Document:

EXECUTION COPY

                                                                       Exhibit A

                             STOCK OPTION AGREEMENT

         STOCK  OPTION  AGREEMENT,  dated as of June 27,  2000,  between  Queens
County Bancorp,  Inc., a Delaware  corporation  ("Grantee"),  and Haven Bancorp,
Inc., a Delaware corporation ("Issuer").

                              W I T N E S S E T H:

         WHEREAS,  Grantee and Issuer are entering into an Agreement and Plan of
Merger (the "Merger Agreement");

         WHEREAS,  as a condition and an  inducement to Grantee's  entering into
the  Merger  Agreement,  Issuer  has  agreed to grant  Grantee  the  Option  (as
hereinafter  defined) on the terms and conditions  set forth in this  Agreement;
and

         WHEREAS, the Board of Directors of Issuer has approved the grant of the
Option and the Merger Agreement prior to the date hereof;

         NOW,  THEREFORE,  in  consideration  of the  foregoing  and the  mutual
covenants  and  agreements  set forth  herein and in the Merger  Agreement,  the
parties hereto agree as follows:

         1. (a)  Issuer  hereby  grants to Grantee an  irrevocable  option  (the
"Option")  to  purchase,  subject to the terms  hereof,  up to an  aggregate  of
1,800,000  fully paid and  nonassessable  shares of the common stock,  par value
$0.01 per share,  of Issuer  ("Common  Stock") at a price per share equal to the
last  reported  sale price per share of Common Stock as reported on the National
Association of Securities Dealers Composite  Transactions Tape on June 28, 2000;
provided, however, that in the event Issuer issues or agrees to issue any shares
of Common  Stock  (other than shares of Common  Stock  issued  pursuant to stock
options granted  pursuant to any employee benefit plan prior to the date hereof)
at a price  less than such  average  price per share (as  adjusted  pursuant  to
subsection  (b) of Section  5), the price  shall be equal to such  lesser  price
(such price, as adjusted if applicable, the "Option Price"); provided,  further,
that in no event shall the number of shares for which this Option is exercisable
exceed 19.9% of the issued and outstanding shares of Common Stock. The number of
shares of Common Stock that may be received  upon the exercise of the Option and
the Option Price are subject to adjustment as herein set forth.

         (b) In the event that any additional  shares of Common Stock are issued
or otherwise  become  outstanding  after the date of this Agreement  (other than
pursuant to this  Agreement  and other than  pursuant to an event  described  in
Section 5(a) hereof), the number of shares of Common Stock subject to the Option
shall be increased so that,  after such issuance,  such number together with any
shares of Common Stock previously  issued pursuant  hereto,  equals 19.9%

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of the number of shares of Common  Stock then  issued  and  outstanding  without
giving effect to any shares  subject or issued  pursuant to the Option.  Nothing
contained in this Section l(b) or elsewhere in this Agreement shall be deemed to
authorize  Issuer  to issue  shares in breach  of any  provision  of the  Merger
Agreement.

         2. (a) The Holder (as hereinafter  defined) may exercise the Option, in
whole or part, if, but only if, both an Initial Triggering Event (as hereinafter
defined) and a Subsequent  Triggering Event (as hereinafter  defined) shall have
occurred  prior  to  the  occurrence  of  an  Exercise   Termination  Event  (as
hereinafter  defined),  provided  that the Holder  shall  have sent the  written
notice of such exercise (as provided in subsection (e) of this Section 2) within
six (6) months following such Subsequent  Triggering Event (or such later period
as  provided  in  Section  10).  Each  of the  following  shall  be an  Exercise
Termination Event: (i) the Effective Time of the Merger; (ii) termination of the
Merger  Agreement in accordance with the provisions  thereof if such termination
occurs  prior  to  the  occurrence  of an  Initial  Triggering  Event  except  a
termination by Grantee pursuant to Section 6.1(b)(ii) of the Merger Agreement (a
"Listed  Termination");  or (iii) the  passage  of twelve  (12)  months (or such
longer  period as  provided  in  Section  10) after  termination  of the  Merger
Agreement if such  termination  follows the occurrence of an Initial  Triggering
Event or is a Listed  Termination.  The term  "Holder"  shall mean the holder or
holders of the Option.

         (b) The term "Initial Triggering Event" shall mean any of the following
events or transactions occurring on or after the date hereof:

          (i)  Issuer or any  subsidiary  or group of  subsidiaries  that is, or
     would on an  aggregate  basis  constitute,  a  Significant  Subsidiary  (as
     defined in Rule 1-02 of Regulation  S-X  promulgated  by the Securities and
     Exchange  Commission  (the  "SEC"))  (each  such  subsidiary  or  group  of
     subsidiaries,  an "Issuer  Subsidiary"),  without having received Grantee's
     prior written consent, shall have entered into an agreement to engage in an
     Acquisition  Transaction (as hereinafter defined) with any person (the term
     "person" for purposes of this Agreement having the meaning assigned thereto
     in Sections 3(a)(9) and 13(d)(3) of the Securities Exchange Act of 1934, as
     amended (the "1934 Act"), and the rules and regulations  thereunder)  other
     than Grantee or any of its  Subsidiaries  (each a "Grantee  Subsidiary") or
     the  Board  of  Directors  of  Issuer  (the  "Issuer   Board")  shall  have
     recommended   that  the  shareholders  of  Issuer  approve  or  accept  any
     Acquisition Transaction other than as contemplated by the Merger Agreement.
     For purposes of this Agreement,  (a) "Acquisition  Transaction"  shall mean
     (x) a merger or consolidation, or any similar transaction, involving Issuer
     or any Issuer  Subsidiary  (other than mergers,  consolidations  or similar
     transactions  involving  solely  Issuer  and/or  one or  more  wholly-owned
     Subsidiaries of the Issuer,  provided,  any such transaction is not entered
     into in  violation of the terms of the Merger  Agreement),  (y) a purchase,
     lease or other  acquisition of all or any substantial part of the assets or
     deposits of Issuer or any Issuer  Subsidiary  (except  for any  supermarket
     branches  and  related  deposits  of the  Issuer  located  in New Jersey or
     Connecticut),  or (z) a purchase or other acquisition  (including by way of
     merger,   consolidation,   share   exchange  or  otherwise)  of  securities
     representing 10% or more of the voting power of Issuer or any Issuer

                                       -2-
<PAGE>

     Subsidiary  and (b)  "Subsidiary"  shall have the meaning set forth in Rule
     12b-2 under the 1934 Act;

          (ii) Any person other than the Grantee or any Grantee Subsidiary shall
     have  acquired  beneficial  ownership  or the right to  acquire  beneficial
     ownership  of 10% or more of the  outstanding  shares of Common  Stock (the
     term  "beneficial  ownership"  for  purposes of this  Agreement  having the
     meaning  assigned  thereto in Section  13(d) of the 1934 Act, and the rules
     and regulations thereunder);

          (iii)  The  shareholders  of Issuer  shall  have  voted and  failed to
     approve  the Merger  Agreement  and the Merger at a meeting  which has been
     held for that purpose or any adjournment or postponement  thereof,  or such
     meeting  shall not have been held in violation  of the Merger  Agreement or
     shall have been canceled prior to  termination of the Merger  Agreement if,
     prior to such meeting (or if such meeting shall not have been held or shall
     have been canceled, prior to such termination), it shall have been publicly
     announced  that any person (other than Grantee or any of its  Subsidiaries)
     shall have made, or disclosed an intention to make, a bona fide proposal to
     engage in an Acquisition Transaction;

          (iv) The Issuer  Board shall have  withdrawn  or modified (or publicly
     announced its intention to withdraw or modify) in any manner adverse in any
     respect to  Grantee  its  recommendation  that the  shareholders  of Issuer
     approve the  transactions  contemplated  by the Merger  Agreement  after it
     shall have been publicly  announced  that any person (other than Grantee or
     any of its  Subsidiaries)  shall have made,  or  disclosed  an intention to
     make,  a bona fide  proposal to engage in an  Acquisition  Transaction,  or
     Issuer  or  any  Issuer  Subsidiary  shall  have  authorized,  recommended,
     proposed (or publicly  announced its  intention to authorize,  recommend or
     propose) an  agreement  to engage in an  Acquisition  Transaction  with any
     person other than Grantee or a Grantee Subsidiary;

          (v) Any person other than Grantee or any Grantee Subsidiary shall have
     made a bona fide  proposal  to Issuer or its  shareholders  to engage in an
     Acquisition   Transaction  and  such  proposal  shall  have  been  publicly
     announced; or

          (vi) Any person  other than  Grantee or any Grantee  Subsidiary  shall
     have filed with the SEC a registration  statement or tender offer materials
     with respect to a potential  exchange or tender offer that would constitute
     an Acquisition Transaction (or filed a preliminary proxy statement with the
     SEC with  respect to a potential  vote by its  shareholders  to approve the
     issuance of shares to be offered in such an exchange offer).

         (c) The  term  "Subsequent  Triggering  Event"  shall  mean  any of the
following events or transactions occurring after the date hereof:

          (i) The  acquisition  by any person (other than Grantee or any Grantee
     Subsidiary) of beneficial  ownership of 25% or more of the then outstanding
     Common Stock; or

                                      -3-
<PAGE>

          (ii) The  occurrence  of the Initial  Triggering  Event  described  in
     clause (i) of subsection  (b) of this Section 2, except that the percentage
     referred to in clause (z) of the second sentence thereof shall be 25%.

         (d) Issuer shall notify  Grantee  promptly in writing of the occurrence
of any Initial  Triggering Event or Subsequent  Triggering  Event  (together,  a
"Triggering  Event"),  it being  understood  that the  giving of such  notice by
Issuer  shall not be a  condition  to the right of the  Holder to  exercise  the
Option.

