Document:

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                                                                    Exhibit 10.1

                            CALGON CARBON CORPORATION

                                STOCK OPTION PLAN
                (AS AMENDED AND RESTATED THROUGH APRIL 20, 1999)

                  The purposes of the Stock Option Plan (the "Plan") are to
encourage eligible employees of Calgon Carbon Corporation (the "Company") and
any other corporation in the Chain, as defined below, including officers who are
employees, to increase their efforts to make the Company and each Subsidiary
more successful, to provide an additional inducement for such individuals to
remain with the Company or a Subsidiary, to reward such individuals by providing
the opportunity to acquire Common Stock of the Company ("Common Stock") on
favorable terms and to provide a means through which the Company may attract
able persons to enter the employ of the Company or one of its Subsidiaries. The
"Chain" shall mean all corporations in an unbroken chain of corporations
including the Company, in which each of the corporations other than the last
corporation in the chain owns stock possessing at least fifty percent (50%) or
more of the total combined voting power of all classes of stock in one of the
other corporations in the chain. "Subsidiary" shall mean any corporation in the
Chain directly or indirectly controlled by the Company.

                                    SECTION 1
                                 Administration
                                 --------------

                  The Plan shall be administered by a Committee (the
"Committee") appointed by the Board of Directors of the Company (the "Board")
and consisting of not less than two members of the Board, each of whom at the
time of appointment to the Committee and at all times during service as a member
of the Committee shall be (i) "Non-Employee Directors" as then defined under
Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or any successor Rule and (ii) an "outside director" under Section
162(m)(4)(C) of the Internal Revenue Code of 1986 (the "Code"), or any successor
provision.

                  The Committee shall interpret the Plan and prescribe such
rules, regulations and procedures in connection with the operations of the Plan
as it shall deem to be necessary and advisable for the administration of the
Plan consistent with the purposes of the Plan. All questions of interpretation
and application of the Plan, or as to grants or awards under the Plan, shall be
subject to the determination of the Committee which shall be final and binding.

                  The Committee shall keep records of action taken at its
meetings, a majority of the Committee shall constitute a quorum at any meeting
and the acts of a majority of the members present at any meeting at which a
quorum is present, or acts approved in
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writing by a majority of the Committee, shall be the acts of the Committee.

                                    SECTION 2
                                   Eligibility
                                   -----------

                  Those employees ("Key Employees") of the Company or any
Subsidiary (including, but not limited to, covered employees as defined in
Section 162(m)(3) of the Code, or any successor provision) who are important to
the management, growth or protection of the business of the Company or any
Subsidiary shall be eligible to receive stock options (with or without stock
appreciation rights) and to receive restricted or restricted performance share
awards as described herein.

                  Stock options (with or without stock appreciation rights) may
be granted and restricted or restricted performance shares may be awarded to any
person conditional upon such person's becoming a Key Employee of the Company or
any Subsidiary, but any such options or rights or restricted or restricted
performance shares shall be deemed granted or awarded as of the date such person
becomes such a Key Employee and shall be null and void unless that occurs before
a date specified by the Committee and not more than six months after the
Committee acts to grant such options or rights or award such restricted or
restricted performance shares.

                  Subject to the provisions of the Plan, the Committee shall
have full and final authority, in its discretion, to grant stock options (with
or without stock appreciation rights) and to award restricted or restricted
performance shares as described herein and to determine the individuals to whom
any such grant or award shall be made and the number of shares to be covered by
each stock option. In determining the eligibility of any individual, as well as
in determining the number of shares covered by each grant of a stock option or
award of restricted or restricted performance shares, the Committee shall
consider the position and the responsibilities of the individual being
considered, the nature and value to the Company or a Subsidiary of his or her
services, his or her present and/or potential contribution to the success of the
Company or a Subsidiary and such other factors as the Committee may deem
relevant.

                                    SECTION 3
                         Shares Available under the Plan
                         -------------------------------

                  The aggregate number of shares of Common Stock which was
originally available under the Plan, as adjusted to reflect stock splits and
distributions by the Company, was 4,138,640 shares. Immediately prior to the
date of the amendment and

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restatement of the Plan, after adjustment to reflect the transfer of 100,000
available shares to the 1993 Directors' Stock Option Plan, the remaining
aggregate number of shares of Common Stock which may be issued or delivered
under the Plan upon exercise of stock options is 946,040 shares (consisting of
691,500 shares reserved for outstanding stock options and 254,540 shares
available for stock options which have not yet been granted or for awards of
restricted or restricted performance shares), subject to adjustment and
substitution as set forth in Section 6. As of the date of the amendment and
restatement, an additional 2,700,000 shares are available under the Plan,
subject to adjustment and substitution as set forth in Section 6.

                  In addition, if non-alternative stock appreciation rights are
granted together with any stock option with the effect provided in Section
5(D)(1), up to one additional share of Common Stock may be issued or delivered
under the Plan in payment of such stock appreciation rights for each share
issued or delivered upon the exercise of such stock option. If alternative stock
appreciation rights are granted together with any stock option with the effect
provided in Section 5(D)(2), upon the exercise of any such alternative stock
appreciation rights in lieu of the related stock option, the number of shares
which may be issued or delivered under the Plan upon the exercise of stock
options as provided in the first sentence of this paragraph shall be reduced by
the number of shares, if any, issued or delivered in payment of such alternative
stock appreciation rights. The shares which may be issued or delivered under the
Plan may be either authorized but unissued shares or treasury shares or partly
each, as shall be determined by the Board.

                  Except as provided in the preceding paragraph, if any stock
option granted under the Plan is cancelled by mutual consent or terminates or
expires for any reason without having been exercised in full, the number of
shares subject to such stock option shall again be available for the purposes of
the Plan. If shares of Common Stock are forfeited to the Company pursuant to the
restrictions applicable to restricted or restricted performance shares awarded
under the Plan, the shares so forfeited shall again be available for purposes of
the Plan. To the extent any restricted performance shares are not earned, the
number of shares shall again be available for purposes of the Plan.

                                    SECTION 4
              Grant of Stock Options and Stock Appreciation Rights
              ----------------------------------------------------
            and Awards of Restricted or Restricted Performance Shares
            ---------------------------------------------------------

                  The Committee shall have authority, in its discretion, (a) to
grant "incentive stock options" pursuant to Section 422 of

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the Code to grant "nonstatutory stock options" (stock options which do not
qualify under Section 422 or Section 423 of the Code) or to grant both types of
stock options (but not in tandem), (b) to award restricted shares and (c) to
award restricted performance shares, all as provided herein. The Committee
shall also have authority, in its discretion, to grant alternative or
non-alternative stock appreciation rights together with stock options with the
effect provided in Section 5(D).

