Document:

EXHIBIT 10.1

                                  (as amended)

                              DEL WEBB CORPORATION
                     2000 EXECUTIVE LONG-TERM INCENTIVE PLAN

                 ARTICLE 1. ESTABLISHMENT, PURPOSE, AND DURATION

     1.1 ESTABLISHMENT OF THE PLAN. Del Webb Corporation, a Delaware corporation
(the "Company"),  establishes an incentive  compensation plan to be known as the
"Del Webb Corporation 2000 Executive Long-Term Incentive Plan" (the "Plan"). The
Plan permits the grant of Nonqualified  Stock Options,  Incentive Stock Options,
Restricted Stock, Performance Units, and Performance-Based Awards.

     Subject to shareholder ratification,  the Plan shall become effective as of
November 2, 2000 (the  "Effective  Date") and shall remain in effect as provided
in Section 1.3.

     1.2 PURPOSE OF THE PLAN.  The purpose of the Plan is to promote the success
and  enhance  the  value  of  Company  by  linking  the  personal  interests  of
Participants  to those of Company  shareholders,  and by providing  Participants
with an incentive  for  outstanding  performance.  The Plan is also  intended to
provide flexibility to Company in its ability to motivate,  attract,  and retain
the services of Participants upon whose judgment,  interest,  and special effort
the successful conduct of its operation is dependent.

     1.3 DURATION OF THE PLAN.  Subject to ratification  by the  shareholders of
Company,  the Plan shall begin on the Effective Date and shall remain in effect,
subject to Article 13, until all Shares  subject to it shall have been purchased
or acquired  according  to the Plan's  provisions.  However,  in no event may an
Award be granted under the Plan on or after November 1, 2010.

                     ARTICLE 2. DEFINITIONS AND CONSTRUCTION

     2.1 DEFINITIONS.

          (a) "Award" means,  individually or  collectively,  a grant under this
     Plan of Nonqualified  Stock Options,  Incentive  Stock Options,  Restricted
     Stock, Performance Units, or Performance-Based Awards.

          (b) "Beneficial  Owner" shall have the meaning  ascribed in Rule 13d-3
     of the General Rules and Regulations under the Exchange Act.

          (c) "Board" or "Board or  Directors"  means the Board of  Directors of
     Company.

          (d) "Cause"  means (i) the breach by a Participant  of any  employment
     contract  between the  Participant  and Company,  (ii) the  conviction of a
     Participant of a felony or crime involving moral turpitude (meaning a crime
     that  necessarily  includes the  commission  of an act of gross  depravity,
     dishonesty  or bad morals),  or (iii)  willful and gross  misconduct on the
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     part of a Participant  that is materially and  demonstrably  detrimental to
     Company.

          (e) A "Change in Control" of Company  shall be deemed to have occurred
     in any or all of the following instances:

               (1) Any "person" as such term is used in Sections 13(d) and 14(d)
          of the Exchange Act, other than a trustee or other  fiduciary  holding
          securities  under an employee benefit plan of Company or a corporation
          owned  directly  or  indirectly  by the  stockholders  of  Company  in
          substantially  the same  proportions  as their  ownership  of stock of
          Company,  is or becomes  the  "beneficial  owner" (as  defined in Rule
          13d-3 under the Exchange Act),  directly or indirectly,  of securities
          of  Company  representing  20% or  more  of  the  total  voting  power
          represented  by  Company's  then  outstanding  Voting  Securities  (as
          defined below); or

               (2) During any period of two consecutive  years,  individuals who
          at the beginning of such period  constitute  the Board of Directors of
          Company and any new Director  whose election by the Board of Directors
          or nomination for election by Company's stockholders was approved by a
          vote of at least  two-thirds of the Directors then still in office who
          either were Directors at the beginning of the period or whose election
          or nomination for election was  previously so approved,  cease for any
          reason to constitute a majority thereof; or

               (3) The stockholders of Company approve a merger or consolidation
          of  Company  with  any  other  corporation,  other  than a  merger  or
          consolidation  which would result in the Voting  Securities of Company
          outstanding  immediately prior thereto continuing to represent (either
          by remaining  outstanding or by being converted into Voting Securities
          of the  surviving  entity)  at least  80% of the  total  voting  power
          represented  by the Voting  Securities  of  Company or such  surviving
          entity outstanding immediately after such merger or consolidation; or

               (4) The  stockholders  of  Company  approve  a plan  of  complete
          liquidation  of Company or an agreement for the sale or disposition by
          Company of (in one  transaction  or a series of  transactions)  all or
          substantially all Company's assets.

          For purposes of this Section,  the term "Voting Securities" shall mean
     and include any securities of Company which vote generally for the election
     of directors.

          (f) "Code"  means the Internal  Revenue Code of 1986,  as amended from
     time to time.

          (g)  "Committee"  means the  committee,  as  specified  in  Article 3,
     appointed  by the Board to  administer  the Plan with  respect to grants of
     Awards.

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          (h)  "Company"  means  Del  Webb  Corporation  (including  any and all
     Subsidiaries), or any successor thereto as provided in Article 15.

          (i) "Covered  Employee" means an Employee who is a "covered  employee"
     within the meaning of Section 162(m) of the Code.

          (j)  "Director"  means any  individual who is a member of the Board of
     Directors of Company.

          (k) "Disability"  means a permanent and total  disability,  within the
     meaning of Code Section  22(e)(3),  as  determined by the Committee in good
     faith, upon receipt of sufficient competent medical advice from one or more
     individuals,   selected  by  the  Committee,  who  are  qualified  to  give
     professional medical advice.

          (l)  "Employee"  means any  full-time,  nonunion  employee of Company.
     Directors who are not otherwise employed by Company shall not be considered
     Employees under this Plan.

          (m)  "Exchange  Act" means the  Securities  Exchange  Act of 1934,  as
     amended from time to time, or any successor Act.

          (n) "Fair Market Value" means,  as of any given date,  the fair market
     value of a Share or other property determined by such methods or procedures
     as may be established from time to time by the Committee.  Unless otherwise
     determined  by the  Committee,  the Fair Market  Value of a Share as of any
     date  shall be the  closing  price for a Share on any  national  securities
     exchange  on which the Shares are then listed for that date or, if there is
     no closing  price for that date,  the closing  price on the next  preceding
     date for which there is a closing price, all as reported in the WALL STREET
     JOURNAL.

          (o)  "Incentive  Stock  Option" or "ISO"  means an option to  purchase
     Shares which is designated as an Incentive  Stock Option and is intended to
     meet the requirements of Section 422 of the Code.

          (p) "Insider"  means an Employee who is, at the time an Award is made,
     an insider pursuant to Section 16 of the Exchange Act.

          (q) "Non-Employee  Director" means a member of the Board who qualifies
     as a "Non-Employee Director" as defined in Rule 16b-3(b)(3) of the Exchange
     Act as it may be amended or replaced from time to time.

          (r) "Nonqualified  Stock Option" or "NQSO" means an Option to purchase
     Shares which is not intended to be an Incentive Stock Option.

          (s) "Option" means an Incentive  Stock Option or a Nonqualified  Stock
     Option.

          (t) "Option  Price"  means the price at which a Share may be purchased
     by a Participant pursuant to an Option, as determined by the Committee.

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          (u)  "Parent"  shall have the  meaning  ascribed  to such term in Rule
     12b-2 of the Exchange Act.

          (v) "Participant" means an Employee who has outstanding an Award.

          (w) "Performance-Based Awards" means the Performance-Based  Restricted
     Stock  Awards and  Performance  Unit  Awards  granted to  selected  Covered
     Employees  pursuant to Articles 7 and 8, but which are subject to the terms
     and  conditions  set forth in Article 9. All  Performance-Based  Awards are
     intended  to  qualify as  "performance-based  compensation"  under  Section
     162(m) of the Code.

          (x)  "Performance  Criteria"  means the  criteria  that the  Committee
     selects for purposes of establishing  the  Performance  Goal or Performance
     Goals for a Participant for a Performance Period. The Performance  Criteria
     that  will  be used to  establish  Performance  Goals  are  limited  to the
     following:  pre- or  after-tax  net  earnings,  revenue  growth,  operating
     income,  operating cash flow, return on net assets, return on shareholders'
     equity,  return  on  assets,   return  on  capital,   Share  price  growth,
     shareholder returns, gross or net profit margin,  earnings per share, price
     per  Share,  and  market  share,  any of which  may be  measured  either in
     absolute terms or as compared to any incremental increase or as compared to
     results of a peer group. The Committee shall, within the time prescribed by
     Section  162(m) of the Code,  define in an objective  fashion the manner of
     calculating the Performance Criteria to use for the Performance Period.

