Document:

COVANTA ENERGY CORPORATION
                        KEY EMPLOYEE RETENTION BONUS PLAN

1. Purpose of the Plan. The purpose of the Covanta Energy Corporation Key
Employee Retention Bonus Plan is to provide for the payment of retention bonuses
to eligible key employees in order to encourage the continued attention and
dedication of such key employees to the performance of their duties for the
Company Group to the best of their ability and without distraction concerning
the personal uncertainties that could result from Covanta's on-going bankruptcy
proceedings.

2. Definitions. The following terms used in the Plan shall have the meanings set
forth below:

     (a) "Administrator" shall mean the Administrative Committee of Covanta
Energy Corporation. With respect to any period during which there is no such
committee, the Compensation Committee of the Board shall serve as Administrator.

     (b) "Bankruptcy Code" shall mean ss.ss.101 et. seq. of Title XI of the
United States Code.

     (c) "Base Salary" shall mean a Key Employee's annual rate of base salary in
effect on the later of (i) January 1, 2002 and (ii) the date as of which such
Key Employee commenced his or her employment with the Company Group.

     (d) "Beneficiary" shall mean, with respect to a Key Employee, such Key
Employee's estate.

     (e) "Board" shall mean the Board of Directors of Covanta.

     (f) "Company Group" shall mean, collectively or individually, as the
context requires, Covanta and each of its Subsidiaries. When referring to the
employment of a Key Employee with the Company Group (or the termination of such
employment), references to Company Group shall be deemed to refer to the member
thereof that employs such Key Employee, as appropriate in the context.

     (g) "Covanta" shall mean Covanta Energy Corporation, a corporation duly
organized under the laws of the state of Delaware, or any successor thereto.

     (h) "Disability" shall mean a Key Employee's absence, for a consecutive
period of 6 months, from the duties of his or her employment with the Company
Group due to an illness or injury of such Key Employee.

     (i) "Effective Date" shall mean September 18, 2002.

     (j) "Eligible Termination of Employment" shall have the meaning set forth
in Section 7(a) herein.

     (k) "Final Installment" shall mean an amount equal to 33.4% of a Key
Employee's Retention Bonus.

     (l) "First Installment" shall mean an amount equal to 33.3% of a Key
Employee's Retention Bonus.

     (m) "Installment" shall mean the First Installment, Second Installment or
Final Installment, as the context requires.

     (n) "Key Employee" shall mean a Tier I Employee, Tier II Employee, Tier III
Employee or Tier IV Employee, as applicable.

     (o) "Mutual Benefit" shall mean the resignation of a Key Employee from
employment with the Company Group following the occurrence of one or more of the
events set forth in clauses (i) through (iv) below without the prior written
consent of the Key Employee; provided that (A) the Key Employee delivers written
notice to the member of the Company Group that employs such Key Employee and to
the Vice President of Human Resources of Covanta of his or her intention to
resign from employment due to one or more of such events, which notice specifies
in reasonable detail the circumstances claimed to provide the basis for such
resignation, and (B) such event or events are not cured by the Company Group (or
such member) within fifteen (15) days following delivery of such written notice
to such member and the Vice President of Human Resources of Covanta:

          (i)  a reduction in such Key Employee's annual rate of base salary;

         (ii)  (x) in the case of such Key Employee's annual bonus for fiscal
               year 2002, any reduction in such Key Employee's bonus
               classification level under the annual bonus plan of the Company
               Group in which such Key Employee is a participant for such fiscal
               year and (y) in the case of such Key Employee's annual bonus for
               any subsequent fiscal year, any such reduction in such Key
               Employee's bonus classification level, other than a reduction in
               a subsequent fiscal year in connection with the redesign of the
               applicable annual bonus plan that affects all similarly situated
               participants similarly;

        (iii)  a relocation of such Key Employee's principal business location
               to a location that is 50-miles or more from his or her principal
               business location at the time of such relocation; or

         (iv)  the failure of any Successor to the Company Group (or member
               thereof that employs such Key Employee) to assume, in writing,
               the obligations of the Company Group to such Key Employee, if
               any, under the Plan and the Covanta Energy Corporation Key
               Employee Severance Pay Plan.

     (p) "Plan" shall mean this Covanta Energy Corporation Key Employee
Retention Bonus Plan, as the same may be amended and in effect from time to
time.

     (q) "Retention Bonus" shall mean, with respect to a Key Employee, the
retention bonus that may become payable to such Key Employee under the Plan.

     (r) "Second Installment" shall mean an amount equal to 33.3% of a Key
Employee's Retention Bonus.

     (s) "Subsidiary" shall mean each "person" in which Covanta owns, directly
or indirectly, capital stock or other ownership interests representing fifty
percent (50%) or more of the combined voting power of the outstanding voting
stock or other ownership interests of such person.

     (t) "Termination Date" shall mean the effective date of a Key Employee's
termination of employment with the Company Group.

     (u) "Tier I Employee" shall mean the Chief Executive Officer of Covanta.

     (v) "Tier II Employee" shall mean those senior executives of the Company
Group who report directly to the Chief Executive Officer and who are designated
at the Effective Date by Covanta as Tier II Employees for purposes of the Plan.

     (w) "Tier III Employee" shall mean those executives and key employees of
the Company Group who are designated at the Effective Date by Covanta as Tier
III Employees for purposes of the Plan.

     (x) "Tier IV Employee" shall mean those key employees of the Company Group
who are designated at the Effective Date by Covanta as Tier IV Employees for
purposes of the Plan.

     (y) "Trigger Event" shall mean the earlier to occur of (i) the consummation
of a plan of reorganization pursuant to Section 1129 of the Bankruptcy Code or
(ii) the consummation of one or a series of transactions pursuant to which all
or substantially all of Covanta's assets are sold pursuant to Section 363 of the
Bankruptcy Code.

