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EXHIBIT 10.12(A)

                         NORTH FORK BANCORPORATION, INC.
                          1999 STOCK COMPENSATION PLAN

                      SECTION 1. ESTABLISHMENT AND PURPOSE

     North Fork Bancorporation, Inc. (the "Company") hereby establishes a long
term incentive plan to be named the North Fork Bancorporation, Inc. 1999 Stock
Compensation Plan (the "Plan"), for employees of the Company and its
subsidiaries. The purpose of this Plan is to encourage those employees who are
given awards by the committee administering the Plan to acquire and maintain an
interest in the Common Stock of the Company and thus to have additional
incentive to continue to work for the success of the Company and its
subsidiaries.

                             SECTION 2. DEFINITIONS

     Whenever used herein, the following terms shall have the respective
meanings set forth below:

     (A)  AWARD means any Option or Restricted Stock or right to receive either
          granted under the Plan.

     (B)  AWARD AGREEMENT means the written agreement evidencing an Award under
          the Plan, which shall be executed by the Company and the Award Holder.
          Award Holder shall mean the Employee or other eligible individual
          designated to receive an Award under the Plan or any permitted
          transferee of such Award.

     (C)  BOARD means the Board of Directors of the Company.

     (D)  CODE means the Internal Revenue Code of 1986, as amended and in effect
          from time to time.

     (E)  COMMITTEE means the Stock and Compensation Committee of the Board, or
          any successor to such Committee, the members of which shall be elected
          by the Board.

     (F)  COMPANY means North Fork Bancorporation, Inc., a Delaware corporation.

     (G)  EMPLOYEE means a salaried employee (including officers and directors
          who are also employees) of the Company or any Subsidiary.

     (H)  EXCHANGE ACT means the Securities Exchange Act of 1934, as amended.

     (I)  EXERCISE PRICE of an Option means a price fixed by the Committee upon
          grant of the Option as the purchase price for Stock under the Option,
          as such may be adjusted under Section 10 of the Plan.

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     (J)  FAIR MARKET VALUE means, for any particular day, (i) for any period
          during which the Stock shall be listed for trading on a national
          securities exchange, the average of the high and low price per share
          of Stock on such exchange on such day, (ii) for any period during
          which the Stock shall not be listed for trading on a national
          securities exchange, but when prices for the Stock shall be reported
          by the National Market System of the National Association of
          Securities Dealers Automated Quotation System ("NASDAQ"), the average
          of the high and low transaction price per share as quoted by the
          National Market System of NASDAQ for such day, (iii) for any period
          during which the Stock shall not be listed for trading on a national
          securities exchange or its price reported by the National Market
          System of NASDAQ, but when prices for the Stock shall be reported by
          NASDAQ, the average of the high and low bid price per share as
          reported by NASDAQ for such day, or (iv) in the event none of (i),
          (ii) and (iii) above shall be applicable, the fair market price per
          share of Stock for such day as determined by the Board of Directors.
          If Fair Market Value is to be determined as of a day when the
          securities markets are not open, the Fair Market Value on that day
          shall be the Fair Market Value on the nearest preceding day when the
          markets were open.

     (K)  OPTION means the right to purchase Stock at the Exercise Price for a
          specified period of time and subject to specified conditions. For
          purposes of the Plan, all Options shall be so-called nonqualified (or
          nonstatutory) stock options, not qualifying as "incentive stock
          options" under Section 422 of the Code.

     (L)  PERIOD OF RESTRICTION means the period during which Restricted Stock
          is subject to forfeiture under Section 9 of the Plan.

     (M)  REPORTING PERSON means a person subject to Section 16 of the Exchange
          Act.

     (N)  RESTRICTED STOCK means shares of Stock awarded under the Plan that are
          subject to certain risks of forfeiture during a Period of Restriction,
          as provided in Section 9 of the Plan, and which cease to be shares of
          Restricted Stock upon expiration of the Period of Restriction.

     (O)  RULE 16B-3 means Rule 16b-3 promulgated by the Securities and Exchange
          Commission pursuant to the Exchange Act, or any successor regulation.

     (P)  STOCK means the Common Stock of the Company.

     (Q)  SUBSIDIARY means a subsidiary corporation of the Company as defined in
          Section 424(f) of the Code.

     (R)  TAXABLE EVENT means an event relating to an Award granted under the
          Plan which requires federal, state or local tax to be withheld by the
          Company or a Subsidiary.

     (S)  TERMINATED FOR CAUSE means, (i) for Employees serving under an
          employment agreement containing a provision for termination of
          employment for "cause," termination of employment of the Employee for
          "cause" pursuant to such

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          provision, and (ii) for other Employees, termination of employment of
          the Employee by a two-thirds vote of the entire Board of Directors of
          the Company or the Subsidiary employing such Employee, expressly for
          one or both of the following "causes," as evidenced in a certified
          resolution of the Board: (A) any willful misconduct by the Employee
          which is materially injurious to the Company or the Subsidiary,
          monetarily or otherwise; or (B) conviction of the Employee with no
          further possibility of appeal of any felony under applicable state or
          federal banking or financial institution laws, or the agreement of the
          Employee to plead guilty to any such felony.

