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                                                                   EXHIBIT 10.19

                              ZIMMER HOLDINGS, INC.
                                   STOCK PLAN
                           FOR NON-EMPLOYEE DIRECTORS

1.    Purpose.

      The purpose of the Zimmer Holdings, Inc. Stock Plan for Non-Employee
Directors (the "Plan") is to secure for Zimmer Holdings, Inc. (the "Company")
and its stockholders the benefits of the incentive inherent in increased Common
Stock ownership by the members of the Board of Directors of the Company (the
"Board") who are Eligible Directors as defined in the Plan.

2.    Administration.

      The Plan shall be administered by the Board. The Board shall have all the
powers vested in it by the terms of the Plan, such powers to include authority
(within the limitations described herein) to prescribe the form of the agreement
embodying awards of stock options ("Options"), restricted stock ("Restricted
Stock") and restricted stock units ("Restricted Stock Units") made under the
Plan (Options, Restricted Stock and Restricted Stock Units, in the aggregate to
be "Awards"). The Board shall, subject to the provisions of the Plan, grant
Awards under the Plan and shall have the power to construe the Plan, to
determine all questions arising thereunder and to adopt and amend such rules and
regulations for the administration of the Plan as it may deem desirable. Any
decision of the Board in the administration of the Plan, as described herein,
shall be final and conclusive. No member of the Board shall be liable for
anything done or omitted to be done by such member or by any other member of the
Board in connection with the Plan, except for such member's own willful
misconduct or as expressly provided by statute.

3.    Amount of Stock.

      The stock which may be issued and sold under the Plan will be the common
stock (par value $.01 per share) of the Company ("Common Stock"), of a total
number not exceeding 2,000,000 shares, subject to adjustment as provided in
Section 7 below. The stock to be issued may be either authorized and unissued
shares or issued shares acquired by the Company or its subsidiaries. In the
event that Awards granted under the Plan terminate or expire (without being
exercised, in the case of Options) or are cancelled, forfeited, exchanged or
surrendered, new Awards may be granted covering the shares not issued under
such lapsed Awards. No more than 25% of the Awards will be in the form of
Restricted Stock or Restricted Stock Units.

4.    Eligible Directors.

      The members of the Board who are eligible to participate in the Plan
("Eligible Directors") are persons who serve as directors of the Company on or
after the effective date of the Plan and:

      (a) who are not current or former employees of the Company and

      (b) who are not and, in the past, have not been eligible to receive
Options on Company stock by participation as an employee in another plan
sponsored by the Company or under a contractual arrangement with the Company.

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5.    Terms and Conditions of Options.

      Each Option granted under the Plan shall be evidenced by an agreement in
such form as the Board shall prescribe from time to time in accordance with the
Plan and shall comply with the following terms and conditions:

      (a) The Option exercise price shall be the fair market value of the Common
Stock shares subject to such Option on the date the Option is granted, which
shall be the average of the high and the low sales prices of a Common Stock
share on the date of grant as reported on the New York Stock Exchange Composite
Transactions Tape or, if the New York Stock Exchange is closed on that date, on
the last preceding date on which the New York Stock Exchange was open for
trading.

      (b) Each year, as of the date of the annual meeting of the stockholders of
the Company ("Annual Meeting"), and at such other dates as the Board deems
appropriate, the Board may award Options to purchase shares of Common Stock
to Eligible Directors who have been elected or reelected or who are
continuing as members of the Board.

      (c) For any calendar year, a participant may elect to convert all or any
portion of the basic fee payable for services on the Board, except those
amounts which are subject to the Mandatory Deferral (as defined in the Zimmer
Holdings, Inc. Deferred Compensation Plan for Non-Employee Directors (the
"Deferral Plan")), into Options to purchase shares of the Company's Common
Stock ("Deferral Options"). The Deferral Options will be granted as of the
date of the next Annual Meeting following the election to convert, or at such
other time as the Board may determine. The Deferral Options will be issued at
a conversion ratio equal to an option to purchase three shares of Common
Stock for each Share Unit the participant would be entitled to receive if the
participant chose to defer all or any portion of the basic fee payable into
Share Units under the Deferral Plan. The Deferral Options will have an
exercise price equal to the market value of a share of the Company's Common
Stock on the date of grant. The Deferral Options will become fully
exercisable on December 31st of the year in which the Deferral Options are
granted if the participant continues as an Eligible Director of the Company,
or at such earlier time as provided under this Plan. A participant's election
to convert all or any portion of the basic fee payable into Deferral Options
shall be made in accordance with the provisions of the Deferral Plan.

