Document:

Exhibit 10.1 to 2nd quarter 2006 10q Amendment to Stock Incentive Plan

                                    Exhibit
      10.1

    

    

    

    MATTHEWS
      INTERNATIONAL CORPORATION

    

    1992
      STOCK INCENTIVE PLAN

    (as
      amended through April 25, 2006)

    

    

    The
      purposes of the 1992 Stock Incentive Plan (as amended, the "Plan") are to
      encourage eligible employees of Matthews International Corporation (the
      "Corporation") and its Subsidiaries to increase their efforts to make the
      Corporation and each Subsidiary more successful, to provide an additional
      inducement for such employees to remain with the Corporation or a Subsidiary,
      to
      reward such employees by providing an opportunity to acquire shares of the
      Class
      A Common Stock, par value $1.00 per share, of the Corporation (the "Class A
      Common Stock") and the Class B Common Stock, par value $1.00 per share, of
      the
      Corporation (the "Class B Common Stock") on favorable terms and to provide
      a
      means through which the Corporation may attract able persons to enter the employ
      of the Corporation or one of its Subsidiaries. As used herein, except where
      the
      context otherwise so requires, the term "Common Stock" shall mean both the
      Class
      A Common Stock and the Class B Common Stock. For the purposes of the Plan,
      the
      term "Subsidiary" means any corporation in an unbroken chain of corporations
      beginning with the Corporation if each of the corporations other than the last
      corporation in the unbroken chain owns stock possessing at least fifty percent
      (50%) or more of the total combined voting power of all classes of stock in
      one
      of the other corporations in the chain.

    

    

    SECTION
      1

    

    Administration

    

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

    

    The
      Committee shall interpret the Plan and prescribe such rules, regulations and
      procedures in connection with the operations of the Plan as it shall deem to
      be
      necessary and advisable for the administration of the Plan consistent with
      the
      purposes of the Plan.

    

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

    

    

    SECTION
      2

    

    Eligibility

    

    Those
      employees of the Corporation or any Subsidiary (including, but not limited
      to,
      covered employees as defined in Section 162(m)(3) of the Code, or any
      successor provision) who share responsibility for the management, growth or
      protection of the business of the Corporation or any Subsidiary shall be
      eligible to be granted stock options (with or without cash payment rights)
      and
      to receive restricted share awards as described herein.

    

    Subject
      to the provisions of the Plan, the Committee shall have full and final
      authority, in its discretion, to grant stock options (with or without cash
      payment rights) and to award restricted shares as described herein, to determine
      whether Class A Common Stock or Class B Common Stock shall be issued, and to
      determine the employees to whom any such grant or award shall be made and the
      number of shares to be covered thereby. In determining the eligibility of any
      employee, as well as in determining the number of shares covered by each grant
      of a stock option or award of restricted shares and whether cash payment rights
      shall be granted in conjunction with a stock option, the Committee shall
      consider the position and the responsibilities of the employee being considered,
      the nature and value to the Corporation or a Subsidiary of his or her services,
      his or her present and/or potential contribution to the success of the
      Corporation or a Subsidiary and such other factors as the Committee may deem
      relevant.

    

    

    SECTION
      3

    

    Shares
      Available under the Plan

    

    The
      maximum aggregate number of shares of the Common Stock for which grants of
      stock
      options or awards of restricted shares may be made under the Plan on any given
      date shall be equal to 15% of the then aggregate issued and outstanding shares
      of the Common Stock (not including treasury shares, but including outstanding
      restricted shares), less the aggregate number of (i) all outstanding stock
      options granted at any time under the Plan since the initial date of adoption
      of
      the Plan, which remain unexercised and outstanding (and which have not expired)
      as of such date and (ii) all restricted shares granted at any time under
      the Plan which have not yet vested or been forfeited to the Corporation pursuant
      to their terms as of such date, subject to adjustment and substitution as set
      forth in Section 8, and shares of the Common Stock may be issued with respect
      to
      any such grants or awards, provided that the Corporation has authorized but
      unissued shares which are reserved at the time of any such grant or award and
      are available and unissued at the time of any such issuance equal to or greater
      than the number of shares to be so issued. Stated differently, as any
      outstanding stock options granted under the Plan are either exercised,
      cancelled, terminated or expire for any reason without being exercised, or
      any
      restricted shares granted under the Plan are either vested (all restrictions
      lapse) or forfeited for any reason, the number of shares subject or related
      to
      such stock options or restricted shares shall again be available for grant
      or
      award under the Plan.

    

    Notwithstanding
      the immediately prior paragraph, the maximum aggregate number of shares of
      the
      Common Stock which may be issued and as to which grants of incentive stock
      options or awards of restricted shares may be made under the Plan is 2,400,000
      shares and 500,000 shares, respectively, subject to adjustment and substitution
      as set forth in Section 8. If any such incentive stock option granted under
      the
      Plan and counted against such sub-limit is cancelled by mutual consent or
      terminates or expires for any reason without having been exercised, the number
      of shares subject thereto shall again be available for purposes of granting
      incentive stock options under the Plan. If any shares of the Common Stock are
      forfeited to the Corporation pursuant to the restrictions applicable to
      restricted shares awarded under the Plan and counted against such sub-limit,
      the
      number of shares so forfeited shall again be available for purposes of awarding
      restricted shares under the Plan. 

    

    To
      the
      extent that the Corporation has such shares available to it and can issue such
      shares without violating any law or regulation, including without limitation
      the
      By-laws of the National Association of Securities Dealers, Inc. concerning
      disenfranchisement of shareholders, the Corporation will reserve for issuance
      upon the grant of any option and issue when such option is exercised and will
      issue upon the award of restricted shares Class B Common Stock of the
      Corporation. To the extent Class B Common Stock is not available for
      reservation at the time of grant or issuance at the time of award, the
      Corporation retains the right to reserve for issuance and to issue Class A
      Common Stock and not Class B Common Stock. The shares which may be issued
      under the Plan may be either authorized but unissued shares or shares previously
      issued and thereafter acquired by the Corporation or partly each, as shall
      be
      determined from time to time by the Board.

    

    

    SECTION
      4

    

    Grant
      of Stock Options and Cash Payment Rights 

    and
      Awards of Restricted Shares

    

    The
      Committee shall have authority, in its discretion, (a) to grant "incentive
      stock
      options" pursuant to Section 422 of the Code, to grant "nonstatutory stock
      options" (i.e., stock options which do not qualify under Sections 422 or 423
      of
      the Code) or to grant both types of stock options (but not in tandem) and (b)
      to
      award restricted shares. The Committee also shall have the authority, in its
      discretion, to grant cash payment rights in conjunction with nonstatutory stock
      options with the effect provided in Section 5(D). Cash payment rights may not
      be
      granted in conjunction with incentive stock options. Cash payment rights granted
      in conjunction with a nonstatutory stock option may be granted either at the
      time the stock option is granted or at any time thereafter during the term
      of
      the stock option.

    

    The
      maximum number of shares as to which stock options may be granted and as to
      which shares may be awarded under the Plan to any one employee in any one
      calendar year is 250,000 shares, subject to adjustment and substitution as
      set
      forth in Section 8. For the purposes of this limitation, any adjustment or
      substitution made pursuant to Section 8 in a calendar year with respect to
      the maximum number of shares set forth in the preceding sentence shall also
      be
      made with respect to any shares subject to stock options or share awards
      previously granted under the Plan to such employee in the same calendar
      year.

    

      Notwithstanding
      any other provision contained in the Plan or in any stock option agreement
      or an
      amendment thereto, but subject to the possible exercise of the Committee's
      discretion contemplated in the last sentence of this Section 4, the aggregate
      fair market value, determined as provided in Section 5(H) on the date of grant
      of incentive stock options, of the shares with respect to which such incentive
      stock options are exercisable for the first time by an employee during any
      calendar year under all plans of the corporation employing such employee, any
      parent or subsidiary corporation of such corporation and any predecessor
      corporation of any such corporation shall not exceed $100,000. If the date
      on
      which one or more incentive stock options could first be exercised would be
      accelerated pursuant to any provision of the Plan or any stock option agreement
      or an amendment thereto, and the acceleration of such exercise date would result
      in a violation of the $100,000 restriction set forth in the preceding sentence,
      then, notwithstanding any such provision, but subject to the provisions of
      the
      next succeeding sentence, the exercise dates of such incentive stock options
      shall be accelerated only to the extent, if any, that does not result in a
      violation of such restriction and, in such event, the exercise dates of the
      incentive stock options with the lowest option prices shall be accelerated
      to
      the earliest such dates. The Committee may, in its discretion, authorize the
      acceleration of the exercise date of one or more incentive stock options even
      if
      such acceleration would violate the $100,000 restriction set forth in the first
      sentence of this paragraph and even if one or more such incentive stock options
      are thereby converted in whole or in part to nonstatutory stock options.

    

    SECTION
      5

    

    Terms
      and Conditions of Stock Options 

    and
      Cash Payment Rights

    

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

    

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

    

    (B)
      The
      option price for each stock option shall be paid in full upon exercise and
      shall
      be payable in cash in United States dollars (including check, bank draft or
      money order), which may include cash forwarded through a broker or other
      agent-sponsored exercise or financing program; provided, however, that in lieu
      of such cash the person exercising the stock option may (if authorized by the
      Committee at the time of grant in the case of an incentive stock option, or
      at
      any time in the case of a nonstatutory stock option) pay the option price in
      whole or in part by delivering to the Corporation shares of the Common Stock
      having a fair market value on the date of exercise of the stock option,
      determined as provided in Section 5(H), equal to the option price for the shares
      being purchased; except that (i) any portion of the option price representing
      a
      fraction of a share shall in any event be paid in cash and (ii) no shares of
      the
      Common Stock which have been held for less than one year may be delivered in
      payment of the option price of a stock option. If the person exercising a stock
      option participates in a broker or other agent-sponsored exercise or financing
      program, the Corporation will cooperate with all reasonable procedures of the
      broker or other agent to permit participation by the person exercising the
      stock
      option in the exercise or financing program. Notwithstanding any procedure
      of
      the broker or other agent-sponsored exercise or financing program, if the option
      price is paid in cash, the exercise of the stock option shall not be deemed
      to
      occur and no shares of the Common Stock will be issued until the Corporation
      has
      received full payment in cash (including check, bank draft or money order)
      for
      the option price from the broker or other agent. The date of exercise of a
      stock
      option shall be determined under procedures established by the Committee, and
      as
      of the date of exercise the person exercising the stock option shall be
      considered for all purposes to be the owner of the shares with respect to which
      the stock option has been exercised. Payment of the option price with shares
      shall not increase the number of shares of the Common Stock which may be issued
      under the Plan as provided in Section 3.

     

    (C)
      Unless the Committee, in its discretion, shall otherwise determine, stock
      options shall be exercisable by a grantee during employment commencing on the
      date of grant. Subject to the terms of Section 5(F) providing for earlier
      termination of a stock option, no stock option shall be exercisable after the
      expiration of ten years (five years in the case of an incentive stock option
      granted to a Ten Percent Employee) from the date of grant. Unless the Committee,
      in its discretion, shall otherwise determine, a stock option to the extent
      exercisable at any time may be exercised in whole or in part. 

    

    (D)
      Cash
      payment rights granted in conjunction with a nonstatutory stock option shall
      entitle the person who is entitled to exercise the stock option, upon exercise
      of the stock option or any portion thereof, to receive cash from the Corporation
      (in addition to the shares to be received upon exercise of the stock option)
      equal to such percentage as the Committee, in its discretion, shall determine
      not greater than one hundred percent (100%) of the excess of the fair market
      value of a share of the Common Stock covered by the stock option on the date
      of
      exercise of the stock option over the option price per share of the stock option
      times the number of shares covered by the stock option, or portion thereof,
      which is exercised. Payment of the cash provided for in this Section 5(D)
      shall be made by the Corporation as soon as practicable after the time the
      amount payable is determined. For purposes of this Section 5(D), the fair
      market value of the Common Stock shall be determined as provided in
      Section 5(H).

