Document:

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EXHIBIT 4.1

                                 AMENDMENT NO. 1

                                       TO

                         COMMON STOCK PURCHASE AGREEMENT

                            DATED AS OF JUNE 9, 2000

                                     BETWEEN

                                     AVIRON

                                       AND

                         ACQUA WELLINGTON NORTH AMERICAN
                               EQUITIES FUND, LTD.

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                AMENDMENT NO. 1, dated as of June 9, 2000 (this "Amendment"),
between Aviron, a Delaware corporation (the "Company") and Acqua Wellington
North American Equities Fund, Ltd., a company organized under the laws of the
Commonwealth of The Bahamas (the "Purchaser"), to the Common Stock Purchase
Agreement ( the "Purchase Agreement"), dated as of January 11, 2000 between the
Company and the Purchaser.

                              W I T N E S S E T H :

                WHEREAS, the Purchase Agreement provides for the issuance and
sale to the Purchaser of shares of the Company's common stock, par value $0.001
(the "Common Stock"), based on certain Draw Downs (as defined therein) as
provided therein;

                WHEREAS, pursuant to the Purchase Agreement, three (3) Draw
Downs issued and exercised by the Company, each in the amount of $4,000,000,
were settled on or around March 2, 2000, April 11, 2000 and May 10, 2000,
respectively; and

                WHEREAS, the parties now wish to amend the Purchase Agreement;

                NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants contained herein, the parties hereby agree as follows:

                Section 1. Amendments to the Purchase Agreement.

                1. Definitions.

                (a) Section 1.1(d) of the Purchase Agreement is hereby amended
by deleting the definition of "Draw Down Amount" in its entirety and
substituting, in lieu thereof, the following:

                        (d)     "Draw Down Amount" means the actual amount of a
                                Draw Down up to $4,000,000 and shall be adjusted
                                as stated in Sections 1.1(d)(i) to (v) hereof;
                                provided, that the Company may, in its sole
                                discretion, issue a Draw Down Notice with
                                respect to any Draw Down Amount at any Threshold
                                Price or any Draw Down Discount Price or any
                                Draw Down Pricing Period pursuant to terms
                                mutually agreed upon by the Purchaser and the
                                Company, which Draw Down the Purchaser will be
                                obligated to honor. Prior to issuing any Draw
                                Down Notice, the Company shall have Shares
                                registered under the Registration Statement
                                which are valued at an amount equal to or in
                                excess of the requested Draw Down Amount.

                        (i)     If the Company's Market Capitalization (as
                                determined by Section 1.1(d)(v) below) equals or
                                exceeds $450,000,000 the actual amount of Draw
                                Down shall be up to $8,000,000;

                        (ii)    If the Company's Market Capitalization equals or
                                exceeds $400,00,000 but is less than
                                $450,000,000, the actual amount of Draw Down
                                shall be up to $7,000,000;

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                        (iii)   If the Company's Market Capitalization equals or
                                exceeds $350,000,000 but is less than
                                $400,000,000, the actual amount of Draw Down
                                shall be up to $6,000,000;

                        (iv)    If the Company's Market Capitalization equals or
                                exceeds $300,000,000 but is less than
                                $350,000,000, the actual amount of Draw Down
                                shall be up to $5,000,000;

                        (v)     "Market Capitalization" shall be calculated on
                                the trading day preceding the first day of the
                                Draw Down Pricing Period and shall be the
                                product of the closing bid price and the number
                                of shares outstanding of the stock, both as
                                determined by Bloomberg LP using the HP and DES
                                functions, respectively.

                (b) Section 1.1(g) of the Purchase Agreement is hereby amended
by deleting the definition of "Draw Down Pricing Period" in its entirety and
substituting, in lieu thereof, the following:

                        (g)     "Draw Down Pricing Period" shall mean a period
                                of eighteen (18) consecutive trading days
                                following a Draw Down Notice (or such other
                                period of consecutive trading days as mutually
                                agreed upon by the Company and the Purchaser).

                2. Purchase and Sale of Common Stock. Section 2.1 of the
Purchase Agreement is hereby amended by deleting the section in its entirety and
substituting, in lieu thereof, the following:

                "Section 2.1 Purchase and Sale of Stock. Subject to the terms
and conditions of this Agreement, the Company shall issue and sell to the
Purchaser and the Purchaser shall purchase from the Company up to an aggregate
of $84,000,000 of the Company's common stock, $.001 par value per share (the
"Common Stock"), based on up to twelve (12) monthly Draw Downs. The Draw Down
Amount of each Draw Down shall be determined pursuant to Section 1.1(d) hereof."

