Document:

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                                                                   Exhibit 4(i)g

                            COMMERCIAL METALS COMPANY

                              OFFICERS' CERTIFICATE

         Pursuant to the Indenture dated as of July 31, 1995 (the "Indenture")
by and between Commercial Metals Company, a Delaware corporation (the
"Company"), and The Chase Manhattan Bank, as trustee (the "Trustee"), and
resolutions adopted by the Pricing Committee of the Company's Board of Directors
as of February 18, 1999, this Officers' Certificate is being delivered to the
Trustee to establish the terms of a series of Securities in accordance with
Section 301 of the Indenture and to establish the form of the Securities of such
series in accordance with Section 201 of the Indenture.

         Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the Indenture.

A.       Establishment of Series of Securities Pursuant to Section 301 of the
         Indenture.

         The Company hereby establishes, pursuant to Section 301 of the
Indenture, a series of Securities that shall have the following terms:

         1. The series of Securities being authorized hereby shall bear the
title "6.75% Notes due February 15, 2009" (the "Notes").

         2. The aggregate principal amount of the Notes which may be
authenticated and delivered under the Indenture shall be limited to $100,000,000
(except for Notes authenticated and delivered upon registration of transfer of,
or in exchange for, or in lieu of, other Notes pursuant to Sections 304, 305,
306, 906 or 1107 of the Indenture and except for any Notes which, pursuant to
Section 303 of the Indenture, are deemed never to have been authenticated and
delivered under the Indenture).

         3. Interest on each Note shall be payable to the person in whose name
the Note (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest, which shall be February 1
or August 1 (whether or not a Business Day) as the case may be, next preceding
the relevant Interest Payment Date (as defined in the paragraph 5 hereof).

         4. The Notes shall mature on February 15, 2009, at which time the
entire principal amount of the Notes and all accrued but unpaid interest on the
Notes will be due and payable.

         5. Each Note shall bear interest at the annual rate of 6.75% commencing
on February 23, 1999. Interest on the Notes shall be payable semi-annually on
February 15 and August 15 in each year, commencing August 15, 1999 (each an
"Interest Payment Date"), subject to the provisions of Section 113 of the
Indenture, with such interest computed in accordance with Section 310 of the
Indenture.

         6. The Notes will be redeemable, at the Company's option, at any time
in whole, or from time to time in part, upon not less than 30 and not more than
60 days' notice mailed to each holder of Notes to be redeemed at the holder's
address appearing in the Note register, at a price equal to 100% of the
principal amount thereof plus accrued interest to the redemption date (subject
to the

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right of holders of record on the relevant record date to receive interest due
on an interest payment date that is on or prior to the redemption date) plus a
Make-Whole Premium, if any (the "Redemption Price"). In no event will the
Redemption Price ever be less than 100% of the principal amount of the Notes
plus accrued interest to the redemption date.

         The amount of the Make-Whole Premium with respect to any Note (or
portion thereof) to be redeemed will be equal to the excess, if any, of:

         (1)      the sum of the present values, calculated as of the redemption
                  date, of:

                  (a) each interest payment that, but for such redemption, would
                  have been payable on the Note (or portion thereof) being
                  redeemed on each interest payment date occurring after the
                  redemption date (excluding any accrued interest for the period
                  prior to the redemption date); and

                  (b) the principal amount that, but for such redemption, would
                  have been payable at the final maturity of the Note (or
                  portion thereof) being redeemed;

                  over

         (2)      the principal amount of the Note (or portion thereof) being
                  redeemed.

         The present value of interest and principal payments referred to in
clause (1) above will be determined in accordance with generally accepted
principles of financial analysis. Such present values will be calculated by
discounting the amount of each payment of interest or principal from the date
that each such payment would have been payable, but for the redemption, to the
redemption date at a discount rate equal to the Treasury Yield (as defined
below) plus 25 basis points.

         The Make-Whole Premium will be calculated by an independent investment
banking institution of national standing appointed by the Company. If the
Company fails to make such appointment at least 45 business days prior to the
redemption date, or if the institution so appointed is unwilling or unable to
make such calculation, Goldman, Sachs & Co. ("Goldman Sachs") will make such
calculation. If Goldman Sachs is unwilling or unable to make such calculation,
an independent investment banking institution of national standing appointed by
the trustee will make such calculation.

         For purposes of determining the Make-Whole Premium, "Treasury Yield"
means a rate of interest per annum equal to the weekly average yield to maturity
of United States Treasury Notes that have a constant maturity that corresponds
to the remaining term of maturity of the Notes, calculated to the nearest 1/12
of a year (the "Remaining Term"). The Treasury Yield will be determined as of
the third business day immediately preceding the applicable redemption date.

         The weekly average yields of United States Treasury Notes will be
determined by reference to the most recent statistical release published by the
Federal Reserve Bank of New York and designated "H.15(519) Selected Interest
Rates" or any successor release (the "H.15 Statistical Release"). If the H.15
Statistical Release sets forth a weekly average yield for United States Treasury
Notes having a constant maturity that is the same as the Remaining Term, then
the Treasury Yield

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will be equal to such weekly average yield. In all other cases, the Treasury
Yield will be calculated by interpolation, on a straight-line basis, between the
weekly average yields on the United States Treasury Notes that have a constant
maturity closest to and greater than the Remaining Term and the United States
Treasury Notes that have a constant maturity closest to and less than the
Remaining Term (in each case as set forth in the H.15 Statistical Release). Any
weekly average yields so calculated by interpolation will be rounded to the
nearest 0.01% with any figure of 0.005% or more being rounded upward. If weekly
average yields for United States Treasury Notes are not available in the H.15
Statistical Release or otherwise, then the Treasury Yield will be calculated by
interpolation of comparable rates selected by the independent investment banking
institution.