    

    (E)
      Unless the Committee, in its discretion, shall otherwise determine in the case
      of nonstatutory stock options, (i) no stock option shall be transferable by
      the grantee otherwise than by Will, or if the grantee dies intestate, by the
      laws of descent and distribution of the state of domicile of the grantee at
      the
      time of death, and (ii) all stock options shall be exercisable during the
      lifetime of the grantee only by the grantee.

    

    (F)
      Unless the Committee, in its discretion, shall otherwise determine but subject
      to the provisions of Section 4 in the case of incentive stock
      options:

    

    (i)
      If
      the employment of a grantee who is not disabled within the meaning of Section
      422(c)(6) of the Code (a "Disabled Grantee") is voluntarily terminated with
      the
      consent of the Corporation or a Subsidiary or a grantee retires under any
      retirement plan of the Corporation or a Subsidiary, any then outstanding
      incentive stock option held by such grantee shall be exercisable by the grantee
      (but only to the extent exercisable by the grantee immediately prior to the
      termination of employment) at any time prior to the expiration date of such
      incentive stock option or within three months after the date of termination
      of
      employment, whichever is the shorter period;

     

    (ii)
      If
      the employment of a grantee who is not a Disabled Grantee is voluntarily
      terminated with the consent of the Corporation or a Subsidiary or a grantee
      retires under any retirement plan of the Corporation or a Subsidiary, any then
      outstanding nonstatutory stock option held by such grantee shall be exercisable
      by the grantee (but only to the extent exercisable by the grantee immediately
      prior to the termination of employment) at any time prior to the expiration
      date
      of such nonstatutory stock option or within one year after the date of
      termination of employment, whichever is the shorter period;

     

    (iii)
      If
      the employment of a grantee who is a Disabled Grantee is voluntarily terminated
      with the consent of the Corporation or a Subsidiary, any then outstanding stock
      option held by such grantee shall be exercisable in full (whether or not so
      exercisable by the grantee immediately prior to the termination of employment)
      by the grantee at any time prior to the expiration date of such stock option
      or
      within one year after the date of termination of employment, whichever is the
      shorter period;

     

    (iv)
      Following the death of a grantee during employment, any outstanding stock option
      held by the grantee at the time of death shall be exercisable in full (whether
      or not so exercisable by the grantee immediately prior to the death of the
      grantee) by the person entitled to do so under the Will of the grantee, or,
      if
      the grantee shall fail to make testamentary disposition of the stock option
      or
      shall die intestate, by the legal representative of the grantee at any time
      prior to the expiration date of such stock option or within one year after
      the
      date of death, whichever is the shorter period;

     

    (v)
      Following the death of a grantee after termination of employment during a period
      when a stock option is exercisable, any outstanding stock option held by the
      grantee at the time of death shall be exercisable by such person entitled to
      do
      so under the Will of the grantee or by such legal representative (but only
      to
      the extent the stock option was exercisable by the grantee immediately prior
      to
      the death of the grantee) at any time prior to the expiration date of such
      stock
      option or within one year after the date of death, whichever is the shorter
      period; and

     

    (vi)
      Unless the exercise period of a stock option following termination of employment
      has been extended as provided in Section 9(C), if the employment of a grantee
      terminates for any reason other than voluntary termination with the consent
      of
      the Corporation or a Subsidiary, retirement under any retirement plan of the
      Corporation or a Subsidiary or death, all outstanding stock options held by
      the
      grantee at the time of such termination of employment shall automatically
      terminate.

    

    Whether
      termination of employment is a voluntary termination with the consent of the
      Corporation or a Subsidiary and whether a grantee is a Disabled Grantee shall
      be
      determined in each case, in its discretion, by the Committee and any such
      determination by the Committee shall be final and binding.

    

    If
      a
      grantee of a stock option engages in the operation or management of a business
      (whether as owner, partner, officer, director, employee or otherwise and whether
      during or after termination of employment) which is in competition with the
      Corporation or any of its Subsidiaries, the Committee may immediately terminate
      all outstanding stock options held by the grantee; provided, however, that
      this
      sentence shall not apply if the exercise period of a stock option following
      termination of employment has been extended as provided in Section 9(C).
      Whether a grantee has engaged in the operation or management of a business
      which
      is in competition with the Corporation or any of its Subsidiaries shall also
      be
      determined, in its discretion, by the Committee, and any such determination
      by
      the Committee shall be final and binding.

    

    (G)
      All
      stock options shall be confirmed by a written agreement or an amendment thereto
      in a form prescribed by the Committee, in its discretion. Each agreement or
      amendment thereto shall be executed on behalf of the Corporation by the Chief
      Executive Officer (if other than the President), the President or any Vice
      President and by the grantee. The agreement confirming a stock option shall
      specify whether the stock option is an incentive stock option or a nonstatutory
      stock option. The provisions of such agreements need not be
      identical.

    

    (H)
      Fair
      market value of the Common Stock shall be the mean between the following prices,
      as applicable, for the date as of which fair market value is to be determined
      as
      quoted in The Wall
      Street Journal
      (or in
      such other reliable publication as the Committee, in its discretion, may
      determine to rely upon): (a) if the Common Stock is listed on the New York
      Stock
      Exchange, the highest and lowest sales prices per share of the Common Stock
      as
      quoted in the NYSE-Composite Transactions listing for such date, (b) if the
      Common Stock is not listed on such exchange, the highest and lowest sales prices
      per share of Common Stock for such date on (or on any composite index including)
      the principal United States securities exchange registered under the 1934 Act
      on
      which the Common Stock is listed or (c) if the Common Stock is not listed on
      any
      such exchange, the highest and lowest sales prices per share of the Common
      Stock
      for such date on the National Association of Securities Dealers Automated
      Quotations System or any successor system then in use ("NASDAQ"). If there
      are
      no such sale price quotations for the date as of which fair market value is
      to
      be determined but there are such sale price quotations within a reasonable
      period both before and after such date, then fair market value shall be
      determined by taking a weighted average of the means between the highest and
      lowest sales prices per share of the Common Stock as so quoted on the nearest
      date before and the nearest date after the date as of which fair market value
      is
      to be determined. The average should be weighted inversely by the respective
      numbers of trading days between the selling dates and the date as of which
      fair
      market value is to be determined. If there are no such sale price quotations
      on
      or within a reasonable period both before and after the date as of which fair
      market value is to be determined, then fair market value of the Common Stock
      shall be the mean between the bona fide bid and asked prices per share of Common
      Stock as so quoted for such date on NASDAQ, or if none, the weighted average
      of
      the means between such bona fide bid and asked prices on the nearest trading
      date before and the nearest trading date after the date as of which fair market
      value is to be determined, if both such dates are within a reasonable period.
      The average is to be determined in the manner described above in this Section
      5(H). If the fair market value of the Common Stock cannot be determined on
      the
      basis previously set forth in this Section 5(H) on the date as of which fair
      market value is to be determined, the Committee shall in good faith determine
      the fair market value of the Common Stock on such date. Fair market value shall
      be determined without regard to any restriction other than a restriction which,
      by its terms, will never lapse.

    

    Subject
      to the foregoing provisions of this Section and the other provisions of the
      Plan, any stock option granted under the Plan may be exercised at such times
      and
      in such amounts and be subject to such restrictions and other terms and
      conditions, if any, as shall be determined, in its discretion, by the Committee
      and set forth in the agreement referred to in Section 5(G) or an amendment
      thereto.

    

    

    SECTION
      6

    

    Terms
      and Conditions of

    Restricted
      Share Awards

    

    Restricted
      share awards shall be evidenced by a written agreement in a form prescribed
      by
      the Committee, in its discretion, which shall set forth the number of shares
      of
      the Common Stock awarded, the restrictions imposed thereon (including, without
      limitation, restrictions on the right of the grantee to sell, assign, transfer
      or encumber such shares while such shares are subject to other restrictions
      imposed under this Section 6), the duration of such restrictions, events (which
      may, in the discretion of the Committee, include performance-based events)
      the
      occurrence of which would cause a forfeiture of the restricted shares and such
      other terms and conditions as the Committee in its discretion deems appropriate.
      Restricted share awards shall be effective only upon execution of the applicable
      restricted share agreement on behalf of the Corporation by the Chief Executive
      Officer (if other than the President), the President or any Vice President,
      and
      by the awardee. The provisions of such agreements need not be identical. Awards
      of restricted shares shall be effective on the date determined, in its
      discretion, by the Committee. 

    

    Following
      a restricted share award and prior to the lapse or termination of the applicable
      restrictions, the share certificates representing the restricted shares shall
      be
      held by the Corporation in escrow together with related stock powers in blank
      signed by the grantee. Except as provided in Section 8, the Committee, in
      its discretion, may determine that dividends and other distributions on the
      shares held in escrow shall not be paid to the awardee until the lapse or
      termination of the applicable restrictions. Unless otherwise provided, in its
      discretion, by the Committee, any such dividends or other distributions shall
      not bear interest. Upon the lapse or termination of the applicable restrictions
      (and not before such time), the share certificates representing the restricted
      shares and unpaid dividends, if any, shall be delivered to the awardee. From
      the
      date a restricted share award is effective, the grantee shall be a shareholder
      with respect to all the shares represented by the share certificates for the
      restricted shares and shall have all the rights of a shareholder with respect
      to
      the restricted shares, including the right to vote the restricted shares and
      to
      receive all dividends and other distributions paid with respect to the
      restricted shares, subject only to the preceding provisions of this paragraph
      and the other restrictions imposed by the Committee.

    

    If
      an
      awardee of restricted shares engages in the operation or management of a
      business (whether as owner, partner, officer, director, employee or otherwise
      and whether during or after termination of employment) which is in competition
      with the Corporation or any of its Subsidiaries, the Committee may immediately
      declare forfeited all restricted shares held by the awardee as to which the
      restrictions have not yet lapsed. Whether an awardee has engaged in the
      operation or management of a business which is in competition with the
      Corporation or any of its Subsidiaries shall also be determined, in its
      discretion, by the Committee, and any such determination by the Committee shall
      be final and binding. 

    

    Neither
      this Section 6 nor any other provision of the Plan shall preclude an
      awardee from transferring or assigning restricted shares to (i) the trustee
      of a trust that is revocable by such awardee alone, both at the time of the
      transfer or assignment and at all times thereafter prior to such awardee's
      death
      or (ii) the trustee of any other trust to the extent approved in advance by
      the Committee in writing. A transfer or assignment of restricted shares from
      such trustee to any person other than such awardee shall be permitted only
      to
      the extent approved in advance by the Committee in writing, and restricted
      shares held by such trustee shall be subject to all of the conditions and
      restrictions set forth in the Plan and in the applicable agreement as if such
      trustee were a party to such agreement.

    

    SECTION
      7

    

    Issuance
      of Shares

    

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

    

    

    SECTION
      8

    

    Adjustment
      and Substitution of Shares

    

    If
      a
      dividend or other distribution shall be declared upon the Common Stock payable
      in shares of the Common Stock, the number of shares of the Common Stock then
      subject to any outstanding stock options, the maximum aggregate number of shares
      as to which incentive stock options may be granted and as to which restricted
      shares may be awarded under Section 3 of the Plan, and the maximum number
      of shares as to which stock options may be granted and as to which shares may
      be
      awarded to any employee under Section 4 of the Plan on the date fixed for
      determining the stockholders entitled to receive such stock dividend or
      distribution shall be adjusted by adding thereto the number of shares of the
      Common Stock which would have been distributable thereon if such shares had
      been
      outstanding on such date. Shares of Common Stock so distributed with respect
      to
      any restricted shares held in escrow, shall also be held by the Corporation
      in
      escrow and shall be subject to the same restrictions as are applicable to the
      restricted shares on which they were distributed.

    

    If
      the
      outstanding shares of the Common Stock shall be changed into or exchangeable
      for
      a different number or kind of shares of stock or other securities of the
      Corporation or another corporation, whether through reorganization,
      reclassification, recapitalization, stock split-up, combination of shares,
      merger or consolidation or otherwise, then there shall be substituted for each
      share of the Common Stock subject to any then outstanding stock option, for
      each
      share of the Common Stock set forth in the first sentence of Section 3 of
      the Plan, for the maximum aggregate number of shares as to which incentive
      stock
      options may be granted and as to which restricted shares may be awarded under
      Section 3 of the Plan, and for the maximum number of shares as to which
      stock options may be granted and as to which shares may be awarded to any
      employee under Section 4 of the Plan the number and kind of shares of stock
      or other securities into which each outstanding share of the Common Stock shall
      be so changed or for which each such share shall be exchangeable. Unless
      otherwise determined by the Committee, in its discretion, any such stock or
      securities, as well as any cash or other property, into or for which any
      restricted shares held in escrow shall be changed or exchangeable in any such
      transaction, shall also be held by the Corporation in escrow and shall be
      subject to the same restrictions as are applicable to the restricted shares
      in
      respect of which such stock, securities, cash or other property was issued
      or
      distributed.

