Document:

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                                  Exhibit 4.4

                              IMCO RECYCLING INC.
                          2000 RESTRICTED STOCK PLAN

     The IMCO Recycling Inc. 2000 Restricted Stock Plan (hereinafter called the
"Plan") was adopted by the Board of Directors of IMCO Recycling Inc., a Delaware
corporation (hereinafter called the "Company"), effective as of December 13,
2000.

                                   ARTICLE 1
                                    PURPOSE
                                    -------

     The purpose of the Plan is to attract and retain the services of key
employees of the Company and its Subsidiaries and to provide such persons with a
proprietary interest in the Company through the granting of restricted stock
that will

          (a) increase the interest of such persons in the Company's welfare;

          (b)  furnish an incentive to such persons to continue their services
               for the Company;

          (c)  provide a means through which the Company may attract able
               persons as employees; and

          (d)  in instances where authorized by the Committee, provide certain
               key employees additional incentives to make substantial
               contributions to the Company's growth measured by the attainment
               of performance goals.

                                   ARTICLE 2
                                  DEFINITIONS
                                  -----------

     For the purpose of the Plan, unless the context requires otherwise, the
following terms shall have the meanings indicated:

     2.1  "Award" means a grant of Restricted Stock under the Plan.

     2.2  "Award Agreement" means a written agreement between a Participant and
the Company which sets out the terms of the grant of an Award.

     2.3  "Board" means the board of directors of the Company.

     2.4  "Change of Control" means the occurrence of any of the following
events: (i) there shall be consummated any merger or consolidation pursuant to
which shares of the Company's Common Stock would be converted into cash,
securities or other property, or any sale, lease, exchange or other disposition
(excluding disposition by way of mortgage, pledge or hypothecation), in one
transaction or a series of related transactions, of all or substantially all the
assets of the Company (a "Business Combination"), in each case unless, following
such Business Combination, the holders of the outstanding Common Stock of the
Company immediately prior to such Business Combination beneficially own,
directly or indirectly, more than 55% of the outstanding common stock or
equivalent equity interests of the corporation or entity resulting from such
Business Combination (including, without limitation, a corporation which as a
result of such transaction owns the Company or all or substantially all of the
Company's assets either directly or through one or more subsidiaries) in
substantially the same proportions as their ownership, immediately prior to such
Business Combination, of the outstanding common stock, (ii) the stockholders of
the Company approve any plan or proposal for the complete liquidation or
dissolution of the Company, (iii) any "person" (as such term is defined in
Section
<PAGE>

3(a)(9) or Section 13(d)(3) under the Securities Exchange Act of 1934 (the "1934
Act") or any "group" (as such term is used in Rule 13d-5 promulgated under the
1934 Act) other than an Employer or a successor of an Employer, or any employee
benefit plan of an Employer (including such plan's trustee), becomes a
beneficial owner for purposes of Rule 13d-3 promulgated under the 1934 Act,
directly or indirectly, of securities of the Company representing 25% or more of
the Company's then outstanding common securities having the right to vote in the
election of directors, or (iv) during any period of two consecutive years,
individuals who, at the beginning of such period constituted the entire Board,
cease for any reason (other than death) to constitute a majority of the
directors, unless the elections, or the nomination for election by the Company's
stockholders, of each new director was approved by a vote of at least a majority
of the directors then still in office who were directors at the beginning of the
period. For purposes of this definition, the term "Company" shall include any
successor or assignee of such corporation, which successor or assignee assumes
such status other than pursuant to an event or occurrence constituting a Change
of Control.

     2.5  "Code" means the Internal Revenue Code of 1986, as amended, and the
regulations promulgated thereunder.

     2.6  " Compensation Committee" or "Committee" means the committee appointed
or designated by the Board to administer the Plan in accordance with Article 3
                                                                     ---------
of this Plan.

     2.7  "Common Stock" means the common stock, par value $0.10 per share,
which the Company is currently authorized to issue or may in the future be
authorized to issue.

     2.8  "Date of Grant" means the effective date on which an Award is made to
a Participant as set forth in the applicable Award Agreement.

     2.9  "Employee" means common law employee (as defined in accordance with
the Regulations and Revenue Rulings then applicable under Section 3401(c) of the
Code) of the Company or any Subsidiary of the Company.

     2.10  "Employer" shall mean the Company or any affiliated company or
Subsidiary of the Company that adopts the Plan.

     2.11  "Fair Market Value" of the Company's shares of Common Stock means (i)
the closing sales price per share on the principal securities exchange or
interdealer quotation system on which the Common Stock is then traded or quoted
(or if there is no sale on the relevant date, then on the last previous day on
which a sale was reported), or (ii) the mean between the closing or average (as
the case may be) bid and asked prices per share of Common Stock on the over-the-
counter market, whichever is applicable.

     2.12  "Participant" shall mean an Employee of the Company or a Subsidiary
to whom an Award is granted under this Plan.

     2.13  "Plan" means this IMCO Recycling Inc. 2000 Restricted Stock Plan, as
amended from time to time.

     2.14  "Restricted Stock" means shares of Common Stock issued or transferred
to a Participant pursuant to this Plan which are subject to restrictions or
limitations set forth in this Plan and in the related Award Agreement.

     2.15  "Restriction Period" shall have the meaning set forth in Section
                                                                    -------
6.5(a) hereof.
------

     2.16  "Retirement" means any Termination of Service solely due to
retirement after attaining age 65, or permitted early retirement as determined
by the Committee.
<PAGE>

     2.17  "Subsidiary" means (i) any corporation in an unbroken chain of
corporations beginning with the Company, if each of the corporations other than
the last corporation in the unbroken chain owns stock possessing a majority of
the total combined voting power of all classes of stock in one of the other
corporations in the chain, (ii) any limited partnership, if the Company or any
corporation described in item (i) above owns a majority of the general partner
interests and a majority of the limited partners' interests entitled to vote on
the removal and replacement of the general partner, and (iii) any general
partnership or limited liability company, if the partners or members thereof are
composed only of the Company, any corporation listed in item (i) above or any
limited partnership listed in item (ii) above.  "subsidiaries" means more than
one of any such corporations, limited partnerships, general partnerships or
limited liability companies.

     2.18  "Termination of Service" occurs when a Participant who is an Employee
of the Company or any Subsidiary shall cease to serve as an Employee of the
Company and its Subsidiaries, for any reason.

     2.19  "Total and Permanent Disability" means the Participant's total and
permanent disability, as that term is described in Section 22(e) of the Code.

                                   ARTICLE 3
                                ADMINISTRATION
                                --------------

     The Plan shall be administered by the Compensation Committee of the Board
(or a subcommittee thereof) or another committee appointed by the Board (the
"Committee").  The Committee shall consist of not fewer than two persons. Any
member of the Committee may be removed at any time, with or without cause, by
resolution of the Board.  Any vacancy occurring in the membership of the
Committee may be filled by appointment by the Board.

     The Committee shall select one of its members to act as its Chairman.  A
majority of the Committee shall constitute a quorum, and the act of a majority
of the members of the Committee present at a meeting at which a quorum is
present shall be the act of the Committee.

     The Committee shall determine and designate from time to time the eligible
persons to whom Awards will be granted and shall set forth in each related Award
Agreement, the Date of Grant and such other terms, provisions, limitations, and
performance requirements (if any), as are approved by the Committee, but not
inconsistent with the Plan.

     The Committee, in its discretion, shall (i) interpret the Plan, (ii)
prescribe, amend, and rescind any rules and regulations necessary or appropriate
for the administration of the Plan, and (iii) make such other determinations and
take such other action as it deems necessary or advisable in the administration
of the Plan.  Any interpretation, determination, or other action made or taken
by the Committee shall be final, binding, and conclusive on all interested
parties.

