Document:

Exhibit 4(d)

                           THE SEAGRAM COMPANY LTD.
                           1996 STOCK INCENTIVE PLAN

                                   ARTICLE I
                                    Purpose

          The purpose of The Seagram Company Ltd. 1996 Stock Incentive Plan
is to provide selected key employees of The Seagram Company Ltd. and its
subsidiaries an opportunity to benefit from the appreciation in the value of
the common shares of The Seagram Company Ltd., thus providing an increased
incentive for such employees to contribute to the future success and
prosperity of The Seagram Company Ltd., enhancing the value of the common
shares for the benefit of the shareholders and increasing the ability of The
Seagram Company Ltd. and its subsidiaries to attract and retain individuals
of exceptional skill.

                                  ARTICLE II
                                  Definitions

          The following capitalized terms used in the Plan have the
respective meanings set forth in this Article:

          2.1    Act:  The United States Securities Exchange Act of 1934, as
amended.

          2.2    Affiliate:  A person or entity controlling, controlled by,
or under common control with The Seagram Company Ltd.

          2.3    Approval Date:  The later of the date of approval of the
Plan (a) by the shareholders of The Seagram Company Ltd. and (b) by the
applicable regulatory authorities and stock exchanges, each as contemplated
by Article XVIII of the Plan.

          2.4    Award:  An Option, Stock Appreciation Right or other award
granted under the Plan.

          2.5    Board:  The Board of Directors of The Seagram Company Ltd.

          2.6    Code:  The United States Internal Revenue Code of 1986, as
amended.

          2.7    Committee:  The Seagram Company Ltd. Human Resources
Committee or such other persons designated by the Board.

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          2.8    Common Shares:  The common shares without nominal or par
value of The Seagram Company Ltd.

          2.9    Company:  The Seagram Company Ltd., any of its Subsidiaries
or any other Affiliate designated by the Board.

          2.10   Disability:  Inability to engage in any substantial gainful
activity by reason of a medically determinable physical or mental impairment
which constitutes a permanent and total disability, as defined in Section
22(e)(3) of the Code.  The determination whether a Participant has suffered a
Disability shall be made by the Committee based upon such evidence as it
deems necessary and appropriate.

          2.11   Disinterested Persons:  Members of the Board who are not
full time employees of the Company and who are eligible to serve as Plan
administrators or to approve Awards under the provisions of Rule 16b-3
promulgated under the Act. The preceding sentence shall have no effect if any
specification of such persons is eliminated from the rules promulgated under
Section 16 of the Act.  This Section 2.11 shall apply only to the Plan and
not to any other employee benefit plan of the Company.

          2.12   Employer:  The Company that employs the employee or
Participant.

          2.13   Fair Market Value:  The mean between high and low prices of
the Common Shares as reported on the composite tape for securities traded on
the New York Stock Exchange (or, if such exchange is not open on such date,
the immediately preceding date on which such exchange is open), or, if the
Common Shares are not so listed or traded, the average trading price for the
day of the Common Shares as reported on The Toronto Stock Exchange (or, if
such exchange is not open on such date, the immediately preceding date on
which such exchange is open) or, if the Common Shares are not listed or
traded, the mean between high and low prices of the Common Shares as reported
on the principal United States national securities exchange on which such
shares are listed or admitted to trading (or, if such exchange is not open on
such date, the immediately preceding date on which such exchange is open),
or, if the Common Shares are not so listed or traded, the mean between the
closing bid price and the closing asked price as quoted on the National
Association of Securities Dealers Automated Quotation System, or such other
market in which such prices are regularly quoted, or, if there have been no
published bid or asked quotations with respect to the Common Shares, the Fair
Market Value shall be the value established by the Committee in good faith
and, in the case of an ISO, in accordance with Section 422 of the Code.

          2.14   ISO:  An incentive stock option within the meaning of
Section 422 of the Code.

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          2.15   Non-ISO:  A stock option that is not an ISO.

          2.16   Option:  A stock option (whether ISO or Non-ISO) granted
under the Plan.

          2.17   Option Price:  The purchase price of one Common Share under
an Option.

          2.18   Participant:  A key employee of the Company who has been
selected by the Committee to receive an Award under the Plan.

          2.19   Parent Corporation:  A parent corporation, as defined in
Section 424(e) of the Code.

          2.20   Plan:  The Seagram Company Ltd. 1996 Stock Incentive Plan,
as from time to time amended.

          2.21   Retirement:  Separation from service with the Company on or
after attainment of age 65 or, with the prior written consent of the Company,
retirement at an earlier age.

          2.22   Stock Appreciation Right:  A stock appreciation right
granted under the Plan.

          2.23   Subsidiary:  A subsidiary corporation, as defined in Section
424(f) of the Code.

          2.24   Termination Date:  With respect to each Award, a date fixed
by the Committee; provided that with respect to an Option, such date shall
not be later than the day preceding the tenth anniversary of its date of
grant.

          2.25   Termination For Cause:  A Participant's termination of
employment with the Company due to insubordination, willful misconduct,
willful failure to implement corrective actions, misappropriation of any
funds or property of the Company, unreasonable neglect or refusal to perform
duties assigned during employment or the conviction of a felony.

                                  ARTICLE III
                                Administration

          3.1    Except as otherwise provided in the Plan, the Committee (or
any subcommittee thereof) shall administer the Plan and shall have full power
to grant Awards, construe and interpret the Plan, establish and amend rules
and regulations for its administration, and perform all other acts relating

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to the Plan, including the delegation of administrative responsibilities,
that it believes reasonable and proper.

          3.2    The Committee shall consist of not less than three persons,
(a) all of whom shall be (i) Disinterested Persons or (ii) if applicable,
"non-employee directors" as defined in the rules promulgated under Section 16
of the Act and (b) at least two of whom shall be "outside directors" as
defined in Section 162(m) of the Code and the regulations promulgated
thereunder.

