Document:

THIS AGREEMENT dated the 1st day of June, 2001, is made

BETWEEN:

           ALFA UTILITY SERVICES, INC., a corporation incorporated under the
           laws of the state of Delaware; (hereinafter called the "Optionor")

           - and -

           CARMINE INDUSTRIES LTD., a corporation incorporated under the laws of
           the province of Ontario; (hereinafter called the "Optionee")

                                OPTION AGREEMENT

           WHEREAS the Optionee is the holder of Five Hundred (500) Class "A"
Preference Shares in Alfa Utility Services Inc. ("Alfa Canada");

         AND WHEREAS the Optionor desires to grant to the Optionee an option to
exchange all or part of its Class "A" Preference Shares of Alfa Canada into
Common Shares of the Optionor at an exchange rate of Four Thousand (4,000)
Common Shares for each One (1) Class "A" Preference Shares exchanged; and,

         NOW THEREFORE in consideration of the mutual covenants and agreements
contained herein, the parties hereto agree as follows:

                                    ARTICLE I

                                 Interpretation

1.0      DEFINITIONS

         As used in this Agreement, the following words and phrases shall have
         the following meanings:

           (a) "Closing Date" means the date 10 days after the exercise by the
               Optionee of its rights to exchange the Shares hereunder;

1.2      EXTENDED MEANINGS

         In this Agreement, words importing the singular number include the
         plural and vice versa and words importing the masculine gender include
         the feminine and neuter genders.

<PAGE>

1.3      HEADINGS

         Articles and section headings are not to be considered part of this
         Agreement and are included solely for convenience of reference and are
         not intended to be full or accurate descriptions of the contents
         thereof.

                                   ARTICLE II

                          Option for Exchange of Shares

2.0      OPTION FOR EXCHANGE OF SHARES

         The Optionor hereby grants to the Optionee the irrevocable right to
         exchange all or part of its Class "A" Preference Shares of Alfa Canada
         for Common Shares of the Optionor (the "Exchange Option") at the rate
         of One (1) Class "A" Preference Share of Alfa Canada for Four Thousand
         (4,000) Common Shares of the Optionor. The Optionee shall give the
         Optionor ten (10) days notice in writing of the exercise of this
         Option. This Option shall be open for a period of five (5) years and
         may be exercised with respect to all or part of the Optionee's Class
         "A" Preference Shares at any time or times during the said five (5)
         year term by the Optionee. This Option will expire on May 31, 2006.

2.1      EXCHANGE OF SHARES

         On the Closing Date and subject to the terms and conditions hereof, the
         Optionor and Optionee shall exchange the Shares as set out in Section
         2.0 above.

                                   ARTICLE III

                         Representations and Warranties

3.0      REPRESENTATIONS AND WARRANTIES OF THE OPTIONOR

         The Optionor hereby represents and warrants as follows in favour of the
         Optionee and hereby acknowledges and confirms that the Optionee is
         relying upon such representations and warranties in connection with the
         Exchange Option:

         (a)      the Optionor is not insolvent, has not committed an act of
                  bankruptcy, proposed a compromise or arrangement to its
                  creditors generally, had any petition for a receiving order in
                  bankruptcy filed against it, taken any proceeding with respect
                  to a compromise or arrangement, taken any proceeding to have
                  itself declared bankrupt, taken any proceeding to have a
                  receiver appointed over any part of its assets, had any
                  encumbrancer take possession of any of its property, or had
                  any execution or distress become enforceable or become levied
                  upon any of its property;

                                      -2-
<PAGE>

3.1      REPRESENTATIONS AND WARRANTIES OF THE OPTIONEE

         The Optionee hereby represents and warrants as follows and hereby
         acknowledges and confirms that the Optionor is relying upon such
         representations and warranties in connection with the Exchange Option:

         (a)      the Optionee is not insolvent, has not committed an act of
                  bankruptcy, proposed a compromise or arrangement to its
                  creditors generally, had any petition for a receiving order in
                  bankruptcy filed against its, taken any proceeding with
                  respect to a compromise or arrangement, taken any proceeding
                  to have its self declared bankrupt or to wind-up, taken any
                  proceeding to have a receiver appointed over any part of its
                  assets, had any encumbrancer take possession of any of its
                  property, or had any execution or distress become enforceable
                  or become levied upon any of its property.

                                   ARTICLE IV

                                    Covenants

4.0      COVENANTS OF THE OPTIONOR

         The Optionor hereby covenants in favour of the Optionee that:

           (a) it will cause all necessary steps and proceedings to be taken to
               permit the Common Shares to be duly and regularly issued and
               transferred to the Optionee on the Closing Date in exchange for
               Class "A" Preference Shares of Alfa Canada.

4.1      COVENANTS OF THE OPTIONEE

         The Optionee hereby covenants in favour of the Optionor that:

           (a) it will transfer and endorse over in favour of the Optionor any
               Class "A" Preference Shares in Alfa Canada to be exchanged for
               Common Shares of the Optionor

                                      -3-
<PAGE>

                                    ARTICLE V

                                 Closing Matters

5.0      CONDITIONS OF CLOSING FOR THE OPTIONOR'S BENEFIT

         The Optionor shall not be obliged to complete the "Exchange Option"
         herein unless on the Closing Date, the following conditions have been
         satisfied, it being understood that the said conditions are included
         for the exclusive benefit of the Optionor and may be waived in writing
         in whole or in part by the Optionor at any time:

           (a) the Optionee shall have delivered to the Optionor the Class "A"
               Preference Shares of Alfa Canada to be exchanged for Common
               Shares; and

           (b) the Optionee shall have performed all obligations required to be
               performed under this Agreement.

5.1      CONDITIONS OF CLOSING FOR THE OPTIONEE'S BENEFIT

         The Optionee shall not be obliged to complete the Exchange Option
         herein unless on the Closing Date, the following conditions have been
         satisfied, it being understood that the said conditions are included
         for the exclusive benefit of the Optionee and may be waived in whole or
         in part by the Optionee at any time:

           (a) the Optionor shall have delivered to the Optionee, duly endorsed
               for transfer sufficient Common Shares of the Optionor issued as
               paid and non-assessable to complete the Exchange Option;

           (b) the Optionor shall have performed all obligations required to be
               performed under this Agreement.

                                   ARTICLE VI

                           General Contract Provisions

6.1      FURTHER AND OTHER ACTS

         The parties hereto covenant and agree to sign such other papers, cause
         such meetings to be held, resolutions passed and by-laws enacted,
         exercise their vote and influence, do and perform and cause to be done
         and performed such further and other acts and things as may be
         necessary or desirable in order to give full effect to this Agreement
         and every part hereof.

                                      -4-
<PAGE>

6.2      GOVERNING LAW

         This Agreement shall be governed by the laws of Canada to the extent
         they apply and by the laws of the province of Ontario.

6.3      TIME OF ESSENCE

         Time shall be of the essence of this Agreement and of every part hereof
         and no extension or variation of this Agreement shall operate as a
         waiver of this provision.

6.4      ENTIRE AGREEMENT

         This Agreement shall constitute the entire agreement between the
         parties hereto with respect to all of the matters herein and supersedes
         all prior and contemporaneous agreements, understandings, negotiations
         and discussions, whether oral or written, of the parties. This
         Agreement shall not be amended except by a memorandum in writing signed
         by the parties hereto and any amendment hereof shall be null and void
         and shall not be binding upon any party which has not given its consent
         as aforesaid.

6.5      SUCCESSORS AND ASSIGNS

         This Agreement shall enure to the benefit of and be binding upon the
         parties hereto and their respective heirs, executors, administrators,
         successors and assigns.

6.6      SURVIVAL

         The representations, warranties and covenants contained herein shall
         survive the Closing Date and shall not be merged upon the completion of
         the transfers contained herein.

         IN WITNESS WHEREOF the parties hereto have duly executed this
         Agreement.

SIGNED, SEALED AND         )        ALFA UTILITY SERVICES, INC.
DELIVERED in the           )        Per:
                                   /s/ JOSEPH ALFANO
presence of                )       _________________________
                           )       JOSEPH ALFANO - President
                           )
                           )
                           )       CARMINE INDUSTRIES LTD.
                           )       Per:

                           )       /s/ JOSEPH ALFANO
                           )       ___________________________
                           )       JOSEPH ALFANO - President

                                      -5-
<PAGE><PAGE> 16

EXHIBIT 10.1   PULASKI BANK EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST
                             AND ADOPTION AGREEMENT

<PAGE> 17

                    EMPLOYEES' SAVINGS & PROFIT SHARING PLAN
                               BASIC PLAN DOCUMENT

<PAGE> 18
<TABLE>
<CAPTION>

                                       TABLE OF CONTENTS
<S>                                                                                         <C>
ARTICLE I         PURPOSE AND DEFINITIONS..................................................  1

ARTICLE II        PARTICIPATION AND MEMBERSHIP............................................. 10
    Section 1     Eligibility Requirements................................................. 10
    Section 2     Exclusion of Certain Employees........................................... 11
    Section 3     Waiver of Eligibility Requirements....................................... 11
    Section 4     Exclusion of Non-Salaried Employees...................................... 11
    Section 5     Commencement of Participation............................................ 12
    Section 6     Termination of Participation............................................. 12

ARTICLE III       CONTRIBUTIONS............................................................ 13
    Section 1     Contributions by Members................................................. 13
    Section 2     Elective Deferrals by Members............................................ 13
    Section 3     Transfer of Funds and Rollover Contributions by Members.................. 14
    Section 4     Employer Contributions - General......................................... 15
    Section 5     Employer Matching Contributions.......................................... 15
    Section 6     Employer Basic Contributions............................................. 16
    Section 7     Supplemental Contributions by Employer................................... 16
    Section 8     The Profit Sharing Feature............................................... 17
    Section 9     The 401(k) Feature....................................................... 19
    Section 10    Determining the Actual Deferral Percentages.............................. 21
    Section 11    Determining the Actual Contribution Percentages.......................... 23
    Section 12    The Aggregate Limit Test................................................. 26
    Section 13    Remittance of Contributions.............................................. 27
    Section 14    Safe Harbor CODA......................................................... 28

ARTICLE IV        INVESTMENT OF CONTRIBUTIONS.............................................. 30
    Section 1     Investment by Trustee or Custodian....................................... 30
    Section 2     Member Directed Investments.............................................. 30
    Section 3     Employer Securities...................................................... 31

ARTICLE V         MEMBERS' ACCOUNTS, UNITS AND VALUATION................................... 32

ARTICLE VI        VESTING OF ACCOUNTS...................................................... 33
    Section 1     Vesting of Member Contributions, 401(k) Deferrals, Qualified
                  Nonelective Contributions and Rollover Contributions..................... 33
    Section 2     Vesting of Employer Contributions........................................ 33
    Section 3     Forfeitures.............................................................. 36

ARTICLE VII       WITHDRAWALS AND DISTRIBUTIONS............................................ 38
    Section 1     General Provisions....................................................... 38
    Section 2     Withdrawals While Employed............................................... 39
    Section 3     Distributions Upon Termination of Employment............................. 41
    Section 4     Distributions Due to Disability.......................................... 46
    Section 5     Distributions Due to Death............................................... 46
    Section 6     Minimum Required Distributions........................................... 47

<PAGE> 19

ARTICLE VIII      LOAN PROGRAM............................................................. 49
    Section 1     General Provisions ...................................................... 49
    Section 2     Loan Application......................................................... 49
    Section 3     Permitted Loan Amount.................................................... 51
    Section 4     Source of Funds for Loan................................................. 51
    Section 5     Conditions of Loan....................................................... 52
    Section 6     Crediting of Repayment................................................... 52
    Section 7     Cessation of Payments on Loan............................................ 53
    Section 8     Loans to Former Members.................................................. 53

ARTICLE IX        ADMINISTRATION OF PLAN AND ALLOCATION
                    OF RESPONSIBILITIES.................................................... 54
    Section 1     Fiduciaries.............................................................. 54
    Section 2     Allocation of Responsibilities Among the Fiduciaries..................... 54
    Section 3     No Joint Fiduciary Responsibilities...................................... 57
    Section 4     Investment Manager....................................................... 57
    Section 5     Advisor to Fiduciary..................................................... 58
    Section 6     Service in Multiple Capacities........................................... 58
    Section 7     Appointment of Plan Administrator........................................ 58
    Section 8     Powers of the Plan Administrator......................................... 58
    Section 9     Duties of the Plan Administrator......................................... 59
    Section 10    Action by the Plan Administrator......................................... 59
    Section 11    Discretionary Action..................................................... 59
    Section 12    Compensation and Expenses of Plan Administrator.......................... 59
    Section 13    Reliance on Others....................................................... 60
    Section 14    Self Interest............................................................ 60
    Section 15    Personal Liability - Indemnification..................................... 60
    Section 16    Insurance................................................................ 61
    Section 17    Claims Procedures........................................................ 61
    Section 18    Claims Review Procedures................................................. 62

ARTICLE X         MISCELLANEOUS PROVISIONS................................................. 63
    Section 1     General Limitations...................................................... 63
    Section 2     Top Heavy Provisions..................................................... 65
    Section 3     Information and Communications........................................... 68
    Section 4     Small Account Balances................................................... 68
    Section 5     Amounts Payable to Incompetents, Minors or Estates....................... 68
    Section 6     Non-Alienation of Amounts Payable........................................ 68
    Section 7     Unclaimed Amounts Payable................................................ 69
    Section 8     Leaves of Absence........................................................ 69
    Section 9     Return of Contributions to Employer...................................... 71
    Section 10    Controlling Law.......................................................... 71

ARTICLE XI        AMENDMENT & TERMINATION.................................................. 72
    Section 1     General.................................................................. 72
    Section 2     Termination of Plan and Trust............................................ 72
    Section 3     Liquidation of Trust Assets in the Event of Termination.................. 72
    Section 4     Partial Termination...................................................... 73
    Section 5     Power to Amend........................................................... 73

<PAGE> 20

    Section 6     Solely for Benefit of Members, Terminated
                    Members and their Beneficiaries........................................ 74
    Section 7     Successor to Business of the Employer.................................... 74
    Section 8     Merger, Consolidation and Transfer....................................... 74
    Section 9     Revocability............................................................. 75

TRUSTS ESTABLISHED UNDER THE PLAN.......................................................... 76
</TABLE>

<PAGE> 21

                                    ARTICLE I
                             PURPOSE AND DEFINITIONS

SECTION 1.1

This Plan and Trust, as evidenced hereby, and the applicable  Adoption Agreement
and Trust  Agreement(s),  are  designed  and  intended  to  qualify in form as a
qualified  profit sharing plan and trust under the applicable  provisions of the
Internal  Revenue Code of 1986,  as now in effect or hereafter  amended,  or any
other applicable provisions of law including,  without limitation,  the Employee
Retirement  Income Security Act of 1974, as amended.  Effective January 1, 2001,
except as  otherwise  provided,  the Plan is hereby  amended and restated in its
entirety to provide as follows:

SECTION 1.2

The  following  words and phrases as used in this Plan shall have the  following
meanings:

   (A)   "ACCOUNT" means the Plan account  established and maintained in respect
         of each  Member  pursuant  to  Article  V, to  which  Account  shall be
         allocated,  as  applicable,  the  Member's  after-tax  amounts,  401(k)
         amounts,   Employer  matching  amounts,  basic  amounts,   supplemental
         amounts,  profit sharing amounts,  qualified non- elective contribution
         amounts, rollover amounts, and funds directly transferred to the Plan.

   (B)   "ACTUAL  DEFERRAL   PERCENTAGE  TEST  SAFE  HARBOR"  means  the  method
         described in Section 3.14 (A) of Article III for  satisfying the actual
         deferral percentage test of ss.401(k)(3) of the Code.

   (C)   "ACTUAL  DEFERRAL  PERCENTAGE  TEST SAFE  HARBOR  CONTRIBUTIONS"  means
         Employer   matching   contributions   and  non-elective   contributions
         described in section 3.14 (A) (1) of Article III.

   (D)   "ADOPTION  AGREEMENT" means the separate document by which the Employer
         has adopted the Plan and specified  certain of the terms and provisions
         hereof. If any term,  provision or definition contained in the Adoption
         Agreement  is  inconsistent  with any  term,  provision  or  definition
         contained  herein,  the one set forth in the Adoption  Agreement  shall
         govern.  The Adoption  Agreement shall be incorporated into and form an
         integral part of the Plan.

                                        1

<PAGE> 22

   (E)   "BENEFICIARY"  means the person or persons  designated  to receive  any
         amount  payable  under  the Plan  upon  the  death  of a  Member.  Such
         designation  may be  made  or  changed  only  by the  Member  on a form
         provided by, and filed with, the Third Party Administrator prior to his
         death.  If the Member is not survived by a Spouse and if no Beneficiary
         is designated, or if the designated Beneficiary predeceases the Member,
         then any such amount payable shall be paid to such Member's estate upon
         his death.

   (F) "BOARD" means the Board of Directors of the Employer adopting the Plan.

   (G) "BREAK IN SERVICE" means:

         1.    Where an Employer has elected, in  its Adoption Agreement, to use
               the hours of service method for  eligibility  and/or  vesting,  a
               Plan Year during which an individual  has not completed more than
               500 Hours of Employment,  as determined by the Plan Administrator
               in accordance  with the IRS  Regulations.  Solely for purposes of
               determining   whether  a  Break  in  Service  has  occurred,   an
               individual  shall be credited with the Hours of Employment  which
               such  individual  would have  completed  but for a  maternity  or
               paternity  absence,  as determined by the Plan  Administrator  in
               accordance  with  this  Paragraph,  the Code  and the  applicable
               regulations  issued  by the DOL and the IRS;  provided,  however,
               that the total Hours of Employment  so credited  shall not exceed
               501 and the  individual  timely  provides the Plan  Administrator
               with such  information  as it may  require.  Hours of  Employment
               credited for a maternity or paternity  absence  shall be credited
               entirely (i) in the Plan Year in which the absence  began if such
               Hours of  Employment  are necessary to prevent a Break in Service
               in such year, or (ii) in the following Plan Year. For purposes of
               this  Paragraph,  maternity  or paternity  absence  shall mean an
               absence from work by reason of the  individual's  pregnancy,  the
               birth of the individual's  child or the placement of a child with
               the  individual in  connection  with the adoption of the child by
               such  individual,  or for  purposes of caring for a child for the
               period immediately following such birth or placement.

         2.    Where an Employer  has elected to use the elapsed time method for
               eligibility  and/or vesting service,  a Period of Severance of at
               least 12 consecutive months.

                                        2

<PAGE> 23

   (H)   "CODE" means the Internal  Revenue Code of 1986, as now in effect or as
         hereafter  amended.  All  citations to sections of the Code are to such
         sections as they may from time to time be amended or renumbered.

   (I)   "COMMENCEMENT  DATE"  means  the date on which an  Employer  begins  to
         participate in the Plan.

   (J)   "CONTRIBUTION DETERMINATION PERIOD" means  the  Plan Year, fiscal year,
         or calendar or fiscal  quarter,  as elected by an Employer,  upon which
         eligibility  for and  the  maximum  permissible  amount  of any  Profit
         Sharing  contribution,  as  defined  in  Article  III,  is  determined.
         Notwithstanding the foregoing, for purposes of Article VI, Contribution
         Determination Period means the Plan Year.

   (K)   "DISABILITY"  means  a  Member's  disability as defined in Article VII,
         Section 7.4.

   (L)   "DOL" means the United States Department of Labor.

   (M)   "EMPLOYEE"   means  any  person  in   Employment,   and  who   receives
         compensation  from, the Employer,  and any leased  employee  within the
         meaning  of  Section  414(n)(2)  of  the  Code.   Notwithstanding   the
         foregoing,  if such  leased  employees  constitute  no more than twenty
         percent  (20%) of the  Employer's  non-highly  compensated  work  force
         within the  meaning  of  Section  414(n)(5)  of the Code,  such  leased
         employees  shall not be  considered  Employees if they are covered by a
         plan meeting the safe harbor  requirements of Section  414(n)(5) of the
         Code.

   (N)   "EMPLOYER"  means  the  entity  named in the Adoption Agreement and any
         other entity  which,  together  therewith,  constitutes  an  affiliated
         service  group (as  defined  in  Section  414(m)(2)  of the Code) , any
         corporation which,  together therewith,  constitutes a controlled group
         of  corporations  as defined in Section 1563 of the Code, and any other
         trade  or  business  (whether  incorporated  or  not)  which,  together
         therewith, are under common control as defined in Section 414(c) of the
         Code,  which have adopted the Plan.  For purposes of the  definition of
         "Salary" in Section  1.2(II)  and  Article III of the Plan,  "Employer"
         shall refer only to the applicable  entity that is participating in the
         Plan.

   (O) "EMPLOYMENT" means service with an Employer.

                                        3

<PAGE> 24

   (P)   "ENROLLMENT  DATE" means the date on which an Employee becomes a Member
         as provided under Article II.

   (Q)   "ERISA" means the Employee  Retirement  Income Security Act of 1974, as
         now in effect or as hereafter amended.

   (R)   "FIDUCIARY" means  any  person  who  (i)  exercises  any  discretionary
         authority  or control  with  respect to the  management  of the Plan or
         control with respect to the  management  or  disposition  of the assets
         thereof,  (ii)  renders  any  investment  advice  for  a fee  or  other
         compensation,  direct or indirect,  with respect to any moneys or other
         property  of  the  Plan,   or  has  any   discretionary   authority  or
         responsibility  to do so, or (iii) has any  discretionary  authority or
         responsibility in the  administration of the Plan,  including any other
         persons  (other than  trustees)  designated  by any Named  Fiduciary to
         carry out fiduciary  responsibilities,  except to the extent  otherwise
         provided by ERISA.

   (S)   "HIGHLY  COMPENSATED  EMPLOYEE"  means for Plan Years  beginning  after
         December 31, 1996, an Employee (i) who is a 5 percent owner at any time
         during the look- back year or  determination  year,  or (ii)(a)  who is
         employed  during the deter-  mination year and who during the look-back
         year received  compensation  from the Employer in excess of $80,000 (as
         adjusted  pursuant to the Code and  Regulations for changes in the cost
         of  living),  and (b) if elected by the  Employer  was in the  top-paid
         group of Employees for such look-back year.

         For this purpose,  the  determination  year shall be the Plan Year. The
         look-back year shall be the 12-month period  immediately  preceding the
         determination  year.  The Employer  may,  however,  as indicated in the
         Adoption Agreement,  make a calendar year data election.  If a calendar
         year data  election is made,  the look- back year shall be the calendar
         year ending within the Plan Year for purposes of  determining  who is a
         Highly Compensated Employee (other than for 5% owners).

         The top-paid group shall consist of the top 20 percent of the Employees
         when ranked on the basis of compensation paid by the Employer.

         The determination of who is a Highly Compensated  Employee will be made
         in accordance  with Section 414(q) of the Code and the IRS  Regulations
         thereunder.

   (T)   "HOUR OF EMPLOYMENT"  means each hour during which an Employee performs
         service  (or is treated as  performing  service as required by law) for
         the Employer

                                        4

<PAGE> 25

         and, except in the case of military  service,  for which he is directly
         or indirectly paid, or entitled to payment,  by the Employer (including
         any back pay irrespective of mitigation of damages),  all as determined
         in accordance with applicable DOL Regulations.

   (U)   "INVESTMENT  MANAGER" means any Fiduciary other than a Trustee or Named
         Fiduciary  who (i) has the power to  manage,  acquire or dispose of any
         asset of the Plan;  (ii) is (a)  registered  as an  investment  advisor
         under the Investment Advisors Act of 1940; (b) is a bank, as defined in
         such Act,  or (c) is an  insurance  company  qualified  to perform  the
         services described in clause (i) hereof under the laws of more than one
         state of the United States;  and (iii) has acknowledged in writing that
         he is a Fiduciary with respect to the Plan.

   (V)   "IRS" means the United States Internal Revenue Service.

   (W)   "LEAVE  OF  ABSENCE"  means  an  absence  authorized  by an  Employee's
         Employer and approved by the Plan Administrator, on a uniform basis, in
         accordance with Article X.

   (X)   "MEMBER" means an Employee enrolled in the membership of the Plan under
         Article II.

   (Y)   "MONTH" means any calendar month.

   (Z)   "NAMED FIDUCIARY" means the Fiduciary or Fiduciaries named herein or in
         the Adoption  Agreement who jointly or severally  have the authority to
         control and manage the operation and administration of the Plan.

  (AA)   "NON-HIGHLY COMPENSATED EMPLOYEE" means an Employee who is not a Highly
         Compensated Employee.

(BB)     "NORMAL RETIREMENT AGE" means the Member's  sixty-fifth (65th) birthday
         unless otherwise specified in the Adoption Agreement.

(CC)     "PERIOD OF SERVICE" means the aggregate of all periods  commencing with
         the  Employee's  first  day of  employment  or  reemployment  with  the
         Employer  and ending on the date a Break in Service  begins.  The first
         day of  employment  or  reemployment  is the  first  day  the  Employee
         performs an Hour of  Employment.  An Employee will also receive  credit
         for any  Period  of  Severance  of less  than  12  consecutive  months,
         provided that the Employee returns to Employment within

                                        5

<PAGE> 26

         12  months  of the  Employee's  retirement,  quit or  discharge  or, if
         earlier,  within 12 months of the date the  Employee  was first  absent
         from service for any other reason.