      (d) Each Eligible Director who is appointed to the Board before the
effective date of the spin-off of the Company from Bristol-Myers Squibb
Company (the "Distribution Date")  shall receive, during the 90-day period
commencing on the Distribution Date, Options to purchase a total of 50,000
shares. Each Eligible Director who is appointed to the Board on or after the
Distribution Date and before the Company's first Annual Meeting shall
receive, during the 90-day period commencing on the director's date of
appointment, Options to purchase a total of 50,000 shares. These Options
shall be granted by the Board during the applicable 90-day period in three
installments of 16,667 shares, 16,667 shares and 16,666 shares. These Options
will be collectively referred to herein as "Founder's Options". Except as
specifically provided herein, Founder's Options will be subject to the same
terms and conditions as all other Options.

      (e) No Option granted under the Plan shall be transferable by the optionee
other than by will or by the laws of descent and distribution, and such Option
shall be exercisable, during the optionee's lifetime, only by the optionee.
Notwithstanding the foregoing, the Board may set forth in a Stock Option
Agreement, at the time of grant or thereafter, that the Options may be
transferred to members of the optionee's immediate family, to trusts solely for
the benefit of such immediate family members and to partnerships in which such
family members and/or trusts are the only partners. For this purpose, immediate
family means the optionee's spouse, parents,

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children, stepchildren, grandchildren and legal dependants. Any transfer of
Options made under this provision will not be effective until notice of such
transfer is delivered to the Company.

      (f) No Option or any part of an Option shall be exercisable:

            (i) after the expiration of ten years from the date the Option was
granted,

            (ii) unless written notice of the exercise is delivered to the
Company specifying the number of shares to be purchased and payment in full is
made for the shares of Common Stock being acquired thereunder at the time of
exercise, such payment shall be made in such form or manner that the Board at
its discretion may from time to time designate and that may include, without
limitation, payment:

                  (A)   in United States dollars by certified check, or bank
                        draft, or

                  (B)   by tendering to the Company Common Stock shares owned by
                        person exercising the Option and having a fair market
                        value equal to the cash exercise price applicable to
                        such Option, such fair market value to be the average of
                        the high and low sales prices of a Common Stock share on
                        the date of exercise as reported on the New York Stock
                        Exchange Composite Transactions Tape or, if the New York
                        Stock Exchange is closed on that date, on the last
                        preceding date on which the New York Stock Exchange was
                        open for trading, or

                  (C)   by a combination of United States dollars and Common
                        Stock shares as aforesaid, and

            (iii) unless the person exercising the Option has been, at all times
during the period beginning with the date of grant of the Option and ending on
the date of such exercise, an Eligible Director of the Company, except that:

                  (A)   if such a person shall cease to be such an Eligible
                        Director for reasons other than retirement or death,
                        while holding an Option that has not expired and has not
                        been fully exercised, such person, at any time within
                        one year after the date he ceases to be such an Eligible
                        Director (but in no event after the Option has expired
                        under the provisions of Section 5(f)(i) above), may
                        exercise the Option with respect to any Common Stock
                        shares as to which such person has not exercised the
                        Option on the date the person ceased to be such an
                        Eligible Director only to the extent that the Option is
                        exercisable at the time of termination.

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                  (B)   if such person shall cease to be such an Eligible
                        Director by reason of retirement or death while holding
                        an Option that has not expired and has not been fully
                        exercised, such person, or in the case of death, the
                        executors, administrators or distributees, as the case
                        may be, may at any time following the date of retirement
                        or death (but in no event after the expiration of the
                        Option period set forth in Section 5(f)(i) above),
                        exercise the Option with respect to any shares of Common
                        Stock as to which such person has not exercised the
                        Option on the date the person ceased to be such an
                        Eligible Director, notwithstanding the provisions of
                        Sections 5(c) and 5(g).

                  (C)   if any person who has ceased to be such an Eligible
                        Director for reasons other than death, shall die holding
                        an Option that has not been fully exercised, such
                        person's executors, administrators, heirs or
                        distributees, as the case may be, may, at any time
                        within the greater of (1) one year after the date of
                        death or (2) the remainder for the period in which such
                        person could have exercised the Option had the person
                        not died (but in no event under either (1) or (2) after
                        the Option has expired under the provisions of Section
                        5(f)(i) above), exercise the Option with respect to any
                        shares as to which the decedent could have exercised the
                        Option at the time of death.

