reduce the amount
of compensation that is payable upon achievement of the designated Performance
Goals.

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     10.2 Requirements for Performance Goals. When Restricted Stock, Restricted
Stock Dividend Equivalents and Dividend Equivalents are granted, the Committee
will establish in writing Performance Goals either before the beginning of the
Performance Period or during a period ending no later than the earlier of (i) 90
days after the beginning of the Performance Period or (ii) the date on which 25%
of the Performance Period has elapsed, or such other date as may be required or
permitted under applicable regulations under Section 162(m) of the Code. The
Performance Goal must specify (A) the objective Performance Goal(s) that must be
met in order for restrictions on the Restricted Stock to lapse or the Restricted
Stock Dividend Equivalents or Dividend Equivalents to be paid, (B) the
Performance Period during which the Performance Goals must be met, (C) the
maximum amounts that may be paid if the Performance Goals are met, and (D) any
other conditions that the Committee deems appropriate and consistent with the
Plan and the requirements of Section 162(m) of the Code for qualified
performance based compensation.

     10.3 Criteria Used for Performance Goals. The Committee will use
objectively determinable Performance Goals based on one or more of the following
criteria: stock price, earnings per share, net earnings, operating earnings,
return on assets, shareholder return, return on equity, growth in assets, unit
volume, sales, cash flow, market share, relative performance to a Comparison
Group, or strategic business criteria consisting of one or more objectives based
on meeting specified revenue goals, market penetration goals, geographic
business expansion goals, cost targets or goals relating to acquisitions or
divestitures. The Performance Goals may relate to the Participant's business
unit or the performance of the Company and its subsidiaries as a whole, or any
combination of the foregoing. Performance Goals need not be uniform as among
Participants.

     10.4 Announcement of Grants. The Committee will certify and announce the
results for each Performance Period to all Participants as promptly as
practicable following the completion of the Performance Period. If and to the
extent that the Committee does not certify that the Performance Goals have been
met, the applicable grants of Restricted Stock, Restricted Stock Dividend
Equivalents and Dividend Equivalents for the Performance Period will be
forfeited.

11.  NON-TRANSFERABILITY

     No Option, shares of Restricted Stock, rights to Restricted Stock Dividend
Equivalents, Dividend Equivalents or other rights granted under the Plan will be
transferable otherwise than by will or the laws of descent and distribution, and
an Option may be exercised, during the lifetime of the Participant, only by the
Participant.

12.  CONSEQUENCES OF A CHANGE OF CONTROL

     12.1 Notice and Acceleration. Upon a Change of Control, unless the
Committee determines otherwise, (i) the Company will provide each Participant
with outstanding grants written notice of such Change of Control, (ii) all
outstanding Options will automatically accelerate and become fully exercisable,
(iii) the restrictions and conditions on all outstanding

                                       11
<PAGE>

Restricted Stock grants will immediately lapse, and (iv) Dividend Equivalents
and Restricted Stock Dividend Equivalents will become payable in cash in such
amounts as the Committee may determine.

     12.2 Assumption of Grants. Upon a Change of Control where the Company is
not the surviving corporation (or survives only as a subsidiary of another
corporation), unless the Committee determines otherwise, all outstanding Options
that are not exercised will be assumed by, or replaced with comparable options
or rights by, the surviving corporation (or a parent of the surviving
corporation), and other outstanding grants will be converted to similar grants
of the surviving corporation (or a parent of the surviving corporation).

     12.3 Other Alternatives. Notwithstanding the foregoing, subject to Section
12.4 below, in the event of a Change of Control, the Committee may take any of
the following actions with respect to any or all outstanding Options: the
Committee may (i) require that Participants surrender their outstanding Options
in exchange for a payment by the Company, in cash or Stock as determined by the
Committee, in an amount equal to the amount by which the then Fair Market Value
of the shares of Stock subject to the Participant's unexercised Options exceeds
the Option Price of the Options, as applicable, or (ii) after giving
Participants an opportunity to exercise their outstanding Options, terminate any
or all unexercised Options at such time as the Committee deems appropriate. Such
surrender, termination or settlement will take place as of the date of the
Change of Control or such other date as the Committee may specify.

     12.3 Committee. The Committee making the determinations under this Section
12 following a Change of Control must be comprised of the same members as those
on the Committee immediately before the Change of Control. If the Committee
members do not meet this requirement, the automatic provisions of Sections 12.1
and 12.2 will apply, and the Committee will not have discretion to vary them.