         If less than all of the Notes are to be redeemed, the trustee will
select the Notes to be redeemed by such method as the trustee deems fair and
appropriate. The trustee may select for redemption Notes and portions of Notes
in amounts of $1,000 or whole multiples of $1,000.

         7. The Company shall have no obligation to redeem or purchase Notes at
the option of a Holder thereof or pursuant to any sinking fund or analogous
provisions. The Notes will not be entitled to the benefit of any sinking fund or
other mandatory redemption provisions.

         8. The Notes shall be issued only in minimum denominations of $100,000
and integral multiples of $1,000 in excess thereof.

         9. Payments of the principal of and any premium and interest on the
Notes shall be made in the currency of the United States of America.

         10. Neither the amount of payments of principal of, or any premium or
interest on, any Notes shall be determined by reference to an index.

         11. The Notes shall initially be issued as book-entry notes in the form
of one fully registered Global Security which will be deposited with, or on
behalf of The Depository Trust Company, as depositary (the "Depositary"), and
registered in the name of the Depositary's nominee. Beneficial interests in the
Notes will be shown on, and transfers thereof will be effected only through,
records maintained by the Depositary and its participants. Except as described
in Section 305 of the Indenture, Notes in definitive certificated form shall not
be issuable to any Person other than the Depositary and such Global Security may
not be exchanged for Notes registered in the name of, nor may any transfer of
such Global Security be registered to, any Person other than the Depositary or
its nominee.

         12. Payment of the principal of (and premium if any) and any interest
on the Notes shall be made at the office or agency of the Company maintained for
that purpose in New York, New York, in such coin or currency of the United
States of America as at the time of payment is legal tender for the payment of
public and private debts; provided however that at the option of the Company
payment of interest may be made by check mailed on or prior to an Interest
Payment Date to the address of the Person entitled thereto as such address shall
appear in the Security Register.

         13. The entire principal amount of the Notes shall be payable upon
declaration of acceleration of the Maturity of the Notes pursuant to Section 502
of the Indenture.

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         14. The Notes shall be unsecured and unsubordinated obligations of the
Company and will rank on a parity with all other unsecured and unsubordinated
debt of the Company.

         15. The Notes will be issued only in fully registered form, without
coupons.

B.       Establishment of Form of Note Pursuant to Section 201 of the Indenture.

         The Company hereby establishes, pursuant to Section 201 of the
Indenture, that the Notes shall be substantially in the form attached as Exhibit
A hereto.

C.       Compliance.

         The undersigned have read the pertinent sections of the Indenture
relating to the establishment of (i) a series of Securities, and (ii) the forms
of such series of Securities, including the related definitions contained
therein. The undersigned have examined the resolutions (i) adopted by the Board
of Directors of the Company on August 11, 1998 and on January 28, 1999, and (ii)
adopted by the Pricing Committee of the Board of Directors of the Company on
February 18, 1999. In the opinion of each of the undersigned, each of the
undersigned has made such examination or investigation as is necessary to enable
each of the undersigned to express an informed opinion as to whether or not the
conditions to the establishment of (i) a series of Securities, and (ii) the
forms of such series of Securities have been complied with. In the opinion of
each of the undesigned, such conditions have been complied with.

Dated: February 23, 1999

                                    COMMERCIAL METALS COMPANY

                                    By: /s/ Lawrence A. Engels
                                       -----------------------------------------
                                        Lawrence A. Engels
                                        Vice President, Treasurer and Chief
                                        Financial Officer

                                    By: /s/ David M. Sudbury
                                       -----------------------------------------
                                        David M. Sudbury
                                        Vice President, General Counsel and
                                        Secretary

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                                                                EXHIBIT 10(iii)f

                            COMMERCIAL METALS COMPANY

                  1999 NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN

         The Commercial Metals Company 1999 Non-Employee Director Stock Option
Plan (hereinafter called the "Plan") was adopted by the Board of Directors of
Commercial Metals Company, a Delaware corporation (hereinafter called the
"Company"), effective as of November 22, 1999.

                                    ARTICLE 1

                                     PURPOSE

         The purpose of the Plan is to attract and retain Outside Directors of
Commercial Metals Company and to provide such persons with a proprietary
interest in the Company through the issuance of Common Stock that will

                  (a) increase the interest of such persons in the Company's
         welfare;

                  (b) furnish an incentive to such persons to continue their
         services for the Company; and

                  (c) provide a means through which the Company may attract able
         persons as directors.

                                    ARTICLE 2

                                   DEFINITIONS

         For the purpose of the Plan, unless the context requires otherwise, the
following terms shall have the meanings indicated:

         2.1 "Black-Scholes Value" means the value of a Stock Option granted
under the Plan to purchase one share of Common Stock determined pursuant to the
option pricing model commonly known as the Black-Scholes method.

         2.2 "Board" means the board of directors of the Company.