                  Stock appreciation rights granted together with a nonstatutory
stock option may be granted either at the time such stock option is granted or
at any time thereafter during the term of such stock option. Stock appreciation
rights granted together with an incentive stock option may only be granted at
the time such incentive stock option is granted.

                  From February 1, 1999 through the duration of the Plan, the
maximum number of shares as to which stock options (with or without stock
appreciation rights) may be granted and as to which restricted or restricted
performance shares may be awarded under the Plan to any one employee is 700,000
shares, subject to adjustment and substitution as set forth in Section 6. For
the purposes of this limitation, any adjustment or substitution made pursuant to
Section 6 with respect to the maximum number of shares set forth in the
preceding sentence shall also be made with respect to any shares subject to
stock options or restricted or restricted performance share awards previously
granted under the Plan to such employee.

                  Notwithstanding any other provision contained in the Plan or
in any agreement referred to in Section 5(G), but subject to the last two
sentences of this paragraph, the aggregate fair market value, determined as
provided in Section 5(H) on the date of grant, of the shares with respect to
which incentive stock options are exercisable for the first time by a grantee
during any calendar year under all plans of the Company employing such grantee,
any parent or subsidiary corporation of such corporation and any predecessor
corporation of any such corporation shall not exceed $100,000. Any purported
grants of incentive stock options in excess of such $100,000 shall be deemed to
be grants of nonstatutory stock options. If the date on which one or more of
such incentive stock options could first be exercised would be accelerated
pursuant to any provision of the Plan or any stock option agreement, and the
acceleration of such exercise date would result in a violation of the limitation
set forth in the second preceding sentence, then, notwithstanding any such
violation, but subject to the provisions of the next succeeding sentence, the
exercise dates of such incentive stock options shall nevertheless be accelerated
with the exercise dates of the incentive stock options with the lowest option
prices being

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accelerated to the earliest such dates and with any remaining options being
converted in whole or in part to nonstatutory stock options. A grantee may,
with the consent of the Committee, choose not to accelerate the exercise date
of any such incentive stock options which would violate the $100,000 limitation
set forth in the first sentence of this paragraph by indicating his or her
decision to do so in writing to the Committee within 10 days after such
acceleration would have otherwise become effective.

                  Notwithstanding anything in the Plan to the contrary, without
the prior approval of the stockholders of the Company, options issued under the
Plan shall not be repriced, replaced or regranted through cancellation, or by
lowering the option exercise price of a previously granted award.

                                    SECTION 5
                    Terms and Conditions of Stock Options and
                    -----------------------------------------
                            Stock Appreciation Rights
                            -------------------------

                  Stock options and stock appreciation rights granted under the
Plan shall be subject to the following terms and conditions:

                  (A)  The purchase price at which each stock option may be
         exercised (the "option price") shall be such price as the Committee, in
         its discretion, shall determine but shall not be less than one hundred
         percent (100%), in the case of incentive stock options, or eighty
         percent (80%), in the case of nonstatutory stock options, of the fair
         market value per share of the shares of Common Stock covered by the
         stock option on the date of grant, except that in the case of an
         incentive stock option granted to an individual who, immediately prior
         to such grant owns stock possessing more than ten percent (10%) of the
         total combined voting power of all classes of stock of the Company or
         any Subsidiary (a "Ten Percent Employee"), the option price shall be
         not less than 110% of such fair market value on the date of grant. For
         purposes of this Section 5(A), the fair market value of the Common
         Stock shall be determined as provided in Section 5(H). For purposes of
         this Section 5(A), an individual shall be considered as owning not only
         shares of Common Stock owned individually but also all shares that are
         at the time owned, directly or indirectly, by or for the spouse,
         ancestors, lineal descendants and brothers and sisters (whether by the
         whole or half blood) of such individual, and shall also be considered
         as owning proportionately any shares owned, directly or indirectly, by
         or for any corporation, partnership, estate or trust in which such
         individual shall be a shareholder, partner or beneficiary.

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                  (B)  The option price shall be payable in cash; provided,
         however, that in lieu of cash a grantee may, if authorized by the
         Committee at the time of grant, in the case of an incentive stock
         option, or at any time, in the case of a nonstatutory stock option, pay
         the option price in whole or in part by tendering to the Company shares
         of Common Stock owned by the grantee and having a fair market value on
         the date of exercise of the stock option, determined as provided in
         Section 5(H), equal to the option price for the shares being purchased
         (except that (i) any portion of the option price representing a
         fraction of a share shall in any event be paid in cash and (ii) no
         shares of Common Stock which have been held for less than six months
         may be delivered in payment of the option price of a stock option), or,
         if so provided in the option agreement referred to in Section 5(G), the
         grantee may pay that portion of the option price which exceeds the
         aggregate par value of the shares being purchased in whole or in part
         with secured or unsecured promissory notes of the grantee maturing in
         less than one year. The option price shall be payable at such time or
         times as the Committee, in its discretion, shall determine. Delivery of
         shares, if authorized, may also be accomplished through the effective
         transfer to the Company of shares held by a broker or other agent. The
         Company will also cooperate with any person exercising a stock option
         who participates in a cashless exercise program of a broker or other
         agent under which all or part of the shares received upon exercise of
         the stock option are sold through the broker or other agent or under
         which the broker or other agent makes a loan to such person.
         Notwithstanding the foregoing, unless the Committee, in its discretion,
         shall otherwise determine at the time of grant in the case of an
         incentive stock option, or at any time in the case of a nonstatutory
         stock option, the exercise of the stock option shall not be deemed to
         occur and no shares of Common Stock will be issued by the Company upon
         exercise of the stock option until the Company has received payment of
         the option price in full. The date of exercise of a stock option shall
         be determined under procedures established by the Committee, and as of
         the date of exercise the person exercising the stock option shall be
         considered for all purposes to be the owner of the shares with respect
         to which the stock option has been exercised. Payment of the option
         price with shares shall not increase the number of shares of Common
         Stock which may be issued or delivered under the Plan as provided in
         Section 3.

                  (C)  No nonstatutory stock option shall be exercisable after
         the expiration of ten years from the date of grant.

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          No incentive stock option shall be exercisable after the expiration
          of ten years (five years, in the case of a Ten Percent Employee)
          from the date of grant. Subject to this Section 5(C) and Sections
          5(F), 5(G) and 5(I), and the other provisions of the Plan, stock
          options may be exercised at such times, in such amounts and subject
          to such restrictions as shall be determined, in its discretion, by
          the Committee.

