Document:

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                                                                  EXHIBIT 10(e)

                       ARABIAN SHIELD DEVELOPMENT COMPANY
                      1987 NON-EMPLOYEE DIRECTOR STOCK PLAN

     This is a stock plan pursuant to which options to purchase shares of the
Common Stock, $.10 par value, of Arabian Shield Development Company, a Delaware
corporation (the "Corporation"), shall be granted to non-employee directors of
the Corporation. This plan shall be known as the 1987 Non-Employee Director
Stock Plan (the "Stock Plan"). The purpose of the Stock Plan is to enhance the
Corporation's ability to obtain and retain qualified persons who are not
full-time employees of the Corporation to serve as directors.

     Section 1. Administration. The Stock Plan shall be administered by the
Board of Directors of the Corporation (the "Board"). The Board shall have the
power to construe the Stock Plan, to determine all questions hereunder and to
adopt and amend such rules and regulations for the administration of the Stock
Plan as it may deem desirable.

     Section 2. Shares Available for Options. The Board shall reserve for
delivery pursuant to the Stock Plan, out of the authorized but unissued Common
Stock of the Corporation, or out of shares of Common Stock held in its Treasury,
or partly out of each, as shall be determined by the Board, a total of 100,000
shares of the Common Stock of the Corporation (or the number and kind of shares
of stock or other securities which, in accordance with Section 3 of the Stock
Plan, may be substituted for such shares or to which said number of shares may
be adjusted). In the event that an option granted under the Stock Plan to any
non-employee director expires or is terminated unexercised as to any shares
covered thereby, such shares shall thereafter again be available for the
granting of options under the Stock Plan.

     Section 3. Adjustment of Number of Shares. In the event that a dividend or
stock split shall hereafter be declared upon the Common Stock of the Corporation
payable in shares of such Common Stock, the number of shares of Common Stock
then subject to any outstanding option under the Stock Plan, the number of
shares as to which an option is to be granted to a newly-elected non-employee
director under the Stock Plan and the number of shares reserved for issuance
pursuant to the Stock Plan but not yet covered by an outstanding option, shall
be adjusted by adding to each such share the number of shares which would be
distributable thereon if such share had been outstanding on the date fixed for
determining the stockholders entitled to receive such stock dividend or stock
split. In the event that the outstanding shares of Common Stock of the
Corporation shall be changed into or exchanged for a different number or kind of
shares of stock or other securities of the Corporation, whether through
reorganization, recapitalization or reclassification, then there shall be
substituted for each share of Common Stock subject to an outstanding option and
for each share of Common

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Stock reserved for delivery pursuant to the Stock Plan but not yet covered by an
option, the number and kind of shares of stock or other securities into which
each outstanding share of Common Stock shall be so changed or for which each
such share shall be so exchanged. In the event there shall be any change, other
than as specified above in this Section 3 or in Section 4, in the outstanding
shares of Common Stock of the Corporation or of any stock or other securities
into which such Common Stock shall have been changed or for which it shall have
been exchanged, then the Board may make such adjustment or change, if any, as it
deems equitable in the number or kind of shares or other securities then
reserved for delivery under the Stock Plan but not at the time covered by an
outstanding option and of undelivered shares or other securities then subject to
outstanding options. In the case of any such substitution or adjustment provided
for in this Section 3, the option price for each share covered by outstanding
options prior to such substitution or adjustment will be the option price for
all shares of stock or other securities which shall have been substituted for
such share or to which such share shall have been adjusted pursuant to this
Section 3. No adjustment or substitution provided for in this Section 3 shall
require the Corporation to sell a fractional share, and any fractional share
resulting from any such adjustment or substitution shall be eliminated from the
option in question.

     Section 4. Business Combinations. In the event that, while there remain
options outstanding hereunder, there shall occur a dissolution of the
Corporation, a merger or consolidation in which the Corporation is not the
surviving corporation (for such purpose, the Corporation shall not be deemed the
surviving corporation in any such transaction if, as a result thereof, it
becomes a wholly-owned subsidiary of another corporation) or a transfer, in one
or a series of related transactions, of substantially all the assets of the
Corporation:

          (a) If provision is made in writing in connection with such
     transaction for the assumption and continuance of any such option, or the
     substitution for such option of a new substantially equivalent option
     covering different shares or securities, with appropriate adjustment as to
     the number and kind of shares or other securities deliverable with respect
     thereto, the existing option, or the new option substituted therefor, as
     the case may be, shall continue in the manner and under the terms provided;
     or

          (b) If provision is not made in such transaction for the continuance
     and assumption of any such option or for the substitution of a new
     substantially equivalent option, then the holder of such option shall be
     entitled, immediately prior to the effective date of any such transaction,
     to purchase the full number of shares covered by such option whether or not
     then

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     otherwise exercisable as to such shares. The unexercised portion of any
     option shall be deemed cancelled as of the effective date of such
     transaction.