In the event any Option is exercised by the executors, administrators, legatees
or distributees of the estate of a deceased optionee, the Company shall be under
no obligation to issue stock thereunder unless and until the Company is
satisfied that the person or persons exercising the Option are the duly
appointed legal representatives of the deceased optionee's estate or the proper
legatees or distributees thereof.

      (g) Except with respect to Founder's Options and Deferral Options,
one-quarter (25%) of the total number of shares of Common Stock covered by
the Option shall become exercisable on the first anniversary date of the
grant of the Option; thereafter an additional one-quarter (25%) of the shares
shall become exercisable annually on each subsequent anniversary date of the
grant of the Option until the Option is fully exercisable. With respect to
Founder's Options, the total number of shares of Common Stock covered by the
Founder's Option shall become fully exercisable on the third anniversary date
of the date of grant of the first installment of the optionee's Founder's
Options.

      (h) Notwithstanding anything to the contrary herein, if an Option has been
transferred in accordance with Section 5(e), the Option shall be exercisable
solely by the transferee. The Option shall remain subject to the provisions of
the Plan, including that it will be exercisable only to the extent that the
optionee or optionee's estate would have been entitled to exercise it if

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the optionee had not transferred the Option. In the event of the death of the
transferee prior to the expiration of the right to exercise the Option, the
Option shall be exercisable by the executors, administrators, legatees and
distributees of the transferee's estate, as the case may be for a period of
one year following the date of the transferee's death but in no event shall
the Option be exercisable after the expiration of the Option period set forth
in the Stock Option Agreement. The Option shall be subject to such other
rules as the Board shall determine.

6.    Terms and Conditions of Restricted Stock and Restricted Stock Units.

      Restricted Stock Awards under the Plan shall consist of grants of shares
of Common Stock of the Company. The conditional grant of a Restricted Stock Unit
to a participant will entitle the participant to receive a specified number of
shares of Common Stock, if the objectives specified in the Award, if any, are
achieved and the other terms and conditions thereof are satisfied. Each Award
will be subject to the following terms and conditions:

      (a) The Board shall (i) select the members to whom Restricted Stock and
Restricted Stock Unit Awards may from time to time be granted, (ii) determine
the number of shares to be covered by each Award granted, (iii) determine the
terms and conditions (not inconsistent with the Plan) of any Award granted
hereunder, and (iv) prescribe the form of the agreement, legend or other
instrument necessary or advisable in the administration of Awards under the
Plan.

      (b) Any Restricted Stock and Restricted Stock Unit Award granted under the
Plan shall be evidenced by an agreement executed by the Company and the
recipient, in such form as the Board shall approve, and with such terms and
conditions as the Board shall prescribe.

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      (c) The shares of Restricted Stock awarded pursuant to the Plan shall be
subject to the following restrictions and conditions:

            (i) During the restriction period, the participant will not be
permitted to sell, transfer, pledge or assign Restricted Stock awarded under
this Plan.

            (ii) Except as the Board may otherwise determine, a participant
holding Restricted Stock shall have all of the rights of a stockholder of the
Company, including the right to vote the shares and receive dividends and
other distributions provided that distributions in the form of stock shall be
subject to the same restrictions as the underlying Restricted Stock.

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7.    Adjustment in the Event of Change in Stock.

      In the event of changes in the outstanding Common Stock by reason of stock
dividends, recapitalizations, mergers, consolidations, stock splits,
combinations or exchanges of shares and the like, the aggregate number and
class of shares available under the Plan, the number, class and the price of
shares subject to outstanding Options and Awards of Restricted Stock and
Restricted Stock Units shall be appropriately adjusted by the Board, whose
determination shall be conclusive.

8.    Miscellaneous Provisions.

      (a) Except as expressly provided for in the Plan, no Eligible Director or
other person shall have any claim or right to be granted an Award under the
Plan. Neither the Plan nor any action taken hereunder shall be construed as
giving any Eligible Director any right to be retained in the service of the
Company.

      (b) Except as provided for under Section 5(e), a participant's rights
and interest under the Plan may not be assigned or transferred in whole or in
part either directly or by operation of law or otherwise (except in the event
of a participant's death, by will or the laws of descent and distribution),
including, but not by way of limitations, execution, levy, garnishment,
attachment, pledge, bankruptcy or in any other manner, and no such right or
interest of any participant in the Plan shall be subject to any obligation or
liability of such participant.