                  (D)(1)  If non-alternative stock appreciation rights are
         granted together with a stock option, such stock appreciation rights
         shall entitle the person or persons who are entitled to exercise the
         related stock option, upon exercise of the related stock option, or any
         portion thereof, to receive from the Company (in addition to the shares
         to be received upon exercise of the related stock option) that number
         of shares of Common Stock having an aggregate fair market value,
         determined as provided in Section 5(H), on the date of exercise of the
         related stock option equal to the excess of the fair market value of
         one share of Common Stock over the option price per share payable
         pursuant to the related stock option times the number of shares covered
         by the related stock option, or portion thereof, which is exercised. No
         fractional shares shall be issued or delivered but instead cash shall
         be paid in lieu of any fractional shares. The Committee shall have
         authority, in its discretion, to determine at any time that all or any
         part of the obligation of the Company with respect to non- alternative
         stock appreciation rights (other than those granted together with
         incentive stock options) shall be paid in cash.

                  (2)  If alternative stock appreciation rights are granted
         together with a stock option, such stock appreciation rights shall
         entitle the person or persons who are entitled to exercise the related
         stock option to surrender unexercised the related stock option, or any
         portion thereof, and to receive from the Company in exchange therefor
         that number of shares of Common Stock having an aggregate fair market
         value, determined as provided in Section 5(H), on the date of exercise
         of the alternative stock appreciation rights equal to the excess of the
         fair market value of one share of Common Stock on such date of exercise
         over the option price per share payable pursuant to the related stock
         option times the number of shares covered by the related stock option,
         or portion thereof, which is surrendered. Alternative stock
         appreciation rights granted together with an incentive stock option
         shall not be exercisable, however, unless the fair market value per
         share of the Common Stock on the date of exercise, determined as
         provided in Section 5(H), exceeds the option price per

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          share payable pursuant to such incentive stock option. No fractional
          shares shall be issued or delivered but instead, except as provided
          below, cash shall be paid in lieu of any fractional shares. The
          Committee shall have authority, in its discretion, to determine at
          any time that all or any part of the obligation of the Company with
          respect to alternative stock appreciation rights shall be paid in
          cash.

                  (E)  No stock option or stock appreciation rights shall be
         transferable by the grantee other than by Will, or if the grantee dies
         intestate, by the laws of descent and distribution of the state of
         domicile of the grantee at the time of death, and each stock option and
         stock appreciation right shall be exercisable during the lifetime of
         the grantee only by the grantee.

                  (F)  Unless otherwise determined by the Committee and provided
         in the stock option agreement referred to in Section 5(G) or an
         amendment thereto:

                           (i)  If the employment of a grantee who is not a
                  Disabled Grantee as defined in clause (ii) below is
                  voluntarily terminated with the consent of the Company or a
                  Subsidiary and the Company consents to such exercise, or if a
                  grantee retires under any retirement plan of the Company or a
                  Subsidiary, any then outstanding incentive stock option held
                  by such grantee shall be exercisable (to the extent
                  exercisable on the date of termination of employment) by such
                  grantee at any time prior to the expiration date of such
                  incentive stock option or within three months after the date
                  of termination of employment, whichever is the shorter period;

                           (ii)  If the employment of a grantee who is disabled
                  within the meaning of Section 422(c)(6) (formerly Section
                  422A(c)(7)) of the Code (a "Disabled Grantee") is voluntarily
                  terminated with the consent of the Company or a Subsidiary,
                  any then outstanding incentive stock option held by such
                  Disabled Grantee shall be exercisable (to the extent
                  exercisable on the date of termination of employment) by such
                  Disabled Grantee at any time prior to the expiration date of
                  such incentive stock option or within one year after the date
                  of termination of employment, whichever is the shorter period;

                           (iii)  If the employment of a grantee who holds a
                  nonstatutory stock option is voluntarily terminated with the
                  consent of the Company or a Subsidiary and the

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                  Company consents to such exercise, or if such grantee
                  retires under any retirement plan of the Company or a
                  Subsidiary, any then outstanding nonstatutory stock option
                  held by such grantee shall be exercisable (to the extent
                  exercisable on the date of termination of employment) by
                  such grantee at any time prior to the expiration date of
                  such nonstatutory stock option or within one year after
                  the date of termination of employment, whichever is the
                  shorter period; and

                           (iv)  Following the death of a grantee, either during
                  employment or after termination of employment during a period
                  when a stock option is exercisable as provided in clauses (i),
                  (ii) or (iii) above, any outstanding stock option held by the
                  grantee at the time of death shall be exercisable in whole or
                  in part (whether or not so exercisable on the date of the
                  death of the grantee but subject to the provisions of Section
                  4) by the person or persons entitled to do so under the Will
                  of the grantee, or, if the grantee shall fail to make
                  testamentary disposition of such stock option or shall die
                  intestate, by the legal representative of the grantee, in
                  either case at any time prior to the expiration date of such
                  stock option or within one year after the date of death,
                  whichever is the shorter period.

                  If the employment of a grantee terminates for any reason other
         than as set forth above in this Section 5(F), the rights of such
         grantee under any then outstanding stock option and stock appreciation
         rights shall terminate at the time of such termination of employment.
         In addition, if a grantee engages in the operation or management of a
         business, whether as owner, partner, officer, director, employee or
         otherwise, and whether during or after termination of employment by the
         Company or a Subsidiary, which is then in competition with the Company
         or a Subsidiary, the Committee may in its discretion immediately
         terminate all stock options and stock appreciation rights held by such
         grantee.

                  Whether termination of employment is a voluntary termination
         with consent of the Company or a Subsidiary and whether a grantee is
         disabled within the meaning of Section 422(c)(6) of the Code shall be
         determined in each case by the Committee and any such determination by
         the Committee shall be final and binding.

                  (G)  All stock options and stock appreciation rights shall be
         confirmed by a stock option agreement, or amendment

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         thereto, which shall be executed by the President or any Vice
         President on behalf of the Company and by the individual to whom
         such stock options or stock appreciation rights are granted. The
         provisions of such agreements need not be identical.

