Document:

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                               AMENDMENT NO. 4 TO
                              INCENTIVE STOCK PLAN

         This Amendment No. 4 to the Martin Marietta Materials, Inc. Incentive
Stock Plan, as previously amended (the "Plan") hereby makes the following
amendments, effective as of November 9, 2000.

         A new Section 6.08 of the Plan is added as follows:

                           "Section 6.08 Stock Deferral.

                  (A)      A Participant may irrevocably elect, in accordance
                           with the procedure set forth in paragraph (B) below,
                           the following:

                           (1)      Whether to defer the distribution of Common
                                    Shares after vesting until the date his
                                    Employment terminates; and

                           (2)      If the election referred to in the preceding
                                    paragraph (1) is made, whether to receive
                                    payment of the deferred Common Shares in the
                                    form of a single lump sum payment or
                                    substantially equal annual installments for
                                    a period not to exceed ten (10) years.

                  (B)      A Participant's election pursuant to this Section
                           6.08 must be in writing and irrevocably filed with
                           the Corporate Secretary at least five (5) months
                           prior to the date the Common Shares would have been
                           distributed. In the event a Participant fails to make
                           an election under paragraph (A) above, he will
                           automatically receive the distribution of Common
                           Shares in accordance with Sections 6.01, 6.02, 6.03
                           and 6.04. In the event a Participant elects to defer
                           the distribution of Common Shares under paragraph
                           (A)(1) above but fails to make an election under
                           paragraph (A)(2) above, he will automatically receive
                           the distribution of Common Shares in the form of a
                           single lump sum upon termination of employment.

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                  (C)      The Corporation shall continue to make cash payments
                           equal to dividends in accordance with Section 5.02 to
                           each Participant who chooses to defer the
                           distribution of Common Stock pursuant to this Section
                           6.08. A Participant will not have any voting rights
                           with respect to the Common Shares that are deferred
                           until the deferral period ends and the certificates
                           are distributed."

         All other terms and provisions of the Plan remain in full force and
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                         MARTIN MARIETTA MATERIALS, INC.
                              AMENDED AND RESTATED
                             STOCK-BASED AWARD PLAN

                              ADOPTED: MAY 8, 1998

                               AS AMENDED MAY 1998

                                 AND AUGUST 2000

                 THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS
                  COVERING SECURITIES THAT HAVE BEEN REGISTERED
                        UNDER THE SECURITIES ACT OF 1933

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SECTION 1.  ESTABLISHMENT AND PURPOSE

         The Martin Marietta Materials, Inc. Amended and Restated Stock-Based
Award Plan (the "Plan") was adopted by the shareholders of the Corporation in a
manner that complies with Section 162(m) at the shareholders meeting held on May
8, 1998, and subsequently amended and restated by the Board of Directors at its
meeting on May 8, 1998 and again on August 17, 2000.

         The purpose of this Plan is to benefit the Corporation's shareholders
by encouraging high levels of performance by individuals who are key to the
success of the Corporation and to enable the Corporation to attract, motivate,
and retain talented and experienced individuals essential to its continued
success. This is to be accomplished by providing such employees and directors an
opportunity to obtain or increase their proprietary interest in the
Corporation's performance and by providing such employees and directors with
additional incentives to remain with the Corporation.

SECTION 2.  DEFINITIONS

         The following terms, as used herein, shall have the meaning specified:

         "Affiliate" of a person means any entity directly or indirectly
         controlling, controlled by or under direct or indirect common control
         with such person.

         "Award" means an award granted pursuant to Section 4 hereof.

         "Award Agreement" means an agreement described in Section 7 hereof
         entered into between the Corporation and a Participant, setting forth
         the terms and conditions applicable to the Award granted to the
         Participant.

         "Board of Directors" means the Board of Directors of the Corporation as
         it may be comprised from time to time.

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

         "Committee" means a committee composed of members of, and designated
         by, the Board of Directors and consisting solely of persons who are
         both (i) "non-employee directors" within the meaning of Rule 16b-3, and
         (ii) "outside directors" within the meaning of Section 162(m), as Rule
         16b-3 and Section 162(m) may be amended from time to time, which
         committee shall at all times comprise at least the minimum number of
         such persons necessary to comply with both Rule 16b-3 and Section 162.

         "Corporation" means Martin Marietta Materials, Inc.

         "Covered Employee" means a covered employee within the meaning of
         Section 162(m) or the Treasury Regulations promulgated thereunder.

