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                                                                   EXHIBIT 10.14

                               VISTEON CORPORATION
                           DEFERRED COMPENSATION PLAN
                           FOR NON-EMPLOYEE DIRECTORS

SECTION 1. EFFECTIVE DATE

         The Board of Directors of Visteon Corporation have adopted this
         Deferred Compensation Plan, effective October 11, 2000, for the benefit
         of the non-employee directors of Visteon Corporation.

SECTION 2. DEFINITIONS

         When used herein the following words and phrases shall have the
         meanings set forth below unless the context clearly indicates
         otherwise:

         (a)      "Account" means the recordkeeping account maintained by the
                  Company in the name of the Participant.

         (b)      "Administrative Committee" means the non-participating members
                  of the Board.

         (c)      "Board" means the Board of Directors of the Company.

         (d)      "Code" means the Internal Revenue Code of 1986, as interpreted
                  by regulations and rulings issued pursuant thereto, all as
                  amended and in effect from time to time.

         (e)      "Company" means Visteon Corporation, or any successor thereto.

         (f)      "Company Stock" means the common stock of the Company, par
                  value $1.00.

         (g)      "Exchange" means the New York Stock Exchange.

         (h)      "Participant" means each member of the Board who is not a
                  common-law employee of the Company.

         (i)      "Plan" means the Visteon Corporation Deferred Compensation
                  Plan for Non-Employee Directors, as amended from time to time.

         (j)      "Plan Year" means the period beginning on the effective date
                  of the Plan and ending on December 31, 2000, and thereafter,
                  the twelve month period beginning on January 1 and ending
                  December 31 of each year.

         (k)      "Visteon Stock Units" mean the hypothetical shares of Company
                  Stock that are credited to a Participant's Account as a result
                  of the Participant's Voluntary Deferrals.

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         (l)      "Voluntary Deferrals" mean remuneration that would otherwise
                  be paid to a Participant but that, in accordance with the
                  Participant's election, is converted into Visteon Stock Units
                  and credited to the Participant's Account.

SECTION 3. ADMINISTRATION

         (a)      General Authority. The Administrative Committee shall have the
                  full power and discretionary authority to: (1) interpret and
                  administer the Plan and any instrument relating to or made
                  under the Plan; (2) establish, amend, suspend or waive such
                  rules and regulations and appoint such agents as it shall deem
                  appropriate for the proper administration of the Plan; and (3)
                  make any other determination, and take any other action, that
                  the Administrative Committee deems necessary or desirable for
                  the administration of the Plan. The decisions and
                  determinations of the Administrative Committee need not be
                  uniform and may be made differently among Participants, and
                  shall be final, binding and conclusive on all interested
                  parties.

         (b)      Recordkeeping. The Administrative Committee shall be
                  responsible for maintaining all Accounts; provided that the
                  Administrative Committee may in its discretion appoint or
                  remove a third-party recordkeeper to maintain the Accounts as
                  provided herein.

         (c)      Effectiveness of Elections. Any elections or beneficiary
                  designations made under this Plan shall be effective only upon
                  the delivery of the appropriate form to the Secretary of the
                  Company and its acceptance by the Administrative Committee.

SECTION 4. DEFERRALS AND CREDITS TO ACCOUNT

         (a)      Participant Deferrals. Each Participant may elect, in such
                  form and manner specified by the Administrative Committee, to
                  defer the receipt of any cash remuneration to be earned with
                  respect to services to be performed as a non-employee member
                  of the Board after the effective date of the election. Such
                  election shall be irrevocable for the Plan Year for which it
                  is made, and shall be effective on the first day of the Plan
                  Year following its acceptance by the Administrative Committee,
                  provided that a Participant may elect within 30 days of first
                  becoming a Participant to have an election take effect
                  immediately with respect to any compensation that a
                  Participant may receive in the future and as to which the
                  Participant currently has no legal right or claim through the
                  rendering of past services. An election shall continue in
                  effect for subsequent Plan Years unless modified by the
                  Participant in accordance with this Section 4. A Participant
                  may modify an existing election effective on the first day of
                  the Plan Year following the date on which the revised election
                  is accepted by the Administrative Committee.