         2.3 "Change of Control" means any of the following: (i) any
consolidation, merger or share exchange of the Company in which the Company is
not the continuing or surviving corporation or pursuant to which shares of the
Company's Common Stock would be converted into cash, securities or other
property, other than a consolidation, merger or share exchange of the Company in
which the holders of the Company's Common Stock immediately prior to such
transaction have the same proportionate ownership of Common Stock of the
surviving corporation immediately after such transaction; (ii) any sale, lease,
exchange or other transfer (excluding transfer by way of pledge or
hypothecation) in one transaction or a series of related transactions, of all or
substantially all of the assets of the Company; (iii) the stockholders of the
Company approve any plan or proposal for the liquidation or dissolution of the
Company; (iv) the cessation of control (by virtue of their not constituting a
majority of directors) of the Board by the individuals (the "Continuing
Directors") who (x) at the date of this Plan were directors or (y) become
directors after the date of this Plan and whose election or nomination for
election by the Company's stockholders, was approved by a vote of at least
two-thirds of the directors then in office who

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were directors at the date of this Plan or whose election or nomination for
election was previously so approved; (v) the acquisition of beneficial ownership
(within the meaning of Rule 13d-3 under the 1934 Act) of an aggregate of 15% of
the voting power of the Company's outstanding voting securities by any person or
group (as such term is used in Rule 13d-5 under the 1934 Act), provided,
however, that notwithstanding the foregoing, an acquisition shall not constitute
a Change of Control hereunder if the acquirer is (w) Daniel E. Feldman, Moses
Feldman, Robert L. Feldman, or Sara B. Feldman (the "Feldmans"), or any of his
or her affiliates, so long as the Feldmans and their affiliates do not
beneficially own an aggregate of 25% or more of the shares of Common Stock then
outstanding, (x) a trustee or other fiduciary holding securities under an
employee benefit plan of the Company and acting in such capacity, (y) a
Subsidiary of the Company or a corporation owned, directly or indirectly, by the
stockholders of the Company in substantially the same proportions as their
ownership of voting securities of the Company or (z) any other person whose
acquisition of shares of voting securities is approved in advance by a majority
of the Continuing Directors; or (vi) in a Title 11 bankruptcy proceeding, the
appointment of a trustee or the conversion of a case involving the Company to a
case under Chapter 7. Under sub-clause (w) of clause (v) of the preceding
sentence, if a person or entity is an affiliate of one or more of the Feldmans
and of another person or entity, such sub-clause (w) shall not serve to exempt
such other person or entity in determining whether a Change of Control has
occurred.

         2.4 "Code" means the Internal Revenue Code of 1986, as amended.

         2.5 "Committee" means the committee appointed or designated by the
Board to administer the Plan in accordance with ARTICLE 3 of this Plan.

         2.6 "Common Stock" means the common stock which the Company is
currently authorized to issue or may in the future be authorized to issue.

         2.7 "Company" means Commercial Metals Company, a Delaware corporation,
and any successor entity.

         2.8 "Date of Grant" means the effective date on which a Stock Option is
awarded to an Outside Director as set forth in the applicable Stock Option
Agreement in accordance with the terms of the Plan.

         2.9 "Election Form" means a form approved by the Committee pursuant to
which an Outside Director elects a method of payment of Fees.

         2.10 "Employee" means common law employee (as defined in accordance
with the Regulations and Revenue Rulings then applicable under Section 3401(c)
of the Code) of the Company or any Subsidiary of the Company.

         2.11 "Fair Market Value" means, as of a particular date, the mean of
the highest and lowest prices per share on the New York Stock Exchange
Consolidated Tape, or such reporting service as the Committee may select, on the
appropriate date, or in the absence of reported sales on such day, the most
recent previous day for which sales were reported.

         2.12 "Fees" means the cash retainer payable by the Company to an
Outside Director for service as an Outside Director of the Company, as such
amount may be changed from time to time.

         2.13 "Optioned Shares" means the full shares of Common Stock which a
Participant may purchase pursuant to the exercise of a Stock Option granted
pursuant to this Plan.

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         2.14 "Option Period" means the period during which a Stock Option may
be exercised.

         2.15 "Option Price" means the price which must be paid by a Participant
upon exercise of a Stock Option to purchase a share of Common Stock.

         2.16 "Options Election Period" means the period beginning on October
1(st) (or, with respect to the first full calendar year during the term of the
Plan, November 22, 1999) of each year during the term of the Plan and ending on
the following December 31(st), or such other time period designated by the
Committee, during which Outside Directors may elect to receive Stock Options as
payment of some or all of their Fees. If a person becomes an Outside Director on
or after January 1(st) but before October 1(st), including a person serving as a
director and an Employee who becomes an Outside Director because such director's
employment with the Company terminates during such period, the Options Election
Period for such person for that year shall commence on the date such person
first becomes an Outside Director and end 30 days thereafter.

         2.17 "Outside Director" means a director of the Company who is not an
Employee.

         2.18 "Participant" shall mean an Outside Director of the Company.

         2.19 "Plan" means this Commercial Metals Company 1999 Outside Director
Stock Option Plan, as amended from time to time.

         2.20 "Plan Year" means a yearly period during the term of the Plan
beginning on the date of the Company's annual meeting of stockholders and ending
on the day before the Company's next annual meeting of stockholders.