     Section 5. Granting of Options. Each member of the Corporation's Board who
is not a full-time employee of the Corporation or one of its subsidiaries
("non-employee director") serving on the date of adoption of the Stock Plan by
the Board shall be granted, without further action by the Board on the date of
such adoption, an option to purchase 10,000 shares of the Corporation's Common
Stock, provided that in the case of each such non-employee director who holds an
option granted prior to the adoption of the Stock Plan in connection with his
service as a director (an "Existing Option"), such grant under the Stock Plan
shall be conditioned on the cancellation and termination of such previously
granted option. Thereafter, each newly-elected non-employee director of the
Corporation, effective on the date of his election, shall automatically be
granted, without any further action by the Board, an option to purchase 10,000
shares of the Corporation's Common Stock. As soon as practicable after the grant
of an option under the Stock Plan, the Corporation and the non-employee director
shall enter into a Stock Option Agreement evidencing the option so granted. Such
agreement shall be in such form, consistent with the Stock Plan, as the Board
shall deem appropriate.

     Section 6. Exercise and Term of Options.

          (a) Except as hereafter provided with respect to options granted to
     holders of Existing Options, options granted under the Stock Plan shall
     become exercisable in cumulative annual installments of 20% of the shares
     covered thereby, beginning one year from the date of grant. An option
     granted to the holder of an Existing Option shall be exercisable on the
     date of grant to the same extent, if any, that such Existing Option is then
     exercisable and shall thereafter become exercisable in the same percentage
     installments and on the same schedule that such Existing Option was
     thereafter to become exercisable.

          (b) The option price per share of the shares of Common Stock subject
     to an option granted under the Stock Plan shall be 100% of the fair market
     value of a share of the Common Stock on the day the option is granted. The
     option price per share will be subject to adjustment in accordance with the
     provisions of Section 3 of the Stock Plan. Any adjustment determination
     made by the Board of Directors shall be conclusive. For purposes of the
     Stock Plan, if the Common Stock is listed on a national securities exchange
     or reported on the NASDAQ National Market System, the fair market value of
     a share of the Common Stock on any day shall be the closing sale price of
     such a share on such day

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     or, if there is no closing sale price reported on such date, the closing
     sale price of such a share on the last preceding day on which a closing
     sale price is reported. If the Common Stock is not then listed on any
     national securities exchange or reported on the NASDAQ National Market
     System, the fair market value shall be the median of the average final bid
     and average final asked prices for a share of the Common Stock in the
     over-the-counter market on such date, as reported by NASDAQ. If the Common
     Stock is not listed on any national securities exchange, reported on the
     NASDAQ National Market System or quoted on NASDAQ, the fair market value
     shall be the amount reasonably determined by the Board to be the fair
     market value on such date.

          (c) Options granted under the Stock Plan shall have a term of ten
     years from the date of the granting thereof, except that an option granted
     to the holder of an Existing Option shall have a basic term corresponding
     to the basic term of such Existing Option, provided, however, that (1) upon
     the termination of an optionee's service as a director other than by death
     or disability, his option, to the extent then exercisable, may be
     exercised for a period of seven months after such termination (whereupon it
     shall terminate) or, if a shorter period, the remaining term of the option
     and (2) upon the termination of an optionee's service as a director by
     reason of death or disability (of which the Board shall be the sole
     judge), his option shall become fully exercisable and may be exercised by
     the person entitled to do so under his will or if he dies intestate, or in
     the case of disability (when appropriate), by his guardian or legal
     representative, at any time during the period ending seven months after his
     death or disability (whereupon it shall terminate) or, if a shorter period,
     the remaining term of the option.

