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                                                                    EXHIBIT 4.21

[CREDIT SUISSE GROUP LOGO]

                                   ARTICLES OF
                                   ASSOCIATION

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                             ARTICLES OF ASSOCIATION
                               CREDIT SUISSE GROUP

                        Version as of September 11, 2002

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I.    CORPORATE NAME, REGISTERED OFFICE, DURATION AND PURPOSE

Art. 1

Corporate Name, Registered Office and Duration
A stock corporation under the name Credit Suisse Group (the "Company") is
established with its registered office in Zurich, Switzerland. Its duration is
unlimited.

Art. 2

Purpose
1  The purpose of the Company is to hold direct or indirect interests in all
   types of businesses in Switzerland and abroad, in particular in the areas of
   banking, finance, asset management and insurance. The Company has the power
   to establish new businesses, acquire a majority or minority interest in
   existing businesses and provide related financing.

2  The Company has the power to acquire, mortgage and sell real estate
   properties, both in Switzerland and abroad.

II.   SHARE CAPITAL AND SHARES

Art. 3

Share Capital
1  The fully paid-in share capital amounts to Sfr 1,189,348,956 and is divided
   into 1,189,348,956 registered shares with a par value of Sfr 1 each.

2  All share certificates shall bear the facsimile signatures of the Chairman or
   Chairwoman of the Board of Directors and one Member of the Board.

3  The Company may issue certificates representing more than one share each.

4  The Company recognises only one representative for each share.

5  Upon a resolution being passed by the General Meeting of Shareholders,
   registered shares may be converted into bearer shares.

Art. 4

Shares, Transfer of Shares and Share Register
1  The Company recognises as a shareholder the person whose name is entered in
   the Share Register.

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2  A person who has acquired registered shares will, upon application, be
   entered without limitation in the Share Register as having voting rights
   provided that he or she expressly states that he or she has acquired the
   shares concerned in his or her own name for his or her own account.

3  Any person not expressly stating in his or her application for registration
   that the shares concerned have been acquired for his or her own account
   (hereinafter "nominees") may be entered for a maximum of 2% of the total
   outstanding share capital with voting rights in the Share Register. In excess
   of this limit, registered shares held by a nominee will only be granted
   voting rights if such nominee declares in writing that he or she is prepared
   to disclose the name, address and shareholding of any person for whose
   account he or she is holding 0.5% or more of the outstanding share capital.
   Art. 10, Section 2 shall apply correspondingly to nominees who are related to
   one another through capital ownership or voting rights or have a common
   management or are otherwise interrelated.

4  The Board of Directors will issue the necessary directives to ensure that the
   aforementioned provisions are complied with.

5  This Article is subject to the mandatory provisions of Art. 685d, Section 3
   of the Swiss Code of Obligations.

6  In the case of registered shares, the Company may forego the printing and
   delivery of share certificates and, with the agreement of the owner of the
   shares, may cancel issued certificates when these are returned to the Company
   and not replace the same. Shareholders may request at any time, at no cost to
   them, the printing and delivery of certificates representing their registered
   shares, and the Company may at any time print certificates of registered
   shares not physically represented by certificates.

7  Registered shares not physically represented by certificates and the rights
   arising therefrom can only be transferred by assignment. Such assignment
   shall not be valid unless notice is given to the Company. Title to the
   certificate of the transferred share is passed on to the transferee through
   legal and valid assignment and does not need the explicit consent of the
   Company. The bank which handles the book entries of the assigned registered
   shares on behalf of the shareholders may be notified by the Company of the
   assignment.

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8  Registered shares not physically represented by certificates and the
   financial rights arising from these shares may be pledged only to the bank
   which handles the book entries of such shares on behalf of the shareholder.
   The pledge must be made by means of a written pledge agreement. Notice to the
   Company is not required.

   The claim to delivery of the certificate may be transferred to the bank
   accepting the pledge. Otherwise the pledge of registered shares is valid when
   the assigned or endorsed share certificates are transferred in accordance
   with provisions of Art. 901, Section 2 of the Swiss Civil Code.

9  All the above-mentioned restrictions regarding transfer also apply to the
   transfer of registered shares not physically represented by certificates.

III.  DEBT CAPITAL

Art. 5

Bond Issues
The Company may issue bonds, with or without security, including warrants and
convertible issues, and may guarantee such issues by its subsidiaries.

IV.   THE GOVERNING BODIES OF THE COMPANY

Art. 6

The governing bodies of the Company shall be the following:
1. The General Meeting of Shareholders;
2. The Board of Directors;
3. The Independent Auditors and the Group's Independent Auditors.

1. THE GENERAL MEETING OF SHAREHOLDERS

Art. 7

Authority and Duty to call a Meeting
1  The General Meeting of Shareholders shall ordinarily be called by the Board
   of Directors.

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2  The ordinary General Meeting of Shareholders shall take place annually within
   six months after the close of the business year.

3  Extraordinary General Meetings of Shareholders shall take place as necessary.
   One or more shareholders whose combined holdings represent at least 10% of
   the share capital can also request that a meeting be called.

4  Shareholder representing shares with a par value of Sfr 1 million may require
   that a particular item appear on the agenda of the meeting.

5  The request to call a General Meeting of Shareholders must be submitted in
   writing and at the same time shares of the Company representing at least 10%
   of the share capital are to be deposited. The request to include a particular
   item on the agenda of the meeting, together with the relevant proposals, must
   be submitted in writing and at the same time shares of the Company with a par
   value of at least Sfr 1 million are to be deposited for safekeeping. The
   shares are to remain in safekeeping until the day after the General Meeting
   of Shareholders.

6  The request to include a particular item on the agenda, together with the
   relevant proposals, must be submitted to the Board of Directors not later
   than 45 days before the date of the meeting.

Art. 8

Powers
The General Meeting of Shareholders has the following powers which may not be
delegated. It may amend the articles of association, elect the Members of the
Board of Directors, elect the Independent Auditors, the Group's Independent
Auditors and Special Auditors approve the annual report, the consolidated
financial statements and the annual statutory statements, determine the
allocation of the disposable profit, formally approve the actions of the Member
of the Board of Directors and pass resolutions on all matters which have been
reserved to its authority by law or by these articles of association or which
have been submitted to the meeting by the Board of Directors.

Art. 9

Notice of Meetings
1  Notice of the General Meeting of Shareholders must be given at least 20 days
   before the meeting takes place. Notice of the meeting is to be published in
   the Swiss Gazette of Commerce (Schweizerisches Handelsamtsblatt).

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2  The notice of the meeting must include the items on the agenda, the proposals
   submitted by the Board of Directors and by shareholders who have required
   that a meeting be held or that a particular item be included on the agenda.

