Document:

exv4wxay

 

Cash Offer

by

Celltech Group plc

and (outside the United States) by

JPMorgan

on its behalf

for

Oxford GlycoSciences Plc

THE OFFER WILL REMAIN OPEN FOR ACCEPTANCE DURING
THE INITIAL OFFER PERIOD. THE INITIAL OFFER PERIOD FOR
ACCEPTANCES AND WITHDRAWALS WILL EXPIRE AT 3.00 PM. LONDON
TIME, 10.00 A.M. NEW YORK CITY TIME ON MONDAY,
MARCH 31, 2003, UNLESS EXTENDED TO A LATER CLOSING DATE. AT
THE CONCLUSION OF THE INITIAL OFFER PERIOD, IF ALL CONDITIONS OF
THE OFFER HAVE BEEN SATISFIED, FULFILLED OR, WHERE PERMITTED,
WAIVED, THE OFFER WILL BE EXTENDED FOR A SUBSEQUENT OFFER PERIOD
OF AT LEAST 14 CALENDAR DAYS. HOLDERS OF OGS SECURITIES
WILL HAVE THE RIGHT TO WITHDRAW THEIR ACCEPTANCE OF THE OFFER
FROM THE DATE OF THIS LETTER UNTIL THE SPECIFIED TIME ON THE
LAST DAY OF THE INITIAL OFFER PERIOD, BUT NOT DURING THE
SUBSEQUENT OFFER PERIOD.

March 1, 2003

To Brokers, Dealers, Commercial Banks, Trust
Companies and Other Nominees:

     
Celltech Group plc, a company organized under the
laws of England and Wales (“Celltech”), is offering to
purchase, upon the terms and subject to the conditions set forth
in its Offer Document dated March 1, 2003, and the
accompanying Acceptance Forms (as defined in the Offer
Document), all of the issued and to be issued ordinary shares of
5 pence each (“OGS Shares”) of Oxford
GlycoSciences Plc (“OGS”), including those represented
by American Depositary Shares (“OGS ADSs”), each
representing one OGS Share and evidenced by American Depositary
Receipts (“OGS ADRs”). In addition, in the United
Kingdom and outside of the United States, JPMorgan or its
affiliates may make the Offer on behalf of OGS. Certain terms
used herein and not otherwise defined herein shall have the
respective meanings assigned to them in the Offer Document.

     
For your information and for forwarding to those
of your clients for whom you hold OGS ADSs registered in your
name or in the name of your nominee, we are enclosing the
following documents:

			
	 	1. 	
    The Offer Document;
    
	 
	 	2. 	
    A printed form of letter that may be sent to your
    clients for whose account you hold OGS ADSs registered in your
    name or in the name of a nominee, with space provided for
    obtaining such clients’ instructions with regard to the
    Offer;
    
	 
	 	3. 	
    The Letter of Transmittal to be used by holders
    of OGS ADSs to accept the Offer;
    

 

			
	 	4. 	
    The Notice of Guaranteed Delivery;
    
	 
	 	5. 	
    Guidelines for Certification of Taxpayer
    Identification Number on Substitute Form W-9; and
    
	 
	 	6. 	
    A return envelope addressed to the Depositary.
    

     
Your prompt action is requested. We urge you to
contact your clients as promptly as possible.

     
The Offer cannot be accepted in respect of OGS
Shares not represented by OGS ADSs by means of the Letter of
Transmittal. A Form of Acceptance for accepting the Offer in
respect of OGS Shares can be obtained from the Receiving Agent
(whose name and address may be found in the Offer Document).

     
Payment for OGS ADSs purchased pursuant to the
Offer will be made within 14 calendar days after the end of
the Initial Offer Period in the case of acceptances received
complete in all respects during the Initial Offer Period, and in
the case of acceptances received complete in all respects after
the end of the Initial Offer Period but while the Offer remains
open for acceptance, within 14 calendar days of receipt.