    

    In
      case
      of any adjustment or substitution as provided for in this Section 8, the
      aggregate option price for all shares subject to each then outstanding stock
      option prior to such adjustment or substitution shall be the aggregate option
      price for all shares of stock or other securities (including any fraction)
      to
      which such shares shall have been adjusted or which shall have been substituted
      for such shares. Any new option price per share shall be carried to at least
      three decimal places with the last decimal place rounded upwards to the nearest
      whole number.

    

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

    

    No
      adjustment or substitution provided for in this Section 8 shall require the
      Corporation to issue or sell a fraction of a share or other security.
      Accordingly, all fractional shares or other securities which result from any
      such adjustment or substitution shall be eliminated and not carried forward
      to
      any subsequent adjustment or substitution. Owners of restricted shares held
      in
      escrow shall be treated in the same manner as owners of Common Stock not held
      in
      escrow with respect to fractional shares created by an adjustment or
      substitution of shares, except that, unless otherwise determined by the
      Committee, in its discretion, any cash or other property paid in lieu of a
      fractional share shall be subject to restrictions similar to those applicable
      to
      the restricted shares exchanged therefor.

    

    If
      any
      such adjustment or substitution provided for in this Section 8 requires the
      approval of shareholders in order to enable the Corporation to grant incentive
      stock options or to comply with Section 162(m) of the Code, then no such
      adjustment or substitution shall be made without the required shareholder
      approval. Notwithstanding the foregoing, in the case of incentive stock options,
      if the effect of any such adjustment or substitution would be to cause the
      stock
      option to fail to continue to qualify as an incentive stock option or to cause
      a
      modification, extension or renewal of such stock option within the meaning
      of
      Section 424 of the Code, the Committee may determine that such adjustment or
      substitution not be made but rather shall use reasonable efforts to effect
      such
      other adjustment of each then outstanding stock option as the Committee, in
      its
      discretion, shall deem equitable and which will not result in any
      disqualification, modification, extension or renewal (within the meaning of
      Section 424 of the Code) of such incentive stock option.

    

    Except
      as
      provided in this Section 8, a grantee shall have no rights by reason of any
      issue by the Corporation of stock of any class or securities convertible into
      stock of any class, any subdivision or consolidation of shares of stock of
      any
      class, the payment of any stock dividend or any other increase or decrease
      in
      the number of shares of stock of any class.

     

    SECTION
      9

    

    Additional
      Rights in Certain Events

    

    (A)
      Definitions.

    

    For
      purposes of this Section 9, the following terms shall have the following
      meaning:

    

    (1)
      The
      term "Person" shall be used as that term is used in Section 13(d) and 14(d)
      of
      the 1934 Act.

    

    (2)
      "Beneficial Ownership" shall be determined as provided in Rule 13d-3 under
      the
      1934 Act as in effect on the effective date of the Plan. 

    

    (3)
      "Voting Shares" shall mean all securities of a company entitling the holders
      thereof to vote in an annual election of Directors (without consideration of
      the
      rights of any class of stock other than the Common Stock to elect Directors
      by a
      separate class vote); and a specified percentage of "Voting Power" of a company
      shall mean such number of the Voting Shares as shall enable the holders thereof
      to cast such percentage of all the votes which could be cast in an annual
      election of directors (without consideration of the rights of any class of
      stock
      other than the Common Stock to elect Directors by a separate class
      vote).

    

    (4)
      "Tender Offer" shall mean a tender offer or exchange offer to acquire securities
      of the Corporation (other than such an offer made by the Corporation or any
      Subsidiary), whether or not such offer is approved or opposed by the Board.
      

    

    (5)
      "Section 9 Event" shall mean the date upon which any of the following events
      occurs:

    

    (a)
      The
      Corporation acquires actual knowledge that any Person other than the
      Corporation, a Subsidiary or any employee benefit plan(s) sponsored by the
      Corporation has acquired the Beneficial Ownership, directly or indirectly,
      of
      securities of the Corporation entitling such Person to 20% or more of the Voting
      Power of the Corporation;

     

    (b)(i)
      A
      Tender Offer is made to acquire securities of the Corporation entitling the
      holders thereof to 20% or more of the Voting Power of the Corporation; or (ii)
      Voting Shares are first purchased pursuant to any other Tender Offer;

     

    (c)
      At
      any time less than 60% of the members of the Board of Directors shall be
      individuals who were either (i) Directors on the effective date of the Plan
      or
      (ii) individuals whose election, or nomination for election, was approved by
      a
      vote (including a vote approving a merger or other agreement providing the
      membership of such individuals on the Board of Directors) of at least two-thirds
      of the Directors then still in office who were Directors on the effective date
      of the Plan or who were so approved;

    

    (d)
      The
      shareholders of the Corporation shall approve an agreement or plan providing
      for
      the Corporation to be merged, consolidated or otherwise combined with, or for
      all or substantially all its assets or stock to be acquired by, another
      corporation, as a consequence of which the former shareholders of the
      Corporation will own, immediately after such merger, consolidation, combination
      or acquisition, less than a majority of the Voting Power of such surviving
      or
      acquiring corporation or the parent thereof; or

     

    (e)
      The
      shareholders of the Corporation shall approve any liquidation of all or
      substantially all of the assets of the Corporation or any distribution to
      security holders of assets of the Corporation having a value equal to 10% or
      more of the total value of all the assets of the Corporation;

    

    provided,
      however, that (i) if securities beneficially owned by a grantee are
      included in determining the Beneficial Ownership of a Person referred to in
      paragraph 5(a) or (ii) a grantee is required to be named pursuant
      Item 2 of the Schedule 14D-1 (or any similar successor filing requirement)
      required to be filed by the bidder making a Tender Offer referred to in
      paragraph 5(b), then no Section 9 Event with respect to such grantee
      shall be deemed to have occurred by reason of such event. 

    

    (B)
      Acceleration of the Exercise Date of Stock Options.

    

    Subject
      to the provisions of Section 4 in the case of incentive stock options, unless
      the agreement referred to in Section 5(G), or an amendment thereto, shall
      otherwise provide, notwithstanding any other provision contained in the Plan,
      in
      case any Section 9 Event occurs all outstanding stock options shall become
      immediately and fully exercisable whether or not otherwise exercisable by their
      terms. 

     

    (C)
      Extension of the Expiration Date of Stock Options.

    

    Subject
      to the provisions of Section 4 in the case of incentive stock options, unless
      the agreement referred to in Section 5(G), or an amendment thereto, shall
      otherwise provide, notwithstanding any other provision contained in the Plan,
      all stock options held by a grantee whose employment with the Corporation or
      a
      Subsidiary terminates within one year of any Section 9 Event for any reason
      other than voluntary termination with the consent of the Corporation or a
      Subsidiary, retirement under any retirement plan of the Corporation or a
      Subsidiary or death shall be exercisable for a period of three months from
      the
      date of such termination of employment, but in no event after the expiration
      date of the stock option.

    

    (D)
      Lapse
      of Restrictions on Restricted Share Awards. 

    

    Unless
      the agreement referred to in Section 6, or an amendment thereto, shall otherwise
      provide, notwithstanding any other provision contained in the Plan, if any
      Section 9 Event occurs prior to the scheduled lapse of all restrictions
      applicable to restricted share awards under the Plan, all such restrictions
      shall lapse upon the occurrence of any such Section 9 Event regardless of the
      scheduled lapse of such restrictions.

    

    SECTION
      10

    

    Effect
      of the Plan on the Rights of Employees and Employer

    

    Neither
      the adoption of the Plan nor any action of the Board or the Committee pursuant
      to the Plan shall be deemed to give any employee any right to be granted a
      stock
      option (with or without cash payment rights) or to be awarded restricted shares
      under the Plan. Nothing in the Plan, in any stock option or cash payment rights
      granted under the Plan, in any restricted share award under the Plan or in
      any
      agreement providing for any of the foregoing or amendment thereto shall confer
      any right to any employee to continue in the employ of the Corporation or any
      Subsidiary or interfere in any way with the rights of the Corporation or any
      Subsidiary to terminate the employment of any employee at any time or adjust
      the
      compensation of any employee at any time.

    

    

    SECTION
      11

    

    Amendment
      or Termination

    

    The
      right
      to amend the Plan at any time and from time to time and the right to terminate
      the Plan are hereby specifically reserved to the Board; provided that no such
      amendment of the Plan shall, without shareholder approval (a) increase the
      maximum aggregate number of shares for which grants of stock options or awards
      of restricted shares may be made under the first sentence of Section 3 of
      the Plan, (b) increase the maximum aggregate number of shares as to which
      incentive stock options may be granted or as to which restricted shares may
      be
      awarded under Section 3 of the Plan, (c) make any changes in the class
      of employees eligible to receive options or awards under the Plan,
      (d) change the maximum number of shares as to which stock options may be
      granted and as to which shares may be awarded to any employee under
      Section 4 of the Plan, (e) change the option price permitted under
      Section 5(A) of the Plan, or (f) be made if shareholder approval of
      the amendment is at the time required for stock options or restricted shares
      under the Plan to qualify for the exemption from Section 16(b) of the 1934
      Act
      provided by Rule 16b-3 or by the rules of the NASDAQ National Market System
      or any stock exchange on which the Common Stock may then be listed. No amendment
      or termination of the Plan shall, without the written consent of the holder
      of a
      stock option, cash payment rights or restricted shares theretofore granted
      or
      awarded under the Plan, adversely affect the rights of such holder with respect
      thereto.

    

    

    SECTION
      12

    

    Effective
      Date and Duration of Plan

    

    The
      effective date and date of adoption of the Plan shall be May 8, 1992, the
      date of adoption of the Plan by the Board, and the effective date of the
      amendments to the Plan adopted by the Board on December 23, 1998 shall be
      December 23, 1998, provided that such amendments are approved by a majority
      of the votes cast at a meeting of shareholders duly called, convened and held
      on
      or prior to December 22, 1999, at which a quorom representing a majority of
      the
      outstanding voting stock of the Corporation is, either in person or by proxy,
      present and voting on the Plan. No stock option granted under the Plan on or
      after December 23, 1998 may be exercised until after such approval and any
      restricted shares awarded under the Plan shall be forfeited to the Corporation
      on December 22, 1999 if such approval has not been obtained on or prior to
      that
      date; provided,
      that
      the foregoing shall not apply to stock options granted or restricted shares
      awarded with shares which were available under the Plan prior to the amendment
      of the Plan on December 23, 1998. No stock option or cash payment rights
      may be granted and no restricted shares may be awarded under the Plan subsequent
      to December 22, 2008.Exhibit 10.2 to 2nd quarter 2006 10q Amendment to Director Fee plan

                                                    Exhibit
      10.2

    

    

    

    MATTHEWS
      INTERNATIONAL CORPORATION

    

     

    1994
      DIRECTOR FEE PLAN,

    as
      amended through April 25, 2006

    

    

    SECTION
      1

    Purposes;
      Reservation of Shares

    

    (a)
       Purposes.
      The
      purposes of the 1994 Director Fee Plan, as amended through April 25, 2006 (the
      "Plan") are:

    

    (1)
      to
      provide for each Director of Matthews International Corporation (the
      "Corporation") who is not also an employee of the Corporation or any of its
      Subsidiaries ("Director") the payment of retainer fees for future services
      to be
      performed by such Director ("Director Fees") as a member of the Board of
      Directors of the Corporation (the "Board") in cash or in shares of Class A
      Common Stock, par value $1.00 per share, of the Corporation ("Common Stock")
      and, in the case of payment to the Directors of the Director Fees in shares
      of
      Common Stock, to increase the identification of interests between such Directors
      and the shareholders of the Corporation;

    

    (2)
      to
      provide current payment in cash (or if a Director shall elect to defer receipt,
      future payment in shares of Common Stock) to each Director for:

    

    	(a)  	
            fees
              paid for attendance at meetings of the Board ("Board Meeting
              Fees");

          

    

    	(b)  	
            fees
              paid to Directors for attendance at meetings of Committees of the Board
              ("Committee Meeting Fees");

          

    

    	(c)  	
            annual
              retainer fees paid to the Chairperson of a Committee ("Committee
              Chairperson Retainer Fees"); 

          

    

    	(d)  	
            annual
              retainer fees paid to the Lead Director of the Board of Directors (“Lead
              Director Fee”); and

          

    

    	(e)  	
            fees
              paid to a Director for attendance at the annual shareholders' meeting
              of
              the Corporation ("Shareholders' Meeting Fees") (subsections (a)-(e)
              are
              collectively referred to herein as "Meeting Fees"); and
              

          

    

    (3)
      to
      increase the identification of interests between the Directors and the
      shareholders of the Corporation by permitting the Nominating and Corporate
      Governance Committee of the Board (the “Committee”) or a Stock Compensation
      Subcommittee of the Committee (the “Subcommittee”) to award restricted stock,
      nonstatutory stock options and/or stock appreciation rights to each Director
      on
      the fifteenth (15th)
      business day after the annual shareholders’ meeting of the Corporation.