                  (H)  Fair market value of the Common Stock shall be the mean
         between the following prices, as applicable, for the date as of which
         fair market value is to be determined as quoted in The Wall Street
         Journal (or in such other reliable publication as the Committee, in its
         discretion, may determine to rely upon): (a) if the Common Stock is
         listed on the New York Stock Exchange, the highest and lowest sales
         prices per share of the Common Stock as quoted in the NYSE Composite
         Transactions listing for such date, (b) if the Common Stock is not
         listed on such exchange, the highest and lowest sales prices per share
         of Common Stock for such date on (or on any composite index including)
         the principal United States securities exchange registered under the
         Exchange Act on which the Common Stock is listed or (c) if the Common
         Stock is not listed on any such exchange, the highest and lowest sales
         prices per share of the Common Stock for such date on the National
         Association of Securities Dealers Automated Quotations System or any
         successor system then in use ("NASDAQ"). If there are no such sale
         price quotations for the date as of which fair market value is to be
         determined but there are such sale price quotations within a reasonable
         period both before and after such date, then fair market value shall be
         determined by taking a weighted average of the means between the
         highest and lowest sales prices per share of the Common Stock as so
         quoted on the nearest date before and the nearest date after the date
         as of which fair market value is to be determined. The average should
         be weighted inversely by the respective numbers of trading days between
         the selling dates and the date as of which fair market value is to be
         determined. If there are no such sale price quotations on or within a
         reasonable period both before and after the date as of which fair
         market value is to be determined, then fair market value of the Common
         Stock shall be the mean between the bona fide bid and asked prices per
         share of Common Stock as so quoted for such date on NASDAQ, or if none,
         the weighted average of the means between such bona fide bid and asked
         prices on the nearest trading date before and the nearest trading date
         after the date as of which fair market value is to be determined, if
         both such dates are within a reasonable period. The average is to be
         determined in the manner described above in this Section 5(H). If the
         fair market value of the Common Stock cannot be determined on the basis
         previously set forth in

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         this Section 5(H) on the date as of which fair market value is to be
         determined, the Committee shall in good faith determine the fair
         market value of the Common Stock on such date. Fair market value
         shall be determined without regard to any restriction other than a
         restriction which, by its terms, will never lapse.

                  (I)  The obligation of the Company to issue shares of the
         Common Stock under the Plan shall be subject to (i) the effectiveness
         of a registration statement under the Securities Act of 1933, as
         amended, with respect to such shares, if deemed necessary or
         appropriate by counsel for the Company, (ii) the condition that the
         shares shall have been listed (or authorized for listing upon official
         notice of issuance) upon each stock exchange, if any, on which the
         shares of Common Stock may then be listed and (iii) all other
         applicable laws, regulations, rules and orders which may then be in
         effect.

                  (J)  Notwithstanding any other provision of this Section 5 or
         any other provision of the Plan or any stock option agreement or an
         amendment thereto, any grantee who has made a hardship withdrawal from
         the Calgon Carbon Corporation Thrift/Savings Plan shall be prohibited,
         for a period of twelve (12) months following such hardship withdrawal,
         from exercising any stock option granted under the Plan in such a
         manner and to the extent that the exercise of such stock option would
         result in an employee elective contribution or an employee contribution
         to an employer plan within the meaning of Treasury Regulation [sec]
         1.401(k)-1(d)(2)(iii)(B)(3) or any successor regulation thereto.

                  Subject to the foregoing provisions of this Section 5 and the
other provisions of the Plan, any stock option or stock appreciation rights
granted under the Plan shall be subject to such other terms and conditions as
the Committee shall deem advisable.

                                   SECTION 5A
                     Terms and Conditions of Restricted and
                      Restricted Performance Share Awards
                     --------------------------------------

                  Restricted and restricted performance share awards shall be
evidenced by a written agreement in a form prescribed by the Committee, in its
discretion, which shall set forth the number of shares of the Common Stock
awarded, the restrictions imposed thereon (including, without limitation,
restrictions on the right of the grantee to sell, assign, transfer or encumber
such shares while such shares are subject to other restrictions

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imposed under this Section 5A), the duration of such restrictions, events
(which may, in the discretion of the Committee, include termination of
employment or performance-based events) the occurrence of which would cause a
forfeiture of the restricted or restricted performance shares and such other
terms and conditions as the Committee in its discretion deems appropriate.
Restricted and restricted performance share awards shall be effective only upon
execution of the applicable restricted or restricted performance share
agreement on behalf of the Company by the Chief Executive Officer (if other
than the President), the President or any Vice President, and by the awardee.
The provisions of such agreements need not be identical. Awards of restricted
or restricted performance shares shall be effective on the date determined, in
its discretion, by the Committee.

                  Following a restricted or restricted performance share award
and prior to the lapse or termination of the applicable restrictions, the share
certificates representing the restricted or restricted performance shares shall
be held by the Company in escrow together with related stock powers in blank
signed by the grantee. Except as provided in Section 6, the Committee, in its
discretion, may determine that dividends and other distributions on the shares
held in escrow shall not be paid to the awardee until the lapse or termination
of the applicable restrictions. Unless otherwise provided, in its discretion, by
the Committee, any such dividends or other distributions shall not bear
interest. Upon the lapse or termination of the applicable restrictions (and not
before such time), the share certificates representing the restricted or
restricted performance shares and unpaid dividends, if any, shall be delivered
to the grantee. From the date a restricted or restricted performance share award
is effective, the grantee shall be a shareholder with respect to all the shares
represented by the share certificates for the restricted or restricted
performance shares and shall have all the rights of a shareholder with respect
to the restricted or restricted performance shares, including the right to vote
the restricted or restricted performance shares and to receive all dividends and
other distributions paid with respect to the restricted or restricted
performance shares, subject only to the preceding provisions of this paragraph
and the other restrictions imposed by the Committee.

                  Neither this Section 5A nor any other provision of the Plan
shall preclude an awardee from transferring or assigning restricted or
restricted performance shares to (i) the trustee of a trust that is revocable by
such awardee alone, both at the time of the transfer or assignment and at all
times thereafter prior to such awardee's death or (ii) the trustee of any other
trust to the extent approved in advance by the Committee in writing. A

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transfer or assignment of restricted or restricted performance shares from such
trustee to any person other than such awardee shall be permitted only to the
extent approved in advance by the Committee in writing, and restricted or
restricted performance shares held by such trustee shall be subject to all of
the conditions and restrictions set forth in the Plan and in the applicable
agreement as if such trustee were a party to such agreement.

                  With respect to restricted performance shares, the Committee,
in its discretion, may award restricted performance shares which shall be earned
by a grantee based on the level of performance over a specified period of time
by the Company, a Subsidiary or Subsidiaries, any branch, department or other
portion thereof or the grantee individually, as determined by the Committee. For
the purposes of the grant of restricted performance shares, the following
definitions shall apply:

                  (i)    "Performance Period" shall mean an accounting period of
         the Company or a Subsidiary of not less than one year, as determined by
         the Committee in its discretion.