     (z) "Without Cause" shall mean the termination of a Key Employee's
employment by the member of the Company Group that employs such Key Employee for
any reason other than as a result of the occurrence of any one or more of the
events set forth below in clauses (i) through (v), which, in the case of the
event or events set forth below in clauses (i) and (ii), is not cured by such
Key Employee within fifteen (15) days following delivery by such member of the
Company Group of written notice to such Key Employee specifying that the Key
Employee's employment is being terminated due to one or more such events and
setting forth in reasonable detail the circumstances claimed to provide the
basis for such termination:

          (i)  the failure or refusal by such Key Employee to substantially
               perform the duties of his or her employment;

         (ii)  the failure of such Key Employee to comply with the written rules
               and policies of the Company Group;

        (iii)  the engaging by such Key Employee in willful and serious
               misconduct in connection with his or her employment that has
               caused or would reasonably be expected to result in material
               injury to the Company Group or any member thereof;

         (iv)  the engaging by such Key Employee in dishonesty or fraudulent
               conduct; or

          (v)  such Key Employee's conviction of, or plea of nolo contendere to,
               a crime that constitutes a felony;

provided that to the extent requested by Covanta or the member of the Company
Group that employs such Key Employee, such Key Employee remain in the active
employment of the Company Group until the Termination Date specified by Covanta
or such member; provided further that (i) such Termination Date shall be no
later than one hundred and eighty (180) days after the delivery by Covanta or
such member of the Company Group employing the Key Employee of written notice of
termination to such Key Employee and (ii) if Covanta or such member thereafter
(but prior to the indicated Termination Date) terminates such Key Employee's
employment Without Cause (and such termination is not due to such Key Employee's
death or Disability), such Key Employee shall be eligible to receive a retention
bonus under the Plan in accordance with Section 7.

3. Administration.

     (a) Authority. The Administrator shall have full power and discretionary
authority to administer the Plan in accordance with its terms, including full
power and discretionary authority to construe and interpret terms of the Plan,
to define the terms used herein, to prescribe, amend and rescind rules and
regulations, agreements, forms and notices relating to the administration,
operation or interpretation of the Plan and to make all other determinations and
take all other actions necessary or advisable for the operation of the Plan.

     (b) Limitation of Liability; Indemnification. The Administrator shall be
entitled to rely upon any report or other information furnished to it by any
officer or other employee of the Company Group and by any independent certified
public accountant, compensation consultant, legal counsel or other professional
retained by any member of the Company Group to assist in the administration of
the Plan. To the maximum extent permitted by law, the Administrator shall not be
liable to any person for, and Covanta shall indemnify and hold the Administrator
harmless from and against any liability in respect of, any action taken or
omitted in good faith in connection with its administration of the Plan.

4. Eligibility. Covanta shall designate those Key Employees of the Company Group
entitled to participate in the Plan. Each such Key Employee shall commence
participation in the Plan on the later of the Effective Date, the date such Key
Employee commences full-time employment with the Company Group and the date such
Key Employee is designated by Covanta as an eligible participant. No other
individual shall be eligible to participate in the Plan.

5. Retention Bonuses.

     (a) Retention Bonus Amount. Each Key Employee shall be eligible to receive
a Retention Bonus equal to a percentage of such Key Employee's Base Salary, as
follows:

          (i)  in the case of a Tier I Employee, 75% of such Tier I Employee's
               Base Salary;

         (ii)  in the case of a Tier II Employee, 67% of such Tier II Employee's
               Base Salary;

        (iii)  in the case of a Tier III Employee, from 18% to 35% of such Tier
               III Employee's Base Salary, as specified by the Administrator on
               the date such Tier III Employee commences participation in the
               Plan; and

          (iv) in the case of a Tier IV Employee, from 10% to 17% of such Tier
               IV Employee's Base Salary, as specified by the Administrator on
               the date such Tier IV Employee commences participation in the
               Plan.

     Notwithstanding the foregoing, in no event shall the aggregate amounts paid
in satisfaction of Retention Bonuses awarded under the Plan exceed $3.6 million.

     (b) Vesting and Payment of Retention Bonuses. In general, a Key Employee's
right to receive payment of his or her Retention Bonus will become vested and
payable in three equal installments as set forth below, provided in the case of
each such installment, the Key Employee remains in the continuous employment of
the Company Group from the date such Key Employee commences participation in the
Plan to the vesting date for such installment.

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             Installment                   Vesting Date
--------------------------------------------------------------------------------
First Installment:            the earlier of (i) September 30, 2002
                              and (ii) the date on which a Trigger Event occurs.
--------------------------------------------------------------------------------
Second Installment:           the earlier of (i) September 30, 2003 and (ii) the
                              date on which a Trigger Event occurs.
--------------------------------------------------------------------------------
Final Installment:            the date on which a Trigger Event occurs.
--------------------------------------------------------------------------------

     On or as soon as reasonably practicable after the applicable vesting date
for an Installment, Covanta shall, or shall cause the member of the Company
Group that employs the Key Employee to, pay to each eligible Key Employee a lump
sum cash payment equal to the applicable vested Installment amount.

6. Supplemental Bonuses. If a Trigger Event occurs prior to April 1, 2003,
Covanta shall, or shall cause the member of the Company Group that employs the
Key Employee to, pay to each Key Employee who has been continuously employed by
the Company Group from the date such Key Employee commences participation in the
Plan to the date such Trigger Event occurs an additional lump-sum cash retention
bonus (a "Supplemental Bonus") in such amount as the Administrator shall
determine; provided that the aggregate amount of Supplemental Bonuses shall not
exceed $1 million. Supplemental Bonuses shall be paid to eligible Key Employees
on or as soon as reasonably practicable following the date the Trigger Event
occurs.

7. Effect of Termination of Employment.

     (a) Eligible Termination of Employment. Notwithstanding anything herein to
the contrary, in the event that, prior to the occurrence of a Trigger Event, a
Key Employee's employment with the Company Group is terminated (i) by the member
thereof that employs the Key Employee Without Cause, (ii) by the Key Employee
for Mutual Benefit or (iii) due to the Key Employee's death or Disability (each
an "Eligible Termination of Employment"), a pro rata portion of such Key
Employee's Retention Bonus (the "Applicable Portion") shall become immediately
vested. Such Applicable Portion shall be determined as follows:

                  (i) if the Key Employee's Termination Date is on or prior to
September 30, 2002, such Applicable Portion shall equal the product of (A) the
Key Employee's First Installment amount multiplied by (B) a fraction, the
numerator of which is the number of days from April 1, 2002 to such Key
Employee's Termination Date and the denominator of which is 183;

                  (ii) if the Key Employee's Termination Date is after September
30, 2002 and prior to October 1, 2003, such Applicable Portion shall equal the
sum of (A) the product of (I) the Key Employee's Second Installment amount,
multiplied by (II) a fraction, the numerator of which is the number of days in
the period beginning October 1, 2002 and ending on such Key Employee's
Termination Date and the denominator of which is 365 and (B) the product of (I)
the Key Employee's Final Installment amount, multiplied by (II) a fraction, the
numerator of which is the number of days in the period beginning October 1, 2002
and ending on such Key Employee's Termination Date and the denominator of which
is the number of days in the period beginning October 1, 2002 and ending on the
date on which a Trigger Event occurs; and

                  (iii) if the Key Employee's Termination Date is after
September 30, 2003, such Applicable Portion shall be equal to the product of (A)
such Key Employee's Final Installment amount, multiplied by (B) a fraction, the
numerator of which is the number of days in the period beginning October 1, 2003
and ending on such Key Employee's Termination Date and the denominator of which
is the number of days in the period beginning October 1, 2003 and ending on the
date on which a Trigger Event occurs.

