Document:

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                                                                   EXHIBIT 10.22

                                    FORM OF
                              AMENDED AND RESTATED
                      CHANGE IN CONTROL SEVERANCE AGREEMENT
                              (SENIOR MANAGEMENT)

                  THIS AMENDED AND RESTATED AGREEMENT ("Agreement"), initially
effective as of the 10th day of February, 2000 (the "Effective Date"), is
amended and restated in its entirety effective as of July 13, 2000, by and
between Allegheny Technologies Incorporated, a Delaware corporation (hereinafter
referred to as the "Company"), and the individual identified on the signature
page of this Agreement (the "Executive").

                              W I T N E S S E T H:

                  WHEREAS, the Board of Directors of the Company (the "Board")
has approved the Company entering into this agreement providing for certain
severance protection for the Executive following a Change in Control (as
hereinafter defined);

                  WHEREAS, the Board of Directors approved certain changes at
its meeting of July 13, 2000 and the parties hereto intend to hereby amend and
restate the Agreement in its entirety effective as of July 13, 2000 without
changing the Effective Date;

                  WHEREAS, the Board of the Company believes that, should the
possibility of a Change in Control arise, it is imperative that the Company be
able to receive and rely upon the Executive's advice, if requested, as to the
best interests of the Company and its stockholders without concern that the
Executive might be distracted by the personal uncertainties and risks created by
the possibility of a Change in Control; and

                  WHEREAS, in addition to the Executive's regular duties, the
Executive may be called upon to assist in the assessment of a possible Change in
Control, advise management and the Board of the Company as to whether such
Change in Control would be in the best interests of the Company and its
stockholders, and to take such other actions as the Board determines to be
appropriate;

                  NOW, THEREFORE, to assure the Company that it will have the
continued dedication of the Executive and the availability of Executive's advice
and counsel notwithstanding the possibility, threat, or occurrence of a Change
in Control, and to induce the Executive to remain in the employ of the Company,
and for good and valuable consideration and the mutual covenants set forth
herein, the Company and the Executive, intending to be legally bound, agree as
follows:

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                             Article I. Definitions

         1.1 Definitions. Whenever used in this Agreement, the following terms
shall have the meanings set forth below when the initial letter of the word or
abbreviation is capitalized:

(a) "Accrued Obligations" means, as of the Effective Date of Termination, the
sum of (i) the Executive's Base Compensation through and including the Effective
Date of Termination, (ii) the amount of any bonus, incentive compensation,
deferred compensation and other cash compensation accrued by the Executive as of
the Effective Date of Termination under the terms of any such arrangement and
not then paid, including, but not limited to, AIP accrued but not paid for a
year ending prior to the year in which occur, the Effective Date of Termination,
(iii) unused vacation time monetized at the then rate of Base Compensation, (iv)
expense reimbursements or other cash entitlements, (v) amounts accrued,
including but not limited to amounts accrued as a result of the application of
Section 2.2(g), under any qualified, non-qualified or supplemental employee
benefit plan, payroll practice, policy or perquisite.

(b) "AIP" means the Company's Annual Incentive Plan as it exists on the date
hereof and as it may be amended, supplemented or modified from time to time or
any successor plan.

(c) "Base Compensation" shall mean (1) the highest annual rate of base salary of
the Executive within the time period consisting of two years prior to the date
of a Change in Control and the Effective Date of Termination and (2) the AIP
bonus target for performance in the calendar year that a Change in Control
occurs or the actual AIP payment for the year immediately preceding the Change
in Control, whichever is higher.

(d) "Beneficiary" shall mean the persons or entities designated or deemed
designated by the Executive pursuant to Section 7.2 herein.

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

(f) For purposes hereof, the term "Cause" shall mean the Executive's conviction
of a felony, breach of a fiduciary duty involving personal profit to the
Executive or intentional failure to perform stated duties reasonably associated
with the Executive's position; provided, however, an intentional failure to
perform stated duties shall not constitute Cause unless and until the Board
provides the Executive with written notice setting forth the specific duties
that, in the Board's view, the Executive has failed to perform and the Executive
is provided a period of thirty (30) days to cure such specific failure(s) to the
reasonable satisfaction of the Board.

(g) For the purposes of this Agreement, "Change in Control" shall mean, and
shall be deemed to have occurred upon the occurrence of, any of the following
events:

                  (1) The Company acquires actual knowledge that (x) any Person,
                  other than the Company, a subsidiary, any employee benefit
                  plan(s) sponsored by the Company or a subsidiary, has acquired
                  the Beneficial Ownership, directly or indirectly, of
                  securities of the Company entitling such Person to 20% or more
                  of the Voting Power of the Company, or (y) any Person or
                  Persons agree to act together for the purpose of acquiring,
                  holding, voting or disposing of securities of the Company or
                  to act in

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                  concert or otherwise with the purpose or effect of changing or
                  influencing control of the Company, or in connection with or
                  as Beneficial Ownership, directly or indirectly, of securities
                  of the Company entitling such Person(s) to 20% or more of the
                  Voting Power of the Company; or

                  (2) The completion of a Tender Offer is made to acquire
                  securities of the Company entitling the holders thereof to 20%
                  or more of the Voting Power of the Company; or

                  (3) The occurrence of a successful solicitation subject to
                  Rule 14a-11 under the Securities Exchange Act of 1934 as
                  amended (or any successor Rule) (the "1934 Act") relating to
                  the election or removal of 50% or more of the members of the
                  Board or any class of the Board shall be made by any person
                  other than the Company or less than 51% of the members of the
                  Board (excluding vacant seats) shall be Continuing Directors;
                  or

                  (4) The occurrence of a merger, consolidation, share exchange,
                  division or sale or other disposition of assets of the Company
                  as a result of which the stockholders of the Company
                  immediately prior to such transaction shall not hold, directly
                  or indirectly, immediately following such transaction a
                  majority of the Voting Power of (i) in the case of a merger or
                  consolidation, the surviving or resulting corporation, (ii) in
                  the case of a share exchange, the acquiring corporation or
                  (iii) in the case of a division or a sale or other disposition
                  of assets, each surviving, resulting or acquiring corporation
                  which, immediately following the transaction, holds more than
                  20% of the consolidated assets of the Company immediately
                  prior to the transaction;

provided, however that (A) if securities beneficially owned by Executive are
included in determining the Beneficial Ownership of a Person referred to in
Section (i), (B) if Executive is named pursuant to Item 2 of the Schedule 14D-1
(or any similar successor filing requirement) required to be filed by the bidder
making a Tender Offer referred to in Section (ii) or (C) if Executive is a
"participant" as defined in Instruction 3 to Item 4 of Schedule 14A under the
1934 Act in a solicitation referred to in Section (iii) then no Change of
Control with respect to Executive shall be deemed to have occurred by reason of
any such event.

                  For the purposes of Section 1(g), the following terms shall
have the following meanings:

                  (i) The term "Person" shall be used as that term is used in
                  Section 13(d) and 14(d) of the 1934 Act as in effect on the
                  Effective Date hereof.

                  (ii) "Beneficial Ownership" shall be determined as provided in
                  Rule 13d-3 under the 1934 Act as in effect on the Effective
                  Date hereof.

                  (iii) A specified percentage of "Voting Power" of a company
                  shall mean such number of the Voting Shares as shall enable
                  the holders thereof to cast such

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                  percentage of all the votes which could be cast in an annual
                  election of directors (without consideration of the rights of
                  any class of stock, other than the common stock of the
                  company, to elect directors by a separate class vote); and
                  "Voting Shares" shall mean all securities of a company
                  entitling the holders thereof to vote in an annual election of
                  directors (without consideration of the rights of any class of
                  stock, other than the common stock of the company, to elect
                  directors by a separate class vote).

                  (iv) "Tender Offer" shall mean a tender offer or exchange
                  offer to acquire securities of the Company (other than such an
                  offer made by the Company or any subsidiary), whether or not
                  such offer is approved or opposed by the Board.

                  (v) "Continuing Directors" shall mean a director of the
                  Company who either (x) was a director of the Company on the
                  date hereof or (y) is an individual whose election, or
                  nomination for election, as a director of the Company was
                  approved by a vote of at least two-thirds of the directors
                  then still in office who were Continuing Directors (other than
                  an individual whose initial assumption of office is in
                  connection with an actual or threatened election contest
                  relating to the election of directors of the Company which
                  would be subject to Rule 14a-11 under the 1934 Act, or any
                  successor Rule).

(h) "Code" shall mean the Internal Revenue Code of 1986, as amended.

(i) "Effective Date of Termination" shall mean the date on which the Executive's
employment terminates in a circumstance in which Section 2.1 provides for
Severance Benefits (as defined in Section 2.1).