          (d) Options granted under the Stock. Plan shall not be transferable by
     the optionee other than by will, or if he dies intestate, by the laws of
     descent and distribution of the state of domicile at the time of his death,
     and such options shall be exercisable during his lifetime only by such
     optionee or, in the case of disability, his guardian or legal
     representative.

     Section 7. Exercise of Option. An option granted hereunder shall be
exercised by delivering to the Corporation a written notice specifying the
number of shares the optionee then desires to purchase, accompanied by payment
in full for such shares, which payment may be in whole or in part in shares of
the Corporation' Common Stock valued based on the fair market value
(determined as set forth in Section 6(b)) of such shares on the immediately
preceding business day, and such other instruments or

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agreements as in the opinion of counsel for the Corporation may be necessary or
advisable in order that the issuance of such shares complies with the Securities
Act of 1933 and the rules and regulations thereunder, any applicable state
securities laws, rules or regulations, any requirement of any stock exchange on
which such stock may be traded and any other applicable law, rule or regulation.
As soon as practical after any such exercise, the Corporation will deliver to
the optionee a certificate for the number of shares with respect to which the
option shall have been so exercised, issued in the optionee's name. Such stock
certificate shall bear such legends, and such instructions shall be given to the
Corporation's transfer agent with respect thereto, as may be deemed necessary or
advisable by counsel to the Corporation in order to comply with the,
requirements of any applicable law, rule or regulation.

     Section 8. Effective Date and Duration of Stock Plan; Stockholder Approval.
The effective date of the Stock Plan shall be the date of its adoption by the
Board, and the duration of the Stock Plan shall be 10 years from the effective
date; provided, however, that the Stock Plan (and each option granted hereunder)
will be null and void unless the Stock Plan is approved by the affirmative vote
of the holders of a majority of the shares of voting stock of the Corporation
present or represented and entitled to vote at a meeting of stockholders of the
Corporation, duly held no later than the date of the first annual meeting of
stockholders of the Corporation held subsequent to the effective date of the
Stock Plan.

     Section 9. Amendment of the Plan. The Board shall have the right to amend,
suspend or terminate the Stock Plan at any time, and make modifications or
amendments to such Stock Plan, except that no such modification or amendment
which has any of the following effects shall be effective unless it is approved
by the affirmative vote of the holders of a majority of the outstanding shares
of voting stock of the Corporation present or represented and entitled to vote
at a duly held meeting of stockholders of the Corporation:

     (a)  increase the maximum number of shares subject to the Stock Plan;

     (b)  increase the number of shares to be covered by an option granted to a
          non-employee director under the Stock Plan;

     (c)  decrease the option exercise price provided for under the Stock Plan;

     (d)  change the class of persons who are to receive options granted under
          the Stock Plan; or

     (e)  extend the term of the Stock Plan or of any option granted hereunder.

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Termination or any modification or amendment of the Stock Plan shall not,
without the consent of an optionee, affect his rights under an option previously
granted to him.

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                                                                   EXHIBIT 10(f)

                            TEXAS OIL & CHEMICAL CO.

                               PHANTOM STOCK PLAN

         1. Purpose. This Phantom Stock Plan, (the "Plan"), of Texas
Oil & Chemical Co. for a select group of management personnel is intended to
advance the best interest of Texas Oil & Chemical Co. and subsidiary companies
by providing such personnel who have a substantial responsibility for the
management and growth of the companies with additional incentive by promoting a
productivity viewpoint among such executive and key personnel.

         2. Definitions.

         2.1 "Administrative Committee" shall mean the Board of Directors of
the Company or any committee established by the Board of Directors of the
Company to administer this Plan.

         2.2 "Anniversary Date" shall mean September 30 of each calendar year,
which will be the last day of the fiscal year of the Company.

         2.3 "Award Level" shall mean any of the following as determined by the
Administrative Committee in granting an award: (i) the attainment of a level of
net profits of the Company for a given year, (ii) the attainment of a level of
net profits of a specified Sub or a combination of Subs for a given year, or
(iii) a fixed dollar amount.

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         2.4 "Common Stock" shall mean the common stock of the Company, no par
value.

         2.5 "Company" shall mean Texas Oil & Chemical Co.

         2.6 "Date of Award" shall mean the Anniversary Date as of which a
Participant is determined to be entitled to specified incentive compensation
because of the attainment of an Award Level.