    

    For
      purposes of the Plan, the term "Subsidiary"
      means
      any corporation in an unbroken chain of corporations beginning with the
      Corporation, if each of the corporations other than the last corporation in
      the
      unbroken chain owns stock possessing fifty percent (50%) or more of the total
      combined voting power of all classes of stock in one of the other corporations
      in the chain. 

    

    As
      used
      hereinafter, the term “Committee”
shall
      mean either the Nominating and Corporate 

    Governance
      Committee or the Subcommittee, if the Subcommittee is authorized by the Board
      to
      act under this Plan.

    

    (b)
       Reservation
      of Shares.
      Except
      as otherwise provided in this Section 1(b), the aggregate number of shares
      of
      Common Stock which may be issued under the Plan or credited to Deferred Stock
      Compensation Accounts for subsequent issuance under the Plan is limited to
      500,000 shares, subject to adjustment and substitution as set forth in Section
      12 hereof. Shares issued under the Plan may be authorized but unissued shares
      or
      shares previously issued and thereafter acquired by the Corporation or partly
      each, as shall be determined from time to time by the Board. If any stock option
      or stock appreciation right granted under the Plan is cancelled by mutual
      consent, forfeited, or terminates or expires for any reason without having
      been
      exercised in full, or if any restricted shares awarded under the Plan are
      forfeited, the number of shares subject thereto, in the case of stock options
      or
      stock appreciation rights, or the number of shares forfeited, in the case of
      restricted shares, shall again be available for all purposes of the Plan. In
      addition to the number of shares of Common Stock authorized for issuance or
      crediting by the first sentence of this Section 1(b), the number of shares
      of
      Common Stock which are surrendered (or to which ownership has been certified)
      in
      full or partial payment to the Corporation of the option price of a stock option
      granted under the Plan shall be available for all purposes of the
      Plan.

     

    

    SECTION
      2

    Eligibility

    

    Any
      non-employee Director of the Corporation who is separately compensated in the
      form of Director Fees or Meeting Fees for services on the Board shall be
      eligible to participate in the Plan.

    

    

    SECTION
      3

    Payment
      of Director Fees in Cash or Common Stock

    

    (a) Current
      Payment.
      Subject
      to the provisions of Section 3(b) hereof, on the fifteenth (15th) business
      day
      following the annual meeting of the shareholders of the Corporation (each such
      date of payment referred to as a "Payment Date"), each Director as of that
      date
      shall receive payment of Director Fees by:

    

    (i)
      the
      payment to the Director of cash of thirty thousand dollars ($30,000) (eighteen
      thousand dollars ($18,000) for Payment Dates before January 1, 2005) (or such
      other amount determined by the Board or by any committee of the Board which
      the
      Board authorizes to determine such amount) (the “Retainer Fee Amount”);
      or

    

    (ii)
      the
      issuance to the Director of a number of whole shares of Common Stock equal
      to
      the Retainer Fee Amount divided by the Fair Market Value of one share of the
      Common Stock, as defined in Section 15 hereof, on such Payment Date (rounded
      upward to the next whole share). 

    

    The
      Committee shall determine by November 30 of each year whether Director Fees
      will
      be paid in cash or in shares of Common Stock to the Directors in the following
      calendar year. Unless the Committee otherwise determines and communicates such
      determination to the Directors by November 30 of the year immediately preceding
      the year of payment, the Directors Fees shall be paid in shares of Common Stock.
      Notwithstanding the foregoing, if the Director Fees are to be paid in cash,
      a
      Director may elect to receive payment of the Director Fees in shares and shall
      receive a number of shares of Common Stock equal to the Retainer Fee Amount
      divided by the Fair Market Value of one share of the Common Stock, as defined
      in
      Section 15 hereof, on the Payment Date (rounded upward to the next whole share)
      (a “Current Stock Election”). Such election shall be made by filing a Notice of
      Election with the Secretary of the Corporation in the form prescribed by the
      Corporation.

    

    (b) Stock
      Deferral Election.
      Regardless of whether Director Fees are to be paid in either cash or shares
      of
      Common Stock, each Director may elect to defer the receipt of Director Fees
      in
      shares of Common Stock for a calendar year (a "Stock Deferral Election") by
      filing a Notice of Election with the Secretary of the Corporation in the form
      prescribed by the Corporation.

    

    (c)
       Election
      Procedures.
      Both a
      Current Stock Election and a Stock Deferral Election (collectively, “Director
      Fee Elections”) shall be effective on January 1 of the year following the date
      on which the Notice of Election is filed. Director Fee Elections shall be
      effective on the date on which the Notice of Election is filed with respect
      to
      Director Fees payable after the time of a person's initial election to the
      office of Director, or any subsequent re-election if immediately prior thereto
      such person was not serving as a Director, provided the Director files such
      Notice of Election within ten (10) business days subsequent to being elected
      or
      re-elected as a Director. Director Fee Elections shall apply to all Director
      Fees otherwise payable while such Director Fee Election is effective. Each
      Director may terminate a Current Stock Election and receive current payment
      of
      Director Fees in cash (where the Committee has elected to pay Director Fees
      in
      cash) and may terminate a Stock Deferral Election and receive current shares
      of
      Common Stock or cash (where the Committee has elected to pay Director Fees
      in
      cash) by filing a Notice of Termination with the Secretary of the Corporation
      in
      the form prescribed by the Corporation, which shall be effective on January
      1 of
      the year following the date on which a Notice of Termination is filed. A
      Director Fee Election shall continue in effect until the effective date of
      any
      Notice of Termination. Director Fee Elections may be made by a Director even
      if
      such Director has not made a Meeting Fee Deferral Election (as defined below).
      

    

    (d) Share
      Certificates.
      As of
      the date on which the Director Fees are payable in shares of Common Stock
      pursuant to Section 3(a) hereof or, if a Stock Deferral Election was made,
      Sections 5 and 6 hereof, the Corporation shall issue share certificates to
      the
      Director for the shares of Common Stock received under the Plan and the Director
      shall be a shareholder of the Corporation with respect to any such
      shares.

    

    

    SECTION
      4

    Payment
      of Meeting Fees

    

    (a) Current
      Cash Payment.
      Subject
      to the provisions of Sections 4(b) and 4(c) hereof, except as set forth below
      effective on and after the date of the 2005 annual meeting of the shareholders
      of the Corporation (the “2005 Annual Meeting Date”), each Director shall receive
      payment of Meeting Fees in cash in the following amounts (or such other amounts
      determined by the Board or by any committee of the Board which the Board
      authorizes to determine such amounts):

    

    
      	
              Board
                Meeting Fees: 

            	
              $1,500
                for attendance at each meeting

               

            
	
              Committee
                Meeting Fees:

            	
              $1,000
                for attendance at each meeting

            
	
              Committee
                Chairperson Retainer Fees:

            	
              $2,000
                (or $3,500 in the case of the Audit Committee Chairperson) for a
                year of
                service as a Committee Chairperson

            
	
              Lead
                Director Fees (effective after 2006 Annual meeting):

            	
              $5,000
                for a year of service as the Lead Director. 

            
	
              Shareholders'
                Meeting Fees: 

            	
              $1,500
                for attendance at each meeting

            

    

    

    (The
      amount and payment of Meeting Fees for meetings prior to the 2005 Annual Meeting
      Date shall be governed by the provisions of this Section 4(a) as in effect
      prior
      to the amendment of this Plan in November, 2004.) Except as set forth in
      Sections 4(b) and 4(c) hereof, each Director shall receive payment of Meeting
      Fees (other than Committee Chairperson Retainer Fees and Lead Director Fee)
      within ten (10) business days following the meeting with respect to which such
      fees are payable. Except as set forth in Sections 4(b) and 4(c) hereof, each
      Committee Chairperson shall receive payment of Committee Chairperson Retainer
      Fees and the Lead Director shall receive payment of the Lead Director Fees
      on
      the fifteenth (15th)
      business day following the person’s annual election or re-election to such
      position. The amount and time of payment of Meeting Fees may be changed from
      time to time by the Board in its sole discretion.

    

    (b) Deferred
      Payment of Meeting Fees.
      Each
      Director may elect to receive all Meeting Fees for a calendar year in shares
      of
      Common Stock rather than cash, as set forth in Section 4(c) hereof, provided
      the
      Director elects to defer the receipt of such shares of Common Stock (a "Meeting
      Fee Deferral Election"). A Meeting Fee Deferral Election may be made only by
      filing a Notice of Election with the Secretary of the Corporation in the form
      prescribed by the Corporation, and shall be effective for meetings, and, if
      applicable, Committee Chairperson Retainer Fees or Lead Director Fees payable,
      on and after January 1 of the year following the date on which the Notice of
      Election is filed; provided, however, that (i) a Meeting Fee Deferral Election
      made by a Notice of Election filed on or before the close of business on May
      14,
      1999 shall be effective with regard to meetings on or after May 15, 1999, and
      (ii) a Meeting Fee Deferral Election shall be effective on the date on which
      the
      Notice of Election is filed with respect to meetings and, if applicable,
      Committee Chairperson Retainer Fees or Lead Director Fees payable after the
      time
      of a person's initial election, or any subsequent re-election, to the office
      of
      Director if (A) immediately prior thereto such person was not serving as a
      Director, and (B) such Notice of Election is filed within ten (10) business
      days
      subsequent to such person being elected or re-elected as a Director. A Meeting
      Fee Deferral Election shall apply to all Meeting Fees which would otherwise
      be
      payable for meetings held while such Meeting Fee Deferral Election is effective.
      A Director may terminate a Meeting Fee Deferral Election only by filing a Notice
      of Termination with the Secretary of the Corporation in the form prescribed
      by
      the Corporation, which Notice of Termination shall be effective for meetings
      and, if applicable, Committee Chairperson Retainer Fees or Lead Director Fees
      payable on and after January 1 of the year following the date on which a Notice
      of Termination is filed. A Meeting Fee Deferral Election shall continue in
      effect until the effective date of any Notice of Termination, after which the
      Meeting Fees shall be payable in accordance with Section 4(a) hereof. A Meeting
      Fee Deferral Election may be made by a Director even if such Director has not
      made a Current Stock Election or a Stock Deferral Election. A Meeting Fee
      Deferral Election shall apply to all but not less than all Meeting
      Fees.

    

    (c) Deferred
      Meeting Fees Credited in Shares of Common Stock.
      Each
      Director who has made a Meeting Fee Deferral Election effective for Meeting
      Fees
      otherwise payable in cash for a calendar year shall receive a credit to a
      Deferred Stock Compensation Account (as defined in Section 5(a) hereof) in
      the
      name of such Director on the first Payment Date following such calendar year.
      Such credit shall be a number of shares of Common Stock (including fractional
      shares to at least two decimal places) equal to (i) the aggregate amount of
      all
      Meeting Fees subject to such Meeting Fee Deferral Election otherwise payable
      during such calendar year to such Director in cash under Section 4(a) hereof
      if
      no Meeting Fee Deferral Election had been made, divided by (ii) the Fair Market
      Value of one share of the Common Stock, as defined in Section 15 hereof, on
      such
      Payment Date. No interest or other amount shall be paid or credited to a
      Director notwithstanding that Meeting Fees which otherwise would have been
      payable under Section 4(a) hereof in cash are not reflected as a credit to
      such
      Deferred Stock Compensation Account until the Payment Date.