                            SECTION 3. ADMINISTRATION

     The Plan will be administered by the Committee. The determinations of the
Committee shall be made in accordance with its judgment as to the best interests
of the Company and its stockholders and in accordance with the purposes of the
Plan. Notwithstanding the foregoing, the Committee in its discretion may
delegate to the President or other appropriate officers of the Company or any
Subsidiary the authority to make any or all determinations under the Plan
(including the decision to grant Awards and types of Awards granted) with
respect and only with respect to persons receiving Awards or Award Holders
(other than the delegatees) who are not Reporting Persons, notwithstanding the
fact that the delegatees may themselves be persons eligible to receive Awards
under the Plan and/or Reporting Persons. A majority of members of the Committee
shall constitute a quorum, and all determinations of the Committee shall be made
by a majority of its members. Any determination of the Committee under the Plan
may be made without notice or meeting of the Committee, and all actions made or
taken by the Committee pursuant to the provisions of the Plan shall be final,
binding and conclusive for all purposes and upon all persons.

                     SECTION 4. SHARES AUTHORIZED FOR AWARDS

     The maximum number of shares available for Awards under the Plan is
5,000,000 shares of Stock, of which a maximum of 3,300,000 shares may take the
form of Restricted Stock, and there is hereby reserved for issuance under the
Plan an aggregate of 5,000,000 shares of Stock, subject in the case of each of
the foregoing to adjustment as provided in Section 10 of the Plan. Shares of
Stock underlying outstanding Options and outstanding shares of unvested
Restricted Stock will be counted against the Plan maximum while such Options and
shares of Restricted Stock are outstanding. Upon termination of outstanding
Options that are unexercised and upon forfeiture of outstanding shares of
Restricted Stock prior to vesting, the shares of Stock underlying such Awards
shall be returned to the Plan and available for future grants of Awards
thereunder. In addition, if payment of the Exercise Price of any Option granted
under the Plan is satisfied, upon exercise of such Option, by the Award Holder
by surrender to the Company of shares of Stock previously owned by the Award
Holder (or, in lieu of actual surrender, by a deemed surrender of such shares),
the number of shares of Stock surrendered or deemed surrendered shall be
returned to the Plan and available for future grants of Awards thereunder.

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                         SECTION 5. RECIPIENTS OF AWARDS

     (a) Any Employee of the Company or any Subsidiary of the Company will be
eligible to receive one or more Awards under the Plan if the Committee
determines in its sole discretion that the job performance of such Employee is
likely to be significantly enhanced by the latter's receipt of such Awards.
Designation of an Employee as a Participant to receive an Award in any year
shall not require the Committee to designate such Employee to receive an Award
in any other year or to designate any other Employee to receive an Award in such
year or any other year. The Committee shall consider such factors as it deems
pertinent in selecting Employees to receive Awards and determining the type and
amount of their respective Awards.

     (b) The Committee in its discretion may grant one or more Awards to an
individual, in connection with the hiring or potential hiring of such individual
by the Company or any Subsidiary, prior to the date the latter becomes an
Employee and first performs services for the Company or such Subsidiary,
provided that no such Award shall become vested or exercisable prior to a date
established by the Committee upon grant, which date shall not be earlier than
the day 60 days after the date on which the individual first becomes an Employee
of the Company or such Subsidiary.

     (c) The Committee may grant one or more Awards to any consultant, advisor
or other person providing key services to the Company or a Subsidiary, but only
to the extent such grant does not prohibit the Company from using a registration
statement on Form S-8, or any successor form, to register with the Securities
and Exchange Commission the shares of Stock authorized under the Plan.

     (d) No individual may receive under the Plan Awards relating to more than
1,250,000 shares of Stock in the aggregate, as adjusted from time to time in
accordance with Section 10 of the Plan.

                           SECTION 6. TYPES OF AWARDS

     The following Awards, and rights thereto, may be granted under the Plan in
any proportion: Options and Restricted Stock, as further described below. Except
as specifically limited elsewhere in this Plan, the Committee shall have
complete discretion in determining the type and number of Awards to be granted
to any eligible person and, subject to the provisions of the Plan, the terms and
conditions of each Award, which terms and conditions need not be uniform as
among different recipients of Awards or different Awards of the same general
type. Each Award shall be evidenced by an Award Agreement, as provided in
Section 7 of the Plan. From time to time, as the Committee deems appropriate and
in the best long-term interests of the Company and its stockholders, the
Committee may elect to modify or waive one or more terms or conditions of an
outstanding Award previously granted under the Plan, provided that (i) no such
modification or waiver shall give the holder of any other Award granted under
the Plan any right to a similar modification or waiver, (ii) no such
modification or waiver of an Award shall involve a change in the number of
shares subject to the Award or a change in the Exercise Price of an Option or
the purchase price, if any, of Restricted Stock which is the subject of the
Award, and (iii) any such modification or waiver which is adverse or arguably
adverse to the interests of

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the Award Holder shall not be effective unless and until the Award Holder shall
consent thereto in writing.

                           SECTION 7. AWARD AGREEMENTS

     As soon as practicable after the grant of an Award, the Company shall
notify the recipient of such grant and thereafter shall hand deliver or mail to
the recipient an Award Agreement, duly executed by and on behalf of the Company,
with the request that the recipient execute the Agreement within 30 days after
the date of mailing or delivery by the Company and return the same to the
Company. The date of execution and return of the Award Agreement shall not
necessarily be or affect the date of grant of the Award, which may precede such
date of execution and return, as the Committee may determine. If the recipient
shall fail to execute and return to the Company the Award Agreement within said
30-day period, the Committee may elect to treat the Award as void and never
granted. If an Award granted under the Plan is eligible for transfer and the
subject of a proposed eligible transfer, no such transfer shall be or become
effective until and unless the permitted transferee shall have duly executed and
returned to the Company an Award Agreement in a form acceptable to the
Committee.

                            SECTION 8. STOCK OPTIONS

     (a) Options shall consist of Options to purchase shares of Stock at an
Exercise Price established by the Committee upon grant, which Exercise Price
shall not be less than, but may be more than, 100 percent of the Fair Market
Value of the Stock on the date of grant.

