Document:

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                                                                     EXHIBIT 4.3

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                        SENSIENT TECHNOLOGIES CORPORATION

                             ----------------------

                             NOTE PURCHASE AGREEMENT

                             ----------------------

                          DATED AS OF NOVEMBER 29, 2001

          $30,000,000 5.85% SERIES A SENIOR NOTES DUE NOVEMBER 29, 2006
       (euro)94,033,227 5.63% SERIES B SENIOR NOTES DUE NOVEMBER 29, 2006
       (euro)40,000,000 5.63% SERIES C SENIOR NOTES DUE NOVEMBER 29, 2006

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                                TABLE OF CONTENTS

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1.       AUTHORIZATION OF NOTES...................................................................     1

2.       SALE AND PURCHASE OF NOTES...............................................................     2

3.       CLOSING..................................................................................     2

4.       CONDITIONS TO CLOSING....................................................................     3
         4.1.     Representations and Warranties..................................................     3
         4.2.     Performance; No Default.........................................................     3
         4.3.     Compliance Certificates.........................................................     3
         4.4.     Opinions of Counsel.............................................................     4
         4.5.     Purchase Permitted By Applicable Law, etc.......................................     4
         4.6.     Sale of Other Notes.............................................................     4
         4.7.     Payment of Special Counsel Fees.................................................     4
         4.8.     Private Placement Number........................................................     5
         4.9.     Changes in Corporate Structure..................................................     5
         4.10.    Proceedings and Documents.......................................................     5

5.       REPRESENTATIONS AND WARRANTIES OF THE COMPANY............................................     5

         5.1.     Organization; Power and Authority...............................................     5
         5.2.     Authorization, etc..............................................................     6
         5.3.     Disclosure......................................................................     6
         5.4.     Organization and Ownership of Shares of Subsidiaries; Affiliates................     6
         5.5.     Financial Statements............................................................     7
         5.6.     Compliance with Laws, Other Instruments, etc....................................     8
         5.7.     Governmental Authorizations, etc................................................     8
         5.8.     Litigation; Observance of Agreements, Statutes and Orders.......................     8
         5.9.     Taxes...........................................................................     9
         5.10.    Title to Property; Leases.......................................................     9
         5.11.    Licenses, Permits, etc..........................................................     9
         5.12.    Compliance with ERISA...........................................................    10
         5.13.    Private Offering by the Company.................................................    11
         5.14.    Use of Proceeds; Margin Regulations.............................................    11
         5.15.    Existing Indebtedness, Future Liens.............................................    12
         5.16.    Foreign Assets Control Regulations, etc.........................................    12
         5.17.    Status under Certain Statutes...................................................    13
         5.18.    Environmental Matters...........................................................    13
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                                TABLE OF CONTENTS

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6.       REPRESENTATIONS OF THE PURCHASER........................................................    13
         6.1.     Purchase for Investment........................................................    13
         6.2.     Source of Funds................................................................    14

7.       INFORMATION AS TO COMPANY...............................................................    15
         7.1.     Financial and Business Information.............................................    15
         7.2.     Officer's Certificate..........................................................    19
         7.3.     Inspection.....................................................................    20

8.       PAYMENT OF THE NOTES....................................................................    21
         8.1.     Payment at Maturity............................................................    21
         8.2.     Optional Prepayments with Make-Whole Amount....................................    21
         8.3.     Allocation of Partial Prepayments..............................................    21
         8.4.     Maturity; Surrender,etc........................................................    22
         8.5.     No Other Optional Prepayments or Purchase of Notes.............................    22
         8.6.     Make-Whole Amount..............................................................    22

9.       AFFIRMATIVE COVENANTS...................................................................    34
         9.1.     Compliance with Law............................................................    34
         9.2.     Insurance......................................................................    34
         9.3.     Maintenance of Properties......................................................    34
         9.4.     Payment of Taxes and Claims....................................................    34
         9.5.     Corporate Existence, etc.......................................................    35
         9.6.     Compliance with ERISA..........................................................    35
         9.7.     Pari Passu Ranking.............................................................    35

10.      NEGATIVE COVENANTS......................................................................    35
         10.1.    Transactions with Affiliates...................................................    36
         10.2.    Merger, Consolidation, Etc.....................................................    36
         10.3.    Liens..........................................................................    36
         10.4.    Sale of Assets.................................................................    39
         10.5.    Limitation on Incurrence of Funded Debt........................................    39
         10.6.    Fixed Charge Coverage Ratio....................................................    40
         10.7.    Consolidated Adjusted Net Worth................................................    40

11.      EVENTS OF DEFAULT.......................................................................    40

12.      REMEDIES ON DEFAULT, ETC................................................................    43
         12.1.    Acceleration...................................................................    44
         12.2.    Other Remedies.................................................................    44
         12.3.    Rescission.....................................................................    45
         12.4.    No Waivers or Election of Remedies, Expenses, etc..............................    45
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                                TABLE OF CONTENTS

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13.      REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES..........................................    45
         13.1.    Registration of Notes.........................................................    45
         13.2.    Transfer and Exchange of Notes................................................    46
         13.3.    Replacement of Notes..........................................................    46

14.      PAYMENTS ON NOTES......................................................................    47
         14.1.    Place of Payment..............................................................    47
         14.2.    Home Office Payment...........................................................    47
15.      EXPENSES, ETC..........................................................................    48
         15.1.    Transaction Expenses..........................................................    48
         15.2.    Survival......................................................................    48

16.      SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT...........................    48

17.      AMENDMENT AND WAIVER...................................................................    49
         17.1.    Requirements..................................................................    49
         17.2.    Solicitation of Holders of Notes..............................................    49
         17.3.    Binding Effect, etc...........................................................    50
         17.4.    Notes held by Company; Conversion Rate........................................    50

18.      NOTICES................................................................................    50

19.      REPRODUCTION OF DOCUMENTS..............................................................    51

20.      CONFIDENTIAL INFORMATION...............................................................    52

21.      SUBSTITUTION OF PURCHASER..............................................................    53

22.      TAX INDEMNIFICATION....................................................................    54

23.      MISCELLANEOUS..........................................................................    58
         23.1.    Successors and Assigns........................................................    58
         23.2.    Payments Due on Non-Business Days.............................................    58
         23.3.    Severability..................................................................    58
         23.4.    Construction..................................................................    58
         23.5.    Counterparts..................................................................    59
         23.6.    Change of Currency............................................................    59
         23.7.    Governing Law.................................................................    59
         23.8.    Waiver of Jury Trial; Consent to Jurisdiction.................................    59
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                                TABLE OF CONTENTS

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EUR/USD Cross-Currency Swap......................................................................    1

Indicative Terms and Conditions for Swap Transaction.............................................    1
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                              SCHEDULES & EXHIBITS

SCHEDULE A         --      Purchaser Information
SCHEDULE B         --      Defined Terms
SCHEDULE 3         --      Payment Instructions
SCHEDULE 4.9       --      Changes in Corporate Structure
SCHEDULE 5.3       --      Disclosure Materials
SCHEDULE 5.4       --      Subsidiaries and Affiliates
SCHEDULE 5.5       --      Financial Statements
SCHEDULE 5.14      --      Use of Proceeds
SCHEDULE 5.15      --      Existing Indebtedness and Liens
SCHEDULE 8.6(c)    --      Initial Swap Agreements
SCHEDULE 10.5      --      Existing Funded Debt
EXHIBIT 1-A        --      Form of 5.85% Series A Note due November 29, 2006
EXHIBIT 1-B        --      Form of 5.63% Series B Note due November 29, 2006
EXHIBIT 1-C        --      Form of 5.63% Series C Note due November 29, 2006
EXHIBIT 4.4(a)(i)  --      Form of Opinion of Special Counsel for Company
EXHIBIT 4.4(a)(ii) --      Form of Opinion of General Counsel for the Company
EXHIBIT 4.4(b)     --      Form of Opinion of Special Counsel for Purchasers

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                        SENSIENT TECHNOLOGIES CORPORATION

          $30,000,000 5.85% Series A Senior Notes Due November 29, 2006
       (euro)94,033,227 5.63% Series B Senior Notes Due November 29, 2006
       (euro)40,000,000 5.63% Series C Senior Notes Due November 29, 2006

                                                   Dated as of November 29, 2001

To the Purchaser Named on
the Signature Page Hereto

Ladies and Gentlemen:

     SENSIENT TECHNOLOGIES CORPORATION, a Wisconsin corporation (together with
its successors and assigns, the "Company"), agrees with you as follows:

1.   AUTHORIZATION OF NOTES

     The Company will authorize the issue and sale of

          (a) $30,000,000 aggregate principal amount of its 5.85% Series A
     Senior Notes due November 29, 2006 (the "Series A Notes", such term to
     include any such notes issued in substitution therefor pursuant to Section
     14 of this Agreement or the Other Agreements (as hereinafter defined));

          (b) (euro)94,033,227 aggregate principal amount of its 5.63% Series B
     Senior Notes due November 29, 2006 (the "Series B Notes", such term to
     include any such notes issued in substitution therefor pursuant to Section
     14 of this Agreement or the Other Agreements (as hereinafter defined)); and

          (c) (euro)40,000,000 aggregate principal amount of its 5.63% Series C
     Senior Notes due November 29, 2006 (the "Series C Notes", such term to
     include any such notes issued in substitution therefor pursuant to Section
     14 of this Agreement or the Other Agreements (as hereinafter defined)).

The Series A Notes shall be substantially in the form set out in Exhibit 1-A,
the Series B Notes shall be substantially in the form set out in Exhibit 1-B and
the Series C Notes shall be substantially in the form set out in Exhibit 1-C, in
each case with such changes therefrom, if any, as may be approved by you and the
Company. The term "Notes", as used herein, shall include each of the Series A
Notes, the Series B Notes and the Series C Notes (each a

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"Series") and any promissory note delivered in substitution or exchange for any
Notes pursuant to Section 13, and the term "Note" shall refer to any one of such
Notes. Certain capitalized terms used in this Agreement are defined in Schedule
B; references to a "Schedule" or an "Exhibit" are, unless otherwise specified,
to a Schedule or an Exhibit attached to this Agreement.

2.   SALE AND PURCHASE OF NOTES

     Subject to the terms and conditions of this Agreement, the Company will
issue and sell to you and you will purchase from the Company, at the Closing
provided for in Section 3, Notes in the principal amount specified below your
name in Schedule A at the purchase price of 100% of the principal amount
thereof. Contemporaneously with entering into this Agreement, the Company is
entering into separate Note Purchase Agreements (the "Other Agreements")
identical with this Agreement with each of the other purchasers named in
Schedule A (the "Other Purchasers"), providing for the sale at such Closing to
each of the Other Purchasers of Notes in the principal amount and the Series
specified below its name in Schedule A. The sales of the Notes to you and to
each Other Purchaser are to be separate sales; provided however, the Company and
you agree that this Agreement and the Other Agreements shall constitute one
single agreement for purposes of applying any statute otherwise limiting any
choice of law, choice of forum, interest, fees or other contractual provision if
the statute validates such contractual provision, or exempts from the statute's
limitation on such contractual provision, a single agreement creating or
evidencing obligations above a threshold amount specified in that statute. Your
obligation hereunder and the obligations of the Other Purchasers under the Other
Agreements are several and not joint obligations and you shall have no
obligation under any Other Agreement and no liability to any Person for the
performance or non-performance by any Other Purchaser thereunder.

3.   CLOSING

     The sale and purchase of the Notes to be purchased by you and the Other
Purchasers shall occur at the offices of [Bingham Dana LLP, 399 Park Avenue, New
York, New York 10022 at 10:00 a.m., local time, at a closing (the "Closing") on
November 29, 2001. At the Closing the Company will deliver to you the Notes to
be purchased by you in the form of a single Note (or such greater number of
Notes in denominations of at least (euro)1,000,000 (in the case of the Series B
and Series C Notes) or $1,000,000 (in the case of Series A Notes) as you may
request), dated the date of the Closing and registered in your name (or in the
name of your nominee), as indicated in Schedule A, against payment by wire
transfer in immediately available

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funds of the currency in the amount of the purchase price therefor as directed
by the Company in Schedule 3. If at the Closing the Company shall fail to tender
such Notes to you as provided above in this Section 3, or any of the conditions
specified in Section 4 shall not have been fulfilled to your satisfaction, you
shall, at your election, be relieved of all further obligations under this
Agreement, without thereby waiving any rights you may have by reason of such
failure or such nonfulfillment.

4.   CONDITIONS TO CLOSING

     Your obligation to purchase and pay for the Notes to be sold to you at the
Closing is subject to the fulfillment to your satisfaction, prior to or at the
Closing, of the following conditions:

     4.1. Representations and Warranties.

     The representations and warranties of the Company in this Agreement shall
be correct when made and at the time of the Closing.

     4.2. Performance; No Default.

     The Company shall have performed and complied with all agreements and
conditions contained in this Agreement required to be performed or complied with
by it prior to or at the Closing and after giving effect to the issue and sale
of the Notes (and the application of the proceeds thereof as contemplated by
Schedule 5.14) no Default or Event of Default shall have occurred and be
continuing. Neither the Company nor any Subsidiary shall have entered into any
transaction since the date of the Memorandum that would have been prohibited by
any of Sections 10.1, 10.2, 10.4 or 10.5 had such Sections applied since such
date.

     4.3. Compliance Certificates.

          (a) Officer's Certificate. The Company shall have delivered to you an
     Officer's Certificate, dated the date of the Closing, certifying that the
     conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled.

          (b) Secretary's Certificate. The Company shall have delivered to you a
     certificate of its Secretary or one of its Assistant Secretaries, dated the
     date of the Closing, certifying as to the resolutions attached thereto and
     other corporate proceedings relating to the authorization, execution and
     delivery of the Notes, this Agreement and the Other Agreements.

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     4.4. Opinions of Counsel.

     You shall have received opinions in form and substance satisfactory to you,
dated the date of the Closing, from:

          (a) (i) Debevoise & Plimpton, counsel for the Company, substantially
     in the form set out in Exhibit 4.4(a)(i), and (ii) John L. Hammond, Esq.,
     General Counsel for the Company, substantially in the form set out in
     Exhibit 4.4(a)(ii), and covering such other matters incident to the
     transactions contemplated hereby as you or your counsel may reasonably
     request (and the Company hereby instructs such counsel to deliver such
     opinion to you); and

          (b) Bingham Dana LLP, your special counsel in connection with such
     transactions, substantially in the form set out in Exhibit 4.4(b) and
     covering such other matters incident to such transactions as you may
     reasonably request.

     4.5. Purchase Permitted By Applicable Law, etc.

     On the date of the Closing your purchase of Notes shall (a) be permitted by
the laws and regulations of each jurisdiction to which you are subject, without
recourse to provisions (such as section 1405(a)(8) of the New York Insurance
Law) permitting limited investments by insurance companies without restriction
as to the character of the particular investment, (b) not violate any applicable
law or regulation (including, without limitation, Regulation T, U or X of the
Board of Governors of the Federal Reserve System) and (c) not subject you to any
tax, penalty or liability under or pursuant to any applicable law or regulation.
If requested by you, you shall have received an Officer's Certificate certifying
as to such matters of fact as you may reasonably specify to enable you to
determine whether such purchase is so permitted.

     4.6. Sale of Other Notes.

     Contemporaneously with the Closing the Company shall sell to the Other
Purchasers and the Other Purchasers shall purchase the Notes to be purchased by
them at the Closing as specified in Schedule A.

     4.7. Payment of Special Counsel Fees.

     Without limiting the provisions of Section 15.1, the Company shall have
paid on or before the Closing the fees, charges and disbursements of your
special counsel referred to in Section 4.4(b) to the extent reflected in a

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statement of such counsel rendered to the Company at least one Business Day
prior to the date of the Closing.

     4.8. Private Placement Number.

     A Private Placement Number issued by Standard & Poor's CUSIP Service Bureau
(in cooperation with the Securities Valuation Office of the National Association
of Insurance Commissioners) shall have been obtained for the Notes.

     4.9. Changes in Corporate Structure.

     Except as specified in Schedule 4.9, the Company shall not have changed its
jurisdiction of incorporation or been a party to any merger or consolidation and
shall not have succeeded to all or any substantial part of the liabilities of
any other entity, at any time following the date of the most recent financial
statements referred to in Schedule 5.5.

     4.10. Proceedings and Documents.

     All corporate and other proceedings in connection with the transactions
contemplated by this Agreement and all documents and instruments incident to
such transactions shall be satisfactory to you and your special counsel, and you
and your special counsel shall have received all such counterpart originals or
certified or other copies of such documents as you or they may reasonably
request.

5.   REPRESENTATIONS AND WARRANTIES OF THE COMPANY

     The Company represents and warrants to you, as of the date of the Closing,
that:

     5.1. Organization; Power and Authority.

     The Company is a corporation duly organized, validly existing and in good
standing under the laws of its jurisdiction of incorporation, and is duly
qualified as a foreign corporation and is in good standing in each jurisdiction
in which such qualification is required by law, other than those jurisdictions
as to which the failure to be so qualified or in good standing could not,
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. The Company has the corporate power and authority to own or hold
under lease the properties it purports to own or hold under lease, to transact
the business it transacts and proposes to transact, to execute and deliver this
Agreement and the Other Agreements and the Notes and to perform the provisions
hereof and thereof.

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     5.2. Authorization, etc.

     This Agreement, the Other Agreements and the Notes have been duly
authorized by all necessary corporate action on the part of the Company, and
this Agreement constitutes, and upon execution and delivery thereof each Note
will constitute, a legal, valid and binding obligation of the Company
enforceable against the Company in accordance with its terms, except as such
enforceability may be limited by (a) applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting the enforcement of
creditors' rights generally and (b) general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law).

     5.3. Disclosure.

     The Company, through its agent, Deutsche Bank Securities Inc., has
delivered to you and each Other Purchaser a copy of a Private Placement
Memorandum, dated October, 2001 (the "Memorandum"), relating to the transactions
contemplated hereby. The Memorandum fairly describes, in all material respects,
the general nature of the business and principal properties of the Company and
its Subsidiaries. Except as disclosed in Schedule 5.3, this Agreement, the
Memorandum, the documents, certificates or other writings delivered to you by or
on behalf of the Company in connection with the transactions contemplated hereby
and the financial statements listed in Schedule 5.5, taken as a whole, do not
contain any untrue statement of a material fact or omit to state any material
fact necessary to make the statements therein not misleading in light of the
circumstances under which they were made. Except as disclosed in the Memorandum
or as expressly described in Schedule 5.3, or in one of the documents,
certificates or other writings identified therein, or in the financial
statements listed in Schedule 5.5, since December 31, 2000, there has been no
change in the financial condition, operations, business or properties of the
Company or any Subsidiary except changes that individually or in the aggregate
could not reasonably be expected to have a Material Adverse Effect. There is no
fact known to the Company that could reasonably be expected to have a Material
Adverse Effect that has not been set forth herein or in the Memorandum or in the
other documents, certificates and other writings delivered to you by or on
behalf of the Company specifically for use in connection with the transactions
contemplated hereby.

     5.4. Organization and Ownership of Shares of Subsidiaries; Affiliates.

                                       6

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          (a) Schedule 5.4 contains (except as noted therein) complete and
     correct lists of (i) the Company's Subsidiaries, showing, as to each
     Subsidiary, the correct name thereof, the jurisdiction of its organization,
     and (ii) the Company's Affiliates, other than Subsidiaries.

          (b) All of the outstanding shares of capital stock or similar equity
     interests of each Subsidiary shown in Schedule 5.4 that are owned by the
     Company and its Subsidiaries have been validly issued, are fully paid and
     nonassessable and are owned by the Company or another Subsidiary free and
     clear of any Lien (except as otherwise disclosed in Schedule 5.4).

          (c) Each Subsidiary identified in Schedule 5.4 is a corporation or
     other legal entity duly organized, validly existing and in good standing
     under the laws of its jurisdiction of organization, and is duly qualified
     as a foreign corporation or other legal entity and is in good standing in
     each jurisdiction in which such qualification is required by law, other
     than those jurisdictions as to which the failure to be so qualified or in
     good standing could not, individually or in the aggregate, reasonably be
     expected to have a Material Adverse Effect. Each such Subsidiary has the
     corporate or other power and authority to own or hold under lease the
     properties it purports to own or hold under lease and to transact the
     business it transacts and proposes to transact.

          (d) No Subsidiary is a party to, or otherwise subject to any legal
     restriction or any agreement (other than this Agreement, the agreements
     listed in Schedule 5.4 and customary limitations imposed by corporate law
     statutes) restricting the ability of such Subsidiary to pay dividends out
     of profits or make any other similar distributions of profits to the
     Company or any of its Subsidiaries that owns outstanding shares of capital
     stock or similar equity interests of such Subsidiary.

     5.5. Financial Statements.

     The Company has delivered to you and each Other Purchaser copies of the
financial statements of the Company and its Subsidiaries listed in Schedule 5.5.
All of said financial statements (including in each case the related schedules
and notes) fairly present in all material respects the consolidated financial
position of the Company and its Subsidiaries as of the respective dates
specified in such Schedule and the consolidated results of their operations and
cash flows for the respective periods so specified

                                       7

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and have been prepared in accordance with GAAP consistently applied throughout
the periods involved except as set forth in the notes thereto (subject, in the
case of any interim financial statements, to normal year-end adjustments).

     5.6. Compliance with Laws, Other Instruments, etc.

     The execution, delivery and performance by the Company of this Agreement
and the Notes will not:

          (a) contravene, result in any breach of, or constitute a default
     under, or result in the creation of any Lien in respect of any property of
     the Company or any Subsidiary under, any indenture, mortgage, deed of
     trust, loan, purchase or credit agreement, lease, corporate charter or
     bylaws, or any other agreement or instrument to which the Company or any
     Subsidiary is bound or by which the Company or any Subsidiary or any of
     their respective properties may be bound or affected;

          (b) conflict with or result in a breach of any of the terms,
     conditions or provisions of any order, judgment, decree, or ruling of any
     court, arbitrator or Governmental Authority applicable to the Company or
     any Subsidiary; or

          (c) violate any provision of any statute or other rule or regulation
     of any Governmental Authority applicable to the Company or any Subsidiary.

     5.7. Governmental Authorizations, etc.

     No consent, approval or authorization of, or registration, filing or
declaration with, any Governmental Authority is required in connection with the
execution, delivery or performance by the Company of this Agreement or the
Notes.

     5.8. Litigation; Observance of Agreements, Statutes and Orders.

          (a) There are no actions, suits or proceedings pending or, to the
     knowledge of the Company, threatened against or affecting the Company or
     any Subsidiary or any property of the Company or any Subsidiary in any
     court or before any arbitrator of any kind or before or by any Governmental
     Authority that, individually or in the aggregate, could reasonably be
     expected to have a Material Adverse Effect.

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          (b) Neither the Company nor any Subsidiary is in default under any
     term of any agreement or instrument to which it is a party or by which it
     is bound, or any order, judgment, decree or ruling of any court, arbitrator
     or Governmental Authority or is in violation of any applicable law,
     ordinance, rule or regulation (including, without limitation, Environmental
     Laws) of any Governmental Authority, which default or violation,
     individually or in the aggregate, could reasonably be expected to have a
     Material Adverse Effect.

     5.9. Taxes.

     The Company and its Subsidiaries have filed all tax returns that are
required to have been filed in any jurisdiction, and have paid all taxes shown
to be due and payable on such returns and all other taxes and assessments levied
upon them or their properties, assets, income or franchises, to the extent such
taxes and assessments have become due and payable and before they have become
delinquent, except for any taxes and assessments (a) the amount of which is not
individually or in the aggregate Material or (b) the amount, applicability or
validity of which is currently being contested in good faith by appropriate
proceedings and with respect to which the Company or a Subsidiary, as the case
may be, has established adequate reserves in accordance with GAAP. The Company
knows of no basis for any other tax or assessment that could reasonably be
expected to have a Material Adverse Effect. The charges, accruals and reserves
on the books of the Company and its Subsidiaries in respect of Federal, state or
other taxes for all fiscal periods are adequate. The Federal income tax
liabilities of the Company and its Subsidiaries have been determined by the
Internal Revenue Service and paid for all fiscal years up to and including the
fiscal year ended September 30, 1992.

     5.10. Title to Property; Leases.

     The Company and its Subsidiaries have good and sufficient title to their
respective properties that individually or in the aggregate are Material,
including all such properties reflected in the most recent audited balance sheet
referred to in Section 5.5 or purported to have been acquired by the Company or
any Subsidiary after said date (except as sold or otherwise disposed of in the
ordinary course of business), in each case free and clear of Liens prohibited by
this Agreement. All leases that individually or in the aggregate are Material
are valid and subsisting and are in full force and effect in all material
respects.

     5.11. Licenses, Permits, etc.

                                       9

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          (a) The Company and its Subsidiaries own or possess all licenses,
     permits, franchises, authorizations, patents, copyrights, service marks,
     trademarks and trade names, or rights thereto, that individually or in the
     aggregate are Material, without known conflict with the rights of others.

          (b) To the best knowledge of the Company, neither the conduct of its
     business nor any product of the Company or any Subsidiary infringes in any
     material respect any license, permit, franchise, authorization, patent,
     copyright, service mark, trademark, trade name or other right owned by any
     other Person.

          (c) To the best knowledge of the Company, there is no Material
     violation by any Person of any right of the Company or any of its
     Subsidiaries with respect to any patent, copyright, service mark,
     trademark, trade name or other right owned or used by the Company or any of
     its Subsidiaries.

     5.12. Compliance with ERISA.

          (a) The Company and each ERISA Affiliate have operated and
     administered each Plan in compliance with all applicable laws except for
     such instances of noncompliance as have not resulted in and could not
     reasonably be expected to result in a Material Adverse Effect. Neither the
     Company nor any ERISA Affiliate has incurred any liability pursuant to
     Title I or IV of ERISA or the penalty or excise tax provisions of the Code
     relating to employee benefit plans (as defined in section 3 of ERISA), and
     no event, transaction or condition has occurred or exists that could
     reasonably be expected to result in the incurrence of any such liability by
     the Company or any ERISA Affiliate, or in the imposition of any Lien on any
     of the rights, properties or assets of the Company or any ERISA Affiliate,
     in either case pursuant to Title I or IV of ERISA or to such penalty or
     excise tax provisions or to section 401(a)(29) or 412 of the Code, other
     than such liabilities or Liens as would not be individually or in the
     aggregate Material.

          (b) The present value of the aggregate benefit liabilities under each
     of the Plans subject to Title IV of ERISA (other than Multiemployer Plans),
     determined as of the end of such Plan's most recently ended plan year on
     the basis of the actuarial assumptions specified for funding purposes in
     such Plan's most recent actuarial valuation report, did not exceed the
     aggregate current value of the assets of such Plan allocable to such
     benefit liabilities. The term

                                       10

<PAGE>

     "benefit liabilities" has the meaning specified in section 4001 of ERISA
     and the terms "current value" and "present value" have the meaning
     specified in section 3 of ERISA.

          (c) The Company and the ERISA Affiliates have not incurred withdrawal
     liabilities (and are not subject to contingent withdrawal liabilities)
     under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that
     individually or in the aggregate are Material.