         (e) In the event the Holder is entitled  to and wishes to exercise  the
Option (or any portion  thereof),  it shall send to Issuer a written notice (the
date of which being herein referred to as the "Notice Date")  specifying (i) the
total  number of shares it will  purchase  pursuant to such  exercise and (ii) a
place and date not earlier than three  business  days nor later than 60 business
days from the Notice Date for the closing of such purchase (the "Closing Date");
provided,  that if prior  notification  to or  approval  of the Office of Thrift
Supervision  (the "OTS") Board of Governors of the Federal  Reserve  System (the
"Federal Reserve Board") or any other regulatory or antitrust agency is required
in connection  with such  purchase,  the Holder shall promptly file the required
notice or application for approval, shall promptly notify Issuer of such filing,
and shall  expeditiously  process the same and the period of time that otherwise
would run pursuant to this sentence shall run instead from the date on which any
required  notification periods have expired or been terminated or such approvals
have been  obtained  and any  requisite  waiting  period or  periods  shall have
passed.  Any  exercise of the Option shall be deemed to occur on the Notice Date
relating thereto.

         (f) At the closing referred to in subsection (e) of this Section 2, the
Holder shall (i) pay to Issuer the  aggregate  purchase  price for the shares of
Common Stock  purchased  pursuant to the  exercise of the Option in  immediately
available funds by wire transfer to a bank account designated by Issuer and (ii)
present  and  surrender  this  Agreement  to Issuer at its  principal  executive
offices,  provided that the failure or refusal of the Issuer to designate such a
bank account or accept surrender of this Agreement shall not preclude the Holder
from exercising the Option.

         (g) At such closing,  simultaneously  with the delivery of  immediately
available  funds as provided in  subsection  (f) of this Section 2, Issuer shall
deliver to the Holder a certificate or certificates  representing  the number of
shares of Common  Stock  purchased  by the Holder and,  if the Option  should be
exercised in part only, a new Option evidencing the rights of the Holder thereof
to purchase the balance of the shares purchasable hereunder.

         (h)  Certificates  for Common Stock  delivered  at a closing  hereunder
shall be endorsed with a  restrictive  legend that shall read  substantially  as
follows:

          "The transfer of the shares represented by this certificate is subject
     to  certain  provisions  of an  agreement,  dated as of  _________,  2000,
     between the registered holder hereof and Issuer and to resale  restrictions
     arising  under  the  Securities  Act of 1933,  as  amended.  A copy

                                      -4-
<PAGE>

     of such agreement is on file at the principal  office of Issuer and will be
     provided to the holder  hereof  without  charge upon receipt by Issuer of a
     written request therefor."

It is understood and agreed that:  (i) the reference to the resale  restrictions
of the  Securities  Act of 1933, as amended (the "1933 Act") in the above legend
shall be removed by delivery of substitute certificate(s) without such reference
if the Holder  shall have  delivered to Issuer a copy of a letter from the staff
of the  SEC,  or an  opinion  of  counsel,  in  form  and  substance  reasonably
satisfactory  to Issuer,  to the effect  that such  legend is not  required  for
purposes of the 1933 Act; (ii) the reference to the provisions of this Agreement
in the above  legend shall be removed by delivery of  substitute  certificate(s)
without such reference if the shares have been sold or transferred in compliance
with the  provisions  of this  Agreement  and  under  circumstances  that do not
require the retention of such reference in the opinion of counsel to the Holder;
and (iii) the legend shall be removed in its entirety if the  conditions  in the
preceding  clauses  (i)  and  (ii)  are  both  satisfied.   In  addition,   such
certificates shall bear any other legend as may be required by law.

         (i) Upon the  giving by the Holder to Issuer of the  written  notice of
exercise of the Option  provided for under  subsection (e) of this Section 2 and
the tender of the applicable purchase price in immediately  available funds, the
Holder  shall be deemed to be the holder of record of the shares of Common Stock
issuable upon such  exercise,  notwithstanding  that the stock transfer books of
Issuer  shall then be closed or that  certificates  representing  such shares of
Common Stock shall not then be actually  delivered  to the Holder.  Issuer shall
pay all expenses,  and any and all United States federal,  state and local taxes
and other charges that may be payable in connection with the preparation,  issue
and  delivery  of stock  certificates  under  this  Section 2 in the name of the
Holder or its assignee, transferee or designee.

         3. Issuer agrees:  (i) that it shall at all times  maintain,  free from
preemptive  rights,  sufficient  authorized  but unissued or treasury  shares of
Common   Stock  so  that  the  Option  may  be  exercised   without   additional
authorization  of  Common  Stock  after  giving  effect  to all  other  options,
warrants, convertible securities and other rights to purchase Common Stock; (ii)
that it will not, by charter amendment or through reorganization, consolidation,
merger,  dissolution or sale of assets,  or by any other voluntary act, avoid or
seek  to  avoid  the   observance  or  performance  of  any  of  the  covenants,
stipulations  or  conditions  to be observed or  performed  hereunder by Issuer;
(iii)  promptly  to take  all  action  as may  from  time  to  time be  required
(including (x) complying with all applicable premerger  notification,  reporting
and  waiting  period  requirements  specified  in  15  U.S.C.  Section  18a  and
regulations  promulgated thereunder and (y) in the event, under the Bank Holding
Company Act of 1956, as amended (the "BHCA"),  Home Owners' Loan Act, as amended
("HOLA") or the Change in Bank Control Act of 1978, as amended,  or any state or
other federal  banking law,  prior approval of or notice to the OTS, the Federal
Reserve Board or to any state or other federal regulatory authority is necessary
before  the  Option  may be  exercised,  cooperating  fully  with the  Holder in
preparing such applications or notices and providing such information to the OTS
or the Federal Reserve Board or such state or other federal regulatory authority
as they may  require) in order to permit the Holder to  exercise  the Option and
Issuer duly and effectively to

                                      -5-
<PAGE>

issue  shares of Common Stock  pursuant  hereto;  and (iv)  promptly to take all
action provided herein to protect the rights of the Holder against dilution.

         4. This  Agreement  and the Option  granted  hereby  are  exchangeable,
without expense, at the option of the Holder, upon presentation and surrender of
this Agreement at the principal office of Issuer, for other Agreements providing
for Options of different denominations entitling the holder thereof to purchase,
on the same terms and subject to the same conditions as are set forth herein, in
the aggregate the same number of shares of Common Stock  purchasable  hereunder.
The terms  "Agreement"  and "Option" as used herein  include any  Agreements and
related  Options for which this Agreement (and the Option granted hereby) may be
exchanged.  Upon receipt by Issuer of evidence reasonably  satisfactory to it of
the loss, theft,  destruction or mutilation of this Agreement,  and (in the case
of loss, theft or destruction) of reasonably satisfactory  indemnification,  and
upon surrender and  cancellation  of this Agreement,  if mutilated,  Issuer will
execute  and  deliver a new  Agreement  of like  tenor  and  date.  Any such new
Agreement  executed and delivered  shall  constitute  an additional  contractual
obligation on the part of Issuer,  whether or not the Agreement so lost, stolen,
destroyed or mutilated shall at any time be enforceable by anyone.

         5. In  addition  to the  adjustment  in the  number of shares of Common
Stock that are purchasable  upon exercise of the Option pursuant to Section 1 of
this  Agreement,  the  number of shares of  Common  Stock  purchasable  upon the
exercise of the Option and the Option Price shall be subject to adjustment  from
time to time as provided in this Section 5.

         (a) In the event of any change in, or  distributions in respect of, the
Common   Stock   by   reason   of   stock   dividends,    split-ups,    mergers,
recapitalizations,  combinations, subdivisions, conversions, exchanges of shares
or the like,  the type and  number of shares of Common  Stock  purchasable  upon
exercise hereof shall be  appropriately  adjusted and proper  provision shall be
made so that, in the event that any additional  shares of Common Stock are to be
issued or otherwise  become  outstanding  as a result of any such change  (other
than  pursuant  to an exercise  of the  Option),  the number of shares of Common
Stock that remain  subject to the Option shall be increased so that,  after such
issuance and together with shares of Common Stock previously  issued pursuant to
the  exercise  of the Option  (as  adjusted  on account of any of the  foregoing
changes in the Common Stock),  it equals 19.9% of the number of shares of Common
Stock then issued and outstanding.

         (b)  Whenever  the number of shares of Common  Stock  purchasable  upon
exercise  hereof is adjusted as  provided  in this  Section 5, the Option  Price
shall be adjusted by multiplying  the Option Price by a fraction,  the numerator
of which  shall be equal to the  number of shares  of Common  Stock  purchasable
prior to the  adjustment  and the  denominator  of  which  shall be equal to the
number of shares of Common Stock purchasable after the adjustment.