(DD)     "PERIOD OF  SEVERANCE"  means a continuous  period of time during which
         the Employee is not employed by the Employer. Such period begins on the
         date the Employee retires,  quits or is discharged,  or if earlier, the
         12 month  anniversary  of the date on which the Employee was  otherwise
         first absent from service.

         In the case of an  individual  who is absent from work for maternity or
         paternity  reasons,  the  12-consecutive  month period beginning on the
         first anniversary of the first day of such absence shall not constitute
         a Break in Service.  For  purposes of this  paragraph,  an absence from
         work for maternity or paternity  reasons means an absence (a) by reason
         of the  pregnancy  of the  individual,  (b) by reason of the birth of a
         child of the individual, (c) by reason of the placement of a child with
         the  individual in  connection  with the adoption of such child by such
         individual,  or (d) for  purposes of caring for such child for a period
         beginning immediately following such birth or placement.

(EE)     "PLAN" means the Employees'  Savings & Profit Sharing Plan as evidenced
         by this document,  the applicable Adoption Agreement and all subsequent
         amendments thereto.

(FF)     "PLAN  ADMINISTRATOR"  means the Named  Fiduciary  or, as designated by
         such Named  Fiduciary  and  approved  by the Board in  accordance  with
         Article IX, any officer or Employee of the Employer.

(GG)     "PLAN YEAR" means a  consecutive  12-month  period  ending  December 31
         unless otherwise specified in the Adoption Agreement.

(HH)     "REGULATIONS"  means the applicable  regulations issued under the Code,
         ERISA  or  other  applicable  law,  by the  IRS,  the DOL or any  other
         governmental  authority  and any proposed or temporary  regulations  or
         rules  promulgated  by such  authorities  pending the  issuance of such
         regulations.
(II)     "SALARY"  means  regular basic  monthly  salary or wages,  exclusive of
         special payments such as overtime, bonuses, fees, deferred compensation
         (other than pre-tax elective  deferrals pursuant to a Member's election
         under  Article  III),  severance  payments,  and  contributions  by the
         Employer   under  this  or  any  other  plan  (other  than   before-tax
         contributions made on behalf of a Member under a

                                        6

<PAGE> 27

         Code Section 125  cafeteria  plan and qualified  transportation  fringe
         benefits under Code Section  132(f),  unless the Employer  specifically
         elects to exclude such contributions or benefits). Commissions shall be
         included at the Employer's option within such limits, if any, as may be
         set by the Employer in the Adoption  Agreement and applied uniformly to
         all its commissioned Employees.  In addition,  Salary may also include,
         at the Employer's option, special payments such as (i) overtime or (ii)
         overtime plus bonuses.  As an alternative to the foregoing  definition,
         at the  Employer's  option,  Salary may be  defined  to  include  total
         taxable  compensation  reported  on the  Member's  IRS Form  W-2,  plus
         deferrals,  if any, pursuant to Section 401(k) of the Code and pursuant
         to Section 125 of the Code (unless the Employer  specifically elects to
         exclude  such  Section  125  deferrals),   but  excluding  compensation
         deferred from previous years. In no event may a Member's Salary for any
         Plan Year exceed for purposes of the Plan  $150,000  (adjusted for cost
         of living to the extent permitted by the Code and the IRS Regulations).

         For Plan Years  beginning  after  December 31, 1996,  the family member
         aggregation  rules of Code Section 414(q)(6) (as in effect prior to the
         Small Business Job Protection Act of 1996) are eliminated.

  (JJ)   "SOCIAL  SECURITY TAXABLE WAGE BASE" means the contribution and benefit
         base  attributable to the OASDI portion of Social  Security  employment
         taxes under Section 230 of the Social  Security Act (42 U.S.C. ss. 430)
         in effect on the first day of each Plan Year.

  (KK)   "SPOUSE" or "SURVIVING SPOUSE" means the individual to whom a Member or
         former  Member  was  married  on the date  such  Member  withdraws  his
         Account,  or  if  such  Member  has  not  withdrawn  his  Account,  the
         individual  to whom the Member or former Member was married on the date
         of his death.

  (LL)   "THIRD PARTY  ADMINISTRATOR" or "TPA" means Pentegra Services,  Inc., a
         non-  fiduciary  provider  of  administrative  services  appointed  and
         directed  by the  Plan  Administrator  or the  Named  Fiduciary  either
         jointly or severally.

  (MM)   "TRUST" means the Trust or Trusts  established and maintained  pursuant
         to the  terms  and  provisions  of this  document  and  any  separately
         maintained Trust Agreement or Agreements.

                                        7

<PAGE> 28

  (NN)   "TRUSTEE"  generally  means  the  person,  persons  or  other  entities
         designated  by the  Employer  or its Board as the  Trustee or  Trustees
         hereof  and  specified  as  such  in the  Adoption  Agreement  and  any
         separately maintained Trust Agreement or Agreements.

  (OO)   "TRUST  AGREEMENT" means the separate document by which the Employer or
         its Board has appointed a Trustee of the Plan,  specified the terms and
         conditions of such appointment and any fees associated therewith.

  (PP)   "TRUST  FUND"  means the Trust Fund or Funds  established  by the Trust
         Agreement or Agreements.

  (QQ)   "UNIT"  means the unit of measure  described in Article V of a Member's
         proportionate interest in the available Investment Funds (as defined in
         Article IV).

  (RR)   "VALUATION  DATE" means any  business day of any month for the Trustee,
         except that in the event the underlying  portfolio(s) of any Investment
         Fund  cannot  be  valued  on such  date,  the  Valuation  Date for such
         Investment  Fund  shall  be the  next  subsequent  date  on  which  the
         underlying  portfolio(s) can be valued.  Valuations shall be made as of
         the close of business on such Valuation Date(s).

  (SS)   "YEAR OF EMPLOYMENT" means a period of service of 12 months.

  (TT)   "YEAR OF  SERVICE"  means  any Plan  Year  during  which an  individual
         completed  at  least  1,000  Hours  of  Employment,  or  satisfied  any
         alternative  requirement,  as determined by the Plan  Administrator  in
         accordance  with any applicable  Regulations  issued by the DOL and the
         IRS.

  (UU)   "YEAR  OF ELIGIBILITY SERVICE" means where an Employer designates a one
         or two  12-consecutive-month  eligibility  waiting period,  an Employee
         must  complete  at  least  1,000  Hours  of   Employment   during  each
         12-consecutive-month  period  (measured from his date of Employment and
         then as of the first day of each Plan Year  commencing  after such date
         of  Employment);  provided,  however,  if an Employee is credited  with
         1,000 Hours of Employment in both the initial  eligibility  computation
         period  and the first  Plan  Year  which  commences  prior to the first
         anniversary  of  the  Employee's  employment   commencement  date,  the
         Employee will be credited, for eligibility purposes,  with two Years of
         Eligibility  Service.  Where  an  Employer  designates  an  eligibility
         waiting  period of less than 12 months,  an Employee must, for purposes
         of eligibility, complete a required number of hours

                                        8

<PAGE> 29

         (measured from his date of Employment and each anniversary  thereafter)
         which  is  arrived  at by  multiplying  the  number  of  months  in the
         eligibility waiting period requirement by 83 1/3; provided, however, if
         an Employee  completes at least 1,000 Hours of Employment within the 12
         month period  commencing on his Employment  commencement date or during
         any Plan Year commencing after such Employment  commencement date, such
         Employee  will  be  treated  as  satisfying  the  eligibility   service
         requirements.

SECTION 1.3

The masculine pronoun wherever used shall include the feminine pronoun.

                                        9

<PAGE> 30

                                   ARTICLE II
                          PARTICIPATION AND MEMBERSHIP

SECTION 2.1    ELIGIBILITY REQUIREMENTS
               ------------------------

The Employer may elect as a requirement  for  eligibility  to participate in the
Plan (i) the completion of a service period equal to any number of months not to
exceed 12 consecutive  months,  or (ii) the completion of a service period equal
to one or two 12-consecutive-month  periods,   and/or  (iii)  if the Employer so
elects,  it may  adopt a minimum  age  requirement  from age 18 to age 21.  Such
election shall be made and reflected on the Adoption Agreement.  Notwithstanding
the  foregoing,  in the case of an Employer that adopts the 401(k) feature under
Section 3.9, the  eligibility  requirements  under such feature shall not exceed
the period described in clause (i) above,  and, at the election of the Employer,
attainment of age 21 as described in clause (iii) above.

Notwithstanding the foregoing,  the Employer may elect in the Adoption Agreement
to establish as an eligibility  requirement (as a minimum  service  requirement,
minimum age requirement, or both) for Employer matching contributions,  Employer
basic contributions Employer supplemental contributions,  and/or Employer Profit
Sharing  contributions  (i) the completion of any number of months not to exceed
12 consecutive months, or (ii) the completion of one or two 12-consecutive-month
periods,  and/or  (iii) if the  Employer  so elects,  it may adopt a minimum age
requirement  from age 18 to age 21. Such election shall be made and reflected in
the Adoption Agreement.

In implementing  the  eligibility  service periods  described  above,  (i) if an
Employer  designates in the Adoption Agreement an eligibility  service crediting
method based on the hours of service method, the satisfaction of the eligibility
service  requirement  shall  be  dependent  on  the  completion  of  a  Year  of
Eligibility Service and (ii) if an Employer designates in the Adoption Agreement
an eligibility  service  crediting method based on the elapsed time method,  the
satisfaction of the eligibility  service  requirement  shall be dependent on the
completion of the requisite Period of Service.

If a non-vested  Member terminates  employment  without a vested interest in his
Account  derived  from  Employer  contributions,  Years of  Employment  (or,  as
applicable,  Years of Service) before a period of consecutive  Breaks in Service
will not be taken  into  account  for  eligibility  purposes  if the  number  of
consecutive  Breaks in Service in such  period  equals or exceeds the greater of
five or the aggregate  number of Years of Employment (or, as applicable Years of
Service) before such break. If a Member's service is disregarded

                                       10

<PAGE> 31

pursuant to this  paragraph,  such Member will be treated as a new  Employee for
eligibility purposes.

SECTION 2.2    EXCLUSION OF CERTAIN EMPLOYEES
               ------------------------------

To the extent provided in the Adoption Agreement, the following Employees may be
excluded from participation in the Plan:

 (i)    Employees not meeting the age and service requirements;

(ii)    Employees  who  are  included  in  a  unit  of  Employees  covered  by a
        collective bargaining agreement between the Employee representatives and
        one or more Employers if there is evidence that retirement benefits were
        the   subject   of  good  faith   bargaining   between   such   Employee
        representatives  and  such  Employer(s).  For  this  purpose,  the  term
        "Employee  representative"  does not include any organization where more
        than  one-half of the  membership  is comprised of owners,  officers and
        executives of the Employer;

(iii)   Employees who are  non-resident  aliens and who receive no earned income
        from the  Employer  which  constitutes  income from  sources  within the
        United States; and

(iv)    Employees  described in Section 2.4 or included in any other  ineligible
        job classifications set forth in the Adoption Agreement.

SECTION 2.3      WAIVER OF ELIGIBILITY REQUIREMENTS
                 ----------------------------------

The Employer,  at its election,  may waive the  eligibility  requirement(s)  for
participation  specified above for (i) all Employees, or (ii) all those employed
on or up to 12 months after its Commencement Date under the Plan. Subject to the
requirements of the Code, the eligibility waiting period shall be deemed to have
been satisfied for an Employee who was previously a Member of the Plan.

All  Employees  whose  Employment  commences  after the  expiration  date of the
Employer's waiver of the eligibility  requirement(s),  if any, shall be enrolled
in the Plan in accordance with the eligibility  requirement(s)  specified in the
Adoption Agreement.

SECTION 2.4    EXCLUSION OF NON-SALARIED EMPLOYEES
               -----------------------------------

The Employer, at its election,  may exclude non-salaried (hourly paid) Employees
from

                                       11

<PAGE> 32

participation in the Plan,  regardless of the number of Hours of Employment such
Employees complete in any Plan Year. Notwithstanding the foregoing, for purposes
of this Section and all purposes under the Plan, a non-salaried Employee that is
hired following the adoption date of the Plan by the Employer,  but prior to the
adoption of this exclusion by the Employer, shall continue to be deemed to be an
Employee and will  continue to receive  benefits on the same basis as a salaried
Member, despite classification as a non-salaried Employee.

SECTION 2.5    COMMENCEMENT OF PARTICIPATION
               -----------------------------

Every eligible Employee (other than non-salaried or such other Employees who, at
the election of the Employer,  are excluded from  participation)  shall commence
participation in the Plan on the later of:

(1)   The Employer's Commencement Date, or

(2)   The first day of the  month or  calendar  quarter  (as  designated  by the
      Employer in the Adoption Agreement)  coinciding with or next following his
      satisfaction of the eligibility  requirements as specified in the Adoption
      Agreement.

The date that  participation  commences shall be hereinafter  referred to as the
Enrollment  Date.  Notwithstanding  the  above,  no  Employee  shall  under  any
circumstances  become a Member unless and until his  enrollment  application  is
filed with,  and accepted  by, the Plan  Administrator.  The Plan  Administrator
shall notify each  Employee of his  eligibility  for  membership in the Plan and
shall furnish him with an enrollment  application  in order that he may elect to
make or receive  contributions  on his behalf under  Article III at the earliest
possible date consonant with this Article.

If an Employee fails to complete the enrollment  form furnished to him, the Plan
Administrator  shall do so on his  behalf.  In the event the Plan  Administrator
processes the enrollment  form on behalf of the Employee,  the Employee shall be
deemed to have elected not to make any contributions  and/or elective  deferrals
under the Plan, if applicable.

SECTION 2.6    TERMINATION OF PARTICIPATION
               ----------------------------

Membership  under all features and  provisions of the Plan shall  terminate upon
the earlier of (a) a Member's  termination  of Employment  and payment to him of
his entire vested interest, or (b) his death.

                                       12

<PAGE> 33

                                   ARTICLE III

                                  CONTRIBUTIONS

SECTION 3.1    CONTRIBUTIONS BY MEMBERS
               ------------------------

If  the  Adoption  Agreement  so  provides,   each  Member  may  elect  to  make
non-deductible,  after-tax  contributions under the Plan, based on increments of
1% of his Salary,  provided the amount thereof,  when aggregated with the amount
of any pre-tax effective deferrals, does not exceed the limit established by the
Employer in the Adoption  Agreement.  All such after-tax  contributions shall be
separately accounted for, nonforfeitable and distributed with and in addition to
any other benefit to which the Member is entitled hereunder. A Member may change
his contribution  rate as designated in the Adoption  Agreement,  but reduced or
suspended contributions may not subsequently be made up.

SECTION 3.2    ELECTIVE DEFERRALS BY MEMBERS
               -----------------------------

If the Adoption  Agreement  so  provides,  each Member may elect to make pre-tax
elective  deferrals (401(k) deferrals) under the Plan, based on increments of 1%
of his Salary,  provided the amount thereof,  when aggregated with the amount of
any  after-tax  contributions,  does not  exceed  the limit  established  by the
Employer  in the  Adoption  Agreement.  Alternatively,  a  Member  may  elect to
contribute  for a Plan Year a dollar  amount  which does not exceed the  maximum
amount permitted under this Section 3.2 or the limit established by the Employer
in the Adoption  Agreement  for such Plan Year and a pro-rata  portion  shall be
withheld  from each payment of Salary to such Member for the balance of the Plan
Year remaining after the election takes effect.  All such 401(k) deferrals shall
be separately accounted for,  nonforfeitable and distributed under the terms and
conditions described under Article VII with and in addition to any other benefit
to which the  Member is  entitled  hereunder.  A Member  may  change  his 401(k)
deferral  rate or suspend his 401(k)  deferrals  as  designated  in the Adoption
Agreement, but reduced or suspended deferrals may not subsequently be made up.

Notwithstanding  any other  provision  of the Plan,  no Member  may make  401(k)
deferrals during any Plan Year in excess of $7,000  multiplied by the adjustment
factor as provided by the Secretary of the Treasury. The adjustment factor shall
mean the cost of living  adjustment  factor  prescribed  by the Secretary of the
Treasury under Section  402(g)(5) of the Code for years beginning after December
31,  1987,  as applied to such items and in such manner as the  Secretary  shall
provide. In the event that the aggregate amount of

                                       13

<PAGE> 34

such 401(k)  deferrals  for a Member  exceeds  the  limitation  in the  previous
sentence,  the amount of such excess,  increased by any income and  decreased by
any losses attributable thereto,  shall be refunded to such Member no later than
the April 15 of the Plan  Year  following  the Plan  Year for  which the  401(k)
deferrals  were made.  If a Member also  participates,  in any Plan Year, in any
other plans subject to the  limitations  set forth in Section 402(g) of the Code
and has made excess  401(k)  deferrals  under this Plan when  combined  with the
other  plans  subject  to such  limits,  to the extent  the  Member,  in writing
designates to the TPA any 401(k)  deferrals under this Plan as excess  deferrals
by no later than the March 1 of the Plan Year  following the Plan Year for which
the 401(k) deferrals were made, the amount of such designated excess,  increased
by any  income  and  decreased  by any  losses  attributable  thereto,  shall be
refunded to the Member no later than the April 15 of the Plan Year following the
Plan Year for which the 401(k) deferrals were made.

SECTION 3.3    TRANSFER OF FUNDS AND ROLLOVER CONTRIBUTIONS BY MEMBERS
               -------------------------------------------------------

Each Member may elect to make, directly or indirectly,  a rollover  contribution
to the Plan of  amounts  held on his  behalf  in (i) an  employee  benefit  plan
qualified  under Section  401(a) of the Code,  or (ii) an individual  retirement
account or annuity as  described  in  Section  408(d)(3)  of the Code.  All such
amounts  shall be  certified  in form  and  substance  satisfactory  to the Plan
Administrator  by the  Member  as  being  all or part of an  Aeligible  rollover
distribution"  or a  "rollover  contribution"  within  the  meaning  of  Section
402(c)(4)  or  Section  408(d)(3),  respectively,  of the  Code.  Such  rollover
amounts,  along  with  the  earnings  related  thereto,  will be  accounted  for
separately from any other amounts in the Member's Account. A Member shall have a
nonforfeitable vested interest in all such rollover amounts.

The Employer  may, at its option,  permit  Employees  who have not satisfied the
eligibility requirements designated in the Adoption Agreement to make a rollover
contribution to the Plan.

The Trustee of the Plan may also accept a direct transfer of funds,  which meets
the requirements of Section 1.411(d)-4 of the IRS Regulations, from a plan which
the Trustee reasonably believes to be qualified under Section 401(a) of the Code
in which an Employee was, is, or will become, as the case may be, a participant.
If the funds so directly  transferred  are  transferred  from a retirement  plan
subject to Code  Section  401(a)(11),  then such funds  shall be  accounted  for
separately and any subsequent distribution of those

                                       14

<PAGE> 35

funds, and earnings  thereon,  shall be subject to the provisions of Section 7.3
which are applicable  when an Employer elects to provide an annuity option under
the Plan.

SECTION 3.4    EMPLOYER CONTRIBUTIONS - GENERAL
               --------------------------------

The Employer may elect to make regular or discretionary  contributions under the
Plan.  Such  Employer   contributions  may  be  in  the  form  of  (i)  matching
contributions,  (ii) basic  contributions,  (iii) safe harbor CODA contributions
and/or (iv) profit  sharing  contributions  as designated by the Employer in the
Adoption Agreement and/or (i) supplemental  contributions  and/or (ii) qualified
nonelective  contributions  as permitted under the Plan. Each such  contribution
type shall be separately accounted for by the TPA.

SECTION 3.5    EMPLOYER MATCHING CONTRIBUTIONS
               -------------------------------

The Employer may elect to make regular  matching  contributions  under the Plan.
Such matching  contributions  on behalf of any Member shall be conditioned  upon
the Member  making  after-tax  contributions  under  Section  3.1 and/or  401(k)
deferrals under Sections 3.2 and 3.9.

If so adopted, the Employer shall contribute under the Plan on behalf of each of
its Members an amount equal to a percentage (as specified by the Employer in the
Adoption  Agreement)  of the  Member's  after-tax  contributions  and/or  401(k)
deferrals not in excess of a maximum  percentage as specified by the Employer in
the Adoption  Agreement  (in  increments  of 1%) of his Salary.  The  percentage
elected  by the  Employer  shall  based on a formula  not to  exceed  200% or in
accordance  with one of the schedules of matching  contribution  formulas listed
below, and must be uniformly applicable to all Members.

                                  Years of Employment                Matching %
                                  -------------------                ----------
      Formula Step 1            Less than 3                             50%
                                At least 3 but less than 5              75%
                                5 or more                              100%

      Formula Step 2            Less than 3                            100%
                                At least 3 but less than 5             150%
                                5 or more                              200%

                                       15

<PAGE> 36

SECTION 3.6    EMPLOYER BASIC CONTRIBUTIONS
               ----------------------------

The Employer may elect to make regular basic  contributions under the Plan. Such
basic  contributions  on behalf of any Member shall not be conditioned  upon the
Member  making  after-tax  contributions  and/or  (401(k)  deferrals  under this
Article III. If so adopted,  the Employer shall contribute to the Plan on behalf
of each Member (as  specified  by the  Employer in the  Adoption  Agreement)  an
amount equal to a percentage  not to exceed 15% (as specified by the Employer in
the  Adoption  Agreement)  in  increments  of 1% of  the  Member's  Salary.  The
percentage elected by the Employer shall be uniformly applicable to all Members.
The Employer may elect, if basic contributions are made on behalf of its Members
on a monthly  basis,  to restrict the allocation of such basic  contribution  to
those  Members who were  employed with the Employer on the last day of the month
for which the basic contribution is made.

SECTION 3.7    SUPPLEMENTAL CONTRIBUTIONS BY EMPLOYER
               --------------------------------------

An Employer may, at its option,  make a supplemental  contribution under Formula
(1) or (2) below:

FORMULA (1)     A  uniform  percentage  (as  specified  by the Employer) of each
                Member's contributions not in excess of a maximum percentage (if
                the  Employer  elects to impose such a maximum) of the  Member's
                Salary which were received by the Plan during the Plan Year with
                respect to which the supplemental  contribution  relates. If the
                Employer  elects to make such a  supplemental  contribution,  it
                shall be made on or before the last day of the  second  month in
                the Plan Year following the Plan Year described in the preceding
                sentence on behalf of all those  Members who were  employed with
                the  Employer  on the last  working  day of the Plan  Year  with
                respect to which the supplemental contribution relates.

FORMULA (2)     A  uniform  dollar  amount  per  Member  or a uniform percentage
                (limited  to  a  specific  dollar  amount,  if  elected  by  the
                Employer) of each Member's  Salary for the Plan Year (or, at the
                election of the Employer,  the Employer's  fiscal year) to which
                the supplemental contribution relates. If the Employer elects to
                make such a supplemental  contribution,  it shall be made within
                the time  prescribed by law,  including  extensions of time, for
                filing of the Employer's  federal income tax return on behalf of
                all those  Members who were  employed  with the  Employer on the
                last working day of the Plan Year (or

                                       16

<PAGE> 37

                the fiscal year) to which the supplemental contribution relates.
                The Employer  may, at its option,  elect to make a  contribution
                under this  paragraph to only those Members whose Salary is less
                than an amount to be  specified  by the  Employer  to the extent
                that such  Salary  limit is less than the  dollar  amount  under
                Section  414(q)  of the  Code  for  such  year.  The  percentage
                contributed   under  this   Formula  (2)  shall  be  limited  in
                accordance  with  the  Employer's  matching  formula  and  basic
                contribution  rate, if any, under this Article such that the sum
                of the Employer's Formula (2) supplemental contribution plus all
                other Employer contributions under this Article shall not exceed
                15% of Salary for such year.

SECTION 3.8     THE PROFIT SHARING FEATURE
                --------------------------

An Employer may, at its option,  adopt the Profit  Sharing  Feature as described
herein,  subject to any other  provisions of the Plan,  where  applicable.  This
Feature  may be  adopted  either in lieu of, or in  addition  to, any other Plan
Feature contained in this Article III. The Profit Sharing Feature is designed to
provide the Employer a means by which to provide discretionary  contributions on
behalf of Employees eligible under the Plan.

If this Profit Sharing Feature is adopted, the Employer may contribute on behalf
of each  of its  eligible  Members,  on an  annual  (or at the  election  of the
Employer,  quarterly) basis for any Plan Year or fiscal year of the Employer (as
the Employer  shall  elect),  a  discretionary  amount not to exceed the maximum
amount  allowable as a deduction to the Employer under the provisions of Section
404 of the Code, and further subject to the provisions of Article X.

Any such profit sharing  contribution must be received by the Trustee within the
time  prescribed  by law,  including  extensions  of  time,  for  filing  of the
Employer's  federal  income tax return  following the close of the  Contribution
Determination  Period  on behalf of all those  Members  who are  entitled  to an
allocation  of such profit  sharing  contribution  as set forth in the  Adoption
Agreement. For purposes of making the allocations described in this paragraph, a
Member who is on a Type 1  nonmilitary  Leave of Absence (as defined in Sections
1.2(W) and  10.8(B)(1))  or a Type 4 military  Leave of Absence  (as  defined in
Sections 1.2(W) and 10.8(B)(4))  shall be treated as if he were a Member who was
an Employee in  Employment  on the last day of such  Contribution  Determination
Period.

