Document:

Exhibit 4.5

                             HOUSEHOLD INTERNATIONAL
              1996 LONG-TERM EXECUTIVE INCENTIVE COMPENSATION PLAN
                         (as amended September 10, 2002)

1.       Purpose

         The purpose of the Household International 1996 Long-Term Executive
Incentive Compensation Plan (the "Plan") is to further the long-term growth of
Household International, Inc. and its subsidiaries ("Household") by
strengthening the ability of Household to attract and retain employees of
outstanding ability, to provide an effective means for employees to acquire and
maintain ownership of Household Common Stock, to motivate such employees to
achieve long-range performance goals and objectives, and to provide incentive
compensation opportunities competitive with those of other major corporations.
Household senior executives, in particular, are charged with enhancing
shareholder value and except under extraordinary circumstances, will only
receive options under this Plan. The options, if granted, to Household senior
executives will comprise a significant portion of their total annual
compensation. In addition, the Plan provides for the issuance of options to
purchase Household Common Stock to non-employee Directors of Household in order
to facilitate ownership of Household Common Stock by Directors and to more fully
align the interests of Household's Directors with that of its Common
stockholders.

2.       Administration

         The Plan shall be administered by the Compensation Committee of
Household's Board of Directors (the "Committee"), a committee of the Board
appointed from time to time by the Board consisting solely of two or more
non-employee directors, each of whom shall be an "outside director" as defined
in Section 162(m) of the Internal Revenue Code of 1986, as amended (the "Code")
and the regulations thereunder and a "disinterested person" as defined in Rule
l6b-3 under Section 16(b) of the Securities Exchange Act of 1934 (the "Exchange
Act"). The Committee shall have such powers to administer the Plan as are
delegated to it by the Plan and the Board of Directors, including, to the extent
permissible under the terms of the Plan, the power to interpret the Plan and any
agreements executed thereunder, to prescribe rules and regulations relating to
the Plan, to determine the terms, restrictions, and provisions of any agreement
relating to awards granted pursuant to the Plan, and to make all other
determinations necessary or advisable for administering the Plan. Except as
required by Rule 16b-3 (or any successor Rule thereto) with respect to grants of
awards to individuals who are subject to Section 16 of the Exchange Act or as
otherwise required for compliance with Rule l6b-3 or other applicable law, the
Committee may delegate all or any part of its authority under the Plan to any
officer of Household. All decisions made by the Committee, or (unless the
Committee has specified an appeal process to the contrary) any other person to
whom the Committee has delegated authority pursuant to the provisions hereof,
shall be final and binding on all persons.

3.       Grant of Awards; Shares Subject to Plan

         (a) The Committee may grant any type of award permitted under the terms
of the Plan to employees (all such awards in the aggregate being hereinafter
referred to as "Awards"). Employees of Household and its subsidiaries may be
selected by the Committee for Awards under the Plan. In addition, non-employee
Directors of Household will receive options pursuant to the provisions of
Section 6.

         (b) The number of shares of Common Stock of Household that may be
issued under the Plan is equal to the sum of the number of shares remaining
available under the Household International Long-Term Executive Incentive
Compensation Plan (the "1984 Plan") plus 24,000,000, all of which shares may be
made subject to options. The shares issued pursuant to an Award may consist of
authorized and unissued shares of Household's Common Stock, Common Stock held in
Household's treasury or Common Stock purchased on the open market. If any Award
granted under the Plan or the 1984 Plan shall terminate or lapse for any reason,
any shares of Common Stock subject to such Award shall again be available for
grant under the Plan. The maximum number of shares or share equivalents that may
be granted through an Award to any one participant in one year is 1,200,000
shares.

         (c) In the event of corporate changes affecting Household's Common
Stock, this Plan or Awards granted to employees and options granted to
non-employee Directors hereunder (including, without limiting the generality of
the foregoing, stock dividends, stock splits, recapitalizations,
reorganizations, mergers, consolidations, or other relevant changes in
capitalization), appropriate adjustments in price, number and kind of shares of
Common Stock or other consideration subject to such Awards or in the terms of
such Awards, shall be made so as to prevent dilution or enlargement of rights
under the Awards. In addition, the aggregate number or remaining number or kind
of shares which may be issued under the Plan will be adjusted to equitably
reflect any such corporate changes.

         (d) The Committee may, in its discretion and subject to such rules as
it may adopt, permit an employee to satisfy, in whole or in part, withholding
tax obligations incurred in connection with Awards: (i) by electing to have
Household withhold shares of Household Common Stock (otherwise deliverable to
the employee in connection with an Award) in payment for the minimum required
withholding tax obligation of Household, or (ii) by delivering shares of
Household Common Stock owned by such employee in payment for a withholding tax
obligation, or (iii) by obtaining an extension of credit from Household in
payment for the withholding tax obligation. Any shares of Common Stock delivered
by an employee in full or partial payment of withholding tax obligations must
have been held by such employee at least six months prior to the date such
shares are delivered in payment.

         (e) The Committee may provide that any Award to employees under the
Plan earn dividend equivalents. Such dividend equivalents may be paid currently
or may be credited to a participant's account, including during any deferral
period. Any crediting of dividend equivalents may be subject to such
restrictions and conditions as the Committee may establish, including
reinvestment in additional shares or share equivalents. However, the payment of
dividend equivalents will not be conditioned upon the employee exercising an
option.

         (f) Except as may be provided in the agreement for any specific
employee Award or otherwise limited in this Plan, the Committee may, in its sole
discretion, in whole or in part, waive any restrictions or conditions applicable
to, or accelerate the vesting of, any Award to an employee.

         (g) To the extent the Committee deems it necessary, appropriate or
desirable to comply with foreign law or practice and to further the purpose of
this Plan, the Committee may, without amending this Plan, (i) establish special
rules applicable to Awards granted to employees who are foreign nationals, are
employed outside the United States, or both, including rules that differ from
those set forth in this Plan and (ii) grant Awards to such employees in
accordance with those rules.

         (h) The Committee may, in its discretion and subject to such rules as
it may adopt, authorize an extension of credit from Household to an employee
holding an award granted under this Plan (except for an employee who is a
director or executive officer of Household) to assist the employee in settling
withholding tax obligations on Awards. Household may extend or guarantee loans
under this provision. Loans extended under the Plan will bear interest,
compounded semiannually, at the applicable rate in effect under Section 1274 (d)
of the Internal Revenue Code (the "Applicable Federal Rate") on the day the loan
is made. Payment terms will be established by the Committee and may or may not
require periodic payments of interest and/or principal. The term of loans will
be established by the Committee, as well as provisions governing the
acceleration of maturity upon termination of employment or default. Loans
financed or guaranteed by Household will be secured by retention of the issued
stock certificates by Household and execution of an agreement with respect to
such shares. To the extent necessary to satisfy the provisions of Regulation U
or another similar regulatory restriction, other security may be required by the
Committee.

