Document:

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                                                                     EXHIBIT 4.3

                             THE LIBERTY CORPORATION
                           RETIREMENT AND SAVINGS PLAN

                             AS AMENDED AND RESTATED
                            EFFECTIVE JANUARY 1, 2002

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                                TABLE OF CONTENTS

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ARTICLE 1 PREFACE...........................................................................................................3

  Section 1.1.     Effective Date...........................................................................................3
  Section 1.2.     Purpose of Plan..........................................................................................3
  Section 1.3.     Form of Plan.............................................................................................3
  Section 1.4.     Governing Law............................................................................................3
  Section 1.5.     Headings.................................................................................................4
  Section 1.6.     Gender and Number........................................................................................4

ARTICLE 2 DEFINITIONS.......................................................................................................5

  Section 2.1.     Act......................................................................................................5
  Section 2.2.     Adjustment Date..........................................................................................5
  Section 2.3.     Annuity Starting Date....................................................................................5
  Section 2.4.     Beneficiary..............................................................................................5
  Section 2.5.     Board....................................................................................................5
  Section 2.6.     Break in Service.........................................................................................5
  Section 2.7.     Code.....................................................................................................6
  Section 2.8.     Committee................................................................................................6
  Section 2.9.     Compensation.............................................................................................6
  Section 2.10.    Date of Employment.......................................................................................8
  Section 2.11.    Date of Reemployment.....................................................................................8
  Section 2.12.    Direct Rollover..........................................................................................8
  Section 2.13.    Disability...............................................................................................8
  Section 2.14.    Distributee..............................................................................................8
  Section 2.15.    Eligible Retirement Plan.................................................................................9
  Section 2.16.    Eligible Rollover Distribution...........................................................................9
  Section 2.17.    Employee.................................................................................................9
  Section 2.18.    Employee After-Tax Contribution Account.................................................................10
  Section 2.19.    Employee Deferral Account...............................................................................10
  Section 2.20.    Employee Rollover Contribution Account..................................................................10
  Section 2.21.    Employer................................................................................................10
  Section 2.22.    Employer Discretionary Contribution Account.............................................................10
  Section 2.23.    Employer Matching Contribution Account..................................................................10
  Section 2.24.    Employer Stock..........................................................................................11
  Section 2.25.    Entry Date..............................................................................................11
  Section 2.26.    Forfeitures.............................................................................................11
  Section 2.27.    Fund....................................................................................................11
  Section 2.28.    Gray Communications Transfer Account....................................................................11
  Section 2.29.    Highly Compensated Employee.............................................................................11
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  Section 2.30.    Hour of Service.........................................................................................12
  Section 2.31.    Inactive Participant....................................................................................14
  Section 2.32.    Leave of Absence........................................................................................15
  Section 2.33.    Limitation Year.........................................................................................15
  Section 2.34.    Non-highly Compensated Employee.........................................................................15
  Section 2.35.    Normal Retirement Age...................................................................................15
  Section 2.36.    Normal Retirement Date..................................................................................15
  Section 2.37.    Participant.............................................................................................15
  Section 2.38.    Plan....................................................................................................15
  Section 2.39.    Plan Administrator......................................................................................15
  Section 2.40.    Plan Year...............................................................................................16
  Section 2.41.    Qualified Employee......................................................................................16
  Section 2.42.    Qualified Matching Contribution.........................................................................16
  Section 2.43.    Qualified Matching Contribution Account.................................................................16
  Section 2.44.    Qualified Nonelective Contributions.....................................................................16
  Section 2.45.    Qualified Nonelective Contribution Account..............................................................17
  Section 2.46.    Qualifying Year of Service..............................................................................17
  Section 2.47.    Related Employer........................................................................................17
  Section 2.48.    Trust or Trust Fund.....................................................................................18
  Section 2.49.    Trustee.................................................................................................18
  Section 2.50.    Year of Service.........................................................................................18

ARTICLE 3 ELIGIBILITY AND PARTICIPATION....................................................................................20

  Section 3.1.     Eligibility and Participation...........................................................................20
  Section 3.2.     Termination and Transfer to or from Eligible Class of Employees.........................................20
  Section 3.3.     Service with a Related Employer.........................................................................21
  Section 3.4.     Service as a Leased Employee............................................................................21

ARTICLE 4 CONTRIBUTIONS....................................................................................................22

  Section 4.1.     Employer Contribution of Employee Deferrals.............................................................22
  Section 4.2.     Employee Deferrals......................................................................................22
  Section 4.3.     Employer Matching Contributions.........................................................................24
  Section 4.4.     Employer Discretionary Contributions....................................................................25
  Section 4.5.     Qualified Nonelective Contributions.....................................................................26
  Section 4.6.     Employee After-Tax Contributions........................................................................27
  Section 4.7.     Rollover Contributions..................................................................................27
  Section 4.8.     Employee Deferrals and After-Tax Contributions..........................................................28
  Section 4.9.     Adjustment of Deferrals.................................................................................28
  Section 4.10.    Adjustment of Employer Matching Contributions and Employee
                     After-Tax Contributions...............................................................................31
  Section 4.11.    Overall Contribution Limitation.........................................................................35
  Section 4.12.    Special Rules Related to Veteran's Reemployment Rights..................................................35

ARTICLE 5 RETIREMENT BENEFITS..............................................................................................38
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  Section 5.1.     Normal Retirement and Delayed Retirement Date...........................................................38
  Section 5.2.     Disability Retirement...................................................................................38
  Section 5.3.     Optional Forms of Distribution..........................................................................38
  Section 5.4.     Payment of Small Benefits...............................................................................40
  Section 5.5.     Election of Option......................................................................................40
  Section 5.6.     Election Period.........................................................................................41
  Section 5.7.     Information to be Given Participants....................................................................41
  Section 5.8.     Waiver Elections........................................................................................42
  Section 5.9.     Commencement of Benefits................................................................................42
  Section 5.10.    Consent Requirement.....................................................................................43
  Section 5.11.    Rollover of Distributions...............................................................................44
  Section 5.12.    Transition Rule.........................................................................................44
  Section 5.13.    Valuation of Accounts for Distributions.................................................................45

ARTICLE 6 DEATH BENEFITS...................................................................................................46

  Section 6.1.     Death Prior to Annuity Starting Date....................................................................46
  Section 6.2.     Death Following the Annuity Starting Date...............................................................47
  Section 6.3.     Designation of Beneficiary..............................................................................47
  Section 6.4.     Spousal Consent For Beneficiary Designation.............................................................47
  Section 6.5.     Payment of Small Death Benefits.........................................................................48
  Section 6.6.     Qualified Domestic Relations Order......................................................................48

ARTICLE 7 VESTING..........................................................................................................49

ARTICLE 8 DISTRIBUTIONS PRIOR TO RETIREMENT................................................................................51

  Section 8.1.     Withdrawal of Employer Contributions....................................................................51
  Section 8.2.     Withdrawal at Age 591/2.................................................................................51
  Section 8.3.     Withdrawal of Employee After-Tax Contributions and Employee Rollover Contributions......................51
  Section 8.4.     Withdrawal after Normal Retirement Age..................................................................52
  Section 8.5.     Termination of Employment Before Retirement.............................................................52
  Section 8.6.     Deemed Distribution.....................................................................................53
  Section 8.7.     Vesting When a Participant Terminates Employment, Receives a Distribution and is
                     Rehired Prior to Five Consecutive One-Year Breaks in Service..........................................53
  Section 8.8.     Hardship Distributions..................................................................................53
  Section 8.9.     Loans to Participants...................................................................................55
  Section 8.10.    Spousal Consent.........................................................................................58
  Section 8.11.    Administrator Rules.....................................................................................58

ARTICLE 9 ACCOUNTS.........................................................................................................59

  Section 9.1.     Establishment of Accounts...............................................................................59
  Section 9.2.     Investment Elections....................................................................................60
  Section 9.3.     Account Adjustments.....................................................................................60
  Section 9.4.     Limitation on Annual Additions..........................................................................61
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ARTICLE 10 TOP-HEAVY PLAN PROVISIONS.......................................................................................63

  Section 10.1.    Determination Date......................................................................................63
  Section 10.2.    Top-Heavy Plan..........................................................................................63
  Section 10.3.    Key Employee............................................................................................64
  Section 10.4.    Non-Key Employee........................................................................................65
  Section 10.5.    Top-Heavy Group.........................................................................................65
  Section 10.6.    Minimum Contributions and Benefits for Top-Heavy Plans..................................................65
  Section 10.7.    Top-Heavy Average Compensation..........................................................................66
  Section 10.8.    Top-Heavy Years of Service..............................................................................67
  Section 10.9.    Top-Heavy Group Minimum Contribution....................................................................67

ARTICLE 11 ADMINISTRATION OF THE PLAN......................................................................................68

  Section 11.1.    Membership of Committee.................................................................................68
  Section 11.2.    Committee Officers; Subcommittee........................................................................68
  Section 11.3.    Committee Meetings......................................................................................68
  Section 11.4.    Transaction of Business.................................................................................68
  Section 11.5.    Committee Records.......................................................................................69
  Section 11.6.    Establishment of Rules..................................................................................69
  Section 11.7.    Conflicts of Interest...................................................................................69
  Section 11.8.    Appointment of Plan Administrator.......................................................................69
  Section 11.9.    Authority to Interpret..................................................................................70
  Section 11.10.   Third Party Advisors and Other Expenses.................................................................70
  Section 11.11.   Compensation of Members.................................................................................70
  Section 11.12.   Indemnification of Committee and Plan Administrator.....................................................70

ARTICLE 12 ALLOCATION OF RESPONSIBILITIES..................................................................................72

  Section 12.1.    Allocation of Responsibilities..........................................................................72
  Section 12.2.    Co-fiduciary Liability..................................................................................74
  Section 12.3.    Fiduciary Duties........................................................................................74
  Section 12.4.    Establishment of Trust..................................................................................75
  Section 12.5.    Committee Instructions..................................................................................78
  Section 12.6.    Right to Amend or Terminate.............................................................................78
  Section 12.7.    Discretionary Authority.................................................................................78
  Section 12.8.    Limitation on Amendments................................................................................78

ARTICLE 13 MISCELLANEOUS...................................................................................................78

  Section 13.1.    Alienation of Benefits..................................................................................78
  Section 13.2.    Payment in Event of Incapacity..........................................................................78
  Section 13.3.    Rights of Parties.......................................................................................79
  Section 13.4.    Communication to Employees..............................................................................79
  Section 13.5.    Lost Distributees.......................................................................................79
  Section 13.6.    Legal Effect............................................................................................79

ARTICLE 14 TERMINATION, MERGER OR CONSOLIDATION............................................................................80
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  Section 14.1.    Termination of Plan and Trust...........................................................................80
  Section 14.2.    Merger or Consolidation.................................................................................80

ARTICLE 15 SPECIAL MERGER AND TRANSFER RULES...............................................................................81

  Section 15.1.    Gray Communications Transfer Account....................................................................81

ARTICLE 16 CLAIMS PROCEDURE................................................................................................82

  Section 16.1.    Filing of a Claim for Benefits..........................................................................82
  Section 16.2.    Notification to Claimant of Decision....................................................................82
  Section 16.3.    Claims Review Procedure.................................................................................83
  Section 16.4.    Decision on Review......................................................................................83
  Section 16.5.    Action by Authorized Representative of Claimant.........................................................83
</TABLE>

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                             THE LIBERTY CORPORATION
                           RETIREMENT AND SAVINGS PLAN

         WHEREAS, The Cosmos Broadcasting Corporation ("Cosmos"), a corporation
organized under the laws of the State of South Carolina, established The Cosmos
Broadcasting Corporation Profit Sharing Retirement Plan and Trust (the "Plan")
for the exclusive benefit of its eligible employees effective January 1, 1961;
and

         WHEREAS, Cosmos amended the Orion Broadcasting, Inc. and Affiliated
Companies Thrift Plan and Trust Agreement to become The Cosmos Broadcasting
Corporation Thrift Plan and Trust Agreement (the "Cosmos Thrift Plan") for the
exclusive benefit of the Employer's eligible employees effective August 22,
1982; and

         WHEREAS, the Cosmos Thrift Plan was amended and restated as a cash or
deferred arrangement under Section 401(k) of the Internal Revenue Code,
effective July 1, 1985, at which time it was also merged with The Liberty
Corporation Thrift and Investment Plan to form The Liberty Corporation and
Adopting Related Employers' 401(k) Thrift Plan (the "401(k) Thrift Plan"); and

         WHEREAS, the 401(k) Thrift Plan was split into two (2) separate pieces,
one portion covering the employees of Cosmos and the employees of CableVantage
Inc. and the other portion covering employees of The Liberty Corporation
("Liberty"), Liberty Life Insurance Company, Liberty Capital Advisors, Inc.,
Liberty Properties Group, Inc., Special Services Corporation ("Special
Services"), Liberty Investment Group Inc., Liberty Insurance Services
Corporation, Pierce National Life Insurance Company, and State National Fire
Company; and

         WHEREAS, the portion of the 401(k) Thrift Plan relating to the
employees of Cosmos and CableVantage Inc. was merged into the Plan, effective
April 1, 1997, and the Plan was renamed The Cosmos Broadcasting Corporation
Retirement and Savings Plan; and

         WHEREAS, effective November 1, 2000, Liberty and Special Services
Corporation adopted the Plan in connection with the sale by Liberty to Royal
Bank of Canada of the stock of Liberty Life Insurance Company and certain
affiliates engaged in insurance-related businesses and ceased participation in
the plan previously known as The Liberty Corporation Retirement and Savings

<PAGE>

Plan, which plan was assumed by Liberty Life Insurance Company and renamed the
Liberty Insurance Group Retirement and Savings Plan; and

         WHEREAS, Cosmos and Liberty have determined that Liberty should assume
the role of primary sponsor of the Plan and that Cosmos and the other
participating affiliates of Liberty should continue as participating employers
under the Plan, which shall be known as The Liberty Corporation Retirement and
Savings Plan; and

         WHEREAS, Liberty desires to make changes to the Plan to reflect certain
provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001
("EGTRRA") as a means of good faith compliance with the requirements of EGTRRA
and to make certain other changes under the Plan.

         NOW, THEREFORE, effective January 1, 2002 except as otherwise provided
herein, in accordance with the provisions of the Plan pertaining to amendment of
the Plan, Liberty and Cosmos hereby amend the Plan in its entirety and restate
the Plan on the terms and conditions described hereinafter:

                                       2
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                                    ARTICLE 1

                                     PREFACE

SECTION 1.1.      EFFECTIVE DATE.

         Except as otherwise provided herein, the effective date of the Plan, as
amended and restated, is January 1, 2002. The terms and conditions of the Plan
as set forth herein shall supercede the terms and conditions of the prior Plan
document, provided, however, that the provisions of the prior Plan document
shall continue to govern the rights of all Employees who terminated employment
before the effective date hereof, except as otherwise expressly provided. To the
extent the effective date of a provision of the Plan precedes January 1, 2002,
such provision shall be deemed to amend the applicable predecessor plan or
version of the Plan.

SECTION 1.2.      PURPOSE OF PLAN.

         The purpose of the Plan is to promote the future economic welfare of
the Qualified Employees, to develop in those Qualified Employees an increased
interest in the successful operation of Liberty and its affiliates and to
encourage savings. The intention of Liberty is that its contributions and
Participant deferrals and Participant contributions, together with the income
thereon, shall be accumulated and made available to such Participants upon their
retirement, all as set forth hereinafter. It is intended that the Plan qualify
as a profit sharing plan under Code Section 401(a) and as a qualified cash or
deferred arrangement under Code Section 401(k). The Plan provides for the
acquisition and holding of qualifying employer securities and shall be an
eligible individual account plan under Act Section 407(d)(3).

SECTION 1.3.      FORM OF PLAN.

         The Plan shall be a single plan of one or more members of a controlled
group or affiliated service group, as defined in Code Sections 414(b), 414(c),
414(m) and 414(o). The total assets of the Plan shall be available to provide
benefits for any Participant.

SECTION 1.4.      GOVERNING LAW.

         The Plan shall be regulated, construed and administered under the laws
of the State of South Carolina, except when preempted by the Act or other
applicable federal law.

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SECTION 1.5.      HEADINGS.

         The headings and subheadings in the Plan have been inserted for
convenience and reference only and are to be ignored in any construction of the
Plan's provisions.

SECTION 1.6.      GENDER AND NUMBER.

         The masculine gender shall be deemed to include the feminine, the
feminine gender shall be deemed to include the masculine, and the singular shall
include the plural unless otherwise clearly required by the context.

                                       4
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                                    ARTICLE 2

                                   DEFINITIONS

         The following words and phrases, when used herein, shall have the
meanings set forth below unless otherwise clearly required by the context:

SECTION 2.1.      ACT.

         The Employee Retirement Income Security Act of 1974, as amended.

SECTION 2.2.      ADJUSTMENT DATE.

         Each day shares are traded on a national stock exchange, except for
regularly scheduled holidays of the Trustee.

SECTION 2.3.      ANNUITY STARTING DATE.

         Shall mean:

                  (a)      the first day of the first period for which an amount
                           is payable as an annuity, or

                  (b)      in the case of a benefit not payable in the form of
                           an annuity, the first day on which all events have
                           occurred that entitle the Participant to such
                           benefit.

SECTION 2.4.      BENEFICIARY.

         The person or persons (including an entity) designated by a Participant
or Inactive Participant to receive the balance of his account, if any, after his
death.

SECTION 2.5.      BOARD.

         The Board of Directors of The Liberty Corporation or its Compensation
Committee acting on its behalf.

SECTION 2.6.      BREAK IN SERVICE.

         The failure of an Employee to complete more than 500 Hours of Service
during a Plan Year. Solely for purposes of determining whether a Break in
Service has occurred, Hours of Service shall be recognized for Leaves of
Absence.

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SECTION 2.7.      CODE.

         The Internal Revenue Code of 1986, as amended.

SECTION 2.8.      COMMITTEE.

         The committee or committees as described in Article 11 that administer
the Plan.

SECTION 2.9.      COMPENSATION.

         Except as provided in Section 10.7, Compensation shall be the total
earnings paid to a Participant by the Employer during a Plan Year reported or
reportable on U. S. Treasury Department Wage and Tax Statement, Form W-2 (or
similar form that may be required for such purposes), including bonuses, talent
fees, and incentive compensation, plus amounts deferred by Participants under
the Plan and salary reductions under a Code Section 125 arrangement maintained
by the Employer, and, effective January 1, 2001, elective salary reductions
under a Code Section 132(f) plan, but excluding directors' fees and amounts
allocated (other than deferrals) or benefits paid under the Plan or any other
benefit plan of the Employer. Notwithstanding the preceding sentence, amounts
payable under the Employer's long-term disability plan, any payments of group
medical and hospitalization benefits, any severance pay, prizes, payments for
moving expenses, automobile expense allowances, expense reimbursements and any
amounts considered compensation by reason of any rights with respect to stock of
an Employer or Related Employer shall not be considered as Compensation.

         Notwithstanding any other provision of this Section to the contrary,
for the sole purpose of determining the Employer Discretionary Contribution to
be made pursuant to Section 4.4 of the Plan for the 2001 Plan Year for a
Participant who is not a Highly Compensated Employee and who was employed by
Liberty Life Insurance Company, Liberty Capital Advisors, Inc., Liberty
Properties Group, Inc., Special Services Corporation, Liberty Investment Group
Inc., Liberty Insurance Services Corporation, Pierce National Life Insurance
Company, and State National Fire Company (the "Liberty Insurance Group") during
the Credited Earnings Period (as defined below), Compensation shall include, in
addition to the amounts described elsewhere in this Section, the total earnings
paid during the Credited Earnings Period (as defined below) to such Participant
by the Liberty Insurance Group that are reported or reportable on U.S. Treasury
Department Wage and Tax Statement, Form W-2 (or similar form that may be
required for such purposes), including bonuses and incentive compensation, plus
amounts deferred under The

                                       6
<PAGE>

Liberty Insurance Group Retirement and Savings Plan (the "LIG Retirement Plan")
and salary reductions under a Code Section 125 or 132(f) arrangement maintained
by the Liberty Insurance Group, but excluding directors' fees and amounts
allocated (other than deferrals) or benefits paid under the LIG Retirement Plan
or any other benefit plan of the Liberty Insurance Group. Notwithstanding the
preceding sentence, amounts payable during the Credited Earnings Period (as
defined below) under any long-term disability plan of the Liberty Insurance
Group, any payments of group medical and hospitalization benefits, any severance
pay, prizes, payments for moving expenses, automobile expense allowances,
expenses reimbursements and any amounts considered compensation by reason of any
rights with respect to stock of an employer shall not be considered as
compensation. The "Credited Earnings Period" shall begin on the later of (a)
January 1, 2001 or (b) the Entry Date coincident with or next following the date
on which such Participant is first credited with one Qualifying Year of Service
taking into account Hours of Service credited under Section 2.30(i) and without
regard to whether such Entry Date occurs before January 1, 2001, and the
Credited Earnings Period shall end on the date such individual ceased to be
employed by a member of the Liberty Insurance Group.

         The annual Compensation of each Participant taken into account under
the Plan shall not exceed the limitations of Code Section 401(a)(17), as
adjusted for increases in the cost of living in accordance with Code Section
401(a)(17)(B). The cost-of-living adjustment in effect for a calendar year
applies to any period, not exceeding 12 months, over which Compensation is
determined (determination period) beginning in such calendar year. If a
determination period consists of fewer than 12 months, the annual compensation
limit will be multiplied by a fraction, the numerator of which is the number of
months in the determination period, and the denominator of which is 12.