    

    (d) Share
      Certificates.
      If a
      Meeting Fee Deferral Election was made, then as of the date on which the Meeting
      Fees are payable in shares of Common Stock pursuant to Sections 5 and 6 hereof,
      the Corporation shall issue share certificates to the Director for the shares
      of
      Common Stock received under the Plan and the Director shall be a shareholder
      of
      the Corporation with respect to any such shares.

    

    

    SECTION
      5

    Deferred
      Stock Compensation Account

    

    (a) General.
      The
      amount of any Director Fees or Meeting Fees deferred in accordance with a Stock
      Deferral Election or a Meeting Fee Deferral Election shall be credited to a
      deferred stock compensation account maintained by the Corporation in the name
      of
      the Director (a "Deferred Stock Compensation Account"). A separate Deferred
      Stock Compensation Account shall be maintained for each amount of deferred
      Director Fees or Meeting Fees for which a Director has elected a different
      number of payment installments or as otherwise determined by the Committee.
      On
      each Payment Date that a Stock Deferral Election is effective for a Director
      or
      on which a credit to a Deferred Stock Compensation Account is to be made under
      Section 4(c) hereof pursuant to a Meeting Fee Deferral Election, the Director's
      Deferred Stock Compensation Account(s) shall be credited on the Payment Date
      with the number of shares of Common Stock (including fractional shares to at
      least two decimal places) which (i) otherwise would have been payable to the
      Director under Section 3(a) hereof on such Payment Date if the Director Fees
      had
      been payable to the Director in shares of Common Stock, whether the Director
      Fees were payable in cash or in shares of Common Stock, and/or (ii) are to
      be so
      credited in accordance with Section 4(c) hereof. If a dividend or distribution
      is paid on the Common Stock in cash or property other than Common Stock, on
      the
      date of payment of the dividend or distribution to holders of the Common Stock,
      each Deferred Stock Compensation Account shall be credited with a number of
      shares of Common Stock (including fractional shares) equal to the number of
      shares of Common Stock that had been credited to such Account on the date fixed
      for determining the shareholders entitled to receive such dividend or
      distribution multiplied by the amount of the dividend or distribution paid
      per
      share of Common Stock divided by the Fair Market Value of one share of the
      Common Stock, as defined in Section 15 hereof, on the date on which the dividend
      or distribution is paid. If the dividend or distribution is paid in property
      other than Common Stock, the amount of the dividend or distribution shall equal
      the fair market value of the property on the date on which the dividend or
      distribution is paid. Except as provided in Section 12 hereof, the immediately
      preceding two sentences shall not apply to dividends or distributions paid
      on
      the Common Stock in cash or property other than Common Stock on or after March
      14, 1997 with respect to Directors on such date or Directors elected thereafter.
      Such dividends or distributions shall neither be credited to the Director's
      Deferred Stock Compensation Account nor paid to the Director. The Deferred
      Stock
      Compensation Account of a Director shall be charged on the date of distribution
      with any distribution of shares of Common Stock made to the Director from such
      Account pursuant to Section 5(b) hereof.

    

    (b) Manner
      of Payment.
      The
      balance of a Director's Deferred Stock Compensation Account will be paid in
      shares of Common Stock to the Director or, in the event of the Director's death,
      to the Director's Beneficiary as defined in Section 5(c) hereof. A Director
      may
      elect at the time of filing the Notice of Election for a Stock Deferral Election
      or a Meeting Fee Deferral Election to receive payment of the shares of Common
      Stock credited to the Director's Deferred Stock Compensation Account in annual
      installments rather than a lump sum, provided that (i) the payment period for
      installment payments shall not exceed ten (10) years following the Payment
      Commencement Date as described in Section 6 hereof and (ii) payment shall not
      be
      made in installments but rather in a lump sum if the Director made a Section
      13
      Event Election, as defined below, and Section 6(c) hereof applies. The number
      of
      shares of Common Stock distributed in each installment shall be determined
      by
      multiplying (i) the number of shares of Common Stock in the Deferred Stock
      Compensation Account on the date of payment of such installment, by (ii) a
      fraction, the numerator of which is one and the denominator of which is the
      number of remaining unpaid installments, and by rounding such result down to
      the
      nearest whole number of shares. The balance of the number of shares of Common
      Stock in the Deferred Stock Compensation Account shall be appropriately reduced
      in accordance with Section 5(a) hereof to reflect the installment payments
      made
      hereunder. Shares of Common Stock remaining in a Deferred Stock Compensation
      Account pending distribution pursuant to this Section 5(b) shall be subject
      to
      adjustment pursuant to Section 12 hereof and, for former Directors who are
      not
      Directors on March 14, 1997 but were Directors prior to that date, shall
      continue to be credited with respect to dividends or distributions paid on
      the
      Common Stock pursuant to Section 5(a) hereof. If a lump sum payment or the
      final installment payment hereunder would result in the issuance of a fractional
      share of Common Stock, such fractional share shall not be issued and cash in
      lieu of such fractional share shall be paid to the Director based on the Fair
      Market Value of a share of Common Stock, as defined in Section 15 hereof,
      on the date immediately preceding the date of such payment. The Corporation
      shall issue share certificates to the Director, or the Director's Beneficiary,
      for the shares of Common Stock distributed hereunder. As of the date on which
      the Director is entitled to receive payment of shares of Common Stock pursuant
      to this Section 5(b) hereof, a Director or the Director's Beneficiary shall
      be a
      shareholder of the Corporation with respect to such shares.

    

    (c)
       Director’s
      Beneficiary.
      The
      Director’s Beneficiary means any beneficiary or beneficiaries (who may be named
      contingently or successively) named by a Director under the Plan to whom any
      benefit under the Plan is to be paid in the case of his or her death before
      he
      or she receives any or all of such benefit. Each such designation shall revoke
      all prior designations by the same Director, shall be in a form prescribed
      by
      the Committee, and will be effective only when filed by the Director in writing
      with the Secretary of the Corporation during the Director’s lifetime. In the
      absence of such a designation, Director’s Beneficiary means the person
      designated by the Director in the Director's Will, or, if the Director fails
      to
      make a testamentary disposition of the shares or dies intestate, to the person
      entitled to receive the shares pursuant to the laws of descent and distribution
      of the state of domicile of the Director at the time of death.

    

    

    SECTION
      6

    Payment
      Commencement Date

    

    (a)
       General.
      Except
      as otherwise provided in Sections 6(b) and 6(c) hereof, payment of shares in
      a
      Deferred Stock Compensation Account shall commence on April 1 (or if April
      1 is
      not a business day, on the immediately preceding business day) of the calendar
      year following the calendar year in which the Director ceases to be a member
      of
      the Board for any reason, including by reason of death or disability. If, in
      the
      case of a Meeting Fee Deferral Election, the first amount credited to a
      particular Deferred Stock Compensation Account with respect to such Director
      is
      credited after such April 1 or any amount is credited to such a Deferred Stock
      Compensation Account after a lump sum payment has been made pursuant to this
      Section 6(a) from such Deferred Stock Compensation Account, payment of shares
      credited to such Deferred Stock Compensation Account shall commence on the
      April
      1 (or if April 1 is not a business day, on the immediately preceding business
      day) following the date on which the shares are so credited.

    

    (b)
       Delay
      in Payment.
      Notwithstanding Section 6(a) hereof and except as otherwise provided in Section
      6(c) hereof, a Director may irrevocably elect, by filing a Notice of Election
      with the Secretary of the Corporation in the form prescribed by the Corporation,
      to commence payment on a date later than the date specified in Section 6(a)
      hereof provided that:

    

    	(i)  	
            Such
              election must be made at least twelve (12) months prior to the date
              on
              which payments otherwise would have commenced pursuant to Section 6(a)
              hereof; and

          

    

    	(ii)  	
            The
              payment commencement date specified in such election under this Section
              6(b) must be not less than five (5) years from the date on which payments
              otherwise would have commenced pursuant to Section 6(a)
              hereof.

          

    

    The
      provisions of this Section 6(b) are intended to comply with Section 409A(4)(C)
      of the Internal Revenue Code of 1986, as amended (the “Code”), or any successor
      section, and shall be interpreted consistently therewith.

    

    (c)  Section
      13 Event.
      Notwithstanding Sections 6(a) and 6(b) hereof, effective for Director Fees
      and
      Meeting Fees payable (but for any deferral elections) on and after January
      1 of
      the year following the date on which the Notice of Election is filed (and on
      and
      after January 1, 2005), a Director may irrevocably elect, by filing a Notice
      of
      Election with the Secretary of the Corporation in a form prescribed by the
      Corporation, to receive payment of all shares of Common Stock credited to the
      Director’s Deferred Stock Compensation Account with respect to such Director
      Fees and Meeting Fees, upon the earlier of when payment would be made pursuant
      to Sections 6(a) or 6(b) hereof or in a lump sum immediately following the
      occurrence of any Section 13 Event, as defined below (a “Section 13 Event
      Election”), provided, however, that such Section 13 Event Election shall be
      effective if and only if (i) such Section 13 Event constitutes a change in
      the
      ownership or effective control of the Corporation or in the ownership of a
      substantial portion of the assets of the Corporation under Section 409A of
      the
      Code or any successor section and (ii) payment at the time of such Section
      13
      Event otherwise satisfies all requirements of Section 409A of the Code or any
      successor section. If such requirements are not satisfied with respect to such
      Section 13 Event, such Section 13 Event Election shall be void and without
      effect as to such Section 13 Event and payment of shares then credited to the
      Director’s Deferred Stock Compensation Account shall be made in accordance with
      Sections 6(a) or 6(b) hereof (or, if this Section 6(c) later becomes applicable,
      upon another Section 13 Event). A Section 13 Event Election shall be effective
      on the date on which it is filed with respect to Director Fees and Meeting
      Fees
      payable (but for any deferral elections) after the time of a person’s initial
      election to the office of Director, or any subsequent re-election if immediately
      prior thereto such person was not serving as a Director, provided the Director
      files such Section 13 Event Election within ten (10) business days subsequent
      to
      being elected or re-elected as a Director. A Director may terminate a Section
      13
      Event Election only by filing a Notice of Termination of Section 13 Event
      Election with the Secretary of the Corporation in the form prescribed by the
      Corporation, which shall be effective for Director Fees and Meeting Fees payable
      (but for any deferral elections) on and after January 1 of the year following
      the date on which such Notice of Termination of Section 13 Event Election is
      filed. If payments from a Director’s Deferred Stock Compensation Account have
      previously commenced at the time of a Section 13 Event which results in a
      permissible lump sum payment pursuant to this Section 6(c), for purposes of
      applying this Section 6(c) shares previously paid from the Director’s Deferred
      Stock Compensation Account shall be deemed to be from Director Fees and Meeting
      Fees not subject to a Section 13 Event Election, to the extent
      thereof.

    

    

    SECTION
      7

    Non-Alienability
      of Benefits

    

    Neither
      the Director nor the Director's Beneficiary shall have the right to, directly
      or
      indirectly, alienate, assign, transfer, pledge, anticipate or encumber (except
      by reason of death) any amounts or shares of Common Stock that are or may be
      payable hereunder nor shall any such amounts or shares be subject to
      anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
      attachment or garnishment by creditors of the Director or the Director's
      Beneficiary or to the debts, contracts, liabilities, engagements, or torts
      of
      any Director or Director's Beneficiary, or transfer by operation of law in
      the
      event of bankruptcy or insolvency of the Director or the Director's Beneficiary,
      or any legal process.

