Document:

THE TAUBMAN COMPANY

                              LONG-TERM PERFORMANCE

                                COMPENSATION PLAN

                            (AS AMENDED AND RESTATED
                           EFFECTIVE JANUARY 1, 2000)

<PAGE>
                               THE TAUBMAN COMPANY
                              LONG-TERM PERFORMANCE
                                COMPENSATION PLAN
                            (AS AMENDED AND RESTATED
                           EFFECTIVE JANUARY 1, 2000)

                                TABLE OF CONTENTS

                                                                            Page

ARTICLE 1     PURPOSE OF THE PLAN; AMENDMENT AND
                RESTATEMENT; TERM........................................      1

     1.1      Purpose of the Plan........................................      1
     1.2      Amendment and Restatement and Term.........................      1

ARTICLE 2     DEFINITIONS................................................      1

ARTICLE 3     ADMINISTRATION.............................................      6

     3.1      Administration.............................................      6
     3.2      Binding Effect of Decisions................................      6
     3.3      Expenses of Administration.................................      6
     3.4      Indemnification............................................      6

ARTICLE 4     PARTICIPATION AND GRANTS; CONVERSION OF
              NOTIONAL SHARES TO CASH AWARDS.............................      6

     4.1      Participation..............................................      6
     4.2      Power to Grant Cash Awards.................................      7
     4.3      Conversion of Notional Share Awards to Cash Awards.........      7
     4.4      No Dividend Equivalents on Cash Awards.....................      7
     4.5      Participant to Have No Rights as a Shareholder
              in TCO or a Partner in TRG.................................      7

ARTICLE 5     ESTABLISHMENT, MAINTENANCE AND VESTING
               OF SUB ACCOUNTS...........................................      7

     5.1      Agreements Evidencing Cash Awards..........................      7
     5.2      Plan Provisions Control Cash Award Terms...................      7
     5.3      Establishment of Sub Accounts..............................      8
     5.4      Vesting of Each Sub Account................................      8
     5.5      Death, Disability or Retirement During the Vesting Period..      8
     5.6      Acceleration of Vesting....................................      9
     5.7      Forfeiture of Sub Accounts.................................      9
     5.8      Statement of Accounts......................................     10

ARTICLE 6     CALCULATION, PAYMENT AND WITHDRAWAL OF SUB ACCOUNTS........     10

     6.1      1996 and 1997 Notional Unit Awards.........................     10
     6.2      1998 and 1999 Notional Share Awards Which
              Are Not Converted to Cash Awards...........................     10
     6.3      Cash Awards................................................     10
     6.4      Crediting of Interest During Deferral Period...............     11
     6.5      Time and Manner of Payment.................................     11
     6.6      Deferral of Settlement Date................................     12
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     6.7      Early Termination of Deferral Period.......................     12
     6.8      Taxes......................................................     12
     6.9      Dealings with Beneficiaries or Representatives
               of a Participant..........................................     13

ARTICLE 7     AMENDMENT AND TERMINATION OF THE PLAN......................     13

     7.1      Amendment of the Plan......................................     13
     7.2      Termination of the Plan....................................     13
     7.3      Dissolution of TRG.........................................     13
     7.4      Termination of Management Contract/
               Change of Control Event...................................     13

ARTICLE 8     BENEFICIARY DESIGNATION....................................     14

     8.1      Beneficiary Designation....................................     14
     8.2      In the Event of No Valid Designation.......................     14

ARTICLE 9     GENERAL PROVISIONS.........................................     14

     9.1      Compliance with Applicable Laws and Regulations............     14
     9.2      Status of Each Participant is that of an Unsecured
               General Creditor..........................................     14
     9.3      Nonassignability...........................................     15
     9.4      No Right to Continued Employment...........................     15
     9.5      Inspection of Records......................................     15
     9.6      Word Meanings..............................................     15
     9.7      Section Titles.............................................     15
     9.8      Severability...............................................     15
     9.9      Strict Construction........................................     15
     9.10     Choice of Law..............................................     15
     9.11     Execution..................................................     16

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                               THE TAUBMAN COMPANY
                              LONG-TERM PERFORMANCE
                                COMPENSATION PLAN

                            (As Amended and Restated
                           Effective January 1, 2000)

                                    Article 1
              Purpose of the Plan; Amendment and Restatement; Term.

         1.1 Purpose of the Plan.  The  Taubman  Company  Long-Term  Performance
Compensation Plan, as the same may be amended from time to time (the "Plan"), is
intended  to provide  deferred  compensation  to certain  key  employees  of The
Taubman  Company  Limited  Partnership,  a  Delaware  limited  partnership  (the
"Company"),  to provide  incentives to employees of the Company to remain in the
employ  of  the  Company  and  to  attract  new   employees   with   outstanding
qualifications to serve the Company. The Plan has been amended from time to time
including an amendment and  restatement  of the Plan  effective  January 1, 1999
("Prior Plan").

         1.2 Amendment and  Restatement and Term. The Plan is hereby amended and
restated  effective as of January 1, 2000 to change the method of valuing awards
granted  under the Plan from that  based  upon the value of shares of TCO Common
Stock to cash awards which may  appreciate  based on the compound  annual growth
rate of TCO's per share FFO over the applicable  vesting  period.  The Plan will
remain in effect until  terminated  or  abandoned by action of the  Compensation
Committee.

                                    Article 2
                                   Definitions

         In the Plan, whenever the context so indicates,  the singular or plural
number,  and the  masculine,  feminine or neuter  gender shall each be deemed to
include  the  other,  the  terms  "he,"  "his,"  and  "him"  shall  refer  to  a
Participant, and the capitalized terms shall have the following meanings:

         2.1 "Award"  means a Notional Share  Award granted under the Prior Plan
or a Cash Award granted pursuant to the terms of the Plan.

         2.2 "Beneficiary"  means (i)  an individual,  trust,  estate, or family
trust who or which,  by will,  trust  document  or by  operation  of the laws of
descent  and  distribution,   succeeds  to  the  rights  and  obligations  of  a
Participant under the Plan upon the  Participant's  death; or (ii) an individual
who, as a result of designation  by a Participant in a Beneficiary  Designation,
or as otherwise provided in Article 8, succeeds to the rights and obligations of
such Participant under the Plan upon such Participant's death.

         2.3 "Beneficiary Designation" is defined in Section 8.1 hereof.

         2.4 "Board of Directors" means the Board of Directors of TCO, including
any Committee or Committees of the Board established  pursuant to the By-Laws of
TCO.

         2.5 "Business Day" means any Day on which the  New York  Stock Exchange
is open for trading.

         2.6 "Cash Award" means an Award granted  to  a  Participant pursuant to
Article 5 of the Plan.

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         2.7      "Change of Control Event" means:

                                    (a) Any  removal  or  election  of a  member
         of the Board of  Directors,  which removal or election was not approved
         by a vote of at least 70% of the  directors  comprising  the  Board  of
         Directors on the date immediately preceding the removal or election, or

                                    (b) The  acquisition  by any person or group
         or persons  (within the meaning of Section 13(d)(3) or 14(d)(2) of  the
         Securities Exchange Act of 1934, as amended (the "Exchange  Act") other
         than A. Alfred Taubman or any of his immediate family members or lineal
         descendants,  any  heir  of the foregoing,  any  trust for the  benefit
         of any of the  foregoing,  any private  charitable  foundation  or  any
         partnership,  limited   liability  company  or  corporation   owned  or
         controlled  by  some or all of the foregoing,  of beneficial  ownership
         (within the meaning of Rule 13d-3 promulgated  under the  Exchange Act)
         of 40% or more of the  outstanding voting capital stock of TCO.