4.      Employee Options

         (a) The Committee may grant to employees any type of statutory or
non-statutory option to purchase shares of Household Common Stock as is
permitted by law at the time the option is granted. The term of the initial
grant of each option shall not be more than ten years and one day from the date
of grant and may be exercised at the rate set by the Committee or as stated
herein; provided, however, that no option shall be exercised less than one year
from the date of grant, except as provided herein. The Committee may, in its
discretion, extend the expiration date of certain outstanding employee options,
provided no expiration date of any option may exceed fifteen years from the date
of the grant of that option.

         (b) The per share purchase price of Household Common Stock which may be
acquired pursuant to an employee option shall be at least 100% of the fair
market value of one share of Common Stock of Household on the date on which the
option is granted. Within this limitation, such price shall be determined by the
Committee.

         (c) Payment for shares purchased upon the exercise of an employee
option shall be made in cash or, in the discretion of the Committee, in shares
of Common Stock of Household valued at the then fair market value of such shares
or by a combination of cash and shares of Common Stock. Any shares of Common
Stock surrendered by an employee in full or partial payment of the exercise
price of an option must have been held by such employee at least six months
prior to the date such shares are surrendered in payment.

5.      Transfer of Employee Options; Exercise of Employee Options
        Following Termination of Employment

         (a) Options may be exercised only by the employee and shall not be
transferable other than by will or the laws of descent and distribution. These
restrictions on transferability shall not apply to the extent (i) such
restrictions are not at the time required for the Plan to continue to meet the
requirements of Rule l6b-3 of the Exchange Act, or any successor Rule, (ii) the
Committee has established rules concerning the transferability of employee
options and (iii) the agreement relating to an Award so specifies or the holder
has received notice from the Office of the Secretary of Household that such
restrictions are no longer applicable. Subject to Section 5(b) hereof, if the
holder of an option shall cease to be an employee of Household or a subsidiary,
and unless otherwise provided by the Committee, all rights under such option
shall immediately terminate, except:

                  (i) in the event of termination of employment of a holder who
         is retirement-eligible under the terms of a pension plan of Household
         or a subsidiary, the option may be exercised within five years of the
         date of termination of employment or as otherwise provided in the
         agreement for the Award;

                  (ii) in the event of termination of employment due to
         permanent and total disability, and the holder is not
         retirement-eligible under the terms of a pension plan of Household or a
         subsidiary, the option may be exercised within twelve months following
         the date of such termination of employment or as otherwise provided in
         the agreement for the Award;

                  (iii) in the event of death during employment, the option may
         be exercised by the executor, administrator, or other personal
         representative of the holder within five years succeeding death if such
         holder was retirement-eligible under the terms of a pension plan of
         Household or a subsidiary, or twelve months if such holder was not
         retirement-eligible under the terms of a pension plan of Household or a
         subsidiary or as otherwise provided in the agreement for the Award;

                  (iv) except in the event an employee is terminated for cause,
         following termination of employment other than as set forth in
         subsections (i), (ii) or (iii) above, the option may be exercised
         within three months following the date of termination, or prior to the
         expiration of the option, whichever period is shorter; or

                  (v) in the event of the death of a holder of an option
         following termination of employment, the option may be exercised by the
         executor, administrator, or other personal representative of the
         holder, notwithstanding the time period specified in (i), (ii), (iii)
         or (iv) above, within a) twelve months following death or b) the
         remainder of the period in which the holder was entitled to exercise
         the option, whichever period is longer.

         If, prior to the Change in Control, the Committee determines that the
termination is for cause, the option will not under any circumstances be
exercisable following termination of employment. Notwithstanding the foregoing,
in the case where the employee is a party to an employment, termination
protection or similar agreement with Household or a subsidiary which is in
effect at the time of termination of employment that defines "cause" (or words
of similar import), the Committee shall not determine such termination of
employment to be for "cause" unless a "cause" termination would be permitted
under such agreement at that time.

         (b) Notwithstanding anything in the Plan or an Award agreement to the
contrary, (i) if a holder's employment is terminated for any reason (including
for cause), following a Change in Control, each option held by such holder as of
the date of such Change in Control that was granted under the Plan prior to the
date of such Change in Control may be exercised until the expiration of the
original full term of the option, and (ii) if a holder's employment is
terminated under the circumstances described in Section 11(b) hereof, each
option held by such holder as of the date of any such termination that was
granted under the Plan following the date of such Change in Control may be
exercised until the expiration of the original full term of the option.

         (c) An option may not be exercised pursuant to this Section after the
expiration of the term of such option and may be exercised only to the extent
that the holder was entitled to exercise such option on the date of termination
of employment.

6.       Non-Employee Director Options

         (a) Each non-employee Director of Household will be granted an option
for 10,000 shares of Household Common Stock annually on the same date grants are
made to employees. In addition, in lieu of cash compensation, non-employee
Directors may choose to receive a number of stock options equivalent to 10% of
the annual cash compensation they choose to receive in stock options. The
Committee will have no discretion to select which non-employee Directors will be
granted options or to determine the number of option shares, price, vesting
schedule or any other term of the options granted to non-employee Directors. All
options granted to non-employee Directors will be non-qualified stock options.

         (b) The per share purchase price of Common Stock which may be acquired
pursuant to a non-employee Director option shall be 100% of the fair market
value of one share of Common Stock on the date the option is granted. For
purposes of establishing the fair market value of Household's Common Stock on
any day under Section 6 of this Plan, such value shall be the average of the
highest and lowest sales prices per share of the Common Stock for such date.
However, if the Stock Exchange is not open for trading on a given day, the fair
market value will be the average of the highest and lowest sales prices per
share on the next succeeding business day.