     
Except as set out in Appendix V of the Offer
Document, OGS will not pay any fees or commissions to any
broker, dealer or other person for soliciting acceptances of the
Offer with respect to OGS ADSs. You will, however, be reimbursed
for customary mailing and handling expenses incurred by you in
forwarding the enclosed materials to your client.

     
Inquiries you may have with respect to the Offer
should be addressed to the Depositary at the address and
telephone numbers set forth in the Letter of Transmittal.
Additional copies of the enclosed materials and of the original
Offer Document may be obtained from the Depositary at the
address and telephone numbers set forth in the Letter of
Transmittal.

		
	 	
    Very truly yours,
    
	 
	 	
    CELLTECH GROUP PLC
    

     
Nothing contained herein or in the enclosed
documents shall constitute you or any other person as the agent
of Celltech, the Depositary or the Receiving Agent or authorize
you or any other person to give any information or make any
representation on behalf of any of them with respect to the
Offer not contained in the Offer Document or the Letter of
Transmittal.

     
This document should not be forwarded or
transmitted in or into Canada, Australia or Japan or any other
jurisdiction if to do so would constitute a violation of the
relevant laws in such jurisdictions.EXHIBIT 10(iii)(a)

                        OVERSEAS SHIPHOLDING GROUP, INC.

                                      BASIC

                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

              Amended and Restated Effective as of January 1, 2002

            This Plan was established effective as of January 1, 1997 and was
amended and restated effective as of January 1, 1999. The Plan is again amended
and restated in the form set forth herein as of January 1, 2002 to reflect
changes made in the Qualified Plan and the spin off from the Qualified Plan of
the qualified defined benefit plans of certain previously participating
employers therein.

            Maritime Overseas Corporation ("MOC") initially established a
supplemental executive retirement plan in 1984 (the "1984 Plan") and established
a subsequent supplemental executive retirement plan in 1988 (the "1988 Plan"),
both primarily for the purpose of providing supplementary retirement benefits
for a select group of management and highly compensated employees of MOC and
certain participating employers. Overseas Shipholding Group, Inc. (the
"Company") was a participating employer in the 1984 Plan and the 1988 Plan. The
provisions of the 1984 Plan and the 1988 Plan were merged and restated,
effective January 1, 1995, in one plan, as they applied to Participants who were
Employees of the Company on January 1, 1995 (the "Prior Plan"). The Prior Plan
was divided into two parts as of January 1, 1997 - this Plan and the
Supplemental Executive Retirement Plan Plus (the "SERP Plus").

            OSG Ship Management, Inc. ("OSGM") established the OSG Ship
Management, Inc. Basic Supplemental Executive Retirement Plan (the "OSGM Basic
SERP"), effective as of October 30, 1998 as a successor to the Maritime Overseas
Corporation Basic Supplemental Executive Retirement Plan (the "MOC Basic SERP").
Because OSGM assumed the obligations of MOC with regard to the MOC Basic SERP,
the OSGM Basic SERP applied to participants in the MOC Basic SERP who were not
in pay status under the MOC Basic SERP on October 30, 1998. Effective as of
January 1, 2002, the OSGM Basic SERP is merged into this Plan and this Plan is
amended and restated effective as of January 1, 2002.

            1. Definitions. For purposes of this Plan, the following definitions
apply:

            (a) "Actuarial Equivalent" means an amount equal in value on an
actuarial basis, as determined by an actuary selected by the Committee, based
upon the mortality and interest rates set forth in the Qualified Plan, as
amended from time to time.

            (b) "Affiliated Group" means the group of corporations and/or
unincorporated trades or businesses consisting of an Employer and all its
Affiliated Companies. For this purpose, an Affiliated Company includes (i) the
Employer, (ii) a member of a controlled group of corporations of which the
Employer is a member as determined in accordance with Section

<PAGE>

414(b) of the Code, (iii) an unincorporated trade or business which is under
common control with the Employer as determined in accordance with Section 414(c)
of the Code, or (iv) a member of an affiliated service group with the Employer,
as defined in Section 414(m) or (o) of the Code.