          (y)  "Performance  Goals" means, for a Performance  Period,  the goals
     established  in writing by the Committee for the  Performance  Period based
     upon the Performance Criteria.  Depending on the Performance Criteria used,
     the Goal may relate to overall  Company  performance  or  performance of an
     operating unit or community. The Committee, in its discretion,  may, within
     the time  prescribed  by Section  162(m) of the Code,  adjust or modify the
     calculation of Performance  Goals to prevent dilution or enlargement of the
     rights of  Participants,  (i) in the event  of,  in  recognition  of, or in
     anticipation of, any unanticipated,  unusual  nonrecurring or extraordinary
     corporate item, transaction, event, or development; or (ii) in response to,
     or in anticipation of, changes in applicable laws, regulations,  accounting
     principles, or business conditions.

          (z)  "Performance  Period" means the periods of time,  which may be of
     varying and overlapping durations,  as the Committee may select, over which
     Performance  Goals  will be  measured  for the  purpose  of  determining  a
     Participant's right to, and the payment of, a Performance-Based Award.

          (aa) "Performance Unit" means an Award granted to an Employee pursuant
     to Article 8.

          (bb)  "Period  of  Restriction"  means  the  period  during  which the
     transfer  of  Shares  of  Restricted  Stock  is  limited  in  some  way (as
     determined by the Committee, in its discretion), and the Shares are subject
     to a substantial risk of forfeiture, as provided in Article 7.

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          (cc)  "Restricted  Stock"  means an  Award  granted  to a  Participant
     pursuant to Article 7.

          (dd)  "Retirement"  means a voluntary  termination  of employment by a
     Participant  who has less than 10 years of service with Company at or after
     age 65, or voluntary  termination at or after age 55 for  Participants  who
     have at least 10 years of service with Company as of the date of employment
     termination.  The  Committee  may  shorten  the years of service or the age
     requirements.

          (ee) "Shares" means the shares of common stock of Company.

          (ff)  "Subsidiary"   means  any  corporation  in  which  Company  owns
     directly,  or indirectly  through  subsidiaries,  at least 50% of the total
     combined  voting  power  of all  classes  of  stock,  or any  other  entity
     (including,  but not limited to,  partnerships and joint ventures) in which
     Company owns at least 50% of the combined equity.

     2.2 GENDER AND NUMBER. Except where otherwise indicated by the context, any
masculine  term used herein also shall  include the  feminine;  the plural shall
include the singular and the singular shall include the plural.

     2.3 SEVERABILITY.  If a court of competent jurisdiction determines that any
portion of this Plan is in  violation  of any  statute,  common  law,  or public
policy,  then only the portion of this Plan that  violate such  statute,  common
law, or public  policy shall be stricken.  All portions of this Plan that do not
violate any statute or public  policy  shall  continue in full force and effect.
Further,  any court order  striking  any  portion of this Plan shall  modify the
stricken terms as narrowly as possible,  or the Committee may amend the Plan, to
give as much  effect as  possible to the  intentions  of the parties  under this
Plan.

                            ARTICLE 3. ADMINISTRATION

     3.1 THE COMMITTEE.  The Plan shall be  administered  by the Human Resources
Committee of the Board, or by any other Committee if the Board so determines. In
any event,  unless otherwise  specifically  provided by the Board, the Committee
shall  consist  of not less  than two  Directors,  each of whom  qualifies  as a
Non-Employee  Director,  and an "outside director" under Code Section 162(m) and
the  regulations  thereunder.  The members of the  Committee  shall serve at the
discretion of the Board.

     3.2 AUTHORITY OF THE COMMITTEE. The Committee shall have full power, except
as limited by law or by the Articles of Incorporation or Bylaws of Company,  and
subject to the provisions  herein, to determine the size and types of Awards; to
determine the terms and conditions of such Awards including, but not limited to,
the  exercise  price,  grant  price,  or purchase  price,  any  restrictions  or
limitations on any Award,  any schedule for lapse of forfeiture  restrictions or
restrictions on the  exercisability  of an Award,  and  accelerations or waivers
thereof,  based in each case on such considerations as the Committee in its sole
discretion determines; to cancel and reissue any Awards granted hereunder in the
event the Award lapses for any reason  (provided  that the  Committee  shall not
have the authority to reprice previously issued and currently outstanding Awards
without  shareholder  approval);  to  construe  and  interpret  the Plan and any
agreement or instrument  entered into under the Plan; to  establish,  amend,  or

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waive rules and regulations for the Plan's  administration;  and (subject to the
provisions of Article 13) to amend the terms and  conditions of any  outstanding
Award to the extent such terms and  conditions  are within the discretion of the
Committee  as  provided  in  the  Plan.  The  Committee  shall  make  all  other
determinations  that may be necessary or advisable for the administration of the
Plan.

     3.3  DECISIONS  BINDING.  All  determinations  and  decisions  made  by the
Committee  pursuant  to the  provisions  of the Plan and all  related  orders or
resolutions of the Board of Directors shall be final, conclusive, and binding on
all persons, including Company, its stockholders,  Employees,  Participants, and
their estates and beneficiaries.

     3.4  DELEGATION.  As permitted by law,  the  Committee  may delegate to any
officer  of  Company or any  committee  comprised  of  officers  of Company  the
authority  to take any and all actions  permitted or required to be taken by the
Committee  hereunder;  provided that such delegation shall not be permitted with
respect to Options or other  Awards  granted or to be granted to any  officer of
Company  and that,  to the extent the  Committee  delegates  authority  to grant
Options and other Awards hereunder,  such delegation shall specify the aggregate
number  of  Shares  that may be  awarded  pursuant  to such  delegation  and may
establish  the  maximum  number of Shares  that may be subject to any Award made
pursuant to such delegation and any other limitations thereon that the Committee
may choose to impose.

                      ARTICLE 4. SHARES SUBJECT TO THE PLAN

     4.1 NUMBER OF SHARES. Subject to adjustment as provided in Section 4.3, the
total number of Shares available for grant under the Plan shall be 500,000.

     4.2  LAPSED  AWARDS.  If any Award  granted  under  this Plan is  canceled,
terminates,  expires, or lapses for any reason, any Shares subject to such Award
again shall be available for the grant of an Award.

     4.3 ADJUSTMENTS IN AUTHORIZED SHARES. The Committee may make or provide for
such  adjustments  in the (a)  number of Shares  covered by  outstanding  Awards
granted hereunder, (b) prices per Share applicable to outstanding Awards and (c)
kind of Shares covered  thereby,  as the Committee in its sole discretion may in
good faith  determine to be equitably  required in order to prevent  dilution or
enlargement of the rights of  Participants  that otherwise would result from (x)
any  stock   dividend,   stock  split,   combination   or  exchange  of  Shares,
recapitalization  or other change in the capital  structure of Company,  (y) any
merger, consolidation,  spin-off, spin-out, split-off, split-up, reorganization,
partial or complete  liquidation,  other  distribution  of assets  (other than a
normal cash dividend), issuance of rights or warrants to purchase securities, or
(z) any other corporate  transaction or event having an effect similar to any of
the foregoing.  Moreover,  in the event of any such  transaction  or event,  the
Committee may provide in  substitution  for any outstanding  Awards  alternative
consideration  as it may in good  faith  determine  to be  equitable  under  the
circumstances,  and may require the surrender of all Awards so substituted.  The
Committee may also make or provide for such  adjustments in the number of Shares
specified in Section 4.1,  4.4, or 9.5 as the  Committee in its sole  discretion
may  in  good  faith  determine  to be  appropriate  in  order  to  reflect  any

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transaction or event described in this Section.  Any adjustment pursuant to this
Section will be conclusive and binding for all purposes.

     4.4  LIMITATION ON NUMBER OF SHARES SUBJECT TO AWARD.  Notwithstanding  any
provision  in the Plan to the  contrary,  the maximum  number of shares of Stock
that may be subject to one or more Awards  granted to any one  Participant  over
the term of the Plan shall be 150,000.

                    ARTICLE 5. ELIGIBILITY AND PARTICIPATION

     5.1  ELIGIBILITY.  Persons eligible to participate in this Plan include all
officers and key Employees of Company, as determined by the Committee.

     5.2 ACTUAL PARTICIPATION. The Committee may, from time to time, select from
all eligible Employees those to whom Awards shall be granted and shall determine
the nature  and amount of each  Award.  No  Employee  shall have any right to be
granted an Award under this Plan.  Nothing in this Plan shall  interfere with or
limit the right of Company to  terminate  any  Participant's  employment  at any
time,  nor  confer on any  Participant  any right to  continue  in the employ of
Company.  Transfer of employment of a Participant between Company and any one of
its  Subsidiaries  (or  between  Subsidiaries)  shall  not be a  termination  of
employment.