         (c) Subject to Section 11 of this Plan, each option granted to a
non-employee Director vests and shall be fully exercisable beginning six months
from the date the option was granted. Each such option expires ten years and one
day from the date of the grant. However, if a non-employee Director ceases to be
a Director of Household, outstanding vested options are exercisable as follows:

                  (i) in the event service on the Board of Directors terminates
         due to permanent and total disability, outstanding options may be
         exercised within twelve months following the date such service
         terminates or prior to the expiration of the outstanding options,
         whichever period is shorter;

                  (ii) in the event of death of a non-employee Director whether
         during service as a Director of Household or after ceasing such
         service, outstanding options may be exercised by the executor,
         administrator, or other personal representative of such Director within
         twelve months after the death of the Director or prior to the
         expiration of the outstanding options, whichever period is longer;

                  (iii) in the event a non-employee Director's service on the
         Board of Directors terminates because such Director has reached the
         mandatory retirement age of 70 (or age 72 if a Director was serving on
         the Board as of January 1, 1989) or if a non-employee Director retires
         from the Board prior to reaching the mandatory retirement age but after
         having served on the Board of Directors continuously for at least
         fifteen years, outstanding options may be exercised at any time prior
         to the expiration of the outstanding options;

                  (iv) notwithstanding anything in the Plan or an Award
         agreement to the contrary, in the event service on the Board of
         Directors terminates for any reason following a Change in Control,
         outstanding options may be exercised until the expiration of the
         original full term of the option; and

                  (v) in the event service on the Board of Directors terminates
         other than as set forth in subsections (i), (ii), (iii) or (iv) above,
         outstanding options may be exercised within three months following the
         date such service terminates or prior to the expiration of the
         outstanding options, whichever period is shorter.

         (d) Payment for shares purchased upon exercise of a non-employee
Director option shall be made in cash, in shares of Household Common Stock
valued at the then fair market value of such shares or by a combination of cash
and shares of Common Stock. Any shares of Common Stock delivered in full or
partial payment of the exercise price of an option must have been held by such
Director at least six months prior to the date such shares are delivered in
payment.

         A non-employee Director may also satisfy, in whole or in part, income
tax obligations incurred in connection with the exercise of an option by (i)
electing to have Household withhold shares of Common Stock (otherwise
deliverable to the Director in connection with the exercise of an option) in
payment for such income tax obligation or (ii) by delivering shares of Household
Common Stock owned by such Director in payment for such income tax obligation.
Any shares of Common Stock delivered in full or partial payment of income tax
obligations must have been held by such Director at least six months prior to
the date such shares are delivered.

         (e) Non-employee Director options are not transferable other than by
will and the laws of descent and distribution.

7.       Restricted Stock Rights

         (a) Upon such terms as it deems appropriate, the Committee from time to
time may grant Restricted Stock Rights ("RSRs") to any employee selected by the
Committee, which entitle such employee to receive a stated number of shares of
Common Stock of Household. The RSRs are subject to forfeiture if the employee
fails to remain continuously employed by Household or any subsidiary for the
period (s) stipulated by the Committee (each, a "Restricted Period").

         (b) RSRs shall be subject to the following restrictions and
limitations: (i) the RSRs may not be transferred except by will or the laws of
descent and distribution; and (ii) except as otherwise provided in Paragraphs
(d) and (e) of this Section 7, an RSR and the shares subject to an RSR shall be
forfeited and all rights of a holder of an RSR shall terminate without any
payment of consideration by Household if such employee fails to remain
continuously employed by Household or any subsidiary for the Restricted Period.
A holder of an RSR shall remain continuously employed if such holder leaves the
employ of Household or any subsidiary for immediate reemployment with Household
or any subsidiary.

         (c) Other than as may be specified pursuant to Section 3(e), the holder
of an RSR shall not be entitled to any of the rights of a holder of the Common
Stock with respect to the shares subject to such RSR prior to the issuance of
such shares pursuant to the Plan.

         (d) The Committee in its sole discretion may accelerate the payment of
Household Common Stock under an RSR prior to the termination of the Restricted
Period if the holder of an RSR has achieved certain performance levels
established by the Committee at the time an RSR is granted. The Committee in its
sole judgment may revise such performance levels as it deems appropriate to
reflect significant, unforeseen events or changes.

         (e) In the event that the employment of a holder of an RSR terminates
by reason of death or permanent and total disability, such holder shall be
entitled to receive, without restriction or limitation, the number of shares
subject to the RSR multiplied by a fraction (x) the numerator of which shall be
the number of full months between the date of grant of each such RSR and the
date of such termination of employment, and (y) the denominator of which shall
be the number of full months in the respective Restricted Period; provided,
however, no fractional share shall be awarded. Subject to Section 11(b), a
holder of an RSR whose employment terminates for reasons other than those listed
in this paragraph will forfeit all rights under any outstanding RSR. This
automatic forfeiture may be waived in whole or in part by the Committee in its
sole discretion.

         (f) When a holder shall be entitled to receive shares pursuant to an
RSR, Household shall issue the appropriate number of shares registered in the
name of the holder.

8.       Other Stock-Based Awards

         The Committee may make awards of unrestricted shares of Household
Common Stock to eligible employees in recognition of outstanding achievements.

9.       Forfeiture

         If it is determined that an employee or former employee, while employed
by Household or any subsidiary or otherwise associated with Household or any
subsidiary as a consultant, advisor or in another similar capacity, engaged at
any time in any activity in competition with any activity of Household or any
subsidiary or inimical, contrary or harmful to the interests of Household or any
subsidiary including, but not limited to: (i) conduct related to the
participant's position for which either criminal or civil penalties against the
participant may be sought, (ii) violation of Household policies, notwithstanding
Household's decision or inability to, or not to, terminate the participant for
such violation, (iii) accepting employment with or serving as a consultant,
advisor or in any other capacity to an employer that is in competition with or
acting against the interests of Household or any subsidiary, including employing
or recruiting any present employee of Household or any subsidiary for such
competitor, (iv) disclosing or misusing any confidential information or material
concerning Household or any subsidiary, or (v) participating in a hostile
takeover attempt of Household, then the Committee, in its sole discretion, may
cancel any unexpired or unpaid Award at any time. Notwithstanding anything
contained in the Plan or an Award agreement to the contrary, upon and following
a Change in Control, the forfeiture provisions described in this Section 9 and
any similar forfeiture provisions contained in an Award agreement shall be of no
further force and effect and shall be deemed null and void for all purposes of
all Awards granted under this Plan.

10.      Amendment and Termination of the Plan

         This Plan will expire on May 8, 2006. However, the Board of Directors
may terminate the Plan at any time except as provided in Section 11(d), but such
termination shall not affect Awards previously granted under the Plan. During
the Plan term, the Committee may amend the Plan or any Award granted to an
employee under the Plan at any time, except (i) the Plan may not be amended or
terminated in the circumstances set forth in Section 11(d), (ii) the Committee
may not, without shareholder approval, and except as permitted by Section 3(c),
increase the number of shares of Common Stock of Household which may be issued
pursuant to the Plan, change the purchase price of an Option, and (iii) the
Committee may not make any other amendment to the Plan which is required by law
to be approved by the shareholders of Household.

         Notwithstanding the preceding paragraph, the provisions of Section 6 of
the Plan relating to non-employee Directors may not be amended more than once
every six months, except to comply with changes to the Code or the rules and
regulations thereunder.