         2.21 "Retirement" means Termination of Service as a Director at or
after attaining age 62.

         2.22 "Stock Option" means a non-qualified option to purchase Common
Stock granted under the Plan.

         2.23 "Stock Option Agreement" means a written agreement between a
Participant and the Company which sets out the terms of the grant of a Stock
Option.

         2.24 "Subsidiary" means (i) any corporation in an unbroken chain of
corporations beginning with the Company, if each of the corporations other than
the last corporation in the unbroken chain owns stock possessing a majority of
the total combined voting power of all classes of stock in one of the other
corporations in the chain, (ii) any limited partnership, if the Company or any
corporation described in item (i) above owns a majority of the general
partnership interest and a majority of the limited partnership interests
entitled to vote on the removal and replacement of the general partner, and
(iii) any partnership or limited liability company, if the partners or members
thereof are composed only of the Company, any corporation listed in item (i)
above or any limited partnership listed in item (ii) above. "Subsidiaries" means
more than one of any such corporations, limited partnerships, partnerships or
limited liability companies.

         2.25 "Termination of Service as a Director" occurs when a Participant
who is an Outside Director of the Company shall cease to serve as a director of
the Company for any reason.

         2.26 "Total and Permanent Disability" means that the Participant,
because of ill health, physical or mental disability or any other reason beyond
his or her control, is unable to perform his or her duties as a director for a
period of six (6) continuous months, as determined in good faith by the
Committee.

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                                    ARTICLE 3

                                 ADMINISTRATION

         The Plan shall be administered by a committee appointed by the Board
(the "Committee"). The Committee shall consist of not fewer than two persons,
each of whom must be a "Non-Employee Director", as defined in Rule 16b-3
promulgated under the Securities Exchange Act of 1934, as such rule now exists
or may hereafter be amended. Any member of the Committee may be removed at any
time, with or without cause, by resolution of the Board. Any vacancy occurring
in the membership of the Committee may be filled by appointment by the Board.

         The Committee shall select one of its members to act as its Chairman
and shall make such rules and regulations for its operation as it deems
appropriate. A majority of the Committee shall constitute a quorum, and the act
of a majority of the members of the Committee present at a meeting at which a
quorum is present shall be the act of the Committee. The Committee, in its
discretion, shall (i) interpret the Plan, (ii) prescribe, amend, and rescind any
rules and regulations necessary or appropriate for the administration of the
Plan, and (iii) make such other determinations and take such other action as it
deems necessary or advisable in the administration of the Plan; provided,
however, that the Committee shall have no discretion with respect to the
eligibility or selection of Outside Directors to receive awards under the Plan
or the time at which any such awards are to be granted, and provided further,
that the Committee shall not have the authority to take any action or make any
determination that would materially increase the benefits accruing to
Participants under the Plan. Any interpretation, determination, or other action
made or taken by the Committee shall be final, binding, and conclusive on all
interested parties.

                                    ARTICLE 4

                          ELIGIBILITY; GRANT OF OPTIONS

         4.1 Automatic Grant of Options. On the first day of every Plan Year,
each Outside Director serving as such on that date shall automatically be
granted a Stock Option to purchase one thousand five hundred (1,500) shares of
Common Stock on such date, without further action by the Committee.

         If a person becomes an Outside Director during a Plan Year on a date
after the first day of a Plan Year, including a person serving as a director and
an Employee who becomes an Outside Director because such director's employment
with the Company terminates during such Plan Year, such Outside Director shall
automatically be granted a Stock Option to purchase that number of shares of
Common Stock equal to 1,500 multiplied by a fraction, the numerator of which
shall be the number of days until the end of such Plan Year and the denominator
of which shall be the total number of days in such Plan Year. In the event that
such calculation would result in a fractional share being subject to a Stock
Option, the number of shares that may be purchased under such Stock Option shall
be rounded up to the next whole number of shares. Stock Options granted under
this paragraph shall automatically be granted on the date such person becomes an
Outside Director, without further action by the Committee.

         4.2 Election to Receive Stock Options in Lieu of Cash Fees. A
Participant may elect to receive all or part of the Fees otherwise payable to
him or her during a calendar year in the form of a Stock Option to purchase the
number of shares of Common Stock determined as set forth below in this Section
4.2. An Outside Director who wishes to receive Fees for a calendar year in the
form of a Stock Option must irrevocably elect to do so by delivering a valid
Election Form during the Options Election

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Period to the Secretary of the Company or such other person as the Committee may
designate. An Outside Director's timely election to receive a Stock Option in
lieu of cash Fees under this Section 4.2 will be effective as of the first day
of the calendar year covered by the Election Form. Elections to receive Stock
Options in lieu of cash Fees are irrevocable and shall be valid only for the
calendar year covered by such election. The Date of Grant for Stock Options
granted under this Section 4.2 will be the first day of the Plan Year
immediately following the calendar year covered by the Election Form.