          (d) The expected postretirement benefit obligation (determined as of
     the last day of the Company's most recently ended fiscal year in accordance
     with Financial Accounting Standards Board Statement No. 106, without regard
     to liabilities attributable to continuation coverage mandated by section
     4980B of the Code) of the Company and its Subsidiaries is not Material.

          (e) The execution and delivery of this Agreement and the issuance and
     sale of the Notes hereunder will not involve any transaction that is
     subject to the prohibitions of section 406 of ERISA or in connection with
     which a tax could be imposed pursuant to section 4975(c)(1)(A)-(D) of the
     Code. The representation by the Company in the first sentence of this
     Section 5.12(e) is made in reliance upon and subject to the accuracy of
     your representation in Section 6.2 as to the Sources used to pay the
     purchase price of the Notes to be purchased by you.

     5.13. Private Offering by the Company.

     Neither the Company nor anyone acting on its behalf has offered the Notes
or any similar securities for sale to, or solicited any offer to buy any of the
same from, or otherwise approached or negotiated in respect thereof with, any
Person other than you, the Other Purchasers and not more than 28 other
Institutional Investors, each of which has been offered the Notes at a private
sale for investment. Neither the Company nor anyone acting on its behalf has
taken, or will take, any action that would subject the issuance or sale of the
Notes to the registration requirements of section 5 of the Securities Act.

     5.14. Use of Proceeds; Margin Regulations.

     The Company will apply the proceeds of the sale of the Notes as set forth
in Schedule 5.14. No part of the proceeds from the sale of the Notes hereunder
will be used, directly or indirectly, for the purpose of buying or carrying any
margin stock within the meaning of Regulation U of the

                                       11

<PAGE>

Board of Governors of the Federal Reserve System (12 CFR 221), or for the
purpose of buying or carrying or trading in any securities under such
circumstances as to involve the Company in a violation of Regulation X of said
Board (12 CFR 224) or to involve any broker or dealer in a violation of
Regulation T of said Board (12 CFR 220). Margin stock does not constitute more
than 1% of the value of the consolidated assets of the Company and its
Subsidiaries and the Company does not have any present intention that margin
stock will constitute more than 1% of the value of such assets. As used in this
Section, the terms "margin stock" and "purpose of buying or carrying" shall have
the meanings assigned to them in said Regulation U.

     5.15. Existing Indebtedness, Future Liens.

          (a) Except as described therein, Schedule 5.15 sets forth a complete
     and correct list of all outstanding Indebtedness of the Company and its
     Subsidiaries as of September 30, 2001 (and specifying, as to each such
     Indebtedness, the collateral, if any, securing such Indebtedness), since
     which date there has been no Material change in the amounts, interest
     rates, sinking funds, installment payments or maturities of the
     Indebtedness of the Company or its Subsidiaries. Neither the Company nor
     any Subsidiary is in default and no waiver of default is currently in
     effect, in the payment of any principal or interest on any Indebtedness of
     the Company or such Subsidiary and no event or condition exists with
     respect to any Indebtedness of the Company or any Subsidiary that would
     permit (or that with notice or the lapse of time, or both, would permit)
     one or more Persons to cause such Indebtedness to become due and payable
     before its stated maturity or before its regularly scheduled dates of
     payment.

          (b) Except as disclosed in Schedule 5.15, neither the Company nor any
     Subsidiary has agreed or consented to cause or permit in the future (upon
     the happening of a contingency or otherwise) any of its property, whether
     now owned or hereafter acquired, to be subject to a Lien not permitted by
     Section 10.3.

     5.16. Foreign Assets Control Regulations, etc.

     Neither the sale of the Notes by the Company hereunder nor its use of the
proceeds thereof will violate the Trading with the Enemy Act, as amended, or any
of the foreign assets control regulations of the United States Treasury
Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling
legislation or executive order relating thereto.

                                       12

<PAGE>

     5.17. Status under Certain Statutes.

     Neither the Company nor any Subsidiary is subject to regulation under the
Investment Company Act of 1940, as amended, the Public Utility Holding Company
Act of 1935, as amended, the Transportation Acts (49 U.S.C.), as amended, or the
Federal Power Act, as amended.

     5.18. Environmental Matters.

     Neither the Company nor any Subsidiary has knowledge of any claim or has
received any notice of any claim, and no proceeding has been instituted raising
any claim against the Company or any of its Subsidiaries or any of their
respective real properties now or formerly owned, leased or operated by any of
them or other assets, alleging any damage to the environment or violation of any
Environmental Laws, except, in each case, such as could not reasonably be
expected to result in a Material Adverse Effect. Except as otherwise disclosed
to you in writing:

          (a) neither the Company nor any Subsidiary has knowledge of any facts
     which would give rise to any claim, public or private, of violation of
     Environmental Laws or damage to the environment emanating from, occurring
     on or in any way related to real properties now or formerly owned, leased
     or operated by any of them or to other assets or their use, except, in each
     case, such as could not reasonably be expected to result in a Material
     Adverse Effect;

          (b) neither the Company nor any of its Subsidiaries has stored any
     Hazardous Materials on real properties now or formerly owned, leased or
     operated by any of them or disposed of any Hazardous Materials in a manner
     contrary to any Environmental Laws in each case in any manner that could
     reasonably be expected to result in a Material Adverse Effect; and

          (c) all buildings on all real properties now owned, leased or operated
     by the Company or any of its Subsidiaries are in compliance with applicable
     Environmental Laws, except where failure to comply could not reasonably be
     expected to result in a Material Adverse Effect.

6.   REPRESENTATIONS OF THE PURCHASER

     6.1. Purchase for Investment.

     You represent that you are purchasing the Notes for your own account or for
one or more separate accounts maintained by you or for the account

                                       13

<PAGE>

of one or more pension or trust funds and not with a view to the distribution
thereof, provided that the disposition of your or their property shall at all
times be within your or their control. You understand that the Notes have not
been registered under the Securities Act and may be resold only if registered
pursuant to the provisions of the Securities Act or if an exemption from
registration is available, except under circumstances where neither such
registration nor such an exemption is required by law, and that the Company is
not required to register the Notes.

     6.2. Source of Funds.

     You represent that at least one of the following statements is an accurate
representation as to each source of funds (a "Source") to be used by you to pay
the purchase price of the Notes to be purchased by you hereunder:

          (a) the Source is an "insurance company general account" as defined in
     United States Department of Labor Prohibited Transaction Exemption ("PTE")
     95-60 (60 FR 35925, July 12, 1995) and in respect thereof you represent
     that there is no "employee benefit plan" (as defined in section 3(3) of
     ERISA and section 4975(e)(1) of the Code, treating as a single plan all
     plans maintained by the same employer or employee organization or affiliate
     thereof) with respect to which the amount of the general account reserves
     and liabilities of all contracts held by or on behalf of such plan exceeds
     10% of the total reserves and liabilities of such general account
     (exclusive of separate account liabilities) plus surplus, as set forth in
     the National Association of Insurance Commissioners' Annual Statement filed
     with your state of domicile and that such acquisition is eligible for and
     satisfies the other requirements of such exemption; or

          (b) if you are an insurance company, the Source is a separate account
     that is maintained solely in connection with your fixed contractual
     obligations under which the amounts payable, or credited, to such plan and
     to any participant or beneficiary of such plan (including any annuitant)
     are not affected in any manner by the investment performance of the
     separate account; or

          (c) the Source is either (i) an insurance company pooled separate
     account, within the meaning of PTE 90-1 (issued January 29,1990), or (ii) a
     bank collective investment fund, within the meaning of the PTE 91-38
     (issued July 12, 1991) and, except as you have disclosed to the Company in
     writing pursuant to this paragraph 6.2(c), no employee benefit plan or
     group of plans maintained by the

                                       14

<PAGE>

     same employer or employee organization beneficially owns more than 10% of
     all assets allocated to such pooled separate account or collective
     investment fund; or

          (d) the Source constitutes assets of an "investment fund" (within the
     meaning of part V of PTE 84-14 (the "QPAM Exemption")) managed by a
     "qualified professional asset manager" or "QPAM" (within the meaning of
     part V of the QPAM Exemption), no employee benefit plan's assets that are
     included in such investment fund, when combined with the assets of all
     other employee benefit plans established or maintained by the same employer
     or by an affiliate (within the meaning of section V(c)(1) of the QPAM
     Exemption) of such employer or by the same employee organization and
     managed by such QPAM, exceed 20% of the total client assets managed by such
     QPAM, the conditions of part I(c) and (g) of the QPAM Exemption are
     satisfied, neither the QPAM nor a person controlling or controlled by the
     QPAM (applying the definition of "control" in section V(e) of the QPAM
     Exemption) owns a 5% or more interest in the Company and

               (i) the identity of such QPAM and

               (ii) the names of all employee benefit plans whose assets are
          included in such investment fund

     have been disclosed to the Company in writing pursuant to this paragraph
     6.2(d); or

          (e) the Source is a governmental plan; or

          (f) the Source is one or more employee benefit plans, or a separate
     account or trust fund comprised of one or more employee benefit plans, each
     of which has been identified to the Company in writing pursuant to this
     paragraph 6.2(f); or

          (g) the Source does not include assets of any employee benefit plan,
     other than a plan exempt from the coverage of ERISA.

     As used in this Section 6.2, the terms "employee benefit plan",
     "governmental plan" and "separate account" shall have the respective
     meanings assigned to such terms in Section 3 of ERISA.

7.   INFORMATION AS TO COMPANY

     7.1. Financial and Business Information.

                                       15

<PAGE>

     The Company shall deliver to each holder of Notes that is an Institutional
Investor:

          (a) Quarterly Statements -- within 45 days after the end of each
     quarterly fiscal period in each fiscal year of the Company (other than the
     last quarterly fiscal period of each such fiscal year), duplicate copies
     of,

               (i) a consolidated balance sheet of the Company and its
          Subsidiaries as at the end of such quarter, and

               (ii) consolidated statements of income, changes in shareholders'
          equity and cash flows of the Company and its Subsidiaries, for such
          quarter and (in the case of the second and third quarters) for the
          portion of the fiscal year ending with such quarter,

     setting forth in each case in comparative form the figures for the
     corresponding periods in the previous fiscal year, all in reasonable
     detail, prepared in accordance with GAAP applicable to quarterly financial
     statements generally, and certified by a Senior Financial Officer as fairly
     presenting, in all material respects, the consolidated financial position
     of the companies being reported on and their consolidated results of
     operations and cash flows, subject to changes resulting from year-end
     adjustments, provided that delivery within the time period specified above
     of copies of the Company's Quarterly Report on Form 10-Q prepared in
     compliance with the requirements therefor and filed with the Securities and
     Exchange Commission shall be deemed to satisfy the requirements of this
     paragraph (a);

          (b) Annual Statements -- within 90 days after the end of each fiscal
     year of the Company, duplicate copies of,

               (i) an audited consolidated balance sheet of the Company and its
          Subsidiaries, as at the end of such year, and

               (ii) audited consolidated statements of income, changes in
          shareholders' equity and cash flows of the Company and its
          Subsidiaries, for such year,

     setting forth in each case in comparative form the figures for the previous
     fiscal year, all in reasonable detail, prepared in accordance with GAAP,
     and accompanied by

                                       16

<PAGE>

                    (A) an opinion thereon of independent certified public
               accountants of recognized national standing, which opinion shall
               state that such financial statements present fairly, in all
               material respects, the consolidated financial position of the
               companies being reported upon and their results of operations and
               cash flows and have been prepared in conformity with GAAP, and
               that the examination of such accountants in connection with such
               financial statements has been made in accordance with generally
               accepted auditing standards, and that such audit provides a
               reasonable basis for such opinion in the circumstances, and

                    (B) a certificate of such accountants stating that they have
               reviewed this Agreement and stating further whether, in making
               their audit, they have become aware of any condition or event
               that then constitutes a Default or an Event of Default, and, if
               they are aware that any such condition or event then exists,
               specifying the nature and period of the existence thereof (it
               being understood that such accountants shall not be liable,
               directly or indirectly, for any failure to obtain knowledge of
               any Default or Event of Default unless such accountants should
               have obtained knowledge thereof in making an audit in accordance
               with generally accepted auditing standards or did not make such
               an audit),

     provided that the delivery within the time period specified above of the
     Company's Annual Report on Form 10-K for such fiscal year prepared in
     accordance with the requirements therefor and filed with the Securities and
     Exchange Commission, together with the accountant's certificate described
     in clause (B) above, shall be deemed to satisfy the requirements of this
     Section 7.1(b);

          (c) SEC and Other Reports -- promptly upon their becoming available,
     one copy of (i) each financial statement, report (including, without
     limitation, the Company's annual report to shareholders, if any, prepared
     pursuant to Rule 14a-3 under the Exchange Act), notice or proxy statement
     sent by the Company or any Subsidiary to public securities holders
     generally, and (ii) each regular or periodic report, each registration
     statement (without exhibits except as expressly requested by such holder),
     and each prospectus and all amendments thereto filed by the Company or any
     Subsidiary with the Securities and Exchange Commission and of all press
     releases and other

                                       17

<PAGE>

     statements made available generally by the Company or any Subsidiary to the
     public concerning developments that are Material;

          (d) Notice of Default or Event of Default -- promptly, and in any
     event within five days after a Responsible Officer becoming aware of the
     existence of any Default or Event of Default or that any Person has given
     any notice with respect to a claimed Default or Event of Default hereunder
     or that any Person has given any notice or taken any action with respect to
     a claimed default of the type referred to in Section 11(f), a written
     notice specifying the nature and period of existence thereof and what
     action the Company is taking or proposes to take with respect thereto;

          (e) ERISA Matters -- promptly, and in any event within five days after
     a Responsible Officer becoming aware of any of the following, a written
     notice setting forth the nature thereof and the action, if any, that the
     Company or an ERISA Affiliate proposes to take with respect thereto:

               (i) with respect to any Plan, any reportable event, as defined in
          section 4043(c) of ERISA and the regulations thereunder, for which
          notice thereof has not been waived pursuant to such regulations as in
          effect on the date of the Closing; or

               (ii) the taking by the PBGC of steps to institute, or the
          threatening by the PBGC of the institution of, proceedings under
          section 4042 of ERISA for the termination of, or the appointment of a
          trustee to administer, any Plan, or the receipt by the Company or any
          ERISA Affiliate of a notice from a Multiemployer Plan that such action
          has been taken by the PBGC with respect to such Multiemployer Plan; or

               (iii) any event, transaction or condition that could reasonably
          result in the incurrence of any liability by the Company or any ERISA
          Affiliate pursuant to Title I or IV of ERISA or the penalty or excise
          tax provisions of the Code relating to employee benefit plans, or in
          the imposition of any Lien on any of the rights, properties or assets
          of the Company or any ERISA Affiliate pursuant to Title I or IV of
          ERISA or such penalty or excise tax provisions, if such liability or
          Lien, taken together with any other such liabilities or Liens then
          existing, could reasonably be expected to have a Material Adverse
          Effect;

                                       18

<PAGE>

          (f) Notices from Governmental Authority -- promptly, and in any event
     within 30 days of receipt thereof, copies of any notice to the Company or
     any Subsidiary from any Federal or state Governmental Authority relating to
     any order, ruling, statute or other law or regulation that could reasonably
     be expected to have a Material Adverse Effect;

          (g) Actions, Proceedings -- promptly after a Responsible Officer
     becomes aware of the commencement thereof, notice of any action or
     proceeding relating to the Company or any Subsidiary in any court or before
     any Governmental Authority or arbitration board or tribunal as to which
     there is a reasonable probability of an adverse determination and that, if
     adversely determined, could reasonably be expected to have a Material
     Adverse Effect; and

          (h) Requested Information; Information Delivered to Other Creditors --
     with reasonable promptness (i) such other data and information relating to
     the business, operations, affairs, financial condition, assets or
     properties of the Company or any of its Subsidiaries or relating to the
     ability of the Company to perform its obligations hereunder and under the
     Notes as from time to time may be reasonably requested by any such holder
     of Notes, or such information regarding the Company required to satisfy the
     requirements of 17 C.F.R.ss.230.144A, as amended from time to time, in
     connection with any contemplated transfer of the Notes and (ii) after being
     so furnished, any other information which is furnished by the Company or
     any Subsidiary to the holders of Debt of the Company or any Subsidiary, in
     each case where such information is not otherwise required to be delivered
     to the holders of Notes hereunder.

     7.2. Officer's Certificate.

     Each set of financial statements delivered to a holder of Notes pursuant to
Section 7.1(a) or Section 7.1(b) hereof shall be accompanied by a certificate of
a Senior Financial Officer setting forth:

          (a) Covenant Compliance -- the information (including detailed
     calculations) required in order to establish whether the Company was in
     compliance with the requirements of Sections 10.3 through 10.7, inclusive,
     during the quarterly or annual period covered by the statements then being
     furnished (including with respect to each such Section, where applicable,
     the calculations of the maximum or minimum amount, ratio or percentage, as
     the case may be,

                                       19

<PAGE>

     permissible under the terms of such Sections, and the calculation of the
     amount, ratio or percentage then in existence); and

          (b) Event of Default -- a statement that such officer has reviewed the
     relevant terms hereof and has made, or caused to be made, under his or her
     supervision, a review of the transactions and conditions of the Company and
     its Subsidiaries from the beginning of the quarterly or annual period
     covered by the statements then being furnished to the date of the
     certificate and that such review has not disclosed the existence during
     such period of any condition or event that constitutes a Default or an
     Event of Default or, if any such condition or event existed or exists
     (including, without limitation, any such event or condition resulting from
     the failure of the Company or any Subsidiary to comply with any
     Environmental Law), specifying the nature and period of existence thereof
     and what action the Company shall have taken or proposes to take with
     respect thereto.

     7.3. Inspection.

     The Company shall permit the representatives of each holder of Notes that
is an Institutional Investor:

          (a) No Default -- if no Default or Event of Default then exists, at
     the expense of such holder and upon reasonable prior notice to the Company,
     to visit the principal executive office of the Company, to discuss the
     affairs, finances and accounts of the Company and its Subsidiaries with the
     Company's officers, and (with the consent of the Company, which consent
     will not be unreasonably withheld) its independent public accountants, and
     (with the consent of the Company, which consent will not be unreasonably
     withheld) to visit the other offices and properties of the Company and each
     Subsidiary, all at such reasonable times and as often as may be reasonably
     requested in writing; and

          (b) Default -- if a Default or Event of Default then exists, at the
     expense of the Company, to visit and inspect any of the offices or
     properties of the Company or any Subsidiary, to examine all their
     respective books of account, records, reports and other papers, to make
     copies and extracts therefrom, and to discuss their respective affairs,
     finances and accounts with their respective officers and independent public
     accountants (and by this provision the Company authorizes said accountants
     to discuss the affairs, finances and accounts of the Company and its
     Subsidiaries), all at such times and as often as may be requested.

                                       20

<PAGE>

8.   PAYMENT OF THE NOTES

     8.1. Payment at Maturity.

     (a) Series A Notes. The Company will pay all of the principal amount of the
Series A Notes remaining outstanding, if any, on November 29, 2006.

     (b) Series B Notes. The Company will pay all of the principal amount of the
Series B Notes remaining outstanding, if any, on November 29, 2006.

     (c) Series C Notes. The Company will pay all of the principal amount of the
Series C Notes remaining outstanding, if any, on November 29, 2006.

     8.2. Optional Prepayments with Make-Whole Amount.

     The Company may, at its option, upon notice as provided below, prepay at
any time all, or from time to time any part of, the Notes (but if in part, in an
amount not less than (euro)1,000,000 (in the case of the Series B Notes and the
Series C Notes) or $1,000,000 (in the case of the Series A Notes) or such lesser
amount as shall then be outstanding), at 100% of the principal amount so
prepaid, plus the Make-Whole Amount determined for the prepayment date with
respect to such principal amount. The Company will give each holder of Notes
written notice of each optional prepayment under this Section 8.2 not less than
30 days and not more than 60 days prior to the date fixed for such prepayment.
Each such notice shall specify such prepayment date, the aggregate principal
amount of the applicable Series of Notes to be prepaid on such date, the
principal amount of each Note held by such holder to be prepaid (determined in
accordance with Section 8.3), and the interest to be paid on the prepayment date
with respect to such principal amount being prepaid, and shall be accompanied by
a certificate of a Senior Financial Officer as to the estimated Make-Whole
Amount (by Series) due in connection with such prepayment (calculated as if the
date of such notice were the date of the prepayment), setting forth the details
of such computation for each Series. Two Business Days prior to such prepayment,
the Company shall deliver to each holder of Notes a certificate of a Senior
Financial Officer specifying the calculation of such Make-Whole Amount, by
Series, as of the specified prepayment date.

     8.3. Allocation of Partial Prepayments.

     In the case of each partial prepayment of the Notes of any Series pursuant
to Section 8.2, the principal amount of the Notes of such Series to

                                       21

<PAGE>

be prepaid shall be allocated among all of the Notes of such Series at the time
outstanding in proportion, as nearly as practicable, to the respective unpaid
principal amounts thereof not theretofore called for prepayment.

     8.4. Maturity; Surrender, etc.

     In the case of each prepayment of Notes pursuant to this Section 8, the
principal amount of each Note to be prepaid shall mature and become due and
payable on the date fixed for such prepayment, together with interest on such
principal amount accrued to such date and the applicable Make-Whole Amount, if
any. From and after such date, unless the Company shall fail to pay such
principal amount when so due and payable, together with the interest and
Make-Whole Amount, if any, as aforesaid, interest on such principal amount shall
cease to accrue. Any Note paid or prepaid in full shall be surrendered to the
Company and cancelled and shall not be reissued, and no Note shall be issued in
lieu of any prepaid principal amount of any Note.

     8.5. No Other Optional Prepayments or Purchase of Notes.

     The Company will not prepay (whether directly or indirectly by purchase,
redemption or other acquisition) any of the outstanding Notes except upon the
payment or prepayment of the Notes in accordance with the terms of this Section
8. The Company will promptly cancel all Notes acquired by it or any Affiliate
pursuant to any payment, prepayment or purchase of Notes pursuant to any
provision of this Section 8 and no Notes may be issued in substitution or
exchange for any such Notes.

     8.6. Make-Whole Amount.

          (a) Make-Whole Amount. The term "Make-Whole Amount" means, (i) with
     respect to the Series A Notes, the Series A Make-Whole Amount, (ii) with
     respect to the Series B Notes, the Series B Make-Whole Amount, and (iii)
     with respect to the Series C Notes, the Series C Make-Whole Amount.

          (b) Series A Make-Whole Amount. The term "Series A Make-Whole Amount"
     means, with respect to any Series A Note, an amount equal to the excess, if
     any, of the Series A Discounted Value of the Series A Remaining Scheduled
     Payments with respect to the Series A Called Principal of such Series A
     Note over the amount of such Series A Called Principal; provided that the
     Series A Make-Whole Amount may in no event be less than zero. For the
     purposes of determining the

                                       22

<PAGE>

     Series A Make-Whole Amount, the following terms have the following
     meanings:

               "Series A Business Day" means any day other than a Saturday, a
          Sunday or a day on which commercial banks in New York City are
          required or authorized to be closed.

               "Series A Called Principal" means, with respect to any Series A
          Note, the principal of such Series A Note that is to be prepaid
          pursuant to Section 8.2 or has become or is declared to be immediately
          due and payable pursuant to Section 12.1, as the context requires.

               "Series A Discounted Value" means, with respect to the Series A
          Called Principal of any Series A Note, the amount obtained by
          discounting all Series A Remaining Scheduled Payments with respect to
          such Series A Called Principal from their respective scheduled due
          dates to the Series A Settlement Date with respect to such Series A
          Called Principal, in accordance with accepted financial practice and
          at a discount factor (applied on the same periodic basis as that on
          which interest on the Series A Notes is payable) equal to the Series A
          Reinvestment Yield with respect to such Series A Called Principal.

               "Series A Reinvestment Yield" means, with respect to the Series A
          Called Principal of any Series A Note, 0.50% over the yield to
          maturity implied by (a) the yields reported, as of 10:00 A.M. (New
          York City time) on the second Series A Business Day preceding the
          Series A Settlement Date with respect to such Series A Called
          Principal, on the display designated as "Page 678" on Bridge Telerate
          (or such other display as may replace Page 678 on Bridge Telerate) for
          actively traded U.S. Treasury securities having a maturity equal to
          the Series A Remaining Average Life of such Series A Called Principal
          as of such Series A Settlement Date, or (b) if such yields are not
          reported as of such time or the yields reported as of such time are
          not ascertainable, the Treasury Constant Maturity Series Yields
          reported, for the latest day for which such yields have been so
          reported as of the second Series A Business Day preceding the Series A
          Settlement Date with respect to such Series A Called Principal, in
          Federal Reserve Statistical Release H.15 (519) (or any comparable
          successor publication) for actively traded U.S.

                                       23

<PAGE>

          Treasury securities having a constant maturity equal to the Series A
          Remaining Average Life of such Series A Called Principal as of such
          Series A Settlement Date. Such implied yield will be determined, if
          necessary, by (i) converting U.S. Treasury bill quotations to
          bond-equivalent yields in accordance with accepted financial practice
          and (ii) interpolating linearly between (x) the actively traded U.S.
          Treasury security with the maturity closest to and greater than the
          Series A Remaining Average Life and (y) the actively traded U.S.
          Treasury security with the maturity closest to and less than the
          Series A Remaining Average Life.

               "Series A Remaining Average Life" means, with respect to any
          Series A Called Principal of any Series A Notes, the number of years
          (calculated to the nearest one-twelfth year) obtained by dividing (x)
          such Series A Called Principal into (y) the sum of the products
          obtained by multiplying (a) the principal component of each Series A
          Remaining Scheduled Payment with respect to such Series A Called
          Principal by (b) the number of years (calculated to the nearest
          one-twelfth year) that will elapse between the Series A Settlement
          Date with respect to such Series A Called Principal and the scheduled
          due date of such Series A Remaining Scheduled Payment.

               "Series A Remaining Scheduled Payments" means, with respect to
          the Series A Called Principal of any Series A Note, all payments of
          such Series A Called Principal and interest thereon that would be due
          after the Series A Settlement Date with respect to such Series A
          Called Principal if no payment of such Series A Called Principal were
          made prior to its scheduled due date, provided that if such Series A
          Settlement Date is not a date on which interest payments are due to be
          made under the terms of the Series A Notes, then the amount of the
          next succeeding scheduled interest payment will be reduced by the
          amount of interest accrued to such Series A Settlement Date and
          required to be paid on such Series A Settlement Date pursuant to
          Section 8.2 or Section 12.1.

               "Series A Settlement Date" means, with respect to the Series A
          Called Principal of any Series A Note, the date on which such Series A
          Called Principal is to be prepaid pursuant to Section 8.2 or has
          become or is declared to be immediately

                                       24

<PAGE>

          due and payable pursuant to Section 12.1, as the context requires.

          (c) Series B Make-Whole Amount. The term "Series B Make-Whole Amount"
     means, with respect to any Series B Note, an amount equal to (x) the Series
     B Interest Protection Amount plus (y) the Series B Currency Protection
     Amount; provided that the Series B Make-Whole Amount may in no event be
     less than zero. For the purposes of determining the Series B Make-Whole
     Amount, the following terms have the following meanings:

               "New Swap Agreement" means any cross-currency interest rate swap
          agreement in which the holder of a Series B Note will receive payment
          in US Dollars and which was entered in full or partial replacement of
          an Original Swap Agreement as a result of such Original Swap Agreement
          having terminated for any reason other than following a prepayment or
          repayment of any Series B Note prior to its scheduled maturity.