     12.4 Limitations. Notwithstanding anything in the Plan to the contrary, in
the event of a Change of Control, the Committee will not have the right to take
any actions described in the Plan (including without limitation actions
described in this Section 12) that would make the Change of Control ineligible
for pooling of interests accounting treatment or that would make the Change of
Control ineligible for desired accounting treatment if, in the absence of such
right, the Change of Control would qualify for such treatment and the Company
intends to use such treatment with respect to the Change of Control.

13.  ADJUSTMENT OF NUMBER AND PRICE OF SHARES, ETC.

     Notwithstanding anything to the contrary in this Plan, in the event any
recapitalization, reorganization, merger, consolidation, spin-off, combination,
repurchase, exchange of shares or other securities of UGI, stock split or
reverse split, extraordinary dividend, liquidation, dissolution, significant
corporate transaction (whether relating to assets or stock) involving UGI, or
other extraordinary transaction or event affects Stock such that an adjustment
is determined by the Committee to be appropriate in order to prevent dilution or
enlargement of Participants' rights under the Plan, then the Committee may, in a
manner that is equitable, adjust (i) any or all of the

                                       12
<PAGE>
number or kind of shares of Stock reserved for issuance under the Plan, (ii) the
maximum number of shares of Stock which may be the subject of grants to any one
individual in any calendar year, (iii) the number or kind of shares of Stock to
be subject to grants of Restricted Stock and Options thereafter granted under
the Plan, (iv) the number and kind of shares of Stock issuable upon exercise of
outstanding Options, (v) the Option Price per share thereof, (vi) the number of
shares of Restricted Stock, (vii) the terms and conditions applicable to
Restricted Stock, and/or (viii) the terms and conditions applicable to Dividend
Equivalents and Restricted Stock Dividend Equivalents, provided that the number
of Restricted Shares and the number of shares subject to any Option will always
be a whole number. Any such determination of adjustments by the Committee will
be conclusive for all purposes of the Plan and of each Option and grant of
Restricted Stock, whether a stock option agreement or grant letter with respect
to a particular Option or grant of Restricted Stock has been theretofore or is
thereafter executed.

14.  LIMITATION OF RIGHTS

     Nothing contained in this Plan will be construed to give an Employee any
right to a grant hereunder except as may be authorized in the discretion of the
Committee. A grant under this Plan will not constitute or be evidence of any
agreement or understanding, expressed or implied, that the Company will employ a
Participant for any specified period of time, in any specific position or at any
particular rate of remuneration.

15.  AMENDMENT OR TERMINATION OF PLAN

     Subject to Board approval, the Committee may at any time, and from time to
time, alter, amend, suspend or terminate this Plan without the consent of the
Company's shareholders or Participants, except that any such alteration,
amendment, suspension or termination will be subject to the approval of the
Company's shareholders within one year after such Committee and Board action if
such shareholder approval is required by any federal or state law or regulation
or the rules of any stock exchange or automated quotation system on which the
Stock is then listed or quoted, or if the Committee in its discretion determines
that obtaining such shareholder approval is for any reason advisable. No
termination or amendment of this Plan may, without the consent of the
Participant to whom any Option or Restricted Share has previously been granted,
adversely affect the rights of such Participant under such Option or Restricted
Share, including any associated Dividend Equivalents or Restricted Stock
Dividend Equivalents. Notwithstanding the foregoing, the Administrative
Committee may make minor amendments to this Plan which do not materially affect
the rights of Participants or significantly increase the cost to the Company.

16.  TAX WITHHOLDING

     Upon the lapse of restrictions on Restricted Stock and upon exercise of any
Option under this Plan, the Company will require the recipient of the Stock to
remit to the Company an amount sufficient to satisfy federal, state and local
withholding tax requirements. However, to the extent authorized by rules and
regulations of the Administrative Committee, the Company may withhold or receive
Stock and make cash payments in respect thereof in satisfaction of a recipient's
tax obligations in an amount that does not exceed the recipient's minimum
applicable

                                       13
<PAGE>

withholding tax obligations. In the event the Company receives Stock in
satisfaction of a recipient's minimum applicable withholding tax obligations,
the Stock must have been held by the recipient for more than six months.