          3.3    Subject to the provisions of the Plan, the Committee (or any
Subcommittee thereof) or the Board shall, in its discretion, determine which
employees shall be granted Awards and the terms and conditions of Awards.

          3.4    Any decision made, or action taken, by the Committee, any
Subcommittee thereof or the Board arising out of or in connection with the
interpretation and administration of the Plan shall be final and conclusive.

                                  ARTICLE IV
                   Limitations on the Amount of Award Grants

          4.1    Common Shares Subject to the Plan:  The total number of
Common Shares upon which Awards may be based shall be 45,000,000, subject to
adjustment in accordance with Article XIV of the Plan.  These Common Shares
shall be authorized but unissued Common Shares.  For purposes of this
Section, a Stock Appreciation Right granted pursuant to clause (b) of Section
7.1 shall not be deemed to be an Award separate from the Option, or portion
thereof, to which it relates.  For purposes of this Section, an Option, or
portion thereof, exercised through the exercise of such a Stock Appreciation
Right shall be treated, to the extent settled in Common Shares, as though the
Option, or portion thereof, had been exercised through the purchase of Common
Shares, with the result that the Common Shares subject to the Option, or
portion thereof, that was so exercised shall not be available for future
grants of Awards.

          4.2    Common Shares to be Granted to a Participant:  During the
period from the Approval Date through the sixth anniversary of the Approval
Date, the total number of Common Shares available for grants to any one
Participant of (a) Awards under the Plan and (b) awards under any other plan
of the Company which provides for the grant of Common Shares shall not exceed
the lesser of (i) 5% of the outstanding Common Shares on the date when the
Plan is adopted by the Board and (ii) 5% of the outstanding Common Shares.

          4.3    Cash-Only Awards:  With respect to any fiscal year of the
Company, the aggregate value (as determined by the Committee) of Awards
granted which are exercisable solely for cash, or which upon maturity are

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payable solely in cash, shall not exceed the aggregate salaries paid or
accrued with respect to such fiscal year to all Participants who receive
grants of any Awards with respect to such fiscal year; provided, however,
that any such Award which may be redeemed or exercised only upon a fixed date
or dates at least six months after grant, or incident to death, Retirement,
Disability or cessation of employment shall not be included in the foregoing
calculation of the aggregate value of Awards granted with respect to any
fiscal year.  This Section 4.3 (or any part thereof) shall be effective only
to the extent that it is required under the rules promulgated under Section
16 of the Act or any other law, rule or regulation applicable to the Company.

          4.4    Common Shares to be Granted to Insiders:  Under the Plan and
any other plan of the Company which provides for the issuance of Common
Shares (i) the total number of Common Shares reserved for issuance to all
Insiders (as defined below) shall not exceed 10% of the then outstanding
Common Shares; (ii) the total number of Common Shares issued to Insiders,
within one-year period, shall not exceed 10% of the then outstanding Common
Shares; and (iii) the total number of Common Shares issued to any one Insider
and to such Insider's associates, within a one-year period, shall not exceed
5% of the then outstanding Common Shares.  For purpose hereof, "Insider"
means an insider as defined by applicable laws, rules, by-laws or policies of
regulatory authorities or stock exchanges.

                                   ARTICLE V
                                  Eligibility

          Awards may be granted to selected key employees of the Company.

                                  ARTICLE VI
                               Terms of Options

          6.1    Option Price:  Except as provided in Section 6.3 of the
Plan, the Option Price shall be no less than the Fair Market Value of a
Common Share on the date the Option is granted, but in no event shall the
Option Price be less than that permitted by applicable laws, rules, by-laws
or policies of regulatory authorities or stock exchanges.

          6.2    Period of Exercise:  The Committee shall determine the dates
after which Options may be exercised in whole or in part; provided, however,
that an Option shall not be exercised prior to the Approval Date nor later
than its Termination Date.  The Committee may amend an Option to accelerate
the date after which such Option may be exercised in whole or in part,
provided that the Company has obtained all applicable approvals, if any, of
regulatory authorities and stock exchanges.  An Option which has not been
exercised on or prior to its Termination Date shall be cancelled.

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          6.3    Special Rules Regarding ISOs Granted to Certain Employees:
Notwithstanding any contrary provisions of Sections 6.1 and 6.2 of the Plan,
no ISO shall be granted to any employee who, at the time the Option is
granted, owns (directly or within the meaning of Section 424(d) of the Code)
more than 10% of the total combined voting power of all classes of stock of
the Employer or of any Subsidiary or Parent Corporation thereof, unless (a)
the Option Price under such Option is at least 110% of the Fair Market Value
of a Common Share on the date the Option is granted and (b) the Termination
Date of such Option is a date not later than the day preceding the fifth
anniversary of the date on which the Option is granted.

          6.4    Manner of Exercise and Payment:  Subject to Section 6.2 of
the Plan, an Option, or portion thereof, shall be exercised by delivery of a
written notice of exercise to the Company and payment of the full price of
the Common Shares being purchased pursuant to the Option.  A Participant or
his or her legal representative may exercise an Option with respect to less
than the full number of Common Shares for which the Option may then be
exercised, but a Participant must exercise the Option in full Common Shares.
The price of Common Shares purchased pursuant to an Option, or portion
thereof, may be paid:

          (a)    in United States dollars in cash or by check, bank draft or
                 money order payable to the order of the Company;

          (b)    through the delivery of Common Shares with an aggregate Fair
                 Market Value on the date of exercise equal to the Option
                 Price;

          (c)    with the consent of the Committee, through the withholding
                 of Common Shares issuable upon exercise with an aggregate
                 Fair Market Value on the date of exercise equal to the
                 Option Price;

          (d)    through the delivery of irrevocable instructions to a broker
                 to deliver promptly to the Company an amount equal to the
                 Option Price; or

          (e)    by any combination of the above methods of payment;

provided, however, that the Company shall not be obligated to purchase or
accept the surrender in payment of any such Common Shares if any such action
would be prohibited by the applicable laws governing the Company or the
Committee shall determine that such action is not in the best interests of
the Company.  The Committee shall determine acceptable methods for providing
notice of exercise, for tendering Common Shares or for delivering irrevocable
instructions to a broker and may impose such limitations and prohibitions on

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the use of Common Shares or irrevocable instructions to a broker to exercise
an Option as it deems appropriate.