    

    

    SECTION
      8

    Nature
      of Deferred Stock Compensation Accounts

    

    Any
      Deferred Stock Compensation Account shall be established and maintained only
      on
      the books and records of the Corporation. No assets or funds of the Corporation,
      a Subsidiary or the Plan shall be removed from the claims of the Corporation's
      or a Subsidiary's general or judgment creditors or otherwise made available,
      and
      no shares of Common Stock of the Corporation to be issued pursuant to a Deferred
      Stock Compensation Account shall be issued or outstanding, until such amounts
      and shares are actually payable to a Director or a Director's Beneficiary as
      provided herein. The Plan constitutes a mere promise by the Corporation to
      make
      payments in the future. Each Director and Director's Beneficiary shall have
      the
      status of, and their rights to receive a payment of shares of Common Stock
      under
      the Plan shall be no greater than the rights of, general unsecured creditors
      of
      the Corporation. No person shall be entitled to any voting rights with respect
      to shares credited to a Deferred Stock Compensation Account and not yet payable
      to a Director or the Director's Beneficiary. The Corporation shall not be
      obligated under any circumstances to fund any financial obligations under the
      Plan and the Plan is intended to constitute an unfunded plan for tax purposes.
      However, the Corporation may, in its discretion, set aside funds in a trust
      or
      other vehicle, subject to the claims of its creditors, in order to assist it
      in
      meeting its obligations under the Plan, if:

    

    (a)
      such
      arrangement will not cause the Plan to be considered a funded deferred
      compensation plan under the Code;

    

    (b)
      any
      trust created by the Corporation, and any assets held by such trust to assist
      the Corporation in meeting its obligations under the Plan, will conform to
      the
      terms of the model trust, as described in Rev. Proc. 92-64, 1992-2 C.B. 422
      or
      any successor; and

    

    (c)
      such
      set aside of funds is not described in Section 409A(b) of the Code, or any
      successor provision.

    

    

    SECTION
      9

    Grant
      of Stock Options and Stock Appreciation Rights

    And
      Award of Restricted Shares

    

    The
      Committee shall have authority, in its discretion, (a) to grant “nonstatutory
      stock options” (i.e.,
      stock
      options which do not qualify under Sections 422 and 423 of the Code), (b) to
      grant stock appreciation rights, and (c) to award restricted shares. All grants
      and awards pursuant to this Section 9 shall be made on or to be effective on
      a
      Payment Date. On or as of each Payment Date, the Committee shall grant or award
      to each Director on such Payment Date nonstatutory stock options, stock
      appreciation rights and/or restricted shares with a total value of forty
      thousand dollars ($40,000) (or such other amount determined by the Board or
      by
      any committee of the Board which the Board authorizes to determine such amount).
      The Committee shall determine in its discretion the portion of each grant and/or
      award to be comprised of nonstatutory stock options, stock appreciation rights
      and restricted shares and the value of each. 

     

    

    

    SECTION
      10

    Terms
      and Conditions of 

    Stock
      Options and Stock Appreciation Rights

    

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

    

    	(A)  	
            The
              purchase price at which each stock option may be exercised (the “option
              price”) and the base price at which each stock appreciation right may be
              granted (the “Base Price”) shall be such price as the Committee, in its
              discretion, shall determine but shall not be less than one hundred
              percent
              (100%) of the Fair Market Value per share of the Common Stock covered
              by
              the stock option or stock appreciation right on the date of grant.
              For
              purposes of this Section 10, the Fair Market Value of the Common Stock
              shall be determined as provided in Section 15
              hereof.

          

    

    	(B)  	
            The
              option price for each stock option shall be paid in full upon exercise
              and
              shall be payable in cash in United States dollars (including check,
              bank
              draft or money order), which may include cash forwarded through a broker
              or other agent-sponsored exercise or financing program; provided, however,
              that in lieu of such cash the person exercising the stock option may
              if
              authorized by the Committee pay the option price in whole or in part
              by
              delivering to the Corporation shares of the Common Stock having a Fair
              Market Value on the date of exercise of the stock option, determined
              as
              provided in Section 15 hereof, equal to the option price for the shares
              being purchased; except that (i) any portion of the option price
              representing a fraction of a share shall in any event be paid in cash
              and
              (ii) no shares of the Common Stock which have been held for less than
              one
              year may be delivered in payment of the option price of a stock option.
              If
              the person exercising a stock option participates in a broker or other
              agent-sponsored exercise or financing program, the Corporation will
              cooperate with all reasonable procedures of the broker or other agent
              to
              permit participation by the person exercising the stock option in the
              exercise or financing program. Notwithstanding any procedure of the
              broker
              or other agent-sponsored exercise or financing program, if the option
              price is paid in cash, the exercise of the stock option shall not be
              deemed to occur and no shares of the Common Stock will be issued until
              the
              Corporation has received full payment in cash (including check, bank
              draft
              or money order) for the option price from the broker or other agent.
              The
              date of exercise of a stock option shall be determined under procedures
              established by the Committee, and as of the date of exercise the person
              exercising the stock option shall be considered for all purposes to
              be the
              owner of the shares with respect to which the stock option has been
              exercised. 

          

    

    	(C)  	
            Upon
              the exercise of stock appreciation rights the Corporation shall pay
              to the
              person exercising the stock appreciation rights a number of shares
              of the
              Common Stock with a Fair Market Value, as defined in Section 15 hereof,
              equal to the difference between the aggregate Fair Market Value, as
              defined in Section 15 hereof,
              of
              the Common Stock on the date of exercise of the stock appreciation
              rights
              and the aggregate Base Prices for the stock appreciation rights which
              are
              exercised (the “Spread”) (rounded down to the next whole number of
              shares). No fractional shares of the Common Stock shall be issued nor
              shall cash in lieu of a fraction of a share of Common Stock be paid.
              Notwithstanding the foregoing, at the discretion of the Committee,
              the
              Corporation may pay to the person exercising the stock appreciation
              rights
              an amount of cash, rather than shares of the Common Stock, equal to
              the
              Spread if and only if the payment of cash upon exercise of the stock
              appreciation rights would not cause the stock appreciation rights to
              provide for a deferral of compensation within the meaning of Section
              409A
              of the Code. The date of exercise of a stock appreciation right shall
              be
              determined under procedures established by the
              Committee.

          

    

    	(D)  	
            Unless
              the Committee, in its discretion, shall otherwise determine and subject
              to
              the terms of Sections 10(F) and 10(G) hereof, stock options and stock
              appreciation rights shall be exercisable by a Director commencing on
              the
              second anniversary of the date of grant. Subject to the terms of Sections
              10(F) and 10(G) hereof providing for earlier termination of a stock
              option
              or stock appreciation right, no stock option or stock appreciation
              right
              shall be exercisable after the expiration of ten years from the date
              of
              grant. Unless the Committee, in its discretion, shall otherwise determine,
              a stock option or stock appreciation right to the extent exercisable
              at
              any time may be exercised in whole or in
              part.

          

    

    	(E)  	
            Unless
              the Committee, in its discretion, shall otherwise determine:
              

          

    

    (i)
      no
      stock option or stock appreciation right shall be transferable or assignable
      by
      the grantee otherwise than:

    

    (a)
      by
      Will; or

    

    (b)
      if
      the grantee dies intestate, by the laws of descent and distribution of the
      state
      of domicile of the grantee at the time of death; or

     

    (c)
      to
      the trustee of a trust that is revocable by the grantee alone, both at the
      time
      of the transfer or assignment and at all times thereafter prior to such
      grantee’s death; and

    

    (ii)
      all
      stock options and stock appreciation rights shall be exercisable during the
      lifetime of the grantee only by the grantee or by the trustee of a trust
      described in Section 10(E)(i)(c) hereof.

    

    A
      transfer or assignment of a stock option or a stock appreciation right by a
      trustee of a trust described in Section 10(E)(i)(c) to any person other than
      the
      grantee shall be permitted only to the extent approved in advance by the
      Committee in writing, in its discretion. Stock options or stock appreciation
      rights held by such trustee also shall be subject to all of the conditions
      and
      restrictions set forth in the Plan and in the applicable agreement with the
      grantee as if such trustee were a party to such agreement as the grantee. In
      the
      event the grantee ceases to be a Director of the Corporation, the provisions
      set
      forth in the Plan and in the applicable agreement with the grantee shall
      continue to be applicable to the stock option or stock appreciation right and
      shall limit the ability of such trustee to exercise any such transferred stock
      options or stock appreciation rights to the same extent they would have limited
      the grantee. The Corporation shall not have any obligation to notify such
      trustee of any termination of a stock option or stock appreciation right due
      to
      the termination of service of the grantee as a Director of the
      Corporation.

    

    	(F)  	
            Unless
              the Committee, in its discretion, shall otherwise determine, if a grantee
              ceases to be a Director of the Corporation, any outstanding stock options
              and stock appreciation rights held by the grantee shall vest and be
              exercisable and shall terminate, according to the following
              provisions:

          

    

    (i)
      Notwithstanding Section 10(D) hereof, if a grantee ceases to be a Director
      of
      the Corporation for any reason other than those set forth in Section 10(F)(ii)
      or (iii) hereof, any then outstanding stock option and stock appreciation right
      held by such grantee (whether or not vested and exercisable by the grantee
      immediately prior to such time) shall vest and be exercisable by the grantee
      (or, in the event of the grantee’s death, by the person entitled to do so under
      the Will of the grantee, or, if the grantee shall fail to make testamentary
      disposition of the stock option or stock appreciation right or shall die
      intestate, by the legal representative of the grantee (the “Grantee’s Heir or
      Representative”)), at any time prior to the second anniversary of the date on
      which the grantee ceases to be a Director of the Corporation or the expiration
      date of the stock option or stock appreciation right, whichever is the shorter
      period;

    

    (ii)
      Unless the exercise period of a stock option or stock appreciation right
      following termination of service as Director has been extended as provided
      in
      Section 13(c) hereof, if during his or her term of office as a non-employee
      Director a grantee is removed from office for cause or resigns without the
      consent of the Board, any then outstanding stock option and stock appreciation
      right held by such grantee shall terminate as of the close of business on the
      last day on which the grantee is a Director of the Corporation; and

    

    (iii)
      Notwithstanding Section 10(D) hereof, following the death of a grantee during
      service as a Director of the Corporation, or upon the disability of a Director
      which requires his or her termination as a Director of the Corporation, any
      outstanding stock option and stock appreciation right held by the grantee at
      the
      time of death or termination as a Director due to disability (whether or not
      vested and exercisable by the grantee immediately prior to such time) shall
      vest
      and be exercisable, in the case of death of the grantee, by the Grantee’s Heir
      or Representative, or, in the case of disability of the grantee, by the grantee
      at any time prior to the second anniversary of the date on which the grantee
      ceases to be a Director of the Corporation or the expiration date of the stock
      option or stock appreciation right, whichever is the shorter
      period.

    

    Whether
      a
      resignation of a Director is with or without the consent of the Board and
      whether a grantee is disabled shall be determined in each case, in its
      discretion, by the Committee and such determination by the Committee shall
      be
      final and binding.

    

    	(G)  	
            If
              a grantee of a stock option or stock appreciation right engages in
              the
              operation or management of a business (whether as owner, partner, officer,
              director, employee or otherwise and whether during or after service
              as a
              Director of the Corporation) which is in competition with the Corporation
              or any of its Subsidiaries, or solicits any of the Corporation’s customers
              or employees other than for the benefit of the Corporation, the Committee
              may immediately terminate all outstanding stock options and stock
              appreciation rights held by the grantee; provided, however, that this
              sentence shall not apply if the exercise period of a stock option or
              stock
              appreciation right following termination of service as a Director of
              the
              Corporation has been extended as provided in Section 13(c) hereof.
              Whether
              a grantee has engaged in the operation or management of a business
              which
              is in competition with the Corporation or any of its Subsidiaries,
              or
              solicits any of the Corporation’s customers or employees other than for
              the benefit of the Corporation, shall be determined, in its discretion,
              by
              the Committee, and any such determination by the Committee shall be
              final
              and binding.