         2.8 "Code"  means the Internal  Revenue  Code of 1986,  as amended from
time to time (or any corresponding provisions of succeeding law).

         2.9 "Common Stock" means the common stock of TCO, par  value  $.01  per
share.

         2.10 "Company"  means   The  Taubman  Company  Limited  Partnership,  a
Delaware  limited  partnership,  the  present  constituency  of which is Taub-Co
Management, Inc., a Michigan corporation, and TRG, and any successor interest to
the business of the Company that has, by agreement, adopted the Plan.

         2.11 "Compensation  Committee"  or  "Committee"  means the Compensation
Committee  of the  Board of Directors of TCO.

         2.12 "Date of Grant" means, with respect to a Notional Share Award or a
Cash Award,  January 1st of the year in which the Compensation  Committee awards
such  Notional  Share  Award or Cash  Award  pursuant  to the Plan,  unless  the
Compensation Committee specifically provides otherwise.

         2.13 "Day" means each calendar day, including  Saturdays,  Sundays, and
legal holidays; provided, however, that if the Day on which a period of time for
consent or approval  or other  action  ends is not a Business  Day,  such period
shall end on the next Business Day.

         2.14 "Deemed Dividend Date" means any date on which each Notional Share
Sub Account  established  pursuant to the Prior Plan is credited with a Dividend
Equivalent with respect to the aggregate number of Notional Shares then credited
to such Sub  Account  and  shall  coincide  with  the  date(s)  on which  actual
dividends are made with respect to shares of Common Stock.

         2.15 "Deferral Period" means, with respect to a Sub Account, the period
following the Vesting Date of a Sub Account,  for which a Participant  elects to
defer the Settlement Date pursuant to Section 6.6.

         2.16 "Disability" or "Disabled"  means, with respect to an Employee,  a
physical or mental condition resulting from any medically  determinable physical
or mental  impairment  that renders such  Employee  incapable of engaging in any
substantial  gainful  employment  and that can be expected to result in death or
that has lasted or can be expected to last for a

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continuous  period  of not  less  than  three  hundred  sixty-five  (365)  Days.
Notwithstanding the foregoing, an Employee shall not be deemed to be Disabled as
a result of any condition that:

                           (a) was  contracted, suffered, or incurred while such
         Employee was engaged in, or resulted  from such Employee having engaged
         in, a felonious activity;

                           (b) resulted  from an  intentionally   self-inflicted
         injury or an addiction to drugs,  alcohol,  or substances which are not
         administered  under the direction of a licensed  physician as part of a
         medical treatment plan; or

                           (c) resulted  from service in the Armed Forces of the
         United  States for which  such  Employee  received  or is  receiving  a
         disability  benefit or pension from the United States,  or from service
         in the armed forces of any other country irrespective of any disability
         benefit or pension.

                           The  Disability  of an   Employee  and the date  upon
which an  Employee  ceases  to be  employed  by reason  of  Disability  shall be
determined by the Company,  in accordance with uniform  principles  consistently
applied,  upon the basis of such evidence as the Compensation  Committee and the
Company deem necessary and desirable,  and its good faith determination shall be
conclusive  for all  purposes of this Plan.  The  Compensation  Committee or the
Company shall have the right to require an Employee to submit to an  examination
by a  physician  or  physicians  and to  submit  to such  reexaminations  as the
Compensation  Committee  or  the  Company  shall  require  in  order  to  make a
determination concerning the Employee's physical or mental condition;  provided,
however,  that  (i) an  Employee  may  not be  required  to  undergo  a  medical
examination  more often than once each one hundred  eighty (180) Days nor at any
time after the normal date of the Employee's  Retirement,  and (ii) the fees and
expenses of any such  medical  examination(s)  shall be  considered  expenses of
administering  the Plan. If any Employee engages in any occupation or employment
(except for rehabilitation as determined by the Compensation Committee, upon the
recommendation  from the Company) for  remuneration  or profit,  which  activity
would be  inconsistent  with the finding of Disability,  or if the  Compensation
Committee, upon the recommendation from the Company,  determines on the basis of
a medical  examination  that an  Employee no longer has a  Disability,  or if an
Employee refuses to submit to any medical examination  properly requested by the
Compensation  Committee  or the  Company,  then in any such event,  the Employee
shall be deemed to have recovered from such Disability.

         2.17 "Dividend Equivalent" is defined in Section 4.4 hereof.

         2.18 "Effective Date" of  the  Plan, as  amended  and  restated,  means
January 1, 2000.

         2.19 "Employee" means an individual who is and continues to be employed
by the Company or an affiliate of the Company.  An Employee shall cease to be an
Employee upon the voluntary or involuntary  termination  of his employment  with
the Company or an  affiliate  of the Company  for any reason,  including  death,
Disability,  Retirement,  or with or  without  cause.  Transfers  of  employment
between the Company and an affiliate of the Company,  or between  affiliates  of
the Company, shall not affect an individual's status as an Employee for purposes
of the Plan and shall not be treated as a cessation of employment  provided that
the cessation of  employment  with the Company or an affiliate of the Company is
immediately  followed by employment with the Company or another affiliate of the
Company.  Whether an authorized leave of absence,  or an absence due to military
or government service,  Disability, or any other reason, constitutes a cessation
of employment shall be determined by the Company.

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         2.20 "Fair Market Value of the Common  Stock" means the per share value
of the Common Stock on the applicable date, and is determined as follows:

                           (a) If the  Common  Stock is listed or  admitted  for
         trading on any national securities  exchange,  the Fair Market Value of
         the Common  Stock is the  closing  price per share on such  exchange on
         such date (or, if listed on more than one exchange,  the principal said
         exchange).

                           (b) If the Common Stock is not traded on any national
         securities  exchange,  but is quoted  on the  National  Association  of
         Securities Dealers,  Inc. Automated Quotation System (NASDAQ System) or
         any similar system of automated  dissemination  of quotations of prices
         in common use,  the Fair Market  Value of the Common Stock is the price
         per  share  equal  to the mean  between  the  closing  high bid and the
         closing low bid on such system on such date.

                           (c) If neither  paragraph  (a) nor  paragraph  (b) of
         this  definition  is  applicable,  the Fair Market  Value of the Common
         Stock is the fair market value per share,  on the  applicable  date, as
         determined  by, or in  accordance  with a method or  formula or process
         established  from time to time by,  the Board of  Directors  (or by the
         Compensation  Committee if the Board of Directors so directs),  in good
         faith and in accordance with uniform principles consistently applied.

         2.21 "FFO" means funds from  operations,  as publicly  reported by TCO,
subject to reasonable  adjustments  such as changes in  accounting  policies and
extraordinary or non-recurring  items. FFO will be calculated after the costs of
the Plan.

         2.22 "FFO Per Share Growth Rate" means the compound  annual growth rate
of TCO's per  share FFO over the  designated  period  of time,  which  except as
provided in Section 5.5 or Article 7, is the 3 year Vesting Period.