         For purposes of Participants' deferrals pursuant to Section 4.2,
Compensation for the first Plan Year during which a Qualified Employee becomes a
Participant shall include only earnings paid during such Plan Year on or after
his Entry Date. For purposes of Employer contributions, Compensation for the
first Plan Year during which a Qualified Employee becomes eligible to receive
such contributions shall include only earnings paid during such Plan Year on or
after his eligibility to receive such contributions.

         Notwithstanding the above, Compensation for purposes of Sections 4.9
and 4.10 shall mean any definition of Compensation, as determined by the
Committee, that satisfies the requirements

                                       7
<PAGE>

of Code Section 414(s). In addition, such Compensation shall only include the
earnings paid during the portion of a Plan Year in which a Qualified Employee is
eligible to participate in the Plan.

SECTION 2.10.     DATE OF EMPLOYMENT.

         The first date on which an Employee completes an Hour of Service.

SECTION 2.11.     DATE OF REEMPLOYMENT.

         The first date on which an Employee completes an Hour of Service
following a termination of employment or Break in Service.

SECTION 2.12.     DIRECT ROLLOVER.

         A payment by the Plan to an Eligible Retirement Plan specified by the
Distributee.

SECTION 2.13.     DISABILITY.

         A physical or mental condition of a Participant resulting from bodily
injury, sickness, disease, or mental disorder that renders him eligible for
long-term disability benefits under the Employer's long-term disability plan.
The Participant will not be deemed to have a Disability unless (a) the
Disability commenced during employment with the Employer or any Related Employer
and notice of such Disability is provided to the Plan Administrator within 90
days after termination of the Participant's employment, (b) the Disability is
certified to the party responsible for processing claims under the Employer's
long-term disability plan by a duly licensed and practicing physician and (c)
the party responsible for processing claims under the Employer's long-term
disability plan determines that the Participant is entitled to benefits under
the Employer's long-term disability plan. The provisions of this Section shall
be uniformly and consistently applied to all Participants.

SECTION 2.14.     DISTRIBUTEE.

         An Employee or former Employee. In addition, the Employee's or former
Employee's surviving spouse and the Employee's or former Employee's spouse or
former spouse who is the alternate payee under a qualified domestic relations
order, as defined in Code Section 414(p) are Distributees with regard to the
interest of the spouse or former spouse.

                                       8
<PAGE>

SECTION 2.15.     ELIGIBLE RETIREMENT PLAN.

         An Eligible Retirement Plan is (a) an individual retirement account
described in Code Section 408(a), (b) an individual retirement annuity described
in Code Section 408(b), (c) an annuity plan described in Code Section 403(a),
(d) an annuity contract described in Code Section 403(b), (e) an eligible plan
under Code Section 457(b) that is maintained by a state or political subdivision
of a state or an agency or instrumentality of either and that agrees to account
separately for amounts transferred into such plan from the Plan, or (f) a
qualified trust described in Code Section 401(a), that will accept a
Distributee's Eligible Rollover Distribution.

SECTION 2.16.     ELIGIBLE ROLLOVER DISTRIBUTION.

         Any distribution of all or any portion of the balance to the credit of
a Distributee in an Eligible Retirement Plan, except that an Eligible Rollover
Distribution does not include: any distribution that is one of a series of
substantially equal periodic payments (not less frequently than annually) made
for the life (or life expectancy) of the Distributee or the joint lives (or
joint life expectancies) of the Distributee and the Distributee's designated
Beneficiary, or for a specified period of ten years or more; any distribution to
the extent such distribution is required under Code Section 401(a)(9); and
effective January 1, 2000, any hardship distribution. For purposes of Section
5.11, at the Plan Administrator's discretion and in accordance with procedures
established by the Plan Administrator, an Eligible Rollover Distribution may
include a loan note entered into pursuant to Section 8.9.

SECTION 2.17.     EMPLOYEE.

         Any person who is on the payroll of the Employer, including members of
the staff of every television station owned and operated by the Employer. The
term Employee shall in all events exclude (a) talent performers whose
compensation from the Employer is based upon the number or duration of talent
performances by them as independent contractors, (b) any person who is deemed to
be an employee of the Employer solely by reason of his employment in a joint
venture in which the Employer is a joint venturer, and (c) any independent
contractor or a person providing temporary staffing or similar agency, even if a
court or administrative agency determines at any time that any of the foregoing
individuals is a common law employee of the Employer. Wherever specifically
provided herein, the term "Employee" shall also include a person employed as
described in the foregoing sentence by any Related Employer.

                                       9
<PAGE>

SECTION 2.18.     EMPLOYEE AFTER-TAX CONTRIBUTION ACCOUNT.

         The balance posted to the record of each Participant, Inactive
Participant, or Beneficiary consisting of the Participant's after-tax
contributions and adjustments as of each Adjustment Date, less any payments
therefrom. Each Employee After-Tax Contribution Account shall include, when
appropriate, subaccounts that reflect Participant-directed investments under
Section 9.2.

SECTION 2.19.     EMPLOYEE DEFERRAL ACCOUNT.

         The balance posted to the record of each Participant, Inactive
Participant or Beneficiary consisting of elective deferrals of the Participant's
Compensation and adjustments as of each Adjustment Date, less any payments
therefrom. Each Employee Deferral Account shall include, when appropriate,
subaccounts that reflect Participant-directed investments under Section 9.2.

SECTION 2.20.     EMPLOYEE ROLLOVER CONTRIBUTION ACCOUNT.

         The balance posted to the record of each Qualified Employee,
Participant, Inactive Participant or Beneficiary consisting of his rollovers
made pursuant to Section 4.7 and adjustments as of each Adjustment Date. Each
Employee Rollover Contribution Account shall include, when appropriate,
subaccounts that reflect Participant-directed investments under Section 9.2 and
rollovers of after-tax contributions.

SECTION 2.21.     EMPLOYER.

         The Liberty Corporation and adopting Related Employers.

SECTION 2.22.     EMPLOYER DISCRETIONARY CONTRIBUTION ACCOUNT.

         The balance posted to the record of each Participant, Inactive
Participant, or Beneficiary consisting of his allocated share of Employer
discretionary contributions and adjustments as of each Adjustment Date, less any
distributions therefrom and amounts forfeited. Each Employer Discretionary
Contribution Account shall include, when appropriate, subaccounts that reflect
Participant-directed investments under Section 9.2.

SECTION 2.23.     EMPLOYER MATCHING CONTRIBUTION ACCOUNT.

         The balance posted to the record of each Participant, Inactive
Participant, or Beneficiary consisting of his allocated share of Employer
matching contributions and adjustments as of each

                                       10
<PAGE>

Adjustment Date, less any distributions therefrom and amounts forfeited. Each
Employer Matching Contribution Account shall include, when appropriate,
subaccounts that reflect Participant-directed investments under Section 9.2.

SECTION 2.24.     EMPLOYER STOCK.

         Common stock of The Liberty Corporation.

SECTION 2.25.     ENTRY DATE.

         January 1 and the first day of the first payroll period of each other
calendar month in each Plan Year.

SECTION 2.26.     FORFEITURES.

         The divested portion of a Participant's or Inactive Participant's
Employer Matching Contribution Account and Employer Discretionary Contribution
Account.

SECTION 2.27.     FUND.

         Any of the funds allowed as an investment election pursuant to Section
9.2.

SECTION 2.28.     GRAY COMMUNICATIONS TRANSFER ACCOUNT.

         The record keeping account that reflects the balance posted to the
record of each Participant, Inactive Participant, or Beneficiary consisting of
amounts transferred from the Gray Communications Systems, Inc. Capital
Accumulation Plan, as amended (the "Gray Communications Plan"), to the Plan.
Each Gray Communications Transfer Account shall have subaccounts for pre-tax
contributions, after-tax contributions, rollover contributions, employer
discretionary contributions and employer matching contributions, including the
earnings thereon, reflecting the amounts transferred from the corresponding Gray
Communications Plan accounts. Any earnings allocated to the Gray Communications
Transfer Account shall be allocated proportionately among the subaccounts.

SECTION 2.29.     HIGHLY COMPENSATED EMPLOYEE.

         The term Highly Compensated Employee includes highly compensated active
Employees and highly compensated former Employees.

                                       11
<PAGE>

         A highly compensated active Employee includes any Employee who performs
service for the Employer or a Related Employer during the Determination Year and
who: (i) for the Look-Back Year received compensation from the Employer and all
Related Employers in excess of $80,000 (as adjusted pursuant to Code Section
415(d) but using the calendar quarter ending September 30, 1996 as the base
period); or (ii) during the Determination Year or the Look-Back Year was a 5%
owner (as defined in Code Section 416(i)(1)), of the Employer or a Related
Employer.

         For this purpose, the Determination Year shall be the Plan Year. The
Look-Back Year shall be the twelve-month period immediately preceding the
Determination Year. Notwithstanding the two previous sentences, the Employer may
designate the Look-Back Year to be the calendar year ending with or within the
applicable Determination Year, in which case the Determination Year calculation
shall be based on the period by which the Determination Year extends beyond such
calendar year.

         A highly compensated former Employee includes any individual who
separated from service (or was deemed to have separated) prior to the
Determination Year, performs no service for the Employer or a Related Employer
during the Determination Year, and was a highly compensated active Employee for
either the separation year or any Determination Year ending on or after his 55th
birthday.

         The determination of who is a Highly Compensated Employee, including
the determination of the compensation that is considered, will be made in
accordance with Code Section 414(q) and the regulations thereunder.

SECTION 2.30.     HOUR OF SERVICE.

                  (a)      Each hour for which an Employee is paid, or entitled
                           to payment, for the performance of duties for the
                           Employer. These hours shall be credited to the
                           Employee for the computation period in which the
                           duties are performed.

                  (b)      Each hour for which an Employee is paid, or entitled
                           to payment, by the Employer on account of a period of
                           time during which no duties are performed
                           (irrespective of whether the employment relationship
                           has terminated) due to vacation, holiday, illness,
                           incapacity (including disability), layoff, jury duty,
                           military duty or leave of absence.

         Notwithstanding the preceding sentence:

                                       12
<PAGE>

                           (1)      No more than 501 hours are required to be
                                    credited under this paragraph to an Employee
                                    on account of any single continuous period
                                    during which the Employee performs no duties
                                    (whether or not such period occurs in a
                                    single computation period);

                           (2)      An hour for which an Employee is directly or
                                    indirectly paid, or entitled to payment, on
                                    account of a period during which no duties
                                    are performed is not required to be credited
                                    to the Employee if such payment is made or
                                    due under a plan maintained solely for the
                                    purpose of complying with applicable
                                    worker's compensation, or unemployment
                                    compensation or disability insurance laws;
                                    and

                           (3)      Hours are not required to be credited for a
                                    payment that solely reimburses an Employee
                                    for medical or medically related expenses
                                    incurred by the Employee.

                  (c)      Each hour for which back pay, irrespective of
                           mitigation of damages, is either awarded or agreed to
                           by the Employer. The same hours shall not be credited
                           both under paragraph (a) or paragraph (b), as the
                           case may be, and under this paragraph (c). These
                           hours shall be credited to the Employee for the
                           computation period or periods to which the award or
                           agreement pertains rather than the computation period
                           in which the award, agreement or payment is made.

                  (d)      Each hour that is required to be credited to an
                           Employee for military service under applicable law
                           and regulations and that is not otherwise credited
                           under this Section. Effective December 12, 1994,
                           notwithstanding any provision of the Plan to the
                           contrary, hours of service with respect to qualified
                           military service will be provided in accordance with
                           Code Section 414(u) and the regulations thereunder.

                  (e)      When the Employer maintains the plan of a predecessor
                           employer, service for such predecessor employer shall
                           be treated as service with the Employer.

                  (f)      Hours under this Section shall be calculated and
                           credited pursuant to Section 2530.200b-2 of the
                           Department of Labor Regulations, which are
                           incorporated herein by reference. Each full-time
                           Employee shall be credited with forty-five (45) Hours
                           of Service for each week during which the Employee
                           completed one (1) Hour of Service. Each other
                           Employee shall be credited with his or her actual
                           hours worked or hours for which the Employee is
                           entitled to be paid. For purposes of this paragraph,
                           a full-time Employee is an Employee hired on other
                           than a temporary basis who is scheduled to work at
                           least forty (40) hours per week.

                                       13
<PAGE>

                  (g)      Solely for purposes of determining whether a Break in
                           Service for participation and vesting purposes has
                           occurred, an Employee or former Employee who is
                           absent from work for maternity or paternity leave
                           shall receive credit either for the Hours of Service,
                           as described in subsections (a) - (f) above that
                           would otherwise have been credited to such Employee
                           or former Employee but for such absence, or in any
                           case in which such Hours of Service cannot be
                           determined, eight Hours of Service per day of
                           absence. The total number of Hours of Service
                           credited under this subsection (g) shall not exceed
                           501. Hours of Service pursuant to this paragraph
                           shall be credited in the computation period during
                           which the absence begins if doing so would prevent a
                           Participant from incurring a one-year Break in
                           Service in that computation period. In any other
                           case, these hours shall be credited in the following
                           computation period. For purposes of this paragraph,
                           an absence from work for maternity or paternity leave
                           means an absence (1) by reason of pregnancy of the
                           Employee or former Employee, (2) by reason of the
                           birth of a child of the Employee or former Employee,
                           (3) by reason of placement of a child with the
                           Employee or former Employee in connection with the
                           adoption of such child by such Employee or former
                           Employee, or (4) for purposes of caring for such
                           child for a period beginning immediately following
                           such birth or placement. Notwithstanding the above,
                           no credit shall be given for Hours of Service
                           pursuant to this subsection (g) unless the Employee
                           or former Employee furnishes sufficient information
                           to the Plan Administrator or the Committee to
                           establish that the absence is due to maternity or
                           paternity leave and the number of days of such
                           absence.

                  (h)      For purposes of this Section, the term "Employer"
                           shall include any Related Employer, and the term
                           "Employee" shall include any individual described in
                           the last sentence of Section 2.17.

                  (i)      Effective as of November 1, 2000, individuals who are
                           employed by The Liberty Corporation or Special
                           Services Corporation on or after November 1, 2000
                           shall receive credit pursuant to the terms of this
                           Section 2.30 for service with The Liberty
                           Corporation, Special Services Corporation, Cosmos
                           Broadcasting Corporation, Liberty Life Insurance
                           Company, Liberty Insurance Services Corporation,
                           Liberty Capital Advisors, Inc. and State National
                           Fire Insurance Company before such date.

SECTION 2.31.     INACTIVE PARTICIPANT.

         Any person who terminates employment with the Employer or otherwise
ceases to be a Participant but whose interest in the Trust Fund has not been
wholly distributed. All rights and benefits including elections, provided to an
Inactive Participant under the Plan shall be available to an alternate payee
under a qualified domestic relations order as defined in Code Section 414(p).

                                       14
<PAGE>

SECTION 2.32.     LEAVE OF ABSENCE.

         Any unpaid, temporary absence authorized by the Employer under its
standard personnel practices as applied in a uniform and nondiscriminatory
manner to all persons similarly situated. If active service is not resumed upon
expiration of a Leave of Absence, the Employee shall be deemed to have
terminated his employment when the Employee left the active service of the
Employer, provided that if such Employee suffers Disability or dies during an
authorized Leave of Absence, the benefits, if any, to which he or his
Beneficiary is entitled shall be determined as if such Disability or death
occurred while in the active service of the Employer.

SECTION 2.33.     LIMITATION YEAR.

         The Plan Year.

SECTION 2.34.     NON-HIGHLY COMPENSATED EMPLOYEE.

         Any Employee of the Employer or a Related Employer who is not a Highly
Compensated Employee.

SECTION 2.35.     NORMAL RETIREMENT AGE.

         The sixty-fifth birthday of a Participant.

SECTION 2.36.     NORMAL RETIREMENT DATE.

         The date of termination of employment with the Employer and all Related
Employers coincident with or following the attainment of Normal Retirement Age.

SECTION 2.37.     PARTICIPANT.

         Every Qualified Employee who has met the requirements of Article 3 and
who is not an Inactive Participant, provided, however, that for purposes of
Sections 5.3 through 5.13, Article 6, Article 8, Section 9.2 and Article 12, the
term "Participant" shall include an Inactive Participant.

SECTION 2.38.     PLAN.

         The Cosmos Broadcasting Corporation Retirement and Savings Plan as
herein set out or as duly amended.

SECTION 2.39.     PLAN ADMINISTRATOR.

                                       15
<PAGE>

         The person, persons or entity designated by the Board pursuant to
Section 11.8 to administer the Plan on behalf of the Board.

SECTION 2.40.     PLAN YEAR.

         The 12-month period ending on December 31 of each year.

SECTION 2.41.     QUALIFIED EMPLOYEE.

         Any Employee other than (a) an Employee who is included in a unit of
Employees covered by an agreement which the Secretary of Labor finds to be a
collective bargaining agreement between Employee representatives and the
Employer, unless participation in the Plan is specifically provided for in the
bargaining agreement, (b) a "leased employee," as defined in Code Section
414(n)(2), without regard to any determination by a court or administrative
agency that such individual is a common law Employee of the Employer, and (c)
any person whose customary employment is for less than 1,000 hours in a Plan
Year, provided however, a person who is on the payroll of the Employer who
performs 1,000 Hours of Service in a consecutive twelve-month period after
performing his first Hour of Service or during any Plan Year shall become a
Qualified Employee from date of hire or for such applicable Plan Year. Moreover,
Employees of CableVantage Inc. shall not be Qualified Employees with respect to
the portion of the Plan providing for Employer discretionary contributions.

SECTION 2.42.     QUALIFIED MATCHING CONTRIBUTION.

         Employer matching contributions made pursuant to Section 4.3 that are
subject to the distribution and nonforfeitability requirements of Code Section
401(k) when made.

SECTION 2.43.     QUALIFIED MATCHING CONTRIBUTION ACCOUNT.

         The balance posted to the record of each Participant, Inactive
Participant, or Beneficiary consisting of his allocated share of Qualified
Matching Contributions and adjustments as of each Adjustment Date, less any
distributions therefrom. Each Qualified Matching Contribution Account shall
include, when appropriate, subaccounts that reflect Participant-directed
investments under Section 9.2.

SECTION 2.44.     QUALIFIED NONELECTIVE CONTRIBUTIONS.

                                       16
<PAGE>

         Employer contributions (other than discretionary contributions,
matching contributions or Qualified Matching Contributions) made pursuant to
Section 4.5 that Participants may not elect to receive in cash; that are
nonforfeitable when made; and that are distributable only in accordance with the
distribution requirements of Code Section 401(k).

SECTION 2.45.     QUALIFIED NONELECTIVE CONTRIBUTION ACCOUNT.

         The balance posted to the record of each Participant, Inactive
Participant, or Beneficiary consisting of his allocated share of Qualified
Nonelective Contributions and adjustments as of each Adjustment Date, less any
distributions therefrom. Each Qualified Nonelective Contribution Account shall
include, when appropriate, subaccounts that reflect Participant-directed
investments under Section 9.2.

SECTION 2.46.     QUALIFYING YEAR OF SERVICE.

         For the purpose of participation, the 12-consecutive month period
beginning on an Employee's Date of Employment or Date of Reemployment during
which he completes at least 1,000 Hours of Service. After the initial
12-consecutive month period, a Qualifying Year of Service shall mean any Plan
Year beginning with the Plan Year that includes the first anniversary of his
Date of Employment or Date of Reemployment during which he completes at least
1,000 Hours of Service. A Qualifying Year of Service is not considered to have
been completed until the last day of the relevant computation period, regardless
of whether the Employee completes 1,000 Hours of Service as of an earlier date
in the computation period.

SECTION 2.47.     RELATED EMPLOYER.

         A corporation that is a member of a controlled group of corporations
(within the meaning of Code Sections 1563(a)(1), (a)(2) and (a)(3)) of which the
Employer is also a member. Related Employer shall also mean any other trade or
business, whether or not incorporated, that is under common control, within the
meaning of Code Section 414(c), with the Employer and/or all members of an
"affiliated service group" within the meaning of Code Section 414(m) and any
other entity required to be aggregated with the Employer pursuant to regulations
prescribed by the Secretary of the Treasury under Code Section 414(o). For
purposes of Section 9.4, however, the phrase "more than 50%" shall be
substituted for the phrase "at least 80%" each place it appears in Code Section
1563(a)(1).

                                       17
<PAGE>

SECTION 2.48.     TRUST OR TRUST FUND.

         The total of the contributions made pursuant to the Plan by the
Employer and by the Participants and held by the Trustee in a separate Trust,
increased by any profits or income thereto and decreased by any loss or expense
incurred in the administration of the Trust or payments therefrom under the
Plan.

SECTION 2.49.     TRUSTEE.

         The bank, trust company, other financial institution, or individual or
individuals holding and managing the Fund according to the terms of The Liberty
Corporation Retirement and Savings Trust Agreement.

SECTION 2.50.     YEAR OF SERVICE.

         For the purposes of vesting, a Plan Year during which an Employee has
completed at least 1,000 Hours of Service, subject to the following
qualifications and exceptions:

                  (a)      In the case of a Participant who has no vested
                           interest in his account (other than his Employee
                           After-Tax Contribution Account or Employee Rollover
                           Account), Years of Service before any period of
                           consecutive one-year Breaks in Service shall be
                           disregarded if the number of consecutive one-year
                           Breaks in Service equals or exceeds the greater of
                           five or the aggregate number of Years of Service
                           before such period. Any Years of Service disregarded
                           pursuant to the previous sentence shall also be
                           disregarded when applying the provisions of that
                           sentence to a subsequent period of Breaks in Service.

                  (b)      Service performed prior to a Break in Service shall
                           not be taken into account until such Participant
                           shall have completed one Year of Service following
                           such Break in Service.