11.      Change in Control

         (a) In order to protect participants in the Plan who have outstanding
Awards in the event there is a "Change in Control" (as defined below),
notwithstanding anything to the contrary contained in the Plan or any Award
agreement, (i) all Awards outstanding under the Plan as of the date of such
Change in Control, including options granted to non-employee Directors and the
RSR Awards granted on May 10, 2000, will immediately vest in full and any
Restricted Period with respect thereto shall lapse, such Awards shall become
exercisable or payable in full, notwithstanding any minimum holding period set
forth in the Plan or an Award agreement, and all Awards that are options shall
be exercisable in accordance with Section 5(b)(i), (ii) Household shall require
that this Plan, and the Awards issued hereunder, including options granted to
non-employee Directors, be assumed by the entity causing the Change in Control
or the public company parent thereof (the "Acquiror") and, if appropriate, new
rights of equal value with substantially similar terms be substituted for such
Awards by the Acquiror, and (iii) the Committee, in its sole discretion
(notwithstanding any contrary provision in Section 3(f)), may:

                  (i) provide for the purchase by Household or the Acquiror of
         any Awards, including options granted to non-employee Directors, in
         cash equal to the amount that could have been received upon the
         exercise or realization of such Awards had the Awards been currently
         exercisable or payable on the day before said cash payment is made;

                  (ii) make such adjustments, including the granting of
         additional Awards, to any outstanding Award, including options granted
         to non-employee Directors, as the Committee deems appropriate to
         reflect the Change in Control; and

                  (iii) take such other action deemed appropriate by the
         Committee to ensure that the rights of participants and the Awards,
         including options granted to non-employee Directors, are not adversely
         affected by the Change in Control.

         (b) Any employee whose position with Household or any of its
subsidiaries is "Materially Changed" (as defined below) or is terminated without
"cause" (as defined below), within twenty-four (24) months after a Change in
Control, shall be deemed to be involuntarily terminated from Household and its
subsidiaries. In the event of an employee's termination as described in this
Section 11(b), notwithstanding anything to the contrary contained in the Plan or
any Award agreement, (i) any options granted to the employee under the Plan
following the date of such Change in Control that were outstanding immediately
prior to the event causing such termination or were awarded subsequent to the
event causing such termination will immediately vest in full and be exercisable
in accordance with Section 5(b)(ii) of the Plan and (ii) the Restricted Period
with respect to any RSRs granted to the employee under the Plan following the
date of such Change in Control that were outstanding immediately prior to the
event causing such termination or were awarded subsequent to the event causing
such termination shall lapse and such Awards shall become payable in full
without any action by the Committee or Board of Directors. In addition, upon a
termination of employment described in this Section 11(b), any minimum holding
period set forth in the Plan or an Award agreement shall be deemed immediately
satisfied.

         (c) For purposes of this Section and to determine the rights of any
participant who has an outstanding Award, the term:

                  (i) "Change in Control" means:

                      (1)  any "person" (as defined in Section 13(d) and l4(d)
                           of the Securities Exchange Act of 1934, as amended
                           (the "Exchange Act")), excluding for this purpose
                           Household or any subsidiary of Household, or any
                           employee benefit plan of Household, or any subsidiary
                           of Household, or any person or entity organized,
                           appointed or established by Household for or pursuant
                           to the terms of such plan which acquires beneficial
                           ownership of voting securities of Household, is or
                           becomes the "beneficial owner" (as defined in Rule
                           13d-3 under the Exchange Act) directly or indirectly
                           of securities of Household representing twenty
                           percent (20%) or more of the combined voting power of
                           Household's then outstanding securities; provided,
                           however, that no Change in Control shall be deemed to
                           have occurred as the result of an acquisition of
                           securities of Household by Household which, by
                           reducing the number of voting securities outstanding,
                           increases the direct or indirect beneficial ownership
                           interest of any person to twenty percent (20%) or
                           more of the combined voting power of Household's then
                           outstanding securities, but any subsequent increase
                           in the direct or indirect beneficial ownership
                           interest of such person in Household shall be deemed
                           a Change in Control; and provided further that if the
                           Board of Directors of Household determines in good
                           faith that a person who has become the beneficial
                           owner directly or indirectly of securities of
                           Household representing twenty percent (20%) or more
                           of the combined voting power of Household's then
                           outstanding securities has inadvertently reached that
                           level of ownership interest, and if such person
                           divests as promptly as practicable a sufficient
                           amount of securities of Household so that the person
                           no longer has a direct or indirect beneficial
                           ownership interest in twenty percent (20%) or more of
                           the combined voting power of Household's then
                           outstanding securities, then no Change in Control
                           shall be deemed to have occurred;

                      (2)  during any period of two (2) consecutive years (not
                           including any period prior to November 9, 1998)
                           individuals who at the beginning of such two-year
                           period constitute the Board of Directors of Household
                           and any new director or directors (except for any
                           director designated by a person who has entered into
                           an agreement with Household to effect a transaction
                           described in subparagraph (1), above, or subparagraph
                           (3), below) whose election by the Board or nomination
                           for election by Household's stockholders was approved
                           by a vote of at least two-thirds of the directors
                           then still in office who either were directors at the
                           beginning of the period or whose election or
                           nomination for election was previously so approved,
                           cease for any reason to constitute at least a
                           majority of the Board (such individuals and any such
                           new directors being referred to as the "Incumbent
                           Board");

                      (3)  consummation of (x) an agreement for the sale or
                           disposition of Household or all or substantially all
                           of Household's assets, (y) a plan of merger or
                           consolidation of Household with any other
                           corporation, or (z) a similar transaction or series
                           of transactions involving Household (any transaction
                           described in parts (x) through (z) of this
                           subparagraph (3) being referred to as a "Business
                           Combination"), in each case unless after such a
                           Business Combination (I) the stockholders of
                           Household immediately prior to the Business
                           Combination continue to own, directly or indirectly,
                           more than sixty percent (60%) of the combined voting
                           power of the then outstanding voting securities
                           entitled to vote generally in the election of
                           directors of the new (or continued) entity
                           (including, but not by way of limitation, an entity
                           which as a result of such transaction owns Household,
                           or all or substantially all of Household's former
                           assets either directly or through one or more
                           subsidiaries) immediately after such Business
                           Combination, in substantially the same proportion as
                           their ownership of Household immediately prior to
                           such Business Combination, (II) no person (excluding
                           any entity resulting from such Business Combination
                           or any employee benefit plan (or related trust) of
                           Household or of such entity resulting from such
                           Business Combination) beneficially owns, directly or
                           indirectly, twenty percent (20%) or more of the then
                           combined voting power of the then outstanding voting
                           securities of such entity, except to the extent that
                           such ownership existed prior to the Business
                           Combination, and (III) at least a majority of the
                           members of the board of directors of the entity
                           resulting from such Business Combination were members
                           of the Incumbent Board at the time of the execution
                           of the initial agreement, or of the action of the
                           Board, providing for such Business Combination;

                      (4)  approval by the stockholders of Household of a
                           complete liquidation or dissolution of Household;

                      (5)  a tender offer is made for thirty percent (30%) or
                           more of the common stock of Household, which tender
                           offer has not been approved by the Board of Directors
                           of Household; or

                      (6)  a solicitation subject to Rule 14a-11 under the
                           Exchange Act (or any successor Rule) relating to the
                           election or removal of 50% or more of the members of
                           the Incumbent Board is made by any person other than
                           Household.