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         "Eligible Director" means each director of the Corporation who is not
         an employee of the Corporation or any Subsidiary.

         "Employee" means officers and other key employees of the Corporation.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended
         from time to time.

         "Fair Market Value" means the closing price of the relevant security as
         reported on the composite tape of New York Stock Exchange issues (or
         such other reporting system as shall be selected by the Committee) on
         the relevant date, or if no sale of the security is reported for such
         date, the next following day for which there is a reported sale. The
         Committee shall determine the Fair Market Value of any security that is
         not publicly traded, using such criteria as it shall determine, in its
         sole direction, to be appropriate for such valuation.

         "Incumbent Board" means a member of the board of Directors of the
         Corporation who is not an Acquiring Person, or an affiliate (as defined
         in Rule 12b-2 of the Exchange Act) or an associate (as defined in Rule
         12b-2 of the Exchange Act) of an Acquiring Person, or a representative
         or nominee of an Acquiring Person.

         "Insider" means any person who is subject to Section 16 of the Exchange
         Act.

         "Participant" means an Employee or Eligible Director who has been
         granted and holds an unexercised or unpaid Award pursuant to this Plan.

         "Rule 16b-3" means Rule 16b-3 promulgated by the Securities and
         Exchange Commission under Section 16 or any successor rule or
         regulation as amended from time to time.

         "Section 16" means Section 16 of the Exchange Act or any successor
         statute and the rules promulgated thereunder by the Securities and
         Exchange Commission, as they may be amended from time to time.

         "Section 162(m)" means Section 162(m) of the Code or any successor
         statute and the Treasury Regulations promulgated thereunder, as they
         may be amended from time to time.

         "Section 422" means Section 422 of the Code or any successor statute
         and the Treasury Regulations promulgated thereunder, as they may be
         amended from time to time.

         "Stock" means shares of Common Stock of the Corporation, par value $.01
         per share.

         "Subsidiary" means any entity directly or indirectly controlled by the
         Corporation.

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SECTION 3.  ELIGIBILITY

         Awards may be granted (a) to exempt salaried Employees of the
Corporation or any Subsidiary who are designated from time to time by the
Committee or (b) to Eligible Directors.

         No individual who beneficially owns Stock possessing five percent (5%)
or more of the combined voting power of all classes of stock of the Corporation
shall be eligible to participate in the Plan.

SECTION 4.  AWARDS

         The Committee may grant any of the following types of Awards, either
singly, in tandem or in combination with other Awards, as the Committee may in
its sole discretion determine:

         (a)      Non-Qualified Stock Options. A Non-Qualified Stock Option is a
                  right to purchase a specified number of shares of Stock during
                  such specified time as the Committee may determine at a price
                  not less than 100% of the Fair Market Value of the Stock on
                  the date the option is granted.

                  (i)      The purchase price of the Stock subject to the option
                           may be paid in cash. At the discretion of the
                           Committee, the purchase price may also be paid by the
                           tender of Stock, or through a combination of Stock
                           and cash, or through such other means as the
                           Committee determines are consistent with the Plan's
                           purpose and applicable law. No fractional shares of
                           Stock will be issued or accepted.

                  (ii)     Without limiting the foregoing, to the extent
                           permitted by law (including relevant state law), the
                           Committee may agree to accept, as full or partial
                           payment of the purchase price of Stock issued upon
                           exercise of options, (A) a promissory note of the
                           optionee evidencing the optionee's obligation to make
                           future cash payments to the Corporation, or (B) any
                           other form of payment deemed acceptable to the
                           Committee. Promissory notes referred to in clause (A)
                           above shall be payable as determined by the Committee
                           (but in no event later than five years after the date
                           thereof), shall be secured by a pledge of shares of
                           Stock purchased, and shall bear interest at a rate
                           established by the Committee.

         (b)      Incentive Stock Options. An Incentive Stock Option is an Award
                  in the form of an option to purchase Stock that complies with
                  the requirements of Code Section 422 or any successor section.

                  (i)      To the extent that the aggregate Fair Market Value
                           (determined at the time of the grant of the Award) of
                           the shares subject to Incentive Stock Options which
                           are exercisable by one person for the first time
                           during a particular calendar year exceeds $100,000,
                           such excess shall be treated as Non-Qualified Stock
                           Options. For purposes of the preceding sentence, the
                           term

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                           "Incentive Stock Option" shall mean an option to
                           purchase Stock that is granted pursuant to this
                           Section 4(b) or pursuant to any other plan of the
                           Corporation, which option is intended to comply with
                           Section 422 of the Code.