(j) "Good Reason" shall mean, without the Executive's express written consent,
the occurrence of any one or more of the following:

         (1) A material diminution of the Executive's authorities, duties,
responsibilities, or status (including offices, titles, or reporting
relationships) as an employee of the Company from those in effect as of one
hundred eighty (180) days prior to the Change in Control or as of the date of
execution of this Agreement if a Change in Control occurs within one hundred
eighty (180) days of the execution of this Agreement (the "Reference Date") or
the assignment to the Executive of duties or responsibilities inconsistent with
his position as of the Reference Date, other than an insubstantial and
inadvertent act that is remedied by the Company promptly after receipt of notice
thereof given by the Executive, and other than any such alteration which is
consented to by the Executive in writing;

         (2) The Company's requiring the Executive to be based at a location in
excess of thirty-five (35) miles from the location of the Executive's principal
job location or office immediately prior to the Change in Control, except for
required travel on the Company's business to an extent substantially consistent
with the Executive's present business obligations;

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         (3) A reduction in the Executive's annual salary or any material
reduction by the Company of the Executive's other compensation or benefits from
that in effect on the Reference Date or on the date of the Change in Control,
whichever is greater;

         (4) The failure of the Company to obtain an agreement satisfactory to
the Executive from any successor to the Company to assume and agree to perform
the Company's obligations under this Agreement, as contemplated in Article 5
herein; and

         (5) Any purported termination by the Company of the Executive's
employment that is not effected pursuant to a Notice of Termination satisfying
the requirements of Section 2.6 below, and for purposes of this Agreement, no
such purported termination shall be effective.

The Executive's right to terminate employment for Good Reason shall not be
affected by the Executive's (A) incapacity due to physical or mental illness or
(B) continued employment following the occurrence of any event constituting Good
Reason herein.

(k) "PSP" means the Company's Performance Share Program as it exists on the date
hereof and as it may be, amended, supplemented, or modified from time to time or
any successor plan.

(l) "SARP" means the Company's Stock Acquisition and Retention Program as it
exists on the date hereof and as it may be, amended, supplemented or modified
from time to time or any successor plan.

(m) "Severance Compensation" means three times Base Compensation.

                         Article II. Severance Benefits

         2.1 Right to Severance Benefits. The Executive shall be entitled to
receive from the Company severance benefits described in Section 2.2 below
(collectively, the "Severance Benefits") if a Change in Control shall occur and
within twenty-four (24) months after the Change in Control either of the
following shall occur:

                  (a)      an involuntary termination of the Executive's
                           employment with the Company without Cause; or

                  (b)      a voluntary termination of the Executive's employment
                           with the Company for Good Reason.

         2.2 Severance Benefits. In the event that the Executive becomes
entitled to receive Severance Benefits, as provided in Section 2.1, the Company
shall provide the Executive with total Severance Benefits as follows (but
subject to Sections 2.5 and 2.6):

                  (a)      The Executive shall receive a single lump sum cash
                           Severance Compensation payment within thirty (30)
                           days of the Effective Date of Termination.

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                  (b)      The Executive shall receive the Accrued Obligations.

                  (c)      The Executive shall receive as AIP for the year in
                           which the termination occurs a lump sum cash payment
                           paid within thirty (30) days of the Effective Date of
                           Termination equal to that which would have been paid
                           if corporate and personal performance had achieved
                           120% of target objectives established for the annual
                           period in which the Change in Control occurred,
                           multiplied by a fraction, the numerator of which is
                           the number of days elapsed in the current fiscal
                           period to the Effective Date of Termination, and the
                           denominator of which is 365.

                  (d)      The Executive shall receive a lump sum payment paid
                           within thirty (30) days of the Effective Date of
                           Termination (in accordance with the then current PSP;
                           provided that any portion of the PSP award which
                           would have been paid in stock under the PSP is to be
                           paid in cash based on the current market value of the
                           stock) which payment will be determined based upon
                           actual performance for the number of full years of
                           completed then current PSP measurement period(s) at
                           the time of the Effective Date of Termination and for
                           years not yet completed in the then current PSP
                           measurement period(s) Executive will be assumed to
                           have met all applicable goals at 120% of performance.

                  (e)      Financial planning assistance and all welfare
                           benefits, including medical, dental, vision, life and
                           disability benefits pursuant to plans under which the
                           Executive and/or the Executive's family is eligible
                           to receive benefits and/or coverage shall be
                           continued for a period of thirty-six (36) months
                           after the Effective Date of Termination. Such
                           benefits shall be provided to the Executive at no
                           less than the same coverage level as in effect as of
                           the date of the Change in Control. The Company shall
                           pay the full cost of such continued benefits, except
                           that the Executive shall bear any portion of such
                           cost as was required to be borne by key executives of
                           the Company generally at the date of the Change in
                           Control. Notwithstanding the foregoing, the benefits
                           described in this Section 2.2(e) may be discontinued
                           prior to the end of the periods provided in this
                           Section to the extent, but only to the extent, that
                           the Executive receives substantially similar benefits
                           from a subsequent employer. In the event any
                           insurance carrier shall refuse to provide coverage to
                           a former employee, the Company shall secure
                           comparable coverage or may self-insure the benefits
                           if it pays such benefits together with a payment to
                           the Executive equal to the federal income tax
                           consequences of payments to a former highly
                           compensated employee from a discriminatory
                           self-insured plan. In addition to the foregoing, the
                           Executive shall be considered a retiree under all
                           retiree health, life or other welfare benefit plans
                           then in effect, whether or not the Executive is then
                           eligible to retire under the terms of any plan,

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                           commencing at a time elected by the Executive but no
                           earlier than the last day upon which the Company has
                           an obligation to provide welfare benefits at an
                           active employee rate under this paragraph. If the
                           Executive is employed by a third party after his
                           termination of service with the Company, he shall be
                           eligible to commence such retiree welfare benefit
                           coverage from the Company at a time chosen by the
                           Executive (or if applicable, his spouse or dependent)
                           at any time after his employment with such third
                           party ceases. In the event that the value of any
                           retiree welfare plan coverage is determined to be
                           discriminatory under the Code, the Company shall make
                           the Executive whole for federal, state and local
                           income tax consequences by paying to the Executive
                           (or his spouse or dependents, if applicable) cash
                           payments, no less frequently than quarterly, in
                           amounts equal to the sum of the federal, state and
                           local income tax consequences of receiving a
                           discriminatory benefit, including the federal, state
                           and local income tax consequences of such cash
                           payments.

                  (f)      The Executive shall be entitled to reimbursement for
                           actual payments made for professional outplacement
                           services or job search not to exceed $25,000 in
                           the aggregate.

                  (g)      In determining the Executive's pension benefit
                           following entitlement to a Severance Benefit, (i) the
                           Executive shall be deemed to have satisfied the age
                           and service requirements for full vesting under the
                           Company's qualified (within applicable legal
                           parameters), non-qualified and supplemental pension
                           plans as of the Effective Date of Termination in
                           which the Executive then participates such that the
                           Executive shall be entitled to receive the full
                           accrued benefit (based on actual service rendered
                           through the Effective Date of Termination plus the
                           service under subsection 2.2(g)(ii)) under all such
                           plans in effect as of the date of the Change in
                           Control, without any actuarial reduction for early
                           payment and (ii) the Executive shall be credited with
                           years of service for all purposes under each such
                           plan equal to the number used to multiply Base
                           Compensation in Section 1.1(m) (not to exceed a
                           maximum total of ten credited years of service under
                           the Company's Supplemental Pension Plan, if
                           applicable). To the extent the amounts determined
                           after giving effect to this Section 2.2(g) cannot be
                           paid from or under the qualified plan, as determined
                           by the administrator of the qualified plan(s), such
                           amounts shall be paid in a single cash payment with
                           the Accrued Obligations as provided in Section
                           2.2(b), it being understood that the Executive will
                           receive all amounts that can be paid from or under a
                           qualified pension plan from such plan when such
                           amounts otherwise become due.

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                  (h)      With regard to the automobile provided by the Company
                           to the Executive at the Effective Date of
                           Termination, within thirty (30) days of the Effective
                           Date of Termination, the Company shall acquire title
                           to such automobile if it does not then have title,
                           satisfy any lease obligation, lien or encumbrance
                           related to such automobile and transfer to the
                           Executive, free and clear of all encumbrances, the
                           title to the automobile.

                  (i)      If the Executive was investing in Company common
                           stock through automatic payroll deductions under the
                           Company's Employee Stock Purchase Plan (the "ESPP")
                           on the first business day of the year in which the
                           Change in Control occurs (the "ESPP Date"), the
                           Company shall pay the Executive a lump sum cash
                           payment within thirty (30) days of the Effective Date
                           of Termination equal to the amount the Company would
                           have paid as matching contributions under the ESPP if
                           the Executive had continued to invest in the ESPP at
                           the same level of participation in effect on the ESPP
                           Date for the number of years used to multiply Base
                           Compensation in Section 1.1(m).