     Any Applicable Portion of the First Installment or the Second Installment
payable to a Key Employee pursuant to this Section 7(a) shall be paid to such
Key Employee as soon as reasonably practicable following such Key Employee's
Termination Date. Any Applicable Portion of the Final Installment will be paid
to the Key Employee on the same date that Final Installments are paid to active
Key Employees pursuant to Section 5(b).

     (b) Ineligible Termination of Employment. In the event a Key Employee's
employment with the Company Group terminates for any reason other than an
Eligible Termination of Employment, such Key Employee shall immediately forfeit
for no consideration any portion of such Key Employee's Retention Bonus that has
not become vested prior to such Key Employee's Termination Date.

8. Amendment and Termination. Covanta may, in its sole discretion, with
prospective or retroactive effect, amend, alter, suspend, discontinue or
terminate the Plan at any time and for any reason, with or without notice and
without the consent of any Key Employee, stockholder or other person; provided,
however, that, without the consent of a Key Employee, no such action shall
adversely affect the right of such Key Employee to receive or be eligible for
any portion of his or her Retention Bonus or Supplemental Bonus, if any.

9. General Provisions.

     (a) No Special Employment Rights. Nothing contained in the Plan shall
confer upon any Key Employee any right with respect to the continuation of such
Key Employee's employment by the Company Group or interfere in any way with the
right of the Company Group at any time to terminate such employment or to
increase or decrease the base salary, other compensation or benefits of such Key
Employee or otherwise modify the terms or conditions of such Key Employee's
employment except as specifically provided for hereunder.

     (b) No Assignment by Key Employees. Each Key Employee's rights hereunder
are personal and no Key Employee may assign or transfer any part of his or her
rights or duties hereunder, or any benefits due to him or her, to any other
person, except that, in the event of the Key Employee's death, any benefits
payable to such Key Employee shall be paid instead to his or her Beneficiary.

     (c) Certain Withholdings. The Company Group shall have the right to deduct
from amounts otherwise payable under the Plan any sums that federal, state,
local or foreign tax law requires to be withheld with respect to such payment.

     (d) Governing Law. The validity, construction and effect of the Plan and
any rules and regulations relating to the Plan shall be determined in accordance
with the laws of the State of New Jersey, without giving effect to principles of
conflicts of laws, and any applicable provisions of federal law.

     (e) Arbitration. Any dispute or controversy arising under or in connection
with the Plan shall be resolved by binding arbitration. The arbitration shall be
held in Fairfield, New Jersey and, except to the extent inconsistent with the
Plan, shall be conducted in accordance with the National Employment Dispute
Resolution Rules of the American Arbitration Association then in effect at the
time of the arbitration, and otherwise in accordance with principles which would
be applied by a court of law or equity. The arbitrator shall be acceptable to
both the Key Employee and Covanta. If the parties cannot agree on an acceptable
arbitrator, the dispute shall be heard by a panel of three arbitrators, one
appointed by the Key Employee, one appointed by Covanta, and the third appointed
by the other two arbitrators. All expenses of arbitration shall be borne by the
party who incurs the expense, or, in the case of joint expenses, by both parties
in equal portions, except that, in the event the Key Employee prevails on the
principal issues of such dispute or controversy, all such expenses shall be
borne by Covanta.

     (f) Funding. The Plan shall be an unfunded plan. Retention Bonuses and
Supplemental Bonuses paid under the Plan shall be paid from the general assets
of the Company Group.

     (g) Severability. If any term or provision of the Plan or the application
thereof to any person or circumstance is to any extent held invalid or
unenforceable, the remainder of the Plan or the application of such term or
provision to persons or circumstances other than those as to which it is held
invalid or unenforceable will not be affected thereby, and each term and
provision of the Plan will be valid and enforceable to the fullest extent
permitted by law.

     (h) Construction. The captions and numbers preceding the sections of the
Plan are included solely as a matter of convenience of reference and are not to
be taken as limiting or extending the meaning of any of the terms and provisions
of the Plan. Whenever appropriate, words used in the singular shall include the
plural or the plural may be read as the singular.COVANTA ENERGY CORPORATION
                            LONG-TERM INCENTIVE PLAN

1. Purpose of the Plan. The purpose of the Covanta Energy Corporation Long-Term
Incentive Plan is to provide appropriate incentives to senior management of the
Company Group to devote all of their attention and energy to the preservation of
the value of the business and assets of the Company Group during the pendency of
the bankruptcy proceedings and to maximize the value realized by the Company
Group for the benefit of its pre-petition creditors without the distraction
associated with the uncertainty of their future employment.

2. Definitions. The following terms used in the Plan shall have the meanings set
forth below:

         (a) "Administrator" shall mean the Administrative Committee of Covanta
Energy Corporation. With respect to any period during which there is no such
committee, the Compensation Committee of the Board shall serve as Administrator.

         (b) "Affiliate" shall mean, with respect to any Person, any other
Person that, directly or indirectly through one or more intermediaries,
Controls, is Controlled by, or is under common Control with the first Person,
including but not limited to a Subsidiary of the first Person, a Person of which
the first Person is a Subsidiary, or another Subsidiary of a Person of which the
first Person is also a Subsidiary.

         (c) "Alternative Transaction" shall mean the first to occur of (i) the
closing of a KKR Investment or (ii) the Confirmation Date for a plan of
reorganization pursuant to which the Covanta Group will emerge from bankruptcy
as a stand-alone, going concern entity, including, without limitation, any such
plan of reorganization that includes the acquisition by any person, entity or
"group" (as defined in section 13(d) of the Securities Exchange Act of 1934, as
amended) (other than KKR) of beneficial ownership of equity securities of
Covanta (or the ultimate parent entity having Control of Covanta) representing
the right to vote less than 50% of the total number of votes that may be cast
for the election of directors of Covanta (or such ultimate parent entity).