                            ARTICLE 6. STOCK OPTIONS

     6.1 GRANT OF OPTIONS.  Options may be granted to  Employees at any time and
from time to time as shall be determined by the Committee.  The Committee  shall
have  discretion in determining  the number of Shares subject to Options granted
to each  Participant.  The  Committee  may grant ISOs,  NQSOs,  or a combination
thereof. Nothing in this Article 6 shall be deemed to prevent the grant of NQSOs
in excess of the maximum established for ISOs by Section 422(d) of the Code.

     6.2 OPTION  AGREEMENT.  Each Option  grant shall be  evidenced by an Option
Agreement that shall specify the Option Price,  the duration of the Option,  the
number of Shares to which the Option pertains,  and such other provisions as the
Committee shall  determine.  The Option Agreement also shall specify whether the
Option is intended to be an ISO within Section 422 of the Code, or a NQSO.

     6.3 OPTION  PRICE.  The Option  Price for each grant shall not be less than
100% of the Fair Market Value on the date of grant.

     6.4  DURATION OF  OPTIONS.  Each  Option  shall  expire at such time as the
Committee shall determine at the time of grant;  provided,  that no Option shall
be exercisable later than the 10th anniversary of grant.

     6.5  EXERCISE  OF OPTIONS.  Options  shall be  exercisable  at times and be
subject to  restrictions  and conditions as the Committee shall in each instance
approve, which need not be the same for each grant or for each Participant.

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     6.6 PAYMENT.  Options shall be exercised by written notice to the Secretary
of Company,  setting forth the number of Shares with respect to which the Option
is to be exercised, accompanied by full payment for the Shares.

     The Option Price upon exercise shall be payable to Company  either:  (a) in
cash or its equivalent,  or (b) by tendering previously acquired Shares having a
Fair Market  Value equal to the total  Option  Price  (provided  that the Shares
which are tendered must have been held by the  Participant for at least 6 months
prior to their tender to satisfy the Option  Price),  or (c) by a combination of
(a) and (b).

     The Committee also may allow cashless  exercise as permitted  under Federal
Reserve Board's Regulation T, subject to applicable securities law restrictions,
or by any other means which the Committee  determines to be consistent  with the
Plan's  purpose and  applicable  law. The proceeds  from such a payment shall be
added to the general funds of Company.

     As soon as practicable after receipt of a written  notification of exercise
and full payment, Company shall deliver to the Participant, in the Participant's
name,  Share  certificates  based upon the number of Shares  purchased under the
Option(s).

     6.7  RESTRICTIONS  ON SHARE  TRANSFERABILITY.  The  Committee  shall impose
restrictions on any Shares acquired  pursuant to the exercise of an Option as it
may deem advisable, including, without limitation, restrictions under applicable
Federal  securities laws, under the requirements of any stock exchange or market
upon which such Shares are then listed and/or traded,  and under any blue sky or
state securities laws applicable to such Shares.

     6.8 TERMINATION OF EMPLOYMENT DUE TO DEATH, DISABILITY, OR RETIREMENT.

          (a)  Termination by Death.  If employment is terminated by death,  any
     outstanding  Options  which are vested as of the date of death shall remain
     exercisable at any time prior to their expiration date, or for 1 year after
     the date of death,  whichever period is shorter,  by such person or persons
     as shall have been named as the Participant's beneficiary or by anyone that
     has acquired the Participant's  rights under the Option by will or the laws
     of descent and distribution.

          In  addition,  Options  not  vested  as of the date of death  shall be
     vested as follows: The percentage vesting of the portion of an Option which
     would have vested on the  anniversary  of the date of grant next  following
     employment  termination (the "Next Vesting Date"),  shall equal a fraction,
     the  numerator  of  which is the  number  of full  weeks  of  Participant's
     employment  during the 12-month period ending on the Next Vesting Date, and
     the denominator of which is 52; and

          Any portion not deemed vested as of the date of employment termination
     shall expire immediately.

          (b)  TERMINATION  BY  DISABILITY.   If  employment  is  terminated  by
     Disability,  any  outstanding  Options  which are  vested as of the date of
     termination shall remain  exercisable at any time prior to their expiration
     date,  or for l year  after the date of  termination,  whichever  period is
     shorter.

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          In addition,  Options not vested as of the date of termination  due to
     disability  shall be vested as determined by the guidelines in Subparagraph
     (a) of Section 6.8.

          Any Options  not deemed  vested as of the date of  termination  due to
     Disability shall expire immediately.

          (c)  TERMINATION  BY  RETIREMENT.   If  employment  is  terminated  by
     Retirement,  any  outstanding  Options  vested as of the effective  date of
     Retirement  shall remain  exercisable at any time prior to their expiration
     date,  or for 3 years after the  effective  date of  Retirement,  whichever
     period is shorter.

          In addition, Options not vested as of the effective date of Retirement
     shall be vested as determined  by the  guidelines  in  Subparagraph  (a) of
     Section 6.8.

          Any Options not vested as of the effective  date of  Retirement  shall
     expire immediately.

          (d)  EXERCISE  LIMITATIONS  ON  ISOS.  In the  case of  ISOs,  the tax
     treatment  prescribed under Section 422 of the Code may not be available if
     the Options are not exercised  within Section 422  prescribed  time periods
     after each of the various types of employment termination.

          (e)  OPTION  AGREEMENTS.   The  exercise  periods  and  vesting  rules
     described  in  Subparagraphs  (a),  (b),  and (c) above  shall apply in the
     absence of any contrary  provisions in the Option Agreement.  The Committee
     may prescribe  alternative  vesting rules and exercise periods in an Option
     Agreement or may accelerate  vesting upon Death,  Disability or Retirement,
     at its discretion.

     6.9  TERMINATION  OF  EMPLOYMENT  FOR OTHER  REASONS.  Except as  otherwise
provided in an Option  Agreement,  if employment shall terminate for any reason,
other than the reasons  set forth in Section  6.8 or for Cause,  all Options not
vested as of the effective date of employment termination shall expire.

     Except as otherwise  provided in an Option Agreement,  Options vested as of
the effective  date of  termination  may be exercised from the effective date of
employment termination to 3 months after termination.

     If the  employment  shall  terminate  for Cause,  all  outstanding  Options
immediately  shall be forfeited  to Company and no  additional  exercise  period
shall be allowed, regardless of the vested status of the Options.

     6.10 NONTRANSFERABILITY OF OPTIONS. An ISO may not be sold, transferred, or
otherwise  alienated or hypothecated,  other than by will or the laws of descent
and  distribution.  A NQSO may be transferrable  subject to terms and conditions
established by the Committee. All Options shall be exercisable during his or her
lifetime only by Participant or an authorized transferee.

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                           ARTICLE 7. RESTRICTED STOCK

     7.1 GRANT OF  RESTRICTED  STOCK.  Subject  to the  terms of the  Plan,  the
Committee may grant Shares of Restricted Stock to eligible Employees.  The total
number of Shares granted  pursuant to Restricted  Stock  Agreements that include
only time based restrictions shall not exceed 50,000. The total number of Shares
granted pursuant to Restricted Stock Agreements that include  restrictions based
on achievement of specific  performance  goals,  (including,  but not limited to
Company-wide,   divisional,   and/or  individual  goals)  shall  not  exceed  an
additional 100,000 Shares.

     7.2 RESTRICTED  STOCK  AGREEMENT.  Each Restricted Stock grant shall have a
Restricted  Stock Agreement that shall specify the Periods of  Restriction,  the
number of Shares granted, and other provisions as the Committee shall determine.

     7.3  TRANSFERABILITY.  Except as  provided  in this  Article  7,  Shares of
Restricted  Stock  may not be  sold,  transferred,  or  otherwise  alienated  or
hypothecated  until the end of the Period of Restriction or  satisfaction of any
other  conditions as specified by the  Committee or set forth in the  Restricted
Stock  Agreement.  All rights to the Restricted  Stock shall be available during
his or her lifetime only to Participant.

     7.4 OTHER RESTRICTIONS.  The Committee shall impose such other restrictions
on any Shares of Restricted  Stock as it may deem advisable  including,  without
limitation,  restrictions  based upon the  achievement  of specific  performance
goals (Company-wide,  divisional, and/or individual),  and/or restrictions under
applicable  Federal or state  securities  laws; and may legend the  certificates
representing Restricted Stock to give appropriate notice of such restrictions.

     7.5 CERTIFICATE  LEGEND.  In addition to any legends placed on certificates
pursuant to Section 7.4,  each  certificate  representing  Shares of  Restricted
Stock granted pursuant to the Plan may bear the following legend:

          "The sale or transfer of the Shares  represented by this  certificate,
     whether  voluntary,  involuntary,  or by  operation  of law,  is subject to
     certain restrictions on transfer in the Del Webb Corporation 2000 Executive
     Long-Term  Incentive Plan, and in a Restricted Stock  Agreement.  A copy of
     the Plan and Restricted  Stock Agreement may be obtained from the Secretary
     of Del Webb Corporation."