         6. Upon the  occurrence  of a Subsequent  Triggering  Event that occurs
prior to an Exercise  Termination Event, Issuer shall, at the request of Grantee
delivered within twelve (12) months (or such later period as provided in Section
10) of such Subsequent  Triggering Event

                                      -6-
<PAGE>

(whether on its own behalf or on behalf of any subsequent  holder of this Option
(or part thereof) or any of the shares of Common Stock issued pursuant  hereto),
promptly prepare, file and keep current a registration  statement under the 1933
Act  covering any shares  issued and issuable  pursuant to this Option and shall
use its commmercially reasonable efforts to cause such registration statement to
become  effective  and  remain  current  in  order to  permit  the sale or other
disposition of any shares of Common Stock issued upon total or partial  exercise
of this Option  ("Option  Shares") in  accordance  with any plan of  disposition
requested by Grantee.  Issuer will use its  commercially  reasonable  efforts to
cause such  registration  statement  promptly  to become  effective  and then to
remain  effective  for such  period  not in excess of 180 days from the day such
registration  statement  first becomes  effective or such shorter time as may be
reasonably  necessary to effect such sales or other dispositions.  Grantee shall
have the right to demand two such registrations. The Issuer shall bear the costs
of such registrations (including,  but not limited to, Issuer's attorneys' fees,
printing  costs  and  filing  fees,   except  for   underwriting   discounts  or
commissions,  brokers' fees and the fees and  disbursements of Grantee's counsel
related thereto). The foregoing notwithstanding,  if, at the time of any request
by Grantee for  registration  of Option Shares as provided  above,  Issuer is in
registration with respect to an underwritten public offering by Issuer of shares
of Common Stock,  and if in the good faith judgment of the managing  underwriter
or managing underwriters,  or, if none, the sole underwriter or underwriters, of
such offering the offer and sale of the Option Shares would  interfere  with the
successful marketing of the shares of Common Stock offered by Issuer, the number
of  Option  Shares  otherwise  to  be  covered  in  the  registration  statement
contemplated  hereby  may be  reduced;  provided,  however,  that after any such
required  reduction  the number of Option Shares to be included in such offering
for the account of the Holder shall  constitute at least 25% of the total number
of shares to be sold by the  Holder and Issuer in the  aggregate;  and  provided
further,  however,  that if such  reduction  occurs,  then  Issuer  shall file a
registration  statement for the balance as promptly as practicable thereafter as
to which no reduction pursuant to this Section 6 shall be permitted or occur and
the Holder shall  thereafter be entitled to one additional  registration and the
twelve (12) month period referred to in the first sentence of this section shall
be increased to  twenty-four  (24)  months.  Each such Holder shall  provide all
information  reasonably  requested by Issuer for  inclusion in any  registration
statement to be filed  hereunder.  If requested by any such Holder in connection
with  such  registration,  Issuer  shall  become  a  party  to any  underwriting
agreement  relating  to the  sale of such  shares,  but  only to the  extent  of
obligating  itself in respect of  representations,  warranties,  indemnities and
other  agreements  customarily  included  in such  underwriting  agreements  for
Issuer. Upon receiving any request under this Section 6 from any Holder,  Issuer
agrees to send a copy thereof to any other person known to Issuer to be entitled
to  registration  rights under this Section 6, in each case by promptly  mailing
the same,  postage prepaid,  to the address of record of the persons entitled to
receive such copies.  Notwithstanding anything to the contrary contained herein,
in no event shall the number of registrations that Issuer is obligated to effect
be increased by reason of the fact that there shall be more than one Holder as a
result of any assignment or division of this Agreement.

         7. (a) At any time  after  the  occurrence  of a  Repurchase  Event (as
defined  below)  and  prior  to the  date  that  is six (6)  months  immediately
thereafter  (i) at the  request of the  Holder,  delivered  prior to an Exercise
Termination  Event (or such later period as provided in Section 10),  Issuer (or
any successor thereto) shall repurchase the Option from the

                                      -7-
<PAGE>

Holder at a price (the "Option  Repurchase  Price") equal to the amount by which
(A) the  market/offer  price (as defined  below)  exceeds (B) the Option  Price,
multiplied  by the number of shares for which this Option may then be  exercised
and (ii) at the  request  of the owner of Option  Shares  from time to time (the
"Owner"), delivered prior to an Exercise Termination Event (or such later period
as provided in Section 10), Issuer (or any successor  thereto) shall  repurchase
such number of the Option Shares from the Owner as the Owner shall  designate at
a price (the "Option Share Repurchase  Price") equal to the  market/offer  price
multiplied by the number of Option Shares so designated.  The term "market/offer
price"  shall  mean the  highest  of (i) the price per share of Common  Stock at
which a tender or  exchange  offer  therefor  has been made,  (ii) the price per
share of Common  Stock to be paid by any third party  pursuant  to an  agreement
with Issuer,  (iii) the highest  closing price for shares of Common Stock within
the one-month period  immediately  preceding the date the Holder gives notice of
the required repurchase of this Option or the Owner gives notice of the required
repurchase of Option Shares,  as the case may be, or (iv) in the event of a sale
of all or any substantial  part of Issuer's  assets or deposits,  the sum of the
net price paid in such sale for such assets or deposits  and the current  market
value of the  remaining  net  assets  of Issuer as  determined  by a  nationally
recognized  investment  banking firm selected by the Holder or the Owner, as the
case may be,  and  reasonably  acceptable  to  Issuer,  divided by the number of
shares  of Common  Stock of  Issuer  outstanding  at the time of such  sale.  In
determining the market/offer  price, the value of consideration  other than cash
shall be determined by a nationally  recognized investment banking firm selected
by the Holder or Owner, as the case may be, and reasonably acceptable to Issuer.

         (b) The  Holder and the Owner,  as the case may be,  may  exercise  its
right to require Issuer to repurchase the Option and any Option Shares  pursuant
to this Section 7 by surrendering  for such purpose to Issuer,  at its principal
office,  a copy  of  this  Agreement  or  certificates  for  Option  Shares,  as
applicable,  accompanied by a written notice or notices  stating that the Holder
or the Owner,  as the case may be, elects to require  Issuer to repurchase  this
Option  and/or the  Option  Shares in  accordance  with the  provisions  of this
Section 7. As promptly as  practicable,  and in any event  within five  business
days after the surrender of the Option and/or  certificates  representing Option
Shares and the receipt of such notice or notices relating thereto,  Issuer shall
deliver or cause to be  delivered  to the Holder  the  Option  Repurchase  Price
and/or to the Owner the Option Share  Repurchase  Price  therefor or the portion
thereof that Issuer is not then prohibited  under  applicable law and regulation
from so delivering.

         (c) To the extent that Issuer is  prohibited  under  applicable  law or
regulation,  or as a consequence of administrative policy, from repurchasing the
Option and/or the Option Shares in full,  Issuer shall immediately so notify the
Holder and/or the Owner and  thereafter  deliver or cause to be delivered,  from
time to time, to the Holder and/or the Owner, as appropriate, the portion of the
Option  Repurchase  Price and the Option Share Repurchase  Price,  respectively,
that it is no longer prohibited from delivering, within five business days after
the date on which Issuer is no longer so prohibited;  provided, however, that if
Issuer  at any  time  after  delivery  of a notice  of  repurchase  pursuant  to
paragraph  (b)  of  this  Section  7  is  prohibited  under  applicable  law  or
regulation, or as a consequence of administrative policy, from delivering to the
Holder and/or the Owner, as

                                      -8-
<PAGE>

appropriate,  the Option Repurchase Price and the Option Share Repurchase Price,
respectively,  in full (and Issuer hereby  undertakes to use its best efforts to
obtain (and to take all action necessary to obtain) all required  regulatory and
legal  approvals and to file any required  notices as promptly as practicable in
order to accomplish such repurchase),  the Holder or Owner may revoke its notice
of repurchase of the Option and/or the Option Shares  whether in whole or to the
extent of the prohibition,  whereupon, in the latter case, Issuer shall promptly
(i) deliver to the Holder and/or the Owner, as appropriate,  that portion of the
Option  Repurchase Price and/or the Option Share Repurchase Price that Issuer is
not prohibited from delivering; and (ii) deliver, as appropriate,  either (A) to
the Holder, a new Agreement  evidencing the right of the Holder to purchase that
number of shares of Common Stock obtained by multiplying the number of shares of
Common Stock for which the surrendered  Agreement was exercisable at the time of
delivery of the notice of  repurchase  by a fraction,  the numerator of which is
the Option  Repurchase Price less the portion thereof  theretofore  delivered to
the Holder and the denominator of which is the Option Repurchase  Price,  and/or
(B) to the Owner,  a certificate  for the Option Shares it is then so prohibited
from repurchasing. If an Exercise Termination Event shall have occurred prior to
the date of the  notice  by  Issuer  described  in the  first  sentence  of this
subsection (c), or shall be scheduled to occur at any time before the expiration
of a period  ending on the  thirtieth  day after  such date,  the  Holder  shall
nonetheless  have the right to exercise the Option until the  expiration of such
30-day period.

         (d) For  purposes  of this  Section 7, a  "Repurchase  Event"  shall be
deemed to have  occurred upon the  occurrence of any of the following  events or
transactions after the date hereof:

          (i) the  acquisition  by any person (other than Grantee or any Grantee
     Subsidiary) of beneficial  ownership of 50% or more of the then outstanding
     Common Stock; or

          (ii) the  consummation  of any  Acquisition  Transaction  described in
     Section  2(b)(i) hereof,  except that the percentage  referred to in clause
     (z) shall be 50%.

         8. (a) In the event  ("Substitute  Option Repurchase Event") that prior
to an Exercise  Termination  Event,  Issuer shall enter into an agreement (i) to
consolidate  with or merge  into any  person,  other  than  Grantee or a Grantee
Subsidiary,  or engage in a plan of exchange with any person, other than Grantee
or a Grantee  Subsidiary  and Issuer  shall not be the  continuing  or surviving
corporation  of such  consolidation  or merger or the  acquirer  in such plan of
exchange, (ii) to permit any person, other than Grantee or a Grantee Subsidiary,
to merge into Issuer or be  acquired by Issuer in a plan of exchange  and Issuer
shall  be  the  continuing  or  surviving  or  acquiring  corporation,  but,  in
connection with such merger or plan of exchange,  the then outstanding shares of
Common Stock shall be changed into or exchanged for stock or other securities of
any other person or cash or any other property or the then outstanding shares of
Common Stock shall after such merger or plan of exchange represent less than 50%
of the  outstanding  shares and share  equivalents  of the  merged or  acquiring
company, or (iii) to sell or otherwise transfer all or a substantial part of its
or any Issuer Subsidiary's assets or deposits to any person,  other than Grantee
or a Grantee  Subsidiary,  then, and in each such case, the agreement  governing
such transaction shall make proper provision so that the Option shall, upon the

                                      -9-

<PAGE>

consummation of any such transaction and upon the terms and conditions set forth
herein,  be  converted  into,  or  exchanged  for,  an option  (the  "Substitute
Option"), at the election of the Holder, of either (x) the Acquiring Corporation
(as  hereinafter  defined)  or  (y)  any  person  that  controls  the  Acquiring
Corporation.