17.  GOVERNMENTAL APPROVAL

     Each share of Restricted Stock and each Option will be subject to the
requirement that if at any time the listing, registration or qualification of
the shares covered thereby upon any securities exchange, or under any state or
federal law, or the consent or approval of any governmental regulatory body, is
necessary or desirable as a condition of or in connection with the granting of
such Restricted Share or Option or the purchase of shares thereunder, no such
Option may be exercised in whole or in part unless and until such listing,
registration, qualification, consent or approval has been effected or obtained
free of any conditions not acceptable to the Board.

18.  EFFECTIVE DATE OF PLAN

     18.1 Effective Date. This Plan will become effective as of January 1, 2000,
subject to ratification by the Company's shareholders prior to March 31, 2000.

     18.2 Shareholder Approval for "Qualified Performance-Based Compensation."
This Plan must be reapproved by the shareholders of UGI no later than the first
shareholders meeting that occurs in the fifth year following the year in which
the shareholders previously approved the provisions of Section 10, if required
by section 162(m) of the Code or the regulations thereunder.

19.  SUCCESSORS

     This Plan will be binding upon and inure to the benefit of the Company, its
successors and assigns and the Participant and his heirs, executors,
administrators and legal representatives.

20.  HEADINGS AND CAPTIONS

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

21.  GOVERNING LAW

     The validity, construction, interpretation and effect of the Plan and
option agreements issued under the Plan will be governed exclusively by and
determined in accordance with the law of the Commonwealth of Pennsylvania.

Approved by Shareholders of UGI Corporation on February 29, 2000.

                                       14<PAGE>
                                                                    EXHIBIT 10.6

                       UGI CORPORATION 1992 NON-QUALIFIED
                                STOCK OPTION PLAN
                    AMENDED AND RESTATED AS OF APRIL 29, 2003

<PAGE>
                                 UGI CORPORATION

                      1992 NON-QUALIFIED STOCK OPTION PLAN
                    AMENDED AND RESTATED AS OF APRIL 29, 2003

1.       PURPOSE AND DESIGN

         The purpose of this Plan is to assist the Company in securing,
motivating and retaining managerial talent by affording managers an opportunity
to purchase the Company's Stock under options.

2.       DEFINITIONS

         Whenever used in this Plan, the following terms will have the
respective meanings set forth below:

         (a) "Board" means the Company's Board of Directors as constituted from
time to time.

         (b) "Committee" means the Compensation and Management Development
Committee of the Board as constituted from time to time.

         (c) "Company" means UGI Corporation, a Pennsylvania corporation (which
intends to change its name after the effective date hereof to UGI Utilities,
Inc.), or any successor thereto by merger, consolidation or statutory share
exchange; provided, however, that in the event that the Company's shareholders
approve the formation of a public utility holding company to own 100%, of the
Stock of the Company prior to January 1, 1993, then from and after any
reorganization (whether by merger or statutory share exchange) effecting such a
transaction, "Company" shall mean New UGI Corporation, a Pennsylvania
corporation (which intends to change its name after the effective date hereof to
UGI Corporation).

         (d) "Employee" means a regular full-time salaried employee (including
officers who are also employees) of the Company or any Subsidiary of the
Company.

         (e) "Fair Market Value" of Stock means the average, rounded to the next
highest one-eighth of a point (.125), of the highest and lowest sales prices
thereof on the New York Stock Exchange on the day on which Fair Market Value is
being determined, as reported on the Composite Tape for transactions on the New
York Stock Exchange; provided, however, in the case of a cashless exercise
pursuant to Section 7.4, the Fair Market Value shall be the actual sale price of
the shares issued upon exercise of the Option. In the event that there are no
Stock transactions on the New York Stock Exchange on such day, the Fair Market
Value will be determined as of the immediately preceding day on which there were
Stock transactions on that exchange.

<PAGE>

         (f) "Option" means the right to purchase Stock pursuant to the relevant
provisions of this Plan at the Option Price for a specified period of time, not
to exceed ten years from date of grant, which period of time shall be subject to
earlier termination prior to exercise in accordance with Sections 10, 11 and 12
of this Plan.

         (g) "Option Price" means an amount per share of Stock purchasable under
an Option equal to 100% of the Fair Market Value of the Stock determined on the
date of grant of an Option to be payable upon exercise of such Option.

         (h) "Participant" means an Employee designated by the Committee to
participate in the Plan.

         (i) "Subsidiary" means any corporation, at least 20% of the outstanding
voting stock or voting power of which is owned by the Company or a Subsidiary.