         The Committee shall cause to be calculated the Black-Scholes Value as
of the first day of the Plan Year immediately following the calendar year
covered by the Election Form. The Committee shall have complete discretion to
assign such values to the factors utilized in the calculation of the
Black-Scholes Value as the Committee deems appropriate. The Committee may, but
shall not be required to, use the services of Employees, consultants or other
agents to assist the Committee in calculating the Black-Scholes Value. The
number of shares subject to a Stock Option granted pursuant to this Section 4.2
shall be the number of whole shares equal to (i) the dollar amount of the Fees
earned by the Outside Director that the Outside Director elected to receive in
the form of a Stock Option divided by (ii) the Black-Scholes Value. In
determining the number of Optioned Shares, any fraction of a share will be
rounded up to the next highest whole number of shares.

         For example:

                  Assume that an Outside Director has elected to receive $5,000
         of his or her Fees in the form of a Stock Option and that the
         Black-Scholes Value was determined to be $10. The Outside Director
         would be granted a Stock Option to purchase 500 shares of Common Stock
         as payment of the $5,000 compensation, calculated as follows: $5,000
         divided by $10 = 500 shares.

         4.3      Vesting; Time of Exercise.

                  (a) Stock Options granted pursuant to Section 4.1 will be
         exercisable in the following cumulative installments:

                  First Installment: A Stock Option will be exercisable for up
                  to 50% of the Optioned Shares (rounded down so that no
                  fractional share is exercisable) at any time following the
                  first anniversary of the Date of Grant.

                  Second Installment: A Stock Option will be exercisable for the
                  remainder of the Optioned Shares not exercisable in the first
                  installment at any time following the second anniversary of
                  the Date of Grant.

                  Notwithstanding the foregoing, the vesting of installments
         under Stock Options granted pursuant to Section 4.1 shall automatically
         accelerate and the Stock Options shall be exercisable in full upon (i)
         the Participant's death, (ii) the Participant's Termination of Service
         as a Director as a result of Total and Permanent Disability, or (iii)
         the occurrence of a Change of Control. The determination of the
         Committee that any of the foregoing conditions has been met shall be
         binding and conclusive on all parties.

                  (b) Stock Options granted pursuant to Section 4.2 will be
         fully vested and exercisable on the Date of Grant.

         4.4 Stock Option Agreement. The grant of a Stock Option shall be
evidenced by a Stock Option Agreement setting forth the total number of shares
of Common Stock subject to the Stock Option, the Option Price, the maximum term
of the Stock Option, the Date of Grant, and such other terms and

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provisions as are approved by the Committee, but not inconsistent with the Plan.
The Company shall execute a Stock Option Agreement with a Participant promptly
after the Date of Grant of the Stock Option.

                                    ARTICLE 5

                             SHARES SUBJECT TO PLAN

         The maximum number of shares of Common Stock that may be issued under
the Plan is two hundred thousand (200,000) (as may be adjusted in accordance
with ARTICLES 11 and 12 hereof). All Stock Options granted under the Plan shall
be designated as non-qualified stock options. Shares of Common Stock to be
issued under the Plan may be made available from either authorized but unissued
Common Stock or Common Stock held by the Company in its treasury. Shares of
Common Stock previously subject to Stock Options that are forfeited, terminated,
or settled in cash in lieu of Common Stock, or expired unexercised shall
immediately become available for grants of Stock Options under the Plan.

         During the term of this Plan, the Company will at all times reserve and
keep available the number of shares of Common Stock that shall be sufficient to
satisfy the requirements of this Plan.

                                    ARTICLE 6

                                  OPTION PRICE

         The Option Price for any share of Common Stock which may be purchased
under a Stock Option shall be One Hundred Percent (100%) of the Fair Market
Value of the share on the Date of Grant.

                                    ARTICLE 7

                            OPTION PERIOD; FORFEITURE

         No Stock Option granted under the Plan may be exercised at any time
after the end of its Option Period.

         The Option Period for each Stock Option will terminate on the first of
the following to occur:

                  (a) 5 p.m. on the seventh anniversary of the Date of Grant;

                  (b) 5 p.m. on the date which is one (1) year following the
         Participant's Termination of Service as a Director due to death or
         Total and Permanent Disability;

                  (c) 5 p.m. on the date that is two (2) years following the
         Participant's Termination of Service as a Director due to Retirement;
         provided that any installment not vested and exercisable on the
         Participant's Retirement shall terminate and be forfeited on such date;
         or

                  (d) 5 p.m. on the date that is thirty (30) days after any
         other Termination of Service as a Director; provided that any
         installment not vested and exercisable on the date of such Termination
         of Service as a Director shall terminate and be forfeited on such date.

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                                    ARTICLE 8

                               EXERCISE OF OPTION

         Stock Options may be exercised during the Option Period. Stock Options
may be exercised at such times and in such amounts as provided in this Plan and
the applicable Stock Option Agreements, subject to the terms, conditions, and
restrictions of the Plan.

         In no event may a Stock Option be exercised or shares of Common Stock
be issued pursuant to a Stock Option if a necessary listing of the shares on a
stock exchange or any registration under state or federal securities laws
required under the circumstances has not been accomplished. No Stock Option may
be exercised for a fractional share of Stock. The granting of a Stock Option
shall impose no obligation upon the Participant to exercise that Stock Option.

