Document:

SNAP-ON INCORPORATED
 
2001 INCENTIVE STOCK AND AWARDS PLAN  
(Amended and Restated as of December 29, 2005)  

		    1.       Purpose
and Construction. 

		    (a)       Purpose.
The Snap-on Incorporated 2001 Incentive Stock and Awards Plan           has two
complementary purposes: (i) to attract and retain outstanding           people as
officers, directors, employees, consultants and advisors and           (ii) to
increase shareholder value. The Plan will provide participants           incentives to
increase shareholder value by offering the opportunity to acquire           shares of the
Company’s common stock, receive monetary payments based on           the value of
such common stock, or receive other incentive compensation, on the           potentially
favorable terms that this Plan provides.  

		    (b)       Definitions.
All capitalized terms used in this Plan have the meanings           given in Section 14.  

		    2.       Administration.  

		    (a)       Committee
Administration. The Committee has full authority to administer           this Plan,
including the authority to (i) interpret the provisions of this           Plan, (ii) prescribe,
amend and rescind rules and regulations relating to           this Plan, (iii) correct
any defect, supply any omission, or reconcile any           inconsistency in any Award or
agreement covering an Award in the manner and to           the extent it deems desirable
to carry this Plan into effect, and (iv) make           all other determinations
necessary or advisable for the administration of this           Plan. A majority of the
members of the Committee will constitute a quorum, and a           majority of the
Committee’s members must make all determinations of the           Committee. The
Committee may make any determination under this Plan without           notice or meeting
of the Committee by a writing that a majority of the Committee           members have
signed. All Committee determinations are final and binding.  

		    (b)       Delegation
to Other Committees or Officers. To the extent applicable law           permits, the
Board may delegate to another committee of the Board or to one or           more officers
of the Company any or all of the authority and responsibility of           the Committee.
However, no such delegation is permitted with respect to           individuals who are
Section 16 Participants at the time any such delegated           authority or
responsibility is exercised. The Board also may delegate to another           committee
of the Board consisting entirely of Non-Employee Directors any or all           of the
authority and responsibility of the Committee with respect to individuals           who
are Section 16 Participants. If the Board has made such a delegation,           then
all references to the Committee in this Plan include such other committee           or
one or more officers to the extent of such delegation.  

		    (c)       No
Liability. No member of the Committee, and no officer to whom a           delegation
under subsection (b) has been made, will be liable for any act           done, or
determination made, by the individual in good faith with respect to the           Plan or
any Award. The Company will indemnify and hold harmless such individual           to the
maximum extent that the law and the Company’s bylaws permit.  

		    3.       Eligibility.
(a) The Committee may designate from time to time the           Participants to receive
Awards under this Plan. The Committee’s designation           of a Participant in
any year will not require the Committee to designate such           person to receive an
Award in any other year. The Committee may consider such           factors as it deems
pertinent in selecting a Participant and in determining the           types and amounts
of Awards. In making such selection and determination, factors           the Committee
may consider include: (a) the Company’s financial           condition; (b) anticipated
profits for the current or future years;           (c) the Participant’s
contributions to the profitability and           development of the Company; and (d) other
compensation provided to the           Participant. Non-Employee Directors automatically
receive Options under           Section 6(d), without action of the Committee, and
are not eligible to           receive any other Awards.  

		    4.       Types
of Awards. 

		    (a)       Discretionary
Grants of Awards. Subject to the terms of this Plan, the           Committee has full
power and authority to: (i) determine the type or types           of Awards to be
granted to each Participant; (ii) determine the number of           Shares with
respect to which an Award is granted to a Participant, if           applicable; and (iii) determine
any terms and conditions of any Award           granted to a Participant. Awards under
this Plan may be granted either alone or           in addition to, in tandem with, or in
substitution for any other Award (or any           other award granted under another plan
of the Company or any Affiliate). Tandem           Awards may be granted either at the
same time as, or at different times from,           the grant of the other Awards (or
awards) to which they relate.  

		    (b)       Automatic
Grants to Non-Employee Directors. Each Non-Employee Director           will
automatically receive Options under this Plan as provided in           Section 6(d).  

		    5.       Shares
Reserved under this Plan.  

		    (a)       Plan
Reserve. An aggregate of 5,000,000 Shares are reserved for issuance           under
this Plan. However, not more than 5,000,000 of the reserved Shares may be
          issued pursuant to incentive stock options. The number of Shares reserved for
          issuance under this Plan shall be reduced only by the number of Shares
delivered           in payment or settlement of Awards. As to Awards that are (i)
Restricted Stock,           (ii) Performance Shares, or (iii) Performance Units that are
paid in Shares or           the value of which is based on the Fair Market Value of
Shares, the Company may           not issue, or make payments as to more than 1,000,000
Shares in the aggregate.           The limitations of this subsection are subject to
adjustments as provided in           Section 12.  

		    (b)       Replenishment
of Shares Under this Plan. If an Award lapses, expires,           terminates or is
cancelled without the issuance of Shares or payment of cash           under the Award,
then the Shares subject to, reserved for or delivered in           payment in respect of
such Award may again be used for new Awards under this           Plan as determined under
subsection (a), including issuance as Restricted Stock           or pursuant to incentive
stock options. If Shares are issued under any Award and           the Company
subsequently reacquires them pursuant to rights reserved upon the           issuance of
the Shares, or if previously owned Shares are delivered to the           Company in
payment of the exercise price of an Award, then the Shares subject           to, reserved
for or delivered in payment in respect of such Award may again be           used for new
Awards under this Plan as determined under subsection (a),           including issuance
as Restricted Stock, but such shares may not be issued           pursuant to incentive
stock options.  

		    (c)       Addition
of Shares from Predecessor Plan. After the Effective Date of           this Plan, if
any Shares subject to awards granted under the Amended and           Restated Snap-on
Incorporated 1986 Incentive Stock Program would again become           available for new
grants under the terms of such prior plan if the prior plan           were still in
effect, then those Shares will be available for the purpose of           granting Awards
under this Plan, thereby increasing the Shares available under           this Plan as
determined under the first sentence of subsection (a). Any such           Shares will not
be available for future awards under the terms of the Amended           and Restated
Snap-on Incorporated 1986 Incentive Stock Program.  

		    (d)       Participant
Limitations. Subject to adjustment as provided in           Section 12, no
Participant may be granted Awards under this Plan that could           result in such
Participant: (i) receiving in any single fiscal year of the           Company
Options for more than 1,000,000 Shares, (ii) receiving Awards of
          Restricted Stock in any single fiscal year of the Company relating to more than
          200,000 Shares, (iii) receiving Performance Shares in any single fiscal
          year of the Company relating to more than 40,000 Shares; (iv) receiving
          Awards of Performance Units in any single fiscal year of the Company with a
          designated dollar value that exceeds $1,000,000 and/or receiving Awards of
          Performance Units in any single fiscal year of the Company, the value of which
          is based on the Fair Market Value of Shares, relating to more than 40,000
          Shares; or (v) receiving an annual incentive award in any single fiscal
          year of the Company that is more than $3,000,000. In all cases, determinations
          under this Section 5 should be made in a manner that is consistent with
the           exemption for performance-based compensation that Code Section 162(m)
          provides.  

