Document:

Exhibit 10.3

THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF  1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS. IT MAY NOT BE SOLD  OR OFFERED FOR
SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION  STATEMENT AS TO THE
SECURITIES UNDER SAID ACT AND ANY APPLICABLE  STATE SECURITIES LAWS OR THE
AVAILABILITY OF AN EXEMPTION FROM  REGISTRATION UNDER SAID ACT AND ANY
APPLICABLE STATE SECURITIES  LAWS.

STOCK SUBSCRIPTION WARRANT
To Purchase Common Stock of  CTC Communications Group, Inc.
Date of Initial Issuance: February 27, 2002
Number of Shares: 542,075
Initial Warrant Price: $4.10
Expiration Date: February 27, 2009

THIS CERTIFIES THAT for value received, CISCO SYSTEMS CAPITAL CORPORATION, a
Nevada corporation, or its registered assigns (hereinafter called "Holder"),
is entitled to purchase from CTC COMMUNCATIONS GROUP, INC. a Delaware
corporation ("Company"), at any time during the Term of this Warrant, five
hundred forty-two thousand seventy-five (542,075) shares of common stock of
Company (the "Common Stock"), at the Warrant Price, payable as provided
herein. The exercise of this Warrant shall be subject to the provisions,
limitations and restrictions herein contained. This Warrant may be exercised
in whole or in part.

SECTION 1. Definitions.  For all purposes of this Warrant, the following
terms shall have the meanings indicated  (any capitalized terms used herein
and not otherwise defined herein to have the meanings  ascribed to them in
the Agreement):  "Agreement" shall mean the Amended and Restated Master
Agreement to Lease  Equipment, dated as of February 27, 2002, between the
CTC Communications Corp., as lessee,  and Holder, as lessor.  "Common Stock"
shall mean and include Company's authorized common stock, as  constituted at
the date hereof.  "Exchange Act" shall mean the Securities Exchange Act of
1934, as amended from time  to time.  "Securities Act" shall mean the
Securities Act of 1933, as amended from time to time.  "Term of this
Warrant" shall mean the period beginning on the date of initial issuance
hereof and ending on the seventh (7th) anniversary of such date of initial
issuance.  "Warrant Price" shall mean $4.10 per share, subject to adjustment
in accordance with  Section 5 hereof.  "Warrants" shall mean this Warrant
and any other Warrant or Warrants issued in  connection with the Agreement
to the original holder of this Warrant or issued to any transferees  of such
original holder or subsequent holder.  "Warrant Shares" shall mean shares of
Common Stock, subject to adjustment or change  as herein provided, purchased
or purchasable by Holder upon the exercise hereof.

SECTION 2. Exercise of Warrant.
2.1 Procedure for Exercise of Warrant. To exercise this Warrant in whole or
in part  (but not as to any fractional share of Common Stock), Holder shall
deliver to Company at its  office referred to in Section 14 hereof at any
time and from time to time during the Term of this  Warrant: (i) the Notice
of Exercise in the form of Exhibit A attached hereto, (ii) cash, certified
or  official bank check payable to the order of Company, wire transfer of
funds to Company's  account, or cancellation of any indebtedness of Company
to Holder (or any combination of any  of the foregoing) in the amount of the
Warrant Price for each share being purchased, and (iii) this  Warrant.
Notwithstanding any provisions herein to the contrary, if the Current Market
Price (as  defined in Section 6) is greater than the Warrant Price (at the
date of calculation, as set forth  below), in lieu of exercising this
Warrant as hereinabove permitted, Holder may elect to receive  shares of
Common Stock equal to the value (as determined below) of this Warrant (or
the portion  thereof being canceled) by surrender of this Warrant at the
office of Company referred to in  Section 14 hereof, together with the
Notice of Exercise, in which event Company shall issue to  Holder that
number of whole shares of Common Stock computed using the following formula:

                               CS = WCS x (CMP-WP)
                             -------------------
                                     CMP
Where
CS	equals the number of shares of Common Stock to be issued to
Holder
WCS	equals the number of shares of Common Stock purchasable under
the Warrant or, if only a portion of the Warrant is being
exercised, the portion of the Warrant being exercised (at the
date of such calculation)
CMP	equals the Current Market Price (at the date of such
calculation)
WP	equals the Warrant Price (as adjusted to the date of such
calculation)

In the event of any exercise of the rights represented by this Warrant, a
certificate or certificates  for the shares of Common Stock so purchased,
registered in the name of Holder or such other  name or names as may be
designated by Holder, shall be delivered to Holder hereof within a
reasonable time, not exceeding fifteen (15) days, after the rights
represented by this Warrant shall  have been so exercised; and, unless this
Warrant has expired, a new Warrant representing the  number of shares
(except a remaining fractional share), if any, with respect to which this
Warrant  shall not then have been exercised shall also be issued to Holder
hereof within such time. The  person in whose name any certificate for
shares of Common Stock is issued upon exercise of this Warrant shall for all
purposes be deemed to have become the holder of record of such shares on
the date on which Holder shall have complied with the conditions for
exercise of this Warrant set  forth above, irrespective of the date of
delivery of such certificate, except that, if the date of such  compliance
is a date when the stock transfer books of Company are closed, such person
shall be  deemed to have become the holder of such shares at the close of
business on the next succeeding  date on which the stock transfer books are
open.

2.2 Transfer Restriction Legend. Each certificate for Warrant Shares shall
bear the  following legend (and any additional legend required by (i) any
applicable state securities laws  and (ii) any securities exchange upon
which such Warrant Shares may, at the time of such  exercise, be listed) on
the face thereof unless at the time of exercise such Warrant Shares shall be
registered under the Securities Act:  "The shares represented by this
certificate have not been registered under the  Securities Act of 1933, as
amended, and may not be sold or transferred in the  absence of such
registration or an exemption therefrom under said Act."  Any certificate
issued at any time in exchange or substitution for any certificate bearing
such  legend (except a new certificate issued upon completion of a public
distribution under a  registration statement of the securities represented
thereby) shall also bear such legend unless, in  the opinion of counsel for
Holder thereof (which counsel shall be reasonably satisfactory to  Company)
the securities represented thereby are not, at such time, required by law to
bear such  legend.

SECTION 3. Covenants as to Common Stock. Company covenants and agrees that
all shares  of Common Stock that may be issued upon the exercise of the
rights represented by this Warrant  shall, upon issuance, be validly issued,
fully paid and nonassessable, and free from all taxes, liens  and charges
with respect to the issue thereof. Company further covenants and agrees that
it shall  pay when due and payable any and all federal and state taxes which
may be payable in respect of  the issue of this Warrant or any Common Stock
or certificates therefor issuable upon the exercise  of this Warrant.
Company further covenants and agrees that Company shall at all times have
authorized and reserved, free from preemptive rights, a sufficient number of
shares of Common  Stock to provide for the exercise of the rights
represented by this Warrant. Company further  covenants and agrees that if
any shares of capital stock to be reserved for the purpose of the  issuance
of shares upon the exercise of this Warrant require registration with or
approval of any  governmental authority under any federal or state law
before such shares may be validly issued or  delivered upon exercise, then
Company shall in good faith and as expeditiously as possible  endeavor to
secure such registration or approval, as the case may be. If and so long as
the  Common Stock issuable upon the exercise of this Warrant is listed on
any national securities  exchange, Company shall, if permitted by the rules
of such exchange, list and keep listed on such  exchange, upon official
notice of issuance, all shares of such Common Stock issuable upon  exercise
of this Warrant.

SECTION 4. Representations and Warranties Regarding Capitalization Issues.
As of the  date immediately preceding the date of this Warrant: (i) The
authorized capital of the Company consists of (A) 100 million shares of
common stock, of which 27,103,730 shares are issued and outstanding, and (B)
10 million shares  of preferred stock, of which 200,000 shares are issued
and outstanding and are convertible into  4,000,000 shares of common stock
at $50.00 per share.  (ii) The Company has reserved (A) 4,959,606 shares of
common stock for issuance  under its [Nonqualified Stock Option Plan, under
which 4,023,193 options are outstanding at an  average price of $7.07 per
share, and (B) 7,779,823 shares of common stock for issuance under  its
Incentive Stock Option Plan, under which 3,934,805 options are outstanding
at an average  price of $9.83 per share. There are no other options,
warrants, conversion privileges or other  rights presently outstanding to
purchase or otherwise acquire any authorized but unissued shares  of the
Company's capital stock or other securities of the Company, or any calls,
commitments or  claims of any character relating to, its capital stock or
other securities.  (iii) No shareholder of the Company has preemptive rights
to purchase new issuances  of the Company's capital stock.

SECTION 5. Adjustment of Number of Shares. Upon each adjustment of the
Warrant Price  as provided in Section 6, Holder shall thereafter be entitled
to purchase, at the Warrant Price  resulting from such adjustment, only the
number of shares (calculated to the nearest tenth of a  share) obtained by
multiplying the Warrant Price in effect immediately prior to such adjustment
by the number of shares purchasable pursuant hereto immediately prior to
such adjustment and  dividing the product thereof by the Warrant Price
resulting from such adjustment.