Profit sharing contributions shall be allocated to each Member's Account for the
Contribution Determination Period at the election of the Employer, in accordance
with one of the following options:

                                       17

<PAGE> 38

Profit Sharing Formula 1 -   In  the  same  ratio as each Member's Salary during
                             such Contribution Determination Period bears to the
                             total of such Salary of all Members.

Profit Sharing Formula 2 -   In the same ratio as each  Member's  Salary for the
                             portion of the  Contribution  Determination  Period
                             during which the Member  satisfied  the  Employer's
                             eligibility  requirement(s)  bears to the  total of
                             such Salary of all Members.

The Employer may integrate the Profit  Sharing  Feature with Social  Security in
accordance  with  the  following  provision.   The  annual  (or  quarterly,   if
applicable)  profit sharing  contributions  for any  Contribution  Determination
Period (which period shall  include,  for the purposes of the following  maximum
integration  levels provided  hereunder where the Employer has elected quarterly
allocations of  contributions,  the four quarters of a Plan Year or fiscal year)
shall be allocated to each Member's Account at the election of the Employer,  in
accordance with one of the following options:

Profit Sharing Formula 3 -   In  a  uniform  percentage  (as  specified  by  the
                             Employer  in  the  Adoption   Agreement)   of  each
                             Member's    Salary    during    the    Contribution
                             Determination   Period   (the  "Base   Contribution
                             Percentage"),   plus  a  uniform   percentage   (as
                             specified   by  the   Employer   in  the   Adoption
                             Agreement)   of  each   Member's   Salary  for  the
                             Contribution  Determination Period in excess of the
                             Social   Security   Taxable   Wage  Base  for  such
                             Contribution   Determination  Period  (the  "Excess
                             Contribution Percentage").

Profit Sharing Formula 4 -   In  a  uniform  percentage  (as  specified  by  the
                             Employer  in  the  Adoption   Agreement)   of  each
                             Member's Salary for the portion of the Contribution
                             Determination   Period   during  which  the  Member
                             satisfied      the      Employer's      eligibility
                             requirement(s), if any, up to the Base Contribution
                             Percentage  for  such  Contribution   Determination
                             Period,  plus a uniform percentage (as specified by
                             the Employer in the Adoption Agreement) of

                                       18

<PAGE> 39

                             each  Member's   Salary  for  the  portion  of  the
                             Contribution  Determination Period during which the
                             Member   satisfied   the   Employer's   eligibility
                             requirement(s),  equal to the  Excess  Contribution
                             Percentage.

The Excess Contribution  Percentage described in Profit Sharing Formulas 3 and 4
above may not exceed the lesser of (i) the Base Contribution Percentage, or (ii)
the greater of (1) 5.7% or (2) the  percentage  equal to the portion of the Code
Section   3111(a)  tax  imposed  on  employers   under  the  Federal   Insurance
Contributions  Act (as in effect as of the  beginning of the Plan Year) which is
attributable  to  old-age   insurance.   For  purposes  of  this   Subparagraph,
"compensation" as defined in Section 414(s) of the Code shall be substituted for
"Salary"  in  determining  the  Excess  Contribution  Percentage  and  the  Base
Contribution Percentage.

Notwithstanding  the foregoing,  the Employer may not adopt the Social  Security
integration options provided above if any other integrated defined  contribution
or defined  benefit plan is maintained by the Employer  during any  Contribution
Determination Period.

SECTION 3.9     THE 401(K) FEATURE
                ------------------

The Employer may, at its option,  adopt the 401(k) Feature  described  hereunder
and in Section 3.2 above for the exclusive  purpose of permitting its Members to
make 401(k) deferrals to the Plan.

The Employer may make,  apart from any  matching  contributions  it may elect to
make,  Employer  qualified  nonelective  contributions  as  defined  in  Section
1.401(k)-1(g)(13) of the Regulations. The amount of such contributions shall not
exceed 15% of the Salary of all Members eligible to share in the allocation when
combined with all Employer  contributions  (including 401(k) elective deferrals)
to the Plan for such Plan Year.  Allocation of such contributions shall be made,
at the election of the  Employer,  to the  accounts of (i) all Members,  or (ii)
only  Members  who are not  Highly  Compensated  Employees.  Allocation  of such
contributions  shall be made, at the election of the Employer,  in the ratio (i)
which each eligible  Member's Salary for the Plan Year bears to the total Salary
of all eligible Members for such Plan Year, or (ii) which each eligible Member's
Salary not in excess of a fixed dollar amount  specified by the Employer for the
Plan Year bears to the total Salary of all eligible  Members taking into account
Salary  for each  such  Member  not in excess of the  specified  dollar  amount.
Notwithstanding any provision of the Plan to the contrary,

                                       19

<PAGE> 40

such  contributions  shall be  subject  to the  same  vesting  requirements  and
distribution  restrictions  as  Members'  401(k)  deferrals  and  shall  not  be
conditioned  on any  election  or  contribution  of the Member  under the 401(k)
feature.  Any such  contributions  must be made on or before the last day of the
second month after the Plan Year to which the contribution relates. Further, for
purposes of the actual  deferral  percentage or actual  contribution  percentage
tests  described  below,  the Employer may apply (in accordance  with applicable
Regulations)  all  or  any  portion  of  the  Employer   qualified   nonelective
contributions  for the Plan Year toward the  satisfaction of the actual deferral
percentage test. Any remaining Employer qualified nonelective  contributions not
utilized  to satisfy  the actual  deferral  percentage  test may be applied  (in
accordance  with  applicable  Regulations)  to satisfy  the actual  contribution
percentage test.

Effective for Plan Years  beginning after December 31, 1996, the actual deferral
percentages for Highly Compensated  Employees shall, in accordance with the Code
and IRS Regulations, satisfy either (i) or (ii) as follows:

(i)   Prior Year Testing:
      ------------------
      Notwithstanding  any other  provision of this 401(k)  Feature,  the actual
      deferral percentage for a Plan Year for Members who are Highly Compensated
      Employees  for  such  Plan  Year  and the  prior  year's  actual  deferral
      percentage for Members who were Non-Highly  Compensated  Employees for the
      prior Plan Year must satisfy one of the following tests:

      (a)   the actual  deferral  percentage for a Plan Year for Members who are
            Highly Compensated  Employees for the Plan Year shall not exceed the
            prior year's actual deferral percentage of those Members who are not
            Highly  Compensated  Employees for the prior Plan Year multiplied by
            1.25; or

      (b)   the  actual  deferral percentage for a Plan Year for Members who are
            Highly Compensated  Employees for the Plan Year shall not exceed the
            prior  year's  actual  deferral  percentage  for  Members  who  were
            Non-Highly  Compensated Employees for the prior Plan Year multiplied
            by 2.0, provided that the actual deferral percentage for Members who
            are Highly Compensated Employees does not exceed the actual deferral
            percentage for Members who were Non-Highly  Compensated Employees in
            the  prior  Plan  Year  by  more  than  2  percentage  points.  This
            determination  shall  be  made  in  accordance  with  the  procedure
            described in Section 3.10 below.

                                       20

<PAGE> 41

      For the first Plan Year that the Plan permits any Member to make  elective
      deferrals and this is not a successor  plan, for purposes of the foregoing
      tests, the prior year's Non-Highly  Compensated Employees' actual deferral
      percentage  shall be 3 percent  unless  the  Employer  has  elected in the
      Adoption  Agreement  to  use  the  current  Plan  Year's  actual  deferral
      percentage  for these  Members.  The  Employer  may elect in the  Adoption
      Agreement to change from the Prior Year Testing method to the Current Year
      Testing method in accordance with the Code and IRS Regulations.

(b)   Current Year Testing:
      --------------------

      If elected by the Employer in the Adoption Agreement,  the actual deferral
      percentage  tests in (a) and (b) above,  will be applied by comparing  the
      current Plan Year's actual deferral  percentage for Members who are Highly
      Compensated  Employees  for such Plan Year with the  current  Plan  Year's
      actual  deferral  percentage  for Members who are  Non-Highly  Compensated
      Employees for such year.  Once made, this election can only be changed and
      the Prior Year Testing method  applied if the Plan meets the  requirements
      for  changing  to Prior  Year  Testing  set forth in IRS  Notice  98-1 (or
      superseding guidance).

SECTION 3.10     DETERMINING THE ACTUAL DEFERRAL PERCENTAGES
                 -------------------------------------------

For purposes of this 401(k) Feature,  the actual deferral  percentage for a Plan
Year means, for a specified group of Members for a Plan Year, the average of the
ratios  (calculated  separately for each Member in such group) of (a) the amount
of 401(k)  deferrals  (including,  as  provided  in Section  3.9,  any  Employer
qualified  nonelective  contributions) made to the Member's account for the Plan
Year,  to (b) the amount of the  Member's  compensation  (as  defined in Section
414(s)  of the Code) for the Plan  Year or,  alternatively,  where  specifically
elected by the  Employer,  for only that part of the Plan Year during  which the
Member was eligible to participate in the Plan.

An Employee's  actual  deferral  percentage  shall be zero if no 401(k) deferral
(or, as provided in Section 3.9, Employer qualified nonelective contribution) is
made by him or on his behalf for such  applicable Plan Year. If the Plan and one
or more other plans which include cash or deferred  arrangements  are considered
as one plan for purposes of Sections  401(a)(4) and 410(b) of the Code, the cash
or  deferred  arrangements  included  in such  plans  shall  be  treated  as one
arrangement for purposes of this 401(k) Feature.

The TPA shall determine as of the end of the Plan Year whether one of the actual
deferral  percentage  tests specified in Section 3.9 above is satisfied for such
Plan Year. This

                                       21

<PAGE> 42

determination  shall be made after first  determining  the  treatment  of excess
deferrals  within the  meaning of Section  402(g) of the Code under  Section 3.2
above.  In the event that neither of such actual  deferral  percentage  tests is
satisfied,  the TPA shall, to the extent  permissible under the Code and the IRS
Regulations,  refund the excess contributions for the Plan Year in the following
order of priority:  by (i) refunding  such amounts  deferred by the Member which
were  not  matched  by his  Employer  (and any  earnings  and  losses  allocable
thereto),  and (ii) refunding  amounts deferred for such Plan Year by the Member
(and any earnings and losses  allocable  thereto),  and, to the extent permitted
under the Code and applicable IRS Regulations,  forfeiting  amounts  contributed
for such Plan Year by the Employer with respect to the Member's 401(k) deferrals
that are  returned  pursuant  to this  Paragraph  (and any  earnings  and losses
allocable thereto).

The  distribution  of  such  excess   contributions  shall  be  made  to  Highly
Compensated Employees to the extent practicable before the 15th day of the third
month  immediately  following the Plan Year for which such excess  contributions
were made,  but in no event later than the end of the Plan Year  following  such
Plan  Year or, in the case of the  termination  of the Plan in  accordance  with
Article  XI,  no later  than the end of the  twelve-  month  period  immediately
following the date of such termination.

For purposes of this 401(k) Feature,  "excess contributions" means, with respect
to any Plan Year,  the excess of the aggregate  amount of 401(k)  deferrals (and
any other  amounts  contributed  by the Employer  that are taken into account in
determining the actual deferral  percentage of Highly Compensated  Employees for
such Plan Year) (collectively,  "401(k) amounts") made to the accounts of Highly
Compensated  Employees  for such  Plan  Year,  over the  maximum  amount of such
deferrals that could be made by such Members without  violating the requirements
described above. The excess  contributions to be distributed shall be determined
by reducing 401(k) amounts made by or on behalf of Highly Compensated  Employees
beginning with the Highly  Compensated  Employee with the largest 401(k) amounts
for the Plan  Year  until  such  amount  is  reduced  to be equal to the  Highly
Compensated  Employee  with  the  next  largest  401(k)  amount.  The  procedure
described  in  the  preceding  sentence  shall  be  repeated  until  all  excess
contributions have been eliminated and, as applicable, refunded.

                                       22

<PAGE> 43

SECTION 3.11     DETERMINING THE ACTUAL CONTRIBUTION PERCENTAGES
                 -----------------------------------------------

Notwithstanding  any other  provision of this Section  3.11,  effective for Plan
Years beginning after December 31, 1996, the actual contribution  percentage for
the Plan Year for Highly  Compensated  Employees  shall,  in accordance with the
Code and IRS Regulations, satisfy either (i) or (ii) as follows:

  (i)   Prior Year Testing
        ------------------

        (a)   the actual contribution percentage for a Plan Year for Members who
              are  Highly  Compensated  Employees  for the Plan  Year  shall not
              exceed the prior Plan Year's actual  contribution  percentage  for
              Members who were  Non-Highly  Compensated  Employees for the prior
              Plan Year multiplied by 1.25, or

        (b)   the  actual  contribution  percentage  for  Members who are Highly
              Compensated Employees for the Plan Year shall not exceed the prior
              year's  actual  contribution   percentage  for  Members  who  were
              Non-Highly   Compensated   Employees   for  the  prior  Plan  Year
              multiplied by 2, provided that the actual contribution  percentage
              for Members who are Highly  Compensated  Employees does not exceed
              the actual contribution percentage for Members who were Non-Highly
              Compensated  Employees  in the  prior  Plan  Year by  more  than 2
              percentage points.

        For the first Plan Year this Plan  permits any Member to make  after-tax
        contributions  pursuant to Section 3.1,  provides for Employer  matching
        contributions  (pursuant  to Section  3.5),  or both,  and this is not a
        successor  plan,  for purposes of the  foregoing  tests,  the prior Plan
        Year's Non-Highly Compensated Employees' actual contribution  percentage
        shall be 3 percent  unless the  Employer  has  elected  in the  Adoption
        Agreement to use the current Plan Year's actual contribution  percentage
        for these Members.

 (ii)   Current Year Testing
        --------------------

        If  elected  by the  Employer  in the  Adoption  Agreement,  the  actual
        contribution  percentage tests in (a) and (b), above, will be applied by
        comparing the current Plan Year's  actual  contribution  percentage  for
        Members who are Highly Compensated Employees for such Plan Year with the
        current Plan Year's actual  contribution  percentage for Members who are
        Non-Highly Compensated Employees for such year. Once made, this election
        can only be changed and the Prior Year Testing

                                       23

<PAGE> 44

        method applied if the Plan meets the  requirements for changing to Prior
        Year Testing set forth in IRS Notice 98-1 (or superseding guidance).

        For purposes of this Article III, the "actual  contribution  percentage"
        for a Plan Year means for a specified group of Employees, the average of
        the ratios  (calculated  separately  for each Employee in such group) of
        (A)  the  sum of (i)  Member  after-tax  contributions  credited  to his
        Account for the Plan Year, (ii) Employer matching  contributions  and/or
        supplemental  contributions  under  Formula 1 credited to his Account as
        described  in this  Article for the Plan Year,  and (iii) in  accordance
        with  and  to  the  extent  permitted  by the  IRS  Regulations,  401(k)
        deferrals  (and,  as provided in Section  3.9,  any  Employer  qualified
        nonelective contributions) credited to his Account, to (B) the amount of
        the Member's compensation (as defined in Section 414(s) of the Code) for
        the Plan  Year or,  alternatively,  where  specifically  elected  by the
        Employer,  for only that part of the Plan Year  during  which the Member
        was  eligible  to  participate   in  the  Plan.  An  Employee's   actual
        contribution  percentage shall be zero if no such contributions are made
        by him or on his behalf for such Plan Year.

        The actual  contribution  percentage  taken into  account for any Highly
        Compensated  Employee  who is eligible to make Member  contributions  or
        receive  Employer  matching   contributions  under  two  or  more  plans
        described  in Section  401(a) of the Code or  arrangements  described in
        Section  401(k) of the Code that are maintained by the Employer shall be
        determined as if all such contributions were made under a single plan.

        The TPA shall  determine  as of the end of the Plan Year  whether one of
        the actual  contribution  percentage  tests specified above is satisfied
        for  such  Plan  Year.  This  determination  shall be made  after  first
        determining  the  treatment  of excess  deferrals  within the meaning of
        Section 402(g) of the Code under Section 3.2 above and then  determining
        the treatment of excess  contributions  under Section 3.10 above. In the
        event  that  neither  of the  actual  contribution  percentage  tests is
        satisfied,  the TPA shall (i) refund the excess aggregate  contributions
        to the extent attributable to Member after-tax  contributions and vested
        matching   contributions  for  which  the  underlying  Member  after-tax
        contributions  or 401(k)  deferrals are not subject to correction  under
        the actual deferral percentage or actual  contribution  percentage tests
        for such year (and any income  related  thereto)  and (ii)  forfeit  the
        excess aggregate contributions to the extent attributable to non- vested
        Employer matching contributions and vested Employer matching

                                       24

<PAGE> 45

        contributions for which the underlying Member after-tax contributions or
        401(k)  deferrals  are subject to correction  under the actual  deferral
        percentage or actual  contribution  percentage  tests for such year (and
        any income related thereto), in the manner described below.

        For  purposes of this  Article  III,  "excess  aggregate  contributions"
        means, with respect to any Plan Year and with respect to any Member, the
        excess of the aggregate  amount of  contributions  (and any earnings and
        losses  allocable  thereto) made as (i) Member  after-tax  contributions
        credited  to his  Account  for the Plan  Year,  (ii)  Employer  matching
        contributions and/or supplemental contributions under Formula 1 credited
        to his Account as described in this Article for the Plan Year, and (iii)
        in accordance with and to the extent  permitted by the IRS  Regulations,
        401(k)  deferrals  (and,  as  provided  in  Section  3.9,  any  Employer
        qualified  nonelective  contributions)  credited  to his Account (if the
        Plan  Administrator  elects  to take into  account  such  deferrals  and
        contributions  when calculating the actual  contribution  percentage) of
        Highly Compensated Employees for such Plan Year, over the maximum amount
        of such  contributions  that  could be made as  Employer  contributions,
        Member  contributions  and  401(k)  deferrals  of such  Members  without
        violating the requirements of any Subparagraph of this Section 3.11.

        To the  extent  excess  aggregate  contributions  must  be  refunded  or
        forfeited for a Plan Year,  such excess amounts will be refunded (or, as
        applicable,  forfeited) first to the Highly  Compensated  Employees with
        the largest  Contribution  Percentage  Amounts (as defined  below) taken
        into account in calculating the actual contribution  percentage test for
        the year the excess arose and  continuing in descending  order until all
        the excess  aggregate  contributions  are refunded  (or, as  applicable,
        forfeited).  For  purposes  for the  preceding  sentence,  the  "largest
        amount"  is  determined  after  distribution  of  any  excess  aggregate
        contributions. For purposes of this paragraph,  "Contribution Percentage
        Amounts"  means  the sum of  Member  after-tax  contributions,  Employer
        matching  contributions,   Employer  supplemental   contributions  under
        Formula (1), and  qualified  matching  contributions  (to the extent not
        taken into account for purposes of the actual deferral  percentage test)
        made under the Plan on behalf of the Member for the Plan Year.  However,
        such Contribution Percentage Amounts shall not include Employer matching
        contributions  that are  forfeited  either to correct  excess  aggregate
        contributions  or because  the  contributions  to which they  relate are
        excess   deferrals,    excess    contributions   or   excess   aggregate
        contributions.

                                       25

<PAGE> 46

        The refund or forfeiture of such excess aggregate contributions shall be
        made with  respect to such Highly  Compensated  Employees  to the extent
        practicable before the 15th day of the third month immediately following
        the Plan Year for which such excess aggregate  contributions  were made,
        but in no event later than the end of the Plan Year  following such Plan
        Year or, in the case of the  termination of the Plan in accordance  with
        Article XI, no later than the end of the twelve-month period immediately
        following the date of such termination.

SECTION 3.12     THE AGGREGATE LIMIT TEST
                 ------------------------

Notwithstanding  any other  provision  of the  Plan,  effective  for Plan  Years
beginning after December 31, 1996, the sum of the actual deferral percentage and
the actual contribution  percentage determined in accordance with the procedures
described above of those Employees who are Highly Compensated  Employees may not
exceed the aggregate limit as determined below.

For purposes of this Article III, the  "aggregate  limit" for a Plan Year is the
greater of:

    (1)   The sum of:

          (a)  1.25  times  the greater of the actual deferral percentage of the
               Non-Highly  Compensated  Employees for the prior Plan Year or the
               actual  contribution  percentage  of the  Non-Highly  Compensated
               Employees for the Plan Year, and

          (b)  two  percentage  points  plus  the  lesser of the actual deferral
               percentage or actual  contribution  percentage referred to in (a)
               above. In no event,  however,  shall the percentages described in
               the  preceding  sentence  exceed  two  times  the  lesser  of the
               relevant  actual  deferral  percentage  or  the  relevant  actual
               contribution percentage; or

    (2)   The sum of:

          (a)  1.25  times  the  lesser of the actual deferral percentage of the
               Non-Highly  Compensated  Employees for the prior Plan Year or the
               actual  contribution  percentage  of the  Non-Highly  Compensated
               Employees for the Plan Year,  and
          (b)  two  percentage  points  plus  the greater of the actual deferral
               percentage or the actual  contribution  percentage referred to in
               (a) above. In no event,  however,  shall the percentage described
               in the preceding sentence exceed

                                       26

<PAGE> 47

               two times the greater of the relevant actual deferral  percentage
               or  the  relevant  actual  contribution   percentage;   provided,
               however,  that if a less restrictive  limitation is prescribed by
               the IRS, such limitation  shall be used in lieu of the foregoing.
               The calculation of the aggregate  limit, as defined above,  shall
               be  determined   in   accordance   with  the  Code  and  the  IRS
               Regulations.

The TPA shall  determine  as of the end of the Plan Year  whether the  aggregate
limit  has  been  exceeded.   This  determination  shall  be  made  after  first
determining  the  treatment  of excess  deferrals  within the meaning of Section
402(g) of the Code under Section 3.2 above,  then  determining  the treatment of
excess  contributions  under  Section  3.10  above,  and  then  determining  the
treatment of excess aggregate contributions under this Article III. In the event
that the  aggregate  limit is exceeded,  the actual  contribution  percentage of
those  Employees who are Highly  Compensated  Employees  shall be reduced in the
same manner as described in Section  3.11 of this  Article  until the  aggregate
limit is no longer exceeded, unless the TPA designates, in lieu of the reduction
of the actual  contribution  percentage,  a  reduction  in the  actual  deferral
percentage  of those  Employees  who are  Highly  Compensated  Employees,  which
reduction  shall occur in the same manner as  described  in Section 3.10 of this
Article until the aggregate  limit is no longer  exceeded.  Notwithstanding  the
provisions of Sections 3.2 and 3.10 above, the amount of excess contributions to
be  distributed,  with respect to a Member for a Plan Year,  shall be reduced by
any excess deferrals distributed to such Member for such Plan Year.

If the Employer  has elected in the  Adoption  Agreement to use the Current Year
Testing  method,  then, in calculating the aggregate limit for a particular Plan
Year, the  Non-Highly  Compensated  Employees'  actual  deferral  percentage and
actual  contribution  percentage  for that Plan Year,  instead of the prior Plan
Year, is used.

SECTION 3.13    REMITTANCE OF CONTRIBUTIONS
                ---------------------------

The contributions of both the Employer and the Plan Members shall be recorded by
the Employer and remitted to the TPA for transmittal to the Trustee or custodian
or  directly  to the  Trustee or  custodian  so that (i) in the case of Employer
contributions  the Trustee or custodian  shall be in receipt thereof by the 15th
day of the month next following the

                                       27

<PAGE> 48

month in respect of which such contributions are payable and (ii) in the case of
Member after-tax  contributions and 401(k)  deferrals,  the Trustee or custodian
shall be in receipt  thereof by the 15th business day of the month following the
month in which the Member contributions are received by the Employer or the 15th
business  day of the  month  following  the  month in which  such  amount  would
otherwise have been payable to the Member in cash. Such amounts shall be used to
provide additional Units pursuant to Article V.

SECTION 3.14  SAFE HARBOR CODA
              ----------------

If the  Employer  has  elected  the safe  harbor  CODA  option  in the  Adoption
Agreement, the provisions of this Section 3.14 shall apply for the Plan Year and
any  provisions  relating to the actual  deferral  percentage  test described in
ss.401(k)(3) of the Code or the actual contribution percentage test described in
ss.401(m)(2) of the Code do not apply. To the extent that any other provision of
the Plan is inconsistent with the provisions of this section,  the provisions of
this section govern.

(A)   Actual Deferral Percentage Test Safe Harbor

      (1)    Unless  the  Employer  elects  in the  Adoption  Agreement  to make
             Enhanced  Matching  Contributions  (as  provided  in  the  Adoption
             Agreement) or safe harbor nonelective  contributions,  the Employer
             will contribute  monthly or on another  periodic basis for the Plan
             Year a safe harbor  matching  contribution to the Plan on behalf of
             each  eligible  Employee  equal to (i) 100 percent of the amount of
             the Employee's 401(k) deferrals that do not exceed 3 percent of the
             Employee's  Salary for the Plan  Year,  plus (ii) 50 percent of the
             amount of the Employee's  401(k) deferrals that exceed 3 percent of
             the  Employee's  Salary  but that do not  exceed 5  percent  of the
             Employee's Salary ("Basic Matching Contributions").

      (2)    The   Member's   benefit   derived   from  ADP  Test  Safe   Harbor
             Contributions is nonforfeitable and may not be distributed  earlier
             than separation from service, death, disability, an event described
             in  ss.401(k)(10)  of the Code, or the attainment of age 59 1/2. In
             addition,  such contributions must satisfy the ADP Test Safe Harbor
             without regard to permitted disparity under ss. 401(I) of the Code.