                  (ii)   "Performance Target" shall mean that level of
         performance established by the Committee which must be met in order for
         the restricted performance shares to be fully earned. The Performance
         Target may be expressed in terms of Common Stock fair market value,
         revenues, net profit and/or earnings per share, percentage of
         profitability which are return on assets or return on equity, asset
         growth or maintenance, ratio of capital to assets or such other similar
         level or levels of accomplishment by the Corporation, a Subsidiary or
         Subsidiaries, any division, branch, department or other portion thereof
         or the grantee individually as may be established or revised from time
         to time by the Committee.

                  (iii)  "Minimum Target" shall mean a minimal level of
         performance established by the Committee which must be met before any
         part of the restricted performance shares is earned. The Minimum Target
         may be the same as or less than the Performance Target in the
         discretion of the Committee.

                  A Performance Target and/or Minimum Target will be established
not later than 90 days after the commencement of the Performance Period to which
it relates (or not later than after 25 percent of the Performance Period has
expired, if less), provided that any such target must be established when the
outcome is substantially uncertain.

                                     - 13 -
<PAGE>

                  A grantee shall earn the restricted performance shares in full
by meeting the Performance Target for the Performance Period (in addition to any
time vesting requirements determined by the Committee). If the Minimum Target
has not been attained at the end of the Performance Period, no part of the
restricted performance shares shall have been earned by the grantee. If the
Minimum Target is attained but the Performance Target is not attained, the
portion of the restricted performance shares earned by the grantee shall be such
portion as is established by the Committee at the time of grant.

                  Shares which do not vest due to failure to meet performance
targets will be forfeited. Awards of restricted performance shares by the
Committee need not be made every year.

                  It is intended that any compensation received by grantees of
restricted performance shares will qualify as performance-based compensation
under Section 162(m) of the Code and this portion of Section 5A shall be
interpreted consistently with that intention.

                                    SECTION 6
                      Adjustment and Substitution of Shares
                      -------------------------------------

                  If a dividend or other distribution shall be declared upon the
Common Stock payable in shares of Common Stock, (i) the number of shares of
Common Stock then subject to any outstanding stock options, (ii) the number of
shares of the Common Stock which may be issued under the Plan but are not
subject to outstanding stock options and (iii) the maximum number of shares as
to which stock options may be granted and as to which restricted or restricted
performance shares may be awarded under the Plan to any employee under Section 4
on the date fixed for determining the stockholders entitled to receive such
stock dividend or distribution shall be adjusted by adding thereto the number of
shares which would have been distributable thereon if such shares had been
outstanding on the date fixed for determining the shareholders entitled to
receive such stock dividend or distribution. Shares of Common Stock so
distributed with respect to any restricted or restricted performance shares held
in escrow, shall also be held by the Company in escrow and shall be subject to
the same restrictions as are applicable to the restricted or restricted
performance shares on which they were distributed.

                  If the outstanding shares of Common Stock shall be changed
into or exchangeable for a different number or kind of shares of stock or other
securities of the Company or another corporation, whether through
reorganization, reclassification,

                                     - 14 -
<PAGE>

recapitalization, stock split-up, combination of shares, merger or
consolidation, then there shall be substituted for each share of Common Stock
subject to any then outstanding stock option or stock appreciation rights, for
each share of Common Stock which may be issued or delivered under the Plan but
not then subject to an outstanding stock option or stock appreciation rights
and for the maximum number of shares as to which stock options may be granted
and as to which restricted or restricted performance shares may be awarded
under the Plan to any employee under Section 4, the number and kind of shares
of stock or other securities into which each outstanding share of Common Stock
shall be so changed or for which each such share shall be exchangeable. Unless
otherwise determined by the Committee, in its discretion, any such stock or
securities, as well as any cash or other property, into or for which any
restricted or restricted performance shares held in escrow shall be changed or
exchangeable in any such transaction shall also be held by the Company in
escrow and shall be subject to the same restrictions as are applicable to the
restricted or restricted performance shares in respect of which such stock,
securities, cash or other property was issued or distributed.

                  In case of any adjustment or substitution as provided for in
this Section 6, the aggregate option price for all shares subject to each then
outstanding stock option prior to such adjustment or substitution shall be the
aggregate option price for all shares of stock or other securities (including
any fraction) to which such shares shall have been adjusted or which shall have
been substituted for such shares. Any new option price shall be carried to at
least three decimal places with the last decimal place rounded upwards to the
nearest whole number.

                  If the outstanding shares of the Common Stock shall be changed
in value by reason of any spin-off, split-off or split-up, or dividend in
partial liquidation, dividend in property other than cash or extraordinary
distribution to holders of the Common Stock, (i) the Committee shall make any
adjustments to any then outstanding stock option or stock appreciation right
which it determines are equitably required to prevent dilution or enlargement of
the rights of grantees which would otherwise result from any such transaction
and (ii) unless otherwise determined by the Committee, in its discretion, any
stock, securities, cash or other property distributed with respect to any
restricted or restricted performance shares held in escrow or for which any
restricted or restricted performance shares held in escrow shall be exchanged in
any such transaction shall also be held by the Company in escrow and shall be
subject to the same restrictions as are applicable to the restricted or
restricted performance shares in respect of which such stock, securities, cash
or other property was distributed or exchanged.

                                     - 15 -
<PAGE>

                  No adjustment or substitution provided for in this Section 6
shall require the Company to issue or sell a fraction of a share or other
security. Accordingly, all fractional shares or other securities which result
from any such adjustment or substitution shall be eliminated and not carried
forward to any subsequent adjustment or substitution. Owners of restricted or
restricted performance shares held in escrow shall be treated in the same manner
as owners of Common Stock not held in escrow with respect to fractional shares
created by an adjustment or substitution of shares, except that, unless
otherwise determined by the Committee, in its discretion, any cash or other
property paid in lieu of a fractional share shall be subject to restrictions
similar to those applicable to the restricted or restricted performance shares
exchanged therefor.