                                   ARTICLE 4
                                  ELIGIBILITY
                                  -----------

     Employees who are eligible to participate in the Plan (including an
Employee who is also a director or an officer) are those Employees whom the
Committee determines are key Employees.  The Committee, upon its own action, may
grant, but shall not be required to grant, an Award to any Employee or potential
Employee of the Company or any Subsidiary.  Awards may be granted by the
Committee at any time and from time to time to new Participants, or to existing
Participants, or to a greater or lesser number of Participants, and may include
or exclude previous Participants, as the Committee shall determine.  Except as
required by this Plan, all Awards shall not be required to contain the same or
similar provisions.  The Committee's determinations under the Plan (including
without limitation determinations of which Employees or potential Employees, if
any, are to receive Awards, the form, amount and timing of such Awards, the
terms and provisions of such Awards and the agreements evidencing same) need not
be uniform and may be made by it selectively among Employees who receive, or are
eligible to receive, Awards under the Plan.

                                   ARTICLE 5
                            SHARES SUBJECT TO PLAN
                            ----------------------

     Subject to adjustment as provided in Articles 9 and 10, the maximum number
                                          -----------------
of shares of Common Stock that may be delivered pursuant to Awards granted under
the Plan is (a) Three Hundred Thousand (300,000) shares; plus (b) any shares of
Common Stock previously subject to Awards which are forfeited, terminated,
settled in cash in lieu of
<PAGE>

Common Stock, or exchanged for other awards that do not involve Common Stock.
Shares to be issued or delivered shall be made available only from Common Stock
held by the Company in its treasury or Common Stock purchased by the Company on
the open market or otherwise.

                                   ARTICLE 6
                                GRANT OF AWARDS
                                ---------------

     6.1  In General.  The grant of an Award shall be authorized by the
Committee and shall be evidenced by an Award Agreement setting forth the Award
being granted, the total number of shares of Common Stock subject to the Award,
the Date of Grant, and such other terms, provisions, limitations, and
performance objectives (if any), as are approved by the Committee, but not
inconsistent with the Plan.  The Company shall execute an Award Agreement with a
Participant after the Committee approves the issuance of an Award. Any Award
granted pursuant to this Plan must be granted within ten (10) years of the date
of adoption of this Plan. The grant of an Award to a Participant shall not be
deemed either to entitle the Participant to, or to disqualify the Participant
from, receipt of any other Award under the Plan.

     If the Committee establishes a purchase price for an Award, the Participant
must accept such Award within a period of 30 days (or such shorter period as the
Committee may specify) after the Date of Grant by executing the applicable Award
Agreement and paying such purchase price.

     6.2  Maximum Individual Grants.  No Participant may receive, during any
fiscal year of the Company, Awards covering an aggregate of more than Fifty
Thousand (50,000) shares of Common Stock.

     6.3  Award Agreement.  The Committee shall set forth in the related Award
Agreement: (i) the number of shares of Common Stock awarded, (ii) the price, if
any, to be paid by the Participant for such Restricted Stock, (iii) the time or
times within which such Award may be subject to forfeiture, (iv) specified
performance goals (if applicable) of the Company, a Subsidiary, any division
thereof or any group of Employees of the Company, or any other criteria, which
the Committee determines must be met in order to remove any restrictions on
(including vesting of) such Award, and (v) all other terms, limitations,
restrictions, and conditions of the Restricted Stock, which shall be consistent
with this Plan.  The provisions of a Restricted Stock Award need not be the same
with respect to each Participant.

     6.4  Custody of Shares; Legend on Shares.  Each Participant who is awarded
Restricted Stock shall be issued a stock certificate or certificates in respect
of such shares of Common Stock.  Such certificate(s) shall be registered in the
name of the Participant, and shall bear an appropriate legend referring to the
terms, conditions, and restrictions applicable to such Restricted Stock,
substantially as provided in Section 13.8 of the Plan.  The Committee may
                             ------------
require that the stock certificates evidencing shares of Restricted Stock be
held in custody by the Company until the restrictions thereon shall have lapsed,
and that the Participant deliver to the Committee a stock power or stock powers,
endorsed in blank, relating to the shares of Restricted Stock.

     6.5  Restrictions and Conditions.  Shares of Restricted Stock shall be
subject to the following restrictions and conditions:

          (a)  No Disposition During Restriction Period. Subject to the other
               ----------------------------------------
     provisions of this Plan and the terms of the particular Award Agreements,
     during such period as may be determined by the Committee commencing on the
     Date of Grant (the "Restriction Period"), the Participant shall not be
     permitted to sell, transfer, pledge, assign, or otherwise dispose of shares
     of Restricted Stock. The Restriction Period for shares of Restricted Stock
     shall commence on the Date of Grant of such shares and, subject to Article
                                                                        -------
     10 of the Plan, shall expire upon satisfaction of the conditions set forth
     --
     in the Award Agreement; such conditions may provide for vesting based on
     (i) length of continuous service, (ii) achievement of specific business
     objectives, (iii) increases in specified indices, (iv) attainment of
     specified growth rates, or (v) other comparable measurements of Company
     performance (or that of any Subsidiary or division thereof), as may be
     determined by the Committee in its sole discretion.

         (b)  Rights During Restriction Period. Except as provided in paragraph
              --------------------------------
     (a) above or herein below, the Participant shall have, with respect to his
     or her Restricted Stock, all of the rights of a stockholder of the Company.
     The Participant shall not be entitled to receive any dividends with respect
     to nonvested shares of Restricted Stock during the Restriction Period and
     no dividends shall accrue with respect thereto. The Participant shall be
     entitled to vote the shares of Restricted Stock during the Restriction
     Period to the same extent as would have been applicable to the Participant
     if the Participant was then vested in the shares;
<PAGE>

     provided, however, that the Participant shall not be entitled to vote the
     shares with respect to record dates occurring prior to the Date of Grant,
     or with respect to record dates occurring on or after the date, if any, on
     which the Participant has forfeited the Restricted Stock.

          (c) Lapse of Restrictions.  Certificates for shares of Common Stock
              ---------------------
     free of restriction under this Plan shall be delivered to the Participant
     promptly after, and only after, the particular Restriction Period shall
     expire as a result of satisfaction of the conditions set forth in the Award
     Agreement.

          (d) Forfeiture.  Subject to the provisions of the particular Award
              ----------
     Agreement, upon Termination of Service for any reason other than the
     Participant's death, Total and Permanent Disability, or Retirement during
     the Restriction Period, the nonvested shares of Restricted Stock shall be
     forfeited by the Participant.  In addition, an Award Agreement may provide
     for forfeiture of shares of Restricted Stock upon the occurrence of other
     events, including failure to achieve certain goals or objectives during a
     specified period of time.  In the event a Participant has paid any
     consideration to the Company for such forfeited Restricted Stock, the
     Company shall, as soon as practicable after the event causing forfeiture
     (but in any event within five (5) business days), pay to the Participant,
     in cash, an amount equal to the total consideration paid by the Participant
     for such forfeited shares. Upon any forfeiture, all rights of a Participant
     with respect to the forfeited shares of the Restricted Stock shall cease
     and terminate, without any further obligation on the part of the Company.
     Certificates for the shares of Common Stock forfeited under the provisions
     of the Plan and the applicable Award Agreement shall be promptly returned
     to the Company by the forfeiting Participant.  Each Award Agreement shall
     require that (i) each Participant, by his or her acceptance of Restricted
     Stock, irrevocably grants to the Company a power of attorney to transfer to
     the Company any shares so forfeited, and agrees to execute any documents or
     instruments (including stock powers) requested by the Company in connection
     with such forfeiture and transfer, and (ii) such provisions regarding
     returns and transfers of stock certificates with respect to forfeited
     shares of Common Stock shall be specifically performable by the Company in
     a court of equity or law.