      (c) No Common Stock shares shall be issued hereunder unless counsel for
the Company shall be satisfied that such issuance will be in compliance with
applicable federal, state and other securities laws and regulations.

      (d) It shall be a condition to the obligation of the Company to issue
Common Stock shares upon exercise of an Option or with respect to any other
Award, that the participant (or any beneficiary or person entitled to receive
the benefit of an Award) pay to the Company, upon its demand, such amount as
may be requested by the Company for the purpose of satisfying any liability
to withhold federal, state, local or foreign income or other taxes. If the
amount requested is not paid, the Company may refuse to issue Common Stock
shares.

      (e) The expenses of the Plan shall be borne by the Company.

      (f) The Plan shall be unfunded. The Company shall not be required to
establish any special or separate fund or to make any other segregation of
assets to assure the issuance of shares in connection with an Award under the
Plan and issuance of shares in connection with Awards shall be subordinate to
the claims of the Company's general creditors.

      (g) By accepting any Award or other benefit under the Plan, each
participant and each person claiming under or through such person shall be
conclusively deemed to have indicated his acceptance and ratification of, and
consent to, any action taken under the Plan by the Company or the Board.

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9.    Amendment or Discontinuance.

      The Plan may be amended at any time and from time to time by the Board as
the Board shall deem advisable, including, but not limited to amendments
necessary to qualify for any exemption or to comply with applicable law or
regulations; PROVIDED, HOWEVER, that except as provided in Section 7 above,
the Board may not, without further approval by the stockholders of the
Company, increase the maximum number of shares of Common Stock as to which
Awards may be granted under the Plan, reduce the minimum Option exercise
price described in Section 5(a) above, extend the period during which Awards
may be granted or exercised under the Plan or change the class of persons
eligible to receive Awards under the Plan. No amendment of the Plan shall
materially and adversely affect any right of any participant with respect to
any Award theretofore granted without such participant's written consent.

10.   Termination.

      This Plan shall terminate upon the earlier of the following dates or
events to occur:

      (a) upon the adoption of a resolution of the Board terminating the Plan;
or

      (b) ten years from the date the Plan is initially approved and adopted by
the stockholders of the Company, in accordance with Section 11 below.

11.   Effective Date of Plan.

      The Plan shall become effective as of [ ], 2001 or such later date as the
Board may determine, provided that Bristol-Myers Squibb Company in its capacity
as the Company's sole stockholder shall have adopted the Plan.

12.   Governing Law.

      The validity, construction, interpretation and effect of the Plan and
agreements issued under the Plan shall be governed and construed by and
determined in accordance with the laws of the State of Indiana, without giving
effect to the conflict of laws provisions thereof.

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                                                                   EXHIBIT 10.20

                              ZIMMER HOLDINGS, INC.
                           DEFERRED COMPENSATION PLAN
                           FOR NON-EMPLOYEE DIRECTORS

Section 1.  Effective Date.

      The effective date of this Zimmer Holdings, Inc. Deferred Compensation
Plan for Non-Employee Directors (the "Plan") is [ ], 2001 (the "Effective
Date").

Section 2.  Eligibility.

      Any member of the Board of Directors (the "Board") of Zimmer Holdings,
Inc. (the "Company") who is not an officer or employee of the Company or a
subsidiary thereof is eligible to participate in the Plan.

Section 3.  Deferred Compensation Account.

      There shall be established on the books of the Company for each
participant a deferred compensation account in the participant's name.

Section 4.  Amount of Deferral.

      Fifty percent of the basic fee payable to a participant for membership on
the Board (the "Mandatory Deferral") shall be deferred and credited to such
participant's deferred compensation account as Share Units equal to the
number of shares of the Company's common stock which could have been
purchased with the amounts deferred, determined by dividing the dollar value
of the amounts deferred by the fair market value of a share of the Company's
common share as reported in The Wall Street Journal on the effective date of
such deferral until such time as the participant meets a guideline level of
Share Unit or Company common stock ownership established by the Board. In
addition, at each annual meeting of the stockholders of the Company ("Annual
Meeting"), each participant will receive 500 deferred Share Units (the
"Annual Deferred Share Units"). The value of each Annual Deferred Share Unit
will be equal to a share of the Company's common stock as reported in the
Wall Street Journal on the date of grant. For any calendar year, a
participant may elect to defer receipt of compensation in excess of the
participant's Mandatory Deferral (the "Elective Deferral") by filing the
appropriate form pursuant to Section 9 and requesting deferral of: (1) all of
the compensation in excess of the participant's Mandatory Deferral payable to
the participant for serving on the Board and any committee thereof; or (2)
any percentage specified by the participant of the compensation specified in
clause (1) that is in excess of the participant's Mandatory Deferral.

