Document:

<PAGE>

                                 AMENDMENT NO. 1
                                     TO THE
                              ALLTRISTA CORPORATION
                              ---------------------
                             2001 STOCK OPTION PLAN

         The following amendments are hereby made to the Alltrista Corporation
2001 Stock Option Plan (the "Plan"):

         Section 2.01(d) of the Plan is hereby amended in its entirety and
replaced by the following new Section 2.01(d):

                  "(d) "Committee" means either (i) the committee consisting of
         two or more non-employee Directors (within the meaning of Rule 16b-3 of
         the 1934 Securities Exchange Act, as amended) designated by the Board
         of Directors to administer the Plan or (ii) the Board of Directors."

         Section 5.02(d) of the Plan is hereby amended in its entirety and
replaced by the following new Section 5.02(d):

                  "(d) The Committee may, in its discretion, grant additional
         Options to any Executive Officer or Independent Director."

         Section 5.04 of the Plan is hereby amended in its entirety and replaced
by the following new Section 5.04:

                  "Section 5.04. Vesting of Stock Options. Except as provided
         below, Options shall vest and become exercisable on the earlier of (i)
         the first date after the grant date on which the Fair Market Value of a
         Common Share equals or exceeds seventeen dollars ($17.00) or (ii) the
         seventh anniversary of the date of grant. All vesting with respect to
         Options held by a particular Optionee shall cease upon such Optionee's
         termination of employment or service with the Company. The Options
         shall expire on the earlier of (i) the tenth anniversary of the date of
         grant or (ii) the date that is one year after the Optionee terminates
         his or her employment or directorship with the Company.
         Nothwithstanding anything herein to the contrary, one-half of Mr.
         Franklin's and Mr. Ashken's Options, respectively, shall terminate
         immediately on the earlier of (i) their voluntary resignation from
         service with the Company, respectively, if such resignation occurs on
         or before March 31, 2002, (ii) the date set forth in Section 6.02 on
         account of death or (iii) the tenth anniversary of the date of grant.
         The remainder of Messrs. Franklin's and Ashken's Options shall expire
         on the earlier of (i) the date set forth in Section 6.02 on account of
         death or (ii) tenth anniversary of the date of grant. Notwithstanding
         the foregoing, the Committee shall have the authority to determine, in
         its discretion, the vesting and excercisability schedule of additional
         Options granted at the Committee's discretion pursuant to Section
         5.02(d) above."

<PAGE>

         The Plan was amended by the Board of Directors of Alltrista Corporation
as of April 23, 2002.

                                  Certification

         The undersigned, being the Secretary of Alltrista Corporation, a
Delaware corporation, hereby certifies that the foregoing is a true and complete
copy of Amendment No. 1 to the 2001 Stock Option Plan, as duly adopted by the
Board of Directors of the Company on April 23, 2002, and that said Amendment No.
1 to Alltrista Corporation 2001 Stock Option Plan is in full force and effect on
the date hereof, without further amendment or modification.

                                                     /s/ Ian Ashken
                                                     --------------
                                                     Ian Ashken, Secretary of
                                                     Alltrista Corporation<PAGE>

                                 AMENDMENT NO.1
                                       TO
                              EMPLOYMENT AGREEMENT
                              --------------------
                              Dated January 1, 2002

THIS Amendment (the "Amendment"), dated as of April 24, 2002, is entered into
between Alltrista Corporation, a Delaware corporation (the "Company") and Martin
E. Franklin, (the "Employee").

WITNESSETH:

         WHEREAS, the Employee and the Company are parties to that certain
Employment Agreement dated as of January 1, 2002 (the "Agreement"); and

         WHEREAS, the parties mutually desire to amend the Agreement on the
terms and conditions set forth more fully below.

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth in this Amendment, the Company and the Employee hereby agree as
follows:

                  1. Section 4 of the Agreement is hereby amended in its
          entirety to read as follows:

Compensation and Benefits. During the term of this Agreement, as amended, the
Company shall pay to the Employee, and the Employee shall accept from the
Company, as compensation for the performance of services under this Agreement
and the Employee's observance and performance of all of the provisions hereof, a
salary of $500,000 per year (the "Base Compensation"). The Base Compensation
shall be reviewed annually and shall be increased by a minimum of the Consumer
Price Index. The Employee shall be eligible for a bonus package based on
performance. The decision as to whether to pay the Employee a bonus based on
operations, as well as the amounts and terms of any such bonus package, shall be
determined by the Compensation Committee of the Board of Directors as part of
its annual budget review process. The bonus program shall give Employee the
opportunity to earn up to 50% of Base Compensation each year for achieving the
Company's earnings per share budget and up to 100% of Base Compensation for
achieving 110% of the Company's earnings per share budget. In addition, the
Employee shall be eligible to receive a bonus of up to 100% of Base Compensation
for services specifically performed relating to acquisitions or other corporate
transactions undertaken by the Company in any year. Any transaction bonus shall
be determined by the Compensation Committee of the Board of Directors, based on
the work performed by the Employee in regards to any particular transaction. The
Employee's salary shall be payable in accordance with the normal payroll
practices of the Company and shall be subject to withholding for applicable
taxes and other amounts. During the term of this Agreement, the Employee shall
be entitled to participate in or benefit from, in accordance with the
eligibility and other provisions thereof, such medical, insurance, and other
fringe benefit plans or policies as the Company may make

<PAGE>

available to, or have in effect for, its personnel with commensurate duties from
time to time. This will include maintaining a split-dollar life insurance policy
(the "Life Insurance Policy") on the Employee in the amount of $5 million, the
annual premium not to exceed $35,000. The Company retains the rights to
terminate or alter any such plans or policies, other than the Life Insurance
Policy, from time to time. The Employee shall also be entitled to vacations,
sick leave and other similar benefits in accordance with policies of the Company
from time to time in effect for personnel with commensurate duties.