                                   ARTICLE 7
                          AMENDMENT OR DISCONTINUANCE
                          ---------------------------

     Subject to the limitations set forth in this Article 7, the Board may at
                                                  ---------
any time and from time to time, without the consent of the Participants, alter,
amend, revise, suspend, or discontinue the Plan in whole or in part.
Notwithstanding anything contained in this Plan to the contrary, unless required
by law, no action contemplated or permitted by this Article 7 shall adversely
                                                    ---------
affect any rights of Participants or obligations of the Company to Participants
with respect to any Award theretofore granted under the Plan without the consent
of the affected Participant.

                                   ARTICLE 8
                                     TERM
                                     ----

     The Plan shall be effective from the date that this Plan is approved by the
Board.  Unless sooner terminated by action of the Board, the Plan will terminate
on December 13 , 2010, but Awards granted before that date will continue to be
effective in accordance with their terms and conditions.

                                   ARTICLE 9
                              CAPITAL ADJUSTMENTS
                              -------------------

     If at any time while the Plan is in effect, or Awards are outstanding,
there shall be any increase or decrease in the number of issued and outstanding
shares of Common Stock resulting from (a) the declaration or payment of a stock
dividend, (b) any recapitalization resulting in a stock split-up, combination,
or exchange of shares of Common Stock, or (c) other increase or decrease in such
shares of Common Stock effected without receipt of any consideration by the
Company, then and in such event:

          (i) An appropriate adjustment shall be made in the maximum number of
     shares of Common Stock then subject to being awarded under the Plan and in
     the maximum number of shares of Common Stock that may be awarded to a
     Participant to the end that the same proportion of the Company's issued and
     outstanding shares of Common Stock shall continue to be subject to being so
     awarded; and
<PAGE>

          (ii) Appropriate adjustments shall be made in the number of
     outstanding shares of Restricted Stock with respect to which the applicable
     Restriction Period has not expired prior to any such change.

     Except as otherwise expressly provided herein, the issuance by the Company
of shares of its capital stock of any class, or securities convertible into
shares of capital stock of any class, either in connection with direct sale or
upon the exercise of rights, options, or warrants to subscribe therefor, or upon
conversion of shares or obligations of the Company convertible into such shares
or other securities, shall not affect, and no adjustment by reason thereof shall
be made with respect to, the number of outstanding shares of Restricted Stock.

     Upon the occurrence of each event requiring an adjustment with respect to
any  Award, the Company shall mail to each affected Participant its computation
of such adjustment which shall be conclusive and shall be binding upon each such
Participant.

                                  ARTICLE 10
                         RECAPITALIZATION, MERGER AND
                       CONSOLIDATION; CHANGE IN CONTROL
                       --------------------------------

     10.1  Right of the Company.  The existence of this Plan and Awards granted
hereunder shall not affect in any way the right or power of the Company or its
stockholders to make or authorize any or all adjustments, recapitalizations,
reorganizations, or other changes in the Company's capital structure and its
business, or any merger or consolidation of the Company, or any issue of bonds,
debentures, preferred or preference stocks ranking prior to or otherwise
affecting the Common Stock or the rights thereof (or any rights, options, or
warrants to purchase same), or the dissolution or liquidation of the Company, or
any sale or transfer of all or any part of its assets or business, or any other
corporate act or proceeding, whether of a similar character or otherwise.

     10.2  Merger, Consolidation if the Company is Survivor.  Subject to any
required action by the stockholders (and except as otherwise provided in Section
                                                                         -------
10.3 below), if the Company shall be the surviving or resulting corporation in
----
any merger, consolidation or share exchange, any Award granted hereunder shall
pertain to and apply to the securities or rights (including cash, property, or
assets) to which a holder of the number of shares of Common Stock subject to the
Award would have been entitled.

     10.3  Merger, Consolidation if the Company is Not Survivor.  In the event
of any merger, consolidation or share exchange pursuant to which the Company is
not the surviving or resulting corporation (or the Company is the surviving
entity but the Common Stock of the Company is exchanged for cash, property,
securities or other consideration of or from any other entity), there shall be
substituted for each share of Common Stock subject to the unexercised portions
of such outstanding Awards, (i) that number of shares of each class of stock or
other securities or that amount of cash, property, or assets of the surviving,
resulting or consolidated entity which were distributed or distributable to the
stockholders of the Company in respect of each share of Common Stock held by
them, or (ii) such number of shares of stock, or other securities, or such
amount of cash, property or assets (or any combination thereof) as proportionate
in value as reasonably practicable to the consideration distributed or
distributable to the stockholders of the Company with respect to each share of
Common Stock held by them.

     10.4  Change of Control.  In the event of a Change of Control, the
acceleration of vesting of nonvested shares of Restricted Stock and the
expiration of the Restriction Period(s) with respect thereto shall be governed
by the provisions of the applicable Award Agreement.

                                  ARTICLE 11
                          LIQUIDATION OR DISSOLUTION
                          --------------------------

     In case the Company shall, at any time while any Award under this Plan
shall be in force and its Restriction Period remains unexpired, (i) sell all or
substantially all of its property, or (ii) dissolve, liquidate, or wind up its
affairs, then each Participant shall be thereafter entitled to receive, in lieu
of each share of Common Stock of the Company which such Participant would have
been entitled to receive under the Award, the same kind and amount of any
securities or assets as may be issuable, distributable, or payable upon any such
sale, dissolution, liquidation, or winding up with respect to each share of
Common Stock of the Company.
<PAGE>

                                  ARTICLE 12
                          AWARDS IN SUBSTITUTION FOR
                     AWARDS GRANTED BY OTHER CORPORATIONS
                     ------------------------------------

     Awards may be granted under the Plan from time to time in substitution for
similar instruments held by employees of a corporation who become or are about
to become key Employees of the Company or any Subsidiary as a result of a merger
or consolidation of the employing corporation with the Company or the
acquisition by the Company of stock of the employing corporation.  The terms and
conditions of the substitute Awards so granted may vary from the terms and
conditions set forth in this Plan to such extent as the Committee at the time of
grant may deem appropriate to conform, in whole or in part, to the provisions of
the awards  in substitution for which they are granted.

                                  ARTICLE 13
                           MISCELLANEOUS PROVISIONS
                           ------------------------

     13.1  Investment Intent.  The Company may require that there be presented
to and filed with it by any Participant under the Plan, such evidence as it may
deem necessary to establish that the Award granted or the shares of Common Stock
to be transferred to the Participants are being acquired for investment and not
with a view to their distribution.

     13.2  No Right to Continued Employment.  Neither the Plan nor any Award
granted under the Plan shall confer upon any Participant any right with respect
to continuance of employment by the Company or any Subsidiary.

     13.3  Indemnification of Board and Committee.  No member of the Board or
the Committee, nor any officer or Employee of the Company acting on behalf of
the Board or the Committee, shall be personally liable for any action,
determination, or interpretation taken or made in good faith with respect to the
Plan, and all members of the Board or the Committee, and each officer or
employee of the Company acting on their behalf shall, to the extent permitted by
law, be fully indemnified and protected by the Company in respect of any such
action, determination, or interpretation.

