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                                                                   EXHIBIT 10.11

                       INTERMAGNETICS GENERAL CORPORATION

                       1999 EXECUTIVE STOCK PURCHASE PLAN

1.       PURPOSE

         The Board of Directors of Intermagnetics General Corporation (the
"Company") has established Company stock ownership guidelines for Company
executives (the "Guidelines") as a means of aligning the interests of Company
executives and stockholders. The purpose of the Intermagnetics General
Corporation 1999 Executive Stock Purchase Plan (the "Plan") is to facilitate
investment by Company executives in shares of Company stock at levels at least
sufficient to satisfy the Guidelines.

2.       DEFINITIONS

         (a) "Bank" means a third party source of financing, such as a bank,
which has been approved by the Company and that has agreed to and does lend
money to a Participant for the purposes of his or her purchase of Stock.

         (b) "Board" means the Board of Directors of the Company.

         (c) "Committee" means the Compensation Committee of the Board and "Plan
Administrative Committee" means the Chief Executive Officer of the Company and
an outside director or directors designated by the Committee to administer the
Company's 1999 Executive Stock Purchase Plan.

         (d) "Company" means Intermagnetics General Corporation, a New York
corporation.

         (e) "Fair Market Value" means the average closing price of the Stock,
as reported on the American Stock Exchange, during the ten trading days
preceding the relevant determination date.

         (f) "Guarantee" means the guarantee of payment of the principal and
certain other amounts owing under the Stock Acquisition Loan, by the Company in
favor of the Bank, as provided in the Guarantee executed by the Company in favor
of the Bank.

         (g) "Guarantee Reimbursement" means the obligation of the Participant
to reimburse the Company in the event the Company is required to make a
"Guarantee Payment" to the Bank in respect of a Participant's Stock Acquisition
Loan pursuant to Section 6(b) of the Plan.

         (h) "Guidelines" means the stock ownership guidelines established by
the Board for executives of the Company, as the same may be amended from time to
time.

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         (i) "Participant" means an employee of the Company or any subsidiary of
the Company who is subject to the Guidelines and is selected by the Committee to
participate in the Plan pursuant to Section 3 hereof.

         (j) "Plan" means this 1999 Executive Stock Purchase Plan.

         (k) "Principal Obligation" means the outstanding principal amount of a
Stock Acquisition Loan.

         (l) "Salary" means Participant's base salary as of the date he or she
obtains a Stock Acquisition Loan.

         (m) "Stock" means the common stock of the Company, par value $.10 per
share.

         (n) "Stock Acquisition Loan" means a loan made by the Company to a
Participant or an individually secured loan negotiated with the Company's
assistance with an approved Bank on behalf of a Participant, in either case as
provided for in Section 5 hereof. If secured from a Bank, the Stock Acquisition
Loan shall be obtained by the Participant on the basis of his or her individual
credit worthiness and shall be guaranteed by the Company. The maximum term for a
Stock Acquisition Loan shall be five (5) years, unless extended at maturity for
a longer term in the sole discretion of the Committee.

3.       PARTICIPATION

         (a) The Committee or the Plan Administrative Committee shall designate
those employees of the Company who shall be eligible to participate in the Plan.

         (b) The Committee shall designate the participation level for each
Participant through the table set forth on Schedule A, as the same may be
amended from time to time by the Committee. Under the Plan, each Participant is
eligible for Stock Acquisition Loans to acquire Stock up to the participation
level designated in Schedule A, and the Participant may be required to borrow a
fixed minimum percentage of his or her base salary in order to be eligible for
the benefits of this Plan. The Committee, or the Plan Administrative Committee,
in its sole discretion may extend the provisions of this Plan to any employee at
any time, including but not limited to newly hired and newly promoted employees.

4.       STOCK ACQUISITIONS

         (a) To facilitate the Participant's acquisition of Stock under the
Guidelines, the Company will offer a Participant a one-time opportunity to
access a Stock Acquisition Loan, as provided for in Section 5 hereof, the
proceeds of which shall be used for such Stock acquisition.

         (b) If two or more Participants obtain Stock Acquisition Loans with the
same maturity date, the Company will arrange for the purchase of Stock with the
proceeds of such loans through a broker such that such Participants shall have
the same cost basis in each share of Stock purchased with the Stock Acquisition
Loan. Such Stock will be purchased for the benefit of such Participants and
certificates representing the securities so purchased for a Participant will be
registered in the name of such Participant.

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         (b) Any purchases of Stock under the Plan shall be (x) made in
compliance with the Company's "insider" trading policies, applicable securities
laws and other laws and (y) reported, as applicable, pursuant to Section 16 of
the Securities Act of 1933, as amended. The Company shall not make any
guarantees or representations whatsoever as to the price or fair market value of
any shares so purchased nor as to the future performance of the Company. Any
amounts available under the Stock Acquisition Loan that are not invested in the
purchase of Stock within 6 months of the Stock Acquisition Loan shall not be
deemed loaned to Participant and shall not be subject or beneficiary of any
Guarantee by the Company and will be repaid to the Bank or the Company, as the
case may be. Amounts subject to a Stock Acquisition Loan may be required to be
held by the Bank or the Company pending investment, in the discretion of the
Plan Administrative Committee.

5.       STOCK ACQUISITION LOANS/COMPANY GUARANTEE

         (a) Obtaining a Stock Acquisition Loan. The Company (i) will use
commercially reasonable efforts to facilitate a Participant's obtaining from a
Bank a loan, or (ii) will make a loan directly to a Participant, in the
aggregate original principal amount consistent with the Schedule A amount to
provide funds to purchase Stock and for no other purpose. It is anticipated that
the Participant will be required to make interest payments only during the first
five years of the Stock Acquisition Loan term. If a Stock Acquisition Loan from
a Bank is approved by the Participant and the Committee, the Company shall offer
to guarantee such Stock Acquisition Loan provided that the amount of the Stock
Acquisition Loan does not exceed the fair market value of the shares of Stock to
be purchased, plus commissions, with the proceeds thereof, as determined at
purchase, and in no event shall the Participant have outstanding Stock
Acquisition Loans that are guaranteed by the Company under this Plan in excess
of the Schedule A amount. The Committee shall not approve any Stock Acquisition
Loan unless such Stock Acquisition Loan is payable by the Participant over a
term not to exceed five (5) years and shall be fully recourse against the
Participant and evidenced by a promissory note by the Participant to the Bank or
the Company. The rate of interest on a Stock Acquisition Loan made by the
Company shall be determined by the Committee and shall be based on the Company's
cost of funds. It is anticipated that the Stock Acquisition Loans may be
pre-paid at any time without penalty, subject to the terms of this Plan.