		    6.       Options.  

		    (a)       Eligibility.
The Committee may grant Options to any Participant it                selects. The
Committee must specify whether the Option is an incentive stock                option or
a nonqualified stock option, but only employees of the Company or a
               Subsidiary may receive grants of incentive stock options. Director Options
are                automatic grants as specified in subsection (d).  

		    (b)       Exercise
Price. For each Option other than Director Options, the                Committee will
establish the exercise price, which may not be less than the Fair                Market
Value of the Shares subject to the Option as determined on the date of
               grant.  

		    (c)       Terms
and Conditions of Options. An option will be exercisable at such                times
and subject to such conditions as the Committee specifies, except that the
               Option must terminate no later than 10 years after the date of grant.
In                all other respects, the terms of any incentive stock option should
comply with                the provisions of Code section 422 except to the extent
the Committee                determines otherwise.  

		    (d)       Terms
and Conditions of Non-Employee Director Options. On the date of                each
annual meeting of shareholders of the Company during the term of this Plan,
               each Non-Employee Director (including members of the Committee) will
               automatically be granted on such meeting date a nonqualified stock option
for                the purchase of 3,000 Shares at a purchase price equal to the Fair
Market Value                of the Shares on such date (“Director Options”).
Each Director Option                will be immediately exercisable and, except as the
Committee may otherwise                provide, will terminate upon the earliest of: (i) 10 years
from the                date of grant; (ii) if the Director is at least age 65 or
has completed six                years of service, three years after the Director ceases
to serve on the Board                for any reason other than death; (iii) if the
Director is not age 65 and                has not completed six years of service, six
months after the Director ceases to                serve on the Board for any reason
other than death of the Director; or                (iv) 12 months after the
date of death if the Director should die                while serving, or within any
period after termination of his or her service                during which the Director
Option was exercisable. Non-Employee Directors will                not be eligible for
any other Award under this Plan.  

		    7.       Performance
and Stock Awards.  

		    (a)       Eligibility
for Performance and Stock Awards. The Committee may grant                awards of
Restricted Stock, Performance Shares or Performance Units to                Participants
the Committee selects. 

		    (b)       Terms
and Conditions. Each award of Restricted Stock, Performance Shares                or
Performance Units may be subject to such terms and conditions as the
               Committee determines appropriate, including, without limitation, a
condition                that one or more Performance Goals be achieved for the
Participant to realize                all or a portion of the benefit provided under the
Award. However, an award of                Restricted Stock that requires the achievement
of Performance Goals must have a                restriction period of at least one year,
and an award of Restricted Stock that                is not subject to Performance Goals
must have a restriction period of at least                three years. Notwithstanding
the foregoing, the Committee may provide that the                restrictions imposed on
Restricted Stock are accelerated, and that all or a                portion of the
Performance Goals subject to an Award are deemed achieved, upon a
               Participant’s death, disability or retirement. The Committee may
determine                to pay Performance Units in cash, in Shares, or in a combination
of cash and                Shares.  

		    8.       Annual
Management Incentive Awards. The Committee may grant annual                incentive
awards each year to such executive officers of the Company as it                selects.
The Committee will determine all terms and conditions of the annual
               incentive award. However, the Committee must require that payment of all
or any                portion of the amount subject to the annual incentive award is
contingent on the                achievement or partial achievement of one or more
Performance Goals during the                period the Committee specifies. An annual
incentive award must relate to a                period of at least one year except that,
if the award is made at the time of                commencement of employment with the
Company or on the occasion of a promotion,                then the award may relate to a
period shorter than one year.  

		    9.       Transferability. Each
Award granted under this Plan is not transferable                other than by will or
the laws of descent and distribution, except that a                Participant or
Non-Employee Director may, to the extent the Committee allows and                in a
manner the Committee specifies: (a) designate in writing a beneficiary
               to exercise the Award after the Participant’s or Non-Employee
               Director’s death; or (b) transfer any award.  

		    10.       Termination
and Amendment of Plan; Amendment, Modification or Cancellation of                Awards.  

		    (a)       Term
of Plan. This Plan will terminate, and no Award may be granted, more
               than ten (10) years after the Effective Date, unless the Board
earlier                terminates this Plan pursuant to subsection (b).  

		    (b)       Termination
and Amendment. The Board may amend, alter, suspend,                discontinue or
terminate this Plan at any time, subject to the following                limitations:  

		    (i)        the
provisions of Section 6(d) may not be amended more than once every six
               (6) months other than to comport with changes in the Code, the
Employee                Retirement Income Security Act of 1974, as amended, or the rules
promulgated                thereunder;  

		    (ii)       shareholders
must approve any amendment of this Plan if required by:                (A) the rules
and/or regulations promulgated under Section 16 of the                Exchange Act
(for this Plan to remain qualified under Rule 16b-3),                (B) the
Code or any rules promulgated thereunder (to allow for incentive                stock
options to be granted under this Plan or to enable the Company to comply
               with the provisions of Section 162(m) of the Code so that the Company
can                deduct compensation in excess of the limitation set forth in that
section), or                (C) the listing requirements of the New York Stock
Exchange or any                principal securities exchange or market on which the
Shares are then traded (to                maintain the listing or quotation of the Shares
on that exchange); and  

		    (iii)       shareholders
must approve any of the following Plan amendments: (A) an                amendment
to materially increase any number of Shares specified in                Section 5(a)
or 5(d) (except as permitted by Section 12); (B) an                amendment to
shorten the restriction periods specified in Section 7(b); or                (C) an
amendment to the provisions of Section 10(e).  

		    (c)       Amendment,
Modification or Cancellation of Awards. Except as provided in
               subsection (e) and subject to the requirements of this Plan, the
Committee                may modify or amend any Award or waive any restrictions or
conditions applicable                to any Award or the exercise of the Award, and the
terms and conditions                applicable to any Awards may at any time be amended,
modified or canceled by                mutual agreement between the Committee and the
Participant or any other persons                as may then have an interest in the
Agreement, so long as any amendment or                modification does not increase the
number of Shares issuable under this Plan                (except as permitted by Section 12).  

		    (d)       Survival
of Committee Authority and Awards. Notwithstanding the                foregoing, the
authority of the Committee to administer this Plan and modify or                amend an
Award may extend beyond the date of this Plan’s termination. In
               addition, termination of this Plan will not affect the rights of
Participants or                Non-Employee Directors with respect to Awards previously
granted to them, and                all unexpired Awards will continue in force and
effect after termination of this                Plan except as they may lapse or be
terminated by their own terms and                conditions.  

		    (e)       Repricing
Prohibited. Notwithstanding anything in this Plan to the                contrary, and
except for the adjustments provided in Section 12, neither                the
Committee nor any other person may decrease the exercise price for any
               outstanding Option granted under this Plan after the date of grant nor
allow a                Participant or Non-Employee Director to surrender an outstanding
Option granted                under this Plan to the Company as consideration for the
grant of a new Option                with a lower exercise price.  

