Document:

American National Can Group, Inc.

        Stock Compensation Conversion Plan at the Initial Public Offering

1.   The Plan

a)   Purpose. The purpose of this Plan is to align the interests of employees
     with shareholders of American National Can Group, Inc. (the "Company") by
     allowing participants to obtain an immediate ownership position in the
     Company.

b)   Effective Date. The Plan will become effective upon its adoption by the
     Company's Board of Directors, provided, however, that in no event shall the
     Plan become effective until the occurrence of the IPO.

2.   Definitions

a)   Board - the Board of Directors of the Company.

b)   Committee - the Compensation Committee of the Board.

c)   Conversion Shares - grant of shares of stock or of a right to receive
     shares of stock (or their cash equivalent or a combination of both) under
     the provisions of this Plan.

d)   Conversion Share Price - the price per share on the date of the IPO.

e)   Fair Market Value - average of the high and low per share trading price on
     a specific day.

f)   IPO - Initial Public Offering of shares of the Company's stock.

g)   Original Grants - SARs or stock options given to a participant under the
     Pechiney Stock Option Plans of 1996, 1997 and 1998 or the American National
     Can Company Long-Term Incentive Plans of 1997 and 1998 or the American
     National Can Company Extraordinary Grant of 1999.

h)   Pechiney - the former parent company of American National Can Company.

i)   Plan - the Company's Stock Compensation Conversion Plan.

j)   Restricted Period - that period of time during which the Conversion Shares
     cannot be sold or transferred.

k)   SAR - Stock Appreciation Right, the right of a participant to receive an
     amount calculated as the difference between the grant price of the Original
     Grant and the fair market value (average of the high and low trading
     prices) of Pechiney stock on the date of exercise.

3.   Administration

a)   Committee. The Plan shall be administered by the Committee or such other
     committee or entity as may be charged by the Board with responsibility for
     administering the Plan.

b)   Powers and Authority. The Committee shall have the power to interpret the
     Plan and make all determinations necessary or desirable for its
     administration. All actions taken, and determinations made, by the
     Committee in respect of the Plan shall be conclusive and non-appealable.

c)   Eligible Participants. Participants will include any employee of the
     Company, or its subsidiaries, currently holding Pechiney stock options or
     SARs distributed under any Original Grant.

d)   Grant Agreement. The Conversion Shares shall be subject to such terms and
     conditions, not inconsistent with the Plan, as the Committee shall, in its
     sole discretion, prescribe. The terms and conditions shall be reflected in
     a written document, the form of which will be determined by the Committee.
     A copy of such

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     document will be provided to the participant, and the Committee may, but
     need not require that the participant sign a copy of the document.

4.   Shares Subject to the Plan

     The maximum number of Conversion Shares that may be delivered to
     participants under the Plan shall be equal to the sum of 550,000. Any
     Conversion Shares withheld in settlement of the participant's tax
     liabilities will not be considered utilized. Only the number of Conversion
     Shares issued net of the Conversion Shares tendered will be deemed
     delivered for purposes of determining the maximum number of Conversion
     Shares available for delivery under this Plan.

5.   Stock Compensation Eligible for Conversion

a)   SARs. All SARs eligible for conversion under the Plan will be immediately
     canceled upon the date of the Company's IPO. The difference between the
     grant price of the SARs and the Fair Market Value of the Pechiney American
     Depositary Shares will be exchanged for Conversion Shares at the Conversion
     Share Price.

b)   Options. Participants may elect to convert Pechiney stock options they hold
     at their discretion. The difference between the grant price of the Pechiney
     stock option and the Fair Market Value of the Pechiney Share, as traded on
     the Paris Bourse, will be translated to US dollars and exchanged for
     Conversion Shares at the Conversion Share Price.

6.   Restrictions and Dividends

a)   Restricted Periods. All Conversion Shares will have a Restricted Period,
     which approximates the vesting schedule of the Original Grant.

b)   Dividends and Dividend Equivalents. During the Restricted Period
     participants shall have no shareholder rights and no rights to receive
     dividends or dividend equivalents. Upon the expiration of the Restricted
     Periods, the participant will obtain full rights to all Conversion Shares
     awarded under the Plan including voting rights and the right to receive
     dividends or dividend equivalents. No dividends or dividend equivalents
     shall be paid to the participant with respect to any Conversion Shares that
     are forfeited by the participant for any reason.

7.       Miscellaneous

a)   No Guarantee of Employment. Neither the Plan nor any action taken hereunder
     shall be construed as giving any employee or other person any right to
     continue to be employed by or to perform services for the Company, any
     subsidiary or related entity. The right to terminate the employment of, or
     performance of services, by any participant at any time and for any reason
     is specifically reserved to the employing entity.

b)   Binding Arbitration. Any dispute or disagreement regarding participation
     and/or an award recipient's rights under the Plan shall be settled solely
     by binding arbitration in accordance with the applicable rules of the
     American Arbitration Association. The Company's Board of Director's has the
     sole right to select the arbitrator.