         (b) Stock Purchase Assistance Agreement/Promissory Note. The
obligations of the Company and a Participant with respect to a Stock Acquisition
Loan under this Plan shall be evidenced by a Stock Purchase Assistance Agreement
or other writing signed by the Company and the Participant, and, in the case of
a Stock Acquisition Loan by the Company, by a promissory note in the form
approved by the Committee, together with such collateral documents as the
Committee shall deem appropriate in the circumstances. The Promissory Note shall
provide for acceleration in the event of default and may provide for such other
penalties or security arrangements as the Committee shall approve. The Company
shall not be a party, or in any way construed as a lender or party, under a
Stock Acquisition Loan made by a Bank. The Participant shall be solely liable to
the Bank for payment of all principal, interest and charges under such a Stock
Acquisition Loan.

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         (c) Company Guarantee/Collateral. Each Guarantee shall be made only for
such Stock Acquisition Loans that are reviewed and approved by both the
Participant and the Committee. Each Guarantee shall be in such form as is
consistent with this Plan and approved by the Committee. In the event that the
Company's collateral or other security arrangements in favor of the Bank
respecting the Guarantee are terminated or released and Bank either desires (i)
new or replacement collateral or other security arrangements or (ii) to declare
a default under the Stock Acquisition Loan documents or be paid the Stock
Acquisition Loan in full, the Company shall use its best commercially reasonable
efforts to provide such new or replacement collateral or other security
arrangements or to refinance the Stock Acquisition Loan (through another bank or
directly by the Company), as the case may be.

         (d) Prohibited Transactions. During the term of the Stock Acquisition
Loan and for so long as the Participant is employed by the Company, he or she
agrees not to sell, transfer or assign any of the shares of Stock purchased
under Stock Acquisition Loans made in connection with this Plan (and free of any
pledge benefiting the Bank or the Company) except (a) for 33 1/3% of such shares
or (b) as the Plan Administrative Committee may permit in its discretion,
because of a financial hardship incurred by the Participant. Participant
acknowledges that it is the Company's expectation that he or she will continue
to hold sufficient shares of Stock to satisfy the Guidelines.

         (e) Collateral for Company Stock Acquisition Loan or Guarantee. At the
time a Stock Acquisition Loan is made, or the Guarantee is given, by the
Company, or at any subsequent time thereafter while a Stock Acquisition Loan is
outstanding, the Company may require a pledge of the Stock purchased with the
Stock Acquisition Loan, subject to any prior lien of the Bank; provided that,
absent an applicable exception under Regulation U promulgated by the Board of
Governors of the Federal Reserve System in respect of margin securities, the
principal sum of a Stock Acquisition Loan (or the maximum amount subject to a
Guarantee) secured by Stock of the Participant shall not exceed fifty percent of
the value of the Stock so securing the Stock Acquisition Loan (or contingent
Guarantee obligation). Such pledge shall be evidenced by a pledge agreement
executed by the Participant in favor of the Company, in form satisfactory to
Company's counsel. Stock Acquisition Loans made by the Company (and Guarantees
of Stock Acquisition Loans made by a Bank) that are not subject to Regulation U
by virtue of an exception thereto for certain shareholder approved arrangements
or because the value of the collateral does not exceed 25% of the principal
amount of the Stock Acquisition Loan or otherwise, may be secured to the extent
permitted under Regulation U.

         (f) Participant's Repayment Obligation. Except as may be limited by
Section 6 below, repayment of a Principal Obligation under a Stock Acquisition
Loan shall be required in full on the earlier of (i) the Participant's
termination of employment with the Company, (ii) the fifth anniversary of the
corresponding Stock Acquisition Loan (unless the maturity date is extended by
the Committee) or (iii) subject to the limitation of Section 6(b), the sale or
other disposition of the Stock, at the discretion of the Plan Administrative
Committee, if at the time of and as a result of such sale or disposition the
Participant's Stock ownership level falls below the participation level
designated in the Guidelines. During the term of a Stock Acquisition Loan, the
Participant shall advise the Plan Administrative Committee of any intention to
sell Stock purchased with a Stock Acquisition Loan and the Plan Administrative
Committee may limit the aggregate amount of such Stock that may be sold in any
given period by any or all Participants and, to the extent that more than one
Participant desires to sell Stock at the same time, the Plan Administrative
Committee shall adopt rules for the ordering of permitted sales.

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         (g) Withholding Taxes. While it is not anticipated that the withholding
of taxes will be required in connection with the administration of the Plan, the
Company may make such withholding and take such action as may be necessary or
appropriate to satisfy tax withholding requirements for any federal, state or
local laws or regulations in connection with the Guarantee and any payments
provided for herein.

6.       SPECIAL CIRCUMSTANCES

         (a) Participant's Guarantee Reimbursement Obligation. In the event that
the Participant defaults on his or her Stock Acquisition Loan or otherwise
entitles Bank to make demand for payment to the Company under a Guarantee and
the Bank does in fact make such demand and the Company does in fact make payment
to the Bank therefor (in any partial or full amount, a "Guarantee Payment"),
then the Participant hereby irrevocably agrees to make payment to the Company a
money amount equal to the Guarantee Payment (the "Guarantee Reimbursement") no
later than thirty (30) days after written demand by the Company therefor. The
following additional terms shall apply in the event a Guarantee Reimbursement is
required:

                  (1)      The Guarantee Reimbursement may be made (i) by cash
                           payment (or wire transfer) made by the Participant to
                           the Company and to the extent payment by (i) is not
                           timely made, (ii) by offset or credit to the Company
                           against any amount or amounts (dollar for dollar)
                           that it indisputably and duly owes to the Participant
                           (or, at the Company's sole discretion, will owe in
                           the future, but in no way obligating the Company to
                           continue the Participant's employment, accrue such
                           amounts or mitigate its damages), including those
                           amounts related to or in connection with wages,
                           compensation, expense reimbursement, Principal
                           Payment Reimbursement and any other amounts howsoever
                           derived.