                  (c)      Service as of January 1, 1976 shall mean the Years of
                           Continuous Service (as then defined in the Plan)
                           credited to an Employee under the Plan, provided,
                           however, no such period shall be considered a Year of
                           Service if it would have been disregarded under the
                           Plan at that time for vesting purposes.

                  (d)      Service prior to January 1, 1976 (unless continuous
                           and ending after January 1, 1976) shall not be
                           counted.

                                       18
<PAGE>

                  (e)      Years of Service, as determined above, with a Related
                           Employer, during the period the companies are
                           related, shall be considered Years of Service with
                           the Employer.

                  (f)      Years of Service before January 1, 1987 with KAIT-TV
                           and KPLC-TV shall be disregarded.

                  (g)      Where the Employer maintains the plan of a
                           predecessor employer, Years of Service, as determined
                           above, with such predecessor employer shall be
                           treated as Years of Service with the Employer.

                                       19
<PAGE>

                                    ARTICLE 3

                          ELIGIBILITY AND PARTICIPATION

SECTION 3.1.      ELIGIBILITY AND PARTICIPATION.

         A Qualified Employee shall become a Participant solely for purposes of
making Employee deferrals under Section 4.2 and Employee after-tax contributions
under Section 4.6 on the Entry Date next following his Date of Employment and
for all other purposes, including receiving matching and discretionary
contributions, on the Entry Date coincident with or next following the
completion of one Qualifying Year of Service, unless such Qualified Employee
separates from service with the Employer and does not return to employment with
the Employer before the relevant Entry Date. Notwithstanding the foregoing,
Qualified Employees of CableVantage Inc. shall not be eligible to participate in
the portion of the Plan providing for Employer discretionary contributions.

SECTION 3.2.      TERMINATION AND TRANSFER TO OR FROM ELIGIBLE CLASS OF
                  EMPLOYEES.

         Once a Qualified Employee becomes a Participant, he shall remain a
Participant until he terminates employment with the Employer regardless of the
number of Hours of Service he completes in a Plan Year.

         A Participant who has completed one Qualifying Year of Service and who
terminates employment with the Employer or otherwise is no longer a Qualified
Employee will again become a Participant upon his Date of Reemployment by an
Employer or upon again becoming a Qualified Employee, as applicable.

         A Participant who terminates employment with the Employer or otherwise
is no longer a Qualified Employee before completing one Qualifying Year of
Service shall become a Participant solely for purposes of making Employee
deferrals under Section 4.2 and Employee after-tax contributions under Section
4.6 on the Entry Date next following his Date of Employment and for all other
purposes, including receiving matching and discretionary contributions, on the
Entry Date coincident with or next following the completion of one Qualifying
Year of Service.

         In the event an Employee who is not a Qualified Employee becomes a
Qualified Employee, such Employee will become a Participant in accordance with
Section 3.1.

                                       20
<PAGE>

SECTION 3.3.      SERVICE WITH A RELATED EMPLOYER.

         Service with a Related Employer not adopting the Plan shall be
considered service with the Employer when determining if a Qualified Employee
has completed a Qualifying Year of Service.

         A Participant who transfers employment to a company that is a Related
Employer not adopting the Plan shall remain covered by the Plan but shall become
an Inactive Participant and shall not be eligible to make or receive
contributions under the Plan other than any Employer discretionary contributions
he is entitled to receive under Section 4.4 for his service up to the time he
becomes an Inactive Participant and any Employer matching contributions that are
attributable to his deferrals while a Participant. For vesting purposes, such
Inactive Participant shall continue to accrue Years of Service hereunder. If
such Inactive Participant is transferred again to the Employer, he shall
participate in the Plan in accordance with Section 3.2. If such individual
remains in the employ of a Related Employer not adopting the Plan until his
termination of employment, his benefits shall be calculated based on the
provisions of Articles 5 and 7.

SECTION 3.4.      SERVICE AS A LEASED EMPLOYEE.

         If a "leased employee" becomes eligible to participate by being hired
in a capacity other than as a "leased employee," service while a "leased
employee" shall be considered when determining such Employee's Qualifying Years
of Service and Years of Service to the extent required by Code Section 414(n)
and the regulations thereunder.

                                       21
<PAGE>

                                    ARTICLE 4

                                  CONTRIBUTIONS

SECTION 4.1.      EMPLOYER CONTRIBUTION OF EMPLOYEE DEFERRALS.

         The Employer shall contribute to the Trust for each Plan Year an amount
that shall equal the Participant's salary reductions in Section 4.2. The
Employer shall make substantial and recurring contributions to meet the
objectives of the Plan.

SECTION 4.2.      EMPLOYEE DEFERRALS.

         A Qualified Employee who has met the requirements of Section 3.1 or 3.2
may elect to defer whole percentages between 1% and 13% of his Compensation
during the Plan Year for which the election is being made. However, in no event
shall the aggregate amount of deferrals made pursuant to this Section and
Employee after-tax contributions made pursuant to Section 4.6 exceed 13% of the
Employee's Compensation for the Plan Year. Such election shall be effective as
of the Entry Date after the election is processed by the Plan Administrator and
shall remain in effect until revised or revoked.

         Notwithstanding the preceding paragraph, each Qualified Employee who is
eligible to make a deferral election, but who fails to make any deferral
election including an election not to make elective deferrals shall
automatically be enrolled in the Plan at a deferral rate of 3% of Compensation,
beginning with the first Entry Date coincident with or next following the date
on which the Qualified Employee completes one Qualifying Year of Service. A
Participant who has been automatically enrolled in the Plan pursuant to the
preceding sentence may make an affirmative election to cease making further
elective deferrals under the Plan or may change his deferral percentage as
provided below.

         A Participant may change his deferral percentage as of any Entry Date.
A Participant may suspend his deferral election as of the beginning of any
subsequent pay period. The Plan Administrator shall have the discretion to make
such rules as he desires regarding the form and timing of deferral elections,
changes in such elections and the revocation of such elections.

                                       22
<PAGE>

         In no event shall a Participant's deferrals to the Plan and any other
qualified plan maintained by the Employer during any calendar year exceed the
dollar limitation contained in Code Section 402(g) (as adjusted pursuant to Code
Section 402(g)(5)) for the calendar year. Any deferrals distributed pursuant to
Section 9.4 shall be disregarded in determining whether the Code Section 402(g)
(as adjusted) limitation has been exceeded.

         For purposes of this Section, Compensation used for determining the
amount of any deferral shall be Compensation for the Plan Year for which such
election is made, including any increases in Compensation during the Plan Year.

         Deferrals made pursuant to this Section shall be paid to the Trustee
and credited to the Participant's Employee Deferral Account.

         Notwithstanding the above, a Participant who has received a hardship
distribution described in Section 8.8 shall not be eligible to make deferrals
during the six-month period beginning on the date of the distribution. With
respect to a hardship distribution made during the period from January 1, 2001
through December 31, 2001, the foregoing prohibition on contributions shall
apply for the period ending on the later of January 1, 2002 or six months after
receipt of the hardship distribution. The deferral limitation under Code Section
402(g) for a Participant who receives a hardship distribution for the tax year
following the tax year of distribution shall be reduced by his deferrals during
the tax year of distribution.

         A Participant who participates in more than one cash or deferred
arrangement may assign to the Plan any deferrals made during a taxable year that
exceed the Code Section 402(g) (as adjusted) limitation by notifying the Plan
Administrator in writing on or before April 1 of the year following the year in
which the deferral was made, the amount of such excess deferrals to be assigned
to the Plan. Notwithstanding any other provision of the Plan, the excess
deferrals assigned to this Plan, plus any income and minus any loss allocable
thereto, shall be distributed no later than April 15 to any Participant who
assigned such excess deferrals to the Plan for the preceding year.

         The income or loss allocable to excess deferrals shall be calculated
under the same method used in Section 9.3 to allocate income or loss to
Participant's accounts. Alternatively, the Plan Administrator may elect to
calculate the income or loss allocable to excess deferrals by multiplying the
income or loss allocable to the Participant's Employee Deferral Account for the

                                       23
<PAGE>

Participant's taxable year (or up to the date of distribution, as designated by
the Plan Administrator) by a fraction, the numerator of which is the
Participant's excess deferrals for the year and the denominator of which is the
balance of the Participant's Employee Deferral Account at the beginning of the
taxable year plus the Participant's deferrals for the taxable year (or up to the
date of distribution, as designated by the Plan Administrator). Notwithstanding
the preceding sentence, if the date of distribution is after the end of the
Participant's taxable year, the Plan Administrator may elect to calculate the
income or loss attributable to the period between the end of the taxable year
and the date of distribution by using the method described in the preceding
sentence to calculate the income or loss to the end of the Participant's taxable
year and then multiplying 10% of the result of that calculation by the number of
calendar months that elapsed since the end of the taxable year. For purposes of
calculating the number of calendar months that have elapsed since the end of the
taxable year, a corrective distribution that is made on or before the fifteenth
day of the month is treated as made on the last day of the preceding month. A
distribution made after the fifteenth day of the month is treated as made on the
first day of the next month. Whichever method of calculating income or loss on
excess deferrals is used, it must be used consistently for all Participants and
for all corrective distributions under the Plan for the Plan Year.

         The amount of a Participant's excess deferrals that must be distributed
for a taxable year pursuant to this Section shall be reduced by any Excess
Contributions previously distributed with respect to the Participant for the
Plan Year beginning with or within such taxable year.

SECTION 4.3.      EMPLOYER MATCHING CONTRIBUTIONS.

         For each payroll period in each Plan Year, the Employer may contribute
to the Trust an amount that, when added to the current Forfeitures, will equal a
percentage of some or all of the Compensation deferred pursuant to Section 4.2
by Participants who have completed at least one Qualifying Year of Service
during such payroll period. The amount and any limitations on any such matching
contributions shall be determined by the Board for each Plan Year.

         As of the Adjustment Date on which the contribution is made, the
Employer Matching Contribution Account of each eligible Participant who made
deferrals of Compensation under Section 4.2 during the calendar year shall be
credited with the matching contribution of the Employer on such Participant's
behalf. Forfeitures attributable to Employer matching contributions shall be
treated as Employer matching contributions for allocation purposes.

                                       24
<PAGE>

         If Forfeitures exceed the percentage designated for matching
contributions, the excess amount shall be used to reduce subsequent Employer
matching contributions within the Plan Year in which the forfeiture arose.

         In addition to the matching contributions described above, the Employer
may contribute Qualified Matching Contributions to the Trust in such amount as
the Board shall determine in order to facilitate compliance with the Actual
Deferral Percentage or the Actual Contribution Percentage tests. The Board shall
also specify the group of Non-highly Compensated Employee Participants who are
entitled to receive Qualified Matching Contributions.

         As of each Adjustment Date, any Qualified Matching Contributions not
previously allocated shall be allocated among the group of Participants on whose
behalf such contributions were made.

         Qualified Matching Contributions made pursuant to this Section shall be
paid to the Trustee and credited to the Participant's Qualified Matching
Contribution Account. Each Participant shall at all times be fully vested in his
Qualified Matching Contribution Account.

         The Plan Administrator may elect to treat all or a portion of the
Qualified Matching Contributions as Employee deferrals for purposes of the
Actual Deferral Percentage test under Section 4.9 or as Employer Matching
Contributions for purposes of the Actual Contribution Percentage test under
Section 4.10, but only if the conditions described in Section 1.401(k)-1(b)(5)
or Section 1.401(m)-1(b)(5) of the Income Tax Regulations, as applicable, are
satisfied.

SECTION 4.4.      EMPLOYER DISCRETIONARY CONTRIBUTIONS.

         In addition to the Employer matching contributions, the Employer may
contribute to the Trust for each Plan Year such amount as the Board may
determine for such Plan Year, provided, however, that CableVantage Inc. shall
not make any contributions under this Section. Effective for Plan Years
beginning on or after January 1, 2001, some or all of such contribution may be
made in Employer Stock, but no portion of such contribution is required to be
made in Employer Stock.

         If a Participant otherwise eligible to receive a discretionary
contribution does not receive an allocation due to clerical error or other
reasonable cause, the Employer may contribute to the Trust such amount as the
Plan Administrator shall determine should have been contributed on behalf of
such Participant.

                                       25
<PAGE>

         As of the last Adjustment Date in each Plan Year, the Employer
discretionary contributions shall be allocated among eligible Participants (a)
employed on the last day of the Plan Year who completed at least 1,000 Hours of
Service during the Plan Year or (b) who retired on or after their Normal
Retirement Date pursuant to Article 5 or attaining age 55 and completing at
least ten (10) Years of Service, died, or became Disabled during the Plan Year
regardless of the number of Hours of Service such Participants completed in such
Plan Year. Any Participants who transferred to a Related Employer who has not
adopted the Plan during the Plan Year shall be included in the allocation of the
Employer discretionary contribution, but only their Compensation up to the time
of the transfer shall be taken into account. The Employer discretionary
contribution shall be allocated among the Participants described in this
paragraph in the same proportion as each such Participant's Compensation bears
to the total Compensation of all such Participants.

SECTION 4.5.      QUALIFIED NONELECTIVE CONTRIBUTIONS.

         In addition to any other contributions under the Plan, the Employer may
elect to contribute to the Trust for a Plan Year Qualified Nonelective
Contributions in such amount as the Board shall determine to facilitate
compliance with the Actual Deferral Percentage and Actual Contribution
Percentage tests.

         As of the last Adjustment Date in each Plan Year, any Qualified
Nonelective Contributions shall be allocated among a group of Non-highly
Compensated Employee Participants designated by the Board.

         Contributions made pursuant to this Section shall be paid to the
Trustee and credited to the Participant's Qualified Nonelective Contribution
Account. Each Participant shall at all times be fully vested in his Qualified
Nonelective Contribution Account.

         The Plan Administrator may treat all or any portion of a Qualified
Nonelective Contribution as an Employee deferral or Employer matching
contribution for a Plan Year.

         Qualified Nonelective Contributions may be treated as elective
deferrals under the Actual Deferral Percentage test or as Employer matching
contributions under the Actual Contribution Percentage test only if the
conditions described in Section 1.401(k)-1(b)(5) or Section 1.401(m)-1(b)(5) of
the Income Tax Regulations, as applicable, are satisfied.

                                       26
<PAGE>

SECTION 4.6.      EMPLOYEE AFTER-TAX CONTRIBUTIONS.

         Each Employee who has met the requirements of Section 3.1 or Section
3.2 may elect as of an Entry Date to make after-tax contributions to the Plan in
whole percentages between 1% and 13% of his Compensation during the Plan Year
for which the election is made. However, in no event shall the aggregate amount
of after-tax contributions made pursuant to this Section and Employee deferrals
made pursuant to Section 4.2 exceed 13% of the Employee's Compensation for the
Plan Year.

         Each Participant shall specify in writing the percentage he desires to
contribute to the Trust under this Section. The Contribution specified by the
Participant shall be collected by the Employer through payroll deductions.
Contributions made pursuant to this Section shall be paid to the Trustee and
credited to the Participant's Employee After-Tax Contribution Account. Each
Participant shall at all times be fully vested in his Employee After-Tax
Contribution Account.

         The Participant may as of any Entry Date change the amount he desires
to contribute by filing another written direction with the Plan Administrator.

         A Participant may suspend his election to make after-tax contributions
as of the beginning of any subsequent pay period.

         The Plan Administrator shall have the discretion to make such rules as
he desires regarding the form and timing of deferral elections, changes in such
elections and the revocation of such elections.

SECTION 4.7.      ROLLOVER CONTRIBUTIONS.

         A Qualified Employee may make a rollover contribution to the Plan
pursuant to Code Sections 401(a)(31) and 402(c). Such transferred assets will be
fully vested at all times. The Plan will accept direct rollover contributions
and Qualified Employee contributions of Eligible Rollover Distributions solely
from an Eligible Retirement Plan. Notwithstanding the foregoing, the Plan will
accept amounts attributable to after-tax contributions solely as a direct
rollover from a qualified plan described in Code Section 401(a) or 403(a), and
any such transferred assets shall be held in a separate account in the name of
the Qualified Employee and shall reflect the net earnings or net losses of the
Trust Fund. However, such assets may be commingled for investment purposes and
invested in the same manner as other Trust assets. At the Plan

                                       27
<PAGE>

Administrator's discretion and in accordance with procedures established by the
Plan Administrator, a rollover contribution may include loan notes representing
loans from another qualified retirement plan.

SECTION 4.8.      EMPLOYEE DEFERRALS AND AFTER-TAX CONTRIBUTIONS.

         Each Participant shall at all times be fully vested in the amount in
his Employee Deferral Account and his Employee After-Tax Contribution Account,
but a Participant or his Beneficiary shall be entitled to payment of the amounts
credited to such accounts only upon the occurrence of an event described in and
in accordance with this Article 4 or Articles 5, 6, or 7.

SECTION 4.9.      ADJUSTMENT OF DEFERRALS.

         The Plan Administrator shall ensure that the Employee deferrals elected
by Participants satisfy the Actual Deferral Percentage test referred to in the
next paragraph.

         The Actual Deferral Percentage test is satisfied only if:

                  (a)      The Actual Deferral Percentage for Eligible Employees
                           who are Highly Compensated Employees is not more than
                           the Actual Deferral Percentage for all other Eligible
                           Employees multiplied by 1.25, or

                  (b)      The excess of the Actual Deferral Percentage for
                           Eligible Employees who are Highly Compensated
                           Employees over the Actual Deferral Percentage for all
                           other Eligible Employees is not more than two (2)
                           percentage points, and the Actual Deferral Percentage
                           for Eligible Employees who are Highly Compensated
                           Employees is not more than the Actual Deferral
                           Percentage for all other Eligible Employees
                           multiplied by 2.0.

         For purposes of this Section, the following terms shall have the
meanings hereinafter set forth:

         (a)      The term "Eligible Employee" shall mean a Qualified Employee
                  who is directly or indirectly eligible to make an Employee
                  deferral under the Plan for a Plan Year. It includes a
                  Qualified Employee whose right to make Employee deferrals has
                  been suspended because of an election not to participate and a
                  Qualified Employee who cannot make an Employee deferral
                  because Code Section 415(c) prevents the Qualified Employee
                  from receiving additional annual additions.

         (b)      The term "Actual Deferral Percentage" shall mean, with respect
                  to the group of Eligible Employees who are Highly Compensated
                  Employees, the average (expressed as a percentage) of the
                  Actual Deferral Ratios for the current Plan Year of the Highly
                  Compensated Employees who are Eligible Employees. The term
                  "Actual Deferral Percentage" shall mean, with respect to the
                  group of Eligible Employees who are

                                       28
<PAGE>

                  Non-highly Compensated Employees, the average (expressed as a
                  percentage) of the Actual Deferral Ratios for the preceding
                  Plan Year of the Non-highly Compensated Employees who are
                  Eligible Employees.

         (c)      The term "Actual Deferral Ratio" shall mean the ratio
                  (expressed as a percentage) of the Employee deferrals and
                  Qualified Matching and/or Qualified Nonelective Contributions
                  taken into account for purposes of this test pursuant to
                  Sections 4.2, 4.3 and 4.5 under the Plan on behalf of each
                  Eligible Employee for the Plan Year to the Eligible Employee's
                  Compensation for the Plan Year. However, if an Eligible
                  Employee who is a Highly Compensated Employee is eligible to
                  make Employee deferrals under two or more qualified plans
                  maintained by the Employer or a Related Employer, his Actual
                  Deferral Ratio shall be determined as if all such
                  contributions were made under a single plan. For purposes of
                  determining this ratio, excess deferrals within the meaning of
                  Section 4.2, of Non-highly Compensated Employees that arise
                  solely from deferrals made under the Plan or other plans of
                  the Employer and deferrals taken into account in the Actual
                  Contribution Percentage test shall be disregarded. In the case
                  of an Eligible Employee who makes no Employee deferrals for
                  the Plan Year, his Actual Contribution Ratio shall be zero.

                  In the event that the Plan satisfies the requirements of Code
                  Sections 401(k), 401(a)(4), or 410(b) only if aggregated with
                  one or more other plans, or if one or more other plans satisfy
                  the requirements of such Code Sections only if aggregated with
                  the Plan, then this Section shall be applied by determining
                  the Actual Deferral Percentage of Eligible Employees as if all
                  such plans were a single plan. Plans may be aggregated to
                  satisfy Code Section 401(k) only if they have the same Plan
                  Year.

                  An Employee deferral will be taken into account for a Plan
                  Year only if it relates to Compensation that either would have
                  been received by the Qualified Employee in the Plan Year (but
                  for the deferral election) or is attributable to services
                  performed by the Employee in the Plan Year and would have been
                  received by the Qualified Employee within 2 1/2 months after
                  the close of the Plan Year (but for the deferral election). In
                  addition, the Employee deferral will only be taken into
                  account for a Plan Year if it is allocated to the Qualified
                  Employee as of a date within that Plan Year. For this purpose,
                  an Employee deferral is considered allocated as of a date
                  within a Plan Year if the allocation is not contingent on
                  participation or performance of services after such date and
                  the Employee deferral is actually paid to the Trust no later
                  than twelve months after the Plan Year to which the deferral
                  relates. Any deferrals that are distributed pursuant to
                  Section 9.4 shall be disregarded.

         (d)      The term "Excess Contributions" means, with respect to any
                  Plan Year, the excess of the aggregate amount of the Employee
                  deferrals actually made on behalf of Highly Compensated
                  Employees for such Plan Year, over the maximum amount that
                  would satisfy the Actual Deferral Percentage test. Such
                  maximum amount shall be equal to the amount of deferrals that
                  would have been made on behalf of Highly Compensated Employees
                  under the following procedure. Deferrals made on behalf of the
                  Highly Compensated Employee with the highest Actual Deferral
                  Ratio are reduced until (1) the Plan satisfies the Actual
                  Deferral Percentage test or (2) such Highly Compensated
                  Employee's Actual Deferral Ratio is equal to the Actual
                  Deferral Ratio of the Highly Compensated Employee with the
                  next highest Actual Deferral Ratio for the Plan Year. This
                  process is repeated until the Plan satisfies the Actual
                  Deferral Percentage test.

