Document:

<PAGE>   1
                                                                     EXHIBIT 4.1

                            LAMAR ADVERTISING COMPANY

                                       and

                                                      , as Trustee
               ---------------------------------------

                                   ----------

                                    INDENTURE

                      Dated as of                    ,
                                  -------------------  ----

<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                       PAGE
<S>              <C>                                                                   <C>
ARTICLE 1               DEFINITIONS AND INCORPORATION BY REFERENCE.......................1
         1.1      Definitions............................................................1
         1.2      Other Definitions......................................................5
         1.3      Incorporation by Reference of Trust Indenture Act......................5
         1.4      Rules of Construction..................................................6

ARTICLE 2               THE SECURITIES...................................................6
         2.1      Issuable in Series.....................................................6
         2.2      Establishment of Terms of Series of Securities.........................6
         2.3      Execution and Authentication...........................................9
         2.4      Registrar and Paying Agent............................................10
         2.5      Paying Agent To Hold Assets in Trust..................................11
         2.6      Securityholder Lists..................................................11
         2.7      Transfer and Exchange.................................................11
         2.8      Replacement Securities................................................12
         2.9      Outstanding Securities................................................13
         2.10     Treasury Securities...................................................13
         2.11     Temporary Securities..................................................13
         2.12     Cancellation..........................................................13
         2.13     Defaulted Interest....................................................14
         2.14     CUSIP Number..........................................................14
         2.15     Provisions for Global Securities......................................14

ARTICLE 3               REDEMPTION......................................................15
         3.1      Notices to Trustee....................................................15
         3.2      Selection by Trustee of Securities To Be Redeemed.....................16
         3.3      Notice of Redemption..................................................16
         3.4      Effect of Notice of Redemption........................................17
         3.5      Deposit of Redemption Price...........................................17
         3.6      Securities Redeemed in Part...........................................18

ARTICLE 4               COVENANTS.......................................................18
         4.1      Payment of Securities.................................................18
</TABLE>

                                      -i-
<PAGE>   3
                                TABLE OF CONTENTS
                                  (CONTINUED)
<TABLE>
<CAPTION>
                                                                                       PAGE
<S>              <C>                                                                   <C>

         4.2      SEC Reports...........................................................18
         4.3      Waiver of Stay, Extension or Usury Laws...............................18
         4.4      Compliance Certificate................................................19
         4.5      Payment of Taxes and Other Claims.....................................19
         4.6      Corporate Existence...................................................19

ARTICLE 5               SUCCESSOR CORPORATION...........................................20
         5.1      Limitation on Consolidation, Merger and Sale of Assets................20
         5.2      Successor Person Substituted..........................................20

ARTICLE 6               DEFAULTS AND REMEDIES...........................................21
         6.1      Events of Default.....................................................21
         6.2      Acceleration..........................................................22
         6.3      Remedies..............................................................23
         6.4      Waiver of Past Defaults and Events of Default.........................23
         6.5      Control by Majority...................................................23
         6.6      Limitation on Suits...................................................24
         6.7      Rights of Holders To Receive Payment..................................24
         6.8      Collection Suit by Trustee............................................24
         6.9      Trustee May File Proofs of Claim......................................25
         6.10     Priorities............................................................25
         6.11     Undertaking for Costs.................................................26

ARTICLE 7               TRUSTEE.........................................................26
         7.1      Duties of Trustee.....................................................26
         7.2      Rights of Trustee.....................................................27
         7.3      Individual Rights of Trustee..........................................28
         7.4      Trustee's Disclaimer..................................................28
         7.5      Notice of Default.....................................................28
         7.6      Reports by Trustee to Holders.........................................28
         7.7      Compensation and Indemnity............................................29
         7.8      Replacement of Trustee................................................29
         7.9      Successor Trustee by Consolidation, Merger or Conversion..............30
</TABLE>

                                       ii

<PAGE>   4
                                TABLE OF CONTENTS
                                  (CONTINUED)
<TABLE>
<CAPTION>
                                                                                       PAGE
<S>              <C>                                                                   <C>

         7.10     Eligibility; Disqualification.........................................30
         7.11     Preferential Collection of Claims Against Company.....................31
         7.12     Paying Agents.........................................................31

ARTICLE 8               AMENDMENTS, SUPPLEMENTS AND WAIVERS.............................31
         8.1      Without Consent of Holders............................................31
         8.2      Without Consent of Holders............................................32
         8.3      Compliance with Trust Indenture Act...................................33
         8.4      Revocation and Effect of Consents.....................................33
         8.5      Notation on or Exchange of Securities.................................34
         8.6      Trustee to Sign Amendments, Etc.......................................34

ARTICLE 9               DISCHARGE OF INDENTURE; DEFEASANCE..............................34
         9.1      Discharge of Indenture................................................34
         9.2      Legal Defeasance......................................................35
         9.3      Covenant Defeasance...................................................35
         9.4      Conditions to Legal Defeasance or Covenant Defeasance.................35
         9.5      Deposited Money and U.S. and Foreign Government Obligations
                  to be Held in Trust; Other Miscellaneous Provisions...................37
         9.6      Reinstatement.........................................................38
         9.7      Moneys Held by Paying Agent...........................................38
         9.8      Moneys Held by Trustee................................................38

ARTICLE 10              MISCELLANEOUS...................................................39
         10.1     Trust Indenture Act Controls..........................................39
         10.2     Notices...............................................................39
         10.3     Communications by Holders with Other Holders..........................40
         10.4     Certificate and Opinion as to Conditions Precedent....................40
         10.5     Statement Required in Certificate and Opinion.........................40
         10.6     When Treasury Securities Disregarded..................................41
         10.7     Rules by Trustee and Agents...........................................41
         10.8     Business Days; Legal Holidays.........................................41
         10.9     Governing Law.........................................................41
</TABLE>

                                      iii
<PAGE>   5

                                TABLE OF CONTENTS
                                  (CONTINUED)
<TABLE>
<CAPTION>
                                                                                       PAGE
<S>              <C>                                                                   <C>

         10.10    No Adverse Interpretation of Other Agreements.........................42
         10.11    No Recourse Against Others............................................42
         10.12    Successors............................................................42
         10.13    Multiple Counterparts.................................................42
         10.14    Table of Contents, Headings, etc......................................42
         10.15    Separability..........................................................42
         10.16    Securities in a Foreign Currency or in ECU............................42
         10.17    Judgment Currency.....................................................43
</TABLE>

                                       iv

<PAGE>   6

                              CROSS-REFERENCE TABLE

<TABLE>
<CAPTION>
TIA Section                                                      Indenture Section
-----------                                                      -----------------
<S>                                                             <C>
310(a)(1)                                                                7.10
(a)(2)                                                                   7.10
(a)(3)                                                                    N/A
(a)(4)                                                                    N/A
(a)(5)                                                                   7.10
(b)                                                           7.8; 7.10; 10.2
(b)(1)                                                                   7.10
(b)(9)                                                                   7.10
(c)                                                                       N/A
311(a)                                                                   7.11
(b)                                                                      7.11
(c)                                                                       N/A
312(a)                                                                    2.6
(b)                                                                      10.3
(c)                                                                      10.3
313(a)                                                                    7.6
(b)(1)                                                                    7.6
(b)(2)                                                                    7.6
(c)                                                                 7.6; 10.2
(d)                                                                       7.6
314(a)                                                         4.2; 4.4; 10.2
(b)                                                                       N/A
(c)(1)                                                             10.4; 10.5
(c)(2)                                                             10.4; 10.5
(c)(3)                                                                    N/A
(d)                                                                       N/A
(e)                                                                      10.5
(f)                                                                       N/A
315(a)                                                               7.1, 7.2
(b)                                                                 7.5; 10.2
(c)                                                                       7.1
(d)                                                             6.5; 7.1; 7.2
(e)                                                                      6.11
316(a)(last sentence)                                                    10.6
(a)(1)(A)                                                                 6.5
(a)(1)(B)                                                                 6.4
(a)(2)                                                                    8.2
(b)                                                                       6.7
(c)                                                                       8.4
317(a)(1)                                                                 6.8
</TABLE>

                                       v

<PAGE>   7

<TABLE>
<CAPTION>
TIA Section                                                   Indenture Section
-----------                                                   -----------------
<S>                                                           <C>
(a)(2)                                                                 6.9
(b)                                                              2.5; 7.12
318(a)                                                                10.1
</TABLE>

---------
N/A means not applicable

Note: This Cross-Reference Table shall not, for any purpose, be deeded to be a
      part of the Indenture.

                                       vi

<PAGE>   8

         INDENTURE, dated as of ______________, ____, among LAMAR ADVERTISING
COMPANY, a Delaware corporation, as Issuer (the "Company") and
_____________________, a ________________ organized under the laws of
_______________________, as Trustee (the "Trustee").

         The Company has duly authorized the execution and delivery of this
Indenture to provide for the issuance from time to time of its debentures, notes
or other evidences of indebtedness to be issued in one or more series (the
"Securities"), as herein provided, up to such principal amount as may from time
to time be authorized in or pursuant to one or more resolutions of the Board of
Directors or by supplemental indenture.

         Each party agrees as follows for the benefit of the other parties and
for the equal and ratable benefit of the Holders of the Securities issued under
this Indenture:

                                   ARTICLE 1

                   DEFINITIONS AND INCORPORATION BY REFERENCE

         1.1 Definitions.

         "Affiliate" of any specified Person means any other Person which
directly or indirectly through one or more intermediaries controls, or is
controlled by, or is under common control with, such specified Person. For the
purposes of this definition, "control" (including, with correlative meanings,
the terms "controlling," "controlled by," and "under common control with"), as
used with respect to any Person, means the possession, directly or indirectly,
of the power to direct or cause the direction of the management or policies of
such Person, whether through the ownership of voting securities, by agreement or
otherwise.

         "Agent" means any Registrar, Paying Agent, co-registrar or agent for
service of notices and demands.

         "Board of Directors" means the Board of Directors of the Company or any
committee authorized to act therefor.

         "Board Resolution" means a copy of a resolution certified pursuant to
an Officers' Certificate to have been duly adopted by the Board of Directors of
the Company and to be in full force and effect, and delivered to the Trustee.

         "Capital Stock" means, with respect to any Person, any and all shares
or other equivalents (however designated) of capital stock, partnership
interests or any other participation, right or other interest in the nature of
an equity interest in such Person or any option, warrant or other security
convertible into any of the foregoing.

         "Company" means the party named as such in the first paragraph of this
Indenture until a successor replaces such party pursuant to Article 5 of this
Indenture and thereafter means the successor and any other primary obligor on
the Securities.

<PAGE>   9

         "Company Order" means a written order signed in the name of the Company
by two Officers, one of whom must be its Chief Executive Officer or its Chief
Financial Officer.

         "Company Request" means any written request signed in the name of the
Company by its Chief Executive Officer, its President, any Vice President, its
Chief Financial Officer or its Treasurer and attested to by the Secretary or any
Assistant Secretary of the Company.

         "Corporate Trust Office" means the office of the Trustee at which at
any particular time its corporate trust business shall be principally
administered.

         "Default" means any event that is, or with the passing of time or
giving of notice or both would be, an Event of Default.

         "Depositary" means, with respect to the Securities of any Series
issuable or issued in whole or in part in the form of one or more Global
Securities, the Person designated as Depositary for such Series by the Company,
which Depositary shall be a clearing agency registered under the Exchange Act,
until a successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter "Depositary" shall mean each Person
who is then a Depositary hereunder, and if at any time there is more than one
such Person, such Persons.

         "Dollars" means the currency of the United States of America.

         "ECU" means the European Currency Unit as determined by the Commission
of the European Union.

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

         "Foreign Currency" means any currency or currency unit issued by a
government other than the government of the United States of America.

         "Foreign Government Obligations" means with respect to Securities of
any Series that are denominated in a Foreign Currency, (i) direct obligations of
the government that issued or caused to be issued such currency for the payment
of which obligations its full faith and credit is pledged or (ii) obligations of
a person controlled or supervised by or acting as an agency or instrumentality
of such government the timely payment of which is unconditionally guaranteed as
a full faith and credit obligation by such government, which, in either case
under clauses (i) or (ii), are not callable or redeemable at the option of the
issuer thereof.

         "GAAP" means generally accepted accounting principles consistently
applied as in effect in the United States from time to time.

         "Global Security" or Global Securities" means a Security or Securities,
as the case may be, in the form established pursuant to Section 2.2, evidencing
all or part of a Series of Securities issued to the Depositary for such Series
or its nominee, and registered in the name of such Depositary or nominee.

                                       2
<PAGE>   10

         "Holder" or "Securityholder" means the Person in whose name a Security
is registered on the Registrar's books.

         "Indebtedness" means (without duplication), with respect to any Person,
any indebtedness at any time outstanding, secured or unsecured, contingent or
otherwise, which is for borrowed money (whether or not the recourse of the
lender is to the whole of the assets of such Person or only to a portion
thereof), or evidenced by bonds, notes, debentures or similar instruments or
representing the balance deferred and unpaid of the purchase price of any
property (excluding any balances that constitute accounts payable or trade
payables, and other accrued liabilities arising in the ordinary course of
business) if and to the extent any of the foregoing indebtedness would appear as
a liability upon a balance sheet of such Person prepared in accordance with
GAAP.

         "Indenture" means this Indenture as amended, restated or supplemented
from time to time.

         "Interest Payment Date" means the stated maturity of an installment of
interest on Securities of any Series.

         "Lien" means, with respect to any property or assets of any Person, any
mortgage or deed of trust, pledge, hypothecation, assignment, deposit
arrangement, security interest, lien, charge, easement, encumbrance, preference,
priority, or other security agreement or preferential arrangement of any kind or
nature whatsoever on or with respect to such property or assets (including,
without limitation, any Capitalized Lease Obligation, conditional sales, or
other title retention agreement having substantially the same economic effect as
any of the foregoing).

         "Maturity Date" when used with respect to any Security or installment
of principal thereof, means the date on which the principal of such Security or
such installment of principal becomes due and payable as therein or herein
provided, whether at the Stated Maturity or by declaration of acceleration, call
for redemption, notice of option to elect payment or otherwise.

         "Officer" means the Chief Executive Officer, the President, any Vice
President, the Chief Financial Officer, the Treasurer or the Secretary of the
Company or any other officer designated by the Board of Directors, as the case
may be.

         "Officers' Certificate" means, with respect to any Person, a
certificate signed by the Chief Executive Officer, the President or any Vice
President, and the Chief Financial Officer or any Treasurer of such Person that
shall comply with applicable provisions of this Indenture.

         "Opinion of Counsel" means a written opinion from legal counsel which
counsel is reasonably acceptable to the Trustee.

         "Person" means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization or
government (including any agency or political subdivision thereof).

         "Redemption Date," when used with respect to any Security of a Series
to be redeemed, means the date fixed for such redemption pursuant to this
Indenture.

                                       3
<PAGE>   11

         "Responsible Officer" when used with respect to the Trustee, means any
officer within the corporate trust department of the Trustee (or any successor
group of the Trustee) or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers and
also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of his knowledge of and
familiarity with the particular subject.

         "SEC" means the United States Securities and Exchange Commission as
constituted from time to time or any successor performing substantially the same
functions.

         "Securities" means the securities that are issued under this Indenture,
as amended or supplemented from time to time pursuant to this Indenture.

         "Securities Act" means the Securities Act of 1933, as amended.

         "Series" or "Series of Securities" means each series of debentures,
notes or other debt instruments of the Company created pursuant to Sections 2.1
or 2.2 hereof.

         "Significant Subsidiary" means (i) any direct or indirect Subsidiary of
the Company that would be a "significant subsidiary" as defined in Article 1,
Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such
regulation is in effect on the date hereof, or (ii) any group of direct or
indirect Subsidiaries of the Company that, taken together as a group, would be a
"significant subsidiary" as defined in Article 1, Rule 1-02 of Regulation S-X,
promulgated pursuant to the Securities Act, as such regulation is in effect on
the date hereof.

         "Stated Maturity" means, when used with respect to the Security of any
Series or any installment of interest thereon, the date specified in such
Security as the fixed date on which the principal of such Security or such
installment of interest is due and payable, and when used with respect to any
other Indebtedness, means the date specified in the instrument governing such
Indebtedness as the fixed date on which the principal of such Indebtedness, or
any installment of interest thereon, is due and payable.

         "Subsidiary" of any specified Person means any corporation,
partnership, joint venture, association or other business entity, whether now
existing or hereafter organized or acquired, (i) in the case of a corporation,
of which more than 50% of the total voting power of the Capital Stock entitled
(without regard to the occurrence of any contingency) to vote in the election of
directors, officers or trustees thereof is held, directly or indirectly by such
Person or any of its Subsidiaries; or (ii) in the case of a partnership, joint
venture, association or other business entity, with respect to which such Person
or any of its Subsidiaries has the power to direct or cause the direction of the
management and policies of such entity by contract or otherwise or if in
accordance with GAAP such entity is consolidated with such Person for financial
statement purposes.

         "TIA" means the Trust Indenture Act of 1939 (15 U.S. Code Section
77aaa-77bbbb) as in effect on the date of this Indenture (except as provided in
Section 8.3 hereof).

         "Trustee" means the party named as such in this Indenture until a
successor replaces it pursuant to this Indenture and thereafter means the
successor.

                                       4
<PAGE>   12

         "U.S. Government Obligations" means direct non-callable obligations of,
or non-callable obligations guaranteed by, the United States of America for the
payment of which obligation or guarantee the full faith and credit of the United
States of America is pledged.

         1.2 Other Definitions.

         The definitions of the following terms may be found in the sections
indicated as follows:

<TABLE>
<CAPTION>
                                                  Defined
         Term                                    in Section
         ----                                    ----------
<S>                                             <C>
         "Bankruptcy Law"                               6.1
         "Business Day"                                10.8
         "Covenant Defeasance"                          9.3
         "Custodian"                                    6.1
         "Event of Default"                             6.1
         "Journal"                                    10.16
         "Judgment Currency"                          10.17
         "Legal Defeasance"                             9.2
         "Legal Holiday"                               10.8
         "Market Exchange Rate"                       10.16
         "New York Banking Day"                       10.17
         "Paying Agent"                                 2.4
         "Registrar"                                    2.4
         "Required Currency"                          10.17
         "Service Agent"                                2.4
</TABLE>

         1.3 Incorporation by Reference of Trust Indenture Act.

         Whenever this Indenture refers to a provision of the TIA, the portion
of such provision required to be incorporated herein in order for this Indenture
to be qualified under the TIA is incorporated by reference in and made a part of
this Indenture. The following TIA terms used in this Indenture have the
following meanings:

         "Commission" means the SEC.