                3. Draw Down Terms Section 6.1 of the Purchase Agreement is
hereby amended by deleting the section in its entirety and substituting, in lieu
thereof, the following:

                "Section 6.1 Draw Down Terms. Subject to the satisfaction of the
conditions set forth in this Agreement, the parties agree as follows:

                (a) The Company, may, in its sole discretion, issue and exercise
        a draw down of up to the Draw Down Amount (a "Draw Down") during each
        Draw Down Pricing Period, which Draw Down the Purchaser will be
        obligated to accept. Prior to issuing any Draw Down request, the Company
        shall have at least the Draw Down Amount registered under the
        Registration Statement.

                (b) The number of Shares to be issued in connection with each
        Draw Down shall be equal to the sum of up to eighteen (18) quotients
        (one for each trading day of the Draw Down Pricing Period for which the
        VWAP equals or exceeds the Threshold Price)

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        each of which will be (x) 1/18th (or such other fraction based upon the
        agreed upon Draw Down Pricing Period ) of the Draw Down Amount divided
        by (y) the applicable Draw Down Discount Price.

                (c) Only one Draw Down shall be allowed in each Draw Down
        Pricing Period.

                (d) The number of Shares purchased by the Purchaser with respect
        to each Draw Down shall be determined on a daily basis during each Draw
        Down Pricing Period and settled on a monthly basis (the "Settlement
        Date").

                (e) There shall be a minimum of two (2) trading days between
        Draw Downs (or such other number of trading days as mutually agreed upon
        by the Company and the Purchaser).

                (f) There shall be a maximum of twelve (12) monthly Draw Downs
        during the term of this Agreement.

                (g) At the end of each Draw Down Pricing Period and regardless
        of the Draw Down Amount requested by the Company, the Purchaser's total
        Draw Down commitment shall be reduced; (i) by $4,000,000 per Draw Down
        occurring prior to June 1, 2000 and (ii) by $8,000,000 per Draw Down
        occurring on or after June 1, 2000.

                (h) Each Draw Down will expire on the last trading day of each
        Draw Down Pricing Period.

                (i) If the VWAP on a given trading day is less than the
        Threshold Price, then the total amount of the Draw Down will be reduced
        by 1/18th (or such other fraction based upon the agreed upon Draw Down
        Pricing Period) and no Shares will be purchased or sold with respect to
        such trading day. Notwithstanding anything in the foregoing to the
        contrary, if the VWAP on a given trading day is less than the Threshold
        Price, the Purchaser may elect in its sole discretion to purchase Shares
        at the Threshold Price and shall take into account a discount of 92% of
        the VWAP. At no time shall the Threshold Price be set below $10.00
        unless agreed upon by the Company and the Purchaser. If trading in the
        Company's Common Stock is suspended for any reason for more than three
        (3) hours in any trading day, at the Purchaser's option, the price of
        the Common Stock shall be deemed to be below the Threshold Price for
        that trading day.

                (j) The Company must inform the Purchaser via facsimile
        transmission as to the Draw Down Amount the Company wishes to exercise
        before commencement of trading on the first trading day of the Draw Down
        Pricing Period (the "Draw Down Notice"). In addition to the Draw Down
        Amount, the Company shall set the Threshold Price with each Draw Down
        Notice and shall designate the first trading day of the Draw Down
        Pricing Period. At no time shall the Purchaser be required to purchase
        more than the Draw Down Amount of the Company's Common Stock for a given
        Draw Down Pricing Period so that if the Company chooses not to exercise
        the Draw Down in a given Draw Down Pricing Period the Purchaser is not
        obligated to purchase more than the Draw Down Amount in a subsequent
        Draw Down Pricing Period.

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                (k) On each Settlement Date, the Company shall deliver the
        Shares purchased by the Purchaser to the Purchaser or to The Depositary
        Trust Company ("DTC") account designated by the Purchaser via DWAC and
        upon receipt of the Shares, the Purchaser shall cause payment to be made
        for the Shares to the Company's designated account by wire transfer of
        immediately available funds; provided that the Shares are received by
        the Purchaser no later than 1:00 p.m., eastern time, or next day
        available funds if the Shares are received thereafter. The delivery of
        the shares of Common Stock into the Purchaser's DTC account in exchange
        for payment therefor shall be referred to herein as "Settlement". The
        Purchaser shall coordinate Settlement with the Company through DTC.