          6.5    Notification of Sales of Common Shares:  Any Participant who
disposes of Common Shares acquired upon the exercise of an ISO either (a)
within two years after the date of the grant of the ISO under which the
Common Shares were acquired or (b) within one year after the transfer of such
Common Shares to the Participant, shall notify the Company of such
disposition and of the amount realized upon such disposition.

                                  ARTICLE VII
                      Terms of Stock Appreciation Rights

          7.1    Grants of Stock Appreciation Rights:  A Stock Appreciation
Right may be granted (a) independent of an Option or (b) in conjunction with
an Option, or portion thereof.  A Stock Appreciation Right granted pursuant
to clause (b) of the preceding sentence may be granted at the time the
related Option is granted or at any time prior to the exercise or
cancellation of the related Option.

          7.2    Exercise Price:  The exercise price per Common Share of a
Stock Appreciation Right shall be an amount determined by the Committee but
in no event shall such amount be less than the greater of (a) the Fair Market
Value of a Common Share on the date the Stock Appreciation Right is granted
or, in the case of a Stock Appreciation Right granted in conjunction with an
Option, or portion thereof, the Option Price of the related Option and (b) an
amount permitted by applicable laws, rules, by-laws or policies of regulatory
authorities or stock exchanges.

          7.3    Period of Exercise:  The Committee shall determine the dates
after which Stock Appreciation Rights may be exercised in whole or in part;
provided, however, that a Stock Appreciation Right shall not be exercised
prior to the Approval Date nor later than its Termination Date.  The
Committee may amend a Stock Appreciation Right to accelerate the date after
which it may be exercised in whole or in part, provided that the Company has
obtained all applicable approvals, if any, of regulatory authorities and
stock exchanges.  A Stock Appreciation Right which has not been exercised on
or prior to its Termination Date shall be cancelled.  A Stock Appreciation
Right granted in conjunction with an Option, or portion thereof, shall not be
exercised unless such Option, or portion thereof, is otherwise exercisable,
and such a Stock Appreciation Right shall be cancelled to the extent the
Option to which it relates has been exercised, or has expired, been
terminated or been cancelled for any reason.

          7.4    Exercise of Stock Appreciation Rights:  A Stock Appreciation
Right, or portion thereof, shall be exercised in accordance with such

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procedures as may be established by the Committee.  Upon the exercise of a
Stock Appreciation Right, the Participant or his or her legal representative
shall be entitled to receive from the Company with respect to each Common
Share to which such Stock Appreciation Right relates an amount equal to the
excess of (a) the Fair Market Value of a Common Share on the date of exercise
over (b) the exercise price of the Stock Appreciation Right.  Such amount
shall be paid in cash and/or Common Shares at the discretion of the
Committee.  The number of Common Shares, if any, issued as a result of the
exercise of a Stock Appreciation Right shall be based on the Fair Market
Value of such Common Shares on the date of exercise.  Upon the exercise of a
Stock Appreciation Right, or portion thereof, granted in conjunction with an
Option, or portion thereof, the Option, or portion thereof, to which such
Stock Appreciation Right relates shall be deemed in the case of a cash
payment to have been cancelled and in the case of a payment in Common Shares
to have been exercised.

                                 ARTICLE VIII
                           Other Share-Based Awards

          8.1    Other Awards of Common Shares and Awards that are valued in
whole or in part by reference to, or are otherwise based on the Fair Market
Value of, Common Shares may be granted under the Plan in the discretion of
the Committee.  Such Awards shall be in such form, and dependent on such
conditions, as the Committee shall determine, including, without limitation,
the right to receive one or more Common Shares, or the equivalent cash value
of such Common Shares, upon the completion of a specified period of service,
the occurrence of an event and/or the attainment of performance objectives.
Such Awards may be granted alone or in addition to any other Awards granted
under the Plan.  Subject to the provisions of the Plan, the Committee shall
determine to whom and when such Awards will be made, the number of Common
Shares to be awarded under (or otherwise related to) such Awards, whether
such Awards shall be settled in cash, Common Shares or a combination of cash
and Common Shares, and all other terms and conditions of such Awards.
Notwithstanding the foregoing, certain Awards granted under this Section 8.1
of the Plan may be granted in a manner which is deductible by the Company
under Section 162(m) of the Code.  Such Awards (the "Performance-Based
Awards") shall be based upon stock price, market share, sales, earnings per
share, return on equity or costs.

                                  ARTICLE IX
                             Dividend Equivalents

          9.1    At or after the grant of an Award, the Committee, in its
discretion, may provide the Participant with dividend equivalents with
respect to such Award.

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                                   ARTICLE X
                               Award Agreements

          10.1   All Awards shall be evidenced by written agreements executed
by the Company and the Participant.  Such agreements shall be subject to the
applicable provisions of the Plan, and shall contain such provisions as are
required by the Plan and any other provisions the Committee may prescribe;
provided that with respect to Options, those Options that are intended to be
ISOs shall be so designated and all other Options shall be designated Non-
ISOs.  Notwithstanding Section 2.13, an Award agreement may provide that Fair
Market Value shall be determined based on the monetary currency of a
Participant's country of residence.  Notwithstanding Section 6.4, an Award
agreement may require that payment of the Option Price shall be made in such
currency and may otherwise restrict the manner of exercise and payment of an
Option.