      (3)    At least 30 days,  but not more than 90 days,  before the beginning
             of the Plan Year, the Employer will provide each Eligible  Employee
             a  comprehensive  notice of the Employee's  rights and  obligations
             under the Plan, written in a manner

                                       28

<PAGE> 49

             calculated to be understood by the average Eligible Employee. If an
             Employee  becomes  eligible after the 90th day before the beginning
             of the Plan Year and does not receive  the notice for that  reason,
             the  notice  must be  provided  no more  than  90 days  before  the
             Employee  becomes eligible but not later than the date the Employee
             becomes eligible.

      (4)    In addition to any other election  periods provided under the Plan,
             each  Eligible  Employee  may make or  modify a  deferral  election
             during  the  30-day  period  immediately  following  receipt of the
             notice described above.

                                       29

<PAGE> 50

                                   ARTICLE IV
                           INVESTMENT OF CONTRIBUTIONS

SECTION 4.1     INVESTMENT BY TRUSTEE OR CUSTODIAN
                ----------------------------------

All  contributions  to the Plan shall,  upon receipt by the TPA, be delivered to
the  Trustee  or  custodian  to be held  in the  Trust  Fund  and  invested  and
distributed by the Trustee or custodian in accordance with the provisions of the
Plan and Trust  Agreement.  The Trust Fund  shall  consist of one or more of the
Investment  Funds or other  applicable  investment  vehicles  designated  by the
Employer in the Adoption Agreement.

With the exception of the Employer  Stock Fund or, if  applicable,  the Employer
Certificate  of Deposit  Fund,  the  Trustee  may in its  discretion  invest any
amounts held by it in any Investment  Fund in any commingled or group trust fund
described in Section  401(a) of the Code and exempt under Section  501(a) of the
Code or in any common trust fund exempt under Section 584 of the Code,  provided
that such trust fund satisfies any  requirements  of the Plan applicable to such
Investment  Funds.  To the  extent  that the  Investment  Funds  are at any time
invested in any commingled, group or common trust fund, the declaration of trust
or other  instrument  pertaining  to such fund and any  amendments  thereto  are
hereby adopted as part of the Plan.

The Employer will  designate in the Adoption  Agreement  which of the Investment
Funds or other applicable  investment vehicles will be made available to Members
and the terms and conditions under which such Funds will operate with respect to
employee  direction of  allocations to and among such  designated  Funds and the
types of contributions and/or deferrals eligible for investment therein.

To the extent made  available  under the Plan,  the Employer  may elect,  in the
Adoption Agreement, to allow Members to direct the investment of their Accounts,
pursuant  to,  and in  accordance  with,  such  rules and  procedures  as may be
prescribed by the Employer or the Plan  Sponsor,  to a  self-directed  brokerage
account.

SECTION 4.2     MEMBER DIRECTED INVESTMENTS
                ---------------------------

To the extent permitted by the Employer as set forth in the Adoption  Agreement,
each Member shall direct in writing that his  contributions  and  deferrals,  if
any, and the contributions  made by the Employer on his behalf shall be invested
(a)  entirely  in any  one of the  investment  vehicles  made  available  by the
Employer,  or (b) among the available  investment vehicles in any combination of
multiples of 1%. If a Member has

                                       30

<PAGE> 51

made any Rollover  contributions  in accordance  with Article III,  Section 3.3,
such Member may elect to apply separate  investment  directions to such rollover
amounts.  Any such  investment  direction  shall be  followed  by the TPA  until
changed.  Subject to the provisions of the following paragraphs of this Section,
as  designated  in the Adoption  Agreement,  a Member may change his  investment
direction as to future contributions and also as to the value of his accumulated
Units in each of the available  investments  by filing  written  notice with the
TPA. Such  directed  change(s)  will become  effective  upon the Valuation  Date
coinciding  with or next following the date which his notice was received by the
TPA or as soon  as  administratively  practicable  thereafter.  If the  Adoption
Agreement  provides for Member  directed  investments,  and if a Member does not
make a written  designation of an Investment Fund or Funds, or other  investment
vehicle,  the  Employer or its  designee  shall direct the Trustee to invest all
amounts held or received on account of the Member in the  Investment  Fund which
in the opinion of the Employer best protects principal.

Except as otherwise  provided below, a Member may not direct a transfer from the
Stable  Value  Fund  to  the  Government  Money  Market  Fund  or  the  Employer
Certificate  of Deposit  Fund.  A Member  may  direct a transfer  from any other
investment  vehicle  to  the  Government  Money  Market  Fund  or  the  Employer
Certificate of Deposit Fund provided that amounts  previously  transferred  from
the Stable Value Fund to such  investment  vehicle  remain in such vehicle for a
period of three months prior to being transferred to the Government Money Market
Fund or the Employer Certificate of Deposit Fund.

SECTION 4.3     EMPLOYER SECURITIES
                -------------------

If the Employer so elects in the Adoption Agreement, the Employer and/or Members
may direct that contributions will be invested in Qualifying Employer Securities
(within the meaning of Section  407(d)(5) of ERISA)  through the Employer  Stock
Fund.

                                       31

<PAGE> 52

                                    ARTICLE V
                     MEMBERS' ACCOUNTS, UNITS AND VALUATION

The TPA shall  establish  and  maintain an Account  for each Member  showing his
interests in the available Investment Funds or other applicable investments,  as
designated  by the  Employer in the  Adoption  Agreement.  The  interest in each
Investment Fund shall be represented by Units.

As of each Valuation  Date, the value of a Unit in each Investment Fund shall be
determined by dividing (a) the sum of the net assets at market value  determined
by the Trustee by (b) the total number of outstanding Units.

The number of  additional  Units to be credited  to a Member's  interest in each
available  Investment  Fund,  as of any Valuation  Date,  shall be determined by
dividing (a) that portion of the aggregate contributions and/or deferrals by and
on behalf of the Member  which was  directed to be  invested in such  Investment
Fund and received by the Trustee by (b) the Unit value of such Investment Fund.

The value of a Member's  Account may be determined  as of any Valuation  Date by
multiplying the number of Units to his credit in each available  Investment Fund
by that  Investment  Fund's Unit value on such date and aggregating the results.
If,  and  to  the  extent,  a  Member's  Account  is  invested   pursuant  to  a
self-directed  brokerage account,  the investments held in that account shall be
valued by the brokerage firm  maintaining  such account in accordance  with such
procedures as may be determined by such brokerage firm.

                                       32

<PAGE> 53

                                   ARTICLE VI
                               VESTING OF ACCOUNTS

SECTION 6.1     VESTING OF MEMBER CONTRIBUTIONS, 401(K) DEFERRALS, QUALIFIED
                ------------------------------------------------------------
                NONELECTIVE CONTRIBUTIONS, AND ROLLOVER CONTRIBUTIONS
                -----------------------------------------------------

All Units credited to a Member's Account based on after-tax contributions and/or
401(k) deferrals made by the Member and any earnings related thereto  (including
any rollover  contributions  allocated to a Member's  Account under the Plan and
any  earnings  thereon)  and,  as provided in Section  3.9,  Employer  qualified
nonelective contributions made on behalf of such Member shall be immediately and
fully vested at all times.

SECTION 6.2     VESTING OF EMPLOYER CONTRIBUTIONS
                ---------------------------------

Except as provided in Section 6.1, the Employer may, at its option, elect one of
the  available  vesting  schedules  described  herein  for each of the  employer
contribution  types  applicable  under the Plan as  designated  in the  Adoption
Agreement.

SCHEDULE 1:     All  applicable  Employer  contributions  (and related earnings)
                shall  be  immediately  and  fully  vested.  If the  eligibility
                requirement(s)   selected  by  the   Employer   under  the  Plan
                require(s)  that an Employee  complete a service period which is
                longer than 12 consecutive months, this vesting Schedule 1 shall
                be automatically applicable.

SCHEDULE 2:     All  applicable  Employer  contributions  (and related earnings)
                shall vest in accordance with the schedule set forth below:

                                  Completed                    Vested
                             Years of Employment              Percentage
                             -------------------              ----------
                               Less than 2                          0%
                               2 but less than 3                   20%
                               3 but less than 4                   40%
                               4 but less than 5                   60%
                               5 but less than 6                   80%
                               6 or more                          100%

SCHEDULE 3:     All  applicable  Employer  contributions  (and related earnings)
                shall vest in accordance with the schedule set forth below:

                                       33

<PAGE> 54

                                 Completed                       Vested
                            Years of Employment               Percentage
                            -------------------               ----------
                                Less than 5                        0%
                                5 or more                        100%

SCHEDULE 4:     All  applicable  Employer  contributions  (and related earnings)
                shall vest in accordance with the schedule set forth below:

                                Completed                        Vested
                            Years of Employment               Percentage
                            -------------------               ----------
                               Less than 3                         0%
                               3 or more                         100%

SCHEDULE 5:     All  applicable  Employer  contributions  (and related earnings)
                shall vest in accordance with the schedule set forth below:

                                 Completed                     Vested
                            Years of Employment               Percentage
                            -------------------               ----------
                             Less than 1                            0%
                             1 but less than 2                     25%
                             2 but less than 3                     50%
                             3 but less than 4                     75%
                             4 or more                            100%

SCHEDULE 6:     All  applicable  Employer  contributions  (and related earnings)
                shall vest in accordance with the schedule set forth below:

                                 Completed                      Vested
                            Years of Employment               Percentage
                            -------------------               ----------
                             Less than 3                             0%
                             3 but less than 4                      20%
                             4 but less than 5                      40%
                             5 but less than 6                      60%
                             6 but less than 7                      80%
                             7 or more                             100%

SCHEDULE 7:     All  applicable  Employer  contributions  (and related earnings)
                shall  vest in  accordance  with the  schedule  set forth in the
                Adoption Agreement prescribed by the Employer in accordance with
                applicable law.

                                       34

<PAGE> 55

Notwithstanding  the vesting schedules above, a Member's interest in his Account
shall  become 100% vested in the event that (i) the Member dies while in service
with the  Employer  and the TPA has  received  notification  of death,  (ii) the
Member has been approved for  Disability,  pursuant to the provisions of Article
VII, and the TPA has received  notification  of Disability,  or (iii) the Member
has attained Normal Retirement Age while in service with the Employer.

Except as otherwise  provided  hereunder,  in the event that the Employer adopts
the Plan as a successor  plan to another  defined  contribution  plan  qualified
under Sections  401(a) and 501(a) of the Code, or in the event that the Employer
changes or amends a vesting schedule adopted under this Article,  any Member who
was covered under such predecessor plan or, the  pre-amendment  vesting schedule
under  the  Plan,  and has  completed  at least 3 Years of  Employment  (or,  as
applicable, 3 years of service) may elect to have the nonforfeitable  percentage
of the portion of his Account which is subject to such vesting schedule computed
under such predecessor plan's vesting provisions,  or computed without regard to
such  change or  amendment  under the Plan (a "Vesting  Election").  Any Vesting
Election  shall be made by  notifying  the TPA in writing  within  the  election
period hereinafter  described.  The election period shall begin on the date such
amendment is adopted or the date such change is effective, or the date the Plan,
which serves as a successor  plan, is adopted or effective,  as the case may be,
and shall end no earlier than the latest of the  following  dates:  (i) the date
which is 60 days after the day such amendment is adopted; (ii) the date which is
60 days after the day such amendment or change becomes effective; (iii) the date
which is 60 days  after  the day the  Member  is given  written  notice  of such
amendment or change by the TPA; (iv) the date which is 60 days after the day the
Plan is adopted by the Employer or becomes  effective;  or (v) the date which is
60 days after the day the Member is given written  notice that the Plan has been
designated  as a  successor  plan.  Any  such  election,  once  made,  shall  be
irrevocable.

To the extent permitted under the Code and Regulations, the Employer may, at its
option,  elect to treat all Members who are eligible to make a Vesting  Election
as having made such Vesting Election if the vesting schedule resulting from such
an  election  is more  favorable  than the  Vesting  Schedule  that would  apply
pursuant to the Plan amendment.  Furthermore, subject to the requirements of the
applicable  Regulations,  the Employer may elect to treat all Members,  who were
employed  by the  Employer  on or before  the  effective  date of the  change or
amendment,  as  subject  to the prior  vesting  schedule,  provided  such  prior
schedule is more favorable.

                                       35

<PAGE> 56

In the event that an Employer elects, in its Adoption Agreement, to use the hour
of service method for  determining  vesting  service,  Years of Service shall be
substituted for Years of Employment for all purposes under this Article VI.

SECTION 6.3     FORFEITURES
                -----------

If a  Member  who  was  partially  vested  in his  Account  on the  date  of his
termination of Employment  returns to  Employment,  his Years of Employment (or,
as  applicable,  years of service)  prior to the  Break(s)  in Service  shall be
included in determining  future  vesting and, if he returns  before  incurring 5
consecutive one year Breaks in Service,  any amounts  forfeited from his Account
shall be restored to his Account  provided,  however,  that if such a Member has
received a distribution pursuant to Article VII, his nonvested Account shall not
be  restored  unless he repays to the Plan the full  amount  distributed  to him
before the  earlier  of (i) 5 years  after the first date on which the Member is
subsequently  reemployed by the Employer,  or (ii) the close of the first period
of 5 consecutive one-year Breaks in Service commencing after the withdrawal. The
amount  restored to the Member's  Account will be valued on the  Valuation  Date
coinciding  with or next  following  the later of (i) the date the  Employee  is
rehired,  or (ii) the date a new enrollment  application is received by the TPA.
If a Member terminates Employment without any vested interest in his Account, he
shall (i)  immediately  be deemed to have received a total  distribution  of his
Account and (ii)  thereupon  forfeit his entire  Account;  provided that if such
Member returns to Employment before the number of consecutive one-year Breaks in
Service equals or exceeds the greater of (i) 5, or (ii) the aggregate  number of
the Member's Years  Employment  (or, as  applicable,  Years of Service) prior to
such Break in Service,  his  Account  shall be restored in the same manner as if
such  Member  had  been  partially  vested  at the  time of his  termination  of
Employment and had his nonvested  Account  restored upon a return to employment,
and his Years of  Employment  (or, as  applicable,  Years of  Service)  prior to
incurring  the  first  Break in  Service  shall be  included  in any  subsequent
determination of his vesting service.

Forfeited  amounts,  as  described  in the  preceding  paragraph,  shall be made
available to the Employer,  through a transfer from the Member's  Account to the
Employer  Credit  Account,  upon: (1) if the Member had a vested interest in his
Account at his  termination  of  Employment,  the  earlier of (i) the date as of
which the Member  receives a distribution  of his entire vested  interest in his
Account  or (ii) the date upon which the Member  incurs 5  consecutive  one-year
Breaks in Service, or (2) the date of the Member's termination of Employment, if
the Member then has no vested interest in his Account. Once so transferred, such
amounts shall be used at the option of the Employer to (i) reduce administrative
expenses for that Contribution Determination Period, (ii) offset any

                                       36

<PAGE> 57

contributions  to be made by the  Employer for that  Contribution  Determination
Period or (iii) be allocated to all eligible Members deemed to be employed as of
the last day of the  Contribution  Determination  Period.  The  Employer  Credit
Account,  referenced in this  Subparagraph,  shall be maintained to receive,  in
addition to the forfeitures  described above, (i) contributions in excess of the
limitations  contained in Section 415 of the Code,  (ii) Employer  contributions
made in advance of the date allocable to Members,  if any, and (iii) amounts, if
any, forfeited pursuant to Sections 3.10 and 3.11.

                                       37

<PAGE> 58

                                   ARTICLE VII
                          WITHDRAWALS AND DISTRIBUTIONS

SECTION 7.1     GENERAL PROVISIONS
                ------------------

The Employer  will define in the  Adoption  Agreement  the terms and  conditions
under which withdrawals and distributions  will be permitted under the Plan. All
payments in respect of a Member's  Account  shall be made in cash from the Trust
Fund and in accordance  with the provisions of this Article or Article XI except
that if the  Adoption  Agreement  so  provides,  a Member  may elect to have his
Account, to the extent then invested in the Employer Stock Fund,  distributed in
the form of Employer Stock in accordance  with the provisions of this Article or
Article XI. The amount of payment  will be  determined  in  accordance  with the
value of the Member's  Account on the  Valuation  Date  coinciding  with or next
following the date proper notice is filed with the TPA,  unless  following  such
Valuation Date a decrease in the value of the Member's  investment in any of the
available Investment Funds or other Account investments occurs prior to the date
the  Member's  Account is paid in which case that part of the  payment  which is
based on such investments  shall equal the value of such investments  determined
as of the date of payment  which date  shall  occur as soon as  administratively
practicable  on or following the Valuation Date such proper notice is filed with
the TPA. If units are  redeemed to make a payment of  benefits,  the  redemption
date Unit value with respect to a Member's  investment  in any of the  available
Investment  Funds shall equal the value of a Unit in such  Investment  Fund,  as
determined  in  accordance  with  the  valuation   method   applicable  to  Unit
investments  in such  Investment  Fund on the date the  Member's  investment  is
redeemed.

Except where otherwise  specified,  payments provided under this Article will be
made in a lump sum as soon as  practicable  after such Valuation Date or date of
redemption,  as may be  applicable,  subject to any  applicable  restriction  on
redemption imposed on amounts invested in any of the available Investment Funds.

Any  partial  withdrawal  shall be deemed to come (to the extent  available  for
withdrawal):

                                       38

<PAGE> 59

o    First from the Member's after-tax contributions made prior to
     January 1, 1987.

o    Next from the Member's after-tax contributions made after December 31, 1986
     plus earnings on all of the Member's after-tax contributions.

o    Next from the Member's rollover contributions plus earnings thereon.

                                       39

<PAGE> 60

o   Next from the Employer matching contributions plus earnings thereon.

o   Next from the Employer supplemental contributions plus earnings thereon.

o   Next from the Employer basic contributions plus earnings thereon.

o   Next from the Employer safe harbor CODA contributions plus earnings thereon.

o   Next from the Member's 401(k) deferrals plus earnings thereon.

o   Next from the Employer qualified nonelective contributions plus earnings
    thereon.

o   Next from the Employer profit sharing contributions plus earnings thereon.

SECTION 7.2     WITHDRAWALS WHILE EMPLOYED
                --------------------------

The Employer may, at its option,  permit Members to make withdrawals from one or
more of the  portions  of their  Accounts  while  employed by the  Employer,  as
designated in the Adoption Agreement,  under the terms and provisions  described
herein.

VOLUNTARY  WITHDRAWALS - To the extent permitted by the Employer as specified in
the Adoption  Agreement,  a Member may  voluntarily  withdraw some or all of his
Account  (other than his 401(k)  deferrals  and Employer  qualified  nonelective
contributions treated as 401(k) deferrals except as hereinafter permitted) while
in Employment by filing a notice of withdrawal with the TPA; provided,  however,
that in the event his  Employer  has elected to provide  annuity  options  under
Section 7.3, no withdrawals may be made from a married  Member's Account without
the written  consent of such Member's  Spouse (which consent shall be subject to
the procedures set forth in Section 7.3). Only one in-service  withdrawal may be
made in any Plan Year from each of the rollover  amount of the Member's  Account
and the remainder of the Member's Account.  This restriction shall not, however,
apply  to a  withdrawal  under  this  Section  in  conjunction  with a  hardship
withdrawal.

Notwithstanding the foregoing paragraph, a Member may not withdraw any matching,
basic,  supplemental,  profit  sharing  or,  solely  in the  case of the  events
described in clause (iii) or (iv), qualified  nonelective  contributions made by
the Employer  under Article III unless (i) the Member has completed 60 months of
participation  in the Plan; (ii) the withdrawal  occurs at least 24 months after
such contributions were made by the Employer;  (iii) the Employer terminates the
Plan without  establishing a qualified  successor plan; or (iv) the Member dies,
is disabled,  retires, attains age 59 1/2 or terminates Employment. For purposes
of the preceding requirements, if the Member's Account includes amounts which

                                       40

<PAGE> 61

have been transferred from a defined  contribution plan established prior to the
adoption of the Plan by the  Employer,  the period of time during which  amounts
were held on behalf of such  Member  and the  periods of  participation  of such
Member under such defined contribution plan shall be taken into account.

Effective as of January 1, 1997, if an Employer does not permit  Members to make
withdrawals  from their Account while  employed and a Member has attained age 70
1/2 prior to terminating employment with his Employer,  such Member may withdraw
some or all of his Account under the terms and provisions of this Section 7.2.

If an Employer,  in the Adoption  Agreement,  permits Members to withdraw 401(k)
deferrals and qualified non-elective  contributions (and the income allocable to
each) while employed by the Employer,  such deferrals or  contributions  are not
distributable  earlier than upon  separation  from service,  death,  disability,
attainment of age 59 1/2 or hardship.  Such amounts may also be distributed,  in
accordance with Section  401(k)(2)(B)(i)(II) of the Code and the IRS Regulations
thereunder,  upon:  (i)  termination  of the Plan without the  establishment  of
another  defined  contribution  plan other than an employee stock ownership plan
(as defined in Section  4975(e)(7)  or Section 409 of the Code) or a  simplified
employee  pension  plan  (defined  in Code  Section  408(k) or a SIMPLE IRA plan
(defined in Code Section 408(p)), or (ii) the disposition by a corporation to an
unrelated  corporation of substantially all of the assets (within the meaning of
Section  409(d)(2) of the Code) used in a trade or business of such  corporation
if such corporation  continues to maintain this Plan after the disposition,  but
only with respect to  employees  who continue  employment  with the  corporation
acquiring such assets, or (iii) the disposition by a corporation to an unrelated
entity of such  corporation's  interest in a  subsidiary  (within the meaning of
Section  409(d)(3) of the Code) if such  corporation  continues to maintain this
Plan,  but only with respect to  employees  who  continue  employment  with such
subsidiary.

HARDSHIP  WITHDRAWALS - If designated by the Employer in the Adoption Agreement,
a Member may make a  withdrawal  of his  401(k)  deferrals,  Employer  qualified
nonelective  contributions  which are  treated as  elective  deferrals,  and any
earnings  credited  thereto prior to January 1, 1989,  prior to attaining age 59
1/2, provided that the withdrawal is solely on account of an immediate and heavy
financial need and is necessary to satisfy such financial need. For the purposes
of this Article,  the term "immediate and heavy financial need" shall be limited
to the need of funds for (i) the  payment  of  medical  expenses  (described  in
Section 213(d) of the Code) incurred by the Member,  the Member's Spouse, or any
of the  Member's  dependents  (as defined in Section 152 of the Code),  (ii) the
payment of tuition and room and board for the next 12 months of post-secondary

                                       41

<PAGE> 62

education of the Member, the Member's Spouse,  the Member's children,  or any of
the  Member's  dependents  (as  defined in Section  152 of the Code),  (iii) the
purchase  (excluding mortgage payments) of a principal residence for the Member,
or (iv) the prevention of eviction of the Member from his principal residence or
the  prevention  of  foreclosure  on  the  mortgage  of the  Member's  principal
residence. For purposes of this Article, a distribution generally may be treated
as "necessary to satisfy a financial need" if the Plan Administrator  reasonably
relies upon the Member's written representation that the need cannot be relieved
(i) through  reimbursement  or compensation  by insurance or otherwise,  (ii) by
reasonable  liquidation  of the Member's  available  assets,  to the extent such
liquidation  would not itself cause an immediate and heavy financial need, (iii)
by cessation of Member contributions and/or deferrals pursuant to Article III of
the Plan, to the extent such contributions and/or deferrals are permitted by the
Employer, or (iv) by other distributions or nontaxable (at the time of the loan)
loans from plans  maintained  by the  Employer or by any other  employer,  or by
borrowing from commercial sources on reason able commercial terms. The amount of
any withdrawal  pursuant to this Article shall not exceed the amount required to
meet the demonstrated financial hardship, including any amounts necessary to pay
any federal income taxes and penalties reasonably anticipated to result from the
distribution as certified to the Plan Administrator by the Member.

Notwithstanding  the  foregoing,  no  amounts  may be  withdrawn  on  account of
hardship  pursuant to this Article  prior to a Member's  withdrawal of his other
available  Plan  assets  without  regard  to any other  withdrawal  restrictions
adopted by the Employer.

SECTION 7.3     DISTRIBUTIONS UPON TERMINATION OF EMPLOYMENT
                --------------------------------------------

In accordance with the provisions for  distributions  designated by the Employer
in the Adoption Agreement,  a Member who terminates Employment with the Employer
may  request  a  distribution  of his  Account  at  any  time  thereafter  up to
attainment  of age 70 1/2.  Except as otherwise  provided by the Employer in the
Adoption Agreement, a Member may withdraw all or a portion of his Account at any
time after termination of employment and any amounts paid under this Article may
not be returned to the Plan.

Any  distribution  made under  this  Section  7.3  requires  that a Request  for
Distribution  be filed with the TPA.  If a Member  does not file such a Request,
the value of his Account  will be paid to him as soon as  practicable  after his
attainment  of age 70 1/2,  but in no event shall  payment  commence  later than
April 1 of the calendar  year  following  the calendar  year in which the Member
attains age 70 1/2 unless otherwise provided by law.

                                       42

<PAGE> 63

LUMP SUM PAYMENTS - A Member may request a distribution  of all or a part of his
Account  no more  frequently  than once per  calendar  year by filing the proper
Request for Distribution  with the TPA. In the event the Employer has elected to
provide an annuity  option under the Plan, no  distributions  may be made from a
married  Member's  Account without the written consent of such married  Member's
spouse (which consent shall be subject to the procedures set forth below).