                  If any such adjustment or substitution provided for in this
Section 6 requires the approval of shareholders in order to enable the Company
to grant incentive stock options or to comply with Section 162(m) of the Code,
then no such adjustment or substitution shall be made without prior shareholder
approval. Notwithstanding the foregoing, in the case of any incentive stock
option, if the effect of any such adjustment or substitution would be to cause
the stock option to fail to continue to qualify as an incentive stock option or
to cause a modification, extension or renewal of such stock option within the
meaning of Section 424 of the Code, the Committee may elect that such adjustment
or substitution not be made but rather shall use reasonable efforts to effect
such other adjustment of each then outstanding stock option as the Committee in
its discretion shall deem equitable and which will not result in any
disqualification, modification, extension or renewal (within the meaning of
Section 424 of the Code) of any such incentive stock option.

                                    SECTION 7
           Effect of the Plan on the Rights of Employees and Employer
           ----------------------------------------------------------

                  Neither the adoption of the Plan nor any action of the Board
or the Committee shall be deemed to give any employee any right to be granted a
stock option or stock appreciation rights or to be awarded restricted or
restricted performance shares under the Plan. Nothing in the Plan, in any stock
option or stock appreciation rights granted under the Plan, in any restricted or
restricted performance shares awarded under the Plan or in any stock option
agreement shall confer any right upon any employee to continue in the employ of
the Company or any Subsidiary or interfere in any way with the rights of the
Company or any Subsidiary to terminate the employment of any employee at any
time.

                                     - 16 -
<PAGE>

                                    SECTION 8
                            Amendment and Termination
                            -------------------------

                  The right to amend the Plan at any time and from time to time
and the right to terminate the Plan are hereby specifically reserved to the
Board; provided always that no such termination shall terminate any outstanding
stock options or stock appreciation rights granted or restricted or restricted
performance shares awarded under the Plan and provided further that no such
amendment of the Plan shall, without stockholder approval (a) increase the total
number of shares which may be issued or delivered under the Plan, (b) make any
changes in the class of employees eligible to receive stock options, stock
appreciation rights or awards of restricted or restricted performance shares,
(c) change the maximum number of shares as to which stock options may be granted
and as to which restricted or restricted performance shares may be awarded to
any employee under Section 4 of the Plan, (d) extend the periods set forth in
this Plan during which stock options or stock appreciation rights may be granted
or restricted or restricted performance shares awarded beyond January 31, 2009
or (e) be made if stockholder approval of the amendment is at the time required
for stock options or restricted or restricted performance shares under the Plan
to qualify for the exemption from Section 16(b) of the Exchange Act provided by
Rule 16b-3 or by the rules of the New York Stock Exchange or any stock exchange
on which the Common Stock may then be listed. No amendment or termination of the
Plan shall, without the written consent of the holder of a stock option, stock
appreciation rights or restricted or restricted performance shares theretofore
granted under the Plan, adversely affect the rights of such holder with respect
thereto.

                                    SECTION 9
                                   Withholding
                                   -----------

                  Income, excise or employment taxes may be required to be
withheld by the Company or a Subsidiary in connection with the grant or exercise
of a stock option or stock appreciation right, upon a "disqualifying
disposition" of the shares acquired upon exercise of an incentive stock option,
at the time restricted or restricted performance shares are granted or vest or
upon the receipt by the grantee of cash in payment of dividends on restricted or
restricted performance shares which have not vested. Any taxes required to be
withheld by the Company or any of its Subsidiaries upon the receipt by the
grantee of cash in payment of dividends may be satisfied by the Company by
withholding the taxes required to be withheld from the cash the grantee would
otherwise receive. The Company will request that the grantee pay any additional
amount required to be withheld directly to the Company in cash. If a grantee
does not pay any

                                     - 17 -
<PAGE>

taxes required to be withheld by the Company or any of its Subsidiaries within
ten days after a request for the payment of such taxes, the Company or such
Subsidiary may withhold such taxes from any compensation to which the grantee
is entitled.

                                   SECTION 10
                       Effective Date and Duration of Plan
                       -----------------------------------

                  The effective date and date of adoption of the Plan shall be
January 10, 1985, the date of adoption of the Plan by the Board. The effective
date of the readoption and the amendment and restatement of the Plan shall be
February 1, 1999, provided that the amendment and restatement is approved by the
stockholders at a meeting of stockholders duly called, convened and held on or
prior to January 31, 2000, at which a quorom representing a majority of the
outstanding voting stock of the Company is, either in person or by proxy,
present and voting on the Plan. No stock option granted under the Plan on or
after February 1, 1999 may be exercised until after such approval; provided,
that the foregoing shall not apply to stock options or stock appreciation rights
granted with shares which were available under the Plan prior to the amendment
and restatement of the Plan on February 1, 1999. The Plan was also amended to
prohibit repricings on April 20, 1999. No stock option or stock appreciation
rights may be granted and no restricted or restricted performance shares may be
awarded under the Plan subsequent to January 31, 2009.

                                     - 18 -<PAGE>
                                                                    Exhibit 10.2

                            CALGON CARBON CORPORATION

                          1999 NON-EMPLOYEE DIRECTORS'
                             PHANTOM STOCK UNIT PLAN
                      (AS AMENDED THROUGH FEBRUARY 6, 2001)

                  The purposes of the 1999 Non-Employee Directors' Phantom Stock
Unit Plan (the "Plan") are to promote the long-term success of Calgon Carbon
Corporation (the "Company") and its Subsidiaries by creating a mutuality of
interests between the non-employee Directors and the stockholders of the
Company, to provide an additional inducement for such Directors to remain with
the Company and to provide a means through which the Company may attract able
persons to serve as Directors of the Company.

                                    SECTION 1

                                 ADMINISTRATION

                  The Plan shall be administered the Board of Directors of the
Company (the "Board"). The Board may delegate some or all of its duties
hereunder to a Committee appointed by the Board. The Board shall interpret the
Plan and prescribe such rules, regulations and procedures in connection with the
operations of the Plan as it shall deem to be necessary and advisable for the
administration of the Plan consistent with the purposes of the Plan. All
questions of interpretation and application of the Plan, or as to Units (as
defined in Section 3 below) granted under the Plan, shall be subject to the
determination of the Board, which shall be final and binding.

                  Notwithstanding the above, the selection of the Directors to
whom Units are to be granted, the timing of such grants, the number of Units to
be granted (including the dollar value used to calculate the Units to be
granted), the time at which the Units may be exercised and the term of any Units
shall be as hereinafter provided, and the Board shall have no discretion as to
such matters unless and until the Plan is amended in accordance with the Plan.