         (b) The following terms have the meanings indicated:

          (i) "Acquiring Corporation" shall mean (i) the continuing or surviving
     person of a  consolidation  or merger with  Issuer (if other than  Issuer),
     (ii)  the  acquiring  person  in a plan of  exchange  in  which  Issuer  is
     acquired,  (iii) the Issuer in a merger or plan of exchange in which Issuer
     is the continuing or surviving or acquiring person, and (iv) the transferee
     of all or a substantial  part of Issuer's assets or deposits (or the assets
     or deposits of any Issuer Subsidiary).

          (ii)  "Substitute  Common Stock" shall mean the common stock issued by
     the issuer of the Substitute Option upon exercise of the Substitute Option.

          (iii) "Assigned Value" shall mean the  market/offer  price, as defined
     in Section 7.

          (iv) "Average  Price" shall mean the average  closing price of a share
     of the  Substitute  Common  Stock for one year  immediately  preceding  the
     consolidation,  merger or sale in question, but in no event higher than the
     closing price of the shares of Substitute Common Stock on the day preceding
     such  consolidation,  merger or sale; provided that if Issuer is the issuer
     of the Substitute  Option, the Average Price shall be computed with respect
     to a share of common stock  issued by the person  merging into Issuer or by
     any company which  controls or is controlled by such person,  as the Holder
     may elect.

         (c) Subject to paragraph (d) of this Section 8, the  Substitute  Option
shall  have the same  terms as the  Option,  provided  that if the  terms of the
Substitute  Option cannot,  for legal reasons,  be the same as the Option,  such
terms shall be as similar as possible and in no event less  advantageous  to the
Holder.  The issuer of the Substitute  Option shall also enter into an agreement
with the then Holder or Holders of the Substitute  Option in  substantially  the
same  form as this  Agreement  (after  giving  effect  for such  purpose  to the
provisions of Section 9), which  agreement shall be applicable to the Substitute
Option.

         (d) The  Substitute  Option  shall be  exercisable  for such  number of
shares of Substitute  Common Stock as is equal to the Assigned Value  multiplied
by the number of shares of Common  Stock for which the  Option  was  exercisable
immediately  prior to the event described in the first sentence of Section 8(a),
divided by the Average Price.  The exercise  price of the Substitute  Option per
share of  Substitute  Common  Stock  shall  then be equal  to the  Option  Price
multiplied  by a fraction,  the numerator of which shall be the number of shares
of Common Stock for which the Option was  exercisable  immediately  prior to the
event  described in the first  sentence of Section 8(a)

                                      -10-
<PAGE>

and the denominator of which shall be the number of shares of Substitute  Common
Stock for which the Substitute Option is exercisable.

         (e) In no event, pursuant to any of the foregoing paragraphs, shall the
Substitute Option be exercisable for more than 19.9% of the shares of Substitute
Common Stock  outstanding  prior to exercise of the  Substitute  Option.  In the
event that the Substitute Option would be exercisable for more than 19.9% of the
shares of  Substitute  Common Stock  outstanding  prior to exercise but for this
clause (e), the issuer of the Substitute Option (the "Substitute Option Issuer")
shall make a cash  payment to Holder equal to the excess of (i) the value of the
Substitute  Option  without  giving effect to the  limitation in this clause (e)
over  (ii)  the  value of the  Substitute  Option  after  giving  effect  to the
limitation in this clause (e). This difference in value shall be determined by a
nationally recognized investment banking firm selected by the Holder.

         (f) Issuer shall not enter into any transaction described in subsection
(a) of this  Section 8 unless the  Acquiring  Corporation  and any  person  that
controls the  Acquiring  Corporation  assume in writing all the  obligations  of
Issuer hereunder.

         9. (a) At the  request  of the  holder of the  Substitute  Option  (the
"Substitute Option Holder") occurring after a Substitute Option Repurchase Event
and  prior to the date  that is six (6)  months  thereafter,  the  issuer of the
Substitute  Option  (the  "Substitute   Option  Issuer")  shall  repurchase  the
Substitute  Option from the Substitute Option Holder at a price (the "Substitute
Option  Repurchase  Price") equal to the amount by which (i) the Highest Closing
Price (as hereinafter defined) exceeds (ii) the exercise price of the Substitute
Option,  multiplied by the number of shares of Substitute Common Stock for which
the  Substitute  Option may then be  exercised,  and at the request of the owner
(the  "Substitute  Share  Owner")  of shares of  Substitute  Common  Stock  (the
"Substitute  Shares"),   the  Substitute  Option  Issuer  shall  repurchase  the
Substitute Shares at a price (the "Substitute Share Repurchase  Price") equal to
the Highest  Closing  Price  multiplied  by the number of  Substitute  Shares so
designated.  The term  "Highest  Closing  Price" shall mean the highest  closing
price for  shares  of  Substitute  Common  Stock  within  the  one-month  period
immediately  preceding the date the Substitute Option Holder gives notice of the
required repurchase of the Substitute Option or the Substitute Share Owner gives
notice of the required repurchase of the Substitute Shares, as applicable.

         (b) The Substitute Option Holder and the Substitute Share Owner, as the
case may be, may exercise its respective rights to require the Substitute Option
Issuer to repurchase the Substitute Option and the Substitute Shares pursuant to
this Section 9 by surrendering for such purpose to the Substitute Option Issuer,
at its principal  office,  the agreement for such Substitute  Option (or, in the
absence of such an agreement,  a copy of this Agreement) and/or certificates for
Substitute  Shares  accompanied by a written notice or notices  stating that the
Substitute  Option  Holder or the  Substitute  Share Owner,  as the case may be,
elects to require the  Substitute  Option  Issuer to repurchase  the  Substitute
Option and/or the  Substitute  Shares in accordance  with the provisions of this
Section 9. As promptly as practicable and in any event within five business days
after the surrender of the Substitute  Option and/or  certificates  representing
Substitute  Shares and the receipt of such notice

                                      -11-
<PAGE>

or notices relating thereto, the Substitute Option Issuer shall deliver or cause
to be delivered to the Substitute Option Holder the Substitute Option Repurchase
Price and/or to the Substitute Share Owner the Substitute Share Repurchase Price
therefor or the portion  thereof which the Substitute  Option Issuer is not then
prohibited under applicable law and regulation from so delivering.

         (c) To the extent that the Substitute Option Issuer is prohibited under
applicable law or regulation, or as a consequence of administrative policy, from
repurchasing  the Substitute  Option and/or the Substitute  Shares in part or in
full,  the Substitute  Option Issuer shall  immediately so notify the Substitute
Option Holder and/or the Substitute Share Owner and thereafter  deliver or cause
to be delivered,  from time to time, to the Substitute  Option Holder and/or the
Substitute  Share Owner,  as appropriate,  the portion of the Substitute  Option
Repurchase  Price and/or the Substitute Share  Repurchase  Price,  respectively,
which it is no longer prohibited from delivering,  within ten (10) business days
after the date on which the Substitute Option Issuer is no longer so prohibited;
provided,  however,  that if the  Substitute  Option Issuer is at any time after
delivery of a notice of repurchase  pursuant to subsection (b) of this Section 9
prohibited  under  applicable  law  or  regulation,   or  as  a  consequence  of
administrative  policy,  from delivering to the Substitute  Option Holder and/or
the Substitute  Share Owner, as appropriate,  the Substitute  Option  Repurchase
Price and the Substitute Share Repurchase Price, respectively,  in full (and the
Substitute  Option Issuer shall use its best efforts to receive (and to take all
action  necessary  to receive) all required  regulatory  and legal  approvals as
promptly as practicable in order to accomplish such repurchase),  the Substitute
Option Holder and/or  Substitute Share Owner may revoke its notice of repurchase
of the  Substitute  Option or the  Substitute  Shares  either in whole or to the
extent of  prohibition,  whereupon,  in the latter case, the  Substitute  Option
Issuer shall promptly (i) deliver to the Substitute  Option Holder or Substitute
Share Owner, as appropriate,  that portion of the Substitute  Option  Repurchase
Price or the Substitute Share Repurchase Price that the Substitute Option Issuer
is not prohibited from delivering; and (ii) deliver, as appropriate,  either (A)
to the Substitute Option Holder, a new Substitute Option evidencing the right of
the Substitute Option Holder to purchase that number of shares of the Substitute
Common  Stock  obtained by  multiplying  the number of shares of the  Substitute
Common Stock for which the surrendered  Substitute Option was exercisable at the
time of delivery of the notice of  repurchase  by a fraction,  the  numerator of
which  is the  Substitute  Option  Repurchase  Price  less the  portion  thereof
theretofore  delivered to the  Substitute  Option Holder and the  denominator of
which is the Substitute Option  Repurchase  Price,  and/or (B) to the Substitute
Share  Owner,  a  certificate  for the  Substitute  Option  Shares it is then so
prohibited  from  repurchasing.  If an  Exercise  Termination  Event  shall have
occurred  prior  to the  date of the  notice  by the  Substitute  Option  Issuer
described in the first sentence of this subsection (c), or shall be scheduled to
occur at any time before the  expiration of a period ending on the thirtieth day
after such date, the Substitute Option Holder shall  nevertheless have the right
to exercise the Substitute Option until the expiration of such 30-day period.