         2.3. Stock Options. All Company stock options previously granted to the
Executive shall be fully vested and exercisable immediately upon a Change in
Control. Such options shall be exercisable for the remainder of the term
established by the Company's stock option plan as if the options had vested in
accordance with the normal vesting schedule and the Executive had remained an
employee of the Company. Company stock acquired pursuant to any such exercise
may be sold by the Executive free of any Company restrictions, whatsoever (other
than those imposed by federal and state securities laws).

         2.4. SARP. In the event of entitlement to a Severance Benefit, all
forfeiture restrictions on all Company stock purchased by or granted to the
Executive under the Company's SARP shall lapse and all shares of restricted
stock shall vest. All of the foregoing shares may be sold by the Executive free
of any Company restrictions whatsoever (other than those imposed by federal and
state securities laws). Any promissory notes of Executive under the SARP shall
be paid off by the Executive within ninety (90) days after Executive's receipt
of the Severance Benefits.

         2.5. Termination for any Other Reason. If the Executive's employment
with the Company is terminated under any circumstances other than those set
forth in Section 2.1, including without limitation by reason of retirement,
death, disability, discharge for Cause or resignation without Good Reason, or
any termination, for any reason, that occurs prior to a Change in Control (other
than as provided below) or after twenty-four (24) months following a Change in
Control, the Executive shall have no right to receive the Severance Benefits
under this Agreement or to receive any payments in respect of this Agreement. In
such event Executive's benefits, if any, in respect of such termination shall be
determined in accordance with the Company's retirement, survivor's benefits,
insurance, and other applicable plans, programs, policies and practices then in
effect. Notwithstanding anything in this Agreement to the contrary, if the
Executive's employment with the Company is terminated at any time from three (3)
to

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eight (8) months prior to the date on which a Change in Control occurs either
(i) by the Company other than for Cause or (ii) by the Executive for Good
Reason, and it is reasonably demonstrated that termination of employment (a) was
at the request of an unrelated third party who has taken steps reasonably
calculated to effect a Change in Control, or (b) otherwise arose in connection
with or in anticipation of the Change in Control, then for all purposes of this
Agreement the termination shall be deemed to have occurred as if immediately
following a Change in Control for Good Reason and the Executive shall be
entitled to Severance Benefits as provided in Section 2.2 hereof.
Notwithstanding anything in this Agreement to the contrary, if the Executive's
employment with the Company is terminated at any time within three (3) months
prior to the date on which a Change in Control occurs either (i) by the Company
other than for Cause or (ii) by the Executive for Good Reason, such termination
shall conclusively be deemed to have occurred as if immediately following a
Change in Control for Good Reason and the Executive shall be entitled to
Severance Benefits as provided in Section 2.2. hereof.

         2.6. Notice of Termination. Any termination by the Company for Cause or
by the Executive for Good Reason shall be communicated by Notice of Termination
to the other party. For purposes of this Agreement, a "Notice of Termination"
shall mean a written notice which shall indicate the specific termination
provision in this Agreement relied upon, and shall set forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination of
the Executive's employment under the provision so indicated.

         2.7. Withholding of Taxes. The Company shall withhold from any amounts
payable under this Agreement all Federal, state, local, or other taxes that are
legally required to be withheld.

         2.8. Certain Additional Payments by the Company.

                  (a)      Notwithstanding anything in this Agreement to the
                           contrary, in the event it shall be determined that
                           any economic benefit or payment or distribution by
                           the Company to or for the benefit of the Executive,
                           whether paid or payable or distributed or
                           distributable pursuant to the terms of this Agreement
                           or otherwise (a "Payment"), would be subject to the
                           excise tax imposed by Section 4999 of the Code or any
                           interest or penalties with respect to such excise tax
                           (such excise tax, together with any such interest and
                           penalties, are hereinafter collectively referred to
                           as the "Excise Tax"), then the Executive shall be
                           entitled to receive an additional payment (a
                           "Gross-Up-Payment") in an amount such that after
                           payment by the Executive of all taxes (including any
                           interest or penalties imposed with respect to such
                           taxes), including any Excise Tax imposed upon the
                           Gross-Up Payment, the Executive retains an amount of
                           the Gross-Up Payment equal to the Excise Tax imposed
                           upon the Payments.

                  (b)      Subject to the provisions of Section 2.8(c), all
                           determinations required to be made under this Section
                           2.8, including whether a Gross-Up Payment is required
                           and the amount of such Gross-Up Payment, shall be
                           made by the

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                           Company's regular outside independent public
                           accounting firm (the "Accounting Firm") which shall
                           provide detailed supporting calculations both to the
                           Company and the Executive within fifteen (15)
                           business days of the Effective Date of Termination,
                           if applicable, or such earlier time as is requested
                           by the Company . The initial Gross-Up Payment, if
                           any, as determined pursuant to this Section 2.8(b),
                           shall be paid to the Executive within five (5) days
                           of the receipt of the Accounting Firm's
                           determination. If the Accounting Firm determines that
                           no Excise Tax is payable by the Executive, it shall
                           furnish the Executive with an opinion that the
                           Executive has substantial authority not to report any
                           Excise Tax or excess parachute payments on
                           Executive's federal income tax return. Any
                           determination by the Accounting Firm shall be binding
                           upon the Company and the Executive. As a result of
                           the uncertainty in the application of Section 4999 of
                           the Code at the time of the initial determination by
                           the Accounting Firm hereunder, it is possible that
                           Gross-Up Payments which will not have been made by
                           the Company should have been made ("Underpayment"),
                           consistent with the calculations required to be made
                           hereunder. In the event that the Company exhausts its
                           remedies pursuant to Section 2.8(c) and the Executive
                           thereafter is required to make a payment of any
                           Excise Tax, the Accounting Firm shall determine the
                           amount of the Underpayment that has occurred and any
                           such Underpayment shall be promptly paid by the
                           Company to or for the benefit of the Executive.

                  (c)      The Executive shall notify the Company in writing of
                           any claim by the Internal Revenue Service that, if
                           successful, would require the payment by the Company
                           of the Gross-Up Payment. Such notification shall be
                           given as soon as practicable but no later than ten
                           (10) business days after the later of either (i) the
                           date the Executive has actual knowledge of such
                           claim, or (ii) ten (10) days after the Internal
                           Revenue Service issues to the Executive either a
                           written report proposing imposition of the Excise Tax
                           or a statutory notice of deficiency with respect
                           thereto, and shall apprise the Company of the nature
                           of such claim and the date on which such claim is
                           requested to be paid. The Executive shall not pay
                           such claim prior to the expiration of the thirty-day
                           period following the date on which he gives such
                           notice to the Company (or such shorter period ending
                           on the date that any payment of taxes with respect to
                           such claim is due). If the Company notifies the
                           Executive in writing prior to the expiration of such
                           period that the Company desires to contest such
                           claim, the Executive shall: (i) give the Company any
                           information reasonably requested by the Company
                           relating to such claim, (ii) take such action in
                           connection with contesting such claim as the Company
                           shall reasonably request in writing from time to
                           time, including, without limitation, accepting legal
                           representation with respect to such claim by an
                           attorney reasonably selected by the Company, (iii)
                           cooperate with the Company in good faith in order
                           effectively to contest such claim, (iv) permit the
                           Company to participate in any

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                           proceedings relating to such claim; provided,
                           however, that the Company shall bear and pay directly
                           all costs and expenses (including additional interest
                           and penalties) incurred in connection with such
                           contest and shall indemnify and hold the Executive
                           harmless, on an after-tax basis, for any Excise Tax
                           or income tax, including interest and penalties with
                           respect thereto, imposed as a result of such
                           representation and payment of costs and expenses.
                           Without limitation of the foregoing provisions of
                           this Section 2.8(c), the Company shall control all
                           proceedings taken in connection with such contest
                           and, at its sole option, may pursue or forego any and
                           all administrative appeals, proceedings, hearings and
                           conferences with the taxing authority in respect of
                           such claim and may, at its sole option, either direct
                           the Executive to request or accede to a request for
                           an extension of the statute of limitations with
                           respect only to the tax claimed, or pay the tax
                           claimed and sue for a refund or contest the claim in
                           any permissible manner, and the Executive agrees to
                           prosecute such contest to a determination before any
                           administrative tribunal, in a court of initial
                           jurisdiction and in one or more appellate courts, as
                           the Company shall determine; provided, however, that
                           if the Company directs the Executive to pay such
                           claim and sue for a refund, the Company shall advance
                           the amount of such payment to the Executive, on an
                           interest-free basis and shall indemnify and hold the
                           Executive harmless, on an after-tax basis, from any
                           Excise Tax or income tax, including interest or
                           penalties with respect thereto, imposed with respect
                           to such advance or with respect to any imputed income
                           with respect to such advance; and provided further
                           that any extension of the statute of limitations
                           requested or acceded to by the Executive at the
                           Company's request and relating to payment of taxes
                           for the taxable year of the Executive with respect to
                           which such contested amount is claimed to be due is
                           limited solely to such contested amount. Furthermore,
                           the Company's control of the contest shall be limited
                           to issues with respect to which a Gross-Up Payment
                           would be payable hereunder and the Executive shall be
                           entitled to settle or contest, as the case may be,
                           any other issue raised by the Internal Revenue
                           Service or any other taxing authority.