         2.7 "Employee" shall mean any person including an officer of the
Company or a Sub (whether or not he is also a director) who is employed by the
Company or a Sub on a full time basis, who is compensated for such employment by
regular salary and who, in the opinion of the Administrative Committee is one of
a select group of management personnel of the Company or of a Sub in a position
to contribute materially to the continued growth and development and to the
future financial success of the Company.

         2.8 "Net Profits of the Company" shall mean the net profits of the
Company as reflected on its federal income tax return for the year before
provision for federal income tax plus or minus the net Lifo inventory adjustment
for the year and plus or minus the net entitlement changes for the year, but
exclusive of all items of extraordinary income as delineated in the audited
annual statements. For

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this purpose the net profits of the Company shall be consolidated with the net
profits of all subsidiaries of the Company.

         2.9 "Net Profits of the Sub" shall mean the net profits of a given Sub
or a combination of subs as selected by the Administrative Committee when making
an award to a Participant as reflected in its or their financial statements as
prepared for the purpose of filing its or their federal income tax return or
returns for the year before provision for federal income tax plus or minus the
net Lifo inventory adjustment for the year and plus or minus the net entitlement
changes for the year, but exclusive of all items of extraordinary income as
delineated on the audited annual statement.

         2.10 "Participant" shall mean an Employee who is awarded deferred
compensation hereunder.

         2.11 "Retirement" shall mean severance from the employ of the Company
and all Subs upon or after attaining the normal retirement age whether
established by the Company or Sub through its qualified Plan (which is presently
age 65) or through contract with a particular employee or becoming totally
disabled under such a plan, if applicable.

         2.12 "Stated Value" shall mean the value of one share of common stock
of the Company as determined by the Administrative Committee for the Company as
of a given

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Anniversary Date. This Stated Value is not necessarily the fair market value of
the Company but is the value established only for purposes of this Plan pursuant
to the procedures as set forth below in this Section. The purpose of the
valuation is to provide a consistent method of determining the relative changes
in the value of the Company and its related Subs, both as individual companies
and as a whole, over a period of years, in order to accomplish the purpose
stated in section 1 hereof. While the Stated Value may bear some relation to
fair market value, it does not purport to be fair market value for the purpose
of selling one asset, one Sub, or the whole Company, of borrowing money, of
determining estate or inheritance tax liabilities, or for any other specific
purpose.

         Stated Value shall be determined as follows:

          (a) The Administrative Committee shall determine the fair market value
     of the various assets either individually or by classes, based on the most
     recent formal outside valuation of the Company, and updated to the date of
     this valuation. These values shall be substituted for the book value of the
     fixed assets and the difference shall be added to or subtracted from the
     net equity as reflected in the audited financial statements of the Company
     to determine a value.

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          (b) The Administrative Committee shall determine the 3 year historical
     Net Profits of the Company as defined in section 2.8 and estimate one (1)
     year of Net Profits of the Company in the future using the same type of
     procedure. The sum of these four (4) years' Net Profits are to be divided
     by four (4) to arrive at an average Net Profit. The resulting average Net
     Profit shall be multiplied by five (5) to determine a value of the Company.

          (c) The Administrative Committee shall then determine the average
     value of the Company by adding the values determined under subsections
     2.12 (a) and (b) dividing by two (2). This value shall then be divided by
     the total number of shares of Common Stock outstanding to determine a
     value per share. The value per share so determined shall then be discounted
     by 35% to arrive at the Stated Value.

         In the event the Company becomes publicly held, the most recent
published price shall become the Stated Value. Each year as of the Anniversary
Date the Administrative Committee shall certify said Stated Value and shall
place it on the special) ledger of the Phantom Stock Plan and

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shall provide each Participant with a copy thereof. A Participant shall have the
right within thirty (30) days of the date he received his notice of the Stated
Value to object to its calculation. After such thirty (30) day period, if no
written objections are received, said Stated Value shall be final and conclusive
for all purposes of the Plan.

         2.13 "Sub" shall mean any corporation in which the Company owns
directly or indirectly stock possessing fifty percent (50%) or more of the
total combined voting power of all classes of stock.

         2.14 "Termination Date" shall mean the date a Participant's severance
of employment with the Company and all Subs for any reason other than
retirement for age or disability or death.

         2.15 "Unit" shall mean one share of the phantom common stock set aside
for a Participant. The number of units set aside each year is determined by
dividing the incentive compensation awarded to a Participant as of a given
Anniversary Date by the Stated Value of one share of common stock as of that
same Anniversary Date.