                                  ARTICLE XI
                         Nontransferability of Awards

          11.1   Each Award shall, during the Participant's lifetime, be
exercisable only by the Participant, and neither it nor any right hereunder
shall be transferable otherwise than by will, the laws of descent and
distribution or be subject to attachment, execution or other similar process;
provided, however, that to the extent permitted by applicable law, with
respect to any Award, a Participant may designate a beneficiary pursuant to
procedures which may be established by the Committee.  In the event of any
attempt by the Participant to alienate, assign, pledge, hypothecate or
otherwise dispose of an Award or of any right hereunder, except as provided
for herein, or in the event of any levy or any attachment, execution or
similar process upon the rights or interest hereby conferred, the Company may
terminate the Award by notice to the Participant and the Award shall
thereupon be cancelled.  This Section 11.1 (or any part thereof) may be
altered by the Committee to the extent that it is no longer required under
the rules promulgated under Section 16 of the Act or any other law, rule or
regulation applicable to the Company.

                                  ARTICLE XII
                    Cessation of Employment of Participant

          12.1   Cessation of Employment other than by Reason of Retirement,
Disability, Death or Termination For Cause:  If a Participant shall cease to
be employed by the Company other than by reason of Retirement, Disability,
Death or Termination For Cause, each Award other than, to the extent provided
by the Committee, an Award granted under Article VIII of the Plan, held by

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the Participant shall be cancelled to the extent not previously exercised and
all rights hereunder shall terminate at the end of the three-month period
commencing on the last day of the month in which the cessation of employment
occurred.

          12.2   Cessation of Employment by Reason of Termination For Cause:
If a Participant shall cease to be employed by the Company by reason of
Termination For Cause, each Award, other than, to the extent provided by the
Committee, an Award granted under Article VIII of the Plan, held by the
Participant shall be cancelled to the extent not previously exercised and all
rights hereunder shall terminate on the date of cessation of employment.

          12.3   Cessation of Employment by Reason of Retirement or
Disability:  If a Participant shall cease to be employed by the Company by
reason of Retirement or Disability, each Award, other than, to the extent
provided by the Committee, an Award granted under Article VIII of the Plan,
held by the Participant shall be exercisable until the Termination Date set
forth in the Award.  Notwithstanding the foregoing, an Award, other than, to
the extent provided by the Committee, an Award granted under Article VIII of
the Plan, shall be cancelled if after Retirement, in the sole determination
of the Committee, the Participant (i) engages in activity which is
competitive with that of the Company or its Affiliates or (ii) at any time,
divulges to any person or entity (other than the Company or any of its
Affiliates) any of the trade secrets, methods, processes or other proprietary
or confidential information of the Company or any of its Affiliates.

          12.4   Cessation of Employment by Reason of Death:  If a
Participant shall die while employed by the Company, or at any time after
cessation of employment by reason of Retirement or Disability, an Award may
be exercised at any time or from time to time prior to the Termination Date
set forth in the Award, by the person or persons to whom the Participant's
rights under each Award shall pass by will or by the applicable laws of
descent and distribution.  Any person or persons to whom a Participant's
rights under an Award have passed by will or by the applicable laws of
descent and distribution shall be subject to all terms and conditions of the
Plan and the Award applicable to the Participant.

                                 ARTICLE XIII
                               Withholding Taxes

          13.1   The Company may, in its discretion, require a Participant to
pay to the Company the amount, or make other arrangements (including, without
limitation, the withholding of Common Shares which would otherwise be
delivered as part of or upon exercise of an Award), at the time of exercise
or thereafter, that the Company deems necessary to satisfy its obligation to
withhold federal, provincial, state or local income or other taxes.

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                                  ARTICLE XIV
                                  Adjustments

          14.1   If (a) the Company shall at any time be involved in a
transaction to which Section 424(a) of the Code is applicable, (b) the
Company shall declare a dividend payable in, or shall subdivide or combine,
its Common Shares or (c) any other event shall occur which in the judgment of
the Committee necessitates action by way of adjusting the terms of the
outstanding Awards, the Committee may take any such action as in its judgment
shall be necessary to preserve the Participant's rights substantially
proportionate to the rights existing prior to such event and, to the extent
that such action shall include an increase or decrease in the number of
Awards and/or Common Shares subject to outstanding Awards, the number of
Awards and/or Common Shares available under Article IV above may be increased
or decreased, as the case may be, proportionately.  The judgment of the
Committee with respect to any matters referred to in this Article shall be
conclusive and binding upon each Participant.  The exercise by the Committee
of its authority under this Article is subject to the approval of the Board
as and when required by applicable laws, rules, by-laws or policies of
regulatory authorities or stock exchanges.

                                  ARTICLE XV
                     Amendment and Termination of the Plan

          15.1   The Board may at any time, or from time to time, suspend or
terminate the Plan in whole or in part or amend it in such respects as the
Board may deem appropriate; provided, however, that no such amendment shall
be made without approval of the shareholders if such approval is required by
Rule 16b-3 under the Act or by any regulatory authorities or stock exchanges.

          15.2   No amendment, suspension or termination of the Plan shall,
without the Participant's consent, impair any of the rights or obligations
under any Award theretofore granted to a Participant under the Plan.

          15.3   The Committee may amend the Plan, subject to the limitations
cited above, in such manner as it deems necessary to permit the granting of
Awards meeting the requirements of future amendments or issued regulations,
if any, to the Code, the Act or other applicable laws, rules, by-laws or
policies of regulatory authorities or stock exchanges.