                  (d)      If, after the receipt by the Executive of an amount
                           advanced by the Company pursuant to Section 2.8(c),
                           the Executive becomes entitled to receive any refund
                           with respect to such claim, the Executive shall
                           (subject to the Company's complying with the
                           requirements of Section 2.8(c)) promptly pay to the
                           Company the amount of such refund (together with any
                           interest paid or credited thereon after taxes
                           applicable thereto). If, after the receipt by the
                           Executive of an amount advanced by the Company
                           pursuant to Section 2.8(c), a determination is made
                           that the Executive shall not be entitled to any
                           refund with respect to such claim and the Company
                           does not notify the Executive in writing of its
                           intent to contest such denial of refund prior to the
                           expiration of thirty (30) days after such

                                      -11-
<PAGE>   12

                           determination, then such advance shall be forgiven
                           and shall not be required to be repaid and the amount
                           of such advance shall offset, to the extent thereof,
                           the amount of Gross-Up Payment required to be paid.

                  (e)      In the event that any state or municipality or
                           subdivision thereof shall subject any Payment to any
                           special tax which shall be in addition to the
                           generally applicable income tax imposed by such
                           state, municipality, or subdivision with respect to
                           receipt of such Payment, the foregoing provisions of
                           this Section 2.8 shall apply, mutatis mutandis, with
                           respect to such special tax.

                  Article III. The Company's Payment Obligation

         3.1 Payment Obligations Absolute. Except as otherwise provided in the
last sentence of Section 2.2(e), the Company's obligation to make the payments
and the arrangements provided for in this Agreement shall be absolute and
unconditional, and shall not be affected by any circumstances, including,
without limitation, any offset, counterclaim, recoupment, defense, or other
right that the Company may have against the Executive or any other party. All
amounts payable by the Company under this Agreement shall be paid without notice
or demand. Each and every payment made hereunder by the Company shall be final,
and the Company shall not seek to recover all or any part of such payment from
the Executive or from whomsoever may be entitled thereto, for any reasons
whatsoever. Notwithstanding any other provisions of this Agreement to the
contrary, the Company shall have no obligation to make any payment to the
Executive hereunder to the extent, but only to the extent, that such payment is
prohibited by the terms of any final order of a Federal or state court or
regulatory agency of competent jurisdiction; provided, however, that such an
order shall not affect, impair, or invalidate any provision of this Agreement
not expressly subject to such order.

         3.2 Contractual Rights to Payments and Benefits. This Agreement
establishes and vests in the Executive a contractual right to the payments and
benefits to which the Executive is entitled hereunder. Nothing herein contained
shall require or be deemed to require, or prohibit or be deemed to prohibit, the
Company to segregate, earmark, or otherwise set aside any funds or other assets,
in trust or otherwise, to provide for any payments to be made or required
hereunder. The Executive shall not be obligated to seek other employment in
mitigation of the amounts payable or arrangements made under any provision of
this Agreement, and the obtaining of any such other employment shall in no event
effect any reduction of the Company's obligations to make the payments and
arrangements required to be made under this Agreement, except to the extent
provided in the last sentence of Section 2.2(e).

                   Article IV . Enforcement and Legal Remedies

         4.1. Consent to Jurisdiction. Each of the parties hereto irrevocably
consents to personal jurisdiction in any action brought in connection with this
Agreement in the United States District Court for the Western District of
Pennsylvania or any Pennsylvania court of competent jurisdiction. The parties
also consent to venue in the above forums and to the

                                      -12-
<PAGE>   13

convenience of the above forums. Any suit brought to enforce the provisions of
this Agreement must be brought in the aforementioned forums.

         4.2 Cost of Enforcement. In the event that it shall be necessary or
desirable for the Executive to retain legal counsel in connection with the
enforcement of any or all of Executive's rights to Severance Benefits under
Section 2.2 of this Agreement, and provided that the Executive substantially
prevails in the enforcement of such rights, the Company, as applicable, shall
pay (or the Executive shall be entitled to recover from the Company, as the case
may be) the Executive's reasonable attorneys' fees, costs and expenses in
connection with the enforcement of Executive's rights.

                      Article V. Binding Effect; Successors

         The rights of the parties hereunder shall inure to the benefit of their
respective successors, assigns, nominees, or other legal representatives. The
Company shall require any successor (whether direct or indirect, by purchase,
merger, reorganization, consolidation, acquisition of property or stock,
liquidation, or otherwise) to all or a significant portion of the assets of the
Company, as the case may be, by agreement in form and substance reasonably
satisfactory to the Executive, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company, as the
case may be, would be required to perform if no such succession had taken place.
Regardless of whether such agreement is executed, this Agreement shall be
binding upon any successor in accordance with the operation of law and such
successor shall be deemed the "Company", as the case may be, for purposes of
this Agreement.

                          Article VI. Term of Agreement

         The term of this Agreement shall commence on the Effective Date and
shall continue in effect for three (3) full years (the "Term") unless further
extended as provided in this Article. The Term of this Agreement shall be
automatically and without action by either party extended for one additional
calendar month on the last business day of each calendar month so that at any
given time there are no fewer than 35 nor more than 36 months remaining unless
one party gives written notice to the other that it no longer wishes to extend
the Term of this Agreement, after which written notice, the Term shall not be
further extended except as may be provided in the following sentence. However,
in the event a Change in Control occurs during the Term, this Agreement will
remain in effect for the longer of: (i) thirty-six (36) months beyond the month
in which such Change in Control occurred; or (ii) until all obligations of the
Company hereunder have been fulfilled and all benefits required hereunder have
been paid to the Executive or other party entitled thereto.

                           Article VII. Miscellaneous

         7.1 Employment Status. Neither this Agreement nor any provision hereof
shall be deemed to create or confer upon the Executive any right to be retained
in the employ of the Company or any subsidiary or other affiliate thereof.

                                      -13-
<PAGE>   14

         7.2 Beneficiaries. The Executive may designate one or more persons or
entities as the primary and/or contingent Beneficiaries of any Severance
Benefits owing to the Executive under this Agreement. Such designation must be
in the form of a signed writing acceptable to the Board of Directors of the
Company. The Executive may make or change such designation at any time.

         7.3 Entire Agreement. This Agreement contains the entire understanding
of the Company and the Executive with respect to the subject matter hereof. Any
payments actually made under this Agreement in the event of the Executive's
termination of employment shall be in lieu of any severance benefits payable
under any severance plan, program, or policy of the Company to which the
Executive might otherwise be entitled.

         7.4 Gender and Number. Except where otherwise indicated by the context,
any masculine term used herein also shall include the feminine; the plural shall
include the singular, and the singular shall include the plural.

         7.5 Notices. All notices, requests, demands, and other communications
hereunder must be in writing and shall be deemed to have been duly given if
delivered by hand or mailed within the continental United States by first-class
certified mail, return receipt requested, postage prepaid, to the other party,
addressed as follows:

         (a) If to the Company:

             Allegheny Technologies Incorporated
             1000 Six PPG Place
             Pittsburgh, PA 15222-5479
             Attn:  Senior Vice President, General Counsel and Secretary

         (b) If to Executive, to the Executive's address set forth at the end of
this Agreement. Addresses may be changed by written notice sent to the other
party at the last recorded address of that party.

         7.6 Execution in Counterparts. The parties hereto in counterparts may
execute this Agreement, each of which shall be deemed to be original, but all
such counterparts shall constitute one and the same instrument, and all
signatures need not appear on any one counterpart.

         7.7. Severability. In the event any provision of this Agreement shall
be held illegal or invalid for any reason, the illegality or invalidity shall
not affect the remaining parts of the Agreement, and the Agreement shall be
construed and enforced as if the illegal or invalid provision had not been
included. Further, the captions of this Agreement are for convenience of
reference and not part of the provisions hereof and shall have no force and
effect.

                                      -14-
<PAGE>   15

         7.8. Modification. No provision of this Agreement may be modified,
waived, or discharged unless such modification, waiver, or discharge is agreed
to in writing and signed by the Executive and on behalf of the Company.

         7.9. Applicable Law. To the extent not preempted by the laws of the
United States, the laws of the Commonwealth of Pennsylvania, other than the
conflict of law provisions thereof, shall be the controlling laws in all matters
relating to this Agreement.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and
year first above written.