3  No resolutions can be passed on proposals of which due notice has not been
   given, with the exception of those concerning the calling of an extraordinary
   General Meeting or the carrying out of a special audit.

Art. 10

Voting Rights
1  Subject to the provisions of Art. 4, Section 3 every share carries one vote
   at the General Meeting of Shareholders. However, except as set out in
   Sections 3-5 below, the shares for which a single shareholder can directly or
   indirectly exercise voting rights for his or her own shares or as a proxy may
   not exceed 2% of the total outstanding share capital.

2  For the purposes of the restrictions on voting rights as laid down in Section
   1 above, legal entities, partnerships or groups of joint owners or other
   groups in which individuals or legal entities are related to one another
   through capital ownership or voting rights or have a common management or are
   otherwise interrelated shall be regarded as being a single shareholder. The
   same shall apply to individuals, legal entities or partnerships that act in
   concert (especially as a syndicate) with intent to evade the limitation on
   voting rights.

3  The restrictions on voting rights do not apply to the exercise of voting
   rights by representatives of a governing or executive body of the company who
   are designated by the Company as proxies (Art. 689c of the Swiss Code of
   Obligations [CO]), or by persons designated by the Company as independent
   proxies (Art. 689c CO), or by persons acting as proxies for deposited shares
   (Art. 689d CO), provided all such persons have been instructed by
   shareholders to act as proxies.

4  Nor do the restrictions on voting rights apply to shares in respect of which
   the shareholder confirms to the Company in the application for registration
   that he or she has acquired the shares in his or her name for his or her own
   account and in respect of which the disclosure requirement set out in Section
   6 below has been satisfied.

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5  In addition, the restrictions on voting rights do not apply to shares which
   are registered in the name of a nominee, provided that this nominee furnishes
   the Company with the name, address and shareholding of the person(s) (as per
   definition in Section 2 above) for whose account he or she holds 0.5% or more
   of the total share capital outstanding at the time and for which he or she
   (or the beneficial owner, as appropriate) has satisfied the disclosure
   requirement set out in section 6 below. The Board of Directors has the right
   to conclude agreements with nominees concerning both their disclosure
   requirement and the exercise of voting rights.

6  The disclosure obligation must be discharged in accordance with Art. 20 of
   the Federal Act on Stock Exchange and Securities Trading of 24 March 1995 and
   the relevant ordinances and regulations.

7  The Board of Directors shall issue regulations regarding the proof of share
   ownership which is necessary in order to obtain voting cards.

Art. 11

Chairman/Chairwoman, Secretary
1  The Chairman/Chairwoman of the Board of Directors shall chair the General
   Meeting of Shareholders, and, in his or her absence, a Deputy
   Chairman/Chairwoman or another member designated by the Board shall take the
   chair.

2  The General Meeting of Shareholders shall elect by a show of hands the
   tellers to count the votes at the meeting. Members of the Board of Directors,
   the Independent Auditors, the Group's Independent Auditors and employees of
   the Company shall not be eligible to act as tellers.

3  The Board of Directors shall nominate a secretary to take the minutes.

Art. 12

Quorums
1  The General Meeting of Shareholders may in principle pass resolutions without
   regard to the number of shareholders present at the meeting or represented by
   proxy.

2  Representation of at least half of the share capital is required for:
   -  conversion of registered shares into bearer shares;
   -  amendments to Art. 4, Section 3

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   -  amendments to Art. 10, Sections 1-6
   -  dissolution of the Company.

3  This Article is subject to the mandatory provisions of the law and other
   provisions of these articles of association.

Art. 13

Resolutions/Required Majorities
1  Resolutions and elections by the General Meeting of Shareholders require the
   approval of an absolute majority of the votes represented at the meeting,
   except as otherwise prescribed by mandatory provisions of law or by other
   provisions of these articles of association. In the case of an equality of
   votes, elections and resolutions shall be decided by the casting vote of the
   person chairing the meeting.

2  The conversion of registered shares into bearer shares, the dissolution of
   the Company and amendments to Art. 4, Section 3 of these articles of
   association require the approval of at least three-quarters of the votes
   cast. Amendments to Art. 10, Sections 1-6 require the approval of at least
   seven-eighths of the votes cast.

3  The Chairman may allow elections and ballots to be conducted by a show of
   hands, by written ballot or by electronic means. A written ballot is held if
   requested by 50 of the shareholders present.

Art. 14

Minutes
The person chairing the meeting and the secretary of the meeting are to sign the
minutes of the meeting.

2. THE BOARD OF DIRECTORS

Art. 15

Election and Term of Office
1  The Board of Directors shall consist of a minimum of seven Members.

2  Each Member of the Board of Directors shall be elected individually for a
   period of three years and shall be eligible for re-election. One year of
   office is understood to be the period of time from one ordinary General
   Meeting of Shareholders to the close of the next ordinary General Meeting.

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Art. 16

Powers and Responsibilities
1  The Board of Directors shall decide on all matters which have not been
   reserved for or conferred on another governing body of the Company by law by
   these articles of association or by other regulations.

2  The Board of Directors determines those who have signatory power and the
   nature of the signatory power required. A document signed on behalf of the
   Company is binding on the Company only when it carries the signatures of two
   authorised signatories.

Art. 17

Delegation of Powers
The Board of Directors may delegate the management of the Company wholly or
partly to committees of the Board, individual Members of the Board or third
parties, in accordance with the regulations governing the conduct of business of
the Company.

Art. 18

Quorum/Required Majorities
1  A majority of the Members of the Board of Directors must be present in person
   in order to pass resolutions; there is no quorum requirement for the
   acknowledgement of capital increases and the subsequent changes to the
   articles of association which must be carried out. For resolutions carried
   out by circular letter, a majority of the Members of the Board of Directors
   must cast their votes.

2  Resolutions of the Board of Directors require the approval of an absolute
   majority of the votes cast. In the case of an equality of votes, decisions
   shall be determined by the casting vote of the person chairing the meeting.

Art. 19

Minutes
Minutes shall be kept of the proceedings and resolutions of the Board of
Directors. The minutes shall be signed by the person chairing the meeting and
the secretary.

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Art. 20

Remuneration of Directors
The Board of Directors shall be appropriately remunerated for its services in an
amount to be determined by itself.

3. THE INDEPENDENT AUDITORS,
   THE GROUP'S INDEPENDENT AUDITORS AND THE SPECIAL AUDITORS

Art. 21

Appointment and Duties
The Independent Auditors and the Group's Independent Auditors shall be elected
by the General Meeting of Shareholders for one year and shall be responsible for
carrying out all functions and duties incumbent upon them by law.

The special auditors shall be elected by the General Meeting of Shareholders for
the term of one year and shall be responsible for the special audit reports in
connection with qualified capital increases (Art. 652f CO).