          15.4   No amendment shall be effective until all applicable
approvals, if any, of regulatory authorities and stock exchanges have been
obtained.

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                                  ARTICLE XVI
                       Government and Other Regulations

          16.1   The obligation of the Company to issue, or transfer and
deliver, Common Shares for Awards exercised under the Plan shall be subject
to all applicable laws, regulations, rules, orders and approvals which shall
then be in effect and required by regulatory authorities and any stock
exchanges on which Common Shares are traded.

          16.2   Notwithstanding any other provision of the Plan, (a) during
any period in which a Participant is subject to Section 16 of the Act, if the
Participant shall exercise any Award or engage in any other transaction
involving an Award or Common Shares received upon the exercise of an Award,
the Participant shall comply with the rules promulgated under Section 16 of
the Act (and any comparable rules of any other U.S. and non-U.S. regulatory
authority), including, without limitation, rules which restrict the exercise
of Awards, which limit the resale of Common Shares obtained upon exercise of
Awards and which require the reporting of transactions and (b) the Committee
may impose any conditions on an Award necessary to render any transaction
involving such Award exempt under the rules promulgated under Section 16 of
the Act.

                                 ARTICLE XVII
                           Miscellaneous Provisions

          17.1   The Plan Does Not Confer Employment or Shareholder Rights:
The right of the Company to terminate at will (whether by dismissal,
discharge or otherwise) the Participant's employment with it at any time is
specifically reserved.  Neither the Participant nor any person entitled to
exercise the Participant's rights in the event of the Participant's death
shall have any rights of a shareholder with respect to the Common Shares
subject to each Award, except to the extent that, and until, such Common
Shares shall have been issued upon the exercise or maturity of each Award.

          17.2   The Plan Does Not Confer Rights to Assets:  Neither the
Participant nor any person entitled to exercise the Participant's rights in
the event of the Participant's death shall have any rights to or interest in
any specific asset of the Company.

          17.3   Plan Expenses:  Any expenses of administering the Plan shall
be borne by the Company.

          17.4   Use of Exercise Proceeds:  Cash payments received from
Participants upon the exercise of Options shall be used for the general
corporate purposes of the Company.

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          17.5   Indemnification:  In addition to such other rights of
indemnification as they may have as members of the Board or the Committee,
the members of the Board and the Committee shall be indemnified by the
Company against all costs and expenses reasonably incurred by them in
connection with any action, suit or proceeding to which they or any of them
may be party by reason of any action taken or failure to act under or in
connection with the Plan or any Award granted thereunder, and against all
amounts paid by them in settlement thereof (provided such settlement is
approved by independent legal counsel selected by the Company) or paid by
them in satisfaction of a judgment in any such action, suit or proceeding,
except a judgment based upon a finding of bad faith; provided that upon the
institution of any such action, suit or proceeding, a Committee or Board
member shall, in writing, give the Company notice thereof and an opportunity,
at its own expense, to handle and defend the same before such Committee or
Board member undertakes to handle and defend it on such member's own behalf.

          17.6   Governing Law:  The Plan shall be construed and interpreted,
and the rights of the Company and Participants (and all other parties)
determined, in accordance with the internal laws of the State of New York,
without regard to the conflict of law principles thereof.

                                 ARTICLE XVIII
                   Shareholder Approval and Effective Dates

          18.1   The Plan shall become effective when it is adopted by the
Board.  However, if (a) the Plan is not approved by the affirmative vote of
the holders of a majority of the Common Shares present, or represented by
proxy, and entitled to vote at the Annual Meeting of Shareholders of The
Seagram Company Ltd. to be held on May 29, 1996, or at any adjournment
thereof or (b) the necessary regulatory and stock exchange approvals are not
obtained within one year after the date the Plan is adopted by the Board, the
Plan and all Awards shall terminate.  Awards may not be granted under the
Plan after the sixth anniversary of the Approval Date.

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                                  APPENDIX A
                                      TO
                           THE SEAGRAM COMPANY LTD.
                           1996 STOCK INCENTIVE PLAN
           ADDITIONAL ARTICLES FOR THE GRANT OF APPROVED OPTIONS TO
                          UNITED KINGDOM PARTICIPANTS

                                  ARTICLE XIX
                                    Purpose

          19.1   The purpose of these additional articles ("Additional
Articles") for UK Participants is to obtain Approved Option status in respect
of Options granted up to the Limit under the Plan to UK Participants.  These
Additional Articles are to be read as a continuation of the Plan and only
modify the Plan in respect of the grant of Approved Options under the Plan to
UK Participants.  These Additional Articles do not add to or modify the Plan
in respect of any other category of Participant.

          19.2   The Committee has adopted these Additional Articles in
accordance with Section 15.3.

                                  ARTICLE XX
                                  Definitions

          20.1   The definition of Award contained in Article II of the Plan
shall be modified to include Options only and shall be so construed
throughout the Plan.

          20.2   The definition of Fair Market Value contained in Article II
of the Plan shall be modified so that if the Common Shares are not listed or
traded on the New York Stock Exchange, the Fair Market Value of a Common
Share shall be its market value as determined in accordance with Part VIII of
the UK Chargeable Gains Act 1992 and agreed in advance with the Shares
Valuation Division of the UK Board of Inland Revenue.

          20.3   The definition of Option shall include "Approved Option"
unless the context otherwise requires.

          20.4   The following additional capitalized terms used in the Plan
shall have the respective meanings set forth in this Section:

          (a)    Approved Option: An Option granted under the Plan up to the
                 Limit to a UK Participant while the Plan is approved by the
                 UK Board of Inland Revenue under Schedule 9 to the UK Act.

                                     -14-

<PAGE>

          (b)    Limit:  The Limit set out in paragraph 28(1) of Schedule 9
                 to the UK Act, which, at the time these Additional Articles
                 were adopted, was (Pound Sterling)30,000, and for purposes
                 of that paragraph, "market value" shall be construed in
                 accordance with paragraph 28(3) of Schedule 9 to the UK Act.