               "Original Swap Agreement" means, with respect to any Series B
          Note, (a) a cross-currency interest rate swap agreement (an "Initial
          Swap Agreement") in which any holder of a Series B Note will receive
          payment in US Dollars which was entered into by an original purchaser
          of such Series B Notes (or any affiliate thereof) in connection with
          and either prior to or contemporaneously with the execution of this
          Agreement and the issuance, sale and delivery of the Series B Notes,
          which relates to the scheduled payments by the Company of interest or
          principal on any Series B Note, and which is more particularly
          described on Schedule 8.6(c) hereto, (b) any Initial Swap Agreement
          which has been assumed (without any waiver, amendment, deletion or
          replacement of any material economic term or provision thereof) by a
          holder of a Series B Note in connection with a transfer of such Series
          B Note and (c) any Replacement Swap Agreement. As used herein,
          "Replacement Swap Agreement" means, with respect to any Series B Note,
          any swap or exchange agreement with payment terms and provisions
          (other than a reduction in notional amount, in the case of a partial
          prepayment or repayment) identical to those of an Initial Swap
          Agreement (including, without limitation, a modification or amendment
          of an existing Original Swap Agreement) and annexes and schedules
          thereto which (a) is in a notional amount not to exceed the aggregate
          outstanding

                                       25

<PAGE>

          principal amount of the Series B Notes held by the holder of such
          Series B Notes entering into such agreement, (b) is in full or partial
          replacement of such holder's Initial Swap Agreement, and (c) is
          entered into as a result of, and following, a partial prepayment or
          repayment of any Series B Note prior to its scheduled maturity.

               "Series B Additional Benefits" means, with respect to any Series
          B Note, whenever any principal amount of such Series B Note is prepaid
          or repaid prior to its scheduled due date, the net gain (if any)
          expressed in US Dollars which is actually received (by payment,
          through off-set or netting or otherwise) by the holder of such Series
          B Note under the terms of the Original Swap Agreement (if any) to
          which such holder (or any affiliate thereof) is a party and arising as
          a result of the payment of the Series B Called Principal on the Series
          B Settlement Date, including, without limitation, early termination
          payments and, in the case when the Series B Called Principal is less
          than the outstanding principal amount of such Series B Note, the
          benefit, if any, of entering into a Replacement Swap Agreement;
          provided, that if such holder (or any affiliate thereof) was, but is
          not currently, party to an Original Swap Agreement and is party to a
          New Swap Agreement, then Series B Additional Benefits shall mean the
          lesser of (a) the net gain (if any) which would have been received (by
          payment, through off-set or netting or otherwise) by the holder of
          such Series B Note under the terms of the Original Swap Agreement (if
          any) to which such holder (or any affiliate thereof) was a party and
          which would have arisen as a result of the payment of the Series B
          Called Principal on the Series B Settlement Date and (b) the net gain
          (if any) actually received by the holder of such Series B Note, in
          connection with the payment of such Series B Called Principal on the
          Series B Settlement Date, under the terms of the New Swap Agreement to
          which such holder (or any affiliate thereof) is a party.

               "Series B Additional Costs" means, with respect to any Series B
          Note, whenever any principal amount of such Series B Note is prepaid
          or repaid prior to its scheduled due date, the net loss, cost or
          expense (if any), expressed in US Dollars, incurred (by payment,
          through off-set or netting or otherwise) by the holder of such Series
          B Note in connection with the payment of the Series B Called Principal
          on the Series B Settlement Date

                                       26

<PAGE>

          with respect to a Swap Agreement (if any) to which such holder (or any
          affiliate thereof) is party, including, without limitation, early
          termination payments and, in the case when the Series B Called
          Principal is less than the outstanding principal amount of such Series
          B Note, the cost (if any) of entering into a Replacement Swap
          Agreement; provided, that, notwithstanding the foregoing, "Series B
          Additional Costs" shall mean the lesser of (a) any net loss, cost or
          expense incurred (by payment, through off-set or netting or otherwise)
          by the holder of a Series B Note with respect to any New Swap
          Agreement and (b) such net loss, cost or expense as would have been
          incurred under the Original Swap Agreement to which such holder was a
          party, as the case may be (or if such holder was never party to an
          Original Swap Agreement, then the last Original Swap Agreement to
          which the most recent predecessor in interest to such holder as a
          holder of Notes was party).

               "Series B Business Day" means any day other than a Saturday, a
          Sunday or a day on which commercial banks in New York City or London,
          England are required or authorized to be closed.

               "Series B Called Principal" means, with respect to any Series B
          Note, the principal of such Series B Note that is to be prepaid
          pursuant to Section 8.2 or has become or is declared to be immediately
          due and payable pursuant to Section 12.1, as the context requires.

               "Series B Called Swap Notional Amount" means, with respect to any
          Series B Note, the payment in US Dollars due to the holder of such
          Series B Note under the terms of the Swap Agreement to which such
          holder is party attributable to and in exchange for the Series B
          Called Principal of such Series B Note if such Series B Called
          Principal were paid on the scheduled due date for such Series B Called
          Principal; provided, that, if such Swap Agreement is not an Original
          Swap Agreement, then the "Series B Called Swap Notional Amount" shall
          not exceed the amount in US Dollars which would have been due to the
          holder of such Series B Note under the terms of the Original Swap
          Agreement to which such holder was party (or if such holder was never
          party to an Original Swap Agreement, then the last Original Swap
          Agreement to which the most recent

                                       27

<PAGE>

          predecessor in interest to such holder as a holder of such Series B
          Notes was party).

               "Series B Currency Protection Amount" means an amount equal to
          the sum of (a) the Series B Exchange Difference, if any, plus (b)
          Series B Additional Costs, if any, less (c) Series B Additional
          Benefits, if any. The Series B Currency Protection Amount can be less
          than zero.

               "Series B Discounted Value" means, with respect to the Series B
          Called Swap Notional Amount of any Series B Note, the amount obtained
          by discounting all Series B Remaining Scheduled Swap Payments
          corresponding to the Series B Called Principal of such Series B Note
          and the interest thereon from their respective scheduled due dates to
          the Series B Settlement Date, in accordance with accepted financial
          practice and at a discount factor (applied on the same periodic basis
          as that on which interest on such Series B Note is payable) equal to
          the Series B Reinvestment Yield with respect to such Series B Called
          Swap Notional Amount.

               "Series B Exchange Difference" means, with respect to any Series
          B Note, an amount equal to (a) the Series B Called Swap Notional
          Amount in respect of such Series B Note less (b) the amount of US
          Dollars which could be purchased by the holder of such Series B Note
          with the Series B Called Principal in London from Barclays Bank Plc at
          11.00 A.M. on the Series B Settlement Date; provided, that in the case
          of a partial prepayment or repayment of any Series B Notes, "Series B
          Exchange Difference" will be zero if (i) the Series B Called Principal
          is exchanged for US Dollars by the holder with the counterparty to the
          Original Swap Agreement in connection with the early termination of
          the Original Swap Agreement and (ii) the amount of the difference of
          clauses (a) and (b) referred to above in this definition is
          encompassed within the determination of Additional Benefits or
          Additional Costs. Subject to the preceding proviso, the Series B
          Exchange Difference can be less than zero.

               "Series B Interest Protection Amount" means, with respect to any
          Series B Note, an amount equal to the excess, if any, of the Series B
          Discounted Value with respect to the Series B

                                       28

<PAGE>

          Called Swap Notional Amount related to such Series B Note over such
          Series B Called Swap Notional Amount.

               "Series B Reinvestment Yield" means, with respect to the Series B
          Called Swap Notional Amount of any Series B Note, .50% over the yield
          to maturity implied by (a) the yields reported, as of 10:00 A.M. (New
          York City time) on the second Series B Business Day preceding the
          Series B Settlement Date with respect to such Series B Called Swap
          Notional Amount, on the display designated as "Page 678" on Bridge
          Telerate (or such other display as may replace Page 678 on Bridge
          Telerate) for actively traded U.S. Treasury securities having a
          maturity equal to the Series B Remaining Average Life of the Series B
          Called Principal corresponding to such Series B Called Swap Notional
          Amount as of such Series B Settlement Date, or (b) if such yields are
          not reported as of such time or the yields reported as of such time
          are not ascertainable, the Treasury Constant Maturity Series Yields
          reported, for the latest day for which such yields have been so
          reported as of the second Series B Business Day preceding the Series B
          Settlement Date with respect to such Series B Called Swap Notional
          Amount, in Federal Reserve Statistical Release H.15 (519) (or any
          comparable successor publication) for actively traded U.S. Treasury
          securities having a constant maturity equal to the Series B Remaining
          Average Life of such Series B Called Principal as of such Series B
          Settlement Date. Such implied yield will be determined, if necessary,
          by (i) converting U.S. Treasury bill quotations to bond-equivalent
          yields in accordance with accepted financial practice and (ii)
          interpolating linearly between (x) the actively traded U.S. Treasury
          security with the maturity closest to and greater than the Series B
          Remaining Average Life and (y) the actively traded U.S. Treasury
          security with the maturity closest to and less than the Series B
          Remaining Average Life.

               "Series B Remaining Average Life" means, with respect to any
          Series B Called Principal of any Series B Notes, the number of years
          (calculated to the nearest one-twelfth year) obtained by dividing (x)
          the Series B Called Swap Notional Amount corresponding to such Series
          B Called Principal into (y) the sum of the products obtained by
          multiplying (a) the principal component of each Series B Remaining
          Scheduled Swap Payment corresponding to such Series B Called Swap
          Notional

                                       29

<PAGE>

          Amount by (b) the number of years (calculated to the nearest
          one-twelfth year) that will elapse between the Series B Settlement
          Date with respect to such Series B Called Principal and the scheduled
          due date of such Series B Remaining Scheduled Swap Payment.

               "Series B Remaining Scheduled Swap Payments" means, with respect
          to the Series B Called Swap Notional Amount relating to any Series B
          Note, the payments due to the holder of such Series B Note in US
          Dollars under the terms of the Swap Agreement to which such holder is
          party which correspond to all payments of the Series B Called
          Principal of such Series B Note corresponding to such Series B Called
          Swap Notional Amount and interest on such Series C Called Principal
          (other than that portion of the payment due under such Swap Agreement
          corresponding to the interest accrued on the Series B Called Principal
          to the Series B Settlement Date with respect to such Series B Called
          Principal) that would be due after the Series B Settlement with
          respect to such Series B Called Principal if no payment of such Series
          B Called Principal were made prior to its scheduled due date;
          provided, that, if such Swap Agreement is not an Original Swap
          Agreement, then "Series B Remaining Scheduled Swap Payments" shall not
          exceed the payments which would have been due to the holder of such
          Note under the terms of the Original Swap Agreement to which such
          holder was party (or if such holder was never party to an Original
          Swap Agreement, then the last Original Swap Agreement to which the
          most recent predecessor in interest to such holder as a holder of
          Notes was party).

               "Series B Settlement Date" means, with respect to the Series B
          Called Principal of any Series B Note, the date on which such Series B
          Called Principal is to be prepaid pursuant to Section 8.2 or has
          become or is declared to be immediately due and payable pursuant to
          Section 12.1, as the context requires.

               "Swap Agreement" means any Original Swap Agreement or New Swap
          Agreement, as the case may be.

          (d) Series C Make-Whole Amount. The term "Series C Make-Whole Amount"
     means, with respect to any Series C Note, an amount equal to the excess, if
     any, of the Series C Discounted Value of the

                                       30

<PAGE>

     Series C Remaining Scheduled Payments with respect to the Series C Called
     Principal of such Series C Note over the amount of such Series C Called
     Principal, provided that the Series C Make-Whole Amount may in no event be
     less than zero. For the purposes of determining the Series C Make-Whole
     Amount, the following terms have the following meanings:

               "Series C Business Day" -- means any day other than a Saturday, a
          Sunday or a day on which commercial banks in New York City or London,
          England are required or authorized to be closed.

               "Series C Called Principal" means, with respect to any Series C
          Note, the principal of such Note that is to be prepaid pursuant to
          Section 8.2 or has become or is declared to be immediately due and
          payable pursuant to Section 12.1, as the context requires.

               "Series C Discounted Value" means, with respect to the Series C
          Called Principal of any Series C Note, the amount obtained by
          discounting all Series C Remaining Scheduled Payments with respect to
          such Series C Called Principal from their respective scheduled due
          dates to the Series C Settlement Date with respect to such Series C
          Called Principal, in accordance with accepted financial practice and
          at a discount factor (applied on the same periodic basis as that on
          which interest on such Series C Note is payable) equal to the Series C
          Reinvestment Yield with respect to such Series C Called Principal.

               "Series C Reinvestment Yield" means, with respect to the Series C
          Called Principal of any Series C Note, .50% over the yield to maturity
          implied by (a) the Kassakurs published in the Boersen-Zeitung on the
          second Series C Business Day preceding the Series C Settlement Date
          with respect to such Series C Called Principal for Bundesobligationen
          having a maturity closest to the Series C Remaining Average Life of
          such Series C Called Principal as of such Series C Settlement Date, or
          (b) if (1) the Boersen-Zeitung is not published on such Series C
          Business Day, or (2) there is manifest error in such published
          Kassakurs, the Kassakurs set on such Series C Business Day by the
          Frankfurt Stock Exchange at (or approximately) 11:00 a.m. (Frankfurt
          time) on such Series C Business Day for actively

                                       31

<PAGE>

          traded Bundesobligationen having a maturity closest to the Series C
          Remaining Average Life of such Series C Called Principal, or (c) if
          such Kassakurs are not reported as of such time or the Kassakurs
          reported as of such time are not ascertainable, by reference to the
          average of the rates as determined by Series C Recognized Market
          Makers as at 10:00 A.M. (New York City time) on the second Series C
          Business Day preceding the Series C Settlement Date. Such rate will be
          determined, if necessary, by interpolating linearly between (x) the
          actively traded Bundesobligationen with the closest maturity to and
          greater than the Series C Remaining Average Life and (y) the actively
          traded Bundesobligationen with the closest maturity to and less than
          the Series C Remaining Average Life.

               "Series C Recognized Market Makers" means three internationally
          recognised financial or banking institutions selected by the holders
          of a majority in principal amount of the Series C Notes.

               "Series C Remaining Average Life" means, with respect to any
          Series C Called Principal of any Series C Note, the number of years
          (calculated to the nearest one-twelfth year) obtained by dividing (x)
          such Series C Called Principal into (y) the sum of the products
          obtained by multiplying (a) the principal component of each Series C
          Remaining Scheduled Payment with respect to such Series C Called
          Principal by (b) the number of years (calculated to the nearest
          one-twelfth year) that will elapse between the Series C Settlement
          Date with respect to such Series C Called Principal and the scheduled
          due date of such Series C Remaining Scheduled Payment.

               "Series C Remaining Scheduled Payments" means, with respect to
          the Series C Called Principal of any Series C Note, all payments of
          such Series C Called Principal and interest thereon that would be due
          after the Series C Settlement Date with respect to such Series C
          Called Principal if no payment of such Series C Called Principal were
          made prior to its scheduled due date, provided that if such Series C
          Settlement Date is not a date on which interest payments are due to be
          made under the terms of the Series C Notes, then the amount of the
          next succeeding scheduled interest payment will be reduced by the
          amount of interest accrued to such Series C Settlement Date

                                       32

<PAGE>

          and required to be paid on such Series C Settlement Date pursuant to
          Section 8.2 or Section 12.1.

               "Series C Settlement Date" means, with respect to the Series C
          Called Principal of any Series C Note, the date on which such Series C
          Called Principal is to be prepaid pursuant to Section 8.2 or has
          become or is declared to be immediately due and payable pursuant to
          Section 12.1, as the context requires.

          (e) Excess Series B Currency Protection Amount. If, in the event of
     any prepayment of any Series B Notes (whether pursuant to an optional or
     mandatory prepayment or an acceleration of the maturity thereof), the
     Series B Currency Protection Amount in respect of such Series B Notes is
     greater than the Series B Interest Protection Amount in respect of such
     Series B Notes, then the holder of such Series B Notes shall, so long as
     all other amounts that are then due and owing by the Company or any
     Subsidiary Guarantor to such holder under this Agreement, the Notes and the
     Subsidiary Guarantees (including, without limitation, all costs and
     expenses referred to in Section 12.5 and Section 15.1) shall have been paid
     in full, pay to the Company an amount equal to (x) such Series B Currency
     Protection Amount minus (y) such Series B Interest Protection Amount.

                                       33

<PAGE>

9.   AFFIRMATIVE COVENANTS

     The Company covenants that so long as any of the Notes are outstanding:

     9.1. Compliance with Law.

     The Company will and will cause each of its Subsidiaries to comply with all
laws, ordinances or governmental rules or regulations to which each of them is
subject, and will obtain and maintain in effect all licenses, certificates,
permits, franchises and other governmental authorizations necessary to the
ownership of their respective properties or to the conduct of their respective
businesses, in each case to the extent necessary to ensure that non-compliance
with such laws, ordinances or governmental rules or regulations or failures to
obtain or maintain in effect such licenses, certificates, permits, franchises
and other governmental authorizations could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

     9.2. Insurance.

     The Company will and will cause each of its Subsidiaries to maintain, with
financially sound and reputable insurers, insurance with respect to their
respective properties and businesses against such casualties and contingencies,
of such types, on such terms and in such amounts (including deductibles,
co-insurance and self-insurance, if adequate reserves are maintained with
respect thereto) as is customary in the case of entities of established
reputations engaged in the same or a similar business and similarly situated.

     9.3. Maintenance of Properties.

     The Company will and will cause each of its Subsidiaries to maintain and
keep, or cause to be maintained and kept, their respective properties in good
repair, working order and condition (other than ordinary wear and tear), so that
the business carried on in connection therewith may be properly conducted at all
times, provided that this Section shall not prevent the Company or any
Subsidiary from discontinuing the operation and the maintenance of any of its
properties if such discontinuance is desirable in the conduct of its business
and the Company has concluded that such discontinuance could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.

     9.4. Payment of Taxes and Claims.

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<PAGE>

     The Company will and will cause each of its Subsidiaries to file all tax
returns required to be filed in any jurisdiction and to pay and discharge all
taxes shown to be due and payable on such returns and all other taxes,
assessments, governmental charges, or levies imposed on them or any of their
properties, assets, income or franchises, to the extent such taxes, assessments,
charges or levies have become due and payable and before they have become
delinquent and all claims for which sums have become due and payable that have
or might become a Lien on properties or assets of the Company or any Subsidiary,
provided that neither the Company nor any Subsidiary need pay any such tax or
assessment or claims if (a) the amount, applicability or validity thereof is
contested by the Company or such Subsidiary on a timely basis in good faith and
in appropriate proceedings, and the Company or a Subsidiary has established
adequate reserves therefor in accordance with GAAP on the books of the Company
or such Subsidiary or (b) the nonpayment of all such taxes, assessments, charges
and levies in the aggregate could not reasonably be expected to have a Material
Adverse Effect.

     9.5. Corporate Existence, etc.

     The Company will at all times preserve and keep in full force and effect
its corporate existence. Subject to Sections 10.2 and 10.4, the Company will at
all times preserve and keep in full force and effect the corporate existence of
each of its Subsidiaries (unless merged into the Company or a Subsidiary) and
all rights and franchises of the Company and its Subsidiaries unless, in the
good faith judgment of the Company, the termination of or failure to preserve
and keep in full force and effect such corporate existence, right or franchise
could not, individually or in the aggregate, have a Material Adverse Effect.

     9.6. Compliance with ERISA.

     The Company shall maintain each Plan in compliance in all material respects
with all applicable requirements of ERISA and the Code, including all applicable
rulings and regulations under ERISA and the Code.

     9.7. Pari Passu Ranking.

     The Company covenants that its obligations under this Agreement, the Other
Agreements and the Notes do and will at all times rank at least pari passu,
without preference or priority, with all of its other outstanding unsecured
Senior Indebtedness.

10. NEGATIVE COVENANTS

                                       35

<PAGE>

     The Company covenants that so long as any of the Notes are outstanding:

     10.1. Transactions with Affiliates.

     The Company will not, and will not permit any Subsidiary to, enter into
directly or indirectly any transaction or group of related transactions
(including, without limitation, the purchase, lease, sale or exchange of
properties of any kind or the rendering of any service) with any Affiliate
(other than the Company or another Subsidiary), except in the ordinary course
and pursuant to the reasonable requirements of the Company's or such
Subsidiary's business and upon fair and reasonable terms no less favorable to
the Company or such Subsidiary than would be obtainable in a comparable
arm's-length transaction with a Person not an Affiliate.

     10.2. Merger, Consolidation, Etc.

     The Company will not consolidate with or merge with any other corporation
or convey, transfer or lease substantially all of its assets in a single
transaction or series of transactions to any Person unless:

          (a) the successor formed by such consolidation or the survivor of such
     merger or the Person that acquires by conveyance, transfer or lease
     substantially all of the assets of the Company as an entirety, as the case
     may be (the "Successor Corporation"), shall be a solvent corporation
     organized and existing under the laws of the United States of America, any
     State thereof or the District of Columbia;

          (b) if the Company is not the Successor Corporation, such corporation
     shall have executed and delivered to each holder of Notes its assumption of
     the due and punctual performance and observance of each covenant and
     condition of this Agreement and the Notes (pursuant to such agreements and
     instruments as shall be reasonably satisfactory to the Required Holders),
     and the Company shall have caused to be delivered to each holder of Notes
     an opinion of nationally recognized independent counsel, or other
     independent counsel reasonably satisfactory to the Required Holders, to the
     effect that all agreements or instruments effecting such assumption are
     enforceable in accordance with their terms and comply with the terms
     hereof; and

          (c) immediately after giving effect to such transaction no Default or
     Event of Default would exist.

     10.3. Liens.

                                       36

<PAGE>

     The Company will not, and will not permit any of its Subsidiaries to,
directly or indirectly create, incur, assume or permit to exist (upon the
happening of a contingency or otherwise) any Lien on or with respect to any
property or asset (including, without limitation, any document or instrument in
respect of goods or accounts receivable) of the Company or any such Subsidiary,
whether now owned or held or hereafter acquired, or any income or profits
therefrom or assign or otherwise convey any right to receive income or profits,
except:

          (a) Liens for taxes, assessments or other governmental charges which
     are not yet due and payable or the payment of which is not at the time
     required by Section 9.4;

          (b) statutory Liens of landlords and Liens of carriers, warehousemen,
     mechanics, materialmen and other similar Liens, in each case, incurred in
     the ordinary course of business for sums not yet due and payable, or which
     are being contested in good faith by appropriate proceedings;

          (c) Liens incurred or deposits made in the ordinary course of business
     (i) in connection with workers' compensation, unemployment insurance and
     other types of social security or retirement benefits, or (ii) to secure
     (or to obtain letters of credit that secure) the performance of tenders,
     statutory obligations, surety bonds, appeal bonds, bids, leases (other than
     Capital Leases), performance bonds, purchase, construction or sales
     contracts and other similar obligations, in each case not incurred or made
     in connection with the borrowing of money, the obtaining of advances or
     credit or the payment of the deferred purchase price of property;

          (d) any Lien created by or resulting from any litigation or legal
     proceedings which is currently being contested in good faith by appropriate
     proceedings;

          (e) leases or subleases granted to others, easements, rights-of-way,
     restrictions and other similar charges or encumbrances, in each case
     incidental to, and not interfering with, the ordinary conduct of the
     business of the Company or any of its Subsidiaries, provided that such
     Liens do not, in the aggregate, materially detract from the value of such
     property;

          (f) Liens on property or assets of the Company or any of its
     Subsidiaries securing Indebtedness owing to the Company or to another
     Subsidiary;

                                       37

<PAGE>

          (g) Liens existing on the date of this Agreement and securing the
     Indebtedness of the Company and its Subsidiaries referred to in Schedule
     5.15;

          (h) any Lien:

               (i) on Property or rights relating thereto to secure any rights
          granted with respect to such Property in connection with the provision
          of all or a part of the purchase price or cost of the construction of
          such Property created contemporaneously with, or within 120 days
          after, such acquisition or the completion of such construction,

               (ii) on Property existing on such Property at the time of
          acquisition thereof, whether or not the obligation secured thereby is
          assumed by the Company or such Subsidiary, or

               (iii) existing on the Property of a corporation at the time such
          corporation is merged into or consolidated with the Company or a
          Subsidiary or at the time of a sale, lease or other disposition of the
          Properties of a corporation or firm as an entity or substantially as
          an entity to the Company or a Subsidiary;

     provided that none of the obligations secured by any such Lien shall exceed
     100% of the Fair Market Value of the related Property;

          (i) any Lien existing on property of a Person immediately prior to its
     being consolidated with or merged into the Company or a Subsidiary or its
     becoming a Subsidiary, or any Lien existing on any property acquired by the
     Company or any Subsidiary at the time such property is so acquired (whether
     or not the Indebtedness secured thereby shall have been assumed), provided
     that (i) each such Lien shall extend solely to the item or items of
     property so acquired and, if required by the terms of the instrument
     originally creating such Lien, other property which is an improvement to or
     is acquired for specific use in connection with such acquired property, and
     (ii) the Indebtedness secured by such Lien shall not exceed the Fair Market
     Value of the property subject to such Lien;

          (j) any Lien renewing, extending or refunding any Lien permitted by
     paragraphs (g), (h) or (i) of this Section 10.3 , provided that (i) the
     principal amount of Indebtedness secured by such Lien immediately prior to
     such extension, renewal or refunding is not

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<PAGE>

     increased, (ii) such Lien is not extended to any other property, and (iii)
     immediately after such extension, renewal or refunding no Default or Event
     of Default would exist;

          (k) other Liens not otherwise permitted by paragraphs (a) through (j),
     inclusive, so long as Priority Debt shall not at any time exceed 20% of
     Consolidated Adjusted Net Worth.

     10.4. Sale of Assets.

     Except as permitted under Section 10.2 , the Company will not, and will not
permit any of its Subsidiaries to, make any Asset Disposition unless:

          (a) in the good faith opinion of the Company, the Asset Disposition is
     in exchange for consideration having a Fair Market Value at least equal to
     that of the property exchanged and is in the best interest of the Company
     or such Subsidiary; and

          (b) immediately after giving effect to the Asset Disposition, no
     Default or Event of Default would exist; and

          (c) immediately after giving effect to the Asset Disposition, the
     Disposition Value of all property that was the subject of any Asset
     Disposition occurring (x) in the period from the date of Closing to the
     date of such Asset Disposition would not exceed 25% of Consolidated Assets
     as of the end of the then most recently ended fiscal year of the Company,
     or (y) in the then current fiscal year of the Company would not exceed 10%
     of Consolidated Assets as of the end of the then most recently ended fiscal
     year of the Company.

If the Net Proceeds Amount for any Transfer is applied to a Debt Prepayment
Application in respect of such Transfer or a Property Reinvestment Application
in respect of such Transfer within 356 days after such Transfer, then such
Transfer, only for the purpose of determining compliance with subsection (c) of
this Section 10.4 as of a date on or after such Net Proceeds Amount is so
applied, shall be deemed not to be an Asset Disposition.