         2.23 "LTPC Award" means the Cash Award  granted to a  Participant  plus
the Premium, if any, credited to such Award pursuant to Article 6.

         2.24 "Notional Share Award" means an award under the Prior  Plan  of  a
Notional Share of Common Stock.

         2.25 "Notional  Share of Common  Stock"  or  "Notional  Share"  means a
phantom  share of  Common  Stock  granted  under  the  Prior  Plan and shall not
represent any ownership interest in any actual shares of Common Stock.

         2.26 "Participant"   means  an  Employee  who  is   designated  by  the
Compensation Committee to participate in this Plan and who has received an Award
pursuant to this Plan.

         2.27 "Partnership Agreement" means The Second Amendment and Restatement
of  Agreement  of  Limited  Partnership  of The  Taubman  Realty  Group  Limited
Partnership, as the same may be amended and/or supplemented.

         2.28 "Payout  Value" means,  with respect to a Sub Account,  the amount
credited  to such Sub Account as of the  Settlement  Date of such Sub Account in
accordance  with the  provisions  of Article 6. The Payout Value and the Vesting
Date Value for a Sub Account shall be the same if the Participant does not elect
to defer  distribution  of such Sub Account beyond the Vesting Date for such Sub
Account.

         2.29 "Person" or "Persons" means an individual,  a partnership (general
or  limited),   corporation,   joint  venture,   business  trust,   cooperative,
association, or other form of business organization,  whether or not regarded as
a legal entity under applicable law, a trust (inter

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vivos or testamentary),  an estate of a deceased, insane, or incompetent person,
a quasi-governmental  entity, a government or any agency,  authority,  political
subdivision, or other instrumentality thereof, or any other entity.

         2.30 "Plan"   means   The   Taubman   Company   Long-Term   Performance
Compensation Plan as amended and restated effective January 1, 2000.

         2.31 "Premium" means the amount added to a Participant's  Cash Award if
the FFO Per Share Growth Rate over the Vesting Period equals or exceeds 10%.

         2.32 "Prior  Plan"  means The Taubman  Company   Long-Term  Performance
Compensation  Plan  effective  January  1, 1996 and,  as  amended  and  restated
effective January 1, 1999.

         2.33 "Retirement"  means the  termination of employment  by an Employee
after the  attainment  of the age of  sixty-two  (62) years or upon such earlier
date as  required  by local law or as  otherwise  determined  or approved by the
Chief Executive Officer of the Company.

         2.34 "Settlement Date" means,  with respect to a Sub Account,  the date
on which the Award  credited to such Sub Account  becomes vested or, in the case
of an Award for which the  Participant  has elected to defer  distribution,  the
date on which the Deferral Period expires or is otherwise  terminated  under the
provisions of the Plan.

         2.35 "Sub  Account"  means the account  established  for each  Notional
Share Award  granted  under the Prior Plan or Cash Award granted under the Plan.
Each Sub Account  will be utilized  solely as a device for the  measurement  and
determination  of  the  amount(s)  to be  paid  to or  for  the  benefit  of the
Participant  pursuant  to this  Plan,  and  will  not  under  any  circumstances
constitute  or be treated as a trust fund of any kind.  A separate  Sub  Account
will be  established  for each Award,  which Sub Account will be maintained  and
will vest and be paid out, or be terminated or forfeited in accordance  with the
terms of the Plan.

         2.36 "TCO" means Taubman Centers, Inc., a Michigan corporation.

         2.37 "Termination for Cause" means  termination of employment by reason
of a Participant's  action or repeated acts,  including without limitation,  the
commission of a felony, fraud, or willful misconduct,  which has resulted, or is
likely to result, in damage to the Company, an affiliate of the Company, or TRG,
as the Company may conclusively determine.

         2.38 "TRG"  means  The  Taubman  Realty  Group  Limited  Partnership  a
Delaware limited partnership.

         2.39 "Vesting Date" means,  with respect to a Notional Share Award or a
Cash Award, the date that is the third  anniversary of the Date of Grant of such
Award, except as otherwise provided in the Plan.

         2.40 "Vesting  Date  Value"  means the value of  a Sub  Account  on the
Vesting Date for such Sub Account and is calculated  in accordance  with Section
6.1, 6.2 or 6.3.

         2.41 "Vesting  Period" means,  with respect to an Award, the three-year
period following the Date of Grant of such Award.

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                                    Article 3
                                 Administration.

         3.1 Administration.  The Plan shall be administered by the Compensation
Committee in accordance with this Article 3. Except as otherwise provided in the
Partnership  Agreement or this Plan, the  Compensation  Committee shall have the
sole  discretionary  authority (i) to select the Employees who are to be granted
Awards under the Plan, (ii) to determine the number of Cash Awards to be granted
to  Employees  and the  manner of making or  determining  such  grant,  (iii) to
authorize  the  granting of Cash  Awards,  (iv) to  interpret  the Plan,  (v) to
establish  and modify  administrative  rules for the Plan,  (vi) to impose  such
conditions and restrictions on Awards as it determines appropriate, and (vii) to
take any other  actions in  connection  with the Plan and the Awards and to make
all determinations under the Plan as it may deem necessary or advisable.

         It is  anticipated  that  the  Compensation  Committee  will act upon a
recommendation  from the Company in  exercising  the  discretion  granted to the
Compensation Committee under this Plan. Action taken or not taken by the Company
or the  Compensation  Committee  on one  or  more  occasions  shall  be  without
obligation to take or not take such action on any other occasion(s).

         The  Compensation  Committee may delegate to one or more Persons any of
its powers, hereinbefore or hereinafter, provided or conferred, or designate one
or more  Persons to do or perform  those  matters to be done or performed by the
Compensation  Committee,  including  administration  of the Plan.  Any Person or
Persons  delegated or designated by the Compensation  Committee shall be subject
to the same obligations and requirements  imposed on the Compensation  Committee
and its members under the Plan.

         3.2 Binding Effect of Decisions.  The decision or action of the Company
(including  that of the  Compensation  Committee)  in  respect  of any  question
arising out of or in  connection  with the  administration,  interpretation  and
application  of this Plan and the rules and  regulations  promulgated  hereunder
shall be final and  conclusive  and binding upon all Persons having any interest
in this Plan.

         3.3 Expenses of  Administration.  The Company shall pay all  costs  and
expenses of  administering  the Plan.

         3.4   Indemnification.   The  Board  of  Directors,   the  Compensation
Committee, members of the Board of Directors and the Compensation Committee, and
each Person or Persons  designated or delegated by the Board of Directors or the
Compensation  Committee,  and the Company and each  affiliate of the Company and
the officers or agents of the Company and each partner of the Company and of TRG
and the officers,  directors,  committee members and agents of each such partner
shall be entitled to indemnification and reimbursement from the Company and from
TRG for any action or any failure to act in connection  with services  performed
by or on behalf of the  Compensation  Committee  or the  Company to the  fullest
extent  provided or  permitted by the  Partnership  Agreement,  the  partnership
agreement of the Company and by any insurance policy or other agreement intended
for  the  benefit  of  the  Compensation  Committee  or  an  indemnified  Person
hereunder, or by any applicable law.