          (c)    UK Act:  The United Kingdom Income and Corporation Taxes Act
                 1988.

          (d)    UK Participant:  A key employee of the Company who has been
                 selected by the Committee to receive an Award under the Plan
                 and who is:

                 (i)    resident in the UK for UK income tax purposes; and

                 (ii)   is not ineligible to participate in the Plan by
                        virtue of paragraph 8 of Schedule 9 to the UK Act
                        (material interest provisions); and

                 (iii)  if he a director of the Company, is required to work,
                        under the terms of his employment with the Company as
                        at the date of grant of the Option, for at least 25
                        hours per week (excluding meal breaks).

          (e)    Shares:  Common Shares which satisfy the provisions of
                 paragraphs 10 to 14 inclusive of Schedule 9 to the UK Act.

                                  ARTICLE XXI
               Further Limitation on the Amount of Award Grants

          21.1   No Approved Option shall be granted to a UK Participant in
excess of the Limit.

                                 ARTICLE XXII
                                  Eligibility

          22.1   Section 5.1 shall be modified by inserting "who satisfy the
definition of UK Participant" at the end of that Section.

                                 ARTICLE XXIII
                               Terms of Options

          23.1   The first sentence of Section 6.2 shall be deleted and
replaced with the following:

                                     -15-

<PAGE>

"The Committee shall determine, as at the date of grant of Approved Options,
the date after which such Options may be exercised in whole or in part;
provided, however, that an Approved Option shall not be exercised prior to
the Approval Date nor later than its Termination Date".

          23.2   The second sentence of Section 6.2 shall not apply to
Approved Options.

          23.3   An Approved Option may not be exercised by any person who is
precluded from participation in the Plan by virtue of paragraph 8 of Schedule
9 to the UK Act (material interest provisions).

          23.4   The provisions of Section 6.4(b), (c) and (e) of the Plan
shall not apply to Approved Options.

          23.5   The provisions of Section 6.4 shall read as follows:

"provided, however, that the Committee shall determine acceptable methods for
providing notice of exercise or for delivering irrevocable instructions to a
broker and may impose such limitations on instructions to a broker as it
deems appropriate."

          23.6   The terms of an Approved Option shall not be amended without
the prior approval of the UK Board of Inland Revenue.

          23.7   The appropriate number of Common Shares shall be allotted or
transferred (as the case may be) within 30 days following the exercise of an
Approved Option.

                                 ARTICLE XXIV
                          Terms of Stock Appreciation

          24.1   The provisions of Article VII shall not apply to Approved
Options.

                                  ARTICLE XXV
                           Other Share-Based Awards

          25.1   The provisions of Article VIII shall not apply to Approved
Options.

                                     -16-

<PAGE>

                                 ARTICLE XXVI
                             Dividend Equivalents

          26.1   The provisions of Article IX shall not apply to Approved
Options.

                                 ARTICLE XXVII
                               Award Agreements

          27.1   The provisions of Section 10.1 shall be modified in relation
to Approved Options as follows:

                 (i)    the word "objective" shall be inserted before
                        "provisions" in the third line; and

                 (ii)   the last sentence thereof commencing with the words:
                        "Notwithstanding Section 6.4" shall be omitted
                        therefrom.

                                ARTICLE XXVIII
                         Nontransferability of Awards

          28.1   Section 11.1 shall be modified by inserting at the end of
that Section: "provided that, in respect of Approved Options, no such
alternation shall be effective unless and until it is approved by the UK
Board of Inland Revenue".

                                 ARTICLE XXIX
                    Cessation of Employment of Participant

          29.1   The provisions of Section 12.4 shall be modified so that
upon the death of a UK Participant, Approved Options will be exercisable
until the earlier of: -

                 (i)    the expiry of a period of 12 months following such
                        death; and

                 (ii)   the Termination Date.

                                     -17-

<PAGE>

                                  ARTICLE XXX
                                  Adjustments

          30.1   Section 14.1 shall be modified so that in respect of
Approved Options:

                 (i)    any adjustments made by the Committee pursuant to
                        this Section 14.1 shall be made only to the Option
                        Price and/or to the number of Common Shares subject
                        to Approved Options and only in the event of a
                        variation in the Common Stock; and

                 (ii)   any adjustment to be made under this Section 14.1
                        shall be subject to prior approval of the UK Board of
                        Inland Revenue.

                                 ARTICLE XXXI
                     Amendment and Termination of the Plan

          31.1   Subject to the provisions of Article XV of the Plan, the
Board and the Committee may amend the Plan, but no such amendments shall
become effective with respect to Approved Options unless and until they are
approved by the UK Board of Inland Revenue.

                                     -18-EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

     This EMPLOYMENT  AGREEMENT,  the  ("Agreement")  dated as of March 4, 1999,
between Moto Guzzi  Corporation,  formerly known as North  Atlantic  Acquisition
Corp. (the "Employer"),  a Delaware  corporation having its executive offices at
350 Park  Avenue,  New York,  New York 10017 and Mark S. Hauser,  an  individual
residing at 83 Garden Road, Scarsdale, NY 10583 ("Employee").

     WHEREAS,  pursuant  to the terms of an  Agreement  and Plan of  Merger  and
Reorganization dated as of August 18, 1998, as amended (the "Merger Agreement"),
Employer has agreed to merge with Moto Guzzi Corp.  ("Merger") with the Employer
as the surviving corporation resulting from the Merger; and

     WHEREAS,  the  Employer  desires to employ the  Employee  as its  Executive
Chairman; and

     WHEREAS,  the  Employee  desires  to be  employed  by the  Employer  in the
aforesaid capacity; and

     WHEREAS, the Employer and Employee desire to set forth in writing the terms
and conditions of their agreements and understandings.