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         (b)      Credits to Accounts. As of the last day of each month, all
                  Voluntary Deferrals made by or on behalf of a Participant
                  during that month shall be converted, for recordkeeping
                  purposes, into whole and fractional shares of Visteon Stock
                  Units, with fractional shares calculated to four decimal
                  places. The conversion shall be accomplished by dividing each
                  Participant's Voluntary Deferrals by the average of the high
                  and low prices at which a share of Company Stock shall have
                  been sold regular way on the Exchange on the last day of such
                  month on which the Exchange is open to transact trades.
                  Likewise, any dividends that would have been payable on the
                  Visteon Stock Units credited to a Participant's Account had
                  such units been actual shares of Company Stock during any
                  month shall be converted, for recordkeeping purposes, into
                  whole and fractional Visteon Stock Units based on the average
                  of the high and low prices at which a share of Common Stock
                  shall have been sold regular way on the Exchange on the last
                  day of such month on which the Exchange is open to transact
                  trades.

         (c)      Vesting. Each Participant shall at all times be 100% vested in
                  his or her Account.

SECTION 5. DISTRIBUTIONS FROM ACCOUNTS

         (a)      Distribution Election. Distribution of a Participant's Account
                  shall be made or commence to be made on or about January 15 of
                  the calendar year following the calendar year in which the
                  Participant terminates service as a non-employee director of
                  the Company in the form or forms of distribution elected by
                  the Participant. The Participant may elect to have a
                  distribution made either in (i) a single sum, or (ii) ten (10)
                  annual installments. Such election shall be irrevocable with
                  respect to the deferrals (and earnings thereon) for the Plan
                  Year for which it is made, and shall be effective on the first
                  day of the Plan Year following its acceptance by the
                  Administrative Committee, provided that a Participant may
                  elect within 30 days of first becoming a Participant to have
                  an election take effect immediately with respect to any
                  compensation that the Participant has elected to defer. An
                  election shall continue in effect for compensation deferred in
                  subsequent Plan Years unless modified by the Participant in
                  accordance with this Section 5. A Participant may modify an
                  existing election effective on the first day of the Plan Year
                  following the date on which the revised election is accepted
                  by the Administrative Committee, and such revised election
                  shall apply to compensation deferred after the effective date
                  of such election. A Participant who fails to make any
                  distribution election shall be deemed to have elected the
                  single sum payment option.

                  1.       Single Sum Distribution. If the Participant has
                           elected the single sum distribution option, the
                           Company, in accordance with directions from the
                           Administrative Committee, will distribute to the
                           Participant shares of Company Stock equal to the
                           number of Visteon Stock Units credited to the
                           Participant's Account (and cash in lieu of any
                           fractional share) for which such election is in
                           effect; provided that the Administrative Committee
                           may direct that all or any part of the Participant's
                           distribution be satisfied in cash rather than by a
                           distribution of Visteon Stock, in which case the cash

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                           payment shall be determined by multiplying the number
                           of Visteon Stock Units in the Participant's Account
                           that are the subject of the cash payment by the
                           average of the high and low prices at which a share
                           of Company Stock shall have been sold regular way on
                           the Exchange on the 5th trading day preceding the
                           date on which distribution is made.

                  2.       Installment Distributions. If the Participant has
                           elected the installment distribution option, the
                           first installment will be paid on or about January 15
                           of the calendar year following the calendar year in
                           which the Participant terminates service as a
                           non-employee member of the Board, and each subsequent
                           installment will be paid on or about January 15 of
                           each succeeding year during the installment period.
                           The annual installment distribution amount for any
                           year shall be initially determined on a share basis
                           by dividing the number of Visteon Stock Units
                           credited to the Participant's Account as of January 1
                           of the year for which the distribution is being made
                           and for which such an election is in effect by the
                           number of installment payments remaining to be made,
                           and then rounding the quotient obtained for all but
                           the final installment to the next lowest whole
                           number. The Company, in accordance with directions
                           from the Administrative Committee, will distribute to
                           the Participant shares of Company Stock equal to the
                           number of Visteon Stock Units that are being redeemed
                           as part of the installment (and cash in lieu of any
                           fractional share); provided that the Administrative
                           Committee may direct that all or any part of the
                           installment distribution be satisfied in cash rather
                           than by a distribution of Visteon Stock, in which
                           case the cash payment shall be determined by
                           multiplying the number of Visteon Stock Units in the
                           Participant's Account that are the subject of the
                           cash payment by the average of the high and low
                           prices at which a share of Company Stock shall have
                           been sold regular way on the Exchange on the 5th
                           trading day preceding the date on which distribution
                           is made.