                                    Article 4
     Participation and Grants; Conversion of Notional Shares to Cash Awards

         4.1  Participation.  All  Employees  shall be eligible to receive  Cash
Awards  under  the  Plan.  The  Participants  shall  be  such  Employees  as the
Compensation  Committee  may select (who may include  executive  officers of the
Company).  Participation  under  the Plan  shall be based  upon the past  and/or
expected future contribution of such Employee to the Company.

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         4.2 Power  to  Grant  Cash  Awards.  The  Compensation   Committee  may
determine  the pool of Cash Awards to be granted  under the Plan at such time or
times,  and in such  quantity  and  subject  to such  terms and  conditions  not
inconsistent  with the terms of the Plan, as the  Compensation  Committee  shall
determine.  The Company  shall then  allocate  Cash Awards in such amount and to
such  Employees as the Company shall  determine.  In  allocating  Cash Awards to
Participants,  the Company shall consider individual  performance and such other
criteria as the Company  deems  relevant.  Such  allocation  shall be subject to
confirmation by the Compensation Committee.

         4.3 Conversion of Notional Share Awards to Cash Awards.  Notional Share
Awards granted effective January 1, 1998 and January 1, 1999 (the "1998 and 1999
Notional  Share  Awards") will be converted  into Cash Awards upon the Company's
receipt of a Participant's consent. The 1998 and 1999 Notional Share Awards will
be converted into Cash Awards by multiplying the total number of Notional Shares
granted in 1998 and 1999 (excluding any additions  thereto by virtue of Dividend
Equivalents)  by $13.75 per share.  The converted  Cash Awards will be valued at
the Vesting Date pursuant to Section 6.3 and  distributed in accordance with the
provisions of Sections 6.5 and 6.6.

         4.4 No Dividend  Equivalents  on Cash  Awards.  Notional  Share  Awards
converted into Cash Awards pursuant to Section 4.3 above and Cash Awards granted
on or after  January 1, 2000 will not be  credited  with  Dividend  Equivalents.
However,  Notional  Share Awards  effective  January 1, 1996 and January 1, 1997
which a  Participant  has elected to defer (or,  subject to Section  6.4,  those
Notional Share Awards which a Participant elected not to have converted pursuant
to Section 4.3 above) will, subject to the terms of the Prior Plan,  continue to
be  credited,  as of each  Deemed  Dividend  Date,  with that number of Notional
Shares (a  "Dividend  Equivalent")  having a then fair market value equal to the
product of (a) the  dividend  amount paid with  respect to each actual  share of
Common Stock on such Deemed Dividend Date, and (b) the number of Notional Shares
credited to such Sub  Account as of the Day  immediately  preceding  such Deemed
Dividend Date.

         4.5  Participant to Have No Rights as a Shareholder in TCO or a Partner
in TRG. A Participant  shall have no rights at any time as a shareholder  in TCO
or a partner in TRG with  respect to Dividend  Equivalents,  Notional  Shares of
Common Stock, or Cash Awards under the Prior Plan or this Plan.

                                    Article 5
                     Establishment, Maintenance and Vesting
                                 of Sub Accounts

         5.1  Agreements  Evidencing  Cash Awards.  The terms of each Cash Award
shall be evidenced by a written agreement (an "Award  Agreement"),  in such form
as the Company may from time to time determine,  executed by the Company and the
Participant.   Such  agreement  shall  state  the  Cash  Award  granted  to  the
Participant,  the  vesting  schedule  of the Award and such  other  terms as the
Company shall  determine.  Each Award Agreement shall comply with and be subject
to the terms and  conditions of the Plan and such other terms and  conditions as
the  Company may deem  appropriate.  No Person  shall have any rights  under any
Award  granted  under the Plan unless and until the Company and the  Participant
have  executed  an Award  Agreement  setting  forth  the grant and the terms and
conditions of the Award.

         5.2 Plan  Provisions  Control Cash Award  Terms.  The terms of the Plan
shall govern all Cash Awards  granted  under the Plan and Notional  Share Awards
granted  under  the Prior  Plan.  In the event  that any  provision  of an Award
granted under the Plan or the

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Award  Agreement  shall conflict with any term in the Plan as constituted on the
Date of Grant of such Award, the term in the Plan shall control.

         5.3  Establishment  of Sub Accounts.  A separate Cash Award Sub Account
shall be  established  for each Cash Award granted to a Participant  on or after
January 1, 2000,  and for those  Notional Share Awards which have been converted
into Cash  Awards  pursuant  to Section  4.3.  The Sub  Account  shall be deemed
established as of the Date of Grant.  Each Sub Account shall vest as provided in
Section 5.4, and,  subject to the  provisions of the Plan,  shall be paid to the
Participant as provided in Article 6.

         5.4 Vesting of Each Sub Account.  Subject to the  provisions of Section
5.6 and 5.7, each Sub Account  (including those Sub Accounts  established  under
the Prior Plan) shall not vest to any extent until the third  anniversary of the
Date of Grant at which time each such Sub Account  shall vest 100% (the "Vesting
Date"),  provided  the  Participant  is  still  in the  employ  of the  Company.
Notwithstanding the foregoing,  each Sub Account shall vest 100% upon the death,
Retirement  or  Disability  of the  Participant  for whom  such Sub  Account  is
maintained,  dissolution  of TRG,  occurrence of a Change of Control  Event,  or
termination  (without  renewal) of the Master Services  Agreement (as defined in
the Partnership Agreement).

         5.5 Death,  Disability or Retirement  During the Vesting Period. In the
event that a Participant  dies,  becomes  Disabled or  terminates  employment by
reason of Retirement during a Vesting Period,  such Participant's Cash Award Sub
Accounts  (which  have become  100%  vested  pursuant  to Section  5.4) shall be
calculated as of the date of the Participant's  death,  Disability or Retirement
in accordance with the provisions of this Section 5.5.

                  (a) Cash Awards.  With respect to Cash Awards which are in the
first two years of their  applicable  Vesting Periods,  such  Participant  shall
receive the Cash Award only with no Premium added to such Award. With respect to
Cash Awards which are in the final year of the Vesting Period, the Participant's
Cash Award shall be valued as follows:

                           (i)      If the Participant  dies,  becomes Disabled,
                                    or retires  within the first 275 days of the
                                    final  year  of  the  Vesting  Period  of an
                                    Award,  the  Premium,  if any,  added to his
                                    Cash Award shall be calculated  based on the
                                    FFO Per Share Growth Rate for the three full
                                    calendar  year period  preceding the date of
                                    his death, Disability or Retirement.

                           (ii)     If the Participant dies, becomes Disabled or
                                    retires during the last 90 days of the final
                                    year of the Vesting Period of an Award,  the
                                    Premium,  if any,  added to his  Cash  Award
                                    shall  be  calculated  based  on the FFO Per
                                    Share  Growth Rate for the normal three year
                                    Vesting Period for such Award.

                  (b) Notional  Share  Awards.  In the event a  Participant  has
Notional Share Sub Accounts  (either Notional Shares awarded in 1998 or 1999 not
converted  pursuant to Section 4.3 or Notional Shares awarded prior to 1998, the
Sub Accounts for which have been deferred),  such  Participant's  Notional Share
Sub Accounts  shall be  calculated  as of the date of the  Participant's  death,
Disability or Retirement by multiplying  the number of Notional  Shares credited
to the  Participant's  Notional  Share Sub  Accounts  by the average of the Fair
Market  Value of Common  Stock for the twenty  (20)  Business  Days  immediately
preceding the date of death, Disability or Retirement.