                (l) If during any Draw Down Pricing Period, the Company shall
        issue any shares of Common Stock (other than shares of Common Stock
        issued to corporate partners or in connection with a joint venture), the
        Purchaser may in its sole discretion (i) purchase the Draw Down Amount
        of shares of Common Stock at the price at which the Company issued
        shares of Common Stock during such Draw Down Pricing Period, (ii)
        purchase the Draw Down Amount of shares of Common Stock at the
        applicable Draw Down Discount Price, or (iii) elect not to purchase any
        Shares during such Draw Down Pricing Period."

                Section 2. Company's Representations, Warranties and Covenants.

                1. Representations and Warranties. Each of the representations
and warranties of the Company set forth in Section 3.1 of the Purchase Agreement
is true and correct in all material respects as of the date hereof (except for
representations and warranties that speak as of a particular date).

                2. Covenants. After giving effect to this Amendment, the Company
hereby makes, confirms, reaffirms and restates the covenants set forth in
Article IV of the Purchase Agreement and confirms that such covenants are for
the benefit of the Purchaser.

                Section 3. Miscellaneous.

                1. Limited Effect. Except as expressly amended and modified by
this Amendment, all of the provisions and covenants of the Purchase Agreement
are and shall continue to remain in full force and effect in accordance with the
terms thereof.

                2. Counterparts. This Amendment may be executed by one or more
of the parties hereto in any number of separate counterparts and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument.

                3. Governing law. This Amendment shall be governed by and
construed in accordance with the internal laws of the State of Delaware, without
giving effect to the choice of law provisions.

                4. Expenses. The Company agrees to pay or reimburse the
Purchaser for all its reasonable out-of-pocket costs and expenses incurred by
the Purchaser up to $2,500 in connection with the development, preparation and
execution of this Amendment and any other document prepared in connection
herewith. The Company expressly acknowledges and further

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agrees that nothing in the preceding sentence shall be construed to limit in any
way the provisions of Section 9.1 of the Purchase Agreement.

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                IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed and delivered by their respective authorized
officers as of the date first above written.

                                            AVIRON

                                            By:    /s/ Fred Kurland
                                               ---------------------------------
                                            Name:  Fred Kurland
                                            Title: Senior Vice-President and
                                                   Chief Financial Officer

                                            ACQUA WELLINGTON NORTH AMERICAN
                                            EQUITIES FUND, LTD.

                                            By:    /s/ Anthony L.M. Inder Rieden
                                               ---------------------------------
                                            Name:  Anthony L.M. Inder Rieden
                                            Title: Director

                                       7Exhibit 4.1

          PLAN SPECIFICATIONS FOR KONINKLIJKE PHILIPS ELECTRONICS N.V.
                        NONQUALIFIED STOCK PURCHASE PLAN

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PLAN ITEM                         SPECIFICATIONS
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Plan Name                         Koninklijke Philips Electronics N.V.
                                  Nonqualified Stock Purchase Plan

Effective Date                    August 1, 2000

DEFINITIONS

   "Affiliate"                    Present or future subsidiary corporation of
                                  the Company, where the Company owns
                                  directly or indirectly at least 50% of the
                                  subsidiary corporation.

   "Board"                        Board of Management of the Company

   "Closing Price"                Last trade of Common Shares on the NYSE for a
                                  Trading Date.

   "Code"                         Internal Revenue Code of 1986, as amended.

   "Committee"                    Committee of not less than 3, nor more than
                                  5 members appointed by the Board or its
                                  designee and responsible for administration
                                  of the Plan.

   "Common Shares"                Common shares of Koninklijke Philips
                                  Electronics N.V.

   "Company"                      Koninklijke Philips Electronics N.V.

   "Contribution Account"         A participant's accumulated
                                  payroll deductions in a Participation
                                  Period.

   "Disability"                   Participant leaves active employment of
                                  Employer on account of a condition that
                                  would be treated as a total and permanent
                                  disability under Code section 22(e)(3).