Section 5.  Form and Computation of Deferred Amounts.

      Effective with respect to Elective Deferral amounts deferred after the
Effective Date of the Plan and subject to Section 4, a participant, at the time
he elects to participate in the Plan, shall elect to have the amounts deferred
credited to such participant's deferred compensation account as Treasury Units
or Dollar Units (each an "Investment Option") equal to the number of shares of
the Company's common stock which could have been purchased with the amounts
deferred determined by dividing the dollar value of the amounts deferred by the
fair market value of a share of the Company's common share as reported in The
Wall Street Journal on the

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effective date of such deferral. Such deferrals shall be allocated to Treasury
Units, Dollar Units and/or Share Units in increments of 0%, 33 1/3%, 50%, 66
2/3% or 100%. The amount credited to a participant's deferred compensation
account as Treasury Units shall be credited with interest at a rate to be set by
the Board in January of each year after a review of the six-month United States
Treasury bill discount rates for the preceding year. The amount credited to a
participant's deferred compensation account as Dollar Units shall be credited
with interest at a rate to be set by the Board in January of each year after a
review of investment return on the invested cash of the Company. Upon payment by
the Company of dividends on its common stock, the amount credited to a
participant's deferred compensation account as Share Units shall be credited
with an amount equal to the number of Share Units multiplied by a fraction the
numerator of which is the amount of such dividend and the denominator of which
is the fair market value of a Share of the Company's common stock as reported in
The Wall Street Journal on the day such dividend is payable. The amount of Share
Units in a participant's deferred compensation account shall be adjusted in the
discretion of the Board to take into account a merger, consolidation,
reorganization, recapitalization, stock split or other change in corporate
structure of capitalization affecting the Company's common stock. At its
discretion, the Board may discontinue, modify or offer additional Investment
Options.

Section 6.  Period of Deferral.

      Subject to Section 4, a participant may elect to defer receipt of amounts
attributable to Elective Deferrals (1) until a specified year in the future, (2)
until the cessation of the participant's service as a Director or (3) until the
end of the calendar year in which the cessation of the participant's service as
a Director occurs. If alternative (1) is elected, payment will be made or will
commence within sixty days after the beginning of the year specified; if
alternative (2) is elected, payment will be made or will commence within sixty
days after the cessation of the participant's service as a Director; and if
alternative (3) is elected, payment will be made or will commence within sixty
days after the end of the calendar year in which the cessation of the
participant's service as a Director occurs. If a participant fails to make an
election, payment will be made or will commence within sixty days after the
cessation of the participant's service as a Director. Mandatory Deferrals and
Annual Deferred Share Units will be paid within sixty days after the cessation
of the participant's service as a Director.

Section 7.  Form of Payment.

      A participant may elect to receive Elective Deferrals under the Plan in
either (1) a lump sum in cash or (2) a number of installments in cash, not more
than ten, as specified by the participant. If installment payments are elected,
the amount of each installment shall be equal to the balance in the
participant's deferred compensation account divided by the number of
installments remaining to be paid (including the installment in question). If
a participant fails to make an election, payment will be made in a lump sum
in cash. Mandatory Deferrals and Annual Deferred Share Units will be paid in
shares of the Company's common stock.

Section 8.  Death Prior to Receipt.

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      A participant may elect that, in the event he or she dies prior to receipt
of any or all of the amounts payable pursuant to this Plan, any amounts
remaining in the participant's deferred compensation account attributable to
Elective Deferrals shall be paid to the participant's estate in cash in either
(1) a lump sum within sixty days following notification to the Company of the
participant's death or (2) a number of annual installments, not more than ten,
as specified by the participant. If alternative (2) is elected and payment to
the participant pursuant to clause (2) of Section 7 has not commenced prior to
death, the initial installment payment hereunder shall be made sixty days after
notification to the Company of the participant's death, and the amount of each
such installment shall be determined as provided in the last sentence of Section
7. If alternative (2) is elected and payment to the participant pursuant to
clause (2) of Section 7 had commenced prior to death, the installment payments
to the participant's estate shall be made at the same time and in the same
amount as such payments would have been made to the participant had he or she
survived. For purposes of this Section 8, any amounts deferred as Share Units
shall be converted to Dollar Units by multiplying the number of Share Units
credited to a participant's deferred compensation account on the date of his
death by the fair market value of a share of the Company's common stock on such
date as reported in The Wall Street Journal. Mandatory Deferrals and Annual
Deferred Share Units will be paid within sixty days after the participant's
death in shares of the Company's common stock.