         (b)      Securities Restrictions. With respect to any shares of Company
                  Stock distributed to a Participant, the Participant will not
                  sell or otherwise dispose of such Company Stock except
                  pursuant to an effective registration statement under the
                  Securities Act of 1933, as amended (the "Act") and applicable
                  state securities laws, which the Company may but shall not be
                  required to file, or in a transaction which, in the opinion of
                  counsel for the Company, is exempt from such registration, and
                  a legend may be placed on the certificates for the Company
                  Stock to such effect. In addition, in the event of any
                  underwritten public offering of the Company's securities
                  pursuant to an effective registration statement filed under
                  the Act and upon the request of the Company or the
                  underwriters managing any underwritten offering of the
                  Company's securities, the Participant shall not directly or
                  indirectly sell, make any short sale of, loan, hypothecate,
                  pledge, offer, grant or sell any option or other contract for
                  the purchase of, or otherwise dispose of or transfer, or agree
                  to engage in any of the foregoing transactions with respect
                  to, any shares of Company Stock (other than those included in
                  the registration) acquired under this Plan without the prior
                  written consent of the Company or such

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                  underwriters, as the case may be, for such period of time (not
                  to exceed 180 days) from the effective date of such
                  registration as may be requested by the Company or such
                  managing underwriters.

SECTION 6. BENEFICIARY

         (a)      Death Benefits. If a Participant dies before his or her entire
                  Account has been distributed, then the remainder of the
                  Participant's Account shall be distributed in a lump sum to
                  the Participant's beneficiary as soon as practicable following
                  the date of the Participant's death.

         (b)      Designation of Beneficiary. Each Participant may designate one
                  or more beneficiaries in such form and manner specified by the
                  Administrative Committee, which beneficiary shall be entitled
                  to receive the balance of the Participant's Account as
                  provided under subsection (a) in the event of the
                  Participant's death. The Participant may from time to time
                  revoke or change the beneficiary without the consent of any
                  prior beneficiary by filing a new designation with the
                  Secretary of the Company. The last such designation received
                  by the Secretary of the Company shall be controlling. If no
                  beneficiary designation is in effect at the time the
                  Participant dies, or if no designated beneficiary survives the
                  Participant, the Participant's beneficiary shall be the
                  Participant's estate.

SECTION 7. SOURCE OF BENEFITS

         Benefits accumulated under the Plan shall constitute an unfunded,
         unsecured promise by the Company to provide such payments in the
         future, as and to the extent such amounts become payable. Benefits
         attributable to service as a non-employee member of the Board shall be
         paid from the general assets of the Company, and no person shall, by
         virtue of this Plan, have any interest in such assets, other than as an
         unsecured creditor of the Company.

SECTION 8. NON-ALIENATION

         Except as otherwise expressly provided by this Plan, neither the
         Participant nor his or her beneficiary or beneficiaries, including,
         without limitation, the Participant's executors and administrators,
         heirs, legatees, distributees, and any other person or persons claiming
         any benefits through the Participant under this Plan shall have any
         right to assign, transfer, pledge, hypothecate, sell, transfer,
         alienate and encumber or otherwise convey the right to receive any
         benefits hereunder, which benefits and the rights thereto are expressly
         declared to be nontransferable. The right to receive benefits under
         this Plan also shall not be subject to execution, attachment,
         garnishment, or similar legal, equitable or other process for the
         benefit of the Participant's or beneficiary's creditors. Any attempted
         assignment, transfer, pledge hypothecation or other disposition of the
         Participant's or beneficiary's rights to receive benefits under this
         Plan or the levy of any attachment, garnishment or similar process
         thereupon, shall be null and void and without effect.