                  (2)      If the Guarantee Reimbursement is not timely paid or
                           satisfied in full as described in the first sentence
                           of this Section 6(a), then (i) such deficient amount
                           shall accrue, and the Participant shall owe to the
                           Company, interest per annum (360-day year) thereon at
                           the prime rate (as reported in the Wall Street
                           Journal with regard to large money center banks) plus
                           four percent (4%) compounded quarterly until paid in
                           full and (ii) such nonpayment shall entitle the
                           Company, at its discretion, to terminate the
                           employment (whether or not under any written
                           employment contract) of the Participant for "cause".

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                  (3)      If not already done so, the Participant's obligations
                           to make the Guarantee Reimbursement shall be secured
                           by the pledge, subject to any prior or senior pledge
                           in favor of the Bank relating to the Stock
                           Acquisition Loan applicable to such Guarantee, of
                           those shares of Stock acquired with the proceeds of
                           the Stock Acquisition Loan. Such pledge shall be
                           evidenced by a pledge agreement executed by the
                           Participant in favor of the Company, in form
                           satisfactory to Company's counsel. To the extent
                           permissible under the Stock Acquisition Loan, shares
                           of Stock so pledged shall, from time to time, be
                           physically delivered to the Company, together with a
                           stock power endorsed in blank by the Participant in
                           favor of the Company and such other documentation as
                           the Company, with advice of counsel, may request.

7.       TERMINATION AND AMENDMENT

         The Plan is entirely voluntary on the part of the Company and neither
its existence nor its continuation shall be construed as creating any
contractual right to or obligation for its continued existence, nor shall the
existence of the Plan or participation therein be deemed to modify or otherwise
affect a Participant's continued employment with the Company. The Company
reserves the right at any time to modify or terminate the Plan by action
approved in writing by the Board or its delegatee, provided that such
modification or termination shall not affect the rights and obligations of
Participants and the Company under any then outstanding Stock Acquisition Loan.

8.       ADMINISTRATION OF THE PLAN

         The Committee shall delegate to the Plan Administrative Committee the
power and authority to administer the Plan. The Plan Administrative Committee
shall have full authority in its discretion to determine the participation level
of each Participant. Except as otherwise provided herein and subject to the
provisions of the Plan, the Plan Administrative Committee shall have full and
conclusive authority to interpret the Plan; to determine the terms and
provisions of any Repayment Obligation; and to make all other determinations
necessary or advisable for the proper day to day administration of the Plan. The
Plan Administrative Committee shall not have the power or authority to
materially increase any benefits offered under the Plan; to materially increase
the Company's financial commitments; or to prescribe, amend and rescind rules
and regulations relating to the Plan. The Plan Administrative Committee's
determinations under the Plan need not be uniform and may be made by it
selectively among persons who are eligible to participate in the Plan. The Plan
Administrative Committee's decisions shall be final and binding on all
Participants.

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9.       MISCELLANEOUS

         (a) The Plan shall become effective on November 9, 1999 or such other
date as designated by the Board (the "Effective Date").

         (b) No benefit under the Plan shall in any manner be liable for or
subject to the debts, contracts, liabilities, engagements, or torts of the
Participant entitled to benefits under the Plan, and any attempt to anticipate,
sell, transfer, assign, pledge, encumber, or charge the same shall be void.

         (c) The titles and headings of the Sections of the Plan are for
convenience of reference only, and in the case of any conflicts, the text of the
Plan, rather than the titles or headings, shall control.

         (d) The masculine pronoun, wherever used herein, shall include the
feminine pronoun, and the singular shall include the plural, except where the
context requires otherwise.

         (e) The provisions of the Plan shall be construed according to the laws
of the State of New York, and the venue and jurisdiction of any suit with
respect to the Plan shall lie solely in the state or federal courts located in
Albany County, New York.

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                       INTERMAGNETICS GENERAL CORPORATION
                       1999 STOCK PURCHASE ASSISTANCE PLAN
                                   SCHEDULE A
                              PARTICIPATION LEVELS

         The number of shares of Stock that initially may be acquired by a
Participant under the Plan shall be determined as of the Effective Date, based
on Participant's base salary and the fair market value of the stock as of such
date, or at such later dates as the Committee shall determine for future
Participants who are selected to participate in the Plan thereafter in
accordance with Section 3 thereof. The number of shares of Stock that may be
acquired by a Participant hereunder may be adjusted periodically based on the
Participant's base salary, position, and the fair market of the Stock on each
such date in the sole discretion of the Committee. The number of shares of Stock
that may be acquired by a Participant under the Plan shall not exceed the
Participant's base salary multiplied by the applicable multiplier, based upon
Participant's position with the Company, set forth below, divided by the Fair
Market Value of the Stock, provided that with respect to purchases of Stock
arranged through a broker by the Company, the actual cost of the shares acquired
shall be used in place of Fair Market Value:

Position                                           Multiple of Base Salary
--------                                           -----------------------
CEO and Other Executives who                                 1-2
directly report to CEO

Other Executives designated by the CEO                      .66-2

                                      124<PAGE>   1
                                                                    Exhibit 10.8

                        INRANGE TECHNOLOGIES CORPORATION
                          2000 STOCK COMPENSATION PLAN

SECTION 1.  ESTABLISHMENT, PURPOSES AND EFFECTIVE DATE OF PLAN

         1.1. Establishment. INRANGE Technologies Corporation, a Delaware
corporation, has established the 2000 Stock Compensation Plan (the "Plan"). The
Plan permits the awarding of Nonqualified Stock Options, Incentive Stock
Options, Stock Appreciation Rights, Restricted Stock and Performance Units.