                  (ii)     No Incentive Stock Option may be granted under this
                           Plan after the tenth anniversary of the date this
                           Plan is adopted or the date this Plan is approved by
                           the shareholders, whichever is earlier, or be
                           exercisable more than ten years after the date the
                           Award is made.

                  (iii)    The exercise price of any Incentive Stock Option
                           shall be no less than Fair Market Value of the Stock
                           subject to the option on the date the Award is made.

                  (iv)     The Committee may provide that the option price under
                           an Incentive Stock Option may be paid by one or more
                           of the methods available for paying the option price
                           of a Non-Qualified Stock Option.

         (c)      Restricted Stock. Restricted Stock is Stock of the Corporation
                  that is issued to a Participant and is subject to restrictions
                  on transfer and/or such other restrictions or incidents of
                  ownership as the Committee may determine.

         (d)      Other Stock-Based Incentive Awards. The Committee may from
                  time to time grant Awards under this Plan that provide the
                  Participant with the right to purchase Stock of the
                  Corporation or provide incentive Awards that are valued by
                  reference to the Fair Market Value of Stock of the Corporation
                  (including, but not limited to phantom securities or dividend
                  equivalents). Such Awards shall be in a form determined by the
                  Committee (and may include terms contingent upon a change of
                  control of the Corporation), provided that such Awards shall
                  not be inconsistent with the terms and purposes of the Plan.

SECTION 5.  SHARES OF STOCK AND OTHER STOCK-BASED AWARDS AVAILABLE UNDER PLAN

         (a)      Subject to the adjustment provisions of Section 10 hereof, (i)
                  the aggregate number of shares with respect to which Awards
                  payable in securities may be granted under the Plan shall be
                  no more than 5,000,000; (ii) the aggregate number of shares
                  with respect to which Awards subject to Restricted Stock under
                  the Plan shall be no more than 1,000,000; and (iii) the
                  aggregate number of shares with respect to which Non-Qualified
                  Stock Options or Incentive Stock Options may be granted to any
                  individual Participant shall be no more than 500,000 in any
                  one year. Awards that are canceled or repriced shall be
                  counted against the 500,000 share per year limit to the extent
                  required by Section 162(m) of the Code.

         (b)      Any unexercised or undistributed portion of any terminated or
                  forfeited Award (other than an Award terminated or forfeited
                  by reason of the exercise of any Award granted in tandem
                  therewith) shall be available for further Awards in addition
                  to those available under Section 5(a) hereof.

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         (c)      For the purposes of computing the aggregate number of shares
                  with respect to which awards payable in securities may be
                  granted under the Plan, the following rules shall apply:

                  (i)      except as provided in (v) of this Section, each
                           option shall be deemed to be the equivalent of the
                           maximum number of shares that may be issued upon
                           exercise of the particular option;

                  (ii)     except as provided in (v) of this Section, each other
                           stock-based Award shall be deemed to be equal to the
                           number of shares to which it relates;

                  (iii)    except as provided in (v) of this Section, where the
                           number of shares available under the Award is
                           variable on the date it is granted, the number of
                           shares shall be deemed to be the maximum number of
                           shares that could be received under that particular
                           Award.

                  (iv)     where one or more types of Awards (both of which are
                           payable in Stock or another security) are granted in
                           tandem with each other, such that the exercise of one
                           type of Award with respect to a number of shares
                           cancels an equal number of shares of the other, each
                           joint Award shall be deemed to be the equivalent of
                           the number of shares under the other; and

                  (v)      each share awarded or deemed to be awarded under the
                           preceding subsections shall be treated as shares of
                           Stock, even if the Award is for a security other than
                           Stock.

                  Additional rules for determining the aggregate number of
                  shares with respect to which awards payable in securities may
                  be granted under the Plan may be made by the Committee, as it
                  deems necessary or appropriate.

         (d)      No Stock may be issued pursuant to an Award under the Plan
                  except to the extent that, prior to such issuance, the
                  Corporation shall have acquired shares from its shareholders
                  sufficient to fulfill the requirements of the Plan with
                  respect to such issuance.

SECTION 6.  DIRECTORS' OPTIONS

         (a)      Annual Options. Each Eligible Director shall be granted a
                  Non-Qualified Stock Option to acquire 1,500 shares of Stock
                  annually at the same meeting that options are normally granted
                  to employees of the Corporation, or in such other amount or at
                  such other time as may be determined by the Board of
                  Directors.