     13.4  Effect of the Plan.  Neither the adoption of this Plan nor any action
of the Board or the Committee shall be deemed to give any person any right to be
granted an Award or any other rights except as may be evidenced by an Award
Agreement, or any amendment thereto, duly authorized by the Committee and
executed on behalf of the Company, and then only to the extent and upon the
terms and conditions expressly set forth therein.

     13.5  Compliance With Other Laws and Regulations.   Notwithstanding
anything contained herein to the contrary, the Company shall not be required to
issue or deliver shares of Common Stock under any Award if the issuance or
delivery thereof would constitute a violation by the Participant or the Company
of any provisions of any law or regulation of any governmental authority or the
rules of any national securities exchange or inter-dealer quotation system or
other forum in which shares of Common Stock are quoted or traded; and, as a
condition of any sale or issuance of shares of Common Stock under an Award, the
Committee may require such agreements or undertakings, if any, as the Committee
may deem necessary or advisable to assure compliance with any such law or
regulation.  The Plan, the grant of Awards hereunder, and the obligation of the
Company to deliver shares of Common Stock, shall be subject to all applicable
federal and state laws, rules and regulations and to such approvals by any
government or regulatory agency as may be required.

     13.6  Tax Requirements.  The Company shall have the right to deduct from
all amounts hereunder paid in cash or other form, any Federal, state, or local
taxes required by law to be withheld with respect to such payments.  The
Participant receiving shares of Common Stock issued under the Plan shall be
required to pay the Company an amount that will satisfy the minimum amount of
any taxes which the Company is required to withhold with respect to such shares
of Common Stock.

     13.7  Use of Proceeds.  Proceeds from any sale of shares of Common Stock
pursuant to Awards granted under this Plan shall constitute general funds of the
Company.

     13.8  Legend.  In the event that the stock certificate or certificates
representing shares of Restricted Stock issued to a Participant are not held in
custody by the Company pursuant to Section 6.4, such certificate(s) so held by
the Participant shall bear the following legend, or a similar legend deemed by
the Company to constitute an appropriate notice of the provisions hereof :

     On the face of the certificate:
<PAGE>

          "Transfer of this stock is restricted in accordance with conditions
          printed on the reverse of this certificate."

          On the reverse:

          "The shares of stock evidenced by this certificate are subject to and
          transferable only in accordance with the terms of the IMCO Recycling
          Inc. 2000 Restricted Stock Plan, a copy of which is on file at the
          principal executive offices of the Company in Irving, Texas.  No
          transfer or pledge of the shares evidenced hereby may be made except
          in accordance with and subject to the provisions of said Plan.  By
          acceptance of this certificate, any holder, transferee or pledgee
          hereof agrees to be bound by all of the provisions of said Plan."

     The following legend shall be inserted on each certificate evidencing
Common Stock issued under the Plan if the shares were not issued in a
transaction registered under the applicable federal and state securities laws:

          "Shares of stock represented by this certificate have been acquired by
          the holder for investment and not for resale, transfer or
          distribution, have been issued pursuant to exemptions from the
          registration requirements of applicable state and federal securities
          laws, and may not be offered for sale, sold or transferred other than
          pursuant to effective registration under such laws, or in transactions
          otherwise in compliance with such laws, and upon evidence satisfactory
          to the Company of compliance with such laws, as to which the Company
          may rely upon an opinion of counsel satisfactory to the Company."

     A copy of this Plan shall be kept on file in the principal executive
offices of the Company in Irving, Texas.
<PAGE>

     IN WITNESS WHEREOF, the Company has caused this instrument to be executed
pursuant to action taken by the Board.

                              IMCO Recycling Inc.

                              By:   /s/ Paul V. Dufour
                                    ---------------------------------------

                              Name: Paul V. Dufour
                                    ---------------------------------------

                             Title: Executive Vice President - Finance and
                                    ---------------------------------------
                                    Administration, Chief Financial Officer
                                    ---------------------------------------
                                    and Secretary
                                    ---------------------------------------EXHIBIT 4.5

                        INFINITY BROADCASTING CORPORATION
                          1999 LONG-TERM INCENTIVE PLAN
                           (As amended March 20, 2000)

                                    ARTICLE I
                                     GENERAL

1.1      Purpose

         The purposes of the 1999 Long-Term Incentive Plan, as amended from time
to time (the "Plan") for eligible employees of Infinity Broadcasting Corporation
("Corporation") and its subsidiaries (the Corporation and its subsidiaries
severally and collectively referred to in the Plan as the "Company") are to
foster and promote the long-term financial success of the Company and materially
increase stockholder value by: (i) attracting and retaining employees of
outstanding ability; (ii) strengthening the Company's capability to develop,
maintain and direct a high performance team; (iii) motivating employees, by
means of performance-related incentives, to achieve long-range performance
goals; (iv) providing incentive compensation opportunities competitive with
those of other major companies; and (v) enabling employees to participate in the
long-term growth and financial success of the Company.

1.2      Administration

         (a) The Plan will be administered by a committee of the Board of
Directors of the Corporation ("Committee") which will consist of two or more
members. The members will be appointed by the Board of Directors, and any
vacancy on the Committee will be filled by the Board of Directors or in a manner
authorized by the Board.

         (b) Subject to the limitations of the Plan, the Committee will have the
sole and complete authority: (i) to select in accordance with Section 1.3
persons who will participate in the Plan ("Participant" or "Participants")
(including the right to delegate authority to select Participants); (ii) to make
Awards and payments in such forms and amounts as it may determine (including the
right to delegate authority to make Awards within limits approved from time to
time by the Committee); (iii) to impose such limitations, restrictions, terms
and conditions upon such Awards as the Committee or its authorized delegates
deems appropriate; (iv) to interpret the Plan and the terms of any document
relating to the Plan and to adopt, amend and rescind administrative guidelines
and other rules and regulations relating to the Plan; (v) to amend or cancel an
existing Award in whole or in part (including the right to delegate authority to
amend or cancel an existing Award in whole or in part within limits approved
from time to time by the Committee), except that the Committee and its
authorized delegates may not, unless otherwise provided in the Plan, or unless
the Participant affected thereby consents, take any action under this clause
that would adversely affect the rights of such Participant with respect to the
Award, and except that the Committee and its authorized delegates may not,
unless otherwise provided in the Plan, take any action to amend any outstanding
Option under the Plan in order to decrease the Option Price under such Option;
and (vi) to make all other determinations and to take all other actions
necessary or advisable for the interpretation,

<PAGE>

implementation and administration of the Plan. The Committee's determinations on
matters within its authority will be conclusive and binding upon the Company and
all other persons.

         (c) The Committee will act with respect to the Plan on behalf of the
Corporation and on behalf of any subsidiary issuing stock under the Plan,
subject to appropriate action by the board of directors of any such subsidiary.
All expenses associated with the Plan will be borne by the Corporation subject
to such allocation to its subsidiaries and operating units as it deems
appropriate.

1.3      Selection for Participation

         Participants selected by the Committee (or its authorized delegates)
must be Eligible Persons, as defined below. "Eligible Persons" are persons who
are employees of the Company or its parent corporation(s) or their subsidiaries
("Employee" or "Employees"). Eligible Persons will also include independent
contractors of the Company as to an Award if the person is an independent
contractor at the time the Award is granted. In making this selection and in
determining the form and amount of Awards, the Committee may give consideration
to the functions and responsibilities of the Eligible Person, his or her past,
present and potential contributions to the Company and such other factors as the
Committee deems relevant.