         (j) "Stock" means the Common Stock of the Company, par value $2.25 per
share, or, in the event that, prior to January 1, 1993, the Company's
shareholders approve the formation of a public utility holding company system in
which 100% of the Stock of the Company is owned by a public utility holding
company, then from and after the effective date of any reorganization (whether
by merger or statutory share exchange) effecting such a transaction, "Stock"
shall mean the Common Stock of the Company, without par value, and, in either
case, such other securities of the Company as may be substituted for Stock or
such other securities pursuant to Section 13.

3.       NUMBER AND SOURCE OF SHARES AVAILABLE FOR OPTIONS - MAXIMUM ALLOTMENT

         The number of shares of Stock which may be made the subject of Options
under this Plan at any one time may not exceed 750,000 in the aggregate (after
giving retroactive effect to the 3-for-2 Stock split distributed April 1, 2003),
including shares acquired by Participants through exercise of Options under this
Plan, subject, however, to the adjustment provisions of Section 13 below. If any
Option expires or terminates for any reason without having been exercised in
full, the unpurchased shares subject to the Option will again be available for
the purposes of the Plan. Shares which are the subject of Options may be
previously issued and outstanding shares of the Stock reacquired by the Company
and held in its treasury, or may be authorized but unissued shares of Stock, or
may be partly of each.

4.       DURATION OF THE PLAN

         The Plan will remain in effect until all Stock subject to it has been
purchased pursuant to the exercise of Options. Notwithstanding the foregoing, no
Option may be granted after January 1, 2002.

                                      -2-
<PAGE>
5.       ADMINISTRATION

         The Plan will be administered by the Committee. Subject to the express
provisions of the Plan, the Committee will have authority, in its discretion, to
determine the Employees to whom, and the time or times at which, Options will be
granted, the number of shares to be subject to each Option, the Option Price to
be paid for the shares upon the exercise of each Option, and the period within
which each Option may be exercised. In making such determinations, the Committee
may take into account the nature of the services rendered by an Employee, the
present and potential contributions of the Employee to the Company's success and
such other factors as the Committee in its discretion deems relevant. Subject to
the express provisions of the Plan, the Committee will also have authority to
construe and interpret the Plan, to prescribe, amend and rescind rules and
regulations relating to it, to determine the terms and provisions of the
respective stock option agreements required by Section 7.2 of the Plan (which
need not be identical), and to make all other determinations necessary or
advisable for the orderly administration of the Plan. A Stock option agreement
as discussed below shall be executed by each Participant receiving a grant under
the Plan and shall constitute that Participant's acknowledgement and acceptance
of the terms of the Plan and the Committee's authority and discretion

6.       ELIGIBILITY

         Options may be granted only to key management Employees who do not
participate in any of the Company's Stock Option and Dividend Equivalent Plans
and who are selected by the Committee, in its sole judgment, to participate in
the Plan.

7.       OPTIONS

         7.1 Grant of Options. Subject to the provisions of Section 3, Options
may be granted to Participants at any time and from time to time as may be
determined by the Committee. The Committee will have complete discretion in
determining the number of Options granted to each Participant and the number of
shares of Stock subject to such Options.

         7.2 Option Agreement. As determined by the Committee on the date of
grant, each Option will be evidenced by a stock option agreement that shall,
among other things, specify the Option Price, the duration of the Option and the
number of shares of Stock to which the Option pertains.

         7.3 Exercise and Vesting.

            (a) Except as otherwise specified by the Committee, an Option shall
be fully and immediately exercisable on the date of grant. Notwithstanding the
foregoing, in the event that any such Options are not by their terms immediately
exercisable, the Committee may accelerate the exercisability of any or all
outstanding Options at any time for any reason. No Option shall be exercisable
on or after the tenth anniversary of the date of grant.