                                    SECTION 2

                         UNITS AVAILABLE UNDER THE PLAN

                  The aggregate number of Units (as defined in Section 3 below)
which may be granted under the Plan is 1,000,000 Units, subject to adjustment
and substitution as set forth in Section 7. If any Units granted under the Plan
are cancelled by mutual consent or terminate or expire for any reason without
having been exercised in full, such number of Units shall again be available for
purposes of the Plan.
<PAGE>

                                    SECTION 3

                  ELIGIBILITY AND GRANT OF PHANTOM STOCK UNITS

                  On the first business day following the day of each annual
meeting of the stockholders of the Company, each person who is then a member of
the Board and who is not then an employee of the Company or any of its
subsidiaries (a "non-employee Director") shall automatically and without further
action by the Board be granted a number of phantom stock units (a "Unit" or
"Units") equal to $7,000 divided by the Fair Market Value (as defined in Section
5(H) below) of a share of Common Stock, $.01 par value, of the Company on such
date, with fractional interests rounded up to the next whole share.

                  On the day that each person who was not prior thereto a member
of the Board and who is not then an employee of the Company or any of its
subsidiaries is elected to the Board, other than such person being elected at an
Annual Meeting of the Company (the "Join Date"), such person shall automatically
and without further action by the Board by granted a number of Units equal to
the Prorated Amount (as defined below) divided by the Fair Market Value of a
share of Common Stock of the Company on such Join Date, with fractional
interests rounded up to the next whole share. "Prorated Amount" shall mean (i)
$1,750 if the Join Date is in January, February, March or April, (ii) $3,500 if
the Join Date is in October, November or December; (iii) $5,250 if the Join Date
is in July, August or September; and (iv) $7,000 if the Join Date is in May or
June.

                                    SECTION 4

                                 VALUE OF UNITS

                  A Unit shall evidence the right to receive an amount equal to
the Fair Market Value (as defined in Section 5(H) below) of a share of Common
Stock as of a specified date or as of the date of occurrence of a specified
event.

                                    SECTION 5

                          TERMS AND CONDITIONS OF UNITS

                  Units granted under the Plan shall be subject to the following
terms and conditions:

                  (A)  Units shall fully vest on the date of grant.

                                      - 2 -
<PAGE>

                  (B)  Upon exercise of a Unit by a grantee, such grantee shall
         be entitled to be paid cash equal to the Fair Market Value (as defined
         in Section 5(H) below) of a share of Common Stock on the date of
         exercise, multiplied by the number of Units exercised. All Unit
         exercise shall be settled in cash and not in Common Stock of the
         Company. Amounts due upon any exercises of Units shall be paid by the
         Company in full on or before 30 days from the date of exercise.

                  (C)  Units shall only be exercisable, and shall automatically
         be exercised, upon a non-employee Director's termination from service
         on the Board, whether due to death, disability, removal, resignation,
         failure to stand for re-election, failure to be re-elected or
         otherwise.

                  (D)  All calculations to be performed under this Plan shall be
         done by the Board or its designees, in its discretion, whose
         determination shall be final and binding, absent manifest error.

                  (E)  Except as may be required by law, the grantee shall not
         have the right to, directly or indirectly, alienate, assign, transfer,
         pledge, anticipate or encumber (except upon death, by Will or if the
         grantee dies intestate, by the laws of descent and distribution of the
         state of domicile of the grantee at the time of death) any amount that
         is or may be payable hereunder, including in respect of any liability
         of a grantee for alimony or other payments for the support of a spouse,
         former spouse, child or other dependent, prior to actually being
         received by the grantee hereunder, nor shall the grantee's rights to
         payments under the Plan be subject in any manner to anticipation,
         alienation, sale, transfer, assignment, pledge, encumbrance,
         attachment, or garnishment by creditors of the grantee or to the debts,
         contracts, liabilities, engagements, or torts of the grantee, or
         transfer by operation of law in the event of bankruptcy or insolvency
         of the grantee, or any legal process. All Units shall be exercisable
         during the lifetime of the grantee only by the grantee.

                  (F)  All Units shall be confirmed by an agreement, or an
         amendment thereto, which shall be executed on behalf of the Company by
         the Chief Executive Officer (if other than the President), the
         President or any Vice President and by the grantee. The provisions of
         such agreements, or amendments thereto, need not be identical.

                                      - 3 -
<PAGE>

                  (G)  The obligation of the Company to grant or honor the
         exercise of Units under the Plan shall be subject to (i) the
         effectiveness of a registration statement under the Securities Act of
         1933, as amended, with respect to such shares, if deemed necessary or
         appropriate by counsel for the Company, and (ii) all other applicable
         laws, regulations, rules and orders which may then be in effect.

                  (H)  Fair market value of the Common Stock shall be the mean
         between the following prices, as applicable, for the date as of which
         fair market value is to be determined as quoted in The Wall Street
                                                            --- ---- ------
         Journal (or in such other reliable publication as the Committee, in its
         -------
         discretion, may determine to rely upon): (a) if the Common Stock is
         listed on the New York Stock Exchange, the highest and lowest sales
         prices per share of the Common Stock as quoted in the NYSE-Composite
         Transactions listing for such date, (b) if the Common Stock is not
         listed on such exchange, the highest and lowest sales prices per share
         of Common Stock for such date on (or on any composite index including)
         the principal United States securities exchange registered under the
         Securities Exchange Act of 1934 (the "1934 Act") on which the Common
         Stock is listed, or (c) if the Common Stock is not listed on any such
         exchange, the highest and lowest sales prices per share of the Common
         Stock for such date on the National Association of Securities Dealers
         Automated Quotations System or any successor system then in use
         ("NASDAQ"). If there are no such sale price quotations for the date as
         of which fair market value is to be determined but there are such sale
         price quotations within a reasonable period both before and after such
         date, then fair market value shall be determined by taking a weighted
         average of the means between the highest and lowest sales prices per
         share of the Common Stock as so quoted on the nearest date before and
         the nearest date after the date as of which fair market value is to be
         determined. The average should be weighted inversely by the respective
         numbers of trading days between the selling dates and the date as of
         which fair market value is to be determined. If there are no such sale
         price quotations on or within a reasonable period both before and after
         the date as of which fair market value is to be determined, then fair
         market value of the Common Stock shall be the mean between the bona
         fide bid and asked prices per share of Common Stock as so quoted for
         such date on NASDAQ, or if none, the weighted average of the means
         between such bona fide bid and asked prices on the nearest trading date
         before and the nearest trading date after the date as of which fair
         market value is to be determined, if both such dates are within a
         reasonable period. The average is to be determined in the manner
         described above in this Section 5(H). If the fair market value of the
         Common Stock

                                      - 4 -
<PAGE>

         cannot be determined on the basis previously set forth in this
         Section 5(H) for the date as of which fair market value is to be
         determined, the Committee shall in good faith determine the fair market
         value of the Common Stock on such date. Fair market value shall be
         determined without regard to any restriction other than a restriction
         which, by its terms, will never lapse.