      (c) "Basic Supplemental Benefit" means the lump sum benefit payable under
this Plan.

      (d) "Board" means the Board of Directors of the Company.

      (e) "Change of Control" means a change of control as provided in Exhibit A
hereto.

      (f) "Code" means the Internal Revenue Code of 1986, as amended.

      (g) "Committee" means the Compensation Committee of the Board.

      (h) "Company" means Overseas Shipholding Group, Inc. or any successor
thereto as a result of a merger or consolidation.

      (i) "Employee" means any person employed by an Employer.

      (j) "Employer" means the Company and OSG Ship Management, Inc.

      (k) "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.

      (l) "Initial Payment Date" means, except as otherwise provided herein, the
first day of the month coinciding with or next following the latest of (i) three
(3) months after the date on which the Participant incurs a Termination of
Employment, (ii) the Participant's fifty- fifth (55th) birthday, or (iii) such
later date as the Participant elects in a writing filed with the Committee at
least one (1) year prior to the Employee's Termination of Employment, provided
that such election is approved by the Committee in its sole discretion. Such an
election may be revoked by the Participant by written notice filed with the
Committee at least one (1) year prior to Termination of Employment. Any election
made under the Prior Plan shall be deemed to be an election made under this
Plan.

      (m) "MOC" means Maritime Overseas Corporation or any successor thereto as
a result of a merger or consolidation.

      (n) "Participant" means the persons set forth on Exhibit B hereto and any
other Employee of an Employer who is designated as a Participant in this Plan by
the Committee.

      (o) "Plan" means this Overseas Shipholding Group, Inc. Basic Supplemental
Executive Retirement Plan, as amended from time to time.

      (p) "Qualified Plan" means the Pension Plan for Employees of OSG Ship
Management, Inc., as it is amended from time to time (formerly, the Pension Plan
for Employees of Maritime Overseas Corporation).

                                       2
<PAGE>

      (q) "Standard Form" means a straight life annuity with no contingent
benefit and no period certain.

      (r) "Termination of Employment" means termination of employment as an
Employee of the Company and all members of the Company's Affiliated Group for
any reason whatsoever, including but not limited to death, retirement,
resignation or firing (with or without cause).

2. Basic Supplemental Benefits.

      (a) The Basic Supplemental Benefit shall be equal to the Actuarial
Equivalent lump sum of the (i) hypothetical vested monthly accrued benefit
(based on the provisions of the Qualified Plan) in the Standard Form the
Participant would have received under the Qualified Plan (based solely on the
Participant's compensation and service recognized under the Qualified Plan), on
the Initial Payment Date if the limitations of Code Sections 401(a)(17) and 415
(as applied under the Qualified Plan) did not apply, less (ii) the Actuarial
Equivalent monthly benefit on the Initial Payment Date of the Participant's
actual monthly benefit in the Standard Form being received (or, if not then
being received, assuming benefits had then commenced) under the Qualified Plan.

      (b) The Company shall be liable for payment of a Participant's Basic
Supplemental Benefit hereunder. Notwithstanding the foregoing, the Company may,
in its sole discretion, if it determines it to be equitable based on a
Participant's compensation and service, allocate responsibility for any or all
of such Participant's Basic Supplemental Benefit to another Employer hereunder.

      (c) Notwithstanding subsection (a) above and in lieu of any other amounts
due hereunder, with respect to each Participant listed on Exhibit C hereto, the
Basic Supplemental Benefit as of January 1, 2002 shall be the fixed monthly
amount set forth on Exhibit C hereto with respect to such Participant, with
interest accruing after such date at the rate of 5.12% per annum.

3. Payment.

      (a) Basic Form of Benefit. Subject to (b) below, a Participant's Basic
Supplemental Benefit shall be paid in the form of a lump sum benefit, payable as
soon as administratively feasible after the Initial Payment Date.