		    (f)       Foreign
Participation. To assure the viability of Awards granted to
               Participants employed in foreign countries, the Committee may provide for
such                special terms as it may consider necessary or appropriate to
accommodate                differences in local law, tax policy or custom. Moreover, the
Committee may                approve such supplements to, or amendments, restatements or
alternative versions                of this Plan as it determines is necessary or
appropriate for such purposes. Any                such amendment, restatement or
alternative versions that the Committee approves                for purposes of using
this Plan in a foreign country will not affect the terms                of this Plan for
any other country. In addition, all such supplements,                amendments,
restatements or alternative versions must comply with the provisions                of
Section 10(b)(iii).  

		    11.       Taxes.
The Company is entitled to withhold the amount of any tax                attributable
to any amount payable or Shares deliverable under this Plan after                giving
the person entitled to receive such amount or Shares notice as far in
               advance as practicable, and the Company may defer making payment or
delivery if                any such tax may be pending unless and until indemnified to
its satisfaction.                The Committee may permit a Participant to pay all or a
portion of the federal,                state and local withholding taxes arising in
connection with (a) the                exercise of a nonqualified stock option, (b) a
disqualifying disposition of                Shares received upon the exercise of an
incentive stock option, or (c) the                lapse of restrictions on
Restricted Stock, by electing to (i) have the                Company withhold Shares
otherwise issuable under the Award, (ii) tender                back Shares received
in connection with such Award or (iii) deliver other                previously owned
Shares, in each case having a Fair Market Value equal to the                amount to be
withheld. However, the amount to be withheld may not exceed the                total
minimum federal, state and local tax withholding obligations associated
               with the transaction. The election must be made on or before the date as
of                which the amount of tax to be withheld is determined and otherwise as
the                Committee requires. The Fair Market Value of fractional Shares
remaining after                payment of the withholding taxes may be paid to the
Participant in cash.  

		    12.       Adjustment
Provisions; Change of Control.  

		    (a)       Adjustment
of Shares. In the event of any Change in Capitalization, a
               proportionate substitution or adjustment may be made in (i) the aggregate
number                and/or kind of shares or other property reserved for issuance under
the Plan and                (ii) the number, kind and/or exercise price of shares or
other property to be                delivered under the Plan, in each case as may be
determined by the Committee in                its sole discretion. Such other
proportionate substitutions or adjustments may                be made as shall be
determined by the Committee in its sole discretion.                “Change in
Capitalization” means any increase, reduction, change or                exchange of
shares of Common Stock for a different number or kind of shares or                other
securities or property by reason of a reclassification, recapitalization,
               merger, consolidation, reorganization, issuance of warrants or rights,
stock                dividend, stock split or reverse stock split, combination or
exchange of shares,                repurchase of shares, change in corporate structure or
otherwise; or any other                corporate action, such as declaration of a special
dividend, that affects the                capitalization of the Company.  

		    (b)       Issuance
or Assumption. Notwithstanding any other provision of this Plan,                and
without affecting the number of Shares otherwise reserved or available under
               this Plan, in connection with any merger, consolidation, acquisition of
property                or stock, or reorganization, the Committee may authorize the
issuance or                assumption of awards upon such terms and conditions as it may
deem appropriate.  

		    (c)       Change
of Control. Except to the extent the Committee provides a result                more
favorable to holders of Awards, upon the occurrence of a Change of Control,  

		    (i)        all
outstanding Options shall vest automatically;  

		    (ii)        the
restrictions on Restricted Stock shall lapse;  

		    (iii)        within
ten days following the Change of Control, the Company shall pay each
               holder of a Performance Share and/or Performance Unit as if the
performance                period had expired on the date of the Change of Control;  

		    (iv)        within
ten days following the Change of Control, the Company shall pay each
               holder for each Performance Share and/or Performance Unit that has been
earned                but not yet paid;  

		    (v)        each
annual incentive award which has not yet been earned as of the Change of
               Control shall be deemed to have been earned pro rata as if the Performance
Goals                were attained as of the Change of Control, by taking the product of
(A) the                Participant’s maximum award opportunity for the fiscal year
and (B) a                fraction, the numerator of which is the number of full or
partial months that                have elapsed from the beginning of the fiscal year to
the date of the Change of                Control and the denominator of which is 12, and
within ten days following the                Change of Control, the Company shall pay
each holder of such an annual incentive                award, in full settlement thereof,
an amount in cash equal to the value of such                pro rata award;  

		    (vi)        within
ten days following the Change of Control, the Company shall pay to each
               holder of an annual incentive award that has been earned but not yet paid,
in                full settlement thereof, an amount in cash equal to the value of such
award; and  

		    (vii)        within
ten days following the Change in Control, the Company shall pay to each
               holder of an Award with respect to which dividend equivalents or similar
amounts                have been credited and not yet paid pursuant to any other
provision of this                Section 12(c), a cash payment equal to the value of such
dividend equivalents or                similar amounts.  

		    13.       Miscellaneous.  

		    (a)       Other
Terms and Conditions. The grant of any Award under this Plan may                also
be subject to other provisions (whether or not applicable to the Award
               awarded to any other Participant) as the Committee determines appropriate,
               including, without limitation, provisions for:  

		    (i)        one
or more means to enable Participants or Non-Employee Directors to defer the
               delivery of Shares or recognition of taxable income relating to Awards or
cash                payments derived from the Awards on such terms and conditions as the
Committee                determines, including, by way of example, the form and manner of
the deferral                election, the treatment of dividends paid on the Shares
during the deferral                period or a means for providing a return to a
Participant or Non-Employee                Director on amounts deferred, and the
permitted distribution dates or events                (provided that no such deferral
means may result in an increase in the number of                Shares issuable under
this Plan);  

		    (ii)        the
purchase of Shares under Options in installments;  

		    (iii)        the
payment of the purchase price of Options by delivery of cash or other Shares
               or other securities of the Company (including by attestation) having a
then Fair                Market Value equal to the purchase price of such Shares, or by
delivery                (including by fax) to the Company or its designated agent of an
executed                irrevocable option exercise form together with irrevocable
instructions to a                broker-dealer to sell or margin a sufficient portion of
the Shares and deliver                the sale or margin loan proceeds directly to the
Company to pay for the exercise                price;  

		    (iv)        provisions
giving the Participant the right to receive dividend payments or                dividend
equivalent payments with respect to the Shares subject to the Award                (both
before and after the Shares subject to the Award are earned, vested or
               acquired), which payments may be either made currently or credited to an
account                for the Participant, and may be settled in cash or Shares, as the
Committee                determines;  

		    (v)        restrictions
on resale or other disposition; and  

		    (vi)        compliance
with federal or state securities laws and stock exchange                requirements.  

In any event, to the extent
Rule 16b-3 so requires, Director Options are automatic, and the amount and terms of
such Director Options will be determined as provided in Section 6(d). 