INSTALLMENT  PAYMENTS - To the extent designated by the Employer in the Adoption
Agreement and in lieu of any lump sum payment of his total Account, a Member who
has terminated his  Employment may elect in his Request for  Distribution  to be
paid in installments (no less frequently than annually),  provided that a Member
shall not be permitted to elect an installment period in excess of his remaining
life  expectancy (or the joint life  expectancy of the Member and his designated
Beneficiary)  and if a Member attempts such an election,  the TPA shall deem him
to have elected the installment  period with the next lowest multiple within the
Member's remaining life expectancy.  For purposes of installment  payments under
this Section 7.3, the Member's life  expectancy (or the joint life expectancy of
the Member and his designated Beneficiary) shall not be recalculated. The amount
of each  installment  will be  equal  to the  value  of the  total  Units in the
Member's  Account,  multiplied by a fraction,  the numerator of which is one and
the denominator of which is the number of remaining  installments  including the
one then being paid,  so that at the end of the  installment  period so elected,
the total Account will be liquidated.  The value of the Units will be determined
in accordance  with the Unit values on the Valuation  Date on or next  following
the TPA's  receipt  of his  Request  for  Distribution  and on each  anniversary
thereafter  subject to  applicable  Regulations  under Code  Section  401(a)(9).
Payment will be made as soon as practicable  after each such Valuation Date, but
in no event  shall  payment  commence  later than April 1 of the  calendar  year
following  the calendar  year in which the Member  attains age 70 1/2 subject to
the procedure for making such  distributions  described  below.  The election of
installments  hereunder may not be  subsequently  changed by the Member,  except
that upon written  notice to the TPA, the Member may withdraw the balance of the
Units in his  Account in a lump sum at any time,  notwithstanding  the fact that
the Member previously received a distribution in the same calendar year.

ANNUITY PAYMENTS - The Employer may, at its option,  elect to provide an annuity
option  under the Plan.  To the  extent so  designated  by the  Employer  in the
Adoption  Agreement and in lieu of any lump sum payment of his total Account,  a
Member  who  has  terminated  his  Employment  may  elect  in  his  Request  for
Distribution  to have  the  value of his  total  Account  be paid as an  annuity
secured for the Member by the Plan Administrator through

                                       43

<PAGE> 64

a individual  annuity contract  purchased by the Plan. In the event the Employer
elects to provide the annuity option, the following provisions shall apply:

UNMARRIED  MEMBERS - Any unmarried  Member who has terminated his Employment may
elect,  in lieu of any other  available  payment  option,  to  receive a benefit
payable by purchase of a single premium contract providing for (i) a single life
annuity for the life of the Member or (ii) an annuity for the life of the Member
and, if the Member dies leaving a designated Beneficiary, a 50% survivor annuity
for the life of such designated Beneficiary.

MARRIED MEMBERS - Except as otherwise provided below, (i) any married Member who
has terminated his Employment  shall receive a benefit  payable by purchase of a
single premium contract providing for a Qualified Joint and Survivor Annuity, as
defined  below,  and (ii) the  Surviving  Spouse of any married  Member who dies
prior to the date  payment  of his  benefit  commences  shall be  entitled  to a
Preretirement Survivor Annuity, as defined below. Notwithstanding the foregoing,
any such married Member may elect to receive his benefit in any other  available
form, and may waive the Preretirement  Survivor Annuity,  in accordance with the
spousal consent requirements described herein.

For  purposes  of this  Section  7.3,  the term  "Qualified  Joint and  Survivor
Annuity" means a benefit providing an annuity for the life of the Member, ending
with the payment due on the last day of the month  coinciding  with or preceding
the date of his death,  and, if the Member dies  leaving a Surviving  Spouse,  a
survivor  annuity for the life of such Surviving Spouse equal to one-half of the
annuity  payable  for the life of the  Member  under  his  Qualified  Joint  and
Survivor Annuity,  commencing on the last day of the month following the date of
the Member's death and ending with the payment due on the first day of the month
coinciding with or preceding the date of such Surviving Spouse's death.

For  purposes of this Section 7.3,  the term  "Preretirement  Survivor  Annuity"
means a benefit  providing for payment of 50% of the Member's Account balance as
of the  Valuation  Date  coinciding  with or  preceding  the date of his  death.
Payment  of a  Preretirement  Survivor  Annuity  shall  commence  in  the  month
following  the  month  in  which  the  Member  dies or as  soon  as  practicable
thereafter;  provided, however, that to the extent required by law, if the value
of the amount used to purchase a Preretirement  Survivor Annuity exceeds $3,500,
then payment of the  Preretirement  Survivor Annuity shall not commence prior to
the date the  Member  reached  (or would  have  reached,  had he  lived)  Normal
Retirement  Age without the written  consent of the Member's  Surviving  Spouse.
Absence of any  required  consent  will  result in a deferral  of payment of the
Preretirement  Survivor Annuity to the month following the month in which occurs
the earlier of (i) the

                                       44

<PAGE> 65

date the  required  consent is  received  by the TPA or (ii) the date the Member
would have reached Normal Retirement Age had he lived.

The TPA shall furnish or cause to be furnished,  to each married  Member with an
Account  subject to this Section 7.3,  explanations  of the Qualified  Joint and
Survivor  Annuity and  Preretirement  Survivor  Annuity.  A Member may, with the
written consent of his Spouse (unless the TPA makes a written  determination  in
accordance with the Code and the Regulations  that no such consent is required),
elect in writing (i) to receive his benefit in a single lump sum payment  within
the 90-day period ending on the date payment of his benefit commences;  and (ii)
to waive the  Preretirement  Survivor Annuity within the period beginning on the
first day of the Plan Year in which the Member  attains age 35 and ending on the
date of his death.  Any  election  made  pursuant  to this  Subparagraph  may be
revoked by a Member,  without  spousal  consent,  at any time within  which such
election  could have been made.  Such an election or revocation  must be made in
accordance with procedures developed by the TPA and shall be notarized.

Notwithstanding  anything to the contrary,  effective  for Plan Years  beginning
after  December  31,  1996,  the 90-day  period in which a Member may,  with the
written  consent of his  Spouse,  elect in writing to receive  his  benefit in a
single  lump sum  shall  not end  before  the 30th day  after  the date on which
explanations  of the  Qualified  Joint and  Survivor  Annuity and  Preretirement
Survivor Annuity are provided.  A Member may elect (with any applicable  spousal
consent) to waive any  requirement  that the written  explanation be provided at
least  30 days  before  the  annuity  starting  date  (or to  waive  the  30-day
requirement  under the preceding  sentence) if the  distribution  commences more
than seven days after such explanation is provided.

Notwithstanding  the  preceding  provisions  of this Section 7.3, any benefit of
$3,500,  subject to the limits of Article X, or less, shall be paid in cash in a
lump sum in full settlement of the Plan's liability therefor; provided, however,
that in the case of a married  Member,  no such lump sum  payment  shall be made
after benefits have  commenced  without the consent of the Member and his Spouse
or, if the Member has died, the Member's Surviving Spouse.  Furthermore,  if the
value of the benefit payable to a Member or his Surviving Spouse is greater than
$3,500 and the Member has or had not reached his Normal  Retirement Age, then to
the extent required by law, unless the Member (and, if the Member is married and
his  benefit is to be paid in a form other than a Qualified  Joint and  Survivor
Annuity,  his  Spouse,  or, if the Member was  married,  his  Surviving  Spouse)
consents in writing to an immediate  distribution  of such benefit,  his benefit
shall continue to be held in the Trust until a date following the earlier of (i)
the date of the TPA's receipt

                                       45

<PAGE> 66

of all  required  consents  or (ii) the date the  Member  reaches  his  earliest
possible  Normal  Retirement Age under the Plan (or would have reached such date
had he lived), and thereafter shall be paid in accordance with this Section 7.3.

Solely  to the  extent  required  under  applicable  law  and  regulations,  and
notwithstanding  any provisions of the Plan to the contrary that would otherwise
limit a Distributee's election under this Subparagraph, a Distributee may elect,
at the time and in the manner  prescribed  by the TPA, to have any portion of an
Eligible  Rollover  Distribution  paid directly to an Eligible  Retirement  Plan
specified  by the  Distributee  in a  Direct  Rollover.  For  purposes  of  this
Subparagraph, the following terms shall have the following meanings:

ELIGIBLE  ROLLOVER  DISTRIBUTION - Any distribution of all or any portion of the
balance to the  credit of the  Distributee,  except  that an  Eligible  Rollover
Distribution  does not  include:  any  distribution  that is one of a series  of
substantially  equal periodic  payments (not less frequently than annually) made
for the life (or life  expectancy)  of the  Distributee  or the joint  lives (or
joint life  expectancies)  of the Distributee and the  Distributee's  designated
Beneficiary, or for a specified period of ten years or more; any distribution to
the extent such  distribution  is required under Section  401(a)(9) of the Code;
and the  portion of any  distribution  that is not  includable  in gross  income
(determined without regard to the exclusion for net unrealized appreciation with
respect to employer securities).

Effective January 1, 2000, an Eligible Rollover  Distribution  excludes hardship
withdrawals  as  defined in  Section  401(k)(2)(B)(i)(IV)  of the Code which are
attributable to Member's  401(k)  deferrals  under Treasury  Regulation  Section
1.401(k)-1(d)(2)(ii).

ELIGIBLE RETIREMENT PLAN - An individual retirement account described in Section
408(a) of the Code, an individual retirement annuity described in Section 408(b)
of the Code,  an annuity  plan  described  in Section  403(a) of the Code,  or a
qualified  trust  described  in Section  401(a) of the Code,  that  accepts  the
Distributee's  Eligible  Rollover  Distribution.  However,  in  the  case  of an
Eligible Rollover  Distribution to a Surviving  Spouse,  an Eligible  Retirement
Plan is an individual retirement account or an individual retirement annuity.

DISTRIBUTEE  - A  Distributee  may be (i) an Employee,  (ii) a former  Employee,
(iii) an Employee's Surviving Spouse, (iv) a former Employee's Surviving Spouse,
(v) an  Employee's  Spouse or former  Spouse who is an  alternate  payee under a
qualified domestic relations order, as defined in Section 414(p) of the Code, or
(vi) a former Employee's Spouse or former Spouse who is an alternate payee under
a qualified  domestic relations order, as defined in Section 414(p) of the Code,
with respect to the interest of the Spouse or former Spouse.

                                       46

<PAGE> 67

DIRECT  ROLLOVER  - A  payment  by the  Plan  to the  Eligible  Retirement  Plan
specified by the Distributee.

SECTION 7.4     DISTRIBUTIONS DUE TO DISABILITY
                -------------------------------

A Member who is separated  from  Employment  by reason of a disability  which is
expected  to last in  excess of 12  consecutive  months  and who is  either  (i)
eligible for, or is receiving,  disability  insurance benefits under the Federal
Social Security Act or (ii) approved for disability  under the provisions of any
other benefit  program or policy  maintained  by the  Employer,  which policy or
program is applied on a uniform and nondiscriminatory  basis to all Employees of
the Employer, shall be deemed to be disabled for all purposes under the Plan.

The  Plan  Administrator  shall  determine  whether  a  Member  is  disabled  in
accordance  with the terms of the  immediately  preceding  paragraph;  provided,
however,  approval  of  Disability  is  conditioned  upon  notice  to  the  Plan
Administrator  of such  Member's  Disability  within 13  months of the  Member's
separation  from   Employment.   The  notice  of  Disability   shall  include  a
certification that the Member meets one or more of the criteria listed above.

Upon  determination  of  Disability,  a Member may  withdraw  his total  Account
balance under the Plan and have such amounts paid to him in accordance  with the
applicable  provisions of this Article VII, as designated by the Employer.  If a
disabled  Member becomes  reemployed  subsequent to withdrawal of some or all of
his Account  balance,  such Member may not repay to the Plan any such  withdrawn
amounts.

SECTION 7.5     DISTRIBUTIONS DUE TO DEATH
                --------------------------

Subject to the  provisions of Section 7.3 above,  if a married  Member dies, his
Spouse,  as Beneficiary,  will receive a death benefit equal to the value of the
Member's Account determined on the Valuation Date on or next following the TPA's
receipt  of notice  that  such  Member  died;  provided,  however,  that if such
Member's  Spouse had  consented  in writing to the  designation  of a  different
Beneficiary,  the Member's Account will be paid to such designated  Beneficiary.
Such nonspousal designation may be revoked by the Member without spousal consent
at any time prior to the Member's death. If a Member is not mar ried at the time
of his death, his Account will be paid to his designated  Beneficiary.  A Member
may elect that upon his death,  his  Beneficiary,  pursuant to this Section 7.5,
may receive,  in lieu of any lump sum payment,  payment in 5 annual installments
(10 if the Spouse is the Beneficiary,  provided that the Spouse's remaining life
expectancy  is at least 10 years)  whereby  the value of 1/5th of such  Member's
Units (or 1/10th in the case of a

                                       47

<PAGE> 68

spousal Beneficiary,  provided that the Spouse's remaining life expectancy is at
least  10  years)  in each  available  Investment  Fund  will be  determined  in
accordance  with the Unit values on the Valuation  Date on or next following the
TPA's receipt of notice of the Member's  death and on each  anniversary  of such
Valuation Date. Payment will be made as soon as practicable after each Valuation
Date until the Member's Account is exhausted.  Such election may be filed at any
time  with the Plan  Administrator  prior to the  Member's  death and may not be
changed or revoked  after such  Member's  death.  If such an  election is not in
effect at the time of the Member's death, his Beneficiary (including any spousal
Beneficiary) may elect to receive distributions in accordance with this Article,
except that any balance  remaining  in the  deceased  Member's  Account  must be
distributed on or before the December 31 of the calendar year which contains the
5th  anniversary  (the 10th  anniversary  in the case of a spousal  Beneficiary,
provided that the Spouse's  remaining  life  expectancy is at least 10 years) of
the Member's death. Notwithstanding the foregoing, payment of a Member's Account
shall  commence not later than the December 31 of the calendar year  immediately
following  the  calendar  year in which the  Member  died or, in the event  such
Beneficiary is the Member's  Surviving  Spouse,  on or before the December 31 of
the calendar  year in which such Member would have attained age 70 1/2, if later
(or, in either case, on any later date prescribed by the IRS  Regulations).  If,
upon the  Spouse's  or  Beneficiary's  death,  there is still a  balance  in the
Account,  the value of the  remaining  Units  will be paid in a lump sum to such
Spouse's or Beneficiary's estate.

SECTION 7.6     MINIMUM REQUIRED DISTRIBUTIONS
                ------------------------------

Effective  as of  January  1, 1997,  payment  of a  Member's  Account  shall not
commence  later than April 1 of the calendar year following the later of (i) the
calendar  year in which the Member  attains age 70 1/2 or (ii) the calendar year
in which the  Member  retires;  provided  however,  if the Member is a 5 percent
owner (as described in section 416(i) of the Code),  at any time during the Plan
Year ending with or within the calendar  year in which the Employee  attains age
70 1/2, any benefit  payable to such Member shall commence no later than April 1
of the calendar year following the calendar year in which the Member attains age
70 1/2. Such benefit shall be paid, in accordance with the  Regulations,  over a
period not  extending  beyond the life  expectancy  of such Member (or the joint
life expectancy of the Member and his designated  Beneficiary).  For purposes of
this Section,  life  expectancy of a Member and/or a Member's  spouse may at the
election  of  the  Member  be  recalculated  annually  in  accordance  with  the
Regulations.  The election, once made, shall be irrevocable.  If the Member does
not make an  election  prior to the time  that  distributions  are  required  to
commence, then life expectancies shall not be recalculated.

                                       48

<PAGE> 69

Notwithstanding  anything  in the Plan to the  contrary,  if a Member dies after
distribution of his interest has begun,  the remaining  portion of such interest
will  continue  to be  distributed  at least as  rapidly  as under the method of
distribution being used prior to the Member's death. In addition,  to the extent
any payments from the Member's  Account would be made after the Member's  death,
such payments shall be made in accordance with Section 401(a)(9) of the Code and
the IRS Regulations  thereunder  (including the minimum distribution  incidental
benefit requirements).

                                       49

<PAGE> 70

                                  ARTICLE VIII
                                  LOAN PROGRAM

SECTION 8.1     GENERAL PROVISIONS
                ------------------

An Employer may, at its option, make available the loan program described herein
for any Member  (and,  if  applicable  under  Section 8.8 of this  Article,  any
Beneficiary),  subject to  applicable  law. The Employer  shall so designate its
adoption of the loan program and the terms and  provisions  of its  operation in
the Adoption  Agreement.  There shall be a reasonable  origination fee and/or an
annual administration fee assessed to the Member's Account for each loan made to
a Member or  Beneficiary.  In the event that the Employer has elected to provide
an annuity option under Article VII or amounts are  transferred to the Plan from
a retirement  plan subject to Section  401(a)(11)  of the Code,  no loans may be
made from a  married  Member's  Account  without  the  written  consent  of such
Member's  Spouse (in accordance  with the spousal  consent rules set forth under
Section 7.3).  In the event the Employer  elects to permit loans to be made from
rollover  contributions  and earnings  thereon,  as  designated  in the Adoption
Agreement,  loans shall be available  from the Accounts of any  Employees of the
Employer who have not yet become Members.  Only one loan may be made to a Member
in the Plan Year, except that if an Employer provides in the Adoption  Agreement
to make loans available from Employee  rollover  contributions  and the earnings
thereon, a Member will be permitted to request a second loan in the Plan Year to
the extent of Employee  rollover  contributions  and earnings thereon subject to
any other limitations provided under this Article.

The Employer  may elect,  in the  Adoption  Agreement,  to make the loan program
available  only in the event of hardship  or  financial  necessity.  Hardship or
financial  necessity  is defined as a  significant  health  expense or a loss of
income due to  illness or  disability  incurred  by a Member,  or the death of a
Member  or an  immediate  family  member  of a  Member.  Hardship  or  financial
necessary also includes the purchase of a Member's  principal place of residence
as well as paying  for a college  education  (including  graduate  studies)  for
either a Member or a Member's dependents.

SECTION 8.2     LOAN APPLICATION
                ----------------

Subject to the restrictions  described in the paragraph immediately following, a
Member in  Employment  may  borrow  from his  Account  in each of the  available
Investment  Funds by filing a loan  application  with the TPA. Such  application
(hereinafter referred to as a

                                       50

<PAGE> 71

"completed  application") shall (i) specify the terms pursuant to which the loan
is requested to be made and (ii) provide such  information and  documentation as
the TPA shall require, including a note, duly executed by the Member, granting a
security  interest of an amount not greater than 50% of his vested  Account,  to
secure the loan. With respect to such Member,  the completed  application  shall
authorize the repayment of the loan through payroll  deductions.  Such loan will
become  effective upon the Valuation Date  coinciding with or next following the
date on which his  completed  application  and  other  required  documents  were
submitted,  subject  to the same  conditions  with  respect  to the amount to be
transferred  under this Section which are specified in the Plan  procedures  for
determining the amount of payments made under Article VII of the Plan.

The Employer  shall  establish  standards in accordance  with the Code and ERISA
which shall be uniformly applicable to all Members eligible to borrow from their
interests  in the Trust  Fund  similarly  situated  and shall  govern  the TPA's
approval or disapproval of completed applications. The terms for each loan shall
be set solely in accordance with such standards.

The TPA shall, in accordance with the established standards,  review and approve
or disapprove a completed  application as soon as practicable  after its receipt
thereof,  and shall  promptly  notify the  applying  Member of such  approval or
disapproval.  Notwithstanding  the foregoing,  the TPA may defer its review of a
completed application,  or defer payment of the proceeds of an approved loan, if
the proceeds of the loan would otherwise be paid during the period commencing on
December 1 and ending on the following January 31.

Subject to the preceding paragraph and Section 8.6, upon approval of a completed
application,  the TPA  shall  cause  payment  of the  loan to be made  from  the
available  Investment Fund(s) in the same proportion that the designated portion
of the  Member's  Account is invested at the time of the loan,  and the relevant
portion of the Member's  interest in such Investment  Fund(s) shall be cancelled
and  shall  be  transferred  in  cash to the  Member.  The  TPA  shall  maintain
sufficient  records  regarding  such amounts to permit an accurate  crediting of
repayments of the loan.

Notwithstanding  any  provision  of this  Article  VIII to the  contrary,  if an
Employer has elected in the Adoption  Agreement to condition  loans based upon a
Member's demonstrated  hardship or financial necessity,  the Plan Administrator,
in a uniform and nondiscriminatory  manner, shall determine whether a Member has
incurred a hardship or financial  necessity  following  the Member filing a loan
application with the TPA.

                                       51

<PAGE> 72

SECTION 8.3     PERMITTED LOAN AMOUNT
                ---------------------

The amount of each loan may not be less than  $1,000  nor more than the  maximum
amount as described  below. The maximum amount available for loan under the Plan
(when added to the  outstanding  balance of all other loans from the Plan to the
borrowing  Member)  shall not exceed the lesser of: (a)  $50,000  reduced by the
excess (if any) of (i) the highest outstanding loan balance  attributable to the
Account  of the Member  requesting  the loan from the Plan  during the  one-year
period  ending  on the  day  preceding  the  date of the  loan,  over  (ii)  the
outstanding  balance of all other  loans from the Plan to the Member on the date
of the  loan,  or (b) 50% of the value of the  Member's  vested  portion  of his
Account as of the Valuation  Date on or next following the date on which the TPA
receives  the  completed  application  for  the  loan  and  all  other  required
documents.  In  determining  the maximum  amount  that a Member may borrow,  all
vested assets of his Account will be taken into  consideration,  provided  that,
where the Employer has not elected to make a Member's  entire Account  available
for loans,  in no event  shall the  amount of the loan  exceed the value of such
vested portion of the Member's Account from which loans are permissible.

SECTION 8.4     SOURCE OF FUNDS FOR LOAN
                ------------------------

The  amount  of the loan  will be  deducted  from the  Member's  Account  in the
available  Investment  Funds in accordance  with Section 8.2 of this Article and
the Plan  procedures for  determining  the amount of payments made under Article
VII. Loans shall be deemed to come (to the extent the Employer  permits  Members
to take loans from one or more of the portions of their Accounts,  as designated
in the Adoption Agreement):

o    First from the vested Employer profit sharing  contributions  plus earnings
     thereon.

o    Next from the Employer qualified nonelective  contributions  plus  earnings
     thereon.

o    Next from the Member's 401(k) deferrals plus earnings thereon.

o    Next  from  the  Member's  safe  harbor  CODA  contributions  plus earnings
     thereon.

o    Next from the vested Employer basic contributions plus earnings thereon.

o    Next from  the vested Employer  supplemental  contributions  plus  earnings
     thereon.

o    Next from the vested Employer matching contributions plus earnings thereon.

o    Next from the Member's rollover contributions plus earnings thereon.

                                       52

<PAGE> 73

o    Next from the Member's after-tax  contributions made after December 31,1986
     plus earnings on all of the Member's after-tax contributions.

o    Next from the Member's after-tax contributions made prior to January 1,
     1987.

SECTION 8.5     CONDITIONS OF LOAN
                ------------------

Each loan to a Member  under the Plan shall be repaid in level  monthly  amounts
through  regular  payroll  deductions  after the effective date of the loan, and
continuing  thereafter  with each payroll.  Except as otherwise  required by the
Code and the IRS  Regulations,  each loan shall have a  repayment  period of not
less than 12 months  and not in excess of 60 months,  unless the  purpose of the
loan is for the purchase of a primary  residence,  in which case the loan may be
for not more than 180  months.  After the first 3 monthly  payments  of the loan
have been satisfied,  the Member may pay the outstanding loan balance (including
accrued interest from the due date).

The rate of interest for the term of the loan will be established as of the loan
date,  and will be the  Barron's  Prime Rate (base rate) plus 1% as published on
the last Saturday of the preceding  month, or such other rate as may be required
by applicable law and  determined by reference to the  prevailing  interest rate
charged by commercial lenders under similar  circumstances.  The applicable rate
would then be in effect through the last business day of the month.

Repayment  of all loans  under the Plan shall be secured by 50% of the  Member's
vested interest in his Account, determined as of the origination of such loan.

SECTION 8.6     CREDITING OF REPAYMENT
                ----------------------

Upon lending any amount to a Member, the TPA shall establish and maintain a loan
receivable  account  with  respect  to,  and for the  term  of,  the  loan.  The
allocations  described  in this Section  shall be made from the loan  receivable
account.  Upon receipt of each  monthly  installment  payment and the  crediting
thereof to the Member's loan receivable account, there shall be allocated to the
Member's Account in the available  Investment Funds, in accordance with his most
recent investment instructions, the principal portion of the installment payment
plus that portion of the interest equal to the rate determined in Section 8.5 of
this Article. The unpaid balance owed by a Member on a loan under the Plan shall
not reduce the amount credited to his Account. However, from the time of payment
of the  proceeds  of the  loan to the  Member,  such  Account  shall  be  deemed
invested,  to the extent of such unpaid balance, in such loan until the complete
repayment

                                       53

<PAGE> 74

thereof or  distribution  from such Account.  Any loan repayment  shall first be
deemed  allocable  to the  portions  of the  Member's  Account on the basis of a
reverse  ordering of the manner in which the loan was originally  distributed to
the Member.