SECTION 6. Adjustment of Warrant Price. The Warrant Price shall be subject
to adjustment  from time to time as follows:  (i) If Company shall at any
time or from time to time during the Term of this Warrant  issue shares of
Common Stock other than Excluded Stock (as hereinafter defined) without
consideration or for a consideration per share less than the Warrant Price
in effect immediately  prior to the issuance of such Common Stock, the
Warrant Price in effect immediately prior to  each such issuance shall
forthwith (except as provided in this clause (i)) be adjusted to a price
equal to the quotient obtained by dividing:  (A) an amount equal to the sum
of  (x) the total number of shares of Common Stock outstanding (including
any shares of  Common Stock deemed to have been issued pursuant to
subdivision (3) of this clause (i)  and to clause (ii) below) immediately
prior to such issuance multiplied by the Warrant  Price in effect
immediately prior to such issuance, plus  (y) the consideration received by
Company upon such issuance,  by (B) the total number of shares of Common
Stock outstanding (including any shares of  Common Stock deemed to have been
issued pursuant to subdivision (3) of this clause (i)  and to clause (ii)
below) immediately after the issuance of such Common Stock.  For the
purposes of any adjustment of the Warrant Price pursuant to this clause (i),
the  following provisions shall be applicable:  1. In the case of the
issuance of Common Stock for cash, the consideration shall be  deemed to be
the amount of cash paid therefor after deducting therefrom any  discounts,
commissions or other expenses allowed, paid or incurred by Company  for any
underwriting or otherwise in connection with the issuance and sale  thereof.
2. In the case of the issuance of Common Stock for a consideration in whole
or in  part other than cash, the consideration other than cash shall be
deemed to be the  fair market value thereof as determined by the Board of
Directors of Company,  irrespective of any accounting treatment; provided,
however, that such fair market  value as determined by the Board of
Directors, together with any cash  consideration being paid, shall not
exceed an aggregate amount equal to the  product of (i) the aggregate
Current Market Price per share of Common Stock as  determined as provided in
clause (vii) below, multiplied by (ii) the number of  shares of Common Stock
being issued in such issuance.  3. In the case of the issuance of (i)
options to purchase or rights to subscribe for  Common Stock, (ii)
securities or obligations by their terms convertible into or  exchangeable
for Common Stock or (iii) options to purchase or rights to subscribe  for
such convertible or exchangeable securities or obligations:  (A) the
aggregate maximum number of shares of Common Stock deliverable  upon
exercise of such options to purchase or rights to subscribe for  Common
Stock shall be deemed to have been issued at the time such  options or
rights were issued and for a consideration equal to the  consideration
(determined in the manner provided in subdivisions (1) and  (2) above with
the proviso in subdivision (2) being applied to the number  of shares of
Common Stock deliverable upon such exercise), if any,  received by Company
upon the issuance of such options or rights plus the  minimum purchase price
provided in such options or rights for the  Common Stock covered thereby;
(B) the aggregate maximum number of shares of Common Stock deliverable  upon
conversion of or in exchange for any such convertible or  exchangeable
securities or obligations or upon the exercise of options to  purchase or
rights to subscribe for such convertible or exchangeable  securities or
obligations and subsequent conversions or exchanges thereof  shall be deemed
to have been issued at the time such securities or  obligations were issued
or such options or rights were issued and for a consideration equal to the
consideration received by Company for any  such securities or obligations
and related options or rights (excluding any  cash received on account of
accrued interest or accrued dividends), plus  the additional consideration,
if any, to be received by Company upon the  conversion or exchange of such
securities or obligations or the exercise of  any related options or rights
(the consideration in each case to be  determined in the manner provided in
subdivisions (1) and (2) above with  the proviso in subdivision (2) being
applied to the number of shares of  Common Stock deliverable upon such
conversion, exchange or exercise);  (D) on any change in the number of
shares of Common Stock deliverable upon  exercise of any such options or
rights or conversion of or exchange for  such convertible or exchangeable
securities or obligations, other than a  change resulting from the
antidilution provisions thereof, the Warrant  Price shall forthwith be
readjusted to such Warrant Price as would have  obtained had the adjustment
made upon the issuance of such options,  rights or securities or obligations
not converted prior to such change or  options or rights related to such
securities or obligations not converted  prior to such change being made
upon the basis of such change; and  (D) on the expiration of any such
options or rights, the termination of any such  rights to convert or
exchange or the expiration of any options or rights  related to such
convertible or exchangeable securities or obligations, the  Warrant Price
shall forthwith be readjusted to such Warrant Price as would  have obtained
had the adjustment made upon the issuance of such options,  rights,
securities or options or rights related to such securities or  obligations
being made upon the basis of the issuance of only the number  of shares of
Common Stock actually issued upon the conversion or  exchange of such
securities or obligations or upon the exercise of the  options or rights
related to such securities or obligations. "Excluded  Stock" shall mean
shares of Common Stock issued by Company (1) under  any circumstance for
which an adjustment is provided in clauses (iii) or  (iv) of this Section 6
or in Section 8, and (2) in connection with the  issuance of Common Stock
(including any share of Common Stock  deemed to have been issued pursuant to
subdivision (3) of clause (i)  above) (appropriately adjusted for stock
splits and combinations) to  directors, officers, or employees of, or
consultants to, Company under any  stock option or other similar incentive
plan approved by the Board of  Directors of Company as in effect on the date
of this Warrant.  (ii) "Excluded Stock" shall mean shares of Common Stock
issued by Company  (1) under any circumstance for which an adjustment is
provided in clauses (iii) or (iv) of this  Section 6 or in Section 8, and
(2) in connection with the issuance of Common Stock (including  any share of
Common Stock deemed to have been issued pursuant to subdivision (3) of
clause (i)  above) (appropriately adjusted for stock splits and
combinations) to directors, officers, or employees of, or consultants to,
Company under any stock option or other similar incentive plan  approved by
the Board of Directors of Company as in effect on the date of this Warrant.
(iii) If, at any time during the Term of this Warrant, the number of shares
of Common  Stock outstanding is increased by a stock dividend payable in
shares of Common Stock or by a  subdivision or split-up of shares of Common
Stock, then, following the record date fixed for the  determination of
holders of Common Stock entitled to receive such stock dividend, subdivision
or split-up, the Warrant Price shall be appropriately decreased so that the
number of shares of  Common Stock issuable upon the exercise hereof shall be
increased in proportion to such  increase in outstanding shares.  (iv) If,
at any time during the Term of this Warrant, the number of shares of Common
Stock outstanding is decreased by a combination of the outstanding shares of
Common Stock,  then, following the record date for such combination, the
Warrant Price shall appropriately  increase so that the number of shares of
Common Stock issuable upon the exercise hereof shall  be decreased in
proportion to such decrease in outstanding shares.  (v) In case, at any time
during the Term of this Warrant, Company shall declare a  cash dividend upon
its Common Stock payable otherwise than out of earnings or earned surplus
or shall distribute to holders of its Common Stock shares of its capital
stock (other than Common  Stock), stock or other securities of other
persons, evidences of indebtedness issued by Company  or other persons,
assets (excluding cash dividends and distributions) or options or rights
(excluding options to purchase and rights to subscribe for Common Stock or
other securities of  Company convertible into or exchangeable for Common
Stock), then, in each such case,  immediately following the record date
fixed for the determination of the holders of Common  Stock entitled to
receive such dividend or distribution, the Warrant Price in effect
thereafter shall  be determined by multiplying the Warrant Price in effect
immediately prior to such record date  by a fraction of which the numerator
shall be an amount equal to the difference of (x) the Current  Market Price
of one share of Common Stock minus (y) the fair market value (as determined
by  the Board of Directors of Company, whose determination shall be
conclusive) of the amount of  cash, stock, securities, evidences of
indebtedness, assets, options or rights, as the case may be, so  distributed
in respect of one share of Common Stock, and of which the denominator shall
be such  Current Market Price.  (vi) All calculations under this Section 6
shall be made to the nearest cent or to the  nearest one-tenth (1/10) of a
share, as the case may be.  (vii) For the purpose of any computation
pursuant to this Section 6, the Current Market  Price at any date of one
share of Common Stock shall be deemed to be the average of the daily
closing prices for the 15 consecutive business days ending on the last
business day before the day  in question (as adjusted for any stock
dividend, split, combination or reclassification that took  effect during
such 15 business day period). The closing price for each day shall be the
last  reported sales price regular way or, in case no such reported sales
took place on such day, the  average of the last reported bid and asked
prices regular way, in either case on the principal  national securities
exchange on which the Common Stock is listed or admitted to trading or as
reported by Nasdaq (or if the Common Stock is not at the time listed or
admitted for trading on any such exchange or if prices of the Common Stock
are not reported by Nasdaq then such price  shall be equal to the average of
the last reported bid and asked prices on such day as reported by  The
National Quotation Bureau Incorporated or any similar reputable quotation
and reporting  service, if such quotation is not reported by The National
Quotation Bureau Incorporated);  provided, however, that if the Common Stock
is not traded in such manner that the quotations  referred to in this clause
(vii) are available for the period required hereunder, the Current Market
Price shall be determined in good faith by the Board of Directors of Company
or, if such  determination cannot be made or if Holder disputes in writing
any determination so made by the  Company's Board of Directors within 30
days of being informed of such determination, by a  nationally recognized
independent investment banking or accounting firm selected by the Board  of
Directors of Company (or if such selection cannot be made, by a nationally
recognized  independent investment banking or accounting firm selected by
the American Arbitration  Association in accordance with its rules).  (viii)
Whenever the Warrant Price shall be adjusted as provided in this Section 6,
Company shall prepare a statement showing the facts requiring such
adjustment and the Warrant  Price that shall be in effect after such
adjustment. Company shall cause a copy of such statement  to be sent by
mail, first class postage prepaid, to each Holder at its, his or her address
appearing  on Company's records. Where appropriate, such copy may be given
in advance and may be  included as part of the notice required to be mailed
under the provisions of clause (x) of this  Section 6.  (ix) Adjustments
made pursuant to clauses (iii), (iv) and (v) above shall be made on  the
date such dividend, subdivision, split-up, combination or distribution, as
the case may be, is  made, and shall become effective at the opening of
business on the business day next following  the record date for the
determination of stockholders entitled to such dividend, subdivision,
splitup,  combination or distribution.  (x) In the event Company shall
propose to take any action of the types described in  clauses (iii), (iv),
or (v) of this Section 6, Company shall forward, at the same time and in the
same manner, to Holder such notice, if any, which Company shall give to the
holders of capital  stock of Company.  (xi) In any case in which the
provisions of this Section 6 shall require that an  adjustment shall become
effective immediately after a record date for an event, Company may  defer
until the occurrence of such event issuing to Holder of all or any part of
this Warrant which  is exercised after such record date and before the
occurrence of such event the additional shares  of capital stock issuable
upon such exercise by reason of the adjustment required by such event  over
and above the shares of capital stock issuable upon such exercise before
giving effect to  such adjustment exercise; provided, however, that Company
shall deliver to such Holder a due  bill or other appropriate instrument
evidencing such Holder's right to receive such additional  shares upon the
occurrence of the event requiring such adjustment.