         (b)      Terms and Conditions. Any Award granted under this Section 6
                  shall be subject to the following terms and conditions:

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                  (i)      The exercise price of any Non-Qualified Stock Option
                           granted under Section 6 shall be 100% of the Fair
                           Market Value of the Stock on the date the Award is
                           made.

                  (ii)     Unless otherwise provided by this Plan, a
                           Non-Qualified Stock Option granted under Section 6
                           shall become exercisable as provided in the Award
                           Agrement.

SECTION 7.  AWARD AGREEMENTS

         Each Award under this Plan shall be evidenced by an Award Agreement
setting forth the number of shares of Stock, or units subject to the Award and
such other terms and conditions applicable to the Award as determined by the
Committee.

         (a)      Award Agreements shall include the following terms:

                  (i)      Termination of Employment or Service as Director: A
                           provision describing the treatment of an Award in the
                           event of the retirement, disability, death or other
                           termination of a Participant's employment with the
                           Corporation or Subsidiary or service as a Director,
                           including but not limited to terms relating to the
                           vesting, time for exercise, forfeiture or
                           cancellation of an Award in such circumstances.

                  (ii)     Rights as Shareholder: A provision that a Participant
                           shall have no rights as a shareholder with respect to
                           any securities covered by an Award until the date the
                           Participant becomes the holder of record. Except as
                           provided in Section 10 hereof, no adjustment shall be
                           made for dividends or other rights, unless the Award
                           Agreement specifically requires such adjustment, in
                           which case, grants of dividend equivalents or similar
                           rights shall not be considered to be a grant of any
                           other shareholder right.

                  (iii)    Withholding: A provision requiring the withholding of
                           applicable taxes required by law from all amounts
                           paid in satisfaction of an Award. In the case of an
                           Award paid in cash, the withholding obligation shall
                           be satisfied by withholding the applicable amount and
                           paying the net amount in cash to the Participant. In
                           the case of Awards paid in shares of Stock or other
                           securities of the Corporation, a Participant may
                           satisfy the withholding obligation by paying the
                           amount of any taxes in cash or, with the approval of
                           the Committee, shares of Stock may be deducted from
                           the payment to satisfy the obligation in full or in
                           part. The number of shares to be deducted shall be
                           determined by reference to the Fair Market Value of
                           such shares on the date the Award is exercised.

                  (iv)     Execution: A provision stating that no Award is
                           enforceable until the Award Agreement or a receipt
                           has been signed by the Participant and the Chairman
                           or the Chief Executive Officer of the Corporation (or
                           his delegate). By executing the Award Agreement or
                           receipt, a Participant shall be deemed to

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                           have accepted and consented to any action taken under
                           the Plan by the Committee, the Board of Directors or
                           their delegates.

                  (v)      Exercise and Payment: The permitted methods of
                           exercising and paying the exercise price with respect
                           to the Award.

         (b) Award Agreements may include the following terms:

                  (i)      Replacement, Substitution and Reloading: Any
                           provisions (A) permitting the surrender of
                           outstanding Awards or securities held by the
                           Participant in order to exercise or realize rights
                           under other Awards, or in exchange for the grant of
                           new Awards under similar or different terms
                           (including the grant of reload options), or, (B)
                           requiring holders of Awards to surrender outstanding
                           Awards as a condition precedent to the grant of new
                           Awards under the Plan.

                  (ii)     Other Terms: Such other terms as are necessary and
                           appropriate to effect an Award to the Participant
                           including but not limited to the term of the Award,
                           vesting provisions, any requirements for continued
                           employment with the Corporation or any Subsidiary,
                           any other restrictions or conditions (including
                           performance requirements) on the Award and the method
                           by which restrictions or conditions lapse, the effect
                           on the Award of a change in control, the price and
                           the amount or value of Awards.

SECTION 8.  AMENDMENT AND TERMINATION

         The Board of Directors may at any time amend, suspend or discontinue
the Plan. The Committee may at any time alter or amend any or all Award
Agreements under the Plan to the extent permitted by law. However, no such
action may, without approval of the shareholders of the Corporation, be
effective if shareholder approval would be required to keep the Plan and the
Awards made thereunder in compliance with Sections 162(m) and 422.