                                       29
<PAGE>

                  The Excess Contributions for a Plan Year shall be allocated to
                  each Highly Compensated Employee in an amount equal to the
                  amount by which the Highly Compensated Employee's deferrals
                  are reduced in accordance with the following procedure. The
                  dollar amount of deferrals for the Plan Year made on behalf of
                  the Highly Compensated Employee with the highest dollar amount
                  of deferrals for the Plan Year is reduced to the extent
                  required to (1) reduce the Plan's Excess Contributions to
                  zero, or (2) cause such Highly Compensated Employee's dollar
                  amount of deferrals for the Plan Year to equal the deferrals
                  of the Highly Compensated Employee with the next highest
                  dollar amount of deferrals for the Plan Year. This process is
                  repeated until the Plan's Excess Contributions are reduced to
                  zero.

                  Each Highly Compensated Employee's Excess Contributions shall
                  consist first of unmatched Employee deferrals, and then to the
                  extent necessary, matched Employee deferrals.

         If the Actual Deferral Percentage test is not met currently or on a
projected basis, the Plan Administrator may ask Eligible Employees who are
Highly Compensated Employees if they wish to decrease their deferral elections
and/or may ask all other Participants if they wish to increase their deferral
elections. If the Actual Deferral Percentage test is not satisfied after these
voluntary adjustments are made, the Plan Administrator shall have the right to
reduce the amount of the deferral election of Eligible Employees who are Highly
Compensated Employees in an equitable manner. Any reduction of the amount to be
deferred by Eligible Employees who are Highly Compensated Employees will apply
only to the particular Plan Year or remainder of such Plan Year for which the
deferrals under the Plan fail or may fail to satisfy the Actual Deferral
Percentage test.

         If voluntary and involuntary adjustments during the Plan Year do not
bring the Plan into compliance with the Actual Deferral Percentage test, the
Plan Administrator shall distribute the Excess Contributions and income
allocable thereto to the Participants to whose accounts such Excess
Contributions were allocated. Such distribution must take place after the close
of the Plan Year in which the Excess Contribution arose and within twelve months
after the close of such Plan Year.

         The income or loss allocable to Excess Contributions shall be
calculated under the same method used in Section 9.3 to allocate income or loss
to Participants' accounts for the Plan Year in which the Excess Contribution
occurs. Alternatively, the Plan Administrator may calculate the income or loss
allocable to Excess Contributions by multiplying the income or loss allocable to
the Participant's Employee Deferral Account and, if applicable, the Qualified
Nonelective Contribution Account or the Qualified Matching Contribution Account,
or both, for the Plan Year

                                       30
<PAGE>

(and for the period between the end of the Plan Year and the date of
distribution (the "gap" period), if designated by the Plan Administrator) by a
fraction, the numerator of which is the Participant's Excess Contributions for
the Plan Year and the denominator of which is the Participant's account balance
attributable to Employee deferrals and, if applicable, Qualified Nonelective
Contributions or Qualified Matching Contributions, or both, as of the beginning
of the Plan Year, plus the Participant's deferrals, and, if applicable, his
allocable share of Qualified Nonelective Contributions or Qualified Matching
Contributions, or both, for the Plan Year (and for the gap period, if designated
by the Plan Administrator).

         Notwithstanding the preceding sentence, the Plan Administrator may
elect to calculate income or loss for the gap period by using the method
described in the preceding sentence to calculate income or loss for the Plan
Year and then multiplying 10% of the result of that calculation by the number of
calendar months that elapsed since the end of the Plan Year. For purposes of
calculating the number of calendar months that have elapsed since the end of the
Plan Year, a corrective distribution that is made on or before the fifteenth day
of the month is treated as made on the last day of the preceding month. A
distribution made after the fifteenth day of the month is treated as made on the
first day of the next month. Whichever method of calculating income or loss on
Excess Contributions is used, it must be used consistently for all Participants
and for all corrective distributions under the Plan for the Plan Year.

         The Plan Administrator may elect to treat a portion of the Employee
deferrals as matching contributions for purposes of the Actual Contribution
Percentage test under Section 4.10, so long as the Actual Deferral Percentage
test is met both with and without the use of such Employee deferrals.

         The amount of a Participant's Excess Contributions to be distributed
pursuant to this Section for a Plan Year shall be reduced by any excess
deferrals previously distributed to the Participant for the Participant's
taxable year ending with or within such Plan Year.

SECTION 4.10.     ADJUSTMENT OF EMPLOYER MATCHING CONTRIBUTIONS AND EMPLOYEE
                  AFTER-TAX CONTRIBUTIONS.

         The Plan Administrator will determine whether the Employer matching
contributions and Employee after-tax contributions satisfy the Actual
Contribution Percentage test referred to in the next paragraph.

                                       31
<PAGE>

         The Actual Contribution Percentage test is satisfied only if:

         (a)      The Actual Contribution Percentage for Eligible Employees who
                  are Highly Compensated Employees is not more than the Actual
                  Contribution Percentage for all other Eligible Employees
                  multiplied by 1.25, or

         (b)      The excess of the Actual Contribution Percentage for Eligible
                  Employees who are Highly Compensated Employees over the Actual
                  Contribution Percentage for all other Eligible Employees is
                  not more than two (2) percentage points, and the Actual
                  Contribution Percentage for Eligible Employees who are Highly
                  Compensated Employees is not more than the Actual Contribution
                  Percentage for all other Eligible Employees multiplied by 2.0.

         For purposes of this Section, the following terms shall have the
meanings hereinafter set forth:

         (a)      The term "Eligible Employee" shall mean a Qualified Employee
                  who is directly or indirectly eligible to make an Employee
                  after-tax contribution or to receive an allocation of Employer
                  matching contributions (including matching contributions
                  derived from Forfeitures) under the Plan for a Plan Year. It
                  includes a Qualified Employee who would be a Participant but
                  for the failure to make required contributions, an Employee
                  whose right to make Employee after-tax contributions or
                  receive matching contributions has been suspended because of
                  an election (other than certain one-time elections) not to
                  participate, and a Qualified Employee who cannot make an
                  Employee after-tax contribution or receive an Employer
                  matching contribution because Code Section 415(c) prevents the
                  Qualified Employee from receiving additional annual additions.

         (b)      The term "Actual Contribution Percentage" shall mean, with
                  respect to the group of Eligible Employees who are Highly
                  Compensated Employees, the average (expressed as a percentage)
                  of the Actual Contribution Ratios for the current Plan Year of
                  the Highly Compensated Employees who are Eligible Employees.
                  The term "Actual Contribution Percentage" shall mean, with
                  respect to the group of Eligible Employees who are Non-highly
                  Compensated Employees, the average (expressed as a percentage)
                  of the Actual Contribution Ratios for the preceding Plan Year
                  of the Non-highly Compensated Employees who are Eligible
                  Employees.

         (c)      The term "Actual Contribution Ratio" shall mean the ratio
                  (expressed as a percentage) of the Employer matching
                  contributions (including matching contributions derived from
                  Forfeitures and Qualified Nonelective Contributions designated
                  to be matching contributions) (to the extent not taken into
                  account for purposes of the Actual Deferral Percentage test).
                  Employee after-tax contributions, (including deferrals
                  recharacterized as Employee after-tax contributions),
                  Qualified Matching Contributions taken into account for
                  purposes of this test pursuant to Sections 4.3 and Qualified
                  Nonelective Contributions taken into account for purposes of
                  this test pursuant to Section 4.5 under the Plan on behalf of
                  each Eligible Employee for the Plan Year to the Eligible
                  Employee's Compensation for the Plan Year. However, if an
                  Eligible Employee who is a Highly Compensated Employee is
                  eligible to make Employee after-tax contributions, or to
                  receive Employer matching contributions allocated to his
                  account under two or more qualified plans maintained

                                       32
<PAGE>

                  by the Employer or a Related Employer, his Actual Contribution
                  Ratio shall be determined as if all such contributions were
                  made under a single plan. In the case of an Eligible Employee
                  who makes no Employee after-tax contribution and receives no
                  matching contributions for the Plan Year, his Actual
                  Contribution Ratio shall be zero.

                  In the event that the Plan satisfies the requirements of Code
                  Sections 401(m), 401(a)(4) or 410(b) only if aggregated with
                  one or more other plans, or if one or more other plans satisfy
                  the requirements of such Code Sections only if aggregated with
                  the Plan, then this Section shall be applied by determining
                  the Actual Contribution Percentage of Eligible Employees as if
                  all such plans were a single plan. Plans may be aggregated to
                  satisfy Code Section 401(m) only if they have the same Plan
                  Year.

                  In calculating the Actual Contribution Ratio for a Plan Year,
                  an Employee after-tax contribution is taken into account if it
                  is paid to the Trust during the Plan Year or paid to an agent
                  of the Plan and transmitted to the Trust within a reasonable
                  period after the end of the Plan Year. An Excess Contribution
                  that is recharacterized is taken into account in the Plan Year
                  in which the Excess Contribution is includable in the
                  Qualified Employee's gross income. An Employer matching
                  contribution is taken into account for a Plan Year only if it
                  is (1) made on account of the Qualified Employee's deferrals
                  or after-tax contributions for the Plan Year, (2) allocated to
                  the Qualified Employee's account during that Plan Year, and
                  (3) paid to the Trust by the end of the twelfth month
                  following the close of that year. Any Employee after-tax
                  contributions that are distributed pursuant to Section 9.4
                  shall be disregarded.

         (d)      The term "Excess Aggregate Contributions" means, with respect
                  to any Plan Year, the excess of the aggregate amount of the
                  Employee after-tax contributions and actual and deemed
                  Employer matching contributions actually made on behalf of
                  Eligible Employees who are Highly Compensated Employees for
                  such Plan Year, over the maximum amount that would satisfy the
                  Actual Contribution Percentage test. Such maximum amount shall
                  be equal to the amount of contributions that would have been
                  made on behalf of Highly Compensated Employees under the
                  following procedure. Contributions made on behalf of the
                  Highly Compensated Employee with the highest Actual
                  Contribution Ratio are reduced until (1) the Plan satisfies
                  the Actual Contribution Percentage test or (2) such Highly
                  Compensated Employee's Actual Contribution Ratio is equal to
                  the Actual Contribution Ratio of the Highly Compensated
                  Employee with the next highest Actual Contribution Ratio for
                  the Plan Year. This process is repeated until the Plan
                  satisfies the Actual Contribution Percentage test.

                  The Excess Aggregate Contributions for a Plan Year shall be
                  allocated to each Highly Compensated Employee in an amount
                  equal to the amount by which the Highly Compensated Employee's
                  after-tax contributions and actual and deemed Employer
                  matching contributions are reduced in accordance with the
                  following procedure. The dollar amount of such contributions
                  for the Plan Year made on behalf of the Highly Compensated
                  Employee with the highest dollar amount of such contributions
                  for the Plan Year is reduced to the extent required to (1)
                  reduce the Plan's Excess Aggregate Contributions to zero, or
                  (2) cause such Highly Compensated Employee's dollar amount of
                  such contributions for the Plan Year to equal such
                  contributions made by the Highly Compensated Employee with the
                  next highest dollar amount of such contributions for the Plan
                  Year. This process is repeated until the Plan's Excess
                  Aggregate Contributions are reduced to zero.

                                       33
<PAGE>

         If the Actual Contribution Percentage test is not met currently or on a
projected basis, the Plan Administrator may ask Eligible Employees who are
Highly Compensated Employees if they wish to decrease their contribution
elections and/or may ask all other Eligible Employees if they wish to increase
their contribution elections. If the Actual Contribution Percentage test is not
satisfied after these voluntary adjustments are made, the Plan Administrator
shall have the right to reduce the amount of the contribution election of
Eligible Employees who are Highly Compensated Employees in an equitable manner.
Any reduction of the amount to be contributed by Eligible Employees who are
Highly Compensated Employees will apply only to the particular Plan Year or
remainder of such Plan Year for which the Plan fails or may fail to satisfy the
Actual Contribution Percentage test.

         If voluntary and involuntary adjustments during the Plan Year do not
bring the Plan into compliance with the Actual Contribution Percentage test, the
Plan Administrator shall forfeit, to the extent not vested under the Plan, or
distribute the Excess Aggregate Contributions and income allocable thereto to
the Participants to whose accounts such Excess Aggregate Contributions were
allocated. Such distribution or forfeiture must take place after the close of
the Plan Year in which the Excess Aggregate Contribution arose and within twelve
months after the close of such Plan Year. Any distribution or forfeiture of
Excess Aggregate Contributions for any Plan Year shall be made on the basis of
the respective portions of such amounts attributable to each Highly Compensated
Employee.

         The income or loss applicable to Excess Aggregate Contributions shall
be calculated under the same method used in Section 9.3 to allocate income or
loss to Participants' accounts for the Plan Year in which the Excess Aggregate
Contribution occurs. Alternatively, the Plan Administrator may calculate the
income or loss allocable to the Excess Aggregate Contributions by multiplying
the income or loss allocable to the Participant's Employer Matching Contribution
Account and Employee After-Tax Contribution Account, and, if applicable, the
Employee Deferral Account, the Qualified Nonelective Contribution Account and
the Qualified Matching Contribution Account for the Plan Year (and for the
period between the end of the Plan Year and the date of distribution (the gap
period) if designated by the Plan Administrator) by a fraction, the numerator of
which is the Participant's Excess Aggregate Contributions for the Plan Year and
the denominator of which is the Participant's account balance attributable to
Employer matching contributions, Employee after-tax contributions, Employee
deferrals, Qualified Nonelective Contributions, and Qualified Matching
Contributions, as applicable, as of the beginning of the

                                       34
<PAGE>

Plan Year, plus the Participant's after-tax contributions and deferrals and
allocable share of Employer matching contributions, Qualified Nonelective
Contributions, and Qualified Matching Contributions as applicable, for the Plan
Year (and for the gap period, if designated by the Plan Administrator).
Notwithstanding the preceding sentence, the Plan Administrator may elect to
calculate income or loss for the gap period by using the method described in the
preceding sentence to calculate income or loss for the Plan Year and then
multiplying 10% of the result of that calculation by the number of calendar
months that elapsed since the end of the Plan Year. For purposes of calculating
the number of calendar months that have elapsed since the end of the Plan Year,
a corrective distribution that is made on or before the fifteenth day of the
month is treated as made on the last day of the preceding month. A distribution
made after the fifteenth day of the month is treated as made on the first day of
the next month. Whichever method of calculating income or loss on Excess
Aggregate Contributions is used, it must be used consistently for all
Participants and for all corrective distributions under the Plan for the Plan
Year.

         Notwithstanding anything in the Plan to the contrary, to the extent a
matched Employee deferral must be distributed in order to comply with the
requirements of Sections 4.2 or 4.9, the Employer matching contribution
attributable to such deferral must be forfeited at the time of such
distribution, unless it is an Excess Contribution or Excess Aggregate
Contribution. If the Employer matching contribution is an Excess Contribution or
Excess Aggregate Contribution, it shall be forfeited or distributed in
accordance with Sections 4.9 and 4.10. Any Employer matching contributions that
are forfeited pursuant to this paragraph shall be disregarded in determining
whether the Actual Contribution Percentage test is satisfied.

SECTION 4.11.     OVERALL CONTRIBUTION LIMITATION.

         In no event, shall the total contribution for a Plan Year under this
Article (not taking into account Sections 4.6 and 4.7) exceed the maximum amount
deductible by the Employer for such Plan Year for federal income tax purposes,
including any credit carry-over from one or more prior Plan Years.

SECTION 4.12.     SPECIAL RULES RELATED TO VETERAN'S REEMPLOYMENT RIGHTS.

         (a)      A Reemployed Veteran shall not be treated as having incurred a
                  Break in Service during a Plan Year by reason of the
                  Reemployed Veteran's period of Qualified Military Service
                  during the Plan Year.

         (b)      A Reemployed Veteran's period of Qualified Military Service
                  shall be taken into account in determining Years of Service
                  under the Plan.

                                       35
<PAGE>

         (c)      With respect to each Plan Year during which a Reemployed
                  Veteran (1) performed Qualified Military Service, (2) was
                  employed or performing Qualified Military Service on the last
                  day of the Plan Year, (3) was credited with a Year of Service,
                  and (4) was not otherwise entitled to an Employer
                  discretionary contribution under Section 4.4, the Employer
                  shall allocate to the Reemployed Veteran any Employer
                  discretionary contributions in the same manner and to the same
                  extent as the allocation of any Employer discretionary
                  contributions were made for Participants who received such
                  allocations during the period of Qualified Military Service.

         (d)      During the period that begins on a Reemployed Veteran's Date
                  of Reemployment and continues for the lesser of three times
                  the duration of the period of Qualified Military Service or
                  five years, a Reemployed Veteran may make contributions to his
                  Employee Deferral Account and Employee After-Tax Contribution
                  Account under Sections 4.2 and 4.6 equal to the Employee
                  deferrals and after-tax contributions he would have been
                  permitted to make had the Reemployed Veteran been a
                  Participant during the period of Qualified Military Service,
                  less any such contributions actually made during such period.
                  The Employer shall make Employer matching contributions under
                  Section 4.3 with respect to Employee deferrals made under this
                  Section 4.12(d).

         (e)      The Employer shall not be required to credit earnings or
                  forfeitures to the Accounts of a Reemployed Veteran with
                  respect to contributions made under Sections 4.12(c) or (d)
                  for any period before such contributions are actually made to
                  the Plan.

         (f)      For purposes of applying the limitations on (i) elective
                  contributions in Section 4.2 and Employer after-tax
                  contributions in Section 4.6, (ii) annual additions in Section
                  9.4, and (iii) deductible contributions in Section 4.11, the
                  limitations for the year to which a contribution under this
                  Section 4.12 relates (rather than the year in which such
                  contribution is actually made) shall apply. Contributions
                  under this Section 4.12 shall not be taken into account for
                  purposes of the Average Deferral Percentage test under Section
                  4.9, the Average Contribution Percentage test under Section
                  4.10, or the Top Heavy Plan determination under Section 10.1.

         (g)      For purposes of Sections 4.12(c) and (d) and applying the
                  limitations on annual additions in Section 9.4, a Reemployed
                  Veteran will be treated as having received Compensation for a
                  Plan Year during which the Reemployed Veteran performed
                  Qualified Military Service equal to (1) the Compensation the
                  Reemployed Veteran would have received during such period if
                  he or she had remained actively employed, determined based on
                  the rate of pay he would have received from the Employer but
                  for the period of Qualified Military Service, or (2) if the
                  Compensation the Reemployed Veteran would have received during
                  such period is not reasonably certain, the Reemployed
                  Veteran's average Compensation for the 12-month period (or
                  other period if his period of employment is shorter than 12
                  months) immediately before he commenced his Qualified Military
                  Service.

         (h)      The term "Reemployed Veteran" means any Employee who (i)
                  terminated employment with the Employer, (ii) subsequently had
                  the right to be reemployed by the Employer under Chapter 43 of
                  Title 38 of the United States Code, and (iii) became
                  reemployed by the Employer under that chapter.

         (i)      The term "Qualified Military Service, means any service in the
                  uniformed services (as defined in Chapter 43 of Title 38 of
                  the United States Code as in effect

                                       36
<PAGE>

                  as of December 12, 1994) by any individual if such individual
                  is entitled to reemployment rights under such chapter with
                  respect to such service.

         (j)      Notwithstanding any provision in the Plan to the contrary,
                  contributions, benefits, and service credit with respect to
                  Qualified Military Service will be provided in accordance with
                  Code Section 414(u).

                                       37
<PAGE>

                                   ARTICLE 5
                               RETIREMENT BENEFITS

SECTION 5.1.      NORMAL RETIREMENT AND DELAYED RETIREMENT DATE.

         A Participant shall be eligible to retire and receive a retirement
benefit effective as of his Normal Retirement Date. If the Participant remains
in the employ of the Employer or any Related Employer after his Normal
Retirement Date, he shall continue to be a Participant in the Plan until his
actual retirement. Such Participant shall be entitled to receive his account
balances under the Plan payable pursuant to Section 5.3.

SECTION 5.2.      DISABILITY RETIREMENT.

         If a Participant incurs a Disability and terminates employment with the
Employer and all Related Employers, his retirement shall be effective as of the
first day with respect to which he is entitled to receive benefits under the
Employer's long-term disability plan. Such disabled Participant shall be
entitled to receive his account balances under the Plan payable pursuant to
Section 5.3.

SECTION 5.3.      OPTIONAL FORMS OF DISTRIBUTION.

         Effective for Annuity Starting Dates on or after April 1, 2002, each
Participant entitled to receive a retirement benefit pursuant to this Article
may elect to have his vested account balances distributed in the form of a lump
sum, installments (as described below) or in a combination of such methods of
distribution at the time and in the manner described in Section 5.5 and as
described below.

         Effective for Annuity Starting Dates before April 1, 2002, each
Participant entitled to receive a retirement benefit pursuant to this Article
may elect to have his vested account balances distributed under any one of the
following optional methods of distribution at the time and in the manner
described in Section 5.5.

         (a)      Annuity: An annuity payable over a period not extending beyond
                  either the life of the Participant (or the lives of the
                  Participant and his designated Beneficiary) or the life
                  expectancy of the Participant (or the life expectancy of the
                  Participant and his designated Beneficiary).