SECTION 7. Ownership.
7.1 Ownership of This Warrant. Company may deem and treat the person in
whose  name this Warrant is registered as the holder and owner hereof
(notwithstanding any notations of  ownership or writing hereon made by
anyone other than Company) for all purposes and shall not  be affected by
any notice to the contrary until presentation of this Warrant for
registration of  transfer as provided in this Section 7.

7.2 Transfer and Replacement. This Warrant and all rights hereunder are
transferable  in whole or in part upon the books of Company by Holder hereof
in person or by duly authorized  attorney, and a new Warrant or Warrants, of
the same tenor as this Warrant but registered in the  name of the transferee
or transferees (and in the name of Holder, if a partial transfer is
effected)  shall be made and delivered by Company upon surrender of this
Warrant duly endorsed, at the  office of Company referred to in Section 14
hereof, together with a properly executed  Assignment (in the form of
Exhibit B or Exhibit C hereto, as the case may be). Upon receipt by  Company
of evidence reasonably satisfactory to it of the loss, theft or destruction,
and, in such  case, of indemnity or security reasonably satisfactory to it,
and upon surrender of this Warrant if  mutilated, Company shall make and
deliver a new Warrant of like tenor, in lieu of this Warrant.  This Warrant
shall be promptly cancelled by Company upon the surrender hereof in
connection  with any transfer or replacement. Except as otherwise provided
above, in the case of the loss,  theft or destruction of a Warrant, Company
shall pay all expenses, taxes and other charges  payable in connection with
any transfer or replacement of this Warrant, other than stock transfer
taxes (if any) payable in connection with a transfer of this Warrant, which
shall be payable by  Holder. Holder shall not transfer this Warrant and the
rights hereunder except in compliance  with federal and state securities
laws.

SECTION 8. Mergers, Consolidation, Sales. In the case of any proposed
consolidation or  merger of Company with another entity, or the proposed
sale of all or substantially all of its  assets to another person or entity,
or any proposed reorganization or reclassification of the capital  stock of
Company, then, as a condition of such consolidation, merger, sale,
reorganization or  reclassification, Company shall give 30 days' prior
written notice thereof to Holder hereof and  lawful and adequate provision
shall be made whereby Holder shall thereafter have the right to  receive
upon the basis and upon the terms and conditions specified herein, in lieu
of the shares of  the Common Stock of Company immediately theretofore
purchasable hereunder, such shares of  stock, securities or assets as may
(by virtue of such consolidation, merger, sale, reorganization or
reclassification) be issued or payable with respect to or in exchange for
the number of shares of  such Common Stock purchasable hereunder immediately
before such consolidation, merger, sale,  reorganization or
reclassification. In any such case appropriate provision shall be made with
respect to the rights and interests of Holder to the end that the provisions
hereof shall thereafter  be applicable as nearly as may be practicable, in
relation to any shares of stock, securities or  assets thereafter
deliverable upon the exercise of this Warrant.

SECTION 9. Notice of Dissolution or Liquidation. In case of any distribution
of the assets of  Company in dissolution or liquidation (except under
circumstances when the foregoing Section 8  shall be applicable), Company
shall give notice thereof to Holder hereof and shall make no  distribution
to shareholders until the expiration of thirty (30) days from the date of
mailing of the aforesaid notice and, in any case, Holder hereof may exercise
this Warrant within thirty (30) days  from the date of the giving of such
notice, and all rights herein granted not so exercised within  such thirty-
day period shall thereafter become null and void.

SECTION 10. Notice of Extraordinary Dividends. If the Board of Directors of
Company shall  declare any dividend or other distribution on its Common
Stock except out of earned surplus or  by way of a stock dividend payable in
shares of its Common Stock, Company shall mail notice  thereof to Holder
hereof not less than thirty (30) days prior to the record date fixed for
determining shareholders entitled to participate in such dividend or other
distribution, and Holder  hereof shall not participate in such dividend or
other distribution unless this Warrant is exercised  prior to such record
date. The provisions of this Section 10 shall not apply to distributions
made  in connection with transactions covered by Section 8.

SECTION 11. Fractional Shares. Fractional shares shall not be issued upon
the exercise of this  Warrant but in any case where Holder would, except for
the provisions of this Section 11, be  entitled under the terms hereof to
receive a fractional share upon the complete exercise of this  Warrant,
Company shall, upon the exercise of this Warrant for the largest number of
whole  shares then called for, pay a sum in cash equal to the excess of the
value of such fractional share  (determined in such reasonable manner as may
be prescribed in good faith by the Board of  Directors of Company) over the
Warrant Price for such fractional share.

SECTION 12. Special Arrangements of Company. Company covenants and agrees
that during  the Term of this Warrant, unless otherwise approved by Holder:

12.1 Shall Not Amend Certificate. Company shall not amend its certificate or
articles,  as the case may be, of incorporation to eliminate as an
authorized class of capital stock that class  denominated as "Common Stock"
on the date hereof.

12.2 Shall Bind Successors. This Warrant shall be binding upon any
corporation or  other person or entity succeeding to Company by merger,
consolidation or acquisition of all or  substantially all of Company's
assets.

SECTION 13. Registration. Company covenants and agrees that the shares of
Common Stock  issuable upon the exercise of this Warrant shall be entitled
to the benefits of the registration  rights set forth in Exhibit D attached
hereto.

SECTION 14. Notices. Any notice or other document required or permitted to
be given or  delivered to Holder shall be delivered at, or sent by certified
or registered mail to, Holder at its  address for notices set forth in the
Agreement or to such other address as shall have been  furnished to Company
in writing by Holder. Any notice or other document required or permitted  to
be given or delivered to Company shall be delivered at, or sent by certified
or registered mail  to, Company at its address for notices set forth in the
Agreement or to such other address as shall  have been furnished in writing
to Holder by Company. Any notice so addressed and mailed by  registered or
certified mail shall be deemed to be given when so mailed. Any notice so
addressed  and otherwise delivered shall be deemed to be given when actually
received by the addressee.

SECTION 15. No Rights as Stockholder; Limitation of Liability. This Warrant
shall not  entitle Holder to any of the rights of a shareholder of Company
except upon exercise in  accordance with the terms hereof. No provision
hereof, in the absence of affirmative action by  Holder to purchase shares
of Common Stock, and no mere enumeration herein of the rights or  privileges
of Holder, shall give rise to any liability of Holder for the Warrant Price
hereunder or  as a shareholder of Company, whether such liability is
asserted by Company or by creditors of  Company.

SECTION 16. Law Governing. THE VALIDITY, INTERPRETATION, AND  ENFORCEMENT OF
THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED IN  ACCORDANCE WITH THE LAWS
OF THE STATE OF CALIFORNIA WITHOUT GIVING  EFFECT TO THE CONFLICT OF LAW
PRINCIPLES THEREOF.

SECTION 17. Amendments. This Warrant and any provision hereof may be
changed, waived,  discharged or terminated only by an instrument in writing
signed by both parties (or any  respective predecessor in interest thereof).
The headings in this Warrant are for purposes of  reference only and shall
not affect the meaning or construction of any of the provisions hereof.

IN WITNESS WHEREOF, Company has caused this Warrant to be signed by its duly
authorized officer this 27th day of February, 2002.

CTC COMMUNICATIONS GROUP, INC.
By:
Title:

<PAGE>
EXHIBIT A  FORM OF NOTICE OF EXERCISE  [To be signed only upon exercise of
the Warrant]  TO BE EXECUTED BY THE REGISTERED HOLDER  TO EXERCISE THE
ATTACHED WARRANT  The undersigned hereby exercises the right to purchase
_________ shares of Common  Stock which the undersigned is entitled to
purchase by the terms of the attached Warrant  according to the conditions
thereof, and herewith  [check appropriate box(es)]  . makes payment of
$__________ therefor in cash;  . makes payment of $__________ therefor
through cancellation of indebtedness; or  . directs Company to issue ______
shares, and to withhold ____ shares in lieu of payment  of the Warrant
Price, as described in Section 2.1 of the Warrant.  All shares to be issued
pursuant hereto shall be issued in the name of and the initial address of
such person to be entered on the books of CTC Communications Group, Inc.
shall be:  The shares are to be issued in certificates of the following
denominations:  [Type Name of Holder]  By:  Title:  Dated:

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

EXHIBIT B  FORM OF ASSIGNMENT  (ENTIRE)  [To be signed only upon transfer of
entire Warrant]  TO BE EXECUTED BY THE REGISTERED HOLDER  TO TRANSFER THE
ATTACHED WARRANT  FOR VALUE RECEIVED ___________________________ hereby
sells, assigns and transfers  unto _______________________________ all
rights of the undersigned under and pursuant to  the attached Warrant, and
the undersigned does hereby irrevocably constitute and appoint
_____________________ Attorney to transfer said Warrant on the books of CTC
Communications Group, Inc., with full power of substitution.  [Type Name of
Holder]  By:  Title:  Dated:  NOTICE:  The signature to the foregoing
Assignment must correspond to the name as written upon the face  of the
attached Warrant in every particular, without alteration or enlargement or
any change  whatsoever.