V.    FINANCIAL YEAR AND ALLOCATION OF THE NET PROFIT

Art. 22

Financial Year
The Company's financial year shall be determined by the Board of Directors.

Art. 23

Allocation of disposable Profit
The allocation of the disposable profit shall be made by the General Meeting of
Shareholders. The distributions of a dividend and the establishment and
utilisation of special reserves, if any, shall be decided by the General Meeting
of Shareholders in accordance with Art. 671 ff of the Swiss Code of Obligations.

VI.   DISSOLUTION AND LIQUIDATION OF THE COMPANY

Art. 24
Should the Company be dissolved, the Board of Directors shall carry out the
liquidation unless the General Meeting of Shareholders decides otherwise.

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VII.   OFFICIAL NOTICES AND ANNOUNCEMENTS

Art. 25

Publication
1  The Swiss Commercial Gazette (Schweizerisches Handelsamtsblatt) shall be the
   official medium for publication of the Company's notices and announcements.

2  Notices and announcements to the shareholders shall be made in the Swiss
   Commercial Gazette (Schweizerisches Handelsamtsblatt), insofar as the law
   does not prescribe some other manner of publication.

VIII. TRANSITIONAL REGULATIONS

Art. 26

Conditional Capital
1  The share capital as per Art. 3 of the articles of association is to be
   increased - under exclusion of the preferential subscription rights of
   shareholders - by not more than Sfr 543,300 representing a maximum of 543,300
   registered shares with a par value of Sfr 1 each. This is to be effected by
   the exercise of the conversion rights granted prior to 31 March 1994 in
   connection with a maximum of seven issues of bonds brought on the national
   and/or international capital markets by Credit Suisse Group or by any of its
   Group Companies.

2  The holders of the warrants or convertible bonds concerned are entitled to
   subscribe to the new shares. The warrants and/or convertible bonds do have a
   maximum term of 12 years and a total value not exceeding Sfr 1.5 billion or
   the equivalent par value in a foreign currency.

3  The newly-issued shares are to be fully paid-in on the terms and conditions
   applicable to the warrant issue and/or convertible issue set by the Board of
   Directors / the Executive Board. These terms and conditions reflect those
   applicable in the market and include standard anti-dilution provisions. The
   term of the conversion rights is limited to the terms of the respective
   issue, the warrants do not exceed seven years.

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4  Except where the Board of Directors has granted shareholders the right to
   subscribe for new shares in advance, the conversion or warrant price shall
   represent at least 90% of the average of the prices last paid on the Zurich
   Stock Exchange during the five business days preceding the fixing of the
   price of the newly-issued shares.

Art. 26a

1  The share capital pursuant to Art. 3 of the articles of association shall be
   increased by no more than CHF 50,000,000 through the issue of no more than
   50,000,000 registered shares with a par value of CHF 1 each, to be fully paid
   in, through the exercise of conversion and option rights granted in
   connection with bonds or similar debt instruments issued by Credit Suisse
   Group or any of its Group companies. Shareholders' preemption rights are
   excluded. Shareholders' preferential subscription rights with regard to these
   at most 50,000,000 new registered shares may be restricted or excluded by
   decision of the Board of Directors in order to finance or refinance the
   acquisition of companies, parts of companies, equity stakes, or new
   investments, or in order to issue convertible bonds and/or warrants on
   domestic and international capital markets. If preferential subscription
   rights are excluded, then (1) the bonds are to be placed with the public at
   market conditions, (2) the exercise period is not to exceed five years from
   the date of issue for option rights or ten years for conversion rights, and
   (3) the conversion or exercise price for the new shares is to be set at least
   in line with the market conditions prevailing on the date on which the bonds
   are issued.

2  The acquisition of registered shares through the exercise of conversion or
   option rights and any further transfers of registered shares is subject to
   the transfer restrictions laid down in Art. 4 of the articles of association.

Art. 26b

1  The share capital as per Art. 3 of the articles of association is to be
   increased by not more than Sfr 117,200,000 through the issue of a maximum of
   117,200,000 registered shares with a par value of Sfr 1 each, to be fully
   paid up. Upon acquisition, the new registered shares will be subject to the
   transfer restrictions pursuant to Art. 4 of the articles of association.

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2  The preferential subscription right of present shareholders is excluded in
   favour of the staff, at all levels, and of Members of the Board of Directors
   of Credit Suisse Group and its Group companies. The shares shall be issued in
   accordance with the guidelines adopted by the Board of Directors, as amended
   from time to time. They may be issued at a price which is below their market
   value.

Art. 26c

1  The conditional share capital as per Art. 3 of the Articles of Association is
   to be increased, by a maximum amount of CHF 18,719,804 corresponding to a
   maximum of 18,719,804 registered shares, to be fully paid up, with a nominal
   value of CHF 1 each, through the exercise of option rights granted to
   employees of all levels of Donaldson, Lufkin & Jenrette, Inc. and its Group
   companies, which were rolled over according to the merger agreement between
   Credit Suisse Group, Diamond Acquisition Corp and Donaldson Lufkin &
   Jenrette, Inc., dated 30 August, 2000. The subscription ratio, time limits
   and further terms will be determined by the Board of Directors in accordance
   with the merger agreement dated August 30, 2000. The new registered shares
   will be subject to the transfer restrictions pursuant to Art. 4 of the
   Articles of Association.

2  The preemptive rights of the current shareholders are excluded in favor of
   staff at all levels of Donaldson Lufkin & Jenrette and its Group companies.

Art. 27

Authorized Capital
1  The Board of Directors is authorized, at any time until June 1, 2003, to
   increase the share capital, as per Art. 3 of the articles of association, in
   the maximum amount of Sfr 45,480,000 through the issuance of a maximum of
   45,480,000 registered shares, to be fully paid up, with a par value of Sfr 1
   each. Increases by underwriting as well as partial increases are permissible.
   The issue price, the time of effect of the right to a dividend, and the type
   of contribution will be determined by the Board of Directors. Upon
   acquisition, the new shares will be subject to the transfer restrictions
   pursuant to Art. 4 of the articles of association.

2  The Board of Directors is authorised to exclude the preferential subscription
   rights of the shareholders in favour of third parties if the new shares

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   are used for the acquisition of companies, segments of companies or
   participations in the banking, finance, asset management or insurance
   industries through an exchange of shares or for financing the acquisition of
   companies, segments of companies or participations in these industries. If,
   in connection with company takeovers, commitments to service convertible
   bonds or bonds with warrants are assumed, the Board of Directors is
   authorised, for the purpose of fulfilling delivery commitments under such
   bonds, to issue new shares excluding the subscription rights of shareholders.

3  Registered shares for which subscriptions rights have been granted but not
   exercised, are to be sold on the market at market conditions.