                                       38
<PAGE>

         (b)      Lump Sum: Payment of the Participant's interest in the Plan in
                  a single sum in cash and/or shares of Employer Stock to the
                  extent the Participant's accounts are made up of investments
                  in Employer Stock.

         (c)      Installments from Trust Fund: Payment of such amount to the
                  Participant in approximately equal monthly, quarterly,
                  semi-annual or annual installments over a period elected by
                  the Participant of not more than 30 years. A Participant,
                  Inactive Participant or Beneficiary may change the frequency
                  with which installment payments are made once in each calendar
                  year. The total amount credited to the accounts of the
                  Inactive Participant shall remain in the Fund and shall be
                  adjusted as of each Adjustment Date as provided in the Plan,
                  and such installments shall be modified to reflect such
                  adjustments. If the Participant dies prior to the exhaustion
                  of his accounts, the payments shall continue to his
                  Beneficiary in the manner chosen by the Participant subject to
                  the provisions of Section 5.9.

         (d)      Combination: A combination of a lump sum payment (in cash
                  and/or in shares of Employer Stock to the extent the
                  Participant's accounts are made up of investments in Employer
                  Stock) and an annuity or installments.

         Any benefits payable in the form of an annuity shall be purchased from
a legal reserve life insurance company with the total amount credited to the
accounts of the Participant. Such annuity shall comply with the distribution
requirements of Code Section 401(a)(9) and the regulations thereunder.

         In no event shall payments under any optional method extend beyond the
later of the lifetime of the Participant, the lifetime of the Participant and
the Participant's Beneficiary, the life expectancy of the Participant or the
joint life expectancies of the Participant and his Beneficiary.

         Notwithstanding any provision of the Plan to the contrary, effective as
of the date of the signing of this restatement of the Plan, the Plan will apply
the minimum distribution requirements of Code Section 401(a)(9) in accordance
with the regulations under Code Section 401(a)(9) that were proposed on January
17, 2001 (the "2001 Proposed Regulations"). If the total amount of distributions
made to an individual for 2001 are equal to or greater than the amount of the
required minimum distributions determined under the 2001 Proposed Regulations,
then no additional distributions are required for such individual for 2001. If
the total amount of distributions made to an individual for 2001 are less than
the amount of the required minimum distributions determined under the 2001
Proposed Regulations, then the amount of required minimum distributions for such
individual for 2001 will be determined so that the total amount of required
minimum distributions for 2001 is the amount determined under the 2001 Proposed
Regulations. This provision shall continue in effect until the last calendar
year beginning before

                                       39
<PAGE>

the effective date of the final regulations under Code Section 401(a)(9) or such
other date as may be published by the Internal Revenue Service.

SECTION 5.4.      PAYMENT OF SMALL BENEFITS.

         Notwithstanding the above, if a Participant's vested interest in all
accounts other than his Employee Rollover Contribution Account is less than or
equal to $5,000, then payments shall be made to the Participant in a lump sum or
installments as soon as practicable following termination of employment with the
Employer and all Related Employers.

SECTION 5.5.      ELECTION OF OPTION.

         A payment option as set forth in Section 5.3 shall be elected, changed
or revoked by the Participant, his guardian, or attorney-in-fact, by written
notice filed with the Plan Administrator during the election period specified
below, provided, however:

         (a)      A beneficiary under an option with benefits payable for a
                  period certain may be changed by written notice to the Plan
                  Administrator.

         (b)      For periods before April 1, 2002, a married Participant shall
                  be deemed to have elected a joint and one-half life survivor
                  annuity with his spouse as his Beneficiary unless he makes an
                  affirmative election not to take such an annuity. A joint and
                  one-half survivor annuity is an annuity that commences
                  immediately and is equal in value to a single life annuity.
                  Under a joint and one-half survivor annuity, annuity payments
                  continue to the Participant's Beneficiary following the
                  Participant's death at a rate equal to 50% of the rate at
                  which such payments were made to the Participant. A
                  Participant may elect to receive a smaller lifetime annuity
                  benefit with continuation of benefit payments to the
                  Participant's Beneficiary at a rate of 75% or 100% of the rate
                  payable to the Participant during his or her lifetime. Such
                  alternative benefit shall be equal in actuarial value to the
                  joint and one-half survivor annuity.

         (c)      If the Beneficiary under a joint and one-half survivor option
                  dies before the commencement of payments, the election shall
                  be inoperative.

         (d)      For periods before April 1, 2002, if a timely election shall
                  not have been made, payment shall be made in a life annuity to
                  an unmarried Participant, unless otherwise provided herein.

                  For purposes of this Section 5.5, a former spouse will be
                  treated as the spouse to the extent provided under a qualified
                  domestic relations order as described in Code Section 414(p).

         Notwithstanding the above, any election by a Participant pursuant to
(b) above not to provide a joint and one-half (or greater) survivor annuity with
his spouse as the named Beneficiary shall not take effect unless the
Participant's spouse consents in writing to such election and the consent

                                       40
<PAGE>

acknowledges the effect of such election. The spouse's consent must be witnessed
by a Plan representative or a notary public or it must be established to the
satisfaction of a Plan representative that the consent cannot be obtained
because there is no spouse, because the spouse cannot be located or because of
such other circumstances as the Secretary of the Treasury may prescribe by
regulations.

SECTION 5.6.      ELECTION PERIOD.

         A Participant may elect the method of benefit payment during the 90-day
period ending on his Annuity Starting Date. Any election made during the
election period shall be revocable, and another such election may be made at any
time prior to the close of the election period, at which time the last such
election, which shall have been made, shall be irrevocable. Any such election,
and any revocation thereof, shall be made by notice in writing to the Plan
Administrator in a form, which is satisfactory to the Plan Administrator.

SECTION 5.7.      INFORMATION TO BE GIVEN PARTICIPANTS.

         Consistent with regulations prescribed by the Secretary of the Treasury
and no less than 30 days and no more than 90 days before a Participant's Annuity
Starting Date, a written statement shall be mailed or personally delivered to
him setting forth a general description of the distribution options under the
Plan and in the case of Annuity Starting Dates before April 1, 2002, a
description of the joint and one-half survivor annuity, as well as the
circumstances under which it shall be provided unless the Participant shall
elect another form of payment, the availability of such election, and a general
explanation of the financial effect of such election. Such written statement
shall also include a statement of the rights of the Participant's spouse to the
extent required by Section 5.5. Statements with respect to Annuity Starting
Dates before April 1, 2002 shall further notify the Participant that he may
request in writing at any time during the election period specified above, an
additional written statement of the terms and conditions of the joint and
one-half survivor annuity and the financial effect of payment in some method
other than the joint and one-half survivor annuity. Distribution may commence
less than 30 days after the notice described above is given, provided the Plan
Administrator clearly informs the Participant that the Participant has a right
to a period of at least 30 days after receiving the notice to consider the
decision of whether to elect a distribution (and, if applicable, a particular
distribution option), and

                                       41
<PAGE>

the Participant, after receiving the notice, affirmatively elects a distribution
and such distribution commences at least 7 days after the written statement
described above was provided.

SECTION 5.8.      WAIVER ELECTIONS.

         For Annuity Starting Dates before April 1, 2002, within a reasonable
period of time (consistent with regulations prescribed by the Secretary of the
Treasury) before the date a distribution of a Participant's interest is to be
made, the Plan Administrator shall provide the Participant a written explanation
of the terms and conditions of the joint and one-half survivor annuity, the
Participant's right to make, and the effect of, an election to waive the joint
and one-half survivor form of benefit, the rights of the Participant's spouse
regarding the waiver election and the Participant's right to make, and the
effect of, a revocation of a waiver election. A Participant's waiver election is
not valid unless:

         (a)      the Participant makes the waiver election within the period
                  that begins on the first day of the 90-day period ending on
                  the Annuity Starting Date and ends on the later of the Annuity
                  Starting Date or the 30th day after the Plan Administrator
                  provides the Participant with the written statement described
                  in Section 5.7 (unless the Participant waives such 30-day
                  requirement as provided in Section 5.7), and

         (b)      the Participant's spouse has consented in writing to the
                  waiver election, the spouse's consent acknowledges the effect
                  of the election, a notary public witnesses the spouse's
                  signature on the consent and, where applicable, such election
                  designates a Beneficiary which may not be changed without the
                  spouse's consent or the spouse expressly permits a designation
                  by the Participant without any requirement of further consent
                  of the spouse.

SECTION 5.9.      COMMENCEMENT OF BENEFITS.

         (a)      In accordance with Code Section 401(a)(14), unless the
                  Participant elects otherwise, benefits under the Plan must
                  begin no later than the 60th day after the close of the Plan
                  Year in which the latest of the following events occurs:

                  (1)      the Participant attains Normal Retirement Age,

                  (2)      the Participant terminates his service with the
                           Employer, or

                  (3)      the tenth anniversary of the year in which the
                           Participant commences participation in the Plan.

         (b)      A Participant may elect to receive his vested benefits under
                  the Plan at any time following termination of employment with
                  the Employer and all Related Employers (including at any time
                  following the time for distribution provided in (a) above),
                  but must begin receiving benefits no later than the
                  Participant's Required Beginning Date, as defined in (c)
                  below.

                                       42
<PAGE>

         (c)      The Required Beginning Date of a Participant is generally the
                  April 1 of the calendar year following the later of the
                  calendar year in which the Participant (1) attains age 70 1/2
                  or (2) retires.

                  The Required Beginning Date of a Participant who is a 5% owner
                  during any year beginning after December 31, 1979, is the
                  April 1 following the calendar year in which the Participant
                  attains age 70 1/2.

                  For purposes of this Section, a Participant is considered a 5%
                  owner if such Participant is a 5% owner as defined in Section
                  10.3(c) without regard to whether the Plan is top-heavy, in
                  any Plan Year beginning with the Plan Year in which the
                  Participant attains age 66 1/2.

                  Once distributions have begun to a 5% owner under this
                  Section, they must continue to be distributed, even if the
                  Participant ceases to be a 5% owner in a subsequent year.

         (d)      A Participant may elect to receive benefits under the Plan as
                  of the April 1 following the calendar year in which he attains
                  age 70 1/2, regardless of whether he has terminated employment
                  with the Employer and all Related Employers.

SECTION 5.10.     CONSENT REQUIREMENT.

         Notwithstanding anything in the Plan to the contrary, no distribution
shall commence to a Participant prior to age 65 without the written consent of
the Participant, unless his total vested account balance in all accounts other
than his Employee Rollover Contribution Account does not exceed $5,000. The
consent of the Participant shall be obtained in writing within the 90-day period
ending on the Annuity Starting Date. The Plan Administrator shall notify the
Participant of the right to defer any distribution until the date a distribution
is required under Section 5.9. Such notification shall include a general
description of the material features, and an explanation of the relative values
of, the optional forms of benefit available under the Plan and shall be provided
no less than 30 days and no more than 90 days prior to the Annuity Starting
Date. However, distribution may commence less than 30 days after the notice
described in the preceding sentence is given, provided the Plan Administrator
clearly informs the Participant that the Participant has a right to a period of
at least 30 days after receiving the notice to consider the decision of whether
or not to elect a distribution (and, if applicable, a particular distribution
option), and the Participant, after receiving the notice, affirmatively elects a
distribution.

                                       43
<PAGE>

         Notwithstanding the above, with respect to an Annuity Starting Date
before April 1, 2002, spousal consent is not required if the distribution is in
the form of a joint and one-half (or greater) survivor annuity.

SECTION 5.11.     ROLLOVER OF DISTRIBUTIONS.

         Notwithstanding any provision of the Plan to the contrary, a
Distributee may elect, at the time and in the manner prescribed by the Plan
Administrator, to have any portion of an Eligible Rollover Distribution paid
directly to an Eligible Retirement Plan specified by the Distributee in a Direct
Rollover, provided, however, with respect to any portion of an Eligible Rollover
Distribution attributable to after-tax contributions an Eligible Retirement Plan
shall include only an individual retirement account or annuity described in Code
Section 408(a) or 408(b) or a qualified defined contribution plan described in
Code Section 401(a) or 403(a) that agrees to account separately for amounts so
transferred, including separately accounting for the portion of such
distribution that is includable in gross income and the portion of such
distribution that is not so includable.

SECTION 5.12.     TRANSITION RULE.

         Notwithstanding the above distribution requirements, distribution on
behalf of any Participant, including a 5% owner, may be made in accordance with
all of the following requirements (regardless of when such distribution
commences):

         (a)      The distribution by the trust is one, which would not have
                  disqualified such trust under Code Section 401(a)(9) as in
                  effect prior to amendment by the Deficit Reduction Act of
                  1984.

         (b)      The distribution is in accordance with a method of
                  distribution designated by the Participant whose interest in
                  the trust is being distributed or if the Participant is
                  deceased, by a Beneficiary of such Participant.

         (c)      Such designation was in writing, was signed by the Participant
                  or the Beneficiary, and was made before January 1, 1984.

         (d)      The Participant had accrued a benefit under the Plan as of
                  December 31, 1983.

         (e)      The method of distribution designated by the Participant or
                  the Beneficiary specifies the time at which distribution will
                  commence, the period over which distributions will be made,
                  and, in the case of any distribution upon the Participant's
                  death, the Beneficiaries of the Participant listed in order of
                  priority.

                                       44
<PAGE>

         Unless paid to a surviving spouse under a qualified joint and survivor
annuity, the method of distribution selected must assure that at least 50% of
the present value of the amount available for distribution is paid within the
life expectancy of the Participant.

         A distribution upon death will not be covered by this transition rule
unless the information in the designation contains the required information
described above with respect to the distributions to be made upon the death of
the Participant.

         For any distribution that commenced before January 1, 1984 but
continued after December 31, 1983, the Participant or Beneficiary to whom such
distribution is being made will be presumed to have designated the method of
distribution under which the distribution is being made if the method of
distribution was specified in writing and the distribution satisfies the
requirements in subsections (a) and (e) above.

         If a designation is revoked, any subsequent distribution must satisfy
the requirements of the preceding subsections of this Section. Any changes in
the designation will be considered to be a revocation of the designation.
However, the mere substitution or addition of another Beneficiary (one not named
in the designation) under the designation will not be considered to be a
revocation of the designation, so long as such substitution or addition does not
alter the period over which distributions are to be made under the designation,
directly or indirectly (for example, by altering the relevant measuring life).

SECTION 5.13.     VALUATION OF ACCOUNTS FOR DISTRIBUTIONS.

         The value of a Participant's account for purposes of any distribution
made pursuant to the Plan shall be determined as of the Adjustment Date with
respect to which such distribution is actually processed.

                                       45
<PAGE>

                                   ARTICLE 6

                                 DEATH BENEFITS

SECTION 6.1. DEATH PRIOR TO ANNUITY STARTING DATE.

      If a Participant dies prior to his Annuity Starting Date, his Beneficiary
shall be entitled to receive the balance of the Participant's vested accounts,
if any, determined as of the Adjustment Date coincident with or next following
his death. Such amount shall be paid to the Beneficiary or applied for his
benefit in a manner selected by the Beneficiary in accordance with Sections 5.3
and 5.9 and this Article 6.

      Any interest to which a designated Beneficiary is entitled under this
Section will be paid (1) over a period not exceeding the longer of the lifetime
or life expectancy of the Beneficiary, provided such payment commences within
one year after the Participant's death, or (2) in its entirety within five years
after the Participant's death.

     Notwithstanding the above, if the spouse is the designated Beneficiary,
distributions will not be required to begin under item (1) above earlier than
the date on which the deceased Participant would have attained age 70 1/2. If
the surviving spouse dies before distributions to such spouse are required to
begin, the benefit due shall be paid to the spouse's Beneficiary pursuant to the
preceding paragraph by reference to the spouse's date of death. The spouse may
elect to have distributions commence within the 90-day period following the date
of the Participant's death.

      If the Participant's designated Beneficiary or spouse, if any, does not
survive the Participant, or if a single Participant fails to name a Beneficiary,
such payments will be made to the Participant's estate in a lump within five
years after the Participant's death. If a Beneficiary is receiving or is
entitled to receive payments from the Plan and dies before receiving all of the
payments due him, any remaining payments shall be made to the contingent
Beneficiary, if any, in a lump sum. If there is no contingent Beneficiary, the
remaining payments shall be made to the estate of the Beneficiary in a lump sum,
provided, however, that in the case of a spouse Beneficiary, such spouse may
elect a Beneficiary to receive any remaining payments. If payment is being made
to a contingent Beneficiary who dies, the remaining payments shall be made to
the estate of the contingent Beneficiary in a lump sum.

                                       46
<PAGE>
SECTION 6.2.    DEATH FOLLOWING THE ANNUITY STARTING DATE.

         If a Participant dies after the Annuity Starting Date, payments (if any
are appropriate) shall be made in accordance with the method of payment elected
by the Participant pursuant to Section 5.5 and Code Section 401(a)(9) and the
regulations thereunder.

SECTION 6.3.    DESIGNATION OF BENEFICIARY.

         Each Participant may name a Beneficiary on a form provided by the Plan
Administrator and delivered to the Plan Administrator. Such designation may
include more than one person with one or more secondary or contingent
Beneficiaries and shall be subject to change upon written request of such
Participant in the same manner as the original designation.

         A married Participant shall be deemed to have designated his spouse as
his Beneficiary unless he makes an alternative Beneficiary designation and the
spouse of such Participant consents in writing to another named Beneficiary in
accordance with Section 6.4.

SECTION 6.4.    SPOUSAL CONSENT FOR BENEFICIARY DESIGNATION.

         Any election by a Participant to name a Beneficiary other than his
spouse shall be invalid unless:

         (a)      (1)      the spouse consents in writing to such election,

                  (2)      such election designates a Beneficiary that may not
                           be changed without the spouse's consent or the spouse
                           expressly permits a designation by the Participant
                           without any requirement of further consent of the
                           spouse,

                  (3)      the spouse's consent acknowledges the effect of such
                           election, and

                  (4)      the spouse's consent is witnessed by a Plan
                           representative or a notary public, or

         (b)      It is established to the satisfaction of a Plan representative
that the consent of the spouse cannot be obtained because the spouse cannot be
located, or because of such other circumstances as the Secretary of the Treasury
may by regulations prescribe.

         (c)      Any consent by a spouse, or the establishment that the consent
of a spouse may not be obtained, shall be effective only with respect to such
spouse.

                                       47
<PAGE>

SECTION 6.5.    PAYMENT OF SMALL DEATH BENEFITS.

         Notwithstanding the above, if the Participant's vested interest in his
accounts other than his Employee Rollover Contribution Account is less than or
equal to $5,000, then payments shall be made to the spouse or other named
Beneficiary in a lump sum as soon as administratively practicable after the
Participant's death.

SECTION 6.6.    QUALIFIED DOMESTIC RELATIONS ORDER.

         For purposes of this Article 6, a former spouse will be treated as the
spouse to the extent provided under a qualified domestic relations order as
described in Code Section 414(p) and Section 13.1.

                                       48
<PAGE>

                                    ARTICLE 7

                                     VESTING

         (a)      Each Participant shall have a fully vested interest in his
                  Employee Deferral Contribution Account, his Employee After-Tax
                  Contribution Account, his Employee Rollover Contribution
                  Account, his Qualified Matching Contribution Account and his
                  Qualified Nonelective Contribution Account at all times.

         (b)      Service after five consecutive one-year Breaks in Service
                  shall not be used to increase a Participant's vested interest
                  in his Employer Matching Contribution Account or his Employer
                  Discretionary Contribution Account as they existed prior to
                  the five consecutive one-year Breaks in Service.

         (c)      Each Participant shall be fully vested in his Employer
                  Matching Contribution Account and Employer Discretionary
                  Contribution Account upon the first to occur of the following:

                  (1)      Attainment of his Normal Retirement Age while
                           employed by the Employer or any Related Employer
                           (whether or not the Participant actually retires);

                  (2)      The date on which he first qualifies for Disability
                           retirement;

                  (3)      The date of his death while employed by the Employer
                           or any Related Employer; or

                  (4)      The date of completion of six (6) or more Years of
                           Service.

         (d)

                           A Participant credited with at least one Hour of
                           Service on or after January 1, 2002 shall be vested
                           in the applicable percentage of his Employer Matching
                           Contribution Account and Employer Discretionary
                           Contribution Account as follows:
<TABLE>
<CAPTION>
                                 Number of Years
                                    of Service          Percentage
                           --------------------------   ----------
                           <S>                          <C>
                            Less than 2                     0%
                              2                            20%
                              3                            40%
                              4                            60%
                              5                            80%
                              6 or more                   100%
</TABLE>

                                       49
<PAGE>

                  A Participant who is not credited with at least one Hour of
                  Service on or after January 1, 2002 will be vested in the
                  applicable percentage of his Employer Matching Contribution
                  Account and

                  Employer Discretionary Contribution Account as follows:
<TABLE>
<CAPTION>
                         Number of Years
                            of Service                Percentage
                         ---------------              ----------
                           <S>                        <C>
                            Less than3                      0%
                               3                           25%
                               4                           50%
                               5                           75%
                               6 or more                  100%
</TABLE>

         (e)      Notwithstanding the above, an Employer matching contribution
                  shall not be treated as forfeitable merely because such
                  contribution is forfeitable if the contribution to which the
                  matching contribution relates is treated as an excess deferral
                  under Section 4.2, an Excess Contribution under Section 4.9,
                  or an Excess Aggregate Contribution under Section 4.10.

         (f)      Each Participant shall be fully vested in the amount credited
                  to his Gray Communications Transfer Account and in the
                  subaccounts thereof.

                                       50
<PAGE>
                                   ARTICLE 8

                        DISTRIBUTIONS PRIOR TO RETIREMENT

SECTION 8.1.    WITHDRAWAL OF EMPLOYER CONTRIBUTIONS.