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

EXHIBIT C  FORM OF ASSIGNMENT  (PARTIAL)  [To be signed only upon partial
transfer of Warrant]  TO BE EXECUTED BY THE REGISTERED HOLDER  TO TRANSFER
THE ATTACHED WARRANT  FOR VALUE RECEIVED _________________________ hereby
sells, assigns and transfers  unto _______________________________ (i) the
rights of the undersigned to purchase ___  shares of Common Stock under and
pursuant to the attached Warrant, and (ii) on a non-exclusive  basis, all
other rights of the undersigned under and pursuant to the attached Warrant,
it being  understood that the undersigned shall retain, severally (and not
jointly) with the transferee(s)  named herein, all rights assigned on such
non-exclusive basis. The undersigned does hereby  irrevocably constitute and
appoint __________________________ Attorney to transfer said  Warrant on the
books of CTC Communications Group, Inc., with full power of substitution.
[Type Name of Holder]  By:  Title:  Dated:  NOTICE:  The signature to the
foregoing Assignment must correspond to the name as written upon the face
of the attached Warrant in every particular, without alteration or
enlargement or any change  whatsoever.

<PAGE>

EXHIBIT D

REGISTRATION RIGHTS

The Common Stock issuable upon exercise of the attached Warrant shall be
deemed  "registrable securities" under, and Holder of the attached Warrant
shall otherwise be entitled to  the benefit of, the following agreement (the
"Agreement") between Company and its investor(s):  None  [Identify Agreement
by date, title and parties.]  Company agrees that no amendments shall be
made to the Agreement which would have  an adverse impact on Holder's
registration rights thereunder without the consent of Holder. By  acceptance
of the Warrant to which this Exhibit D is attached, Holder shall be deemed
to be a  party to the Agreement.  If no Agreement is identified above, then
Holder shall be entitled to the benefits of the  following registration
rights (hereinafter referred to as the "Registration Rights") which shall be
incorporated into and deemed part of the attached Warrant; provided, that
the Registration Rights  granted pursuant to Section 4 below shall be
effective notwithstanding the existence of nonexistence  of any Agreement:

1. Certain Definitions. As used herein, the following terms shall have the
following respective meanings (any capitalized terms used in these
Registration Rights and not  otherwise defined below to have the meanings
ascribed to them in the attached Warrant):  "Commission" shall mean the
Securities and Exchange Commission or any other federal  agency at the time
administering the Securities Act.  "Holder" shall mean any holder of
Registrable Securities.  "Other Shareholders" shall mean holders of
securities of Company who are entitled by  contract with Company or who are
permitted by Company to have securities included in a  registration of
Company's securities.  The terms "register," "registered" and "registration"
shall refer to a registration effected  by preparing and filing a
registration statement in compliance with the Securities Act and  applicable
rules and regulations thereunder, and the effectiveness of such registration
statement.  "Registrable Securities" shall mean the Warrant Shares less any
Warrant Shares  theretofore sold to the public or in a private placement.
"Registration Expenses" shall mean all expenses incurred by Company in
compliance  with Section 2 and 4 hereof, including, without limitation, all
registration and filing fees, printing  expenses, fees and disbursements of
counsel for Company, blue sky fees and expenses, and the expense of any
special audits incident to or required by any such registration (but
excluding the  compensation of regular employees of Company, which shall be
paid in any event by Company).

2. Company Registration.  (a) Notice of Registration. If Company shall
determine to register any of its Common  Stock or securities convertible
into or exchangeable or exercisable for Common Stock either for  its own
account or for the account of any Other Shareholder other than a
registration relating  solely to employee benefit plans, or a registration
relating solely to a Commission Rule 145  transaction, or any other
registration on any registration form which does not permit secondary
sales, Company shall:  (i) promptly give to each Holder written notice
thereof (which shall include a list of  the jurisdictions in which Company
intends to attempt to qualify such securities under the  applicable blue sky
or other state securities laws); and  (ii) include in such registration (and
any related qualification under blue sky laws or  other compliance), and in
any underwriting involved therein, all the Registrable Securities  specified
in a written request or requests, made by any Holder within fifteen (15)
days after  receipt of the written notice from Company described in clause
(i) above, subject to (a)  requirements and rights existing as of the date
of this Warrant of Other Shareholders, and (b) any  limitations on the
number of shares as set forth in Section 2(b) below.  (b) Underwriting. If
the registration of which Company gives notice is for a registered  public
offering involving an underwriting, Company shall so advise Holders as part
of the written  notice given pursuant to Section 2(a)(i). In such event, the
right of any Holder to registration  pursuant to Section 2 shall be
conditioned upon such Holder's participation in such underwriting  and the
inclusion of such Holder's Registrable Securities in the underwriting to the
extent  provided herein. All Holders proposing to distribute their
securities through such underwriting  shall (together with Company,
directors and officers and the Other Shareholders distributing their
securities through such underwriting) enter into an underwriting agreement
in customary form  with the underwriter or underwriters selected for
underwriting by Company.  Notwithstanding any other provision of this
Section 2, if the underwriter determines that  marketing or other factors
require a limitation on the number of shares to be underwritten, the
underwriter may (subject to the allocation priority set forth below) exclude
from such registration  and underwriting some or all of the Registrable
Securities which would otherwise be  underwritten pursuant hereto. Company
shall so advise all holders of securities requesting  registration, and the
number of shares of securities that are entitled to be included in the
registration and underwriting shall be allocated in the following manner.
The number of shares  that may be included in the registration and
underwriting on behalf of such Holders, directors and  officers and Other
Shareholders (if any) shall be allocated among such Holders, directors and
officers and Other Shareholders in proportion, as nearly as practicable, to
the respective amounts of Registrable Securities and other securities which
they had requested to be included in such  registration at the time of
filing the registration statement.  If any Holder of Registrable Securities
or any officer, director or Other Shareholder  disapproves of the terms of
any such underwriting, it, he or she may elect to withdraw therefrom  by
written notice to Company and the underwriter. Any Registrable Securities or
other securities  excluded or withdrawn from such underwriting shall be
withdrawn from such registration.

3. Registration Rights. In the event that Company grants after the date
hereof  registration rights, including demand registration rights, to any
other holder of securities of  Company, Company shall promptly give to
Holder written notice thereof and, if in the opinion of  Holder such
registration rights are more favorable than the registration rights provided
under the  attached Warrant, Holder shall so notify Company within thirty
(30) days of receipt of the  foregoing notice from Company. Holder shall
have the right, upon notice to Company after  receipt of the Company's
notice to Holder as set forth immediately above, to deem such  registration
rights to be incorporated into the attached Warrant, whereupon such
registration  rights shall automatically be deemed to be incorporated in the
attached Warrant.

4. Demand Registration Rights. After receipt of a written request from a
Holder  representing at least an aggregate of twenty percent (20%) of the
total of all Warrant Shares then  subject to purchase upon exercise of the
Warrant, requesting that the Company register Warrant  Shares issuable upon
Holder's exercise of the Warrant or any of the Warrant Shares under the
Securities Act and specifying the intended method or methods of disposition
thereof, the  Company shall promptly notify all Holders of Warrants or
Warrant Shares in writing of the  receipt of such request and each such
Holder may elect, by written notice to the Company within  fifteen (15)
business days from the date of such Holders's receipt of the Company's
notice, to  have its Warrant Shares included in such registration. The
Company shall, as expeditiously as  possible following such request, use its
best efforts to effect the registration under the Securities  Act of all
Warrant Shares which the Company has been requested to register by Holder
for sale,  all to the extent requested to permit the disposition (in
accordance with the intended method or  methods thereof, as aforesaid) of
the Warrant Shares so registered; provided, that the Company  shall not be
required to effect more than three (3) registrations of any Warrant Shares
pursuant to  this Section 4, not including registration statements on Form
S-3 which shall not count for  purposes of this limitation. No holder of any
other warrant issued after the date of this Warrant  shall receive or be
entitled to receive registration rights that are more favorable than the
registration rights available to Holder pursuant to this Section 4.

5. Expenses of Registration. Company (or Other Shareholders) shall bear all
Registration Expenses incurred in connection with any registration,
qualification and compliance  by Company (or such Other Shareholders)
pursuant to Sections 2 and 4. .

6. Registration Procedures. In the case of each registration effected by
Company  pursuant to these Registration Rights, Company shall keep each
Holder advised in writing as to  the initiation of each registration and as
to the completion thereof. Company shall, at its  expense:  (i) keep such
registration effective for a period of one hundred twenty (120) days or
until Holder or Holders have completed the distribution described in the
registration statement  relating thereto, whichever first occurs;  (ii)
furnish such number of prospectuses and other documents incident thereto as
a  Holder from time to time may reasonably request; and  (iii) use its best
efforts to register or qualify the Registrable Securities under the
securities laws or blue-sky laws of such jurisdictions as any Holder may
request; provided,  however, that Company shall not be obligated to register
or qualify such Registrable Securities in  any particular jurisdiction in
which Company would be required to execute a general consent to  service of
process in order to effect such registration, qualification or compliance,
unless  Company is already subject to service in such jurisdiction and
except as may be required by the  Securities Act or applicable rules or
regulations thereunder.