		    (b)       No
Fractional Shares. No fractional Shares or other securities may be
               issued or delivered pursuant to this Plan, and the Committee may determine
               whether cash, other securities or other property will be paid or
transferred in                lieu of any fractional Shares or other securities, or
whether such fractional                Shares or other securities or any rights to
fractional Shares or other                securities will be canceled, terminated or
otherwise eliminated.  

		    (c)       Unfunded
Plan. This Plan is unfunded and does not create, and should not                be
construed to create, a trust or separate fund with respect to this                Plan’s
benefits. This Plan does not establish any fiduciary relationship                between
the Company and any Participant, Non-Employee Director or other person.                To
the extent any person holds any rights by virtue of an Award granted under
               this Plan, such rights are no greater than the rights of the Company’s
               general unsecured creditors.  

		    (d)       Requirements
of Law. The granting of Awards under this Plan and the                issuance of
Shares in connection with an Award are subject to all applicable                laws,
rules and regulations and to such approvals by any governmental agencies
               or national securities exchanges as may be required. Notwithstanding any
other                provision of this Plan or any award agreement, the Company has no
liability to                deliver any Shares under this Plan or make any payment unless
such delivery or                payment would comply with all applicable laws and the
applicable requirements of                any securities exchange or similar entity.  

		    (e)       Governing
Law. This Plan, and all agreements under this Plan, should be
               construed in accordance with and governed by the laws of the State of
Wisconsin,                without reference to any conflict of law principles, except for
corporate law                matters which are governed by the laws of the State of
Delaware. Any legal                action or proceeding with respect to this Plan, any
Award or any award                agreement, or for recognition and enforcement of any
judgment in respect of this                Plan, any Award or any award agreement, may
only be brought and determined in a                court sitting in the County of
Kenosha, or the Federal District Court for the                Eastern District of
Wisconsin sitting in the County of Milwaukee, in the State                of Wisconsin.  

		    (f)       Severability.
If any provision of this Plan or any award agreement or any                Award (i) is
or becomes or is deemed to be invalid, illegal or                unenforceable in any
jurisdiction, or as to any person or Award, or                (ii) would disqualify
this Plan, any award agreement or any Award under any                law the Committee
deems applicable, then such provision should be construed or                deemed
amended to conform to applicable laws, or if it cannot be so construed or
               deemed amended without, in the determination of the Committee, materially
               altering the intent of this Plan, award agreement or Award, then such
provision                should be stricken as to such jurisdiction, person or Award, and
the remainder                of this Plan, such award agreement and such Award will
remain in full force and                effect.  

		    14.       Definitions.
Capitalized terms used in this Plan have the following                meanings:  

		    (a)        “Affiliates” means
any corporation, partnership, joint venture, or                other entity during any
period in which the Company owns, directly or                indirectly, at least twenty
percent (20%) of the equity, voting or profits                interest, and any other
business venture that the Committee designates in which                the Company has a
significant interest, as the Committee determines in its                discretion.  

		    (b)        “Award” means
grants of Options, Performance Shares, Performance                Units, Restricted Stock
or an annual incentive award under this Plan.  

		    (c)        “Board” means
the Board of Directors of the Company.  

		    (d)        For
purposes of this Plan, a “Change of Control” shall be deemed to
               have occurred on the first to occur of any one of the events set forth in
the                following paragraphs:  

		    (i)        any
Person is or becomes the Beneficial Owner, directly or indirectly, of
               securities of the Company (not including in the securities Beneficially
Owned by                such Person any securities acquired directly from the Company or
its COC                Affiliates) representing 25% or more of either the then
outstanding shares of                common stock of the Company or the combined voting
power of the Company’s                then outstanding voting securities, excluding
any Person who becomes such a                Beneficial Owner in connection with a
transaction described in clause (A) of                paragraph (iii) below; or  

		    (ii)        the
following individuals cease for any reason to constitute a majority of the
               number of directors then serving: individuals who, on January 25, 2002,
               constitute the Board and any new director (other than a director whose
initial                assumption of office is in connection with an actual or threatened
election                contest, including but not limited to a consent solicitation,
relating to the                election of directors of the Company as such terms are
used in Rule 14a-11 of                Regulation 14A under the Exchange Act) whose
appointment or election by the                Board or nomination for election by the
Company’s shareholders was approved                or recommended by a vote of at
least two-thirds (2/3) of the directors then                still in office who either
were directors on January 25, 2002 or whose                appointment, election or
nomination for election was previously so approved or                recommended; or  

		    (iii)        there
is consummated a merger or consolidation of the Company or any direct or
               indirect subsidiary of the Company with any other corporation, other than
(A) a                merger or consolidation which would result in the voting securities
of the                Company outstanding immediately prior to such merger or
consolidation continuing                to represent (either by remaining outstanding or
by being converted into voting                securities of the surviving entity or any
parent thereof) at least 60% of the                combined voting power of the voting
securities of the Company or such surviving                entity or any parent thereof
outstanding immediately after such merger or                consolidation, or (B) a
merger or consolidation effected to implement a                recapitalization of the
Company (or similar transaction) in which no Person is                or becomes the
Beneficial Owner, directly or indirectly, of securities of the                Company
(not including in the securities Beneficially Owned by such Person any
               securities acquired directly from the Company or its COC Affiliates)
               representing 25% or more of either the then outstanding shares of common
stock                of the Company or the combined voting power of the Company’s
then                outstanding voting securities; or  

		    (iv)        the
shareholders of the Company approve a plan of complete liquidation or
               dissolution of the Company or there is consummated an agreement for the
sale or                disposition by the Company of all or substantially all of the
Company’s                assets (in one transaction or a series of related
transactions within any period                of 24 consecutive months), other than a
sale or disposition by the Company of                all or substantially all of the
Company’s assets to an entity, at least 75%                of the combined voting
power of the voting securities of which are owned by                shareholders of the
Company in substantially the same proportions as their                ownership of the
Company immediately prior to such sale.  

Notwithstanding the foregoing, no
“Change of Control” shall be deemed to have occurred if there is consummated any
transaction or series of integrated transactions immediately following which the record
holders of the common stock of the Company immediately prior to such transaction or series
of transactions continue to have substantially the same proportionate ownership in an
entity which owns all or substantially all of the assets of the Company immediately
following such transaction or series of transactions. 

For purposes of this definition of
Change of Control, “COC Affiliate” shall have the meaning of
“affiliate,” as set forth in Rule 12b-2 promulgated under Section 12 of the
Exchange Act; “Beneficial Owner” shall have the meaning set forth in Rule 13d-3
under the Exchange Act; and “Person” shall have the meaning given in Section
3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof,
except that such term shall not include (i) the Company or any of its subsidiaries, (ii) a
trustee or other fiduciary holding securities under an employee benefit plan of the
Company or any of its COC Affiliates, (iii) an underwriter temporarily holding securities
pursuant to an offering of such securities, (iv) a corporation owned, directly or
indirectly, by the shareholders of the Company in substantially the same proportions as
their ownership of stock of the Company or (v) any individual, entity or group which is
permitted to, and actually does, report its Beneficial Ownership on Schedule 13G (or any
successor schedule); provided that if any such individual, entity or group subsequently
becomes required to or does report its Beneficial Ownership on Schedule 13D (or any
successor schedule), such individual, entity or group shall be deemed to be a Person for
purposes hereof on the first date on which such individual, entity or group becomes
required to or does so report Beneficial Ownership of all of the voting securities of the
Company Beneficially Owned by it on such date. 