SECTION 8.7     CESSATION OF PAYMENTS ON LOAN
                -----------------------------

If a Member,  while employed,  fails to make a monthly  installment payment when
due, as specified in the completed  application,  subject to applicable  law, he
will be deemed to have received a distribution of the outstanding balance of the
loan. If such default occurs after the first 3 monthly payments of the loan have
been satisfied,  the Member may pay the outstanding  balance,  including accrued
interest  from the due date, by the last day of the calendar  quarter  following
the calendar quarter which contains the due date of the last monthly installment
payment,  in which case no such  distribution  will be deemed to have  occurred.
Subject to applicable law,  notwithstanding the foregoing, a Member that borrows
any of his 401(k) deferrals and any of the earnings attributable thereto may not
cease to make monthly installment payments while employed and receiving a Salary
from the Employer.

Except as provided below,  upon a Member's  termination of Employment,  death or
Disability,  or the  Employer's  termination  of the Plan,  no  further  monthly
installment  payments may be made.  Unless the  outstanding  balance,  including
accrued  interest  from the due  date,  is paid by the last day of the  calendar
quarter  following  the  calendar  quarter  which  contains  the  date  of  such
occurrence,  the Member will be deemed to have  received a  distribution  of the
outstanding balance of the loan including accrued interest from the due date.

SECTION 8.8     LOANS TO FORMER MEMBERS
                -----------------------

Notwithstanding  any  other  provisions  of this  Article  VIII,  a  member  who
terminates  Employment  for any reason  shall be  permitted  to continue  making
scheduled repayments with respect to any loan balance outstanding at the time he
becomes a terminated Member. In addition, a terminated Member or Beneficiary may
elect  to  initiate  a new loan  from his  Account,  subject  to the  conditions
otherwise described in this Article VIII. If any terminated Member who continues
to make repayments or any terminated  Member or Beneficiary who borrows from his
Account  pursuant  to  this  Section  8.8  fails  to  make a  scheduled  monthly
installment  payment  by the  last day of the  calendar  quarter  following  the
calendar quarter which contains the scheduled payment date, he will be deemed to
have received a distribution of the outstanding balance of the loan.

                                       54

<PAGE> 75

                                   ARTICLE IX

            ADMINISTRATION OF PLAN AND ALLOCATION OF RESPONSIBILITIES

SECTION 9.1     FIDUCIARIES
                -----------

The following persons are Fiduciaries under the Plan.

a)  The Trustee,

b)  The Employer,

c)  The  Plan Administrator or  committee, appointed by the Employer pursuant to
    this Article IX of the Plan and  designated as the "Named  Fiduciary" of the
    Plan and the Plan Administrator, and

d)  Any Investment Manager appointed by the Employer as provided in Section 9.4.

Each of said Fiduciaries shall be bonded to the extent required by ERISA.

The TPA is not intended to have the  authority or  responsibilities  which would
cause it to be  considered  a Fiduciary  with respect to the Plan unless the TPA
otherwise  agrees to accept  such  authority  or  responsibilities  in a service
agreement or otherwise in writing.

SECTION 9.2     ALLOCATION OF RESPONSIBILITIES AMONG THE FIDUCIARIES
                ----------------------------------------------------

a)  The Trustee
    -----------

    The Employer shall enter into one or more Trust Agreements with a Trustee or
    Trustees  selected by the  Employer.  The Trust  established  under any such
    agreement  shall be a part of the  Plan and  shall  provide  that all  funds
    received  by the  Trustee  as  contributions  under the Plan and the  income
    therefrom  (other than such part as is  necessary  to pay the  expenses  and
    charges  referred to in Paragraph (b) of this Section)  shall be held in the
    Trust Fund for the exclusive benefit of the Members or their  Beneficiaries,
    and  managed,  invested and  reinvested  and  distributed  by the Trustee in
    accordance  with the Plan.  Sums received for investment may be invested (i)
    wholly or partly through the medium of any common,  collective or commingled
    trust fund maintained by a bank or other financial  institution and which is
    qualified  under  Sections  401(a) and 501(a) of the Code and  constitutes a
    part of the  Plan;  (ii)  wholly  or partly  through  the  medium of a group
    annuity  or other  type of  contract  issued  by an  insurance  company  and
    constituting  a part of the Plan,  and  utilizing,  under any such contract,
    general, commingled or individual investment accounts; or (iii) wholly or

                                       55

<PAGE> 76

    partly in securities  issued by an investment  company  registered under the
    Investment Company Act of 1940. Subject to the provisions of Article XI, the
    Employer  may from time to time and  without  the  consent  of any Member or
    Beneficiary (a) amend the Trust Agreement or any such insurance  contract in
    such manner as the Employer may deem necessary or desirable to carry out the
    Plan,  (b) remove the Trustee and  designate a successor  Trustee  upon such
    removal or upon the  resignation  of the  Trustee,  and (c)  provide  for an
    alternate  funding  agency under the Plan.  The Trustee  shall make payments
    under the Plan only to the extent,  in the  amounts,  in the manner,  at the
    time,  and to the  persons  as  shall  from  time to time be set  forth  and
    designated in written authorizations from the Plan Administrator or TPA.

    The Trustee shall from time to time charge  against and pay out of the Trust
    Fund taxes of any and all kinds whatsoever which are levied or assessed upon
    or become  payable  in respect  of such  Fund,  the  income or any  property
    forming a part thereof, or any security  transaction  pertaining thereto. To
    the extent not paid by the Employer,  the Trustee shall also charge  against
    and pay out of the Trust Fund other expenses  incurred by the Trustee in the
    performance of its duties under the Trust, the expenses  incurred by the TPA
    in the  performance  of its  duties  under  the Plan  (including  reasonable
    compensation  for agents  and cost of  services  rendered  in respect of the
    Plan),  such  compensation of the Trustee as may be agreed upon from time to
    time between the Employer and the Trustee,  and all other proper charges and
    disbursements of the Trustee, the Employer, or the Plan Administrator.

b)  The Employer
    ------------

    The Employer shall be responsible for all functions  assigned or reserved to
    it under the Plan and any related Trust Agreement. Any authority so assigned
    or reserved to the  Employer,  other than  responsibilities  assigned to the
    Plan Administrator, shall be exercised by resolution of the Employer's Board
    of  Directors  and shall become  effective  with respect to the Trustee upon
    written notice to the Trustee signed by the duly  authorized  officer of the
    Board advising the Trustee of such exercise.  By way of illustration and not
    by limitation, the Employer shall have authority and responsibility:

    (1)   to amend the Plan;

    (2)   to  merge  and  consolidate the Plan with all or part of the assets or
          liabilities of any other plan;

                                       56

<PAGE> 77

    (3)   to  appoint, remove and replace the Trustee and the Plan Administrator
          and to monitor their performances;

    (4)   to  appoint, remove and replace one or more Investment Managers, or to
          refrain from such appointments, and to monitor their performances;

    (5)   to  communicate  such  information  to  the  Plan  Administrator, TPA,
          Trustee  and  Investment  Managers  as they may  need  for the  proper
          performance of their duties; and

    (6)   to perform such additional duties as are imposed by law.

    Whenever,  under  the terms of this  Plan,  the  Employer  is  permitted  or
    required  to do or perform  any act,  it shall be done and  performed  by an
    officer thereunto duly authorized by its Board of Directors.

c)  The Plan Administrator
    ----------------------

    The Plan Administrator shall have responsibility and discretionary authority
    to control the operation and  administration  of the Plan in accordance with
    the provisions of Article IX of the Plan, including,  without limiting,  the
    generality of the foregoing:

    (1)   the  determination  of  eligibility  for  benefits  and the amount and
          certification thereof to the Trustee;

    (2)   the hiring of persons to provide necessary services to the Plan;

    (3)   the  issuance  of  directions  to  the Trustee to pay any fees, taxes,
          charges or other costs  incidental to the operation and  management of
          the Plan;

    (4)   the  preparation  and  filing of all reports required to be filed with
          respect to the Plan with any governmental agency; and

    (5)   the  compliance  with  all disclosure requirements imposed by state or
          federal law.

                                       57

<PAGE> 78

d)  The Investment Manager
    ----------------------

    Any  Investment  Manager  appointed  pursuant to Section 9.4 shall have sole
    responsibility  for the investment of the portion of the assets of the Trust
    Fund to be managed and controlled by such Investment  Manager. An Investment
    Manager may place orders for the purchase  and sale of  securities  directly
    with brokers and dealers.

SECTION 9.3     NO JOINT FIDUCIARY RESPONSIBILITIES
                -----------------------------------

This  Article IX is  intended  to  allocate  to each  Fiduciary  the  individual
responsibility  for the prudent execution of the functions  assigned to him, and
none of such responsibilities or any other  responsibilities  shall be shared by
two or more of such  Fiduciaries  unless such  sharing is provided by a specific
provision of the Plan or any related Trust Agreement.  Whenever one Fiduciary is
required to follow the  directions  of another  Fiduciary,  the two  Fiduciaries
shall  not be  deemed to have been  assigned  a shared  responsibility,  but the
responsibility  of the Fiduciary  giving the directions shall be deemed his sole
responsibility,   and  the  responsibility  of  the  Fiduciary  receiving  those
directions  shall be to follow them  insofar as such  instructions  are on their
face proper under applicable law. To the extent that fiduciary  responsibilities
are allocated to an Investment Manager,  such  responsibilities are so allocated
solely to such  Investment  Manager  alone,  to be exercised by such  Investment
Manager alone and not in conjunction with any other  Fiduciary,  and the Trustee
shall be under no  obligation  to manage  any asset of the Trust  Fund  which is
subject to the management of such Investment Manager.

SECTION 9.4     INVESTMENT MANAGER
                ------------------

The  Employer may appoint a qualified  Investment  Manager or Managers to manage
any portion or all of the assets of the Trust Fund. For the purpose of this Plan
and the related  Trust,  a "qualified  Investment  Manager" means an individual,
firm or  corporation  who has  been so  appointed  by the  Employer  to serve as
Investment Manager hereunder, and who is and has acknowledged in writing that he
is (a) a Fiduciary  with  respect to the Plan,  (b) bonded as required by ERISA,
and (c) either (i)  registered  as an investment  advisor  under the  Investment
Advisors Act of 1940,  (ii) a bank as defined in said Act, or (iii) an insurance
company qualified to perform  investment  management  services under the laws of
more than one state of the United States.

Any  such  appointment  shall  be by a vote of the  Board  of  Directors  of the
Employer naming the Investment  Manager so appointed and designating the portion
of the assets of the Trust Fund to be managed and controlled by such  Investment
Manager. Said vote shall be

                                       58

<PAGE> 79

evidenced by a certificate in writing signed by the duly  authorized  officer of
the Board and shall become  effective on the date specified in such  certificate
but not before delivery to the Trustee of a copy of such  certificate,  together
with a written  acknowledgment by such Investment Manager of the facts specified
in the second sentence of this Section.

SECTION 9.5     ADVISOR TO FIDUCIARY
                --------------------

A  Fiduciary  may employ one or more  persons to render  advice  concerning  any
responsibility such Fiduciary has under the Plan and related Trust Agreement.

SECTION 9.6     SERVICE IN MULTIPLE CAPACITIES
                ------------------------------

Any person or group of  persons  may serve in more than one  fiduciary  capacity
with  respect  to  the  Plan,   specifically  including  service  both  as  Plan
Administrator and as a Trustee of the Trust;  provided,  however, that no person
may serve in a fiduciary  capacity who is precluded from so serving  pursuant to
Section 411 of ERISA.

SECTION 9.7     APPOINTMENT OF PLAN ADMINISTRATOR
                ---------------------------------

The Employer shall designate the Plan  Administrator in the Adoption  Agreement.
The  Plan  Administrator  may be an  individual,  a  committee  of  two or  more
individuals,  whether or not, in either such case, the individual or any of such
individuals  are  Employees  of  the  Employer,   a  consulting  firm  or  other
independent agent, the Trustee (with its consent), the Board of the Employer, or
the Employer itself. Except as the Employer shall otherwise expressly determine,
the Plan  Administrator  shall be charged with the full power and responsibility
for administering the Plan in all its details. If no Plan Administrator has been
appointed by the Employer,  or if the person designated as Plan Administrator is
not serving as such for any reason,  the Employer shall be deemed to be the Plan
Administrator.  The Plan  Administrator  may be removed by the  Employer  or may
resign  by  giving  written  notice to the  Employer,  and,  in the event of the
removal,  resignation,  death  or  other  termination  of  service  of the  Plan
Administrator,  the  Employer  shall,  as  soon  as is  practicable,  appoint  a
successor  Plan  Administrator,  such  successor  thereafter  to have all of the
rights,   privileges,   duties  and   obligations   of  the   predecessor   Plan
Administrator.

SECTION 9.8     POWERS OF THE PLAN ADMINISTRATOR
                --------------------------------

The Plan Administrator is hereby vested with all powers and authority  necessary
in order

                                       59

<PAGE> 80

to  carry  out  its  duties  and   responsibilities   in  connection   with  the
administration  of the Plan as herein  provided,  and is authorized to make such
rules and  regulations  as it may deem  necessary to carry out the provisions of
the Plan and the Trust Agreement.  The Plan  Administrator may from time to time
appoint agents to perform such functions  involved in the  administration of the
Plan  as  it  may  deem  advisable.   The  Plan  Administrator  shall  have  the
discretionary   authority   to   determine   any   questions   arising   in  the
administration,  interpretation  and  application  of the  Plan,  including  any
questions  submitted  by the  Trustee on a matter  necessary  for it to properly
discharge  its  duties;  and the  decision  of the Plan  Administrator  shall be
conclusive and binding on all persons.

SECTION 9.9     DUTIES OF THE PLAN ADMINISTRATOR
                --------------------------------

The Plan  Administrator  shall  keep on file a copy of the  Plan  and the  Trust
Agreement(s), including any subsequent amendments, and all annual reports of the
Trustee(s),  and  such  annual  reports  or  registration  statements  as may be
required  by  the  laws  of  the  United  States,  or  other  jurisdiction,  for
examination  by Members  in the Plan  during  reasonable  business  hours.  Upon
request by any Member, the Plan Administrator shall furnish him with a statement
of his interest in the Plan as  determined by the Plan  Administrator  as of the
close of the preceding Plan Year.

SECTION 9.10    ACTION BY THE PLAN ADMINISTRATOR
                --------------------------------

In the event that there shall at any time be two or more persons who  constitute
the Plan  Administrator,  such persons  shall act by  concurrence  of a majority
thereof.

SECTION 9.11    DISCRETIONARY ACTION
                --------------------

Wherever, under the provisions of this Plan, the Plan Administrator is given any
discretionary  power or powers,  such power or powers  shall not be exercised in
such manner as to cause any discrimination prohibited by the Code in favor of or
against any Member,  Employee or class of Employees.  Any  discretionary  action
taken by the Plan  Administrator  hereunder  shall be consistent  with any prior
discretionary action taken by it under similar circumstances and to this end the
Plan Administrator  shall keep a record of all discretionary  action taken by it
under any provision hereof.

SECTION 9.12    COMPENSATION AND EXPENSES OF PLAN ADMINISTRATOR
                -----------------------------------------------

Employees of the Employer shall serve without compensation for services as  Plan

                                       60

<PAGE> 81

Administrator,  but all expenses of the Plan Administrator  shall be paid by the
Employer or in  accordance  with Section 9.2.  Such  expenses  shall include any
expenses incidental to the functioning of the Plan,  including,  but not limited
to,  attorney's  fees,  accounting  and  clerical  charges,  and other  costs of
administering  the Plan.  Non-Employee  Plan  Administrators  shall receive such
compensation as the Employer shall determine.

SECTION 9.13    RELIANCE ON OTHERS
                ------------------

The Plan  Administrator  and the  Employer  shall be  entitled  to rely upon all
valuations,  certificates  and reports  furnished  by the  Trustee(s),  upon all
certificates  and reports made by an accountant or actuary  selected by the Plan
Administrator  and approved by the  Employer and upon all opinions  given by any
legal counsel selected by the Plan  Administrator  and approved by the Employer,
and the Plan  Administrator and the Employer shall be fully protected in respect
of any action  taken or  suffered  by them in good faith in  reliance  upon such
Trustee(s),  accountant,  actuary or counsel and all action so taken or suffered
shall be conclusive upon each of them and upon all Members, retired Members, and
Former Members and their Beneficiaries, and all other persons.

SECTION 9.14    SELF INTEREST
                -------------

No person who is the Plan Administrator  shall have any right to decide upon any
matter  relating solely to himself or to any of his rights or benefits under the
Plan.  Any such  decision  shall be made by another  Plan  Administrator  or the
Employer.

SECTION 9.15    PERSONAL LIABILITY - INDEMNIFICATION
                ------------------------------------

The  Plan  Administrator  shall  not  be  personally  liable  by  virtue  of any
instrument executed by him or on his behalf. Neither the Plan Administrator, the
Employer,  nor any of its officers or directors  shall be personally  liable for
any action or inaction with respect to any duty or  responsibility  imposed upon
such  person  by the  terms  of the Plan  unless  such  action  or  inaction  is
judicially  determined to be a breach of that person's fiduciary  responsibility
with respect to the Plan under any applicable  law. The limitation  contained in
the  preceding  sentence  shall not,  however,  prevent or preclude a compromise
settlement of any controversy  involving the Plan, the Plan  Administrator,  the
Employer,  or any of its officers and directors.  The Employer may advance money
in connection with questions of liability prior to any final  determination of a
question of liability.  Any  settlement  made under this Article IX shall not be
determinative of any breach of fiduciary duty hereunder.

                                       61

<PAGE> 82

The Employer  will  indemnify  every person who is or was a Plan  Administrator,
officer  or  member  of the  Board or a person  who  provides  services  without
compensation  to the  Plan  for any  liability  (including  reasonable  costs of
defense and settlement)  arising by reason of any act or omission  affecting the
Plan or  affecting  the  Member or  Beneficiaries  thereof,  including,  without
limitation,  any damages, civil penalty or excise tax imposed pursuant to ERISA;
provided (1) that the act or omission  shall have  occurred in the course of the
person's service as Plan Administrator, officer of the Employer or member of the
Board or was within the scope of the  Employment of any Employee of the Employer
or in connection with a service provided  without  compensation to the Plan, (2)
that the act or omission be in good faith as determined  by the Employer,  whose
determination,  made in good faith and not arbitrarily or capriciously, shall be
conclusive,  and (3) that the Employer's obligation hereunder shall be offset to
the  extent  of any  otherwise  applicable  insurance  coverage,  under a policy
maintained  by  the  Employer,   or  any  other  person,   or  other  source  of
indemnification.

SECTION 9.16    INSURANCE
                ---------

The Plan  Administrator  shall have the right to purchase  such  insurance as it
deems  necessary to protect the Plan and the Trustee from loss due to any breach
of fiduciary  responsibility  by any person.  Any premiums due on such insurance
may be paid from Plan assets  provided that, if such premiums are so paid,  such
policy of insurance must permit  recourse by the insurer  against the person who
breaches his fiduciary responsibility.  Nothing in this Article IX shall prevent
the Plan  Administrator  or the  Employer,  at its, or his,  own  expense,  from
providing insurance to any person to cover potential liability of that person as
a result of a breach of fiduciary  responsibility,  nor shall any  provisions of
the Plan preclude the Employer from  purchasing  from any insurance  company the
right of recourse under any policy by such insurance company.

SECTION 9.17    CLAIMS PROCEDURES
                -----------------

Claims for benefits under the Plan shall be filed with the Plan Administrator on
forms  supplied by the Employer.  Written  notice of the  disposition of a claim
shall be furnished to the claimant within 90 days after the application  thereof
is  filed  unless  special  circumstances  require  an  extension  of  time  for
processing the claim.  If such an extension of time is required,  written notice
of the extension  shall be furnished to the claimant prior to the termination of
said 90-day  period,  and such notice shall  indicate the special  circumstances
which make the postponement appropriate.

                                       62

<PAGE> 83

SECTION 9.18    CLAIMS REVIEW PROCEDURES
                ------------------------

In the event a claim is denied, the reasons for the denial shall be specifically
set forth in the notice described in this Section 9.18 in language calculated to
be understood by the claimant.  Pertinent provisions of the Plan shall be cited,
and,  where  appropriate,  an  explanation  as to how the  claimant  can request
further consideration and review of the claim will be provided. In addition, the
claimant  shall be furnished  with an  explanation  of the Plan's  claims review
procedures.  Any Employee,  former Employee,  or Beneficiary of either,  who has
been  denied a benefit  by a  decision  of the Plan  Administrator  pursuant  to
Section 9.17 shall be entitled to request the Plan Administrator to give further
consideration  to his claim by  filing  with the Plan  Administrator  (on a form
which may be obtained from the Plan Administrator) a request for a hearing. Such
request,  together  with a written  statement  of the reasons  why the  claimant
believes his claim should be allowed, shall be filed with the Plan Administrator
no later than 60 days after receipt of the written notification  provided for in
Section 9.17.  The Plan  Administrator  shall then conduct a hearing  within the
next 60 days,  at which the  claimant may be  represented  by an attorney or any
other  representative  of his choosing  and at which the claimant  shall have an
opportunity  to submit written and oral evidence and arguments in support of his
claim.  At the hearing (or prior thereto upon 5 business days' written notice to
the Plan  Administrator),  the  claimant  or his  representative  shall  have an
opportunity to review all documents in the possession of the Plan  Administrator
which  are  pertinent  to the  claim  at  issue  and its  disallowance.  A final
disposition of the claim shall be made by the Plan Administrator  within 60 days
of receipt of the appeal unless there has been an extension of 60 days and shall
be communicated in writing to the claimant.  Such communication shall be written
in a manner  calculated  to be  understood  by the  claimant  and shall  include
specific  reasons for the disposition  and specific  references to the pertinent
Plan  provisions on which the  disposition is based.  For all purposes under the
Plan,  such decision on claims  (where no review is  requested)  and decision on
review (where review is requested) shall be final, binding and conclusive on all
interested persons as to participation and benefits  eligibility,  the amount of
benefits  and as to any other matter of fact or  interpretation  relating to the
Plan.

                                       63

<PAGE> 84

                                    ARTICLE X
                            MISCELLANEOUS PROVISIONS

SECTION 10.1    GENERAL LIMITATIONS
                -------------------

(A)   In  order  that the Plan be maintained as a qualified plan and trust under
      the Code,  contributions  in respect  of a Member  shall be subject to the
      limitations set forth in this Section, notwithstanding any other provision
      of the Plan.  The  contributions  in  respect  of a Member  to which  this
      Section is applicable are his own  contributions  and/or deferrals and the
      Employer's contributions.

      For  purposes of this  Section  10.1,  a Member's  contributions  shall be
      determined  without  regard to any rollover  contributions  as provided in
      Section 402(a)(5) of the Code.

(B)   Annual additions to a Member's Account in respect of any Plan Year may not
      exceed the  limitations  set forth in Section  415 of the Code,  which are
      incorporated  herein by reference.  For these purposes, "annual additions"
      shall have the  meaning  set forth in Section  415(c)(2)  of the Code,  as
      modified  elsewhere in the Code and the  Regulations,  and the  limitation
      year  shall mean the Plan Year  unless any other  twelve-consecutive-month
      period is designated  pursuant to a resolution adopted by the Employer and
      designated in the Adoption Agreement.

(C)   In  the  event  that, due to forfeitures, reasonable error in estimating a
      Member's  compensation,  or other limited facts and  circumstances,  total
      contributions  and/or  deferrals to a Member's Account are found to exceed
      the  limitations  of this  Section,  the TPA, at the direction of the Plan
      Administrator,  shall cause  contributions (to the extent  attributable to
      Member after-tax contributions or 401(k) deferrals) made under Article III
      in excess of such limitations to be refunded to the affected Member,  with
      earnings  thereon,   and  shall  take  appropriate  steps  to  reduce,  if
      necessary,  the Employer contributions made with respect to those returned
      contributions.  Such refunds shall not be deemed to be withdrawals, loans,
      or distributions from the Plan. If a Member's annual  contributions exceed
      the  limitations  contained  in Paragraph  (B) of this  Section  after the
      Member's Article III  contributions,  with earnings thereon,  if any, have
      been  refunded to such Member,  any Employer  supplemental  and/or  profit
      sharing  contribution  to be  allocated  to such  Member in respect of any
      Contribution  Determination  Period (including  allocations as provided in
      this Paragraph) shall instead

                                       64

<PAGE> 85

      be allocated to or for the benefit of all other  Members who are Employees
      in Employment as of the last day of the Contribution  Determination Period
      as  determined  under the  Adoption  Agreement  and  allocated in the same
      proportion   that  each  such  Member's   Salary  for  such   Contribution
      Determination  Period  bears to the  total  Salary  for such  Contribution
      Determination  Period of all such Members or, the TPA may, at the election
      of the  Employer,  utilize such excess to reduce the  contributions  which
      would  otherwise  be made for the  succeeding  Contribution  Determination
      Period by the  Employer  with  respect  to all  eligible  Members  in such
      succeeding  period.  If, with  respect to any  Contribution  Determination
      Period,  there is an excess profit sharing  contribution,  and such excess
      cannot  be fully  allocated  in  accordance  with the  preceding  sentence
      because of the  limitations  prescribed  in Paragraph (B) of this Section,
      the  amount of such excess which cannot be so allocated shall be allocated
      to the Employer Credit Account and made available to the Employer pursuant
      to the terms of Article VI and  applicable  law. The TPA, at the direction
      of the  Plan  Administrator,  in  accordance  with  Paragraph  (D) of this
      Section,  shall take whatever additional action may be necessary to assure
      that  contributions  to Members'  Accounts meet the  requirements  of this
      Section.