         (d) "Average Bonus" shall mean, with respect to a Participant, the sum
of (i) the average of the two most recent annual bonuses paid or payable to such
Participant for the two fiscal years of Covanta ending immediately prior to such
Participant's Vesting Date and (ii) 30% of such Participant's Salary.

         (e) "Bankruptcy Code" shall meanss.ss.1101 et seq. of Title XI of the
United States Code.

         (f) "Beneficiary" shall mean, with respect to a Participant, such
Participant's estate.

         (g) "Board" shall mean the Board of Directors of Covanta.

         (h) "CEO" shall mean the Chief Executive Officer of Covanta.

         (i) "Committee" shall mean the Compensation Committee of the Board.

         (j) "Company Group" shall mean, collectively or individually, as the
context requires, Covanta and each of its Subsidiaries. When referring to the
employment of a Participant with the Company Group (or the termination of such
employment), references to Company Group shall be deemed to refer to the member
thereof that employs such Participant, as appropriate in the context.

         (k) "Confirmation Date" shall mean the date of entry of an order of the
Bankruptcy Court confirming a plan of reorganization under Chapter 11 of the
Bankruptcy Code of the Covanta Group.

         (l) "Control" shall mean, with respect to any Person, the possession,
directly or indirectly, severally or jointly, of the power to direct or cause
the direction of the management policies of such Person, whether through the
ownership of voting securities, by or credit arrangement, as trustee or
executor, or otherwise.

         (m) "Corporate Event" shall mean the first to occur of (i) the closing
of the last transaction that results in the Sale of the Energy Business and (ii)
the Confirmation Date, other than for the Confirmation Date for a plan of
reorganization that includes an Alternative Transaction.

         (n) "Covanta" shall mean Covanta Energy Corporation, a corporation duly
organized under the laws of the state of Delaware, or any Successor thereto.

         (o) "Covanta Group" shall mean, collectively, Covanta and each of its
Subsidiaries that are included in the bankruptcy proceedings relating to Covanta
as of the date of determination.

         (p) "Covered Period" shall mean the period beginning on the Effective
Date and ending on the one year anniversary of the Confirmation Date.

         (q) "DIP" shall mean the Debtor In Possession Credit Agreement, dated
as of April 1, 2002, by and among Covanta, each of Covanta's U.S. subsidiaries
listed on the signature pages to such agreement, the financial institutions
listed on the signature pages to such agreement, Deutsche Bank AG, New York
Branch and Bank of America, N.A., as the same may be amended and in effect from
time to time.

         (r) "Disability" shall mean a Participant's absence for a consecutive
period of six months or for periods aggregating four non-consecutive months in
any consecutive twelve month period from the duties of his or her employment
with the Company Group due to an illness or injury of such Participant.

         (s) "Disclosure Statement" shall mean the Disclosure Statement
submitted to the creditors of the Covanta Group in connection with the
proceedings for confirmation of its plan of reorganization.

         (t) "Effective Date" shall mean September 18, 2002.

         (u) "KKR" shall mean, collectively, Kohlberg Kravis Roberts & Company,
any Successor thereto, any Affiliate thereof and any Person that is directly or
indirectly sponsored by KKR or any Affiliate of KKR.

         (v) "KKR Investment" shall mean the acquisition by KKR, or by any
"group" (as defined in section 13(d) of the Securities Exchange Act of 1934, as
amended) that includes KKR, of beneficial ownership of equity securities of
Covanta (or the ultimate parent entity having Control of Covanta) representing
the right to vote more than 50% of the total number of votes that may be cast
for the election of directors of Covanta (or such ultimate parent entity).

         (w) "LTIP Award" shall mean an award granted to a Participant entitling
such Participant to a cash payment equal to such Participant's Percentage
Interest Amount or Lump Sum Amount (determined in accordance with Section 6), on
the terms and subject to the conditions set forth in the Plan.

         (x) "LTIP Pool" shall mean a notional book entry account established by
Covanta as of the Effective Date on its books and records to which amounts will
be credited in connection with any Corporate Transaction, in accordance with
Section 5.

         (y) "Lump Sum Amount" shall mean, with respect to a Participant, an
amount equal to (i) the product of (x) 200%, in the case of the CEO and 150%, in
the case of all other Participants, multiplied by (y) the sum of such
Participant's Salary and Average Bonus, (ii) reduced by the aggregate amount, if
any, paid or payable to such Participant under the Covanta Energy Corporation
Key Employee Severance Plan.

         (z) "Mutual Benefit" shall mean the resignation of a Participant from
employment with the Company Group following the occurrence of one or more of the
events set forth in clauses (i) through (iv) below without the prior written
consent of the Participant, provided that (A) the Participant delivers written
notice to the member of the Company Group that employs such Participant and to
the Vice President of Human Resources of Covanta of his or her intention to
resign from employment due to one or more of such events, which notice specifies
in reasonable detail the circumstances claimed to provide the basis for such
resignation, and (B) such event or events are not cured by the Company Group (or
such member) within fifteen (15) days following delivery of such written notice
to such member and the Vice President of Human Resources of Covanta:

          (i)  a reduction in such Participant's annual rate of base salary;

          (ii) (x) in the case of such Participant's annual bonus for fiscal
               year 2002, any reduction in such Participant's bonus
               classification level under the annual bonus plan of the Comphany
               Group in which such Participant is a participant for such fiscal
               year and (y) in the case of such Participant's annual bonus for
               any subsequent fiscal year, any such reduction in such
               Participant's bonus classification level, other than a reduction
               in a subsequent fiscal year in connection with the redesign of
               the applicable annual bonus plan that affects all similarly
               situated participants similarly;

          (iii) a relocation of such Participant's principal business location
               to a location that is 50-miles or more from his or her principal
               business location at the time of such relocation; or

          (iv) the failure of any Successor to the Company Group (or member
               thereof that employs such Participant) to assume, in writing, the
               obligations of the Company Group to such Participant, if any,
               under the Covanta Key Employee Retention Bonus Plan and the
               Covanta Key Employee Severance Pay Plan.

         (aa) "Participant" shall mean the CEO, the senior executives listed on
Schedule A hereto and up to two other senior executives or key management
employees of the Company Group selected to participate in the Plan by the
Committee, based on the advice of the CEO.

         (bb) "Percentage Interest" shall mean, with respect to a Participant,
the percentage interest of such Participant in the LTIP Pool, as established by
the Committee for purposes of the Plan.