         10. The 30-day,  6-month,  12-month,  18-month or 24-month  periods for
exercise  of  certain  rights  under  Sections  2, 6, 7, 9, 12 and 14  shall  be
extended: (i) to the extent necessary to obtain all regulatory approvals for the
exercise of such rights (for so long as the  Holder,  Owner,

                                      -12-
<PAGE>

Substitute Option Holder or Substitute Share Owner, as the case may be, is using
commercially  reasonable efforts to obtain such regulatory  approvals),  and for
the  expiration  of all  statutory  waiting  periods;  and  (ii)  to the  extent
necessary to avoid  liability  under  Section 16(b) of the 1934 Act by reason of
such exercise.

         11. Issuer hereby represents and warrants to Grantee as follows:

         (a) Issuer  has full  corporate  power and  authority  to  execute  and
deliver this Agreement and to consummate the transactions  contemplated  hereby.
The  execution  and  delivery  of this  Agreement  and the  consummation  of the
transactions  contemplated  hereby have been duly and validly  authorized by the
Issuer Board prior to the date hereof and no other corporate  proceedings on the
part of Issuer are necessary to authorize  this  Agreement or to consummate  the
transactions so contemplated.  This Agreement has been duly and validly executed
and delivered by Issuer.

         (b) Issuer has taken all  necessary  corporate  action to authorize and
reserve and to permit it to issue, and at all times from the date hereof through
the  termination  of this  Agreement  in  accordance  with its  terms  will have
reserved for issuance upon the exercise of the Option,  that number of shares of
Common  Stock equal to the maximum  number of shares of Common Stock at any time
and from time to time  issuable  hereunder,  and all such shares,  upon issuance
pursuant  thereto,  will  be  duly  authorized,   validly  issued,  fully  paid,
nonassessable,  and will be  delivered  free and  clear  of all  claims,  liens,
encumbrance and security interests and not subject to any preemptive rights.

         12.  Neither  of the  parties  hereto  may  assign any of its rights or
obligations  under this Agreement or the Option  created  hereunder to any other
person,  without the express written consent of the other party,  except that in
the event an Initial  Triggering  Event shall have occurred prior to an Exercise
Termination Event, Grantee, subject to the express provisions hereof, may assign
in whole or in part its rights and  obligations  hereunder;  provided,  however,
that  until the date 15 days  following  the date on which  the OTS and  Federal
Reserve Board has approved, to the extent required, an application by Grantee to
acquire the shares of Common Stock subject to the Option, Grantee may not assign
its  rights  under  the  Option  except  in  (i)  a  widely   dispersed   public
distribution,  (ii) a private placement in which no one party acquires the right
to purchase in excess of 2% of the voting shares of Issuer,  (iii) an assignment
to a single  party  (e.g.,  a broker or  investment  banker)  for the purpose of
conducting a widely  dispersed  public  distribution on Grantee's behalf or (iv)
any other manner approved by the Federal Reserve Board.

         13.  Each of Grantee and Issuer  will use its  commercially  reasonable
efforts to make all filings with,  and to obtain  consents of, all third parties
and governmental  authorities  necessary to the consummation of the transactions
contemplated by this Agreement,  including, without limitation,  applying to the
Federal  Reserve  Board  under the BHCA and the OTS under  HOLA,  to the  extent
required,  for approval to acquire the shares  issuable  hereunder,  but Grantee
shall not be obligated to apply to state banking authorities for approval to

                                      -13-
<PAGE>

acquire the shares of Common Stock issuable  hereunder until such time, if ever,
as it deems appropriate to do so.

         14. (a) Grantee may, at any time following a Repurchase Event and prior
to the  occurrence  of an Exercise  Termination  Event (or such later  period as
provided in Section 10),  relinquish the Option (together with any Option Shares
issued to and then owned by Grantee) to Issuer in exchange  for a cash fee equal
to the Surrender  Price;  provided,  however,  that Grantee may not exercise its
rights  pursuant to this Section 14 if Issuer has repurchased the Option (or any
portion  thereof) or any Option  Shares  pursuant  to Section 7. The  "Surrender
Price" shall be equal to $9,000,000 (i) plus, if applicable,  Grantee's purchase
price with respect to any Option Shares purchased by Grantee  hereunder and (ii)
minus, if applicable,  the sum of (1) the excess of (A) the net cash amounts, if
any,  received by Grantee pursuant to the arms' length sale of Option Shares (or
any other  securities into which such Option Shares were converted or exchanged)
to any  unaffiliated  party,  over (B) Grantee's  purchase  price of such Option
Shares, and (2) the net cash amounts, if any, received by Grantee pursuant to an
arms' length sale of any portion of the Option sold.

         (b) Grantee may  exercise  its right to  relinquish  the Option and any
Option  Shares  pursuant to this Section 14 by  surrendering  to Issuer,  at its
principal office, a copy of this Agreement together with certificates for Option
Shares, if any,  accompanied by a written notice stating (i) that Grantee elects
to  relinquish  the Option and Option  Shares,  if any, in  accordance  with the
provisions of this Section 14 and (ii) the Surrender  Price. The Surrender Price
shall be payable in immediately available funds on or before the fifth business
day following receipt of such notice by Issuer.

         (c) To the extent that Issuer is  prohibited  under  applicable  law or
regulation,  or as a  consequence  of  administrative  policy,  from  paying the
Surrender Price to Grantee in full,  Issuer shall  immediately so notify Grantee
and thereafter deliver or cause to be delivered,  from time to time, to Grantee,
the portion of the Surrender Price that it is no longer  prohibited from paying,
within ten (10)  business  days  after the date on which  Issuer is no longer so
prohibited;  provided,  however,  that if Issuer at any time after delivery of a
notice of surrender  pursuant to paragraph  (b) of this Section 14 is prohibited
under  applicable  law or  regulation,  or as a  consequence  of  administrative
policy, from paying to Grantee the Surrender Price in full, (i) Issuer shall (A)
use its best efforts to obtain (and to take all action  necessary to obtain) all
required  regulatory  and legal  approvals  and to file any required  notices as
promptly as practicable in order to make such payments,  (B) within five days of
the submission or receipt of any documents  relating to any such  regulatory and
legal  approvals,  provide Grantee with copies of the same, and (c) keep Grantee
advised  of both the  status  of any  such  request  for  regulatory  and  legal
approvals,  as well as any  discussions  with any relevant  regulatory  or other
third  party  reasonably  related to the same and (ii)  Grantee  may revoke such
notice of surrender by delivery of a notice of  revocation  to Issuer and,  upon
delivery of such notice of revocation,  the Exercise  Termination  Date shall be
extended  to a date six months from the date on which the  Exercise  Termination
Date would have occurred if not for the provisions of this Section 14(c) (during
which period Grantee may exercise any of its rights hereunder, including any and
all rights pursuant to this Section 14).

                                      -14-

<PAGE>

         15. The parties hereto  acknowledge that damages would be an inadequate
remedy  for a breach of this  Agreement  by  either  party  hereto  and that the
obligations  of the parties  hereto shall be  enforceable by either party hereto
through  injunctive or other  equitable  relief.  In connection  therewith  both
parties waive the posting of any bond or similar requirement.

         16. If any term,  provision,  covenant or restriction contained in this
Agreement  is held  by a court  or a  federal  or  state  regulatory  agency  of
competent  jurisdiction to be invalid,  void or unenforceable,  the remainder of
the terms, provisions and covenants and restrictions contained in this Agreement
shall remain in full force and effect, and shall in no way be affected, impaired
or  invalidated.  If for any reason such court or regulatory  agency  determines
that the Holder is not  permitted  to  acquire,  or Issuer is not  permitted  to
repurchase  pursuant  to  Section 7, the full  number of shares of Common  Stock
provided in Section l(a) hereof (as adjusted pursuant to Section l(b) or Section
5 hereof),  it is the express intention of Issuer to allow the Holder to acquire
or to  require  Issuer  to  repurchase  such  lesser  number of shares as may be
permissible, without any amendment or modification hereof.

         17. All notices,  requests,  claims,  demands and other  communications
hereunder  shall be deemed to have been duly given when delivered in person,  by
fax,  telecopy,  or by registered or certified  mail  (postage  prepaid,  return
receipt  requested) at the respective  addresses of the parties set forth in the
Merger Agreement.

         18. This  Agreement  shall be governed by and  construed in  accordance
with the laws of the State of New York,  without  regard to the  conflict of law
principles  thereof  (except to the extent that mandatory  provisions of Federal
law are applicable).

         19. This Agreement may be executed in two or more counterparts, each of
which shall be deemed to be an original,  but all of which shall  constitute one
and the same agreement.

         20. Except as otherwise  expressly provided herein, each of the parties
hereto shall bear and pay all costs and expenses incurred by it or on its behalf
in connection with the transactions  contemplated hereunder,  including fees and
expenses of its own financial consultants,  investment bankers,  accountants and
counsel.

         21.  Except as  otherwise  expressly  provided  herein or in the Merger
Agreement, this Agreement contains the entire agreement between the parties with
respect to the  transactions  contemplated  hereunder and  supersedes  all prior
arrangements or understandings with respect thereof,  written or oral. The terms
and  conditions of this  Agreement  shall inure to the benefit of and be binding
upon the parties hereto and their respective successors and permitted assignees.
Nothing in this Agreement,  expressed or implied, is intended to confer upon any
party, other than the parties hereto, and their respective  successors except as
assignees, any rights,  remedies,  obligations or liabilities under or by reason
of this Agreement, except as expressly provided herein.