                  (c)  Timing  for  Payment.  A  Participant's  Cash  Award  Sub
Accounts, and if applicable, Notional Share Sub Accounts shall be paid in a lump
sum  cash  payment  as  soon  as  administratively   practicable  following  the
Participant's  death or Retirement  and the

                                       8
<PAGE>

determination  of the FFO Per Share Growth Rate. In the event of a Participant's
Disability only, the Company,  in its sole  discretion,  may elect to distribute
such  Participant's  Sub  Accounts (i) as soon as  administratively  practicable
following the date of Disability;  (ii) following the  determination  of the FFO
Per Share Growth Rate;  or (iii) in January of the calendar  year  following the
year in which the Participant became Disabled.

                  Example: The Company maintains four different Sub Accounts for
                  John Smith, a Participant  in the Plan.  John has one Notional
                  Share Sub Account  representing  his 1997 Notional Share Award
                  which he elected to defer under the Plan, and three Cash Award
                  Sub  Accounts,  two  representing  his 1998 and 1999  Notional
                  Share Awards which have been converted  into Cash Awards,  and
                  one Sub Account  established in connection  with his 2000 Cash
                  Award.  John's 1999 Cash Award and 2000 Cash Award are $10,000
                  each.

                  John Smith dies  February 1, 2001.  John is 100% vested in his
                  1999 and 2000 Cash Award Sub  Accounts  (his 1997 and 1998 Sub
                  Accounts  would  already be vested by February  1, 2001).  The
                  value of John's 1997 Notional  Share Sub Account is calculated
                  by multiplying the total number of Notional Shares credited to
                  such Sub  Account  by the  average  Fair  Market  Value of TCO
                  Common Stock for the 20 Business  Days  preceding  February 1,
                  2001.

                  Assuming that the FFO Per Share Growth Rate for the three year
                  period ending  December 31, 2000 is 10% or more,  the value of
                  John's 1998 Cash Award Account is  calculated  by  multiplying
                  the Cash Award by 1.5 times the FFO Per Share Growth Rate over
                  the three year period  ending  December 31, 2000 to obtain the
                  Premium  and then  adding the  Premium to his 1998 Cash Award.
                  See Section 6 for more detailed example.

                  The value of John's  1999 Cash Award of $10,000 is  calculated
                  by using the FFO Per  Share  Growth  Rate over the three  year
                  period preceding his death which ends December 31, 2000 (i.e.,
                  calendar  years 1998,  1999 and 2000) because John died in the
                  first  275  days of  2001,  which  was the  final  year of the
                  Vesting Period of his 1999 Cash Award.

                  The value of John's  2000 Cash  Award of  $10,000  remains  at
                  $10,000. No Premium is credited to his 2000 Cash Award because
                  such Award is in the second year,  not the final year,  of the
                  Vesting Period.

         5.6 Acceleration of Vesting.  Notwithstanding  anything to the contrary
in the Plan,  including Section 5.4 hereof, the Compensation  Committee,  in its
discretion, upon the recommendation from the Company, may accelerate at any time
the vesting of an Award that has not previously become vested.

         5.7 Forfeiture of Sub Accounts.

                  (a) If the  employment  of a  Participant  with the Company is
terminated for any reason other than death, Disability, or Retirement, then such
Participant's  rights  with  respect to any Sub  Accounts  which have not become
vested on or prior to the date of the  Participant's  termination  of employment
will  terminate and be  forfeited,  and neither the  Participant  nor his heirs,
personal  representatives,  successors  or assigns  shall  have any rights  with
respect to any such Sub Accounts.

                  (b)  Notwithstanding  any other  provision  of the  Plan,  all
rights to any  payments  hereunder to a  Participant  will be  discontinued  and
forfeited,  and the Company  will have no further  obligation  hereunder to such
Participant (including with respect to vested

                                       9
<PAGE>

Sub Accounts), if the Participant is discharged from employment with the Company
and such discharge constitutes a Termination for Cause.

         5.8  Statement  of  Accounts.  Within  100 days  after  the end of each
calendar  year,  the Company  shall submit to only those  Participants  who have
elected to defer the  payment of one or more Sub  Accounts a  statement  setting
forth  the  Deferral  Period  for  each  Sub  Account  and  the  balance  of the
Participant's Sub Accounts.

                                    Article 6
               Calculation, Payment and Withdrawal of Sub Accounts

         6.1 1996 and 1997  Notional  Unit  Awards.  Except as  provided in this
Section 6.1,  Notional Unit Awards granted effective January 1, 1996 and January
1, 1997 under the Prior Plan, which Awards have been deferred,  will continue to
be governed by the terms of the Prior Plan and shall be credited  with  Dividend
Equivalents through the Settlement Date of such Sub Accounts.  The value of such
Sub Accounts shall continue to be based on the Fair Market Value of Common Stock
through the Settlement Date of such Sub Accounts;  provided,  however,  that the
Payout Value of those Sub Accounts  shall be calculated by  multiplying  (a) the
number of Notional Shares  credited to a Sub  Account(s),  by (b) the average of
the Fair  Market  Value of the Common  Stock for the twenty (20)  Business  Days
preceding the Settlement Date.

         6.2 1998 and 1999 Notional Share Awards Which Are Not Converted to Cash
Awards. As soon as  administratively  practicable  following the Vesting Date of
any Sub Account  established for Notional Share Awards granted effective January
1, 1998 or January 1, 1999 which a  Participant  elected  not to have  converted
into Cash  Awards  pursuant to Section  4.3,  the Company  shall  calculate  the
Vesting  Date Value of such Sub  Account by  multiplying  the number of Notional
Shares  credited to such Sub  Account on the Vesting  Date by the average of the
Fair Market Value of Common Stock for the twenty (20) Business Days  immediately
preceding the Vesting Date of such Sub Account.  The Company shall then pay such
amount to the  Participant in a lump sum cash payment unless the Participant has
elected  to  defer  the  payment  of his Sub  Account  in  accordance  with  the
provisions of Section 6.6.

         6.3 Cash Awards. As soon as administratively  practicable following the
determination  of the FFO Per Share Growth Rate,  the Company will calculate the
Vesting Date Value of any Sub Account  established for Cash Awards granted on or
after January 1, 2000, or for any Sub Accounts  which were  converted  into Cash
Awards  pursuant to Section  4.3. The Company  will  calculate  the Vesting Date
Value by  adding  the  Premium,  if any,  to Cash  Awards  credited  to such Sub
Account. The Premium is calculated in accordance with the following formula:

                  Cash Award x 1.5 x FFO Per Share Growth Rate

Notwithstanding  the  foregoing,  if the FFO Per  Share  Growth  Rate  over  the
applicable 3 year  Vesting  Period is less than 10%, the Vesting Date Value will
be an amount  equal to the Cash Award and no Premium  will be added to such Cash
Award,  and if the FFO Per Share  Growth Rate  exceeds  20%, the Premium will be
calculated based on a maximum 20% FFO Per Share Growth Rate.