         (cc) "Percentage Interest Amount" shall mean, with respect to a
Participant, an amount equal to the product of (i) the Percentage Interest of
such Participant, multiplied by (ii) the aggregate amount allocated to the LTIP
Pool in accordance with Section 5.

         (dd) "Person" shall mean any natural person, firm, partnership, limited
liability company, association, corporation, company, trust, business trust,
governmental authority or other entity.

         (ee) "Plan" shall mean this Covanta Energy Corporation Long-Term
Incentive Plan, as the same may be amended and in effect from time to time.

         (ff) "Salary" shall mean, with respect to a Participant, the highest
annual salary rate in effect for such Participant during the Covered Period.

         (gg) "Sale of the Energy Business" shall mean the sale or other
disposition of all or substantially all of the assets comprising the energy
business of the Company Group to any Person, other than KKR, through one or a
series of related or unrelated transactions.

         (hh) "Subsidiary" shall mean, with respect to any Person, each
corporation or other Person in which the first Person owns or Controls, directly
or indirectly, capital stock or other ownership interests representing 50% or
more of the combined voting power of the outstanding voting stock or other
ownership interests of such corporation or other Person.

         (ii) "Successor" shall mean, with respect to any Person, a Person that
succeeds to the first Person's assets and liabilities by merger, liquidation,
dissolution or otherwise by operation of law, or a Person to which all or
substantially all the assets and/or business of the first Person are
transferred.

         (jj) "Value Realized" shall mean the sum of the following amounts,
provided that the term "Value Realized" shall not include any such amount in
respect of (i) the Tranche A borrowings or letters of credit under the DIP
financing facilities or (ii) an Alternative Transaction:

          (A)  all proceeds received by the Company Group upon the sale or other
               disposition of any of its assets or businesses, including the
               fair value of any such proceeds paid in-kind and the value of any
               pre-petition debt (including accrued interest but excluding debt
               (and related accrued interest) classified as project debt for
               financial reporting purposes) assumed by the acquiror, in each
               case, as determined in good faith by the Committee;

          (B)  the aggregate amount by which any pre-petition letters of credit
               reissued under the DIP financing facilities are eliminated or
               otherwise released; and

          (C)  the "enterprise value" of the Company Group, as reflected in the
               Disclosure Statement.

         (kk) "Vesting Date" shall mean, with respect to a Participant, the
effective date of such Participant's Eligible Termination of Employment.

         (ll) "Without Cause" shall mean the termination of a Participant's
employment by the member of the Company Group that employs such Participant for
any reason other than as a result of the occurrence of any one or more of the
events set forth below in clauses (i) through (v), which, in the case of the
event or events set forth below in clauses (i) and (ii), is not cured by such
Participant within fifteen (15) days following delivery by such member of the
Company Group of written notice to such Participant specifying that the
Participant's employment is being terminated due to one or more such events and
setting forth in reasonable detail the circumstances claimed to provide the
basis for such termination:

          (i)  the failure or refusal by such Participant to substantially
               perform the duties of his or her employment;

          (ii) the failure of such Participant to comply with the written rules
               and policies of the Company Group;

          (iii) the engaging by such Participant in willful and serious
               misconduct in connection with his or her employment that has
               caused or would reasonably be expected to result in material
               injury to the Company Group or any member thereof;

          (iv) the engaging by such Participant in dishonesty or fraudulent
               conduct; or

          (v)  such Participant's conviction of, or plea of nolo contendere to,
               a crime that constitutes a felony.

3.  Administration.
    --------------

         (a) Authority. The Administrator shall have full power and
discretionary authority to administer the Plan in accordance with its terms,
including full power and discretionary authority to construe and interpret the
terms of the Plan, to define the terms used herein, to prescribe, amend and
rescind rules and regulations, agreements, forms and notices relating to the
administration, operation or interpretation of the Plan and to make all other
determinations and take all other actions necessary or advisable for the
operation of the Plan.

         (b) Limitation of Liability; Indemnification. The Administrator shall
be entitled to rely upon any report or other information furnished to it by any
officer or other employee of the Company Group and by any independent certified
public accountant, compensation consultant, legal counsel or other professional
retained by any member of the Company Group to assist in the administration of
the Plan. To the maximum extent permitted by law, the Administrator and the
Committee shall not be liable to any person for, and Covanta shall indemnify and
hold the Administrator and the Committee harmless from and against any liability
in respect of, any action taken or omitted in good faith in connection with its
administration of the Plan or otherwise in respect of the Plan.

4.  Eligibility; Designation of Percentage Interest.
    -----------------------------------------------

         (a) Participation. Each Participant shall be granted an LTIP Award on
the eighth day after such Participant has executed and delivered to Covanta a
Mutual Release of Claims, in the form attached hereto as Appendix A, provided
that such Participant has not revoked such release as permitted therein.
Notwithstanding the foregoing, if Covanta fails to execute and deliver a
counterpart of the Mutual Release of Claims to a Participant prior to the eighth
day after such Participant has executed and delivered such release to Covanta,
such Participant shall be granted an LTIP Award even if he has exercised his
right to revoke the release due to Covanta's failure to execute and deliver the
counterpart thereof. No other individual shall be eligible to participate in the
Plan or receive an LTIP Award.

         (b) Percentage Interests. On or prior to a Participant's Vesting Date,
the Committee shall determine, and advise each Participant in writing of, each
Participant's Percentage Interest. The Committee's determination of a
Participant's Percentage Interest shall be based upon the recommendation of the
CEO; provided that, a Participant's Percentage Interest must be at least equal
to the minimum percentage interest set forth for such Participant on Schedule A
attached hereto and may not exceed the maximum percentage interest set forth for
such Participant on Schedule A attached hereto. The sum of the Percentage
Interests of all Participants, as finally established by the Committee, must
equal 100% (less the minimum percentage interest, as set forth on Schedule A, of
any Participant who does not meet the vesting requirements of Section 7(a)).

5. LTIP Pool. As soon as reasonably practicable following the occurrence of each
Corporate Event, the Administrator shall determine the Value Realized (without
duplication in the case of any credits to the LTIP Pool made after the first
such credit) by the Company Group in respect of such Corporate Event and the
corresponding amount, if any, to be allocated to the LTIP Pool in accordance
with the following:

         (i) if the aggregate Value Realized by the Company Group in connection
with one or more Corporate Events is equal to or greater than $250,000,000, the
Administrator shall credit $2,000,000 to the LTIP Pool; and

         (ii) if the aggregate Value Realized by the Company Group in connection
with one or more Corporate Events is greater than $460,000,000, the
Administrator shall credit to the LTIP Pool an additional $19,000 for each
$1,000,000 of Value Realized by the Company Group in excess of $460,000,000.