         1.2. Purposes. The purpose of the Plan is to advance the interests of
the Company and its Subsidiaries and divisions by (a) encouraging and providing
for the acquisition of equity interests in the Company by Key Individuals,
thereby increasing the stake in the future growth and prosperity of the Company,
and furthering Key Individuals' identity of interest with those of the Company's
shareholders, and (b) enabling the Company to compete with other organizations
in attracting, retaining, promoting and rewarding the services of Key
Individuals.

         1.3. Effective Dates. On June 29, 2000, the Board of Directors of the
Company adopted the Plan, and, on June 29, 2000, General Signal Holding Company,
as sole stockholder of the Company, approved the Plan.

SECTION 2.  DEFINITIONS

         2.1. Definitions. Whenever used herein, the following terms shall have
their respective meanings set forth below:

                  (a) "Board" means the Board of Directors of the Company.

                  (b) "Code" means the Internal Revenue Code of 1986, as
         amended.

                  (c) "Committee" means the committee or other entity that
         administers the Plan pursuant to the provisions of Section 4.

                  (d) "Common Stock" means the Class B Common Stock, par value
         $0.01 per share, of the Company or such other class of shares or other
         securities as may be applicable pursuant to the provisions of
         Subsection 5.3.

                  (e) "Company" means INRANGE Technologies Corporation, a
         Delaware corporation.

                  (f) "Fair Market Value" means, as to any date, the fair market
         value of Common Stock determined by such methods or procedures as shall
         be established

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         from time to time by the Committee or, if not otherwise determined,
         fair market value means the closing price of a share of Common Stock as
         reported in the "Nasdaq National Market" section of The Wall Street
         Journal for such date (or, if no prices are quoted for such date, on
         the next preceding date on which such prices of Common Stock are so
         quoted).

                  (g) "Key Individual" means any employee or non-employee
         director of, or any consultant or advisor to, the Company, Parent or
         any direct or indirect Subsidiary of either of them, including any such
         individual, who, in the opinion of the Committee, can contribute
         significantly to the growth and profitability of the Company or a
         Subsidiary thereof. Key Individuals also may include those individuals
         identified by the Committee to be in situations of extraordinary
         performance, promotion, retention or recruitment. The awarding of a
         grant under this Plan to an individual by the Committee shall be deemed
         a determination by the Committee that such individual is a Key
         Individual.

                  (h) "Mature Common Stock" means Common Stock that has been
         acquired by the holder thereof on the open market or that has been
         acquired pursuant to this Plan or another individual benefit
         arrangement of the Company and held for at least six months.

                  (i) "Options" means the right to purchase stock at a stated
         price for a specified period of time. For purposes of the Plan an
         Option may be either (a) an "incentive stock option" within the meaning
         of Code Section 422, or (b) a "nonqualified stock option" which is
         intended not to fall under the provisions of Code Section 422.

                  (j) "Option Price" means the price at which each share of
         Common Stock subject to an Option may be purchased, determined in
         accordance with Subsection 7.3.

                  (k) "Parent" means SPX Corporation, a Delaware corporation.

                  (l) "Participant" means any individual designated by the
         Committee to participate in this Plan pursuant to Subsection 3.1.

                  (m) "Period of Restriction" means the period during which the
         transfer of shares of Restricted Stock is restricted pursuant to
         Section 9.

                  (n) "Restricted Stock" means the Common Stock granted to a
         Participant pursuant to Section 9.

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                  (o) "Stock Appreciation Right" means the right to receive a
         cash payment from the Company equal to the excess of the Fair Market
         Value of a share of Common Stock at the date of exercise of the Right
         over a specified price fixed by the Committee at grant (exercise
         price), which shall not be less than 100% of the Fair Market Value of a
         share of Common Stock on the date of grant. In the case of a Stock
         Appreciation Right which is granted in conjunction with an Option, the
         specified price shall be the Option Price.

                  (p) "Subsidiary" means a corporation at least 50% or more of
         the voting power of which is owned, directly or indirectly, by the
         entity of which such corporation is a Subsidiary.

         2.2. Gender and Number. Except when otherwise indicated by the context,
words in the masculine gender when used in the Plan shall include the feminine
gender, the singular shall include the plural, and the plural shall include the
singular.

SECTION 3.  ELIGIBILITY AND PARTICIPATION

         Participants in the Plan shall be selected by the Committee from among
those individuals identified by the Committee as Key Individuals.

SECTION 4.  ADMINISTRATION

         4.1. Administration. Prior to the date on which the initial public
offering of the shares of Common Stock (the "IPO") is consummated (the "IPO
Effective Date"), the Plan shall be administered by the Board of Directors of
Parent and the Board, or either of them, and, from and after the IPO Effective
Date, the Plan shall be administered by the Compensation Committee of the Board.
If the Committee consists of more than one member, a quorum shall consist of not
fewer than two members of the Committee and a majority of a quorum may authorize
any action. After the consummation of the IPO, the Committee shall consist of at
least one director of the Company and may consist of the entire Board; provided,
however, that (x) for purposes of any award granted under the Plan by the
Committee that is intended to be exempt from the restrictions of Section 16(b)
of the Securities Exchange Act of 1934 (the "Act"), the Committee shall consist
only of directors who qualify as "non-employee directors," as defined in Rule
16b-3 under the Act, and (y) for purposes of any award granted under the Plan by
the Committee that is intended to qualify for the performance-based compensation
exemption to the $1 million deductibility limit under Code Section 162(m), the
Committee shall consist only of directors who qualify as "outside directors," as
defined in Code Section 162(m) and the related regulations. For purposes of the
preceding sentence, if one or more members of the Committee is neither a
non-employee director nor an outside director and is recused or abstains from
voting with respect to an action taken by the Committee, then the

                                      -3-
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Committee, with respect to that action, shall be deemed to consist only of the
members of the Committee who are not so recused and who have not abstained from
voting. Subject to applicable law, the Committee may delegate its authority
under the Plan to any other person or persons and may take any action otherwise
proper under the Plan by the unanimous written consent of its members.