     7.6 REMOVAL OF RESTRICTIONS.  Except as otherwise  provided in this Article
7, Shares of Restricted  Stock covered by each Restricted Stock grant made under
the Plan shall become freely  transferable by the Participant after the last day
of the Period of  Restriction.  Once Shares are released from the  restrictions,
the  Participant  shall be entitled  to have the legend  required by Section 7.5
removed from his or her Share certificate.

     7.7 VOTING RIGHTS.  During the Period of Restriction,  Participants holding
Shares of Restricted Stock may exercise full voting rights.

     7.8 DIVIDENDS AND OTHER  DISTRIBUTIONS.  During the Period of  Restriction,
Participants holding Shares of Restricted Stock shall be entitled to receive all
dividends and other distributions paid with respect to those Shares. If any such
dividends or  distributions  are paid in Shares,  the Shares shall be subject to

                                      -10-
<PAGE>
the same restrictions on  transferability  and forfeitability as the Shares with
respect to which they were paid.

     7.9  TERMINATION  OF  EMPLOYMENT.  If  employment  shall  terminate for any
reason,  except as  otherwise  stated in the  Restricted  Stock  Agreement,  all
nonvested shares of Restricted Stock shall be forfeited immediately.  The number
of  Shares  of  Restricted  Stock  deemed  vested  as of the  effective  date of
termination  shall be determined  pursuant to the guidelines in Sections 6.8 and
6.9, except as otherwise provided in the Restricted Stock Agreement.

                          ARTICLE 8. PERFORMANCE UNITS

     8.1  GRANT  OF  PERFORMANCE  UNITS.  Subject  to the  terms  of  the  Plan,
Performance  Units may be granted to eligible  Employees  as  determined  by the
Committee.  The terms on which the Performance Units are granted shall be stated
in a Performance Unit Award Agreement.

     8.2 VALUE OF PERFORMANCE UNITS. Each Performance Unit shall have an initial
value established by the Committee at the time of grant. The Committee shall set
performance  goals in its discretion that will determine the number and/or value
of Performance Units that will be paid out.

     8.3 EARNING OF  PERFORMANCE  UNITS.  After the time period during which the
goals must be met, the holder of Performance  Units shall be entitled to receive
payout on the number of  Performance  Units earned over such period,  all as set
forth in the Performance Unit Award Agreement.

     8.4 FORM AND  TIMING OF  PAYMENT OF  PERFORMANCE  UNITS.  Payment of earned
Performance  Units shall be made in a single lump sum,  within 45 calendar  days
following  the end of the time period  during  which the goals must be met.  The
Committee, in its sole discretion,  may pay earned Performance Units in the form
of cash or in Shares (or in a combination  thereof) which have an aggregate Fair
Market Value equal to the value of the earned  Performance Units at the close of
such period.

     Prior to the  beginning of each period  during which the goals must be met,
Participants  may elect to defer the receipt of the Performance Unit payout upon
such terms as the Committee may approve.

     8.5  TERMINATION OF EMPLOYMENT  DUE TO DEATH,  DISABILITY,  RETIREMENT,  OR
INVOLUNTARY  TERMINATION  (WITHOUT CAUSE). In the event employment is terminated
by reason of death, Disability,  Retirement,  or involuntary termination without
Cause during a  Performance  Period,  the  Participant  shall receive a prorated
payout of the Performance  Units. The prorated payout shall be determined by the
Committee, in its sole discretion, based upon the guidelines in Sections 6.8 and
6.9,  or such other  standards  as may be  prescribed  by the  Committee  in the
Performance Unit Award Agreement,  and further adjusted based on the achievement
of the preestablished performance goals.

                                      -11-
<PAGE>
     Payment of earned  Performance Units shall be made at the time payments are
made to  Participants  who did not terminate  employment  during the time period
during which the goals must be met.

     8.6  TERMINATION  OF  EMPLOYMENT  FOR  OTHER  REASONS.   In  the  event  of
termination  for any reason  other  than  reasons  in  Section  8.5,  unless the
Committee determines otherwise, all Performance Units shall be forfeited.

     8.7  NONTRANSFERABILITY.  Performance Units may not be sold, transferred or
otherwise  alienated  or  hypothecated,  other  than by  will or by the  laws of
descent and distribution.  Participant's  rights shall be exercisable during the
Participant's   lifetime  only  by  the  Participant  or   Participant's   legal
representative.

                       ARTICLE 9. PERFORMANCE-BASED AWARDS

     9.1 PURPOSE.  The purpose of Article 9 is to provide the ability to qualify
the  Restricted  Stock Awards under  Article 7 and the  Performance  Unit Awards
under Article 8 as "performance-based  compensation" under Section 162(m) of the
Code. If the Committee, in its discretion,  decides to grant a Performance-Based
Award to a Covered Employee,  the provisions of Article 9 shall control over any
contrary provision in Articles 7 or 8.

     9.2  APPLICABILITY.  Article 9 shall apply only to those Covered  Employees
receiving Performance-Based Awards. The Committee may, in its discretion,  grant
Restricted Stock Awards or Performance Unit Awards to Covered  Employees that do
not satisfy the requirements of Article 9.

     9.3  DISCRETION  OF  COMMITTEE  WITH  RESPECT TO  PERFORMANCE  AWARDS.  The
Committee  shall have full discretion to select the  Participant,  the length of
any Performance Period, the type of  Performance-Based  Awards to be issued, the
kind and/or level of the Performance  Goal, and whether the Performance  Goal is
to apply to Company, a Subsidiary or any division or business unit.

     9.4 PAYMENT OF PERFORMANCE  AWARDS.  Unless otherwise provided in the Award
Agreement, a Participant must be employed by Company or a Subsidiary on the last
day of the  Performance  Period to be eligible for a Performance  Award for such
Performance  Period. A Participant  shall be eligible to receive payment only if
the Performance Goals are achieved.

     The Committee  may reduce or eliminate the amount of the  Performance-Based
Award for the Performance Period if, in its absolute discretion,  a reduction or
elimination is appropriate.

     9.5 MAXIMUM AWARD PAYABLE.  Notwithstanding  any provision contained in the
Plan  to the  contrary,  the  maximum  Performance-Based  Award  payable  to any
Participant   for  a   Performance   Period   is  40,000   Shares,   or  if  the
Performance-Based  Award is paid in cash, such maximum  Performance-Based  Award
shall be determined by multiplying  40,000 by the Fair Market Value of one Share
as of the date of the Performance-Based Award.

                                      -12-
<PAGE>
                       ARTICLE 10. BENEFICIARY DESIGNATION

     Each Participant may name any beneficiaries  (contingently or successively)
to whom any benefit is to be paid in case of death before  Participant  receives
all of the benefit.  Each such designation shall revoke all prior  designations,
shall be in a form prescribed by Company,  and will be effective only when filed
by the  Participant  in writing with the Human  Resources  Department of Company
during Participant's lifetime. In the absence of any such designation,  benefits
shall be paid to the Participant's estate.

                              ARTICLE 11. DEFERRALS

     The Committee  may permit a Participant  to defer receipt of the payment of
cash or the  delivery of Shares that would  otherwise be due to  Participant  by
virtue of the exercise of an Option,  the lapse or waiver of  restrictions  with
respect to Restricted  Stock,  or the  satisfaction of any goals with respect to
Performance  Units. If any deferral election is permitted,  the Committee shall,
in its  sole  discretion,  establish  rules  and  procedures  for  such  payment
deferrals.

                          ARTICLE 12. CHANGE IN CONTROL

     Upon a Change in Control,  unless otherwise specifically  prohibited by the
terms of Article 16:

          (a) All Options shall become immediately  exercisable and shall remain
     exercisable at any time prior to their  expiration date or for 1 year after
     the Change in Control,  whichever period is shorter;  provided that, if the
     Participant is terminated  following a Change in Control, the provisions of
     the Plan regarding  exercisability  of vested options set forth in Sections
     6.8 and 6.9 shall apply.

          (b) Any  restriction  periods and  restrictions  imposed on Restricted
     Shares shall lapse,  and within 10 business days after a Change in Control,
     the stock certificates representing Shares of Restricted Stock, without any
     restrictions  or  legend  thereon,  shall be  delivered  to the  applicable
     Participants;

          (c) The value,  time and manner of  payment of all  Performance  Units
     shall be governed by the Performance Unit Award Agreement; and

          (d) Subject to Article 13, the  Committee  shall have the authority to
     make any modifications to the Awards as determined to be appropriate before
     the effective date of the Change in Control.

              ARTICLE 13. AMENDMENT, MODIFICATION, AND TERMINATION

     13.1 AMENDMENT,  MODIFICATION,  AND  TERMINATION.  With the approval of the
Board, the Committee may terminate,  amend, or modify the Plan.  However, to the
extent necessary and desirable to comply with any applicable law, regulation, or
stock  exchange rule,  the Board shall obtain  shareholder  approval of any Plan
amendment as may be required.