Section 9.  Time of Election of Deferral.

      An election to defer compensation may be made by (i) a nominee for
election as a Director prior to his/her election for the calendar year in which
he/she is being elected (except that a person elected a Director by the Board
may make an election to defer compensation within 30 days after his/her
election as a Director, in which event such election to defer compensation
shall be effective only with respect to compensation paid after the election
to defer compensation is made) and (ii) a person then currently serving as a
Director for the next succeeding calendar year no later than the preceding
November 30th. This election will be deemed to be an election to defer
compensation under this Plan for each succeeding calendar year, unless (1)
the participant elects, in accordance with Section 11, to discontinue the
deferral, (2) the Company discontinues the Plan, or (3) the election is
stated, in writing, to apply only to the current calendar year.

Section 10. Manner of Electing Deferral.

      A participant may elect to defer compensation by giving written notice to
the Board on a form provided by the Company, which notice shall include the
amount to be deferred, the form in which the amount deferred is to be credited,
whether the deferral will be converted into options to purchase shares of the
Company's common stock pursuant to Section 13, the period of deferral, the form
of payment, including the number of installments, if any.

Section 11. Effect of Election.

      An election to defer compensation including the form of deferral shall be
irrevocable by the participant once the calendar year to which it applies has
commenced. An election may be discontinued or modified by the participant with
respect to calendar years not yet begun by notifying the Board in writing no
later than November 30th of the preceding year.

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Section 12. Further Election.

      Prior to the commencement of the year in which a participant has elected
to commence receipt of payment of amounts deferred, the participant shall have
the one-time right with regard to funds previously deferred to elect a further
deferral of the payment of such funds by delivering to the Board a written
statement in a form provided by the Company specifying the further period of
deferral and the form of payment, including the number of installments, if any.

      In the event, however, there is a final determination by a court of
appropriate jurisdiction that the further deferral was ineffective for the
purpose of deferring tax obligations on the deferred amounts, then all amounts
on which the further deferral was determined to be ineffective shall be paid to
the participant within 15 days of such final determination being made, such
payment to be made pursuant to the previously elected deferral.

Section 13. Conversion into Options.

      For any calendar year, a participant may elect to convert all or any
portion of the basic fee payable for services on the Board, except amounts
that would otherwise be subject to Mandatory Deferral into options to
purchase shares of the Company's common stock. The options will be issued
pursuant to a stock option plan of the Company in which the participant is
eligible to participate and will be granted as of the date of the next Annual
Meeting following the election to convert, or at such other time as the Board
may determine. The options will be issued at a conversion ratio of an option
to purchase three shares of common stock for each Share Unit that the
participant would be entitled to receive if the participant chose to defer
all or any portion of the basic fee payable into Share Units. The options
will have an exercise price equal to the market value of a share of the
Company's common stock on the date of grant. The options will become fully
exercisable on December 31st of the calendar year in which the options are
granted if the participant continues as a non-employee director of the
Company, or at such earlier time as provided in the stock option plan. A
participant's election to convert all or any portion of the basic fee payable
into stock options must be made in accordance with Sections 9 and 10.

Section 14. Participant's Rights Unsecured.

      The right of any participant to receive future payments under the
provisions of the Plan shall be an unsecured claim against the general assets of
the Company.

Section 15. Statement of Account.

      A statement will be sent to each participant each year as to the value of
his/her deferred compensation account as of the end of the preceding year.

Section 16. Assignability.

      No right to receive payments hereunder shall be transferable or assignable
by a participant, except by will or under the laws of descent and distribution.

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Section 17. Administration.

      This Plan will be administered by the Board, which shall have the
authority to adopt rules and regulations to carry out the Plan and to interpret,
construe and implement the provisions of the Plan.

Section 18. Amendment.

      This Plan may at any time or from time to time be amended, modified or
terminated by the Board. No amendment, modification or termination shall,
without the consent of the participant, adversely affect such participant's
accruals in his/her deferred compensation account of the date of amendment,
modification or termination.

Section 19. Governing Law.

      The validity, construction, interpretation and effect of the Plan and
agreements issued under the Plan shall be governed and construed by and
determined in accordance with the laws of the State of Indiana, without giving
effect to the conflict of laws provisions thereof.

                                      -5-

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