   "Earnings"                     Earnings include a Participant's cash
                                  compensation received during the Participation
                                  Period from salary and wages.
                                  o     Salary and wages include overtime pay,
                                        bonuses (except as provided below),
                                        holiday pay, vacation pay, and short-
                                        term disability payments.
                                  o     Earnings include salary deferrals
                                        pursuant to Code sections 125 and
                                        401(k).
                                  o     Earnings exclude bonuses exceeding
                                        100% of a participant's annual base
                                        salary in effect at the time bonuses
                                        are paid. Earnings also do not
                                        include expense reimbursements,
                                        deferred compensation, lump sum
                                        severance payments, stock options,
                                        money received for declining medical
                                        or dental coverage, patent

<PAGE>

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PLAN ITEM                         SPECIFICATIONS
--------------------------------------------------------------------------------

                                        and similar awards, distributions from
                                        any long-term incentive plan,
                                        perquisites, long-term disability
                                        payments, payments made from an Accident
                                        and Sickness program, or any long-term
                                        key employee compensation program.

   "Eligible Employee"            Each U.S. based salaried or hourly Full-time
                                  Employee other than an Excluded Employee who
                                  is employed by an Employer. For purposes of
                                  this Plan, the term "employee" includes only
                                  persons treated as such on the Employer's
                                  payroll and personnel records at the time such
                                  determination is made. Persons treated by the
                                  Employer as contingent workers (including
                                  independent contractors, third-party payroll
                                  workers, employees of consulting firms and
                                  temporary help agencies, even if leased
                                  employees within the meaning of Section
                                  414(n)(2) of the Code) at the time of the
                                  determination of the person's status are
                                  specifically excluded. Eligibility status at
                                  the time of a determination of a person's
                                  employment status shall not be changed as a
                                  result of the retroactive re-classification of
                                  the person's employment status. Therefore,
                                  notwithstanding anything else herein to the
                                  contrary, any person treated as a contingent
                                  worker on the payroll and personnel records of
                                  the Employer at the time the determination is
                                  made shall in no event be retroactively
                                  eligible for participation in the plan during
                                  the period covered by such determination.

   "Employer"                     Employers may include the Company and each
                                  subsidiary which adopts the Plan for the
                                  benefit of its Eligible Employees with the
                                  approval of the Board. As of August 1, 2000,
                                  the following will be Employers:
                                  o     U.S. Philips Corporation
                                  o     Philips Holding USA Inc.
                                  o     Philips Electronics North America
                                        Corporation
                                  o     Philips Semiconductors Inc.

   "Excluded Employee"            A Level 1, 2 or 3 executive of any Employer.

   "Exercise Date"                Last Trading Date of the applicable
                                  Participation Period.

   "Exercise Price"               Lesser of:
                                  o     85 percent of the Closing Price on the
                                        first Trading Date of the applicable
                                        Participation Period; or
                                  o     85 percent of the Closing Price on the
                                        Exercise Date of the applicable
                                        Participation Period.

   "Full-time Employee"           Any employee scheduled to work at least 1,000
                                  hours per calendar year.

   "NYSE"                         New York Stock Exchange

                                    -2-

<PAGE>

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PLAN ITEM                         SPECIFICATIONS
--------------------------------------------------------------------------------

   "Participant"                  An Eligible Employee who has enrolled in
                                  the Plan pursuant to procedures set out in
                                  the Plan.

   "Participation Period"         Each three-month period beginning
                                  each January 1, April 1, July 1 and October
                                  1, with the exception of the first
                                  Participation Period which will consist of
                                  the two-month period beginning August 1,
                                  2000.

   "Retirement"                   Termination of employment on or after the
                                  first day of the month in which Participant
                                  commences a retirement benefit.

   "Trading Date"                 Each date on which stocks in the United States
                                  are traded on the NYSE.

   "Share Purchase Right"         Right to apply the cash
                                  balance in each Eligible Employee's
                                  Contribution Account to the purchase of
                                  Common Shares in accordance with the terms
                                  of the Plan.

PARTICIPATION

   Eligibility                    Each Eligible Employee may become a
                                  Participant on the first day of the month
                                  following 30 days of full-time employment,
                                  except that Eligible Employees covered by a
                                  collective bargaining agreement (Union
                                  Employees) will be eligible upon acceptance
                                  of the plan offering by their respective
                                  union leadership.