In addition to the benefits noted above the employee shall receive a grant of
50,000 restricted shares of the Company's common stock (the "Restricted Stock")
on the effective date of this agreement. The restrictions shall lapse upon the
earlier of (i) the date that the stock price of the common stock of the Company
equals or exceeds a set price, initially twenty-five dollars ($25.00) or (ii)
the date there is a change of control (as defined in Section 2.01 of the 1998
Restricted Stock Plan) of the Company. The number of shares granted and the
target share price of $25.00 shall be adjusted for changes in the common stock
as outlined in Section 5.05 of the Restricted Stock Plan or as otherwise
mutually agreed in writing between the parties. The terms of the Restricted
Stock shall be set forth in a Restricted Stock Award Agreement. Future
restricted share grants shall be considered by the compensation committee of the
Board of Directors on an annual basis.

                  IN WITNESS WHEREOF, each of the parties hereto have duly
              executed this Agreement as of the date set forth above.

                                           ALLTRISTA CORPORATION

                                           By:  /s/ Ian G.H. Ashken
                                                -------------------

                                           Its: Vice Chairman, Chief
                                                Financial Officer, and Secretary
                                                --------------------------------

                                           /s/ Martin E. Franklin
                                           ----------------------
                                           Martin E. Franklin<PAGE>

                                 AMENDMENT NO.1
                                       TO
                              EMPLOYMENT AGREEMENT
                              --------------------
                              Dated January 1, 2002

 THIS Amendment (the "Amendment"), dated as of April 24, 2002, is entered into
between Alltrista Corporation, a Delaware corporation (the "Company") and Ian
G.H. Ashken, (the "Employee").

WITNESSETH:

         WHEREAS, the Employee and the Company are parties to that certain
Employment Agreement dated as of January 1, 2002 (the "Agreement"); and

         WHEREAS, the parties mutually desire to amend the Agreement on the
terms and conditions set forth more fully below.

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth in this Amendment, the Company and the Employee hereby agree as
follows:

                  1. Section 4 of the Agreement is hereby amended in its
        entirety to read as follows:

Compensation and Benefits. During the term of this Agreement, as amended, the
Company shall pay to the Employee, and the Employee shall accept from the
Company, as compensation for the performance of services under this Agreement
and the Employee's observance and performance of all of the provisions hereof, a
salary of $300,000 per year (the "Base Compensation"). The Base Compensation
shall be reviewed annually and shall be increased by a minimum of the Consumer
Price Index. The Employee shall be eligible for a bonus package based on
performance. The decision as to whether to pay the Employee a bonus based on
operations, as well as the amounts and terms of any such bonus package, shall be
determined by the Compensation Committee of the Board of Directors as part of
its annual budget review process. The bonus program shall give Employee the
opportunity to earn up to 50% of Base Compensation each year for achieving the
Company's earnings per share budget and up to 100% of Base Compensation for
achieving 110% of the Company's earnings per share budget. In addition, the
Employee shall be eligible to receive a bonus of up to 100% of Base Compensation
for services specifically performed relating to acquisitions or other corporate
transactions undertaken by the Company in any year. Any transaction bonus shall
be determined by the Compensation Committee of the Board of Directors, based on
the work performed by the Employee in regards to any particular transaction. The
Employee's salary shall be payable in accordance with the normal payroll
practices of the Company and shall be subject to withholding for applicable
taxes and other amounts. During the term of this Agreement, the Employee shall
be entitled to participate in or benefit from, in accordance with the
eligibility and other provisions thereof, such medical, insurance, and other
fringe benefit plans or policies as the Company may make

<PAGE>

available to, or have in effect for, its personnel with commensurate duties from
time to time. This will include maintaining a split-dollar life insurance policy
(the "Life Insurance Policy") on the Employee in the amount of $3 million, the
annual premium not to exceed $30,000. The Company retains the rights to
terminate or alter any such plans or policies, other than the Life Insurance
Policy, from time to time. The Employee shall also be entitled to vacations,
sick leave and other similar benefits in accordance with policies of the Company
from time to time in effect for personnel with commensurate duties.

In addition to the benefits noted above the employee shall receive a grant of
20,000 restricted shares of the Company's common stock (the "Restricted Stock")
on the effective date of this agreement. The restrictions shall lapse upon the
earlier of (i) the date that the stock price of the common stock of the Company
equals or exceeds a set price, initially twenty-five dollars ($25.00) or (ii)
the date there is a change of control (as defined in Section 2.01 of the 1998
Restricted Stock Plan) of the Company. The number of shares granted and the
target share price of $25.00 shall be adjusted for changes in the common stock
as outlined in Section 5.05 of the Restricted Stock Plan or as otherwise
mutually agreed in writing between the parties. The terms of the Restricted
Stock shall be set forth in a Restricted Stock Award Agreement. Future
restricted share grants shall be considered by the compensation committee of the
Board of Directors on an annual basis.

                  IN WITNESS WHEREOF, each of the parties hereto have duly
              executed this Agreement as of the date set forth above.

                                      ALLTRISTA CORPORATION

                                      By:  /s/ Martin E. Franklin
                                           ----------------------

                                      Its: Chairman and Chief Executive Officer
                                           ------------------------------------

                                           /s/ Ian G.H. Ashken
                                           -------------------
                                           Ian G.H. Ashken

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}]]