6. Determination of Amount Payable In Satisfaction of Vested LTIP Awards. Each
Participant who has earned a vested right to receive payment in satisfaction of
his LTIP Award pursuant to Section 7(a) shall be entitled to receive a lump-sum
cash payment equal to (i) in the case of a Corporate Event, such Participant's
Percentage Interest Amount and (ii) in the case of an Alternative Transaction,
such Participant's Lump Sum Amount, in each such case, at the time and subject
to the clawback conditions specified in Section 7(b).

7.  Vesting/Forfeiture of LTIP Awards; Payment of LTIP Awards.
    ---------------------------------------------------------

         (a) Vesting/Forfeiture. A Participant's right to receive payment in
satisfaction of his LTIP Award shall become vested only if the Participant's
employment with the Company Group is terminated during the Covered Period (or
pursuant to a notice of termination delivered during the Covered Period) (i) by
the Company Group Without Cause or (ii) by such Participant's resignation for
Mutual Benefit. In all other cases, a Participant's rights in respect of his
LTIP Award, including, without limitation, the right to receive any payment in
satisfaction of such award, shall be forfeited and shall terminate immediately,
for no consideration, upon the earlier to occur of (i) the Participant's
termination of employment during the Covered Period (or pursuant to a notice of
termination delivered during the Covered Period) for any reason other than by
the Company Without Cause or by such Participant's resignation for Mutual
Benefit and (ii) the expiration of the Covered Period.

         (b) Clawback. Notwithstanding Section 7(a), if (i) a Participant
resigns for the Mutual Benefit event described in clause (iv) of the definition
of such term in Section 2(z) and (ii) during the six month period immediately
following such Participant's Vesting Date, such Participant is reemployed by the
member of the Company Group that had previously employed such Participant in the
same position (determined based on such Participant's actual duties and
responsibilities) and at the same or a higher rate of annual compensation as his
position and annual rate of compensation in effect immediately prior to such
Participant's resignation, such Participant shall forfeit any and all rights in
respect of his LTIP Award, including, without limitation, the right to receive
any payment in satisfaction of such award. In the event that such Participant
has previously received a payment in satisfaction of such LTIP award, such
Participant shall promptly repay to Covanta the full amount of such payment (the
"Clawback Requirement").

         (c) Payment in Satisfaction of LTIP Awards. Covanta shall, or shall
cause the member of the Company Group that employs the Participant to, pay to
each Participant who has earned a vested right to his LTIP Award pursuant to
Section 7(a) (which right has not been forfeited by the Participant pursuant to
Section 7(b)) a lump sum cash payment in full settlement and cancellation of
such LTIP Award equal to such Participant's Percentage Interests Amount or Lump
Sum Amount, determined pursuant to Section 6. Such payment shall be made as soon
as reasonably practicable, but not more than 10 business days, following (i)
with respect to a Participant whose Vesting Date is prior to the Confirmation
Date, (x) the closing of the last transaction resulting in a Sale of the Energy
Business or (y) the closing of the KKR Investment, whichever is applicable, and
(ii) with respect to a Participant whose Vesting Date occurs on or after the
Confirmation Date, such Participant's Vesting Date.

8. Amendment and Termination. Covanta may, in its sole discretion, with
prospective or retroactive effect, amend the Plan at any time and for any
reason, with or without notice and without the consent of any Participant,
stockholder or other person, provided, however, that, without the consent of a
Participant, no such action shall adversely affect the right of such Participant
to receive or be eligible for payment in satisfaction of LTIP Awards granted
under the Plan. The Plan shall automatically terminate following the later of
(i) the expiration of the Covered Period and (ii) the cancellation or expiration
of all LTIP Awards pursuant to Section 7; provided that the clawback provisions
of Section 7(b) shall continue in effect until they are no longer operative.

9.  General Provisions.
    ------------------

         (a) No Special Employment Rights. Nothing contained in the Plan shall
confer upon any Participant any right with respect to the continuation of such
Participant's employment by the Company Group or interfere in any way with the
right of the Company Group at any time to terminate such employment or to
increase or decrease the base salary, other compensation or benefits of such
Participant or otherwise modify the terms or conditions of such Participant's
employment; provided that such actions may result in the vesting of a
Participant's rights in respect of his LTIP Award if they constitute a
termination Without Cause or provided the basis for a resignation for Mutual
Benefit.

         (b) No Assignment by Participants. Each Participant's rights hereunder
are personal and no Participant may assign or transfer any part of his or her
rights or duties hereunder, or any benefits due to him or her, to any other
person, except that, in the event of the Participant's death, any benefits
payable to such Participant shall be paid instead to his or her Beneficiary.

         (c) Certain Withholdings. The Company Group shall have the right to
deduct from amounts otherwise payable under the Plan any sums that federal,
state, local or foreign tax law requires to be withheld with respect to such
payment.

         (d) Governing Law. The validity, construction and effect of the Plan
and any rules and regulations relating to the Plan shall be determined in
accordance with the laws of the State of New Jersey, without giving effect to
principles of conflicts of laws, and any applicable provisions of federal law.

         (e) Funding. The Plan shall be an unfunded plan. Amounts payable under
the Plan shall be paid from the general assets of the Company Group.

         (f) Severability. If any term or provision of the Plan or the
application thereof to any person or circumstance is to any extent held invalid
or unenforceable, the remainder of the Plan or the application of such term or
provision to persons or circumstances other than those as to which it is held
invalid or unenforceable will not be affected thereby, and each term and
provision of the Plan will be valid and enforceable to the fullest extent
permitted by law.

         (g) Construction. The captions and numbers preceding the sections of
the Plan are included solely as a matter of convenience of reference and are not
to be taken as limiting or extending the meaning of any of the terms and
provisions of the Plan. Whenever appropriate, words used in the singular shall
include the plural or the plural may be read as the singular.