                                      -13-
<PAGE>
     13.2 AWARDS PREVIOUSLY GRANTED. No termination,  amendment, or modification
of the Plan shall adversely  affect any Award  previously  granted,  without the
written consent of the Participant holding the Award.

                             ARTICLE 14. WITHHOLDING

     The Company  shall have the power and the right to deduct or  withhold,  or
require a  Participant  to remit to  Company,  an amount  sufficient  to satisfy
Federal,  state,  and local taxes  (including  FICA  obligation)  required to be
withheld with respect to any grant, exercise, or payment made as a result of the
Plan.

                             ARTICLE 15. SUCCESSORS

     All  obligations  of Company with respect to Awards shall be binding on any
successor to Company, whether the existence of such successor is the result of a
direct or indirect  purchase,  merger,  consolidation,  or otherwise,  of all or
substantially all the business and/or assets of Company.

                         ARTICLE 16. REQUIREMENTS OF LAW

     16.1 REQUIREMENTS OF LAW. The granting of Awards and the issuance of Shares
under the Plan shall be subject to all applicable laws,  rules, and regulations,
and to such  approvals  by any  governmental  agencies  or  national  securities
exchanges as may be required.

     16.2  GOVERNING  LAW.  The Plan,  and all  agreements  hereunder,  shall be
governed by Delaware law.

                                      -14-<PAGE>   1
                                                                     EXHIBIT 4.2
                              AMENDED AND RESTATED
                                 CODE OF BY-LAWS
                                       OF
                      WHITE ELECTRONIC DESIGNS CORPORATION

                                    ARTICLE 1
                  Identification, Records, Seal and Fiscal Year

         Section 1.01. Name. The name of the Corporation is White Electronic
Designs Corporation ("Corporation").

         Section 1.02. Place of Keeping Corporate Books and Records. The
Corporation shall keep at its principal office a copy of (a) its Articles of
Incorporation and all amendments thereto currently in effect ("Articles"); (b)
its Code of By-Laws and all amendments thereto currently in effect ("By-Laws");
(c) resolutions adopted by the Board of Directors ("Board") with respect to one
or more classes or series of shares and fixing their relative rights,
preferences, and limitations, if shares issued pursuant to these resolutions are
outstanding; (d) minutes of all meetings of the Shareholders of the Corporation
("Shareholders") and records of all actions taken by the Shareholders without a
meeting (collectively, "Shareholders Minutes") for the prior three years; (e)
all written communications by the Corporation to the Shareholders including the
financial statements furnished by the Corporation to the Shareholders for the
prior three years; (f) a list of the names and business addresses of the current
directors of the Corporation ("Directors") and the current officers of the
Corporation ("Officers"); and (g) the most recent Annual Report of the
Corporation as filed with the Secretary of State of Indiana. The Corporation
shall also keep and maintain at its principal office, or at such other place or
places within or without the State of Indiana as may be provided, from time to
time, in these By-Laws, (a) minutes of all meetings of the Board and of each
committee, and records of all actions taken by the Board and by each committee
without a meeting; (b) Shareholders Minutes; (c) appropriate accounting records
of the Corporation; and (d) a record of the Shareholders in a form that permits
preparation of a list of the names and addresses of all the Shareholders, in
alphabetical order by class of shares, stating the number and class of shares
held by each Shareholder. All of the records of the Corporation described in
this Section shall be maintained in written form or in another form capable of
conversion into written form within a reasonable time.

         Section 1.03. Seal. The Board may designate the design and cause the
Corporation to obtain and use a corporate seal, but the failure of the Board to
designate a seal or the absence of the impression of the corporate seal from any
document does not affect in any way the validity or effect of such document.

         Section 1.04. Fiscal Year. The fiscal year of the Corporation shall
begin at 12:01 A.M. Phoenix time on the Sunday, following the Saturday closest
to September 30 of each year and end at 12:00 midnight Phoenix time on Saturday
closest to September 30 of the next succeeding calendar year.
<PAGE>   2

                                    ARTICLE 2
                                     Shares

         Section 2.01. Certificates for Shares. Each holder of the shares of the
Corporation shall be entitled to a certificate in such form as the Board may
prescribe from time to time. However, unless the Articles provide otherwise, the
Board may authorize the issue of some or all of the shares of any or all of the
Corporation's classes or series without certificates. Within a reasonable time
after the issue or transfer of shares without certificates, the Corporation
shall send the Shareholder a written statement of the information required on
certificates by the Indiana Business Corporation Law, as amended from time to
time ("Act"), and the information required by the Indiana Uniform Commercial
Code, as in effect from time to time. A holder of such shares may request that a
certificate be provided to him by giving notice to the Secretary of the
Corporation. The certificate shall be provided in the form prescribed by the
Board.

         Section 2.02. Transfer of Shares. The shares of the Corporation shall
be transferable only on the books of the Corporation upon delivery to the
Corporation of the certificate(s) representing the same or, in the case of
shares without certificates, an instrument of assignment in respect of the
shares being transferred, in form and substance satisfactory to the Corporation,
properly endorsed by the registered holder or by his duly authorized attorney,
such endorsement or endorsements to be witnessed by one witness or guaranteed by
a bank or registered securities broker or dealer. The requirement for such
witnessing may be waived in writing upon the form of endorsement by the
President of the Corporation. Within a reasonable time after the transfer of
shares without certificates, the Corporation shall send the Shareholder a
written statement of the information required by Section 2.01 of these By-Laws.

         Section 2.03. Lost, Stolen or Destroyed Certificates. The Corporation
may issue a new certificate for shares in the place of any certificate
theretofore issued and alleged to have been lost, stolen or destroyed, but the
Board may require the owner of such lost, stolen or destroyed certificate, or
his legal representative, to furnish affidavit as to such loss, theft or
destruction and to give a bond in such form and substance, and with such surety
or sureties, with fixed or open penalty, as it may direct to indemnify the
Corporation against any claim that may be made on account of the alleged loss,
theft or destruction of such certificate. A new certificate may be issued
without requiring any bond when, in the judgment of the Board, it is not
imprudent to do so.

         Section 2.04. Issue and Consideration for Shares. The Board may
authorize shares to be issued for consideration consisting of any tangible or
intangible property or benefit to the Corporation, including cash, promissory
notes, services performed, contracts for services to be performed, or other
securities of the Corporation. If shares are issued for promissory notes or for
promises to render services in the future, the Corporation shall report in
writing to the Shareholders the number of shares authorized to be so issued with
or before the notice of the next Shareholders' meeting. However, as long as the
Corporation is subject to the Securities Exchange Act of 1934, as amended
("Exchange Act"), these reporting requirements shall be satisfied by complying
with the proxy disclosure provisions of the Exchange Act. The adequacy of the
consideration is to be determined by the Board, and that determination is
conclusive insofar as the adequacy of the shares relates to whether the shares
are validly issued, fully paid,

                                     - 2 -
<PAGE>   3
and nonassessable. Once the Corporation receives the consideration for which the
Board authorized the issuance of the shares, the shares shall be fully paid and
nonassessable.

         Section 2.05. Transfer Agents and Registrars. Whenever the Board shall
so determine, the Corporation shall maintain one or more transfer offices or
agencies, each in charge of a transfer agent designated by the Board, where the
shares of the Corporation shall be directly transferable, and also one or more
registry offices, each in charge of a registrar designated by the Board where
such shares shall be registered, and no certificate for shares of the
Corporation in respect of which a transfer agent and registrar shall have been
designated shall be valid unless countersigned by such transfer agent and
registered by such registrar. One person, firm or corporation may be authorized
by the Board to be both the transfer agent and the registrar. The Board may also
make such additional rules and regulations as it may deem expedient concerning
the issue, transfer and registration of certificates for shares of the stock of
the Corporation.

         Section 2.06. Fixing of Record Date to Determine Shareholders Entitled
to Receive Corporate Benefits. The Board may fix a day and hour not exceeding
fifty (50) days preceding the date fixed for payment of any dividend, or for the
delivery of evidences of rights, or for the distribution of certificates for
shares of stock upon a change of outstanding shares into a greater or lesser
number of shares, as a record time for the determination of the shareholders
entitled to receive any such dividend, rights or distribution.

                                    ARTICLE 3
                            Meetings of Shareholders

         Section 3.01. Place of Meetings. All meetings of Shareholders shall be
held at the principal office of the Corporation or at such other place, within
or without the State of Indiana, as may be specified in the respective notices
or waivers of notice thereof.

         Section 3.02. Annual Meeting. The annual meeting of the Shareholders
for the election of Directors, and for the transaction of such other business as
may properly come before the meeting, shall be held on the first Friday of
February of each year (if such day is a legal holiday, then on the first
following day that is not a legal holiday) or on such other date within six
months following the end of each of the Corporation's fiscal years as the Board
shall determine. Failure to hold the Annual Meeting at the designated time does
not affect the validity of any corporate action.