         "indenture securities" means the Securities.

         "indenture securityholder" means a Securityholder.

         "indenture to be qualified" means this Indenture.

         "indenture trustee" or "institutional trustee" means the Trustee.

         "obligor on the indenture securities" means the Company or any other
obligor on the Securities.

                                       5
<PAGE>   13

         All other terms used in this Indenture that are defined by the TIA,
defined in the TIA by reference to another statute or defined by SEC rule have
the meanings therein assigned to them.

         1.4 Rules of Construction.

         Unless the context otherwise requires:

                         (1) a term has the meaning assigned to it herein,
                    whether defined expressly or by reference;

                         (2) an accounting term not otherwise defined has the
                    meaning assigned to it in accordance with GAAP;

                         (3) "or" is not exclusive;

                         (4) words in the singular include the plural, and in
                    the plural include the singular; and

                         (5) words used herein implying any gender shall apply
                    to each gender.

                                   ARTICLE 2

                                 THE SECURITIES

         2.1 Issuable in Series.

         The aggregate principal amount of Securities that may be authenticated
and delivered under this Indenture is unlimited. The Securities may be issued in
one or more Series. All Securities of a Series shall be identical except as may
be set forth in a Board Resolution, a supplemental indenture or an Officers'
Certificate detailing the adoption of the terms thereof pursuant to the
authority granted under a Board Resolution. In the case of Securities of a
Series to be issued from time to time, the Board Resolution, Officers'
Certificate or supplemental indenture may provide for the method by which
specified terms (such as interest rate, maturity date, record date or date from
which interest shall accrue) are to be determined. Securities may differ between
Series in respect of any matters, provided that all Series of Securities shall
be equally and ratably entitled to the benefits of the Indenture.

         2.2 Establishment of Terms of Series of Securities.

         At or prior to the issuance of any Securities within a Series, the
following shall be established (as to the Series generally, in the case of
Subsection 2.2(1) and either as to such Securities within the Series or as to
the Series generally in the case of Subsections 2.2(2) through 2.2(23) by a
Board Resolution, a supplemental indenture or an Officers' Certificate pursuant
to authority granted under a Board Resolution:

                         (1) the title of the Series (which shall distinguish
                    the Securities of that particular Series from the Securities
                    of any other Series);

                                       6
<PAGE>   14

                         (2) the price or prices (expressed as a percentage of
                    the principal amount thereof) at which the Securities of the
                    Series will be issued;

                         (3) any limit upon the aggregate principal amount of
                    the Securities of the Series which may be authenticated and
                    delivered under this Indenture (except for Securities
                    authenticated and delivered upon registration of transfer
                    of, or in exchange for, or in lieu of, other Securities of
                    the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 8.5);

                         (4) the date or dates on which the principal of the
                    Securities of the Series is payable;

                         (5) the rate or rates (which may be fixed or variable)
                    per annum or, if applicable, the method used to determine
                    such rate or rates (including, but not limited to, any
                    commodity, commodity index, stock exchange index or
                    financial index) at which the Securities of the Series shall
                    bear interest, if any, the date or dates from which such
                    interest, if any, shall accrue, the date or dates on which
                    such interest, if any, shall commence and be payable and any
                    regular record date for the interest payable on any interest
                    payment date;

                         (6) the place or places where the principal of and
                    interest, if any, on the Securities of the Series shall be
                    payable, or the method of such payment, if by wire transfer,
                    mail or other means;

                         (7) if applicable, the period or periods within which,
                    the price or prices at which and the terms and conditions
                    upon which the Securities of the Series may be redeemed, in
                    whole or in part, at the option of the Company;

                         (8) the obligation, if any, of the Company to redeem or
                    purchase the Securities of the Series pursuant to any
                    sinking fund or analogous provisions or at the option of a
                    Holder thereof and the period or periods within which, the
                    price or prices at which and the terms and conditions upon
                    which Securities of the Series shall be redeemed or
                    purchased, in whole or in part, pursuant to such obligation;

                         (9) the dates, if any, on which and the price or prices
                    at which the Securities of the Series will be repurchased by
                    the Company at the option of the Holders thereof and other
                    detailed terms and provisions of such repurchase
                    obligations;

                         (10) if other than denominations of $1,000 and any
                    integral multiple thereof, the denominations in which the
                    Securities of the Series shall be issuable;

                         (11) the forms of the Securities of the Series in
                    bearer or fully registered form (and, if in fully registered
                    form, whether the Securities will be issuable as Global
                    Securities);

                                       7
<PAGE>   15

                         (12) if other than the principal amount thereof, the
                    portion of the principal amount of the Securities of the
                    Series that shall be payable upon declaration of
                    acceleration of the maturity thereof pursuant to Section
                    6.2;

                         (13) the currency of denomination of the Securities of
                    the Series, which may be Dollars or any Foreign Currency,
                    including, but not limited to, the ECU, and if such currency
                    of denomination is a composite currency other than the ECU,
                    the agency or organization, if any, responsible for
                    overseeing such composite currency;

                         (14) the designation of the currency, currencies or
                    currency units in which payment of the principal of and
                    interest, if any, on the Securities of the Series will be
                    made;

                         (15) if payments of principal of or interest, if any,
                    on the Securities of the Series are to be made in one or
                    more currencies or currency units other than that or those
                    in which such Securities are denominated, the manner in
                    which the exchange rate with respect to such payments will
                    be determined;

                         (16) the manner in which the amounts of payment of
                    principal of or interest, if any, on the Securities of the
                    Series will be determined, if such amounts may be determined
                    by reference to an index based on a currency or currencies
                    or by reference to a commodity, commodity index, stock
                    exchange index or financial index;

                         (17) the provisions, if any, relating to any security
                    provided for the Securities of the Series;

                         (18) any addition to or change in the Events of Default
                    which applies to any Securities of the Series and any change
                    in the right of the Trustee or the requisite Holders of such
                    Securities to declare the principal amount thereof due and
                    payable pursuant to Section 6.2;

                         (19) any addition to or change in the covenants set
                    forth in Articles 4 or 5 which applies to Securities of the
                    Series;

                         (20) any other terms of the Securities of the Series
                    (which terms shall not be inconsistent with the provisions
                    of this Indenture, except as permitted by Section 8.1, but
                    which may modify or delete any provision of this Indenture
                    insofar as it applies to such Series); and

                         (21) any depositories, interest rate calculation
                    agents, exchange rate calculation agents or other agents
                    with respect to Securities of such Series if other than
                    those appointed herein; and

                         (22) the terms and conditions, if any, upon which the
                    Securities and any guarantees thereof shall be subordinated
                    in right of payment to other indebtedness of the Company or
                    any guarantor; and

                                       8

<PAGE>   16

                         (23) the form and terms of any guarantee of the
                    Securities.

All Securities of any one Series need not be issued at the same time and may be
issued from time to time, consistent with the terms of this Indenture, if so
provided by or pursuant to the Board Resolution, supplemental indenture or
Officers' Certificate referred to above, and the authorized principal amount of
any Series may not be increased to provide for issuances of additional
Securities of such Series, unless otherwise provided in such Board Resolution,
supplemental indenture or Officers' Certificate.

         2.3 Execution and Authentication.

         The Securities shall be executed on behalf of the Company by two
Officers of the Company or an Officer and an Assistant Secretary of the Company.

         Such signature may be either manual or facsimile. The Company's seal
may be impressed, affixed, imprinted or reproduced on the Securities and may be
in facsimile form.

         If an Officer whose signature is on a Security no longer holds that
office at the time the Security is authenticated, the Security shall
nevertheless be valid.

         A Security shall not be valid until authenticated by the manual
signature of the Trustee or an authenticating agent. The signature shall be
conclusive evidence that the Security has been authenticated under this
Indenture.

         The Trustee shall at any time, and from time to time, authenticate
Securities for original issue in the principal amount provided in the Board
Resolution, supplemental indenture hereto or Officers' Certificate, upon receipt
by the Trustee of a Company Order. Such Company Order may authorize
authentication and delivery pursuant to oral or electronic instructions from the
Company or its duly authorized agent or agents, which oral instructions shall be
promptly confirmed in writing. Each Security shall be dated the date of its
authentication unless otherwise provided by a Board Resolution, a supplemental
indenture hereto or an Officers' Certificate.

         The aggregate principal amount of Securities of any Series outstanding
at any time may not exceed any limit upon the maximum principal amount for such
Series set forth in the Board Resolution, supplemental indenture hereto or
Officers' Certificate delivered pursuant to Section 2.2, except as provided in
Section 2.8.

         Prior to the issuance of Securities of any Series, the Trustee shall
have received and (subject to Section 7.2) shall be fully protected in relying
on: (a) the Board Resolution, supplemental indenture hereto or Officers'
Certificate establishing the form of the Securities of that Series or of
Securities within that Series and the terms of the Securities of that Series or
of Securities within that Series, (b) an Officers' Certificate complying with
Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4.

         The Trustee shall have the right to decline to authenticate and deliver
any Securities of such Series: (a) if the Trustee, being advised by counsel,
determines that such action may not lawfully be taken; or (b) if the Trustee in
good faith by its board of directors or trustees, executive committee or a trust
committee of directors and/or vice-presidents shall determine that

                                       9
<PAGE>   17

such action would expose the Trustee to personal liability to Holders of any
then outstanding Series of Securities.

         The Trustee may appoint an authenticating agent reasonably acceptable
to the Company to authenticate Securities. An authenticating agent may
authenticate Securities whenever the Trustee may do so. Any appointment shall be
evidenced by instrument signed by an authorized officer of the Trustee, a copy
of which shall be furnished to the Company. Each reference in this Indenture to
authentication by the Trustee includes authentication by such agent. An
authenticating agent has the same rights as an Agent to deal with the Company or
an Affiliate of the Company.

         2.4 Registrar and Paying Agent.

         The Company shall maintain an office or agency where Securities may be
presented for registration of transfer or for exchange ("Registrar"), an office
or agency located in the Borough of Manhattan, City of New York, State of New
York where Securities may be presented for payment ("Paying Agent") and an
office or agency where notices and demands to or upon the Company in respect of
the Securities and this Indenture may be served ("Service Agent"). The Registrar
shall keep a register of the Securities and of their transfer and exchange. The
Company may have one or more co-registrars and one or more additional paying
agents. The Company shall give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency. If at any
time the Company shall fail to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands may be made or served at the
address of the Trustee as set forth in Section 10.2. Neither the Company nor any
Affiliate of the Company may act as Paying Agent. The Company may change any
Paying Agent, Registrar or co-registrar without notice to any Securityholder.

         The Company may also from time to time designate one or more other
offices or agencies where the Securities may be presented or surrendered for any
or all such purposes and may from time to time rescind such designations. The
Company shall give prompt written notice to the Trustee of such designation or
rescission and of any change in the location of any such other office or agency.

         The Company shall enter into an appropriate agency agreement with any
Registrar or Paying Agent not a party to this Indenture. The agreement shall
implement the provisions of this Indenture that relate to such Agent. The
Company shall notify the Trustee of the name and address of any such Agent. If
the Company fails to maintain a Registrar or Paying Agent, or agent for service
of notices and demands, or fails to give the foregoing notice, the Trustee shall
act as such. The Company hereby appoints the Trustee as the initial Registrar,
Paying Agent and Service Agent for each Series unless another Registrar, Paying
Agent or Service Agent, as the case may be, is appointed prior to the time
Securities of that Series are first issued. The Company hereby initially
designates the Corporate Trust Office of the Trustee as such office of the
Company.

                                       10
<PAGE>   18

         2.5 Paying Agent To Hold Assets in Trust.

         The Trustee as Paying Agent shall, and the Company shall require each
Paying Agent other than the Trustee to agree in writing that each Paying Agent
shall hold in trust for the benefit of the Holders of any Series of Securities
or the Trustee all assets held by the Paying Agent for the payment of principal
of, or interest on, such Series of Securities (whether such assets have been
distributed to it by the Company or any other obligor on such Series of
Securities), and the Company and the Paying Agent shall notify the Trustee in
writing of any Default by the Company (or any other obligor on such Series of
Securities) in making any such payment. The Company at any time may require a
Paying Agent to distribute all assets held by it to the Trustee and account for
any assets disbursed and the Trustee may at any time during the continuance of
any payment default with respect to any Series of Securities, upon written
request to a Paying Agent, require such Paying Agent to distribute all assets
held by it to the Trustee and to account for any assets distributed. Upon
distribution to the Trustee of all assets that shall have been delivered by the
Company to the Paying Agent, the Paying Agent shall have no further liability
for such assets.

         2.6 Securityholder Lists.

         The Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of
Securityholders of each Series of Securities. If the Trustee is not the
Registrar, the Company shall furnish to the Trustee as of each Record Date and
on or before each related Interest Payment Date, and at such other times as the
Trustee may request in writing, a list in such form and as of such date as the
Trustee may reasonably require of the names and addresses of Securityholders of
each Series of Securities.

         2.7 Transfer and Exchange.

         When Securities of a Series are presented to the Registrar with a
request to register the transfer thereof, the Registrar shall register the
transfer as requested if the requirements of applicable law are met and, when
such Securities of a Series are presented to the Registrar with a request to
exchange them for an equal principal amount of other authorized denominations of
Securities of the same Series, the Registrar shall make the exchange as
requested. To permit transfers and exchanges, upon surrender of any Security for
registration of transfer at the office or agency maintained pursuant to Section
2.4 hereof, subject to the provisions of this Section 2.6, the Company shall
execute and the Trustee shall authenticate Securities at the Registrar's
request.

         Notwithstanding any other provision of this Section 2.7, unless and
until it is exchanged in whole or in part for definitive Securities, a Global
Security may not be transferred except as a whole by the Depositary to a nominee
of such Depositary or by a nominee of such Depositary to such Depositary or
another nominee of such Depositary or by such Depositary or any such nominee to
a successor Depositary or a nominee of such successor Depositary.

         If (i) the Depositary is at any time unwilling, unable or ineligible to
continue as Depositary and a successor Depositary is not appointed by the
Company within 60 days of the date the Company is so informed in writing or
becomes aware of the same, or (ii) an Event of

                                       11
<PAGE>   19

Default has occurred and is continuing, the Company promptly will execute and
deliver to the Trustee definitive Securities, and the Trustee, upon receipt of a
Company Request for the authentication and delivery of such definitive
Securities (which the Company will promptly execute and deliver to the Trustee),
will authenticate and deliver definitive Securities, without charge, in an
aggregate principal amount equal to the principal amount of the outstanding
Global Securities, in exchange for and upon surrender of all such Global
Securities.

         In any exchange provided for in the preceding paragraph, the Company
will execute and the Trustee will authenticate and deliver definitive Securities
in the authorized denominations provided by Section 2.3.

         Upon the exchange of a Global Security for definitive Securities, such
Global Security shall be canceled by the Trustee. Definitive Securities issued
in exchange for Global Securities pursuant to this Section 2.7 shall be
registered in such names and in such authorized denominations as the Depositary,
pursuant to instructions from its direct or indirect participants or otherwise,
shall instruct the Trustee.

         All Securities issued upon any registration of transfer or exchange of
Securities shall be the valid obligations of the Company, evidencing the same
debt, and entitled to the same benefits under this Indenture, as the Securities
surrendered upon such registration or transfer or exchange.

         Every Security presented or surrendered for registration of transfer or
for exchange shall (if so required by the Company or the Registrar or a
co-Registrar) be duly endorsed, or be accompanied by a written instrument of
transfer in form satisfactory to the Company and the Registrar or a
co-Registrar, duly executed by the Holder thereof or his attorney duly
authorized in writing.

         Any exchange or transfer shall be without charge, except that the
Company may require payment by the Holder of a sum sufficient to cover any tax
or other governmental charge that may be imposed in relation to a transfer or
exchange, but this provision shall not apply to any exchange pursuant to
Sections 2.11, 3.6 or 8.5 hereof. The Trustee shall not be required to register
transfers of Securities of any Series or to exchange Securities of any Series
for a period of 15 days before selection for redemption of such Securities. The
Trustee shall not be required to exchange or register transfers of Securities of
any Series called or being called for redemption in whole or in part, except the
unredeemed portion of such Security being redeemed in part.

         2.8 Replacement Securities.

         If a mutilated Security is surrendered to the Trustee or if the Holder
of a Security presents evidence to the satisfaction of the Company and the
Trustee that the Security has been lost, destroyed or wrongfully taken, the
Company shall issue and the Trustee shall authenticate a replacement Security if
the Trustee's requirements are met. An indemnity bond may be required by the
Company or the Trustee that is sufficient in the judgment of the Company and the
Trustee to protect the Company, the Trustee or any Agent from any loss which any
of them may suffer if a Security is replaced. The Company may charge such Holder
for its reasonable, out-of-pocket expenses in replacing a Security, including
reasonable fees and expenses of counsel. Every replacement Security is an
additional obligation of the Company.

                                       12
<PAGE>   20

         2.9 Outstanding Securities.

         Securities outstanding at any time are all Securities authenticated by
the Trustee except for those canceled by it, those delivered to it for
cancellation, and those described in this Section 2.9 as not outstanding.

         If a Security is replaced pursuant to Section 2.8 (other than a
mutilated Security surrendered for replacement), it ceases to be outstanding
until the Company and the Trustee receive proof satisfactory to each of them
that the replaced Security is held by a bona fide purchaser. A mutilated
Security ceases to be outstanding upon surrender of such Security and
replacement thereof pursuant to Section 2.8.

         If a Paying Agent holds on a Redemption Date or Maturity Date money
sufficient to pay the principal of, premium, if any, and accrued interest on
Securities payable on that date and is not prohibited from paying such money to
the Holders thereof pursuant to the terms of this Indenture, then on and after
that date such Securities cease to be outstanding and interest on them ceases to
accrue.