1.4      Types of Awards under Plan

         Awards ("Awards") under the Plan may be in the form of any one or more
of the following: (i) Non-statutory stock options ("NSOs" or "Options"), as
described in Article II; (ii) Stock Appreciation Rights ("SARs") and Participant
Limited Stock Appreciation Rights ("Participant Limited Rights"), as described
in Article II; (iii) Performance Awards ("Performance Awards") as described in
Article IV; and (iv) Restricted Stock ("Restricted Stock") and Restricted Units
("Restricted Units"), each as described in Article V.

1.5      Shares Subject to the Plan

         Shares of stock issued under the Plan may be in whole or in part
authorized and unissued or treasury shares of the Corporation's Class A Common
Stock, par value $0.01 per share ("Common Stock"), or "Formula Value Stock" as
defined in Section 8.12(d) (Common Stock and Formula Value Stock severally and
collectively referred to in the Plan as "Stock").

         The maximum number of shares of Stock which may be issued for all
purposes under the Plan will be 7,500,000, plus such additional shares as the
Board of Directors or the Committee or their respective delegee may, from time
to time, authorize by a resolution or resolutions duly adopted by said Board of
Directors or Committee.

         Except as otherwise provided below, any shares of Stock subject to an
Option or other Award which is canceled or terminates without any shares having
been issued pursuant thereto having been exercised will again be available for
Awards under the Plan. Shares subject to an Option canceled upon the exercise of
an SAR will not again be available for Awards under the Plan except to the
extent the SAR is settled in cash. To the extent that an Award is settled in
cash, shares of Stock subject to that Award will again be available for Awards.
Shares of Stock tendered by a Participant

                                       2
<PAGE>

or withheld by the Company to pay the exercise price of an Option or to satisfy
the tax withholding obligations of the exercise or vesting of an Award will be
available again for Awards under the Plan. Shares of Restricted Stock forfeited
to the Company in accordance with the Plan and the terms of the particular Award
will be available again for Awards under the Plan.

         No fractional shares will be issued, and the Committee will determine
the manner in which fractional share value will be treated.

                                   ARTICLE II
                                  STOCK OPTIONS

2.1      Award of Stock Options

         The Committee may, from time to time, subject to the provisions of the
Plan and such other terms and conditions as the Committee may prescribe, award
to any Participant Options to purchase Stock.

         The Committee may provide with respect to any Option to purchase Stock
that, if the Participant, while an Eligible Person, exercises the Option in
whole or in part using already-owned Stock, the Participant will, subject to
this Section 2.1 and such other terms and conditions as may be imposed by the
Committee, receive an additional option ("Reload Option"). The Reload Option
will be to purchase, at Fair Market Value as of the date the original Option was
exercised, a number of shares of Stock equal to the number of whole shares used
by the Participant to exercise the original Option. The Reload Option will be
exercisable only between the date of its grant and the date of expiration of the
original Option.

         A Reload Option will be subject to such additional terms and conditions
as the Committee may approve, which terms may provide that the Committee may
cancel the Participant's right to receive the Reload Option and that the Reload
Option will be granted only if the Committee has not canceled such right prior
to the exercise of the original Option. Such terms may also provide that, upon
the exercise by a Participant of a Reload Option while an Eligible Person, an
additional Reload Option will be granted with respect to the number of whole
shares used to exercise the first Reload Option.

2.2      Stock Option Agreements

         The award of an Option will be evidenced by a written agreement ("Stock
Option Agreement") in such form and containing such terms and conditions as the
Committee may from time to time determine. The Committee may also at any time
and from time to time provide for the deferral of delivery of any shares for
which the Option may be exercisable until a specified date or dates and subject
to terms and conditions determined by the Committee.

                                       3
<PAGE>

2.3      Option Price

         The purchase price of Stock under each Option ("Option Price") will not
be less than the Fair Market Value of such Stock on the date the Option is
awarded.

2.4      Exercise and Term of Options

         (a) Except as otherwise provided in the Plan, Options will become
exercisable at such time or times as the Committee may specify. The Committee
may at any time and from time to time accelerate the time at which all or any
part of the Option may be exercised.

         (b) The Committee will establish procedures governing the exercise of
Options and will require that notice of exercise be given. Stock purchased on
exercise of an Option must be paid for as follows: (1) in cash or by check
(acceptable to the Company in accordance with guidelines established for this
purpose), bank draft or money order payable to the order of the Company; or (2)
if so provided by the Committee: (i) through the delivery of shares of Stock
which are then outstanding and which have a Fair Market Value on the date of
exercise equal to the exercise price, (ii) by delivery of an unconditional and
irrevocable undertaking by a broker to deliver promptly to the Company
sufficient funds to pay the exercise price, or (iii) by any combination of the
permissible forms of payment.

2.5      Termination of Eligibility

         Unless the Committee provides otherwise: (a) in the event the
Participant is no longer an Eligible Person and ceased to be such as a result of
termination of service to the Company with the consent of the Committee or as a
result of his or her death, retirement or disability, each of his or her
outstanding Options will be exercisable by the Participant (or his or her legal
representative or designated beneficiary), to the extent that such Option was
then exercisable, at any time prior to an expiration date established by the
Committee at the time of award, but in no event after such expiration date; (b)
in the event an Award is made to the estate of a person who died while an
Employee, each outstanding Option held by such estate will be exercisable by the
estate (or the distributee of said estate) at any time prior to an expiration
date established by the Committee at the time of award; and (c) if the
Participant ceases to be an Eligible Person for any other reason, all of the
Participant's then outstanding Options will terminate immediately.

2.6      Company Limited Rights

         If so provided in the Stock Option Agreement, as it may be amended from
time to time, in the event of a Change in Control (as defined in Article VII of
the Plan), the Company will have the right to cancel any portion of the Option
(whether vested or nonvested) that remains unexercised on the date the Company
exercises its Company Limited Right pursuant to this Section 2.6 (or the entire
Option if no part of the Option has yet been exercised) in exchange for a
payment in cash of an amount equal to the number of shares of Common Stock as to
which the Option remains unexercised at the time the Company exercises such
right multiplied by the excess of (a) the higher of (x) the Minimum Price Per
Share (as defined below), or (y) the highest reported closing sale price of a
share of the Common Stock on the New York Stock Exchange at any time during the
period beginning on the sixtieth (60th) day prior to the date on which the
Company exercises such right and ending on the date on which the Company
exercises such right, over (b) the Option Price per share.

                                       4
<PAGE>

         For purposes of this Section 2.6, unless otherwise provided in the
relevant Stock Option Agreement, the term "Minimum Price Per Share" will mean
the highest gross price (before brokerage commissions and soliciting dealers'
fees) paid or to be paid for a share of Common Stock (whether by way of
exchange, conversion, distribution upon liquidation or otherwise) in any Change
in Control which is in effect at any time during the period beginning on the
sixtieth (60th) day prior to the date on which the Company exercises such right
and ending on the date on which the Company exercises such right. For purposes
of this definition, if the consideration paid or to be paid in any such Change
in Control consists, in whole or in part, of consideration other than cash, then
the Board will take such action as in its judgment it deems appropriate to
establish the cash value of such consideration.

         The Company's right to cancel an Option pursuant to Section 2.6 may be
exercised at any time until the end of the thirtieth (30th) day following the
occurrence of the Change in Control.

                                   ARTICLE III
                  STOCK APPRECIATION RIGHTS AND LIMITED RIGHTS

3.1      Award of Stock Appreciation Right

         (a) An SAR is an Award entitling the recipient on exercise to receive
an amount, in cash or Stock or a combination thereof (such form to be determined
by the Committee), determined in whole or in part by reference to appreciation
in Stock value.

         (b) In general, an SAR entitles the Participant to receive, with
respect to each share of Stock as to which the SAR is exercised, the excess of
the share's Fair Market Value on the date of exercise over its Fair Market Value
on the date the SAR was granted.