         Section 3.03. Special Meetings. Special meetings, for any purpose or
purposes (unless otherwise prescribed by law), may be called by the Board, the
Chairman of the Board or the President, and shall be called by the Chairman of
the Board, the President or any Vice-President at the request in writing of a
majority of the Board. All requests for special meetings shall state the purpose
or purposes thereof, and the business transacted at such meeting shall be
confined to the purposes stated in the call and matters germane thereto.

         Section 3.04. Record Date. The Board may fix a record date, not
exceeding seventy (70) days prior to the date of any meeting of the
Shareholders, for the purpose of determining the Shareholders entitled to notice
of and to vote at such meeting. In the absence of action by the Board fixing a
record date as herein provided, the record date shall be the fourteenth (14th)
day
                                     - 3 -
<PAGE>   4

prior to the date of the meeting. A new record date must be fixed if a meeting
of Shareholders is adjourned to a date more than 120 days after the date fixed
for the original meeting.

         Section 3.05. Notice of Meetings. A written or printed notice, stating
the place, day and hour of the meeting, and, in the case of a special meeting or
when otherwise required by any provision of the Act, the Articles or these
By-Laws, the purpose or purposes for which the meeting is called, shall be
delivered or mailed by the Secretary or by the persons calling the meeting to
each Shareholder at the time entitled to vote, at such address as appears on the
records of the Corporation, at least ten (10) and not more than sixty (60) days
before the date of the meeting. Each Shareholder who has in the manner provided
in Section 3.06 of these By-Laws notice of a Shareholders' meeting, or who
personally attends a Shareholders' meeting, or is represented thereat by a proxy
duly authorized to appear by an instrument of proxy complying with the
requirements hereinafter set forth, shall be conclusively presumed to have been
given due notice of such meeting unless such Shareholder or proxy at the
beginning of the meeting objects to the holding of, or the transaction of
business at, the meeting.

         Section 3.06. Waiver of Notice. Notice of any annual or special meeting
may be waived in writing by any Shareholder, before or after the date and time
of the meeting specified in the notice thereof, by a written waiver delivered to
the Corporation for inclusion in the minutes or filing with the corporate
records. A Shareholder's attendance at any meeting in person or by proxy shall
constitute a waiver of (a) notice of such meeting, unless the Shareholder at the
beginning of the meeting objects to the holding of or the transaction of
business at the meeting, and (b) consideration at such meeting of any business
that is not within the purpose or purposes described in the meeting notice,
unless the Shareholder objects to considering the matter when it is presented.

         Section 3.07. Proxies. A Shareholder entitled to vote at any meeting
may vote either in person or by proxy executed in writing by the Shareholder or
a duly authorized attorney-in-fact of such Shareholder. For purposes of this
Section, a proxy granted by telegram, telex, telecopy of other document
transmitted electronically for or by a Shareholder shall be deemed "executed in
writing by the Shareholder." The general proxy of a fiduciary shall be given the
same effect as the general proxy of any other Shareholder. No proxy shall be
valid after eleven months from the date of its execution unless a longer or
shorter time is expressly provided therein. An appointment of a proxy is
revocable by a Shareholder unless the appointment form conspicuously states that
it is irrevocable and the appointment is coupled with an interest.

         Section 3.08. Voting. No shares shall be voted at any meeting: (1) upon
which any installment is due and unpaid; (2) which, in the absence of
determination of a record date in accordance with the provisions of Section
3.04, have been transferred on the books of the Corporation within ten (10) days
preceding the date of such meeting; or (3) which belong to the Corporation.
Shares standing in the name of a corporation (other than in the name of this
Corporation) may be voted by such officer, agent, or proxy as the Board of
Directors of such corporation may appoint or as the by-laws of such corporation
may prescribe. Shares held by fiduciaries may be voted by the fiduciaries in
such manner as the instrument or order appointing such fiduciaries may direct.
In the absence of such direction or the inability of the fiduciaries to act in
accordance therewith, the following provisions shall apply: (1) where shares are
held jointly by three or more fiduciaries, such shares shall be voted in
accordance with the will of the

                                     - 4 -
<PAGE>   5
majority; (2) where the fiduciaries or a majority of them cannot agree, or where
they are equally divided upon the question of voting such shares, such shares
shall be voted in accordance with the direction made by any court of general
equity jurisdiction upon petition for such purpose filed by any of such
fiduciaries or by any party in interest. Shares that are pledged may, unless
otherwise provided in the agreement of pledge and notice to that effect served
upon the Corporation, be voted by the shareholder pledging the same until such
shares shall have been transferred to the pledgee on the books of the
Corporation, and thereafter they may be voted by the pledgee.

         Section 3.09. Quorum. At any meeting of Shareholders, the holders of a
majority of the outstanding shares which may be voted on the business to be
transacted at such meeting, represented thereat in person or by proxy, shall
constitute a quorum. Once a share is represented for any purpose at a meeting,
it is deemed present for quorum purposes for the remainder of the meeting and
for any adjournment of that meeting unless a new record date is or must be set
for that adjourned meeting. If a quorum exists, action on a matter (other than
the election of directors) is approved if the votes cast favoring the action
exceed the votes cast opposing the action. For elections of directors, directors
are elected by a plurality of the votes cast by the shares entitled to vote in
the election at a meeting at which a quorum is present. In case a quorum shall
not be present at any meeting, the holders of record of a majority of such
shares so present in person or by proxy may adjourn the meeting from time to
time, without notice, other than announcement at the meeting, unless the date of
the adjourned meeting requires that the Board fix a new record date therefore,
in which case notice of the adjourned meeting shall be given. At any such
adjourned meeting at which a quorum shall be present or represented, any
business may be transacted which might have been transacted at the meeting as
originally scheduled.

         Section 3.10. Shareholder List. The Secretary shall prepare before each
meeting of Shareholders a complete list of the Shareholders entitled to notice
of such meeting, arranged in alphabetical order by class of shares (and each
series within a class), and showing the address of, and the number of shares
entitled to vote held by, each Shareholder ("Shareholder List"). Beginning five
business days before the meeting and continuing throughout the meeting, the
Shareholder List shall be on file at the principal office or at a place
identified in the meeting notice as the city where the meeting will be held, and
shall be available for inspection by any Shareholder entitled to vote at the
meeting. On written demand, made in good faith and for a proper purpose and
describing with reasonable particularity with the Shareholder's purpose, a
Shareholder (or such Shareholder's agent or attorney authorized in writing)
shall be entitled to inspect and to copy the Shareholder List, during regular
business hours and at the Shareholder's expense, during the period the
Shareholder List is available for inspection. The original stock register or
transfer book or a duplicate thereof kept at the principal office of the
Corporation, shall be the only evidence as to who are the Shareholders entitled
to examine the Shareholder List, or to notice of or to vote at any meeting.

         Section 3.11. Meeting by Telephone, etc. Any or all of the Shareholders
may participate in a meeting by or through the use of any means of communication
by which all Shareholders participating may simultaneously hear each other
during the meeting. A Shareholder participating in a meeting by this means is
deemed to be present in person at the meeting.

                                     - 5 -
<PAGE>   6

         Section 3.12. Inspectors. The Board, the Chairman of the Board or the
President, in advance of any meeting of shareholders, may appoint one or more
inspectors to act at such meeting or any adjournment thereof. If one or more
inspectors of election are not so appointed, the officer or person acting as
chairman of any such meeting may, and on the request of any shareholder or his
proxy, shall make such appointment. In case any person appointed as inspector
shall fail to appear or to act, the vacancy may be filled by appointment made by
the Board, the Chairman of the Board or the President in advance of the meeting,
or at the meeting by the officer or person acting as chairman. The inspector or
inspectors of election shall determine the number of shares outstanding, the
voting power of each, the shares represented at the meeting, the existence of a
quorum, the authenticity, validity and effect of proxies, receive votes,
ballots, assents, or consents, hear and determine all challenges and questions
in any way arising in connection with the vote, count and tabulate all votes,
assents and consents, determine and announce the result, and do such acts as may
be proper to conduct the election or vote with fairness to all shareholders. No
inspector however appointed need be a Shareholder. In the event one or more
inspectors are not appointed in such manner as set forth above, the Secretary of
the Corporation shall perform the duties of the inspectors.

                                    ARTICLE 4
                               Board of Directors

         Section 4.01. Duties and Number. The property and business of the
Corporation shall be managed under the direction of its Board. The number of
Directors which shall constitute the whole Board of Directors of the Corporation
and shall be no less than four nor greater than ten. The number within that
range shall be fixed from time to time by the Board of Directors.