7. Indemnification.  (i) Company, with respect to each registration,
qualification and compliance effected  pursuant to these Registration
Rights, shall indemnify and hold harmless each Holder, each of its
officers, directors, partners, and agents, and each party controlling such
Holder, and each  underwriter, if any, and each party who controls any
underwriter, against all claims, losses,  damages and liabilities (or
actions in respect thereof) arising out of or based on any untrue  statement
(or alleged untrue statement) of a material fact contained in any
prospectus, offering  circular or other document (including any related
registration statement, notification or the like)  incident to any such
registration, qualification or compliance, or based on any omission (or
alleged omission) to state therein a material fact required to be stated
therein or necessary to  make the statements therein not misleading, or any
violation by Company of the Securities Act or  any rule or regulation
thereunder applicable to Company and relating to action or inaction
required of Company in connection with any such registration, qualification
or compliance, and  shall reimburse each such Holder, each of its officers,
directors, partners, and agents, and each  party controlling such Holder,
each such underwriter and each party who controls any such  underwriter, for
any legal and any other expenses incurred in connection with investigating
or  defending any such claim, loss, damage, liability or action, provided
that Company shall not be  liable in any such case to the extent that any
such claim, loss, damage, liability or expense arises  out of or is based on
any untrue statement or omission based solely upon written information
furnished to Company by such Holder or underwriter, as the case may be, and
stated to be  specifically for use in any prospectus, offering circular or
other document (including any related  registration statement, notification
or the like) incident to any such registration, qualification or
compliance.  (ii) Each Holder shall, if Registrable Securities held by it,
him or her are included in  the securities as to which such registration,
qualification or compliance is being effected,  indemnify and hold harmless
Company, each of its directors and officers and each underwriter, if  any,
of Company's securities covered by such a registration statement and each
party who  controls Company or such underwriter against all claims, losses,
damages and liabilities (or actions in respect thereof) arising out of or
based on any untrue statement (or alleged untrue  statement) of a material
fact contained in any such registration statement, prospectus, offering
circular or other document, or any omission (or alleged omission) to state
therein a material fact  required to be stated therein or necessary to make
the statements therein not misleading, and shall  reimburse Company and such
directors, officers, partners, agents, parties, underwriters or control
persons for any legal or any other expenses reasonably incurred in
connection with investigating  or defending any such claim, loss, damage,
liability or action, in each case to the extent, but only  to the extent,
that such untrue statement (or alleged untrue statement) or omission (or
alleged  omission) is made in such registration statement, prospectus,
offering circular or other document  solely in reliance upon and in
conformity with written information furnished to Company by such  Holder and
stated to be specifically for use in any prospectus, offering circular or
other document  (including any related registration statement, notification
or the like) incident to any such  registration, qualification or
compliance; provided, however, that the obligations of such Holder
hereunder shall be limited to an amount equal to the proceeds to each such
Holder of securities  sold as contemplated herein.  (iii) Each party
entitled to indemnification under this Section 6 (the "Indemnified  Party")
shall give notice to the party required to provide indemnification (the
"Indemnifying  Party") promptly after such Indemnified Party has actual
knowledge of any claim as to which  indemnity may be sought, and shall
permit the Indemnifying Party to assume the defense of any  such claim or
any litigation resulting therefrom, provided that counsel for the
Indemnifying  Party, who shall conduct the defense of such claim or any
litigation resulting therefrom, shall be  approved by the Indemnified Party
(whose approval shall not unreasonably be withheld), and the  Indemnified
Party may participate in such defense at such party's expense (unless the
Indemnified Party shall have been advised by counsel that actual or
potential differing interests  or defenses exist or may exist between the
Indemnifying Party and the Indemnified Party, in  which case such expense
shall be paid by the Indemnifying Party), and provided further that the
failure of any Indemnified Party to give notice as provided herein shall not
relieve the  Indemnifying Party of its obligations under these Registration
Rights. No Indemnifying Party, in  the defense of any such claim or
litigation, shall, except with the consent of each Indemnified  Party,
consent to entry of any judgment or enter into any settlement which does not
include as an  unconditional term thereof the giving by the claimant or
plaintiff to such Indemnified Party of a  release from all liability in
respect to such claim or litigation. Each Indemnified Party shall  provide
such information as may be reasonably requested by an Indemnifying Party in
order to  enable such Indemnifying Party to defend a claim as to which
indemnity is sought.

8. Information by Holder. Each Holder shall furnish to Company such
information  regarding such Holder as Company may reasonably request in
writing and as shall be reasonably  required in connection with any
registration, qualification or compliance referred to in these  Registration
Rights.

9. Rule 144 Reporting. With a view to making available the benefits of
certain  rules and regulations of the Commission which may permit the sale
of the Registrable Securities  to the public without registration, Company
agrees to:  (i) Make and keep public information available, as those terms
are understood and  defined in Rule 144 under the Securities Act, at all
times that Holder holds Registrable Securities  from and after ninety (90)
days following the effective date of the first registration under the
Securities Act filed by Company for an offering of its securities to the
general public;  (ii) File with the Commission in a timely manner all
reports and other documents  required of Company under the Exchange Act at
any time after it has become subject to such  reporting requirements; and
(iii) So long as Holder owns any Registrable Securities, furnish to Holder
forthwith  upon request a written statement by Company as to its compliance
with the reporting  requirements of Rule 144 (at any time from and after the
end of the ninety (90) day period  referred to in clause (i)), and of the
Securities Act and the Exchange Act (at any time after it has  become
subject to such reporting requirements), a copy of the most recent annual or
quarterly  report of Company, and such other reports and documents so filed
as Holder may reasonably  request in availing itself of any rule or
regulation of the Commission allowing Holder to sell any  such securities
without registration.<PAGE>

                                                                Exhibit 10.1

                            GARDNER DENVER, INC.
                          LONG-TERM INCENTIVE PLAN
          (As amended May 7, 1996, May 4, 1998, November 2, 1998,
        May 4, 1999, March 6, 2000, January 1, 2001 and May 7, 2002)
                (Adjusted to reflect two-for-one stock split
     January 15, 1997 and three-for-two stock split December 29, 1997)

1.       PURPOSE

                The purpose of the Gardner Denver, Inc. Long-Term Incentive
Plan (the "Plan") is to promote the long-term financial interests of Gardner
Denver, Inc. (the "Company"), including its growth and performance, by
encouraging employees of the Company and its subsidiaries to acquire an
ownership position in the Company, enhancing the ability of the Company to
attract and retain employees of outstanding ability, and providing employees
with an interest in the Company parallel to that of the Company's
stockholders.

2.       DEFINITIONS

                2.1 "Administrative Policies" means the administrative
policies and procedures adopted and amended from time to time by the
Committee to administer the Plan.

                2.2 "Award" means any form of stock option, stock
appreciation right, restricted stock award, performance share or long-term
cash bonus granted under the Plan, whether singly, in combination, or in
tandem, to a Participant by the Committee pursuant to such terms,
conditions, restrictions and limitations, if any, as the Committee may
establish by the Award Agreement or otherwise.

                2.3 "Award Agreement" means a written agreement with respect
to an Award between the Company and a Participant establishing the terms,
conditions, restrictions and limitations applicable to an Award. To the
extent an Award Agreement is inconsistent with the terms of the Plan, the
Plan shall govern the rights of the Participant thereunder.

                2.4 "Base Salary" means the base salary paid by the Company
to the Participant, exclusive of any bonuses, commissions or other actual or
imputed income from any Company-provided benefits or perquisites, but prior
to any reductions for salary deferred pursuant to any deferred compensation
plan or for contributions to a plan qualifying under Section 401(k) of the
Code or contributions pursuant to a cafeteria plan under Section 125 of the
Code.

                2.5 "Base Salary Factor" means a multiplier expressed as a
percentage of the Executive Officer's Base Salary, as determined by the
Committee pursuant to Section 12.3 of the Plan for purposes of calculating
an Executive Officer's Long-Term Cash Bonus.

                2.6  "Board" shall mean the Board of Directors of the Company.

                                     1

<PAGE>
<PAGE>

                2.7 "Business Criteria" means any one, or a combination, of
the following: (i) revenues of the Company; (ii) operating income of the
Company; (iii) net income of the Company; (iv) earnings per share of the
Company's Common Stock; (v) earnings before taxes of the Company; (vi) the
Company's return on equity; (vii) cash flow of the Company; or (viii)
Company stockholder total return.

                2.8 "Change of Control" means a change in control of the
Company (other than the initial distribution of Common Stock by Cooper
Industries, Inc.) of a nature that would be required to be reported
(assuming such event has not been "previously reported") in response to Item
6(e) of Schedule 14A of Regulation 14A promulgated under the Exchange Act;
provided that, without limitation, a Change of Control shall be deemed to
have occurred at such time as (i) any "person" within the meaning of Section
14(d) of the Exchange Act, is or becomes the beneficial owner, directly or
indirectly, of securities of the Company representing 20% or more of the
combined voting power of the Company's then outstanding securities, or (ii)
during any period of two consecutive years, individuals who at the beginning
of such period constitute the Board cease for any reason to constitute at
least a majority thereof unless the election, or the nomination for election
by the Company's shareholders, of each new director was approved by a vote
of at least two-thirds of the directors then still in office who were
directors at the beginning of the period.