<PAGE>

                                                                      SCHEDULE A

--------------------------------------------------------------------------------
     Participant      Minimum Percentage Interest   Maximum Percentage Interest
--------------------------------------------------------------------------------
Mackin                          35%                           35%
--------------------------------------------------------------------------------
Orlando                        9.5%                          14.5%
--------------------------------------------------------------------------------
Horowitz                       9.5%                          14.5%
--------------------------------------------------------------------------------
Stone                          9.5%                          14.5%
--------------------------------------------------------------------------------
Clements                       8.8%                          13.8%
--------------------------------------------------------------------------------
Gansler                        8.4%                          13.4%
--------------------------------------------------------------------------------
Additional Participant          0%                            14%
--------------------------------------------------------------------------------
Additional Participant          0%                            14%
--------------------------------------------------------------------------------

<PAGE>

                                                                      Appendix A
                                                                      ----------

                            Mutual Release of Claims

         WHEREAS, _________________ ("Participant") has been selected to
participate in the Covanta Energy Corporation Long-Term Incentive Plan (as the
same may be amended and in effect from time to time, the "Plan");

         WHEREAS, it is a condition to obligation of Covanta to grant
Participant an LTIP Award under the Plan that Participant execute and deliver to
Covanta this Confidential Mutual Release of Claims (the "Release") and that
Participant refrain from revoking the Release as permitted in Section 5 unless
Participant revokes the Release due to the failure of Covanta to execute and
deliver a counterpart of the Release to the Participant prior to the expiration
of the seven day period referred to in Section 5.

         NOW, THEREFORE, in consideration of grant to Participant of an LTIP
Award under the Plan, each of Participant and Covanta hereby agree as follows:

         1. Certain Defined Terms. Capitalized terms used herein without
definition shall have meanings assigned thereto in the Plan.

         2. Participant's General Release of Claims and Waiver.

         (a) PARTICIPANT, ON HIS OR HER OWN BEHALF AND ON BEHALF OF HIS OR HER
AGENTS, REPRESENTATIVES, ASSIGNS, HEIRS, EXECUTORS AND ADMINISTRATORS
(COLLECTIVELY, THE "PARTICIPANT RELEASORS") HEREBY FULLY AND UNCONDITIONALLY
RELEASES, REMISES, ACQUITS AND FOREVER DISCHARGES EACH MEMBER OF THE COMPANY
GROUP AND EACH OF THEIR RESPECTIVE OFFICERS, DIRECTORS, SHAREHOLDERS, MEMBERS,
AGENTS, EMPLOYEES, CONSULTANTS, INDEPENDENT CONTRACTORS, ATTORNEYS, ADVISORS,
SUCCESSORS AND ASSIGNS (COLLECTIVELY, THE "COVANTA RELEASEES"), JOINTLY AND
SEVERALLY, FROM ANY AND ALL CLAIMS, CAUSES OF ACTION, CHARGES, COMPLAINTS,
DEMANDS, COSTS, RIGHTS, LOSSES, DAMAGES AND OTHER LIABILITY WHATSOEVER, KNOWN OR
UNKNOWN (COLLECTIVELY, THE "CLAIMS"), WHICH ANY PARTICIPANT RELEASOR HAS OR MAY
HAVE AGAINST ANY COVANTA RELEASEE ARISING FROM ANY EVENT, CONDITION OR
CIRCUMSTANCE ON OR PRIOR TO THE DATE OF THE RELEASE, INCLUDING BUT NOT LIMITED
TO, CLAIMS IN RESPECT OF PARTICIPANT'S EMPLOYMENT WITH ANY AND ALL MEMBERS OF
THE COMPANY GROUP OR PARTICIPANT'S RELATIONSHIP WITH ANY MEMBER OF THE COMPANY
GROUP, DISMISSAL, REDUNDANCY, WRONGFUL TERMINATION, BREACH OF CONTRACT, FRAUD,
DECEIT, NEGLIGENCE, MISREPRESENTATION, DEFAMATION, DISABILITY, DISCRIMINATION OF
ANY TYPE, UNLAWFUL DEDUCTION FROM WAGES, BREACH OF RIGHTS OR ENTITLEMENTS UNDER
THE UNITED STATES AGE DISCRIMINATION IN EMPLOYMENT ACT, THE UNITED STATES
AMERICANS WITH DISABILITIES ACT OF 1990, THE UNITED STATES FAMILY AND MEDICAL
LEAVE ACT OF 1993, TITLE VII OF THE UNITED STATES CIVIL RIGHTS ACT OF 1964, 42
U.S.C. SECTION 1981, THE LAWS OF THE STATE OF NEW JERSEY, THE LAWS OF THE UNITED
STATES, AND ANY WORKERS' COMPENSATION OR DISABILITY CLAIM OR ANY OTHER FEDERAL,
STATE, LOCAL, COMMON OR OTHER LAW, OTHER THAN THE EXLUDED CLAIMS (AS DEFINED
BELOW). THE PARTICIPANT FURTHER AGREES THAT THE PARTICIPANT WILL NOT FILE OR
PERMIT TO BE FILED ON THE PARTICIPANT'S BEHALF ANY SUCH CLAIM. NOTWITHSTANDING
THE PRECEDING SENTENCE OR ANY OTHER PROVISION OF THIS RELEASE, THIS RELEASE IS
NOT INTENDED TO INTERFERE WITH PARTICIPANT'S RIGHT TO FILE A CHARGE WITH THE
EQUAL EMPLOYMENT OPPORTUNITY COMMISSION IN CONNECTION WITH ANY CLAIM HE BELIEVES
HE MAY HAVE AGAINST THE COMPANY GROUP. HOWEVER, BY EXECUTING THIS AGREEMENT,
PARTICIPANT HEREBY WAIVES THE RIGHT TO RECOVER IN ANY PROCEEDING PARTICIPANT MAY
BRING BEFORE THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION OR ANY STATE HUMAN
RIGHTS COMMISSION OR IN ANY PROCEEDING BROUGHT BY THE EQUAL EMPLOYMENT
OPPORTUNITY COMMISSION OR ANY STATE HUMAN RIGHTS COMMISSION ON PARTICIPANT'S
BEHALF. THIS RELEASE IS FOR ANY RELIEF, NO MATTER HOW DENOMINATED, INCLUDING,
BUT NOT LIMITED TO, INJUNCTIVE RELIEF, WAGES, BACK PAY, FRONT PAY, COMPENSATORY
DAMAGES, AND PUNITIVE DAMAGES. NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY,
THIS RELEASE SHALL NOT APPLY TO ANY EXCLUDED CLAIM.