                                      -15-
<PAGE>

         22.  Capitalized  terms used in this  Agreement and not defined  herein
shall have the meanings assigned thereto in the Merger Agreement.

         IN WITNESS WHEREOF, each of the parties has caused this Agreement to be
executed on its behalf by its officers thereunto duly authorized,  all as of the
date first above written.

                                       Queens County Bancorp, Inc.

                                       By: /s/ Joseph R. Ficalora
                                          ---------------------------------
                                          Joseph R. Ficalora
                                          Chairman of the Board, President and
                                          Chief Executive Officer

                                       Haven Bancorp, Inc.

                                       By: /s/ Phillip S. Messina
                                          --------------------------------
                                          Phillip S. Messina
                                          Chairman of the Board
                                          and Chief Executive Officer

                                      -16-<PAGE>   1

                                  EXHIBIT 4.3

                         CODORUS VALLEY BANCORP, INC.

                           2000 STOCK INCENTIVE PLAN
<PAGE>   2
                          CODORUS VALLEY BANCORP, INC.
                            2000 STOCK INCENTIVE PLAN

1.    Purpose. The purpose of this Stock Incentive Plan (the "Plan") is to
      advance the development, growth and financial condition of Codorus Valley
      Bancorp, Inc. (the "Corporation") and each subsidiary thereof, as defined
      in Section 424 of the Internal Revenue Code of 1986, as amended (the
      "Code"), by providing incentives through participation in the appreciation
      of the common stock of the Corporation to secure, retain and motivate
      personnel who may be responsible for the operation and for management of
      the affairs of the Corporation and any subsidiary now or hereafter
      existing ("Subsidiary").

2.    Term. The Plan shall become effective as of the date it is adopted by the
      Corporation's Board of Directors (the "Board"), and shall be presented for
      approval at the next meeting of the Corporation's shareholders. Any and
      all options and rights awarded under the Plan (the "Awards") before it is
      approved by the Corporation's shareholders shall be conditioned upon, and
      may not be exercised before, receipt of shareholder approval, and shall
      lapse upon failure to receive such approval. Unless previously terminated
      by the Board, the Plan shall terminate on, and no options shall be granted
      after the tenth anniversary of the effective date of the Plan.

3.    Stock. Shares of the Corporation's common stock, that may be issued under
      the Plan shall not exceed, in the aggregate, 100,000 shares of common
      stock, par value $2.50 per share ("the Stock") as may be adjusted pursuant
      to Section 19 hereof. Shares may be either authorized and unissued shares,
      or authorized shares, issued by and subsequently reacquired by the
      Corporation as treasury stock. Under no circumstances shall any fractional
      shares be awarded under the Plan. Except as may be otherwise provided in
      the Plan, any Stock subject to an Award that, for any reason, lapses or
      terminates prior to exercise, shall again become available for grant under
      the Plan. While the Plan is in effect, the Corporation shall reserve and
      keep available the number of shares of Stock needed to satisfy the
      requirements of the Plan. The Corporation shall apply for any requisite
      governmental authority to issue shares under the Plan. The Corporation's
      failure to obtain any such governmental authority, deemed necessary by the
      Corporation's legal counsel for the lawful issuance and sale of Stock
      under the Plan, shall relieve the Corporation of any duty, or liability
      for the failure to issue or sell the Stock.

4.    Administration. The ability to control and manage the operation and
      administration of the Plan shall be vested in a Committee of the Board
      comprised of all members of the Board who are disinterested outside Board
      members who shall not be eligible to receive grants under the Plan (the
      "Committee"). The Committee shall have the authority and discretion to
      interpret the Plan, to establish, amend and rescind any rules and
      regulations relating to the Plan, to determine the terms and provisions of
      any agreements made pursuant to the Plan, and to make any and all
      determinations that may be necessary or advisable for the administration
      of the Plan. Any interpretation of the Plan by the Committee and any
<PAGE>   3
      decision made by the Committee under the  Plan is final and binding.

            The Committee shall be responsible and shall have full, absolute and
      final power of authority to determine what, to whom, when and under what
      facts and circumstances Awards shall be made, and the form, number, terms,
      conditions and duration thereof, including but not limited to when
      exercisable, the number of shares of Stock subject thereto, and the stock
      option exercise prices. The Committee shall make all other determinations
      and decisions, take all actions and do all things necessary or appropriate
      in and for the administration of the Plan. No member of the Committee or
      of the Board shall be liable for any decision, determination or action
      made or taken in good faith by such person under or with respect to the
      Plan or its administration.

5.    Awards. Awards may be made under the Plan in the form of: (a) "Qualified
      Options" to purchase Stock, which are intended to qualify for certain tax
      treatment as incentive stock options under Sections 421 and 422 of the
      Code, (b) "Non-Qualified Options" to purchase Stock, which are not
      intended to qualify under Sections 421 through 424 of the Code, (c) Stock
      Appreciation Rights ("SARs"), or (d) "Restricted Stock". More than one
      Award may be granted to an eligible person, and the grant of any Award
      shall not prohibit the grant of another Award, either to the same person
      or otherwise, or impose any obligation to exercise on the participant. All
      Awards and the terms and conditions thereof shall be set forth in written
      agreements, in such form and content as approved by the Committee from
      time to time, and shall be subject to the provisions of the Plan whether
      or not contained in such agreements. Multiple Awards for a particular
      person may be set forth in a single written agreement or in multiple
      agreements, as determined by the Committee, but in all cases each
      agreement for one or more Awards shall identify each of the Awards thereby
      represented as a Qualified Option, Non-Qualified Option or Stock
      Appreciation Right, as the case may be.

6.    Eligibility. Persons eligible to receive Awards shall be those key
      officers and other employees of the Corporation and each Subsidiary, as
      determined by the Committee. A person's eligibility to receive an Award
      shall not confer upon him or her any right to receive an Award. Except as
      otherwise provided, a person's eligibility to receive, or actual receipt
      of an Award under the Plan shall not limit or affect his or her benefits
      under or eligibility to participate in any other incentive or benefit plan
      or program of the Corporation or of its affiliates.

7.    Qualified Options. In addition to other applicable provisions of the Plan,
      all Qualified Options and Awards thereof shall be under and subject to the
      following terms and conditions:

      (a)   The maximum number of shares of Stock that may be issued by options
            intended to be Qualified Options shall be 100,000 shares.

      (b)   No Qualified Option shall be awarded more than ten (10) years after
            the date the Plan is adopted by the Board or the date the Plan is
            approved by the Corporation's
<PAGE>   4
            shareholders, whichever is earlier;

      (c)   The time period during which any Qualified Option is exercisable, as
            determined by the Committee, shall not commence before the
            expiration of six (6) months or continue beyond the expiration of
            ten (10) years after the date the Qualified Option is awarded;

      (d)   If a participant, who was awarded a Qualified Option, ceases to be
            employed by the Corporation or any Subsidiary for any reason other
            than his or her death, the Committee may permit the participant
            thereafter to exercise the option during its remaining term for a
            period of not more than three (3) months after cessation of
            employment to the extent that the Qualified Option was then and
            remains exercisable, unless such employment cessation was due to the
            participant's disability, as defined in Section 22(e)(3) of the
            Code, in which case the three (3) month period shall be twelve (12)
            months; if the participant dies while employed by the Corporation or
            a Subsidiary, the Committee may permit the participant's qualified
            personal representatives, or any persons who acquire the Qualified
            Option pursuant to his or her Will or laws of descent and
            distribution, to exercise the Qualified Option during its remaining
            term for a period of not more than twelve (12) months after the
            participant's death to the extent that the Qualified Option was then
            and remains exercisable; the Committee may impose terms and
            conditions upon and for the exercise of a Qualified Option after the
            cessation of the participant's employment or his or her death;

      (e)   The purchase price of Stock subject to any Qualified Option shall
            not be less than the Stock's fair market value at the time the
            Qualified Option is awarded and shall not be less than the Stock's
            par value; and

      (f)   Qualified Options may not be sold, transferred or assigned by the
            participant except by will or the laws of descent and distribution.

8.    Non-Qualified Options. In addition to other applicable provisions of the
      Plan, all NonQualified Options and Awards thereof shall be under and
      subject to the following terms and conditions:

      (a)   The time period during which any Non-Qualified Option is exercisable
            shall not commence before the expiration of six (6) months or
            continue beyond the expiration of ten (10) years after the date the
            Non-Qualified Option is awarded;

      (b)   If a participant, who was awarded a Non-Qualified Option, ceases to
            be eligible under the Plan, before lapse or full exercise of the
            option, the Committee may permit the participant to exercise the
            option during its remaining term, to the extent that the option was
            then and remains exercisable, or for such time period and under such
            terms and conditions as may be prescribed by the Committee;
<PAGE>   5
      (c)   The purchase price of a share of Stock subject to any Non-Qualified
            Option shall not be less than the Stock's par value; and

      (d)   Except as otherwise provided by the Committee, Non-Qualified Stock
            Options granted under the Plan are not transferable except as
            designated by the participant by Will and the laws of descent and
            distribution.