                2.9 "Change of Control Price" means the higher of (i) the
Fair Market Value on the date of determination of the Change of Control or
(ii) the highest price per share actually paid for the Common Stock in
connection with the Change of Control of the Company.

                2.10 "Code" means the Internal Revenue Code of 1986, as
amended from time to time.

                2.11 "Committee" means the Management Development and
Compensation Committee of the Board, or such other committee designated by
the Board to administer the Plan, provided that the Committee shall be
constituted so as to satisfy any applicable legal requirements, including
the requirements of Rule 16b-3 promulgated under the Exchange Act and
Section 162(m) of the Code, or any respective successor rule or statute.

                2.12 "Common Stock" means the Common Stock, par value $0.01
per share, of the Company.

                2.13 "Exchange Act" means the Securities Exchange Act of
1934, as amended.

                2.14 "Executive Officer" means the Chairman, Chief Executive
Officer, President, any Executive Vice President, any Senior Vice President,
any senior officer reporting directly to the Chief Executive Officer and any
other Vice President or senior executive or officer designated by the Chief
Executive Officer.

                                     2

<PAGE>
<PAGE>

                2.15 "Fair Market Value" means the average of the high and
low price of a share of Common Stock as reported on the composite tape for
securities listed on the Stock Exchange for the applicable date, provided
that if no sales of Common Stock were made on the Stock Exchange on that
date, the average of the high and low prices as reported on the composite
tape for the preceding day on which sales of Common Stock were made.

                2.16 "Long-Term Cash Bonus" means a payment in cash of an
Executive Officer's Payment Opportunity.

                2.17 "Payment Opportunity" means the amount determined
pursuant to any bonus formula established by the Committee for an Executive
Officer for a given Performance Period pursuant to Section 12.3 of the Plan,
taking into account the actual achievement of the relevant Performance
Targets and the Executive Officer's Base Salary Factor.

                2.18 "Performance Period" means a stated period over which
the Company's performance is measured for purposes of Awards under the Plan.
The duration of Performance Periods may vary with respect to different types
of Awards under the Plan, as determined by the Committee.

                2.19 "Performance Shares" means Awards in the form of shares
of Common Stock that may be earned pursuant to the terms set forth in
Section 10 of the Plan.

                2.20 "Performance Targets" means the predetermined goal or
goals established by the Committee in writing (which may be cumulative or
alternative) based upon one, or any combination, of the Business Criteria.

                2.21 "Participant" means an officer or employee of the
Company or its subsidiaries who is selected by the Committee to participate
in the Plan, and nonemployee directors of the Company to the extent provided
in Section 11 hereof.

                2.22 "Stock Exchange" means the composite tape of the New
York Stock Exchange ("NYSE") or, if the Common Stock is no longer included
on the NYSE, then such other market price reporting system on which the
Common Stock is traded or quoted designated by the Committee after it
determines that such other exchange is both reliable and reasonably
accessible.

3.       ADMINISTRATION

                3.1 The Plan shall be administered by the Committee. A
majority of the Committee shall constitute a quorum, and the acts of a
majority of a quorum shall be the acts of the Committee.

                3.2 Subject to the provisions of the Plan, the Committee (i)
shall select the Participants, determine the type of Awards to be made to
Participants, determine the shares or share units subject to Awards, and
(ii) shall have the authority to interpret the Plan, to establish, amend,
and rescind any Administrative Policies, to determine the terms and
provisions of any

                                     3

<PAGE>
<PAGE>

agreements entered into hereunder, and to make all other determinations
necessary or advisable for the administration of the Plan. The Committee may
correct any defect, supply any omission or reconcile any inconsistency in
the Plan or in any Award in the manner and to the extent it shall deem
desirable to carry it into effect. The determinations of the Committee in
the administration of the Plan, as described herein, shall be final and
conclusive, provided, however, that no action shall be taken which will
prevent the options granted under Section 11 or any Award granted under the
Plan from meeting the requirements for exemption from Section 16(b) of the
Exchange Act, or subsequent comparable statute, as set forth in Rule 16b-3
of the Exchange Act or any subsequent comparable rule; and, provided
further, that no action shall be taken which will prevent Awards that are
intended to constitute "qualified performance-based compensation," within
the meaning of Section 162(m) of the Code, from doing so.

                3.3 Notwithstanding the powers and authorities of the
Committee under the Plan, the Committee shall not permit the repricing of
stock options by any method, including by cancellation and reissuance.

                3.4 In order to enable Participants who are foreign
nationals or employed outside the United States, or both, to receive Awards
under the Plan, the Committee may adopt such amendments, Administrative
Policies, subplans and the like as are necessary or advisable, in the
opinion of the Committee, to effectuate the purposes of the Plan.

4.       ELIGIBILITY

                All employees of the Company and its subsidiaries who have
demonstrated significant management potential or who have the capacity for
contributing in a substantial measure to the successful performance of the
Company, as determined by the Committee, are eligible to be Participants in
the Plan. Participants may receive one or more Awards under the Plan.
Directors of the Corporation other than directors who are employees of the
Corporation shall be eligible only to receive stock options pursuant to
Section 11 hereof.

5.       SHARES SUBJECT TO THE PLAN

                5.1 The aggregate number of shares of Common Stock available
for grant of Awards under the Plan shall be that number of shares remaining
available for grant under the Plan on the close of business on the date
immediately prior to the 2001 Annual Meeting of Stockholders plus 750,000,
subject to the adjustments provided for in Section 16 hereof. Shares of
Common Stock available for issuance under the Plan may be authorized and
unissued shares or treasury shares, as the Company may from time to time
determine.

                5.2 Subject to adjustment as set forth in Section 16 hereof,
the maximum aggregate number of shares of Common Stock that may be granted
under the Plan in the form of restricted stock grants shall not exceed 50%
of the aggregate shares of Common Stock available under the Plan.

                                     4

<PAGE>
<PAGE>

                5.3 Shares of Common Stock subject to an Award that expires
unexercised or that is forfeited, terminated or canceled, in whole or in
part, or is paid in cash in lieu of Common Stock, shall thereafter again be
available for grant under the Plan, except that any such shares attributable
to a Restricted Stock Award (as defined in Section 9) shall be counted
against the restricted stock limit set forth in Section 5.2 hereof.

6.       AWARDS

                Awards under the Plan may consist of: stock options (either
incentive stock options within the meaning of Section 422 of the Code or
nonstatutory stock options), stock appreciation rights, restricted stock
grants, performance shares and long-term cash bonuses; provided that no
Participant may be granted Awards during any calendar year with respect
thereto in excess of 180,000 shares of Common Stock, subject to the
provisions of Section 16. Awards of performance shares and restricted stock
may provide the Participant with dividends or dividend equivalents and
voting rights prior to vesting (whether based on a period of time or based
on attainment of specified performance conditions). The terms, conditions
and restrictions of each Award shall be set forth in an Award Agreement.

7.       STOCK OPTIONS

                7.1 Grants. Awards may be granted in the form of stock
options. Stock options may be incentive stock options within the meaning of
Section 422 of the Code or nonstatutory stock options (i.e., stock options
which are not incentive stock options), or a combination of both, or any
particular type of tax advantage option authorized by the Code from time to
time. Awards of stock options made to Participants subject to Section 162(m)
of the Code are intended to qualify as "qualified performance-based
compensation" under Section 162(m) and the provisions of such Awards shall
be interpreted in a manner consistent with that intent, to the extent
appropriate.

                7.2 Terms and Conditions of Options. An option shall be
exercisable in whole or in such installments and at such times and upon such
terms as may be determined by the Committee; provided, however, that no
stock option shall be exercisable more than ten years after the date of
grant thereof. The option exercise price shall be established by the
Committee, but such price shall not be less than the Fair Market Value on
the date of the stock option's grant, subject to adjustment as provided in
Section 16 hereof.

                7.3 Restrictions Relating to Incentive Stock Options. Stock
options issued in the form of incentive stock options shall, in addition to
being subject to all applicable terms, conditions, restrictions and
limitations established by the Committee, comply with Section 422 of the
Code. Incentive stock options shall be granted only to full time employees
of the Company and its subsidiaries within the meaning of Section 424 of the
Code. The aggregate Fair Market Value (determined as of the date the option
is granted) of shares with respect to which incentive stock options are
exercisable for the first time by an individual during any calendar year
(under this Plan or any other plan of the Company which provides for the
granting of incentive stock options) may not exceed $100,000 or such other
number as may be applicable under the Code from time to time.

                                     5

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                7.4 Payment. Upon exercise, a Participant may pay the option
exercise price of a stock option in cash, shares of Common Stock, stock
appreciation rights or a combination of the foregoing, or such other
consideration as the Committee may deem appropriate. The Committee shall
establish appropriate methods for accepting Common Stock and may impose such
conditions as it deems appropriate on the use of such Common Stock to
exercise a stock option.

                7.5 Additional Terms and Conditions. The Committee may, by
way of the Award Agreement or Administrative Policies, establish such other
terms, conditions or restrictions, if any, on any stock option award,
provided they are consistent with the Plan. The Committee may condition the
vesting of stock options on the achievement of financial performance
criteria established by the Committee at the time of grant.