     10.5. Limitation on Incurrence of Funded Debt.

     The Company will not, and will not permit any Subsidiary, to create, assume
or incur any Funded Debt except:

          (a) the Notes;

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<PAGE>

          (b) Funded Debt existing on the date of this Agreement and described
     in Schedule 10.5; and

          (c) other Funded Debt of the Company and its Subsidiaries;

provided that upon giving effect to the creation, incurrence or assumption of
any such Funded Debt (i) Consolidated Funded Debt shall not exceed 60% of
Consolidated Total Capitalization and (ii) the aggregate amount of Priority Debt
shall not exceed 20% of Consolidated Adjusted Net Worth.

     For all purposes of this Section 10.5, (i) any corporation which becomes a
Subsidiary after the date hereof shall be deemed to have created, assumed or
incurred on the last day of the fiscal quarter during which it becomes a
Subsidiary all Funded Debt of such corporation then existing and (ii) the
renewal, extension or refunding of any Funded Debt shall constitute the issuance
of additional Funded Debt and shall be subject to the limitations of the
provisions hereof applicable to the incurrence of additional Funded Debt.

     10.6.Fixed Charge Coverage Ratio.

     The Company will not, at any time, permit the Fixed Charge Coverage Ratio
to be less than 2.00 to 1.00.

     10.7. Consolidated Adjusted Net Worth.

     The Company will at all times maintain Consolidated Adjusted Net Worth of
no less than $325,000,000.

11.  EVENTS OF DEFAULT

     An "Event of Default" shall exist if any of the following conditions or
events shall occur and be continuing:

          (a) the Company defaults in the payment of any principal or Make-Whole
     Amount, if any, on any Note when the same becomes due and payable, whether
     at maturity or at a date fixed for prepayment or by declaration or
     otherwise; or

          (b) the Company defaults in the payment of any interest on any Note or
     the payment of any amounts due pursuant to Section 22 for more than five
     (5) days after the same becomes due and payable; or

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<PAGE>

          (c) the Company defaults in the performance of or compliance with any
     term contained in any of Sections 10.1 through 10.7, inclusive, or Section
     7.1(d); or

          (d) the Company defaults in the performance of or compliance with any
     term contained herein (other than those referred to in paragraphs (a), (b)
     and (c) of this Section 11) and such default is not remedied within thirty
     (30) days after the earlier of (i) a Responsible Officer obtaining actual
     knowledge of such default and (ii) the Company receiving written notice of
     such default from any holder of a Note; or

          (e) any representation or warranty made in writing by or on behalf of
     the Company or by any officer of the Company in this Agreement or in any
     writing furnished in connection with the transactions contemplated hereby
     proves to have been false or incorrect in any material respect on the date
     as of which made; or

          (f) (i) the Company or any Subsidiary is in default (as principal or
     as guarantor or other surety) in the payment of any principal of or premium
     or make-whole amount or interest on any Indebtedness (other than
     Indebtedness under this Agreement and the Notes) beyond any period of grace
     provided with respect thereto, that individually or together with such
     other Indebtedness as to which any such failure exists has an aggregate
     outstanding principal amount of at least $10,000,000 or at least
     (euro)11,194,447.55, or

               (ii) the Company or any Subsidiary is in default in the
          performance of or compliance with any term of any evidence of any
          Indebtedness (other than Indebtedness under this Agreement and the
          Notes), that individually or together with such other Indebtedness as
          to which any such failure exists has an aggregate outstanding
          principal amount of at least $10,000,000 or at least
          (euro)11,194,447.55, or of any mortgage, indenture or other agreement
          relating thereto or any other condition exists, and as a consequence
          of such default or condition such Indebtedness has become, or has been
          declared (or one or more Persons are entitled to declare such
          Indebtedness to be), due and payable before its stated maturity or
          before its regularly scheduled dates of payment, or

               (iii) as a consequence of the occurrence or continuation of any
          event or condition (other than the passage of time or the

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<PAGE>

          right of the holder of Indebtedness to convert such Indebtedness into
          equity interests),

                    (A) the Company or any Subsidiary has become obligated to
               purchase or repay Indebtedness before its regular maturity or
               before its regularly scheduled dates of payment in an aggregate
               outstanding principal amount of at least $10,000,000 or at least
               (euro)11,194,447.55, or

                    (B) one or more Persons have the right to require the
               Company or any Subsidiary so to purchase or repay such
               Indebtedness; or

          (g) the Company or any Subsidiary (i) is generally not paying, or
     admits in writing its inability to pay, its debts as they become due, (ii)
     files, or consents by answer or otherwise to the filing against it of, a
     petition for relief or reorganization or arrangement or any other petition
     in bankruptcy, for liquidation or to take advantage of any bankruptcy,
     insolvency, reorganization, moratorium or other similar law of any
     jurisdiction, (iii) makes an assignment for the benefit of its creditors,
     (iv) consents to the appointment of a custodian, receiver, trustee or other
     officer with similar powers with respect to it or with respect to any
     substantial part of its property, (v) is adjudicated as insolvent or to be
     liquidated, or (vi) takes corporate action for the purpose of any of the
     foregoing; or

          (h) a court or governmental authority of competent jurisdiction enters
     an order appointing, without consent by the Company or any Subsidiary, a
     custodian, receiver, trustee or other officer with similar powers with
     respect to the Company or any Subsidiary or with respect to any substantial
     part of the property of the Company or any Subsidiary, or constituting an
     order for relief or approving a petition for relief or reorganization or
     any other petition in bankruptcy or for liquidation or to take advantage of
     any bankruptcy or insolvency law of any jurisdiction, or ordering the
     dissolution, winding-up or liquidation of the Company or any Subsidiary, or
     any such petition shall be filed against the Company or any Subsidiary and
     such petition shall not be dismissed within 60 days; or

          (i) a final judgment or judgments for the payment of money aggregating
     in excess of $10,000,000 or (euro)11,194,447.55 are rendered against one or
     more of the Company and its Subsidiaries and which judgments are not,
     within 45 days after entry thereof, bonded,

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<PAGE>

     discharged or stayed pending appeal, or are not discharged within 45 days
     after the expiration of such stay; or

          (j) if

               (i) any Plan subject to Section 412 of the Code shall fail to
          satisfy the minimum funding standards of ERISA or the Code for any
          plan year or part thereof or a waiver of such standards or extension
          of any amortization period is sought or granted under section 412 of
          the Code,

               (ii) a notice of intent to terminate any Plan shall have been or
          is reasonably expected to be filed with the PBGC or the PBGC shall
          have instituted proceedings under ERISA section 4042 to terminate or
          appoint a trustee to administer any Plan or the PBGC shall have
          notified the Company or any ERISA Affiliate that a Plan may become a
          subject of any such proceedings,

               (iii) the aggregate "amount of unfunded benefit liabilities"
          (within the meaning of section 4001(a)(18) of ERISA) under all Plans
          subject to Title IV of ERISA, determined in accordance with Title IV
          of ERISA, shall exceed $10,000,000,

               (iv) the Company or any ERISA Affiliate shall have incurred or is
          reasonably expected to incur any liability pursuant to Title I or IV
          of ERISA or the penalty or excise tax provisions of the Code relating
          to employee benefit plans,

               (v) the Company or any ERISA Affiliate withdraws from any
          Multiemployer Plan, or

               (vi) the Company or any Subsidiary establishes or amends any
          employee welfare benefit plan that provides post-employment welfare
          benefits in a manner that would increase the liability of the Company
          or any Subsidiary thereunder;

     and any such event or events described in clauses (i) through (vi) above,
     either individually or together with any other such event or events, could
     reasonably be expected to have a Material Adverse Effect. As used in this
     Section 11(j), the terms "employee benefit plan" and "employee welfare
     benefit plan" shall have the respective meanings assigned to such terms in
     section 3 of ERISA.

12.  REMEDIES ON DEFAULT, ETC.

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<PAGE>

     12.1. Acceleration.

          (a) If an Event of Default with respect to the Company described in
     Section 11(g) or 11(h) (other than an Event of Default described in clause
     (i) of Section 11(g) or described in clause (vi) of Section 11(g) by virtue
     of the fact that such clause encompasses clause (i) of 11(g)) has occurred,
     all the Notes then outstanding shall automatically become immediately due
     and payable.

          (b) If any other Event of Default has occurred and is continuing, any
     holder or holders of more than 51% in principal amount of the Notes at the
     time outstanding may at any time at its or their option, by notice or
     notices to the Company, declare all the Notes then outstanding to be
     immediately due and payable.

          (c) If any Event of Default described in Section 11(a) or 11(b) has
     occurred and is continuing, any holder or holders of Notes at the time
     outstanding affected by such Event of Default may at any time, at its or
     their option, by notice or notices to the Company, declare all the Notes
     held by it or them to be immediately due and payable.

     Upon any Notes becoming due and payable under this Section 12.1, whether
automatically or by declaration, such Notes will forthwith mature and the entire
unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest
thereon and (y) the Make-Whole Amount determined in respect of such principal
amount (to the full extent permitted by applicable law), shall all be
immediately due and payable, in each and every case without presentment, demand,
protest or further notice, all of which are hereby waived. The Company
acknowledges, and the parties hereto agree, that each holder of a Note has the
right to maintain its investment in the Notes free from repayment by the Company
(except as herein specifically provided for) and that the provision for payment
of a Make-Whole Amount by the Company in the event that the Notes are prepaid or
are accelerated as a result of an Event of Default, is intended to provide
compensation for the deprivation of such right under such circumstances.

     12.2. Other Remedies.

     If any Default or Event of Default has occurred and is continuing, and
irrespective of whether any Notes have become or have been declared immediately
due and payable under Section 12.1, the holder of any Note at the time
outstanding may proceed to protect and enforce the rights of such holder by an
action at law, suit in equity or other appropriate proceeding, whether for the
specific performance of any agreement contained herein or

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<PAGE>

in any Note, or for an injunction against a violation of any of the terms hereof
or thereof, or in aid of the exercise of any power granted hereby or thereby or
by law or otherwise.

     12.3. Rescission.

     At any time after any Notes have been declared due and payable pursuant to
clause (b) or clause (c) of Section 12.1, the holders of not less than 51% in
principal amount of the Notes then outstanding, by written notice to the
Company, may rescind and annul any such declaration and its consequences if (a)
the Company has paid all overdue interest on the Notes, all principal of and
Make-Whole Amount, if any, due and payable on any Notes other than by reason of
such declaration, and all interest on such overdue principal and Make-Whole
Amount, if any, and (to the extent permitted by applicable law) any overdue
interest in respect of the Notes, at the Default Rate, (b) all Events of Default
and Defaults, other than non-payment of amounts that have become due solely by
reason of such declaration, have been cured or have been waived pursuant to
Section 17, and (c) no judgment or decree has been entered for the payment of
any monies due pursuant hereto or to the Notes. No rescission and annulment
under this Section 12.3 will extend to or affect any subsequent Event of Default
or Default or impair any right consequent thereon.

     12.4. No Waivers or Election of Remedies, Expenses, etc.

     No course of dealing and no delay on the part of any holder of any Note in
exercising any right, power or remedy shall operate as a waiver thereof or
otherwise prejudice such holder's rights, powers or remedies. No right, power or
remedy conferred by this Agreement or by any Note upon any holder thereof shall
be exclusive of any other right, power or remedy referred to herein or therein
or now or hereafter available at law, in equity, by statute or otherwise.
Without limiting the obligations of the Company under Section 15, the Company
will pay to the holder of each Note on demand such further amount as shall be
sufficient to cover all costs and expenses of such holder incurred in any
enforcement or collection under this Section 12, including, without limitation,
reasonable attorneys' fees, expenses and disbursements.

13.  REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES

     13.1. Registration of Notes.

     The Company shall keep at its principal executive office a register for the
registration and registration of transfers of Notes. The name and address of
each holder of one or more Notes, each transfer thereof and the

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<PAGE>

name and address of each transferee of one or more Notes shall be registered in
such register. Prior to due presentment for registration of transfer, the Person
in whose name any Note shall be registered shall be deemed and treated as the
owner and holder thereof for all purposes hereof, and the Company shall not be
affected by any notice or knowledge to the contrary. The Company shall give to
any holder of a Note that is an Institutional Investor promptly upon request
therefor, a complete and correct copy of the names and addresses of all
registered holders of Notes.

     13.2. Transfer and Exchange of Notes.

     Upon surrender of any Note at the principal executive office of the Company
for registration of transfer or exchange (and in the case of a surrender for
registration of transfer, duly endorsed or accompanied by a written instrument
of transfer duly executed by the registered holder of such Note or his attorney
duly authorized in writing and accompanied by the address for notices of each
transferee of such Note or part thereof), the Company shall execute and deliver,
at the Company's expense (except as provided below), one or more new Notes (as
requested by the holder thereof) in exchange therefor, in an aggregate principal
amount equal to the unpaid principal amount of the surrendered Note. Each such
new Note shall be payable to such Person as such holder may request and shall be
substantially in the form of Exhibits 1-A, 1-B or 1-C, as applicable. Each such
new Note shall be dated and bear interest from the date to which interest shall
have been paid on the surrendered Note or dated the date of the surrendered Note
if no interest shall have been paid thereon. The Company may require payment of
a sum sufficient to cover any stamp tax or governmental charge imposed in
respect of any such transfer of Notes. Notes shall not be transferred in
denominations of less than (euro)1,000,000 (in the case of a Series B Note or a
Series C Note) or $1,000,000 (in the case of a Series A Note) , provided that if
necessary to enable the registration of transfer by a holder of its entire
holding of Notes, one Note may be in a denomination of less than (euro)1,000,000
(in the case of a Series B Note or a Series C Note) or $1,000,000 (in the case
of a Series A Note). Any transferee, by its acceptance of a Note registered in
its name (or the name of its nominee), shall be deemed to have made the
representation set forth in Section 6.2.

     13.3. Replacement of Notes.

     Upon receipt by the Company of evidence reasonably satisfactory to it of
the ownership of and the loss, theft, destruction or mutilation of any Note
(which evidence shall be, in the case of an Institutional Investor, notice

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<PAGE>

from such Institutional Investor of such ownership and such loss, theft,
destruction or mutilation), and

          (a) in the case of loss, theft or destruction, of indemnity reasonably
     satisfactory to it (provided that if the holder of such Note is, or is a
     nominee for, an original purchaser or a Qualified Institutional Buyer, such
     Person's own unsecured agreement of indemnity shall be deemed to be
     satisfactory), or

          (b) in the case of mutilation, upon surrender and cancellation
     thereof, the Company at its own expense shall execute and deliver, in lieu
     thereof, a new Note, dated and bearing interest from the date to which
     interest shall have been paid on such lost, stolen, destroyed or mutilated
     Note or dated the date of such lost, stolen, destroyed or mutilated Note if
     no interest shall have been paid thereon.

14. PAYMENTS ON NOTES

     14.1. Place of Payment.

     Subject to Section 14.2, payments of principal, Make-Whole Amount, if any,
and interest becoming due and payable on the Notes shall be made in Milwaukee,
Wisconsin at the principal office of the Company. The Company may at any time,
by notice to each holder of a Note, change the place of payment of the Notes so
long as such place of payment shall be either the principal office of the
Company in such jurisdiction or the principal office of a bank or trust company
in such jurisdiction.

     14.2. Home Office Payment.

     So long as you or your nominee shall be the holder of any Note, and
notwithstanding anything contained in Section 14.1 or in such Note to the
contrary, the Company will pay all sums becoming due on such Note for principal,
Make-Whole Amount, if any, and interest by the method and at the address
specified for such purpose below your name in Schedule A, or by such other
method or at such other address as you shall have from time to time specified to
the Company in writing for such purpose, without the presentation or surrender
of such Note or the making of any notation thereon, except that upon written
request of the Company made concurrently with or reasonably promptly after
payment or prepayment in full of any Note, you shall surrender such Note for
cancellation, reasonably promptly after any such request, to the Company at its
principal executive office or at the place of payment most recently designated
by the Company pursuant to Section 14.1. Prior to any sale or other disposition
of any Note

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<PAGE>

held by you or your nominee you will, at your election, either endorse thereon
the amount of principal paid thereon and the last date to which interest has
been paid thereon or surrender such Note to the Company in exchange for a new
Note or Notes pursuant to Section 13.2. The Company will afford the benefits of
this Section 14.2 to any Institutional Investor that is the direct or indirect
transferee of any Note purchased by you under this Agreement and that has made
the same agreement relating to such Note as you have made in this Section 14.2.

15.  EXPENSES, ETC.

     15.1. Transaction Expenses.

     Whether or not the transactions contemplated hereby are consummated, the
Company will pay all costs and expenses (including reasonable attorneys' fees of
a special counsel and, if reasonably required, local or other counsel) incurred
by you and each Other Purchaser or holder of a Note in connection with such
transactions and in connection with any amendments, waivers or consents under or
in respect of this Agreement or the Notes (whether or not such amendment, waiver
or consent becomes effective), including, without limitation: (a) the costs and
expenses incurred in enforcing or defending (or determining whether or how to
enforce or defend) any rights under this Agreement or the Notes or in responding
to any subpoena or other legal process or informal investigative demand issued
in connection with this Agreement or the Notes, or by reason of being a holder
of any Note, and (b) the costs and expenses, including financial advisors' fees,
incurred in connection with the insolvency or bankruptcy of the Company or any
Subsidiary or in connection with any work-out or restructuring of the
transactions contemplated hereby and by the Notes. The Company will pay, and
will save you and each other holder of a Note harmless from, all claims in
respect of any fees, costs or expenses if any, of brokers and finders (other
than those retained by you).

     15.2. Survival.

     The obligations of the Company under this Section 15 will survive the
payment or transfer of any Note, the enforcement, amendment or waiver of any
provision of this Agreement or the Notes, and the termination of this Agreement.

16.  SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT

     All representations and warranties contained herein shall survive the
execution and delivery of this Agreement and the Notes, the purchase or

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<PAGE>

transfer by you of any Note or portion thereof or interest therein and the
payment of any Note, and may be relied upon by any subsequent holder of a Note,
regardless of any investigation made at any time by or on behalf of you or any
other holder of a Note. All statements contained in any certificate or other
instrument delivered by or on behalf of the Company pursuant to this Agreement
shall be deemed representations and warranties of the Company under this
Agreement. Subject to the preceding sentence, this Agreement and the Notes
embody the entire agreement and understanding between you and the Company and
supersede all prior agreements and understandings relating to the subject matter
hereof.

17.  AMENDMENT AND WAIVER

     17.1. Requirements.

     This Agreement and the Notes may be amended, and the observance of any term
hereof or of the Notes may be waived (either retroactively or prospectively),
with (and only with) the written consent of the Company and the Required
Holders, except that (a) no amendment or waiver of any of the provisions of any
of Sections 1, 2, 3, 4, 5, 6 and 21, or any defined term (as it is used
therein), will be effective as to you unless consented to by you in writing, and
(b) no such amendment or waiver may, without the written consent of the holder
of each Note at the time outstanding affected thereby, (i) subject to the
provisions of Section 12 relating to acceleration or rescission, change the
amount or time of any prepayment or payment of principal of, or reduce the rate
or change the time of payment or method of computation of interest or of the
Make-Whole Amount on, the Notes, (ii) change the percentage of the principal
amount of the Notes the holders of which are required to consent to any such
amendment or waiver, or (iii) amend any of Sections 8, 11(a), 11(b), 12, 17, 20
and 22.

     17.2. Solicitation of Holders of Notes.

          (a) Solicitation. The Company will provide each holder of the Notes
     (irrespective of the amount of Notes then owned by it) with sufficient
     information, sufficiently far in advance of the date a decision is
     required, to enable such holder to make an informed and considered decision
     with respect to any proposed amendment, waiver or consent in respect of any
     of the provisions hereof or of the Notes. The Company will deliver executed
     or true and correct copies of each amendment, waiver or consent effected
     pursuant to the provisions of this Section 17 to each holder of outstanding
     Notes promptly following the date on which it is executed and delivered by,
     or receives the consent or approval of, the requisite holders of Notes.

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<PAGE>

          (b) Payment. The Company will not directly or indirectly pay or cause
     to be paid any remuneration, whether by way of supplemental or additional
     interest, fee or otherwise, or grant any security, to any holder of Notes
     as consideration for or as an inducement to the entering into by any holder
     of Notes of any waiver or amendment of any of the terms and provisions
     hereof unless such remuneration is concurrently paid, or security is
     concurrently granted, on the same terms, ratably to each holder of Notes
     then outstanding even if such holder did not consent to such waiver or
     amendment.

     17.3. Binding Effect, etc.

     Any amendment or waiver consented to as provided in this Section 17 applies
equally to all holders of Notes and is binding upon them and upon each future
holder of any Note and upon the Company without regard to whether such Note has
been marked to indicate such amendment or waiver. No such amendment or waiver
will extend to or affect any obligation, covenant, agreement, Default or Event
of Default not expressly amended or waived or impair any right consequent
thereon. No course of dealing between the Company and the holder of any Note nor
any delay in exercising any rights hereunder or under any Note shall operate as
a waiver of any rights of any holder of such Note. As used herein, the term
"this Agreement" and references thereto shall mean this Agreement as it may from
time to time be amended or supplemented.

     17.4. Notes held by Company; Conversion Rate.

          (a) Notes Held by Company. Solely for the purpose of determining
     whether the holders of the requisite percentage of the aggregate principal
     amount of Notes then outstanding approved or consented to any amendment,
     waiver or consent to be given under this Agreement or the Notes, or have
     directed the taking of any action provided herein or in the Notes to be
     taken upon the direction of the holders of a specified percentage of the
     aggregate principal amount of Notes then outstanding, Notes directly or
     indirectly owned by the Company or any of its Affiliates shall be deemed
     not to be outstanding.

          (b) Conversion Rate. For the purposes of calculating the principal
     amount of Notes held by any holder, all Notes outstanding at the time of
     such determination denominated in Euros shall be converted to US Dollars at
     the Conversion Rate.

18.  NOTICES

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<PAGE>

         All notices and communications provided for hereunder shall be in
writing and sent (a) by telecopy if the sender on the same day sends a
confirming copy of such notice by a recognized overnight delivery service
(charges prepaid), or (b) by registered or certified mail with return receipt
requested (postage prepaid), or (c) by a recognized overnight delivery service
(with charges prepaid). Any such notice must be sent:

               (i) if to you or your nominee, to you or it at the address
          specified for such communications in Schedule A, or at such other
          address as you or it shall have specified to the Company in writing;

               (ii) if to any other holder of any Note, to such holder at such
          address as such other holder shall have specified to the Company in
          writing; or

               (iii) if to the Company, to the Company at its address set forth
          at the beginning hereof to the attention of Treasurer, telecopier:
          (414) 347-3785, or at such other address as the Company shall have
          specified to the holder of each Note in writing.

Notices under this Section 18 will be deemed given only when actually received.

19.  REPRODUCTION OF DOCUMENTS

     This Agreement and all documents relating hereto, including, without
limitation, (a) consents, waivers and modifications that may hereafter be
executed, (b) documents received by you at the Closing (except the Notes
themselves), and (c) financial statements, certificates and other information
previously or hereafter furnished to you, may be reproduced by you by any
photographic, photostatic, microfilm, microcard, miniature photographic or other
similar process and you may destroy any original document so reproduced. The
Company agrees and stipulates that, to the extent permitted by applicable law,
any such reproduction shall be admissible in evidence as the original itself in
any judicial or administrative proceeding (whether or not the original is in
existence and whether or not such reproduction was made by you in the regular
course of business) and any enlargement, facsimile or further reproduction of
such reproduction shall likewise be admissible in evidence. This Section 19
shall not prohibit the Company or any other holder of Notes from contesting any
such reproduction to the same extent that it could contest the original, or

                                       51

<PAGE>

from introducing evidence to demonstrate the inaccuracy of any such
reproduction.

20.  CONFIDENTIAL INFORMATION

     For the purposes of this Section 20, "Confidential Information" means
information delivered to you by or on behalf of the Company or any Subsidiary in
connection with the transactions contemplated by or otherwise pursuant to this
Agreement that is proprietary in nature and that was clearly marked or labeled
or otherwise adequately identified when received by you as being confidential
information of the Company or such Subsidiary, provided that such term does not
include information that

          (a) was publicly known or otherwise known to you prior to the time of
     such disclosure,

          (b) subsequently becomes publicly known through no act or omission by
     you or any person acting on your behalf,

          (c) otherwise becomes known to you other than through disclosure by
     the Company or any Subsidiary, or

          (d) constitutes financial statements delivered to you under Section
     7.1 that are otherwise publicly available.

You will maintain the confidentiality of such Confidential Information in
accordance with procedures adopted by you in good faith to protect confidential
information of third parties delivered to you, provided that you may deliver or
disclose Confidential Information to:

               (i) your directors, officers, trustees, employees, agents,
          attorneys and affiliates (to the extent such disclosure reasonably
          relates to the administration of the investment represented by your
          Notes),

               (ii) your financial advisors and other professional advisors who
          agree to hold confidential the Confidential Information substantially
          in accordance with the terms of this Section 20,

               (iii) any other holder of any Note,

               (iv) any Institutional Investor to which you sell or offer to
          sell such Note or any part thereof or any participation therein (if
          such Person has agreed in writing prior to its receipt

                                       52

<PAGE>

          of such Confidential Information to be bound by the provisions of this
          Section 20),

               (v) any Person from which you offer to purchase any security of
          the Company (if such Person has agreed in writing prior to its receipt
          of such Confidential Information to be bound by the provisions of this
          Section 20),

               (vi) any federal or state regulatory authority having
          jurisdiction over you,

               (vii) the National Association of Insurance Commissioners or any
          similar organization, or any nationally recognized rating agency that
          requires access to information about your investment portfolio or

               (viii) any other Person to which such delivery or disclosure may
          be necessary or appropriate

                    (A) to effect compliance with any law, rule, regulation or
               order applicable to you,

                    (B) in response to any subpoena or other legal process,

                    (C) in connection with any litigation to which you are a
               party, or

                    (D) if an Event of Default has occurred and is continuing,
               to the extent you may reasonably determine such delivery and
               disclosure to be necessary or appropriate in the enforcement or
               for the protection of the rights and remedies under your Notes
               and this Agreement.

Each holder of a Note, by its acceptance of a Note, will be deemed to have
agreed to be bound by and to be entitled to the benefits of this Section 20 as
though it were a party to this Agreement. On reasonable request by the Company
in connection with the delivery to any holder of a Note of information required
to be delivered to such holder under this Agreement or requested by such holder
(other than a holder that is a party to this Agreement or its nominee), such
holder will enter into an agreement with the Company embodying the provisions of
this Section 20.