SECTION 9.  ADMINISTRATION

         (a)      The Plan and all Awards granted pursuant thereto shall be
                  administered by the Committee. The members of the Committee
                  shall be designated by the Board of Directors. A majority of
                  the members of the Committee shall constitute a quorum. The
                  vote of a majority of a quorum shall constitute action by the
                  Committee.

         (b)      The Committee shall periodically determine the Participants in
                  the Plan, except with respect to Eligible Directors, and the
                  nature, amount, pricing, timing, and other terms of Awards to
                  be made to such individuals.

         (c)      The Committee shall have the power to interpret and administer
                  the Plan. All questions of interpretation with respect to the
                  Plan, the terms of any Award Agreements and, except with
                  respect to Eligible Directors, the number of shares of

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                  Stock, or units granted, shall be determined by the Committee
                  and its determination shall be final and conclusive upon all
                  parties in interest. In the event of any conflict between an
                  Award Agreement and this Plan, the terms of this Plan shall
                  govern.

         (d)      It is the intent of the Corporation that this Plan and Awards
                  hereunder satisfy and be interpreted in a manner, that, in the
                  case of Participants who are or may be Insiders, satisfies the
                  applicable requirements of Rule 16b-3, so that such persons
                  will be entitled to the benefits of Rule 16b-3 or other
                  exemptive rules under Section 16 and will not be subjected to
                  avoidable liability thereunder. If any provision of this Plan
                  or of any Award would otherwise frustrate or conflict with the
                  intent expressed in this Section 9(d), that provision to the
                  extent possible shall be interpreted and deemed amended so as
                  to avoid such conflict. To the extent of any remaining
                  irreconcilable conflict with such intent, the provision shall
                  be deemed void as applicable to Insiders to the extent
                  permitted by law and deemed advisable by the Committee.

         (e)      It is the intent of the Corporation that this Plan and Awards
                  hereunder satisfy and be interpreted in a manner, that, in the
                  case of Participants who are or may be Covered Employees,
                  satisfies the applicable requirements of Section 162(m), so
                  that the Corporation will be entitled, to the extent possible,
                  to deduct compensation paid under the Plan and otherwise to
                  such Covered Employees and will not be subjected to avoidable
                  loss of deductions thereunder. If any provision of this Plan
                  or of any Award would otherwise frustrate or conflict with the
                  intent expressed in this Section 9(e), that provision to the
                  extent possible shall be interpreted and deemed amended so as
                  to avoid such conflict. To the extent of any remaining
                  irreconcilable conflict with such intent, the provision shall
                  be deemed void as applicable to Covered Employees to the
                  extent permitted by law and deemed advisable by the Committee.

         (f)      The Committee may delegate to the officers or employees of the
                  Corporation the authority to execute and deliver such
                  instruments and documents, to do all such acts and things, and
                  to take all such other steps deemed necessary, advisable or
                  convenient for the effective administration of the Plan in
                  accordance with its terms and purpose, except that the
                  Committee may not delegate any discretionary authority with
                  respect to substantive decisions or functions regarding the
                  Plan or Awards thereunder as these relate to Insiders or
                  Covered Employees, including but not limited to decisions
                  regarding the timing, eligibility, pricing, amount or other
                  material term of such Awards.

SECTION 10.  ADJUSTMENT PROVISIONS

         (a)      In the event of any change in the outstanding shares of Stock
                  by reason of a stock dividend or split, recapitalization,
                  merger or consolidation, reorganization, combination or
                  exchange of shares or other similar corporate change, the
                  number of shares of Stock (or other securities) then remaining
                  subject to this Plan, and the maximum number of shares that
                  may be issued to anyone pursuant to this Plan,

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                  including those that are then covered by outstanding Awards,
                  shall (i) in the event of an increase in the number of
                  outstanding shares, be proportionately increased and the price
                  for each share then covered by an outstanding Award shall be
                  proportionately reduced, and (ii) in the event of a reduction
                  in the number of outstanding shares, be proportionately
                  reduced and the price for each share then covered by an
                  outstanding Award, shall be proportionately increased.

         (b)      The Committee shall make any further adjustments as it deems
                  necessary to ensure equitable treatment of any holder of an
                  Award as the result of any transaction affecting the
                  securities subject to the Plan not described in (a), or as is
                  required or authorized under the terms of any applicable Award
                  Agreement.