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c)   Other Benefit and Compensation Programs. Unless otherwise specifically
     determined by the Committee, Conversion Shares received by participants
     under the Plan shall not be deemed a part of a participant's regular,
     recurring compensation for purposes of calculating payments or benefits
     from any Company benefit plan or severance program. Further, the Company
     may adopt other compensation programs, plans or arrangements, as it deems
     appropriate.

d)   No Fractional Shares. No fractional shares shall be issued or delivered
     pursuant to the Plan or any award, and the Committee shall determine
     whether cash shall be paid or transferred in lieu of any fractional shares,
     or whether such fractional shares or any rights thereto shall be canceled.

e)   Governing Law. The Plan shall be governed by the laws of the State of
     Illinois, U.S.A.

8.   Plan Amendment and Termination.

     The Committee may amend, suspend or terminate this Plan at any time. Any
     such amendment, suspension or termination shall not of itself impair any
     outstanding grant under the Plan or the applicable participant's rights
     regarding such grant.American National Can Group, Inc.

                              Directors Stock Plan

1.   The Plan

a)   Purpose. The purpose of the American National Can Group, Inc. Directors
     Stock Plan (the "Plan") is to promote the longer-term financial success of
     American National Can Group, Inc. (the "Company") by providing a means for
     directors to own shares in the Company.

b)   Effective Date. To serve this purpose, the Plan will become effective upon
     its adoption by the Company's Board of Directors, but in no event shall the
     Plan become effective until the occurrence of the initial public offering
     of shares of the Company's stock.

2.   Administration

a)   Committee. The Plan shall be administered by the Compensation Committee of
     the Board of Directors of the Company (the "Committee").

b)   Powers and Authority. The Committee's powers and authority include
     interpreting the Plan's provisions and administering the Plan in a manner
     that is consistent with its purpose. All actions taken, and determinations
     made, by the Committee in respect of the Plan shall be conclusive and
     non-appealable.

c)   Eligible Participants. Includes any member of the Board of Directors of the
     Company who is not a current employee of the Company on the date of the
     annual grants.

d)   Award Agreement. An award under the Plan shall be subject to the terms and
     conditions provided for in the Plan. The terms and conditions of any award
     to any eligible participant shall be reflected in a written document, the
     form of which will be determined by the Committee. A copy of such document
     will be provided to the participant, and the Committee may, but need not
     require that the participant sign a copy of the document. Such document is
     referred to in the Plan as an "Award Agreement" regardless of whether any
     participant signature is required.

e)   Award Prices. For the Plan purposes, each stock option shall have an
     exercise price which shall reflect at least the average traded price (which
     for purposes of this Plan shall be defined to mean the average of the high
     and low trading prices on the applicable date) of a share of the common
     stock of the Company, par value $0.01 per share ("Share") on the applicable
     grant date. The per Share exercise price of any stock option may not be
     decreased after the grant of the award, and a stock option may not be
     surrendered as consideration in exchange for the grant of a new award with
     a lower per Share exercise price.

3.   Shares Subject to the Plan

a)   Maximum Shares Available for Delivery. The maximum number of Shares that
     may be delivered to participants and their beneficiaries under the Plan
     shall be equal to the sum of (i) 400,000 and (ii) up to 400,000 additional
     Shares, if authorized by the Company's Board of Directors, which are
     reacquired in the open market or in a private transaction after the
     effective date of this Plan using proceeds from stock option exercises. In
     addition, any Shares granted under the Plan which are forfeited back to the
     Company because of the failure to meet an award contingency or condition
     shall again be available for delivery pursuant to new awards granted under
     the Plan. Any Shares covered by an award (or portion of an

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     award) granted under the Plan, which is forfeited or canceled, expires or
     is settled in cash, shall be deemed not to have been delivered for purposes
     of determining the maximum number of Shares available for delivery under
     the Plan. Likewise, if any stock option is exercised by tendering Shares,
     either actually or by attestation, to the Company as full or partial
     payment in connection with the exercise of a stock option under this Plan
     or any prior plan of the Company, only the number of Shares issued net of
     the Shares tendered or withheld to settle tax liability shall be deemed
     delivered for purposes of determining the maximum number of Shares
     available for delivery under the Plan. Further, Shares issued under the
     Plan through the settlement, assumption or substitution of outstanding
     awards or obligations to grant future awards as a condition of the Company
     acquiring another entity shall not reduce the maximum number of Shares
     available for delivery under the Plan.