      (b) Optional Form of Benefit. The Participant shall have the right, in a
writing filed with the Committee, to elect a form of benefit other than that
specified in (a) above, provided, however, that such optional form of benefit is
available under the Qualified Plan on the Initial Payment Date and that such
election is made and filed at least one (1) year prior to the Participant's
Termination of Employment and is approved by the Committee in its sole
discretion. Such an election may be revoked by the Participant by written notice
filed with the Committee at least one (1) year prior to Termination of
Employment. Any election made under the Prior Plan shall be deemed to be an
election made under this Plan.

                                       3
<PAGE>

      (c) Right to Accelerate Payment. Notwithstanding anything else herein, the
Company shall have the right, in its sole and absolute discretion, to accelerate
the payment of any Basic Supplemental Benefit payable hereunder; provided, that
any accelerated payment(s) shall be equal to the Actuarial Equivalent of the
Participant's Basic Supplemental Benefit assuming that the acceleration date is
the Initial Payment Date and that the Participant has commenced to receive his
benefit under the Qualified Plan on the date of such payment.

      (d) Change of Control. Notwithstanding the above, upon the occurrence of a
Change of Control, the Actuarial Equivalent of each Participant's then accrued
Basic Supplemental Benefit (calculated based on the assumption that the
Participant has commenced to receive his benefit under the Qualified Plan on the
date of such payment) shall be promptly paid in a lump sum to such Participant
and, the Actuarial Equivalent of such payment shall be offset from the Basic
Supplemental Benefit due the Participant on the Initial Payment Date.

      (e) Forfeiture. A Participant shall, in the sole discretion of the
Committee, forfeit his Basic Supplemental Benefit in the event that within three
(3) years after his Termination of Employment he engages, without the prior
written consent of the Committee, in any activity which the Committee, in its
sole discretion, believes to be competitive with the activities of the Company
or any member of the Affiliated Group. Such forfeiture shall be equal to the
greater of (i) the unpaid portion of his Basic Supplemental Benefit and (ii) the
portion of his Basic Supplemental Benefit, whether theretofore paid or not paid,
which in the Standard Form would be attributable to the period after which he
commences to compete. To the extent any forfeited amounts shall have theretofore
been paid to the Participant, upon demand, he shall promptly refund such amounts
to the Company. If he fails to promptly do so, he shall be liable to the Company
for its costs of collection, including reasonable attorneys' fees and
disbursements. This Section 3(e) shall not be applicable to any Participants
whose Termination of Employment is less than ninety (90) days before or less
than two (2) years after a Change of Control.

4. Death of Participant.

      (a) Death Prior to Initial Payment Date. In the event of the death of a
Participant who has accrued a Basic Supplemental Benefit prior to his Initial
Payment Date, his spouse and/or beneficiary shall receive a benefit calculated
in the same manner as in the Qualified Plan (but without regard to Code Sections
401(a)(17) and 415) to the extent such benefit would be receivable under the
terms of the Qualified Plan upon his death prior to commencement of benefits if
the benefit was payable from the Qualified Plan less the benefit payable from
the Qualified Plan. His spouse and/or beneficiary shall be the same persons or
entities as designated or determined under the Qualified Plan. The benefit
payable hereunder, however, shall be paid in an Actuarial Equivalent lump sum as
soon as administratively feasible after the Participant's death.

      (b) Death After Initial Payment Date. If a Participant dies on or after
the Initial Payment Date, no death benefits will be payable hereunder upon the
death of the Participant unless the Participant is receiving a form of benefit
with a survivor benefit pursuant to Section 3(b) above. If a Participant is
receiving a form of benefit with a survivor benefit, any benefits becoming due
will, subject to Section 3(c) above, be paid in accordance with such form of
benefit.