SECTION 11.  CHANGE IN CONTROL

         (a)      Subject to Sections 5, 8 and 10, in the event of a change in
                  control of the Corporation, in addition to any action required
                  or authorized by the terms of any Award Agreement, all time
                  periods for purposes of vesting in, or realizing gain from,
                  any and all outstanding Awards made pursuant to this Plan will
                  automatically accelerate.

         (b)      For the purposes of this Section, a "Change in Control" shall
                  mean on or after the effective date of the Plan,

                  (i)      The acquisition by any individual, entity or group
                           (within the meaning of Section 13(d)(3) or 14(d)(2)
                           of the Securities Exchange Act of 1934, as amended
                           (the "Exchange Act")) (an "Acquiring Person") of
                           beneficial ownership (within the meaning of Rule
                           13d-3 promulgated under the Exchange Act) of 40% or
                           more of either (A) the fully diluted shares of Stock,
                           as reflected on the Corporation's financial
                           statements (the "Outstanding Corporation Common
                           Stock"), or (B) the combined voting power of the then
                           outstanding voting securities of the Corporation
                           entitled to vote generally in the election of
                           directors (the "Outstanding Corporation Voting
                           Securities"); provided, however, that for purposes of
                           this subsection (i), the following acquisitions shall
                           not constitute a Change of Control: (1) any
                           acquisition by the Corporation or any "affiliate" of
                           the Corporation, within the meaning of 17 C.F.R.ss.
                           230.405 (an "Affiliate"), (2) any acquisition by any
                           employee benefit plan (or related trust) sponsored or
                           maintained by the Corporation or any Affiliate of the
                           Corporation, or (3) any acquisition by any entity
                           pursuant to a transaction which complies with clauses
                           (A), (B) and (C) of subsection (iii) of this
                           definition; or

                  (ii)     Individuals who constitute the Incumbent Board cease
                           for any reason to constitute at least a majority of
                           the Board; or

                  (iii)    Consummation of a reorganization, merger or
                           consolidation or sale or other disposition of all or
                           substantially all of the assets of the Corporation (a
                           "Business Combination"), in each case, unless,
                           following such Business

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                           Combination, (A) all or substantially all of the
                           individuals and entities who were the beneficial
                           owners, respectively, of the Outstanding Corporation
                           Common Stock and Outstanding Corporation Voting
                           Securities immediately prior to such Business
                           Combination beneficially own, directly or indirectly,
                           more than 50% of, respectively, the then outstanding
                           shares of common stock and the combined voting power
                           of the then outstanding voting securities entitled to
                           vote generally in the election of directors, as the
                           case may be, of the corporation resulting from such
                           Business Combination (including, without limitation,
                           a corporation which as a result of such transaction
                           owns the Corporation or all or substantially all of
                           the Corporation'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
                           Corporation Common Stock and Outstanding Corporation
                           Voting Securities, as the case may be, (B) no Person
                           (excluding any employee benefit plan (or related
                           trust) sponsored or maintained by the Corporation or
                           any Affiliate of the Corporation, or such corporation
                           resulting from such Business Combination or any
                           Affiliate of such corporation) beneficially owns,
                           directly or indirectly, 40% or more of, respectively,
                           the fully diluted shares of common stock of the
                           corporation resulting from such Business Combination,
                           as reflected on such corporation's financial
                           statements, or the combined voting power of the then
                           outstanding voting securities of such corporation
                           except to the extent that such ownership existed
                           prior to the Business Combination, and (C) at least a
                           majority of the members of the board of directors of
                           the corporation resulting from such Business
                           Combination were members of the Incumbent Board at
                           the time of the execution of the initial agreement,
                           or of the action of the Board, providing for such
                           Business Combination; or

                  (iv)     Approval by the shareholders of the Corporation of a
                           complete liquidation or dissolution of the
                           Corporation.

SECTION 12.  UNFUNDED PLAN

         The Plan shall be unfunded. Neither the Corporation nor the Board of
Directors shall be required to segregate any assets that may at any time be
represented by Awards made pursuant to the Plan. Neither the Corporation, the
Committee, nor the Board of Directors shall be deemed to be a trustee of any
amounts to be paid under the Plan.

SECTION 13.  LIMITS OF LIABILITY

         (a)      Any liability of the Corporation to any Participant with
                  respect to an Award shall be based solely upon contractual
                  obligations created by the Plan and the Award Agreement.

         (b)      Neither the Corporation nor any member of the Board of
                  Directors or of the Committee, nor any other person
                  participating in any determination of any question under the
                  Plan, or in the interpretation, administration or application
                  of the Plan,

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