9.    Stock Appreciation Rights. In addition to other applicable provisions of
      the Plan, all SARs and Awards thereof shall be under and subject to the
      following terms and conditions:

      (a)   SARs may be granted either alone, or in connection with another
            previously or contemporaneously granted Award (other than another
            SAR) so as to operate in tandem therewith by having the exercise of
            one affect the right to exercise the other, as and when the
            Committee may determine; however, no SAR shall be awarded in
            connection with a Qualified Option more than ten (10) years after
            the date the Plan is adopted by the Board or the date the Plan is
            approved by the Corporation's stockholders, whichever date is
            earlier;

      (b)   Each SAR shall entitle the participant to receive upon exercise of
            the SAR all or a portion of the excess of (i) the fair market value
            at the time of such exercise of a specified number of shares of
            Stock as determined by the Committee, over (ii) a specified price as
            determined by the Committee of such number of shares of Stock that,
            on a per share basis, is not less than the Stock's fair market value
            at the time the SAR is awarded, or if the SAR is connected with
            another Award, such lesser percentage of the Stock purchase price
            thereunder as may be determined by the Committee;

      (c)   Upon exercise of any SAR, the participant shall be paid either in
            cash or in Stock, or in any combination thereof, as the Committee
            shall determine; if such payment is to be made in Stock, the number
            of shares thereof to be issued pursuant to the exercise shall be
            determined by dividing the amount payable upon exercise by the
            Stock's fair market value at the time of exercise;

      (d)   The time period during which any SAR is exercisable, as determined
            by the Committee, shall not commence before the expiration of six
            (6) months; however, no SAR connected with another Award shall be
            exercisable beyond the last date that such other connected Award may
            be exercised;

      (e)   If a participant holding a SAR, before its lapse or full exercise,
            ceases to be eligible under the Plan, the Committee may permit the
            participant thereafter to exercise such SAR during its remaining
            term, to the extent that the SAR was then and remains exercisable,
            for such time period and under such terms and conditions as may be
            prescribed by the Committee;
<PAGE>   6
      (f)   No SAR shall be awarded in connection with any Qualified Option
            unless the SAR (i) lapses no later than the expiration date of such
            connected Option, (ii) is for not more than the difference between
            the Stock purchase price under such connected Option and the Stock's
            fair market value at the time the SAR is exercised, (iii) is
            transferable only when and as such connected Option is transferable
            and under the same conditions, (iv) may be exercised only when such
            connected Option may be exercised, and (v) may be exercised only
            when the Stock's fair market value exceeds the Stock purchase price
            under such connected Option.

10.   Restricted Stock. In addition to other applicable provisions of the Plan,
      all Restricted Stock and Awards thereof shall be under and subject to the
      following terms and conditions:

      (a)   Restricted Stock shall consist of shares of Stock that may be
            acquired by and issued to a participant at such time, for such or no
            purchase price, and under and subject to such transfer, forfeiture
            and other restrictions, conditions or terms as shall be determined
            by the Committee, including but not limited to prohibitions against
            transfer, substantial risks of forfeiture within the meaning of
            Section 83 of the Code, and attainment of performance or other
            goals, objectives or standards, all for or applicable to such time
            periods as determined by the Committee;

      (b)   Except as otherwise provided in the Plan or the Restricted Stock
            Award, a participant holding shares of Restricted Stock shall have
            all the rights as does a holder of Stock, including without
            limitation the right to vote such shares and receive dividends with
            respect thereto; however, during the time period of any
            restrictions, conditions or terms applicable to such Restricted
            Stock, the shares thereof and the right to vote the same and receive
            dividends thereon shall not be sold, assigned, transferred,
            exchanged, pledged, hypothecated, encumbered or otherwise disposed
            of except as permitted by the Plan or the Restricted Stock Award;

      (c)   Each certificate issued for shares of Restricted Stock shall be
            deposited with the Secretary of the Corporation, or the office
            thereof, and shall bear a legend in substantially the following form
            and content:

            This certificate and the shares of stock hereby represented are
            subject to the provisions of the Corporation's 2000 Stock Incentive
            Plan and a certain agreement entered into between the holder and the
            Corporation pursuant to the Plan. The release of this certificate
            and the shares of stock hereby represented from such provisions
            shall occur only as provided by the Plan and Agreement, a copy of
            which are on file in the office of the Secretary of the Corporation.

            Upon the lapse or satisfaction of the restrictions, conditions and
            terms applicable
<PAGE>   7
            to the Restricted Stock, a certificate for the shares of Stock free
            of restrictions and without the legend shall be issued to the
            participant;

      (d)   If a participant's employment with the Corporation or a Subsidiary
            ceases for any reason prior to the lapse of the restrictions,
            conditions or terms applicable to his or her Restricted Stock, all
            of the participant's Restricted Stock still subject to unexpired
            restrictions, conditions or terms shall be forfeited absolutely by
            the participant to the Corporation without payment or delivery of
            any consideration or other thing of value by the Corporation or its
            affiliates, and thereupon and thereafter neither the participant nor
            his or her heirs, personal or legal representatives, successors,
            assigns, beneficiaries, or any claimants under the participant's
            Last Will or laws of descent and distribution, shall have any rights
            or claims to or interests in the forfeited Restricted Stock or any
            certificates representing shares thereof, or claims against the
            Corporation or its affiliates with respect thereto.

11.   Exercise. Except as otherwise provided in the Plan, Awards may be
      exercised in whole or in part by giving written notice thereof to the
      Secretary of the Corporation, or his or her designee, identifying the
      Award to be exercised, the number of shares of Stock with respect thereto,
      and other information pertinent to exercise of the Award. The purchase
      price of the shares of Stock with respect to which an Award is exercised
      shall be paid with the written notice of exercise, either in cash or in
      securities of the Corporation, including securities issuable hereunder, at
      its then current fair market value, or in any combination thereof, as the
      Committee shall determine. Funds received by the Corporation from the
      exercise of any Award shall be used for its general corporate purposes.

            The number of shares of Stock subject to an Award shall be reduced
      by the number of shares of Stock with respect to which the participant has
      exercised rights under the Award. If a SAR is awarded in connection with
      another Award, the number of shares of Stock that may be acquired by the
      participant under the other connected Award shall be reduced by the number
      of shares of Stock with respect to which the participant has exercised his
      or her SAR, and the number of shares of Stock subject to the participant's
      SAR shall be reduced by the number of shares of Stock acquired by the
      participant pursuant to the other connected Award.

            The Committee may permit an acceleration of previously established
      exercise terms of any Awards as, when, under such facts and circumstances,
      and subject to such other or further requirements and conditions as the
      Committee may deem necessary or appropriate. In addition:

      (a)   if the Corporation or its shareholders execute an agreement to
            dispose of all or substantially all of the Corporation's assets or
            stock by means of sale, merger, consolidation, reorganization,
            liquidation or otherwise, as a result of which the Corporation's
            shareholders, immediately before the transaction, will not own at
            least fifty percent (50%) of the total combined voting power of all
            classes of voting stock of the surviving entity (be it the
            Corporation or otherwise) immediately after the
<PAGE>   8
            consummation of the transaction, then any and all outstanding Awards
            shall immediately become and remain exercisable or, if the
            transaction is not consummated, until the agreement relating to the
            transaction expires or is terminated, in which case, all Awards
            shall be treated as if the agreement was never executed;

      (b)   if there is an actual, attempted or threatened change in the
            ownership of at least twenty-five percent (25%) of all classes of
            voting stock of the Corporation through the acquisition of, or an
            offer to acquire such percentage of the Corporation's voting stock
            by any person or entity, or persons or entities acting in concert or
            as a group, and such acquisition or offer has not been duly approved
            by the Board, then any and all outstanding awards shall immediately
            become and remain exercisable; or

      (c)   if during any period of two (2) consecutive years, the individuals
            who at the beginning of such period constituted the Board cease, for
            any reason, to constitute at least a majority of the Board (unless
            the election of each director of the Board, who was not a director
            of the Board at the beginning of such period, was approved by a vote
            of at least two-thirds of the directors then still in office who
            were directors at the beginning of such period) then any and all
            Awards shall immediately become and remain exercisable.

12.   Right of First Refusal. Each written agreement for an Award may contain a
      provision that requires as a condition to exercising a Qualified Option or
      a Non Qualified Option that the participant agree prior to selling,
      transferring or otherwise disposing of any shares of Stock obtained
      through the exercise of the Award to first offer such shares of Stock to
      the Corporation for purchase. The terms and conditions of such right of
      first refusal shall be determined by the Committee in its sole and
      absolute discretion, provided that the purchase price shall be at least
      equal to the Stock's fair market value as determined under paragraph 14
      below, and shall be subject to all applicable federal and state laws,
      rules and regulations.

13.   Withholding. When a participant exercises a stock option or Stock
      Appreciation Right awarded under the Plan, the Corporation, in its
      discretion and as required by law, may require the participant to remit to
      the Corporation an amount sufficient to satisfy fully any federal, state
      and other jurisdictions' income and other tax withholding requirements
      prior to the delivery of any certificates for shares of Stock. At the
      Committee's discretion, remittance may be made in cash, shares already
      held by the participant or by the withholding by the Corporation of
      sufficient shares issuable pursuant to the option to satisfy the
      participant's withholding obligation.

14.   Value. Where used in the Plan, the "fair market value" of Stock or any
      options or rights with respect thereto, including Awards, shall mean and
      be determined by (a) the average of the highest and lowest reported sales
      prices thereof on the principal established domestic securities exchange
      on which listed, and if not listed, then (b) the average of the dealer
      "bid" and "ask" prices thereof on the over-the-counter market, as reported
      by the National Association of Securities Dealers Automated Quotation
      System ("NASDAQ"), in either case as of the specified or otherwise
      required or relevant time, or if not traded as of such specified,
<PAGE>   9
      required or relevant time, then based upon such reported sales or "bid"
      and "ask" prices before and/or after such time in accordance with
      pertinent provisions of and principles under the Code and the regulations
      promulgated thereunder.