Art. 27a

Deleted

Art. 28

Non-Cash Capital Contribution
Deleted

Art. 28a

1  In accordance with the agreement on non-cash capital contributions dated 7
   April 1993, the Company has acquired from Watt AG, Glarus, 13,178,500
   registered shares of Swiss Volksbank, with a par value of Sfr 50 each, with a
   total value and at a total price of Sfr 1,549,791,600. Settlement has been
   effected by transfer to Watt AG of 3,953,550 fully paid-in registered shares
   of the Company with a par value of Sfr 100 each.

2  The issue price per share is Sfr 392. The sum of Sfr 1,154,436,600, being the
   amount by which the price paid exceeds the par value of the new shares,
   Sfr 395,355,000, remains with the Company as a premium.

3  In accordance with the agreement on non-cash capital contributions dated 1
   June 1993, the Company has acquired from Watt AG, Glarus, 1,914,000
   registered shares of Swiss Volksbank, Berne, with a par value of Sfr 50 each,
   with a total value and at a total price of

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   Sfr 252,935,100. Settlement has been effected by transfer to Watt AG of
   574,200 fully paid-in registered shares of the Company with a par value of
   Sfr 100 each.

4  The issue price per share is Sfr 440.50. The sum of Sfr 195,515,100, being
   the amount by which the price paid exceeds the par value of the new shares,
   Sfr 57,420,000, remains with the Company as a premium.

5  In accordance with the agreement on non-cash capital contributions dated 10
   January 1994, the Company has acquired from Watt AG, Glarus, 200,000
   registered shares of Swiss Volksbank, Berne, with a par value of Sfr 50 each,
   with a total value and at a total price of Sfr 28,000,000. Settlement has
   been effected by transfer to Watt AG of 191,781 fully paid-in registered
   shares of the Company with a par value of Sfr 20 each.

6  The issue price per share is Sfr 146. The sum of Sfr 24,164,380, being the
   amount by which the price paid exceeds the par value of the new shares, Sfr
   3,835,620, remains with the Company as a premium.

Art. 28b

1  In accordance with the agreement on non-cash capital contributions dated
   14 December 1993, the Company has acquired from Watt AG, Glarus, 1,762,434
   bearer shares of Leu Holding Ltd., Zug, with a par value of Sfr 100 each,
   with a total value and at a total price of Sfr 992,837,820. Settlement has
   been effected by transfer to Watt AG of 1,468,695 fully paid-in bearer shares
   of the Company with a par value of Sfr 100 each.

2  The issue price per share is Sfr 676. The sum of Sfr 845,968,320, being the
   amount by which the price paid exceeds the par value of the new shares, Sfr
   146,869,500, remains with the Company as a premium.

3  In accordance with the agreement on non-cash capital contributions dated 10
   January 1994, the Company has acquired from Watt AG, Glarus, 126,318 bearer
   shares of Leu Holding Ltd., Zug, with a par value of Sfr 100 each, with a
   total value and at a total price of Sfr 71,159,140.

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   Settlement has been effected by transfer to Watt AG of 105,265 fully paid-in
   bearer shares of the Company with a par value of Sfr 100 each.

4  The issue price per share is Sfr 676. The sum of Sfr 60,632,640, being the
   amount by which the price paid exceeds the par value of the new shares, Sfr
   10,526,500, remains with the Company as a premium.

Art. 28c

In accordance with the agreement on non-cash capital contributions dated 8
December 1997, the Company has acquired from Credit Suisse First Boston, Zurich,
9,651,170 registered shares of the "Winterthur" Swiss Insurance Company,
Winterthur, with a par value of Sfr 20 each, and 35,694 rights to new registered
shares resulting from the invalidation of the remaining 35,694 registered shares
of the "Winterthur" Swiss Insurance Company (Articles 54 and 33, SESTA), with a
total value and at a total price of Sfr 1,414,282,140. Settlement has been
effected by transfer to Credit Suisse First Boston of 70,714,107 fully paid-in
registered shares of the Company with a par value of Sfr 20 each. The issue
price per share is Sfr 20.

Art. 28d

In accordance with the agreement on non-cash capital contributions of 31 July
1998, the Company has acquired from Credit Suisse (Bahamas) Limited, Nassau
(Bahamas), 16,916,518 common stock of Garantia Banking Limited, with a par value
of USD 1.00 per share, with a total value and at a total price of CHF
706,325,400. Settlement has been effected by transfer to Credit Suisse (Bahamas)
Limited as exchange agent of 1,938,708 fully paid-in registered shares of the
Company with a par value of CHF 20 per share. The issue price per share is CHF
364,3278. The sum of CHF 667,551,240, being the amount by which the price paid
exceeds the par value of the new shares (CHF 38,774,160), is retained by the
Company as a share premium.

Art. 28e

In accordance with the agreement on non-cash capital contributions of 15 April
1999, the Company has acquired from Reinsurance Derivatives Holding AG, Zurich,
30,470,235 Perpetual Non-Cumulative Class A Preference Shares, with a par value
of USD 1.00 per share, and

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83,162,370 Participating Shares, with a par value of USD 1.00 per share, of
Credit Suisse Financial Products, London, with a total value and a total price
of CHF 486,000,000. Settlement has been effected by transfer to Reinsurance
Derivatives Holding AG, Zurich, of 1,800,000 fully paid-in registered shares of
the Company with a par value of CHF 20 per share. The issue price per share is
CHF 270. The sum of CHF 450,000,000, being the amount by which the price paid
exceeds the par value of the new shares (CHF 36,000,000), is retained by the
Company as a share premium.

Art. 28f

In accordance with the agreements on non-cash capital contributions of
3 November 2000, the Company has acquired from AXA, Paris, AXA Financial, Inc.,
New York, The Equitable Life Assurance Society of the United States, New York,
and AXA Participations Belgium, Brussels, 64,029,782 Common Shares, with a par
value of USD 0.10 per share, of Donaldson, Lufkin & Jenrette Inc., Delaware,
with a total value and a total price of CHF 8,502,828,693.50. Settlement has
been effected by transfer to AXA, AXA Financial, Inc., Equitable Life Assurance
Society of the United States and AXA Participations Belgium of 25,727,167 fully
paid-in registered shares of the Company with a par value of CHF 20 per share.
The issue price per share is CHF 330.50. The sum of CHF 7,988,285,353.50, being
the amount by which the price paid exceeds the par value of the new shares
(CHF 514,543,340), is retained by the Company as a share premium.

Art. 29

Non-Cash Capital Acquisition
Deleted

The above text is a translation of the original German articles of association
(Statuten) which constitute the definitive text and are binding in law.