                  (ii) "Materially Changed" means the occurrence of one or more
         of the following events:

                      (1)  the termination of the employee, without cause (as
                           defined below), and other than by reason of death,
                           permanent and total disability or retirement under
                           the terms of a pension plan of Household or any
                           subsidiary, or the termination by the employee within
                           the special 60-day window period which begins 12
                           months after a Change in Control as provided in the
                           employee's employment agreement;

                      (2)  the employee was assigned to a position of lesser
                           rank or status;

                      (3)  the employee's annual target bonus or targeted
                           performance unit awards were reduced and compensation
                           equivalent in aggregate value was not substituted;

                      (4)  the employee's annual salary was reduced;

                      (5)  the employee's benefits under the Household
                           Retirement Income Plan or any successor tax qualified
                           defined benefit plan were reduced for reasons other
                           than to maintain its tax qualified status and such
                           reductions were not supplemented in the Household
                           Supplemental Retirement Income Plan or any successor
                           plan ("HSRIP"); or the employee's benefits under
                           HSRIP, if applicable, were reduced;

                      (6)  the employee's other benefits or perquisites were
                           reduced and such reductions were not uniformly
                           applied with respect to all similarly situated
                           employees; or

                      (7)  the employee was reassigned to a geographical area
                           outside of the metropolitan area in which the
                           employee was assigned at the time of the Change in
                           Control.

                  (iii) "cause" (1) in the case of an employee who is a party to
         an employment, termination protection or similar agreement that defines
         "cause" (or words of similar import), means "cause" (or words of
         similar import) as defined in such agreement, and (2) in the case of
         any other employee, means willful and deliberate misconduct, which is
         detrimental in a significant way to the interests of Household or any
         subsidiary thereof.

         (d) Notwithstanding anything set forth in Section 11 hereof, upon the
occurrence of a Change in Control the Plan may not be amended or terminated by
the Committee, the Board of Directors or the stockholders of Household.

12.      Miscellaneous

         (a) The Plan is intended to constitute an "unfunded" plan for incentive
compensation. With respect to any payments or deliveries of shares of Household
Common Stock not yet made or required to be made to a participant by Household,
nothing contained herein shall give any rights to a participant that are greater
than those of a general creditor of Household. The Committee may permit the
deferral of receipt of any shares of Household Common Stock to be issued under a
vested Award or exercised Award or authorize the creation of trusts or other
plans and arrangements to meet the obligations created under the Plan to deliver
shares of Household Common Stock or payments hereunder consistent with the
foregoing.

         (b) With respect to participants subject to Section 16 of the Exchange
Act, transactions under this Plan are intended to comply with all applicable
provisions of Rule 16b-3 or its successor under the Exchange Act. To the extent
any provision of the Plan or action by the Committee or its designee fails to so
comply, it shall be deemed null and void.

         (c) This Plan and each agreement with respect to an Award shall be
construed and administered in accordance with the laws of the State of Delaware
without giving effect to principles relating to conflict of laws.

         (d) Neither the adoption of the Plan nor any Award granted hereunder
shall confer upon any participant any right to continued employment or service
with Household or any subsidiary thereof, nor shall the Plan or any Award
interfere in any way with the right of Household or a subsidiary to terminate
the employment or relationship of any of the participants at any time.

         This document together with the Amendment of November 11, 1997,
attached hereto, constitute the complete restatement of the Plan.

         IN WITNESS WHEREOF, Household International, Inc. has caused this Plan
to be amended effective September 10, 2002 and its corporate seal attached
hereto by its duly authorized officers.

                                             HOUSEHOLD INTERNATIONAL, INC.

Dated: September 10, 2002                    By:  _____________________________
                                                  Colin P. Kelly
                                                  Executive Vice President-
                                                  Administration

ATTEST:

By: ____________________
         Secretary

<PAGE>

                                AMENDMENT TO THE
                          HOUSEHOLD INTERNATIONAL, INC.
              1996 LONG-TERM EXECUTIVE INCENTIVE COMPENSATION PLAN
                                NOVEMBER 11, 1997

On November 11, 1997 the Household International Board of Directors, upon the
recommendation of the Board's Compensation Committee, adopted an amendment to
the 1996 Long-Term Executive Incentive Compensation Plan (the "Plan") relating
to the transferability of options granted under the Plan.

Transferability of Options Granted to Non-employee Directors and Senior Managers

This amendment only applies to non-employee Directors and Senior Managers
(defined under this amendment as the Chief Executive Officer and employees with
a direct reporting relationship to the Chief Executive Officer) who have
received or in the future receive options to purchase Household Common Stock
under the Plan. This section modifies Plan Sections 5(a) and 6(e) as regards the
transferability of options granted to non-employee Directors and Senior
Managers; all other provisions continue to apply.

Who is Eligible

This provision only applies to non-employee Directors and Senior Managers
("Eligible Persons").

Transfer of Options; Minimum Number

Options granted under the Plan may be transferred by will or through the laws of
descent and distribution. In addition, Eligible Persons may transfer their
options only to family members, family trusts, and family partnerships
(collectively, "Transferees"). Transferees may not retransfer any options except
by will or through the laws of descent and distribution. Any option transferred
to a single Transferee must represent the right to purchase a minimum of 100
shares.

Which Options May be Transferred

Eligible Persons may transfer any option, including vested and unvested portions
of any award granted under the Plan. Options granted under previous benefit
plans are not covered by this amendment.

Exercise

Options will vest in accordance with applicable Plan provisions. A Transferee
may only exercise vested options, and only as provided in the Plan.

Taxation of Options

The Eligible Person remains liable for any income tax related to the exercise of
transferred options. Income tax will be calculated as of the exercise date. The
Eligible Person is solely responsible for tax liability related to any options
gifted to a Transferee.