         (b) PARTICIPANT ACKNOWLEDGES THAT THE LTIP AWARD AND RELEASE FROM
COVANTA THAT PARTICIPANT RECEIVES AS CONSIDERATION FOR THIS RELEASE IS IN
ADDITION TO ANYTHING OF VALUE TO WHICH PARTICIPANT IS ALREADY ENTITLED FROM THE
COMPANY GROUP OR ANY OTHER COVANTA RELEASEE.

         (c) For purposes of the Release, the term "Excluded Claims" shall mean
(i) claims to enforce any of Participant's rights under or pursuant to the
Release, (ii) claims under the Plan, (iii) claims for indemnification under any
officer indemnification agreement between Participant and a member of the
Company Group or Covanta's Certificate of Incorporation or By-Laws
("Indemnification Agreements") and (iv) with respect to Participant's employment
with the Company Group prior to the Vesting Date, claims for benefits accrued by
and payable to Participant under the terms and conditions of any other employee
benefit plan of the Company Group in which Participant was a participant prior
to his or her Vesting Date ("Benefit Plans") and which remain due.

         3. Knowing and Voluntary Waiver by Participant. The Participant
acknowledges that he or she is entering into the Release voluntarily and, by his
or her act of signing below, Participant agrees to all of the terms of the
PARTICIPANT RELEASORS and intends to be legally bound thereby.

         4. Acknowledgement by Participant of His or Her Right to Consider and
Revoke the Release; Effective Date of the Release.

         (a) Participant understands, agrees and acknowledges that:

          1.   he or she has been advised and encouraged by Covanta to have the
               Release reviewed by legal counsel of Participant's own choosing
               and that he or she has been given ample time to do so prior to
               his or her signing the Release;

          2.   he or she has been provided at least twenty-one (21) days to
               consider the Release and to decide whether to agree to the terms
               contained herein;

          3.   he or she has the right to revoke the Release during the seven
               (7) day period following the date Participant signs the Release
               by giving written notice of such revocation to the Administrator
               at Covanta Energy, 40 Lane Road, Fairfield, NJ 07004 on or prior
               to the seventh day after the date Participant signs the Release
               and if Participant exercises his or her right to revoke the
               Release, he or she will forfeit his or her right to receive an
               LTIP Award, unless such revocation is due to Covanta's failure to
               execute and deliver to Participant a counterpart of the Release;

          4.   the LTIP Award will not be granted to Participant until at least
               eight (8) days after Participant signs the Release and will be
               granted only if Participant does not revoke the Release pursuant
               to 3 above, subject to the exception in 3 above; and

          5.   by signing the Release, Participant represents that he or she
               fully understands the terms and conditions of the Release and
               intends to be legally bound by them.

         5. General Release and Waiver of Covanta.

         COVANTA, ON ITS OWN BEHALF AND ON BEHALF OF EACH MEMBER OF THE COMPANY
GROUP AND EACH OF ITS AND THEIR RESPECTIVE OFFICERS, DIRECTORS, SHAREHOLDERS,
MEMBERS, AGENTS, EMPLOYEES, CONSULTANTS, INDEPENDENT CONTRACTORS, ATTORNEYS,
ADVISERS, SUCCESSORS AND ASSIGNS (COLLECTIVELY, THE "COVANTA RELEASORS") HEREBY
FULLY AND UNCONDITIONALLY RELEASES, REMISES AND ACQUITS PARTICIPANT AND EACH OF
HIS OR HER AGENTS, REPRESENTATIVES, ASSIGNS, HEIRS, EXECUTORS AND ADMINISTRATORS
(COLLECTIVELY, THE "PARTICIPANT RELEASEES"), JOINTLY AND SEVERALLY, FROM ANY AND
ALL CLAIMS WHICH ANY COVANTA RELEASOR HAS OR MAY HAVE AGAINST PARTICIPANT
ARISING FROM ANY EVENT, CONDITION OR CIRCUMSTANCE ON OR PRIOR TO THE DATE OF THE
RELEASE, OTHER THAN CLAIMS (i) UNDER THE RELEASE, (ii) UNDER THE PLAN, (iii)
UNDER ANY INDEMINIFICATION AGREEMENT OR (iv) FOR CONTRIBUTIONS OR CO-PAYMENTS
UNDER ANY BENEFIT PLAN. COVANTA FURTHER AGREES THAT IT WILL NOT FILE OR PERMIT
TO BE FILED ON COVANTA'S BEHALF ANY SUCH CLAIM. THIS RELEASE IS FOR ANY RELIEF,
NO MATTER HOW DENOMINATED, INCLUDING, BUT NOT LIMITED TO, INJUNCTIVE RELIEF,
COMPENSATORY DAMAGES, AND PUNITIVE DAMAGES.

         6. Governing Law. The validity, construction and effect of the Release
shall be determined in accordance with the laws of the state of New Jersey,
without giving effect to principles of conflicts of laws, and applicable
provisions of federal law.

         7. Severability. The parties hereto intend that the validity and
enforceability of any provision of the Release will not affect or render invalid
any other provision of the Release. If any term or provision of the Release or
the application thereof to any person or circumstances is to any extent held
invalid or unenforceable, the remainder of the Release or the application of
such term or provision to persons or circumstances other than those as to which
it is held invalid or unenforceable will not be affected thereby, and each term
and provision of the Release will be valid and enforceable to the fullest extent
permitted by law.

         6. Binding Agreement. The Release shall be binding on and will inure to
the benefit of the parties hereto and their respective heirs, administrators,
representatives, executors, successors and assigns.

<PAGE>

         IN WITNESS WHEREOF, each of Participant and Covanta, by its duly
authorized representative, has caused the Release to be executed as of the ___
day of _______, 2002

                                                      COVANTA ENERGY CORPORATION

                                                      ----------------------
                                                      By:
                                                      Title:

                                                      PARTICIPANT

                                                      ---------------------

<PAGE>

                                                                      Appendix A
         Acknowledgment

         [STATE OF ________________)
                                    ss:
         COUNTY OF_________________)]

On the ____ day of __________, 2002, before me personally came _______________
who, being by me duly sworn, did depose and say that [he/she] resides at [ ];
and did acknowledge and represent that [he/she] has had an opportunity to
consult with attorneys and other advisers of [his/her] choosing regarding the
Mutual Release Agreement to which this Acknowledgment is attached, that [he/she]
has reviewed all of the terms of the Mutual Release Agreement and that [he/she]
fully understands all of its provisions, including, without limitation, the
knowing and voluntary waiver set forth therein.

Notary Public

Date:
     -------------------------------

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