         The Committee shall hold meetings at such times as may be necessary for
the proper administration of the Plan and shall keep minutes of its meetings.
The Committee may establish such rules and regulations, not inconsistent with
the provisions of the Plan, as it deems necessary to determine eligibility to
participate in the Plan and for the proper administration of the Plan, and may
amend or revoke any rule or regulation so established. The Committee may make
such determinations and interpretations under or in connection with the Plan as
it deems necessary or advisable. All such rules, regulations, determinations and
interpretations shall be binding and conclusive upon all persons claiming any
interest hereunder.

SECTION 5.  STOCK SUBJECT TO PLAN

         5.1. Number. The total number of shares of Common Stock of the Company
subject to issuance under the Plan, and subject to adjustment upon occurrence of
any of the events indicated in Subsection 5.3, may not exceed 11,530,000. Of
this total number, up to 500,000 shares of Common Stock may be granted to
Participants in the form of Restricted Stock. The shares to be delivered under
the Plan may consist, in whole or in part, of authorized but unissued stock or
treasury stock not reserved for any other purpose. The maximum aggregate number
of shares of Common Stock (including Options, Restricted Stock, Stock
Appreciation Rights and Performance Units to be paid out in shares of Common
Stock) that may be granted in any one fiscal year to a Participant, or that may
vest with respect to awards granted in any one fiscal year to a Participant,
shall be 1,000,000, subject to adjustment upon the occurrence of any of the
events indicated in Subsection 5.3.

         5.2. Unused Stock. In the event any shares of Common Stock that are
subject to an Option which, for any reason, expires, terminates or is canceled
as to such shares, or any shares of Common Stock subject to a Restricted Stock
award made under the Plan are reacquired by the Company pursuant to the Plan, or
any Stock Appreciation Right expires unexercised, such shares and rights again
shall become available for issuance under the Plan. Any shares of Common Stock
withheld or tendered to pay withholding taxes pursuant to Subsection 15.2 or
withheld or tendered in full or partial payment of the exercise price of an
Option pursuant to Subsection 7.6 shall again become available for issuance
under the Plan.

                                      -4-
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         5.3. Adjustment in Capitalization. In the event of any change in the
outstanding shares of Common Stock that occurs after ratification of the Plan by
the shareholders of the Company by reason of a Common Stock dividend or split,
recapitalization, merger, consolidation, combination, exchange of shares, or
other similar corporate change, the aggregate number of shares of Common Stock
subject to each outstanding Option, and its stated Option Price, shall be
appropriately adjusted by the Committee, whose determination shall be
conclusive; provided, however, that fractional shares shall be rounded to the
nearest whole share. In such event, the Committee also shall have discretion to
make appropriate adjustments in the number and type of shares subject to
Restricted Stock grants then outstanding under the Plan pursuant to the terms of
such grants or otherwise. The Committee also shall make appropriate adjustments
in the number of outstanding Stock Appreciation Rights and Performance Units and
the related grant values.

SECTION 6.  DURATION OF PLAN

         The Plan shall remain in effect, subject to the Board's right to
earlier terminate the Plan pursuant to Section 14 hereof, until all Common Stock
subject to it shall have been purchased or acquired pursuant to the provisions
hereof. However, no Option, Stock Appreciation Right, Restricted Stock or
Performance Unit may be granted under the Plan on or after the tenth anniversary
of the Plan's effective date.

SECTION 7.  STOCK OPTIONS

         7.1. Grant of Options. Subject to the provisions of Sections 5 and 6,
Options may be granted to Participants at any time and from time to time as
shall be determined by the Committee. The Committee shall have complete
discretion in determining the number of Options granted to each Participant. The
Committee also shall determine whether an Option is an incentive stock option
within the meaning of Code Section 422, or a nonqualified stock option. However,
in no event shall the Fair Market Value (determined at the date of grant) of
Common Stock for which incentive stock options become exercisable for the first
time in any calendar year exceed $100,000, computed in accordance with Code
Section 422(b)(7). In addition, no incentive stock option shall be granted to
any person who owns, directly or indirectly, stock possessing more than 10% of
the total combined voting power of all classes of stock of the Company. Nothing
in this Section 7 shall be deemed to prevent the grant of nonqualified stock
options in excess of the maximum established by Code Section 422.

         7.2. Option Agreement. Each Option shall be evidenced by an Option
Agreement that shall specify the type of Option granted, the Option Price, the
duration of the Option, the number of shares of Common Stock to which the Option
pertains, and such other provisions as the Committee shall determine. The Option
Agreement shall

                                      -5-
<PAGE>   6
specify whether the Option is intended to be an incentive stock option within
the meaning of Code Section 422, or a nonqualified stock option which is
intended not to fall under the provisions of Code Section 422.

         7.3. Option Price. The Option Price shall be determined by the
Committee. However, no Option granted pursuant to the Plan shall have an Option
Price that is less than the Fair Market Value of the Common Stock on the date
the Option is granted.

         7.4. Duration of Options. Each option shall expire at such time as the
Committee shall determine at the time it is granted, provided, however, that no
Option shall be exercisable later than the tenth anniversary of its grant date.

         7.5. Exercise of Options. Options granted under the Plan shall be
exercisable at such times and be subject to such restrictions and conditions as
the Committee shall in each instance approve, which need not be the same for all
Participants.

         7.6. Method of Exercise and Payment of Option Price. Options shall be
exercised pursuant to the methods and procedures as shall be established from
time to time by the Committee. The Committee shall determine the acceptable form
or forms and timing of payment of the Option Price. Acceptable forms of paying
the Option Price upon exercise of any Option shall include, but not be limited
to, (a) cash or its equivalent, (b) tendering shares of previously acquired
Common Stock having a Fair Market Value at the time of exercise equal to the
total Option Price, (c) directing the Company to withhold shares of Common
Stock, which may include attesting to the ownership of the equivalent number of
shares of previously-acquired Mature Common Stock having a Fair Market Value at
the time of exercise equal to the total Option Price, (d) other approved
property or (e) by a combination of (a), (b), (c) and/or (d). The proceeds from
such a payment shall be added to the general funds of the Company and shall be
used for general corporate purposes. As soon as practicable, after Option
exercise and payment, the Company shall deliver to the Participant Common Stock
certificates in an appropriate amount based upon the number of Options
exercised, issued in the Participant's name.