		    (e)       “Change
of Control Price” means the higher of (i) the Fair Market           Value of the
Shares, as determined on the date of the Change of Control; or (ii)           the highest
price per Share paid in the Change of Control transaction.  

		    (f)       “Code” means
the Internal Revenue Code of 1986, as amended. Any           reference to a specific
provision of the Code includes any successor provision           and the regulations
promulgated under such provision.  

		    (g)       “Committee” means
the Organization and Executive Compensation           Committee of the Board (or such
successor committee with the same or similar           authority), which must be composed
of not less than two Directors, each of whom           must qualify as an “outside
director” within the meaning of Code           Section 162(m) and as a “non-employee
director” within the           meaning of Rule 16b-3.  

		    (h)       “Common
Stock” means the common stock of the Company.  

		    (i)       “Company” means
Snap-on Incorporated, a Delaware corporation, or any           successor to Snap-on
Incorporated, a Delaware corporation.  

		    (j)       “Director” means
a member of the Board, and “Non-Employee           Director” means a member of
the Board who is not also an employee of the           Company or its Affiliates.  

		    (k)       “Effective
Date” means the date the Company’s shareholders           approve this Plan.  

		    (l)       “Exchange
Act” means the Securities Exchange Act of 1934, as amended.           Any reference
to a specific provision of the Exchange Act includes any successor           provision
and the regulations and rules promulgated under such provision.  

		    (m)       “Fair
Market Value” means, per Share on a particular date, the last           sales price
on such date on the national securities exchange on which the Common           Stock is
then traded, as reported in The Wall Street Journal, or           if no
sales of Common Stock occur on the date in question, on the last preceding           date
on which there was a sale on such exchange. If the Shares are not listed on           a
national securities exchange, but are traded in an over-the-counter market,           the
last sales price (or, if there is no last sales price reported, the average           of
the closing bid and asked prices) for the Shares on the particular date, or           on
the last preceding date on which there was a sale of Shares on that market,
          will be used. If the Shares are neither listed on a national securities
exchange           nor traded in an over-the-counter market, the price determined by the
Committee,           in its discretion, will be used.  

		    (n)       “Option” means
the right to purchase Shares at a stated price.           “Options” may either
be “incentive stock options” which meet           the requirements of Code
section 422, or “nonqualified stock           options” which do not meet
the requirements of Code section 422.  

		    (o)       “Participant” means
an officer or other employee of the Company or its           Affiliates, or an individual
that the Company or an Affiliate has engaged to           become an officer or employee,
or a consultant or advisor who provides services           to the Company or its
Affiliates, who the Committee designates to receive an           Award under this Plan.  

		    (p)       “Performance
Goals” means any goals the Committee establishes that           relate to one or
more of the following with respect to the Company or any one or           more
Subsidiaries or other business units: revenue; cash flow; net cash provided           by
operating activities; net cash provided by operating activities less net cash
          used in investing activities; cost of goods sold; ratio of debt to debt plus
          equity; profit before tax; gross profit; net profit; net sales; earnings before
          interest and taxes; earnings before interest, taxes, depreciation and
          amortization; Fair Market Value of Shares; basic earnings per share; diluted
          earnings per share; return on shareholder equity; average accounts receivable
          (calculated by taking the average of accounts receivable at the end of each
          month); average inventories (calculated by taking the average of inventories at
          the end of each month); return on average total capital employed; return on net
          assets employed before interest and taxes; economic value added; return on
          year-end equity; and/or in the case of Awards that the Committee determines
will           not be considered “performance-based compensation” under Code
          section 162(m), such other goals as the Committee may establish in its
          discretion.  

		    (q)       “Performance
Shares” means the right to receive Shares to the extent           the Company or
Participant achieves certain goals that the Committee establishes           over a period
of time the Committee designates consisting of one or more full           fiscal years of
the Company, but not in any event more than five years.  

		    (r)       “Performance
Units” means the right to receive monetary units with a           designated dollar
value or monetary units the value of which is equal to the           Fair Market Value of
one or more Shares, to the extent the Company or           Participant achieves certain
goals that the Committee establishes over a period           of time the Committee
designates consisting of one or more full fiscal years of           the Company, but in
any event not more than five years.  

		    (s)       “Plan” means
this Snap-on Incorporated 2001 Incentive Stock and Awards           Plan, as amended from
time to time.  

		    (t)       “Restricted
Stock” means Shares that are subject to a risk of           forfeiture and/or
restrictions on transfer, which may lapse upon the achievement           or partial
achievement of Performance Goals during the period specified by the           Committee
and/or upon the completion of a period of service, as determined by           the
Committee.  

		    (u)       “Section 16
Participants” means Participants who are subject to           the provisions of
Section 16 of the Exchange Act.  

		    (v)       “Share” means
a share of Common Stock.  

		    (w)       “Subsidiary” means
any corporation in an unbroken chain of           corporations beginning with the Company
if each of the corporations (other than           the last corporation in the chain) owns
stock possessing more than fifty percent           (50%) of the total combined voting
power of all classes of stock in one of the           other corporations in the chain.  

*****Amended and
Restated
Snap-on Incorporated 
Directors’ 1993 Fee Plan
(as amended through February
18, 2005)  

    1.       Purpose.
The Amended and Restated Snap-on Incorporated Directors’          1993 Fee Plan (the
“Plan”) is intended to provide an incentive to           members of the Board
of Directors (the “Board”) of Snap-on           Incorporated, a Delaware
corporation (the “Company”), who are not           employees of the Company (“Directors”),
to remain in the service of           the Company and increase their efforts for the
success of the Company and to           encourage such Directors to own shares of the
Company’s stock or           participate in a Company phantom stock account, thereby
aligning their interests           more closely with the interests of stockholders.  

    2.       Definitions.  

        (a)              “Board” means
the Board of Directors of the Company.  

        (b)              “Committee” means
a committee consisting of members of the Board           authorized to administer the
Plan.  

        (c)              “Common
Stock” means the common stock, par value $1.00 per share, of           the Company.  

        (d)              “Deferral
Election” means an election pursuant to Section 6 hereof to           defer receipt
of Fees and/or shares of Common Stock which would otherwise be           received
pursuant to Elective Grants.  

        (e)              “Deferred
Amounts” mean the amounts credited to a Director’s           Share Account or
Cash Account pursuant to a Deferral Election.  

        (f)              “Director” means
a member of the Board or an appointed Director           Emeritus, who is not an employee
of the Company.  

        (g)       “Elective
Grants” shall have the meaning set forth in Section 5(a)           hereof.  

        (h)       “Exchange
Act” means the Securities Exchange Act of 1934, as amended.  