                                       4
<PAGE>

5. Reemployment.

            If a Participant is reemployed by the Company or any member of the
Company's Affiliated Group after commencing to receive a Basic Supplemental
Benefit hereunder but does not again become a Participant, the Committee shall
have the right at its election to suspend benefits payable hereunder during such
period of employment with an appropriate Actuarial Equivalent adjustment in his
benefits when they recommence. If the former Participant again becomes a
Participant accruing benefits under the Plan, he shall cease to receive Basic
Supplemental Benefits, his prior election as to his form of benefit shall be
deemed cancelled, he shall have his benefits recalculated based on his entire
service for the Employers offset by the Actuarial Equivalent of the previously
received Basic Supplemental Benefit, and benefits shall be payable in accordance
with Sections 3 and 4 above. In no event shall the combined Basic Supplemental
Benefit (as actuarially adjusted to reflect Actuarial Equivalents) be greater
than the Basic Supplemental Benefit the Participant would have received if his
service had been continuous.

6. Claims Procedure.

      (a) The Committee shall be responsible for determining all claims for
benefits under this Plan by the Participants or their beneficiaries. Within
ninety (90) days after receiving a claim (or within up to one hundred eighty
(180) days, if the claimant is so notified, including notification of the reason
for the delay), the Committee shall notify the Participant or beneficiary of its
decision in writing, giving the reasons for its decision if adverse to the
claim. If the decision is adverse to the claimant, the Committee shall advise
him of the Plan provisions involved, of any additional information which he must
provide to perfect his claim and why, and of his right to request a review of
the decision.

      (b) A claimant may request a review of an adverse decision by written
request to the Committee made within sixty (60) days after receipt of the
decision. The claimant, or his duly authorized representative, may review
pertinent documents and submit written issues and comments.

      (c) Within sixty (60) days after receiving a request for review, the
Committee shall notify the claimant in writing of (i) its decision, (ii) the
reasons therefore, and (iii) the Plan provisions upon which it is based.

      (d) The Committee may at any time alter the claims procedure set forth
above, so long as the revised claims procedure complies with ERISA, and the
regulations issued thereunder.

      (e) The Committee shall have the full power and authority to interpret,
construe and administer this Plan in its sole discretion based on the provisions
of the Plan and to decide any questions and settle all controversies that may
arise in connection with the Plan. Both the Committee's and the Board's
interpretations and construction thereof, and actions thereunder, made in the
sole discretion of the Committee and the Board, including any valuation of the
Basic Supplemental Benefit, any determination under this Section 6, or the
amount of the payment to be made hereunder, shall be final, binding and
conclusive on all persons for all persons. No

                                       5
<PAGE>

member of the Board or Committee shall be liable to any person for any action
taken or omitted in connection with the interpretation and administration of
this Plan.

            (f) The Committee shall determine, subject to the provisions of this
Plan: (i) the additional Employees who shall participate in the Plan from time
to time; and (ii) when an Employee shall cease to be a Participant.

7. Construction of Plan.

            Nothing contained in this Plan and no action taken pursuant to the
provisions of this Plan shall create or be construed to create a trust of any
kind, or a fiduciary relationship between any Employer and the Participants,
their designated beneficiaries or any other person. Any funds which may be
invested under the provisions of this Plan shall continue for all purposes to be
part of the general funds of the Company or the Employer, as the case may be,
and no person other than the Company or the Employer, as the case may be, shall
by virtue of the provisions of this Plan have any interest in such funds. To the
extent that any person acquires a right to receive payments from the Company or
an Employer under this Plan, such right shall be no greater than the right of
any unsecured general creditor of the Company or such Employer, as the case may
be.

8. Minors and Incompetents.

            If the Committee shall find that any person to whom payment is
payable under this Plan is unable to care for his affairs because of illness or
accident, or is a minor, any payment due (unless a prior claim therefore shall
have been made by a duly appointed guardian, committee or other legal
representative) may be paid to the spouse, a child, parent, or brother or
sister, or to any person deemed by the Committee to have incurred expense for
such person otherwise entitled to payment, in such manner and proportions as the
Committee may determine it its sole discretion. Any such payment shall be a
complete discharge of the liabilities of the Employers under this Plan.