         Subject to Section 10.6, a Security does not cease to be outstanding
solely because the Company or an Affiliate holds the Security.

         2.10 Treasury Securities

         In determining whether the Holders of the required principal amount of
Securities of a Series have concurred in any request, demand, authorization,
direction, notice, consent or waiver Securities of a Series owned by the Company
or an Affiliate shall be disregarded, except that for the purposes of
determining whether the Trustee shall be protected in relying on any such
request, demand, authorization, direction, notice, consent or waiver only
Securities of a Series that the Trustee knows are so owned shall be so
disregarded.

         2.11 Temporary Securities.

         Until definitive Securities are ready for delivery, the Company may
prepare and the Trustee shall authenticate temporary Securities. Temporary
Securities shall be substantially in the form, and shall carry all rights, of
definitive Securities but may have variations that the Company considers
appropriate for temporary Securities. Without unreasonable delay, the Company
shall prepare and the Trustee shall authenticate definitive Securities in
exchange for temporary Securities presented to it.

         2.12 Cancellation.

         The Company at any time may deliver Securities to the Trustee for
cancellation. The Registrar and the Paying Agent shall forward to the Trustee
any Securities surrendered to them for transfer, exchange or payment. At the
direction of the Trustee, the Registrar or the Paying Agent, and no one else,
shall cancel and at the written request of the Company, shall dispose of all
Securities surrendered for transfer, exchange, payment or cancellation. If the
Company shall acquire any of the Securities, such acquisition shall not operate
as a redemption or satisfaction of

                                       13
<PAGE>   21

the Indebtedness represented by such Securities unless and until the same are
surrendered to the Trustee for cancellation pursuant to this Section 2.12.

         2.13 Defaulted Interest.

         If the Company defaults in a payment of interest on the Securities, it
shall pay the defaulted amounts, plus any interest payable on defaulted amounts
pursuant to Section 4.1 hereof, to the persons who are Securityholders on a
subsequent special record date, which date shall be the fifteenth day next
preceding the date fixed by the Company for the payment of defaulted interest or
the next succeeding Business Day if such date is not a Business Day. At least 15
days before the special record date, the Company shall mail or cause to be
mailed to each Securityholder, with a copy to the Trustee, a notice that states
the special record date, the payment date, and the amount of defaulted interest,
and interest payable on such defaulted interest, if any, to be paid.

         2.14 CUSIP Number.

         The Company in issuing the Securities may use one or more "CUSIP"
numbers, and if so, the Trustee shall use the CUSIP number(s) in notices of
redemption or exchange as a convenience to Holders, provided that any such
notice may state that no representation is made as to the correctness or
accuracy of the CUSIP number(s) printed in the notice or on the Securities, and
that reliance may be placed only on the other identification numbers printed on
the Securities.

         2.15 Provisions for Global Securities.

                  (a) A Board Resolution, a supplemental indenture hereto or an
Officers' Certificate shall establish whether the Securities of a Series shall
be issued in whole or in part in the form of one or more Global Securities and
the Depositary for such Global Securities or Securities.

                  (b) Notwithstanding any provisions to the contrary contained
in Section 2.7 of the Indenture and in addition thereto, any Global Security
shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities
registered in the names of Holders other than the Depositary for such Security
or its nominee only if (i) such Depositary notifies the Company that it is
unwilling or unable to continue as Depositary for such Global Security or if at
any time such Depositary ceases to be a clearing agency registered under the
Exchange Act, and, in either case, the Company fails to appoint a successor
Depositary within 90 days of such event, (ii) the Company executes and delivers
to the Trustee an Officers' Certificate to the effect that such Global Security
shall be so exchangeable or (iii) an Event of Default with respect to the
Securities represented by such Global Security shall have happened and be
continuing. Any Global Security that is exchangeable pursuant to the preceding
sentence shall be exchangeable for Securities registered in such names as the
Depositary shall direct in writing in an aggregate principal amount equal to the
principal amount of the Global Security with like tenor and terms.

                  Except as provided in this Section 2.15(b), a Global Security
may not be transferred except as a whole by the Depositary with respect to such
Global Security to a nominee of such Depositary, by a nominee of such Depositary
to such Depositary or another

                                       14
<PAGE>   22

nominee of such Depositary or by the Depositary or any such nominee to a
successor Depositary or a nominee of such a successor Depositary.

                  (c) Any Global Security issued hereunder shall bear a legend
in substantially the following form:

                           "This Security is a Global Security within the
meaning of the Indenture hereinafter referred to and is registered in the name
of the Depositary or a nominee of the Depositary. This Security is exchangeable
for Securities registered in the name of a person other than the Depositary or
its nominee only in the limited circumstances described in the Indenture, and
may not be transferred except as a whole by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or another nominee
of the Depositary or by the Depositary or any such nominee to a successor
Depositary or a nominee of such a successor Depositary."

                  (d) The Depositary, as a Holder, may appoint agents and
otherwise authorize participants to give or take any request, demand,
authorization, direction, notice, consent, waiver or other action which a Holder
is entitled to give or take under the Indenture.

                  (e) Notwithstanding the other provisions of this Indenture,
unless otherwise specified as contemplated by Section 2.2, payment of the
principal of and interest, if any, on any Global Security shall be made to the
Holder thereof.

                  (f) Except as provided in Section 2.15(e), the Company, the
Trustee and any Agent shall treat a person as the Holder of such principal
amount of outstanding Securities of such Series represented by a Global Security
as shall be specified in a written statement of the Depositary with respect to
such Global Security, for purposes of obtaining any consents, declarations,
waivers or directions required to be given by the Holders pursuant to this
Indenture.

                                   ARTICLE 3

                                   REDEMPTION

         3.1 Notices to Trustee.

         The Company may, with respect to any Series of Securities, reserve the
right to redeem and pay the Series of Securities or may covenant to redeem and
pay the Series of Securities or any part thereof prior to the Stated Maturity
thereof at such time and on such terms as provided for in such Securities. If a
Series of Securities is redeemable and the Company elects to redeem such
Securities of a Series, it shall notify the Trustee of the Redemption Date and
the principal amount of Securities to be redeemed at least 30 days (unless a
shorter notice shall be satisfactory to the Trustee) but not more than 60 days
before the Redemption Date. Any such notice may be canceled at any time prior to
notice of such redemption being mailed to any Holder and shall thereby be void
and of no effect.

                                       15
<PAGE>   23

         3.2 Selection by Trustee of Securities To Be Redeemed.

         Unless otherwise indicated for a particular Series of Securities by a
Board Resolution, a supplemental indenture or an Officers' Certificate, if fewer
than all of the Securities of a Series are to be redeemed, the Trustee shall
select the Securities of a Series to be redeemed pro rata, by lot or by any
other method that the Trustee considers fair and appropriate and, if such
Securities are listed on any securities exchange, by a method that complies with
the requirements of such exchange.

         The Trustee shall make the selection from Securities of a Series
outstanding and not previously called for redemption and shall promptly notify
the Company in writing of the Securities selected for redemption and, in the
case of any Security selected for partial redemption, the principal amount
thereof to be redeemed. Securities of a Series in denominations of $1,000 may be
redeemed only in whole. The Trustee may select for redemption portions of the
principal of Securities of a Series that have denominations larger than $1,000.
Securities of a Series and portions of them it selects shall be in amounts of
$1,000 or, with respect to Securities of any Series issuable in other
denominations pursuant to Section 2.2(10), the minimum principal denomination
for each Series and integral multiples thereof. Provisions of this Indenture
that apply to Securities called for redemption also apply to portions of
Securities called for redemption.

         3.3 Notice of Redemption.

         Unless otherwise indicated for a particular Series by Board Resolution,
a supplemental indenture hereto or an Officers' Certificate, at least 30 days,
and no more than 60 days, before a Redemption Date, the Company shall mail, or
cause to be mailed, a notice of redemption by first-class mail to each Holder of
Securities to be redeemed at his or her last address as the same appears on the
registry books maintained by the Registrar.

         The notice shall identify the Securities to be redeemed (including the
CUSIP number(s) thereof, if any) and shall state:

                           (1) the Redemption Date;

                           (2) the redemption price;

                           (3) if any Security of a Series is being redeemed in
                  part, the portion of the principal amount of such Security of
                  a Series to be redeemed and that, after the Redemption Date
                  and upon surrender of such Security of a Series, a new
                  Security or Securities in principal amount equal to the
                  unredeemed portion will be issued;

                           (4) the name and address of the Paying Agent;

                           (5) that Securities of a Series called for redemption
                  must be surrendered to the Paying Agent to collect the
                  redemption price;

                                       16
<PAGE>   24

                           (6) that, unless the Company defaults in making the
                  redemption payment, interest on the Securities of a Series
                  called for redemption ceases to accrue on and after the
                  Redemption Date, and the only remaining right of the Holders
                  of such Securities is to receive payment of the redemption
                  price upon surrender to the Paying Agent of the Securities
                  redeemed; and

                           (7) if fewer than all the Securities of a Series are
                  to be redeemed, the identification of the particular
                  Securities of a Series (or portion thereof) to be redeemed, as
                  well as the aggregate principal amount of Securities of a
                  Series to be redeemed and the aggregate principal amount of
                  Securities of a Series to be outstanding after such partial
                  redemption.

         At the Company's request, the Trustee shall give the notice of
redemption in the Company's name and at the Company's sole expense.

         3.4 Effect of Notice of Redemption.

         Once the notice of redemption described in Section 3.3 is mailed,
Securities of a Series called for redemption become due and payable on the
Redemption Date and at the redemption price, plus interest, if any, accrued to
(but not including) the Redemption Date. Upon surrender to the Trustee or Paying
Agent, such Securities of a Series shall be paid at the redemption price, plus
accrued interest, if any, to (but not including) the Redemption Date, provided
that if the Redemption Date is after a regular interest payment record date and
on or prior to the next Interest Payment Date, the accrued interest shall be
payable to the Holder of the redeemed Securities registered on the relevant
record date.

         3.5 Deposit of Redemption Price.

         On or prior to the Redemption Date, the Company shall deposit with the
Paying Agent money sufficient to pay the redemption price of and accrued
interest, if any, on all Securities to be redeemed on that date other than
Securities or portions thereof called for redemption on that date which have
been delivered by the Company to the Trustee for cancellation.

         On and after any Redemption Date, if money sufficient to pay the
redemption price of and accrued interest on Securities called for redemption
shall have been made available in accordance with the preceding paragraph and
the Company and the Paying Agent are not prohibited from paying such moneys to
Holders, the Securities called for redemption will cease to accrue interest and
the only right of the Holders of such Securities will be to receive payment of
the redemption price of and, subject to the proviso in Section 3.4, accrued and
unpaid interest on such Securities to the Redemption Date. If any Security
called for redemption shall not be so paid, interest will be paid, from the
Redemption Date until such redemption payment is made, on the unpaid principal
of the Security and any interest not paid on such unpaid principal, in each
case, at the rate and in the manner provided in the Securities.

                                       17
<PAGE>   25

         3.6 Securities Redeemed in Part.

         Upon surrender of a Security of a Series that is redeemed in part, the
Trustee shall authenticate for a Holder a new Security of the same Series equal
in principal amount to the unredeemed portion of the Security surrendered.

                                   ARTICLE 4

                                   COVENANTS

         4.1 Payment of Securities.

         The Company shall pay the principal of and interest, if any, on each
Series of Securities on the dates and in the manner provided in such Securities
and this Indenture.

         An installment of principal or interest shall be considered paid on the
date it is due if the Trustee or Paying Agent holds on that date money
designated for and sufficient to pay such installment and is not prohibited from
paying such money to the Holders pursuant to the terms of this Indenture or
otherwise.

         The Company shall pay interest on overdue principal, and overdue
interest, to the extent lawful, at the rate specified in the Series of
Securities.

         4.2 SEC Reports.

         The Company will deliver to the Trustee and Holders of Securities
within 15 days after the filing of the same with the SEC, copies of the
quarterly and annual report and of the information documents and other reports,
if any, which the Company is required to file with the SEC pursuant to Section
13 or 15(d) of the Exchange Act. Notwithstanding that the Company may not be
subject to the reporting requirements of Section 13 or 15(d) of the Exchange
Act, the Company will file with the SEC, to the extent permitted, and provide
the Trustee, Holders of each Series of Securities and prospective holders of
each Series of Securities with such quarterly and annual reports and such
information, documents and other reports specified in Section 13 and 15(d) of
the Exchange Act. The Company will also comply with the other provisions of TIA
Section 314(a).

         4.3 Waiver of Stay, Extension or Usury Laws.

         The Company covenants (to the extent that it may lawfully do so) that
they will not at any time insist upon, or plead (as a defense or otherwise) or
in any manner whatsoever claim or take the benefit or advantage of, any stay or
extension law or any usury law or other law which would prohibit or forgive the
Company from paying all or any portion of the principal of, premium, if any,
and/or interest on the Securities as contemplated herein, wherever enacted, now
or at any time hereafter in force, or which may affect the covenants or the
performance of this Indenture; and (to the extent that they may lawfully do so)
the Company hereby expressly waives all benefit or advantage of any such law,
and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted.

                                       18
<PAGE>   26

         4.4 Compliance Certificate.

                  (a) The Company shall deliver to the Trustee, within 90 days
after the end of each fiscal year of the Company, an Officers' Certificate which
complies with TIA Section 314(a)(4) stating that a review of the activities of
the Company and its Subsidiaries during such fiscal year or fiscal quarter, as
the case may be, has been made under the supervision of the signing Officers
with a view to determining whether each has kept, observed, performed and
fulfilled its obligations under this Indenture, and further stating, as to each
such Officer signing such certificate, that to the best of his or her knowledge
each has kept, observed, performed and fulfilled each and every covenant
contained in this Indenture and is not in default in the performance or
observance of any of the terms, provisions and conditions hereof (or, if a
Default or Event of Default shall have occurred, describing all such Defaults or
Events of Default of which he or she may have knowledge and what action each is
taking or proposes to take with respect thereto) and that to the best of his or
her knowledge no event has occurred and remains in existence by reason of which
payments on account of the principal of or interest, if any, on the Securities
is prohibited or if such event has occurred, a description of the event and what
action each is taking or proposes to take with respect thereto.

                  (b) (i) If any Default or Event of Default has occurred and is
continuing or (ii) if any Holder seeks to exercise any remedy hereunder with
respect to a claimed Default under this Indenture or the Securities, the Company
shall deliver to the Trustee an Officers' Certificate specifying such event,
notice or other action within five Business Days of its becoming aware of such
occurrence and what action the Company is taking or proposes to take with
respect thereto.

         4.5 Payment of Taxes and Other Claims.

         The Company shall pay or discharge or cause to be paid or discharged,
before the same shall become delinquent, (i) all taxes, assessments and
governmental charges (including withholding taxes and any penalties, interest
and additions to taxes) levied or imposed upon it or any of its Significant
Subsidiaries or properties of it or any of its Significant Subsidiaries and (ii)
all lawful claims for labor, materials and supplies that, if unpaid, might by
law become a Lien upon the property of it or any of its Significant
Subsidiaries; provided, however, that the Company shall not be required to pay
or discharge or cause to be paid or discharged any such tax, assessment, charge
or claim if the amount, applicability or validity thereof is being contested in
good faith by appropriate proceedings and an adequate reserve has been
established therefor to the extent required by GAAP.

         4.6 Corporate Existence.

         Subject to Article 5 hereof, the Company shall do or cause to be done
all things necessary to preserve and keep in full force and effect its corporate
existence, and the corporate, partnership or other existence of each Significant
Subsidiary, in accordance with the respective organizational documents (as the
same may be amended from time to time) of the Company and of each Significant
Subsidiary and the rights (charter and statutory), licenses and franchises of
the Company and its Significant Subsidiaries; provided, however, that the
Company shall not be required to preserve any such right, license or franchise,
or the corporate, partnership or other existence of any of its Significant
Subsidiaries, if the Board of Directors shall determine that the

                                       19
<PAGE>   27

preservation thereof is no longer desirable in the conduct of the business of
the Company and its Significant Subsidiaries, taken as a whole, and that the
loss thereof is not adverse in any material respect to the Holders.

                                   ARTICLE 5

                              SUCCESSOR CORPORATION

         5.1 Limitation on Consolidation, Merger and Sale of Assets.

                  (a) The Company will not, in any transaction or series of
transactions, merge or consolidate with or into, or sell, assign, convey,
transfer, lease or otherwise dispose of all or substantially all of its
properties and assets (as an entirety or substantially as an entirety in one
transaction or a series of related transactions), to any Person or Persons, and
the Company will not permit any of its Significant Subsidiaries to enter into
any such transaction or series of transactions if such transaction or series of
transactions, in the aggregate, would result in a sale, assignment, conveyance,
transfer, lease or other disposition of all or substantially all of the
properties and assets of the Company or the Company and its Significant
Subsidiaries, taken as a whole, to any other Person or Persons, unless at the
time of and after giving effect thereto (i) either (A) if the transaction or
series of transactions is a merger or consolidation, the Company shall be the
surviving Person of such merger or consolidation, or (B) the Person formed by
such consolidation or into which the Company or such Significant Subsidiary is
merged or to which the properties and assets of the Company or such Significant
Subsidiary, as the case may be, are transferred (any such surviving person or
transferee Person being the "Surviving Entity") shall be a corporation organized
and existing under the laws of the United States of America, any state thereof
or the District of Columbia and shall expressly assume by a supplemental
indenture executed and delivered to the Trustee, in form reasonably satisfactory
to the Trustee, all the obligations of the Company under the Securities of a
Series and this Indenture, and in each case, this Indenture shall remain in full
force and effect; and (ii) immediately before and immediately after giving
effect to such transaction or series of transactions on a pro forma basis
(including, without limitation, any Indebtedness incurred or anticipated to be
incurred in connection with or in respect of such transaction or series of
transactions), no Default or Event of Default shall have occurred and be
continuing.

                  (b) In connection with any consolidation, merger or transfer
of assets contemplated by this Section 5.1, the Company shall deliver, or cause
to be delivered, to the Trustee, in form and substance reasonably satisfactory
to the Trustee, an Officers' Certificate and an Opinion of Counsel, each stating
that such consolidation, merger or transfer and the supplemental indenture in
respect thereto comply with this Section 5.1 and that all conditions precedent
herein provided for relating to such transaction or transactions have been
complied with.