21.  SUBSTITUTION OF PURCHASER

                                       53

<PAGE>

You shall have the right to substitute any one of your Affiliates as the
purchaser of the Notes that you have agreed to purchase hereunder, by written
notice to the Company, which notice shall be signed by both you and such
Affiliate, shall contain such Affiliate's agreement to be bound by this
Agreement and shall contain a confirmation by such Affiliate of the accuracy
with respect to it of the representations set forth in Section 6. Upon receipt
of such notice, wherever the word "you" is used in this Agreement (other than in
this Section 21), such word shall be deemed to refer to such Affiliate in lieu
of you. In the event that such Affiliate is so substituted as a purchaser
hereunder and such Affiliate thereafter transfers to you all of the Notes then
held by such Affiliate, upon receipt by the Company of notice of such transfer,
wherever the word "you" is used in this Agreement (other than in this Section
21), such word shall no longer be deemed to refer to such Affiliate, but shall
refer to you, and you shall have all the rights of an original holder of the
Notes under this Agreement.

22.  TAX INDEMNIFICATION

     (a) Except to the extent required under applicable law, all payments made
by the Company under this Agreement or any Note shall be made free and clear of,
and without deduction or withholding for or on account of, any present or future
income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions
or withholdings, now or hereafter imposed, levied, collected, withheld or
assessed by any Governmental Authority, excluding taxes measured by or imposed
upon the overall net income of any holder or its applicable lending office, or
any branch or affiliate of either, and all franchise taxes, branch taxes, taxes
on doing business or taxes measured by or imposed upon the overall capital or
net worth of any holder or its applicable lending office, or any branch or
affiliate of either, in each case imposed: (i) by the jurisdiction under the
laws of which such holder, applicable lending office, branch or affiliate is
organized or is located, or in which the principal executive office of the
holder is located, or any nation within which such jurisdiction is located or
any political subdivision thereof; or (ii) by reason of any connection between
the jurisdiction imposing such tax and such holder, applicable lending office,
branch or affiliate other than a connection arising from such holder having
executed, delivered or performed its obligations under, or received payment
under or enforced, this Agreement or any other Note. If any such non-excluded
taxes, levies, imposts, duties, charges, fees deductions or withholdings
("Non-Excluded Taxes") are required to be withheld from any amounts payable to
  ------------------
any holder hereunder or under any Note, the amounts so payable to such holder
shall be increased to the extent necessary to yield to such holder (after
payment of all Non-Excluded Taxes) interest or any such other amounts payable
hereunder at the rates or in the

                                       54

<PAGE>

amounts specified in this Agreement; provided however, that the Company shall be
                                     ----------------
entitled to deduct and withhold any Non-Excluded Taxes and shall not be required
to increase any such amounts payable to any holder under the circumstances and
to the extent set forth in Section 22(b). Whenever any Non-Excluded Taxes are
paid by the Company, as promptly as possible thereafter the Company shall send
to such holder a certified copy of an original official receipt received by the
Company showing payment thereof or other evidence of payment reasonably
satisfactory to such holder. If the Company fails to pay any Non-Excluded Taxes
when due to the appropriate taxing authority or fails to remit the required
receipts or other required documentary evidence, the Company shall indemnify the
holders for any incremental taxes, interest or penalties that may become payable
by the holders as a result of any such failure. The agreements in this Section
22(a) shall survive the termination of this Agreement and the payment of the
Notes and all other amounts payable hereunder.

     (b) Notwithstanding the provisions of Section 22(a), the Company shall be
entitled to deduct and withhold Non-Excluded Taxes and shall not be required to
increase any amounts payable to a holder in respect of (i) Non-Excluded Taxes
that would not have been incurred but for the failure of such holder to comply
with any certification, identification, information, documentation or other
reporting requirement, if compliance is required by law, regulation,
administrative practice or an applicable treaty as a precondition to exemption
from, or reduction in the rate of, Non-Excluded Taxes; and (ii) Non-Excluded
Taxes imposed by the United States of America, if such holder is not organized
under the laws of the United States of America or a state thereof and fails to
comply with requirements of Section 22(c).

     (c) Each holder that is not incorporated under the laws of the United
States of America or a state thereof shall:

          (i) on or before the date of any payment by the Company under this
     Agreement or any Note to such holder, deliver to the Company two duly
     completed copies of United States Internal Revenue Service Form W-8BEN or
     W-8ECI, or successor applicable form, as the case may be;

          (ii) deliver to the Company two further copies of any such form or
     certification on or before the date that any such form or certification
     expires or becomes obsolete and after the occurrence of any event requiring
     a change in the most recent form previously delivered by it to the Company;
     and

                                       55

<PAGE>

          (iii) obtain such extensions of time for filing and complete such
     forms or certifications as may reasonably be requested by the Company;

unless in any such case, any change in treaty, law or regulation has occurred
after the date such Person becomes a holder hereunder which renders all such
forms inapplicable or which would prevent such holder from duly completing and
delivering any such form with respect to it and such holder so advises the
Company. Such holder shall certify on such Form W-8BEN or W-8ECI (i) that it is
entitled to receive payments under this Agreement and the Notes without
deduction or withholding of any United States federal income taxes and (ii) that
it is entitled to an exemption from United States backup withholding tax. Each
Person that shall become a holder shall, upon the effectiveness of the related
transfer, be required to provide all of the forms and statements required
pursuant to this Section 22(c).

     (d) Upon the request, and at the expense, of the Company, each holder to
which the Company is required to pay any additional amount shall reasonably
afford the Company the opportunity to contest, and reasonably cooperate with the
Company in contesting, the imposition of any Non-Excluded Tax giving rise to
such payment, provided that (i) such holder shall not be required to afford the
              --------
Company the opportunity to so contest unless the Company shall have confirmed in
writing to such holder its obligation to pay such amounts pursuant to this
Agreement and (ii) the Company shall reimburse such holder for its reasonable
attorneys' and accountants' fees and disbursements incurred in so cooperating
with the Company in contesting the imposition of such Non-Excluded Tax.

     (e) If a holder changes its applicable lending office or transfers Notes
(other than pursuant to paragraph (f) below) and the effect of the change or
transfer, as of the date of the change or transfer, would be to cause the
Company to become obligated to pay any additional amount, the Company shall not
be obligated to pay such additional amount.

     (f) If a condition or an event occurs which would, or would upon the
passage of time or giving of notice, result in the payment of any additional
amount to any holder by the Company, such holder shall take such steps as may
reasonably be available to it and acceptable to the Company to mitigate the
effects of such condition or event (which shall include efforts to transfer the
Notes to another lending office, or to another branch or affiliate, of such
holder), provided that such holder shall not be
         --------

                                       56

<PAGE>

required to take any steps that, in its reasonable judgment, would be materially
disadvantageous to its business or operations or would require it to incur
additional costs (unless the Company agrees to reimburse such holder for the
reasonable incremental out-of-pocket costs thereof). If a condition or event
occurs which would, or would upon the passage of time or giving of notice,
result in the payment of any additional amount to any holder by the Company,
such holder shall promptly notify the Company, provided that a failure on the
part of a holder to notify the Company shall not result in any liability to such
holder and shall not reduce the amount of any additional amounts payable
hereunder to such holder to the extent that such failure to notify the Company
does not result in the payment of any additional amount by the Company, which
payment could have been avoided or reduced had the holder notified the Company
in accordance with this Section 22(f).

     (g) Except as provided in the next sentence, if the Company shall become
obligated to pay additional amounts and any affected holder shall not have
promptly taken steps necessary to avoid the need for payments, the Company shall
have the right, for so long as such obligation remains, (i) to seek one or more
substitute holders to purchase the affected Notes, in whole or in part, at an
aggregate price not less than such Notes' principal amount plus accrued
interest, and assume the affected obligations under this Agreement, or (ii) to
prepay the affected Notes, in whole or in part, without premium or penalty. In
the case of the substitution of a holder, the Company, the affected holder, and
any substitute holder shall execute and deliver an appropriately completed
assignment agreement to effect the assignment of rights to, and the assumption
of obligations by, the substitute holder. In the case of a prepayment of an
affected Note, the amount specified in the notice shall be due and payable on
the date specified therein, together with any accrued interest to such date on
the amount prepaid. In the case of each of the substitution of a holder and of
the prepayment of an affected Note, the Company shall first pay the affected
holder any additional amounts owing prior to such substitution or prepayment.

     (h) If the Company or any holder receives a refund in respect of taxes for
which the Company has made additional payments pursuant to this Section 22, such
holder shall promptly pay such refund (together with any interest with respect
thereto received from the relevant taxing authority) to the Company; provided,
                                                                     --------
however, that the Company agrees promptly to return such refund (together with
-------
any interest with respect thereto due to the relevant taxing authority) (free of
all Non-Excluded Taxes) to such holder, upon receipt of a notice that such
refund is required

                                       57

<PAGE>

to be repaid to the relevant taxing authority. Notwithstanding anything to the
contrary contained in this Section 22(h), no holder shall have any obligation to
disclose to the Company any such holder's books, records or tax filings.

     (i) The obligations of each holder under this Section 22 shall survive the
termination of this Agreement and the payment of the Notes and all amounts
payable hereunder.

23.  MISCELLANEOUS

     23.1. Successors and Assigns.

     All covenants and other agreements contained in this Agreement by or on
behalf of any of the parties hereto bind and inure to the benefit of their
respective successors and assigns (including, without limitation, any subsequent
holder of a Note) whether so expressed or not.

     23.2. Payments Due on Non-Business Days.

     Anything in this Agreement or the Notes to the contrary notwithstanding,
any payment of principal of or Make-Whole Amount or interest on any Note that is
due on a date other than a Business Day shall be made on the next succeeding
Business Day without including the additional days elapsed in the computation of
the interest payable on such next succeeding Business Day.

     23.3. Severability.

     Any provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall (to the full extent permitted by law) not invalidate or
render unenforceable such provision in any other jurisdiction.

     23.4. Construction.

     Each covenant contained herein shall be construed (absent express provision
to the contrary) as being independent of each other covenant contained herein,
so that compliance with any one covenant shall not (absent such an express
contrary provision) be deemed to excuse compliance with any other covenant.
Where any provision herein refers to action to be taken by any Person, or which
such Person is prohibited from taking, such

                                       58

<PAGE>

provision shall be applicable whether such action is taken directly or
indirectly by such Person.

     23.5. Counterparts.

     This Agreement may be executed in any number of counterparts, each of which
shall be an original but all of which together shall constitute one instrument.
Each counterpart may consist of a number of copies hereof, each signed by less
than all, but together signed by all, of the parties hereto.

     23.6. Change of Currency.

     The obligation of the Company to make payment in U.S. Dollars or Euros of
its obligations under the Notes or this Agreement, as the case may be, shall not
be discharged or satisfied by any tender, or any recovery pursuant to any
judgment, which is expressed in or converted into any currency other than U.S.
Dollars or Euros, except to the extent such tender or recovery shall result in
the actual receipt by the holder of any Note of the full amount of U.S. Dollars
or Euros expressed to be payable in respect of any such obligations. The
obligation of the Company to make payment in U.S. Dollars or Euros, as the case
may be, as aforesaid shall be enforceable as an alternative or additional cause
of action for the purpose of recovery in U.S. Dollars or Euros, as the case may
be, of the amount, if any, by which such actual receipt shall fall short of the
full amount of U.S. Dollars or Euros, as the case may be, expressed to be
payable in respect of any such obligations, and shall not be affected by
judgment being obtained for any other sums due under the Notes or this
Agreement, as the case may be.

     23.7. Governing Law.

     THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE
RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK
EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE
THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

     23.8. Waiver of Jury Trial; Consent to Jurisdiction. (a) Waiver of Jury
Trial. THE PARTIES HERETO VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT ANY OF
THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING OUT OF,
UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE DOCUMENTS, AGREEMENTS
OR TRANSACTIONS CONTEMPLATED HEREBY.

                                       59

<PAGE>

     (b) Consent to Jurisdiction. ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF
OR RELATING TO THIS AGREEMENT, OR ANY OF THE DOCUMENTS, AGREEMENTS OR
TRANSACTIONS CONTEMPLATED HEREBY OR ANY ACTION OR PROCEEDING TO EXECUTE OR
OTHERWISE ENFORCE ANY JUDGMENT IN RESPECT OF ANY BREACH UNDER THIS AGREEMENT OR
ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY MAY BE BROUGHT BY SUCH PARTY IN
ANY FEDERAL DISTRICT COURT LOCATED IN THE STATE OF NEW YORK OR ANY STATE COURT
LOCATED IN THE CITY AND COUNTY OF NEW YORK AS SUCH PARTY MAY IN ITS SOLE
DISCRETION ELECT, AND BY THE EXECUTION AND DELIVERY OF THIS AGREEMENT, THE
PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMIT TO THE NON-EXCLUSIVE IN
PERSONAM JURISDICTION OF EACH SUCH COURT, AND EACH OF THE PARTIES HERETO
IRREVOCABLY WAIVES AND AGREES NOT TO ASSERT IN ANY PROCEEDING BEFORE ANY
TRIBUNAL, BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, ANY CLAIM THAT IT IS NOT
SUBJECT TO THE IN PERSONAM JURISDICTION OF ANY SUCH COURT. IN ADDITION, EACH OF
THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW,
ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE IN ANY
SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
DOCUMENT, AGREEMENT OR TRANSACTION CONTEMPLATED HEREBY BROUGHT IN ANY SUCH
COURT, AND HEREBY IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

      [Remainder of page intentionally blank; next page is signature page.]

                                       60

<PAGE>

     If you are in agreement with the foregoing, please sign the form of
agreement on the accompanying counterpart of this Agreement and return it to the
Company, whereupon the foregoing shall become a binding agreement between you
and the Company.

                                               Very truly yours,

                                               SENSIENT TECHNOLOGIES
                                               CORPORATION

                                               By:
                                                  ------------------------------
                                               Name:
                                               Title:

The foregoing is hereby
agreed to.

[PURCHASER]

By:
   ---------------------------------
Name:
Title:

<PAGE>

                                   SCHEDULE B

                                  DEFINED TERMS
                                  -------------

     As used herein, the following terms have the respective meanings set forth
below or set forth in the Section hereof following such term:

     "Affiliate" means at any time, and with respect to any Person,

          (a) any other Person that at such time directly or indirectly through
     one or more intermediaries Controls, or is Controlled by, or is under
     common Control with, such first Person, and

          (b) any Person beneficially owning or holding, directly or indirectly,
     10% or more of any class of voting or equity interests of the Company or
     any Subsidiary or any corporation of which the Company and its Subsidiaries
     beneficially own or hold, in the aggregate, directly or indirectly, 10% or
     more of any class of voting or equity interests.

As used in this definition, "Control" means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting securities, by
contract or otherwise. Unless the context otherwise clearly requires, any
reference to an "Affiliate" is a reference to an Affiliate of the Company.

     "Agreement, this" is defined in Section 18.3.

     "Asset Disposition" means any Transfer except :

          (a) any

               (i) Transfer from a Subsidiary to the Company or a Wholly-Owned
          Subsidiary;

               (ii) Transfer from the Company to a Wholly-Owned Subsidiary; and

               (iii) Transfer from the Company to a Subsidiary (other than a
          Wholly-Owned Subsidiary) or from a Subsidiary to another Subsidiary,
          which in either case is for Fair Market Value,

                                  Schedule B-1

<PAGE>

          so long as immediately before and immediately after the consummation
          of any such Transfer and after giving effect thereto, no Default or
          Event of Default exists; and

               (b) any Transfer made in the ordinary course of business and
          involving only property that is either (i) inventory held for sale or
          (ii) equipment, fixtures, supplies or materials no longer required in
          the operation of the business of the Company or any of its
          Subsidiaries or that is obsolete.

     "Business Day" means any day other than a Saturday, a Sunday or a day on
which commercial banks in Milwaukee, Wisconsin or New York, New York or London
England are required or authorized to be closed.

     "Capital Lease" means, at any time, a lease with respect to which the
lessee is required concurrently to recognize the acquisition of an asset and the
incurrence of a liability in accordance with GAAP.

     "Capital Lease Obligations" means, with respect to any Person and a Capital
Lease, the amount of the obligation of such Person as the lessee under such
Capital Lease which would, in accordance with GAAP, appear as a liability on a
balance sheet of such Person.

     "Capital Stock" means any class of capital stock, share capital or similar
equity interest of a Person.

     "Closing" is defined in Section 3.

     "Code" means the Internal Revenue Code of 1986, as amended from time to
time, and the rules and regulations promulgated thereunder from time to time.

     "Company" is defined in the introductory sentence of this Agreement.

     "Confidential Information" is defined in Section 20.

     "Consolidated Adjusted Net Worth" means, as of any time of determination
thereof, the result of (a) stockholders' equity (including preferred stock) and
minority interests, less (b) goodwill and other intangible assets incurred after
September 30, 1995, all as determined as at such time for the Company and its
Subsidiaries on a consolidated basis in accordance with GAAP. For purposes of
this definition, goodwill and other intangible assets shall be deemed incurred
only to the extent that such stockholders equity is increased by goodwill and
other intangible assets as

                                 Schedule B-2

<PAGE>

a result of an acquisition of stock or assets in exchange for stock of the
Company or any Subsidiary.

     "Consolidated Assets" means, at any time, the total assets of the Company
and its Subsidiaries which would be shown as assets on a consolidated balance
sheet of the Company and its Subsidiaries as of such time prepared in accordance
with GAAP, after eliminating all amounts properly attributable to minority
interests, if any, in the stock and surplus of Subsidiaries.

     "Consolidated Current Liabilities" means, as of any time of determination
thereof, the consolidated current liabilities of the Company and its
Subsidiaries determined on a consolidated basis in accordance with GAAP.

     "Consolidated Funded Debt" means, at any time, the total of all Funded Debt
of the Company and its Subsidiaries outstanding at such time, after eliminating
all offsetting debits and credits between the Company and its Subsidiaries and
all other items required to be eliminated in the course of the preparation of
consolidated financial statements of the Company and its Subsidiaries in
accordance with GAAP.

     "Consolidated Indebtedness" means, as of the date of determination, the
total of all Indebtedness of the Company and its Subsidiaries outstanding on
such date, after eliminating all offsetting debits and credits between the
Company and its Subsidiaries and all other items required to be eliminated in
the course of the preparation of consolidated financial statements of the
Company and its Subsidiaries in accordance with GAAP.

     "Consolidated Net Income" means, with reference to any period, the net
income (or loss) of the Company and its Subsidiaries for such period (taken as a
cumulative whole), as determined in accordance with GAAP, after eliminating all
offsetting debits and credits between the Company and its Subsidiaries and all
other items required to be eliminated in the course of the preparation of
consolidated financial statements of the Company and its Subsidiaries in
accordance with GAAP.

     "Consolidated Total Capitalization" means, at any time, the sum of
Consolidated Adjusted Net Worth plus Consolidated Funded Debt, in each case
determined at such time.

     "Conversion Rate" means a fixed exchange rate for the conversion of Euros
into US Dollars equal to US $0.8933 per (euro) 1.00.

     "Debt" means, with respect to any Person, without duplication,

                                 Schedule B-3

<PAGE>

          (a)  its liabilities for borrowed money;

          (b) its liabilities for the deferred purchase price of property
     acquired by such Person (excluding accounts payable arising in the ordinary
     course of business but including, without limitation, all liabilities
     created or arising under any conditional sale or other title retention
     agreement with respect to any such property);

          (c) its Capital Lease Obligations;

          (d) all liabilities for borrowed money secured by any Lien with
     respect to any property owned by such Person (whether or not it has assumed
     or otherwise become liable for such liabilities); and

          (e) any Guaranty of such Person with respect to liabilities of a type
     described in any of clauses (a) through (d) hereof,

provided that, if such Person is the Company or a Subsidiary, Debt shall in no
event include unfunded obligations with respect to the Company's or a
Subsidiary's pension plans.

     "Debt Prepayment Application" means, with respect to any Transfer of
property, the application by the Company or its Subsidiaries of cash in an
amount equal to the Net Proceeds Amount with respect to such Transfer to pay
Senior Indebtedness of the Company (other than Indebtedness owing to the
Company, any of its Subsidiaries or any Affiliate and Indebtedness in respect of
any revolving credit or similar credit facility providing the Company or any of
its Subsidiaries with the right to obtain loans or other extensions of credit
from time to time, except to the extent that in connection with such payment of
Indebtedness the availability of credit under such credit facility is
permanently reduced by an amount not less than the amount of such proceeds
applied to the payment of such Indebtedness), provided that in the course of
making such application the Company shall prepay each outstanding Note in
accordance with Section 8.2 in a principal amount which, when added to the
Make-Whole Amount applicable thereto, equals the Ratable Portion for such Note.
As used in this definition, "Ratable Portion" for any Note means an amount equal
to the product of (x) the Net Proceeds Amount being so applied to the payment of
Senior Indebtedness of the Company multiplied by (y) a fraction the numerator of
which is the outstanding principal amount of such Note and the denominator of
which is the aggregate principal amount of Senior Indebtedness of the Company.

                                 Schedule B-4

<PAGE>

     "Default" means an event or condition the occurrence or existence of which
would, with the lapse of time or the giving of notice or both, become an Event
of Default.

     "Default Rate" means that rate of interest that is the greater of (i) 2%
per annum above the rate of interest stated in clause (a) of the first paragraph
of the Notes or (ii) 2% over the rate of interest publicly announced from time
to time by The Bank of New York in New York, New York (or its successor) as its
"base" or "prime" rate.

     "Disposition Value" means, at any time, with respect to any property:

          (a) in the case of property that does not constitute Subsidiary Stock,
     the book value thereof, valued at the time of such disposition in good
     faith by the Company, and

          (b) in the case of property that constitutes Subsidiary Stock, an
     amount equal to that percentage of book value of the assets of the
     Subsidiary that issued such stock as is equal to the percentage that the
     book value of such Subsidiary Stock represents of the book value of all of
     the outstanding capital stock of such Subsidiary (assuming, in making such
     calculations, that all Securities convertible into such capital stock are
     so converted and giving full effect to all transactions that would occur or
     be required in connection with such conversion) determined at the time of
     the disposition thereof, in good faith by the Company.

     "Environmental Laws" means any and all Federal, state, local, and foreign
statutes, laws, regulations, ordinances, rules, judgments, orders, decrees,
permits, concessions, grants, franchises, licenses, agreements or governmental
restrictions relating to pollution and the protection of the environment or the
release of any materials into the environment, including but not limited to
those related to hazardous substances or wastes, air emissions and discharges to
waste or public systems.

     "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended from time to time, and the rules and regulations promulgated thereunder
from time to time in effect.

     "ERISA Affiliate" means any trade or business (whether or not incorporated)
that is treated as a single employer together with the Company under section 414
of the Code.

     "Euro" or "(euro)" means the single currency of the Participating Member
States.

                                  Schedule B-5

<PAGE>

          As used in this definition:

               "Participating Member States" means the participating member
          states of the European Union signatory to the Treaty which adopted a
          single currency in accordance with the Treaty.

               "Treaty" means the Treaty establishing the European Community
          signed in Rome on March 25, 1957, as amended from time to time

     "Event of Default" is defined in Section 11.

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

     "Fair Market Value" means, at any time and with respect to any property,
the sale value of such property that would be realized in an arm's-length sale
at such time between an informed and willing buyer and an informed and willing
seller (neither being under a compulsion to buy or sell).

     "Fixed Charges" means, with respect to any period, the sum (without
duplication) of the following (in each case, eliminating all offsetting debits
and credits between the Company and its Subsidiaries and all other items
required to be eliminated in the course of the preparation of consolidated
financial statements of the Company and its Subsidiaries in accordance with
GAAP): (a) all interest in respect of Indebtedness of the Company and its
Subsidiaries (including imputed interest on Capital Lease Obligations in respect
of Capital Leases of such Persons) deducted in determining Consolidated Net
Income for such period plus (b) all debt discount and expense amortized or
required to be amortized in the determination of Consolidated Net Income for
such period plus (c) all fixed amounts payable by the Company or any of its
Subsidiaries in respect of such period under all leases (other than Capital
Leases) of real or personal property having an original term (including any
required renewals or renewals at the option of the lessor or the lessee) of one
year or more, in each case deducted in the computation of such Consolidated Net
Income.

     "Fixed Charge Coverage Ratio" means, at any time, the ratio of (a) net
income plus interest expense plus Rentals plus taxes paid, to (b) interest
expense plus Rentals, in each case for the period of four fiscal quarters then
most recently ended, and determined on a consolidated basis for the Company and
the Company's Subsidiaries in accordance with GAAP.

                                  Schedule B-6

<PAGE>

     "Funded Debt" means, with respect to any Person, all Debt of such Person
with a maturity more than one year after the creation of such Debt.
Notwithstanding the foregoing, in the case of the Company and a Subsidiary, (a)
any current portion of Funded Debt included in Consolidated Current Liabilities
shall not be considered Funded Debt and (b) any Debt outstanding under a working
capital or revolving credit agreement or similar agreement providing for
borrowings (and renewals and extensions thereof) shall not be considered Funded
Debt if all such Debt has been concurrently fully repaid for a period of at
least 30 consecutive days during the 12 consecutive calendar month period most
recently ended as of the date of any determination.

     "GAAP" means generally accepted accounting principles as in effect from
time to time in the United States of America.

     "Governmental Authority" means

          (a) the government of

               (i) the United States of America or any state or other political
          subdivision thereof, or

               (ii) any jurisdiction in which the Company or any Subsidiary
          conducts all or any part of its business, or that asserts jurisdiction
          over any properties of the Company or any Subsidiary, or

          (b) any entity exercising executive, legislative, judicial, regulatory
     or administrative functions of, or pertaining to, any such government.

     "Guaranty" means, with respect to any Person, any obligation (except the
endorsement in the ordinary course of business of negotiable instruments for
deposit or collection) of such Person guaranteeing or in effect guaranteeing any
indebtedness, dividend or other obligation of any other Person in any manner,
whether directly or indirectly, including, without limitation, obligations
incurred through an agreement, contingent or otherwise, by such Person:

          (a) to purchase such indebtedness or obligation or any property
     constituting security therefor;

          (b) to advance or supply funds (i) for the purchase or payment of such
     indebtedness or obligation, or (ii) to maintain any working capital or
     other balance sheet condition or any income

                                  Schedule B-7

<PAGE>

     statement condition of any other Person or otherwise to advance or make
     available funds for the purchase or payment of such indebtedness or
     obligation;

          (c) to lease properties or to purchase properties or services
     primarily for the purpose of assuring the owner of such indebtedness or
     obligation of the ability of any other Person to make payment of the
     indebtedness or obligation; or

          (d) otherwise to assure the owner of such indebtedness or obligation
     against loss in respect thereof.

In any computation of the indebtedness or other liabilities of the obligor under
any Guaranty, the indebtedness or other obligations that are the subject of such
Guaranty shall be assumed to be direct obligations of such obligor.

     "Hazardous Material" means any and all pollutants, toxic or hazardous
wastes or any other substances that might pose a hazard to health or safety, the
removal of which may be required or the generation, manufacture, refining,
production, processing, treatment, storage, handling, transportation, transfer,
use, disposal, release, discharge, spillage, seepage, or filtration of which is
or shall be restricted, prohibited or penalized by any applicable law
(including, without limitation, asbestos, urea formaldehyde foam insulation and
polychlorinated biphenyls).

     "holder" means, with respect to any Note, the Person in whose name such
Note is registered in the register maintained by the Company pursuant to Section
14.1.