Law and Regulation

In addition to laws and regulations that apply to the Plan, the Transfer of
options must be completed in accordance with securities registration and
disclosure regulations applicable at the time of transfer. Eligible Persons and
Transferees may be subject to certain waiting periods limiting transfer or
exercise. Eligible Persons, or their agents agree to notify the Corporation at
least five days before any option they own or control is exercised.Exhibit 4.6

                             BENEFICIAL CORPORATION

                      1990 NON-QUALIFIED STOCK OPTION PLAN

         1. Purpose of Plan. The purpose of the Beneficial Corporation 1990
Non-Qualified Stock Option Plan ("Plan") is to attract and retain able and
experienced key management employees and directors and to provide an incentive
to those persons to improve operations and increase profits by affording them an
opportunity to acquire stock ownership in Beneficial Corporation
("Corporation"). The options granted under the Plan are not intended to comply
with Section 422A of the Internal Revenue Code of 1986, as amended (the "Code")

         2. Administration of Plan. This Plan shall be administered by the
Compensation Committee ("Committee") of the Board of Directors of the
Corporation ("Board") which shall consist of not less than three members of the
Board, none of whom shall be eligible to participate in this Plan, other than
pursuant to Section 8 hereof, for a period of at least one year prior to
appointment. The determinations of the Committee shall be made in accordance
with their judgments as to the best interests of the Corporation and its
stockholders and in accordance with the purposes of the Plan. 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 if in writing signed by all of the Committee members. No member of the
Committee or the Board shall be liable for any action taken or determination
made in good faith with respect to this Plan or any option granted hereunder.

         The Committee shall have full authority and discretion to (a)
determine, consistent with the provisions of this Plan, the employees to be
granted options, the times at which options shall be granted, the number of
shares subject to each option, the period during which each option becomes
exercisable (subject to Section 7 hereof), and the terms contained in each
option agreement, and (b) adopt rules and regulations and prescribe or approve
any forms or documents to carry out the purposes and provisions of this Plan.
Notwithstanding the foregoing, the number of shares subject to option which may
be granted to any employee, regardless of position or title, during any calendar
year under this Plan may not exceed 200,000, provided that such limitation shall
be subject to adjustment consistent with the provisions of Section 12 hereof
with respect to any change in the Common Stock of the Corporation which shall
occur on or after November 21, 1996. The Committee's interpretation and
construction of any provisions of this Plan or determination of any grant
hereunder shall be binding and conclusive, except as such may be otherwise
modified, amended or changed by the Board. The authority of the Board under this
Section shall not be exercised in any manner which could jeopardize the status
of the Committee as disinterested administrator of the Plan.

         3. Eligibility. The class of employees eligible to participate in this
Plan shall consist of those headquarters employees holding the title of
Assistant Vice President or above, or the equivalent of that position in
function and responsibility in the case of subsidiaries of the Corporation, and
those employees in the Corporation's field operations holding the title of
Director and above. An employee who has been granted an option may be granted an
additional option or options under this Plan if the Committee shall so
determine. The granting of an option under this Plan shall not affect any
outstanding stock option previously granted to an optionee under this Plan. The
term "subsidiary" shall mean any domestic or foreign corporation of which the
Corporation owns, directly or indirectly, in excess of 50% of the total combined
voting power of all classes of stock of such corporation.

         Notwithstanding any language of this Section to the contrary, no
individual shall be eligible to receive an option as an employee of the
Corporation or any of its subsidiaries for a period of one year after having
been eligible to receive options pursuant to Section 8 hereof.

         Those eligible shall include individuals who are subject to the
personal income tax laws of foreign countries, including Canada, the United
Kingdom, and the German Federal Republic, and employed by the Corporation or any
of its subsidiaries, and the Committee shall have the discretion, but shall not
be required, to include as a part of the terms of each option agreement
provisions and conditions consistent with the Plan, intended to comply with the
applicable requirements of the internal revenue laws of such foreign countries.

         4. Shares Subject to Plan. Subject to adjustment as provided in Section
12, the aggregate number of shares which shall be authorized to be issued
pursuant to options granted by the Committee under this Plan for any calendar
year shall not exceed that number of shares equal to one and three-quarter
percent (.0175) of the total issued and outstanding Common Stock of the
Corporation, par value $1.00 per share, as measured on the first day of any such
calendar year, which may be treasury shares reacquired by the Corporation or
authorized and unissued shares or a combination of both. If during any such
calendar year options for less than the total number of shares so authorized are
granted under the Plan, the balance of such shares shall be available for the
granting of options during any succeeding year. Any shares subject to an option
under this Plan which shall expire or be terminated for any reason shall be
available for the granting of options in that, or any succeeding year during the
term of this Plan.

         5. Option Price. The option price per share under each option granted
by the Committee shall be not less than 100% of the fair market value per share
on the date an option is granted, but in no event less than the par value
thereof. The fair market value shall be the average between the highest and
lowest quoted selling price per share on the New York Stock Exchange Composite
Transactions Tape ("Composite Tape") on the date the option is granted (subject
to adjustment under Section 12 hereof). If there should be no sale of the shares
reported on such date, then the option price per share shall be the average
between the highest and lowest quoted selling price per share reported on the
Composite Tape on the next preceding day on which there shall have been a sale.

         6. Exercise of Option.

         (a) Each Option granted under the Plan shall be exercisable on the
dates and for the number of shares as shall be provided in a stock option
agreement between the Corporation and optionee evidencing the option granted by
the Committee and the terms thereof. Shares shall be issued to the optionee upon
payment in full either in cash or by an exchange of shares of Common Stock of
the Corporation previously owned by the optionee for at least six months prior
to the date of exercise, or a combination of both, in an amount or having a
combined value equal to the aggregate purchase price for the shares subject to
the option or portion thereof being exercised. The value of the previously owned
shares of Common Stock exchanged in full or partial payment for the shares
purchased upon the exercise of an option shall be equal to the aggregate fair
market value, as defined in Section 5, of such shares on the date of the
exercise of such options.

         (b) The Corporation shall be entitled to withhold the amount of any tax
attributable to any amounts payable or shares deliverable under the Plan after
giving the person entitled to receive the payment or delivery (or the person
liable for the tax, if different) notice as far in advance as practicable, and
the Corporation may defer making payment or delivery of any benefits under the
Plan if any tax is payable until indemnified to its satisfaction. The Committee
may, in its discretion and subject to rules which it may adopt, permit an
optionee to pay all or a portion of all taxes arising in connection with the
exercise of an option by electing to (i) have the Corporation withhold shares of
Common Stock, or (ii) deliver other shares of Common Stock previously owned by
the optionee for at least six months having a fair market value (as defined in
Section 5) equal to the amount to be withheld provided, however, that the amount
to be withheld shall not exceed the optionee's estimated total Federal, State
and local tax obligations associated with the transaction. The fair market value
of fractional shares remaining after payment of the withholding taxes shall be
paid to the optionee in cash.