     NOW, THEREFORE,  in consideration of the foregoing premises,  of the mutual
covenants hereinafter contained,  and of other good and valuable  consideration,
the  receipt  and  sufficiency  of which are hereby  acknowledged,  the  parties
hereto, intending legally to be bound hereby, agree as follows:

     1.   EMPLOYMENT.

          (1) The Employee shall serve the Employer  faithfully,  diligently and
to the best of his ability  under the direction of the Board of Directors of the
Employer and agrees to devote such portion of his  business  time,  energies and
skill to his duties hereunder and to the business and affairs of the Employer as
are  reasonably  necessary  to perform the tasks and  responsibilities  assumed.
Notwithstanding  the  foregoing,  nothing herein shall be construed to limit the
ability or right of Employee to engage or  participate  in any other business or
professional activities during the Term provided same do not, individually or in
the  aggregate,  materially  interfere  with the  Employee's  obligations to the
Employer.  Employer  successfully  acknowledges  that Employee is a principal of
Tamarix  Investors  LDC and is an  executive  officer  of one or  more  entities
affiliated therewith,  including Tamarix Capital Corporation ("TCC"), and is the
chief executive officer of Trident Rowan Group,  Inc., and that Employee has and
will  continue  to have  substantial  duties  therewith  and will be required to
devote significant amounts of time and attention to such duties during the Term.
Employer  agrees that the  fulfillment  of such  duties  does not  violate  this
agreement.

          (2) The  principal  duties  of the  Employee  shall be to serve as the
Employer's  Executive  Chairman  and in such  capacity,  to render the  services
normally  associated  with the office of the  chairman of the board of directors
and to render such other services as are consistent with his position and office
as the Board of  Directors  of the  Employer  may from  time to time  reasonably
require.  Employee shall also have the authority  normally  associated  with the
office of  president,  including  the  authority to execute  documents and other
instruments  on behalf of the Employer.  Employee shall not,  however,  have the
responsibilities  normally  associated  with the  office of the chief  executive
officer of a corporation.

     2. TERM OF AGREEMENT. Employment under this agreement shall commence on the
effective  date of the  Merger  (the  "Effective  Date").  The  initial  term of
employment  shall end at the close of  business on the day  preceding  the third
anniversary of the Effective Date (the "Initial Term"). The Initial

<PAGE>

Term shall be extended for  successive  twelve month  periods on a rolling basis
unless  notice to  terminate  is received  by either  party prior to ninety days
before the termination of the then current term of this  agreement.  Each twelve
month  period  commencing  on the third  anniversary  hereof shall be a "Renewal
Year." The Initial Term  together with all Renewal Years shall be referred to as
the "Term."

     3.   COMPENSATION.

          (1) The Employer  shall pay the  Employee for all services  rendered a
salary of $90,000 per year,  payable in  accordance  with  Employer's  customary
payroll  methods.  Salary  payments  shall be subject to  withholding  and other
applicable taxes.  Employee shall be eligible to receive such bonus compensation
as the Board of Directors may determine to award in its discretion, including in
respect of achieving annual or other performance goals or having  responsibility
for  completing a material  individual  transaction,  result or event.  Employer
shall also  promptly pay TCC the sum of $9,000 on the first day of each month in
exchange  for TCC enabling  Employer to use TCC's  facilities  as its  corporate
office and for enabling Employee to perform his duties on behalf of the Employer
from TCC's facilities.

          (2) The Employer shall grant to the Employee on the Effective Date and
option to purchase an aggregate of 150,000  shares of Employer's  Class A Common
Stock,  under and pursuant to  Employer's  1998 Stock  Option Plan  ("Plan") and
pursuant to a Stock Option Grant Letter dated March 4, 1999 between the Employer
and the Employee (the "Stock Option Agreement"). In addition, the Employee shall
be eligible to receive  grants of additional  options under the Plan to purchase
Common Stock.

     4.   BENEFITS.

          (1) During the Term,  Employee shall be entitled to participate in all
pension,  retirement  and profit  sharing plans,  all medical,  hospital,  major
medical,  life insurance and statutory  disability  coverage plans and all other
employee  benefit plans which the Employer may from time to time make  generally
available  to other  executive  employees  of the  Employer  ("Employee  Benefit
Plans"),  on at least the same basis as such plan or plans and benefits are made
generally  available  to such  individuals,  subject to the  provisions  of such
plans.

          (2)  The  Employer  agrees  to  reimburse  Employee  in  full  for all
reasonable and necessary business, entertainment and travel expenses incurred or
expended  in  connection  with the  performance  of his duties  hereunder,  such
reimbursement  to be made in accordance  with corporate  policies and procedures
with respect  thereto  from time to time  adopted by the Employer for  executive
personnel of the Employer.

          (3) For each  calendar  year during the Term,  the  Employee  shall be
entitled  to six (6) weeks of paid  vacation  and shall  otherwise  enjoy and be
bound  by the  Employer's  standard  policies,  as  amended  from  time to time,
regarding accrual and utilization of paid vacation time.