         Twice per calendar year, upon application to the Plan Administrator, a
Participant may withdraw all or any portion of the value of his vested interest
in his Employer Matching Contribution Account but only to the extent of amounts
that have been credited to such account for at least two years prior to the
distribution. The amount of any distribution pursuant to this Section cannot be
less than $500 (or, if less, the entire amount of the account eligible for
withdrawal.) If a Participant makes such a withdrawal, he shall not be allowed
to make Employee deferrals until the Entry Date that is three (3) full calendar
months after the date of withdrawal.

         If such a distribution is made at a time when a Participant is less
than 100% vested in the Employer Matching Contribution Account, then at any
future date his vested interest in the account from which the distribution was
made will be determined by applying the following formula to that account.

             X =  P(AB + D) - D

         Where:   X is the Participant's vested interest at the relevant date.
                  P is the Participant's vested percentage at the same relevant
                  date.
                  AB is the Participant's account balance on that relevant date.
                  D is the amount of the distribution(s) previously made.

SECTION 8.2.    WITHDRAWAL AT AGE 59 1/2.

         After attaining age 59 1/2, upon application to the Plan Administrator,
a Participant may withdraw all or any part of his Employee Deferral Account,
Qualified Nonelective Contribution Account and Qualified Matching Contribution
Account.

SECTION 8.3.    WITHDRAWAL OF EMPLOYEE AFTER-TAX CONTRIBUTIONS AND EMPLOYEE
                ROLLOVER CONTRIBUTIONS.

         Upon application to the Plan Administrator, a Participant may withdraw
all or any portion of his Employee After-Tax Contribution Account and/or his
Employee Rollover Contribution

                                       51
<PAGE>

Account. The amount of any distribution pursuant to this Section cannot be less
than $500 (or, if less, the entire amount of the account eligible for
withdrawal.)

SECTION 8.4.    WITHDRAWAL AFTER NORMAL RETIREMENT AGE.

         A Participant who attains his Normal Retirement Age and continues as an
Employee of the Employer or any Related Employer may, upon written request to
the Plan Administrator, withdraw all or any part of his Employer Discretionary
Contribution Account.

SECTION 8.5.    TERMINATION OF EMPLOYMENT BEFORE RETIREMENT.

         If a Participant terminates employment with the Employer and all
Related Employers before he is eligible for a retirement benefit under Section
5.1 or 5.2, his vested percentage will be determined pursuant to Article 7. If
such Participant's vested interest in all his accounts other then his Employee
Rollover Account exceeds $5,000, then his vested interest shall be held in the
Trust until the date the Participant becomes eligible for and elects to receive
(1) a Disability retirement benefit under Section 5.2 or (2) a normal retirement
benefit under Section 5.1, provided, however that such a Participant may request
a distribution to be paid as soon as administratively feasible after he
terminates employment or may delay distribution in accordance with Section 5.9.
Benefits will be paid as provided in Article 5. If such Participant's vested
interest in all his accounts other than his Employee Rollover Account has not
exceeded $5,000 at the time of any distribution, then his vested interest shall
be paid to him as soon as administratively feasible after he terminates
employment. With respect to distributions from the Employee Deferral Account, a
Participant "terminates employment" upon a "severance from employment" within
the meaning of Code Section 401(k)(2)(B)(i)(I), regardless of when the severance
from employment occurred.

         Any portion of a Participant's Employer Matching Contribution Account
and Employer Discretionary Contribution Account, which is not vested under
Article 7, shall be forfeited upon the first to occur of five consecutive
one-year Breaks in Service or the distribution of the Participant's entire
vested interest in all of his accounts. Any Forfeitures attributable to the
Participant's Employer Matching Contribution Account shall be used to reinstate
any forfeited Employer Matching and Discretionary Contribution Accounts pursuant
to Section 8.7. Any such remaining Forfeitures will be used as of such
Adjustment Date to reduce Employer matching contributions. Any Forfeitures
attributable to the Participant's Employer Discretionary

                                       52
<PAGE>
Contribution Account shall be allocated as Employer discretionary contributions
pursuant to Section 4.4.

SECTION 8.6.    DEEMED DISTRIBUTION.

         Any individual whose employment with the Employer and all Related
Employers has terminated prior to that individual obtaining any nonforfeitable
accrued benefit under the Plan shall be treated as having been cashed-out of the
Plan on his termination date, and his status as a Participant in the Plan shall
cease as of that date, subject to his right to again commence participation, as
otherwise provided by the Plan.

SECTION 8.7.    VESTING WHEN A PARTICIPANT TERMINATES EMPLOYMENT, RECEIVES A
                DISTRIBUTION AND IS REHIRED PRIOR TO FIVE CONSECUTIVE ONE-YEAR
                BREAKS IN SERVICE.

         If a Participant receives a distribution due to his termination of
participation in the Plan, forfeits his nonvested interest and is rehired prior
to the date on which the number of his consecutive one-year Breaks in Service
equals or exceeds five, he will be given the opportunity to repay all amounts
derived from Employer contributions distributed to him. Following such
repayment, the Employer Matching Contribution Account and Employer Discretionary
Contribution Account of the Participant shall be restored to their values as of
the date of the distribution. All such repayments must be made before the
earlier of (1) the Participant incurs five consecutive one-year Breaks in
Service commencing after such distribution or (2) the fifth anniversary of the
date the Participant is rehired. If a terminated Participant is deemed to have
received a distribution pursuant to Section 8.6 and resumes employment covered
under the Plan before incurring five consecutive one-year Breaks in Service, the
Participant's accounts will be restored to their values as of the date of the
deemed distribution.

         Any restoration required will come from the following sources in the
order listed: (1) Forfeitures, (2) income or gain to the Plan, (3) Employer
contributions. Contributions may be made for such reinstatement even if the
Employer has no current or accumulated Net Profits.

SECTION 8.8.    HARDSHIP DISTRIBUTIONS.

         In case of hardship, any Participant may apply to the Plan
Administrator for distribution of all or a portion of the value of his (1)
Employee Deferral Account as of the later of December 31, 1988 or the end of the
last Plan Year ending before July 1, 1989, plus any subsequent deferrals

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<PAGE>
(not including any gain on such deferrals), (2) Qualified Nonelective
Contribution Account and (3) Qualified Matching Contribution Account, in such
order. As used in this Section, a "hardship" will be deemed to exist if the
distribution is necessary in light of immediate and heavy financial needs of the
Participant and if funds to alleviate such financial needs are not reasonably
available from other resources of the Participant.

         A distribution will be deemed to be made on account of an immediate and
heavy financial need of the Participant only if the distribution is on account
of:

         (1)      Expenses for medical care described in Code Section 213(d)
                  incurred by the Participant, the Participant's spouse, or any
                  dependents of the Participant (as defined in Code Section 152)
                  or necessary for these persons to obtain medical care
                  described in Code Section 213(d).

         (2)      Costs directly related to the purchase of a principal
                  residence for the Participant (excluding mortgage payments).

         (3)      Payment of tuition, related educational fees, and room and
                  board expenses for the next twelve months of post-secondary
                  education for the Participant, his or her spouse, children, or
                  dependents (as defined in Code Section 152).

         (4)      Payments necessary to prevent the eviction of the Participant
                  from his principal residence or foreclosure on the mortgage of
                  the Participant's principal residence.

         (5)      Such other needs as may be allowable under Treasury
                  Regulations, revenue rulings, notices, and other documents of
                  general applicability.

         A distribution deemed to be necessary to satisfy an immediate and heavy
financial need of a Participant is not reasonably available from other resources
of the Participant if all of the following requirements are satisfied:

         (1)      The distribution is not in excess of the amount of the
                  immediate and heavy financial need of the Participant. The
                  amount of an immediate and heavy financial need may include
                  any amounts necessary to pay any federal, state, or local
                  income taxes or penalties reasonably anticipated to result
                  from the distribution.

         (2)      The Participant has obtained all distributions, other than
                  hardship distributions, and all nontaxable (at the time of the
                  loan) loans currently available under all plans maintained by
                  the Employer.

         (3)      The Plan, and all other plans maintained by the Employer and
                  Related Employers, provides that the Participant may not make
                  elective deferrals for the Participant's taxable year
                  immediately following the taxable year of the hardship
                  distribution in excess of the applicable limit under Code
                  Section 402(g) for such next taxable year less the amount of
                  such Participant's elective deferrals for the taxable year of
                  the hardship distribution.

                                       54
<PAGE>

         (4)      The Participant is prohibited, under the terms of the Plan or
                  an otherwise legally enforceable agreement, from making
                  elective contributions and Employee contributions to the Plan
                  and all other qualified and nonqualified plans providing for
                  deferred compensation maintained by the Employer or any
                  Related Employer for six months after receipt of the hardship
                  distribution. With respect to a hardship distribution made
                  during the period from January 1, 2001 through December 31,
                  2001, the foregoing prohibition on contributions shall apply
                  for the period ending on the later of January 1, 2002 or six
                  months after receipt of the hardship distribution.

         If the Plan Administrator, based on the above standards, reasonably
determines a hardship exists or is imminent, he may direct the distribution of
hardship benefits as of the Adjustment Date coincident with or next succeeding
the determination of hardship, provided, that interim payments may be made if
necessary. The hardship distribution shall be made in a lump-sum payment and
shall not cause a suspension of Employer contributions, unless otherwise
required as a condition of receiving such distribution.

         The Participant may elect to waive the 30-day notice period regarding
distributions under Code Section 417 in accordance with the last sentence of
Section 5.10 after being clearly informed that he has the right to a period of
at least 30 days after receiving the notice to consider whether to elect a
distribution.

         The amount of any hardship distribution under this Section shall not
exceed the lesser of:

         (a)      An amount as determined by the Plan Administrator to be
                  sufficient to alleviate the hardship, or

         (b)      The value of the Participant's Employee Deferral Account as of
                  December 31, 1988, plus any Employee deferrals after that
                  date, but not to exceed the value of his account balance
                  reduced by the value of any portion of such balance that
                  secures any outstanding loans.

         The Plan Administrator shall apply the provisions of this Section on a
uniform and consistent basis to all Participants in similar circumstances, shall
make any rules or regulations as necessary and shall prescribe the use of such
forms or any other powers he deems necessary to properly carry out the provision
and intent of this Section.

SECTION 8.9.    LOANS TO PARTICIPANTS.

         (a)      At the request of a Participant to whom loans must be made
                  available under Department of Labor Regulations, the Plan
                  Administrator, in its sole discretion, may lend such
                  individual an amount which, when added to the individual's
                  outstanding

                                       55
<PAGE>

                  loans from the Plan and any other plan maintained by this
                  Employer or a Related Employer, is not in excess of the lesser
                  of:

         (1)      $50,000, reduced by the excess (if any) of:

                  (A)      The highest outstanding balance of loans from the
                           Plan during the one-year period ending on the day
                           before the date on which such loan was made, over

                  (B)      The outstanding balance of loans from the Plan on the
                           date on which such loan was made, or

         (2)      Fifty percent of his vested interest in his account balances
                  as of the Adjustment Date coinciding with or immediately
                  preceding the date of the loan.

                  In no event, however, shall a loan be made to an individual if
                  the granting of such loan would cause the Plan to violate the
                  nondiscrimination requirements of Code Section 401(a)(4).

                  All decisions by the Plan Administrator on loan applications
                  shall be made on a reasonably equivalent, uniform and
                  nondiscriminatory basis. However, the Plan Administrator may
                  apply different terms and conditions for eligible borrowers
                  who are not actively employed by the Employer or a Related
                  Employer, or for whom payroll deduction is not available, and
                  the Plan Administrator may change the terms of an outstanding
                  loan to the extent required to comply with applicable law.

     (b)          All loans made pursuant to the above subsection (a) must be in
                  accordance with the following loan procedures:

         (1)      Responsible Party. The Plan Administrator shall be responsible
                  for all loans made under the Plan. The Plan Administrator may,
                  however, establish a loan committee to assist the Plan
                  Administrator in administering the loan program.

         (2)      Loan Application. An application for a loan shall be made in
                  writing to the Plan Administrator on a form approved by the
                  Plan Administrator.

         (3)      Amount of Loan. The minimum loan amount shall be $500. The
                  maximum loan amount shall be governed by this Section.

         (4)      Interest Rate. Each loan shall bear interest at a reasonable
                  rate established by the Plan Administrator as of the date the
                  loan is made. Such rate must be commensurate with the interest
                  rates charged by persons in the business of lending money for
                  loans that would be made under similar circumstances.

         (5)      Term of Loan. Except as otherwise provided below, the term of
                  any loan shall be set by mutual agreement between the Plan
                  Administrator and the borrower, but such term shall in no
                  event exceed five (5) years. Notwithstanding the above, the
                  term of any loan used to acquire a principal residence of a
                  Participant may exceed 5 years.

         (6)      Collateral. Each loan shall be made against collateral, such
                  collateral being the assignment of up to 50% of the borrower's
                  entire right, title and vested interest in

                                       56
<PAGE>

                  and to his accounts under the Plan represented by fraction,
                  the numerator of which is the amount of such loan and the
                  denominator of which is the borrower's account balances. Each
                  loan shall supported by the borrower's promissory note for the
                  amount of the loan, including interest, payable to the order
                  of the Trustee.

         (7)      Loan Repayment. Repayment of loans shall be made in equal
                  quarterly, monthly, semi-monthly or weekly installments by
                  payroll deduction as specified in the loan agreement.
                  Notwithstanding the foregoing, while a borrower is on an
                  unpaid Leave of Absence, he may suspend repayment for a period
                  of up to one year to the extent such suspension will not cause
                  the loan to violate the term requirements under item (5)
                  above, or he may continue to make loan repayments by cash or
                  check. Substantially level amortization (with payments not
                  less frequently than quarterly) is required over the term of
                  the loan.

         (8)      Number of Loans. Only one loan in any 3-month period shall be
                  made to a borrower, and a borrower may have up to 2 loans
                  outstanding at any one time, provided, however, that a
                  Participant with 3 loans outstanding as of December 31, 2001
                  may continue the loans then outstanding.

         (9)      Effect on Plan Assets. In the event of a loan, the amount of
                  such loan shall be removed from the Participant's Employee
                  After-Tax Contribution Account, Employee Deferral Account,
                  Employee Rollover Contribution Account and his Employer
                  Matching Contribution Account on a pro-rata basis and
                  transferred to a special loan account in the name of the
                  borrower. As of each Adjustment Date following the making of
                  the loan and until the loan is repaid, all payments on the
                  loan, including interest, shall be reallocated from the
                  Participant's loan account to the accounts specified in the
                  preceding sentence in accordance with the borrower's
                  investment election currently in effect.

         (10)     Default. In the event payments of principal and interest are
                  not made on a timely basis, the Plan Administrator may either
                  call the loan in full or charge a late penalty fee at such
                  rate as the Plan Administrator shall establish. If a loan is
                  called due to a default in payment of principal and interest,
                  the outstanding balance of the loan plus interest will be
                  deducted from the borrower's loan account at the time the
                  borrower or his Beneficiary receives a distribution from the
                  Plan.

         (11)     Loan Acceleration. All loans which a borrower has outstanding
                  will be immediately due and payable if the borrower terminates
                  employment. At that time, the current outstanding balance of
                  such loans, including interest, will be deducted from his loan
                  account. If the borrower terminates employment but is
                  permitted by the Plan Administrator to roll over a loan note
                  to an eligible retirement plan in a direct rollover pursuant
                  to Section 5.11, then the loan will not be immediately due and
                  payable, and the outstanding loan balance will not be deducted
                  from the loan account under this Section 8.9(b)(11).

         (12)     Loan Origination Fee. Each borrower shall be assessed a loan
                  origination fee in such amount as the Plan Administrator shall
                  determine which shall be collected at the time the loan is
                  made.

                                       57
<PAGE>

         (13)     Modification of Loan Procedures. The Plan Administrator may
                  add to, delete, or otherwise modify these loan procedures in
                  such manner as the Plan Administrator deems appropriate.

         (14)     Military Service. Loan repayments will be suspended during a
                  period of Qualified Military Service as defined in Section
                  4.12(i) hereof.

SECTION 8.10.   SPOUSAL CONSENT.

         Effective for periods before April 1, 2002, all withdrawals and loans
made pursuant to this Article 8 shall be subject to the spousal consent
requirements of Section 5.5.

SECTION 8.11.   ADMINISTRATOR RULES

         The Plan Administrator shall have the discretion to make such uniform
nondiscriminatory rules as he deems necessary or desirable to handle
distributions and loans under this Article 8, including, but not limited to,
rules regarding the manner and timing of distribution and loan requests.

                                       58
<PAGE>

                                    ARTICLE 9

                                    ACCOUNTS

SECTION 9.1.    ESTABLISHMENT OF ACCOUNTS.

         The Plan Administrator shall determine the Participants, Inactive
Participants, and Beneficiaries who are entitled to one or more of the
allocations hereinafter described, and shall, as of each Adjustment Date,
prepare a statement showing the information necessary to make the proper
allocation. This information shall include the full names of all Participants,
Inactive Participants, and Beneficiaries, the amount of Employer matching and
discretionary contributions, the amount of each Participant's deferral and
after-tax contributions and rollover contributions and the names of the Inactive
Participants whose employment has terminated, along with the dollar amounts any
of these Inactive Participants will forfeit and the date the Forfeitures will be
effective.

         The Plan Administrator shall maintain for each Participant a separate
Employee Deferral Account to record his interest in the Trust Fund that is
attributable to his deferrals, a separate Employer Matching Contribution Account
to record his interest in the Trust Fund that is attributable to Employer
matching contributions, a separate Employer Discretionary Contribution Account
to record his interest in the Trust Fund that is attributable to Employer
discretionary contributions, a separate Employee After-Tax Contribution Account
to record his interest in the Trust Fund that is attributable to Employee
after-tax contributions, a separate Employee Rollover Contribution Account to
record his interest in the Trust Fund that is attributable to Employee rollover
contributions, a separate Qualified Matching Contribution Account to record his
interest in the Trust Fund that is attributable to Qualified Matching
Contributions, and a separate Qualified Nonelective Contribution Account to
record his interest in the Trust Fund that is attributable to Qualified
Nonelective Contributions.

         The accounts of each Participant shall be made up of subaccounts
reflecting the Participant's investment elections. Each subaccount shall be
adjusted as provided in Section 9.3 of the Plan.

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<PAGE>

SECTION 9.2.      INVESTMENT ELECTIONS.

         Each Participant shall elect the manner in which his Employee after-tax
contributions, if any, Employee deferrals, rollover contributions, Employer
matching and discretionary contributions and Qualified Matching and Nonelective
Contributions are to be invested. Investment elections must be made in 1%
increments. In accordance with procedures established by the Plan Administrator,
any such election shall specify how any present balance, as of the day before
the effective date of the election, and/or any additional contributions, shall
be invested. The Committee shall, from time to time, designate the investment
funds available for Participant-directed investments pursuant to this Section.
Any accounts for which an investment election has not been made shall be
invested in the most conservative investment option available under the Plan as
determined in the sole discretion of the Plan Administrator. The Plan
Administrator shall have the discretion to make any rules related to investments
as he deems desirable, including, but not limited to, rules related to the form
and timing of investment elections.

SECTION 9.3.      ACCOUNT ADJUSTMENTS.

         The accounts of each Participant, Inactive Participant, and Beneficiary
shall be valued based on the number of units or shares of each Fund comprising
such accounts. The fair market value of each Fund shall be determined as of each
Adjustment Date. When a Participant's accounts are credited with an allocation
of any Employee deferrals and/or contributions and/or Employer contributions,
direct transfers from other qualified plans, rollover contributions, principal
and interest payments on any loans made to the Participant, and/or distribution
repayments pursuant to the buyback provisions of Article 8 and/or reallocated
Forfeitures, all in accordance with the terms of the Plan, the value of such
allocation shall be used to purchase units or shares and added to such
Participant's accounts. When any distributions, loans, withdrawals, Forfeitures,
transfers between Funds, and/or administrative fees are charged against the
accounts of a Participant, Inactive Participant, or Beneficiary in accordance
with the terms of the Plan, the number of units or shares equal in value to the
amount paid from such accounts shall be deducted from the outstanding units or
shares.

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<PAGE>

SECTION 9.4.    LIMITATION ON ANNUAL ADDITIONS.

         Notwithstanding the foregoing, annual additions to each Participant's
accounts under all defined contribution plans sponsored by the Employer or any
Related Employer for any Limitation Year shall not exceed the lesser of $40,000
(as adjusted for cost-of-living increases pursuant to Code Section 415(d)) or
100% of the Participant's compensation for such Limitation Year.

         Compensation, for purposes of this Section 9.4 and Sections 9.5 and
9.6, shall have the same meaning as the term "participant's compensation" as
defined under Code Section 415(c)(3) and the regulations thereunder.

         Annual additions shall mean the aggregate of Employer contributions,
Employee deferrals, Forfeitures, and the Participant's after-tax contributions
allocated to each Participant's accounts during the Limitation Year. Annual
additions shall also include amounts allocated, after March 31, 1984, to an
individual medical account, as defined in Code Section 415(l)(2), which is part
of a pension or annuity plan maintained by the Employer or a Related Employer
and amounts derived from contributions paid or accrued after December 31, 1985,
in taxable years ending after such date, which are attributable to
post-retirement medical benefits allocated to the separate account of a Key
Employee, as defined in Code Section 419A(d)(3), under a welfare benefit fund,
as defined in Code Section 419(e), maintained by the Employer or a Related
Employer.

         Excess deferrals that are distributed in accordance with Section 4.2
are not annual additions.