     "Indebtedness" means, with respect to any Person, without duplication,

          (a) its liabilities for borrowed money and its redemption obligations
     in respect of mandatorily redeemable Preferred Stock;

          (b) its liabilities for the deferred purchase price of property
     acquired by such Person (excluding accounts payable arising in the ordinary
     course of business but including all liabilities created or arising under
     any conditional sale or other title retention agreement with respect to any
     such property);

          (c) all liabilities appearing on its balance sheet in accordance with
     GAAP in respect of Capital Leases;

                                  Schedule B-8

<PAGE>

          (d) all liabilities for borrowed money secured by any Lien with
     respect to any property owned by such Person (whether or not it has assumed
     or otherwise become liable for such liabilities);

          (e) all its liabilities in respect of letters of credit or instruments
     serving a similar function issued or accepted for its account by banks and
     other financial institutions (whether or not representing obligations for
     borrowed money);

          (f) Swaps of such Person; and

          (g) any Guaranty of such Person with respect to liabilities of a type
     described in any of clauses (a) through (f) hereof.

Without limitation of the foregoing, Indebtedness of any Person shall include
all obligations of such Person of the character described in clauses (a) through
(g) to the extent such Person remains legally liable in respect thereof
notwithstanding that any such obligation is deemed to be extinguished under
GAAP.

     "Institutional Investor" means (a) any original purchaser of a Note, (b)
any holder of a Note holding more than 5% of the aggregate principal amount of
the Notes then outstanding, and (c) any bank, trust company, savings and loan
association or other financial institution, any pension plan, any investment
company, any insurance company, any broker or dealer, or any other similar
financial institution or entity, regardless of legal form.

     "Lien" means, with respect to any Person, any mortgage, lien, pledge,
charge, security interest or other encumbrance, or any interest or title of any
vendor, lessor, lender or other secured party to or of such Person under any
conditional sale or other title retention agreement or Capital Lease, upon or
with respect to any property or asset of such Person (including in the case of
stock, stockholder agreements, voting trust agreements and all similar
arrangements).

     "Make-Whole Amount" is defined in Section 8.6.

     "Material" means material in relation to the business, operations, affairs,
financial condition, assets, properties, or prospects of the Company and its
Subsidiaries taken as a whole.

     "Material Adverse Effect" means a material adverse effect on (a) the
business, operations, affairs, financial condition, assets or properties of the
Company and its Subsidiaries taken as a whole, or (b) the ability of the

                                  Schedule B-9

<PAGE>

Company to perform its obligations under this Agreement and the Notes, or (c)
the validity or enforceability of this Agreement or the Notes.

     "Memorandum" is defined in Section 5.3.

     "Multiemployer Plan" means any Plan that is a "multiemployer plan" (as such
term is defined in section 4001(a)(3) of ERISA).

     "Net Proceeds Amount" means, with respect to any Transfer of any property
by any Person, an amount equal to the difference of

          (a) the aggregate amount of the consideration (valued at the Fair
     Market Value of such consideration at the time of the consummation of such
     Transfer) received by such Person in respect of such Transfer, minus

          (b) all ordinary and reasonable out-of-pocket costs and expenses
     actually incurred by such Person in connection with such Transfer.

     "Note-Related Payment" is defined in Section 22.1.

     "Notes" is defined in Section 1.

     "Officer's Certificate" means a certificate of a Senior Financial Officer
or of any other officer of the Company whose responsibilities extend to the
subject matter of such certificate.

     "Other Agreements" is defined in Section 2.

     "Other Purchasers" is defined in Section 2.

     "PBGC" means the Pension Benefit Guaranty Corporation referred to and
defined in ERISA or any successor thereto.

     "Person" means an individual, partnership, corporation, limited liability
company, association, trust, unincorporated organization, or a government or
agency or political subdivision thereof.

     "Plan" means an "employee benefit plan" (as defined in section 3(3) of
ERISA) that is or, within the preceding five years, has been established or
maintained, or to which contributions are or, within the preceding five years,
have been made or required to be made, by the Company or any ERISA Affiliate or
with respect to which the Company or any ERISA Affiliate may have any liability.

                                 Schedule B-10

<PAGE>

     "Preferred Stock" means any class of Capital Stock of a Person that is
preferred over any other class of Capital Stock of such Person as to the payment
of dividends or other equity distributions or the payment of any amount upon
liquidation or dissolution of such Person.

     "Priority Debt" means, as of any date of determination, the sum of (a)
Total Subsidiary Debt on such date and (b) all Debt of the Company outstanding
on such date and secured by Liens not permitted by paragraphs (a) through (j),
inclusive, of Section 10.3.

     "property or properties" means, unless otherwise specifically limited, real
or personal property of any kind, tangible or intangible, choate or inchoate.

     "Property Reinvestment Application" means, with respect to any Transfer of
any property by any Person, the application by such Person of funds in an amount
equal to the Net Proceeds Amount with respect to such Transfer to the
acquisition by the Company or any Subsidiary of operating assets of the Company
or any Subsidiary to be used in the ordinary course of business of the Company
or such Subsidiary.

     "PTE" is defined in Section 6.2(a).

     "QPAM Exemption" is defined in Section 6.2(d).

     "Qualified Institutional Buyer" means any Person who is a "qualified
institutional buyer" within the meaning of such term as set forth in Rule
144A(a)(1) under the Securities Act (as in effect on the date of the Closing).

     "Rentals" means, with reference to any period, the aggregate fixed amounts
payable by the Company and the Company's Subsidiaries, determined on a
consolidated basis, under any leases of real or personal property having an
original term (including any required renewals or any renewals at the option of
the lessor or the lessee) of one year or more, but does not include any amounts
payable under Capital Leases.

     "Required Holders" means, at any time, the holder or holders of at least
66-2/3% in principal amount of the Notes at the time outstanding (exclusive of
Notes then owned by the Company or any of its Affiliates).

     "Responsible Officer" means any Senior Financial Officer and any other
officer of the Company with responsibility for the administration of the
relevant portion of this Agreement.

                                 Schedule B-11

<PAGE>

     "Securities Act" means the Securities Act of 1933, as amended from time to
time.

     "Senior Indebtedness" means any Indebtedness of the Company other than any
Indebtedness that is in any manner subordinated in right of payment or security
in any respect to Indebtedness evidenced by the Notes.

     "Senior Financial Officer" means the chief financial officer, principal
accounting officer, treasurer or controller of the Company.

     "Series" is defined in Section 1.

     "Series A Note" is defined in Section 1(a).

     "Series B Note" is defined in Section 1(b).

     "Series C Note" is defined in Section 1(c).

     "Source" is defined in Section 6.2.

     "Subsidiary" means, as to any Person, any corporation, association or other
business entity in which such Person or one or more of its Subsidiaries or such
Person and one or more of its Subsidiaries owns sufficient equity or voting
interests to enable it or them (as a group) ordinarily, in the absence of
contingencies, to elect a majority of the directors (or Persons performing
similar functions) of such entity, and any partnership or joint venture if more
than a 50% interest in the profits or capital thereof is owned by such Person or
one or more of its Subsidiaries or such Person and one or more of its
Subsidiaries (unless such partnership or joint venture can and does ordinarily
take major business actions without the prior approval of such Person or one or
more of its Subsidiaries). Unless the context otherwise clearly requires, any
reference to a "Subsidiary" is a reference to a Subsidiary of the Company.

     "Subsidiary Stock" means, with respect to any Person, the stock (or any
options or warrants to purchase stock or other Securities exchangeable for or
convertible into stock) of any Subsidiary of such Person.

     "Swaps" means, with respect to any Person, payment obligations with respect
to interest rate swaps, currency swaps and similar obligations obligating such
Person to make payments, whether periodically or upon the happening of a
contingency. For the purposes of this Agreement, the amount of the obligation
under any Swap shall be the amount determined in respect thereof as of the end
of the then most recently ended fiscal quarter of such Person, based on the
assumption that such Swap had

                                 Schedule B-12

<PAGE>

terminated at the end of such fiscal quarter, and in making such determination,
if any agreement relating to such Swap provides for the netting of amounts
payable by and to such Person thereunder or if any such agreement provides for
the simultaneous payment of amounts by and to such Person, then in each such
case, the amount of such obligation shall be the net amount so determined.

     "Total Subsidiary Debt" means, as of any date of determination, the total
of all Debt of Subsidiaries of the Company outstanding on such date, after
eliminating all offsetting debits and credits between the Company and its
Subsidiaries and all other items required to be eliminated in the course of the
preparation of consolidated financial statements of the Company and its
Subsidiaries in accordance with GAAP.

     "Transfer" means, with respect to any Person, any transaction in which such
Person sells, conveys, transfers or leases (as lessor) any of its property,
including, without limitation, Subsidiary Stock. For purposes of determining the
application of the Net Proceeds Amount in respect of any Transfer, the Company
may designate any Transfer as one or more separate Transfers each yielding a
separate Net Proceeds Amount. In any such case, the Disposition Value of any
property subject to each such separate Transfer shall be determined by ratably
allocating the aggregate Disposition Value of all property subject to all such
separate Transfers to each such separate Transfer on a proportionate basis.

     "US Dollars" or "$" means lawful money of the United States of America,

     "Wholly-Owned Subsidiary" means, at any time, any Subsidiary 100% of all of
the equity interests (except directors' qualifying shares) and voting interests
of which are owned by any one or more of the Company and the Company's other
Wholly-Owned Subsidiaries at such time.

                                 Schedule B-13

<PAGE>

                                                                     EXHIBIT 1-A

                             [FORM OF SERIES A NOTE]

                        SENSIENT TECHNOLOGIES CORPORATION

                5.85% SERIES A SENIOR NOTE DUE NOVEMBER 29, 2006

No. R-____                                                                [Date]

$_________                                                     PPN:  81725T A* 1

     FOR VALUE RECEIVED, the undersigned, SENSIENT TECHNOLOGIES CORPORATION
(herein called the "Company"), a corporation organized and existing under the
laws of the State of Wisconsin, hereby promises to pay to _____________ or
registered assigns, the principal sum of ____________________ DOLLARS
($_________ ) on November 29, 2006, with interest (computed on the basis of a
360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the
rate of 5.85% per annum from the date hereof, payable semiannually on the 29th
day of November and May in each year, commencing with the November or May next
succeeding the date hereof, until the principal hereof shall have become due and
payable, and (b) to the extent permitted by law on any overdue payment
(including any overdue prepayment) of principal, any overdue payment of interest
and any overdue payment of any Make-Whole Amount (as defined in the Note
Purchase Agreements referred to below), payable semiannually as aforesaid (or,
at the option of the registered holder hereof, on demand), at a rate per annum
from time to time equal to the greater of (i) 7.85% or (ii) 2% over the rate of
interest publicly announced from time to time by The Bank of New York in New
York, New York (or its successor) as its "base" or "prime" rate.

     Payments of principal of, interest on and any Make-Whole Amount with
respect to this Note are to be made in lawful money of the United States of
America at the address shown in the register maintained by the Company for such
purpose or at such other place as the Company shall have designated by written
notice to the holder of this Note as provided in the Note Purchase Agreements
referred to below.

     This Note is one of a series of Senior Notes (herein called the "Notes")
issued pursuant to separate Note Purchase Agreements, dated as of November 29,
2001 (as from time to time amended, the "Note Purchase Agreements"), between the
Company and the respective purchasers named

                                  Exhibit 1-A-1

<PAGE>

therein and is entitled to the benefits thereof. Each holder of this Note will
be deemed, by its acceptance hereof, (i) to have agreed to the confidentiality
provisions set forth in Section 20 of the Note Purchase Agreements and (ii) to
have made the representation set forth in Section 6.2 of the Note Purchase
Agreements.

     This Note is a registered Note and, as provided in the Note Purchase
Agreements, upon surrender of this Note for registration of transfer, duly
endorsed, or accompanied by a written instrument of transfer duly executed, by
the registered holder hereof or such holder's attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this
Note is registered as the owner hereof for the purpose of receiving payment and
for all other purposes, and the Company will not be affected by any notice to
the contrary.

     This Note is also subject to optional prepayment, in whole or from time to
time in part, at the times and on the terms specified in the Note Purchase
Agreements, but not otherwise.

     If an Event of Default, as defined in the Note Purchase Agreements, occurs
and is continuing, the principal of this Note may be declared or otherwise
become due and payable in the manner, at the price (including any applicable
Make-Whole Amount) and with the effect provided in the Note Purchase Agreements.

     THIS NOTE AND THE NOTE PURCHASE AGREEMENTS ARE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK EXCLUDING CHOICE-OF-LAW
PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE THE APPLICATION OF THE
LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

                                                         SENSIENT TECHNOLOGIES
                                                         CORPORATION

                                                         By:
                                                            --------------------
                                                         Name:
                                                         Title:

                                  Exhibit 1-A-2

<PAGE>

                                                                     EXHIBIT 1-B

                             [FORM OF SERIES B NOTE]

                        SENSIENT TECHNOLOGIES CORPORATION

                5.63% SERIES B SENIOR NOTE DUE NOVEMBER 29, 2006

No. R-                                                                    [Date]
      ----

(euro)                                                         PPN:  81725T A@ 9
      ---------

     FOR VALUE RECEIVED, the undersigned, SENSIENT TECHNOLOGIES CORPORATION
(herein called the "Company"), a corporation organized and existing under the
laws of the State of Wisconsin, hereby promises to pay to               or
                `                                         -------------
registered assigns, the principal sum of                      EUROS
                                         --------------------
((euro)          ) on November 29, 2006, with interest (computed on the basis of
       ----------
a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the
rate of 5.63% per annum from the date hereof, payable semiannually on the 29th
day of November and May in each year, commencing with the November or May next
succeeding the date hereof, until the principal hereof shall have become due and
payable, and (b) to the extent permitted by law on any overdue payment
(including any overdue prepayment) of principal, any overdue payment of interest
and any overdue payment of any Make-Whole Amount (as defined in the Note
Purchase Agreements referred to below), payable semiannually as aforesaid (or,
at the option of the registered holder hereof, on demand), at a rate per annum
from time to time equal to the greater of (i) 7.63% or (ii) 2% over the rate of
interest publicly announced from time to time by The Bank of New York in New
York, New York (or its successor) as its "base" or "prime" rate.

     Payments of principal of, interest on and any Make-Whole Amount with
respect to this Note are to be made in lawful money of the United States of
America at the address shown in the register maintained by the Company for such
purpose or at such other place as the Company shall have designated by written
notice to the holder of this Note as provided in the Note Purchase Agreements
referred to below.

     This Note is one of a series of Senior Notes (herein called the "Notes")
issued pursuant to separate Note Purchase Agreements, dated as of

                                  Exhibit 1-B-1

<PAGE>

November 29, 2001 (as from time to time amended, the "Note Purchase
Agreements"), between the Company and the respective purchasers named therein
and is entitled to the benefits thereof. Each holder of this Note will be
deemed, by its acceptance hereof, (i) to have agreed to the confidentiality
provisions set forth in Section 20 of the Note Purchase Agreements and (ii) to
have made the representation set forth in Section 6.2 of the Note Purchase
Agreements.

     This Note is a registered Note and, as provided in the Note Purchase
Agreements, upon surrender of this Note for registration of transfer, duly
endorsed, or accompanied by a written instrument of transfer duly executed, by
the registered holder hereof or such holder's attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this
Note is registered as the owner hereof for the purpose of receiving payment and
for all other purposes, and the Company will not be affected by any notice to
the contrary.

     This Note is also subject to optional prepayment, in whole or from time to
time in part, at the times and on the terms specified in the Note Purchase
Agreements, but not otherwise.

     If an Event of Default, as defined in the Note Purchase Agreements, occurs
and is continuing, the principal of this Note may be declared or otherwise
become due and payable in the manner, at the price (including any applicable
Make-Whole Amount) and with the effect provided in the Note Purchase Agreements.

     THIS NOTE AND THE NOTE PURCHASE AGREEMENTS ARE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK EXCLUDING CHOICE-OF-LAW
PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE THE APPLICATION OF THE
LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

                                                           SENSIENT TECHNOLOGIES
                                                           CORPORATION

                                                           By:
                                                              ------------------
                                                           Name:
                                                         Title:

                                  Exhibit 1-B-2

<PAGE>

                                                                     EXHIBIT 1-C

                             [FORM OF SERIES C NOTE]

                        SENSIENT TECHNOLOGIES CORPORATION

                5.63% SERIES C SENIOR NOTE DUE NOVEMBER 29, 2006

No. R-                                                                    [Date]
      ----

(euro)                                                         PPN:  81725T A# 7
      ---------

     FOR VALUE RECEIVED, the undersigned, SENSIENT TECHNOLOGIES CORPORATION
(herein called the "Company"), a corporation organized and existing under the
laws of the State of Wisconsin, hereby promises to pay to               or
                                                          -------------
registered assigns, the principal sum of                      EUROS
                                         --------------------
((euro)          ) on November 29, 2006, with interest (computed on the basis of
       ----------
a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the
rate of 5.63% per annum from the date hereof, payable semiannually on the 29th
day of November and May in each year, commencing with the November or May next
succeeding the date hereof, until the principal hereof shall have become due and
payable, and (b) to the extent permitted by law on any overdue payment
(including any overdue prepayment) of principal, any overdue payment of interest
and any overdue payment of any Make-Whole Amount (as defined in the Note
Purchase Agreements referred to below), payable semiannually as aforesaid (or,
at the option of the registered holder hereof, on demand), at a rate per annum
from time to time equal to the greater of (i) 7.63% or (ii) 2% over the rate of
interest publicly announced from time to time by The Bank of New York in New
York, New York (or its successor) as its "base" or "prime" rate.

     Payments of principal of, interest on and any Make-Whole Amount with
respect to this Note are to be made in lawful money of the United States of
America at the address shown in the register maintained by the Company for such
purpose or at such other place as the Company shall have designated by written
notice to the holder of this Note as provided in the Note Purchase Agreements
referred to below.

     This Note is one of a series of Senior Notes (herein called the "Notes")
issued pursuant to separate Note Purchase Agreements, dated as of November 29,
2001 (as from time to time amended, the "Note Purchase

                                  Exhibit 1-C-1

<PAGE>

Agreements"), between the Company and the respective purchasers named therein
and is entitled to the benefits thereof. Each holder of this Note will be
deemed, by its acceptance hereof, (i) to have agreed to the confidentiality
provisions set forth in Section 20 of the Note Purchase Agreements and (ii) to
have made the representation set forth in Section 6.2 of the Note Purchase
Agreements.

     This Note is a registered Note and, as provided in the Note Purchase
Agreements, upon surrender of this Note for registration of transfer, duly
endorsed, or accompanied by a written instrument of transfer duly executed, by
the registered holder hereof or such holder's attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this
Note is registered as the owner hereof for the purpose of receiving payment and
for all other purposes, and the Company will not be affected by any notice to
the contrary.

     This Note is also subject to optional prepayment, in whole or from time to
time in part, at the times and on the terms specified in the Note Purchase
Agreements, but not otherwise.

     If an Event of Default, as defined in the Note Purchase Agreements, occurs
and is continuing, the principal of this Note may be declared or otherwise
become due and payable in the manner, at the price (including any applicable
Make-Whole Amount) and with the effect provided in the Note Purchase Agreements.

     THIS NOTE AND THE NOTE PURCHASE AGREEMENTS ARE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK EXCLUDING CHOICE-OF-LAW
PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE THE APPLICATION OF THE
LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

                                                           SENSIENT TECHNOLOGIES
                                                           CORPORATION

                                                           By:
                                                              ------------------
                                                           Name:
                                                           Title:

                                  Exhibit 1-C-2

<PAGE>

                                  Exhibit 1-C-3

<PAGE>

                                                               EXHIBIT 4.4(a)(i)

                 [FORM OF OPINION OF SPECIAL COUNSEL TO COMPANY]

November 29, 2001

To Each of the Addressees
Listed in Schedule I Hereto:

                        Sensient Technologies Corporation

Dear Sirs:

          We have acted as special counsel to Sensient Technologies Corporation,
a Wisconsin corporation (the "Company"), in connection with the negotiation,
execution and delivery today of the separate Note Purchase Agreements, dated as
of November 29, 2001 (the "Note Purchase Agreements"), entered into by the
Company with each of the purchasers named in Schedule A thereto.

     The opinions expressed below are furnished to you at the request of the
Company pursuant to Section 4.4(a)(i) of the Note Purchase Agreements.
Capitalized terms used herein without definition have the respective meanings
set forth in Schedule B to the Note Purchase Agreements.

     In arriving at the opinions expressed below, we have examined and relied on
the following (including, but not limited to, the representations and warranties
as to factual matters contained therein):

          (a) originals, or copies certified or otherwise identified to our
     satisfaction, of the Note Purchase Agreements and the Notes purchased by
     you today pursuant thereto (collectively, the "Documents"); and

          (b) such corporate documents and records of the Company and such other
     instruments and certificates of public officials, officers and
     representatives of the Company and other Persons as we have deemed
     necessary or appropriate for the purposes of this opinion; and

          (c) we have made such investigations of law as we have deemed
     appropriate as a basis for this opinion.

          In rendering the opinions expressed below, we have assumed, with your
     permission, without independent investigation or inquiry, (a) the
                                                                -
     authenticity of all documents submitted to

                               Exhibit 4.4(a)(i)

<PAGE>

us as originals, (b) the genuineness of all signatures on all documents that we
                  -
examined, (c) the conformity to authentic originals of documents submitted to us
           -
as certified, conformed or photostatic copies, (d) that the Company is validly
                                                -
existing as a Wisconsin corporation and has the corporate power and authority to
enter into, and perform its obligations under, the Documents and (e) the due
                                                                  -
authorization, execution and delivery of each of the Documents by each party
thereto.

     Based upon and subject to the foregoing and the qualifications hereinafter
set forth, we are of the following opinion:

     1. Each of the Documents constitutes the legal, valid and binding
obligation of the Company enforceable against the Company in accordance with its
terms.

     2. Neither the execution and delivery by the Company of the Documents nor
the performance of the obligations thereunder by the Company (a) requires the
                                                              -
consent, approval or authorization of, or registration, filing or declaration
with, any Governmental Authority of the United States or the State of New York,
except for (i) any such consents, approvals, authorizations, registrations,
            -
filings or declarations that have been obtained or made and remain in effect and
(ii) any other consents, approvals, authorizations, registrations, filings or
 --
declarations that are not material and if not made, obtained or done, would not
affect the enforceability of the Documents, or (b) violates any law, rule or
                                                -
regulation of the United States or the State of New York known to us to be
applicable to the Company or any of its material properties.

     3. The registration of the Notes under the Securities Act is not required
for the offer, issuance, sale and delivery of the Notes by the Company in the
manner contemplated by the Note Purchase Agreements and the Memorandum. We
express no opinion as to when and under what circumstances the Notes may
otherwise be resold. No qualification of an indenture in respect of the Notes
under the Trust Indenture Act of 1939, as amended, is required in connection
with such offer and sale.

     Our opinion set forth above is subject to the effects of (a) bankruptcy,
                                                               -
insolvency, fraudulent conveyance, fraudulent transfer, reorganization,
moratorium and other similar laws relating to or affecting creditors' rights or
remedies generally, (b) general equitable principles (whether considered in a
                     -
proceeding in equity or at law), (c) an implied covenant of good faith,
                                  -
reasonableness and fair dealing, (d) applicable state laws and interpretations
                                  -
which may affect the validity or enforceability of certain remedies provided for
in the Documents, which limitations, however, do not, in our opinion, make the
remedies provided for therein inadequate for the practical realization of the
rights and benefits intended to be provided thereby (subject to the other
qualifications expressed herein), and (e) limitations on enforceability of
                                       -
rights to indemnification under Federal or state securities laws or regulations
or to the extent any indemnification would violate public policy. We express no
opinion as to (1) the enforceability of any waiver of any statutory right, (2)
               -                                                            -
the waiver of inconvenient forum set forth in Section 23.8(b) of the Note
Purchase Agreements, or (3) the provisions of Section 23.6 of the Note Purchase
                         -
Agreements.

                               Exhibit 4.4(a)-2

<PAGE>

     We express no opinion as to the validity, binding effect or enforceability
of any provision of the Documents that purports to waive, release or vary any
right of, or any duties owing to, any holder of any Notes, to the extent limited
by provisions of applicable law.

     We express no opinion as to the laws of any jurisdiction other than the
laws of the State of New York and those federal laws of the United States of
America which, in our experience, are generally applicable to transactions of
this type. In particular (and without limiting the generality of the foregoing),
we express no opinion as to the laws of any country (other than the federal laws
of the United States of America) or as to the effect of such laws (whether
limiting, prohibitive or otherwise) on any of the rights or obligations of any
holder of Notes. In giving the foregoing opinion, we express no opinion as to
the effect (if any) of any law of any jurisdiction (except the State of New
York) in which any holder of any Notes is located which limits the rate of
interest that such holder may charge or collect.

     The opinions expressed herein are solely for your benefit and, without our
prior consent, neither our opinion nor this opinion letter may be disclosed
publicly to or relied upon by any other person, except that any holder of a Note
(a) may show this opinion letter to a prospective transferee, and provide a copy
 -
of this opinion letter to a transferee, of a Note transferred in accordance with
the applicable Note Purchase Agreement and (b) may show a copy of this opinion
                                            -
letter to any governmental authority pursuant to requirements of applicable law
or regulations or the United States National Association of Insurance
Commissioners or any rating agency reviewing the investment holdings of such
holder.

     Very truly yours,

                                Exhibit 4.4(a)-3

<PAGE>

                                                              EXHIBIT 4.4(a)(ii)

              [FORM OF OPINION OF GENERAL COUNSEL FOR THE COMPANY]

                                November 29, 2001

To Each of the Addressees
 Listed on Schedule I Hereto:
------------------------------

                        Sensient Technologies Corporation
                        ---------------------------------

Dear Sirs:

     I am Vice President, Secretary and General Counsel of Sensient Technologies
Corporation, a Wisconsin corporation (the "Company"), and I am furnishing this
opinion to you pursuant to Section 4.4(a)(ii) of the separate Note Purchase
Agreements, dated as of November 29, 2001 (the "Note Purchase Agreements"),
entered into by the Company with each of the purchasers named in Schedule A
thereto. Unless otherwise defined herein, capitalized terms defined in the Note
Purchase Agreements are used herein as defined therein.

     In arriving at the opinions expressed below, I have examined and relied on
the following (including, but not limited to, the representations and warranties
as to factual matters contained therein):

     1.   originals, or copies certified or otherwise identified to our
          satisfaction, of the Note Purchase Agreements and the Notes purchased
          by you today pursuant thereto (collectively, the "Documents");

     2.   such corporate documents and records of the Company and such other
          instruments and certificates of public officials, officers and
          representatives of the Company and other Persons as I have deemed
          necessary or appropriate for the purposes of this opinion; and

     I have made such investigations of law as I have deemed appropriate as a
basis for this opinion.

     In rendering the opinions expressed below, I have assumed, with your
permission, without independent investigation or inquiry, (a) the authenticity
                                                           -
of all documents submitted to us as originals, (b) the genuineness of all
                                                -
signatures on all documents that I examined and (c) the conformity to authentic
                                                 -
originals of documents submitted to us as certified, conformed or photostatic
copies.