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SECTION 9. CHANGE OF CONTROL

         The Company will not merge or consolidate with any other corporation or
         organization, or permit its business activities to be taken over by any
         other organization, unless and until the succeeding or continuing
         corporation or other organization shall expressly assume the rights and
         obligations of the Company hereunder. The Company will not cease its
         business activities or terminate its existence without having made
         adequate provision for the fulfillment of its obligation hereunder.

SECTION 10. DURATION OF PLAN

         Unless terminated earlier pursuant to Section 11, this Plan shall
         remain in effect during the term of service of the Participants and
         until the Account of each Participant has been distributed as provided
         herein.

SECTION 11. AMENDMENT AND TERMINATION

         The Board reserves the right to amend or terminate this Plan at any
         time; provided that the authority of the Administrative Committee to
         administer the Plan shall extend beyond the date of the Plan's
         termination; and provided further that no amendment or termination of
         the Plan shall adversely affect the rights of any Participant or
         beneficiary to benefits then accrued without the written consent of the
         affected Participant or beneficiary.

SECTION 12. MISCELLANEOUS

         (a)      Governing Law. This Plan shall be governed by and construed in
                  accordance with the internal laws of the State of Delaware,
                  without reference to conflict of law principles thereof.

         (b)      Severability. If any provision of the Plan is or becomes or is
                  deemed to be invalid, illegal or unenforceable in any
                  jurisdiction or as to any person, or under any law deemed
                  applicable by the Administrative Committee, such provision
                  shall be construed or deemed amended to conform to applicable
                  laws, or if it cannot be so construed or deemed amended
                  without, in the determination of the Administrative Committee,
                  materially altering the intent of the Plan, such provision
                  shall be stricken as to such jurisdiction or person, and the
                  remainder of the Plan shall remain in full force and effect.

         (c)      Successors and Assigns. The Plan shall be binding upon, and
                  inure to the benefit of, the Company and its successors and
                  assigns, and upon any person acquiring, whether by merger,
                  consolidation, purchase of assets or otherwise, all or
                  substantially all of the Company's assets and business.

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                                                                   EXHIBIT 10.15

                               VISTEON CORPORATION
                              RESTRICTED STOCK PLAN
                           FOR NON-EMPLOYEE DIRECTORS

SECTION 1. PURPOSE AND EFFECTIVE DATE

         The Visteon Corporation Restricted Stock Plan for Non-Employee
         Directors (the "Plan") has been established to align the interests of
         the non-employee members of the Board of Directors (the "Board") of
         Visteon Corporation (the "Company") with those of the Company's
         stockholders by providing equity incentives that will motivate the
         non-employee Board members to achieve long-range goals, thereby
         promoting the long-term financial interest of the Company, including
         the growth in value of the Company's equity and enhancement of
         long-term stockholder return. The Plan is effective as of September 14,
         2000.

SECTION 2. DEFINITIONS

         (a)      "Act" means the Securities Act of 1933, as amended.

         (b)      "Administrative Committee" means the non-participating members
                  of the Board.

         (c)      "Affiliate" or "Affiliates" means affiliate as defined in Rule
                  12b-2 promulgated under Section 12 of the Exchange Act.

         (d)      "Beneficial Owner" means beneficial owner as defined in Rule
                  13d-3 under the Exchange Act.

         (e)      "Board" means the Board of Directors of the Company.

         (f)      "Change in Control" means the occurrence of any one of the
                  following events:

                  i.       any Person is or becomes the Beneficial Owner,
                           directly or indirectly, of securities of the Company
                           (not including in the securities beneficially owned
                           by such Person any securities acquired directly from
                           the Company or its Affiliates) representing 40% or
                           more of the combined voting power of the Company's
                           then outstanding securities, excluding any Person who
                           becomes such a Beneficial Owner in connection with a
                           transaction described in clause (A) of paragraph
                           (iii) below;

                  ii.      within any twelve (12) month period, the following
                           individuals cease for any reason to constitute a
                           majority of the number of directors then serving:
                           individuals who, on the effective date of this Plan,
                           constitute the Board and any new director (other than
                           a director whose initial assumption of office is in
                           connection with an actual or threatened election
                           contest, including but not limited to a consent
                           solicitation, relating to the election of directors
                           of the Company) whose appointment or election by the
                           Board or nomination for election by the Company's
                           stockholders was approved