         3. Administration.

         3.1 Composition: The Administrative Committee shall be composed of the
Board of Directors of the Company

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or those persons chosen by the Board of Directors to constitute the Committee.
The Administrative Committee shall administer and construe this Plan. No member
of the Administrative Committee shall be liable for any act done or any
determination made in good faith.

         3.2 Administration of Plan: Construction by the Administrative
Committee of any provision of this Plan shall be final and conclusive. It shall
determine, subject to the provisions of this Plan:

          (a) Participants: The Employees who shall participate in the Plan
     from time to time;

          (b) Incentive Compensation Formula: The percentages and Award Level
     which shall be used to determine incentive compensation for each of the
     Participants in the Plan, it being intended that the percentages and Award
     Level may be different for groups of Participants and for individual
     Participants; and

          (c) Service: Whether authorized leave of absence, or absence on
     military or government service shall constitute severance from the Company
     and all Subs;

          (d) Stated Value: The Stated Value of one share of Common Stock of the
     Company for the

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     purpose of this Plan. The Stated Value shall be determined consistently
     from year to year based upon the method described in section 2.12.

         3.3 Delegation: The Administrative Committee may in its discretion
delegate one or more of its duties to an officer or Employee or a committee
composed of officers and Employees of the company or of a Sub but may not
delegate its authority to construe this Plan or to make the determinations
specified in section 3.2.

         4. Establishment of Incentive Compensation Formula. Each year prior to
the Anniversary Date the Administrative Committee shall determine the
Employees who shall be eligible to have incentive compensation accrued for
their account at the next Anniversary Date and shall determine the Award Level
to be applicable to each Employee and the percentage of the Award Level which
will be awarded to each Employee at the next Anniversary Date and shall make
this known to each Participant in writing prior to or at the commencement of
the fiscal year. The Award Level and percentage set for each of the various
Participants need not be the same.

         Each year as soon as possible after the Anniversary Date the
Administrative Committee shall determine the amount of incentive compensation
awarded to each individual Participant and the amount of dividends paid on
shares of Common Stock

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equal to the number of Units previously awarded to the Participant and shall
convert the awarded incentive compensation and dividends paid since the last
Anniversary Date into whole and/or fractional units as may be required.
Fractional Units shall be rounded to the third decimal. Then the Administrative
Committee shall notify each Participant in writing of the amount of incentive
compensation awarded to him during that year, the amount of dividends that had
been paid on Common Stock equal to the number of units that he held during that
year, and the number of Units that the incentive compensation and dividends were
converted into as of the Anniversary Date, together with a restatement of the
number of Units which have been previously awarded to him prior to the
Anniversary Date and the new value of a Unit as of said Anniversary Date.

         5. Income Earned During Employment. The Administrative Committee shall
set up an appropriate record ("Special Ledger") which will from time to time
reflect the name of each Participant, the number of Units which have been
awarded to the individual as incentive compensation and the value of one Unit,
determined as of the last Anniversary Date. Each year's award of Units shall be
maintained separately.

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         6. Benefits.

         6.1 Retirement, Death or Termination by Company or Sub without Cause. A
Participant who retires from the employ of the Company or a Sub on or after his
retirement date as described in section 2.11 for age or disability, who dies at
any time while in the employ of the Company or a Sub or who is terminated by the
Company or a Sub without cause shall receive a benefit equal to the number of
Units credited to his account on such date multiplied by the value of one such
Unit determined as of the last preceding Anniversary Date prior to his death,
retirement or termination.

         6.2 Termination by Participant Prior to Retirement or Death. A
Participant who terminates his services with the Company and all Subs with or
without cause for any reason other than retirement for age or disability or
death shall be entitled to a benefit equal to the applicable percentage in the
table below for the period of participation in the Plan after the date given
incentive compensation and dividends were converted into Units to the date of
termination. For purposes of determining vesting under this schedule each year's
Units shall each be treated separately, i.e., Units initially set aside in the
special ledger on September 30, 1979, would become fully vested on September 30,
1984. Full years will be counted from September 30th of a given year to
September 30th of the next year.