                  (I)  If Units are outstanding as of the record date for
         determination of the stockholders of the Company entitled to receive a
         cash dividend on its outstanding shares of Common Stock, on the date of
         payment of the dividend or distribution to holders of the Common Stock,
         each Unit Account shall be credited with a number of shares of Common
         Stock (including fractional shares) equal to the number of shares of
         Common Stock that had been credited to such Unit Account on the date
         fixed for determining the stockholders entitled to receive such
         dividend or distribution multiplied by the amount of the dividend or
         distribution paid per share of Common Stock divided by the Fair Market
         Value of one share of the Common Stock, as defined in Section 5(H)
         hereof, on the date on which the dividend or distribution is paid. If
         the dividend or distribution is not paid in cash but is paid in
         property other than Common Stock, the amount of the dividend or
         distribution shall equal the fair market value of the property on the
         date on which the dividend or distribution is paid.

         Subject to the foregoing provisions of this Section 5 and the other
provisions of the Plan, Units granted under the Plan shall be subject to such
restrictions and other terms and conditions, if any, as shall be determined, in
its discretion, by the Board and set forth in the agreement referred to in
Section 5(F), or an amendment thereto.

                                    SECTION 6
                                 NATURE OF UNITS

                  Units are not shares of the Company. Units do not have any
voting or liquidation rights. A grantee will have no rights of a stockholder of
the Company with respect to any Units. Except as provided in Section 7 below, a
grantee shall have no rights by reason of any issue by the Company of stock of
any class or securities convertible into stock of any class, any subdivision or
consolidation of shares of stock of any class, the payment of any stock dividend
or any other increase or decrease in the number of shares of stock of any class.

         The Plan constitutes a mere promise by the Company to make payments in
the future. The Company's obligations under the Plan

                                      - 5 -
<PAGE>

shall be unfunded and unsecured promises to pay. The Company shall not be
obligated under any circumstance to fund its financial obligations under the
Plan. The Company may, in its discretion, set aside funds in a trust, in
brokerage accounts, or in other vehicles, subject to the claims of its
creditors, in order to assist it in meeting its obligations under the Plan, if
such arrangement will not cause the Plan to be considered a funded deferred
compensation plan under ERISA, or the Internal Revenue Code of 1986, as amended
(the "Code"). To the extent that any grantee or other person acquires a right
to receive payments under the Plan, such right shall be no greater than the
right, and each such person shall at all times have the status, of a general
unsecured creditor of the Company.

                                    SECTION 7

                      ADJUSTMENT AND SUBSTITUTION OF UNITS

                  If a dividend or other distribution shall be declared upon the
Common Stock payable in shares of the Common Stock, the number of Units set
forth in Section 2 and the number of Units then held by non-employee Directors
shall be adjusted by adding thereto a number of Units equal to the number of
shares which would have been distributable on such Units if such Units were
shares outstanding on the date fixed for determining the stockholders entitled
to receive such stock dividend or distribution.

                  In the event that the outstanding Common Stock shall be
changed in number, class or character by reason of any split-up, change of par
value, stock dividend, combination or reclassification of shares, merger,
consolidation or other corporate change, or shall be changed in value by reason
of any spin-off, dividend in partial liquidation or other special distribution,
the Board shall make such changes as it may deem equitable in outstanding Units
awarded pursuant to the Plan and the number and character of Units available for
future awards.

                                    SECTION 8

                            EFFECT OF THE PLAN ON THE
                       RIGHTS OF COMPANY AND STOCKHOLDERS

                  Nothing in the Plan, in any Units granted under the Plan, or
in any Unit agreement shall confer any right to any person to continue as a
Director of the Company or interfere in any way with the rights of the
stockholders of the Company or the Board of Directors to elect and remove
Directors.

                                      - 6 -
<PAGE>

                                    SECTION 9

                            AMENDMENT AND TERMINATION

                  The right to alter and amend the Plan at any time and from
time to time and the right to revoke or terminate the Plan are hereby
specifically reserved to the Board; provided, that no amendment of the Plan
shall (a) be made without stockholder approval if stockholder approval of the
amendment is at the time required for Units under the Plan to qualify for the
exemption from Section 16(b) of the 1934 Act provided by Rule 16b-3 or by the
rules of the NASDAQ National Market System or any stock exchange on which the
Common Stock may then be listed, (b) amend more than once every six months the
provisions of the Plan relating to the selection of the Directors to whom Units
are to be granted, the timing of such grants, the number of Units to be granted
(including the dollar value used to calculate the Units to be granted), the time
at which the Units may be exercised and the term of any Units other than to
comport with changes in the Code or the rules and regulations thereunder or (c)
otherwise amend the Plan in any manner that would cause Units under the Plan not
to qualify for the exemption provided by Rule 16b-3. No alteration, amendment,
revocation or termination of the Plan shall, without the written consent of the
holder of Units theretofore granted under the Plan, adversely affect the rights
of such holder with respect thereto.

                  Notwithstanding anything contained in the preceding paragraph
or any other provision of the Plan or any Unit agreement, the Board shall have
the power to amend the Plan in any manner deemed necessary or advisable for
Units granted under the Plan to qualify for the exemption provided by Rule 16b-3
(or any successor rule relating to exemption from Section 16(b) of the 1934
Act), and any such amendment shall, to the extent deemed necessary or advisable
by the Board, be applicable to any outstanding Units theretofore granted under
the Plan notwithstanding any contrary provisions contained in any Unit
agreement. In the event of any such amendment to the Plan, the holder of any
Unit outstanding under the Plan shall, upon request of the Board and as a
condition to the exercisability of such Unit, execute a conforming amendment in
the form prescribed by the Board to the Unit agreement referred to in Section
5(F) within such reasonable time as the Board shall specify in such request.

                                      - 7 -
<PAGE>

                                   SECTION 10

                                  GOVERNING LAW

                  The Plan shall be governed by and interpreted in accordance
with the laws of the Commonwealth of Pennsylvania.

                                   SECTION 11

                       EFFECTIVE DATE AND DURATION OF PLAN

                  The effective date and date of adoption of the Plan shall be
March 15, 1999. No Units may be granted under the Plan subsequent to March 14,
2009.

                                      - 8 -

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