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                           or recommended by a vote of at least two-thirds (2/3)
                           of the directors then still in office who either were
                           directors on the date hereof or whose appointment,
                           election or nomination for election was previously so
                           approved or recommended;

                  iii.     there is consummated a merger or consolidation of the
                           Company or any direct or indirect subsidiary of the
                           Company with any other corporation, other than (A) a
                           merger or consolidation which results in the
                           directors of the Company immediately prior to such
                           merger or consolidation continuing to constitute at
                           least a majority of the board of directors of the
                           Company, the surviving entity or any parent thereof
                           or (B) a merger or consolidation effected to
                           implement a recapitalization of the Company (or
                           similar transaction) in which no Person is or becomes
                           the Beneficial Owner, directly or indirectly, of
                           securities of the Company (not including in the
                           securities Beneficially Owned by such Person any
                           securities acquired directly from the Company or its
                           Affiliates) representing 40% or more of the combined
                           voting power of the Company's then outstanding
                           securities;

                  iv.      the stockholders of the Company approve a plan of
                           complete liquidation or dissolution of the Company or
                           there is consummated an agreement for the sale or
                           disposition by the Company of more than 50% of the
                           Company's assets, other than a sale or disposition by
                           the Company of more than 50% of the Company's assets
                           to an entity, at least 50% of the combined voting
                           power of the voting securities of which are owned by
                           stockholders of the Company in substantially the same
                           proportions as their ownership of the Company
                           immediately prior to such sale; or

                  v.       any other event that the Administrative Committee, in
                           its sole discretion, determines to be a Change in
                           Control for purposes of this Plan.

                  Notwithstanding the foregoing, a "Change in Control" shall not
be deemed to have occurred by virtue of the consummation of any transaction or
series of integrated transactions immediately following which the record holders
of the common stock of the Company immediately prior to such transaction or
series of transactions continue to have substantially the same proportionate
ownership in an entity which owns all or substantially all of the assets of the
Company immediately following such transaction or series of transactions.

         (g)      "Company" means Visteon Corporation, or any successor thereto.

         (h)      "Date of Grant" means the date that Restricted Shares are
                  granted to a Participant.

         (i)      "Disability" means unable to engage in any substantially
                  gainful activity by reason of any medically determinable
                  physical or mental impairment which can be expected to result
                  in death or which has lasted or can be expected to last for a
                  continuous period of not less than 12 months.

         (j)      "Exchange Act" means the Securities Exchange Act of 1934, as
                  amended.

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         (k)      "Participant" means each member of the Board who is not a
                  common-law employee of the Company.

         (l)      "Person" means person as defined in Section 3(a)(9) of the
                  Exchange Act, as modified and used in Sections 13(d) and 14(d)
                  thereof, except that such term shall not include: (i) the
                  Company or any of its subsidiaries, (ii) a trustee or other
                  fiduciary holding securities under an employee benefit plan of
                  the Company or any of its Affiliates, (iii) an underwriter
                  temporarily holding securities pursuant to an offering of such
                  securities, or (iv) a corporation owned, directly or
                  indirectly, by the stockholders of the Company in
                  substantially the same proportions as their ownership of
                  Company stock.

         (m)      "Plan" means this Visteon Corporation Restricted Stock Plan
                  for Non-Employee Directors, as amended from time to time.

         (n)      "Restricted Shares" means Shares which are subject to the
                  restrictions set forth in Section 5 of the Plan.

         (o)      "Shares" means shares of the Company's common stock, par value
                  $1.00 per share.

SECTION 3. ADMINISTRATION BY THE ADMINISTRATIVE COMMITTEE

         While the Plan is intended to be generally self-administering, the
         Administrative Committee shall have the full power and discretionary
         authority to: (a) interpret and administer the Plan and any instrument
         or award agreement relating to or made under the Plan; (b) establish,
         amend, suspend or waive such rules and regulations and appoint such
         agents as it shall deem appropriate for the proper administration of
         the Plan; and (c) make any other determination, and take any other
         action, that the Administrative Committee deems necessary or desirable
         for the administration of the Plan. The decisions and determinations of
         the Administrative Committee need not be uniform and may be made
         differently among Participants, and shall be final, binding and
         conclusive on all interested parties.