b)   Adjustments for Corporate Transactions. The Committee may determine that a
     corporate transaction has affected the price per Share such that an
     adjustment or adjustments to outstanding awards are required to preserve
     (or prevent enlargement of) the benefits or potential benefits intended at
     time of grant. For this purpose a corporate transaction will include, but
     is not limited to, any stock dividend, stock split, extraordinary cash
     dividend, recapitalization, reorganization, merger, consolidation,
     split-up, spin-off, combination or exchange of shares, or other similar
     occurrence. In the event of such a corporate transaction, the Committee
     may, in such manner as the Committee deems equitable, adjust (i) the number
     and kind of shares which may be delivered under the Plan; (ii) the number
     and kind of shares subject to outstanding awards; (iii) the exercise price
     of outstanding stock options; and (iv) any other adjustments the Committee
     determines to be equitable.

4.   Types, Terms and Amounts of Awards

     The types of awards that may be granted under the Plan include:

a)   Stock Option. A stock option represents a right to purchase a specified
     number of Shares during a specified period at a price per Share which is no
     less than that required by Section 2(e). A stock option shall only be in
     the form of a non-qualified stock option, with a ten-year term. The options
     shall vest immediately upon grant. The value of the annual stock option
     award will be $30,000 per director and such value will be determined using
     a modified Black-Scholes option-pricing model and the following
     assumptions:

     (i)  Current price of the underlying stock will equal the fair market value
          ("FMV") of the stock on the date of grant. The FMV is defined by the
          average of the high and the low trading prices on the grant date.

     (ii) The exercise price of the option will remain the same through the term
          of the option regardless of when it is exercised. As such, the price
          must be discounted to reflect the present value. The discount rate
          used will reflect the yield on a U.S. Treasury Bond of equal maturity
          to the option.

     (iii) Expected volatility of the stock price will reflect the volatility of
          the company stocks in the Dow Jones Container and Packaging Index
          during the previous 12 months until 2002. Beginning in 2002, the
          volatility used in the calculation will reflect the Company's actual
          stock price volatility for the previous 12 months.

     (iv) Expected divided yield for 1999 will be the anticipated annualized
          dividend to be paid by the Company during the 12 months following its
          initial public offering. Beginning in 2000 the dividend yield will
          reflect the most recent paid dividend on an annualized basis.

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     (v)  Expected life of the option will equal the maximum option term.

     The Shares covered by a stock option may be purchased by means of a cash
     payment or such other means as the Committee may from time-to-time permit,
     including (i) tendering (either actually or by attestation) Shares valued
     using the market price at the time of exercise, (ii) authorizing a third
     party to sell Shares (or a sufficient portion thereof) acquired upon
     exercise of a stock option and to remit to the Company a sufficient portion
     of the sale proceeds to pay for all the Shares acquired through such
     exercise; or (iii) any combination of the above.

b)   Stock Award. A stock award is a grant of Shares or of a right to receive
     Shares (or their cash equivalent or a combination of both) in the future.
     Each stock award shall be subject to such conditions, restrictions and
     contingencies as the Committee shall determine. An annual stock award will
     be granted with a FMV of $15,000 to each qualified participant on the date
     of grant.

5.   Dividends and Dividend Equivalents

     Stock awards granted under the plan include the right to receive dividends
     or dividend equivalent payments. Stock options have no dividend or dividend
     equivalent rights.

6.   Plan Amendment, Suspensions and Termination.

     The Company's Board of Directors may amend this Plan as it deems necessary
     and appropriate to better achieve the Plan's purpose. The Board of
     Directors of the Company may amend, suspend or terminate this Plan at any
     time. Any such amendment, suspension or termination shall not of itself
     impair any outstanding award grant under the Plan or the applicable
     participant's rights regarding such award.

7.   Miscellaneous

a)   No Individual Rights. Neither the Plan nor any action taken hereunder shall
     be construed as giving any director any right to continue to perform
     services for the Company, any subsidiary or related entity.

b)   Binding Arbitration. Any dispute or disagreement regarding participation
     and/or a recipient's rights under the Plan shall be settled solely by
     binding arbitration in accordance with the applicable rules of the American
     Arbitration Association. The Company's Board of Director's has the sole
     right to select the arbitrator.

c)   No Fractional Shares. No fractional Shares shall be issued or delivered
     pursuant to the Plan or any award, and the Committee shall determine
     whether cash shall be paid or transferred in lieu of any fractional Shares,
     or whether such fractional Shares or any rights thereto shall be canceled.

d)   Transferability. Except as otherwise provided by the Committee, awards
     under the plan are not transferable other than as designated by the
     participant by will or by the laws of descent and distribution.

e)   Governing Law. The Plan shall be governed by the laws of the State of
     Illinois, U.S.A.

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