         Section 4.02. Election, Term of Office and Qualification. Directors
shall be elected at each annual meeting by the Shareholders entitled by the
Articles to elect Directors. Directors shall be elected for a term of one year
and shall hold office until their respective successors are elected and
qualified. Directors need not be residents of the State of Indiana or
Shareholders of the Corporation. No decrease in the number of Directors at any
time provided by these By-Laws shall have the effect of shortening the term of
any incumbent Director.

         Section 4.03. Powers of Directors. The Board shall exercise all of the
powers of the Corporation, subject to the restrictions imposed by law, the
Articles, or these By-Laws.

         Section 4.04. Annual Meeting. Unless otherwise determined by the Board,
the Chairman of the Board or the President, the Board shall meet each year
immediately after the annual meeting of the Shareholders, at the place where
such meeting of the Shareholders has been held, for the purpose of organization,
election of Officers, and consideration of any other business that may properly
be brought before the meeting. No notice shall be necessary for the holding of
this annual meeting. If such meeting is not held as above provided, the election
of Officers may be held at any subsequent duly constituted meeting of the Board.

         Section 4.05. Regular Board Meetings. Regular meetings of the Board may
be held at stated times or from time to time, and at such place, either within
or without the State of Indiana, as the Board may determine, without call and
without notice.

                                     - 6 -
<PAGE>   7

         Section 4.06. Special Board Meetings. Special meetings of the Board may
be called at any time or from time to time, and shall be called on the written
request of at least two Directors, the Chairman of the Board, or the President,
by causing the Secretary or any Assistant Secretary to give to each Director,
either personally or by mail, telephone, telegraph, teletype or other form of
wire or wireless communication at least two days' notice of the date, time and
place of such meeting. Special meetings shall be held at the principal office of
the Corporation or at such other place, within or without the State of Indiana,
as shall be specified in the respective notices or waivers of notice thereof. A
Director may waive notice of any special meeting of the Board before or after
the date and time stated in the notice by a written waiver signed by the
Director and filed with the minutes or corporate records. A Director's
attendance at or participation in a special meeting waives any required notice
to the Director of the meeting unless the Director at the beginning of the
meeting (or promptly upon the Director's arrival) objects to holding the meeting
or transacting business at the meeting and does not thereafter vote for or
assent to action taken at the meeting.

         Section 4.07. Meeting by Telephone, etc. Any or all of the members of
the Board or of any committee designated by the Board may participate in a
meeting of the Board or the committee, or conduct a meeting through the use of,
any means of communication by which all persons participating may simultaneously
hear each other during the meeting, and participation in a meeting using these
means constitutes presence in person at the meeting.

         Section 4.08. Quorum. At all meetings of the Board, the presence of a
majority of the number of Directors designated for the full Board shall be
necessary to constitute a quorum for the transaction of any business, except (a)
that for the purpose of filling of vacancies on the Board, a majority of
Directors then in office shall constitute a quorum, and (b) that a lesser number
may adjourn the meeting from time to time until a quorum is present. The
affirmative vote of a majority of the Directors present at a meeting at which a
quorum is present shall be the act of the Board, unless the act of a greater
number is required by law, the Articles or these By-Laws.

         Section 4.09. Action Without Meeting. Any action required or permitted
to be taken at any meeting of the Board or of any committee thereof may be taken
without a meeting if the action is taken by all members of the Board or of such
committee. The action must be evidenced by one (1) or more written consents
describing the action taken, signed by each member of the Board or of the
committee, and included in the minutes or filed with the corporate records
reflecting the action taken. Action taken under this Section is effective when
the last member of the Board or of the committee signs a written consent, unless
the consent specifies a different prior or subsequent effective date.

         Section 4.10. Resignations. Any Director may resign at any time by
delivering written notice to the Board, the Chairman of the Board, the
President, or the Secretary. Such resignation shall take effect when the notice
is delivered unless the notice specifies a later effective date. If the
resignation specifies a later effective date, the Board may fill the pending
vacancy before the effective date, but the new Director may not take office
until the vacancy occurs.

         Section 4.11. Removal. Any Director may be removed, with or without
cause, at any meeting of the Shareholders by the affirmative vote of a majority
in number of shares of the

                                     - 7 -
<PAGE>   8
Shareholders of record present in person or by proxy and entitled to vote for
the election of Directors, if notice of the intention to act upon such matter
shall have been given in the notice calling such meeting. If the notice calling
such meeting shall so provide, the vacancy caused by such removal may be filled
at such meeting by vote of the holders of a majority of the outstanding shares
present and entitled to vote for the election of Directors.

         Section 4.12. Vacancies. Any vacancy occurring in the Board, including
a vacancy resulting from an increase in the number of Directors, may be filled
by the Board or, if the Directors remaining in office constitute fewer than a
quorum of the Board, they may fill the vacancy by the affirmative vote of a
majority of all the Directors remaining in office. Each Director so chosen shall
hold office until the expiration of the term of the Director, if any, whom he
has been chosen to succeed, or, if none, until the expiration of the term
designated by the Board for the directorship to which he has been elected, or
until his earlier removal, resignation, death, or other incapacity.

         Section 4.13. Compensation of Directors. The Board is empowered and
authorized to fix and determine the compensation of Directors for attendance at
meetings of the Board and additional compensation for such additional services
any of such Directors may perform for the Corporation.

         Section 4.14. Interest of Directors in Contracts. Any contract or other
transaction between the Corporation and (a) any Director, or (b) any
corporation, unincorporated association, business trust, estate, partnership,
trust, joint venture, individual or other legal entity ("Legal Entity") (1) in
which any Director has a material financial interest or is a general partner, or
(2) of which any Director is a director, officer or trustee (collectively, a
"Conflict Transaction"), shall be valid for all purposes, if the material facts
of the Conflict Transaction and the Director's interest were disclosed or known
to the Board, a committee with authority to act thereon, or the Shareholders
entitled to vote thereon, and the Board, such committee, or such Shareholders
authorized, approved, or ratified the Conflict Transaction. A Conflict
Transaction is authorized, approved or ratified: (a) By the Board or such
committee, if it receives the affirmative vote of a majority of the Directors
who have no interest in the Conflict Transaction, notwithstanding the fact that
such majority may not constitute a quorum or a majority of the Board or such
committee or a majority of the Directors present at the meeting, and
notwithstanding the presence or vote of any Director who does have such an
interest; provided, however, that no Conflict Transaction may be authorized,
approved or ratified by a single Director; or (b) By such Shareholders, if it
receives the vote of a majority of the shares entitled to be counted, in which
vote shares owned or voted under the control of any Director who, or of any
Legal Entity that, has an interest in the Conflict Transaction may be counted.
This Section shall not be construed to require authorization, ratification or
approval by the Shareholders of any Conflict Transaction, or to invalidate any
Conflict Transaction that would otherwise be valid under the common and
statutory law applicable thereto.

                                    ARTICLE 5
                      Committees of the Board of Directors

         Section 5.01. Committees. The Board may create one or more committees
and appoint members of the Board to serve on them. Each committee may have one
or more members, who

                                     - 8 -
<PAGE>   9
shall serve at the pleasure of the Board. The creation of a committee and
appointment of members to it must be approved by the greater of: (a) a majority
of all the Directors in office when the action is taken; or (b) the number of
Directors required by the Articles or these By-Laws to take action under the
Act.

         Section 5.02. Powers of Committees. To the extent specified by the
Board, each committee may exercise the authority of the Board. No committee may,
however, (a) authorize distributions, except a committee (or an executive
officer of the Corporation designated by the Board) may authorize or approve a
reacquisition of shares or other distribution if done according to a formula or
method, or within a range, prescribed by the Board; (b) approve or propose to
Shareholders action that the Act requires to be approved by Shareholders; (c)
fill vacancies on the Board or on any of its committees; (d) except to the
extent permitted by Subsection (g) of this Section 5.02, amend the Articles; (e)
adopt, amend, or repeal these By-Laws; (f) approve a plan of merger not
requiring Shareholder approval; or (g) authorize or approve the issuance or sale
or a contract for the sale of shares, or determine the designation and relative
rights, preferences, and limitations of a class or series of shares, except the
Board may authorize a committee (or an executive officer designated by the
Board) to take the action described in this Subsection (g) within limits
prescribed by the Board.

         Section 5.03. Meetings; Procedure; Quorum. Sections 4.05 through 4.09
of these By-Laws dealing with meetings, action without a meeting, notice and
waiver of notice, and quorum and voting requirements of the Board shall apply to
the committees and their members as well.

                                    ARTICLE 6
                                    Officers

         Section 6.01. Number. The Officers of the Corporation shall consist of
the Chairman of the Board, the President, one or more Vice-Presidents (if any),
the Secretary, the Treasurer, and such other officers as may be chosen by the
Board at such time and in such manner and for such terms as the Board may
prescribe. Any two or more offices may be held by the same person.