         If, due to the allocation of Forfeitures, a reasonable error in
estimating compensation, or a reasonable error in determining the amount of
deferrals that would be made for a Participant, the annual additions made to the
Plan on behalf of any Participant exceed the maximum, the Employer shall treat
the excess amount of such annual additions as follows until the Participant's
annual additions do no exceed the amount provided above:

         (a)      First, that portion of the Participant's after-tax
                  contributions (and earnings thereon) that causes the
                  Participant's accounts to exceed the maximum annual additions
                  shall be returned to the Participant.

         (b)      Second, that portion of the Participant's pre-tax deferrals
                  that causes the Participant's accounts to exceed the maximum
                  annual additions shall be returned to the Participant.

                                       61
<PAGE>

         (c)      Third, the Employer shall deposit into an individual suspense
                  account that portion of the amount in the Participant's
                  Employer Discretionary Contribution Account and Employer
                  Matching Contribution Account, in that order, that exceed the
                  maximum annual additions.

         (d)      The amount in the individual suspense account will be used to
                  reduce the Employer discretionary contributions and the
                  Employer matching contributions in that order for that
                  Participant for the next Limitation Year and any succeeding
                  Limitation Years as long as the Participant is covered by the
                  Plan at the end of the Limitation Year.

         (e)      If such Participant is not covered by the Plan at the end of
                  any Limitation Year, then such amounts shall be held
                  unallocated in a suspense account for the Limitation Year and
                  shall be allocated and reallocated in the next Limitation Year
                  (and succeeding Limitation Years, as necessary) to all of the
                  remaining Participants. Such amounts must be used to reduce
                  Employer contributions in the Limitation Year (and succeeding
                  Limitation Years, as necessary).

         (f)      If a suspense account is in existence at any time during a
                  Limitation Year pursuant to this Section, it will not
                  participate in the allocation of Trust investment gains and
                  losses pursuant to Section 9.3.

                                       62
<PAGE>
                                   ARTICLE 10

                            TOP-HEAVY PLAN PROVISIONS

SECTION 10.1.   DETERMINATION DATE.

         If, as of the Determination Date, the Plan is a Top-Heavy Plan, as
defined in Section 10.2, the provisions of this Article 10 shall apply.

         The Determination Date with respect to any Plan Year shall be the last
day of the preceding Plan Year, which shall also serve as the valuation date for
testing purposes.

SECTION 10.2.   TOP-HEAVY PLAN.

         (a)      The Plan shall be considered a Top-Heavy Plan, if, as of the
                  Determination Date, either

                  (1)      the aggregate of all account balances of Key
                           Employees under the Plan exceeds 60% of the sum of
                           all accounts of all Employees under the Plan
                           excluding former Key Employees, or

                  (2)      the Plan is part of a Top-Heavy Group, as defined in
                           Section 10.5.

                           Notwithstanding anything in this subsection (a), if
                           the Plan is part of an aggregation group, as defined
                           in Section 10.5, that is found not to be Top-Heavy,
                           then the Plan shall not be a Top-Heavy Plan.

         (b)      When determining whether the Top-Heavy rules apply for any
                  Plan Year:

                  (1)      Rollover contributions initiated by an Qualified
                           Employee and accepted by the Plan after December 31,
                           1983 will not be recognized with respect to the Plan
                           if the rollover contributions came from a plan not
                           maintained by an Employer or a Related Employer.

                  (2)      Any account balances for an Employee who is not
                           currently a Key Employee, but at one time was a Key
                           Employee, shall not be recognized for the Plan Year
                           ending on the Determination Date.

                  (3)      The account balances for an Employee shall include
                           aggregate distributions made with respect to such
                           Employee under the Plan during the one-year period
                           ending on the Determination Date, except for the
                           distributions made to former Key Employees excluded
                           above and distributions rolled over to a plan
                           maintained by the Employer or a Related Employer. The
                           preceding sentence shall apply to distributions under
                           a terminated plan that, had it not been terminated,
                           would have been aggregated

                                       63
<PAGE>

                           with the Plan under Code Section 416(a)(2)(B). In the
                           case of a distribution made for a reason other than
                           separation from service, death or disability, this
                           provision shall be applied by substituting "five-year
                           period" for "one-year period."

                  (4)      If an individual has not performed any service for
                           the Employer at any time during the one-year period
                           ending on the Determination Date, any accrued benefit
                           or account balance for such individual shall not be
                           taken into account.

SECTION 10.3.   KEY EMPLOYEE

         Key Employee shall mean any Employee or former Employee (including any
deceased employee) who, at any time during the Plan Year that includes the
Determination Date is:

         (a)      an officer of the Employer having an annual Compensation
                  greater than $130,000 (as it may be increased by the Secretary
                  of the Treasury for any applicable cost of living increases),
                  provided, however, that the maximum number of officers
                  considered Key Employees may not exceed (i) three if there are
                  less than 30 Employees, (ii) 10% of all Employees if there are
                  between 30 and 500 Employees, or (iii) 50 if there are more
                  than 500 Employees. Officers shall include only those
                  administrative executives who regularly and continuously serve
                  as such. Title alone shall not be determinative of officer
                  status;

         (b)      a 5% owner of the Employer, meaning any person who owns (or is
                  considered as owning within the meaning of Code Section 318)
                  more than 5% of the outstanding stock of the Employer; or

         (c)      a 1% owner of the Employer having an annual Compensation from
                  the Employer of more than $150,000, meaning any person who
                  owns (or is considered as owning within the meaning of Code
                  Section 318) more than 1% of the outstanding stock of the
                  Employer.

         For purposes of this Section 10.3, Employee shall mean any Employee of
the Employer or any employee of a Related Employer if the Plan is part of a
Top-Heavy Group with the plan of a Related Employer. Key Employee shall include
any beneficiary of a Key Employee, and former Key Employee shall include any
beneficiary of a former Key Employee.

         For purposes of subsection (b) and (c) above, the constructive
ownership rules of Code Section 318 shall be applied by substituting "five
percent" for "50 percent" in Code Section 318(a)(2).

         For purposes of determining 1% and 5% ownership, the aggregation rules
of Code Section 414(b), (c), and (m) shall not apply.

                                       64
<PAGE>

         Notwithstanding anything above, the criteria used in the determination
of Key Employees shall be consistent with Code Section 416, which is
incorporated herein by reference.

SECTION 10.4.   NON-KEY EMPLOYEE

         Non-Key Employee shall mean any Employee who is not a Key Employee.

SECTION 10.5.   TOP-HEAVY GROUP.

         (a)      Top-Heavy Group shall mean an aggregation group where the sum,
                  as of the Determination Date, of:

                  (1)      the present value of the cumulative accrued benefits
                           for Key Employees under any defined benefit plan
                           included in the group, and

                  (2)      the sum of the account balances of Key Employees
                           under any defined contribution plan included in the
                           group exceeds 60% of the same amount determined for
                           all Employees, excluding former Key Employees, under
                           all plans included in the group. If the Determination
                           Date for each plan in the aggregation group is not
                           the same, then the top-heavy status of the group will
                           be determined by adding the results for each separate
                           plan that falls within the same calendar year. All
                           plans maintained by the Employer (including plans
                           that have terminated) during the 5-year period ending
                           on a Determination Date must be considered in
                           determining the Top-Heavy Group as of that
                           Determination Date.

         (b)      The aggregation group shall include:

                  (1)      any plan of the Employer or a Related Employer in
                           which a Key Employee is a participant, and

                  (2)      any plan of the Employer or a Related Employer on
                           which a plan covering a Key Employee depends for
                           qualification under the requirements of Code Section
                           401(a)(4) or 410.

                  (3)      The aggregation group may also include, at the
                           election of the Employer, any plan of the Employer or
                           a Related Employer not required to be included in an
                           aggregation group if such group would continue to
                           meet the qualification requirements of Code Sections
                           401(a)(4) and 410. If such an aggregation group is
                           found not to be Top-Heavy, then no plan shall be
                           considered Top-Heavy. If the aggregation group is
                           found to be Top-Heavy, then all plans in the group,
                           except the plan that was not required to be included,
                           would be considered Top-Heavy Plans.

         (c)      The accrued benefit of a Participant other than a Key Employee
                  shall be determined under (1) the method, if any, that
                  uniformly applies for accrual purposes under all defined
                  benefit plans maintained by the Employer, or (2) if there is
                  no such method, as if such benefit accrued not more rapidly
                  than the slowest accrual rate permitted under the fractional
                  rule of Code Section 411(b)(1)(C).

SECTION 10.6.   MINIMUM CONTRIBUTIONS AND BENEFITS FOR TOP-HEAVY PLANS.

                                       65
<PAGE>

         If the Plan is or becomes a Top-Heavy Plan, then, notwithstanding the
provisions of Articles 4 and 9 and except as provided in the next paragraph of
this Section 10.6, the minimum Employer contribution for each Plan Year during
which the Plan is a Top-Heavy Plan to each Participant employed on the last day
of the Plan Year who is a Non-Key Employee shall be 3% of such Non-Key
Employee's compensation. The minimum Employer contribution shall be provided to
each such Participant regardless of the number of Hours of Service during the
Plan Year.

         This minimum Employer contribution shall not exceed the percentage of
contribution made, or required to be made, for such Plan Year on behalf of the
Key Employee for whom such percentage is the highest. Such highest percentage
shall be determined for each Key Employee by dividing the Employer contribution
for such Key Employee by his Compensation.

         For the purposes of this Section, Forfeitures shall constitute Employer
contributions. Amounts contributed as a result of a salary reduction agreement
shall also be counted as Employer contributions when determining contributions
made on behalf of Key Employees, but will not be taken into account for purposes
of satisfying the minimum contribution requirements. Employer matching
contributions shall be taken into account for purposes of satisfying the minimum
Employer contribution under the Plan or such other plan under which the minimum
Employer contribution is being met. Such Employer matching contributions shall
be treated as matching contributions for purposes of Code Section 401(m),
including the Actuarial Contribution Percentage test of Section 4.10.

         Notwithstanding the above, if an Employee is included in a unit of
Employees covered by an agreement which the Secretary of Labor finds to be a
collective bargaining agreement between Employee representatives and the
Employer and there is evidence that the retirement benefits of these Employees
were the subject of good faith bargaining between such Employees and the
Employer, then the provisions of this Article 10 shall not apply to that
Employee.

SECTION 10.7.   TOP-HEAVY AVERAGE COMPENSATION.

         Top-Heavy Average Compensation shall mean the average compensation paid
during the consecutive Top-Heavy Years of Service, not to exceed five years,
which produce the highest average compensation. For purposes of this Article,
compensation shall mean compensation as defined in Code Section 415(c)(3), but
including amounts contributed by the Employer pursuant to a salary reduction
agreement which are excludable from the Employee's gross income under

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Code Sections 125, 402(a)(8), 402(h) or 403(b) and effective January 1, 2001,
Code Section 132(f).

SECTION 10.8.   TOP-HEAVY YEARS OF SERVICE.

         Top-Heavy Years of Service shall mean Years of Service excluding Years
of Service completed in Plan Years in which the Plan was not a Top-Heavy Plan
and further excluding Years of Service completed in a Plan Year beginning before
January 1, 1984.

SECTION 10.9.   TOP-HEAVY GROUP MINIMUM CONTRIBUTION.

         In the case of a Top-Heavy Group consisting of both defined benefit and
defined contribution plans, the required minimum Employer contribution for each
Top-Heavy Plan Year shall be satisfied by the minimum benefit under the defined
benefit plan of the Employer.

         The required minimum accrued benefit or Employer contribution for each
Top-Heavy Year of Service for Employees who do not participate in the Plan but
who participate in another plan of the Top-Heavy Group shall be satisfied by
providing the minimum accrued benefit or contribution under that plan.

         If the Employer maintains another qualified plan that provides a
minimum benefit or contribution, then the minimum benefit or contribution
provided under the Plan shall not, when combined with the benefit or
contribution provided by the other plan, exceed the amount required by Code
Section 416(c).

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                                   ARTICLE 11

                           ADMINISTRATION OF THE PLAN

SECTION 11.1.   MEMBERSHIP OF COMMITTEE.

         The Board shall appoint one or more Committees (referred to
collectively herein as the "Committee") to be responsible for the general
administration and interpretation of the Plan and for carrying out its
provisions, except to the extent all or any of such obligations are specifically
imposed on the Trustee, Board or the Plan Administrator. The Committee shall
constitute a named fiduciary under the Plan. The Board may rename any and all
members or members of the Committee at any time, without cause, by written
notice from the Board, or its authorized delegate. Any member of the Committee
may resign by giving written notice to the Board, or its authorized delegate or
the Trustee and the Committee, and his successor, if any, shall be appointed by
the Board.

SECTION 11.2.   COMMITTEE OFFICERS; SUBCOMMITTEE.

         The members of each Committee shall elect a Chairman and may elect an
acting Chairman. They shall also elect a Secretary and may elect an acting
Secretary, either of whom may be, but need not be, a member of the Committee.
The Committee may appoint from its membership such subcommittees with such
powers as the Committee shall determine and may authorize one or more of its
members, or any agent, to take any action, including but not limited to,
executing or delivering any instruments or making any payment in behalf of the
Committee.

SECTION 11.3.   COMMITTEE MEETINGS.

         The Committee shall hold such meetings upon such notice at such places
and at such intervals as it may determine. Notice of meetings shall not be
required if notice is waived in writing by all of the members of the Committee
in office at the time or if all such members are present at the meeting.

SECTION 11.4.   TRANSACTION OF BUSINESS.

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         A majority of the members of the Committee in office at the time shall
constitute a quorum for the transaction of business. All resolutions or other
actions taken by the Committee at any meeting shall be by vote of a majority of
those present at any such meeting and entitled to vote. Resolutions may be
adopted or other actions taken without a meeting upon written consent thereto
signed by all of the members of the Committee.

SECTION 11.5.   COMMITTEE RECORDS.

         The Committee shall maintain full and complete records of its
deliberations and decisions. Its records shall contain all relevant data
pertaining to individual Participants and their rights under the Plan and in the
Trust Fund.

SECTION 11.6.   ESTABLISHMENT OF RULES.

         Subject to the limitations of the Plan and of the Act, the Committee
may from time to time establish rules or by-laws for the administration of the
Plan and the transaction of its business.

SECTION 11.7.   CONFLICTS OF INTEREST.

         No individual member of the Committee shall have any right to vote or
decide upon any matter relating solely to himself or to any of his rights or
benefits under the Plan (except that such member may sign a unanimous written
consent to resolutions adopted or other actions taken without a meeting).

SECTION 11.8.   APPOINTMENT OF PLAN ADMINISTRATOR.

         The Board, or its authorized delegate, shall appoint one or more Plan
Administrators. Any person, including, but not limited to, the Employees of the
Employer or a Related Employer, a Participant, a member of the Committee, or a
person serving as a Plan fiduciary shall be eligible to serve as Plan
Administrator. The Plan Administrator shall have the authority, subject to
review by the Board in its discretion, to delegate in writing any of his duties
hereunder. The Plan Administrator shall remain in office at the will of the
Board, or its authorized delegate, and may be removed from office at any time,
with or without cause, by written notice from the Board, or its authorized
delegate. The Plan Administrator may resign at any time upon giving written
notice to the Board, or its authorized delegate, the Trustee, and the Committee.
Such resignation shall be effective upon receipt, or at such later date as may
be designated in the notice.

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<PAGE>
         Upon the resignation or removal of a Plan Administrator, the Board, or
its authorized delegate, shall promptly designate in writing a successor to this
position. If the Board, or its authorized delegate, does not appoint a Plan
Administrator, the Committee will function as Plan Administrator.

SECTION 11.9.   AUTHORITY TO INTERPRET.

         Subject to the claims procedure set forth in Article 16, the Committee
and the Plan Administrator shall have the duty and discretionary authority to
interpret and construe the provisions and intent of the Plan and to decide any
dispute that may arise regarding the rights of Participants hereunder, including
the discretionary authority to make determinations as to eligibility for
participation and benefits under the Plan. Interpretations, constructions and
determinations by the Committee and Plan Administrator shall apply uniformly to
all persons similarly situated and shall be binding and conclusive on all
interested persons. Such interpretations, constructions and determinations shall
be set aside only if the Committee and Plan Administrator are found by a court
of competent jurisdiction to have acted arbitrarily and capriciously in
interpreting and construing the provisions of the Plan.

SECTION 11.10.  THIRD PARTY ADVISORS AND OTHER EXPENSES.

         The Committee and the Plan Administrator may engage an attorney,
actuary, accountant or any other technical or professional advisor to perform
such other duties as shall be required in connection with the administration and
operation of the Plan and may employ such clerical and related personnel as the
Committee and Plan Administrator shall deem requisite or desirable in carrying
out the provisions of the Plan. The fees and costs of such advisors and
personnel, as well as all other reasonable expenses incurred by the Committee or
the Plan Administrator, shall be payable out of the Trust Fund, except to the
extent any such expenses are paid by the Employer.

SECTION 11.11.  COMPENSATION OF MEMBERS.

         No fee or compensation shall be paid to any member of the Committee or
the Plan Administrator for his services as such.

SECTION 11.12.  INDEMNIFICATION OF COMMITTEE AND PLAN ADMINISTRATOR.

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<PAGE>

         To the maximum extent permitted by the Act, no member of the Committee
or Plan Administrator shall be personally liable by reason of any contract or
the instrument executed by him or on his behalf as a member of the Committee or
Plan Administrator nor for any mistake of judgment made in good faith, and the
Employer shall indemnify and hold harmless, directly from its own assets
(including the proceeds of any insurance policy the premiums for which are paid
from the Employer's own assets), each member of the Committee, the Plan
Administrator and each other officer, employee, or director of the Employer to
whom any duty or power relating to the administration or interpretation of the
Plan may be delegated or allocated, against any unreimbursed or uninsured cost
or expense (including any sum paid in settlement of a claim with the prior
written approval of the Board) arising out of any act or omission to act in
connection with the Plan, unless arising out of such person's own fraud, bad
faith, willful misconduct, or gross negligence.

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<PAGE>

                                   ARTICLE 12

                         ALLOCATION OF RESPONSIBILITIES

SECTION 12.1.   ALLOCATION OF RESPONSIBILITIES.

         The responsibilities allocated to the named fiduciaries, or their
delegates, are as follows:

         (a)      Board:

                  (1)      to amend the Plan,

                  (2)      to appoint and remove members of the Committees,

                  (3)      to appoint and remove Trustees under the Plan and
                           Trust Fund,

                  (4)      to appoint and remove the Plan Administrator,

                  (5)      to determine the amount to be contributed to the Plan
                           by the Employer, and

                  (6)      to terminate the Plan.

         (b)      Committee:

                  (1)      to establish in writing, and from time to time review
                           and modify, as necessary, a funding policy which
                           shall inform the Trustee or the Investment Manager,
                           if any, of the short and long-term financial needs of
                           the Plan, including liquidation requirements;

                  (2)      to review, at reasonable intervals, the performance
                           of the Trustee and the Investment Manager, if any, in
                           light of the then effective funding policy of the
                           Plan, and to report to the Employer at least annually
                           on the investment and other performance of the
                           Trustee and the Investment Manager, if any;

                  (3)      to appoint, if deemed desirable, an Investment
                           Manager, or more than one Investment Manager, to
                           manage, acquire and dispose of all or a designated
                           part of the assets of the Plan. Only persons or
                           entities registered as an investment adviser under
                           the Investment Advisers Act of 1940, or a bank, or an
                           insurance company may be appointed as Investment
                           Manager. Any such Investment Manager shall
                           acknowledge his appointment in writing, assuming
                           thereby sole responsibility for the investment
                           management of the assets made subject to his
                           authority. The Investment Manager may be removed at
                           any time, with or without cause, by the Committee.
                           The Investment Manager may resign at any time upon
                           giving written notice to the Trustee, the Committee
                           and the Plan Administrator. Such resignation shall be
                           effective upon receipt, or at such later date as may
                           be designated in the notice. The Committee shall
                           notify the Trustee and the Plan Administrator in
                           writing of every

                                    72
<PAGE>

                           appointment of an Investment Manager and shall
                           provide such parties with a copy of the Investment
                           Manager's acceptance of the appointment. If an
                           Investment Manager has been appointed, the Trustee
                           shall not be liable for the acts or omissions of that
                           Investment Manager or be under any obligation to
                           invest or otherwise manage any asset of the Plan that
                           has been made subject to the management of the
                           Investment Manager, unless the Trustee participates
                           knowingly in, or knowingly undertakes to conceal, an
                           act or omission of such Investment Manager, knowing
                           such act or omission is a breach;

                  (4)      to review all claim denials by the Plan
                           Administrator, as provided in Article 16; and

                  (5)      to review any interpretation or construction of any
                           provision of the Plan made by the Plan Administrator
                           that is appealed.

         Notwithstanding the foregoing, the Board may establish an Investment
Committee to perform the duties provided for in items (1), (2) and (3) above, in
which case the Committee shall be relieved of such responsibilities.

         (c)      Plan Administrator:

                  (1)      to file or cause to be filed all reports to
                           governmental agencies (including those with respect
                           to the Trust), and for supplying all Participants
                           (and, when appropriate, Beneficiaries) with all
                           reports and information required to be provided to
                           them;

                  (2)      to maintain all records necessary for the
                           administration of the Plan, except such records that
                           are specifically maintained by the Committee or the
                           Trustee or the Investment Manager, if any, and for
                           supplying all information and reports to the Internal
                           Revenue Service, Department of Labor, Participants,
                           Beneficiaries and others as required by law;

                  (3)      subject to review by the Committee, to determine all
                           questions relating to the eligibility of Employees to
                           participate or remain Participants under the Plan;

                  (4)      subject to review by the Committee, to interpret and
                           construe the provisions and intent of the Plan, to
                           decide any disputes arising with regard to the rights
                           of Employees, Participants, Beneficiaries, legal
                           representatives of such persons, and parties claiming
                           as such under the Plan, including, without
                           limitation, the determination of benefits and the
                           distribution of such benefits;

                  (5)      to make and publish rules for regulation of the Plan
                           that are consistent with the terms and intent of the
                           Plan;

                  (6)      to prepare and distribute to Employees a procedure
                           for notifying Participants and Beneficiaries of their
                           rights to elect joint and survivor annuities to the
                           extent required by the Act and regulations
                           thereunder;

                  (7)      to assist any Participant regarding his rights,
                           benefits or elections available under the Plan; and

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<PAGE>

                  (8)      to carry out all other responsibilities imposed on
                           him by the Plan or delegated to him by the Employer
                           or the Committee.