        (i)       “Fair
Market Value” means the closing price of the Common Stock on the           New York
Stock Exchange on any particular date; provided, however, that for           purposes of
Section 8, Fair Market Value shall mean the closing price of Common           Stock on
the New York Stock Exchange on the date of the Change of Control (as           defined
therein) or, if higher, the highest price per share of Common Stock paid           in the
transaction giving rise to the Change of Control.  

        (j)       “Fees” mean
the annual retainer scheduled to be paid to a Director for           the calendar year
plus any additional fees (including meeting and committee           fees) earned by a
Director for his or her services on the Board during the           calendar year.  

        (k)       “Grants” mean
Elective Grants.  

        (l)       “Share
Election” shall have the meaning set forth in Section 5(a)           hereof.  

    3.       Administration
of the Plan.  

        (a)       Member
of the Committee. The Plan shall be administered by the Committee.           Members of
the Committee shall be appointed from time to time by the Board,           shall serve at
the pleasure of the Board and may resign at any time upon written           notice to the
Board.  

        (b)       Authority
of the Committee. The Committee shall adopt such rules as it may deem
          appropriate in order to carry out the purpose of the Plan. All questions of
          interpretation, administration, and application of the Plan shall be determined
          by a majority of the members of the Committee then in office, except that the
          Committee may authorize any one or more of its members, or any officer of the
          Company, to execute and deliver documents on behalf of the Committee. The
          determination of such majority shall be final and binding in all matters
          relating to the Plan. No member of the Committee shall be liable for any act
          done or omitted to be done by such member or by any other member of the
          Committee in connection with the Plan, except for such member’s own
willful           misconduct or as expressly provided by statute.  

    4.       Stock
Reserved for the Plan. The number of shares of Common Stock           authorized for
issuance under the Plan is 300,000, subject to adjustment           pursuant to Section 7
hereof. Shares of Common Stock delivered hereunder may be           either authorized but
unissued shares or previously issued shares reacquired and           held by the Company.  

    5.       Terms
and Conditions of Grants.  

        (a)       Elective
Grant. Subject to Section 5(d) hereof, each Director may make an           election
(the “Share Election”) to receive (subject to a Deferral           Election)
any or all of his or her Fees earned in each calendar year in the form           of
Common Stock (the “Elective Grants”). The shares of Common Stock           (and
cash in lieu of fractional shares) issuable pursuant to a Share Election           shall
be transferred in accordance with Section 5(b) hereof. The Share Election           (i)
must be in writing and delivered to the Secretary of the Company, (ii) shall           be
effective commencing on the date the Secretary receives the Share Election or
          such later date as may be specified in the Share Election, and (iii) shall
          remain in effect unless modified or revoked by a subsequent Share Election in
          accordance with the provisions hereof.  

        (b)       Transfer
of Shares. Shares of Common Stock issuable to a Director with           respect
Elective Grants shall be transferred to such Director as of the last           business
day of each calendar month. The total number of shares of Common Stock           to be so
transferred shall be determined by dividing (a) the dollar amount of           the
Director’s Fees payable during the applicable calendar month to which           the
Share Election applies, by (b) the Fair Market Value of a share of Common           Stock
on the last business day of such calendar month. In no event, shall the           Company
be required to issue fractional shares. Whenever under the terms of this
          Section 5 a fractional share of Common Stock would otherwise be required to be
          issued to a Director, an amount in lieu thereof shall be paid in cash based
upon           the Fair Market Value of such fractional share.  

        (c)       Termination
of Services. If a Director’s services as a Board member           are terminated
before the end of a calendar quarter, the Director shall receive           in cash the
Fees such Director would otherwise have been entitled to receive for           such
quarter in the absence of this Plan.  

        (d)       Commencement
of Grants. Notwithstanding anything in this Plan to the           contrary, no Grants
shall be effective with respect to Fees to be paid prior to           the requisite
approval of this Plan by the stockholders of the Company.  

    6.       Deferral
Election.  

        (a)       In
General. Each Director may irrevocably elect annually (a           “Deferral
Election”) to defer receiving all or a portion of the shares           of Common
Stock (that would otherwise be transferred upon a Grant) or such           Director’s
Fees in respect of a calendar year that are not subject to a           Grant. Deferral
Elections shall be made in multiples of ten percent. A Director           who makes a
Deferral Election with respect to Grants shall have the amount of           deferred
shares of Common Stock credited to a “Share Account” in the           form of
“Share Units.” A Director who makes a Deferral Election with           respect
to Fees that are not subject to a Grant shall have the amount of           Deferred Fees
credited to a “Cash Account.” Collectively, the amounts           deferred in a
Director’s Share Account and Cash Account shall hereafter be           the “Deferred
Amounts.” 

        (b)       Timing
of Deferral Election. The Deferral Election shall be in writing           and
delivered to the Secretary of the Company on or prior to December 31 of the
          calendar year immediately preceding the calendar year in which the applicable
          Fees are to be earned; provided, however, that a New Director may
          make a Deferral Election with respect to Fees earned subsequent to such
election           during the thirty-day period immediately following the commencement of
his or           her directorship. A Deferral Election, once made, shall be irrevocable
for the           calendar year with respect to which it is made and shall remain in
effect for           future calendar years unless modified or revoked by a subsequent
Deferral           Election in accordance with the provisions hereof. A Deferral Election
may be           changed only with respect to fees earned subsequent to the effective
date of           such Election; provided, however, until December 31, 1999, Directors
may execute           a new Deferral Election to change the payment commencement date
and/or manner of           payments for previously Deferred Amounts.  

        (c)       Cash
Dividends and Share Accounts. Whenever cash dividends are paid by           the
Company on outstanding Common Stock, there shall be credited to the           Director’s
Share Account additional Share Units equal to (i) the aggregate           dividend that
would be payable on outstanding Shares of Common Stock equal to           the number of
Share Units in such Share Account on the record date for the           dividend, divided
by (ii) the Fair Market Value of the Common Stock on the last           trading business
day immediately preceding the date of payment of the dividend.  

        (d)       Cash
Accounts. At the election of a Director, a Director’s Cash           Account
shall be credited or debited with (i) interest at an annual rate equal           to the
sum of the daily interest earned at a rate specified by the Committee and
          compounded monthly or (ii) the annual investment return relating to such
          investment vehicle or vehicles that the Director chooses from those the
          Committee determines to make available, or such combination of (i) and (ii) as
          the Director designates at the time of a Deferral Election or a modification
          thereof.  

        (e)       Commencement
of Payments. Except as otherwise provided in Sections 6(h)           and 8(b), a
Director’s Deferred Amounts shall become payable as soon as           practicable
following the earlier to occur of (a) the date the Director           terminates service
as a Director or (b) the Director’s attainment of age 70           years or such
later date designated by the Director in the Deferral Election.  

        (f)       Form
of Payments. Subject to a Director’s right to convert a Share           Account
balance to a Cash Account, all payments from a Share Account shall be           made in
shares of Common Stock by converting Share Units into Common Stock on a
          one-for-one basis, with payment of fractional shares to be made in cash. All
          payments from a Cash Account shall be made in cash.  