Zurich, September 11, 2002

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                                                                     Exhibit 4.1

                            PHOTOELECTRON CORPORATION
                     1996 EQUITY INCENTIVE PLAN, AS AMENDED

         1.       Purpose.  This 1996 Equity Incentive Plan (the "Plan") is
intended to provide incentives:

                  (a) to the officers and other employees of Photoelectron
         Corporation, a Massachusetts corporation (the "Company"), and any
         present or future subsidiaries of the Company (collectively, "Related
         Corporations"), by providing them with opportunities to purchase stock
         in the Company pursuant to options granted hereunder which qualify as
         "incentive stock options" under Section 422(b) of the Internal Revenue
         Code of 1986 (the "Code") ("ISO" or "ISOs");

                  (b) to directors, officers, employees and consultants of the
         Company and Related Corporations by providing them with opportunities
         to purchase stock in the Company pursuant to options granted hereunder
         which do not qualify as ISOs ("Non-Qualified Option" or "Non-Qualified
         Options");

                  (c) to directors, officers, employees and consultants of the
         Company and Related Corporations by providing them with awards of stock
         in the Company ("Awards"); and

                  (d) to directors, officers, employees and consultants of the
         Company and Related Corporations by providing them with opportunities
         to make direct purchases of stock in the Company ("Purchases").

Both ISOs and Non-Qualified Options are referred to hereafter individually as an
"Option" and collectively as "Options". Options, Awards and authorizations to
make Purchases are referred to hereafter collectively as "Stock Rights". As used
herein, the terms "parent" and "subsidiary" mean "parent corporation" and
"subsidiary corporation", respectively, as those terms are defined in Section
424 of the Code.

         2.       Administration of the Plan.

         A.       Board or Committee Administration. The Plan shall be
administered by the Board of Directors of the Company (the "Board"). The Board
may delegate any or all of its responsibilities under the Plan to a Committee of
two (2) or more of its members who, if the Company is then a Public Company (as
defined below), qualify as "Non-Employee Directors" within the meaning of Rule
16b-3 adopted pursuant to the Securities Exchange Act of 1934 (the "Exchange
Act"), to administer the Plan; provided such Committee is delegated such powers
in accordance with state law, and provided further that grants of Stock Rights
to Board members shall be made by the Board in accordance with state law. (All
references in this Plan to the "Committee" shall mean the Board (i) if no
Committee has been so appointed, or (ii) even if a Committee has been appointed,

                                       -1-

<PAGE>

with respect to Stock Rights granted to Board members). The Company shall be a
"Public Company" at such time as it registers any class of any equity security
pursuant to Section 12 of the Exchange Act.

         B.       Authority of Committee.  Subject to the terms of the Plan, the
Committee shall have the authority to:

                  (i)    determine the employees of the Company and Related
         Corporations (from among the class of employees eligible under
         paragraph 3 to receive ISOs) to whom ISOs may be granted, and to
         determine (from among the class of individuals and entities eligible
         under paragraph 3 to receive Non-Qualified Options and Awards and to
         make Purchases) to whom Non-Qualified Options, Awards and
         authorizations to make Purchases may be granted;

                  (ii)   determine the time or times at which Options and Awards
         may be granted and Purchases made;

                  (iii)  determine the option price of shares subject to each
         Option, which price in the case of an ISO shall not be less than the
         minimum price specified in paragraph 6, and the purchase price of
         shares subject to each Purchase;

                  (iv)   determine whether each Option granted shall be an ISO
         or a Non-Qualified Option;

                  (v)    determine (subject to paragraph 7) the time or times
         when each Option shall become exercisable and the duration of the
         exercise period;

                  (vi)   determine whether restrictions such as repurchase
         options are to be imposed on shares subject to Options, Awards and
         Purchases and the nature of such restrictions, if any;

                  (vii)  pre-establish objective performance goals with respect
         to Stock Rights (other than ISOs and Non-Qualified Options with an
         exercise price not less than the fair market value per share of Common
         Stock on the date of grant) to be provided to "covered employees"
         within the meaning of Section 162(m) of the Code but only if necessary
         to preclude the applicability of said Section 162(m);

                  (viii) impose such other terms and conditions with respect to
         Stock Rights not inconsistent with the terms of this Plan as it deems
         necessary or desirable; and

                  (ix)   interpret the Plan and prescribe and rescind rules and
         regulations relating to it.

                                       -2-

<PAGE>

If the Committee determines to issue a Non-Qualified Option, it shall take
whatever actions it deems necessary, under the Code and the regulations
promulgated thereunder, to ensure that such Option is not treated as an ISO.

         The interpretation and construction by the Committee of any provisions
of the Plan or of any Stock Right granted under it shall be final unless
otherwise determined by the Board. The Committee may from time to time adopt
such rules and regulations for carrying out the Plan as it may deem best. No
member of the Board or the Committee shall be liable for any action or
determination made in good faith with respect to the Plan or any Stock Right
granted under it.

         C. Committee Actions. The Committee may select one of its members as
its chairman, and shall hold meetings at such time and places as it may
determine. Acts by a majority of the Committee, or acts reduced to or approved
in writing by a majority of the members of the Committee, shall be the valid
acts of the Committee. From time to time the Board may increase the size of the
Committee and appoint additional members thereof, remove members (with or
without cause) and appoint new members in substitution therefor, fill vacancies
however caused, or remove all members of the Committee and thereafter directly
administer the Plan.

         3. Eligible Employees and Others. ISOs may be granted to any employee
of the Company or any Related Corporation. Those officers and directors of the
Company who are not employees may not be granted ISOs under the Plan.
Non-Qualified Options, Awards and authorizations to make Purchases may be
granted to any employee, or officer or director (whether or not also an
employee), or consultant of the Company or any Related Corporation. The
Committee may take into consideration a recipient's individual circumstances in
determining whether to grant a Stock Right. Granting a Stock Right to any
individual or entity shall neither entitle that individual or entity to
participate in, nor disqualify that individual or entity from participation in,
any other grant of Stock Rights.

         4. Stock. The stock subject to Options and which may be issued as
Awards and to persons making Purchases shall be authorized but unissued shares
of common stock of the Company, $.01 par value (the "Common Stock"), or shares
of Common Stock reacquired by the Company in any manner. The aggregate number of
shares which may be issued pursuant to the Plan is one million three hundred
forty-one thousand seven hundred seventy-five (1,341,775), subject to adjustment
as provided in paragraph 10. Any such shares may be issued upon the exercise of
ISOs or Non-Qualified Options, or as Awards or Purchases, so long as the
aggregate number of shares so issued does not exceed such maximum number, as
adjusted. If any Option granted under the Plan shall expire or terminate for any
reason without having been exercised in full or shall cease for any reason to be
exercisable in whole or in part, the unpurchased shares subject to such Options
and any unvested shares reacquired by the Company shall again be available for
grants of Stock Rights under the Plan.