     Based upon and subject to the foregoing and the qualifications hereinafter
set forth, I am of the opinion that:

                               Exhibit 4.4(a)(ii)

<PAGE>

     1.   The Company is duly incorporated, validly existing and in good
          standing under the laws of the State of Wisconsin and has the
          corporate power and authority to own and operate its respective
          property, to lease the property it operates as lessee and to conduct
          the business in which it is currently engaged. The Company is duly
          qualified as a foreign corporation and is in good standing in each
          jurisdiction in which such qualification is required by law, other
          than those jurisdictions as to which the failure to be so qualified or
          in good standing could not, individually or in the aggregate,
          reasonably be expected to have a Material Adverse Effect.

     2.   The Company has the corporate power and authority to execute, deliver
          and perform its obligations under the Documents and to issue and
          deliver the Notes. The execution, delivery and performance by the
          Company of the Documents and the consummation of the transactions set
          forth therein have been duly authorized and approved by all necessary
          corporate action of the Company.

     3.   The Documents have been duly executed and delivered on behalf of the
          Company.

     4.   Except for (a) any consents, approvals, authorizations, registrations,
          filings or declarations that have been obtained or made and remain in
          effect and (b) any other consents, approvals, authorizations,
          registrations, filings or declarations that are not material and if
          not made, obtained or done, would not affect the enforceability of the
          Documents, no consent, approval or authorization of, or registration,
          filing or declaration with, any Governmental Authority of the United
          States or the State of Wisconsin is required to be obtained or made by
          the Company in connection with its execution, delivery or performance
          of the Documents.

     5.   The execution and delivery by the Company of the Documents, the issue
          and sale of the Notes, and the performance by the Company of its
          obligations under the Documents, all as provided therein, (x) will not
          violate (i) the articles of incorporation or bylaws of the Company,
          (ii) any existing judgment, order or decree known to me of any
          arbitrator, court or other governmental authority binding upon the
          Company or to which the Company is subject, (iii) any existing law,
          rule or regulation of the United States or the State of Wisconsin
          applicable to the Company or (iv) any material agreement known to me
          and binding upon the Company, and (y) will not result in, or require,
          the creation or imposition of any Lien on any of the properties or
          revenues of the Company. Neither the issuance of the Notes, nor the
          intended use of the proceeds of the Notes (as set forth in Section
          5.14 of the Note Purchase Agreement), will violate Regulations T, U or
          X of the Federal Reserve Board.

     6.   To my knowledge, there are no pending or overtly threatened actions or
          proceedings against the Company before any court, governmental agency
          or other regulatory authority or arbitrator which purport to affect
          the legality, validity, binding effect or enforceability of the
          Documents or which could reasonably be

                                Exhibit 4.4(a)-2

<PAGE>

          expected to have a Material Adverse Effect on the financial condition
          or operations of the Company.

     7.   None of the Company, any Person controlling the Company, or any
          Subsidiary of the Company is an "Investment Company" within the
          meaning of the Investment Company Act of 1940.

     8.   The Company is not a "holding company" or a "subsidiary company" of a
          "holding company" or an "affiliate" of a "holding company" within the
          meaning of the Public Utility Holding Company Act of 1935, as amended.

     9.   The rates of interest provided in the Documents do not violate any
          law, rule or regulation of the Sate of Wisconsin relating to interest
          or usury.

          I am admitted to the bar in the State of Connecticut. I express no
opinion as to the laws of any jurisdiction other than the State of Connecticut
and the laws of the United States of America, except that insofar as the
foregoing opinions relate to matters of Wisconsin law, I have reviewed relevant
areas of Wisconsin law and have satisfied myself with respect thereto to the
extent necessary to express such opinions. This opinion speaks only as of the
date hereof and I assume no responsibility to update my opinion due to any
change in fact or law.

          The opinions expressed herein are solely for your benefit and, without
my prior consent, neither my opinion nor this opinion letter may be disclosed
publicly to or relied upon by any other person, except that any holder of a Note
(a) may show this opinion letter to a prospective transferee, and provide a copy
 -
of this opinion letter to a transferee, of a Note transferred in accordance with
the applicable Note Purchase Agreement and (b) may show a copy of this opinion
                                            -
letter to any governmental authority pursuant to requirements of applicable law
or regulations or the United States National Association of Insurance
Commissioners or any rating agency reviewing the investment holdings of such
holder.

                                          Very truly yours,

                                Exhibit 4.4(a)-3

<PAGE>

                                                                  EXHIBIT 4.4(b)

               [FORM OF OPINION OF SPECIAL COUNSEL TO PURCHASERS]

November 29, 2001

To the Purchasers Listed on
Annex 1 Hereto:

Re:  Sensient Technologies Corporation (the "Company")
     $30,000,000 5.85% Series A Senior Notes due November 29, 2006
     (euro)94,033,000 5.63% Series B Senior Notes due November 29, 2006
     (euro)40,000,000 5.63% Series C Senior Notes due November 29, 2006

Ladies and Gentlemen:

     We have acted as your special counsel in connection with (i) those certain
separate Note Purchase Agreements (collectively, the "Note Purchase Agreement"),
dated as of November 29, 2001, between the Company and you and (ii) the
transactions contemplated thereby. Capitalized terms used herein and not
otherwise defined shall have the respective meanings given such terms in the
Note Purchase Agreement. This opinion is delivered to you pursuant to Section
4.4(b) of the Note Purchase Agreement.

     Our representation of you has been as special counsel for the purposes
stated above.

     As to all matters of fact (including factual conclusions and
characterizations and descriptions of purpose, intention or other state of
mind), we have relied, with your permission, entirely upon (a) the
representations and warranties of the Company and you set forth in the Note
Purchase Agreement and (b) certificates of certain officers of the Company
delivered in connection with the Closing, and have assumed, without independent
inquiry, the accuracy of those representations, warranties, and certificates.

     In connection with this opinion, we have examined originals or copies of
the following documents:

          (i) the Note Purchase Agreement;

          (ii) the Company's 5.85% Series A Senior Notes due November 29, 2006,
     in the aggregate principal amount of Thirty Million Dollars ($30,000,000)
     (the "Series A Notes"), dated the date hereof, in the form of Exhibit 1-A
     to the Note Purchase Agreement, issued by the Company and registered in the
     names, in the principal amounts, and with the registration numbers set
     forth in Schedule A to the Note Purchase Agreement;

                                 Exhibit 4.4(b)

<PAGE>

          (iii) the Company's 5.63% Series B Senior Notes due November 29, 2006,
     in the aggregate principal amount of [Ninety-Four Million Thirty-Three
     Thousand Euros ((euro)94,033,000)] (the "Series B Notes"), dated the date
     hereof, in the form of Exhibit 1-B to the Note Purchase Agreement, issued
     by the Company and registered in the names, in the principal amounts, and
     with the registration numbers set forth in Schedule A to the Note Purchase
     Agreement;

          (iv) the Company's 5.63% Series C Senior Notes due November 29, 2006,
     in the aggregate principal amount of Forty Million Euros ((euro)40,000,000)
     (the "Series C Notes", and, together with the Series A Notes and the Series
     B Notes, the "Notes"), dated the date hereof, in the form of Exhibit 1-C to
     the Note Purchase Agreement, issued by the Company and registered in the
     names, in the principal amounts, and with the registration numbers set
     forth in Schedule A to the Note Purchase Agreement;

          (v) the certificate of incorporation of the Company (the "Company's
     Charter") certified by the Secretary of State of the State of Delaware;

          (vi) the bylaws of the Company (the "Company Bylaws") certified by its
     Secretary as of the date hereof as being true, complete and correct and in
     full force and effect (the Company's Bylaws and the Company's Charter being
     referred to sometimes herein as the "Company's Governing Documents");

          (vii) a certificate of an officer of the Company, dated the date
     hereof, as required by Section 4.3(a) of the Note Purchase Agreement, with
     respect to the matters set forth therein;

          (viii) the opinion of Debevoise & Plimpton, special counsel for the
     Company, dated the date hereof and delivered to you pursuant to Section
     4.4(a)(i) of the Note Purchase Agreement; and

          (ix) the opinion of John L. Hammond, Esq. General Counsel for the
     Company, dated the date hereof and delivered to you pursuant to Section
     4.4(a)(ii) of the Note Purchase Agreement.

     The documents referenced in clauses (i) through (iv) above are hereinafter
referred to collectively as the "Transaction Documents."

     In addition to the documents identified above, we have examined such
corporate and public records and agreements, instruments, certificates and other
documents as we have deemed necessary or appropriate for the purposes of this
opinion. Based on such investigation as we have deemed appropriate, the opinions
referred to in clauses (viii) and (ix) above are satisfactory in form and scope
to us and, in our opinion, you are justified in relying thereon.

                                 Exhibit 4.4(b)

<PAGE>

     We have assumed the genuineness of all signatures, the conformity to the
originals of all documents reviewed by us as copies, the authenticity and
completeness of all original documents reviewed by us in original or copy form,
the legal competence of each individual executing any document and that each
Person executing the Transaction Documents validly exists, has the power,
authority and legal right to enter into and perform its obligations under the
Transaction Documents, and is qualified to do business and in good standing
under the laws of its jurisdiction of incorporation and each jurisdiction where
such qualification is required generally or is necessary in order for such party
to enforce its rights under such documents and that such Transaction Documents
have been duly authorized, executed and delivered by, and, as to Persons other
than the Company, are binding upon and enforceable against, such Persons.

     For purposes of this opinion, we have made such examination of law as we
have deemed necessary. This opinion is limited solely to the internal
substantive laws of the State of New York as applied by courts located in the
State of New York without regard to choice of law and the federal laws of the
United States of America and we express no opinion as to the laws of any other
jurisdiction. In particular, our opinion in paragraph 2 below is based solely on
a review of the Company's Governing Documents and not on any review or analysis
of the law of the jurisdiction of organization of the Company, including
statutes, rules or regulations or any interpretations thereof by any court,
administrative body or other Governmental Authority. In addition, we note that
the Transaction Documents contain provisions stating that they are to be
governed by the laws of the State of New York (a "Chosen-Law Provision"). Except
to the extent that such a Chosen-Law Provision is made enforceable by New York
General Obligations Law section 5-1401 as applied by New York state courts or
federal courts applying New York choice of law rules, no opinion is given herein
as to any Chosen-Law Provision, or otherwise as to the choice of law or internal
substantive rules of law that any court or other tribunal may apply to the
transactions contemplated by the Transaction Documents. Further, except as set
forth in paragraph 4 below, we express no opinions as to any federal or state
tax, antitrust or securities or "blue sky" laws of any jurisdiction.

     Our opinion is further subject to the following exceptions, qualifications
and assumptions, all of which we understand to be acceptable to you:

          (a) The enforcement of any obligations of any Person under the
     Transaction Documents or otherwise may be limited by bankruptcy,
     insolvency, reorganization, moratorium or other laws and rules of law
     affecting the enforcement generally of creditors' rights and remedies
     (including such as may deny giving effect to waivers of debtors' rights);
     and we express no opinion as to the status under any fraudulent conveyance
     laws or fraudulent transfer laws of any of the obligations of any Person
     under the Transaction Documents or otherwise.

          (b) We express no opinion as to the availability of any specific or
     equitable relief of any kind.

                                 Exhibit 4.4(b)

<PAGE>

          (c) The enforcement of any of your rights may in all cases be subject
     to an implied duty of good faith and fair dealing and to general principles
     of equity (regardless of whether such enforceability is considered in a
     proceeding at law or in equity).

          (d) We have assumed without any independent investigation that each of
     the Transaction Documents is a valid and binding obligation of the Company
     to the extent that laws other than those of the State of New York are
     relevant thereto (other than the laws of the United States of America, but
     only to the limited extent the same may be applicable to the Company and
     relevant to our opinions expressed below).

          (e) We express no opinion as to the enforceability of any particular
     provision of the Transaction Documents relating to (i) waivers of any
     applicable defenses, setoffs, recoupments, or counterclaims; (ii) waivers
     or variations of legal provisions or rights which are not capable of waiver
     or variation under applicable law; (iii) waivers of rights to object to
     jurisdiction or venue, or consents to jurisdiction or venue; (iv) waivers
     of rights to (or methods of) service of process, or rights to trial by
     jury, or other rights or benefits bestowed by operation of law; (v)
     exculpation or exoneration clauses and clauses relating to releases or
     waivers of unmatured claims or rights; and (vi) provisions of the
     Transaction Documents rendered ineffective or unenforceable by Sections
     2A-303, 9-406, 9-407 and 9-408 of the Uniform Commercial Code of New York.

          (f) Our opinion in paragraph 3 below is based solely on a review of
     generally applicable laws of the State of New York and the United States of
     America and not on any search with respect to, or review of, any orders,
     decrees, judgments or other determinations specifically applicable to the
     Company.

          (g) We express no opinion as to the effect of suretyship defenses, or
     defenses in the nature thereof, with respect to the obligations of any
     guarantor, joint obligor, surety, accommodation party, or other secondary
     obligor.

          (h) This opinion speaks as of the date hereof and does not address
     additional or changed facts, or changes in law, of which we may become
     aware after the date hereof, and we assume no responsibility to inform you
     of additional or changed facts, or changes in law, of which we may become
     aware.

          (i) We assume that the statements regarding delivery and receipt of
     documents and money referred to in the cross-receipt between you and the
     Company are true and correct.

     Based upon the foregoing, and subject to the limitations and qualifications
set forth below, we are of the opinion that:

     1. Each of the Transaction Documents constitutes a legal, valid and binding
obligation of the Company, enforceable against the Company in accordance with
its respective terms.

                                 Exhibit 4.4(b)

<PAGE>

     2. The execution and delivery by the Company of the Transaction Documents
on the date hereof does not, and the performance by the Company of its
obligations under such Transaction Documents will not, constitute a violation of
any of the provisions of the Company's Governing Documents or any applicable New
York Statute, rule or regulation to which the Company is subject.

     3. No consent, approval or authorization of, or designation, declaration,
filing, registration, qualification or recordation with, any Governmental
Authority is required under the laws of the State of New York or the United
States of America in connection with (a) the execution and delivery by the
Company of each of the Transaction Documents, or (b) the offer, issue, sale or
delivery of the Notes by the Company under the circumstances contemplated by the
Note Purchase Agreement.

     4. It is not necessary in connection with the offering, issuance, sale and
delivery of the Notes delivered to you today under the circumstances
contemplated by the Transaction Documents, to register the Notes under the
Securities Act of 1933, as amended, or to qualify an indenture in respect of the
issuance of the Notes under the Trust Indenture Act of 1939, as amended.

     This opinion is delivered solely to you and for your benefit in connection
with the Transaction Documents and may not be relied upon by you for any other
purpose or relied upon by any other person or entity (other than future holders
of Notes acquired in accordance with the terms of the Transaction Documents) for
any reason without our prior written consent.

                                                    Very truly yours,

                                                    BINGHAM DANA LLP

                                 Exhibit 4.4(b)<PAGE>

                                                                 EXHIBIT 10.1(b)

                     AMENDED AND RESTATED CHANGE OF CONTROL
                     --------------------------------------
                       EMPLOYMENT AND SEVERANCE AGREEMENT
                       ----------------------------------

          AGREEMENT by and between Sensient Technologies Corporation, a
Wisconsin corporation (the "Company"), and              (the "Executive"), dated
                                           ------------
as of the      day of               , 2001.
          ----        --------------

          WHEREAS, the Board of Directors of the Company (the "Board"), has
determined that it is in the best interests of the Company and its shareholders
to assure that the Company will have the continued dedication of the Executive,
notwithstanding the possibility, threat or occurrence of a Change of Control (as
defined below) of the Company. The Board believes it is imperative to diminish
the inevitable distraction of the Executive by virtue of the personal
uncertainties and risks created by a pending or threatened Change of Control and
to encourage the Executive's full attention and dedication to the Company
currently and in the event of any threatened or pending Change of Control, and
to provide the Executive with compensation and benefits arrangements upon a
Change of Control which ensure that the compensation and benefits expectations
of the Executive will be satisfied and which are competitive with those of other
corporations. Therefore, in order to accomplish these objectives, the Board
caused the Company to enter into an Agreement with the Executive, dated as of
February 2, 1998, as amended and restated as of September 10, 1998 (the "Prior
Agreement"); and

          WHEREAS, the Board and the Executive desire to amend the Prior
Agreement to provide certain modifications to the terms and conditions of the
Prior Agreement.

          NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

          1. Certain Definitions. (a) The "Effective Date" shall mean the first
             -------------------
date during the Change of Control Period (as defined in Section 1(b)) on which a
Change of Control (as defined in Section 2) occurs. Anything in this Agreement
to the contrary notwithstanding, if a Change of Control occurs and if the
Executive's employment with the Company is terminated prior to the date on which
the Change of Control occurs, and if it is reasonably demonstrated by the
Executive that such termination of employment (i) was at the request of a third
party who has taken steps reasonably calculated to effect a Change of Control or
(ii) otherwise arose in connection with or anticipation of a Change of Control,
then for all purposes of this Agreement the "Effective Date" shall mean the date
                                             --------------
immediately prior to the date of such termination of employment.

          (b) The "Change of Control Period" shall mean the period commencing on
the date hereof and ending on the third anniversary of the date hereof;
provided, however, that commencing on the date one year after the date hereof,
and on each annual anniversary of such date (such date and each annual
anniversary thereof shall be hereinafter referred to as the "Renewal Date"),
unless previously terminated, the Change of Control Period shall be
automatically extended so as to terminate three years from such Renewal Date,
unless at least 60 days prior to the Renewal Date the Company shall give notice
to the Executive that the Change of Control Period shall not be so extended.

<PAGE>

          2. Change of Control. For the purpose of this Agreement, a "Change of
             -----------------
Control" shall mean:

          (a) 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")) (a "Person"), of beneficial ownership (within
the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of
either (i) the then outstanding shares of common stock of the Company (the
"Outstanding Company Common Stock") or (ii) the combined voting power of the
then outstanding voting securities of the Company entitled to vote generally in
the election of directors (the "Outstanding Company Voting Securities");
provided, however, that for purposes of this subsection (a), the following
acquisitions shall not constitute a Change of Control: (A) any acquisition
directly from the Company, (B) any acquisition by the Company, (C) any
acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any corporation controlled by the Company, or (D)
any acquisition pursuant to a transaction which complies with clauses (i), (ii)
and (iii) of subsection (c) of this Section 2; or

          (b) Individuals who, as of September 10, 1998, constitute the Board
(the "Incumbent Board") cease for any reason to constitute at least a majority
of the Board; provided, however, that any individual becoming a director
subsequent to September 10, 1998, whose election, or nomination for election by
the Company's shareholders, was approved by a vote of at least a majority of the
directors then comprising the Incumbent Board shall be considered as though such
individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office occurs as a
result of an actual or threatened election contest with respect to the election
or removal of directors or other actual or threatened solicitation of proxies or
consents by or on behalf of a Person other than the Board; or

          (c) Consummation by the Company of a reorganization, merger or
consolidation or sale or other disposition of all or substantially all of the
assets of the Company or the acquisition of assets of another entity (a
"Business Combination"), in each case unless, following such Business
Combination, (i) all or substantially all of the individuals and entities who
were the beneficial owners, respectively, of the Outstanding Company Common
Stock and Outstanding Company 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 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 Company Common
Stock and Outstanding Company Voting Securities, as the case may be, (ii) no
Person (excluding any employee benefit plan (or related trust) of the Company or
such corporation resulting from such Business Combination) beneficially owns,
directly or indirectly, 20% or more of, respectively, the then outstanding
shares of common stock of the corporation resulting from such Business
Combination 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 (iii) at least a majority of the members
of the board of directors of the corporation resulting

                                       2

<PAGE>

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

          (d) Approval by the shareholders of the Company of a complete
liquidation or dissolution of the Company.

          3. Employment Period. The Company hereby agrees to continue the
             -----------------
Executive in its employ, and the Executive hereby agrees to remain in the employ
of the Company subject to the terms and conditions of this Agreement, for the
period commencing on the Effective Date and ending on the third anniversary of
such date (the "Employment Period").

          4. Terms of Employment. (a) Position and Duties. (i) During the
             -------------------      -------------------
Employment Period, (A) the Executive's position (including status, offices,
titles and reporting requirements), authority, duties and responsibilities shall
be at least commensurate in all material respects with the most significant of
those held, exercised and assigned at any time during the 120-day period
immediately preceding the Effective Date and (B) the Executive's services shall
be performed at the location where the Executive was employed immediately
preceding the Effective Date or any office location less than 35 miles from such
location.

               (ii) During the Employment Period, and excluding any periods of
          vacation and sick leave to which the Executive is entitled, the
          Executive agrees to devote reasonable attention and time during normal
          business hours to the business and affairs of the Company and, to the
          extent necessary to discharge the responsibilities assigned to the
          Executive hereunder, to use the Executive's reasonable best efforts to
          perform faithfully and efficiently such responsibilities. During the
          Employment Period it shall not be a violation of this Agreement for
          the Executive to (A) serve on corporate, civic or charitable boards or
          committees, (B) deliver lectures, fulfill speaking engagements or
          teach at educational institutions, and (C) manage personal
          investments, so long as such activities do not significantly interfere
          with the performance of the Executive's responsibilities as an
          employee of the Company in accordance with this Agreement. It is
          expressly understood and agreed that to the extent that any such
          activities have been conducted by the Executive prior to the Effective
          Date, the continued conduct of such activities (or the conduct of
          activities similar in nature and scope thereto) subsequent to the
          Effective Date shall not thereafter be deemed to interfere with the
          performance of the Executive's responsibilities to the Company.

          (b) Compensation. (i) Base Salary. During the Employment Period, the
              ------------      -----------
Executive shall receive an annual base salary ("Annual Base Salary"), which
shall be paid at a monthly rate, at least equal to twelve times the highest
monthly base salary paid or payable, including any base salary which has been
earned but deferred, to the Executive by the Company and its affiliated
companies in respect of the twelve-month period immediately preceding the month
in which the Effective Date occurs. During the Employment Period, the Annual
Base Salary shall be reviewed and increased a minimum of 3% no more than 12
months after the last salary increase awarded to the Executive prior to the
Effective Date and thereafter at

                                       3

<PAGE>

least annually. Any increase in Annual Base Salary shall not serve to limit or
reduce any other obligation to the Executive under this Agreement and shall be
commensurate with increases given to peer executives. Annual Base Salary shall
not be reduced after any such increase and the term "Annual Base Salary" as
utilized in this Agreement shall refer to Annual Base Salary as so increased. As
used in this Agreement, the term "affiliated companies" shall include any
company controlled by, controlling or under common control with the Company.

               (ii) Annual Bonus. In addition to Annual Base Salary, the
                    ------------
          Executive shall be awarded, for each fiscal year ending during the
          Employment Period, an annual bonus (the "Annual Bonus") in cash at
          least equal to the Executive's highest bonus, if any, earned under the
          Company's Management Incentive Plan for Division Presidents or the
          Company's Incentive Compensation Plan for Elected Corporate Officers,
          or any comparable bonus under any predecessor or successor plan,
          during the last five fiscal years of the Company which end immediately
          preceding or coinciding with the Effective Date (annualized in the
          event that the Executive was not employed by the Company for the whole
          of such fiscal year or in the event of a short fiscal year consisting
          of less than twelve months) (the "Recent Annual Bonus"). Each such
          Annual Bonus shall be paid no later than the end of the third month of
          the fiscal year next following the fiscal year for which the Annual
          Bonus is awarded, unless the Executive shall elect to defer the
          receipt of such Annual Bonus.

               (iii) Incentive, Savings and Retirement Plans. During the
                     ---------------------------------------
          Employment Period, the Executive shall be entitled to participate in
          all qualified and non-qualified incentive (cash and stock related),
          savings and retirement plans, and/or comparable practices, policies
          and programs applicable generally to other peer executives of the
          Company and its affiliated companies, but in no event shall such
          plans, practices, policies and programs provide the Executive with
          incentive opportunities (measured with respect to both regular and
          special incentive opportunities, to the extent, if any, that such
          distinction is applicable), savings opportunities and retirement
          benefit opportunities, in each case, less favorable, in the aggregate,
          than the most favorable of those provided by the Company and its
          affiliated companies for the Executive under such plans, practices,
          policies and programs as in effect at any time during the 120-day
          period immediately preceding the Effective Date or, if more favorable
          to the Executive, those provided generally at any time after the
          Effective Date to other peer executives of the Company and its
          affiliated companies.

               (iv) Welfare Benefit Plans. During the Employment Period, the
                    ---------------------
          Executive and/or the Executive's family, as the case may be, shall be
          eligible for participation in and shall receive all benefits under
          welfare benefit plans, practices, policies and programs provided by
          the Company and its affiliated companies (including, without
          limitation, medical, prescription, dental, disability, employee life,
          group life, accidental death and travel accident insurance plans and
          programs) to the extent applicable generally to other peer executives
          of the Company and its affiliated companies, but in no event shall
          such plans, practices, policies and pro-

                                       4

<PAGE>

          grams provide the Executive with benefits which are less favorable, in
          the aggregate, than the most favorable of such plans, practices,
          policies and programs in effect for the Executive at any time during
          the 120-day period immediately preceding the Effective Date or, if
          more favorable to the Executive, those provided generally at any time
          after the Effective Date to other peer executives of the Company and
          its affiliated companies.

               (v) Expenses. During the Employment Period, the Executive shall
                   --------
          be entitled to receive prompt reimbursement for all reasonable
          expenses incurred by the Executive in accordance with the most
          favorable policies, practices and procedures of the Company and its
          affiliated companies in effect for the Executive at any time during
          the 120-day period immediately preceding the Effective Date or, if
          more favorable to the Executive, as in effect generally at any time
          thereafter with respect to other peer executives of the Company and
          its affiliated companies.

               (vi) Fringe Benefits. During the Employment Period, the Executive
                    ---------------
          shall be entitled to fringe benefits, including, without limitation,
          tax and financial planning services, use of an automobile and payment
          of related expenses, in accordance with the most favorable plans,
          practices, programs and policies of the Company and its affiliated
          companies in effect for the Executive at any time during the 120-day
          period immediately preceding the Effective Date or, if more favorable
          to the Executive, as in effect generally at any time thereafter with
          respect to other peer executives of the Company and its affiliated
          companies.

               (vii) Office and Support Staff. During the Employment Period, the
                     ------------------------
          Executive shall be entitled to an office or offices of a size and with
          furnishings and other appointments, and to exclusive personal
          secretarial and other assistance, at least equal to the most favorable
          of the foregoing provided to the Executive by the Company and its
          affiliated companies at any time during the 120-day period immediately
          preceding the Effective Date or, if more favorable to the Executive,
          as provided generally at any time thereafter with respect to other
          peer executives of the Company and its affiliated companies.

               (viii) Vacation. During the Employment Period, the Executive
                      --------
          shall be entitled to paid vacation in accordance with the most
          favorable plans, policies, programs and practices of the Company and
          its affiliated companies as in effect for the Executive at any time
          during the 120-day period immediately preceding the Effective Date or,
          if more favorable to the Executive, as in effect generally at any time
          thereafter with respect to other peer executives of the Company and
          its affiliated companies.