15.   Amendment. To the extent permitted by applicable law, the Board may amend,
      suspend, or terminate the Plan at any time. The amendment or termination
      of this Plan shall not, without the consent of the participants, alter or
      impair any rights or obligations under any Award previously granted
      hereunder.

            From time to time, the Committee may rescind, revise and add to any
      of the terms, conditions and provisions of the Plan or of an Award as
      necessary or appropriate to have the Plan and any Awards thereunder be or
      remain qualified and in compliance with all applicable laws, rules and
      regulations, and the Committee may delete, omit or waive any of the terms
      conditions or provisions that are no longer required by reason of changes
      of applicable laws, rules or regulations, including but not limited to,
      the provisions of Sections 421 and 422 of the Code, Section 16 of the
      Securities Exchange Act of 1934, as amended, (the "1934 Act") and the
      rules and regulations promulgated by the Securities and Exchange
      Commission. Without limiting the generality of the preceding sentence,
      each Qualified Option shall be subject to such other and additional terms,
      conditions and provisions as the Committee may deem necessary or
      appropriate in order to qualify as a Qualified Option under Section 422 of
      the Code, including, but not limited to, the following provisions:

      (a)   At the time a Qualified Option is awarded, the aggregate fair market
            value of the Stock subject thereto and of any Stock or other capital
            stock with respect to which incentive stock options qualifying under
            Sections 421 and 422 of the Code are exercisable for the first time
            by the participant during any calendar year under the Plan and any
            other plans of the Corporation or its affiliates, shall not exceed
            $100,000.00; and

      (b)   No Qualified Option, shall be awarded to any person if, at the time
            of the Award, the person owns shares of the stock of the Corporation
            possessing more than ten percent (10%) of the total combined voting
            power of all classes of stock of the Corporation or its affiliates,
            unless, at the time the Qualified Option is awarded, the exercise
            price of the Qualified Option is at least one hundred and ten
            percent (110%) of the fair market value of the Stock on the date of
            grant and the option, by its terms, is not exercisable after the
            expiration of five (5) years from the date it is awarded.

16.   Continued Employment. Nothing in the Plan or any Award shall confer upon
      any participant or other persons any right to continue in the employ of,
      or maintain any particular relationship with, the Corporation or its
      affiliates, or limit or affect any rights, powers or privileges that the
      Corporation or its affiliates may have to supervise, discipline and
      terminate the participant. However, the Committee may require, as a
      condition of making and/or exercising any Award, that a participant agree
      to, and in fact provide services, either as an employee or in another
      capacity, to or for the Corporation or any Subsidiary for such time period
      as the Committee may prescribe. The immediately preceding sentence shall
      not apply to any Qualified Option, to the extent such application would
      result in disqualification of the option under Sections 421
<PAGE>   10
      and 422 of the Code.

17.   General Restrictions. If the Committee or Board determines that it is
      necessary or desirable to: (a) list, register or qualify the Stock subject
      to the Award, or the Award itself, upon any securities exchange or under
      any federal or state securities or other laws, (b) obtain the approval of
      any governmental authority, or (c) enter into an agreement with the
      participant with respect to disposition of any Stock (including, without
      limitation, an agreement that, at the time of the participant's exercise
      of the Award, any Stock thereby acquired is and will be acquired solely
      for investment purposes and without any intention to sell or distribute
      the Stock), then such Award shall not be consummated in whole or in part
      unless the listing, registration, qualification, approval or agreement, as
      the case may be, shall have been appropriately effected or obtained to the
      satisfaction of the Committee and legal counsel for the Corporation.

18.   Rights. Except as otherwise provided in the Plan, participants shall have
      no rights as a holder of the Stock unless and until one or more
      certificates for the shares of Stock are issued and delivered to the
      participant.

19.   Adjustments. In the event that the shares of common stock of the
      Corporation, as presently constituted, shall be changed into or exchanged
      for a different number or kind of shares of common stock or other
      securities of the Corporation or of other securities of the Corporation or
      of another corporation (whether by reason of merger, consolidation,
      recapitalization, reclassification, split-up, combination of shares or
      otherwise) or if the number of such shares of common stock shall be
      increased through the payment of a stock dividend, stock split or similar
      transaction, then, there shall be substituted for or added to each share
      of common stock of the Corporation that was theretofore appropriated, or
      which thereafter may become subject to an option under the Plan, the
      number and kind of shares of common stock or other securities into which
      each outstanding share of the common stock of the Corporation shall be so
      changed or for which each such share shall be exchanged or to which each
      such shares shall be entitled, as the case may be. Each outstanding Award
      shall be appropriately amended as to price and other terms, as may be
      necessary to reflect the foregoing events.

            If there shall be any other change in the number or kind of the
      outstanding shares of the common stock of the Corporation, or of any
      common stock or other securities in which such common stock shall have
      been changed, or for which it shall have been exchanged, and if a majority
      of the disinterested members of the Committee shall, in its sole
      discretion, determine that such change equitably requires an adjustment in
      any Award that was theretofore granted or that may thereafter be granted
      under the Plan, then such adjustment shall be made in accordance with such
      determination.

            The grant of an Award under the Plan shall not affect in any way the
      right or power of the Corporation to make adjustments, reclassifications,
      reorganizations or changes of its capital or business structure, to merge,
      to consolidate, to dissolve, to liquidate or to sell or transfer all or
      any part of its business or assets.
<PAGE>   11
            Fractional shares resulting from any adjustment in Awards pursuant
      to this Section 19 may be settled as a majority of the members of the
      Board of Directors or of the Committee, as the case may be, shall
      determine.

            To the extent that the foregoing adjustments relate to common stock
      or securities of the Corporation, such adjustments shall be made by a
      majority of the members of the Board or of the Committee, as the case may
      be, whose determination in that respect shall be final, binding and
      conclusive. Notice of any adjustment shall be given by the Corporation to
      each holder of an Award that is so adjusted.

20.   Forfeiture. Notwithstanding anything to the contrary in this Plan, if the
      Committee finds, after full consideration of the facts presented on behalf
      of the Corporation and the involved participant, that he or she has been
      engaged in fraud, embezzlement, theft, commission of a felony, or
      dishonesty in the course of his or her employment by the Corporation or by
      any Subsidiary and such action has damaged the Corporation or the
      Subsidiary, as the case may be, or that the participant has disclosed
      trade secrets of the Corporation or its affiliates, the participant shall
      forfeit all rights under and to all unexercised Awards, and under and to
      all exercised Awards under which the Corporation has not yet delivered
      payment or certificates for shares of Stock (as the case may be), all of
      which Awards and rights shall be automatically canceled. The decision of
      the Committee as to the cause of the participant's discharge from
      employment with the Corporation or any Subsidiary and the damage thereby
      suffered shall be final for purposes of the Plan, but shall not affect the
      finality of the participant's discharge by the Corporation or Subsidiary
      for any other purposes. The preceding provisions of this paragraph shall
      not apply to any Qualified Option to the extent such application would
      result in disqualification of the option as an incentive stock option
      under Sections 421 and 422 of the Code.

21.   Indemnification. In and with respect to the administration of the Plan,
      the Corporation shall indemnify each member of the Committee and/or of the
      Board, each of whom shall be entitled, without further action on his or
      her part, to indemnification from the Corporation for all damages, losses,
      judgments, settlement amounts, punitive damages, excise taxes, fines,
      penalties, costs and expenses (including without limitation attorneys'
      fees and disbursements) incurred by the member in connection with any
      threatened, pending or completed action, suit or other proceedings of any
      nature, whether civil, administrative, investigative or criminal, whether
      formal or informal, and whether by or in the right or name of the
      Corporation, any class of its security holders, or otherwise, in which the
      member may be or may have been involved, as a party or otherwise, by
      reason of his or her being or having been a member of the Committee and/or
      of the Board, whether or not he or she continues to be a member of the
      Committee or of the Board. The provisions, protection and benefits of this
      Section shall apply and exist to the fullest extent permitted by
      applicable law to and for the benefit of all present and future members of
      the Committee and/or of the Board and their respective heirs, personal and
      legal representatives, successors and assigns, in addition to all other
      rights that they may have as a matter of law, by contract, or otherwise,
      except (a) to the extent there is entitlement to insurance proceeds under
      insurance coverages provided by the Corporation on account of the same
      matter or proceeding for which indemnification hereunder is claimed, or
      (b) to the
<PAGE>   12
      extent there is entitlement to indemnification from the Corporation, other
      than under this Section, on account of the same matter or proceeding for
      which indemnification hereunder is claimed.

22.   Taxes. The issuance of shares of Common Stock under the Plan shall be
      subject to any applicable taxes or other laws or regulations of the United
      States of America and any state or local authority having jurisdiction
      there over.

23.   Miscellaneous. (a) Any reference contained in this Plan to particular
      section or provision of law, rule or regulation, including but not limited
      to the Code and the 1934 Act, shall include any subsequently enacted or
      promulgated section or provision of law, rule or regulation, as the case
      may be. With respect to persons subject to Section 16 of the 1934 Act,
      transactions under this Plan are intended to comply with all applicable
      conditions of Section 16 and the rules and regulations promulgated
      thereunder, or any successor rules and regulations that may be promulgated
      by the Securities and Exchange Commission, and to the extent any provision
      of this Plan or action by the Committee fails to so comply, it shall be
      deemed null and void, to the extent permitted by applicable law and deemed
      advisable by the Committee.

      (a)   Where used in this Plan: the plural shall include the singular, and
            unless the context otherwise clearly requires, the singular shall
            include the plural; and the term "affiliates" shall mean each and
            every Subsidiary and any parent of the Corporation.

      (b)   The captions of the numbered Sections contained in this Plan are for
            convenience only, and shall not limit or affect the meaning,
            interpretation or construction of any of the provisions of the Plan.

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