         Section 6.02. Election and Term of Office. The Officers shall be chosen
by the Board. Each Officer shall hold office until his successor is chosen and
qualified, until his death, until he shall have resigned, or shall have been
removed pursuant to Section 6.04 of these By-Laws.

         Section 6.03. Resignations. Any Officer may resign at any time by
delivering written notice to the Board, the Chairman of the Board, the
President, or the Secretary. Such resignation shall take effect when the notice
is delivered unless the notice specifies a later effective date. If a
resignation is made effective at a later date and the Corporation accepts the
future effective date, the Board may fill the pending vacancy before the
effective date if the Board provides that the successor does not take office
until the effective date.

         Section 6.04. Removal. Any Officer may be removed either with or
without cause, at any time, by the vote of a majority of the actual number of
Directors elected and qualified from time to time.

                                     - 9 -
<PAGE>   10
         Section 6.05. Vacancies. Whenever any vacancy shall occur in any
office, the same shall be filled by the Board and the Officer so chosen shall
hold office during the remainder of the term for which his predecessor was
chosen or as otherwise provided herein.

         Section 6.06. Chairman of the Board. The Chairman of the Board shall
preside at all meetings of Shareholders and Directors, discharge all the duties
which devolve upon a presiding officer, and shall exercise and perform such
other powers and duties as these By-Laws or the Board may prescribe.

         Section 6.07. President. The President shall be the Chief Executive
Officer of the Corporation and shall manage and supervise all the affairs and
personnel of the Corporation and shall discharge all the usual functions of the
chief executive officer of a corporation. The President shall have full
authority to execute proxies in behalf of the Corporation, to vote stock owned
by it in any other corporation, and to execute, with the Secretary, powers of
attorney appointing other corporations, partnerships, or individuals the agent
of the Corporation, all subject to the provisions of the Act, the Articles and
these By-Laws.

         Section 6.08. Vice-Presidents. The Vice-Presidents, in the order
designated by the President or the Board, shall exercise and perform all powers
of, and perform duties incumbent upon, the President during his absence or
disability and shall exercise and perform such other powers and duties as these
By-Laws, the Board or the President may prescribe.

         Section 6.09. Secretary. The Secretary shall attend all meetings of the
Shareholders and of the Board, and shall keep or cause to be kept in a book
provided for the purpose a true and complete record of the proceedings of such
meetings, and shall perform a like duty, when required, for all committees
created by the Board. He shall authenticate the records of the Corporation when
necessary and shall exercise and perform such other powers and duties as these
By-laws, the Board, or the President may prescribe. He shall give all notices of
the Corporation and, in case of his absence, negligence, or refusal so to do,
any notice may be given by a person so directed by the President or by the
requisite number of Directors upon whose request the meeting is called as
provided by these By-Laws.

         Section 6.10. Treasurer. The Treasurer shall keep correct and complete
records of account, showing at all times the financial condition of the
Corporation. He shall be the legal custodian of all moneys, notes, securities
and other valuables that may from time to time come into the possession of the
Corporation. He shall immediately deposit all funds of the Corporation coming
into his hands in some reliable bank or other depository to be designated by the
Board or one or more executive officers designated by the Board, and shall keep
such bank account in the name of the Corporation. He shall furnish at meetings
of the Board, or whenever requested thereby, a statement of the financial
condition of the Corporation, and shall exercise and perform such other powers
and duties as these By-laws, the Board, or the President may prescribe. The
Treasurer may be required to furnish bond in such amount as shall be determined
by the Board.

         Section 6.11. Assistant Officers. The Board or the President may from
time to time appoint assistant Officers who shall serve at the pleasure of the
appointing authority and who shall exercise and perform such powers and duties
as the Officers whom they are elected to assist shall specify and delegate to
them, and such other powers and duties as these By-Laws, the

                                     - 10 -
<PAGE>   11
Board, or the President may prescribe. An Assistant Secretary may, in the
absence or disability of the Secretary, attest the execution of all documents by
the Corporation.

         Section 6.12. Delegation of Authority. In case of the absence of any
Officer of the Corporation, or for any other reason that the Board may deem
sufficient, the Board may delegate the powers or duties of such Officer to any
other Officer or to any Director, for the time being.

                                    ARTICLE 7
   Negotiable Instruments, Deeds, Contracts, Stock and Limitation of Liability

         Section 7.01. Execution of Negotiable Instruments. All checks, drafts,
bills of exchange and orders for the payment of money by the Corporation shall,
unless otherwise directed by the Board, or unless otherwise required by law, be
signed by any two of the following Officers: the President, any Vice-President,
the Secretary or the Treasurer. The Board may, however, authorize any one or
more of such Officers to sign checks, drafts, bills of exchange and orders for
the payment of money by the Corporation singly and without necessity of
countersignature; and the Board may designate any other employee or employees of
the Corporation, who may, in the name of the Corporation, execute checks,
drafts, bills of exchange and orders for the payment of money by the Corporation
or in its behalf.

         Section 7.02. Execution of Deeds, Contracts, Etc. All deeds, notes,
bonds and mortgages made by the Corporation and all other written contracts and
agreements, other than those executed in the ordinary course of corporate
business, to which the Corporation shall be a party shall be executed in its
name by the President, a Vice-President or by any other Officer so authorized by
the Board. When necessary or required, the Secretary shall attest the execution
thereof.

         Section 7.03. Ordinary Contracts and Agreements. All written contracts
and agreements into which the Corporation enters in the ordinary course of
business operations shall be executed by any Officer or by any other employee of
the Corporation designated by the President to execute such contracts and
agreements.

         Section 7.04. Endorsement of Certificates for Shares. Unless otherwise
directed by the Board, any share or shares issued by any corporation and owned
by the Corporation (including reacquired shares of the Corporation) may, for
sale or transfer, be endorsed in the name of the Corporation by the President or
a Vice-President. When necessary or required, the Secretary shall attest such
endorsement.

         Section 7.05. Voting of Shares Owned by Corporation. Unless otherwise
directed by the Board, any share or shares issued by any other corporation and
owned or controlled by the Corporation may be voted at any shareholders' meeting
of such other corporation by the President of the Corporation, or in his absence
by a Vice-President of the Corporation. Whenever, in the judgment of the
President, it is desirable for the Corporation to execute a proxy or give a
shareholder's consent in respect to any share or shares issued by any other
corporation and owned by the Corporation, such proxy or consent shall be
executed in the name of the Corporation by the President or a Vice-President of
the Corporation. Any person or persons designated in the manner above stated as
the proxy or proxies of the Corporation shall have full

                                     - 11 -
<PAGE>   12
right, power and authority to vote the share or shares issued by such other
corporation and owned by the Corporation in the same manner as such share or
shares might be voted by the Corporation.

         Section 7.06. Limitation of Liability. The following provisions apply
with respect to liability on the part of a Director, a member of any committee
or of another committee appointed by the Board (an "Appointed Committee"),
Officer, employee or agent of the Corporation (collectively, "Corporate
Persons," and individually, a "Corporate Person") for any loss or damage
suffered on account of any action taken or omitted to be taken by a Corporate
Person:

                  (a) General Limitation. No Corporate Person shall be liable
         for any loss or damage if, in taking or omitting to take any action
         causing such loss or damage, either (1) such Corporate Person acted (A)
         in good faith, (B) with the care an ordinarily prudent person in a like
         position would have exercised under similar circumstances, and (C) in a
         manner such Corporate Person reasonably believed was in the best
         interests of the Corporation, or (2) such Corporate Person's breach of
         or failure to act in accordance with the standards of conduct set forth
         in Clause (a)(1) above ("Standards of Conduct") did not constitute
         willful misconduct or recklessness.

                  (b) Reliance on Corporate Records and Other Information. Any
         Corporate Person shall be fully protected, and shall be deemed to have
         complied with the Standards of Conduct, in relying in good faith, with
         respect to any information contained therein, upon (1) the
         Corporation's records, or (2) information, opinions, reports or
         statements (including financial statements and other financial data)
         prepared or presented by (A) one or more other Corporate Persons whom
         such Corporate Person reasonably believes to be competent in the
         matters presented, (B) legal counsel, public accountants or other
         persons as to matters that such Corporate Person reasonably believes
         are within such person's professional or expert competence, (C) a
         committee or an Appointed Committee, of which such Corporate Person is
         not a member, if such Corporate Person reasonably believes such
         committee or Appointed Committee merits confidence, or (D) the Board,
         if such Corporate Person is not a Director and reasonably believes that
         the Board merits confidence.

                                    ARTICLE 8
                                   Amendments

         Section 8.01. Amendment of By-Laws. The power to make, alter, amend or
repeal these By-Laws is vested in the Board, but the affirmative vote of a
number of Directors equal to a majority of the number who would constitute a
full Board of Directors at the time of such action shall be necessary to take
any action for the making, alteration, amendment or repeal of these By-Laws.

                                     - 12 -

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