         5.2 Successor Person Substituted.

         Upon any consolidation or merger, or any transfer of all or
substantially all of the assets of the Company or any Significant Subsidiary in
accordance with Section 5.1 above, the successor corporation formed by such
consolidation or into which the Company is merged or to

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<PAGE>   28

which such transfer is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the
same effect as if such successor corporation had been named as the Company
herein, and thereafter (except with respect to any such transfer which is a
lease) the predecessor corporation shall be relieved of all obligations and
covenants under this Indenture and the Securities.

                                   ARTICLE 6

                              DEFAULTS AND REMEDIES

         6.1 Events of Default.

         "Events of Default," wherever used herein with respect to Securities of
any Series, means any one of the following events, unless in the establishing
Board Resolution, supplemental indenture or Officers' Certificate, it is
provided that such Series shall not have the benefit of said Event of Default:

                           (1) there is a default in the payment of any
                  principal of, or premium, if any, on the Securities when the
                  same becomes due and payable at maturity, upon acceleration,
                  redemption or otherwise;

                           (2) there is a default in the payment of any
                  interest on any Security of a Series when the same becomes
                  due and payable and the Default continues for a period of 30
                  days;

                           (3) the Company defaults in the observance or
                  performance of any other covenant in the Securities of a
                  Series or this Indenture for 45 days after written notice from
                  the Trustee or the Holders of not less than 25% in the
                  aggregate principal amount of the Securities of such Series
                  then outstanding;

                           (4) there is a default or are defaults under one or
                  more agreements, instruments, mortgages, bonds, debentures or
                  other evidences of Indebtedness under which the Company or any
                  Significant Subsidiary of the Company then has outstanding
                  Indebtedness in excess of $10 million, individually or in the
                  aggregate, and either (a) such Indebtedness is already due and
                  payable in full or (b) such default or defaults have resulted
                  in the acceleration of the maturity of such Indebtedness;

                           (5) a court of competent jurisdiction enters a final
                  judgment or judgments which can no longer be appealed for the
                  payment of money in excess of $10 million (not covered by
                  insurance) against the Company or any Significant Subsidiary
                  and such judgment remains undischarged for a period of 60
                  consecutive days during which a stay of enforcement of such
                  judgment shall not be in effect;

                           (6) the Company or any Significant Subsidiary
                  pursuant to or within the meaning of any Bankruptcy Law:

                                       21
<PAGE>   29

                         (A) commences a voluntary case,

                         (B) consents to the entry of an order for relief
                    against it in an involuntary case,

                         (C) consents to the appointment of a Custodian of it or
                    for all or substantially all of its property,

                         (D) makes a general assignment for the benefit of its
                    creditors, or

                         (E) generally is not paying its debts as they become
                    due;

                    (7) a court of competent jurisdiction enters an order or
               decree under any Bankruptcy Law that:

                         (A) is for relief against the Company or any
                    Significant Subsidiary in an involuntary case,

                         (B) appoints a Custodian of the Company or any
                    Significant Subsidiary or for all or substantially all of
                    the property of the Company or any Significant Subsidiary,
                    or

                         (C) orders the liquidation of the Company or any
                    Significant Subsidiary,

               and the order or decree remains unstayed and in effect for 60
               days; or

                    (8) any other Event of Default provided with respect to
               Securities of that Series, which is specified in a Board
               Resolution, a supplemental indenture hereto or an Officers'
               Certificate, in accordance with Section 2.2(18).

         The term "Bankruptcy Law" means Title 11, U.S. Code or any similar
Federal or state law for the relief of debtors. The term "Custodian" means any
receiver, trustee, assignee, liquidator or similar official under any Bankruptcy
Law.

         The Trustee may withhold notice of any Default (except in payment of
principal or premium, if any, or interest on the Securities) to the Holders of
the Securities of any Series in accordance with Section 7.5.

         6.2 Acceleration.

         If an Event of Default with respect to Securities of any Series at the
time outstanding (other than an Event of Default arising under Section 6.1(6) or
(7)) occurs and is continuing, the Trustee by written notice to the Company, or
the Holders of not less than 25% in aggregate principal amount of the Securities
of that Series then outstanding may by written notice to the Company and the
Trustee declare that the entire principal amount of all the Securities of that
Series then outstanding plus accrued and unpaid interest to the date of
acceleration are

                                       22
<PAGE>   30

immediately due and payable, in which case such amounts shall become immediately
due and payable; provided, however, that after such acceleration but before a
judgment or decree based on such acceleration is obtained by the Trustee, the
Holders of a majority in aggregate principal amount of the outstanding
Securities of that Series may rescind and annul such acceleration and its
consequences if (i) all existing Events of Default, other than the nonpayment of
accelerated principal, premium, if any, or interest that has become due solely
because of the acceleration, have been cured or waived, (ii) to the extent the
payment of such interest is lawful, interest on overdue installments of interest
and overdue principal, which has become due otherwise than by such declaration
of acceleration, has been paid and (iii) if the rescission would not conflict
with any judgment or decree. No such rescission shall affect any subsequent
Default or impair any right consequent thereto. In case an Event of Default
specified in Section 6.1(6) or (7) with respect to the Company occurs, such
principal, premium, if any, and interest amount with respect to all of the
Securities of that Series shall be due and payable immediately without any
declaration or other act on the part of the Trustee or the Holders of the
Securities of that Series.

         6.3 Remedies.

         If an Event of Default with respect to Securities of any Series at the
time outstanding occurs and is continuing, the Trustee may pursue any available
remedy by proceeding at law or in equity to collect the payment of principal of,
or premium, if any, and interest on the Securities of that Series or to enforce
the performance of any provision of the Securities of that Series or this
Indenture.

         The Trustee may maintain a proceeding even if it does not possess any
of the Securities of that Series or does not produce any of them in the
proceeding. A delay or omission by the Trustee or any Securityholder in
exercising any right or remedy accruing upon an Event of Default shall not
impair the right or remedy or constitute a waiver of or acquiescence in the
Event of Default. No remedy is exclusive of any other remedy. All available
remedies are cumulative to the extent permitted by law.

         6.4 Waiver of Past Defaults and Events of Default.

         Subject to Sections 6.2, 6.7 and 8.2 hereof, the Holders of a majority
in principal amount of the Securities of any Series then outstanding have the
right to waive any existing Default or Event of Default with respect to such
Series or compliance with any provision of this Indenture or the Securities of
such Series. Upon any such waiver, such Default with respect to such Series
shall cease to exist, and any Event of Default with respect to such Series
arising therefrom shall be deemed to have been cured for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other Default or
Event of Default or impair any right consequent thereto.

         6.5 Control by Majority.

         The Holders of a majority in principal amount of the Securities of any
Series then outstanding may direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee or exercising any trust or
power conferred on the Trustee by this Indenture with respect to such Series.
The Trustee, however, may refuse to follow any direction

                                       23
<PAGE>   31

that conflicts with law or this Indenture or that the Trustee determines may be
unduly prejudicial to the rights of another Securityholder or that may involve
the Trustee in personal liability; provided that the Trustee may take any other
action deemed proper by the Trustee which is not inconsistent with such
direction.

         6.6 Limitation on Suits.

         Subject to Section 6.7 below, a Securityholder may not institute any
proceeding or pursue any remedy with respect to this Indenture or the Securities
of a Series unless:

                    (1) the Holder gives to the Trustee written notice of a
               continuing Event of Default with respect to the Securities of
               that Series;

                    (2) the Holders of at least 25% in aggregate principal
               amount of the Securities of such Series then outstanding make a
               written request to the Trustee to pursue the remedy;

                    (3) such Holder or Holders offer to the Trustee indemnity
               reasonably satisfactory to the Trustee against any loss,
               liability or expense to be incurred in compliance with such
               request;

                    (4) the Trustee does not comply with the request within 60
               days after receipt of the request and the offer of indemnity; and

                    (5) no direction inconsistent with such written request has
               been given to the Trustee during such 60 day period by the
               Holders of a majority in aggregate principal amount of the
               Securities of such Series then outstanding.

         A Securityholder may not use this Indenture to prejudice the rights of
another Securityholder or to obtain a preference or priority over another
Securityholder.

         6.7 Rights of Holders To Receive Payment.

         Notwithstanding any other provision of this Indenture, the right of any
Holder of a Security of a Series to receive payment of principal of, or premium,
if any, and interest of the Security of such Series on or after the respective
due dates expressed in the Security of such Series, or to bring suit for the
enforcement of any such payment on or after such respective dates, is absolute
and unconditional and shall not be impaired or affected without the consent of
the Holder.

         6.8 Collection Suit by Trustee.

         If an Event of Default in payment of principal, premium or interest
specified in Section 6.1(1) or (2) hereof with respect to Securities of any
Series at the time outstanding occurs and is continuing, the Trustee may recover
judgment in its own name and as trustee of an express trust against the Company
(or any other obligor on the Securities of that Series) for the whole amount of
unpaid principal and accrued interest remaining unpaid, together with interest
on overdue principal and, to the extent that payment of such interest is lawful,
interest on overdue

                                       24
<PAGE>   32

installments of interest, in each case at the rate then borne by the Securities
of that Series, and such further amounts as shall be sufficient to cover the
costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.

         6.9 Trustee May File Proofs of Claim.

         The Trustee may file such proofs of claim and other papers or documents
as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel) and the Securityholders
allowed in any judicial proceedings relative to the Company (or any other
obligor upon the Securities), any of their respective creditors or any of their
respective property and shall be entitled and empowered to collect and receive
any monies or other property payable or deliverable on any such claims and to
distribute the same after deduction of its charges and expenses to the extent
that any such charges and expenses are not paid out of the estate in any such
proceedings and any custodian in any such judicial proceeding is hereby
authorized by each Securityholder to make such payments to the Trustee, and in
the event that the Trustee shall consent to the making of such payments directly
to the Securityholders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee under Section 7.7
hereof.

         Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Securityholder any
plan or reorganization, arrangement, adjustment or composition affecting the
Securities of a Series or the rights of any Holder thereof, or to authorize the
Trustee to vote in respect of the claim of any Securityholder in any such
proceedings.

         6.10 Priorities.

         If the Trustee collects any money pursuant to this Article 6, it shall
pay out the money in the following order:

         FIRST: to the Trustee for amounts due under Section 7.7 hereof;

         SECOND: to Securityholders for amounts then due and unpaid for
principal, premium, if any, and interest on the Securities in respect of which
or for the benefit of which such money has been collected, ratably, without
preference or priority of any kind, according to the amounts due and payable on
such Securities; and

         THIRD: to the Company.

         The Trustee may fix a record date and payment date for any payment to
Securityholders pursuant to this Section 6.10.

                                       25
<PAGE>   33

         6.11 Undertaking for Costs.

         In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by
it as Trustee, a court in its discretion may require the filing by any party
litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable
attorneys' fees, against any party litigant in the suit, having due regard to
the merits and good faith of the claims or defenses made by the party litigant.
This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder
pursuant to Section 6.7 hereof or a suit by Holders of more than 10% in
principal amount of the Securities of a Series then outstanding.

                                    ARTICLE 7

                                     TRUSTEE

         7.1 Duties of Trustee.

               (a) If an Event of Default has occurred and is continuing, the
Trustee shall exercise such of the rights and powers vested in it by this
Indenture and use the same degree of care and skill in its exercise as a prudent
person would exercise or use under the same circumstances in the conduct of his
own affairs.

               (b) Except during the continuance of an Event of Default:

                         (1) The Trustee need perform only those duties that are
                    specifically set forth in this Indenture and no covenants or
                    obligations shall be implied in this Indenture against the
                    Trustee.

                         (2) In the absence of bad faith on its part, the
                    Trustee may conclusively rely, as to the truth of the
                    statements and the correctness of the opinions expressed
                    therein, upon certificates or opinions furnished to the
                    Trustee and conforming to the requirements of this Indenture
                    but, in the case of any such certificates or opinions which
                    by any provision hereof are specifically required to be
                    furnished to the Trustee, the Trustee shall be under a duty
                    to examine the same to determine whether or not they conform
                    to the requirements of this Indenture.

               (c) The Trustee may not be relieved from liability for its own
          negligent action, its own negligent failure to act, or its own willful
          misconduct, except that:

                         (1) This paragraph does not limit the effect of
                    paragraph (b) of this Section 7.1.

                         (2) The Trustee shall not be liable for any error of
                    judgment made in good faith by a Responsible Officer, unless
                    it is proved that the Trustee was negligent in ascertaining
                    the pertinent facts.

                                       26
<PAGE>   34

                         (3) The Trustee shall not be liable with respect to any
                    action it takes or omits to take in good faith in accordance
                    with a direction received by it pursuant to Sections 6.2 and
                    6.5 hereof.

                  (d) No provision of this Indenture shall require the Trustee
to expend or risk its own funds or otherwise incur any financial liability in
the performance of any of its rights or powers if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity
satisfactory to it against such risk or liability is not reasonably assured to
it.

                  (e) Whether or not therein expressly so provided, paragraphs
(a), (b), (c) and (d) of this Section 7.1 shall govern every provision of this
Indenture that in any way relates to the Trustee.

                  (f) The Trustee shall not be liable for interest on any money
received by it except as the Trustee may agree in writing with the Company.
Money held in trust by the Trustee need not be segregated from other funds
except to the extent required by the law.

                  (g) The Paying Agent, the Registrar and any authenticating
agent shall be entitled to the protections, immunities and standard of care set
forth in paragraphs (a), (b), (c) and (d) of this Section 7.1 with respect to
the Trustee.

         7.2 Rights of Trustee.

                  (a) Subject to Section 7.1 hereof:

                           (1) The Trustee may rely on and shall be protected in
                  acting or refraining from acting upon any document reasonably
                  believed by it to be genuine and to have been signed or
                  presented by the proper person. The Trustee need not
                  investigate any fact or matter stated in the document.

                           (2) Before the Trustee acts or refrains from acting,
                  it may require an Officers' Certificate or an Opinion of
                  Counsel, or both, which shall conform to the provisions of
                  Section 10.5 hereof. The Trustee shall be protected and shall
                  not be liable for any action it takes or omits to take in good
                  faith in reliance on such certificate or opinion.

                           (3) The Trustee may act through agents and shall not
                  be responsible for the misconduct or negligence of any agent
                  appointed by it with due care.

                           (4) The Trustee shall not be liable for any action it
                  takes or omits to take in good faith which it reasonably
                  believes to be authorized or within its rights or powers.

                           (5) The Trustee may consult with counsel of its
                  selection, and the advice or opinion of such counsel as to
                  matters of law shall be full and complete authorization and
                  protection from liability in respect of any action taken,
                  omitted

                                       27
<PAGE>   35

                  or suffered by it hereunder in good faith and in
                  accordance with the advice or opinion of such counsel.

                           (6) The Trustee shall be under no obligation to
                  exercise any of the rights or powers vested in it by this
                  Indenture at the request, order or direction of any of the
                  Holders pursuant to the provisions of this Indenture, unless
                  such Holders shall have offered to the Trustee reasonable
                  security or indemnity against the costs, expenses and
                  liabilities which may be incurred therein or thereby.

                           (7) The Trustee shall not be deemed to have knowledge
                  of any fact or matter unless such fact or matter is known to a
                  Responsible Officer of the Trustee.

         7.3 Individual Rights of Trustee.

         The Trustee in its individual or any other capacity may become the
owner or pledgee of Securities and may make loans to, accept deposits from,
perform services for or otherwise deal with the Company, or any Affiliate
thereof, with the same rights it would have if it were not Trustee. Any Agent
may do the same with like rights. The Trustee, however, shall be subject to
Sections 7.10 and 7.11 hereof.

         7.4 Trustee's Disclaimer.

         The Trustee makes no representation as to the validity or adequacy of
this Indenture or the Securities, it shall not be accountable for the Company's
use of the proceeds from the sale of Securities or any money paid to the Company
pursuant to the terms of this Indenture and it shall not be responsible for any
statement in the Securities other than its certificate of authentication.

         7.5 Notice of Default.

         If a Default or an Event of Default occurs and is continuing with
respect to the Securities of any Series and if it is known to the Trustee, the
Trustee shall mail to each Securityholder of the Securities of that Series
notice of the Default or the Event of Default, as the case may be, within 30
days after it occurs or, if later, after a Responsible Officer of the Trustee
has knowledge of such Default or Event of Default. Except in the case of a
Default or an Event of Default in payment of the principal of, or premium, if
any, or interest on any Security of any Series, the Trustee may withhold the
notice if and so long as the Board of Directors of the Trustee, the executive
committee or any trust committee of such board and/or its Responsible Officers
in good faith determine(s) that withholding the notice is in the interests of
the Securityholders of that Series.

         7.6 Reports by Trustee to Holders.

         If and to the extent required by the TIA, within 60 days after May 15
of each year, commencing the May 15 following the date of this Indenture, the
Trustee shall mail to each Securityholder a brief report dated as of such May 15
that complies with TIA Section 313(a). The Trustee also shall comply with TIA
Sections 313(b) and 313(c).

                                       28
<PAGE>   36

         A copy of each report at the time of its mailing to Securityholders
shall be filed with the SEC and any stock exchange on which the Securities of
that Series are listed. The Company shall promptly notify the Trustee when the
Securities of any Series are listed on any stock exchange, and the Trustee shall
comply with TIA Section 313(d).

         7.7 Compensation and Indemnity.

         The Company shall pay to the Trustee from time to time reasonable
compensation for its services. The Trustee's compensation shall not be limited
by any provision of law on compensation of a trustee of an express trust. The
Company shall reimburse the Trustee upon request for all reasonable
disbursements, expenses and advances incurred or made by it in connection with
its duties under this Indenture, including the reasonable compensation,
disbursements and expenses of the Trustee's agents and counsel.

         The Company shall indemnify the Trustee for, and hold it harmless
against, any and all loss or liability incurred by it in connection with the
acceptance or performance of its duties under this Indenture including the
reasonable costs and expenses of defending itself against any claim or liability
in connection with the exercise or performance of any of its powers or duties
hereunder. The Trustee shall notify the Company promptly of any claim asserted
against the Trustee for which it may seek indemnity.