8.       STOCK APPRECIATION RIGHTS

                8.1 Grants. Awards may be granted in the form of stock
appreciation rights ("SARs"). Awards of SARs made to Participants subject to
162(m) of the Code are intended to qualify as "qualified performance-based
compensation" under Section 162(m) and the provisions of such Awards shall
be interpreted in a manner consistent with that intent, to the extent
appropriate. SARs shall entitle the recipient to receive a payment equal to
the appreciation in market value of a stated number of shares of Common
Stock from the price stated in the Award Agreement to the Fair Market Value
on the date of exercise or surrender. An SAR may be granted in tandem with
all or a portion of a related stock option under the Plan ("Tandem SARs"),
or may be granted separately ("Freestanding SARs"); provided, however, that
Freestanding SARs shall be granted only to Participants who are foreign
nationals or are employed outside of the United States, or both, and as to
whom the Committee determines the interests of the Company could not as
conveniently be served by the grant of other forms of Awards under the Plan.
A Tandem SAR may be granted either at the time of the grant of the related
stock option or at any time thereafter during the term of the stock option.
In the case of SARs granted in tandem with stock options granted prior to
the grant of such SARs, the appreciation in value shall be appreciation from
the option exercise price of such related stock option to the Fair Market
Value on the date of exercise.

                8.2 Terms and Conditions of Tandem SARs. A Tandem SAR shall
be exercisable to the extent, and only to the extent, that the related stock
option is exercisable. Upon exercise of a Tandem SAR as to some or all of
the shares covered in an Award, the related stock option shall be canceled
automatically to the extent of the number of SARs exercised, and such shares
shall not thereafter be eligible for grant under Section 5 hereof.

                8.3 Terms and Conditions of Freestanding SARs. Freestanding
SARs shall be exercisable in whole or in such installments and at such times
as may be determined by the Committee. The base price of a Freestanding SAR
shall be determined by the Committee; provided, however, that such price
shall not be less than the Fair Market Value on the date of the award of the
Freestanding SAR.

                                     6

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                8.4 Deemed Exercise. The Committee may provide that an SAR
shall be deemed to be exercised at the close of business on the scheduled
expiration date of such SAR, if at such time the SAR by its terms is
otherwise exercisable and, if so exercised, would result in a payment to the
Participant.

                8.5 Additional Terms and Conditions. The Committee may, by
way of the Award Agreement or Administrative Policies, determine such other
terms, conditions and restrictions, if any, on any SAR Award, provided they
are consistent with the Plan.

9.       RESTRICTED STOCK AWARDS

                9.1 Grants. Awards may be granted in the form of restricted
stock ("Restricted Stock Awards"). Restricted Stock Awards shall be awarded
in such numbers and at such times as the Committee shall determine.

                9.2 Award Restrictions. Restricted Stock Awards shall be
subject to such terms, conditions or restrictions as the Committee deems
appropriate including, but not limited to, restrictions on transferability,
requirements of continued employment, achievement of individual performance
goals or Performance Targets. The period of vesting and the forfeiture
restrictions shall be established by the Committee at the time of grant,
except that each restriction period shall not be less than 12 months. To the
extent Restricted Awards are subject to Performance Targets, it is intended
that all such Restricted Stock Awards granted to Participants subject to
Section 162(m) of the Code will qualify as "qualified performance-based
compensation" under Section 162(m) and such Awards shall be interpreted in a
manner consistent with that intent, to the extent appropriate.

                9.3 Rights as Shareholders. During the period in which any
restricted shares of Common Stock are subject to forfeiture restrictions
imposed under the preceding paragraph, the Committee may, in its discretion,
grant to the Participant to whom such restricted shares have been awarded,
all or any of the rights of a shareholder with respect to such shares,
including, but not limited to, the right to vote such shares and to receive
dividends.

                9.4 Evidence of Award. Any Restricted Stock Award granted
under the Plan may be evidenced in such manner as the Committee deems
appropriate, including, without limitation, book entry registration or
issuance of a stock certificate or certificates.

10.      PERFORMANCE SHARES

                10.1 Grants. Awards may be granted in the form of shares of
Common Stock that are earned only after the attainment of predetermined
performance targets during a performance period as established by the
Committee ("Performance Shares").

                10.2 Performance Criteria. The Committee may grant an Award
of Performance Shares to Participants as of the first day of each
Performance Period established for Performance Shares. Performance Targets
will be established at the beginning of each Performance Period.

                                     7

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The Committee shall be permitted to make adjustments when determining the
attainment of the applicable Performance Targets to reflect extraordinary or
nonrecurring items or events, or unusual nonrecurring gains or losses
identified in the Company's financial statements, as long as any such
adjustments are made in a manner consistent with Section 162(m) to the
extent applicable. Awards of Performance Shares made to Participants subject
to Section 162(m) of the Code are intended to qualify under Section 162(m)
and provisions of such Awards shall be interpreted in a manner consistent
with that intent, to the extent appropriate. At the end of the Performance
Period, Performance Shares shall be converted into Common Stock (or cash or
a combination of Common Stock and cash, as determined by the Award
Agreement) and distributed to Participants based upon such entitlement.
Award payments made in cash rather than the issuance of Common Stock shall
not, by reason of such payment in cash, result in additional shares being
available for reissuance pursuant to Section 5 hereof.

                10.3 Additional Terms and Conditions. The Committee may, by
way of the Award Agreement or Administrative Policies, determine the manner
of payment of Awards of Performance Shares and other terms, conditions or
restrictions, if any, on any Award of Performance Shares, provided they are
consistent with the Plan and to the extent applicable, Section 162(m) of the
Code.

11.      DIRECTORS' STOCK OPTIONS

                11.1 Grants. Awards may be granted to nonemployee directors
only in the form of stock options satisfying the requirements of this
Section 11 ("Director Stock Options"). Subject to Section 16 hereof, on the
date following the commencement of the Company's annual meeting of
stockholders each year, there shall be granted to each nonemployee director
an option to purchase up to a maximum of 9,000 shares of Common Stock. The
amount of shares subject to the option shall be determined in the
Committee's discretion. All such options shall be nonstatutory stock
options.

                11.2 Option Exercise Price. The option exercise price of
Director Stock Options shall be 100 percent of the Fair Market Value on the
date such options are granted. The Committee shall be authorized to compute
the price per share on the date of grant. Payment of the option exercise
price may be made in cash or in shares of Common Stock or a combination of
cash and Common Stock.

                11.3 Award Agreement. Director Stock Options shall be
evidenced by an Award Agreement in the form of a stock option agreement,
dated as of the date of the grant, which agreement shall be in such form,
consistent with the terms and requirements of this Section 11, as shall be
approved by the Committee from time to time and executed on behalf of the
Company by its Chief Executive Officer.

                11.4 Terms and Conditions of Director Stock Options.
Director Stock Options shall become fully exercisable on the first
anniversary of the date of grant and shall terminate upon the expiration of
five years from the date of grant. To the extent an option is not otherwise
exercisable at the date of the nonemployee director's retirement under a
retirement plan or policy

                                     8

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of the Company or at the time a nonemployee director ceases to be a director
on account of disability, it shall become fully exercisable upon such
retirement or cessation of service as a director due to disability. Upon
such retirement or cessation of service due to disability, such options
shall be exercisable for a period of five years, subject to the original
term thereof. Options not otherwise exercisable at the time of the death of
a nonemployee director during service with the Company shall become fully
exercisable upon his death. Upon the death of a nonemployee director while
in service as a director or within the five-year period during which the
options are exercisable following the retirement or disability of a
nonemployee director, such options shall remain exercisable (subject to the
original term of the option) for a period of one year after the date of
death. To the extent an option is exercisable on the date a director ceases
to be a director (other than by reason of disability, death or retirement),
the option shall continue to be exercisable (subject to the original term of
the option) for a period of 90 days thereafter.

                11.5 Transferability. No option shall be transferable by a
nonemployee director except by will or the laws of descent and distribution,
and during the director's lifetime options may be exercised only by him or
his legal representative.

                11.6 Change of Control. Director Stock Options not otherwise
exercisable at the time of a Change of Control shall become fully
exercisable upon such Change of Control. In the case of a Change of Control:

                (i) The Company shall make payment to directors with respect
to Director Stock Options in cash in an amount equal to the appreciation in
the value of the Director Stock Option from the option exercise price
specified in the Award Agreement to the Change of Control Price;

                (ii) The cash payments to directors shall be due and
payable, and shall be paid by the Company, immediately upon the occurrence
of such Change of Control; and

                (iii) After the payment provided for in (i) above,
nonemployee directors shall have no further rights under Director Stock
Options outstanding at the time of such Change in Control.

12.      LONG-TERM CASH BONUS

                12.1 Eligibility. Only Executive Officers shall be eligible
to receive a Long-Term Cash Bonus. Not later than ninety (90) days after the
commencement of a Performance Period, the Committee shall select the
Executive Officers eligible to receive a Long-Term Cash Bonus for the
Performance Period. Each Executive Officer participating in a Performance
Period shall be eligible to receive a Long-Term Cash Bonus upon completion
of a Performance Period only if Executive Officer is still employed by the
Company upon the last day of such Performance Period, provided, however,
that the Committee shall have the discretion to grant eligibility to the
Executive Officer in its discretion, notwithstanding the fact that the
Executive Officer is not still employed by the Company at such point.

                12.2 Performance Target(s); Business Criteria; Base Salary
Factors. The applicable Business Criteria and Performance Targets for a
given Performance Period shall be established

                                     9

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by the Committee in advance of the deadlines set forth in the regulations
under Section 162(m) of the Code and while the performance relating to the
Performance Targets remains substantially uncertain within the meaning of
Section 162(m) of the Code. The Committee shall be permitted to make
adjustments when determining the attainment of Performance Targets to
reflect extraordinary or nonrecurring items or events, or unusual
nonrecurring gains or losses identified in the Company's financial
statements, as long as any such adjustments are made in a manner consistent
with Section 162(m) of the Code, to the extent applicable.