     (b) The Committee shall establish upon grant the period of time during
which an Option will be exercisable by the Award Holder, provided that no Option
shall continue to be exercisable, in whole or in part, later than ten years
after the date of grant. Subject to these limitations, the Committee may
provide, upon grant of an Option, that full exercisability will be phased in
and/or phased out over some designated period of time. The Committee also may
provide upon grant that exercisability of an Option will be accelerated, to the
extent such Option is not already then exercisable, upon the subsequent
occurrence of a "change in control" of the Company, as defined by the Committee,
or such other occurrence as the Committee may specify. Generally, exercisability
of an Option granted to an Employee also shall be conditioned upon continuity of
employment by the original recipient of the Award with the Company and its
Subsidiaries, provided that, if the Committee so provides upon grant,
exercisability of such an Option may continue for some designated period of time
after termination of employment, within the following limitations: (i) if
employment is terminated other than due to the death of the original recipient,
exercisability may be extended to not more than one year after termination; and
(ii) if employment is terminated due to the death of the original recipient,
exercisability may be extended to the normal end of the exercise period.
However, in no event may any Option continue to be exercisable more than ten
years after the date of grant. In addition, no Option granted to an Employee may
be exercisable after Termination for Cause of such Employee. Leaves of absence
granted by the Company for military service or illness and transfers of
employment between the Company and any Subsidiary shall not constitute
termination of employment.

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     (c) Upon exercise of an Option, in whole or in part, the Exercise Price
with respect to the number of shares as to which the Option is then being
exercised may be paid by check or, if the Award Holder so elects and the
Committee shall have authorized such form of payment, in whole or in part by
surrender to the Company of shares of Stock owned prior to exercise by the Award
Holder. Any previously-owned shares of Stock to be used in full or partial
payment of the Exercise Price shall be valued at the Fair Market Value of the
Stock on the date of exercise. In lieu of the actual surrender of shares of
Stock by the Award Holder to the Company in any such stock-for-stock exercise,
the Award Holder may, with the consent of the Committee, in lieu of surrendering
some number of previously-owned shares of Stock, affirm to the Company the Award
Holder's ownership of such number of shares, in which event the Company, upon
its delivery of the shares of Stock as to which the Option is being exercised,
deduct from the number of shares otherwise deliverable the number of shares
affirmed but not surrendered by the Award Holder. Delivery by the Company of
shares of Stock upon exercise of an Option shall be made to the person
exercising the Option or the designee of such person subject to such terms,
conditions, restrictions and contingencies as the Committee may provide in the
Award Agreement. If so provided by the Committee upon grant of the Option, the
shares delivered upon exercise may be subject to certain restrictions upon
subsequent transfer or sale by the Award Holder.

     (d) The Committee may require reasonable advance notice of exercise of an
Option, normally not to exceed three calendar days, and may condition exercise
of an Option upon the availability of an effective registration statement or
exemption from registration under applicable federal and state securities laws
relating to the Stock being issued upon exercise.

                           SECTION 9. RESTRICTED STOCK

     (a) Restricted Stock shall consist of Stock or rights to Stock awarded
under the Plan by the Committee which, during a Period of Restriction specified
by the Committee upon grant, shall be subject to forfeiture by the Award Holder
to the Company if the recipient ceases to be employed by the Company and its
Subsidiaries prior to the lapse of such restrictions. Restricted Stock normally
will not be transferable or assignable during the Period of Restriction.
Restricted Stock may be granted at no cost to Participants or, if subject to a
purchase price, such price shall not exceed the par value of the Stock and may
be payable by the recipient to the Company in cash or by any other means,
including recognition of past employment, as the Committee deems appropriate.
The Committee may provide upon grant of an Award of Restricted Stock that any
shares of Restricted Stock as may be purchased by the recipient thereunder and
subsequently forfeited by the recipient prior to expiration of the Period of
Restriction shall be reacquired by the Company at the purchase price originally
paid in cash by the recipient therefor.

     (b) The minimum Period of Restriction for Restricted Stock shall be three
years from the date of grant of the Award. The Committee may provide upon grant
of an Award of Restricted Stock that different numbers or portions of the shares
subject to the Award shall have different Periods of Restriction. The Committee
also may establish upon grant of an Award of Restricted Stock that some or all
of the shares subject thereto shall be subject to additional restrictions upon
transfer or sale (although not to forfeiture) after expiration of the Period of
Restriction.

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     (c) The Award Holder of Restricted Stock shall be entitled to all dividends
declared and paid on Stock generally with respect to all shares of Restricted
Stock held thereby, from and after the date of grant of such Award, or from and
after such later date or dates as may be specified by the Committee in the
Award, and the Award Holder shall not be required to return any such dividends
to the Company in the event of forfeiture of the Restricted Stock.

     (d) The Award Holder of Restricted Stock shall be entitled to vote all
shares of Restricted Stock held thereby from and after the date of grant of such
Award, or from and after such later date or dates as may be specified by the
Committee in the Award.

     (e) Pending expiration of the Period of Restriction, certificates
representing shares of Restricted Stock shall be held by the Company or the
transfer agent for the Stock. Upon expiration of the Period of Restriction for
any such shares, certificates representing such shall be delivered to the Award
Holder or the permitted transferee, assignee or beneficiary thereof.