                                       -3-

<PAGE>

         5. Granting of Stock Rights. Stock Rights may be granted under the Plan
at any time after August 15, 1996 and prior to July 17, 2006. The date of grant
of a Stock Right under the Plan will be the date specified by the Committee at
the time it grants the Stock Right; provided, however, that such date shall not
be prior to the date on which the Committee acts to approve the grant. The
Committee shall have the right, with the consent of the optionee, to convert an
ISO granted under the Plan to a Non-Qualified Option pursuant to paragraph 14.

         Nothing in the Plan shall be deemed to give any grantee of any Stock
Right the right to be retained in employment or other service by the Company or
any Related Corporation for any period of time.

         6. Terms and Conditions of Stock Rights. Stock Rights shall be
evidenced by instruments (which need not be identical) in such forms as the
Committee may from time to time approve. Such instruments may be in the form of
agreements to be executed by both the Company and the individual or entity
receiving the Stock Right, or certificates, letters or similar instruments that
need not be executed by such individual or entity but acceptance of which will
evidence agreement to the terms thereof. Such instruments shall conform to the
terms and conditions set forth in the Plan and may contain such other provisions
as the Committee deems advisable which are not inconsistent with the Plan.
Without limiting the foregoing, such provisions may include such rights of
refusal and repurchase with respect to, and such other restrictions applicable
to, shares of Common Stock issuable upon exercise of Options, Awards and
Purchases as the Committee may deem appropriate. In granting any Non-Qualified
Option, the Committee may specify that such Non-Qualified Option shall be
subject to the restrictions set forth herein with respect to ISOs, or to such
termination, cancellation or other provisions as the Committee may determine.

         The Committee may from time to time confer authority and responsibility
on one or more of its own members and/or one or more officers of the Company to
execute and deliver such instruments. The proper officers of the Company are
authorized and directed to take any and all action necessary or advisable from
time to time to carry out the terms of such instruments.

         7. Option Duration. Subject to earlier termination as provided in
paragraph 8, each Option shall expire on the date specified by the Committee and
set forth in the original instrument granting such Option, but not more than ten
(10) years from the date of grant. Notwithstanding the foregoing, in the case of
an ISO granted to an employee owning stock possessing more than ten percent
(10%) of the total combined voting power of all classes of stock of the Company
or any Related Corporation, such ISO shall expire not more than five (5) years
from the date of grant. A Non-Qualified Option shall expire on the date
specified in the original instrument granting such Non-Qualified Option, subject
to extension as determined by the Committee. ISOs, or any part thereof, that
have been converted into Non-Qualified Options may be extended as provided in
paragraph 14.

                                       -4-

<PAGE>

         8. Special Rules for ISO.

         A. Price for ISOs. The exercise price per share specified in the
agreement relating to each ISO granted under the Plan shall not be less than the
fair market value per share of Common Stock on the date of such grant. In the
case of an ISO to be granted to an employee owning stock possessing more than
ten percent (10%) of the total combined voting power of all classes of stock of
the Company or any Related Corporation, the price per share specified in the
agreement relating to such ISO shall not be less than one hundred ten percent
(110%) of the fair market value per share of Common Stock on the date of grant.

         B. $100,000 Annual Limitation on ISOs. Each eligible employee may be
granted ISOs only to the extent that, in the aggregate under this Plan and all
incentive stock option plans of the Company and any Related Corporation, such
ISOs do not become exercisable for the first time by such employee during any
calendar year in a manner which would entitle the employee to purchase more than
$100,000 in fair market value (determined at the time the ISOs were granted) of
Common Stock in that year. Any options granted to an employee in excess of such
amount will be granted as Non-Qualified Options.

         C. Determination of Fair Market Value. If, at the time an Option is
granted under the Plan, the Company's Common Stock is publicly traded, "fair
market value" shall be determined as of the date on which such Option is granted
or, if prices or quotes discussed in this sentence are not available for that
date, as of the last business day for which such prices or quotes are available
immediately prior to the date such Option is granted, and shall mean:

            (i)    the average (on that date) of the high and low prices of the
                   Common Stock on the principal national securities exchange on
                   which the Common Stock is traded, if the Common Stock is then
                   traded on a national securities exchange; or

            (ii)   the last reported sale price (on that date) of the Common
                   Stock on the NASDAQ National Market List, if the Common Stock
                   is not then traded on a national securities exchange; or

            (iii)  the closing bid price (or average of bid prices) of the
                   Common Stock last quoted (on that date) by an established
                   quotation service for over-the-counter securities, if the
                   Common Stock is not then traded on a national securities
                   exchange or reported on the NASDAQ National Market List.

However, if the Common Stock is not publicly traded at the time an Option is
granted under the Plan, "fair market value" shall be deemed to be the fair value
of the Common

                                       -5-

<PAGE>

Stock as determined by the Committee after taking into consideration all factors
in good faith it deems appropriate, including, without limitation, recent sale
and offer prices of the Common Stock in private transactions negotiated at arm's
length.

         D. Assignability. No ISO shall be assignable or transferable by the
optionee except by will or by the laws of descent and distribution, and during
the lifetime of the optionee each Option shall be exercisable only by him. No
ISO, nor the right to exercise any portion thereof, shall be subject to
execution, attachment, or similar process, assignment, or any other alienation
or hypothecation. Upon any attempt to transfer, assign, pledge, hypothecate, or
otherwise dispose of any ISO, or of any right or privilege conferred thereby,
contrary to the provisions thereof or hereof or upon the levy of any attachment
or similar process upon any ISO, or any right or privilege conferred thereby,
such Option and such rights and privileges shall immediately become null and
void.

         E. Death. If an ISO optionee ceases to be employed by the Company and
all Related Corporations by reason of his death, or if the Employee dies within
the thirty (30) day period after the Employee ceases to be employed by the
Company and all Related Corporations, any ISO of his may be exercised, to the
extent of the number of shares with respect to which he could have exercised it
on the date of his death, by his estate, personal representative or beneficiary
who has acquired the ISO by will or by the laws of descent and distribution, at
any time prior to the earlier of the specified expiration date of the ISO or one
hundred and eighty (180) days from the date of the optionee's death.

         F. Disability. If an ISO optionee ceases to be employed by the Company
and all Related Corporations by reason of his disability, he shall have the
right to exercise any ISO held by him on the date of termination of employment,
to the extent of the number of shares with respect to which he could have
exercised it on that date, at any time prior to the earlier of the specified
expiration date of the ISO or one (1) year from the date of the termination of
the optionee's employment. For the purposes of the Plan, the term "disability"
shall mean "permanent and total disability" as defined in Section 22(e)(3) of
the Code or successor statute.