                                       10
<PAGE>

         Example 1:        Mary Black  receives  a  2000  Cash  Award  equal  to
                           $10,000.  Her 2000  Award  vests on  January 1, 2003.
                           Assume the FFO Per Share  Growth Rate over the 3 year
                           Vesting  Period  (2000-2002) is 10%. The Vesting Date
                           Value of Mary's 2000 Cash Award is $11,500 calculated
                           as follows:

                               $10,000 Cash Award x 1.5 x 10% = $1,500 (Premium)
                               $1,500 + $10,000 = $11,500

         Example 2:        Jim  Jones  receives  a  2001  Cash  Award  equal  to
                           $20,000.  His 2001 Award  vests on January 1,  2004,.
                           Assume that the FFO Per Share  Growth Rate over the 3
                           year Vesting  Period  (2001-2003)  is 9%. The Vesting
                           Date Value of Jim's 2001 Award is $20,000, the amount
                           of his 2001  Cash  Award,  because  the FFO Per Share
                           Growth Rate over the  applicable  vesting  period was
                           less than 10% and no  Premium  is added to Jim's 2001
                           Cash Award.

         Example 3:        Vicky  White  receives a  2002  Cash  Award  equal to
                           $30,000.  Her 2002  Award  vests on  January 1, 2005.
                           Assume that the FFO Per Share  Growth Rate over the 3
                           year Vesting  Period  (2002-2004) is 15%. The Vesting
                           Date  Value  of  Vicky's   2002  Award  is   $36,750,
                           calculated as follows:

                              $30,000 x 1.5 x 15% = $6,750 (Premium)
                              $6,750 + $30,000 = $36,750

         Example 4:        Ray  Green  receives  a  2003  Cash  Award  equal  to
                           $20,000.  His 2003  Award  vests on  January 1, 2006.
                           Assume that the FFO Per Share  Growth Rate over the 3
                           year Vesting  Period  (2003-2005) is 25%. The Vesting
                           Date Value of Ray's 2003 Award is $26,000, calculated
                           as follows:

                              $20,000 x 1.5 x 20%* = $6,000 (Premium)
                              $6,000 + $20,000 = $26,000

                           *The FFO Per Share Growth Rate is capped at  the  20%
                             maximum rate.

         6.4  Crediting of Interest  During  Deferral  Period.  Effective for a)
Notional Share Awards  effective  January 1, 1998 which a Participant  elects to
convert to Cash Awards  pursuant  to Section  4.3;  (b)  Notional  Share  Awards
effective  January 1, 1999 (whether or not converted into Cash Awards);  and (c)
any Cash Award granted on or after January 1, 2000,  the Vesting Date Value will
be calculated as of the Vesting Date of that Sub Account.  Any Sub Account which
a  Participant  elects to defer beyond the Vesting Date shall be credited with a
uniform interest rate determined by the Chief Executive Officer of the Company.

         6.5 Time and Manner of Payment. As soon as administratively practicable
following  the  Settlement  Date  for a Sub  Account  of a  Participant  and the
determination  of the FFO Per Share  Growth Rate,  the Company  shall pay to the
Participant  the Payout Value of such Sub Account (which will be the same as the
Vesting  Date  Value  if the  Sub  Account  is  not  deferred).  Payment  to the
Participant of the Payout Value shall be made in cash in a lump sum. Any and all
amounts  due under the Plan shall be the sole  obligation  of the  Company,  and
neither TRG nor TCO shall have any liability to  Participants  or  Beneficiaries
under this Plan.

                                       11
<PAGE>

         6.6 Deferral of Settlement Date.

                  (a) Deferral for One to Five Years.  Subject to the provisions
of Section 7.2 of the Plan,  each  Participant  may make,  with  respect to each
Award (i.e., the Sub Account  established in respect of such Award), an election
to defer the Settlement  Date that would  otherwise occur on the Vesting Date of
such Award.  Effective for Notional  Share Awards granted on or after January 1,
1999,  and Cash Awards  granted on or after January 1, 2000, a  Participant  can
elect to defer  until the earlier of (i) the January 1st which is one to five (1
- 5) years after the Vesting Date of such Award;  and (ii) the date on which the
Participant's employment with the Company terminates for any reason.

                  (b)  Deferral  Beyond  Five  Years.  Provided  the Company has
received advice of its counsel that such an election would not cause the Plan to
become subject to the  nondiscrimination,  funding,  and fiduciary provisions of
the Employee Retirement Income Security Act of 1974, as amended, any Participant
whose total cash compensation (paid in the previous calendar year) determined as
of the date on which the deferral  election is made,  exceeds  $120,000 (or such
other  amount as counsel to the  Company  may advise  from time to time) may, in
lieu of deferring the Settlement  Date for the  aforementioned  one to five year
period,  make an  election to defer the  Settlement  Date for an Award until the
earlier of (i) any  January  1st  selected  by the  Employee at the time of such
deferral election; and (ii) the date on which the Participant's  employment with
the Company terminates for any reason.

                  (c) Election to Divide Sub Account in Half. A Participant  may
also elect to divide a Sub  Account in half and  receive  50% of his Sub Account
(rounded up to the nearest whole dollar) as soon as administratively practicable
following the Vesting Date of such Sub Account and the  determination of the FFO
Per Share Growth Rate. The remaining 50% of the Participant's vested Sub Account
shall be deferred until the Settlement Date elected pursuant to a valid deferral
election under this Section 6.6

                  (d)  Deadline  for  Deferral  Election.   Any  election  by  a
Participant  to defer the  Settlement  Date for a Sub  Account  pursuant to this
Section  6.6 must be made at least one year prior to the  Vesting  Date for such
Sub Account.  An election to defer the  Settlement  Date for a Sub Account shall
become irrevocable one year prior to the Vesting Date for such Sub Account.

         6.7 Early  Termination of Deferral Period.  Any Deferral Period elected
pursuant to Section 6.6 hereof shall terminate  immediately  upon the occurrence
of any of the following events: termination of the employment of the Participant
for  any  reason,  the  dissolution  of TRG,  a  Change  of  Control  Event,  or
termination  (without  renewal) of the Master Services  Agreement (as defined in
the Partnership Agreement).  Any Sub Accounts which a Participant has elected to
defer shall be valued as of the Settlement  Date in accordance with Section 6.1,
6.2 or 6.3, as  applicable,  and shall be  distributed  in a lump sum payment as
soon as administratively  practicable  following the termination of the Deferral
Period, and if applicable, the determination of the FFO Per Share Growth Rate.

         6.8 Taxes.  To the extent required by the law in effect at the relevant
time,  the Company shall  withhold  from  payments made  hereunder or from other
amounts  otherwise  payable to the Participant by the Company (or secure payment
from a Participant  or  Beneficiary  in lieu of  withholding)  the amount of any
withholding  or other tax  required  by  federal or any state or local law to be
withheld or paid by the Company with respect to such Participant's Sub Accounts.
The  amount of any such  withholding  or other tax  shall be  determined  by the
Company.