         (c) SARs may be granted in tandem with Options granted under the Plan
("Tandem SARs") or independently of Options ("Independent SARs"). An SAR granted
in tandem with an NSO may be granted either at or after the time the Option is
granted.

         (d) SARs awarded under the Plan will be evidenced by either a Stock
Option Agreement (when SARs are granted in tandem with an Option) or a separate
written agreement between the Company and the Participant in such form and
containing such terms and conditions as the Committee may from time to time
determine.

         (e) Except as otherwise provided herein, a Tandem SAR will be
exercisable only at the same time and to the same extent and subject to the same
conditions as the Option related thereto is exercisable, and the Committee may
prescribe additional conditions and limitations on the exercise of the SAR. The
exercise of a Tandem SAR will cancel the related Option. Tandem SARs may be
exercised only when the Fair Market Value of Stock to which it relates exceeds
the Option Price.

                                       5
<PAGE>

         (f) Except as otherwise provided herein, an Independent SAR will become
exercisable at such time or times, and on such conditions, as the Committee may
specify, and the Committee may at any time accelerate the time at which all or
any part of the SAR may be exercised.

         The Committee may provide, under such terms and conditions as it may
deem appropriate, for the automatic grant of additional SARs upon the full or
partial exercise of an Independent SAR.

         Any exercise of an Independent SAR must be in writing, signed by the
proper person and delivered or mailed to the Company, accompanied by any other
documents required by the Committee.

         (g) Except as otherwise provided herein, all SARs will automatically be
exercised on the last trading day prior to the expiration date established by
the Committee at the time of the award for the SAR, or, in the case of a Tandem
SAR, for the related Option, so long as exercise on such date will result in a
payment to the Participant.

         (h) Unless otherwise provided by the Committee, no SAR will become
exercisable or will be automatically exercised for six months following the date
on which it was granted or the effective date of the Plan, whichever is later.

         (i) At the time of award of an SAR, the Committee may limit the amount
of the payment that may be made to a Participant upon the exercise of the SAR.
The Committee may further determine that, if the amount to be received by a
Participant in any year is limited pursuant to this provision, payment of all or
a portion of the amount that is unpaid as a result of the limitation may be made
to the Participant at a subsequent time. No such limitation will require a
Participant to return to the Company any amount theretofore received by him or
her upon the exercise of an SAR.

         (j) Payment of the amount to which a Participant is entitled upon the
exercise of an SAR will be made in cash, Stock, or partly in cash and partly in
Stock, as the Committee may determine. To the extent that payment is made in
Stock, the shares will be valued at their Fair Market Value on the date of
exercise of the SAR. The Committee may also at any time and from time to time
provide for the deferral of delivery of any shares and/or cash for which the SAR
may be exercisable until a specified date or dates and subject to terms and
conditions determined by the Committee.

         (k) Unless otherwise determined by the Committee, each SAR will expire
on the first to occur of the first of the following: (i) the expiration date set
by the Committee at the time of an award of an SAR, (ii) in the case of a Tandem
SAR, termination of the related Option, (iii) expiration of a period of six
months after the Participant's ceasing to be an Eligible Person as a result of
termination of service to the Company with the consent of the Committee or as a
result of his or her death, retirement or disability, or (iv) the Participant
ceasing to be an Eligible Person for any other reason.

3.2      Participant Limited Rights

         (a) The Committee may award Participant Limited Rights pursuant to the
provisions of this Section 3.2 to the holder of an Option to purchase Common
Stock granted under the Plan (a

                                       6
<PAGE>

"Related Option") with respect to all or a portion of the shares subject to the
Related Option. A Limited Right may be exercised only during the period
beginning on the first day following a Change in Control, as defined in Article
VII of the Plan, and ending on the thirtieth (30th) day following such date.
Each Participant Limited Right will be exercisable only to the same extent that
the Related Option is exercisable, and in no event after the termination of the
Related Option. Participant Limited Rights will be exercisable only when the
Fair Market Value (determined as of the date of exercise of the Participant
Limited Rights) of each share of Common Stock with respect to which the
Participant Limited Rights are to be exercised exceeds the Option Price per
share of Common Stock subject to the Related Option.

         (b) Upon the exercise of Participant Limited Rights, the Related Option
will be considered to have been exercised to the extent of the number of shares
of Common Stock with respect to which such Participant Limited Rights are
exercised. Upon the exercise or termination of the Related Option, the
Participant Limited Rights with respect to such Related Option will be
considered to have been exercised or terminated to the extent of the number of
shares of Common Stock with respect to which the Related Option was so exercised
or terminated.

         (c) The effective date of the grant of a Limited Right will be the date
on which the Committee approves the grant of such Limited Right. Each grantee of
a Limited Right will be notified promptly of the grant of the Limited Right in
such manner as the Committee prescribes.

         (d) Upon the exercise of Limited Rights, the holder thereof will
receive in cash an amount equal to the product computed by multiplying (i) the
excess of (a) the higher of (x) the Minimum Price Per Share (as hereinafter
defined), or (y) the highest reported closing sales price of a share of Common
Stock on the New York Stock Exchange at any time during the period beginning on
the sixtieth (60th) day prior to the date on which such Participant Limited
Rights are exercised and ending on the date on which such Participant Limited
Rights are exercised, over (b) the Option Price per share of Common Stock
subject to the Related Option, by (ii) the number of shares of Common Stock with
respect to which such Participant Limited Rights are being exercised.

         (e) For purposes of this Section 3.2, the term "Minimum Price Per
Share" will mean the highest gross price (before brokerage commissions and
soliciting dealers' fees) paid or to be paid for a share of Common Stock
(whether by way of exchange, conversion, distribution upon liquidation or
otherwise) in any Change in Control which is in effect at any time during the
period beginning on the sixtieth (60th) day prior to the date on which such
Participant Limited Rights are exercised and ending on the date on which such
Participant Limited Rights are exercised. For purposes of this definition, if
the consideration paid or to be paid in any such Change in Control will consist,
in whole or in part, of consideration other than cash, the Board will take such
action, as in its judgment it deems appropriate, to establish the cash value of
such consideration.

                                       7
<PAGE>

                                   ARTICLE IV
                               PERFORMANCE AWARDS

4.1      Nature of Performance Awards

         A Performance Award provides for the recipient to receive an amount in
cash or Stock or a combination thereof (such form to be determined by the
Committee) following the attainment of Performance Goals. Performance Goals may
be related to personal performance, corporate performance (including corporate
stock performance), departmental performance or any other category of
performance deemed by the Committee to be important to the success of the
Company or may be related to the occurrence of any triggering event or events
that the Committee may deem appropriate. The Committee will determine the
Performance Goals, the period or periods during which performance is to be
measured or otherwise determined and all other terms and conditions applicable
to the Award. Regardless of the degree to which Performance Goals are attained,
a Performance Award will be paid only when, if and to the extent that the
Committee determines to make such payment.

4.2      Other Awards Subject to Performance Condition

         The Committee may, at the time any Award described in this Plan is
granted, impose the condition (in addition to any conditions specified or
authorized in the Plan) that Performance Goals be met prior to the Participant's
realization of any payment or benefit under the Award.

                                    ARTICLE V
                      RESTRICTED STOCK AND RESTRICTED UNITS

5.1      Awards of Restricted Stock and Restricted Units

         The Committee may award to any Participant shares of Stock subject to
this Article V and such other terms and conditions as the Committee may
prescribe, such Stock referred to herein as "Restricted Stock." Each certificate
for Restricted Stock will be registered in the name of the Participant and
deposited by him or her, together with a stock power endorsed in blank, with the
Corporation.