         Subject to such administrative regulations as the Committee may from
time to time adopt, a Stock Option may be exercised by the delivery of written
notice to the Committee setting forth the number of shares of Common Stock with
respect to which the Stock Option is to be exercised and the date of exercise
thereof (the "Exercise Date") which shall be at least three (3) days after
giving such notice unless an earlier time shall have been mutually agreed upon.
On the Exercise Date, the Participant shall deliver to the Company consideration
with a value equal to the total Option Price of the shares of Common Stock to be
purchased, payable as follows: (a) cash, check, bank draft, or money order
payable to the order of the Company, (b) Common Stock owned by the Participant
on the Exercise Date, valued at its Fair Market Value on the Exercise Date, (c)
by delivery (including by FAX) to the Company or its designated agent of an
executed irrevocable option exercise form together with irrevocable instructions
from the Participant to a broker or dealer, reasonably acceptable to the
Company, to sell certain of the shares of Common Stock purchased upon exercise
of the Stock Option or to pledge such shares as collateral for a loan and
promptly deliver to the Company the amount of sale or loan proceeds necessary to
pay such purchase price, and/or (d) any other form of consideration that is
acceptable to the Committee in its sole discretion.

         Upon payment of all amounts due from the Participant, the Company shall
cause certificates for the Common Stock then being purchased to be delivered to
the Participant (or the person exercising the Participant's Stock Option in the
event of his death) at its principal business office promptly after the Exercise
Date. The obligation of the Company to deliver shares of Common Stock shall,
however, be subject to the condition that if at any time the Committee shall
determine in its discretion that the listing, registration, or qualification of
the Stock Option or the Common Stock upon any securities exchange or under any
state or federal law, or the consent or approval of any governmental regulatory
body, is necessary or desirable as a condition of, or in connection with, the
Stock Option or the issuance or purchase of shares of Common Stock thereunder,
the Stock Option may not be exercised in whole or in part unless such listing,
registration, qualification, consent, or approval shall have been effected or
obtained free of any conditions not acceptable to the Committee.

         If the Participant fails to pay for any of the Common Stock specified
in such notice or fails to accept delivery thereof, the Participant's right to
purchase such Common Stock may be terminated by the Company.

                                       7
<PAGE>

                                    ARTICLE 9

                           AMENDMENT OR DISCONTINUANCE

         Subject to the limitations set forth in this ARTICLE 9, the Board may
at any time and from time to time, without the consent of the Participants,
suspend or discontinue the Plan in whole or in part. The Board may amend the
Plan at any time and for any reason without stockholder approval; provided,
however, that the Board may condition any amendment on the approval of
stockholders of the Company if such approval is necessary or deemed advisable
with respect to tax, securities or other applicable laws, policies and
regulations.

         Subject to the forgoing, any such amendment shall, to the extent deemed
necessary or advisable by the Committee, be applicable to any outstanding Stock
Options theretofore granted under the Plan, notwithstanding any contrary
provisions contained in any Stock Option Agreement. In the event of any such
amendments to the Plan, the holder of any Stock Option outstanding under the
Plan shall, upon request of the Committee and as a condition to the
exercisability thereof, execute a conforming amendment in the form prescribed by
the Committee to any Stock Option Agreement relating thereto within such
reasonable time as the Committee shall specify in such request. Notwithstanding
anything contained in this Plan to the contrary, unless required by law, no
action contemplated or permitted by this ARTICLE 9 shall adversely affect any
rights of Participants or obligations of the Company to Participants with
respect to any Stock Options theretofore granted under the Plan without the
consent of the affected Participant.

                                   ARTICLE 10

                           STOCKHOLDER APPROVAL; TERM

         Anything in the Plan to the contrary notwithstanding, the effectiveness
of the Plan and of the grant of all Stock Options hereunder is in all respects
subject to the approval of the Plan by the affirmative vote of the holders of a
majority of the shares of the Common Stock present in person or by proxy and
entitled to vote at a meeting of stockholders at which the Plan is presented for
approval. Stock Options may be granted under the Plan prior to the time of
stockholder approval. Any such Stock Options granted prior to such stockholder
approval shall be subject to such stockholder approval. Unless sooner terminated
by action of the Board, the Plan will terminate on January 31, 2010, but Stock
Options granted before such date will continue to be effective in accordance
with their terms and conditions.

                                   ARTICLE 11

                               CAPITAL ADJUSTMENTS

         If at any time while the Plan is in effect or unexercised Stock Options
are outstanding there shall be any increase or decrease in the number of issued
and outstanding shares of Common Stock resulting from (1) the declaration or
payment of a stock dividend, (2) any recapitalization resulting in a stock
split-up, combination, or exchange of shares of Common Stock, or (3) other
increase or decrease in such shares of Common Stock effected without receipt of
consideration by the Company, then and in such event:

                  (i) An appropriate adjustment shall be made in the maximum
         number of shares of Common Stock then subject to being issued under the
         Plan, to the end that the same proportion of the Company's issued and
         outstanding shares of Common Stock shall continue to be subject to
         being so issued.

                                       8
<PAGE>

                  (ii) Appropriate adjustments shall be made in the number of
         shares of Common Stock subject to purchase pursuant to Stock Options to
         be granted under ARTICLE 4 of the Plan, to the end that Stock Options
         to purchase the same proportion of the Company's issued and outstanding
         shares of Common Stock shall be granted under ARTICLE 4.

                  (iii) Appropriate adjustments shall be made in the number of
         shares of Common Stock and the Option Price thereof then subject to
         purchase pursuant to each such Stock Option previously granted and
         unexercised, to the end that the same proportion of the Company's
         issued and outstanding shares of Common Stock in each such instance
         shall remain subject to purchase at the same aggregate Option Price.