   Enrollment                     Subject to the other terms and conditions
                                  of the Plan, each Eligible Employee may
                                  enroll as a Participant upon attaining
                                  eligibility.
                                  o     As part of enrollment, each Eligible
                                        Employee shall authorize payroll
                                        deduction from Earnings.
                                  o     Enrollment and payroll deduction shall
                                        remain in effect for subsequent
                                        Participation Periods, unless changed by
                                        the Eligible Employee or otherwise
                                        limited under the terms of the Plan.
                                  o     Payroll deduction percent changes may be
                                        made at any time during the
                                        Participation Period. See TERMINATION OF
                                        PARTICIPATION section below for further
                                        information on a voluntary
                                        discontinuance of deductions.

   Re-hire                        A person who returns to active employment
                                  with an Employer as an Eligible Employee
                                  following termination of employment,
                                  retirement or Disability may re-enroll in
                                  the Plan on the first day of the month
                                  following 30 days of full-time employment.
                                  An Eligible Employee who has voluntarily
                                  discontinued payroll deductions may
                                  re-enroll in the Plan at any time.

TERMINATION OF PARTICIPATION

                                       -3-

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PLAN ITEM                         SPECIFICATIONS
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   Voluntary                      Participants may discontinue payroll
   Discontinuance                 deductions for a Participation Period by
                                  requesting a change to zero payroll
                                  deductions. Following such discontinuance, the
                                  Participant may sell the Common Shares held in
                                  the Contribution Account. Any balance in the
                                  Participant's Contribution Account at the end
                                  of the Participation Period shall be used to
                                  purchase Common Shares on the Exercise Date
                                  for the Participation Period in which the
                                  voluntary discontinuance occurs. Following
                                  such discontinuance, the Participant may sell
                                  the Common Shares held in the Contribution
                                  Account.

   Employment Termination         Except for Retirement, death, Disability or
                                  layoff, a Participant who terminates
                                  employment with the Company and its Affiliates
                                  during a Participation Period will be deemed
                                  to have discontinued Plan participation on the
                                  first day of such Participation Period. Any
                                  balance in the Participant's Contribution
                                  Account at the time that the employment
                                  termination is effective shall be refunded
                                  without interest to the Participant by the
                                  15th day of the month following the month of
                                  termination.

   Retirement                     Payroll deductions cease at Retirement. The
                                  balance credited to the Participant's
                                  Contribution Account shall be used to
                                  purchase Common Shares on the Exercise Date
                                  of the Participation Period in which
                                  Retirement occurs.

   Death                          If the Participant dies during the
                                  Participation Period, the balance credited
                                  to the Participant's Contribution Account
                                  shall be used to purchase Common Shares on
                                  the Exercise Date of the Participation
                                  Period in which the Participant died. The
                                  Common Shares shall be paid to the
                                  Participant's estate within 30 days
                                  following the Exercise Date.

   Disability                     Payroll deductions cease at Disability. The
                                  balance credited to the Participant's
                                  Contribution Account shall be used to
                                  purchase Common Shares on the Exercise Date
                                  for the Participation Period in which
                                  Disability occurs.

   Unpaid Leave of Absence        Payroll deductions cease
                                  when the Participant begins an unpaid leave
                                  of absence. The balance credited to the
                                  Participant's Contribution Account shall be
                                  used to purchase Common Shares on the
                                  Exercise Date for the Participation Period
                                  in which the unpaid leave of absence
                                  begins.

                                       -4-

<PAGE>

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PLAN ITEM                         SPECIFICATIONS
--------------------------------------------------------------------------------

   Transfer to                    Payroll deductions cease when the Participant
   Nonparticipating Affiliate     transfers from an Employer to a
                                  nonparticipating Affiliate. The balance
                                  credited to the Participant's Contribution
                                  Account at the time of such transfer shall be
                                  used to purchase Common Shares on the Exercise
                                  Date for the Participation Period in which the
                                  transfer occurs.

   Sale of Shares                 A participant may sell any shares in the Plan
                                  at any time without restriction with the
                                  following limitation on future participation:
                                  If a Participant sells Common Shares, or
                                  transfers Common Shares to an account outside
                                  the Plan, within 12 months after the Exercise
                                  Date on which the Common Shares were acquired
                                  by the Contribution Account under this Plan,
                                  the Participant shall be suspended from making
                                  further payroll deductions for the subsequent
                                  two full Participation Periods after the sale
                                  or transfer is completed. Such suspension
                                  shall not apply to a sale or transfer of
                                  Common Shares purchased with dividends, which
                                  may be sold or transferred at any time without
                                  restrictions. To begin making payroll
                                  deductions after the expiration of the
                                  suspension period, the Participant must
                                  re-enroll in accordance with procedures
                                  established by the Committee.