                                       12
<PAGE>

         6.9 Dealings with  Beneficiaries or  Representatives  of a Participant.
The  Company may require  such  proper  proof of death and such  evidence of the
right of any Person other than a  Participant  to receive  payment of the Payout
Value  of a Sub  Account  established  under  the  Plan,  as the  Company  deems
necessary or advisable.  The Company's  determination of death or Disability and
of the right of any Person other than a  Participant  to receive  payment of the
Payout Value of a Sub Account  established  under the Plan shall be  conclusive.
The payment of and  acceptance  of any cash  pursuant to Article 6 hereof  shall
constitute a complete acquittance and discharge of full liability of the Company
under the Plan,  and the Company  shall be  entitled to demand a receipt  and/or
acquittance in full satisfaction of all claims against the Company.

                                    Article 7
                      Amendment and Termination of the Plan

         7.1 Amendment of the Plan. The Compensation  Committee may from time to
time suspend or discontinue  the Plan or revise or amend the Plan in any respect
whatsoever;  provided,  however,  that  except  with the  written  consent  of a
Participant  or as  otherwise  specifically  provided  herein,  no  amendment or
suspension  of the Plan shall  alter or impair any Award  previously  granted to
such Participant under the Plan.

         7.2 Termination of the Plan. The Compensation  Committee shall have the
right and power to terminate the Plan at any time, and no Award shall be granted
under the Plan  after  such  termination.  Upon  termination  of the Plan by the
Compensation  Committee,  no further deferral  elections pursuant to Section 6.6
shall be  permitted  unless the  Compensation  Committee  specifically  provides
otherwise.  In  connection  with any  termination  of the Plan  pursuant to this
Section 7.2, the Compensation  Committee may, in its sole discretion,  cause all
existing  Deferral Periods for Sub Accounts then  outstanding  under the Plan to
also terminate,  thereby accelerating the Settlement Date for such Sub Accounts.
Subject to the  Compensation  Committee's  authority to  terminate  all existing
Deferral  Periods upon  termination of the Plan,  any Awards  outstanding at the
time of termination of the Plan shall vest and become payable to the same extent
and subject to the same terms and  conditions,  as provided in Article 6 hereof,
that would have applied to such Award if the Plan had not been terminated.

         7.3 Dissolution  of TRG. The  dissolution of  TRG (provided that TRG is
not reconstituted as provided in the Partnership Agreement) shall cause the Plan
to  terminate  immediately  without  any  further  action  on  the  part  of the
Compensation  Committee,  and each  outstanding  Sub  Account  which is not then
vested to vest immediately and fully. In addition,  the dissolution of TRG shall
cause all existing  Deferral Periods for Sub Accounts then outstanding under the
Plan to  terminate  immediately,  thereby  accelerating  the  occurrence  of the
Settlement  Date for each such Sub Account.  Upon the  dissolution  of TRG, each
Participant shall be paid the aggregate Payout Value of his or her Sub Accounts,
as  provided in Article 6 hereof.  The grant of any Awards  pursuant to the Plan
shall not  affect in any way the  right or power of the  Company  or TRG to make
changes to its business structure,  or to merge,  dissolve, or terminate,  or to
sell or transfer any or all of its assets.

         7.4 Termination of Management  Contract/Change  of Control Event.  Upon
the termination of the Master Services  Agreement (as defined in the Partnership
Agreement)  between TRG and the  Company,  for any reason,  without a renewal of
such Master  Services  Agreement,  or upon the occurrence of a Change of Control
Event, the Plan shall terminate  immediately,  without any further action on the
part of the  Compensation  Committee,  and each outstanding Sub Account which is
not then vested shall vest  immediately  and fully.  In  addition,  all existing
Deferral  Periods  for Sub  Accounts  then  outstanding  under  the  Plan  shall
terminate  immediately,  thereby  accelerating  the Settlement Date for such Sub
Accounts;  and

                                       13
<PAGE>

each  Participant  shall be paid the  aggregate  Payout  Value of his or her Sub
Accounts as provided in Article 6 of the Plan.

                                    Article 8
                             Beneficiary Designation

         8.1 Beneficiary  Designation.  Each  Participant  may,  at  any  time,
designate  any  Person  or  Persons  as  such   Participant's   Beneficiary   or
Beneficiaries  (both principal as well as contingent) to whom payment under this
Plan will be made in the event of such Participant's death prior to distribution
of the benefits due such  Participant  under this Plan. Such  designation may be
changed at any time prior to the  Participant's  death,  without  consent of any
previously  designated  beneficiary.  Any  designation  must be made in  writing
("Beneficiary  Designation").  A Beneficiary Designation shall be effective only
if  properly  completed  and only upon  receipt  by the  Company.  Any  properly
completed  Beneficiary   Designation  received  by  the  Company  prior  to  the
Participant's   death   shall   automatically   revoke  any  prior   Beneficiary
Designation. In the event of divorce, the person from whom such divorce has been
obtained shall be deemed to have  predeceased the Participant in determining who
shall be entitled to receive payment pursuant to such Participant's  Beneficiary
Designation,  unless the  Participant  completes and submits after the divorce a
Beneficiary  Designation which designates the former spouse as the Participant's
Beneficiary for purposes of the Plan.

         8.2 In the Event of No Valid  Designation.  If a  Participant  fails to
designate a Beneficiary as provided  above,  or if all designated  Beneficiaries
predecease  (or are  deemed  to  predecease)  such  Participant  or die prior to
distribution of such Participant's benefits, then such Participant's  designated
Beneficiary  shall  be  deemed  to be  the  Person  or  Persons  surviving  such
Participant in the first of the following  classes in which there is a survivor,
share and share alike:

         (a)  Such Participants' surviving spouse,  but  if  there  is  no  such
surviving spouse.

         (b)  Such   Participant's   children,   except  that  if  any  of  such
Participant's  children  predecease the Participant  but leave issue  surviving,
then such issue shall take, by right of  representation,  the share their parent
would have taken if living; but if there are no such children or issue. The term
"children"  shall  include  natural or adopted  children but shall not include a
child (or children) whom the Participant has placed for adoption or foster care.

         (c)  Such Participant's estate.

                                    Article 9
                               General Provisions

         9.1 Compliance  with  Applicable  Laws and  Regulations.  The Plan, the
grant of Awards  under the Plan,  and the  obligation  of the Company to deliver
payment in cash in settlement of Sub Accounts  established  under the Plan shall
be subject to all applicable  federal and state laws, rules, and regulations and
to such approvals by any government or regulatory agency as may be required.

         9.2  Status  of  Each  Participant  is  that  of an  Unsecured  General
Creditor.  Each Participant and his or her Beneficiaries,  heirs, successors and
assigns  shall  have no legal or  equitable  rights,  interest  or claims in any
specific  property or assets of the  Company,  TRG or TCO, nor of any entity for
which the Company or any affiliate of the Company provides  services.  Assets of
the  Company  or such other  entities  shall not be held under any trust for the
benefit of any  Participant or his or her  Beneficiaries,  heirs,  successors or
assigns,  or held

                                       14
<PAGE>

in any way as collateral  security for the fulfilling of the  obligations of the
Company under this Plan.  Any and all of the Company's and such other  entities'
assets shall be, and remain, the general  unrestricted  assets of the Company or
such other  entities.  The Company's  sole  obligation  under this Plan shall be
merely that of an unfunded and unsecured  promise of the Company to pay money in
the future, subject to the conditions and provisions hereof.