                                      -3-
<PAGE>
            (b) If a Participant holding an Option ceases to be an Employee, the
Option held by such Participant shall be exercisable only with respect to that
number of shares of Stock with respect to which it is already exercisable on the
date such Participant ceases to be an Employee. However, if a Participant
holding an Option ceases to be an Employee by reason of a retirement under the
Company's or a Subsidiary's retirement plan, the Option held by any such
participant shall thereafter become exercisable with respect to that additional
number of shares of Stock with respect to which it becomes exercisable on any
anniversary of the date on which the Participant was granted the Option which
occurs within thirteen (13) months after the date of such retirement and such
Option shall be exercisable during such thirteen-month period. Notwithstanding
the foregoing, the Committee shall have the power, in the event of any merger or
consolidation of any other corporation with or into the Company, or the sale of
all or substantially all of the assets of the Company or an offer to purchase
made by a party other than the Company to all shareholders of the Company for
all or any substantial portion of the outstanding Stock, to amend any or all
outstanding Options to permit the exercise of all such Options prior to the
effectiveness of any such merger, consolidation or sale or the expiration of any
such offer to purchase, and to terminate such Options as of such effectiveness
or expiration. Notwithstanding anything contained in this Section 7.3 with
respect to the number of shares with respect to which an Option is or is to
become exercisable, no Option, to the extent that it has not previously been
exercised, shall be exercisable after it has terminated, including without
limitation, after any termination of such Option pursuant to Section 10 hereof.

         7.4 Payment of Option Price. The Option Price upon exercise of any
Option shall be payable to the Company in full (i) in cash or its equivalent,
(ii) by tendering shares of previously acquired Stock already beneficially owned
by the Participant for more than one year and having a Fair Market Value at the
time of exercise equal to the total Option Price, (iii) by payment through a
broker in accordance with procedures permitted by Regulation T of the Federal
Reserve Board, or (iv) by a combination of (i) (ii) and/or (iii). The cash
proceeds from such payment will be added to the general funds of the Company and
shall be used for its general corporate purposes. Any shares of previously
acquired Stock tendered to the Company in payment of the Option Price will be
added by the Company to its treasury stock to be used for its general corporate
purposes.

8.       WRITTEN NOTICE, ISSUANCE OF STOCK CERTIFICATES, STOCKHOLDER PRIVILEGES
         AND PARTIAL EXERCISE

         8.1 Written Notice. A Participant wishing to exercise an Option must
give irrevocable written notice to the Company in the form and manner prescribed
by the Committee, indicating the date of award, the number of shares as to which
the Option is being exercised, and such other information as may be required by
the Committee. Full payment for the shares exercised pursuant to the Option must
be received by the Company by the time specified by the Committee depending on
the type of payment being made but, in all cases, prior to the issuance of the
Stock. Except as provided in Sections 10, 11 and 12, no Option may be exercised
at any time unless the Participant is then an Employee of the Company or a
Subsidiary.

                                      -4-
<PAGE>
         8.2 Issuance of Stock Certificates. As soon as practicable, after the
receipt of irrevocable written notice and payment, the Company will, without
stock transfer taxes to the Participant or to any other person entitled to
exercise an Option pursuant to this Plan, deliver to the Participant or such
other person or certificates for the requisite number of shares of Stock.

         8.3 Privileges of a Shareholder. A Participant or any other person
entitled to exercise an Option under this Plan will have no rights as a
shareholder with respect to any Stock covered by the Option until the date of
issuance of a share certificate for such Stock.

         8.4 Partial Exercise. An Option granted under this Plan may be
exercised as to any lesser number of shares than the full amount for which it
could be exercised. Such a partial exercise of an Option will not affect the
right to exercise the Option from time to time in accordance with this Plan as
to the remaining shares subject to the Option.

9.       NON-TRANSFERABILITY OF OPTIONS

         No Option granted under the Plan shall be transferable otherwise than
by will or the laws of descent and distribution, and an Option may be exercised,
during the lifetime of the Participant, only by the Participant.

10.      TERMINATION OF EMPLOYMENT (OTHER THAN BY REASON OF DEATH OR
         DISABILITY).

         Each Option, to the extent that it has not previously been exercised,
will terminate when the Participant holding such Option (while living) ceases to
be an Employee of the Company or a Subsidiary, unless such cessation of
employment is (i) for the convenience of the Company or a Subsidiary, in which
event the Option will terminate upon the expiration of ninety (90) days after
such cessation of employment, or (ii) a retirement under the Company's or a
Subsidiary's retirement plan, in which event the Option will terminate upon the
expiration of thirteen (13) months after the retirement of such Participant. In
no event, however, will an Option continue after ten years from the date of
granting of such Option. The Committee will have authority to determine whether
an authorized leave of absence or absence on military or governmental service
will constitute a severance of employment for the purposes of this Plan.