                        SECTION 10. ADJUSTMENT PROVISIONS

     (a) If the Company shall at any time change the number of issued shares of
Stock without new consideration to the Company (such as by a stock dividend or
stock split), the total number of shares reserved for issuance under the Plan,
the maximum number of shares available for issuance as Restricted Stock, the
maximum number of shares available for Award of Options to any individual under
the Plan and the number of shares (and, in the case of Options, the Exercise
Price) covered by each outstanding Award shall be adjusted so that the aggregate
consideration payable to the Company, if any, and the value of each such Award
to the Award Holder shall not be changed. Awards may also contain provisions for
their continuation or for other equitable adjustments after changes in the Stock
resulting from reorganization, sale, merger, consolidation, issuance of stock
rights or warrants or similar occurrence.

     (b) Notwithstanding any other provision of this Plan, and without affecting
the number of shares reserved or available for issuance hereunder, the Board of
Directors shall use best efforts to authorize the issuance or assumption of
benefits under the Plan in connection with any merger, consolidation,
acquisition of property or stock, or reorganization involving the liquidation,
discontinuation, merger out of existence or fundamental corporate restructuring
of the Company, upon such terms and conditions as it may deem appropriate.

                         SECTION 11. TRANSFERS OF AWARDS

     Subject to any overriding restrictions and conditions as may be established
from time to time by the Board of Directors, the Committee may determine that
any Award granted under the Plan may be transferable, in the case of an Option,
prior to exercise thereof, and in the case of Restricted Stock, prior to
expiration of the Period of Restriction therefor, under such terms and
conditions as the Committee may specify. Unless the Committee shall specifically
determine that an Award is thus transferable by the original recipient thereof,
each Award granted under the Plan shall not be transferable by the original
recipient thereof, otherwise than by will or the laws of descent and
distribution, and shall be exercisable, during the recipient's lifetime, only by
the recipient. In the event of the death of an Award Holder holding an
unexercised Option, exercise of the Option may be made only by the executor or
administrator of the estate of the Award

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Holder or the person or persons to whom the deceased Award Holder's rights under
the Option shall pass by will or the laws of descent and distribution, and such
exercise may be made only to the extent that the deceased Award Holder was
entitled to exercise such Option at the date of death. If and to the extent the
Committee shall so provide upon grant, the Period of Restriction for Restricted
Stock may be foreshortened upon the death of the Award Holder during the Period
of Restriction, such that the Stock shall be deemed not to be forfeited and no
longer to be Restricted Stock as of the date of death.

                                SECTION 12. TAXES

     The Company shall be entitled to withhold, and shall withhold, the minimum
amount of any federal, state or local tax attributable to any shares deliverable
under the Plan, whether upon exercise of an Option or expiration of a Period of
Restriction for Restricted Stock or occurrence of any other Taxable Event, after
giving the person entitled to receive such delivery notice as far in advance of
the Taxable Event as practicable, and the Company may defer making delivery as
to any Award, if any such tax is payable, until indemnified to its satisfaction.
Such withholding obligation of the Company may be satisfied by any reasonable
method, including, if the Committee so provides upon grant of the Award,
reducing the number of shares otherwise deliverable to or on behalf of the Award
Holder on such Taxable Event by a number of shares of Stock having a fair value,
based on the Fair Market Value of the Stock on the date of such Taxable Event,
equal to the amount of such withholding obligation.

                       SECTION 13. NO RIGHT TO EMPLOYMENT

     An Employee's right, if any, to continue to serve the Company and any
Subsidiary as an officer, employee or otherwise shall not be enhanced or
otherwise affected by the designation of such Employee as a recipient of an
Award under the Plan.

                 SECTION 14. DURATION, AMENDMENT AND TERMINATION

     No Award shall be granted under the Plan on or after the date which is the
tenth anniversary date of the adoption by the Committee or the Board of this
Plan. The Committee or the Board may amend the Plan from time to time or
terminate the Plan at any time. By mutual agreement between the Company and an
Award Holder, one or more Awards may be granted to such Award Holder in
substitution and exchange for, and in cancellation of, any certain Awards
previously granted such Award Holder under the Plan, provided that any such
substitution Award shall be deemed a new Award for purposes of calculating any
applicable exercise period for Options or Period of Restriction for Restricted
Stock. To the extent that any Awards which may be granted within the terms of
the Plan would qualify under present or future laws for tax treatment that is
beneficial to an Award Holder, any such beneficial treatment shall be considered
within the intent, purpose and operational purview of the Plan and the
discretion of the Committee, and to the extent that any such Awards would so
qualify within the terms of the Plan, the Committee shall have full and complete
authority to grant Awards that so qualify (including the authority to grant,
simultaneously or otherwise, Awards which do not so qualify) and to prescribe
the terms and conditions (which need not be identical as among recipients) in
respect to the grant or exercise of any such Awards under the Plan.

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                      SECTION 15. MISCELLANEOUS PROVISIONS

     (a) NAMING OF BENEFICIARIES. In connection with an Award, an Award Holder
may name one or more beneficiaries to receive the Award Holder's benefits, to
the extent permissible pursuant to the various provisions of the Plan, in the
event of the death of the Award Holder.

     (b) SUCCESSORS. All obligations of the Company under the Plan with respect
to Awards issued hereunder shall be binding on any successor to the Company.

     (c) GOVERNING LAW. The provisions of the Plan and all Award Agreements
under the Plan shall be construed in accordance with, and governed by, the laws
of the State of Delaware without reference to conflict of laws provisions,
except insofar as any such provisions may be expressly made subject to the laws
of any other state or federal law.

     (d) APPROVAL BY THE BOARD AND THE COMMITTEE. The Plan, in order to become
effective, must be approved by the Board or the Committee. Any Award granted
under this Plan and any Award Agreement executed pursuant thereto prior to the
submission of this Plan to the Board or the Committee for approval shall be void
and of no effect if this Plan is not approved as provided above.