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<TABLE>
<CAPTION>
             Years of Participation After Date
             Units Are Initially Determined                    Percentage
             ------------------------------                    ----------
             <S>                                               <C>
                      One                                          20%
                      Two                                          40%
                      Three                                        60%
                      Four                                         80%
                      Five                                        100%
</TABLE>

         6.3 Termination by the Company or a Sub for Cause. A Participant who is
terminated by the Company or a Sub for cause shall not be entitled to any
benefit under this agreement and shall forfeit all of his rights to Units
previously placed in his account. Termination for cause shall include, but not
be limited to, the following: termination for willful misconduct, fraud, theft,
embezzlement, commission of a felony, proven dishonesty or acts of moral
turpitude which damaged the Company or a Sub or for disclosing trade secrets or
business methods of the Company or a Sub or for enticing employees away to a
competitor. The determination of whether a Participant has been terminated for
cause shall be made by the Administrative Committee, by a majority vote, after
full consideration of the facts presented on behalf of both the Company or the
Sub, as the case may be, and the Participant. The decision of the Administrative
Committee as to the cause of a former Participant's discharge and damage done
to the Company or the Sub shall be final. No decision of the Administrative
Committee, however, shall affect the finality of the discharge of the
Participant by the Company or the Sub in any manner.

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         7. Payment of Benefits.

         7.1 Method of Payment. On or before thirty (30) days prior to receiving
a benefit under section 6 hereof, the Participant may request either to receive
payment in one lump sum, payable within four months of his termination date, or
in ten or less equal annual installments with interest accrued yearly on the
Anniversary Date at one percent (1%) below the average prime rate for the fiscal
year ending on such Anniversary Date as such prime rates are quoted by Bank of
the Southwest National Association, Houston in Houston, Texas, but not less
than one percent (1%) above the interest rate paid to Silver Compass Pass Book
Savings Accounts holders on the Anniversary Date by Bank of the Southwest
National Association, Houston nor more than ten percent (10%) per annum, except
that the last year's installment shall have the interest determined as of the
date the payment is made, the first such payment to be made within four months
after his termination date, or in the form of an annuity payable over the
Participant's lifetime or the joint lifetime of the Participant and a designated
joint pensioner; but, the Administrative Committee shall in its sole discretion
have the power to determine the method of payment. The payment of a benefit
under this P1an shall be made by the Company or the Sub by whom the Participant
was employed on

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the date of his termination which paying corporation shall be reimbursed by the
Company or any other Sub for which the Participant worked for any awards made
during his career while employed by the Company or such other Sub. The
obligation of the Company or of the Sub shall be a general obligation of the
Company or the Sub to be paid out of the general assets of the Company or the
Sub subject to the general creditors of the Company or the Sub. In no event
shall any separate trust fund be set aside to fund said benefit payment which
shall not be reachable by the general creditors of the Company or the Sub.

         7.2 Beneficiary Designation. Each person becoming a Participant shall
file with the secretary of the Administrative Committee a notice in writing
designating one or more beneficiaries to whom payments otherwise due the
Participant shall be made in the event of his death while in the employ of the
Company or a Sub or after severance but prior to full payment of the benefits
specified in section 6. The Participant shall have the right to change the
beneficiary or beneficiaries from time to time; provided, however, that no
change shall become effective until received in writing by the Secretary of the
Administrative Committee.

         7.3 Payments to Incompetents and Minors. Should the Participant become
incompetent or should the Participant

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designate a beneficiary who is a minor or incompetent, the Company or the Sub,
as the case may be, shall be authorized to pay such funds to a parent of such
minor or to a guardian of such minor or incompetent or directly to such minor or
to apply such funds for the benefit of such minor or to apply such funds for the
benefit of such minor or incompetent in such manner as the Administrative
Committee shall determine in its sole discretion.

         8. Adjustment in Units. The existence of outstanding award of Units
shall not affect in any way the right or power of the Company or its
stockholders to make or authorize any or all adjustments, recapitalization,
reorganization or other changes in the Company's capital structure or its
business, or any merger or consolidation of the Company or any issue of bonds,
debentures, preferred or prior preference stock ahead of or affecting the Common
Stock or the right thereof, 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.