         7.7. Restrictions on Common Stock Transferability. The Committee shall
impose such restrictions on any shares of Common Stock acquired pursuant to the
exercise of an Option under the Plan as it may deem advisable, including,
without limitation, restrictions under applicable Federal securities law, under
the requirements of any stock exchange upon which such shares of Common Stock
are then listed and under any blue sky or state securities laws applicable to
such shares.

         7.8. Termination of Employment Due to Death, Disability or Retirement.
In the event the employment of a Participant is terminated by reason of death,
any outstanding Options shall become immediately fully vested and exercisable
within such period

                                      -6-
<PAGE>   7
following the Participant's death as shall be determined by the Committee, but
in no event beyond the expiration of the term of the Option, by such person or
persons as shall have acquired the Participant's rights under the Option by will
or by the laws of descent and distribution. In the event the employment of a
Participant is terminated by reason of retirement or disability (as such terms
are defined under the applicable rules of the Company), any outstanding Options
shall become immediately fully vested and exercisable within such period after
such date of termination of employment as shall be determined by the Committee,
but in no event beyond the expiration of the term of the Option.

         7.9. Termination of Employment Other Than for Death, Disability or
Retirement. If the employment of the Participant terminates for any reason other
than death, disability or retirement, the Participant shall have the right to
exercise the Option within such period after the date of his termination as
shall be determined by the Committee, but in no event beyond the expiration of
the term of the Option and only to the extent that the Participant was entitled
to exercise the Option at the date of his termination of employment. Regardless
of the reasons for termination of employment, incentive stock options must be
exercised within the Code Section 422 prescribed time period in order to receive
the favorable tax treatment applicable thereto.

         7.10. Nontransferability of Options. Except as provided in this
Subsection 7.10, no Option granted under the Plan may be sold, transferred,
pledged, assigned or otherwise alienated or hypothecated, other than by will or
by the laws of descent and distribution, and all Options granted to a
Participant under the Plan shall be exercisable during his lifetime only by such
Participant. Under such rules and procedures as the Committee may establish, the
holder of an Option may transfer such Option to members of the holder's
immediate family (i.e., children, grandchildren and spouse) or to one or more
trusts for the benefit of such family members or to partnerships in which such
family members are the only partners, provided that (i) the agreement, if any,
with respect to such Option, expressly so permits or is amended to so permit,
(ii) the holder does not receive any consideration for such transfer, and (iii)
the holder provides such documentation or information concerning any such
transfer or transferee as the Committee may reasonably request. Any Options held
by any transferees shall be subject to the same terms and conditions that
applied immediately prior to their transfer. The Committee may also amend the
agreements applicable to any outstanding Options to permit such transfers. Any
Option not granted pursuant to any agreement expressly permitting its transfer
or amended expressly to permit its transfer shall not be transferable. Such
transfer rights shall in no event apply to any incentive stock option.

         7.11. Non-Qualified Replacement Options. The Committee may grant to any
Key Individual a replacement Option to purchase additional shares of Common
Stock equal to the number of shares delivered by the Key Individual and/or
withheld by the

                                      -7-
<PAGE>   8
Company in satisfaction of the exercise price and/or tax withholding obligations
with respect to an Option. The terms of a replacement Option shall be identical
to the terms of the exercised Option, except that the exercise price shall be
not less than the Fair Market Value on the grant date of the replacement Option.
At the discretion of the Committee, the Option Agreement for any Option under
the Plan (including any previously granted and outstanding nonqualified stock
option, where the applicable Option Agreement is appropriately amended) may
provide for the automatic grant of such a replacement Option or for the
automatic grants of multiple replacement Options over the term of the initial
Option.

SECTION 8.  STOCK APPRECIATION RIGHTS

         8.1. Grant of Stock Appreciation Rights. Subject to the terms and
provisions of this Plan, Stock Appreciation Rights may be granted to
Participants either independent of Options or in conjunction with nonqualified
stock options at any time and from time to time as shall be determined by the
Committee.

         8.2. Exercise of Stock Appreciation Rights Granted in Conjunction with
a Nonqualified Option. Stock Appreciation Rights granted in conjunction with a
nonqualified stock option may be exercised at any time during the life of the
related stock option, with a corresponding reduction in the number of shares
available under the Option. Option shares with respect to which the Stock
Appreciation Right shall have been exercised may not again be subject to an
Option under this Plan.

         8.3. Exercise of Stock Appreciation Rights Granted Independent of
Options. Stock Appreciation Rights granted independent of Options may be
exercised upon whatever terms and conditions the Committee, in its sole
discretion, imposes on the Stock Appreciation Right including, but not limited
to, a corresponding proportional reduction in previously granted Options.

         8.4. Payment of Stock Appreciation Right Amount. Upon exercise of a
Stock Appreciation Right, the holder shall be entitled to receive payment of an
amount (subject to Subsection 8.5 below) determined by multiplying:

                  (a) The difference between the Fair Market Value of a share of
         Common Stock at the date of exercise over the price fixed by the
         Committee at the date of grant, by

                  (b) The number of shares with respect to which the Stock
         Appreciation Right is exercised.

         8.5. Form of Payment. Payment to the Participant, upon the exercise of
a Stock Appreciation Right, will be made in cash.

                                      -8-
<PAGE>   9
         8.6. Limit on Appreciation. The Committee, in its sole discretion, may
establish (at the time of grant) a maximum amount per share which will be
payable upon exercise of a Stock Appreciation Right.

         8.7. Term of Stock Appreciation Right. The term of a Stock Appreciation
Right granted under the Plan shall not exceed ten years.

         8.8. Termination of Employment. In the event that the employment of a
Participant is terminated by reason of death, disability or retirement, or for
any other reason, the exercisability of any outstanding Stock Appreciation
Rights granted in conjunction with an Option shall terminate in the same manner
as specified for their related Options under Subsections 7.8 and 7.9. The
exercisability of any outstanding Stock Appreciation Rights granted independent
of Options also shall terminate in the manner provided under Subsections 7.8 and
7.9.