               (ix) Change of Control.
                    -----------------

               A. In the event of a Change of Control, for purposes of
calculating the Executive's lump sum benefit under the Company's Supplemental
Executive Retirement Plan A and B (collectively, the "SERP") the Executive will
be deemed to have received three additional

                                       5

<PAGE>

years of base salary in amounts equal to the Executive's Annual Base Salary as
of the Effective Date as increased for purposes of this subparagraph in each of
such three years by the percentage increase (if positive) in the Executive's
Annual Base Salary from the year prior to the year which the Effective Date
occurs to the year in which the Effective Date occurs. Notwithstanding anything
in the SERP or in the Company's Executive Income Deferral Plan (the "EIDP") to
the contrary, for purposes of determining the "annual bonus" amount for Final
Compensation under Section 2.D. of the SERP in the event of a payment under the
SERP in connection with a Change of Control, the measurement period over five
fiscal years referred to in Section 2.D. of the SERP shall be the five-year
period which ends immediately preceding or coinciding with the Effective Date as
set forth in Section 4(b)(ii) of this Agreement, and the lump sum distribution
payments under Sections 14(A)(1) and (2) of the SERP and Section X.A.(i) of the
EIDP shall be made on the date of the Change of Control (if such lump sum
distributions cannot be made with complete accuracy on the date of the Change of
Control, the Company shall pay an estimate of the lump sum amounts on the date
of the Change of Control and pay the balance as soon as practicable thereafter).

               B. If upon a Change of Control the Executive vests in any of the
Executive's restricted stock grants under any of the Company's equity plans or
arrangements and becomes subject to income and/or employment taxes as a result
of such vesting (the "Vesting Taxes"), the Company shall pay to the Executive,
on the Effective Date (or as soon as practicable thereafter), an additional
payment (a "Restricted Stock Reimbursement") in an amount such that after
payment by the Executive of all income and employment taxes imposed on such
Restricted Stock Reimbursement, the Executive retains an amount of the
Restricted Stock Reimbursement equal to the Vesting Taxes.

          5. Termination of Employment. (a) Death or Disability. The Executive's
             -------------------------      -------------------
employment shall terminate automatically upon the Executive's death during the
Employment Period. If the Company determines in good faith that the Disability
of the Executive has occurred during the Employment Period (pursuant to the
definition of Disability set forth below), it may give to the Executive written
notice in accordance with Section 12(b) of this Agreement of its intention to
terminate the Executive's employment. In such event, the Executive's employment
with the Company shall terminate effective on the 30th day after receipt of such
notice by the Executive (the "Disability Effective Date"), provided that, within
                                                           -------------
the 30 days after such receipt, the Executive shall not have returned to
full-time performance of the Executive's duties. For purposes of this Agreement,
"Disability" shall mean the absence of the Executive from the Executive's duties
with the Company on a full-time basis for 180 consecutive business days as a
result of incapacity due to mental or physical illness which is determined to be
total and permanent by a physician selected by the Company or its insurers and
acceptable to the Executive or the Executive's legal representative.

          (b) Cause. The Company may terminate the Executive's employment during
              -----
the Employment Period for Cause. For purposes of this Agreement, "Cause" shall
mean:

               (i) the willful and continued failure of the Executive to perform
          substantially the Executive's duties with the Company or one of its
          affiliates (other than any such failure resulting from incapacity due
          to physical or mental illness or

                                       6

<PAGE>

          following the Executive's delivery of a Notice of Termination for Good
          Reason), after a written demand for performance is delivered to the
          Executive by the Chief Executive Officer of the Company which
          specifically identifies the manner in which the Chief Executive
          Officer believes that the Executive has not substantially performed
          the Executive's duties, or

               (ii) the willful engaging by the Executive in illegal conduct or
          gross misconduct which is materially and demonstrably injurious to the
          Company.

For purposes of this provision, no act or failure to act, on the part of the
Executive, shall be considered "willful" unless it is done, or omitted to be
done, by the Executive in bad faith or without reasonable belief that the
Executive's action or omission was in the best interests of the Company. Any
act, or failure to act, based upon authority given pursuant to a resolution duly
adopted by the Board or upon the instructions of the Chief Executive Officer or
a senior officer of the Company or based upon the advice of counsel for the
Company shall be conclusively presumed to be done, or omitted to be done, by the
Executive in good faith and in the best interests of the Company. The cessation
of employment of the Executive shall not be deemed to be for Cause unless and
until there shall have been delivered to the Executive a copy of a resolution
duly adopted by the affirmative vote of not less than three quarters of the
entire membership of the Board at a meeting of the Board called and held for
such purpose (after reasonable notice is provided to the Executive and the
Executive is given an opportunity, together with counsel, to be heard before the
Board), finding that, in the good faith opinion of the Board, the Executive is
guilty of the conduct described in subparagraph (i) or (ii) above, and
specifying the particulars thereof in detail. Any termination of the Executive's
employment by the Company during the Employment Period (other than a termination
under Section 5(a)) shall be deemed to be a termination other than for Cause
unless it meets all requirements of this Section 5(b).

          (c) Good Reason. The Executive's employment may be terminated by the
              -----------
Executive for Good Reason. For purposes of this Agreement, "Good Reason" shall
mean:

               (i) the assignment to the Executive of any duties inconsistent in
          any respect with the Executive's position (including status, offices,
          titles and reporting requirements), authority, duties or
          responsibilities as contemplated by Section 4(a) of this Agreement, or
          any other action by the Company which results in a diminution in such
          position, authority, duties or responsibilities (whether or not
          occurring solely as a result of the Company's ceasing to be a publicly
          traded entity), excluding for this purpose an isolated, insubstantial
          and inadvertent action not taken in bad faith and which is remedied by
          the Company promptly after receipt of notice thereof given by the
          Executive;

               (ii) any failure by the Company to comply with any of the
          provisions of Section 4(b) of this Agreement, other than an isolated,
          insubstantial and inadvertent failure not occurring in bad faith and
          which is remedied by the Company promptly after receipt of notice
          thereof given by the Executive;

                                       7

<PAGE>

               (iii) the Company's requiring the Executive to be based at any
          office or location other than as provided in Section 4(a)(i)(B) hereof
          or the Company's requiring the Executive to travel on Company business
          to a substantially greater extent than required immediately prior to
          the Effective Date;

               (iv) any purported termination by the Company of the Executive's
          employment otherwise than as expressly permitted by this Agreement; or

               (v) any failure by the Company to comply with and satisfy Section
          11(c) of this Agreement.

For purposes of this Section 5(c), any good faith determination of "Good Reason"
made by the Executive shall be conclusive. Anything in this Agreement to the
contrary notwithstanding, a termination by the Executive for any reason where
the Date of Termination (as defined below) is during the 30-day period
immediately following the first anniversary of the Effective Date shall be
deemed to be a termination for Good Reason for all purposes of this Agreement.
The Executive's mental or physical incapacity following the occurrence of an
event described above in clauses (i) through (v) shall not affect the
Executive's ability to terminate employment for Good Reason.

          (d) Notice of Termination. Any termination by the Company for Cause,
              ---------------------
or by the Executive for Good Reason, shall be communicated by Notice of
Termination to the other party hereto given in accordance with Section 12(b) of
this Agreement. For purposes of this Agreement, a "Notice of Termination" means
a written notice which (i) indicates the specific termination provision in this
Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination of
the Executive's employment under the provision so indicated and (iii) if the
Date of Termination (as defined below) is other than the date of receipt of such
notice, specifies the termination date (which date shall be not more than thirty
days after the giving of such notice). The failure by the Executive or the
Company to set forth in the Notice of Termination any fact or circumstance which
contributes to a showing of Good Reason or Cause shall not waive any right of
the Executive or the Company, respectively, hereunder or preclude the Executive
or the Company, respectively, from asserting such fact or circumstance in
enforcing the Executive's or the Company's rights hereunder.

          (e) Date of Termination. "Date of Termination" means (i) if the
              -------------------
Executive's employment is terminated by the Company for Cause, or by the
Executive for Good Reason, the date of receipt of the Notice of Termination or
any later date specified therein, as the case may be, (ii) if the Executive's
employment is terminated by the Company other than for Cause or Disability, the
Date of Termination shall be the date on which the Company notifies the
Executive of such termination and (iii) if the Executive's employment is
terminated by reason of death or Disability, the Date of Termination shall be
the date of death of the Executive or the Disability Effective Date, as the case
may be.

          6. Obligations of the Company upon Termination. (a) Good Reason, Other
             -------------------------------------------      ------------------
Than for Cause, Death or Disability. If, during the Employment Period, the
-----------------------------------
Company shall ter-

                                       8

<PAGE>

minate the Executive's employment other than for Cause or Disability or the
Executive shall terminate employment for Good Reason:

               (i) the Company shall pay to the Executive in a lump sum in cash
          on or within ten days after the Date of Termination the aggregate of
          the following amounts:

                    A. the sum of (1) the Executive's Annual Base Salary through
          the Date of Termination to the extent not theretofore paid, (2) the
          product of (x) the higher of (I) the Recent Annual Bonus and (II) the
          Annual Bonus paid or payable, including any bonus or portion thereof
          which has been earned but deferred (and annualized for any fiscal year
          consisting of less than twelve full months or during which the
          Executive was employed for less than twelve full months), for the most
          recently completed fiscal year during the Employment Period, if any
          (such higher amount being referred to as the "Highest Annual Bonus")
          and (y) a fraction, the numerator of which is the number of days in
          the current fiscal year of the Company through the Date of
          Termination, and the denominator of which is 365 and (3) any
          compensation previously deferred by the Executive (together with any
          accrued interest or earnings thereon) and any accrued vacation pay, in
          each case to the extent not theretofore paid (the sum of the amounts
          described in clauses (1), (2), and (3) shall be hereinafter referred
          to as the "Accrued Obligations"); and

                    B. the amount equal to the product of (1) three and (2) the
          sum of (x) the Executive's Annual Base Salary and (y) the Highest
          Annual Bonus; and

                    C. the amount equal to the product of (x) three and (y) the
          highest aggregate annual amount contributed by the Company (as a
          Company contribution, and not a salary reduction) on behalf of the
          Executive, during the last three full fiscal years prior to the
          Effective Date, to the Company's Transition Retirement Plan, Savings
          Plan, Retirement Employee Stock Ownership Plan, and Supplemental
          Benefits Plan, or any successor or replacement defined contribution
          plans.

               (ii) for three years after the Executive's Date of Termination,
          the Company shall continue benefits to the Executive and/or the
          Executive's family at least equal to those which would have been
          provided to them in accordance with the plans, programs, practices and
          policies described in Section 4(b)(iv) of this Agreement if the
          Executive's employment had not been terminated or, if more favorable
          to the Executive, as in effect generally at any time thereafter with
          respect to other peer executives of the Company and its affiliated
          companies and their families, provided, however, that if the Executive
          becomes reemployed with another employer and is eligible to receive
          medical or other welfare benefits under another employer-provided
          plan, the medical and other welfare benefits described herein shall be
          secondary to those provided under such other plan during such
          applicable period of eligibility. For purposes of determining
          eligibility (but not the

                                       9

<PAGE>

          time of commencement of benefits) of the Executive for retiree
          benefits pursuant to such plans, practices, programs and policies, the
          Executive shall be considered to have remained employed until three
          years after the Date of Termination and to have retired on the last
          day of such period;

               (iii) for three years after the Executive's Date of Termination,
          the Company shall continue fringe benefits and perquisites for the
          Executive and/or the Executive's family equal to those that, as of the
          Executive's Date of Termination, were in effect in accordance with the
          plans, programs, practices and policies described in Section 4(b)(vi)
          of this Agreement;

               (iv) the Company shall, at its sole expense as incurred, provide
          the Executive with outplacement services the scope and provider of
          which shall be selected by the Executive in his sole discretion;

               (v) the exercise period for each outstanding stock option held by
          the Executive (or by any transferee of the Executive) under any of the
          Company's equity plans or arrangements shall continue for two years
          after the Executive's Date of Termination, or for such longer period
          provided for with respect to such stock option, provided, that such
          exercise period shall not extend beyond the scheduled exercise period
          of the stock option; and

               (vi) to the extent not theretofore paid or provided, the Company
          shall timely pay or provide to the Executive any other amounts or
          benefits required to be paid or provided, or which the Executive is
          eligible to receive under any plan, program, policy or practice or
          contract or agreement of the Company and its affiliated companies
          (such other amounts and benefits shall be hereinafter referred to as
          the "Other Benefits").

          (b) Death. If the Executive's employment is terminated by reason of
              -----
the Executive's death during the Employment Period, this Agreement shall
terminate without further obligations to the Executive's legal representatives
under this Agreement, other than for payment of Accrued Obligations and the
timely payment or provision of Other Benefits. Accrued Obligations shall be paid
to the Executive's estate or beneficiary, as applicable, in a lump sum in cash
within 30 days of the Date of Termination. With respect to the provision of
Other Benefits, the term Other Benefits as utilized in this Section 6(b) shall
include, without limitation, and the Executive's estate and/or beneficiaries
shall be entitled to receive, benefits at least equal to the most favorable
benefits provided by the Company and affiliated companies to the estates and
beneficiaries of peer executives of the Company and such affiliated companies
under such plans, programs, practices and policies relating to death benefits,
if any, as in effect with respect to other peer executives and their
beneficiaries at any time during the 120-day period immediately preceding the
Effective Date or, if more favorable to the Executive's death with respect to
other peer executives of the Company and its affiliated companies and their
beneficiaries.

          (c) Disability. If the Executive's employment is terminated by reason
              ----------
of the Executive's Disability during the Employment Period, this Agreement shall
terminate without

                                       10

<PAGE>

further obligations to the Executive, other than for payment of Accrued
Obligations and the timely payment or provision of Other Benefits. Accrued
Obligations shall be paid to the Executive in a lump sum in cash within 30 days
of the Date of Termination. With respect to the provision of Other Benefits, the
term "Other Benefits" as utilized in this Section 6(c) shall include, and the
Executive shall be entitled after the Disability Effective Date to receive,
disability and other benefits at least equal to the most favorable of those
generally provided by the Company and its affiliated companies to disabled
executives and/or their families in accordance with such plans, programs,
practices and policies relating to disability, if any, as in effect generally
with respect to other peer executives and their families at any time during the
120-day period immediately preceding the Effective Date or, if more favorable to
the Executive and/or the Executive's family, as in effect at any time thereafter
generally with respect to other peer executives of the Company and its
affiliated companies and their families.

          (d) Cause; Other than for Good Reason. If the Executive's employment
              ---------------------------------
shall be terminated for Cause during the Employment Period, this Agreement shall
terminate without further obligations to the Executive other than the obligation
to pay to the Executive (x) his Annual Base Salary through the Date of
Termination, (y) the amount of any compensation previously deferred by the
Executive, and (z) Other Benefits, in each case to the extent theretofore
unpaid. If the Executive voluntarily terminates employment during the Employment
Period, excluding a termination for Good Reason, this Agreement shall terminate
without further obligations to the Executive, other than for Accrued Obligations
and the timely payment or provision of Other Benefits. In such case, all Accrued
Obligations shall be paid to the Executive in a lump sum in cash within 30 days
of the Date of Termination.

          7. Nonexclusivity of Rights. Nothing in this Agreement shall prevent
             ------------------------
or limit the Executive's continuing or future participation in any plan,
program, policy or practice provided by the Company or any of its affiliated
companies and for which the Executive may qualify (provided, that the Executive
hereby waives any right to participate in any severance plan, program, or policy
of the Company during the Employment Period), nor, subject to Section 12(f),
shall anything herein limit or otherwise affect such rights as the Executive may
have under any contract or agreement with the Company or any of its affiliated
companies. Amounts which are vested benefits, or which the Executive is
otherwise entitled to receive under any plan, policy, practice or program of or
any contract or agreement with the Company or any of its affiliated companies at
or subsequent to the Date of Termination, shall be payable in accordance with
such plan, policy, practice or program or contract or agreement except as
explicitly modified by this Agreement.

          8. Full Settlement. The Company's obligations to make the payments
             ---------------
provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any set-off, counterclaim, recoupment,
defense or other claim, right or action which the Company may have against the
Executive or others. In no event shall the Executive be obligated to seek other
employment or take any other action by way of mitigation of the amounts payable
to the Executive under any of the provisions of this Agreement. Each and every
payment made hereunder by the Company shall be final, and the Company will not
seek to recover all or any part of such payment from the Executive for any
reason. The Company agrees to pay as incurred, to the full extent permitted by
law, all legal fees and expenses which the Executive may reasona-

                                       11

<PAGE>

bly incur as a result of any contest (regardless of the outcome thereof) by the
Company, the Executive or others of the validity or enforceability of, or
liability under, any provision of this Agreement or any guarantee of performance
thereof (including as a result of any contest by the Executive about the amount
of any payment pursuant to this Agreement), plus in each case interest on any
delayed payment at the applicable Federal rate provided for in Section
7872(f)(2)(A) of the Internal Revenue Code of 1986, as amended (the "Code").

          9. Certain Additional Payments by the Company. (a) Anything in this
             ------------------------------------------
Agreement to the contrary notwithstanding and except as set forth below, in the
event it shall be determined that any payment or distribution by the Company to
or for the benefit of the Executive (whether paid or payable or distributed or
distributable pursuant to the terms of this Agreement or otherwise, but
determined without regard to any additional payments required under this Section
9) (a "Payment") would be subject to the excise tax imposed by Section 4999 of
the Code, or any interest or penalties are incurred by the Executive with
respect to such excise tax (such excise tax, together with any such interest and
penalties, are hereinafter collectively referred to as the "Excise Tax"), then
the Executive shall be entitled to receive an additional payment (a "Gross-Up
Payment") in an amount such that after payment by the Executive of all taxes
(including any interest or penalties imposed with respect to such taxes),
including, without limitation, any income taxes (and any interest and penalties
imposed with respect thereto), employment taxes and Excise Tax imposed upon the
Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal
to the Excise Tax imposed upon the Payments.

          (b) Subject to the provisions of Section 9(c), all determinations
required to be made under this Section 9, including whether and when a Gross-Up
Payment is required and the amount of such Gross-Up Payment and the assumptions
to be utilized in arriving at such determination, shall be made by Deloitte &
Touche LLP or such certified public accounting firm as may be designated by the
Executive (the "Accounting Firm") which shall provide detailed supporting
calculations both to the Company and the Executive within 15 business days of
the receipt of notice from the Executive that there has been a Payment, or such
earlier time as is requested by the Company. In the event that the Accounting
Firm is serving as accountant or auditor for the individual, entity or group
effecting the Change of Control, the Executive shall appoint another nationally
recognized accounting firm to make the determinations required hereunder (which
accounting firm shall then be referred to as the Accounting Firm hereunder). All
fees and expenses of the Accounting Firm shall be borne solely by the Company.
Any Gross-Up Payment, as determined pursuant to this Section 9, shall be paid by
the Company to the Executive within ten days of the receipt of the Accounting
Firm's determination. Any determination by the Accounting Firm shall be binding
upon the Company and the Executive. As a result of the uncertainty in the
application of Section 4999 of the Code at the time of the initial determination
by the Accounting Firm hereunder, it is possible that Gross-Up Payments which
will not have been made by the Company should have been made ("Underpayment"),
consistent with the calculations required to be made hereunder. In the event
that the Company exhausts its remedies pursuant to Section 9(c) and the
Executive thereafter is required to make a payment of any Excise Tax, the
Accounting Firm shall determine the amount of the Underpayment that has occurred
and any such Underpayment shall be promptly paid by the Company to or for the
benefit of the Executive.

                                       12

<PAGE>

          (c) The Executive shall notify the Company in writing of any claim by
the Internal Revenue Service that, if successful, would require the payment by
the Company of the Gross-Up Payment. Such notification shall be given as soon as
practicable but no later than ten business days after the Executive is informed
in writing of such claim and shall apprise the Company of the nature of such
claim and the date on which said claim is requested to be paid. The Executive
shall not pay such claim prior to the expiration of the 30-day period following
the date on which it gives such notice to the Company (or such shorter period
ending on the date that any payment of taxes with respect to such claim is due).
If the Company notifies the Executive in writing prior to the expiration of such
period that it desires to contest such claim, the Executive shall:

               (i) give the Company any information reasonably requested by the
          Company relating to such claim,

               (ii) take such action in connection with contesting such claim as
          the Company shall reasonably request in writing from time to time,
          including, without limitation, accepting legal representation with
          respect to such claim by an attorney reasonably selected by the
          Company,

               (iii) cooperate with the Company in good faith in order to
          effectively contest such claim, and

               (iv) permit the Company to participate in any proceedings
          relating to such claim;

provided, however, that the Company shall bear and pay directly all costs and
--------  -------
expenses (including additional interest and penalties) incurred in connection
with such contest and shall indemnify and hold the Executive harmless, on an
after-tax basis, for any Excise Tax or Income Tax (including interest and
penalties with respect thereto) imposed as a result of such representation and
payment of costs and expenses. Without limitation on the foregoing provisions of
this Section 9(c), the Company shall control all proceedings taken in connection
with such contest and, at its sole option, may pursue or forgo any and all
administrative appeals, proceedings, hearings and conferences with the taxing
authority in respect of such claim and may, at its sole option, either direct
the Executive to pay the tax claimed and sue for a refund or to contest the
claim in any permissible manner, and the Executive agrees to prosecute such
contest to a determination before any administrative tribunal, in a court of
initial jurisdiction and in one or more appellate courts, as the Company shall
determine; provided, however, that if the Company directs the Executive to pay
such claim and sue for a refund, the Company shall advance the amount of such
payment to the Executive, on an interest-free basis and shall indemnify and hold
the Executive harmless, on an after-tax basis, from any Excise Tax or Income Tax
(including interest or penalties with respect thereto) imposed with respect to
such advance or with respect to any imputed income with respect to such advance;
and further provided that any extension of the statute of limitations relating
to payment of taxes for the taxable year of the Executive with respect to which
such contested amount is claimed to be due is limited solely to such contested
amount. Furthermore, the Company's control of the contest shall be limited to
issues with respect to which a Gross-Up Payment would be payable hereunder and
the Executive shall be entitled to settle or contest, as

                                       13

<PAGE>

the case may be, any other issue raised by the Internal Revenue Service or any
other taxing authority.

          (d) If, after the receipt by the Executive of an amount advanced by
the Company pursuant to Section 9(c), the Executive becomes entitled to receive
any refund with respect to such claim, the Executive shall (subject to the
Company's complying with the requirements of Section 9(c) promptly pay to the
Company the amount of such refund (together with any interest paid or credited
thereon after taxes applicable thereto). If, after the receipt by the Executive
of an amount advanced by the Company pursuant to Section 9(c), a determination
is made that the Executive shall not be entitled to any refund with respect to
such claim and the Company does not notify the Executive in writing of its
intent to contest such denial of refund prior to the expiration of 30 days after
such determination, then such advance shall be forgiven and shall not be
required to be repaid and the amount of such advance shall offset, to the extent
thereof, the amount of Gross-Up Payment required to be paid.

          10. Confidential Information. The Executive shall hold in a fiduciary
              ------------------------
capacity for the benefit of the Company all secret or confidential information,
knowledge or data relating to the Company or any of its affiliated companies,
and their respective businesses, which shall have been obtained by the Executive
during the Executive's employment by the Company or any of its affiliated
companies and which shall not be or become public knowledge (other than by acts
by the Executive or representatives of the Executive in violation of this
Agreement). After termination of the Executive's employment with the Company,
the Executive shall not, without the prior written consent of the Company or as
may otherwise be required by law or legal process, communicate or divulge any
such information, knowledge or data to anyone other than the Company and those
designated by it. In no event shall an asserted violation of the provisions of
this Section 10 constitute a basis for deferring or withholding any amounts
otherwise payable to the Executive under this Agreement.

          11. Successors. (a) This Agreement is personal to the Executive and
              ----------
without the prior written consent of the Company shall not be assignable by the
Executive otherwise than by will or the laws of descent and distribution. This
Agreement shall inure to the benefit of and be enforceable by the Executive's
legal representatives.

          (b) This Agreement shall inure to the benefit of and be binding upon
the Company and its successors and assigns.

          (c) The Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to assume
expressly and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession
had taken place. As used in this agreement, "Company" shall mean the Company as
hereinbefore defined and any successor to its business and/or assets as
aforesaid which assumes and agrees to perform this Agreement by operation of
law, or otherwise.

          12. Miscellaneous. (a) The captions of this Agreement are not part of
              -------------
the provisions hereof and shall have no force or effect. This Agreement may not
be amended or

                                       14

<PAGE>

modified otherwise than by a written agreement executed by the parties hereto or
their respective successors and legal representatives.

          (b) Notices given pursuant to this Agreement shall be in writing and
shall be deemed given when actually received by the Executive or actually
received by the Company's secretary. If mailed, such notices shall be mailed by
United States registered or certified mail, return receipt requested, addressee
only, postage prepaid, if to the Company, to Attention: Secretary (or President,
if the Executive is then Secretary), or if to the Executive, at the address set
forth below the Executive's signature to this Agreement, or to such other
address as the party to be notified shall have theretofore given to the other
party in writing.

          (c) The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision
of this Agreement.

          (d) The Company may withhold from any amounts payable under this
Agreement such Federal, state, local or foreign taxes as shall be required to be
withheld pursuant to any applicable law or regulation.

          (e) The Executive's or the Company's failure to insist upon strict
compliance with any provision of this Agreement or the failure to assert any
right the Executive or the Company may have hereunder, including, without
limitation, the right of the Executive to terminate employment for Good Reason
pursuant to Section 5(c)(i)-(v) of this Agreement, shall not be deemed to be a
waiver of such provision or right or any other provision or right of this
Agreement.

          (f) The Executive and the Company acknowledge that, except as may
otherwise be provided under any other written agreement between the Executive
and the Company, the employment of the Executive by the Company is "at will"
and, subject to Section 1(a) hereof, prior to the Effective Date, the
Executive's employment and/or this Agreement may be terminated by either the
Executive or the Company at any time prior to the Effective Date, in which case
the Executive shall have no further rights under this Agreement. From and after
the Effective Date this Agreement shall supersede any other agreement between
the parties with respect to the subject matter hereof, including the Prior
Agreement.

          13. Governing Law; Resolution of Disputes. This Agreement and the
              -------------------------------------
rights and obligations hereunder shall be governed by and construed in
accordance with the laws of the State of Wisconsin. Any dispute arising out of
this Agreement shall, at the Executive's election, be determined by arbitration
under the rules of the American Arbitration Association then in effect (in which
case both parties shall be bound by the arbitration award) or by litigation.
Whether the dispute is to be settled by arbitration or litigation, the venue for
the arbitration or litigation shall be in the judicial district encompassing the
city in which the Executive resides; provided that, if the Executive is not then
residing in the United States, the election of the Executive with respect to
such venue shall be Wisconsin. The parties consent to personal jurisdiction in
each trial court in the selected venue having subject matter jurisdiction, and
each party irrevocably consents to service of process in the manner provided
hereunder for the giving of notices.

                                       15

<PAGE>

          IN WITNESS WHEREOF, the Executive has hereunto set the Executive's
hand and, pursuant to the authorization from its Board of Directors, the Company
has caused these presents to be executed in its name and on its behalf, all as
of the day and year first above written.

                            SENSIENT TECHNOLOGIES CORPORATION

                            By
                                 -----------------------------------------------
                                 Kenneth P. Manning
                                 Chairman, President & Chief Executive Officer

                                 Address:

                                       16

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