SECTION 4. AWARD OF RESTRICTED STOCK

         Subject to the restrictions set forth in Section 5 below, Participants
         shall automatically receive Restricted Shares, without payment
         therefor, on the following Dates of Grant and in accordance with the
         following terms:

         (a)      On the date this Plan is approved by the Board, each
                  Participant shall receive a grant of 3,000 Restricted Shares.

         (b)      On the date of each annual meeting of the Company's
                  stockholders, each Participant (including a newly-elected
                  non-employee member of the Board) shall receive a grant of
                  3,000 Restricted Shares.

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         In addition, the Board may establish such additional Dates of Grant as
         may be necessary or appropriate in order to make a grant of Restricted
         Shares in such amount as the Board may determine to a newly-appointed
         Participant whose appointment to the Board does not coincide with the
         date of the annual meeting of the Company's stockholders; provided that
         any such grants shall be made by the Board, excluding the participation
         of the affected Board member.

         Each grant of Restricted Shares shall be evidenced by a written award
         agreement between the Company and Participant, in such form as is
         determined by the Administrative Committee.

SECTION 5. RESTRICTIONS

         Restricted Shares granted to a Participant may not be sold, transferred
         or otherwise alienated or hypothecated, and shall be forfeited by the
         Participant if the Participant terminates his service as a member of
         the Board, during the period beginning on the Date of Grant of such
         Restricted Shares and ending on the earlier to occur of: (a) the
         Participant's death or Disability, (b) the third (3rd) anniversary of
         the Date of Grant, or (c) the date of a Change in Control.

SECTION 6. CERTIFICATE LEGEND; TRANSFER AFTER LAPSE OF RESTRICTIONS

         (a)      In addition to any legends placed on certificates for Shares
                  under Subsection (b) hereof, each certificate for Restricted
                  Shares shall bear the following legend:

                  "The sale or other transfer of the shares of stock represented
                  by this certificate, whether voluntarily or by operation of
                  law, is subject to certain restrictions set forth in the
                  Visteon Corporation Restricted Stock Plan for Non-Employee
                  Directors and an Award Agreement between Visteon Corporation
                  and the registered owner hereof. A copy of such Plan and
                  Agreement may be obtained from the Secretary of Visteon
                  Corporation."

         (b)      Except as otherwise provided herein, after the lapse of the
                  restrictions described in Section 5, the Restricted Shares
                  shall thereafter be freely transferable by the Participant and
                  new certificates for the Shares without the legend described
                  in Subsection (a) above shall be issued to the Participant
                  upon his or her request. Notwithstanding the foregoing, the
                  Participant agrees and acknowledges with respect to the Shares
                  that: (i) the Participant will not sell or otherwise dispose
                  of such Shares except pursuant to an effective registration
                  statement under the Act and any applicable state securities
                  laws, which the Company may but shall not be required to file,
                  or in a transaction which, in the opinion of counsel for the
                  Company, is exempt from such registration, and (ii) a legend
                  may be placed on the certificates for the Shares to such
                  effect.

         (c)      Notwithstanding anything herein to the contrary, in the event
                  of any underwritten public offering of the Company's
                  securities pursuant to an effective registration

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         statement filed under the Act and upon the request of the Company or
         the underwriters managing any underwritten offering of the Company's
         securities, the Participant shall not directly or indirectly sell, make
         any short sale of, loan, hypothecate, pledge, offer, grant or sell any
         option or other contract for the purchase of, or otherwise dispose of
         or transfer, or agree to engage in any of the foregoing transactions
         with respect to, any Shares (other than those included in the
         registration) acquired under this Plan without the prior written
         consent of the Company or such underwriters, as the case may be, for
         such period of time (not to exceed 180 days) from the effective date of
         such registration as may be requested by the Company or such managing
         underwriters.