         (d)      Trustees:

                  (1)      to invest and reinvest Trust assets,

                  (2)      to make distributions to Participants beneficiaries
                           as directed by the Plan Administrator or Committee,

                  (3)      to render annual accountings to the Employer as
                           provided in the Trust Agreement, and

                  (4)      otherwise to hold, administer and control the assets
                           of the Trust as provided in the Plan and Trust
                           Agreement.

SECTION 12.2.   CO-FIDUCIARY LIABILITY.

         Except as otherwise provided in the Act, a named fiduciary shall not be
responsible or liable for acts or omissions of another named fiduciary with
respect to fiduciary responsibilities allocated to such other named fiduciary,
and a named fiduciary of the Plan shall be responsible and liable only for its
own acts or omissions with respect to fiduciary duties specifically allocated to
it and designated as its responsibility.

SECTION 12.3.   FIDUCIARY DUTIES.

         All assets of the Plan shall be held in a Trust forming part of the
Plan which shall be administered as a Trust Fund to provide for the payment of
benefits as provided in the Plan to the Participants, or their successors in
interest, out of the income and principal of the Trust. All fiduciaries (as
defined in the Act) with respect to the Plan shall discharge their duties as
such solely in the interest of the Participants and their successors in interest
and (a) for the exclusive purposes of providing benefits to Participants and
their successors in interest and of defraying reasonable expenses of
administering the Plan, including the Trust which is a part of the Plan, (b)
with the care, skill, prudence and diligence under the circumstances then
prevailing that a prudent man acting in a like capacity and familiar with such
matters would use in the conduct of an enterprise of like character and with
like aims, and (c) in accordance with the Plan and Trust agreement, except to
the extent such documents may be inconsistent with the Act. The assets of

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<PAGE>

the Plan shall never inure to the benefit of the Employer, provided that
Forfeitures can be used to reduce Employer contributions.

         At no time shall it be possible for the Plan assets to be used for, or
diverted to, any purpose other than for the exclusive benefit of the
Participants and their Beneficiaries. Notwithstanding the foregoing,
contributions made by the Employer may be returned to the Employer in accordance
with the following:

         (a)      If the Plan receives an adverse determination with respect to
                  the initial qualification of the Plan under Code Section
                  401(a), on written request of the Employer, all assets of the
                  Plan attributable to Employer contributions shall be returned
                  to the Employer within one year after the date the
                  qualification of the Plan is denied; provided that the
                  application for the determination is made by the time
                  prescribed by law for filing the Employer's federal income tax
                  return for the taxable year in which the Plan is adopted or
                  such later date as the Secretary of Treasury may prescribe; or

         (b)      If the contribution was made due to a mistake of fact, on
                  written request of the Employer, the contribution shall be
                  returned to the Employer within one year of the mistaken
                  payment of the contribution, provided, that the return
                  satisfies the requirements of paragraph (d) below; or

         (c)      If the deduction of a contribution is disallowed under Code
                  Section 404, upon written request of the Employer, such
                  contribution (to the extent disallowed) shall be returned to
                  the Employer within one year after the date the deduction is
                  disallowed, provided, that the return satisfies the
                  requirements of paragraph (d) below.

         (d)      The return of a Plan contribution to the Employer satisfies
                  the requirements of this paragraph if the amount so returned
                  does not exceed the amount contributed over (1) the amount
                  that would have been contributed had there been no mistake of
                  fact or (2) the amount that would have been contributed had
                  the contribution been limited to the amount that is deductible
                  after any disallowance by the Internal Revenue Service.
                  Earnings attributable to such contributions may not be
                  returned. However, a return will not satisfy the requirements
                  of this paragraph unless the amount of the contribution so
                  returned is reduced by any losses attributable to the
                  contribution.

SECTION 12.4.   ESTABLISHMENT OF TRUST.

         The Employer and the Trustee shall enter into an appropriate Trust
agreement, which shall be a part of the Plan, for the administration of the
Trust. Such agreement shall contain such powers and reservations as to
investment, reinvestment, control and disbursement of the funds of the Trust,
and such other provisions as shall be agreed upon and set forth therein which
are not inconsistent with the provisions of the Plan, its nature and purposes,
and of the Act. The Trust agreement shall provide that the Board may remove the
Trustee at any time upon reasonable

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<PAGE>

notice, that the Trustee may resign at any time upon reasonable notice, and that
upon such removal or resignation of any Trustee, the Board shall designate a
successor Trustee.

SECTION 12.5.   COMMITTEE INSTRUCTIONS.

         All requests, directions, requisitions and instructions of the
Committee to the Trustee shall be in writing and signed by the Secretary of the
Committee or by any one member of the Committee authorized by the majority to
sign.

SECTION 12.6.   RIGHT TO AMEND OR TERMINATE.

         The Employer hereby reserves the right, by action of the Board, to
amend or terminate the Plan and Trust or Trust agreement at any time, provided
that no such amendment or termination shall have the effect of diverting the
Trust Funds to purposes other than for the exclusive benefit of the
Participants.

SECTION 12.7.   DISCRETIONARY AUTHORITY.

         In discharging the duties assigned to it under the Plan, the Trustee,
Plan Administrator, the Committee, the Investment Committee, and any other
fiduciary and their delegates shall have the discretion to interpret the terms
and intent of the Plan; to adopt, amend, and rescind rules and regulations
pertaining to their duties under the Plan; and to make all other determinations
necessary or advisable for the discharge of their duties under the Plan. Such
discretionary authority shall be absolute and exclusive if exercised in a
uniform and nondiscriminatory manner with respect to all similarly situated
individuals. The express grant in the Plan of any specific power to a fiduciary
with respect to any duty assigned to it under the Plan shall not be construed as
limiting any power or authority of the fiduciary to discharge its duties.

SECTION 12.8.   LIMITATION ON AMENDMENTS.

         No amendment to the Plan shall be effective to the extent that it has
the effect of decreasing a Participant's account balances. For purposes of this
paragraph, a plan amendment that has the effect of (1) eliminating or reducing
an early retirement benefit or a retirement-type subsidy, or (2) eliminating an
optional form of benefit, with respect to benefits attributable to service
before the amendment shall be treated as reducing account balances unless
otherwise authorized under the Code or the Act. In the case of a retirement-type
subsidy, the preceding sentence shall apply only with respect to a Participant
who satisfies (either before or after the amendment) the

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<PAGE>

preamendment conditions for the subsidy. In general, a retirement-type subsidy
is a subsidy that continues after retirement, but does not include a qualified
disability benefit, a medical benefit, a social security supplement, a death
benefit (including life insurance), or a plant shutdown benefit (that does not
continue after retirement age). Furthermore, if the vesting schedule of the Plan
is amended, in the case of an Employee who is a Participant as of the later of
the date such amendment is adopted or the date it becomes effective, the
nonforfeitable percentage (determined as of such date) of such Employee's
account balances will not be less than the percentage computed under the Plan
without regard to such amendment.

         If the vesting schedule under the Plan is amended and the vesting under
the new schedule is at any point not as rapid as under the prior schedule, each
Participant with at least three Years of Service may elect to have his
nonforfeitable percentage computed under the Plan according to the prior
schedule.

         For purposes of the above paragraph, a Participant shall be considered
to have completed three Years of Service if he has completed 1,000 Hours of
Service in each of three Plan Years, whether or not consecutive, ending with or
prior to the last day of the election period described below.

         The election period shall begin no later than the date the amendment is
adopted and shall end no earlier than the later of the following dates:

         (a)      the date that is 60 days after the date the amendment is
                  adopted,

         (b)      the date which is 60 days after the amendment becomes
                  effective; or

         (c)      the date that is 60 days after the day the Participant is
                  issued written notice of the change by the Employer or the
                  Plan Administrator.

         If the vesting schedule of the Plan is changed, the nonforfeitable
percentage of any Participant's account balances determined as of the later of
the date the change is effective or the date the change is adopted shall not be
less than the nonforfeitable percentage computed under the Plan without regard
to such change.

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<PAGE>
                                   ARTICLE 13

                                  MISCELLANEOUS

SECTION 13.1.   ALIENATION OF BENEFITS.

         No portion of the account balance with respect to any Participant shall
be subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance or charge except in the case of a qualified
domestic relations order as described in Code Section 414(p) or, effective for
judgments, orders, decrees and settlements arising on or after August 5, 1997,
as permitted by Code Section 401(a)(13)(c). Any attempt to so anticipate,
alienate, sell, transfer, assign, pledge, encumber or charge the same shall be
void except in the case of a qualified domestic relations order as described in
Code Section 414(p) or, effective for judgments, orders, decrees and settlements
arising on or after August 5, 1997, as permitted by Code Section 401(a)(13)(c).
No portion of such account balance shall in any manner be payable to any
assignee, receiver or trustee in bankruptcy, or be liable for the Participant's
debts, contracts, liabilities, engagements or torts, or be subject to any legal
process of attachment except in the case of a qualified domestic relations order
as described in Code Section 414(p) or, effective for judgments, orders, decrees
and settlements arising on or after August 5, 1997, as permitted by Code Section
401(a)(13)(c). No qualified domestic relations order shall permit the payment of
any benefit in any amount, form of benefit, time of payment, or any option not
otherwise provided under the Plan, provided, however, that, to the extent
provided in Code Section 414(p), benefits may be paid to an alternate payee in
any form in which benefits may be paid to the Participant (even though the
Participant has not separated from service) as if he had retired on the date
payment is to begin under such order. The account of any alternate payee shall
be paid to such alternate payee immediately if the qualified domestic relations
order so states.

SECTION 13.2.   PAYMENT IN EVENT OF INCAPACITY.

         If any person entitled to any payment under the Plan shall be
physically, mentally or legally incapable of receiving or acknowledging receipt
of such payment, the Plan Administrator, upon receipt of satisfactory evidence
of his incapacity and satisfactory evidence that another person or institution
is maintaining him and that no guardian or committee has been appointed for him,
may

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<PAGE>
cause any payment otherwise payable to him to be made to such person or
institution so maintaining him.

SECTION 13.3.   RIGHTS OF PARTIES.

         The establishment of the Plan shall not be construed as conferring any
legal or other rights upon any Employee or any person for continuation of
employment, nor shall it interfere with the right of the Employer to discharge
any Employee or to deal with him without regard to the effect thereof under the
Plan.

SECTION 13.4.   COMMUNICATION TO EMPLOYEES.

         The Plan Administrator shall communicate the terms of the Plan to the
Employees as required by law.

SECTION 13.5.   LOST DISTRIBUTEES.

         If a benefit is payable to a Participant or Beneficiary who cannot be
located after a reasonable period of time, as determined by the Plan
Administrator, such benefit may be forfeited under such rules as shall be
established by the Committee or Plan Administrator; however, a benefit that has
been forfeited pursuant to this Section shall be restored from current
Forfeitures, or additional Employer contributions if current Forfeitures are
insufficient to restore the forfeited benefit, if a valid claim is later made by
or on behalf of the Participant or Beneficiary.

SECTION 13.6.   LEGAL EFFECT.

         If the provisions of this Plan and Trust Agreement are found to be
contradictory, then the provisions of this Plan document shall apply.

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<PAGE>
                                   ARTICLE 14

                      TERMINATION, MERGER OR CONSOLIDATION

SECTION 14.1.   TERMINATION OF PLAN AND TRUST.

         In the event there is a termination, partial termination, or complete
discontinuance of contributions to the Plan, all affected Participants accounts
shall be fully vested and thereafter not subject to forfeiture. The assets shall
remain in trust and shall be paid to the Participants, Inactive Participants,
Beneficiaries or other successors in interest upon the earliest event providing
for distribution in the Plan. Distributions shall be made in the manner allowed
in the Plan for that particular event.

SECTION 14.2.   MERGER OR CONSOLIDATION.

         In the event of any merger or consolidation of the plan with any other
Plan or a transfer of assets or liabilities of the Plan to any other plan, the
amount which each Participant in the Plan would receive if the Plan were
terminated immediately after the merger, consolidation, or transfer shall be
equal to or greater than the amount he would have been entitled to receive
immediately preceding the merger, consolidation, or transfer if the Plan had
then terminated.

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                                   ARTICLE 15

                        SPECIAL MERGER AND TRANSFER RULES

SECTION 15.1.   GRAY COMMUNICATIONS TRANSFER ACCOUNT

         (a)      For purposes of determining Years of Service, each Employee
                  hired by the Employer on August 1, 1998, in connection with
                  its acquisition of WALB-TV, Albany, Georgia, shall receive
                  past service credit for his or her Hours of Service with
                  WALB-TV, Inc. and WALB Licensee Corp.

         (b)      The amount credited to a Participant's Gray Communications
                  Transfer Account shall be treated for distribution purposes as
                  if the amount allocated to such subaccount thereof was
                  allocated to the corresponding regular account in the Plan
                  (i.e., Employee Deferral Account, Employee After-Tax
                  Contribution Account, Employee Rollover Contribution Account,
                  Employer Discretionary Contribution Account and Employer Match
                  Contribution Account, as applicable), with the following
                  exceptions:

                  (1)      The amount credited to a Participant's Gray
                           Communications Transfer Account may be paid in the
                           form of installments as provided in Section 5.3(c)
                           without regard to the 30-year maximum installment
                           period set forth therein, provided that the period
                           over which the installments are paid does not exceed
                           the greater of the life expectancy of the Participant
                           or the joint life expectancy of the Participant and
                           his Beneficiary.

                  (2)      The amount credited to a Participant's Gray
                           Communications Transfer Account that is attributable
                           to employee after-tax contributions transferred from
                           the Gray Communications Transfer Account may be
                           withdrawn from the Plan at any time in the form of a
                           lump sum cash distribution, without regard to the
                           $500 minimum in Section 8.3.

                  (3)      The amount credited to a Participant's Gray
                           Communications Transfer Account that are attributable
                           to employer discretionary contributions and employer
                           matching contributions transferred from the Gray
                           Communications Plan may be withdrawn from the Plan at
                           any time after attainment of age 59 1/2in the form of
                           a lump sum cash distribution, without regard to the
                           requirement in Section 8.1 that such employer
                           matching contributions be credited to the Employer
                           Matching Contribution Account for at least two years
                           prior to distribution

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<PAGE>

                                   ARTICLE 16

                                CLAIMS PROCEDURE

SECTION 16.1.   FILING OF A CLAIM FOR BENEFITS.

         A Participant or Beneficiary (the "claimant") shall make a claim for
the benefits provided under the Plan by filing a written claim with the Plan
Administrator (or any member of the Committee) upon a form approved by the
Committee. In the event the Plan Administrator or a member of the Committee
shall be the claimant, all actions that are required to be taken by the Plan
Administrator or Committee pursuant to this Article shall be taken instead by
another member of the Committee as designated by the Employer.

SECTION 16.2.   NOTIFICATION TO CLAIMANT OF DECISION.

         The Plan Administrator shall make the initial decision on all claims
for benefits, and unless the Plan Administrator's initial decision is reviewed
by the Committee, the Plan Administrator's initial decision shall be binding
upon all persons. Notice of a decision by the Plan Administrator with respect to
a claim shall be furnished to the claimant within 90 days following the receipt
of the claim by the Plan Administrator or by any member of the Committee (or
within 90 days following the expiration of the initial 90-day period in a case
where there are special circumstances requiring extension of time for processing
the claim). If special circumstances require an extension of time for processing
the claim, written notice of the extension shall be furnished by the Plan
Administrator to the claimant prior to the expiration of the initial 90-day
period. The notice of extension shall indicate the special circumstances
requiring the extension and the date by which the notice of decision with
respect to the claim shall be furnished. Commencement of benefit payments shall
constitute notice of approval of a claim to the extent of the amount of the
approved benefit. If such claim shall be wholly or partially denied, such notice
shall be in writing and worded in a manner calculated to be understood by the
claimant and shall set forth: (a) the specific reason or reasons for the denial,
(b) specific reference to pertinent provisions of the Plan on which the denial
is based, (c) a description of any additional material or information necessary
for the claimant to perfect the claim and an explanation of why such

                                       82
<PAGE>
material or information is necessary, and (d) an explanation of the Plan's
claims review procedure. If the Plan Administrator fails to notify the claimant
of the decision regarding his claim in accordance with this Article, the claim
shall be deemed denied, and the claimant shall then be permitted to proceed with
the claims review procedure provided in Section 16.3.

SECTION 16.3.   CLAIMS REVIEW PROCEDURE.

         Within 60 days following receipt by the claimant of notice of the claim
denial, or within 60 days following the close of the 90-day period referred to
in Section 16.2, if the Plan Administrator fails to notify the claimant of the
decision within such 90-day period, the claimant may appeal denial of the claim
by filing a written application for review with the Committee. Following such
request for review, the Committee shall fully and fairly review the decision
denying the claim. Prior to the decision of the Committee pursuant to Section
16.4, the claimant shall be given an opportunity to review pertinent documents
and to submit issues and comments in writing.

SECTION 16.4.   DECISION ON REVIEW.

         The decision on review of a denied claim shall be made in the following
manner.

         (a)      The Committee shall make its decision regarding the merits of
                  the denied claim promptly and within 60 days following receipt
                  by the Committee of the request for review (or within 120 days
                  after such receipt in a case where there are special
                  circumstances requiring extension of time for reviewing the
                  appealed claim) shall deliver the decision to the claimant in
                  writing. If an extension of time for reviewing the appealed
                  claim is required because of special circumstances, written
                  notice of the extension shall be furnished to the claimant
                  prior to the commencement of the extension. If the decision on
                  review is not furnished within the prescribed time, the claim
                  shall be deemed denied on review.

         (b)      The decision on review shall set forth specific reasons for
                  the decision, shall be written in a manner calculated to be
                  understood by the claimant and shall cite specific references
                  to the pertinent Plan provisions on which the decision is
                  based.

         (c)      The decision of the Committee shall be final and conclusive.

SECTION 16.5.   ACTION BY AUTHORIZED REPRESENTATIVE OF CLAIMANT.

         All actions set forth in this Article to be taken by the claimant may
likewise be taken by a representative of the claimant duly authorized by him to
act in his behalf on such matters. The Plan Administrator or the Committee may
require such evidence as either may reasonably deem necessary or advisable of
the authority to act of any such representative.

                                       83
<PAGE>

         IN WITNESS WHEREOF, The Liberty Corporation by the authority of the
Board of Directors of the Employer, executed on behalf of the Employer the 20th
day of December 2001.

                                         THE LIBERTY CORPORATION

                                         By: /s/ Martha G. Williams
                                                 Authorized Officer

ATTEST
/s/ Sophia G. Vergas
Assistant Secretary

(CORPORATE SEAL)

                           ADOPTING RELATED EMPLOYERS
                                         COSMOS BROADCASTING CORPORATION

                                         By: /s/ Martha G. Williams
                                                 Authorized Officer

ATTEST
/s/ Sophia G. Vergas
Assistant Secretary

(CORPORATE SEAL)

                                         CABLEVANTAGE INC.

                                         By: /s/ Martha G. Williams
                                                 Authorized Officer

ATTEST
/s/ Sophia G. Vergas
Assistant Secretary

(CORPORATE SEAL)

                                         SPECIAL SERVICES CORPORATION

                                         By: /s/ Martha G. Williams
                                                 Authorized Officer

ATTEST
/s/ Sophia G. Vergas
Assistant Secretary

(CORPORATE SEAL)

                                       84<PAGE>
                                                                     EXHIBIT 4.4

                               FIRST AMENDMENT TO
                             THE LIBERTY CORPORATION
                           RETIREMENT AND SAVINGS PLAN
                             AS AMENDED AND RESTATED
                            EFFECTIVE JANUARY 1, 2002

         The Liberty Corporation Retirement and Savings Plan as Amended and
Restated Effective January 1, 2002 (the "Plan") is hereby amended as follows
effective as of January 1, 2002:

                                       1.

         Section 2.41 of the Plan is amended by deleting the existing provision
and by substituting the following:

         "SECTION 2.41 QUALIFIED EMPLOYEE.

                  Any Employee other than (a) an Employee who is included in a
         unit of Employees covered by an agreement which the Secretary of Labor
         finds to be a collective bargaining agreement between Employee
         representatives and the Employer, unless participation in the Plan is
         specifically provided for in the bargaining agreement, (b) a "leased
         employee," as defined in Code Section 414(n)(2), without regard to any
         determination by a court or administrative agency that such individual
         is a common law Employee of the Employer, and (c) any person whose
         customary employment is for less than 30 hours per week, provided
         however, a person who is an Employee and who performs 1,000 Hours of
         Service in a consecutive twelve-month period after performing his first
         Hour of Service or during any Plan Year shall become a Qualified
         Employee from date of hire or for such applicable Plan Year. Moreover,
         Employees of CableVantage Inc. shall not be Qualified Employees with
         respect to the portion of the Plan providing for Employer discretionary
         contributions."

THE COMPANY:                                THE LIBERTY CORPORATION

                                            By: /s/ Martha G. Williams

Date: March 7, 2002                         Title: Vice President

ATTEST:

/s/ Sophia G. Vergas
Assistant Secretary

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