         8.9. Nontransferability of Stock Appreciation Rights. No Stock
Appreciation Right granted under the Plan may be sold, transferred, pledged,
assigned or otherwise alienated or hypothecated, other than by will or by the
laws of descent and distribution. Further, all Stock Appreciation Rights granted
to a Participant under the Plan shall be exercisable during his lifetime only by
such Participant.

SECTION 9.  RESTRICTED STOCK

         9.1. Grant of Restricted Stock. Subject to the terms and provisions of
this Plan, the Committee, at any time and from time to time, may grant shares of
Restricted Stock to such Participants and in such amounts as it shall determine.
It is contemplated that Restricted Stock grants will be made only in
extraordinary situations of performance, promotion, retention or recruitment.

         9.2. Restricted Stock Agreement. Each Restricted Stock grant shall be
evidenced by a Restricted Stock Agreement that shall specify the restriction
period or periods, the number of Restricted Stock shares granted, and such other
provisions as the Committee shall determine.

         9.3. Transferability. Except as provided in this Section 9, the shares
of Restricted Stock granted hereunder may not be sold, transferred, pledged,
assigned or otherwise alienated or hypothecated until the termination of the
applicable Period of Restriction or for such period of time as shall be
established by the Committee and as shall be specified in the Restricted Stock
Agreement, or upon earlier satisfaction of other conditions as specified by the
Committee in its sole discretion and set forth in the Restricted Stock
Agreement. All rights with respect to the Restricted Stock granted to a
Participant under the Plan shall be exercisable during his lifetime only by such
Participant.

                                      -9-
<PAGE>   10
         9.4. Other Restrictions. The Committee shall impose such other
restrictions on any shares of Restricted Stock granted pursuant to the Plan as
it may deem advisable including, without limitation, restrictions under
applicable Federal or state securities laws, and may legend the certificates
representing Restricted Stock to give appropriate notice of such restrictions.

         9.5. Certificate Legend. In addition to any legends placed on
certificates pursuant to Subsection 9.4, each certificate representing shares of
Restricted Stock granted pursuant to the Plan shall bear the following legend:

                  "The sale or other transfer of the shares of stock represented
         by this certificate, whether voluntary, involuntary or by operation of
         law, is subject to certain restrictions on transfer set forth in the
         2000 Stock Compensation Plan of INRANGE Technologies Corporation, rules
         and administration adopted pursuant to such plan, and a restricted
         stock grant agreement dated _________. A copy of the plan, such rules
         and such restricted stock grant agreement may be obtained from the
         Secretary of INRANGE Technologies Corporation."

         9.6. Removal of Restrictions. Except as otherwise provided in this
Section, shares of Restricted Stock covered by each Restricted Stock grant made
under the Plan shall become freely transferable by the Participant after the
last day of the Period of Restriction. Once the shares are released from the
restrictions, the Participant shall be entitled to have the legend required by
Subsection 9.5 removed from his Common Stock certificate.

         9.7. Voting Rights. During the Period of Restriction, Participants
holding shares of Restricted Stock granted hereunder may exercise full voting
rights with respect to those shares.

         9.8. Dividends and Other Distributions. During the Period of
Restriction, Participants holding shares of Restricted Stock granted hereunder
shall be entitled to receive all dividends and other distributions paid with
respect to those shares while they are so held. If any such dividends or
distributions are paid in shares of Common Stock, the shares shall be subject to
the same restrictions on transferability as the shares of Restricted Stock with
respect to which they were paid.

         9.9. Termination of Employment Due to Retirement. In the event that a
Participant terminates his employment with the Company because of normal
retirement (as defined under the then established rules of the Company), any
remaining Period of Restriction applicable to the Restricted Stock pursuant to
Subsection 9.3 shall automatically terminate and, except as otherwise provided
in Subsection 9.4, the shares of Restricted Stock shall thereby be free of
restrictions and freely transferable. In the event

                                      -10-
<PAGE>   11
that a Participant terminates his employment with the Company because of early
retirement (as defined under the then established rules of the Company), the
Committee, in its sole discretion, may waive the restrictions remaining on any
or all shares of Restricted Stock pursuant to Subsection 9.3 and add such new
restrictions to those shares of Restricted Stock as it deems appropriate.

         9.10. Termination of Employment Due to Death or Disability. In the
event a Participant's employment is terminated because of death or disability
(as defined under the then established rules of the Company), any remaining
Period of Restriction applicable to the Restricted Stock pursuant to Subsection
9.3 shall automatically terminate and, except as otherwise provided in
Subsection 9.4, the shares of Restricted Stock shall thereby be free of
restrictions and fully transferable.

         9.11. Termination of Employment for Reasons Other Than Death,
Disability or Retirement. In the event that a Participant terminates his
employment with the Company for any reason other than those set forth in
Subsections 9.9 and 9.10 during the Period of Restrictions, then any shares of
Restricted Stock still subject to restrictions as of the date of such
termination shall automatically be forfeited and returned to the Company;
provided, however, that, in the event of an involuntary termination of the
employment of a Participant by the Company, the Committee, in its sole
discretion, may waive the automatic forfeiture of any or all such shares and may
add such new restrictions to such shares of Restricted Stock as it deems
appropriate.

SECTION 10.  PERFORMANCE UNITS

         Performance units may be granted subject to such terms and conditions
as the Committee in its discretion shall determine. Performance units may be
granted either in the form of cash units or in share units which are equal in
value to one share of Common Stock or a combination thereof. The Committee shall
establish the performance goals to be attained in respect of the performance
units, the various percentages of performance unit value to be distributed upon
the attainment, in whole or in part, of the performance goals and such other
performance unit terms, conditions and restrictions as the Committee shall deem
appropriate. As soon as practicable after the termination of the performance
period, the Committee shall determine the payment, if any, which is due on the
performance unit in accordance with the terms thereof. The Committee shall
determine, among other things, whether the payment shall be made in the form of
cash or shares of Common Stock, or a combination thereof.