                     ALLEGHENY TECHNOLOGIES INCORPORATED

                     By:
                       ---------------------------------------

                     Title:

                     EXECUTIVE:

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

                     Name:
                     Address:

                                      -15-<PAGE>   1

                                                                   EXHIBIT 10.27

                       ALLEGHENY TECHNOLOGIES INCORPORATED

                      EXECUTIVE DEFERRED COMPENSATION PLAN
                               (Revised 10/10/00)

                   as amended and restated as of July 9, 1994,
              further amended and restated as of December 31, 1998,
            further amended and restated as of December 7, 1999, and
              further amended and restated as of September 18, 2000

<PAGE>   2

1 Purpose. The Allegheny Technologies Incorporated Executive Deferred
Compensation Plan, formerly known as the Allegheny Teledyne Incorporated
Executive Deferred Compensation Plan which in turn was the successor to the
Teledyne, Inc. Executive Deferred Compensation Plan, is an unfunded plan
maintained for the purpose of providing deferred compensation for a select group
of management or highly compensated employees, within the meaning of Sections
201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act
of 1974, as amended ("ERISA").

2 Definitions.

         2.1 "Account" shall mean the bookkeeping account maintained by the
Committee for each Participant that is credited with (1) the portion of the
Participant's Salary that he/she elects to defer, (2) the portion of the
Participant's Bonus that he/she elects to defer, (3) portions of the
Participant's account balance under the Prior Plan and (4) earnings on such
amounts.

         2.2 "Beneficiary" shall mean the person or persons, trustee, or other
legal entity or entities last designated by the Participant on a form approved
by the Director of Human Resources or his/her designee to receive the benefits
specified hereunder in the event of the Participant's death. If the Participant
has not designated a beneficiary or if no person designated as a beneficiary
survives the Participant, the payment of the Participant's benefits under this
Plan following his/her death shall be made (a) to the Participant's spouse, if
living, (b) if his/her spouse is not then living, to his/her then living issue
by right of representation, (c) if neither his/her spouse nor his/her issue are
then living, to his/her then living parents, or (d) if none of the above are
then living, to his/her estate. Notwithstanding the foregoing, the Beneficiary
of an Insurable Participant under the Plan must be the same as the beneficiary
designated with respect to the benefit provided under Article 8 hereof if the
Insurable Participant dies prior to his/her Payment Eligibility Date.

         2.3 "Bonus" shall mean the award or awards payable (i) under the
Allegheny Technologies Incorporated Annual Incentive Plan (or the comparable
annual incentive plan of a subsidiary, if applicable, and any predecessor or
successor program to any such annual incentive plan) or (ii) as a special bonus
under a written employment agreement between the Company or a subsidiary and a
Participant.

         2.4 "Code" shall mean the Internal Revenue Code of 1986, as amended.

         2.5 "Committee" shall mean the administrative committee appointed
pursuant to Section 9.1 of the Plan.

         2.6 "Company" shall mean Allegheny Technologies Incorporated, a
Delaware corporation, and any corporation which is a subsidiary of the
corporation (within the meaning of Code Section 424(f)) of Allegheny
Technologies Incorporated, unless the context requires otherwise.

                                     - 1 -
<PAGE>   3

         2.7 "Compensation" shall mean the Salary and Bonus paid by the Company
to a Participant.

         2.8 "Director of Human Resources" shall mean the Director, Human
Resources Administration - Pension and Benefits of Allegheny Technologies
Incorporated located at 1000 Six PPG Place, Pittsburgh, Pennsylvania 15222-5479
or such other person as the Committee may from time to time designate.

         2.09 "Effective Date" shall mean September 1, 1994.

         2.10 "Eligible Employee" shall mean:

                  2.10.1 For a Plan Year other than the Plan Years described in
         Sections 2.10.2, 2.10.3 and 2.10.4, each employee of the Company who:
         (a) as of December 1 of the preceding Plan Year holds the title of
         president of an operating company; or (b) received Compensation during
         the preceding Plan Year at least equal to $100,000.

                  2.10.2 For the first Plan Year of the Plan, each employee of
         the Company who: (a) as of the Effective Date holds the title of
         president of an operating company; or (b) for employees of Teledyne,
         Inc. who were participants in the Plan prior to July 9, 1998, received
         or is expected to receive Compensation during the applicable calendar
         year at least equal to the amount specified in Section 4.14(q)(1)(B) of
         the Code, as such amount is adjusted for such calendar year by the
         Secretary of the Treasury for increases in the cost of living.

                  2.10.3 For the first Plan Year in which employees of Allegheny
         Teledyne Incorporated and Allegheny Ludlum Corporation could have
         participated in the Plan, each employee of the Company who: (a) as of
         July 9, 1998 holds the title of president of an operating company; or
         (b) received or is expected to receive Compensation during calendar
         year 1998 at least equal to the amount specified in Section
         4.14(q)(1)(B) of the Code, as such amount is adjusted for such calendar
         year by the Secretary of the Treasury for increases in the cost of
         living.

                  2.10.4 For any Plan Year beginning after December 1, 1998
         which includes an employee's date of hire, each employee of the Company
         who: (a) as of the employee's date of hire holds the title of president
         of an operating company; or (b) receives Compensation during such Plan
         Year at least equal to $100,000. For purposes of this Section 2.10.4
         only, Compensation shall include Salary that would be paid if the
         employee's Salary were paid for the full Plan Year, and shall include a
         Bonus, if any, that would have been paid at 100% of the target bonus
         amount for performance during said Plan Year.

         2.11 "Fund" or "Funds" shall mean one or more of the mutual funds,
investment portfolios or contracts selected by the Committee pursuant to Section
4.3.2.

                                     - 2 -
<PAGE>   4

         2.12 "Initial Election Period" shall mean the first thirty days of the
first Plan Year during which an employee of the Company is an Eligible Employee
or, in the case of an employee who is an Eligible Employee on his/her date of
hire after the Effective Date, the first thirty days after such date of hire;
provided, however, that the Initial Election Period for employees of Allegheny
Teledyne Incorporated and Allegheny Ludlum Corporation on July 9, 1998 shall
mean the period from July 9, 1998 through July 31, 1998, unless the Committee
shall determine to extend such Initial Election Period to a date no later than
August 30, 1998.

         2.13 "Insurable Participant" shall mean a Participant who satisfies
underwriting standards for the issuance of life insurance determined by the
insurance company selected by the Company to provide the pre-distribution death
benefit described in Article 8.

         2.14 "Interest Rate" shall mean, for each Fund, an amount equal to the
net rate, expressed as a percent, of gain or loss on the assets of such Fund
during a month, reduced for calendar years beginning before December 31, 1998,
with respect to Funds selected by Insurable Participants, by .0833 percent. If a
Participant satisfied the definition of an Insurable Participant (as set forth
in Section 2.14) prior to December 31, 1998 AND at the time he/she becomes a
Participant, but fails to satisfy such definition thereafter, the .0833 percent
reduction described in the preceding sentence shall apply only to that portion
of the net rate of gain or loss credited to the Participant's Account as:

                  (1) the Participant's Account balance on the last of the month
in which such failure occurs bears to

                  (2) the Participant's Account balance on the last day of the
month preceding the month for which such gain or loss is allocated.

                  Effective January 1, 1999, the Interest Rate shall be, for
each Fund, the net rate, expressed as a percent, of gain or loss on the assets
of such Fund for the applicable period.

         2.15 "Participant" shall mean any Eligible Employee who, prior to the
Effective Date, has not announced his/her intention to retire and who (a) elects
to defer Compensation in accordance with Section 4.1, or (b) has an account
balance under the Prior Plan.

         2.16 "Payment Eligibility Date" shall mean:

                  2.16.1 The date selected by an Eligible Employee on his/her
         Deferred Election form with respect to (i) compensation deferred for
         all Plan Years prior to 1999, and (ii) compensation deferred for each
         given Plan Year after 1998.

                  2.16.2 If a Payment Eligibility Date is: (i) elected after the
         Participant's termination of employment, the Participant may choose
         only from the first day of the month following the end of the calendar
         quarter, (a) in which said termination occurs, (b) in which occurs the
         fifth, tenth or fifteenth anniversary of such event, or (c) in which
         the Participant attains the previously designated age after such event;
         and (ii) if elected prior

                                     - 3 -
<PAGE>   5

         to the Participant's termination of employment (such an election under
         this clause (ii) may not be made for compensation deferred for a Plan
         Year prior to 1999), distribution will occur in January of the
         designated Plan Year, and the designated Plan Year must begin at least
         three calendar years after the end of the Plan Year for which such
         election is made.

                  2.16.3 A Participant may change his/her Payment Eligibility
         Date under Section 2.16.2. (ii) above only twice and such change is
         subject to the following conditions: (a) the existing Payment
         Eligibility Date must be at least one year from the date of the
         election to change, and (b) the second change is subject to the
         approval of the Committee.

                  2.16.4 In the event no election is made, the Payment
         Eligibility Date shall be the first day of the month following the end
         of the calendar quarter in which a Participant terminates employment.

                  2.16.5 A Participant receiving benefits under the Company's
         short-term disability plan or on an approved leave of absence shall not
         be deemed to have terminated employment for purposes of the Plan.