9. Limitation of Rights.

            Nothing contained herein shall be construed as conferring upon an
Employee the right to continue in the employ of the Employers or any member of
the Affiliated Group as an executive or in any other capacity or to interfere
with any Employer's right to discharge him at any time for any reason
whatsoever.

10. Payment Not Salary.

            Any Basic Supplemental Benefit payable under this Plan shall not be
deemed salary or other compensation to the Employee for the purposes of
computing benefits to which he may be entitled under any pension plan or other
arrangement of any Employer or any member of the Affiliated Group for the
benefit of its employees.

                                       6
<PAGE>

11. Severability.

            In case any provision of this Plan shall be illegal or invalid for
any reason, said illegality or invalidity shall not affect the remaining parts
hereof, but this Plan shall be construed and enforced as if such illegal and
invalid provision never existed.

12. Withholding.

            The Company or an Employer, as the case may be, shall have the right
to make such provisions as it deems necessary or appropriate to satisfy any
obligations it may have to withhold federal, state or local income or other
taxes incurred by reason of payments or accrual pursuant to this Plan.

13. Assignment.

            This Plan shall be binding upon and inure to the benefit of the
Employers, their successors and assigns and the Participants and their heirs,
executors, administrators and legal representatives. In the event that the
Company or an Employer sells all or substantially all of the assets of its
business and the acquiror of such assets assumes the obligations hereunder, the
Company and Employers shall be released from any liability imposed herein and
shall have no obligation to provide any benefits payable hereunder.

14. Non-Alienation of Benefits.

            The benefits payable under this Plan shall not be subject to
alienation, transfer, assignment, garnishment, execution or levy of any kind,
and any attempt to cause any benefits to be so subjected shall not be
recognized.

15. Governing Law.

            To the extent legally required, the Code and ERISA shall govern this
Plan and, if any provision hereof is in violation of any applicable requirement
thereof, the Company reserves the right to retroactively amend this Plan to
comply therewith. To the extent not governed by the Code and ERISA, this Plan
shall be governed by the laws of the State of New York, without regard to
conflict of law provisions.

16. Amendment or Termination of Plan.

            The Board or the Committee may amend this Plan from time to time in
any respect, and may at any time terminate the Plan in its entirety. In
addition, at any time, the Board or the Committee may exclude any Participant
from further participation in the Plan. In the event of any amendment,
termination or exclusion, the Participant shall have a vested right to a benefit
from this Plan equal to his total vested benefit from this Plan as of the date
of such termination, amendment or exclusion reduced by future growth, if any, of
the benefit under the Qualified Plan attributable to increases thereafter, but
prior to payment of the benefit, in the Code Sections 401(a)(17) and 415 limits,
including without limitation increase in the Participant's final average
compensation recognized under the Qualified Plan as a result of increases in the
Code 401(a)(17) limit even though it is applied to future earnings so long as it
is

                                       7
<PAGE>

not in excess of the Participant's compensation at the time of the amendment,
termination or exclusion, but not increases in the Qualified Plan benefit
attributable to future service credit, future compensation, future vesting or
increase in the benefit formula. In the event of a termination of the Plan or
exclusion of a Participant, the Company may distribute to each or any
Participant, as it deems appropriate, the Actuarial Equivalent of his accrued
benefit as of such date (as if a Termination of Employment had occurred) and
have no further obligation hereunder. Section 3(e) above shall continue to apply
to the Participant. Any such action by the Board or the Committee with respect
to the Plan shall be binding on the Company, Employers and Employee.

17. Non-Exclusivity.

            The adoption of the Plan by the Employers shall not be construed as
creating any limitations on the power of the Employers to adopt such other
supplemental retirement income arrangements as it deems desirable, and such
arrangements may be either generally applicable or limited in application.