(D)   In  addition  to the steps set forth in Paragraph (C) of this Section, the
      Employer  may from time to time adjust or modify the  maximum  limitations
      applicable to contributions made in respect of a Member under this Section
      10.1 as may be  required  or  permitted  by the Code or ERISA  prior to or
      following the date that allocation of any such contributions commences and
      shall take appropriate action to reallocate the annual contributions which
      would otherwise have been made but for the application of this Section.

(E)   Membership  in  the  Plan  shall  not  give  any  Employee the right to be
      retained in the  Employment of the Employer and shall not affect the right
      of the Employer to discharge any Employee.

(F)   Each  Member,  Spouse  and Beneficiary assumes all risk in connection with
      any decrease in the market value of the assets of the Trust Fund.  Neither
      the Employer nor the Trustee guarantees that upon withdrawal, the value of
      a  Member's  Account  will be equal to or  greater  than the amount of the
      Member's own deferrals or  contributions,  or those credited on his behalf
      in which the Member has a vested interest, under the Plan.

                                       65

<PAGE> 86

(G)   The establishment, maintenance or crediting of a Member's Account pursuant
      to the Plan shall not vest in such Member any right,  title or interest in
      the Trust Fund except at the times and upon the terms and  conditions  and
      to the extent expressly set forth in the Plan and the Trust Agreement.

(H)   The Trust Fund shall be the sole source of payments under the Plan and the
      Employer, Plan Administrator and TPA assume no liability or responsibility
      for such payments,  and each Member, Spouse or Beneficiary who shall claim
      the right to any payment  under the Plan shall be entitled to look only to
      the Trust Fund for such payment.

SECTION 10.2    TOP HEAVY PROVISIONS
                --------------------

The  Plan  will be  considered  a Top  Heavy  Plan  for any  Plan  Year if it is
determined to be a Top Heavy Plan as of the last day of the preceding Plan Year.
The  provisions  of this  Section  10.2  shall  apply  and  supersede  all other
provisions  in the Plan during each Plan Year with  respect to which the Plan is
determined to be a Top Heavy Plan.

(A)   For  purposes  of  this  Section  10.2, the following terms shall have the
      meanings set forth below:

      (1)   "AFFILIATE"  shall  mean  any  entity  affiliated  with the Employer
            within the meaning of Section 414(b),  414(c) or 414(m) of the Code,
            or pursuant to the IRS Regulations under Section 414(o) of the Code,
            except  that for  purposes of applying  the  provisions  hereof with
            respect to the  limitation on  contributions,  Section 415(h) of the
            Code shall apply.

      (2)   "AGGREGATION GROUP" shall mean the group composed of each  qualified
            retirement  plan of the  Employer  or an  Affiliate  in  which a Key
            Employee is a member and each other qualified retirement plan of the
            Employer or an Affiliate  which enables a plan of the Employer or an
            Affiliate  in which a Key  Employee is a member to satisfy  Sections
            401(a)(4) or 410 of the Code. In addition, the TPA, at the direction
            of the Plan  Administrator,  may choose to treat any other qualified
            retirement  plan  as a  member  of the  Aggregation  Group  if  such
            Aggregation  Group will continue to satisfy  Sections  401(a)(4) and
            410 of the Code with such plan being taken into account.

      (3)   "KEY EMPLOYEE"  shall  mean  a "Key Employee" as defined in Sections
            416(i)(1)  and (5) of the Code and the IRS  Regulations  thereunder.
            For purposes of

                                       66

<PAGE> 87

            Section 416 of the Code and for purposes of determining who is a Key
            Employee, an Employer which is not a corporation may have "officers"
            only for Plan Years  beginning after December 31, 1985. For purposes
            of determining who is a Key Employee  pursuant to this  Subparagraph
            (3),  compensation  shall  have the  meaning  prescribed  in Section
            414(s) of the Code, or to the extent required by the Code or the IRS
            Regulations, Section 1.415-2(d) of the IRS Regulations.

      (4)   "NON-KEY EMPLOYEE"  shall  mean  a  "Non-Key Employee" as defined in
            Section 416(i)(2) of the Code and the IRS Regulations thereunder.

      (5)   "TOP HEAVY PLAN" shall mean a "Top Heavy Plan" as defined in Section
            416(g) of the Code and the IRS Regulations thereunder.

(B)   Subject  to the provisions of Paragraph (D) below, for each Plan Year that
      the Plan is a Top  Heavy  Plan,  the  Employer's  contribution  (including
contributions   attributable  to  salary  reduction  or  similar   arrangements)
allocable  to  each  Employee  (or to all  eligible  employees  other  than  Key
Employees at the election of the Employer)  who has  satisfied  the  eligibility
requirement(s) of Article II, Section 2, and who is in service at the end of the
Plan  Year,  shall  not be less  than  the  lesser  of (i) 3% of  such  eligible
Employee's  compensation  (as  defined in  Section  414(s) of the Code or to the
extent required by the Code or the IRS  Regulations,  Section  1.415-2(d) of the
Regulations),  or (ii) the percentage at which Employer  contributions  for such
Plan Year are made and  allocated  on behalf of the Key  Employee  for whom such
percentage  is the  highest.  For the  purpose of  determining  the  appropriate
percentage  under clause (ii),  all defined  contribution  plans  required to be
included in an Aggregation Group shall be treated as one plan. Clause (ii) shall
not apply if the Plan is required to be included in an  Aggregation  Group which
enables a defined benefit plan also required to be included in said  Aggregation
Group to satisfy Sections 401(a)(4) or 410 of the Code.

(C)   If the Plan is a Top Heavy Plan for any Plan Year and (i) the Employer has
      elected a vesting  schedule under Article VI for an employer  contribution
      type which does not satisfy the minimum Top Heavy vesting  requirements or
      (ii) if the  Employer  has not elected a vesting  schedule for an employer
      contribution type, the vested interest of

                                       67

<PAGE> 88

each Member,  who is credited  with at least one Hour of  Employment on or after
the Plan becomes a Top Heavy Plan,  for each employer  contribution  type in his
Account  described  in  clause  (i) or (ii)  above,  shall  not be less than the
percentage determined in accordance with the following schedule:

                    Completed Years of                Vested
                         Employment                 Percentage
                    --------------------             ----------
                    Less than 2                           0%
                    2 but less than 3                    20%
                    3 but less than 4                    40%
                    4 but less than 5                    60%
                    5 but less than 6                    80%
                    6 or more                           100%

       Notwithstanding  the schedule  provided above, if the Plan is a Top Heavy
       Plan for any Plan Year and if an  Employer  has  elected a cliff  vesting
       schedule  for an employer  contribution  type  described in clause (i) or
       (ii) above,  the vested interest of each Member,  who is credited with at
       least one Hour of  Employment  on or after  the Plan  becomes a Top Heavy
       Plan, for such employer  contribution  type in his Account,  shall not be
       less than the  percentage  determined  in  accordance  with the following
       schedule:

                    Completed Years of               Vested
                        Employment                  Percentage
                   --------------------             ----------
                         Less than 3                     0%
                         3 or more                     100%

       In the event that an Employer elects, in its Adoption  Agreement,  to use
       the hour of  service  method for  determining  vesting  service,  Year of
       Service  shall be  substituted  for Year of  Employment  for  determining
       vesting under this Article X.

(D)   The  TPA  shall,  to  the  maximum  extent  permitted  by  the Code and in
      accordance with the IRS Regulations,  apply the provisions of this Section
      10.2 by taking into  account the  benefits  payable and the  contributions
      made under any other qualified plan maintained by the Employer, to prevent
      inappropriate omissions or required duplication of minimum contributions.

                                       68

<PAGE> 89

SECTION 10.3    INFORMATION AND COMMUNICATIONS
                ------------------------------

Each Employer,  Member,  Spouse and Beneficiary shall be required to furnish the
TPA with such  information  and data as may be considered  necessary by the TPA.
All  notices,  instructions  and other  communications  with respect to the Plan
shall be in such form as is  prescribed  from time to time by the TPA,  shall be
mailed by first class mail or delivered personally,  and shall be deemed to have
been duly given and delivered only upon actual  receipt  thereof by the TPA. All
information and data submitted by an Employer or a Member,  including a Member's
birth date,  marital  status,  salary and  circumstances  of his  Employment and
termination   thereof,  may  be  accepted  and  relied  upon  by  the  TPA.  All
communications  from  the  Employer  or  the  Trustee  to a  Member,  Spouse  or
Beneficiary  shall be deemed to have  been duly  given if mailed by first  class
mail to the address of such person as last shown on the records of the Plan.

SECTION 10.4    SMALL ACCOUNT BALANCES
                ----------------------

Notwithstanding the foregoing  provisions of the Plan, and except as provided in
Section 7.3, if the value of all portions of a Member's  Account under the Plan,
when  aggregated,  is equal to or exceeds  $500,  then the  Account  will not be
distributed without the consent of the Member prior to age 65 (at the earliest),
but if the  aggregate  value of all  portions  of his Account is less than $500,
then his  Account  will be  distributed  as soon as  practicable  following  the
termination of Employment by the Member.

SECTION 10.5    AMOUNTS PAYABLE TO INCOMPETENTS, MINORS OR ESTATES
                --------------------------------------------------

If the Plan  Administrator  shall  find that any  person  to whom any  amount is
payable  under the Plan is unable to care for his affairs  because of illness or
accident,  or is a minor,  or has died,  then any  payment due him or his estate
(unless  a  prior  claim  therefor  has  been  made  by a duly  appointed  legal
representative)  may be paid to his Spouse,  relative or any other person deemed
by the Plan  Administrator  to be a proper  recipient  on behalf of such  person
otherwise entitled to payment. Any such payment shall be a complete discharge of
the liability of the Trust Fund therefor.

SECTION 10.6    NON-ALIENATION OF AMOUNTS PAYABLE
                ---------------------------------

Except insofar as may otherwise be required by applicable  law, or Article VIII,
or pursuant  to the terms of a Qualified  Domestic  Relations  Order,  no amount
payable  under  the  Plan  shall be  subject  in any  manner  to  alienation  by
anticipation, sale, transfer, assignment,

                                       69

<PAGE> 90

bankruptcy,  pledge,  attachment,  charge or  encumbrance  of any kind,  and any
attempt to so alienate  shall be void; nor shall the Trust Fund in any manner be
liable for or subject to the debts or liabilities of any person  entitled to any
such amount payable; and further, if for any reason any amount payable under the
Plan would not devolve upon such person entitled thereto,  then the Employer, in
its discretion, may terminate his interest and hold or apply such amount for the
benefit of such person or his dependents as it may deem proper. For the purposes
of the Plan, a "Qualified  Domestic Relations Order" means any judgment,  decree
or order (including approval of a property settlement  agreement) which has been
determined by the Plan Administrator,  in accordance with procedures established
under the Plan, to constitute a Qualified  Domestic  Relations  Order within the
meaning of Section  414(p)(1)  of the Code.  No amounts may be  withdrawn  under
Article VII, and no loans  granted under Article VIII, if the TPA has received a
document  which  may be  determined  following  its  receipt  to be a  Qualified
Domestic Relations Order prior to completion of review of such order by the Plan
Administrator  within  the time  period  prescribed  for such  review by the IRS
Regulations.

SECTION 10.7    UNCLAIMED AMOUNTS PAYABLE
                -------------------------

If the TPA cannot  ascertain the  whereabouts of any person to whom an amount is
payable under the Plan, and if, after 5 years from the date such payment is due,
a notice of such  payment due is mailed to the address of such  person,  as last
shown on the records of the Plan,  and within 3 months  after such  mailing such
person has not filed with the TPA or Plan Administrator  written claim therefor,
the Plan  Administrator  may direct in  accordance  with ERISA that the  payment
(including the amount allocable to the Member's contributions) be cancelled, and
used  in  abatement  of  the  Plan's  administrative  expenses,   provided  that
appropriate  provision  is made for  re-crediting  the  payment  if such  person
subsequently makes a claim therefor.

SECTION 10.8    LEAVES OF ABSENCE
                -----------------

(A)   If  the  Employer's  personnel  policies  allow  leaves of absence for all
      similarly  situated  Employees  on a uniformly  available  basis under the
      circumstances  described in Paragraphs (B)(1)-(4) below, then contribution
      allocations  and vesting  service will continue to the extent  provided in
      Paragraphs (B)(1)-(4).

(B)   For purposes of the  Plan,  there  are four  types of  approved  Leaves of
      Absence:

      (1)   Nonmilitary  leave granted to a Member for a period not in excess of
            one year during which service is recognized for vesting purposes and
            the Member is

                                       70

<PAGE> 91

            entitled to share in any  supplemental  contributions  under Article
            III or  forfeitures  under Article VI, if any, on a pro-rata  basis,
            determined by the Salary earned during the Plan Year or Contribution
            Determination Period; or

      (2)   Nonmilitary  leave or layoff granted to a Member for a period not in
            excess of one year during which  service is  recognized  for vesting
            purposes,   but  the  Member  is  not   entitled  to  share  in  any
            contributions  or  forfeitures  as defined under (1) above,  if any,
            during the period of the leave; or

      (3)   To  the extent not otherwise required by applicable law, military or
            other  governmental  service leave granted to a Member from which he
            returns directly to the service of the Employer. Under this leave, a
            Member may not share in any  contributions or forfeitures as defined
            under (1) above, if any, during the period of the leave, but vesting
            service will continue to accrue; or

      (4)   To  the  extent not otherwise required by applicable law, a military
            leave  granted  at the  option of the  Employer  to a Member  who is
            subject to military  service  pursuant to an involuntary  call-up in
            the Reserves of the U.S. Armed Services from which he returns to the
            service of the Employer  within 90 days of his  discharge  from such
            military service. Under this leave, a Member is entitled to share in
            any contributions or forfeitures as defined under (1) above, if any,
            and vesting  service will  continue to accrue.  Notwithstanding  any
            provision of the Plan to the  contrary,  if a Member has one or more
            loans  outstanding  at the time of this  leave,  repayments  on such
            loan(s) may be suspended,  if the Member so elects,  until such time
            as the Member  returns to the service of the  Employer or the end of
            the leave, if earlier.

(C)   Notwithstanding  any  provision  of this Plan to the  contrary,  effective
      December  12,  1994,  contribution  allocations  and vesting  service with
      respect to qualified  military service will be provided in accordance with
      Section 414(u) of the Code.  Loan  repayments will be suspended under this
      Plan as permitted  under Section  414(u)(4) of the Code during such period
      of qualified military service.

                                       71

<PAGE> 92

SECTION 10.9    RETURN OF CONTRIBUTIONS TO EMPLOYER
                -----------------------------------

(A)   In  the  case of a contribution that is made by an Employer by reason of a
      mistake  of fact,  the  Employer  may  request  the  return  to it of such
      contribution  within  one year  after  the  payment  of the  contribution,
      provided  such  refund is made  within one year  after the  payment of the
      contribution.

(B)   In  the  case  of  a  contribution  made  by an Employer or a contribution
      otherwise  deemed to be an  Employer  contribution  under  the Code,  such
      contribution   shall  be  conditioned   upon  the   deductibility  of  the
      contribution  by the Employer under Section 404 of the Code. To the extent
      the deduction for such contribution is disallowed,  in accordance with IRS
      Regulations,   the   Employer  may  request  the  return  to  it  of  such
      contribution within one year after the disallowance of the deduction.

(C)   In  the  event  that  the  IRS  determines  that the Plan is not initially
      qualified under the Code, any  contribution  made incident to that initial
      qualification  by the Employer must be returned to the Employer within one
      year after the date the initial  qualification is denied,  but only if the
      application  for the  qualification  is made by the time prescribed by law
      for filing the Employer's return for the taxable year in which the Plan is
      adopted,  or  such  later  date  as  the  Secretary  of the  Treasury  may
      prescribe.

The contributions returned under (A), (B) or (C) above may not include any gains
on such excess contributions, but must be reduced by any losses.

SECTION 10.10     CONTROLLING LAW
                  ---------------

The  Plan and all  rights  thereunder  shall be  governed  by and  construed  in
accordance  with ERISA and the laws of the State of New York,  without regard to
the principles of the conflicts of laws thereof.

                                       72

<PAGE> 93

                                   ARTICLE XI
                             AMENDMENT & TERMINATION

SECTION 11.1    GENERAL
                -------

While  the  Plan is  intended  to be  permanent,  the  Plan  may be  amended  or
terminated completely by the Employer at any time at the discretion of its Board
of  Directors.  Except  where  necessary  to  qualify  the  Plan or to  maintain
qualification  of the Plan,  no amendment  shall reduce any interest of a Member
existing  prior  to  such  amendment.  Subject  to the  terms  of  the  Adoption
Agreement,  written  notice of such  amendment or termination as resolved by the
Board shall be given to the Trustee,  the Plan  Administrator  and the TPA. Such
notice shall set forth the  effective  date of the amendment or  termination  or
cessation of contributions.

SECTION 11.2    TERMINATION OF PLAN AND TRUST
                -----------------------------

This Plan and any related Trust Agreement shall in any event terminate  whenever
all property held by the Trustee shall have been  distributed in accordance with
the terms hereof.

SECTION 11.3    LIQUIDATION OF TRUST ASSETS IN THE EVENT OF TERMINATION
                -------------------------------------------------------

In the event that the  Employer's  Board of Directors  shall decide to terminate
the Plan, or, in the event of complete cessation of Employer contributions,  the
rights of Members to the  amounts  standing  to their  credit in their  Accounts
shall be deemed fully vested and the Plan Administrator shall direct the Trustee
to either  continue  the Trust in full force and effect and  continue so much of
the Plan in full  force and  effect  as is  necessary  to carry out the  orderly
distribution  of benefits to Members and their  Beneficiaries  upon  retirement,
Disability,  death or termination of Employment; or (a) reduce to cash such part
or all of the Plan assets as the Plan  Administrator may deem  appropriate;  (b)
pay the liabilities,  if any, of the Plan; (c) value the remaining assets of the
Plan as of the date of notification of termination  and  proportionately  adjust
Members' Account  balances;  (d) distribute such assets in cash to the credit of
their respective  Accounts as of the  notification of the termination  date; and
(e) distribute all balances which have been  segregated  into a separate fund to
the  persons  entitled  thereto;  provided  that  no  person  in  the  event  of
termination  shall be  required  to accept  distribution  in any form other than
cash.

                                       73

<PAGE> 94

SECTION 11.4    PARTIAL TERMINATION
                -------------------

The  Employer  may  terminate  the  Plan  in part  without  causing  a  complete
termination  of the Plan. In the event a partial  termination  occurs,  the Plan
Administrator shall determine the portion of the Plan assets attributable to the
Members affected by such partial  termination and the provisions of Section 11.3
shall apply with respect to such portion as if it were a separate fund.

SECTION 11.5    POWER TO AMEND
                --------------

 (A)  Subject to Section  11.6,  the  Employer,  through its Board of Directors,
      shall  have  the  power to amend  the  Plan in any  manner  which it deems
      desirable, including, but not by way of limitation, the right to change or
      modify the method of allocation of contributions,  to change any provision
      relating to the distribution of payment,  or both, of any of the assets of
      the Trust Fund. Further, the Employer may (i) change the choice of options
      in the Adoption  Agreement;  (ii) add overriding  language in the Adoption
      Agreement  when such  language  is  necessary  to satisfy  Section  415 or
      Section 416 of the Code  because of the required  aggregation  of multiple
      plans; and (iii) add certain model  amendments  published by the IRS which
      specifically  provide  that their  adoption  will not cause the Plan to be
      treated as individually designed. An Employer that amends the Plan for any
      other reason, will be considered to have an individually designed plan.

      Any  amendment  shall  become  effective  upon  the  vote of the  Board of
      Directors of the  Employer,  unless such vote of the Board of Directors of
      the Employer specifies the effective date of the amendment.

      Such effective  date of the amendment may be made  retroactive to the vote
      of the Board of Directors, to the extent permitted by law.

      (B) The  Employer  expressly  recognizes  the  authority  of the  Sponsor,
      Pentegra Services,  Inc., to amend the Plan from time to time, except with
      respect to elections of the  Employer in the Adoption  Agreement,  and the
      Employer  shall be deemed to have  consented  to any such  amendment.  The
      Employer  shall receive a written  instrument  indicating the amendment of
      the Plan and such amendment shall become  effective as of the date of such
      instrument.  No such amendment  shall in any way impair,  reduce or affect
      any Member's vested and nonforfeitable rights in the Plan and Trust.

                                       74

<PAGE> 95

SECTION 11.6    SOLELY FOR BENEFIT OF MEMBERS, TERMINATED MEMBERS AND THEIR
                -----------------------------------------------------------
                BENEFICIARIES
                -------------

No changes may be made in the Plan which shall vest in the Employer, directly or
indirectly,  any interest,  ownership or control in any of the present or future
assets of the Trust Fund.

No part of the funds of the Trust other than such part as may be required to pay
taxes, administration expenses and fees, shall be reduced by any amendment or be
otherwise used for or diverted to purposes  other than the exclusive  benefit of
Members,  retired Members,  Former Members, and their  Beneficiaries,  except as
otherwise provided in Section 10.9 and under applicable law.

No amendment shall become effective which reduces the nonforfeitable  percentage
of  benefit  that  would be  payable  to any  Member if his  Employment  were to
terminate  and no  amendment  which  modifies  the  method of  determining  that
percentage  shall be made  effective  with  respect to any Member  with at least
three  Years of Service  unless  such  member is  permitted  to elect,  within a
reasonable period after the adoption of such amendment,  to have that percentage
determined without regard to such amendment.

SECTION 11.7    SUCCESSOR TO BUSINESS OF THE EMPLOYER
                -------------------------------------

Unless  this  Plan and the  related  Trust  Agreement  be sooner  terminated,  a
successor to the business of the Employer by whatever  form or manner  resulting
may continue the Plan and the related Trust  Agreement by executing  appropriate
supplementary  agreements and such successor shall thereupon  succeed to all the
rights,  powers and duties of the  Employer  hereunder.  The  Employment  of any
Employee who has continued in the employ of such  successor  shall not be deemed
to have  terminated  or severed for any purpose  hereunder if such  supplemental
agreement so provides.

SECTION 11.8    MERGER, CONSOLIDATION AND TRANSFER
                ----------------------------------

The Plan  shall  not be merged or  consolidated,  in whole or in part,  with any
other plan,  nor shall any assets or  liabilities  of the Plan be transferred to
any other plan unless the benefit

                                       75

<PAGE> 96

that would be payable to any affected  Member  under such plan if it  terminated
immediately after the merger,  consolidation or transfer, is equal to or greater
than the benefit that would be payable to the affected Member under this Plan if
it terminated immediately before the merger, consolidation or transfer.

                                       76

<PAGE> 97

SECTION 11.9    REVOCABILITY
                ------------

This Plan is based upon the condition precedent that it shall be approved by the
Internal  Revenue  Service as  qualified  under  Section  401(a) of the Code and
exempt  from   taxation   under  Section   501(a)  of  the  Code.   Accordingly,
notwithstanding  anything  herein to the  contrary,  if a final  ruling shall be
received in writing from the IRS that the Plan does not initially  qualify under
the terms of Sections  401(a) and 501(a) of the Code,  there shall be no vesting
in any Member of assets  contributed  by the  Employer  and held by the  Trustee
under the Plan. Upon receipt of notification from the IRS that the Plan fails to
qualify as aforesaid,  the Employer reserves the right, at its option, to either
amend the Plan in such manner as may be  necessary or advisable so that the Plan
may so qualify, or to withdraw and terminate the Plan.

Upon the event of  withdrawal  and  termination,  the Employer  shall notify the
Trustee and provide the Trustee with a copy of such ruling and the Trustee shall
transfer,  and in accordance  with applicable law, pay over to the Employer (or,
as applicable and to the extent attributable to Member after-tax  contributions,
401(k)  deferrals  or rollover  amounts,  to the  Members) all of the net assets
under the Plan which remain after  deducting the proper  expense of  termination
and the Trust Agreement shall thereupon terminate.  For purposes of this Article
XI,  "final  ruling"  shall mean either (1) the initial  letter  ruling from the
District Director in response to the Employer's original  application for such a
ruling,  or (2) if such letter  ruling is  unfavorable  and a written  appeal is
taken or protest  filed  within 60 days of the date of such  letter  ruling,  it
shall mean the ruling received in response to such appeal or protest.

If the Plan is terminated,  the Plan Administrator shall promptly notify the IRS
and such other appropriate governmental authority as applicable law may require.
Neither the  Employer  nor its  Employees  shall make any further  contributions
under the Plan after the termination  date, except that the Employer shall remit
to the TPA a reasonable  administrative fee to be determined by the TPA for each
Member  with a balance in his  Account to defray  the cost of  implementing  its
termination.  Where  the  Employer  has  terminated  the Plan  pursuant  to this
Article,  the Employer may elect to transfer assets from the Plan to a successor
plan  qualified  under  Section  401(a) of the Code in which event the  Employer
shall remit to the TPA an additional  administrative fee to be determined by the
TPA to defray the cost of such transfer transaction.

                                       77

<PAGE> 98

                        TRUSTS ESTABLISHED UNDER THE PLAN

Assets of the Plan are held in trust under  separate Trust  Agreements  with the
Trustee or Trustees.  Any eligible Employee or Member may obtain a copy of these
Trust Agreements from the Plan Administrator.