                  2.16.6 The Payment Eligibility Date shall be no later than the
         first day of the month following the end of the calendar quarter in
         which the Participant's death occurs.

         2.17 "Plan" shall mean the Allegheny Technologies Incorporated
Executive Deferred Compensation Plan as set forth herein, or as amended from
time to time. The Plan was formerly known as the Allegheny Teledyne Incorporated
Executive Deferred Compensation Plan which in turn was the successor plan to the
Teledyne, Inc. Executive Deferred Compensation Plan.

         2.18 "Plan Year" shall mean the calendar year, except that the initial
Plan Year shall be the period from the Effective Date through December 31, 1994
for employees of Teledyne, Inc. and its subsidiaries, and the initial Plan Year
shall be the period from August 1, 1998 through December 31, 1998 for employees
of Allegheny Teledyne Incorporated and Allegheny Ludlum Corporation.

         2.19 "Prior Plan" shall mean the nonqualified plan or arrangement
maintained by the Company for deferral of bonuses prior to the Effective Date.

         2.20 "Retirement" shall mean the date as of which a Participant
commences to receive a benefit under a pension plan maintained by the Company,
the date as of which a Participant commences to receive disability benefits
under the Company's long-term disability plan or, in the case of a Participant
who is not entitled to benefits under the Company's long-term disability plan,
the date the Committee determines is the first date the Participant satisfies
the definition of disability set forth in that plan.

         2.21 "Salary" shall mean the base rate of pay that an employee is
entitled to receive for services rendered to the Company.

                                     - 4 -
<PAGE>   6

3 Participation. An Eligible Employee who, prior to the Effective Date, has not
announced his/her intention to retire shall become a Participant in the Plan on
(a) the first day of the first pay period for which he/she elects to defer a
portion of his/her Compensation in accordance with Section 4.1, or (b) the
Effective Date if he/she has an account balance under the Prior Plan.

4 Deferral Elections.

         4.1 Elections to Defer Compensation. For calendar years beginning on or
after January 1, 1999, an Eligible Employee may elect to defer, in increments of
1% and subject to the limitation set forth herein, a portion of his/her Salary
and, separately, a portion of his/her Bonus for the calendar year following the
calendar year in which a written election, on a form approved by the Director of
Human Resources or his/her designee, to defer Salary and/or Bonus is delivered
to the Director of Human Resources or his/her designee. Each election to defer
Salary and/or Bonus shall be effective for only the next succeeding calendar
year, shall expire on the last day of the calendar year next following its
delivery and shall specify the Participant's elections as to distribution time
and form from among those then permitted under the Plan. No election may be for
less than 5% of the Salary or Bonus payment, respectively, and no election shall
exceed an amount which would prevent the Eligible Employee from making required
or elected contributions under employee benefit plans or to have required
federal, state and local income or payroll tax payments made or such other
amounts as determined appropriate by the Committee. An election to defer Salary
or Bonus with respect to services rendered during a calendar year must be filed
with the Director of Human Resources or his/her designee on or before December 1
of the preceding calendar year. For calendar years ending before January 1,
1999, deferrals shall be governed by the Plan as in effect as of that date.

                  4.1.1 Initial Election Period. Each Eligible Employee may
         elect to defer Compensation by filing with the Director of Human
         Resources or his/her designee an election, on a form approved by the
         Director of Human Resources or his/her designee, no later than the last
         day of his/her Initial Election Period. An election to defer
         Compensation during the Initial Election Period shall be effective with
         respect to the Participant's Salary earned during the first pay period
         beginning after the election and with respect to the portion of the
         Participant's Bonus attributable to the portion of the calendar year
         following the election.

                  4.1.2 Elections other than Elections during the Initial
         Election Period. Subject to the limitations of Section 4.1 above, any
         Eligible Employee who fails to elect to defer Compensation during
         his/her Initial Election Period may subsequently elect to defer
         Compensation, by filing with the Director of Human Resources or his/her
         designee an election, on a form approved by the Director of Human
         Resources or his/her designee, to defer Compensation as described in
         Section 4.1 above. An election to defer Salary payable during a
         calendar year must be filed with the Director of Human Resources or
         his/her designee on or before December 1 of the preceding calendar
         year. An election to defer Bonus payable with respect to services
         rendered during a calendar year must be filed with the Director of
         Human Resources or his/her designee on or before December 1 of the
         preceding calendar year.

                                     - 5 -
<PAGE>   7

         4.2 Duration of Elections.

                  4.2.1 Duration of Salary Deferral Election. Any Salary
         deferral election made under Section 4.1.1 or Section 4.1.2 shall be
         irrevocable and shall apply only to the Salary earned during the
         calendar year for which the election is made. For each subsequent
         calendar year, an Eligible Employee must make a new election, subject
         to the limitations set forth in Section 4.1, to defer a percentage of
         his/her Salary. Such an election shall be made on a form approved by
         the Director of Human Resources or his/her designee, on or before
         December 1 of the preceding calendar year.

                  4.2.2 Duration of Bonus Deferral Election. Any Bonus deferral
         election made under Section 4.1.1 or Section 4.1.2 shall be irrevocable
         and shall apply only to the Bonus payable with respect to services
         performed during the calendar year for which the election is made. For
         each subsequent calendar year, an Eligible Employee must make a new
         election, subject to the limitations set forth in Section 4.1, to defer
         a percentage of his/her Bonus. Such an election shall be made on a form
         approved by the Director of Human Resources or his/her designee, on or
         before December 1 of the calendar year preceding the calendar year in
         which the services that are to result in the Bonus are performed.

                  4.2.3 Extension of Election Deadline. Notwithstanding the
         foregoing provisions of this Section 4.2, the Committee may extend the
         deadline for filing elections set forth herein from December 1 of a
         particular calendar year as the Committee shall determine. The
         Committee shall give notice of such extension to all Eligible
         Employees.

         4.3 Investment Elections.

                  4.3.1 Investment Options. The Committee shall select from time
         to time the types of mutual funds, investment portfolios underlying
         universal life products or contracts in which Participants' Accounts
         shall be deemed to be invested. At the time an Eligible Employee first
         becomes a Participant, the Participant shall file with the Director of
         Human Resources or his/her designee a form provided by the Committee
         designating which of such types of mutual funds, investment portfolios
         or contracts the Participant's Account shall be deemed to be invested
         in for purposes of determining the amount of earnings to be credited to
         such Account. In making the designation pursuant to this Section 4.3.1,
         the Participant may specify that all or any portion of his/her Account,
         designated in whole percentages, be deemed to be invested in one or
         more of the types of mutual funds, investment portfolios or contracts
         selected by the Committee. A Participant may change monthly the
         designation made under this Section 4.3.1 by filing with the Director
         of Human Resources or his/her designee an election, on a form provided
         by the Committee, at any time during a month, with such change to be
         effective as of the first day of the month immediately succeeding the
         date on which such form is filed. If a Participant fails to elect a
         type of fund under this Section 4.3.1, any prior election shall remain
         in effect or, if there is no prior election of types of funds, any
         deferral election

                                     - 6 -
<PAGE>   8

         made by the Participant shall be void. If a Participant who receives
         allocations to his/her Account only pursuant to Sections 5.3 and 5.4
         fails to elect a type of fund under this Section 4.3.1, he/she shall be
         deemed to have elected the fund or contract designated by the Committee
         as the default fund.

                  4.3.2 Committee Selection of Funds. Although the Participant
         may designate the type of mutual funds, investment portfolios or
         contracts pursuant to Section 4.3.1, the Committee shall select from
         time to time, in its sole discretion, a commercially available fund,
         portfolio or contract of each of the types selected pursuant to Section
         4.3.1 to be the Funds. The Interest Rate of each such Fund shall be
         used to determine the amount of earnings to be credited to
         Participants' Accounts under Section 5.4.

5 Participant Accounts. The Committee shall establish and maintain an Account
for each Participant under the Plan. Each Participant's Account shall be further
divided into separate subaccounts ("subaccounts"), each of which corresponds to
a mutual fund, investment portfolio or contract elected by the Participant in
accordance with Section 4.3. A Participant's Account shall be credited as
follows:

         5.1 Salary Credits. As of the last day of each month, the Committee
shall credit the subaccounts of the Participant's Account with an amount equal
to Salary deferred by the Participant during each pay period ending in that
month in accordance with the Participant's election under Section 4.2; that is,
the portion of the Participant's deferred Salary that the Participant has
elected to be deemed to be invested in a certain type of Fund shall be credited
to the subaccount corresponding to that Fund.

         5.2 Bonus Credits. As of the last day of the month in which the Bonus
is payable, the Committee shall credit the subaccounts of the Participant's
Account with an amount equal to the portion of the Bonus deferred by the
Participant in accordance with the Participant's election under Section 4.2;
that is, the portion of the Participant's deferred Bonus that the Participant
has elected to be deemed to be invested in a particular type of Fund shall be
credited to the subaccount corresponding to that Fund.