         However, the failure by the Trustee to so notify the Company shall not
relieve the Company of its obligations. Notwithstanding the foregoing, the
Company need not reimburse the Trustee for any expense or indemnify it against
any loss or liability incurred by the Trustee through its negligence or bad
faith. To secure the payment obligations of the Company in this Section 7.7, the
Trustee shall have a lien prior to the Securities of any Series on all money or
property held or collected by the Trustee except such money or property held in
trust to pay principal of and interest on particular Securities of that Series.

         When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 6.1(6) or (7) hereof occurs, the expenses and the
compensation for the services are intended to constitute expenses of
administration under any Bankruptcy Law.

         For purposes of this Section 7.7, the term "Trustee" shall include any
trustee appointed pursuant to Article 9.

         7.8 Replacement of Trustee.

         The Trustee may resign with respect to the Securities of one or more
Series by so notifying the Company in writing.

         The Holders of a majority in principal amount of the outstanding
Securities of any Series may remove the Trustee with respect to that Series by
notifying the removed Trustee in writing and may appoint a successor Trustee
with respect to that Series with the Company's written consent, which consent
shall not be unreasonably withheld. The Company may remove the Trustee with
respect to that Series at its election if:

                         (1) the Trustee fails to comply with Section 7.10
                    hereof;

                                       29
<PAGE>   37

                         (2) the Trustee is adjudged a bankrupt or an insolvent
                    or an order for relief is entered with respect to the
                    Trustee under any Bankruptcy Law;

                         (3) a Custodian or other public officer takes charge of
                    the Trustee or its property; or

                         (4) the Trustee otherwise becomes incapable of acting.

         If the Trustee resigns or is removed or if a vacancy exists in the
office of Trustee with respect to any Series of Securities for any reason, the
Company shall promptly notify each Holder of such event and shall promptly
appoint a successor Trustee.

         If a successor Trustee with respect to the Securities of one or more
Series does not take office within 60 days after the retiring Trustee resigns or
is removed, the retiring Trustee, the Company or the Holders of at least 10% in
principal amount of the outstanding Securities of the applicable Series may
petition any court of competent jurisdiction for the appointment of a successor
Trustee.

         If the Trustee with respect to the Securities of one or more Series
fails to comply with Section 7.10 hereof, any Securityholder of the applicable
Series may petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor Trustee.

         A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee and to the Company. Immediately following
such delivery, the retiring Trustee with respect to one or more Series shall,
subject to its rights under Section 7.7 hereof, transfer all property held by it
as Trustee with respect to such Series to the successor Trustee, the resignation
or removal of the retiring Trustee shall become effective, and the successor
Trustee with respect to such Series shall have all the rights, powers and duties
of the Trustee under this Indenture. A successor Trustee with respect to the
Securities of one or more Series shall mail notice of its succession to each
Securityholder of such Series.

         7.9 Successor Trustee by Consolidation, Merger or Conversion.

         If the Trustee consolidates with, merges or converts into, or transfers
all or substantially all of its corporate trust assets to, another corporation,
subject to Section 7.10 hereof, the successor corporation without any further
act shall be the successor Trustee.

         7.10 Eligibility; Disqualification.

         This Indenture shall always have a Trustee who satisfies the
requirements of TIA Sections 310(a)(1), (2) and (5) in every respect. The
Trustee shall have a combined capital and surplus of at least $100,000,000 as
set forth in its most recent published annual report of condition. The Trustee
shall comply with TIA Section 310(b), including the provision in Section
310(b)(1).

                                       30
<PAGE>   38

         7.11 Preferential Collection of Claims Against Company.

         The Trustee shall comply with TIA Section 311(a), excluding any
creditor relationship listed in TIA Section 311(b). A Trustee who has resigned
or been removed shall be subject to TIA Section 311(a) to the extent indicated
therein.

         7.12 Paying Agents.

         The Company shall cause each Paying Agent other than the Trustee to
execute and deliver to it and the Trustee an instrument in which such agent
shall agree with the Trustee, subject to the provisions of this Section 7.12:

                           (1) that it will hold all sums held by it as agent
                  for the payment of principal of, or premium, if any, or
                  interest on, the Securities (whether such sums have been paid
                  to it by the Company or by any obligor on the Securities) in
                  trust for the benefit of Holders of the Securities or the
                  Trustee;

                           (2) that it will at any time during the continuance
                  of any Event of Default, upon written request from the
                  Trustee, deliver to the Trustee all sums so held in trust by
                  it together with a full accounting thereof; and

                           (3) that it will give the Trustee written notice
                  within three (3) Business Days of any failure of the Company
                  (or by any obligor on the Securities) in the payment of any
                  installment of the principal of, premium, if any, or interest
                  on, the Securities when the same shall be due and payable.

                                   ARTICLE 8

                       AMENDMENTS, SUPPLEMENTS AND WAIVERS

         8.1 Without Consent of Holders.

         The Company, when authorized by a Board Resolution, and the Trustee may
amend or supplement this Indenture or the Securities of one or more Series
without notice to or consent of any Securityholder:

                         (1) to comply with Section 5.1 hereof;

                         (2) to provide for uncertificated Securities in
                    addition to certificated Securities;

                         (3) to comply with any requirements of the SEC under
                    the TIA;

                         (4) to cure any ambiguity, defect or inconsistency, or
                    to make any other change that does not adversely affect the
                    rights of any Securityholder;

                                       31
<PAGE>   39

                         (5) to provide for the issuance of and establish the
                    form and terms and conditions of Securities of any Series as
                    permitted by this Indenture; or

                         (6) to evidence and provide for the acceptance of
                    appointment hereunder by a successor Trustee with respect to
                    the Securities of one or more Series and to add to or change
                    any of the provisions of this Indenture as shall be
                    necessary to provide for or facilitate the administration of
                    the trusts hereunder by more than one Trustee.

         The Trustee is hereby authorized to join with the Company in the
execution of any supplemental indenture authorized or permitted by the terms of
this Indenture and to make any further appropriate agreements and stipulations
which may be therein contained, but the Trustee shall not be obligated to enter
into any such supplemental indenture which adversely affects its own rights,
duties or immunities under this Indenture.

         8.2 Without Consent of Holders.

                  (a) The Company, when authorized by a Board Resolution, and
the Trustee may amend or supplement this Indenture or the Securities of one or
more Series with the written consent of the Holders of not less than a majority
in aggregate principal amount of the outstanding Securities of such Series
affected by such amendment or supplement without notice to any Securityholder.
The Holders of not less than a majority in aggregate principal amount of the
outstanding Securities of each such Series affected by such amendment or
supplement may waive compliance in a particular instance by the Company with any
provision of this Indenture or the Securities of such Series without notice to
any Securityholder. Subject to Section 8.4, without the consent of each
Securityholder affected, however, an amendment, supplement or waiver, including
a waiver pursuant to Section 6.4, may not:

                         (1) reduce the amount of Securities whose Holders must
                    consent to an amendment, supplement or waiver to this
                    Indenture or the Securities;

                         (2) reduce the rate of or change the time for payment
                    of interest on any Security;

                         (3) reduce the principal or change the Stated Maturity
                    of any Security or reduce the amount of, or postpone the
                    date fixed for, the payment of any sinking fund or analogous
                    obligation;

                         (4) make any Security payable in money other than that
                    stated in the Security;

                         (5) change the amount or time of any payment required
                    by the Securities or reduce the premium payable upon any
                    redemption of the Securities, or change the time before
                    which no such redemption may be made;

                         (6) waive a Default or Event of Default in the payment
                    of the principal of or interest, if any, on any Security
                    (except a rescission of acceleration of the Securities of
                    any Series by the Holders of at least a majority in
                    principal amount

                                       32
<PAGE>   40

                    of the outstanding Securities of such Series and a waiver
                    of the payment default that resulted from such
                    acceleration);

                         (7) waive a redemption payment with respect to any
                    Security or change any of the provisions with respect to the
                    redemption of any Securities;

                         (8) make any changes in Sections 6.4 or 6.7 hereof or
                    this sentence of Section 8.2; or

                         (9) take any other action otherwise prohibited by this
                    Indenture to be taken without the consent of each holder
                    affected thereby.

                  (b) Upon the request of the Company, accompanied by a Board
Resolution authorizing the execution of any such supplemental indenture, and
upon the receipt by the Trustee of evidence reasonably satisfactory to the
Trustee of the consent of the Securityholders as aforesaid and upon receipt by
the Trustee of the documents described in Section 8.6 hereof, the Trustee shall
join with the Company in the execution of such supplemental indenture unless
such supplemental indenture affects the Trustee's own rights, duties or
immunities under this Indenture, in which case the Trustee may in its
discretion, but shall not be obligated to, enter into such supplemental
indenture.

                  (c) It shall not be necessary for the consent of the Holders
under this section to approve the particular form of any proposed amendment,
supplement or waiver, but it shall be sufficient if such consent approves the
substance thereof.

         8.3 Compliance with Trust Indenture Act.

         Every amendment to or supplement of this Indenture or the Securities
shall comply with the TIA as then in effect.

         8.4 Revocation and Effect of Consents.

         Until an amendment, supplement, waiver or other action becomes
effective, a consent to it by a Holder of a Security is a continuing consent
conclusive and binding upon such Holder and every subsequent Holder of the same
Security or portion thereof, and of any Security issued upon the transfer
thereof or in exchange therefor or in place thereof, even if notation of the
consent is not made on any such Security. Any such Holder or subsequent Holder,
however, may revoke the consent as to his Security or portion of a Security, if
the Trustee receives the notice of revocation before the date the amendment,
supplement, waiver or other action becomes effective.

         The Company may, but shall not be obligated to, fix a record date for
the purpose of determining the Holders entitled to consent to any amendment,
supplement, or waiver which record date shall be at least 30 days prior to the
first solicitation of such consent. If a record date is fixed, then,
notwithstanding the preceding paragraph, those Persons who were Holders at such
record date (or their duly designated proxies), and only such Persons, shall be
entitled to consent to such amendment, supplement, or waiver or to revoke any
consent previously given, whether or not such Persons continue to be Holders
after such record date. No such consent shall be valid or effective for more
than 90 days after such record date.

                                       33
<PAGE>   41

         After an amendment, supplement, waiver or other action becomes
effective, it shall bind every Securityholder, unless it makes a change
described in any of clauses (1) through (9) of Section 8.2 hereof. In that case
the amendment, supplement, waiver or other action shall bind each Holder of a
Security who has consented to it and every subsequent Holder of a Security or
portion of a Security that evidences the same debt as the consenting Holder's
Security; provided that any such waiver shall not impair or affect the right of
any Holder to receive payment of principal of and interest on a Security, on or
after the respective due dates expressed in such Security, or to bring suit for
the enforcement of any such payment on or after such respective dates without
the consent of such Holder.

         8.5 Notation on or Exchange of Securities

         If an amendment, supplement, or waiver changes the terms of a Security
of any Series, the Trustee may request the Holder of such Security to deliver it
to the Trustee. In such case, the Trustee shall place an appropriate notation on
such Security about the changed terms and return it to the Holder.
Alternatively, if the Company or the Trustee so determines, the Company in
exchange for such Security shall issue and the Trustee shall authenticate a new
security that reflects the changed terms. Failure to make the appropriate
notation or issue a new Security shall not affect the validity and effect of
such amendment supplement or waiver.

         8.6 Trustee to Sign Amendments, Etc.

         The Trustee shall sign any amendment, supplement or waiver authorized
pursuant to this Article 8 if the amendment, supplement or waiver does not
adversely affect the rights, duties, liabilities or immunities of the Trustee.
If it does, the Trustee may, but need not, sign it. In signing or refusing to
sign such amendment, supplement or waiver the Trustee shall be entitled to
receive and, subject to Section 7.1 hereof, shall be fully protected in relying
upon an Officers' Certificate and an Opinion of Counsel stating that such
amendment, supplement or waiver is authorized or permitted by this Indenture.
The Company may not sign an amendment or supplement until the Board of Directors
of the Company approves it.

                                   ARTICLE 9

                       DISCHARGE OF INDENTURE; DEFEASANCE

         9.1 Discharge of Indenture.

         The Company may terminate its obligations under the Securities of any
Series and this Indenture with respect to such Series, except the obligations
referred to in the last paragraph of this Section 9.1, if there shall have been
canceled by the Trustee or delivered to the Trustee for cancellation all
Securities of such Series theretofore authenticated and delivered (other than
any Securities of such Series that are asserted to have been destroyed, lost or
stolen and that shall have been replaced as provided in Section 2.8 hereof) and
the Company has paid all sums payable by it hereunder or deposited all required
sums with the Trustee.

                                       34
<PAGE>   42

         After such delivery the Trustee upon request shall acknowledge in
writing the discharge of the Company's obligations under the Securities of such
Series and this Indenture except for those surviving obligations specified
below.

         Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company in Sections 7.7, 9.5 and 9.6 hereof shall survive.

         9.2 Legal Defeasance.

         The Company may at its option, by Board Resolution, be discharged from
its obligations with respect to the Securities of any Series on the date the
conditions set forth in Section 9.4 below are satisfied (hereinafter, "Legal
Defeasance"). For this purpose, such Legal Defeasance means that the Company
shall be deemed to have paid and discharged the entire indebtedness represented
by the Securities of such Series and to have satisfied all its other obligations
under such Securities and this Indenture insofar as such Securities are
concerned (and the Trustee, at the expense of the Company, shall, subject to
Section 9.6 hereof, execute proper instruments acknowledging the same), except
for the following which shall survive until otherwise terminated or discharged
hereunder: (A) the rights of Holders of outstanding Securities of such Series to
receive solely from the trust funds described in Section 9.4 hereof and as more
fully set forth in such section, payments in respect of the principal of,
premium, if any, and interest on the Securities of such Series when such
payments are due, (B) the Company's obligations with respect to the Securities
of such Series under Sections 2.4, 2.5, 2.6, 2.7, 2.8 and 2.9 hereof, (C) the
rights, powers, trusts, duties, and immunities of the Trustee hereunder
(including claims of, or payments to, the Trustee under or pursuant to Section
7.7 hereof) and (D) this Article 9. Subject to compliance with this Article 9,
the Company may exercise its option under this Section 9.2 with respect to the
Securities of any Series notwithstanding the prior exercise of its option under
Section 9.3 below with respect to the Securities of such Series.

         9.3 Covenant Defeasance.

         At the option of the Company, pursuant to a Board Resolution, the
Company shall be released from its obligations under Sections 4.2 through 4.6
hereof, inclusive, and Section 5.1 hereof with respect to the outstanding
Securities of any Series on and after the date the conditions set forth in
Section 9.4 hereof are satisfied (hereinafter, "Covenant Defeasance"). For this
purpose, such Covenant Defeasance means that the Company may omit to comply with
and shall have no liability in respect of any term, condition or limitation set
forth in any such specified section or portion thereof, whether directly or
indirectly by reason of any reference elsewhere herein to any such specified
Section or portion thereof or by reason of any reference in any such specified
section or portion thereof to any other provision herein or in any other
document, but the remainder of this Indenture and the Securities of any Series
shall be unaffected thereby.

         9.4 Conditions to Legal Defeasance or Covenant Defeasance.

         The following shall be the conditions to application of Section 9.2 or
Section 9.3 hereof to the outstanding Securities of a Series:

                                       35
<PAGE>   43

                           (1) the Company shall irrevocably have deposited or
                  caused to be deposited with the Trustee (or another trustee
                  satisfying the requirements of Section 7.10 hereof who shall
                  agree to comply with the provisions of this Article 9
                  applicable to it) as funds in trust for the purpose of making
                  the following payments, specifically pledged as security for,
                  and dedicated solely to, the benefit of the Holders of the
                  Securities, (A) money in an amount, or (B) U.S. Government
                  Obligations or Foreign Government Obligations which through
                  the scheduled payment of principal and interest in respect
                  thereof in accordance with their terms will provide, not later
                  than the due date of any payment, money in an amount, or (C) a
                  combination thereof, sufficient, in the opinion of a
                  nationally-recognized firm of independent public accountants
                  expressed in a written certification thereof delivered to the
                  Trustee, to pay and discharge, and which shall be applied by
                  the Trustee (or other qualifying trustee) to pay and
                  discharge, the principal of, premium, if any, and accrued
                  interest on the outstanding Securities of such Series at the
                  maturity date of such principal, premium, if any, or interest,
                  or on dates for payment and redemption of such principal,
                  premium, if any, and interest selected in accordance with the
                  terms of this Indenture and of the Securities of such Series;

                           (2) no Event of Default or Default with respect to
                  the Securities of such Series shall have occurred and be
                  continuing on the date of such deposit, or shall have occurred
                  and be continuing at any time during the period ending on the
                  91st day after the date of such deposit or, if longer, ending
                  on the day following the expiration of the longest preference
                  period under any Bankruptcy Law applicable to the Company in
                  respect of such deposit (it being understood that this
                  condition shall not be deemed satisfied until the expiration
                  of such period);

                           (3) such Legal Defeasance or Covenant Defeasance
                  shall not cause the Trustee to have a conflicting interest for
                  purposes of the TIA with respect to any securities of the
                  Company;

                           (4) such Legal Defeasance or Covenant Defeasance
                  shall not result in a breach or violation of, or constitute
                  default under any other agreement or instrument to which the
                  Company is a party or by which it is bound;

                           (5) the Company shall have delivered to the Trustee
                  an Opinion of Counsel stating that, as a result of such Legal
                  Defeasance or Covenant Defeasance, neither the trust nor the
                  Trustee will be required to register as an investment company
                  under the Investment Company Act of 1940, as amended;

                           (6) in the case of an election under Section 9.2
                  above, the Company shall have delivered to the Trustee an
                  Opinion of Counsel stating that (i) the Company has received
                  from, or there has been published by, the Internal Revenue
                  Service a ruling to the effect that or (ii) there has been a
                  change in any applicable Federal income tax law with the
                  effect that, and such opinion shall confirm that, the Holders
                  of the outstanding Securities of such Series or persons in
                  their positions will not recognize income, gain or loss for
                  Federal income tax purposes solely as a result of such Legal
                  Defeasance and will be subject to Federal income

                                       36
<PAGE>   44

                  tax on the same amounts, in the same manner, including as a
                  result of prepayment, and at the same times as would have
                  been the case if such Legal Defeasance had not occurred;

                           (7) in the case of an election under Section 9.3
                  hereof, the Company shall have delivered to the Trustee an
                  Opinion of Counsel to the effect that the Holders of the
                  outstanding Securities of such Series will not recognize
                  income, gain or loss for Federal income tax purposes as a
                  result of such Covenant Defeasance and will be subject to
                  Federal income tax on the same amounts, in the same manner and
                  at the same times as would have been the case if such Covenant
                  Defeasance had not occurred;

                           (8) the Company shall have delivered to the Trustee
                  an Officers' Certificate and an Opinion of Counsel, each
                  stating that all conditions precedent provided for relating to
                  either the Legal Defeasance under Section 9.2 above or the
                  Covenant Defeasance under Section 9.3 hereof (as the case may
                  be) have been complied with;

                           (9) the Company shall have delivered to the Trustee
                  an Officers' Certificate stating that the deposit under clause
                  (1) was not made by the Company with the intent of defeating,
                  hindering, delaying or defrauding any creditors of the Company
                  or others; and

                           (10) the Company shall have paid or duly provided for
                  payment under terms mutually satisfactory to the Company and
                  the Trustee all amounts then due to the Trustee pursuant to
                  Section 7.7 hereof.