        (g)       Manner
of Payments. In his or her Deferral Election, each Director shall           elect to
receive payment of his or her Deferred Amounts either in a lump sum or           in two
to fifteen substantially equal annual installments. In the event of a           Director’s
death, payment of the remaining portion of the Director’s           Deferred Amounts
will be made to the Director’s beneficiary in a lump sum           as soon as
practicable following the Director’s death.  

        (h)       Hardship
Distribution. Notwithstanding any Deferral Election, in the           event of severe
financial hardship to a Director resulting from a sudden and           unexpected
illness, accident or disability of the Director or other similar           extraordinary
and unforeseeable circumstances arising as a result of events           beyond the
control of the Director, all as determined by the Committee, a           Director may
withdraw any portion of the Share Units in his or her Share Account           or cash in
his or her Cash Account by providing written notice to the Secretary           of the
Company. All payments resulting from such a hardship shall be made in the           form
provided in Section 6(f) above.  

        (i)       Designation
of Beneficiary. Each Director or former Director entitled to           payment of
deferred amounts hereunder from time to time may designate any           beneficiary or
beneficiaries (who may be designated concurrently, contingently           or
successively) to whom any such deferred amounts are to be paid in case of the
          Director’s death before receipt of any or all of such deferred amounts.
          Each designation will revoke all prior designations by the Director or former
          Director, shall be in a form prescribed by the Company, and will be effective
          only when filed by the Director or former Director, during his or her lifetime,
          in writing with the Secretary of the Company. Reference in this Plan to a
          Director’s “beneficiary” at any date shall include such persons
          designated as concurrent beneficiaries on the Director’s beneficiary
          designation form then in effect. In the absence of any such designation, any
          balance remaining in a Director’s or former Director’s Share Account
          at the time of the Director’s death shall be paid to such Director’s
          estate in a lump sum.  

        (j)       Account
Transfers. Subject to any applicable corporate policies, from           time to time
a Director may convert all or a portion of any Cash Account balance           of the
Director into deferred shares of Common Stock credited to the           Director’s
corresponding Share Account by written notice to the Company. In           such event,
and effective as of the date the Company receives such a notice, (i)           there
shall be credited to the Director’s Share Account a number of Share           Units
equal to the number of Share Units specified in the notice or, if such           notice
specifies a dollar amount, a number of Share Units equal to such dollar           amount
divided by the Fair Market Value on the last trading business day           immediately
preceding the date the Company receives such notice and (ii) the           Director’s
Cash Account shall be debited in an amount equal to the number           of Share Units
credited to the Share Account multiplied by the Fair Market Value           on the same
trading business day. Subject to any applicable corporate policies,           from time
to time a Director with a credit balance in a Share Account may           convert all or
a portion of such balance into an amount to be credited to the           Director’s
corresponding Cash Account by giving written notice to the           Company. In such
event, and effective as of the date the Company receives such a           notice, (i)
there shall be credited to the Director’s Cash Account an           amount equal to
the number of Share Units specified in the notice multiplied by           the Fair Market
Value on the last trading business day immediately preceding the           date the
Company receives such notice and (ii) the Director’s Share Account           shall
be debited by the number of Share Units specified in the notice.  

    7.       Changes
in Capitalization. In the event of any Change in Capitalization,           a
proportionate substitution or adjustment may be made in (i) the aggregate
          number and/or kind of shares or other property reserved for issuance under the
          Plan, (ii) the number and kind of shares or other property to be delivered
under           the Plan and (iii) the number and kind of shares or other property held
in each           Director’s Share Account, in each case as may be determined by the
          Committee in its sole discretion. Such other proportionate substitutions or
          adjustments may be made as shall be determined by the Committee in its sole
          discretion. “Change in Capitalization” means any increase, reduction,
          change or exchange of shares of Common Stock for a different number or kind of
          shares or other securities or property by reason of a reclassification,
          recapitalization, merger, consolidation, reorganization, issuance of warrants
or           rights, stock dividend, stock split or reverse stock split, combination or
          exchange of shares, repurchase of shares, change in corporate structure or
          otherwise; or any other corporate action, such as declaration of a special
          dividend, that affects the capitalization of the Company.  

    8.       Change
of Control.  

        (a)       For
purposes of this Plan, a “Change of Control” shall be deemed to           have
occurred on the first to occur of any one of the events set forth in the
          following paragraphs:  

		    (1)       any
Person is or becomes the Beneficial Owner, directly or indirectly, of
          securities of the Company (not including in the securities Beneficially Owned
by           such Person any securities acquired directly from the Company or its
Affiliates)           representing 25% or more of either the then outstanding shares of
common stock           of the Company or the combined voting power of the Company’s
then           outstanding voting securities, excluding any Person who becomes such a
          Beneficial Owner in connection with a transaction described in clause (i) of
          paragraph (3) below; or  

		    (2)       the
following individuals cease for any reason to constitute a majority of the
          number of directors then serving: individuals who, on January 25, 2002,
          constitute the Board and any new director (other than a director whose initial
          assumption of office is in connection with an actual or threatened election
          contest, including but not limited to a consent solicitation, relating to the
          election of directors of the Company as such terms are used in Rule 14a-11 of
          Regulation 14A under the Exchange Act) whose appointment or election by the
          Board or nomination for election by the Company’s stockholders was
approved           or recommended by a vote of at least two-thirds (2/3) of the directors
then           still in office who either were directors on January 25, 2002 or whose
          appointment, election or nomination for election was previously so approved or
          recommended; or  

		    (3)       there
is consummated a merger or consolidation of the Company or any direct or
          indirect subsidiary of the Company with any other corporation, other than (i) a
          merger or consolidation which would result in the voting securities of the
          Company outstanding immediately prior to such merger or consolidation
continuing           to represent (either by remaining outstanding or by being converted
into voting           securities of the surviving entity or any parent thereof) at least
60% of the           combined voting power of the voting securities of the Company or
such surviving           entity or any parent thereof outstanding immediately after such
merger or           consolidation, or (ii) a merger or consolidation effected to
implement a           recapitalization of the Company (or similar transaction) in which
no Person is           or becomes the Beneficial Owner, directly or indirectly, of
securities of the           Company (not including in the securities Beneficially Owned
by such Person any           securities acquired directly from the Company or its
Affiliates) representing           25% or more of either the then outstanding shares of
common stock of the Company           or the combined voting power of the Company’s
then outstanding voting           securities; or  

		    (4)       the
stockholders of the Company approve a plan of complete liquidation or
          dissolution of the Company or there is consummated an agreement for the sale or
          disposition by the Company of all or substantially all of the Company’s
          assets (in one transaction or a series of related transactions within any
period           of 24 consecutive months), other than a sale or disposition by the
Company of           all or substantially all of the Company’s assets to an entity,
at least 75%           of the combined voting power of the voting securities of which are
owned by           stockholders of the Company in substantially the same proportions as
their           ownership of the Company immediately prior to such sale.  