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EXHIBIT 10.14(A)

                         NORTH FORK BANCORPORATION, INC.
                          1998 STOCK COMPENSATION PLAN

                      SECTION 1. ESTABLISHMENT AND PURPOSE

     North Fork Bancorporation, Inc. (the "Company") hereby establishes a long
term incentive plan to be named the North Fork Bancorporation, Inc. 1998 Stock
Compensation Plan (the "Plan"), for employees of the Company and its
subsidiaries. The purpose of this Plan is to encourage those employees who are
given awards by the committee administering the Plan to acquire and maintain an
interest in the Common Stock of the Company and thus to have additional
incentive to continue to work for the success of the Company and its
subsidiaries.

                             SECTION 2. DEFINITIONS

     Whenever used herein, the following terms shall have the respective
meanings set forth below:

     (A)  AWARD means any Option or Restricted Stock or right to receive either
          granted under the Plan.

     (B)  AWARD AGREEMENT means the written agreement evidencing an Award under
          the Plan, which shall be executed by the Company and the Award Holder.
          Award Holder shall mean the Employee or other eligible individual
          designated to receive an Award under the Plan or any permitted
          transferee of such Award.

     (C)  BOARD means the Board of Directors of the Company.

     (D)  CODE means the Internal Revenue Code of 1986, as amended and in effect
          from time to time.

     (E)  COMMITTEE means the Stock and Compensation Committee of the Board, or
          any successor to such Committee, the members of which shall be elected
          by the Board.

     (F)  COMPANY means North Fork Bancorporation, Inc., a Delaware corporation.

     (G)  EMPLOYEE means a salaried employee (including officers and directors
          who are also employees) of the Company or any Subsidiary.

     (H)  EXCHANGE ACT means the Securities Exchange Act of 1934, as amended.

     (I)  EXERCISE PRICE of an Option means a price fixed by the Committee upon
          grant of the Option as the purchase price for Stock under the Option,
          as such may be adjusted under Section 10 of the Plan.

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     (J)  FAIR MARKET VALUE means, for any particular day, (i) for any period
          during which the Stock shall be listed for trading on a national
          securities exchange, the average of the high and low price per share
          of Stock on such exchange on such day, (ii) for any period during
          which the Stock shall not be listed for trading on a national
          securities exchange, but when prices for the Stock shall be reported
          by the National Market System of the National Association of
          Securities Dealers Automated Quotation System ("NASDAQ"), the average
          of the high and low transaction price per share as quoted by the
          National Market System of NASDAQ for such day, (iii) for any period
          during which the Stock shall not be listed for trading on a national
          securities exchange or its price reported by the National Market
          System of NASDAQ, but when prices for the Stock shall be reported by
          NASDAQ, the average of the high and low bid price per share as
          reported by NASDAQ for such day, or (iv) in the event none of (i),
          (ii) and (iii) above shall be applicable, the fair market price per
          share of Stock for such day as determined by the Board of Directors.
          If Fair Market Value is to be determined as of a day when the
          securities markets are not open, the Fair Market Value on that day
          shall be the Fair Market Value on the nearest preceding day when the
          markets were open.

     (K)  OPTION means the right to purchase Stock at the Exercise Price for a
          specified period of time and subject to specified conditions. For
          purposes of the Plan, all Options shall be so-called nonqualified (or
          nonstatutory) stock options, not qualifying as "incentive stock
          options" under Section 422 of the Code.

     (L)  PERIOD OF RESTRICTION means the period during which Restricted Stock
          is subject to forfeiture under Section 9 of the Plan.

     (M)  REPORTING PERSON means a person subject to Section 16 of the Exchange
          Act.

     (N)  RESTRICTED STOCK means shares of Stock awarded under the Plan that are
          subject to certain risks of forfeiture during a Period of Restriction,
          as provided in Section 9 of the Plan, and which cease to be shares of
          Restricted Stock upon expiration of the Period of Restriction.

     (O)  RULE 16B-3 means Rule 16b-3 promulgated by the Securities and Exchange
          Commission pursuant to the Exchange Act, or any successor regulation.

     (P)  STOCK means the Common Stock of the Company.

     (Q)  SUBSIDIARY means a subsidiary corporation of the Company as defined in
          Section 424(f) of the Code.

     (R)  TAXABLE EVENT means an event relating to an Award granted under the
          Plan which requires federal, state or local tax to be withheld by the
          Company or a Subsidiary.

     (S)  TERMINATED FOR CAUSE means, (i) for Employees serving under an
          employment agreement containing a provision for termination of
          employment for "cause," termination of employment of the Employee for
          "cause" pursuant to such

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          provision, and (ii) for other Employees, termination of employment of
          the Employee by a two-thirds vote of the entire Board of Directors of
          the Company or the Subsidiary employing such Employee, expressly for
          one or both of the following "causes," as evidenced in a certified
          resolution of the Board: (A) any willful misconduct by the Employee
          which is materially injurious to the Company or the Subsidiary,
          monetarily or otherwise; or (B) conviction of the Employee with no
          further possibility of appeal of any felony under applicable state or
          federal banking or financial institution laws, or the agreement of the
          Employee to plead guilty to any such felony.

                            SECTION 3. ADMINISTRATION

     The Plan will be administered by the Committee. The determinations of the
Committee shall be made in accordance with its judgment as to the best interests
of the Company and its stockholders and in accordance with the purposes of the
Plan. Notwithstanding the foregoing, the Committee in its discretion may
delegate to the President or other appropriate officers of the Company or any
Subsidiary the authority to make any or all determinations under the Plan
(including the decision to grant Awards and types of Awards granted) with
respect and only with respect to persons receiving Awards or Award Holders
(other than the delegatees) who are not Reporting Persons, notwithstanding the
fact that the delegatees may themselves be persons eligible to receive Awards
under the Plan and/or Reporting Persons. A majority of members of the Committee
shall constitute a quorum, and all determinations of the Committee shall be made
by a majority of its members. Any determination of the Committee under the Plan
may be made without notice or meeting of the Committee, and all actions made or
taken by the Committee pursuant to the provisions of the Plan shall be final,
binding and conclusive for all purposes and upon all persons.