AVAILABLE SHARES

   Authorized Shares              Initially, 1,000,000 Common Shares
                                  shall be available for purchase under the
                                  Plan. Such shares will be authorized and
                                  issued Common Shares held in the Company's
                                  treasury or acquired by the Company for the
                                  purposes of the Plan.

                                  If the total number of Common Shares to be
                                  purchased on an Exercise Date exceeds the
                                  maximum number of shares available for the
                                  Participation Period, the balance credited
                                  to the Participant's Contribution Account
                                  shall be refunded without interest to the
                                  Participant by the 30th of the month
                                  following the end of the Participation
                                  Period in which the shortfall occurs.

   Changes in Capitalization      Common Shares available under the Plan and the
                                  Exercise Price may be adjusted by the Board to
                                  reflect any increase or decrease in the number
                                  of issued Common Shares resulting from any
                                  subdivision or consolidation of shares, the
                                  payment of any stock dividend, or other
                                  increases or decreases in the number of
                                  outstanding Common Shares effected without the
                                  receipt of consideration. Adjustments shall be
                                  made in the sole discretion of the Board,
                                  whose decision shall be final and binding.

                                       -5-

<PAGE>

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PLAN ITEM                         SPECIFICATIONS
--------------------------------------------------------------------------------

   Dissolution, Merger, and       Upon dissolution or liquidation of the Company
   Consolidation                  or upon a merger or consolidation of the
                                  Company or a subsidiary or division of the
                                  Company in which the Company or the relevant
                                  subsidiary or division is not the surviving
                                  corporation, each Participant who holds Share
                                  Purchase Rights under the Plan shall be
                                  entitled to receive at the next Exercise Date
                                  the same cash, securities, and/or property
                                  which a holder of Common Shares was entitled
                                  to upon and at the time of such transaction.
                                  The Board shall take whatever action is deemed
                                  reasonably necessary to assure that
                                  Participants receive the benefits described
                                  here.

PURCHASING SHARES

   Accounts                       Payroll deductions authorized by the
                                  Participant shall be credited to the
                                  Participant's Contribution Account, without
                                  interest. The Contribution Account will be
                                  maintained by the Plan's outside
                                  administrator. Amounts credited to the
                                  Participant's Contribution Account as of an
                                  Exercise Date shall be used to purchase Common
                                  Shares for the Participant on the Exercise
                                  Date at the Exercise Price. Any dividends will
                                  be reinvested annually (after withholding of
                                  applicable Dutch tax) into the Participant's
                                  Contribution Account and the net amount (after
                                  withholding tax) used to purchase additional
                                  Common Shares at the prevailing market price.
                                  Dividends are first declared in euros, but
                                  will be paid to participants in U.S. dollars
                                  converted at the rate of exchange on the
                                  Amsterdam Stock Exchange at the close of
                                  business on a date announced by the Company
                                  (which is typically the day preceding the
                                  Annual General Meeting of the Company's
                                  Shareholders).

   Contributions                  Any whole percentage between 1 percent and
                                  10 percent of Earnings. No Eligible
                                  Employee shall be permitted to contribute
                                  more than a total of $20,000 to his
                                  Contribution Account for all Participation
                                  Periods during the calendar year. The
                                  Committee will establish procedures for
                                  making changes in the level of payroll
                                  deductions.

   Share Certificates             As soon as reasonably practicable following
                                  each Exercise Date, Common Shares purchased
                                  under this Plan shall be credited to an
                                  account in the Participant's name with the
                                  Plan's outside administrator designated by the
                                  Committee. Physical delivery of stock
                                  certificates to the Participant is not
                                  required, but is permitted upon payment of a
                                  fee, which is subject to change.

                                       -6-

<PAGE>

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PLAN ITEM                         SPECIFICATIONS
--------------------------------------------------------------------------------

AMENDMENT AND TERMINATION

   Amendment                      The Company, the Board, or the Committee may
                                  amend the Plan. However, no amendment may:
                                  o     Increase the aggregate number of Common
                                        Shares which may be issued under the
                                        Plan without approval from the Board; or
                                  o     Add new Employers without the approval
                                        of the Board or delete participation by
                                        an Employer without the approval of
                                        either the Board or the affected
                                        Employer.