         If, while there are outstanding awards of Units, the Company shall
effect any split-up or any other subdivision or consolidation of shares or
other readjustment, the payment of a stock dividend or other increase or
reduction

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in the number of shares of Common Stock outstanding, without receiving
compensation therefor in money, services or property, then (a) in the event of
an increase in the number of shares outstanding, the number of shares of Common
Stock then reflected by awarded Units hereunder shall be proportionately
increased and the Stated Value of the Units awarded as of the award day shall be
proportionately reduced; and (b) in the event of a reduction in the number of
shares outstanding, the number of shares of Common Stock then subject to awarded
Units hereunder shall be proportionately reduced, and the Stated Value of the
awarded Units on the day of award shall be proportionately increased.

         After a merger of one or more corporations into the Company, or after a
consolidation of the Company and one or more corporations in which the Company
shall be the surviving corporation, each Participant shall be entitled to
receive in lieu of the number of Units previously awarded the number of Units
with a corresponding adjustment to the Stated Value of said Units at the date of
award that such holder would have been entitled to pursuant to the terms of the
agreement of merger or consolidation, if immediately prior to such merger or
consolidation such holder had been the holder of record of a number of shares of
Common Stock equal to the number of shares which the Units previously

                                      -15-
<PAGE>   16

awarded represented. Should the Company or a Sub by which a Participant is
employed elect to dissolve, enter into a sale of its assets or enter into any
reorganization in which it is not the surviving company, unless the surviving or
successor company shall formally adopt this Plan and agree to continue it, such
Participant shall be deemed to have reached retirement age as of the date of
such reorganization, sale, merger, etc., and shall be entitled to receive such
benefit in one lump sum immediately. If, however, the Company merges,
consolidates or is otherwise a party to a reorganization and it is not the
surviving corporation but the surviving corporation adopts this Plan then the
Plan shall continue uninterrupted and the vesting schedule shall continue as
though there were no change in the employing corporation; the Units, of course,
will be adjusted, if necessary, as hereinabove provided.

         Except as hereinbefore expressly provided, the issue by the Company of
shares of stock of any class, or securities convertible in shares of stock of
any class, for cash or property, or for labor or services either upon direct
sale or upon the exercise of rights or warrants to subscribe therefor, or upon
any conversion of shares or obligations of the Company convertible into such
shares or other securities, shall not affect, and no adjustment by

                                      -16-
<PAGE>   17

reason thereof shall be made with respect to, the number of or Stated Value of,
Units then outstanding under previous awards.

         9. Limitation of Rights. Nothing in this Plan shall be construed to:

         9.1 Pay. Give any Employee of the Company or a Sub any right to be
awarded incentive pay other than in the sole discretion of the Administrative
Committee;

         9.2 Terminate Employment. Limit in any way the right of the Company or
a Sub to terminate a Participant's employment with the Company or a Sub at any
time; or

         9.3 Specific Agreement. Evidence any agreement or understanding,
express or implied, that the Company or the Sub will employ a Participant in any
particular position or for any particular remuneration.

         10. Nonalienation of Benefits. No right or benefit under this Plan
shall be subject to anticipation, alienation, sale, assignment, pledge,
encumbrance or charge and any attempt to anticipate, alienate, sell, assign,
pledge, encumber or charge the same shall be void. No right or benefit hereunder
shall in any manner be liable for or subject to any debts, contracts,
liabilities or torts of the person entitled to such benefits. If any Participant
or beneficiary hereunder shall become bankrupt or attempt to

                                      -17-
<PAGE>   18

anticipate, alienate, assign, pledge, sell, encumber or charge any right or
benefit hereunder then such right or benefit shall in the discretion of the
Administrative Committee cease; and in such event, the Company or the Sub, as
the case may be, shall hold or apply the same or any part thereof for the
benefit of the Participant, or beneficiary, his or her spouse, children or other
dependents, or any of them in such manner and in such proportion as the
Administrative Committee shall deem proper.

         11. Amendment and Termination of Plan.

         11.1 Amend or Terminate at any Time. The Board of Directors may amend
or terminate this Plan at any time.

         11.2 No Retroactive Effect on Accrued Benefits. Any amendment or
termination of this Plan shall not affect the rights of any Participant to the
benefits hereunder as to the Units then standing to the credit of the
Participant in the Special Ledger at the time such amendment or termination,
together with such appreciation or depreciation as shall accrue to such Units
after such date until date of payment of the benefit.

         12. Effective Date. This Plan shall become operative and effective on
such date as shall be fixed by the Board of Directors of the Company.

                                      -18-

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