         G. Other Termination of Employment. If an ISO optionee ceases to be
employed by the Company and all Related Corporations other than by reason of
death or disability as defined in paragraph 8(F), no further installments of his
ISOs shall become exercisable, and his ISOs shall terminate after the passage of
three (3) months from the date of termination of his employment, but in no event
later than on their specified expiration dates, except to the extent that such
ISOs (or unexercised installments thereof) have been converted into
Non-Qualified Options pursuant to paragraph 14.

         9. Exercise of Option. Subject to the provisions of paragraphs 6 and 8,
each Option granted under the Plan shall be exercisable as follows:

            A.    Vesting.  The Option shall either be fully exercisable on the
         date of grant or shall become exercisable thereafter in such
         installments as the Committee

                                       -6-

<PAGE>

         may specify. The Committee may also specify such other conditions
         precedent as it deems appropriate to the exercise of an Option.

                  B. Full Vesting of Installments. Once an installment becomes
         exercisable it shall remain exercisable until expiration or termination
         of the Option, unless otherwise specified by the Committee.

                  C. Partial Exercise. Each Option or installment may be
         exercised at any time or from time to time, in whole or in part, for up
         to the total number of shares with respect to which it is then
         exercisable, provided that the Committee may specify a certain minimum
         number or percentage of the shares issuable upon exercise of any Option
         that must be purchased upon any exercise.

                  D. Acceleration of Vesting. The Committee shall have the right
         to accelerate the date of exercise of any installment of any Option;
         provided that the Committee shall not accelerate the exercise date of
         any installment of any Option granted to any employee as an ISO (and
         not previously converted into a Non-Qualified Option pursuant to
         paragraph 14) if such acceleration would violate the annual vesting
         limitation contained in Section 422(d) of the Code, as described in
         paragraph 8(B).

         10.      Adjustments.  Upon the occurrence of any of the following
events, an optionee's rights with respect to Options granted to him hereunder
shall be adjusted as hereinafter provided, unless otherwise specifically
provided in the written agreement between the optionee and the Company relating
to such Option:

         A.       Stock Dividends and Stock Splits. If the shares of Common
Stock shall be subdivided or combined into a greater or smaller number of shares
or if the Company shall issue any shares of Common Stock as a stock dividend on
its outstanding Common Stock, the number of shares of Common Stock deliverable
upon the exercise of Options shall be appropriately increased or decreased
proportionately, and appropriate adjustments shall be made in the purchase price
per share to reflect such subdivision, combination or stock dividend.

         B.       Consolidations, Mergers or Sales of Assets or Stock. If the
Company is to be consolidated with or acquired by another person or entity in a
merger, sale of all or substantially all of the Company's assets or stock, or
otherwise (an "Acquisition"), the Committee or the board of directors of any
entity assuming the obligations of the Company hereunder (the "Successor Board")
shall, with respect to outstanding Options, shares acquired upon exercise of any
Option, Awards granted and Purchases made, take one or more of the following
actions:

                  (i)   make appropriate provision for the continuation of such
         Options by substituting on an equitable basis for the shares then
         subject to such Options the

                                       -7-

<PAGE>

         consideration payable with respect to the outstanding shares of Common
         Stock in connection with the Acquisition;

                  (ii)  accelerate the date of exercise of such Options or of
         any installment of any such Options;

                  (iii) upon written notice to the optionees, provide that all
         Options must be exercised, to the extent then exercisable, within a
         specified number of days of the date of such notice, at the end of
         which period the Options shall terminate;

                  (iv)  terminate all Options in exchange for a cash payment
         equal to the excess of the fair market value of the shares subject to
         such Options (to the extent then exercisable) over the exercise price
         thereof; or

                  (v)   in the event of a stock sale, require that the holder
         sell to the purchaser to whom such stock sale is to be made, all shares
         previously issued to the holder upon the exercise of any Option, all
         Awards granted and all Purchases made, at a price equal to the portion
         of the net consideration from such sale which is attributable to such
         shares.

         C. Recapitalization or Reorganization. In the event of a
recapitalization or reorganization of the Company (other than a transaction
described in subparagraph B above) pursuant to which securities of the Company
or of another corporation are issued with respect to the outstanding shares of
Common Stock, an optionee upon exercising an Option shall be entitled to receive
for the purchase price paid upon such exercise the securities he would have
received if he had exercised his Option prior to such recapitalization or
reorganization and had been the owner of the Common Stock receivable upon such
exercise at such time.

         D. Modification of ISOs. Notwithstanding the foregoing, any adjustments
made pursuant to the foregoing subparagraphs A, B or C with respect to ISOs
shall be made only after the Committee, after consulting with counsel for the
Company, determines whether such adjustments would constitute a "modification"
of such ISOs (as that term is defined in Section 424 of the Code or any
successor thereto) or would cause any adverse tax consequences for the holders
of such ISOs. If the Committee determines that such adjustments made with
respect to ISOs would constitute a modification of such ISOs or would cause any
adverse tax consequences for the holders of such ISOs, it may refrain from
making such adjustments.

         E. Dissolution or Liquidation.  In the event of the proposed
dissolution or liquidation of the Company, each Option will terminate
immediately prior to the consummation of such proposed action or at such other
time and subject to such other conditions as shall be determined by the
Committee.

                                       -8-

<PAGE>

       F.     Issuances of Securities. Except as expressly provided herein, no
issuance by the Company of shares of stock of any class, or securities
convertible into shares of stock of any class, shall affect, and no adjustment
by reason thereof shall be made with respect to, the number or price of shares
subject to Options. No adjustments shall be made for dividends paid in cash or
in property other than securities of the Company (and, in the case of securities
of the Company, such adjustments shall be made pursuant to the foregoing
subparagraph A).

       G.     Fractional Shares. No fractional shares shall be issued under the
Plan and an optionee shall receive from the Company cash in lieu of such
fractional shares.

       H.     Adjustments. Upon the happening of any of the foregoing events
described in subparagraphs A, B or C above, the class and aggregate number of
shares set forth in paragraph 4 hereof that are subject to Stock Rights which
previously have been or subsequently may be granted under the Plan shall also be
appropriately adjusted to reflect the events described in such subparagraphs.
The Committee or the Successor Board shall determine the specific adjustments to
be made under this paragraph 10 and its determination shall be conclusive.

       If any person or entity owning Common Stock obtained by exercise of a
Stock Right made hereunder receives shares or securities or cash in connection
with a corporate transaction described in subparagraphs A, B or C above as a
result of owning such Common Stock, such shares or securities or cash shall be
subject to all of the conditions and restrictions applicable to the Common Stock
with respect to which such shares or securities or cash were issued, unless
otherwise determined by the Committee.