                     SECTION 4. SHARES AUTHORIZED FOR AWARDS

     The maximum number of shares available for Awards under the Plan is
1,500,000 shares of Stock, of which a maximum of 1,000,000 shares may take the
form of Restricted Stock, and there is hereby reserved for issuance under the
Plan an aggregate of 1,500,000 shares of Stock, subject in the case of each of
the foregoing to adjustment as provided in Section 10 of the Plan. Shares of
Stock underlying outstanding Options and outstanding shares of unvested
Restricted Stock will be counted against the Plan maximum while such Options and
shares of Restricted Stock are outstanding. Upon termination of outstanding
Options that are unexercised and upon forfeiture of outstanding shares of
Restricted Stock prior to vesting, the shares of Stock underlying such Awards
shall be returned to the Plan and available for future grants of Awards
thereunder. In addition, if payment of the Exercise Price of any Option granted
under the Plan is satisfied, upon exercise of such Option, by the Award Holder
by surrender to the Company of shares of Stock previously owned by the Award
Holder (or, in lieu of actual surrender, by a deemed surrender of such shares),
the number of shares of Stock surrendered or deemed surrendered shall be
returned to the Plan and available for future grants of Awards thereunder.

                                     Page 3
<PAGE>   4

                         SECTION 5. RECIPIENTS OF AWARDS

     Persons eligible for grants of Awards under the Plan will be those
Employees of the Company or any Subsidiary whose job performance is likely to be
significantly enhanced by the grant to them of such Awards, as determined by the
Committee in its sole discretion and as evidenced by the decision of the
Committee to grant Awards to such individuals. Designation of an Employee as a
Participant to receive an Award in any year shall not require the Committee to
designate such Employee to receive an Award in any other year or to designate
any other Employee to receive an Award in such year or any other year. The
Committee shall consider such factors as it deems pertinent in selecting
Employees to receive Awards and determining the type and amount of their
respective Awards. In addition, the Committee may grant Awards to any
consultant, advisor or other person providing key services to the Company or a
Subsidiary, but only to the extent such grant does not prohibit the Company from
using a registration statement on Form S-8, or any successor form, to register
with the Securities and Exchange Commission the shares of Stock authorized under
the Plan. The Committee may, in its discretion, grant an Award to an individual
in connection with the hiring or retention or potential hiring or retention
thereof, prior to the date the individual becomes an Employee and first performs
services for the Company or any Subsidiary, provided that such Awards shall not
become vested or exercisable prior to the date established by the Committee,
which date shall be no earlier than 60 days after the date on which the
individual first is employed by or performs services for the Company or a
Subsidiary. No individual may receive under the Plan Awards relating to more
than 1,400,000 shares of Stock in the aggregate.

                           SECTION 6. TYPES OF AWARDS

     The following Awards, and rights thereto, may be granted under the Plan in
any proportion: Options and Restricted Stock, as further described below. Except
as specifically limited herein, the Committee shall have complete discretion in
determining the type and number of Awards to be granted to any eligible person
and, subject to the provisions of the Plan, the terms and conditions of each
Award, which terms and conditions need not be uniform as among different Awards.
Each Award shall be evidenced by an Award Agreement, as provided in Section 7 of
the Plan. From time to time, as the Committee deems appropriate and in the best
long-term interests of the Company and its stockholders, the Committee may elect
to modify or waive one or more terms or conditions of an outstanding Award
previously granted under the Plan, provided that (i) no such modification or
waiver shall give the holder of any other Award granted under the Plan any right
to a similar modification or waiver, (ii) no such modification or waiver of an
Award shall involve a change in the number of shares subject to the Award or a
change in the Exercise Price of an Option or the purchase price, if any, of
Restricted Stock which is the subject of the Award, and (iii) any such
modification or waiver which is adverse or arguably adverse to the interests of
the Award Holder shall not be effective unless and until the Award Holder shall
consent thereto in writing.

                           SECTION 7. AWARD AGREEMENTS

     Within ten business days after the grant of an Award, the Company shall
notify the recipient of such grant and shall hand deliver or mail to the
recipient an Award Agreement, duly executed by and on behalf of the Company,
with the request that the recipient execute the

                                     Page 4
<PAGE>   5

Agreement within 30 days after the date of mailing or delivery by the Company
and return the same to the Company. The date of execution and return of the
Award Agreement shall not necessarily be or affect the date of grant of the
Award, which may precede such date of execution and return, as the Committee may
determine. If the recipient shall fail to execute and return to the Company the
Award Agreement within said 30-day period, the Committee may elect to treat the
Award as void and never granted. If an Award granted under the Plan is eligible
for transfer and the subject of a proposed eligible transfer, no such transfer
shall be or become effective until and unless the permitted transferee shall
have duly executed and returned to the Company an Award Agreement in a form
acceptable to the Committee.

                            SECTION 8. STOCK OPTIONS

     (a) Options shall consist of Options to purchase shares of Stock at an
Exercise Price established by the Committee upon grant, which Exercise Price
shall not be less than, but may be more than, 100 percent of the Fair Market
Value of the Stock on the date of grant.