         9.5 Deposited Money and U.S. and Foreign Government Obligations to be
             Held in Trust; Other Miscellaneous Provisions.

         All money, U.S. Government Obligations and Foreign Government
Obligations (including the proceeds thereof) deposited with the Trustee pursuant
to Section 9.4 hereof in respect of the outstanding Securities shall be held in
trust and applied by the Trustee, in accordance with the provisions of such
Securities and this Indenture, to the payment, either directly or through any
Paying Agent as the Trustee may determine, to the Holders of such Securities, of
all sums due and to become due thereon in respect of principal, premium, if any,
and accrued interest, but such money need not be segregated from other funds
except to the extent required by law.

         The Company shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the U.S. Government Obligations and
Foreign Government Obligations deposited pursuant to Section 9.4 hereof or the
principal, premium, if any, and interest received in respect thereof other than
any such tax, fee or other charge which by law is for the account of the Holders
of the outstanding Securities.

         Anything in this Article 9 to the contrary notwithstanding, the Trustee
shall deliver or pay to the Company from time to time upon Company Request any
money, U.S. Government Obligations or Foreign Government Obligations held by it
as provided in Section 9.4 hereof

                                       37
<PAGE>   45

which, in the opinion of a nationally-recognized firm of independent public
accountants expressed in a written certification thereof delivered to the
Trustee, are in excess of the amount thereof which would then be required to be
deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

         9.6 Reinstatement.

         If the Trustee or Paying Agent is unable to apply any money, U.S.
Government Obligations or Foreign Government Obligations in accordance with
Section 9.1, 9.2, 9.3 or 9.4 hereof by reason of any legal proceeding or by
reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the Company's
obligations under this Indenture and the Securities shall be revived and
reinstated as though no deposit had occurred pursuant to this Article 9 until
such time as the Trustee or Paying Agent is permitted to apply all such money,
U.S. Government Obligations or Foreign Government Obligations, as the case may
be, in accordance with Section 9.1, 9.2, 9.3 or 9.4 hereof; provided, however,
that if the Company has made any payment of principal of, premium, if any, or
accrued interest on any Securities because of the reinstatement of their
obligations, the Company shall be subrogated to the rights of the Holders of
such Securities to receive such payment from the money, U.S. Government
Obligations or Foreign Government Obligations held by the Trustee or Paying
Agent.

         9.7 Moneys Held by Paying Agent.

         In connection with the satisfaction and discharge of this Indenture,
all moneys then held by any Paying Agent under the provisions of this Indenture
shall, upon demand of the Company, be paid to the Trustee, or if sufficient
moneys have been deposited pursuant to Section 9.1 hereof, to the Company, and
thereupon such Paying Agent shall be released from all further liability with
respect to such moneys.

         9.8 Moneys Held by Trustee.

         Any moneys deposited with the Trustee or any Paying Agent or then held
by the Company in trust for the payment of the principal of, or premium, if any,
or interest on any Security that are not applied but remain unclaimed by the
Holder of such Security for two years after the date upon which the principal
of, or premium, if any, or interest on such Security shall have respectively
become due and payable shall be repaid to the Company upon Company Request, or
if such moneys are then held by the Company in trust, such moneys shall be
released from such trust; and the Holder of such Security entitled to receive
such payment shall thereafter, as an unsecured general creditor, look only to
the Company for the payment thereof, and all liability of the Trustee or such
Paying Agent with respect to such trust money shall thereupon cease; provided,
however, that the Trustee or any such Paying Agent, before being required to
make any such repayment, may, at the expense of the Company, either mail to each
Securityholder affected, at the address shown in the register of the Securities
maintained by the Registrar or cause to be published once a week for two
successive weeks, in a newspaper published in the English language, customarily
published each Business Day and of general circulation in the City of New York,
New York, a notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such

                                       38
<PAGE>   46

mailing or publication, any unclaimed balance of such moneys then remaining will
be repaid to the Company. After payment to the Company or the release of any
money held in trust by the Company, Securityholders entitled to the money must
look only to the Company for payment as general creditors unless applicable
abandoned property law designates another person.

                                   ARTICLE 10

                                  MISCELLANEOUS

         10.1 Trust Indenture Act Controls.

         If any provision of this Indenture limits, qualifies or conflicts with
another provision which is required to be included in this Indenture by the TIA,
the required provision shall control.

         10.2 Notices.

         Any notice or communication shall be given in writing and delivered in
person, sent by facsimile, delivered by commercial courier service or mailed by
first-class mail, postage prepaid, addressed as follows:

                  If to the Company:

                  Lamar Advertising Company
                  5551 Corporate Boulevard
                  Baton Rouge, Louisiana  70808
                  Attention:  Chief Financial Officer

                  Copy to:

                  Palmer & Dodge LLP
                  One Beacon Street
                  Boston, Massachusetts  02108
                  Attention:  George Ticknor, Esq.

                  If to the Trustee:

         The Company or the Trustee by written notice to the others may
designate additional or different addresses for subsequent notices or
communications. Any notice or communication to the Company or the Trustee shall
be deemed to have been given or made as of the date so delivered if personally
delivered; when answered back, if telexed; when receipt is acknowledged, if
telecopied; and five (5) calendar days after mailing if sent by registered or
certified mail, postage prepaid (except that a notice of change of address shall
not be deemed to have been given until actually received by the addressee).

                                       39
<PAGE>   47

         Any notice or communication mailed to a Securityholder shall be mailed
to him by first-class mail, postage prepaid, at his address shown on the
register kept by the Registrar.

         Failure to mail a notice or communication to a Securityholder or any
defect in it shall not affect its sufficiency with respect to other
Securityholders. If a notice or communication to a Securityholder is mailed in
the manner provided above, it shall be deemed duly given, whether or not the
addressee receives it.

         In case by reason of the suspension of regular mail service, or by
reason of any other cause, it shall be impossible to mail any notice as required
by this Indenture, then such method of notification as shall be made with the
approval of the Trustee shall constitute a sufficient mailing of such notice.

         10.3 Communications by Holders with Other Holders.

         Securityholders of any Series may communicate pursuant to TIA Section
312(b) with other Securityholders of that Series or any other Series with
respect to their rights under this Indenture or the Securities of that Series or
any other Series. The Company, the Trustee, the Registrar and anyone else shall
have the protection of TIA Section 312(c).

         10.4 Certificate and Opinion as to Conditions Precedent.

         Upon any request or application by the Company to the Trustee to take
any action under this Indenture, the Company shall furnish to the Trustee:

                         (1) an Officers' Certificate (which shall include the
                    statements set forth in Section 10.5 below) stating that, in
                    the opinion of the signers, all conditions precedent, if
                    any, provided for in this Indenture relating to the proposed
                    action have been complied with; and

                         (2) an Opinion of Counsel (which shall include the
                    statements set forth in Section 10.5 below) stating that, in
                    the opinion of such counsel, all such conditions precedent
                    have been complied with.

         10.5 Statement Required in Certificate and Opinion.

         Each certificate and opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include:

                         (1) a statement that the Person making such certificate
                    or opinion has read such covenant or condition;

                         (2) a brief statement as to the nature and scope of the
                    examination or investigation upon which the statements or
                    opinions contained in such certificate or opinion are based;

                         (3) a statement that, in the opinion of such Person, it
                    or he has made such examination or investigation as is
                    necessary to enable it or him to express an

                                       40
<PAGE>   48

                  informed opinion as to whether or not such covenant or
                  condition has been complied with; and

                           (4) a statement as to whether or not, in the opinion
                  of such Person, such covenant or condition has been complied
                  with.

         10.6 When Treasury Securities Disregarded.

         In determining whether the Holders of the required aggregate principal
amount of the Securities of any Series have concurred in any direction, waiver
or consent, the Securities of any Series owned by the Company or any other
obligor on such Securities or by any Affiliate of any of them shall be
disregarded, except that for the purposes of determining whether the Trustee
shall be protected in relying on any such direction, waiver or consent, only
Securities of such Series which the Trustee actually knows are so owned shall be
so disregarded. Securities of such Series so owned which have been pledged in
good faith shall not be disregarded if the pledgee establishes to the
satisfaction of the Trustee the pledgee's right so to act with respect to the
Securities of such Series and that the pledgee is not the Company or any other
obligor upon the Securities of such Series or any Affiliate of any of them.

         10.7 Rules by Trustee and Agents.

         The Trustee may make reasonable rules for action by or at meetings of
Securityholders. The Registrar and Paying Agent may make reasonable rules for
their functions.

         10.8 Business Days; Legal Holidays.

         A "Business Day" is a day that is not a Legal Holiday. A "Legal
Holiday" is a Saturday, a Sunday, a federally-recognized holiday or a day on
which banking institutions are not required to be open in the State of New York
or the Commonwealth of Massachusetts.

         If a payment date is a Legal Holiday at a place of payment, payment may
be made at that place on the next succeeding day that is not a Legal Holiday,
and no interest shall accrue for the intervening period.

         10.9 Governing Law.

         THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE
AND PERFORMED WITHIN THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAW. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE SECURITIES.

                                       41
<PAGE>   49

         10.10 No Adverse Interpretation of Other Agreements.

         This Indenture may not be used to interpret another indenture, loan,
security or debt agreement of the Company or any Subsidiary thereof. No such
indenture, loan, security or debt agreement may be used to interpret this
Indenture.

         10.11 No Recourse Against Others.

         A director, officer, employee, stockholder or incorporator, as such, of
the Company shall not have any liability for any obligations of the Company
under the Securities or the Indenture or for any claim based on, in respect of
or by reason of such obligations or their creations. Each Securityholder by
accepting a Security waives and releases all such liability. Such waiver and
release are part of the consideration for the issuance of the Securities.

         10.12 Successors.

         All agreements of the Company in this Indenture and the Securities
shall bind their respective successors. All agreements of the Trustee, any
additional trustee and any Paying Agents in this Indenture shall bind its
successor.

         10.13 Multiple Counterparts.

         The parties may sign multiple counterparts of this Indenture. Each
signed counterpart shall be deemed an original, but all of them together
represent one and the same agreement.

         10.14 Table of Contents, Headings, etc.

         The table of contents, cross-reference sheet and headings of the
Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part hereof, and shall in no way
modify or restrict any of the terms or provisions hereof.

         10.15 Separability.

         Each provision of this Indenture shall be considered separable and if
for any reason any provision which is not essential to the effectuation of the
basic purpose of this Indenture or the Securities shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

         10.16 Securities in a Foreign Currency or in ECU.

         Unless otherwise specified in a Board Resolution, a supplemental
indenture hereto or an Officers' Certificate delivered pursuant to Section 2.2
of this Indenture with respect to a particular Series of Securities, whenever
for purposes of this Indenture any action may be taken by the Holders of a
specified percentage in aggregate principal amount of Securities of all Series
or all Series affected by a particular action at the time outstanding and, at
such time, there are outstanding Securities of any Series which are denominated
in a coin or currency other than Dollars (including ECUs), then the principal
amount of Securities of such Series which shall be deemed to be outstanding for
the purpose of taking such action shall be that amount of Dollars

                                       42
<PAGE>   50

that could be obtained for such amount at the Market Exchange Rate at such time.
For purposes of this Section 10.16, "Market Exchange Rate" shall mean the noon
Dollar buying rate in New York City for cable transfers of that currency as
published by the Federal Reserve Bank of New York; provided, however, in the
case of ECUs, Market Exchange Rate shall mean the rate of exchange determined by
the Commission of the European Union (or any successor thereto) as published in
the Official Journal of the European Union (such publication or any successor
publication, the "Journal"). If such Market Exchange Rate is not available for
any reason with respect to such currency, the Trustee shall use, in its sole
discretion and without liability on its part, such quotation of the Federal
Reserve Bank of New York or, in the case of ECUs, the rate of exchange as
published in the Journal, as of the most recent available date, or quotations
or, in the case of ECUs, rates of exchange from one or more major banks in The
City of New York or in the country of issue of the currency in question or, in
the case of ECUs, in Luxembourg or such other quotations or, in the case of
ECUs, rates of exchange as the Trustee, upon consultation with the Company,
shall deem appropriate. The provisions of this paragraph shall apply in
determining the equivalent principal amount in respect of Securities of a Series
denominated in currency other than Dollars in connection with any action taken
by Holders of Securities pursuant to the terms of this Indenture.

                  All decisions and determinations of the Trustee regarding the
Market Exchange Rate or any alternative determination provided for in the
preceding paragraph shall be in its sole discretion and shall, in the absence of
manifest error, be conclusive to the extent permitted by law for all purposes
and irrevocably binding upon the Company and all Holders.

         10.17 Judgment Currency.

         The Company agrees, to the fullest extent that it may effectively do so
under applicable law, that (a) if for the purpose of obtaining judgment in any
court it is necessary to convert the sum due in respect of the principal of or
interest or other amount on the Securities of any Series (the "Required
Currency") into a currency in which a judgment will be rendered (the "Judgment
Currency"), the rate of exchange used shall be the rate at which in accordance
with normal banking procedures the Trustee could purchase in The City of New
York the Required Currency with the Judgment Currency on the day on which final
unappealable judgment is entered, unless such day is not a New York Banking Day,
then, the rate of exchange used shall be the rate at which in accordance with
normal banking procedures the Trustee could purchase in The City of New York the
Required Currency with the Judgment Currency on the New York Banking Day
preceding the day on which final unappealable judgment is entered and (b) its
obligations under this Indenture to make payments in the Required Currency (i)
shall not be discharged or satisfied by any tender, any recovery pursuant to any
judgment (whether or not entered in accordance with subsection (a)), in any
currency other than the Required Currency, except to the extent that such tender
or recovery shall result in the actual receipt, by the payee, of the full amount
of the Required Currency expressed to be payable in respect of such payments,
(ii) shall be enforceable as an alternative or additional cause of action for
the purpose of recovering in the Required Currency the amount, if any, by which
such actual receipt shall fall short of the full amount of the Required Currency
so expressed to be payable, and (iii) shall not be affected by judgment being
obtained for any other sum due under this Indenture. For purposes of the
foregoing, "New York Banking Day" means any day except a Saturday, Sunday or a
legal holiday in The City of

                                       43
<PAGE>   51

New York on which banking institutions are authorized or required by law,
regulation or executive order to close.

         IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be
duly executed as of the day and year first above written.

                                              LAMAR ADVERTISING COMPANY

                                              By:
                                                 -------------------------------
                                                    Name:
                                                    Its:

                                              [Name of Trustee]

                                              By:
                                                 -------------------------------
                                                    Name:
                                                    Its:

                                       44<PAGE>   1
                                                                     EXHIBIT 4.1

         On August 1, 2000, the Board of Directors of Aperian, Inc. (formerly
MSI Holdings, Inc.) adopted the following 2000 Stock Incentive Plan:

                                  APERIAN, INC.
                            2000 STOCK INCENTIVE PLAN

1. Purpose.

         Aperian, Inc., a Delaware corporation (herein, together with its
successors, referred to as the "Company"), by means of this 2000 Stock Incentive
Plan (the "Plan"), desires to afford certain individuals and employees of the
Company and any parent corporation or subsidiary corporation thereof now
existing or hereafter formed or acquired (such parent and subsidiary
corporations referred to herein as "Related Entities") who are responsible for
the continued growth of the Company an opportunity to acquire a proprietary
interest in the Company and thus to create in such persons an increased interest
in and a greater concern for the welfare of the Company and any Related
Entities. As used in the Plan, the terms "parent corporation" and "subsidiary
corporation" shall mean, respectively, a corporation within the definition of
such terms contained in Sections 424(e) and 424(f) of the Internal Revenue Code
of 1986, as amended (the "Code"). All capitalized terms not otherwise defined in
Sections 1 through 17 of this Plan shall have the meanings set forth in Section
18 of this Plan.

         The stock options described in Sections 6 and 7 (the "Options"), and
other stock or equity-based awards described in Section 8 (the "Awards"), are a
matter of separate inducement and, except as specifically provided herein or
elsewhere, are not in lieu of any salary or other compensation for services.

2. Administration.

         (a) Committee. The Board of Directors of the Company (the "Board of
Directors") shall administer the Plan with respect to all Employees (as
hereinafter defined) or Eligible Non-Employees (as hereinafter defined) or may
delegate all or part of its duties under this Plan to any committee or
sub-committee appointed by the Board of Directors (the "Committee") or to any
officer or committee of officers of the Company, subject in each case to such
conditions and limitations as the Board of Directors may establish and subject
to the following sentence. Except for references in Sections 2(a), 2(b), and
2(c) and unless the context otherwise requires, references herein to the
Committee shall also refer to the Board of Directors as administrator of the
Plan for Employees or Eligible Non-Employees or to the appropriate delegate of
the Committee or the Board of Directors.

         (b) Duration, Removal, Etc. The members of the Committee shall serve at
the pleasure of the Board of Directors, which shall have the power, at any time
and from time to time, to remove members from or add members to the Committee.
Removal from the Committee may be with or without cause. Any individual serving
as a member of the Committee shall have the right to resign from membership in
the Committee by written notice to the Board of Directors. The Board of
Directors, and not the remaining members of the Committee, shall have the power
and authority to fill vacancies on the Committee, however caused.