         5.3 Prior Plan Credits. As of the Effective Date, the Committee shall
credit the subaccounts of the Participant's Account with an amount equal to 25
percent of the Participant's account balance under the Prior Plan as of the
Effective Date. As of September 1 of each of the following years, the Committee
shall credit the subaccounts of the Participant's Account with an amount equal
to the percentage set forth below of the Participant's account balance under the
Prior Plan as of such date:

                           1995             33-1/3
                           1996             50
                           1997             100

                                     - 7 -
<PAGE>   9

Notwithstanding the foregoing, as of a Participant's Payment Eligibility Date
prior to September 1, 1997, the Committee shall credit the subaccounts of the
Participant's Account with an amount equal to any unpaid balance then remaining
in the Participant's account under the Prior Plan.

         5.4 Earnings Credits. As of the last day of each month in which any
amount remains credited to a Participant's Account, each subaccount of a
Participant's Account shall be credited with earnings in an amount equal to that
determined by multiplying the balance credited to such subaccount as of the last
day of the preceding month by the Interest Rate for that month for the
corresponding Fund selected by the Company pursuant to Section 4.3.

6 Vesting.  A Participant's Account shall be 100 percent vested at all times.

7 Distributions.

         7.1 Amount and Time of Distribution.

                  7.1.1 Payment as of Payment Eligibility Date. Each Participant
         (or, in the case of his/her death, his/her Beneficiary) shall be
         entitled to receive a distribution of benefits under this Plan as soon
         as practicable following his/her Payment Eligibility Date. The amount
         payable to a Participant shall be the amount credited to the
         Participant's Account as of his/her Payment Eligibility Date.

                  7.1.2 Payment Prior to Payment Eligibility Date. A Participant
         may elect by filing with the Director of Human Resources or his/her
         designee, on a form approved by the Director of Human Resources or
         his/her designee, to receive (at any time prior to his/her Payment
         Eligibility Date) an amount equal to ninety percent of his/her Account
         balance. If the Participant makes an election described in this Section
         7.1.2, then (i) the balance of the Participant's Account not
         distributed to the Participant shall be forfeited to the Company; (ii)
         the amount to which he/she is entitled under this Section 7.1.2 shall
         be distributed to the Participant in a single lump sum within thirty
         days following such election; (iii) the Participant shall be prohibited
         from participating in the Plan for the balance of the Plan Year in
         which this distribution is made and the following Plan Year; and (iv)
         any elections previously made pursuant to Article 4 of this Plan shall
         cease to be effective.

         7.2 Form of Distribution.

                  7.2.1 Pre-Retirement Distributions. If a Participant's Payment
         Eligibility Date occurs prior to the date of his/her termination of
         employment, the Participant's Account shall be paid to such Participant
         in the form of a single lump sum.

                  7.2.2 Post-Retirement Distributions. If a Participant's
         Payment Eligibility Date occurs on or after the date of his/her
         termination of employment, the Participant's Account shall be paid to
         such Participant or, in the event of the Participant's death on or
         after his/her Payment Eligibility Date, his/her Beneficiary, in the
         form of sixty quarterly

                                     - 8 -
<PAGE>   10

         installments. Such installment payments shall commence on the
         Participant's Payment Eligibility Date or as soon thereafter as is
         practicable and shall continue on the first day of each of the 59
         calendar quarters thereafter.

                  7.2.3 Election of Optional Form of Distributions.
         Notwithstanding the provisions of Section 7.2.2, a Participant whose
         Payment Eligibility Date occurs on or after the date of his/her
         termination of employment may elect to receive distribution of his/her
         Account balance with respect to (i) compensation deferred for all Plan
         Years prior to 1999, and (ii) compensation deferred for each given Plan
         Year after 1998 in a single lump sum, twenty quarterly installments,
         forty quarterly installments or sixty quarterly installments provided
         that at least one year prior to his/her Payment Eligibility Date, the
         Director of Human Resources or his/her designee receives from the
         Participant a notice, on a form approved by the Director of Human
         Resources or his/her designee, that the Participant elects to receive
         payment in one of such optional forms. Any such payment shall be made
         or commence to be made as of the Participant's Payment Eligibility Date
         with respect to compensation deferred for the given Plan Year(s). Any
         election made pursuant to this Section 7.2.3 may be revoked by filing
         notice of such revocation with the Director of Human Resources or
         his/her designee on or before the date which is one year prior to the
         Participant's Payment Eligibility Date. A Beneficiary of a Participant
         whose death occurs after his/her termination of employment shall
         continue to receive the remaining quarterly installments until
         exhausted, or if such installments have not begun or if a single lump
         sum were elected by the Participant, distribution to the Beneficiary
         shall be in the form of a single lump sum.

                  7.2.4 Method for Calculating Installments. If a Participant or
         Beneficiary receives payment of his/her Account balance in installments
         pursuant to Section 7.2.2 or 7.2.3, the amount of each quarterly
         installment payable during the Plan Year which includes the
         Participant's Payment Eligibility Date shall equal the Participant's
         Account balance on the Payment Eligibility Date divided by the total
         number of installments the Participant or Beneficiary is scheduled to
         receive. The amount of each quarterly installment payable during each
         succeeding Plan Year, other than the last Plan Year in which the
         Participant or Beneficiary receives installment payments under the
         Plan, shall equal the Participant's Account balance on September 30 of
         the preceding Plan Year divided by the number of installments remaining
         to be paid after the last day of such preceding Plan Year. The amount
         of each quarterly installment payable during the last Plan Year in
         which the Participant or Beneficiary receives installment payments
         under the Plan shall equal the Participant's Account balance on the
         last day of the second preceding calendar quarter divided by the number
         of installments remaining to be paid after the last day of the
         preceding calendar quarter, except that the final quarterly installment
         shall be equal to the remaining balance in the Participant's Account.

                  7.2.5 Small Account Balances. Notwithstanding any other
         provision of this Section 7.2, if a Participant's Account balance on
         his/her Payment Eligibility Date is $10,000 or less, such Account
         balance shall be paid in a single lump sum. For calendar years
         beginning on or after January 1, 1999, $30,000 shall be substituted for
         $10,000 in

                                     - 9 -
<PAGE>   11

         the preceding sentence, with respect to each separate form of
         distribution having a different Payment Eligibility Date.

8 Pre-Distribution Death Benefit.

         8.1 Amount of Benefit. The Company shall own and maintain one or more
life insurance policies on the life of each Insurable Participant (collectively,
the "Policy") each with a death benefit no less than the death benefit payable
under this Section 8.1. Until an employee of the Company (other than a
Participant who has already been determined not to be an Insurable Participant)
completes an application for the Policy, any deferral elections made by the
employee pursuant to Article 4 hereof shall be void. If an Insurable Participant
shall die at least sixty days following the first day of the month in which
allocations pursuant to Article 5 of the Plan are first made to his/her Account
and prior to his/her termination of employment, his/her Beneficiary shall
receive directly from the insurance company issuing the Policy in a single lump
sum an amount equal the lesser of (a) or (b), where (a) equals the greatest of
(i) the amount of insurance coverage in effect on December 31, 1998, (ii) the
Participant's Account balance as of a relevant time or (iii) $1,000,000 and (b)
equals the greater of: (i) ten times the amounts allocated to the Insurable
Participant's Account pursuant to Sections 5.1 and/or 5.2 during the first
twelve months in which the Insurable Participant receives allocations to his/her
Account; or (ii) two times the Insurable Participant's Account balance as of
his/her date of death if the Insurable Participant has not attained age 56 at
the date of death or, if the Insurable Participant is age 56 or older at death,
1.5 times the Insurable Participant's Account balance as of his/her date of
death.

         8.2 Other Rules.

                  8.2.1 Reduction of Account Balance. Notwithstanding anything
contained herein to the contrary, any benefits otherwise payable with respect to
an Insurable Participant under this Plan shall be reduced by the value of
benefits received by the Insurable Participant's Beneficiary under the Policy.

                  8.2.2 Death on or After Termination of Employment. If an
Insurable Participant shall die on or after his/her termination of employment,
his/her Beneficiary shall receive no benefits under the Policy and any death
benefits thereunder shall be paid to the Company.

                  8.2.3 Effect of Account Distribution Prior to Termination of
Employment. If an Insurable Participant receives a distribution pursuant to
Section 7.1.2, for purposes of Section 8.1, the first twelve months in which
he/she receives allocations to his/her Account shall be deemed to be the first
Plan Year after such distribution in which he/she receives allocations under
Section 5.1 or 5.2 and, for purposes of Section 8.1, the Insurable Participant's
Account shall include only amounts allocated to the Insurable Participant's
Account following such distribution and prior to his/her date of death.