     (b) The Committee shall establish upon grant the period of time during
which an Option will be exercisable by the Award Holder, provided that no Option
shall continue to be exercisable, in whole or in part, later than ten years
after the date of grant. Subject to these limitations, the Committee may
provide, upon grant of an Option, that full exercisability will be phased in
and/or phased out over some designated period of time. The Committee also may
provide upon grant that exercisability of an Option will be accelerated, to the
extent such Option is not already then exercisable, upon the subsequent
occurrence of a "change in control" of the Company, as defined by the Committee,
or such other occurrence as the Committee may specify. Generally, exercisability
of an Option granted to an Employee also shall be conditioned upon continuity of
employment by the original recipient of the Award with the Company and its
Subsidiaries, provided that, if the Committee so provides upon grant,
exercisability of such an Option may continue for some designated period of time
after termination of employment, within the following limitations: (i) if
employment is terminated other than due to the death of the original recipient,
exercisability may be extended to not more than one year after termination; and
(ii) if employment is terminated due to the death of the original recipient,
exercisability may be extended to the normal end of the exercise period.
However, in no event may any Option continue to be exercisable more than ten
years after the date of grant. In addition, no Option granted to an Employee may
be exercisable after Termination for Cause of such Employee. Leaves of absence
granted by the Company for military service or illness and transfers of
employment between the Company and any Subsidiary shall not constitute
termination of employment.

     (c) Upon exercise of an Option, in whole or in part, the Exercise Price
with respect to the number of shares as to which the Option is then being
exercised may be paid by check or, if the Award Holder so elects and the
Committee shall have authorized such form of payment, in whole or in part by
surrender to the Company of shares of Stock owned prior to exercise by the Award
Holder. Any previously-owned shares of Stock to be used in full or partial
payment of the Exercise Price shall be valued at the Fair Market Value of the
Stock on the date of exercise. In lieu of the actual surrender of shares of
Stock by the Award Holder to the Company in any such stock-for-stock exercise,
the Award Holder may, with the consent of the Committee, in lieu of surrendering
some number of previously-owned shares of Stock, affirm to the Company the

                                     Page 5
<PAGE>   6

Award Holder's ownership of such number of shares, in which event the Company,
upon its delivery of the shares of Stock as to which the Option is being
exercised, deduct from the number of shares otherwise deliverable the number of
shares affirmed but not surrendered by the Award Holder. Delivery by the Company
of shares of Stock upon exercise of an Option shall be made to the person
exercising the Option or the designee of such person subject to such terms,
conditions, restrictions and contingencies as the Committee may provide in the
Award Agreement. If so provided by the Committee upon grant of the Option, the
shares delivered upon exercise may be subject to certain restrictions upon
subsequent transfer or sale by the Award Holder.

     (d) The Committee may require reasonable advance notice of exercise of an
Option, normally not to exceed three calendar days, and may condition exercise
of an Option upon the availability of an effective registration statement or
exemption from registration under applicable federal and state securities laws
relating to the Stock being issued upon exercise.

                           SECTION 9. RESTRICTED STOCK

     (a) Restricted Stock shall consist of Stock or rights to Stock awarded
under the Plan by the Committee which, during a Period of Restriction specified
by the Committee upon grant, shall be subject to forfeiture by the Award Holder
to the Company if the recipient ceases to be employed by the Company and its
Subsidiaries prior to the lapse of such restrictions. Restricted Stock normally
will not be transferable or assignable during the Period of Restriction.
Restricted Stock may be granted at no cost to Participants or, if subject to a
purchase price, such price shall not exceed the par value of the Stock and may
be payable by the recipient to the Company in cash or by any other means,
including recognition of past employment, as the Committee deems appropriate.
The Committee may provide upon grant of an Award of Restricted Stock that any
shares of Restricted Stock as may be purchased by the recipient thereunder and
subsequently forfeited by the recipient prior to expiration of the Period of
Restriction shall be reacquired by the Company at the purchase price originally
paid in cash by the recipient therefor.

     (b) The minimum Period of Restriction for Restricted Stock shall be three
years from the date of grant of the Award. The Committee may provide upon grant
of an Award of Restricted Stock that different numbers or portions of the shares
subject to the Award shall have different Periods of Restriction. The Committee
also may establish upon grant of an Award of Restricted Stock that some or all
of the shares subject thereto shall be subject to additional restrictions upon
transfer or sale (although not to forfeiture) after expiration of the Period of
Restriction.

     (c) The Award Holder of Restricted Stock shall be entitled to all dividends
declared and paid on Stock generally with respect to all shares of Restricted
Stock held thereby, from and after the date of grant of such Award, or from and
after such later date or dates as may be specified by the Committee in the
Award, and the Award Holder shall not be required to return any such dividends
to the Company in the event of forfeiture of the Restricted Stock.

     (d) The Award Holder of Restricted Stock shall be entitled to vote all
shares of Restricted Stock held thereby from and after the date of grant of such
Award, or from and after such later date or dates as may be specified by the
Committee in the Award.

                                     Page 6
<PAGE>   7

     (e) Pending expiration of the Period of Restriction, certificates
representing shares of Restricted Stock shall be held by the Company or the
transfer agent for the Stock. Upon expiration of the Period of Restriction for
any such shares, certificates representing such shall be delivered to the Award
Holder or the permitted transferee, assignee or beneficiary thereof.

                        SECTION 10. ADJUSTMENT PROVISIONS

     (a) If the Company shall at any time change the number of issued shares of
Stock without new consideration to the Company (such as by a stock dividend or
stock split), the total number of shares reserved for issuance under the Plan,
the maximum number of shares available for issuance as Restricted Stock, the
maximum number of shares available for Award of Options to any individual under
the Plan and the number of shares (and, in the case of Options, the Exercise
Price) covered by each outstanding Award shall be adjusted so that the aggregate
consideration payable to the Company, if any, and the value of each such Award
to the Award Holder shall not be changed. Awards may also contain provisions for
their continuation or for other equitable adjustments after changes in the Stock
resulting from reorganization, sale, merger, consolidation, issuance of stock
rights or warrants or similar occurrence.