     5. TERMINATION. This agreement shall be terminable prior to expiration only
as follows:

          (1) BY THE  EMPLOYER.  The Employer may  terminate  this  agreement if
Employee: (i) is convicted of a crime involving larceny,  embezzlement,  bribery
or acts of moral  turpitude;  (ii) is  consistently,  habitually  or  flagrantly
derelict in the performance of his duties; or (iii) is repeatedly intoxicated or
under the influence of alcohol or drugs (other than drugs  prescribed for him by
a licensed  physician);  or (iv) engages in actions which expose the Employer to
public  ridicule;  or (v) knowingly  engages in actions  intended by Employee to
result, and which in fact result, in substantial damage to the Employer; or (vi)
has  become  permanently  disabled,  in the good faith  opinion  of a  physician
appointed by

<PAGE>

the Employer,  from performing his duties and in such physician's opinion,  will
likely be unable  substantially  to perform  such duties for the  following  six
months.  Termination  pursuant  to  clauses  (ii),  (iii),  (iv)  or (v) of this
subparagraph  (a) shall not take effect  unless  Employee has failed to cure any
violation  thereof  within 30 days of notice by the Employer  setting  forth the
specific facts  constituting  such  violation.  Upon any termination by Employer
other than as permitted hereby,  all compensation  otherwise payable to Employee
for the duration of the Term shall immediately become due and payable.

          (2) BY EMPLOYEE. Employee may terminate this agreement if the Employer
violates any material provision of this agreement,  which violation is not cured
within 30 days of the giving by the  Employee of notice  thereof.  Upon any such
termination by Employee,  all compensation otherwise payable to Employee for the
duration of the Term shall immediately become due and payable.

     6.  CONFIDENTIALITY.  The  Employee  recognizes  that  the  services  to be
performed  by him for the  Employer  may require the  disclosure  to Employee of
confidential  information  and trade secrets  concerning  the  operations of the
Employer and its affiliates.  Accordingly, the Employee agrees that he will not,
except with the prior written consent of the Employer's  Board of Directors,  or
as may be required by law,  directly or indirectly,  disclose during the Term or
any time thereafter any secret or confidential  information  that he has learned
by reason of his  association  with the Employer or use any such  information to
the detriment of the Employer so long as such confidential  information or trade
secrets have not been voluntarily disclosed by the Employer without restriction,
or are not otherwise in the public domain.  If the Employee shall be required by
law to disclose any such  confidential  information,  the Employee  will, to the
extent reasonably practicable, notify and consult with the Employer prior to any
such disclosure.

     7.  NON-SOLICITATION;  NON-COMPETITION.  Employee  agrees not to solicit or
hire,  either  directly or indirectly,  any  then-current  employee,  officer or
director of the Employer, or to engage in or render services (including, without
limitation,  research,  development,  manufacturing,  marketing or sales) in any
capacity,  either directly or indirectly,  to any person,  firm,  corporation or
other  entity  engaged  in the  motorcycle  industry  or in  businesses  related
thereto,  in competition with the business of the Employer,  for so long as this
agreement remains in effect.

     8.  INDEMNIFICATION.  The  Employer  hereby  agrees to  indemnify  and hold
harmless  Employee  as an officer and  director  of the  Employer to the fullest
extent permitted by applicable law. This provision shall survive the termination
of this agreement with respect to events occurring prior thereto.

     9. MISCELLANEOUS.

          (1) Any and all notices or other  communications  required to be given
under  this  agreement  shall be deemed  to have been duly  given on the date of
delivery,  if  delivered in person or by confirmed  facsimile  transmission,  or
three days  after  mailing,  if mailed  within the  continental  United  States,
postage  prepaid,  by  registered or certified  mail,  to the party  entitled to
receive  same,  at the address set forth below for such party,  or to such other
address  or  addresses  as any party  hereto may  specify  in a notice  given in
conformity with the provisions of this Section 9(a):

          To Employer:        Moto Guzzi Corporation
                              (formerly North Atlantic Acquisition Corp.)
                              350 Park Avenue
                              New York, New York 10017
<PAGE>

          With a copy to:     David Lerner, Esq.
                              Morrison Cohen Singer & Weinstein, LLP
                              750 Lexington Avenue
                              New York, New York 10022

          To Employee:        Mark S. Hauser
                              83 Garden Road
                              Scarsdale, NY 10583

          (2) This  agreement  constitutes  the  entire  agreement  between  the
parties hereto with respect to the matters herein  provided,  and this agreement
cancels and supersedes any or all prior agreements and  understandings,  written
or oral,  between the parties with respect to such matters.  No  modification or
waiver of any provision  hereof shall be effective  unless in writing and signed
by the parties hereto.

          (3) The  rights  and  obligations  of any party  hereunder  may not be
assigned or transferred to any third party without the prior written  consent of
the other party hereto.

          (4) If any  provision  of this  agreement  or  application  thereof to
anyone or under any  circumstances is adjudicated to be invalid or unenforceable
in any jurisdiction,  such invalidity or  unenforceability  shall not affect any
other  provision  or  application  of this  agreement  which can be given affect
without the invalid or  unenforceable  provision  or  application  and shall not
invalidate or render  unenforceable  such  provision or application in any other
jurisdiction.

          (5) The waiver by either  party of a breach of any  provision  of this
agreement  by the other party shall not operate or be  construed  as a waiver of
any subsequent  breach by such party. No waiver shall be valid unless in writing
and signed by the party against whom enforcement of the waiver is sought.

          (6) This  agreement may be executed in several  counterparts,  each of
which is an original and all of which shall constitute one instrument.  It shall
not be necessary in making proof of this agreement or any counterpart  hereof to
produce or account for any of the other counterparts.

          (7) The  captions and headings  contained  in this  agreement  are for
convenience only and shall not be construed as a part of the agreement.

          (8)  The  validity,  interpretation,   construction,  performance  and
enforcement of this agreement  shall be governed by the  substantive  law of the
State of New York,  without  giving  effect to the  conflicts of law  provisions
thereof.

<PAGE>

     IN WITNESS  WHEREOF,  the parties  hereto have signed or caused  their duly
authorized agents to sign this Agreement as of the date first above written.

                     MOTO GUZZI CORPORATION
                     (formerly North Atlantic Acquisition Corp.)

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

                                   /S/ MARK S. HAUSER
                                   ------------------
                                     Mark S. Hauser

<PAGE>

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