                12.3 Calculation of Long-Term Cash Bonus. At the beginning
of each Performance Period, the Committee shall provide in terms of an
objective formula or standard for each Executive Officer: (a) the method of
computing the specific amount that will represent the Executive Officer's
Long-Term Cash Bonus; and (b) the Base Salary Factor to be used in
calculating any Executive Officer's Long-Term Cash Bonus. Subject to Section
12.4, at the first meeting of the Committee after the expiration of the
Performance Period, the Committee shall determine the extent to which the
Performance Targets have been achieved, and shall determine each Executive
Officer's Payment Opportunity based on his or her Base Salary Factor.
Notwithstanding the attainment of the Performance Targets, Long-Term Cash
Bonuses for individual Executive Officers may be denied or adjusted by the
Committee, in its sole judgment, based on its assessment of the Executive
Officer's performance. However, no upward adjustment may be made to a
Long-Term Cash Bonus for an Executive Officer if Section 162(m) of the Code
would limit the deduction the Company may claim for that Executive Officer's
compensation.

                12.4 Maximum Long-Term Cash Bonus. Notwithstanding any other
provision in the Plan, no Executive Officer shall receive for any
Performance Period any Long-Term Cash Bonus under the Plan in excess of
$3,000,000 or, if less, three times his or her Base Salary as of the last
day of the applicable Performance Cycle. Any Payment Opportunity in excess
of the foregoing limits shall be reduced automatically to the extent of the
excess.

                12.5 Payment. Long-Term Cash Bonuses shall be paid in cash
or Restricted Stock Awards, as determined by the Committee and subject to
the remaining terms of this Plan. Payment of Long-Term Cash Bonuses shall
occur within a reasonable time after the Committee has certified in writing
the extent to which the Performance Targets have been achieved and
determined the amount of each Executive Officer's Long-Term Cash Bonus for
the given Performance Period pursuant to Sections 12.3 and 12.4 hereof.

13.      DIVIDENDS AND DIVIDEND EQUIVALENTS; DEFERRALS

                13.1 If an Award is granted in the form of a Restricted
Stock Award or Performance Shares, the Committee may choose, at the time of
the grant of the Award, to include as part of such Award an entitlement to
receive dividends or dividend equivalents, subject to such terms,
conditions, restrictions or limitations, if any, as the Committee may
establish. Dividends and dividend equivalents shall be paid in such form and
manner and at such time as the Committee shall determine.

                                     10

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                13.2 The Committee may permit Participants to elect to defer
the issuance of shares or the settlement of Awards in cash under
Administrative Policies established by the Committee. It may also provide
that deferred settlements include the payment or crediting of interest on
the deferral amounts or the payment or crediting of dividend equivalents on
deferred settlements denominated in shares. Notwithstanding the foregoing,
to the extent the Award being deferred is that of a Participant subject to
Section 162(m) of the Code, the Committee will ensure that any increase in
the Award will be based upon a reasonable rate of interest or on one or more
predetermined actual investments such that the amount payable at the later
date will be based upon actual returns, including any decrease or increase
in the value of the investment(s).

14.      TERMINATION OF EMPLOYMENT

                Consistent with the requirements of Section 162(m) regarding
"qualified performance-based compensation," the Committee shall adopt
Administrative Policies determining the entitlement of Participants who
cease to be employed by either the Company or its subsidiaries due to death,
disability, resignation, termination or retirement pursuant to an
established retirement plan or policy of the Company or its subsidiaries.

15.      ASSIGNMENT AND TRANSFER

                The rights and interests of a Participant under the Plan may
not be assigned, encumbered or transferred except, in the event of the death
of a Participant, by will or the laws of descent and distribution.
Notwithstanding the foregoing, the Committee may, in its discretion, grant
stock options to one or more executive officers of the Company on terms that
permit the stock options to be transferred by any such executive officer,
for estate planning purposes, to (a) the executive officer's spouse,
children, grandchildren, parents, siblings, stepchildren, stepgrandchildren
or in-laws ("Family Members"), (b) entities that are exclusively
family-related, including trusts for the exclusive benefit of Family Members
and limited partnerships or limited liability companies in which Family
Members are the only partners or members, or (c) such other persons or
entities specifically approved by the Committee. The terms and conditions
applicable to the transfer of any such stock options shall be established by
the Committee, in its discretion but consistent with this Section 15, and
shall be contained in the applicable stock option agreement between the
Company and the executive officer.

16.      ADJUSTMENTS UPON CHANGES IN CAPITALIZATION

                In the event of any change in the outstanding shares of
Common Stock by reason of a reorganization, recapitalization, stock split,
stock dividend, combination or exchange of shares, merger, consolidation or
any change in the corporate structure or shares of the Company, the maximum
aggregate number and class of shares as to which Awards may be granted under
the Plan, including any limitations upon individual Participants or
regarding Director Stock Options, as well as the number and class of shares
issuable, and the related option exercise price, pursuant to then
outstanding Awards, shall be appropriately adjusted by the Committee, whose
determination shall be final.

                                     11

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17.      WITHHOLDING TAXES

                The Company shall have the right to deduct from any payment
to be made pursuant to the Plan the amount of any taxes required by law to
be withheld therefrom, or to require a Participant to pay to the Company
such amount required to be withheld prior to the issuance or delivery of any
shares of Stock or the payment of cash under the Plan. The Committee may, in
its discretion, permit a Participant to elect to satisfy such withholding
obligation by having the Company retain the number of shares of Common Stock
whose Fair Market Value equals the amount required to be withheld. Any
fraction of a share of Common Stock required to satisfy such obligation
shall be disregarded and the amount due shall instead be paid in cash to the
Participant.

18.      REGULATORY APPROVALS AND LISTINGS

                Notwithstanding anything contained in this Plan to the
contrary, the Company shall have no obligation to issue or deliver
certificates of Common Stock evidencing Restricted Stock Awards or any other
Award payable in Common Stock prior to (i) the obtaining of any approval
from any governmental agency which the Company shall, in its sole
discretion, determine to be necessary or advisable, (ii) the admission of
such shares to listing on the Stock Exchange and (iii) the completion of any
registration or other qualification of said shares under any state or
federal law or ruling of any governmental body which the Company shall, in
its sole discretion, determine to be necessary or advisable.

19.      NO RIGHT TO CONTINUED EMPLOYMENT OR GRANTS

                No person shall have any claim or right to be granted an
Award, and the grant of an Award shall not be construed as giving a
Participant the right to be retained in the employ of the Company or its
subsidiaries. Further, the Company and its subsidiaries expressly reserve
the right at any time to dismiss a Participant free from any liability, or
any claim under the Plan, except as provided herein or in any Award
Agreement entered into hereunder.

20.      CHANGE OF CONTROL

                In the event of a Change of Control, (i) all SARs which have
not been granted in tandem with stock options shall become exercisable in
full, (ii) the restrictions applicable to all shares of restricted stock
shall lapse and such shares shall be deemed fully vested and all restricted
stock granted in the form of share units shall be paid in cash, (iii) all
Performance Shares and Long-Term Cash Bonuses shall be deemed to be earned
in full and all Performance Shares granted in the form of share units shall
be paid in cash, and (iv) any Participant who has been granted a stock
option which is not exercisable in full shall be entitled, in lieu of the
exercise of the portion of the stock option which is not exercisable, to
obtain a cash payment in an amount equal to the difference between the
option price of such stock option and (A) in the event the Change of Control
is the result of a tender offer or exchange offer for the Common Stock, the
final offer price per share paid for the Common Stock, or such lower price
as the Committee may determine with respect to any incentive stock option to
preserve its incentive

                                     12

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stock option status, multiplied by the number of shares of Common Stock
covered by such portion of the stock option, or (B) in the event the Change
of Control is the result of any other occurrence, the aggregate value of the
Common Stock covered by such portion of the stock option, as determined by
the Committee at such time. The Committee may, in its discretion, include
such further provisions and limitations in any agreement documenting such
Awards as it may deem equitable and in the best interests of the Company.

21.      AMENDMENT

                The Board may amend, suspend or terminate the Plan or any
portion thereof at any time, provided that no amendment shall be made that
would impair the rights of a Participant under an outstanding Award without
the Participant's consent, and no amendment shall be made without
stockholder approval if such approval is necessary in order to preserve the
applicability of any exemption under Rule 16b-3 under the Exchange Act or
qualification of any Award under Section 162(m), or is otherwise required as
a matter of law. Further, no amendment to the Plan shall be effective that
would: (a) increase the maximum amount that can be paid to a Participant
under the Plan; (b) change the Business Criteria for payment of
performance-based Awards; or (c) modify the eligibility requirements for
Participants in the Plan, unless first approved by the Company's
stockholders.

22.      GOVERNING LAW

                The validity, construction and effect of the Plan and any
actions taken or relating to the Plan shall be determined in accordance with
the laws of the State of Delaware and applicable Federal law.

23.      RIGHTS AS SHAREHOLDER

                Except as otherwise provided in the Award Agreement, a
Participant shall have no rights as a shareholder until he or she becomes
the holder of record. To the extent any person acquires a right to receive
payments from the Company under this Plan, such rights shall be no greater
than the rights of an unsecured creditor of the Company.

24.      EFFECTIVE DATE

                The Plan became effective on December 23, 1993. Subject to
earlier termination pursuant to Section 20, the Plan shall terminate
effective December 31, 2005. After termination of the Plan, no future Awards
may be granted but previously made Awards shall remain outstanding in
accordance with their applicable terms and conditions and the terms and
conditions of the Plan.

                                     13

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