          

    

    	(H)  	
            All
              stock options and stock appreciation rights shall be confirmed by a
              written agreement or an amendment thereto in a form prescribed by the
              Committee, in its discretion. Each agreement or amendment thereto shall
              be
              executed on behalf of the Corporation by the Chief Executive Officer
              (if
              other than the President), the President or any Vice President and
              by the
              grantee. The provisions of such agreements need not be
              identical

          

    

    	(I)  	
            In
              the event of a Section 13 Event (as defined in Section 13 hereof) in
              which
              the Corporation’s stockholders receive consideration in exchange for their
              shares of Common Stock, the Committee shall have the authority to require
              any outstanding stock option and stock appreciation right to be
              surrendered for cancellation by the holder thereof in exchange for
              a cash
              payment equal to the difference between the Fair Market Value, as defined
              in Section 15 hereof, of the shares of Common Stock subject to the
              stock
              option or stock appreciation rights on the date of the Section 13 Event
              and their option prices and Base Prices, respectively, provided, however,
              that this Section 10(I) shall not apply to the extent its application
              would cause the stock options or stock appreciation rights to provide
              for
              a deferral of compensation within the meaning of Section 409A of the
              Code.

          

    

    Subject
      to the foregoing provisions of this Section 10 and the other provisions of
      the
      Plan, any stock option or stock appreciation right granted under the Plan may
      be
      exercised at such times and in such amounts and be subject to such restrictions
      and other terms and conditions, if any, as shall be determined, in its
      discretion, by the Committee and set forth in the agreement referred to in
      Section 10(H) hereof or an amendment thereto.

    

    

    SECTION
      11

    Terms
      and Conditions of Restricted Share Awards

    

    (a)
       Restricted
      Share Awards.
      Restricted share awards shall be evidenced by a written agreement in a form
      prescribed by the Committee, in its discretion, which shall set forth the number
      of shares of the Common Stock awarded, the restrictions imposed thereon
      (including, without limitation, restrictions on the right of the awardee to
      sell, assign, transfer or encumber such shares while such shares are subject
      to
      the other restrictions imposed under this Section 11), the duration of such
      restrictions, events (which may, in the discretion of the Committee, include
      performance-based events) the occurrence of which would cause a forfeiture
      of
      the restricted shares and such other terms and conditions as the Committee
      in
      its discretion deems appropriate. Restricted share awards shall be effective
      only upon execution of the applicable restricted share agreement on behalf
      of
      the Corporation by the Chief Executive Officer (if other than the President),
      the President or any Vice President, and by the awardee. The provisions of
      such
      agreements need not be identical.

    

    (b)
       Transfers
      to Trusts.
      Neither
      this Section 11 nor any other provision of the Plan shall preclude an awardee
      from transferring or assigning restricted shares to (i) the trustee of a trust
      that is revocable by such awardee alone, both at the time of the transfer or
      assignment and at all times thereafter prior to such awardee’s death or (ii) the
      trustee of any other trust to the extent approved in advance by the Committee
      in
      writing. A transfer or assignment of restricted shares from such trustee to
      any
      person other than such awardee shall be permitted only to the extent approved
      in
      advance by the Committee in writing, and restricted shares held by such trustee
      shall be subject to all of the conditions and restrictions set forth in the
      Plan
      and in the applicable agreement as if such trustee were a party to such
      agreement.

    

    (c) Default
      Vesting Restrictions.
      Unless
      otherwise determined by the Committee, restricted shares awarded to a Director
      shall be forfeited if the awardee terminates as a Director of the Corporation
      within two (2) years following the grant of such restricted shares due to the
      voluntary resignation of the Director without the consent of the Board or the
      removal of the Director with cause. Any restricted shares which have not
      previously vested shall vest and the restrictions related to service as a
      Director shall lapse upon the death of a Director or the disability of a
      Director which requires his or her termination as a Director of the
      Corporation.

    

    (d)
       Share
      Certificates; Dividends.
      Following a restricted share award and prior to the lapse or termination of
      the
      applicable restrictions, the share certificates representing the restricted
      shares shall be held by the Corporation in escrow together with related stock
      powers in blank signed by the awardee. Except as provided in Section 12 hereof,
      the Committee, in its discretion, may determine that dividends and other
      distributions on the shares held in escrow shall not be paid to the awardee
      until the lapse or termination of the applicable restrictions. Unless otherwise
      provided, in its discretion, by the Committee, any such dividends or other
      distributions shall not bear interest. Upon the lapse or termination of the
      applicable restrictions (and not before such time), the share certificates
      representing the restricted shares and unpaid dividends, if any, shall be
      delivered to the awardee. From the date a restricted share award is effective,
      the awardee shall be a shareholder with respect to all of the shares represented
      by the share certificates for the restricted shares and shall have all the
      rights of a shareholder with respect to the restricted shares, including the
      right to vote the restricted shares and to receive all dividends, and other
      distributions paid with respect to the restricted shares, subject only to the
      preceding provisions of this Section 11(d) and the other restrictions imposed
      by
      the Committee

    

    (e)
        Competition.
      If an
      awardee of restricted shares engages in the operation of management of a
      business (whether as owner, partner, officer, director, employee or otherwise)
      which is in competition with the Corporation or any of its Subsidiaries or
      solicits any of the Corporation’s customers or employees other than for the
      benefit of the Corporation, the Committee may immediately declare forfeited
      all
      restricted shares held by the awardee as to which the restrictions have not
      yet
      lapsed. Whether an awardee has engaged in the operation or management of a
      business which is in competition with the Corporation or any of its Subsidiaries
      or has solicited any of the Corporation’s customers or employees other than for
      the benefit of Corporation, shall also be determined, in its discretion, by
      the
      Committee, and any such determination by the Committee shall be final and
      binding.

    

    

    SECTION
      12

    Adjustment
      and Substitution of Shares

    

    (a)
       Dividends
      or Distributions in Common Stock.
      If a
      dividend or other distribution payable in shares of Common Stock shall be
      declared upon the Common Stock, the number of shares of Common Stock (i)
      credited to any Deferred Stock Compensation Account, (ii) then subject to any
      outstanding stock options and stock appreciation rights and (iii) which may
      be
      issued or credited under Section 1 hereof, on the date fixed for determining
      the
      stockholders entitled to receive such stock dividend or distribution, shall
      be
      adjusted by adding thereto the number of shares of the Common Stock which would
      have been distributable thereon if such shares had been outstanding on such
      date. Shares of Common Stock so distributed with respect to any restricted
      shares held in escrow shall also be held by the Corporation in escrow and shall
      be subject to the same restrictions as are applicable to the restricted shares
      on which they were distributed.

    

    (b)
       Exchanges.
      If the
      outstanding shares of the Common Stock shall, in whole or in part, be changed
      into or exchangeable for a different number, or different kind(s) or class(es)
      of shares of stock or other securities of the Corporation or another
      corporation, or cash or other property, whether through reorganization,
      reclassification, recapitalization, stock split-up, combination of shares,
      merger, consolidation or otherwise, then (i) there shall be substituted for
      each
      share of the Common Stock credited to any Deferred Stock Compensation Account,
      subject to any then outstanding stock option and stock appreciation right,
      and
      which may be issued or credited under Section 1 hereof, the number and kind
      of
      shares of stock or other securities or the cash or property into which each
      outstanding share of the Common Stock shall be so changed or for which each
      such
      share shall be exchangeable, and (ii) the Board shall adopt such amendments
      to
      the Plan as it deems necessary or desirable to carry out the purposes of the
      Plan, including without limitation the continuing deferral of any shares,
      securities, cash or other property then credited to any Deferred Stock
      Compensation Accounts. Unless otherwise determined by the Committee, in its
      discretion, any such stock or securities, as well as any cash or other property,
      into or for which any restricted shares held in escrow shall be changed or
      exchangeable in any such transaction, shall also be held by the Corporation
      in
      escrow and shall be subject to the same restrictions as are applicable to the
      restricted shares in respect of which such stock, securities, cash or other
      property was issued or distributed.

    

    (c)
       Option
      Price and Base Price.
      In case
      of any adjustment or substitution as provided for in this Section 12, the
      aggregate option price and Base Price for all shares subject to each then
      outstanding stock option and stock appreciation right, respectively, prior
      to
      such adjustment and substitution shall be the aggregate option price and Base
      Price, respectively, for all shares of stock or other securities (including
      any
      fraction) to which such shares have been adjusted or which shall have been
      substituted for such shares. Any new option price or Base Price per share shall
      be carried to at least three decimal places with the last decimal place rounded
      upwards to the nearest whole number.

    

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

    

    (e)
       Fractional
      Shares.
      No
      adjustment or substitution provided for in this Section 12 shall require the
      Corporation to issue or sell a fraction of a share or other security.
      Accordingly, all fractional shares or other securities which result from any
      such adjustment or substitution shall be eliminated and not carried forward
      to
      any subsequent adjustment or substitution. Owners of restricted shares held
      in
      escrow shall be treated in the same manner as owners of Common Stock not held
      in
      escrow with respect to fractional shares created by an adjustment or
      substitution of shares, except that, unless otherwise determined by the
      Committee, in its discretion, any cash or other property paid in lieu of a
      fractional share shall be subject to restrictions similar to those applicable
      to
      the restricted shares exchanged therefor.

    

    (f)
       Limited
      Rights.
      Except
      as provided in this Section 12, a Director shall have no rights by reason of
      any
      issue by the Corporation of stock of any class or securities convertible into
      stock of any class, any subdivision or consolidation of shares of stock of
      any
      class, the payment of any stock dividend or any other increase or decrease
      in
      the number of shares of stock of any class.

    

    

    SECTION
      13

    Additional
      Rights in Certain Events

    

    (a)  Definitions.
      For
      purposes of this Section 13, the following terms shall have the following
      meaning:

    

    	(1)  	
            The
              term “Person” shall be used as that term is used in Sections 13(d) and
              14(d) of the 1934 Act.

          

    

    	(2)  	
            “Beneficial
              Ownership” shall be determined as provided in Rule 13d-3 under the 1934
              Act as in effect on the effective date of the
              Plan.

          

    

    	(3)  	
            “Voting
              Shares” shall mean all securities of a company entitling the holders
              thereof to vote in an annual election of directors (without consideration
              of the rights of any class of stock other than the Common Stock to
              elect
              directors by a separate class vote); and a specified percentage of
“Voting
              Power” of a company shall mean such number of the Voting Shares as shall
              enable the holders thereof to cast such percentage of all the votes
              which
              could be cast in an annual election of directors (without consideration
              of
              the rights of any class of stock other than the Common Stock to elect
              Directors by a separate class vote).

          

    

    	(4)  	
            “Tender
              Offer” shall mean a tender offer or exchange offer to acquire securities
              of the Corporation (other than such an offer made by the Corporation
              or
              any Subsidiary), whether or not such offer is approved or opposed by
              the
              Board.

          

    

    	(5)  	
            “Section
              13 Event” shall mean the date upon which any of the following events
              occurs:

          

    

    	(i)  	
            The
              Corporation acquires actual knowledge that any Person other than the
              Corporation, a Subsidiary or any employee benefit plan(s) sponsored
              by the
              Corporation has acquired the Beneficial Ownership, directly or indirectly,
              of securities of the Corporation entitling such Person to 20% or more
              of
              the Voting Power of the Corporation;

          

    

    	(ii)  	
            (a)
              A Tender Offer is made to acquire securities of the Corporation entitling
              the holders thereof to 20% or more of the Voting Power of the Corporation;
              or (b) Voting Shares are first purchased pursuant to any other Tender
              Offer;

          

    

    	(iii)  	
            At
              any time less than 60% of the members of the Board shall be individuals
              who were either (a) directors on the effective date of the Plan or
              (b)
              individuals whose election, or nomination for election, was approved
              by a
              vote (including a vote approving a merger or other agreement providing
              the
              membership of such individuals on the Board) of at least two-thirds
              of the
              directors then still in office who were directors on the effective
              date of
              the Plan or who were so approved;

          

    

    	(iv)  	
            The
              shareholders of the Corporation shall approve an agreement or plan
              providing for the Corporation to be merged, consolidated or otherwise
              combined with, or for all or substantially all its assets or stock
              to be
              acquired by, another corporation, as a consequence of which the former
              shareholders of the Corporation will own, immediately after such merger,
              consolidation, combination or acquisition, less than a majority of
              the
              Voting Power of such surviving or acquiring corporation or the parent
              thereof; or

          

    

    	(v)  	
            The
              shareholders of the Corporation shall approve any liquidation of all
              or
              substantially all of the assets of the Corporation or any distribution
              to
              security holders of assets of the Corporation having a value equal
              to 10%
              or more of the total value of all the assets of the
              Corporation;

          

    

    provided,
      however, that (A) if securities beneficially owned by a grantee are included
      in
      determining the Beneficial Ownership of a Person referred to in paragraph 5(i)
      hereof or (B) a grantee is required to be named pursuant to Item 2 of the
      Schedule 14D-1 (or any similar successor filing requirement) required to be
      filed by the bidder making a Tender Offer referred to in paragraph 5(ii), then
      no Section 13 Event with respect to such grantee shall be deemed to have
      occurred by reason of such event.