         7. Term of Option. Options granted under the Plan shall become
exercisable at such intervals or dates and over such period of time ("Exercise
Period") and for such number of shares which may be purchased at any one time as
shall be determined by the Committee (collectively "Option Terms") to be set
forth in the stock option agreements between individual optionees and the
Corporation under the Plan ("Option Agreements"), but in no event shall the
Exercise Period commence prior to one year after the date of grant (except as
permitted in Sections 11(c) and 10(e) hereof) or extend more than 10 years after
the date of grant. The Committee may, consistent with Section 13 hereof,
authorize existing Option Agreements to be amended to provide for different
Option Terms, in whole or in part, including an amendment to permit
transferability in accordance with Section 9 hereof. Options which are not
exercised prior to the end of the Exercise Period shall expire, and the shares
subject to such options shall become available for the granting of other options
under the Plan during that or any succeeding year.

         8. Grants to Outside Directors.

         (a) On the 15th day of the month of November of each year prior to the
termination of this Plan, each member of the Board of Directors of the
Corporation (excluding Emeritus Directors) who is not then an employee of the
Corporation or any of its subsidiaries ("Outside Director") shall automatically
be issued an option pursuant to this Plan to purchase 4000 shares of the Common
Stock of the Corporation, provided, however, that such number of shares shall be
automatically proportionately adjusted upon the occurrence of any event
described in Section 12 hereof, in a manner consistent with any adjustment
affected pursuant to that Section. In the event that November 15 shall in any
year fall on a day on which the New York Stock Exchange is not open for trading,
options shall instead be issued pursuant to this Section on the next preceding
trading day.

         (b) Such options shall be granted at an option price equal to the fair
market value per share (as defined at Section 5) on the date of grant, shall be
exercisable at any time after one year following the date of grant and prior to
ten years following the date of grant, and shall be subject to the restrictions
on transferability provided in Section 9 hereof.

         (c) If for any reason during the term of an unexercised and unexpired
option issued pursuant to this Section, the optionee shall cease to be a voting
member of the Board of Directors of the Corporation, the option may be exercised
at any time during its normal exercise period, provided however, that any option
not exercisable on the date of such cessation shall expire on such date.

         (d) Options issued pursuant to this Section shall be subject to
adjustment pursuant to Section 12 hereof.

         (e) Notwithstanding any provisions of this Section to the contrary, no
Outside Director of the Corporation shall be eligible to receive any option
pursuant to the Plan for a period of one year after having been eligible to
receive options pursuant to the Plan as an employee of the Corporation or any of
its subsidiaries.

         (f) The provisions of this Section 8 may be amended by the Board from
time to time, affecting the issuance date, number of shares under option, and
terms of options issued to Outside Directors hereunder.

         (g) On December 1, 1997, each Outside Director of the Corporation shall
be issued an option pursuant to the Plan to purchase 2,000 shares of the Common
Stock of the Corporation. This non-recurring option grant shall be on the terms,
and subject to the restrictions, set forth in subsections (b), (c), (d) and (e)
of this Section 8.

         9. Transferability of Options.

         Options or LSAR's granted under this Plan shall be transferable by the
optionee by will or the laws of descent and distribution, and shall also be
transferable by the optionee to (i) the spouse, siblings, parents and lineal
descendants of the optionee ("Immediate Family Members"), (ii) organizations
described at Section 501 (c)(3) of the Code ("Charities"), (iii) a trust or
trusts for the exclusive benefit of such Immediate Family Members or Charities,
or (iv) a partnership or partnerships in which such Immediate Family Members are
the only partners, provided that (A) there may be no consideration for any such
transfer, (B) the stock option agreement pursuant to which options were granted
under this Plan must expressly provide for transferability in a manner
consistent with this Section 9, (C) subsequent transfers of transferred options
shall be prohibited except those pursuant to will or the laws of descent and
distribution, and (D) any such transfer must expressly provide that the optionee
is designated as agent of the transferee for purposes of notices from the Plan
or the Committee with respect to the options, and for purposes of any notices to
the Plan or the Committee from the transferee with respect to the options,
including but not limited to notices of intent to exercise. Following transfer,
any such options shall continue to be subject to the same terms and conditions
as were applicable immediately prior to transfer, provided that for purposes of
Sections 6 and 13 hereof the term "optionee" shall be deemed to refer to the
transferee. The events of termination of employment of Section 10 hereof shall
continue to be applied with respect to the original optionee, following which
the options shall be exercisable by the transferee only to the extent, and for
the periods specified at Sections 10(b), 10(c), 10(d) and 10(e). Absent a
transfer in accordance with the provisions of this Section 9, options or LSAR's
granted under the Plan shall be exercisable during the optionee's lifetime only
by the optionee (or the legal representative of the optionee under Section
10(c)).

         10. Termination of Employment and Death of Optionee.

         (a) If during the term of an unexercised option the optionee terminates
employment with the Corporation or any of its subsidiaries for any reason (other
than these specified at (b) through (e) of this Section) the option shall expire
and cease to be exercisable immediately upon such termination.

         (b) If during the term of an unexercised option employment with the
Corporation or any of its subsidiaries is terminated by reason of the death of
such optionee, the option may be exercised within a two year period following
the date of death to the extent that such option is exercisable at the date of
death, but in no event later than the Exercise Period specified in the Option
Agreement by which such option was granted. The option shall be exercisable
during such period by the optionee's estate or by any person who acquires the
right to exercise the option by reason of the optionee's death.

         (c) If during the term of an unexercised option employment with the
Corporation or any of its subsidiaries is terminated by reason of the "long term
disability" of the optionee, as such term is defined for purposes of the Long
Term Disability Benefits Plan maintained by the Corporation, the option may be
exercised, to the extent that it was exercisable at termination, at any time
during the Exercise Period specified in the Option Agreement by which such
option was granted. The optionee's legal representative, if appointed, shall be
entitled to exercise the option.

         (d) If during the term of an unexercised option employment with the
Corporation or any of its subsidiaries is terminated by reason of retirement at
any time following the date the optionee is eligible to retire early pursuant to
Section 4 of the Beneficial Corporation Pension Plan dated October 1, 1983, as
amended ("Pension Plan") the option may be exercised at any time during the
three month period following his or her Early Retirement Date (as defined in the
Pension Plan), to the extent that such option is exercisable on such Early
Retirement Date, but in no event later than the Exercise Period specified in the
Option Agreement by which such option was granted.