18. Gender and Number.

            Wherever used in this Plan, the masculine shall be deemed to include
the feminine and the singular shall be deemed to include the plural, unless the
context clearly indicates otherwise.

19. Headings and Captions.

            The headings and captions herein are provided for reference and
convenience only. They shall not be considered part of the Plan and shall not be
employed in the construction of the Plan.

IN WITNESS WHEREOF, the Company has caused this Plan to be executed this 4th day
of November, 2002.

                                             OVERSEAS SHIPHOLDING GROUP, INC.

                                             By:    s/ ROBERT N. COWEN
                                                  ------------------------------
                                                  Title: Senior Vice President

                                       8
<PAGE>

                                    EXHIBIT A

Change of Control

            For purposes of this Plan, a "Change of Control" shall be deemed to
have occurred if: (i) any person (as defined in Section 3(a)(9) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act") and as used in
Sections 13(d) and 14(d) thereof)), excluding the Company any "Subsidiary", any
employee benefit plan sponsored or maintained by the Company or any Subsidiary
(including any trustee of any such plan acting in his capacity as trustee) and
any person who (or group which includes a person who) is the beneficial owner
(as defined in Rule 13(d)-3 under the Exchange Act) as of January 1, 1994 of at
least fifteen percent (15%) of the common stock of the Company, becomes the
beneficial owner (as defined in Rule 13(d)-3 under the Exchange Act) of shares
of Company having at least thirty percent (30%) of the total number of votes
that may be cast for the election of directors of the Company; (ii) the
shareholders of the Company shall approve any merger or other business
combination of the Company, sale of all or substantially all of the Company's
assets or combination of the foregoing transactions (a "Transaction"), other
than a Transaction involving only the Company and one or more of its
Subsidiaries, or a Transaction immediately following which the shareholders of
the Company immediately prior to the Transaction continue to have a majority of
the voting power in the resulting entity (excluding for this purpose any
shareholder of the Company owning directly or indirectly more than ten percent
(10%) of the shares of the other company involved in the Transaction if such
shareholder is not as of January 1, 1994, the beneficial owner (as defined in
Rule 13(d)-3 under the Exchange Act) of at least fifteen percent (15%) of the
common stock of the Company); or (iii) within any twenty-four (24) month period
beginning on or after the date hereof, the persons who were directors of the
Company immediately before the beginning of such period (the "Incumbent
Directors") shall cease (for any reason other than death) to constitute at least
a majority of the board of directors of the Company, or the board of directors
of any successor to the Company (the "Board"), provided that, any director who
was not a director as of the date hereof shall be deemed to be an Incumbent
Director if such director was elected to the Board by, or on the recommendation
of or with the approval of, at least two-thirds of the directors who then
qualified as Incumbent Directors either actually or by prior operation of the
foregoing unless such election, recommendation or approval was the result of an
actual or threatened election contest of the type contemplated by Regulation
14a-11 promulgated under the Exchange Act or any successor provision.
Notwithstanding the foregoing, no Change of Control of the Company shall be
deemed to have occurred for purposes of this Plan by reason of any Transaction
which shall have been approved by action or vote of a majority of the Incumbent
Directors.

                                       9
<PAGE>

                                    EXHIBIT B

                       Participants as of January 1, 2002*

                                 Morton P. Hyman
                                 Robert N. Cowen
                                 Robert Johnston
                                   Peter Swift
                                   Myles Itkin
                                 Ariel Recanati
                               Michael A. Recanati
                                 David Fekishazy
                                  Milton Kliger
                                  Andrew Neuman
                                 Richard Klapow
                                    Mark Lowe
                                   David Ayres

* Participants who have been paid out under the Plan have not been listed

                                       10
<PAGE>

                                    EXHIBIT C

                                          BASIC SUPPLEMENTAL BENEFIT
                                          AS OF JANUARY 1, 2002
PARTICIPANT                               (As a fixed monthly amount)
-----------                               ---------------------------

Michael A. Recanati                       $14,837.23

                                       11

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