   Termination                    The Company, the Board, or the Committee may
                                  suspend or terminate the Plan at any time. If
                                  the Plan is suspended or terminated, the
                                  Committee shall give notice to affected
                                  Participants, terminate all payroll deduction
                                  and, at its discretion, apply any balances
                                  remaining in the Contribution Accounts to the
                                  purchase of Common Shares or pay Participants
                                  any balances (without interest) remaining in
                                  their Contribution Accounts as soon as
                                  practicable following the termination of the
                                  Plan.

                                       -7-

<PAGE>

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PLAN ITEM                         SPECIFICATIONS
--------------------------------------------------------------------------------

GENERAL PROVISIONS

   Administration                 The Committee shall be responsible for the
                                  administration of the Plan. The Committee
                                  shall have full authority to administer the
                                  Plan (except the power to designate an
                                  Affiliate as an Employer) including
                                  authority to:
                                  o     Establish rules and procedures for Plan
                                        administration not inconsistent with the
                                        terms of the Plan document;
                                  o     Interpret terms and provisions of the
                                        Plan;
                                  o     Determine all questions arising under
                                        the Plan, including correction of any
                                        defect, omission or inconsistency of the
                                        Plan;
                                  o     Amend or terminate the Plan, including
                                        amending the Plan to reflect changes in
                                        applicable law; and
                                  o     Delegate administrative responsibilities
                                        under the Plan, including the
                                        responsibility to keep records of
                                        individual benefits, but not its power
                                        to amend or terminate the Plan.

   Rights not Transferable        Participants may not transfer Share Purchase
                                  Rights granted under the Plan, except by will
                                  or by the laws of descent and distribution. No
                                  Share Purchase Right shall be subject to
                                  execution, attachment, or similar process. Any
                                  attempt to assign, transfer, attach, or
                                  otherwise dispose of any Share Purchase Right
                                  shall be null and void and may be treated, at
                                  the discretion of the committee, as notice of
                                  Voluntary Discontinuance. Share Purchase
                                  Rights may be exercised only by the
                                  Participant or by the Participant's legal
                                  representative during the Participant's
                                  lifetime.

   Shareholder Rights             Participants do not have any rights
                                  of shareholders with respect to Common
                                  Shares issuable pursuant to the Share
                                  Purchase Rights granted under the Plan
                                  until a certificate is issued to the
                                  Participant or the transfer agent for the
                                  Common Shares reflects the Participant's
                                  ownership in its ledger or other
                                  appropriate record of stock ownership.

   No Contract of                 Nothing in the Plan shall be deemed to give
   Employment                     any Eligible Employee the right to be retained
                                  in the service of the Company or any Employer,
                                  or to interfere in any way with the right of
                                  the Company or any Employer or to discharge or
                                  retire any Eligible Employee at any time.

   Tax Withholding                Taxable income attributable to
                                  the discount and appreciation will be
                                  subject to income tax, FICA and other
                                  applicable withholding and such amounts
                                  will be deducted from the Participant's
                                  next available paycheck following the
                                  purchase of Common Shares. Alternative
                                  withholding arrangements may be made in
                                  unusual circumstances.

   Application of Funds           Proceeds received by the Company from the sale
                                  of Common Shares will be available and used
                                  for general corporate purposes.

                                       -8-

<PAGE>

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PLAN ITEM                         SPECIFICATIONS
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   Applicable Law                 The obligation to sell and deliver Common
                                  Shares shall be subject to all applicable
                                  laws, regulations, rules and approvals,
                                  including, but not limited to, effectiveness
                                  of a registration statement under the
                                  Securities Act of 1933, if deemed necessary or
                                  appropriate by the Company. Certificates of
                                  Common Shares issued hereunder may be
                                  legended, as the Company deems appropriate.

                                  Questions relating to the validity,
                                  construction, and administration of the
                                  Plan shall be determined under the laws of
                                  the State of New York.

   Severability                   If a provision of the Plan is deemed
                                  illegal or invalid, the illegality or
                                  invalidity shall not affect the remaining
                                  parts of the Plan. The Plan shall be
                                  construed and enforced as if the illegal or
                                  invalid provision had not been included in
                                  the Plan.

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                                       -9-

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