         Except as otherwise expressly provided herein, the issuance by the
Company of shares of its capital stock of any class, or securities convertible
into shares of capital stock of any class, either in connection with direct sale
or upon the exercise of rights or warrants to subscribe therefor, or upon
conversion of shares or obligations of the Company convertible into such shares
or other securities, shall not affect, and no adjustment by reason thereof shall
be made with respect to, the number of or Option Price of shares of Common Stock
then subject to outstanding Stock Options granted under the Plan.

         Upon the occurrence of each event requiring an adjustment with respect
to any Stock Option, the Company shall mail to each Participant its computation
of such adjustment which shall be conclusive and shall be binding upon each such
Participant.

                                   ARTICLE 12

                   RECAPITALIZATION, MERGER AND CONSOLIDATION

         12.1 General. The existence of this Plan and Stock Options granted
hereunder shall not affect in any way the right or power of the Company or its
stockholders to make or authorize any or all adjustments, recapitalizations,
reorganizations, or other changes in the Company's capital structure and its
business, or any merger or consolidation of the Company, or any issue of bonds,
debentures, preferred or preference stocks ranking prior to or otherwise
affecting the Common Stock or the rights thereof (or any rights, options, or
warrants to purchase same), or the dissolution or liquidation of the Company, or
any sale or transfer of all or any part of its assets or business, or any other
corporate act or proceeding, whether of a similar character or otherwise.

         12.2 Adjustment; Company Survives. Subject to any required action by
the stockholders, if the Company shall be the surviving or resulting corporation
in any merger, consolidation or share exchange, any Stock Option granted
hereunder shall pertain to and apply to the securities or rights (including
cash, property, or assets) to which a holder of the number of shares of Common
Stock subject to the Stock Option would have been entitled.

         12.3 Adjustment; Company Does Not Survive. In the event of any
reorganization, merger, consolidation or share exchange pursuant to which the
Company is not the surviving or resulting corporation, there shall be
substituted for each share of Common Stock subject to the unexercised portions
of such outstanding Stock Options that number of shares of each class of stock
or other securities or that amount of cash, property or assets of the surviving,
resulting or consolidated company which were distributed or are to be
distributed to the stockholders of the Company in respect of each share of
Common Stock held by them, such outstanding Stock Options to be thereafter
exercisable for such stock, securities, cash or property in accordance with
their terms. Notwithstanding the foregoing, however, the Committee, in its sole
discretion, may cancel all such Stock Options as of the effective date of any
such reorganization, merger, consolidation, share exchange or of any dissolution
or liquidation of the Company

                                       9
<PAGE>

by giving notice to each holder thereof or his personal representative of its
intention to do so and by permitting the purchase, during the thirty (30) day
period next preceding such effective date, of all of the shares of Common Stock
subject to such outstanding Stock Options.

         12.4 Notice of Adjustment. Upon the occurrence of each event requiring
an adjustment of the Option Price or the number of shares of Common Stock
purchasable pursuant to Stock Options granted pursuant to the terms of this
Plan, the Company shall mail to each Participant its computation of such
adjustment, which shall be conclusive and shall be binding upon each such
Participant.

                                   ARTICLE 13

                           LIQUIDATION OR DISSOLUTION

         In case the Company shall, at any time while any Stock Option under
this Plan shall be in force and remain unexpired, (i) sell all or substantially
all of its property, or (ii) dissolve, liquidate, or wind up its affairs, then
each Participant may thereafter receive upon exercise hereof (in lieu of each
share of Common Stock of the Company which such Participant would have been
entitled to receive) the same kind and amount of any securities or assets as may
be issuable, distributable, or payable upon any such sale, dissolution,
liquidation, or winding up with respect to each share of Common Stock of the
Company. If the Company shall, at any time prior to the expiration of any Stock
Option, make any partial distribution of its assets, in the nature of a partial
liquidation, whether payable in cash or in kind (but excluding the distribution
of a cash dividend payable out of earned surplus and designated as such) then in
such event the Option Prices then in effect with respect to each Stock Option
shall be reduced, on the payment date of such distribution, in proportion to the
percentage reduction in the tangible book value of the shares of the Company's
Common Stock (determined in accordance with generally accepted accounting
principles) resulting by reason of such distribution.

                                   ARTICLE 14

                            MISCELLANEOUS PROVISIONS

         14.1 Assignability. No Stock Option granted under this Plan shall be
assignable or otherwise transferable by the Participant (or his or her
authorized legal representative) during the Participant's lifetime and, after
the death of the Participant, other than by will or the laws of descent and
distribution or as provided below in this ARTICLE 14. All or a portion of a
Stock Option granted to a Participant may be assigned by such Participant to (i)
the spouse, children or grandchildren of the Participant ("Immediate Family
Members"), (ii) a trust or trusts for the exclusive benefit of such Immediate
Family Members, or (iii) a partnership in which such Immediate Family Members
are the only partners, (iv) an entity exempt from federal income tax pursuant to
Section 501(c)(3) of the Code or any successor provision, or (v) a split
interest trust or pooled income fund described in Section 2522(c)(2) of the Code
or any successor provision, provided that (x) there shall be no consideration
for any such transfer, and (y) subsequent transfers of transferred Stock Options
shall be prohibited except those by will or the laws of descent and
distribution. Following transfer, any such Stock Option shall continue to be
subject to the same terms and conditions as were applicable immediately prior to
transfer, provided that for purposes of Articles 8, 9, 11, 12, 13 and 14 hereof
the term "Participant" shall be deemed to include the transferee. The events of
Termination of Service shall continue to be applied with respect to the original
Participant, following which the Stock Options shall be exercisable by the
transferee only to the extent and for the periods specified in the Plan and the
Stock Option Agreement. The Committee and the Company shall have no obligation
to inform any transferee of a Stock Option of any expiration, termination, lapse
or acceleration of such Option. The Company shall have no obligation to register
with any federal or state securities