         (e) If during the term of an unexercised option employment with the
Corporation or any of its subsidiaries is terminated by reason of retirement at
any time following the date the optionee is eligible to retire early, as defined
at 10(d) above, and after the date on which such optionee attains the age of
sixty two years, the option shall be exercisable at any time during the Exercise
Period specified in the Option Agreement by which such option was granted.
Notwithstanding the provisions of Section 7 hereof and the terms of each Option
Agreement, all options held at retirement, then unexercised and unexpired, by
any optionee whose employment is terminated as provided for in this Section
10(e) shall become immediately exercisable upon the later to occur of (i) the
optionee's retirement date, or (ii) the expiration of a period of six months
following the date of grant of any affected option.

         (f) The portion of any option subject to this Section 10 which is not
exercisable at the beginning of, or exercised within the periods permitted by
paragraphs (b) through (e) above shall lapse, and the shares subject to such
option shall become available for the granting of other options under this Plan
during that or any succeeding year.

         11. Change of Control.

         (a) Qualifying Event. The occurrence of a "Change in Control of the
Corporation", as that term is defined herein, shall constitute a "Qualifying
Event" for purposes of the Plan. A "Change in Control of the Corporation" shall
mean a change in control of a nature that would be required to be reported in
response to Item 5(f) of Schedule 14A (or the corresponding provision of any
future schedule of required proxy statement information) of Regulation 14A
promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), whether or not the Corporation is then subject to such reporting
requirement; provided, that, without limitation, such a change in control shall
be deemed to have occurred if:

                  (i) the Corporation shall cease to be a publicly owned
         corporation having at least 1000 stockholders; or

                  (ii) any "person" (as defined in Sections 13(d) and 14(d) of
         the Exchange Act) is or becomes the "beneficial owner" (as defined in
         Rule 13d-3 under the Exchange Act) directly or indirectly, securities
         of the Corporation representing fifteen percent (15%) or more of the
         combined voting power of the Corporation's then outstanding securities;
         or

                  (iii) during any period of two (2) consecutive years (not
         including any period prior to the adoption of this Plan) there shall
         cease to be a majority of the Board comprised as follows: individuals
         who at the beginning of such period constitute the Board and any new
         director(s) whose election by the Board or nomination for election by
         the Corporation's stockholders was approved by a vote of at least
         two-thirds (2/3) of the directors then still in office who either were
         directors at the beginning of the period or whose election or
         nomination for election was previously so approved.

         (b) Limited Stock Appreciation Rights. Upon the occurrence of a
Qualifying Event, there shall automatically be issued in connection with all
options granted pursuant to the Plan, then unexercised and unexpired, to persons
at such time subject to restrictions on purchase and sale of the Common Stock of
the Corporation under Section 16(b) of the Exchange Act, Limited Stock
Appreciation Rights ("LSAR"), as hereinafter defined. The number of shares
subject to each LSAR shall be the same as that for the underlying option to
which such LSAR relates. For purposes of the Plan an LSAR shall represent the
privilege to receive from the Corporation (without payment to the Corporation
except for applicable withholding taxes) upon exercise of such LSAR a
distribution solely in shares of the Common Stock of the Corporation (or any
successor corporation) having an aggregate fair market value on the date of
distribution, as determined pursuant to Section 5 hereof equal to the "Option
Spread". The "Option Spread" shall be (i) the difference between the highest
fair market value per share (as defined in Section 5) during the 90-day period
beginning on the day of the Qualifying Event and the per share option price of
the related option, times (ii) the number of shares subject to the LSAR. An LSAR
shall be exercisable in whole or in part at any time during the 30 day period
following the expiration of six months after the date of the Qualifying Event,
upon notice to the Corporation in the manner prescribed by the Committee.
Notwithstanding Section 10(a) hereof, options or LSAR's granted hereunder shall
remain exercisable during such six month and 30 day periods, if within the
Exercise Period. Upon the exercise of an LSAR, the related option granted
pursuant to the Plan shall cease to be exercisable to the extent of the shares
of Common Stock with respect to which such LSAR is exercised. Upon the exercise
or termination of a related option, the LSAR with respect to such related option
shall terminate to the extent of the shares of Common Stock with respect to
which the related option was exercised or terminated.

         (c) Acceleration of Vesting. Notwithstanding the provisions of Section
7 hereof and the terms of each stock option agreement, upon the occurrence of
any Qualifying Event all options granted under the Plan, then unexercised and
unexpired, shall be immediately exercisable.

         12. Adjustment Provisions. In the event of any change in the Common
Stock of the Corporation, $1.00 par value, by reason of any stock dividend,
recapitalization, reorganization, merger, consolidation, split-up, combination
or exchange of shares, extraordinary dividend, or of any similar change
affecting such Common Stock, then in any such event the number and kind of
shares subject to options granted pursuant to the Plan and their purchase price
per share shall be appropriately adjusted consistent with such change in such
manner as the Committee of the Plan may deem equitable to prevent substantial
dilution or enlargement of the rights granted pursuant to any option agreement
issued hereunder. Any adjustments so made shall be final and binding upon all
parties.

         13. Duration, Amendment and Termination. This Plan is intended to be
perpetual and shall have no stated termination date. The Board of Directors may
amend the Plan from time to time or terminate the Plan at any time. However, no
action or amendment authorized by this Section or Section 7 shall reduce the
amount of any existing benefits or change the terms and conditions thereof
without the optionee's consent.

         To the extent then required by Rule 16(b)(3), as promulgated by the
Securities and Exchange Commission, approval of the stockholders of the
Corporation shall be required for any amendment to the Plan which shall (a)
materially increase the total number of shares which may be issued under the
Plan; (b) materially reduce the minimum purchase price of shares of Common Stock
which may be made subject to options under the Plan, or (c) materially modify
the requirements as to eligibility for options under the Plan.

         By mutual agreement between the Corporation and an optionee hereunder
or under any other stock option plan of the Corporation, options or rights may
be granted to the optionee in substitution and exchange for, and in cancellation
of, any benefits previously granted to the optionee under this Plan or any other
stock option plan of the Corporation.

         14. Compliance With Law. This Plan, all options issued hereunder, and
the obligation of the Corporation to sell and deliver shares of Common Stock
hereunder, shall be subject to all applicable Federal and State laws, rules and
regulations and to such approvals by any governmental or regulatory agency as
may be required.

         15. No Rights as Stockholder. Individuals granted options pursuant to
the Plan and transferees shall have no rights as stockholders with respect to
any shares of Common Stock subject to such options prior to the date of issuance
to them of certificates for such shares. Other than pursuant to Section 12
hereof no adjustment shall be made for dividends or distributions or other
rights with respect to such shares for which the record date is prior to the
date on which they shall become the holder of record thereof.

         16. Stockholder Approval. The Plan was adopted by the Board of
Directors on November 15, 1990, subject to stockholder approval. The Plan was
approved by the stockholders of the Corporation on May 22, 1991.

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