         The Committee may also award to any Participant Restricted Units
subject to this Article V and such other terms and conditions as the Committee
may prescribe. For purposes hereof, a "Restricted Unit" will mean any award of a
contractual right granted under this Article V to receive Stock (or, at the
discretion of the Committee, cash in an amount based on the Fair Market Value of
the Stock, or a combination of Stock and cash) which would become vested and
nonforfeitable, in whole or in part, upon the completion of such period of
service as may be determined by the Committee.

5.2      Restricted Stock/Restricted Unit Agreement

         Awards of Restricted Stock and Restricted Units under the Plan will be
evidenced by a written agreement in such form and containing such terms and
conditions as the Committee may determine.

                                       8
<PAGE>

5.3      Restriction Period; Dividend Equivalents

         At the time of award of Restricted Stock or Restricted Units, there
will be established for each Participant a "Restriction Period" of such length
as the Committee determines. The Restriction Period may be waived by the
Committee. Shares of Restricted Stock and Restricted Units may not be sold,
assigned, transferred, pledged or otherwise encumbered, except as hereinafter
provided.

         Subject to such restrictions on transfer, the Participant as owner of
such shares of Restricted Stock will have the rights of the holder of such
Restricted Stock, except that the Committee may provide at the time of the Award
that any dividends or other distributions paid with respect to such Stock during
the Restriction Period will be accumulated and held by the Company and will be
subject to the same forfeiture provisions and the same restrictions on transfer
as apply to the shares of Restricted Stock with respect to which they were paid.

         Upon the expiration or waiver by the Committee of the Restriction
Period and the satisfaction (as determined by the Committee) of any other
conditions determined by the Committee, restrictions applicable to the
Restricted Stock or Restricted Units will lapse and the Corporation will, in the
case of Restricted Stock, redeliver to the Participant (or his or her legal
representative or designated beneficiary) the shares deposited pursuant to
Section 5.1 free and clear of all restrictions except as may be imposed by law
and, in the case of Restricted Units, will pay out such units as provided in the
Restricted Unit Agreement.

5.4      Termination of Eligibility

         Unless otherwise determined by the Committee, in the event the
Participant is no longer an Eligible Person and ceased to be such as a result of
termination of service to the Company with the consent of the Committee, or as a
result of his or her death, retirement or disability, the restrictions imposed
under this Article V will lapse with respect to such number of the shares of
Restricted Stock and with respect to such number of Restricted Units previously
awarded to him or her as may be determined by the Committee. All other shares of
Restricted Stock and Restricted Units previously awarded to him or her which are
still subject to restrictions, along with any dividends or other distributions
thereon that have been accumulated and held by the Company, will be forfeited,
and in the case of Restricted Stock, the Corporation will have the right to
complete the blank stock power.

         Unless otherwise determined by the Committee, in the event the
Participant ceases to be an Eligible Person for any other reason, all shares of
Restricted Stock and all Restricted Units previously awarded to him or her which
are still subject to restrictions, along with any dividend or other
distributions on Restricted Stock that have been accumulated and held by the
Company, will be forfeited, and, in the case of Restricted Stock, the
Corporation will have the right to complete the blank stock power.

5.5      Dividend Equivalents

         The Committee will determine whether and to what extent, if any, to
credit to the account of, or to pay currently to, each recipient of Restricted
Units, an amount equal to any dividends or other distributions paid during the
Restriction Period with respect to the corresponding number of shares of Stock
covered thereby ("Dividend Equivalent"). To the extent provided by the Committee
at or after the date of grant, any Dividend Equivalents with respect to cash
dividends on the Stock credited to a

                                       9
<PAGE>

Participant's account will be deemed to have been invested in shares of Stock on
the record date established for the related dividend and, accordingly, a number
of additional Restricted Units shall be credited to such Participant's account
equal to the greatest whole number which may be obtained by dividing (x) the
value of such Dividend Equivalent on the record date by (y) the Fair Market
Value of a share of Stock on such date.

                                   ARTICLE VI
                              DEFERRAL OF PAYMENTS

6.1      Deferral of Amounts

         If the Committee makes a determination to designate Awards or, from
time to time, groups or types of Awards, eligible for deferral hereunder, a
Participant may, subject to such terms and conditions and within such limits as
the Committee may from time to time establish, elect to defer the receipt of
amounts due to him or her under the Plan. Amounts so deferred are referred to
herein as "Deferred Amounts." The Committee may also permit amounts now or
hereafter deferred or available for deferral under any present or future
incentive compensation program or deferral arrangement of the Company to be
deemed Deferred Amounts and to become subject to the provisions of this Article.
Awards which are so deferred will be deemed to have been awarded in cash and the
cash deferred as Deferred Amounts.

         The period between the date on which the Participant's Deferred Amount
would have been payable absent deferral and the final payment of such Deferred
Amount will be referred to herein as the "Deferral Period."

6.2      Payment of Deferred Amounts

         Payment of Deferred Amounts will be made on such terms and conditions
as the Committee may determine and will be made at such time or times, and may
be in cash, Stock, or partly in cash and partly in Stock, as the Committee in
its sole discretion may from time to time determine.

                                   ARTICLE VII
                               CHANGES IN CONTROL

7.1      Effect of Change in Control

         Upon the occurrence of a change in control (a) as defined in the
relevant agreement for an Award or (b) as may be determined by the Committee
(each of (a) and (b) a "Change of Control"), then notwithstanding any other
provision of the Plan:

          (i)  if so provided in the respective Stock Option Agreements, as they
               may be amended from time to time, Options and, subject to the
               exercise provisions of Section 3.2(a) of the Plan, Participant
               Limited Rights, but not SARs,

                                       10
<PAGE>

               outstanding and unexercised on the date of the Change in Control
               will become immediately exercisable;

          (ii) if so provided in the respective Stock Option Agreements, as they
               may be amended from time to time, Company Limited Rights will
               become immediately exercisable;

          (iii) Performance Awards will be deemed to have been earned if so
               determined by the Committee and may be paid on such basis as the
               Committee may prescribe;

          (iv) Restricted Stock and Restricted Units may be deemed to be earned
               and the Restriction Period may be deemed to be expired on such
               terms and conditions as the Committee may determine; and

          (v)  amounts deferred under this Plan may be paid on such terms as the
               Committee determines.

                                       11
<PAGE>

                                  ARTICLE VIII
                               GENERAL PROVISIONS

8.1      Non-Transferability

         No Option, Limited Right, SAR, Performance Award, Restricted Unit or
share of Restricted Stock or Deferred Amount under the Plan will be transferable
other than by will, by the applicable laws of descent and distribution, or, if
permitted by the Company, by transfer to a properly designated beneficiary in
the event of death. All Awards and Deferred Amounts will be exercisable or
received during the Participant's lifetime only by such Participant or his or
her legal representative. Any transfer contrary to this Section 8.1 will nullify
the Option, Participant Limited Right, SAR, Performance Award, Restricted Unit
or share of Restricted Stock, and any attempted transfer of a Deferred Amount
contrary to this Section 8.1 will be void and of no effect.

8.2      Beneficiaries

         The Committee may, but need not, establish or authorize the
establishment of procedures not inconsistent with Section 8.1 under which a
Participant may designate a beneficiary or beneficiaries to hold, exercise
and/or receive amounts due under an Award or with respect to Deferred Amounts in
the event of the Participant's death.