                  8.2.4 Death Prior to Eligibility for Pre-Distribution Death
Benefit. If a Participant should die before completing the sixty-day eligibility
period for the pre-distribution

                                     - 10 -
<PAGE>   12

death benefit set forth in Section 8.1, his/her Beneficiary shall receive only
the balance in the Participant's Account as of the Participant's Payment
Eligibility Date.

                  8.2.5 Failure to Remain Insurable. Notwithstanding the
foregoing provisions of this Article 8, if a Participant satisfies the
definition of an Insurable Participant (as set forth in Section 2.13) at the
time he/she becomes a Participant, but fails to satisfy such definition
thereafter, the pre-distribution death benefit payable to the Participant's
Beneficiary shall equal the lesser of:

                           (1) the pre-distribution death benefit determined
under the foregoing provisions of this Article 8; or

                           (2) the death benefit under the Policy payable to the
Participant's Beneficiary at the time the Participant fails to satisfy the
definition of an Insurable Participant.

9 Administration.

         9.1 Committee Action. The Plan shall be administered by the Committee,
consisting of at least three members, appointed by and holding office at the
pleasure of the Personnel and Compensation Committee of the Board of Directors
of the Company or, in the absence of a specific designation by the Personnel and
Compensation Committee of the Board of Directors of the Company, the Plan
Administrative Committee of the Company as then constituted. The Committee shall
act at meetings by an affirmative vote of a majority of the members of the
Committee. Any action permitted to be taken at a meeting may be taken without a
meeting if all members of the Committee sign a written consent to the action and
such written consent is filed with the minutes of the proceedings of the
Committee. A member of the Committee shall not vote or act upon any matter that
relates solely to himself as a Participant. The Chairman or any other member or
members of the Committee designated by the Chairman may execute any certificate
or other written direction on behalf of the Committee.

         9.2 Powers and Duties of the Committee. The Committee, on behalf of the
Participants and their Beneficiaries, shall enforce the Plan in accordance with
its terms, shall be charged with the general administration of the Plan, and
shall have all powers necessary to accomplish its purposes, including, but not
by way of limitation, the following:

                  9.2.1 To determine all questions relating to the eligibility
of employees to participate;

                  9.2.2 To construe and interpret the terms and provisions of
this Plan;

                  9.2.3 To compute and certify to the amount and kind of
benefits payable to Participants and their Beneficiaries;

                  9.2.4 To maintain all records that may be necessary for the
administration of the Plan;

                                     - 11 -
<PAGE>   13

                  9.2.5 To provide for the disclosure of all information and the
filing or provision of all reports and statements to Participants, Beneficiaries
or governmental agencies as shall be required by law;

                  9.2.6 To make and publish such rules for the regulation of the
Plan and procedures for the administration of the Plan as are not inconsistent
with the terms hereof; and

                  9.2.7 To appoint a plan administrator or, any other agent, and
to delegate to such person such powers and duties in connection with the
administration of the Plan as the Committee may from time to time prescribe.

         9.3 Construction and Interpretation. The Committee shall have full
discretion to construe and interpret the terms and provisions of this Plan,
which interpretation or construction shall be final and binding on all parties,
including but not limited to the Company and any Participant or Beneficiary. The
Committee shall administer such terms and provisions in a uniform and
nondiscriminatory manner and in full accordance with any and all laws applicable
to the Plan.

         9.4 Information. To enable the Committee to perform its functions, the
Company shall supply full and timely information to the Committee on all matters
relating to the Compensation of all Participants, their death or other cause of
termination, and such other pertinent facts as the Committee may require.

         9.5 Compensation, Expenses and Indemnity.

                  9.5.1 The members of the Committee shall serve without
compensation for their services hereunder.

                  9.5.2 The Committee is authorized at the expense of the
Company to employ such legal counsel as it may deem advisable to assist in the
performance of its duties hereunder. The Company shall pay expenses and fees in
connection with the administration of the Plan.

                  9.5.3 The Company shall indemnify and save harmless the
Committee and each member thereof, and the Chief Financial Officer, the Director
of Human Resources or his/her designee, and any delegate of the Committee who is
an employee of the Company against any and all expenses, liabilities and claims,
including legal fees to defend against such liabilities and claims, arising out
of their discharge of responsibilities under or incident to the Plan, other than
expenses and liabilities arising out of willful misconduct. This indemnity shall
not preclude such further indemnities as may be available under insurance
purchased by the Company or provided by the Company under any bylaw, agreement
or otherwise, as such indemnities are permitted under applicable law.

         9.6 Quarterly Statements. Under procedures established by the
Committee, a Participant shall receive quarterly statements with respect to such
Participant's Account.

                                     - 12 -
<PAGE>   14

10 Miscellaneous.

         10.1 Unsecured General Creditor. Participants and their Beneficiaries,
heirs, successors, and assigns shall have no legal or equitable rights, claims,
or interest in any specific property or assets of the Company. No assets of the
Company shall be held in any way as collateral security for the fulfilling of
the obligations of the Company under this Plan. The Company's obligation under
the Plan shall be merely that of an unfunded and unsecured promise of the
Company to pay money in the future, and the rights of the Participants and
Beneficiaries shall be no greater than those of unsecured general creditors. The
Plan is intended to be unfunded for tax purposes and for purposes of Title I of
ERISA.

         10.2 Restriction Against Assignment. The Company shall pay all amounts
payable hereunder only to the person or persons designated by the Plan and not
to any other person or corporation. No part of a Participant's Account shall be
liable for the debts, contracts, or engagements of any Participant, his/her
Beneficiary, or successors in interest, nor shall a Participant's Account be
subject to execution by levy, attachment, or garnishment or by any other legal
or equitable proceeding, nor shall any such person have any right to alienate,
anticipate, commute, pledge, encumber, or assign any benefits or payments
hereunder in any manner whatsoever.

         10.3 No Right to Continued Employment. Neither an employee's
participation in the Plan, nor his/her rights to his/her Account shall confer
upon such employee any right with respect to continuance of employment by or
receipt of Bonuses from the Company, nor shall such items interfere in any way
with the right of the Company to terminate such employee's employment or alter
such employee's Compensation at any time.

         10.4 Withholding. There shall be deducted from each payment made under
the Plan or, if such payment is not large enough, from any other funds payable
to the Participant, all taxes which the Company determines are required to be
withheld with respect to such payment under the Plan. The Company shall have the
right to reduce any payment by the amount of cash sufficient to provide the
amount of said taxes.

         10.5 Amendment, Modification, Suspension or Termination. The Committee
may at any time amend, modify, suspend or terminate the Plan in whole or in
part, subject to ratification by the Personnel and Compensation Committee of the
Company's Board of Directors, except that no amendment, modification, suspension
or termination shall reduce any amounts then credited to a Participant's
Account. The Company shall provide notice of such action to all Participants and
Beneficiaries of deceased Participants. In the event that one or more
subsidiaries of the Company are spun off to shareholders of the Company and a
spun off company agrees to sponsor a plan substantially similar to this Plan,
the Company may, in its discretion, cause a transfer of all, but not less than
all, liabilities with respect to employees of such new company to the new plan
adopted by that new company and, upon such transfer, the Company shall be
released of liability with respect to employees of the new company with respect
to whom liabilities have been transferred.

                                     - 13 -
<PAGE>   15

         10.6 Governing Law. Except to the extent that it is preempted by
federal law, this Plan shall be construed, governed and administered in
accordance with the laws of the State of Delaware.

         10.7 Receipt or Release. Any payment to a Participant or the
Participant's Beneficiary in accordance with the provisions of the Plan,
including but not limited to any payment from an insurance company, shall, to
the extent thereof, be in full satisfaction of all claims under the Plan against
the Committee and the Company. Any payment, whether by the Company or an
insurance company, to a Participant or the Participant's Beneficiary of an
amount described in Section 5.3 shall, to the extent thereof, be in full
satisfaction of all claims to such amount which the Participant or his/her
Beneficiary or any beneficiary designated in accordance with the Prior Plan may
have against the Company or any other person under the Prior Plan. The Committee
may require such Participant or Beneficiary, as a condition precedent to such
payment, to execute a receipt and release to such effect.

         10.8 Payments on Behalf of Minors. In the event that any amount becomes
payable under the Plan to a minor or a person who, in the sole judgment of the
Committee, is considered by reason of physical or mental condition to be unable
to give a valid receipt therefore, the Committee may direct that such payment be
made only to the conservator or the guardian of the estate of such person
appointed by a court of competent jurisdiction or such other person or in such
other manner as the Committee determines is necessary to assure that the payment
will legally discharge the Plan's obligation to such person. Any payment made
pursuant to such determination shall constitute a full release and discharge of
the Committee and the Company.

         10.9 Miscellaneous. All pronouns and any variations thereof contained
herein shall be deemed to refer to masculine or feminine, singular or plural, as
the identity of the person or persons may require. The headings used in this
Plan are for convenience only and shall not be construed in interpreting this
Plan.

                                     - 14 -

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