     (b) Notwithstanding any other provision of this Plan, and without affecting
the number of shares reserved or available for issuance hereunder, the Board of
Directors shall use best efforts to authorize the issuance or assumption of
benefits under the Plan in connection with any merger, consolidation,
acquisition of property or stock, or reorganization involving the liquidation,
discontinuation, merger out of existence or fundamental corporate restructuring
of the Company, upon such terms and conditions as it may deem appropriate.

                         SECTION 11. TRANSFERS OF AWARDS

     Subject to any overriding restrictions and conditions as may be established
from time to time by the Board of Directors, the Committee may determine that
any Award granted under the Plan may be transferable, in the case of an Option,
prior to exercise thereof, and in the case of Restricted Stock, prior to
expiration of the Period of Restriction therefor, under such terms and
conditions as the Committee may specify. Unless the Committee shall specifically
determine that an Award is thus transferable by the original recipient thereof,
each Award granted under the Plan shall not be transferable by the original
recipient thereof, otherwise than by will or the laws of descent and
distribution, and shall be exercisable, during the recipient's lifetime, only by
the recipient. In the event of the death of an Award Holder holding an
unexercised Option, exercise of the Option may be made only by the executor or
administrator of the estate of the Award Holder or the person or persons to whom
the deceased Award Holder's rights under the Option shall pass by will or the
laws of descent and distribution, and such exercise may be made only to the
extent that the deceased Award Holder was entitled to exercise such Option at
the date of death. If and to the extent the Committee shall so provide upon
grant, the Period of Restriction for Restricted Stock may be foreshortened upon
the death of the Award Holder during the Period of Restriction, such that the
Stock shall be deemed not to be forfeited and no longer to be Restricted Stock
as of the date of death.

                                     Page 7
<PAGE>   8

                                SECTION 12. TAXES

     The Company shall be entitled to withhold, and shall withhold, the minimum
amount of any federal, state or local tax attributable to any shares deliverable
under the Plan, whether upon exercise of an Option or expiration of a Period of
Restriction for Restricted Stock or occurrence of any other Taxable Event, after
giving the person entitled to receive such delivery notice as far in advance of
the Taxable Event as practicable, and the Company may defer making delivery as
to any Award, if any such tax is payable, until indemnified to its satisfaction.
Such withholding obligation of the Company may be satisfied by any reasonable
method, including, if the Committee so provides upon grant of the Award,
reducing the number of shares otherwise deliverable to or on behalf of the Award
Holder on such Taxable Event by a number of shares of Stock having a fair value,
based on the Fair Market Value of the Stock on the date of such Taxable Event,
equal to the amount of such withholding obligation.

                       SECTION 13. NO RIGHT TO EMPLOYMENT

     An Employee's right, if any, to continue to serve the Company and any
Subsidiary as an officer, employee or otherwise shall not be enhanced or
otherwise affected by the designation of such Employee as a recipient of an
Award under the Plan.

                 SECTION 14. DURATION, AMENDMENT AND TERMINATION

     No Award shall be granted under the Plan on or after the date which is the
tenth anniversary date of the adoption by the Committee or the Board of this
Plan. The Committee or the Board may amend the Plan from time to time or
terminate the Plan at any time. By mutual agreement between the Company and an
Award Holder, one or more Awards may be granted to such Award Holder in
substitution and exchange for, and in cancellation of, any certain Awards
previously granted such Award Holder under the Plan, provided that any such
substitution Award shall be deemed a new Award for purposes of calculating any
applicable exercise period for Options or Period of Restriction for Restricted
Stock. To the extent that any Awards which may be granted within the terms of
the Plan would qualify under present or future laws for tax treatment that is
beneficial to an Award Holder, any such beneficial treatment shall be considered
within the intent, purpose and operational purview of the Plan and the
discretion of the Committee, and to the extent that any such Awards would so
qualify within the terms of the Plan, the Committee shall have full and complete
authority to grant Awards that so qualify (including the authority to grant,
simultaneously or otherwise, Awards which do not so qualify) and to prescribe
the terms and conditions (which need not be identical as among recipients) in
respect to the grant or exercise of any such Awards under the Plan.

                      SECTION 15. MISCELLANEOUS PROVISIONS

     (a) NAMING OF BENEFICIARIES. In connection with an Award, an Award Holder
may name one or more beneficiaries to receive the Award Holder's benefits, to
the extent permissible pursuant to the various provisions of the Plan, in the
event of the death of the Award Holder.

     (b) SUCCESSORS. All obligations of the Company under the Plan with respect
to Awards issued hereunder shall be binding on any successor to the Company.

                                     Page 8
<PAGE>   9

     (c) GOVERNING LAW. The provisions of the Plan and all Award Agreements
under the Plan shall be construed in accordance with, and governed by, the laws
of the State of Delaware without reference to conflict of laws provisions,
except insofar as any such provisions may be expressly made subject to the laws
of any other state or federal law.

     (d) APPROVAL BY THE BOARD AND THE COMMITTEE. The Plan, in order to become
effective, must be approved by the Board or the Committee. Any Award granted
under this Plan and any Award Agreement executed pursuant thereto prior to the
submission of this Plan to the Board or the Committee for approval shall be void
and of no effect if this Plan is not approved as provided above.

As amended by the Stock and Compensation Committee on December 13, 1999.

                                     Page 9

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