11.      DISABILITY

         If a Participant's employment by the Company or a Subsidiary terminates
by reason of disability (as defined under Section 22(e)(3) of the Internal
Revenue Code of 1986, as it may be amended or any successor statute), the
Option, to the extent exercisable as of the date of such termination, will be
exercisable at any time prior to the earlier of (i) the expiration date of the
Option, or (ii) the expiration of a thirteen-month period following the date of
such termination. To the extent that an Option was not exercisable as of the
date of such termination of employment, such Option or the non-exercisable
portion thereof will be forfeited and no longer subject to any right to
exercise.

                                      -5-
<PAGE>

12.      DEATH OF PARTICIPANT

         In the event of the death of a Participant (i) while employed by the
Company or a Subsidiary, (ii) within the ninety (90) day period specified in
clause (i) of Section 10 after cessation of employment for the convenience of
the Company or a Subsidiary, or (iii) within the thirteen (13) month period
specified in clause (ii) of Section 10 after cessation of employment by reason
of retirement under the Company's or a Subsidiary's retirement plan, the Option
theretofore granted to such Participant may be exercised by the estate of the
Participant or by any person to whom the Participant may have bequeathed the
Option or whom the Participant may have designated to exercise the same under
the Participant's last will, or by the Participant's personal representatives if
the Participant has died intestate, at any time within a period of one Year
after the Participant's death, but not after ten years from the date of granting
of such Option, and in all cases only if and to the extent that the Participant
was entitled to exercise the Option at the time of the Participant's death.

13.      ADJUSTMENT OF NUMBER, KIND AND PRICE OF SHARES

         In the event any recapitalization, reorganization, merger,
consolidation, spin-off, combination, repurchase, exchange of shares or other
securities of the Company, stock split or reverse split, extraordinary dividend,
liquidation, dissolution, or other similar corporate transaction or event
affects Stock such that an adjustment is determined by the Committee to be
appropriate in order prevent dilution or enlargement of Participants' rights
under the Plan, then the Committee will, in a manner that is proportionate to
the change to the Stock and is otherwise equitable, adjust (i) any or all of the
number or kind of shares of Stock reserved for issuance under the Plan, (ii) the
number or kind of shares of Stock to be subject to Options thereafter granted
under the Plan, and (iii) the number and kind of shares of Stock issuable upon
exercise of outstanding Options, or the Option Price per share thereof, provided
that the number of shares subject to any Option will always be a whole number.
Any such determination of adjustments by the Committee will be conclusive for
all purposes of the Plan and of each Option, whether a stock option agreement
with respect to a particular Option has been theretofore or is thereafter
executed.

14.      LIMITATION OF RIGHTS

         Nothing in this Plan contained shall be construed to give an Employee
any right to be granted an Option except as may be authorized in the discretion
of the Committee. The granting of an Option under this Plan shall not constitute
or be evidence of any agreement or understanding, expressed or implied, that the
Company or a Subsidiary will employ a Participant for any specified period of
time, in any specific position or at any particular rate or remuneration.

15.      AMENDMENT OR TERMINATION OF PLAN

         Subject to Board approval, the Committee may at any time, and from time
to time, alter, amend, suspend or terminate this Plan without the consent of the
Company's shareholders or Participants. No termination or amendment of this Plan
may, without the consent of the

                                      -6-
<PAGE>

Participant to whom any Option has previously been granted, adversely affect the
rights of such Participant under such Option.

16.      TAX WITHHOLDING

         Upon exercise of any Option under this Plan, the Company will require
the recipient of the Stock to remit to the Company an amount sufficient to
satisfy federal, state and local withholding tax requirements. However, to the
extent authorized by rules and regulations of the Committee, the Company may
withhold or receive Stock and make cash payments in respect thereof in
satisfaction of a recipient's tax obligations, including tax obligations in
excess of mandatory withholding requirements.

17.      GOVERNMENTAL APPROVAL

         Each Option will be subject to the requirements that if at any time the
listing, registration or qualification of the shares covered thereby upon any
securities exchange, or under any state or federal law, or the consent or
approval of any governmental regulatory body, is necessary or desirable as a
condition of or in connection with the granting of such Option or the purchase
of shares thereunder, no such Option may be exercised in whole or in part unless
and until such listing, registration, qualification, consent or approval has
been effected or obtained free of any conditions not acceptable to the Board.

18.      EFFECTIVE DATE OF PLAN

         This Plan will become effective as of January 1, 1992.

                                      -7-

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