        Notwithstanding
the foregoing, no “Change of Control” shall be deemed to have occurred if there
is consummated any transaction or series of integrated transactions immediately following
which the record holders of the common stock of the Company immediately prior to such
transaction or series of transactions continue to have substantially the same
proportionate ownership in an entity which owns all or substantially all of the assets of
the Company immediately following such transaction or series of transactions. 

        For
purposes of the definition of Change of Control, “Affiliate” shall have the
meaning set forth in Rule 12b-2 promulgated under Section 12 of the Exchange Act;
“Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the
Exchange Act; and “Person” shall have the meaning given in Section 3(a)(9) of
the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that
such term shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or
other fiduciary holding securities under an employee benefit plan of the Company or any of
its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an
offering of such securities, (iv) a corporation owned, directly or indirectly, by the
shareholders of the Company in substantially the same proportions as their ownership of
stock of the Company or (v) any individual, entity or group which is permitted to, and
actually does, report its Beneficial Ownership on Schedule 13G (or any successor
schedule); provided that if any such individual, entity or group subsequently becomes
required to or does report its Beneficial Ownership on Schedule 13D (or any successor
schedule), such individual, entity or group shall be deemed to be a Person for purposes
hereof on the first date on which such individual, entity or group becomes required to or
does so report Beneficial Ownership of all of the voting securities of the Company
Beneficially Owned by it on such date. 

        (b)                     Upon
the occurrence of a Change of Control, notwithstanding any provision of           this
Plan to the contrary,  

            (i)                     all
Share Units credited to a Share Account shall be converted into an amount           equal
to the number of Share Units multiplied by the Fair Market Value, which           amount
shall be (1) transferred as soon as possible to each Director and (B)
          denominated in (i) such form of consideration as the Director would have
          received had the Director been the owner of record of such shares of Common
          Stock at the time of such Change of Control, in the case of a “Change of
          Control With Consideration” or (2) cash, in the case of a “Change of
          Control Without Consideration”; and  

            (ii)                     fees
earned in respect of the calendar quarter in which the Change of Control
          occurs, together with all Deferred Amounts credited to a Cash Account, shall be
          transferred as soon as practicable in cash to each Director.  

        For
purposes of this Section 8, (I) “Change of Control With Consideration” shall
mean a Change of Control in which shares of Common Stock are exchanged or surrendered for
shares, cash or other property and (II) “Change of Control Without
Consideration” shall mean a Change of Control pursuant to which shares of Common
Stock are not exchanged or surrendered for shares, cash or other property. 

    9.           Term
of Plan. This Plan shall become effective as of the date of approval           of the
Plan by the stockholders of the Company, and shall remain in effect until           a
Change of Control, unless sooner terminated by the Board; provided, however,
that, except as provided in Section 8(b) hereof, Deferred           Amounts may be
delivered pursuant to any Deferral Election, in accordance with           such election,
after the Plan’s termination. Prior to the effective date of           the Plan,
Directors may make the elections provided for herein, but the           effectiveness of
such elections shall be contingent upon the receipt of           stockholder approval of
the Plan. No transfer of shares of Common Stock may be           made to any Director or
any other person under the Plan until such time as           stockholder approval of the
Plan is obtained pursuant to this Section 9. In the           event stockholder approval
is not obtained, Fees that were not subject to           Deferral Elections shall be paid
to the Directors in cash and Fees that were           subject to Deferral Elections shall
be deferred pursuant to the Prior Plan.  

    10.           Amendment;
Termination. The Board or the Committee may at any time and           from time to
time alter, amend, suspend, or terminate the Plan in whole or in           part; provided,
however, that no amendment which requires stockholder           approval in order for the
exemptions available under Rule 16b-3 of the Exchange           Act, as amended from time
to time (“Rule 16b-3”), to be applicable to           the Plan and the
Directors shall be effective unless the same shall be approved           by the
stockholders of the Company entitled to vote thereon. Notwithstanding the
          foregoing, no amendment shall affect adversely any of the rights of any
          Director, without such Director’s consent, under any election theretofore
          in effect under the Plan.  

    11.           Rights
of Directors.  

        (a)           Retention
as Director. Nothing contained in the Plan or with respect to           any Grant
shall interfere with or limit in any way the right of the stockholders           of the
Company to remove any Director from the Board pursuant to the bylaws of           the
Company, nor confer upon any Director any right to continue in the service           of
the Company as a Director.  

        (b)           Nontransferability.
No right or interest of any Director in Deferred           Amounts shall be assignable or
transferable during the lifetime of the Director,           either voluntarily or
involuntarily, or subjected to any lien, directly or           indirectly, by operation
of law, or otherwise, including execution, levy,           garnishment, attachment,
pledge or bankruptcy. In the event of a Director’s           death, a Director’s
rights and interests in his or her Deferred Amounts           shall be transferable by
testamentary will or the laws of descent and           distribution. If in the opinion of
the Committee a person entitled to payments           or to exercise rights with respect
to the Plan is disabled from caring for his           or her affairs because of mental
condition, physical condition or age, payment           due such person may be made to,
and such rights shall be exercised by, such           person’s guardian, conservator
or other legal personal representative upon           furnishing the Committee with
evidence satisfactory to the Committee of such           status.  

    12.           General
Restrictions.  

        (a)           Investment
Representations. The Company may require any director to whom           Common Stock
is granted, as a condition of receiving such Common Stock, to give           written
assurances in substance and form satisfactory to the Company and its           counsel to
the effect that such person is acquiring the Common Stock for his own           account
for investment and not with any present intention of selling or           otherwise
distributing the same, and to such other effects as the Company deems           necessary
or appropriate in order to comply with Federal and applicable state           securities
laws.  

        (b)           Compliance
with Securities Laws. Each Grant shall be subject to the           requirement that,
if at any time counsel to the Company shall determine that the           listing,
registration or qualification of the shares subject to such Grant upon           any
securities exchange or under any state or federal law, or the consent or
          approval of any governmental or regulatory body, is necessary as a condition
of,           or in connection with, the issuance of shares thereunder, such Grant may
not be           accepted or exercised in whole or in part unless such listing,
registration,           qualification, consent or approval shall have been effected or
obtained on           conditions acceptable to the Committee. Nothing herein shall be
deemed to           require the Company to apply for or to obtain such listing,
registration or           qualification.  

    13.           Withholding.
The Company may defer making payments under the Plan until           satisfactory
arrangements have been made for the payment of any federal, state           or local
income taxes required to be withheld with respect to such payment or           delivery.
Each Director shall be entitled to irrevocably elect to have the           Company
withhold shares of Common Stock having an aggregate value equal to the           amount
required to be withheld. The value of fractional shares remaining after           payment
of the withholding taxes shall be paid to the Director in cash. Shares           so
withheld shall be valued at Fair Market Value on the regular business day
          immediately preceding the date such shares would otherwise be transferred
          hereunder.  

    14.           Governing
Law. This Plan and all rights hereunder shall be construed in           accordance
with and governed by the laws of the State of Delaware.  

    15.           Headings.
The headings of sections and subsections herein are included           solely for
convenience of reference and shall not affect the meaning of any of           the
provisions of the Plan.

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