8.3      Adjustments Upon Changes in Stock

         If there is any change in the Stock and/or the corporate structure of
the Company, through merger, consolidation, reorganization, recapitalization,
stock dividend, stock split, split up, dividend in kind or other change in the
corporate structure or distribution to the stockholders, appropriate adjustments
may be made by the Board of Directors of the Company (or if the Company is not
the surviving corporation in any such transaction, the board of directors of the
surviving corporation) in the aggregate number and kind of shares subject to the
Plan, and the number and kind of shares and the price per share subject to
outstanding Options or which may be issued under outstanding Performance Awards
or Awards of Restricted Stock. Appropriate adjustments may also be made by the
Board of Directors or the Committee in the terms of any Awards under the Plan to
reflect such changes and to modify any other terms of outstanding Awards,
including modifications of performance targets and changes in the length of
Performance Periods.

8.4      Conditions of Awards

         (a) Unless the Committee determines otherwise, either by waiving the
conditions(s) or by limiting or otherwise amending the condition(s) with respect
to any specified Award or group of Awards, the rights of a Participant with
respect to any Award received under this Plan will be subject to the conditions
that, until the Participant has fully received all payments, transfers and other
benefits under the Award, he or she will (i) not engage, either directly or
indirectly, in any manner or capacity as advisor, principal, agent, partner,
officer, director, employee, member of any association or otherwise, in any
business or activity which is at the time competitive with any business or
activity conducted by the Company and (ii) be available, unless he or she has
died, at reasonable times for consultations at the request of the Company's
management with respect to

                                       12
<PAGE>

phases of the business with which he or she is or was actively connected during
the time he or she was an employee or independent contractor, but such
consultations will not (except in the case of a Participant whose active service
was outside the United States) be required to be performed at any place or
places outside of the United States of America or during usual vacation periods
or periods of illness or other incapacity. In the event that either of the above
conditions is applicable (or is applicable as modified by the Committee) and is
not fulfilled, the Participant will forfeit all rights to any unexercised Option
or SAR, or any Performance Award or Stock held which has not yet been determined
by the Committee to be payable or unrestricted (and any unpaid amounts
equivalent to dividends or other distributions or amounts equivalent to interest
relating thereto) as of the date of the breach of condition. Any determination
by the Board of Directors of the Corporation, which will act upon the
recommendation of the Chief Executive Officer, that the Participant is, or has,
engaged in a competitive business or activity as aforesaid or has not been
available for consultations as aforesaid or, if the Committee has modified such
condition(s) with respect to the Participant's Award, that the Participant has
not complied with such condition(s) as modified by the Committee will be
conclusive.

         (b)      This Section 8.4 will not apply to Participant Limited Rights.

8.5      Use of Proceeds

         All cash proceeds from the exercise of Options will constitute general
funds of the Company.

8.6      Tax Withholding

         The Company will collect, through withholding or otherwise, an amount
sufficient to satisfy any applicable statutory federal, state and local
withholding tax requirements (the "withholding requirements") with respect to
payments made pursuant to the Plan.

         In the case of an Award pursuant to which Stock may be delivered, the
Committee will have the right to require that the Participant or other
appropriate person remit to the Company an amount sufficient to satisfy any
applicable statutory withholding requirements, or make other arrangements
satisfactory to the Committee with regard to such requirements, prior to the
delivery of any Stock.

         If and to the extent that such withholding is required, the Committee
may permit the Participant or such other person to elect at such time and in
such manner as the Committee provides to have the Company hold back from the
shares to be delivered, or to deliver to the Company, Stock having a value
calculated to satisfy the statutory withholding requirement. In the alternative,
the Committee may, at the time of grant of any such Award, require that the
Company withhold from any shares to be delivered Stock with a value calculated
to satisfy any applicable statutory tax withholding requirements.

8.7      Non-Uniform Determinations

         The Committee's determinations under the Plan, including without
limitation (i) the determination of the Participants to receive Awards, (ii) the
form, amount, timing and payment of such Awards, (iii) the terms and provisions
of such Awards, and (iv) the agreements evidencing the

                                       13
<PAGE>

same, need not be uniform and may be made by it selectively among Participants
who receive, or who are eligible to receive, Awards under the Plan, whether or
not such Participants are similarly situated.

8.8      Leaves of Absence; Transfers

         The Committee will be entitled to make such rules, regulations and
determinations as it deems appropriate under the Plan in respect to any leave of
absence from the Company granted to a Participant. Without limiting the
generality of the foregoing, the Committee will be entitled to determine: (i)
whether or not any such leave of absence will be treated as if the Participant
ceased to be an Eligible Person; and (ii) the impact, if any, of any such leave
of absence on Awards under the Plan. In the event a Participant transfers within
the Company, such Participant will not be deemed to have ceased to be an
Eligible Person for purposes of the Plan.

8.9      General Restriction

         (a) Each Award under the Plan will be subject to the condition that, if
at any time the Committee determines that (i) the listing, registration or
qualification of shares of Stock upon any securities exchange or under any state
or federal law, (ii) the consent or approval of any government or regulatory
body, or (iii) an agreement by the Participant with respect thereto, is
necessary or desirable, then such Award will not be consummated in whole or in
part unless such listing, registration, qualification, consent, approval or
agreement has been effected or obtained free from any conditions not acceptable
to the Committee.

         (b) Shares of Common Stock for use under the provisions of this Plan
will not be issued until they have been duly listed, upon official notice of
issuance, upon the New York Stock Exchange and such other exchanges, if any, as
the Board of Directors of the Corporation determines, and a registration
statement under the Securities Act of 1933 with respect to such shares has
become, and is, effective.

8.10     Effective Date

         The Plan is effective April 1, 1999, as amended.

         No Award may be granted under the Plan after the Plan is terminated
pursuant to Section 8.11, but Awards previously made may extend beyond that date
and Reload Options and additional Reload Options provided for with respect to
original Options outstanding prior to that date may continue unless the
Committee otherwise provides and subject to such additional terms and conditions
as the Committee may provide, and the provisions of Article VI of the Plan will
survive and remain effective as to all present and future Deferred Amounts until
such later date as the Committee or the Board of Directors may determine.

                                       14
<PAGE>

         The adoption of the Plan will not preclude the adoption by appropriate
means of any other stock option or other incentive plan for employees and/or
independent contractors.

8.11     Amendment, Suspension and Termination of Plan

         The Board of Directors or the Committee may at any time or times amend
the Plan for any purpose which may at the time be permitted by law, or may at
any time suspend or terminate the Plan as to any further grants of Awards.

8.12     Certain Definitions

         (a) The terms "retirement" and "disability" as used under the Plan will
have the meanings determined from time to time by the Committee.

         (b) The term "Fair Market Value" as it relates to Common Stock means
the average of the high and low prices of the Common Stock as reported by the
Composite Tape of the New York Stock Exchange (or such successor reporting
system as the Committee may select) on the relevant date or, if no sale of the
Common Stock has been reported for that day, the average of such prices on the
next preceding day and the next following day for which there were reported
sales. The term "Fair Market Value" as it relates to Formula Value Stock will
mean the value determined by the Committee.

         (c) "subsidiary" means any corporation, partnership or other entity of
which shares of voting stock sufficient to elect a majority of the Board of
Directors, or other persons performing similar functions, is owned by the
Corporation, either directly or indirectly through one or more subsidiaries.

         (d) "Formula Value Stock" means shares of a class or classes of stock
the value of which is derived from a formula established by the Committee which
reflects such financial measures as the Committee may determine. Such shares
will have such other characteristics as may be determined at time of their
authorization.

8.13     Governing Law

         The Plan and all agreements or other documents relating to the Plan
will be construed in accordance with and governed by the laws of the State of
Delaware, without regard to the principles of conflict of laws.

                                       15

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