                                       10
<PAGE>

commission or agency any Common Stock issuable or issued under a Stock Option
that has been transferred by a Participant under this Section 14.1.

         14.2 Investment Intent. The Company may require that there be presented
to and filed with it by any Participant(s) under the Plan, such evidence as it
may deem necessary to establish that the Stock Options granted or the shares of
Common Stock to be purchased or transferred are being acquired for investment
purposes and not with a view to their distribution.

         14.3 No Employment Relationship. Each Participant is not an Employee of
the Company. Nothing herein shall be construed to create an employer-employee
relationship between the Company and the Participant.

         14.4 Stockholders' Rights. The holder of a Stock Option shall have none
of the rights or privileges of a stockholder except with respect to shares which
have been actually issued.

         14.5 Effect of the Plan. Neither the adoption of this Plan nor any
action of the Board or the Committee shall be deemed to give any person any
right to be granted a Stock Option to purchase Common Stock of the Company or
any other rights except as may be evidenced by a Stock Option Agreement, or any
amendment thereto, duly authorized by the Committee and executed on behalf of
the Company, and then only to the extent and upon the terms and conditions
expressly set forth therein.

         14.6 Indemnification of Board and Committee. No current or previous
member of the Board or the Committee, nor any officer or employee of the Company
acting on behalf of the Board or the Committee, shall be personally liable for
any action, determination, or interpretation taken or made in good faith with
respect to the Plan, and all such members of the Board and the Committee and
each and any officer or employee of the Company acting on their behalf shall, to
the extent permitted by law, be fully indemnified and protected by the Company
in respect of any such action, determination or interpretation. The foregoing
right of indemnification shall not be exclusive of any other rights of
indemnification to which such individuals may be entitled under the Company's
Certificate of Incorporation or Bylaws, by contract, as a matter of law, or
otherwise.

         14.7 Restrictions. This Plan, and the granting and exercise of Stock
Options hereunder, and the obligation of the Company to sell and deliver Common
Stock under such Stock Options, shall be subject to all applicable foreign and
United States laws, rules and regulations, and to such approvals on the part of
any governmental agencies or stock exchanges or transaction reporting systems as
may be required. No Common Stock or other form of payment shall be issued with
respect to any Stock Option unless the Company shall be satisfied based on the
advice of its counsel that such issuance will be in compliance with applicable
federal and state securities laws and the requirements of any regulatory
authority having jurisdiction over the securities of the Company. Unless the
Stock Options and Common Stock covered by this Plan have been registered under
the Securities Act of 1933, as amended, each person exercising a Stock Option
under this Plan may be required by the Company to give a representation in
writing in form and substance satisfactory to the Company to the effect that he
is acquiring such shares for his own account for investment and not with a view
to, or for sale in connection with, the distribution of such shares or any part
thereof. If any provision of this Plan is found not to be in compliance with
such rules, such provision shall be null and void to the extent required to
permit this Plan to comply with such rules. Certificates evidencing shares of
Common Stock delivered under this Plan may be subject to such stop transfer
orders and other restrictions as the Committee may deem advisable under the
rules, regulations and other requirements of the Securities and Exchange
Commission, any securities exchange or transaction reporting system upon which
the Common Stock is then listed or quoted, and any applicable federal, foreign
and state securities law. The Committee may cause a legend or legends to be
placed upon any such certificates to make appropriate reference to such
restrictions.

                                       11
<PAGE>

         14.8 Gender and Number. Where the context permits, words in the
masculine gender shall include the feminine and neuter genders, the plural form
of a word shall include the singular form, and the singular form of a word shall
include the plural form.

         14.9 Tax Requirements. The Company shall have the right to deduct from
all amounts hereunder paid in cash or other form, any Federal, state, or local
taxes required by law to be withheld with respect to such payments. The
Participant receiving shares of Common Stock issued upon exercise of Stock
Options granted under the Plan shall be required to pay the Company the amount
of any taxes which the Company is required to withhold with respect to such
shares of Common Stock. Such payments shall be required to be made prior to the
delivery of any certificate representing such shares of Common Stock. Such
payment may be made in cash, by check or through the delivery of shares of
Common Stock owned by the Participant (which may be effected by the actual
delivery of shares of Common Stock by the Participant or by the Company's
withholding a number of shares to be issued upon the exercise of a Stock Option,
if applicable), which shares have an aggregate Fair Market Value equal to the
required minimum withholding payment, or any combination thereof.

         14.10 Use of Proceeds. Proceeds from the sale of shares of Common Stock
pursuant to Stock Options granted under this Plan shall constitute general funds
of the Company.

                                       12

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