         (c) Meetings and Actions of Committee. The Board of Directors shall
designate which of the Committee members shall be the chairman of the Committee.
If the Board of Directors fails to designate a Committee chairman, the members
of the Committee shall elect one of the Committee members as chairman, who shall
act as chairman until he ceases to be a member of the Committee or until the
Board of Directors elects a new chairman. The Committee shall hold its meetings
at those times and places as the chairman of the Committee may determine. At all
meetings of the Committee, a quorum for the transaction of business shall be
required, and a quorum shall be deemed present if at least a majority of the
members of the Committee are present. At any meeting of the Committee, each
member shall have one vote. All decisions and determinations of the Committee
shall be made by the majority vote or majority decision of all of its members
present at a meeting at which a quorum is present; provided, however, that any
decision or determination reduced to writing and signed by all of the members of
the Committee shall be as fully effective as if it had been made at a meeting
that was duly called and held. The Committee may make any rules and regulations
as it may deem advisable for the conduct of its business that are not
inconsistent with the provisions of the Plan, the certificate of incorporation
of the Company or the by-laws of the Company.

                                      -1-
<PAGE>   2

3. Shares Available.

         Subject to the adjustments provided in Section 10, the maximum
aggregate number of shares of common stock, $0.10 par value, of the Company
("Common Stock") in respect of which Options and Awards may be granted for all
purposes under the Plan shall be 2,000,000 shares, provided, however, that no
more than 10% of such shares shall be available for issuance under Awards
granted pursuant to Section 8. If, for any reason, any shares as to which
Options have been granted cease to be subject to purchase thereunder, including
the expiration of such Option, the termination of such Option prior to exercise,
or the forfeiture of such Option, or any shares as to which Awards have been
granted are forfeited or surrendered, such shares shall thereafter be available
for grants under the Plan. Options or Awards granted under the Plan may be
fulfilled in accordance with the terms of the Plan with (i) authorized and
unissued shares of the Common Stock, (ii) issued shares of such Common Stock
held in the Company's treasury, or (iii) issued shares of Common Stock
reacquired by the Company in each situation as the Board of Directors or the
Committee may determine from time to time.

4. Eligibility and Bases of Participation.

         Grants of Non-Qualified Options (as hereinafter defined) may be made
under the Plan, subject to and in accordance with Section 6, to Employees, and
subject to and in accordance with Section 7, to any Eligible Non-Employee. As
used herein, the term "Employee" shall mean any employee of the Company or any
Related Entity who is regularly employed on a salaried basis and who is so
employed on the date of such grant; provided, that all officers or directors of
the Company and any employees of the Company or any Related Entity who perform
functions equivalent to an officer of the Company shall not be Employees. As
used herein, the term "Eligible Non-Employee" shall mean any person or entity of
any nature whatsoever, specifically including an individual, a firm, a company,
a corporation, a partnership, a trust, or other entity (collectively, a
"Person"), that the Committee designates as eligible for a grant of Options
pursuant to this Plan because such Person performs bona fide consulting,
advisory, or other services for the Company or any Related Entity (other than
services in connection with the offer or sale of securities in a capital-raising
transaction) and the Board of Directors or the Committee determines that the
Person has a direct and significant effect on the financial development of the
Company or any Related Entity; provided, that all officers or directors of the
Company and any employees of the Company or any Related Entity who perform
functions equivalent to an officer of the Company shall not be Eligible
Non-Employees.

         Grants of Awards may be made under the Plan, subject to and in
accordance with Section 8, to Employees and Eligible Non-Employees.

         The adoption of this Plan shall not be deemed to give any Person a
right to be granted any Options or any Awards.

         Notwithstanding any other provision of this Plan to the contrary, with
respect to the grant of any Options or Awards to any Employee or Eligible
Non-Employee, the Committee shall first determine the number of shares (or
units) in respect of which Options or Awards are to be granted to such Employee
or Eligible Non-Employee and shall then cause to be granted to such Employee or
Eligible Non-Employee an Option exercisable for such shares or an Award for such
shares (or units). The exercise price per share of Common Stock under each
Option and the value of each share of Common Stock (or unit) under each Award
shall be fixed by the Committee at the time of grant of the Option or Award and
shall not be less than 85% of the Fair Market Value of a share of Common Stock
on the day preceding the date of grant.

5. Authority of Committee.

         Subject to the express provisions of the Plan and any applicable law
with which the Company intends the Plan to comply, the Committee shall have the
authority, in its sole and absolute discretion, (a) to adopt, amend, and rescind
administrative and interpretive rules and regulations relating to the Plan,
including without limitation to adopt and observe such procedures concerning the
counting of Options or Awards against the Plan and individual maximums as it may
deem appropriate from time to time; (b) to determine the Employees or Eligible
Non-Employees to whom, and the time or times at which, Options and Awards shall
be granted; (c) to determine the number of shares of Common Stock (or units)
that shall be the subject of each Option or Award; (d) to determine the terms
and provisions of each agreement

                                      -2-
<PAGE>   3

evidencing Options or Awards granted hereunder (which need not be identical),
including provisions defining or otherwise relating to (i) the term and the
period or periods and extent of exerciseability of the Options, (ii) the
forfeitability of any shares (or units) or any restrictions on shares (or units)
subject to an Award, (iii) the extent to which the transferability of shares of
Common Stock issued or transferred pursuant to any Option or Award is
restricted, (iv) the effect of termination of employment on the Option or Award,
(iv) the effect of approved leaves of absence (consistent with any applicable
provisions of the Code or Treasury regulations) and (v) the establishment of
procedures for an optionee to exercise an Option by delivering that number of
shares of Common Stock already owned by such optionee having an aggregate Fair
Market Value which shall equal the Option exercise price; provided, however,
that (A) no such procedure shall be available if there is an opinion of the
Company's independent accounting firm that the use of such a procedure could
negatively affect the financial statements of the Company or a Related Entity,
and (B) notwithstanding any provision in the Plan to the contrary, no such
shares shall be used to pay the Option exercise price unless such shares shall
have been held by the optionee for a period of six months prior to the date of
exercise of the Option; (e) to accelerate, pursuant to Section 9 or otherwise,
the vesting or exerciseability (or time of exerciseability) of all or part of
any Option, or the vesting or lapsing of restrictions on all or part of any
Award, that has been granted; (f) to construe the respective agreements
evidencing Options and Awards pursuant to the Plan; (g) to make determinations
of the Fair Market Value of the Common Stock pursuant to the Plan; (h) to
delegate its duties under the Plan to such agents as it may appoint from time to
time, subject to the second sentence of Section 2(a); and (i) to make all other
determinations, perform all other acts, and exercise all other powers and
authority necessary or advisable for administering the Plan, including the
delegation of those ministerial acts and responsibilities as the Committee deems
appropriate. The Committee may correct any defect, supply any omission or
reconcile any inconsistency in the Plan, in any Option, in any Award, or in any
agreements evidencing Options or Awards granted hereunder in the manner and to
the extent it deems necessary or desirable to carry the Plan into effect, and
the Committee shall be the sole and final judge of that necessity or
desirability. The determinations of the Committee on the matters referred to in
this Section 5 shall be final and conclusive. The Committee shall not have the
power to appoint members of the Committee or to terminate, modify, or amend the
Plan. Those powers are vested in the Board of Directors.

         An Option shall be vested and/or exercisable, and the restrictions on
any Awards shall lapse, in whole or in part and at such times as determined by
the Committee. The Committee in its discretion may provide that an Option shall
be vested or exercisable, and the restrictions on any Awards shall lapse, only
upon the attainment of one or more performance goals or targets established by
the Committee, which are based on (i) the price of a share of Common Stock, (ii)
the Company's earnings per share, (iii) the Company's market share, (iv) the
market share of a business unit of the Company designated by the Committee, (v)
the Company's sales, (vi) the sales of a business unit of the Company designated
by the Committee, (vii) the net income (before or after taxes) of the Company or
a business unit of the Company designated by the Committee, (viii) the cash flow
return on investment of the Company or any business unit of the Company
designated by the Committee, (ix) the earnings before or after interest, taxes,
depreciation, and/or amortization of the Company or any business unit of the
Company designated by the Committee, (x) the economic value added, or (xi) the
return on stockholders' equity achieved by the Company.

         From time to time, the Board of Directors and appropriate officers of
the Company shall be and are authorized to take whatever actions are necessary
to file required documents with governmental authorities, stock exchanges, and
other appropriate Persons to make shares of Common Stock available for issuance
pursuant to agreements evidencing Options or Awards granted hereunder.

6. Stock Options for Employees.

         Subject to the express provisions of this Plan, the Committee shall
have the authority to to grant non-qualified stock options (options which do not
qualify under Section 422 of the Code) ("Non-Qualified Options") to Employees.
The terms and conditions of the Options granted under this Section 6 shall be
determined from time to time by the Committee; provided, however, that the
Options granted under this Section 6 shall be subject to all terms and
provisions of the Plan (other than Sections 7 and 8), including the following:

         (a) Option Exercise Price. Subject to Section 4, the Committee shall
establish the Option exercise price at the time any Option is granted at such
amount as the Committee shall determine. The Option exercise price shall not be
less than 85% of the Fair Market Value of a share of Common Stock on the day
preceding the date of grant. The Option exercise price shall be subject to
adjustment in accordance with the provisions of Section 10 of the Plan.

                                      -3-
<PAGE>   4

         (b) Payment. The price per share of Common Stock with respect to each
Option exercise shall be payable at the time of such exercise. Such price shall
be payable in cash or by any other means acceptable to the Committee, including
delivery to the Company of shares of Common Stock owned by the optionee pursuant
to a procedure created pursuant to Section 5(d) of the Plan. Shares delivered to
the Company in payment of the Option exercise price shall be valued at the Fair
Market Value of the Common Stock on the day preceding the date of the exercise
of the Option.

         (c) Reserved.

         (d) Exerciseability of Stock Option. Subject to Section 9, each Option
shall be exercisable in one or more installments as the Committee may determine
at the time of the grant.

         (e) Death. If any optionee's employment with the Company or a Related
Entity terminates due to the death of such optionee, the estate of such
optionee, or a Person who acquired the right to exercise such Option by bequest
or inheritance or by reason of the death of the optionee, shall have the right
to exercise such Option in accordance with its terms at any time and from time
to time within 180 days after the date of death unless a shorter or longer
period is expressly provided in such Option (but in no event prior to the 90th
day after the death of such optionee) or established by the Committee pursuant
to Section 9 (but in no event after the expiration date of such Option).

         (f) Disability. If the employment of any optionee terminates because of
his Disability, such optionee or his legal representative shall have the right
to exercise the Option in accordance with its terms at any time and from time to
time within 180 days after the date of such termination unless a shorter or
longer period is expressly provided in such Option (but in no event prior to the
90th day after the date of such termination of employment) or established by the
Committee pursuant to Section 9 (but not after the expiration date of the
Option).

         (g) Termination for Good Cause. Unless an optionee's Option expressly
provides otherwise or the Committee determines otherwise, such optionee shall
immediately forfeit all rights under his Option as of the date of termination of
employment with the Company or Related Entity, except as to the shares of stock
already purchased thereunder, if the employment of such optionee with the
Company or a Related Entity is terminated by the Company or any Related Entity
for Good Cause. The determination that there exists Good Cause for termination
shall be made by the Committee (unless otherwise agreed to in writing by the
Company and the optionee), and any decision in respect thereof by the Committee
shall be final and binding on all parties in interest.

         (h) Other Termination of Employment. If the employment of an optionee
with the Company or a Related Entity terminates for any reason other than those
specified in Sections 6(e), 6(f) or 6(g) above, such optionee shall have the
right to exercise his Option in accordance with its terms, within one year after
the date of such termination, unless a shorter or longer period is expressly
provided in such Option or established by the Committee pursuant to Section 9
(but not after the expiration date of the Option).

         (i) Reserved.

7. Stock Option Grants to Eligible Non-Employees.

         (a) Subject to the express provisions of this Plan, the Committee shall
have the authority to grant Non-Qualified Options to Eligible Non-Employees. The
terms and conditions of the Options granted under this Section 7 shall be
determined from time to time by the Committee; provided, however, that the
Options granted under this Section 7 shall be subject to all terms and
provisions of the Plan (other than Sections 6 and 8), including the following:

                  (i) Option Exercise Price. Subject to Section 4, the Committee
         shall establish the Option exercise price at the time any Non-Qualified
         Option is granted at such amount as the Committee shall determine,
         provided however, that the exercise price shall not be less than 85% of
         the Fair Market Value per share of Common Stock on the day preceding
         the Option's date of grant. The Option exercise price shall be subject
         to adjustment in accordance with the provisions of Section 10 of the
         Plan.

                  (ii) Payment. The price per share of Common Stock with respect
         to each Option exercise shall be payable at the time of such exercise.
         Such price shall be payable in cash or by any other means acceptable to
         the Committee, including delivery to the Company of shares of Common
         Stock owned by the optionee

                                      -4-
<PAGE>   5

         pursuant to a procedure created pursuant to Section 5(d) of the Plan.
         Shares delivered to the Company in payment of the Option exercise price
         shall be valued at the Fair Market Value of the Common Stock on the day
         preceding the date of the exercise of the Option.

                  (iii) Exerciseability of Stock Option. Subject to Section 9,
         each Option shall be exercisable in one or more installments as the
         Committee may determine at the time of the grant. No Option shall be
         exercisable after the expiration of ten years from the date of grant of
         the Option, unless otherwise expressly provided in such Option.

                  (iv) Death. If the retention by the Company or any Related
         Entity of the services of any Eligible Non-Employee terminates because
         of his death, the estate of such optionee, or a Person who acquired the
         right to exercise such Option by bequest or inheritance or by reason of
         the death of the optionee, shall have the right to exercise such Option
         in accordance with its terms, at any time and from time to time within
         180 days after the date of death unless a shorter or longer period is
         expressly provided in such Option (but in no event prior to the 90th
         day after the death of such optionee) or established by the Committee
         pursuant to Section 9 (but in no event after the expiration date of
         such Option).

                  (v) Disability. If the retention by the Company or any Related
         Entity of the services of any Eligible Non-Employee terminates because
         of his Disability, such optionee or his legal representative shall have
         the right to exercise the Option in accordance with its terms at any
         time and from time to time within 180 days after the date of the
         optionee's termination unless a shorter or longer period is expressly
         provided in such Option (but in no event prior to the 90th day after
         the date of such termination of employment) or established by the
         Committee pursuant to Section 9 (but not after the expiration of the
         Option).

                  (vi) Termination for Good Cause. If the retention by the
         Company or any Related Entity of the services of any Eligible
         Non-Employee is terminated for Good Cause, then such optionee shall
         immediately forfeit his rights under his Option except as to the shares
         of stock already purchased. The determination that there exists Good
         Cause for termination shall be made by the Committee (unless otherwise
         agreed to in writing by the Company and the optionee) and any decision
         in respect thereof by the Committee shall be final and binding on all
         parties in interest.

                  (vii) Other Termination of Relationship. If the retention by
         the Company or any Related Entity of the services of any Eligible
         Non-Employee terminates for any reason other than those specified in
         subsections 7(a)(iv), (a)(v) or (a)(vi) above, such optionee shall have
         the right to exercise his or its Option in accordance with its terms
         within one year after the date of such termination, unless a shorter or
         longer period is expressly provided in such Option or established by
         the Committee pursuant to Section 9 (but not after the expiration date
         of the Option).

         (b) Reserved.

8. Awards.

         Subject to the express provisions of this Plan, the Committee shall
have the authority to grant Awards of shares of Common Stock or other
equity-based awards to Employees or Eligible Non-Employees. The terms and
conditions of the Awards granted under this Section 8 shall be determined from
time to time by the Committee and set forth in an agreement evidencing such
Award; provided, however, that the Awards granted under this Section 8 shall be
subject to all terms and provisions of the Plan (other than Sections 6 and 7),
including the following:

         (a)      Price. Subject to Section 4, the Committee shall establish the
                  price or value of the shares of Common Stock, or the value of
                  units, subject to an Award.

         (b)      Payment. The Committee shall determine the amount and form of
                  any payment (if applicable) for Common Stock received pursuant
                  to an Award, provided, that, in the absence of such a
                  determination, an award-holder shall not be required to make
                  any payment for Common Stock received pursuant to an Award,
                  except to the extent otherwise required by law.

                                      -5-
<PAGE>   6

         (c)      Forfeiture Restrictions. An Award or shares of Common Stock
                  that may be the subject of an Award may be subject to
                  restrictions (the "Forfeiture Restrictions") such that an
                  award-holder will have an obligation to forfeit or surrender
                  all or part of the Award or any shares received under an Award
                  under the Forfeiture Restrictions. The Forfeiture Restrictions
                  shall be determined by the Committee in its sole discretion,
                  and the Committee may provide that the Forfeiture Restrictions
                  shall lapse upon (i) the attainment of one or more performance
                  goals or targets established by the Committee, which are based
                  on (A) the price of a share of Common Stock, (B) the Company's
                  earnings per share, (C) the Company's market share, (D) the
                  market share of a business unit of the Company designated by
                  the Committee, (E) the Company's sales, (F) the sales of a
                  business unit of the Company designated by the Committee, (G)
                  the net income (before or after taxes) of the Company or a
                  business unit of the Company designated by the Committee, (H)
                  the cash flow return on investment of the Company or any
                  business unit of the Company designated by the Committee, (I)
                  the earnings before or after interest, taxes, depreciation,
                  and/or amortization of the Company or any business unit of the
                  Company designated by the Committee, (J) the economic value
                  added, or (K) the return on stockholders' equity achieved by
                  the Company; (ii) the award-holder's continued employment or
                  service with the Company for a specified period of time; (iii)
                  the occurrence of any event or the satisfaction of any other
                  condition specified by the Committee in its sole discretion;
                  or (iv) a combination of any of the foregoing. Each Award may,
                  in the discretion of the Committee, have different Forfeiture
                  Restrictions.

         (d)      Term. The term of any Award shall not exceed ten years from
                  the date of grant of the Award.