SECTION 7. BENEFICIARY

         Each Participant may designate one or more beneficiaries who shall be
         entitled to receive the Restricted Shares in the event the Participant
         dies while a member of the Board. The Participant may from time to time
         revoke or change the beneficiary without the consent of any prior
         beneficiary by filing a new designation with the Secretary of the
         Company. The last such designation received by the Secretary of the
         Company shall be controlling. If no beneficiary designation is in
         effect at the time the Participant dies, or if no designated
         beneficiary survives the Participant, the Participant's Restricted
         Shares shall be transferred to the Participant's estate.

         If the Participant dies after ceasing to be a member of the Board, any
         non-forfeited Shares held by the Participant shall be transferred to
         the Participant's estate.

SECTION 8. VOTING RIGHTS; DIVIDENDS AND OTHER DISTRIBUTIONS

         During the restriction period described in Section 5 hereof, the
         Participant shall be entitled to exercise full voting rights with
         respect to the Restricted Shares and shall be entitled to receive all
         dividends and other distributions paid with respect to such Restricted
         Shares. If any such dividends or distributions are paid in shares of
         the Company's common stock, such shares shall be subject to the same
         restrictions as the Restricted Shares with respect to which they were
         paid.

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SECTION 9. ADJUSTMENTS

         In the event that the Administrative Committee shall determine that any
         dividend or other distribution (whether in the form of cash, stock,
         other securities or other property), recapitalization, stock split,
         reverse stock split, reorganization, merger, consolidation, split-up,
         spin-off, combination, repurchase or exchange of stock or other
         securities of the Company, issuance of warrants or other rights to
         purchase stock or other securities of the Company, or other similar
         corporate transaction or event affects the Shares such that an
         adjustment is determined by the Administrative Committee to be
         appropriate in order to prevent dilution or enlargement of the benefits
         or potential benefits intended to be made available under the Plan,
         then the Administrative Committee may, in such manner as it may deem
         equitable, adjust any or all of: (a) the number and type of Shares
         subject to the Plan and which thereafter may be made the subject of
         awards under the Plan, and (b) the number and type of Shares subject to
         outstanding awards.

SECTION 10. AMENDMENT AND TERMINATION

         (a)      The Board reserves the right to amend or terminate this Plan,
                  or amend any award agreement, at any time; provided that the
                  authority of the Administrative Committee to administer the
                  Plan and the Board to amend any award agreement shall extend
                  beyond the date of the Plan's termination.

         (b)      No amendment or termination of the Plan, and no amendment of
                  any award agreement, shall adversely affect the rights of any
                  Participant with respect to any Restricted Shares then
                  outstanding without the written consent of the Participant.

SECTION 11. MISCELLANEOUS

         (a)      The granting of awards of Restricted Shares under the Plan and
                  the issuance of Shares in connection therewith shall be
                  subject to all applicable laws, rules and regulations, and to
                  such approvals by any governmental agencies or national
                  securities exchanges as may be required.

         (b)      This Plan shall be governed by and construed in accordance
                  with the internal laws of the State of Delaware, without
                  reference to conflict of law principles thereof.

         (c)      If any provision of the Plan or any award agreement or any
                  award of Restricted Shares is or becomes or is deemed to be
                  invalid, illegal or unenforceable in any jurisdiction, or as
                  to any person or award, or would disqualify the Plan, any
                  award agreement or any award under any law deemed applicable
                  by the Administrative Committee, such provision shall be
                  construed or deemed amended to conform to applicable laws, or
                  if it cannot be so construed or deemed amended without, in the
                  determination of the Administrative Committee, materially
                  altering the intent of the Plan, any award agreement or the
                  award, such provision shall be stricken as to such
                  jurisdiction, person or award, and the remainder of the Plan,
                  any such award agreement and any such award shall remain in
                  full force and effect.

                                      -6-
<PAGE>   7

         (d)      The Plan shall be binding upon, and inure to the benefit, the
                  Company and its successors and assigns, and upon any person
                  acquiring, whether by merger, consolidation, purchase of
                  assets or otherwise, all or substantially all of the Company's
                  assets and business.

                                      -7-

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