SECTION 11.  BENEFICIARY DESIGNATION

         Each Participant under the Plan may, from time to time, name any
beneficiary or beneficiaries (who may be named contingently or successively) to
whom any benefit

                                      -11-
<PAGE>   12
under the Plan is to be paid in case of his death. Each designation will revoke
all prior designations by the same Participant, shall be in a form prescribed by
the Committee, and will be effective only when filed by the Participant in
writing with the Committee during his lifetime. In the absence of any such
designation, benefits remaining unpaid at the Participant's death shall be paid
to his estate.

SECTION 12.  RIGHTS OF EMPLOYEES

         12.1. Employment. Nothing in the Plan shall interfere with or limit in
any way the right of the Company to terminate any Participant's employment at
any time, nor confer upon any Participant any right to continue in the employ of
the Company.

         12.2. Participation. No individual shall have a right to be selected as
a Participant, or, having been so selected, to be selected again as a
Participant.

SECTION 13.  MERGER OR CONSOLIDATION

         13.1. Treatment of Options and Stock Appreciation Rights. Upon a
dissolution or a liquidation of the Company, each Participant shall have the
right to exercise any unexercised Options or Stock Appreciation Rights, whether
or not then exercisable, subject to the provisions of the Plan immediately prior
to such dissolution or liquidation. If not exercised within a reasonable time
period, of not less than 30 days from the date of such dissolution or
liquidation, as determined by the Committee, all outstanding Options and Stock
Appreciation Rights shall terminate. In the event of a merger or consolidation
in which the Company is not the surviving corporation, unless the Option
Agreement applicable to an Option provides for the accelerated exercisability of
such Option in connection with such event, each Participant shall be offered a
firm commitment whereby the resulting or surviving corporation will tender to
the Participant new Options and Stock Appreciation Rights in the surviving
corporation, with terms and conditions, both as to number of shares and
otherwise, which will substantially preserve to the Participant the rights and
benefits of the Options and Stock Appreciation Rights outstanding hereunder.

         13.2. Treatment of Restricted Stock. In the event of a dissolution or a
liquidation of the Company or a merger or consolidation in which the Company is
not the surviving corporation, all restrictions shall lapse on the shares of
Restricted Stock granted under the Plan and thereafter such shares shall be
freely transferable by the Participant, subject to applicable Federal or state
securities laws.

                                      -12-
<PAGE>   13
SECTION 14.  AMENDMENT, MODIFICATION AND TERMINATION OF PLAN

         The Board may at any time terminate, and from time to time may amend or
modify, the Plan; provided, however, that no such action of the Board, without
approval of the shareholders, may:

                  (a) Increase the total amount of Common Stock which may be
         issued under the Plan, except as provided in Subsections 5.1 and 5.3.

                  (b) Change the provisions of the Plan regarding the Option
         Price except as permitted by Subsection 5.3.

                  (c) Materially increase the cost of the Plan or materially
         increase the benefits to Participants.

                  (d) Extend the period during which Options, Stock Appreciation
         Rights, Restricted Stock or Performance Units may be granted.

                  (e) Extend the maximum period after the date of grant during
         which Options or Stock Appreciation Rights may be exercised.

No amendment, modification or termination of the Plan shall in any manner
adversely affect any Options, Stock Appreciation Rights or Restricted Stock
previously granted under the Plan, without the consent of the Participants.

SECTION 15.  TAX WITHHOLDING

         15.1. Tax Withholding. The Company, as appropriate, shall have the
right to deduct from all payments any Federal, state or local taxes required by
law to be withheld with respect to such payments.

         15.2. Stock Withholding. With respect to withholding required upon the
exercise of nonqualified stock options, or upon the lapse of restrictions on
Restricted Stock, Participants may elect, subject to the approval of the
Committee, to satisfy the withholding required, in whole or in part, by having
the Company withhold shares of Common Stock having a value equal to the amount
required to be withheld. Participants may also elect to satisfy all or a portion
of the tax withholding (up to the maximum legally permissible withholding
amount) by (a) tendering shares of previously acquired Common Stock having a
value equal to the amount of tax to be withheld or (b) by directing the Company
to withhold shares of Common Stock, including attesting to the ownership of
Mature Common Stock having a value equal to the amount of tax to be withheld (in
the manner provided in Subsection 7.6). The value of the shares to be withheld,
tendered or attested is to be determined by such methods or procedures as shall

                                      -13-
<PAGE>   14
be established from time to time by the Committee. All elections shall be
irrevocable and shall be made in writing, signed by the Participant, and shall
satisfy such other requirements as the Committee shall deem appropriate.

SECTION 16.  INDEMNIFICATION

         Each person who is or shall have been a member of the Committee or of
the Board shall be indemnified and held harmless by the Company against and from
any loss, cost, liability or expense that may be imposed upon or reasonably
incurred by him in connection with or resulting from any claim, action, suit or
proceeding to which he may be a party or in which he may be involved by reason
of any action taken or failure to act under the Plan and against and from any
and all amounts paid by him in settlement thereof, with the Company's approval,
or paid by him in satisfaction of any judgment in any such action, suit or
proceeding against him, provided he shall give the Company an opportunity, at
its expense, to handle and defend the same before he undertakes to handle and
defend it on his own behalf. The foregoing right of indemnification shall not be
exclusive of any other rights of indemnification to which such persons may be
entitled under the Company's Certificate of Incorporation or Bylaws, as a matter
of law or otherwise, or any power that the Company may have to indemnify them or
hold them harmless.

SECTION 17.  REQUIREMENTS OF LAW

         17.1. Requirements of Law. The granting of Options, Stock Appreciation
Rights, Restricted Stock or Performance Units, and the issuance of shares of
Common Stock with respect to an Option exercise or Performance Unit award, shall
be subject to all applicable laws, rules and regulations, and to such approvals
by any governmental agencies or national securities exchanges as may be
required.

         17.2. Governing Law. The Plan, and all agreements hereunder, shall be
construed in accordance with and governed by the laws of the State of New
Jersey.

                                      -14-

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