9. Change of Control.

         Except as otherwise expressly provided in a particular Option or Award,
if (i) a Change of Control shall occur or (ii) the Company shall enter into an
agreement providing for a Change of Control, then the Committee may declare any
or all Options or Awards outstanding under the Plan to be exercisable in full at
such time or times as the Committee shall determine and the Company may purchase
any or all of such Options or Awards for an amount of cash equal to the amount
that could have been attained upon the exercise of such Options or Awards or the
realization of the optionee's or award-holder's rights had such Option or Award
been currently exercisable. Each Option and Award accelerated by the Committee
pursuant to the preceding sentence shall terminate, notwithstanding any express
provision thereof or any other provision of the Plan, on such date (not later
than the stated exercise date) as the Committee shall determine.

10. Adjustment of Shares.

         Except as otherwise contemplated in Section 9, and unless otherwise
expressly provided in a particular Option or Award, in the event that, by reason
of any merger, consolidation, combination, liquidation, reorganization,
recapitalization, stock dividend, stock split, split-up, split-off, spin-off,
combination of shares, exchange of shares or other like change in capital
structure of the Company (collectively, a "Reorganization"), the Common Stock is
substituted, combined, or changed into any cash, property, or other securities,
or the shares of Common Stock are changed into a greater or lesser number of
shares of Common Stock, the number and/or kind of shares and/or interests
subject to an Option or Award and the per share price or value thereof shall be
appropriately adjusted by the Committee to give appropriate effect to such
Reorganization. Any fractional shares or interests resulting from such
adjustment shall be eliminated. The maximum aggregate number of shares of Common
Stock in respect of which Options or Awards may be granted under this Plan as
provided for in Section 3, and the maximum number that may be granted to any one
individual in a calendar year pursuant to Section 21, shall be subject to
adjustment as contemplated above.

         Except as otherwise contemplated in Section 9, and unless otherwise
expressly provided in a particular Option or Award, in the event that the
Company is not the surviving entity of a Reorganization and, following such
Reorganization and, in connection with such Reorganization, any optionee or
award-holder will hold Options or Awards issued pursuant to this Plan which have
not been exercised, canceled, forfeited, or terminated in connection therewith,
the Company shall cause such Options or Awards to be assumed (or canceled and
replacement options or awards issued) by the surviving entity or a Related
Entity with such changes in the number and/or kind of shares and/or interests
subject to an Option and Award and the per share price or the value thereof as
the Committee determines is necessary to give appropriate effect to such
Reorganization. In the event of any perceived conflict between the provisions of
Section 9 and this Section 10, the Committee's determination under Section 9
shall control.

                                      -6-
<PAGE>   7

11. Assignment or Transfer.

         (a) Reserved.

         (b) Transfer of Non-Qualified Options or Awards.

                  (i) Permitted Transferees. The Committee may, in its
         discretion, permit an optionee or award-holder to transfer all or any
         portion of a Non-Qualified Option or Award, or authorize all or a
         portion of any Non-Qualified Option or Award to be granted to an
         optionee or award-holder to be on terms that permit transfer by such
         optionee or award-holder, to (A) the spouse, former spouse, children,
         stepchildren, grandchildren, parents, stepparents, grandparents,
         siblings, nieces, nephews, mother-in-law, father-in-law, sons-in-law,
         daughters-in-law, brothers-in-law, or sisters-in-law of the optionee or
         award-holder, including adoptive relationships, or any other person
         sharing the optionee's or award-holder's household (other than a tenant
         or employee) (collectively, "Immediate Family Members"), (B) a trust or
         trusts in which such Immediate Family Members have more than fifty
         percent of the beneficial interest, (C) a foundation in which such
         Immediate Family Members (or the optionee or award-holder) control the
         management of assets, or (D) any other entity in which such Immediate
         Family Members (or the optionee or award-holder) own more than fifty
         percent of the voting interests (collectively, "Permitted
         Transferees"); provided that (x) there may be no consideration for any
         such transfer, (y) subsequent transfers of Non-Qualified Options or
         Awards transferred as provided above shall be prohibited except
         subsequent transfers back to the grantee of the Option or Award and
         transfers to other Permitted Transferees of the grantee of the Option
         or Award.

                  (ii) Domestic Relations Orders. In the Committee's sole
         discretion, Non-Qualified Options or Awards may be transferred pursuant
         to domestic relations orders entered or approved by a court of
         competent jurisdiction upon delivery to the Company of written notice
         of such transfer and a certified copy of such order.

                  (iii) Other Transfers and Exercise Rights. Except as expressly
         permitted by Sections 11(b)(i) and 11(b)(ii), Non-Qualified Options
         requiring exercise, or any Awards subject to Forfeiture Restrictions,
         shall not be transferable other than by will or the laws of descent and
         distribution. In the event that a legal representative has been
         appointed in connection with the Disability of an optionee, the
         optionee's Options may be exercised by the legal representative.

                  (iv) Effect of Transfer. Following the transfer of any
         Non-Qualified Option as contemplated by Sections 11(b)(i), 11(b)(ii)
         and 11(b)(iii), (A) such Non-Qualified Option or Award shall continue
         to be subject to the same terms and conditions as were applicable
         immediately prior to transfer, provided that the term "optionee" shall
         be deemed to refer to the Permitted Transferee, the recipient under a
         domestic relations order, or the estate or heirs of a deceased
         optionee, as applicable, to the extent appropriate to enable the
         optionee to exercise the transferred Non-Qualified Option in accordance
         with the terms of this Plan and applicable law, (B) such Award shall
         continue to be subject to the same terms and conditions as were
         applicable immediately prior to transfer, provided that the term
         "award-holder" shall be deemed to refer to the Permitted Transferee,
         the recipient under a domestic relations order, or the estate or heirs
         of a deceased award-holder, as applicable and to the extent
         appropriate, (C) the provisions of Sections 7(a)(iv) through (vii)
         hereof shall continue to be applied with respect to the original
         optionee and, following the occurrence of any such events described
         therein the Non-Qualified Options shall be exercisable by the Permitted
         Transferee, the recipient under a domestic relations order, or the
         estate or heirs of a deceased Holder, as applicable, only to the extent
         and for the periods specified in Sections 7(a)(iv) through (vii), and
         (D) in the discretion of the Committee, all voting control in the
         Common Stock transferred pursuant to the exercise of Non-Qualified
         Options or acquired pursuant to an Award shall be retained in the
         grantee of the Option or Award.

         (c) Procedures and Restrictions. Any optionee or award-holder desiring
to transfer an Option or Award as permitted under Section 11(b) shall make
application therefor in the manner and time specified by the Committee and shall
comply with such other requirements as the Committee may require to assure
compliance with all applicable securities laws. The Committee shall not give
permission for such a transfer if (i) it would give rise to short-swing
liability under Section 16(b) of the Exchange Act, or (ii) it may not be made in
compliance with all applicable federal, state and foreign securities laws.

                                      -7-
<PAGE>   8

12. Compliance with Securities Laws.

         The Company shall not in any event be obligated to file any
registration statement under the Securities Act or any applicable state
securities law to permit exercise of any option or to issue any Common Stock in
violation of the Securities Act or any applicable state securities law. Each
optionee or award-holder (or, in the event of his death or, in the event a legal
representative has been appointed in connection with his Disability, the Person
exercising the Option or Award) shall, as a condition to his right to exercise
any Option, deliver to the Company an agreement or certificate containing such
representations, warranties and covenants as the Company may deem necessary or
appropriate to ensure that the issuance of shares of Common Stock pursuant to
such exercise is not required to be registered under the Securities Act or any
applicable state securities law.

         Certificates for shares of Common Stock, when issued pursuant to the
Plan, may have substantially the following legend, or statements of other
applicable restrictions, endorsed thereon, and may not be immediately
transferable:

         THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
         REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES
         LAWS. THE SHARES MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED,
         TRANSFERRED OR OTHERWISE DISPOSED OF UNTIL THE HOLDER HEREOF PROVIDES
         EVIDENCE SATISFACTORY TO THE ISSUER (WHICH, IN THE DISCRETION OF THE
         ISSUER, MAY INCLUDE AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER)
         THAT SUCH OFFER, SALE, PLEDGE, TRANSFER OR OTHER DISPOSITION WILL NOT
         VIOLATE APPLICABLE FEDERAL OR STATE LAWS.

         This legend shall not be required for shares of Common Stock issued
pursuant to an effective registration statement under the Securities Act and in
accordance with applicable state securities laws.

13. Withholding Taxes.

         By acceptance of the Option or Award, the optionee or award-holder will
be deemed to (i) agree to reimburse the Company or Related Entity by which the
optionee or award-holder is employed for any federal, state, or local taxes
required by any government to be withheld or otherwise deducted by such
corporation in connection with such Option or Award; (ii) authorize the Company
or any Related Entity by which the optionee or award-holder is employed to
withhold from any cash compensation paid to the optionee or in the optionee's
behalf, or to the award-holder or on the award-holder's behalf, an amount
sufficient to discharge any federal, state, and local taxes imposed on the
Company, or the Related Entity by which the optionee or award-holder is
employed, and which otherwise has not been reimbursed by the optionee or
award-holder, in connection with the Option or Award; and (iii) agree that the
Company may, in its discretion, hold the stock certificate to which the optionee
or award-holder is entitled in connection with the Option or Award as security
for the payment of the aforementioned withholding tax liability, until cash
sufficient to pay that liability has been accumulated, and may, in its
discretion, effect such withholding by retaining shares issuable in connection
with the Option or Award having a Fair Market Value which is equal to the amount
to be withheld.

14. Costs and Expenses.

         The costs and expenses of administering the Plan shall be borne by the
Company and shall not be charged against any Option or Award nor to any
individual receiving an Option or Award.

15. Funding of Plan.

         The Plan shall be unfunded. The Company shall not be required to make
any segregation of assets to ensure the payment of any Option or Award under the
Plan.

16. Other Incentive Plans.

         The adoption of the Plan does not preclude the adoption by appropriate
means of any other plan for employees or other individuals who provide services
to the Company or Related Entity.

                                      -8-
<PAGE>   9

17. Effect on Employment.

         Nothing contained in the Plan or any agreement related hereto or
referred to herein shall affect, or be construed as affecting, the terms of
employment of any Employee except to the extent specifically provided herein or
therein. Nothing contained in the Plan or any agreement related hereto or
referred to herein shall impose, or be construed as imposing, an obligation on
(i) the Company or any Related Entity to continue the employment of any
Employee, and (ii) any Employee to remain in the employ of the Company or any
Related Entity.

18. Definitions.

         In addition to the terms specifically defined elsewhere in the Plan, as
used in the Plan, the following terms shall have the respective meanings
indicated below unless another definition is agreed to in writing by the Company
and the optionee in an option grant agreement with respect to such term or a
similar term:

         (a) "Affiliate" shall mean, as to any Person, a Person that directly,
or indirectly through one or more intermediaries, controls, or is controlled by,
or is under common control with, such Person.

         (b) "Award" shall have the meaning set forth in Section 1.

         (c) "Board of Directors" shall have the meaning set forth in Section 2
hereof.

         (d) "Change of Control" shall mean the first to occur of the following
events: (i) any sale, lease, exchange, or other transfer (in one transaction or
series of related transactions) of all or substantially all of the assets of the
Company to any Person or group of related Persons for purposes of Section 13(d)
of the Exchange Act, (ii) a majority of the Board of Directors of the Company
shall consist of Persons who are not Continuing Directors; (iii) the acquisition
after the date of acceptance of this Plan by any Person or Group of the power,
directly or indirectly, to vote or direct the voting of securities having more
than 50% of the ordinary voting power for the election of directors of the
Company, or (iv) the approval by the stockholders of the Company of a merger or
consolidation of the Company with any other entity, other than a merger or
consolidation which would result in the voting securities of the Company
outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the
surviving entity or such surviving entity's parent) at least fifty percent (50%)
of the total voting power represented by the voting securities of the Company or
such surviving entity or such surviving entity's parent outstanding immediately
after such merger or consolidation.

         (e) "Code" shall have the meaning set forth in Section 1 hereof.

         (f) "Committee" shall have the meaning set forth in Section 2 hereof.

         (g) "Common Stock" shall have the meaning set forth in Section 3
hereof.

         (h) "Company" shall have the meaning set forth in Section 1 hereof.

         (i) "Continuing Director" shall mean, as of the date of determination,
any Person who (i) was a member of the Board of Directors of the Company on the
date of adoption of this Plan or (ii) was nominated for election or elected to
the Board of Directors of the Company with the affirmative vote of a majority of
the Continuing Directors who were members of such Board of Directors at the time
of such nomination or election.

         (j) "Disability" shall mean permanent disability as defined under
Section 22(e)(3) of the Code.

         (k) "Eligible Non-Employee" shall have the meaning set forth in Section
4 hereof.

         (l) "Employee" shall have the meaning set forth in Section 4 hereof.

                                      -9-
<PAGE>   10

         (m) "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

         (n) "Fair Market Value", shall, as it relates to the Common Stock,
mean, at the option of the Committee, the average of the high and low prices or
the closing price of such Common Stock as reported on the principal national
securities exchange on which the shares of Common Stock are then listed or the
NASDAQ National Market, as applicable, on the date specified herein for such a
determination, or if there were no sales on such date, on the next succeeding
day or immediately preceding day on which there were sales, or if such Common
Stock is not listed on a national securities exchange or the NASDAQ National
Market, the last reported bid price in the over-the-counter market, or if such
shares are not traded in the over-the-counter market, the per share cash price
for which all of the outstanding Common Stock could be sold to a willing
purchaser in an arms length transaction (without regard to minority discount,
absence of liquidity, or transfer restrictions imposed by any applicable law or
agreement) at the date of the event giving rise to a need for a determination.
Except as may be otherwise expressly provided in a particular Option or Award,
Fair Market Value shall be determined in good faith by the Committee.

         (o) "Good Cause", with respect to any Employee, shall mean (unless
another definition is agreed to in writing by the Company and the optionee)
termination by action of the Board of Directors that the Committee determines is
because of: (A) the optionee's or award-holder's conviction of, or plea of nolo
contendere to, a felony or a crime involving moral turpitude; (B) the optionee's
or award-holder's personal dishonesty, incompetence, willful misconduct, willful
violation of any law, rule, or regulation (other than minor traffic violations
or similar offenses) or breach of fiduciary duty which involves personal profit;
(C) the optionee's or award-holder's commission of material mismanagement in the
conduct of his duties as assigned to him by the Board of Directors or the
optionee's supervising officer or officers of the Company or any Related Entity;
(D) the optionee's or award-holder's willful failure to execute or comply with
the policies of the Company or any Related Entity or his stated duties as
established by the Board of Directors or the optionee's or award-holder's
supervising officer or officers of the Company or any Related Entity, or the
optionee's or award-holder's intentional failure to perform the optionee's or
award-holder's stated duties; or (E) substance abuse or addiction on the part of
the optionee or award-holder. "Good Cause", with respect to any Eligible
Non-Employee, shall mean (unless another definition is agreed to in writing by
the Company and the optionee or award-holder) termination by action of the Board
of Directors because of: (A) the optionee's or award-holder's conviction of, or
plea of nolo contendere to, a felony or a crime involving moral turpitude; (B)
the optionee's or award-holder's personal dishonesty, incompetence, willful
misconduct, willful violation of any law, rule, or regulation (other than minor
traffic violations or similar offenses) or breach of fiduciary duty which
involves personal profit; (C) the optionee's or award-holder's commission of
material mismanagement in providing services to the Company or any Related
Entity; (D) the optionee's or award-holder's willful failure to comply with the
policies of the Company in providing services to the Company or any Related
Entity, or the optionee's or award-holder's intentional failure to perform the
services for which the optionee or award-holder has been engaged; (E) substance
abuse or addiction on the part of the optionee or award-holder; or (F) the
optionee's or award-holder's willfully making any material misrepresentation or
willfully omitting to disclose any material fact to the board of directors of
the Company or any Related Entity with respect to the business of the Company or
any Related Entity.

         (p) "Holding Period" shall have the meaning set forth in Section 5
hereof.

         (q) Reserved.

         (r) The terms "include," "included" or "including" when used herein
shall mean "including, but not limited to."

         (s) "Non-Qualified Options" shall have the meaning set forth in Section
6 hereof.

         (t) "Options" shall have the meaning set forth in Section 1 hereof.

         (u) "Person" shall have the meaning set forth in Section 4 hereof.

         (v) "Plan" shall have the meaning set forth in Section 1 hereof.

                                      -10-
<PAGE>   11

         (w) "Related Entity or Entities" shall have the meaning set forth in
Section 1 hereof.

         (x) "Reorganization" shall have the meaning set forth in Section 10
hereof.

         (y) "Rule 16b-3" shall mean Rule 16b-3, as amended, or other applicable
rules under Section 16(b) of the Exchange Act.

         (z) Reserved.

         (aa) "Securities Act" shall mean the Securities Act of 1933.

         (bb) "Subsidiary" shall mean, with respect to any Person, any other
Person of which such first Person owns or has the power to vote, directly or
indirectly, securities representing a majority of the votes ordinarily entitled
to be cast for the election of directors or other governing Persons.

19. Amendment of Plan.

         The Board of Directors shall have the right to amend, modify, suspend
or terminate the Plan at any time; provided, that no amendment shall be made
which shall increase the total number of shares of the Common Stock which may be
issued and sold pursuant to Options or Awards granted under the Plan or to
change the class of individuals eligible to receive Options or Awards under the
Plan unless such amendment is made by or with the approval of the stockholders
of the Company. The Board of Directors shall have the right to amend the Plan,
the Options, and Awards outstanding thereunder, without the consent or joinder
of any optionee, any award-holder or other Person, in such manner as may be
determined necessary or appropriate by the Board of Directors in order to cause
the Plan and the Options and Awards outstanding thereunder (as applicable) to
comply with Rule 16b-3 (or any successor rule) under the Exchange Act (or any
successor law) and the regulations (including any temporary regulations)
promulgated thereunder. Except as provided above, no amendment, modification,
suspension or termination of the Plan shall alter or impair any Options
previously granted under the Plan without the consent of the holder thereof.

20. Effective Date.

         The Plan shall become effective on the date on which it is approved by
the Board of Directors.

21. Reserved.

                                      -11-

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