    

    (b)  Acceleration
      of the Exercise Date of Stock Options and Stock Appreciation
      Rights.
      Unless
      the agreement referred to in Section 10(H) hereof, or an amendment thereto,
      shall otherwise provide, notwithstanding any other provision contained in the
      Plan, in case any Section 13 Event occurs all outstanding stock options and
      stock appreciation rights shall become immediately and fully exercisable whether
      or not otherwise exercisable by their terms.

    

    (c)  Extension
      of the Expiration Date of Stock Options and Stock Appreciation
      Rights.
      Unless
      the agreement referred to in Section 10(H) hereof, or an amendment thereto,
      shall otherwise provide, notwithstanding any other provision contained in the
      Plan, all stock options and stock appreciation rights held by a grantee whose
      service with the Corporation as a Director terminates within one year of any
      Section 13 Event for any reason shall be exercisable for the longer of (i)
      a
      period of three months from the date of such termination of service or (ii)
      the
      period specified in Section 10(F) hereof, but in no event after the expiration
      date of the stock option or stock appreciation right.

    

    (d)  Lapse
      of Restrictions on Restricted Share Awards.
      Unless
      the agreement referred to in Section 11 hereof, or an amendment thereto, shall
      otherwise provide, notwithstanding any other provision contained in the Plan,
      if
      any Section 13 Event occurs prior to the scheduled lapse of all restrictions
      applicable to restricted share awards under the Plan, all such restrictions
      shall lapse upon the occurrence of any such Section 13 Event regardless of
      the
      scheduled lapse of such restrictions.

    

    

    SECTION
      14

    Administration
      of Plan; Hardship Withdrawal

    

    Except
      where the terms of the Plan specifically grant authority to the Committee of
      the
      Board or where the Board delegates authority to the Committee, full power and
      authority to construe, interpret, and administer the Plan shall be vested in
      the
      Board. Decisions of the Committee and the Board shall be final, conclusive,
      and
      binding upon all parties. Notwithstanding the terms of a Stock Deferral Election
      or a Meeting Fee Deferral Election made by a Director hereunder, the Committee
      may, in its sole discretion, permit the withdrawal of shares credited to a
      Deferred Stock Compensation Account with respect to Director Fees or Meeting
      Fees previously payable upon the request of a Director or the Director's
      representative, or following the death of a Director upon the request of a
      Director's Beneficiary or such beneficiary's representative, if the Board
      determines that the Director or the Director's Beneficiary, as the case may
      be,
      is confronted with an unforeseeable emergency. For this purpose, an
      unforeseeable emergency means a severe financial hardship to the Director or
      the
      Director’s Beneficiary resulting from an illness or accident of the Director or
      the Director’s Beneficiary, the spouse, or a dependent (as defined in Section
      152(a) of the Code) of the Director or the Director’s Beneficiary, loss of the
      Director or the Director’s Beneficiary’s property due to casualty, or other
      similar extraordinary and unforeseeable circumstances arising as a result of
      events beyond the control of the Director or the Director’s Beneficiary. The
      Director or the Director's Beneficiary shall provide to the Committee evidence
      as the Committee, in its discretion, may require to demonstrate such emergency
      exists and financial hardship would occur if the withdrawal were not permitted.
      The withdrawal shall be limited to the amounts necessary to satisfy such
      emergency plus amounts necessary to pay taxes reasonably anticipated as a result
      of the distribution, after taking into account the extent to which such hardship
      is or may be relieved through reimbursement or compensation by insurance or
      otherwise or by liquidation of the Director or the Director’s Beneficiary’s
      assets (to the extent the liquidation of such assets would not itself cause
      severe financial hardship). Cash needs arising from foreseeable events, such
      as
      the purchase or building of a house or education expenses, will not be
      considered to be the result of an unforeseeable financial emergency. Payment
      shall be made, as soon as practicable after the Committee approves the payment
      and determines the number of shares which shall be withdrawn, in a single lump
      sum from the portion of the Deferred Stock Compensation Account with the longest
      number of installment payments first. No Director shall participate in any
      decision of the Committee regarding such Director's request for a withdrawal
      under this Section 14.

    

    

    SECTION
      15

    Fair
      Market Value

    

    Fair
      Market Value of the Common Stock shall be the mean between the following prices,
      as applicable, for the date as of which Fair Market Value is to be determined
      as
      quoted in The
      Wall Street Journal
      (or in
      any other reliable publication as the Board of the Corporation or its delegate,
      in its discretion, may determine to rely upon): 

    

    (a)
      if
      the Common Stock is listed on the New York Stock Exchange, the highest and
      lowest sales prices per share of the Common Stock as quoted in the
      NYSE-Composite Transactions listing for such date;

    

    (b)
      if
      the Common Stock is not listed on such exchange, the highest and lowest sales
      prices per share of Common Stock for such date on (or on any composite index
      including) the principal United States securities exchange registered under
      the
      Securities Exchange Act of 1934, as amended (the "1934 Act") on which the Common
      Stock is listed; or 

    

    (c)
      if
      the Common Stock is not listed on any such exchange, the highest and lowest
      sales prices per share of the Common Stock for such date on the National
      Association of Securities Dealers Automated Quotations System or any successor
      system then in use ("NASDAQ"). 

    

    If
      there
      are no such sale price quotations for the date as of which Fair Market Value
      is
      to be determined but there are such sale price quotations within a reasonable
      period both before and after such date, then Fair Market Value shall be
      determined by taking a weighted average of the means between the highest and
      lowest sales prices per share of the Common Stock as so quoted on the nearest
      date before and the nearest date after the date as of which Fair Market Value
      is
      to be determined. The average should be weighted inversely by the respective
      numbers of trading days between the selling dates and the date as of which
      Fair
      Market Value is to be determined. If there are no such sale price quotations
      on
      or within a reasonable period both before and after the date as of which Fair
      Market Value is to be determined, then Fair Market Value of the Common Stock
      shall be the mean between the bona fide bid and asked prices per share of Common
      Stock as so quoted for such date on NASDAQ, or if none, the weighted average
      of
      the means between such bona fide bid and asked prices on the nearest trading
      date before and the nearest trading date after the date as of which Fair Market
      Value is to be determined, if both such dates are within a reasonable period.
      The average is to be determined in the manner described above in this Section
      15. If the Fair Market Value of the Common Stock cannot be determined on the
      basis previously set forth in this Section 15 on the date as of which Fair
      Market Value is to be determined, the Board or its delegate shall in good faith
      determine the Fair Market Value of the Common Stock on such date. Fair Market
      Value shall be determined without regard to any restriction other than a
      restriction which, by its terms, will never lapse.

    

    

    SECTION
      16

    Securities
      Laws; Issuance of Shares

    

    The
      obligation of the Corporation to issue or credit shares of Common Stock under
      the Plan shall be subject to:

    

    	(i)  	
            the
              effectiveness of a registration statement under the Securities Act
              of
              1933, as amended, with respect to such shares, if deemed necessary
              or
              appropriate by counsel for the
              Corporation;

          

    

    	(ii)  	
            the
              condition that the shares shall have been listed (or authorized for
              listing upon official notice of issuance) upon each stock exchange,
              if
              any, on which the Common Stock shares may then be listed;
              and

          

    

    	(iii)  	
            all
              other applicable laws, regulations, rules and orders which may then
              be in
              effect. 

          

    

    If,
      on
      the date on which any shares of Common Stock would be issued pursuant to a
      current stock payment under Section 3(a) hereof or credited to a Deferred Stock
      Compensation Account and after consideration of any shares of Common Stock
      subject to outstanding stock options and stock appreciation rights and awards
      of
      restricted shares, sufficient shares of Common Stock are not available under
      the
      Plan or the Corporation is not obligated to issue shares pursuant to this
      Section 16, then no shares of Common Stock shall be issued or credited but
      rather, in the case of a current stock payment under Section 3(a) hereof, cash
      shall be paid in payment of the Director Fees payable, and in the case of a
      Deferred Stock Compensation Account, Director Fees, Meeting Fees and dividends,
      if applicable, which would otherwise have been credited in shares of Common
      Stock, shall be credited in cash to a deferred cash compensation account in
      the
      name of the Director. The Board shall adopt appropriate rules and regulations
      to
      carry out the intent of the immediately preceding sentence if the need for
      such
      rules and regulations arises.

    .

    

    SECTION
      17

    Governing
      Law; Integration

    

    The
      provisions of this Plan shall be interpreted and construed in accordance with
      the laws of the Commonwealth of Pennsylvania. The Plan contains all of the
      understandings and representations between the Corporation and any of the
      Directors and supersedes any prior understandings and agreements entered into
      between them regarding the subject matter of the Plan. There are no
      representations, agreements, arrangements or understandings, oral or written,
      between the Corporation and any of the Directors relating to the subject matter
      of the Plan which are not fully expressed in the Plan.

    

    

    SECTION
      18

    Effect
      of the Plan on the 

    Rights
      of Corporation and Shareholders

    

    Nothing
      in the Plan or in any stock option, stock appreciation right or restricted
      share
      award under the Plan or in any agreement providing for any of the foregoing
      or
      any amendment thereto shall confer any right to any person to continue as a
      Director of the Corporation or interfere in any way with the rights of the
      shareholders of the Corporation or the Board to elect and remove
      Directors.

    

    

    SECTION
      19

    Amendment
      and Termination

    

    (a)
       General.
      The
      right to amend the Plan at any time and from time to time and the right to
      terminate the Plan at any time are hereby specifically reserved to the Board;
      provided that no amendment of the Plan shall:

    

    (i)
      be
      made without shareholder approval if shareholder approval of the amendment
      is at
      the time required by the rules of the NASDAQ National Market System or any
      stock
      exchange on which the Common Stock may then be listed; or

    

    (ii)
      otherwise amend the Plan in any manner that would cause the shares of Common
      Stock issued or credited under the Plan not to qualify for the exemption from
      Section 16(b) of the 1934 Act provided by Rule 16b-3.

    

    No
      amendment or termination of the Plan shall, without the written consent of
      the
      holder of shares of Common Stock issued or credited under the Plan or the holder
      of a stock option, stock appreciation right or restricted shares theretofore
      granted or awarded under the Plan, adversely affect the rights of such holder
      with respect thereto.

    

    (b)
       Rule
      16b-3.
      Notwithstanding anything contained in the preceding paragraph or any other
      provision of the Plan, the Board shall have the power to amend the Plan in
      any
      manner deemed necessary or advisable for shares of Common Stock issued or
      credited under the Plan to qualify for the exemption provided by Rule 16b-3
      (or
      any successor rule relating to exemption from Section 16(b) of the 1934 Act),
      and any such amendment shall, to the extent deemed necessary or advisable by
      the
      Board, be applicable to any outstanding shares of Common Stock theretofore
      issued or credited under the Plan.

    

    (c)
       Termination
      Date.
      Notwithstanding any other provision of the Plan:

    

    (i)
      no
      shares of Common Stock shall be issued or credited on a Payment Date under
      the
      Plan after November 15, 2014;

    

    (ii)
      no
      shares of Common Stock shall be credited with respect to Meeting Fees payable
      under the Plan after November 15, 2014;

    

    (iii)
      no
      stock option or stock appreciation right shall be granted under the Plan after
      November 15, 2014; and

    

    (iv)
      no
      restricted shares shall be awarded under the Plan after November 15,
      2014.

    

    

    SECTION
      20

    Effective
      Date

    

    The
      effective date and date of adoption of the Plan shall be December 9, 1994,
      the
      date of adoption of the Plan by the Board.

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