       11.    Means of Exercising Options. A Stock Right (or any part or
installment thereof) shall be exercised by giving written notice to the Company
at its principal office address. Such notice shall identify the Stock Right
being exercised and specify the number of shares as to which such Stock Right is
being exercised, accompanied by full payment of the purchase price (if any)
therefor either

              (a)    in United States dollars in cash or by check, or

              (b)    at the discretion of the Committee, through delivery of
                     shares of Common Stock having a fair market value equal as
                     of the date of the exercise to the cash exercise price of
                     the Stock Right, or

              (c)    at the discretion of the Committee, by delivery of the
                     grantee's personal recourse note bearing interest payable
                     not less than annually at no less than one hundred percent
                     (100%) of the lowest applicable Federal rate, as defined in
                     Section 1274(d) of the Code, or

                                       -9-

<PAGE>

              (d)    at the discretion of the Committee, by any combination of
                     (a), (b) and (c) above.

If the Committee exercises its discretion to permit payment of the exercise
price of an ISO by means of the methods set forth in clauses (b), (c), or (d) of
the preceding sentence, such discretion shall be exercised in writing at the
time of the grant of the ISO in question.

       The holder of a Stock Right shall not have the rights of a shareholder
with respect to the shares covered by his Stock Right until the date of issuance
of a stock certificate to him for such shares. Except as expressly provided
above in paragraph 10 with respect to changes in capitalization and stock
dividends, no adjustment shall be made for dividends or similar rights for which
the record date is before the date such stock certificate is issued.

       12.    Conditions on Delivery of Common Stock. The Company will not be
obligated to deliver any shares of Common Stock pursuant to the Plan or to
remove any restriction from shares previously delivered under the Plan

              (a)    until all conditions on the grant of a Stock Right have
                     been satisfied or removed,

              (b)    until, in the opinion of the Company's counsel, all
                     applicable federal and state laws and regulations have been
                     complied with,

              (c)    if the outstanding Common Stock is at the time listed on
                     any stock exchange, until the shares have been listed or
                     authorized to be listed on any such exchange upon official
                     notice of issuance, and

              (d)    until all other legal matters in connection with the
                     issuance and delivery of such shares have been approved by
                     the Company's counsel.

If the sale of Common Stock has not been registered under the Securities Act of
1933, as amended, the Company may require, as a condition to exercise of a Stock
Right, such representations or agreements as counsel for the Company may
consider appropriate to avoid violation of such Act and may require that the
certificates evidencing such Common Stock bear an appropriate legend restricting
transfer.

       13.    Term and Amendment of Plan. This Plan was adopted by the Board on
July 17, 1996 and was approved by the stockholders of the Company on December 3,
1996. The Plan shall expire on July 16, 2006 (except that Stock Rights granted
prior to July 17, 2006 shall continue in force beyond such expiration date in
accordance with their terms). Subject to the provisions of paragraph 5 above,
Stock Rights may be granted under the Plan prior to the date of stockholder
approval of the Plan.

                                      -10-

<PAGE>

         The Board may terminate or amend the Plan in any respect at any time,
except that, without the approval of the stockholders obtained within twelve
(12) months before or after the Board adopts a resolution authorizing any of the
following actions:

               (a)  the total number of shares that may be issued under the Plan
                    may not be increased (except by adjustment pursuant to
                    paragraph 10);

               (b)  the provisions of paragraph 3 regarding eligibility for
                    grants of ISOs may not be modified;

               (c)  the provisions of paragraph 8(A) regarding the exercise
                    price at which shares may be offered pursuant to ISOs may
                    not be modified (except by adjustment pursuant to paragraph
                    10); and

               (d)  the expiration date of the Plan may not be extended.

Except as otherwise provided in this paragraph 13, in no event may action of the
Board, the Committee or stockholders alter or impair the rights of a grantee
under any Option previously granted to him, without his consent.

         14.   Conversion of ISOs into Non-Qualified Options; Termination of
ISOs. The Committee, at the written request of any optionee, may in its
discretion take such actions as may be necessary to convert such optionee's ISOs
(or any installments or portions of installments thereof) that have not been
exercised on the date of conversion into Non-Qualified Options at any time prior
to the expiration of such ISOs, regardless of whether the optionee is an
employee of the Company or a Related Corporation at the time of such conversion.
Such actions may include, but not be limited to, extending the exercise period
or reducing the exercise price of the appropriate installments of such Options.
At the time of such conversion, the Committee may impose such conditions on the
exercise of the resulting Non-Qualified Options as the Committee in its
discretion may determine, provided that such conditions shall not be
inconsistent with this Plan. Nothing in the Plan shall be deemed to give any
optionee the right to have such optionee's ISOs converted into Non-Qualified
Options, and no such conversion shall occur until and unless the Committee takes
appropriate action. The Committee, with the consent of the optionee, may also
terminate any portion of any ISO that has not been exercised at the time of such
termination.

         15.   Application of Funds. The proceeds received by the Company from
the sale of shares pursuant to Options granted and Purchases authorized under
the Plan shall be used for general corporate purposes.

         16.   Governmental Regulation.  The Company's obligation to sell and
deliver shares of the Common Stock under this Plan is subject to the approval of
any

                                      -11-

<PAGE>

governmental authority required in connection with the authorization, issuance
or sale of such shares.

       17.    Withholding of Income Taxes. Upon the exercise of a Non-Qualified
Option, the grant of an Award, the making of a Purchase of Common Stock for less
than its fair market value, the making of a Disqualifying Disposition (as
defined in paragraph 18) or the vesting of restricted Common Stock acquired on
the exercise of a Stock Right hereunder, the Company may require the optionee,
Award recipient, purchaser or shareholder to pay (through the withholding of a
sufficient number of shares of Common Stock, or otherwise) any federal, state,
local and foreign withholding taxes in respect of the amount that is considered
compensation includible in such person's gross income. The Committee in its
discretion may condition (i) the exercise of an Option, (ii) the grant of an
Award, (iii) the making of a Purchase of Common Stock for less than its fair
market value, and (iv) the vesting of restricted Common Stock acquired by
exercising a Stock Right, on such person's payment of such withholding taxes.

       18.    Notice to Company of Disqualifying Disposition. Each employee who
receives an ISO must agree to notify the Company in writing immediately after
the employee makes a Disqualifying Disposition of any Common Stock acquired
pursuant to the exercise of an ISO. A Disqualifying Disposition is any
disposition (including any sale) of such Common Stock before the later of

              (a)    two (2) years after the date the employee was granted the
                     ISO, or

              (b)    one (1) year after the date the employee acquired Common
                     Stock by exercising the ISO.

If the employee dies before such stock is sold, these holding period
requirements do not apply and no Disqualifying Disposition can occur thereafter.

       19.    Governing Law; Construction. The validity and construction of the
Plan and the instruments evidencing Options shall be governed by the laws of the
jurisdiction in which the Company or its successors in interest is organized. In
construing this Plan, the singular shall include the plural and the masculine
gender shall include the feminine and neuter, unless the context otherwise
requires.

                                      -12-

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