         9.3  Nonassignability.  A Participant's  rights and interests under the
Plan  may not be  assigned  or  transferred  other  than by will or the  laws of
descent and distribution.  No part of the amounts payable hereunder shall, prior
to actual payment, be subject to seizure or sequestration for the payment of any
debts,  judgments,  alimony or separate maintenance owed by a Participant or any
other  Person,  or be  transferable  by  operation  of  law in  the  event  of a
Participant's or any other Person's bankruptcy or insolvency.

         9.4 No Right to Continued  Employment.  No Employee or any other Person
shall have any claim or right to be granted an Award under the Plan. Neither the
adoption and  maintenance of the Plan nor the granting of Awards pursuant to the
Plan nor the  execution of an Award  Agreement  shall be deemed to  constitute a
contract of employment  between the Company,  an affiliate of the Company or TRG
or TCO and any  Employee or to be a condition of the  employment  of any Person.
The Plan  and any  Award  granted  under  the Plan  shall  not  confer  upon any
Participant any right with respect to continued  employment by the Company or an
affiliate of the Company,  nor shall they interfere in any way with the right of
the Company or an affiliate of the Company to terminate  the  employment  of any
Participant  at any time, and for any reason,  with or without  cause,  it being
acknowledged,   unless  expressly  provided  otherwise  in  writing,   that  the
employment of any Participant is "at will."

         9.5 Inspection of Records.  Copies of the Plan, records reflecting each
Participant's Sub Account  balances,  and any other documents and records that a
Participant  is entitled by law to inspect  shall be open to  inspection  by the
Participant  and his duly  authorized  representative(s)  at the  office  of the
Company at any reasonable business hour.

         9.6 Word Meanings. The words such as "herein," "hereinafter," "hereof,"
and "hereunder" refer to this Plan as a whole and not merely to a subdivision in
which such words appear unless the context otherwise requires.

         9.7 Section  Titles. Section titles are for descriptive  purposes  only
and shall not control or alter the meaning of the Plan as set forth in the text.

         9.8  Severability.  Whenever  possible,  each provision in the Plan and
every Award at any time granted  under the Plan shall be  interpreted  in such a
manner as to be effective and valid under  applicable  law, but if any provision
of the Plan or any Award at any time granted  under the Plan shall be held to be
prohibited or invalid under  applicable  law, then, (i) such provision  shall be
deemed  amended to  accomplish  the  objectives  of the  provision as originally
written to the fullest extent permitted by law, and (ii) all other provisions of
the Plan and every other Award at any time  granted  under the Plan shall remain
in full force and effect.

         9.9  Strict  Construction.  No rule of  strict  construction  shall  be
implied against TRG, the Partnership Committee,  the Compensation  Committee, or
any other  Person  in the  interpretation  of any of the terms of the Plan,  any
Award  granted  under  the  Plan or any  rule or  procedure  established  by the
Compensation Committee or the Company.

         9.10 Choice of Law. All determinations  made and actions taken pursuant
to the Plan shall be governed by the internal  laws of the State of Michigan and
construed in accordance therewith.

                                       15
<PAGE>

         9.11 Execution.  To record the  adoption  of the Plan, the Company  has
caused the  execution  hereof this 5th day of April 2000.

                                        THE TAUBMAN COMPANY LIMITED PARTNERSHIP,
                                        a Delaware limited partnership

                                        By:      TAUB-CO MANAGEMENT, INC.,
                                                 a Michigan corporation,
                                                 general partner

                                                 By:  /s/ Robert S. Taubman
                                                    ----------------------------
                                                 Its:     PresidentEXHIBIT 10.1
                           RESTRICTED STOCK AGREEMENT

      This Agreement is entered into by and between BILLING CONCEPTS CORP., a
Delaware corporation (the "Company"), and PARRIS H. HOLMES, JR., ("Holmes") and
sets forth the terms and conditions upon which the Company grants to Holmes
restricted stock of Princeton eCom Corporation ("Princeton") owned by the
Company.

      1.    DEFINITIONS.

            (A) "Cause" shall, in the context of the removal of Holmes as an
employee of the Company, have the meaning given in Section 4.3 of that Amended
and Restated Employment Agreement dated January 25, 1999 by and between Holmes
and the Company.

            (B) "Change of Control" shall have the meaning given in Section 4.6
of that Amended and Restate Employment Agreement dated January 25, 1999 by and
between Holmes and the Company.

            (C) "Restricted Period" shall mean the period designed by the Board
of Directors of the Company during which Restricted Stock may not be sold,
assigned, transferred, pledged or otherwise encumbered.

            (D) "Restricted Stock" shall mean those shares of common stock of
Princeton, par value $.01, issued pursuant to this Agreement that are still
subject to the Restricted Period.

            (E) "Retained Distributions" shall mean any securities or other
property (other than cash dividends) distributed by Princeton or otherwise
received by Holmes in respect of the Restricted Stock during the Restricted
Period.

      2.    GRANT OF RESTRICTED STOCK. In consideration of the efforts of Holmes
in connection with the Company's investment in Princeton and other good and
valuable consideration, the Company has granted to Holmes 400,000 shares of
Restricted Stock, in accordance with the terms of this Agreement.

      3.    GRANT DATE. The grant date with respect to the Restricted Stock
shall be the date of the execution hereof.

      4.    RESTRICTED PERIOD. The Restricted Stock is subject to forfeiture and
restriction from transfer in accordance with the terms and conditions of this
Agreement. Except as otherwise provided in this Agreement, and for so long as
Holmes is an Employee of the Company, the Restricted Period and all restrictions
on the Restricted Stock covered hereby and any Retained Distributions with
respect thereto shall expire with respect to the Restricted Stock and all rights
thereto shall vest on the last day of the thirty-sixth (36th) month following
the Grant Date, unless sooner terminated as set forth herein, so that all of the
shares of Restricted Stock

                                       1
<PAGE>
covered hereby and any Retained Distributions with respect thereto shall be free
of all restrictions on April 30, 2003.

      5.    FORFEITURE. In the event Holmes voluntarily resigns or is removed as
an Employee of the Company for "Cause," Holmes will forfeit and will not be
entitled to receive the unvested shares of Restricted Stock covered hereby and
any Retained Distributions with respect thereto subsequent to the date of such
termination.

      6.    ACCELERATION OF VESTING. Upon the death or permanent disability of
Holmes, termination without "Cause," Change of Control of Princeton or
effectiveness of an initial public offering filed by Princeton, all restrictions
imposed on Holmes's Restricted Stock and any Retained distributions shall
automatically terminate and lapse.

      7.    VOTING RIGHTS. The Company shall retain voting rights on all
unvested shares of the Restricted Stock, and Holmes shall have the right to vote
only vested shares of the Restricted Stock.

      8.    LIMITATION OF RIGHTS OF HOLMES. Holmes shall have no rights with
respect to the Restricted Stock not expressly conferred by this Agreement.

      9.    SUCCESSORS. This Agreement shall be binding upon any successors of
the Company and the heirs, successors, legal representatives and other persons
claiming by, through or under Holmes.

      Effective April 5, 2000.

BILLING CONCEPTS CORP.

COMPENSATION COMMITTEE:

/s/ THOMAS G. LOEFFLER                    /s/ PARRIS H. HOLMES, JR.
    Thomas G. Loeffler                        Parris H. Holmes, JR.

/s/ WILLIAM H. CUNNINGHAM
    William H. Cunningham

                                       2

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