IN WITNESS  WHEREOF,  and as conclusive  evidence of the adoption of the Plan by
the  Employer,  the  Employer  has caused  these  presents to be executed on its
behalf and its corporate seal to be hereunder affixed as of the           day of
                                                                ---------
              , 20    .
--------------    ----

ATTEST:

                                       By
------------------------------------      -----------------------------------
              Clerk

                                       Name
                                           ----------------------------------

                                       Title
                                             --------------------------------

                                       78

<PAGE> 99

                               ADOPTION AGREEMENT
                                       FOR
                      Pulaski Bank, a Federal Savings Bank
               EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST

Name of Employer:      Pulaski Bank, A Federal Savings Bank
                      ----------------------------------------------------------

Address:               12300 Olive Blvd./PO Box 419033, St. Louis, MO 63141
                      ----------------------------------------------------------

Telephone Number:      (314) 878-2210 Tel.    (314) 878-2210 FAX
                      ----------------------------------------------------------

Contact Person:        Ms. Victoria Konopka, Vice President
                      ----------------------------------------------------------

Name of Plan:          Pulaski Bank, A Federal Savings Bank Employees' Savings
                      ----------------------------------------------------------
                       & Profit Sharing Plan and Trust
                      ----------------------------------------------------------

THIS ADOPTION  AGREEMENT,  upon  execution by the Employer and the Trustee,  and
subsequent  approval by a duly authorized  representative of Pentegra  Services,
Inc. (the "Sponsor"),  together with the Sponsor's  Employees'  Savings & Profit
Sharing Plan and Trust Agreement (the "Agreement"), shall constitute the Pulaski
Bank, A Federal Savings Bank Employees'  Savings & Profit Sharing Plan and Trust
(the "Plan").  The terms and provisions of the Agreement are hereby incorporated
herein  by this  reference;  provided,  however,  that if there is any  conflict
between the Adoption Agreement and the Agreement,  this Adoption Agreement shall
control.

The elections hereinafter made by the Employer in this Adoption Agreement may be
changed by the Employer  from time to time by written  instrument  executed by a
duly authorized representative thereof; but if any other provision hereof or any
provision of the Agreement is changed by the Employer  other than to satisfy the
requirements  of Section 415 or 416 of the  Internal  Revenue  Code of 1986,  as
amended (the "Code"),  because of the required aggregation of multiple plans, or
if as a result of any change by the  Employer the Plan fails to obtain or retain
its tax-qualified status under Section 401(a) of the Code, the Employer shall be
deemed to have amended the Plan  evidenced  hereby and by the Agreement  into an
individually  designed plan, in which event the Sponsor shall thereafter have no
further  responsibility for the tax-qualified  status of the Plan. However,  the
Sponsor may amend any term,  provision or definition of this Adoption  Agreement
or the  Agreement in such manner as the Sponsor may deem  necessary or advisable
from  time to time  and the  Employer  and the  Trustee,  by  execution  hereof,
acknowledge and consent thereto.  Notwithstanding the foregoing, no amendment of
this  Adoption  Agreement  or of the  Agreement  shall  increase  the  duties or
responsibilities of the Trustee without the written consent thereof.

                                        1

<PAGE> 100

I.  EFFECT OF EXECUTION OF ADOPTION AGREEMENT

    The Employer, upon execution of this Adoption Agreement by a duly authorized
    representative thereof, (choose 1 or 2):

    1.       Establishes as a new plan the Pulaski Bank, A Federal Savings Bank
       ----  Employees' Savings & Profit Sharing Plan and Trust, effective
             _____________________, 19___ (the "Effective Date").

    2.  X    Amends  its  existing  defined  contribution  plan  and  trust  the
      -----  Financial  Institutions  Thrift Plan as adopted by Pulaski  Bank, A
             Federal Savings Bank dated July 1, 1995 , in its entirety into the
                                        ------    --
             Pulaski Bank, A Federal Savings Bank Employees' Savings & Profit
             Sharing Plan and Trust, effective August 1 , 1998 , except as
                                               ---------    --
             otherwise provided herein or in the Agreement (the "Effective
             Date").

II.  DEFINITIONS

     A.  Employer

         1.  "Employer," for purposes of the Plan, shall mean:
                              Pulaski Bank, A Federal Savings Bank
             -------------------------------------------------------------------

         2.  The Employer is (choose whichever may apply):

             (a)     A member of a controlled group of corporations under
                ---- Section 414(b) of the Code.

             (b)     A member of a group of entities under common control under
                ---- Section 414(c) of the Code.

             (c)     A member of an affiliated service group under Section
                ---- 414(m) of the Code.

             (d)  X  A corporation.
                ----

             (e)     A sole proprietorship or partnership.
                ----

             (f)     A Subchapter S corporation.
                ----

         3.  Employer's Taxable Year Ends on        9/30                       .
                                              ---------------------------------

         4.  Employer's Federal Taxpayer Identification Number is  43 -1671968 .
                                                                  -------------

         5.  Employer's Plan Number is (enter 3-digit number)   002   .
                                                              --------

     B.  "Entry Date" means the first day of the (choose 1 or 2):

         1.   X     Calendar month coinciding with or next following the date
             ----   the Employee satisfies the Eligibility requirements
                    described in Section III.

         2.      Calendar  quarter  (January  1,  April 1,  July 1,  October  1)
            ---- coinciding  with  or  next  following  the  date  the  Employee
                 satisfies  the  Eligibility  requirements  described in Section
                 III.

                                        2

<PAGE> 101

     C.  "Member" means an Employee enrolled in the membership of the Plan.

     D.  "Normal Retirement Age" means (choose 1 or 2):

         1.   X    Attainment of age    65   (select an age not less than 55 and
             ----                    -------
                    not greater than 65).

         2.      Later of:  (i) attainment of age 65 or (ii) the fifth
            ---- anniversary of the date the Member commenced participation in
                 the Plan.

     E.  "Normal  Retirement  Date"  means the  first day of the first  calendar
         month  coincident  with or next  following the date upon which a Member
         attains his or her Normal Retirement Age.

     F.  "Plan Year" means the twelve (12) consecutive month period ending on
          December 31  (month/day).
          -------------

     G.  "Salary" for benefit purposes under the Plan means (choose 1, 2 or 3):

         1.      Total taxable compensation as reported on Form W-2 (exclusive
            ---- of any compensation deferred from a prior year).

         2.      Basic Salary only.
            ----

         3.  X   Basic  Salary  plus one or more of the  following  (if 3 is
            ---- chosen,  then choose (a),  (b), (c) or (d),  whichever  shall
                 apply):

                  (a)   X   Commissions not in excess of $ 150,000
                       ----                               ----------
                  (b)       Commissions to the extent that Basic Salary plus
                       ---- Commissions do not exceed $
                                                       ----------------------

                  (c)       Overtime
                       ----
                  (d)       Overtime and bonuses
                       ----

         NOTE:    MEMBER PRE-TAX CONTRIBUTIONS TO A SECTION 401(K) PLAN ARE
                  ALWAYS INCLUDED IN PLAN SALARY.

                  MEMBER PRE-TAX  CONTRIBUTIONS  TO A SECTION 125 CAFETERIA PLAN
                  ARE ALSO TO BE INCLUDED IN PLAN  SALARY,  UNLESS THE  EMPLOYER
                  ELECTS TO EXCLUDE SUCH AMOUNTS BY CHECKING THIS LINE ____.

III. ELIGIBILITY REQUIREMENTS

     A.  All  Employees  shall  be  eligible  to  participate  in  the  Plan  in
         accordance  with the  provisions of Article II of the Plan,  except the
         following Employees shall be excluded (choose whichever shall apply):

         1.   X   Employees who have not attained age 21.
             ----

                                        3

<PAGE> 102

         2.       X   Employees who have not,  during the 12  consecutive  month
                -----                                     --
                      period (1- 11, 12 or 24) beginning with an Employee's Date
                      of Employment, Date of Reemployment or any anniversary
                      thereof, completed 1,000 number of Hours of Service
                                         -----
                      (determined by multiplying the number of months above by
                      83 1/3).

                  NOTE:   EMPLOYERS WHICH PERMIT MEMBERS TO MAKE PRE-TAX
                          ELECTIVE DEFERRALS TO THE PLAN (SEE V.A.3.) MAY NOT
                          ELECT A 24 MONTH ELIGIBILITY PERIOD.

         3.       X   Employees included in a unit of Employees covered  by a
                -----
                      collective bargaining agreement, if retirement benefits
                      were the subject of good faith bargaining between the
                      Employer and Employee representatives.

         4.       X   Employees who are nonresident aliens and who receive no
                -----
                      earned income from the Employer which constitutes income
                      from sources within the United States.

         5.           Employees included in the following job classifications:
                -----

                  (a) _____  Hourly Employees
                  (b) _____  Salaried Employees

         6.           Employees of the following employers which are aggregated
                -----
                      under Section 414(b), 414(c) or 414(m) of the Code:

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

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

     NOTE:  IF NO ENTRIES ARE MADE ABOVE, ALL EMPLOYEES SHALL BE ELIGIBLE TO
            PARTICIPATE IN THE PLAN ON THE LATER OF: (I) THE EFFECTIVE DATE OR
            (II) THE FIRST DAY OF THE CALENDAR MONTH OR CALENDAR QUARTER (AS
            DESIGNATED BY THE EMPLOYER IN SECTION II.D.) COINCIDING WITH OR
            IMMEDIATELY FOLLOWING THE EMPLOYEE'S DATE OF EMPLOYMENT OR, AS
            APPLICABLE, DATE OF REEMPLOYMENT.

      B.   Such Eligibility Computation Period established above shall be
           applicable to (choose 1 or 2):

           1.   X   Both present and future Employees.
               ----

           2.       Future Employees only.
               -----

      C.   Such Eligibility requirements established above shall be (choose 1
           or 2):

           1.   X   Applied to the designated Employee group on and after the
               ---- Effective Date of the Plan.

           2.       Waived for the       consecutive monthly period (may not
               -----               -----
                    exceed 12) beginning on the Effective Date of the Plan.

                                        4

<PAGE> 103

IV.  HOURS OF EMPLOYMENT AND PRIOR EMPLOYMENT CREDIT

     A.  The number of Hours of Employment with which an Employee or Member is
         credited shall be (choose 1 or 2):

         1.       The actual number of Hours of Employment. (Hour of Service
             ----
                  Method)

         2.    X  83 1/3 Hours of Employment for every month of Employment.
             ----
                  (Elapsed Time Method)

         NOTE:    THIS ELECTION IS RELEVANT IF YOU SELECTED AN ELIGIBILITY
                  REQUIREMENT UNDER III.A.2. OR A VESTING SCHEDULE UNDER VIII.A.
                  OTHER THAN IMMEDIATE VESTING.

     B.  Prior Employment Credit:

         _____ Employment with the following entity or entities shall be
               included for eligibility and vesting purposes:

         NOTE:    IF THIS PLAN IS A CONTINUATION OF A PREDECESSOR PLAN, SERVICE
                  UNDER THE PREDECESSOR PLAN SHALL BE COUNTED AS EMPLOYMENT
                  UNDER THIS PLAN.

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

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

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

V.   CONTRIBUTIONS

     NOTE:  ANNUAL  MEMBER  PRE-TAX  ELECTIVE   DEFERRALS,   EMPLOYER   MATCHING
            CONTRIBUTIONS, EMPLOYER BASIC CONTRIBUTIONS, EMPLOYER SUPPLEMENTAL
            CONTRIBUTIONS, EMPLOYER PROFIT SHARING CONTRIBUTIONS AND EMPLOYER
            QUALIFIED NON-ELECTIVE CONTRIBUTIONS, IN THE AGGREGATE, MAY NOT
            EXCEED 15% OF ALL MEMBERS' SALARY (EXCLUDING FROM SALARY MEMBER
            PRE-TAX ELECTIVE DEFERRALS).

     A.  Employee Contributions (fill in 1 and/or 6 if applicable; choose 2 or
         3; 4 or 5):

         1.    X  The maximum amount of monthly contributions a Member may make
             ----
                  to the Plan is 15% (1-20) of the Member's monthly Salary.
                                ----

         2.    X  A Member may make  pre-tax  elective  deferrals to the Plan,
             ---- based on multiples of 1% of monthly Salary.

         3.       A Member may not make pre-tax elective deferrals to the Plan.
             ----

         4.       A Member may make after-tax contributions to the Plan, based
             ---- on multiples of 1% of monthly Salary.

         5.    X  A Member may not make after-tax contributions to the Plan.
             ----

         6.    X  An Employee may allocate a rollover contribution to the Plan
             ---- prior to satisfying the Eligibility requirements described
                  above.

                                        5

<PAGE> 104

     B.  A Member may change his or her contribution rate (choose 1, 2 or 3):

         1.    X  1 time per pay period.
             ----
         2.       1 time per calendar month.
             ----
         3.       1 time per calendar quarter.
             ----

     C.  Employer Matching Contributions (fill in 1 if applicable; and choose
         2, 3, 4 or 5):

         1.  The Employer matching  contributions under 2, 3 or 4 below shall be
             based on the Member's  contributions not in excess of 4 % (1-20 but
                                                                  ---
             not in excess of the  percentage  specified  in A.1.  above) of the
             Member's Salary.

         2.  X    The Employer  shall allocate to each  contributing  Member's
            ---   Account an amount equal to 50 % (based on 1% increments not to
                  exceed 200%) of the Member's contributions for that month.

         3.       The Employer shall allocate to each contributing Member's
            ----  Account an amount determined in accordance with the following
                  schedule:

                               Years of Employment             Matching %
                               -------------------             ----------
                              Less than 3                          50%
                              At least 3, but less than 5          75%
                              5 or more                           100%

          4.       The Employer shall allocate to each contributing Member's
             ----  Account an amount determined in accordance with the following
                   schedule:

                                 Years of Employment                Matching %
                                 -------------------                ----------
                               Less than 3                            100%
                               At least 3, but less than 5            150%
                               5 or more                              200%

         5.       No Employer matching contributions will be made to the Plan.
             -----

     D.  Employer Basic Contributions (choose 1 or 2):         N/A

         1.       The Employer shall allocate an amount equal to        % (based
             ---                                                 -------
                   on 1% increments not to exceed 15%) of Member's Salary for
                   the month to (choose (a) or (b)):

                  (a)       The Accounts of all Members
                       ----
                  (b)       The Accounts of all Members who were employed with
                       ---- the Employer on the last day of such month.

         2.       No Employer basic contributions will be made to the Plan.
             -----

                                        6

<PAGE> 106

     E.  Employer Supplemental Contributions:

         The Employer may make  supplemental  contributions for any Plan Year in
         accordance with Section 3.7 of the Plan.

     F.  Employer Profit Sharing Contributions (Choose 1, 2, 3, 4, or 5):

         1.    X  No Employer Profit Sharing Contributions will be made to the
             ---- Plan.

         Non-Integrated Formula
         ----------------------

         2.       Profit sharing contributions shall be allocated to each Member
            ----  in  the  same  ratio  as  each  Member's  Salary  during  such
                  Contribution  Determination  Period bears to the total of such
                  Salary of all Members.

         3.       Profit sharing contributions shall be allocated to each Member
            ----  in the same ratio as each  Member's  Salary for the portion of
                  the Contribution  Determination Period during which the Member
                  satisfied the Employer's  eligibility  requirement(s) bears to
                  the total of such Salary of all Members.

         Integrated Formula
         ------------------

         4.       Profit sharing contributions shall be allocated to each
             ---- Member's Account in a uniform percentage (specified by the
                  Employer as        %) of each Member's Salary during the
                              -------
                  Contribution Determination Period up to the Social Security
                  Taxable Wage Base as defined in Section        of the Plan
                                                          ------
                  ("Base Salary") for the Plan Year that includes such
                  Contribution Determination Period , plus a uniform percentage
                  (specified by the Employer as        %) of each Member's
                                                -------
                  Salary for the Contribution Determination Period in excess of
                  the Social Security Taxable Wage Base ("Excess Salary") for
                  the Plan Year that includes such Contribution Determination
                  Period, in accordance with Article III of the Plan.

         5.       Profit sharing contributions shall be allocated to each
             ---- Member's Account in a uniform percentage (specified by the
                  Employer as        %) of each Member's Salary for the portion
                              -------
                  of the Contribution Determination Period during which the
                  Member satisfied the Employer's eligibility requirement(s), if
                  any, up to the Base Salary for the Plan Year that includes
                  such Contribution Determination Period, plus a uniform
                  percentage (specified by the Employer as         %) of each
                                                           --------
                  Member's Excess Salary for the portion of the Contribution
                  Determination Period during which the Member satisfied the
                  Employer's eligibility requirement(s) in accordance with
                  Article III of the Plan.

     G.  Allocation of Employer Profit Sharing Contributions:        N/A

         In  accordance  with Section V, G above,  a Member shall be eligible to
         share in  Employer  Profit  Sharing  Contributions,  if any, as follows
         (choose 1 or 2):

         1.       A Member shall be eligible for an allocation of Employer
             ---- Profit Sharing Contributions for a Contribution Determination
                  Period in all events.

                                        7

<PAGE> 107

         2.       A Member  shall be  eligible  for an  allocation  of  Employer
            ----  Profit Sharing Contributions for a Contribution  Determination
                  Period only if he or she  (choose  (a),  (b) or (c)  whichever
                  shall apply):

                  (a)       is  employed  on the  last  day of the  Contribution
                      ----  Determination  Period  or  retired,  died or  became
                            totally and  permanently  disabled prior to the last
                            day of the Contribution Determination Period.

                  (b)       completed   1,000   Hours  of   Employment   if  the
                      ----  Contribution  Determination Period is a period of 12
                            months (250 Hours of Employment if the  Contribution
                            Determination  Period is a period  of 3  months)  or
                            retired,  died or  became  totally  and  permanently
                            disabled  prior to the last day of the  Contribution
                            Determination Period.

                  (c)       is  employed  on the  last  day of the  Contribution
                      ----  Determination  Period  and,  if  such  period  is 12
                            months,  completed  1,000 Hours of  Employment  (250
                            Hours   of    Employment    if   the    Contribution
                            Determination  Period is a period  of 3  months)  or
                            retired,  died or  became  totally  and  permanently
                            disabled  prior to the last day of the  Contribution
                            Determination Period.

     H.  "Contribution Determination Period" for purposes of determining and
          allocating Employer profit sharing contributions means (choose 1, 2,
          3 or 4):         N/A

         1.       The Plan Year.
             ----

         2.       The Employer's Fiscal Year (defined as the Plan's "limitation
             ---- year") being the twelve (12) consecutive month period
                  commencing _______________________(month/day) and ending
                  ______________________(month/day).

         3.       The three (3) consecutive monthly periods that comprise each
             ---- of the Plan Year quarters.

         4.       The three (3)  consecutive  monthly periods that comprise each
             ---- of the  Employer's  Fiscal Year quarters.  (Employer's  Fiscal
                  Year is the twelve (12)  consecutive  month period  commencing
                  (month/day) and ending (month/day).)

     I.  Employer Qualified Nonelective Contributions:          N/A

         The Employer may make qualified nonelective  contributions for any Plan
         Year in accordance with Section 3.9 of the Plan.

VI.  INVESTMENT FUNDS

     The Employer hereby appoints Barclays Global Investors, N.A. to serve as
     Investment Manager under the Plan.

                                        8

<PAGE> 108

     The  Employer  hereby  selects the  following  Investment  Funds to be made
     available under the Plan (choose  whichever shall apply) and consent to the
     lending of  securities  by such funds to brokers and other  borrowers.  The
     Employer  agrees and  acknowledges  that the selection of Investment  Funds
     made in this Section VI is solely its responsibility,  and no other person,
     including  the  Sponsor  or  Investment  Manager,   has  any  discretionary
     authority or control with respect to such selection  process.  The Employer
     hereby holds Investment  Manager harmless from, and indemnifies it against,
     any liability  Investment Manager may incur with respect to such Investment
     Funds so long as  Investment  Manager is not negligent and has not breached
     its fiduciary duties.

     1.    X   S&P 500 Stock Fund
         ----
     2.    X   Stable Value Fund
         ----
     3.    X   S&P MidCap Stock Fund
         ----
     4.    X   Money Market Fund
         ----
     5.    X   Government Bond Fund
         ----
     6.    X   International Stock Fund
         ----
     7.    X   Asset Allocation Funds (3)
         ----
               o  Income Plus
               o  Growth & Income
               o  Growth
     8.    X   Pulaski Financial Corp. Stock Fund (the "Employer Stock Fund")
         ----
     9.        (Name of Employer) Certificate of Deposit Fund
         ----

VII. EMPLOYER SECURITIES

     A.  If the  Employer  makes  available an Employer  Stock Fund  pursuant to
         Section VI of this  Adoption  Agreement,  then voting and tender  offer
         rights with respect to Employer  Stock shall be delegated and exercised
         as follows (choose 1 or 2):

         1.  X    Each   Member   shall  be   entitled  to  direct  the  Plan
            ---   Administrator  as  to  the  voting  and  tender  offer  rights
                  involving  Employer Stock held in such Member's  Account,  and
                  the Plan  Administrator  shall  follow or cause the Trustee to
                  follow such directions.  If a Member fails to provide the Plan
                  Administrator  with  directions  as to voting or tender  offer
                  rights, the Plan Administrator  shall exercise those rights as
                  it determines in its  discretion  and shall direct the Trustee
                  accordingly.

         2.       The Plan  Administrator  shall  direct  the  Trustee as to the
            ---   voting of all Employer Stock and as to all rights in the event
                  of a tender offer involving such Employer Stock.

                                        9

<PAGE> 109

VIII.    INVESTMENT DIRECTION       N/A

     A.  Members  shall be entitled to  designate  what  percentage  of employee
         contributions and employer  contributions  made on their behalf will be
         invested in the various  Investment  Funds  offered by the  Employer as
         specified in Section VI of this Adoption Agreement;  provided, however,
         that the following  portions of a Member's  Account must be invested in
         the Employer Stock Fund or, if applicable,  the Employer Certificate of
         Deposit Fund (choose whichever shall apply):

         1. ____  Employer Profit Sharing Contributions

         2. ____  Employer Matching Contributions

         3. ____  Employer Basic Contributions

         4. ____  Employer Supplemental Contributions

         5. ____  Employer Qualified Nonelective Contributions

     B. ____ Amounts invested in the Employer Stock Fund or, if applicable, the
             Employer Certificate of Deposit Fund may not be transferred to any
             other Investment Fund.

         1.       Notwithstanding this election in B, a Member may transfer such
            ----  amounts upon (choose whichever may apply):

                  (a)       the attainment of age         (insert 45 or greater)
                       ----                       -------
                  (b)       the completion of         (insert 10 or greater)
                       -----                  -------
                       years of employment

                  (c)       the attainment of age plus years of employment equal
                      -----  to          (insert 55 or greater)
                                ---------
     C.  A Member may change his or her investment direction (choose 1,2, or 3):

         1.    X  1 time per business day.
             ----
         2.       1 time per calendar month.
             -----
         3.       1 time per calendar quarter.
             -----

     D.  If a  Member  fails  to make an  effective  investment  direction,  the
         Member's  contributions and employer contributions made on the Member's
         behalf  shall be  invested  in Money  Market  Fund  (insert  one of the
                                        ---------------------
         Investment Funds selected in Section VI of this Adoption Agreement).

IX.  VESTING SCHEDULES; YEARS OF EMPLOYMENT FOR VESTING PURPOSES

     A.  (Choose 1, 2, 3, 4, 5, 6 or 7)

                       Schedule         Years of Employment         Vested %
                       --------         -------------------        ---------
        1.           Immediate           Upon Enrollment              100%
               -----

                                       10

<PAGE> 110

                         Schedule         Years of Employment         Vested %
                         --------         -------------------        ---------

          2.           2-6 Year Graded      Less than 2                  0%
               -----
                                            2 but less than 3           20%
                                            3 but less than 4           40%
                                            4 but less than 5           60%
                                            5 but less than 6           80%
                                            6 or more                  100%

          3.           5-Year Cliff         Less than 5                  0%
               -----
                                            5 or more                  100%

          4.           3-Year Cliff         Less than 3                  0%
               -----
                                            3 or more                  100%

          5.     X     4-Year Graded        Less than 1                  0%
               ----
                                            1 but less than 2           25%
                                            2 but less than 3           50%
                                            3 but less than 4           75%
                                            4 or more                  100%

          6.           3-7 Year Graded      Less than 3  0%
               -----
                                            3 but less than 4           20%
                                            4 but less than 5           40%
                                            5 but less than 6           60%
                                            6 but less than 7           80%
                                            7 or more                  100%

          7.           Other                Less than                    0%
               -----                                   -----
                                                 but less than            %
                                            ----               ---    ----
                                                 but less than            %
                                            ----               ---    ----
                                                 but less than            %
                                            ----               ---    ----
                                                 but less than            %
                                            ----               ---    ----
                                                 or more               100%
                                            ----

     B.  With respect to the schedules listed above, the Employer elects (choose
         1, 2, 3 and 4; or 5):

         1.  Schedule        solely with respect to Employer matching
                       -----
             contributions.

         2.  Schedule         solely with respect to Employer basic
                       -----
             contributions.

         3.  Schedule         solely with respect to Employer supplemental
                       -----
             contributions.

         4.  Schedule         solely with respect to Employer profit sharing
                       -----
             contributions.

         5.  Schedule   A1  with respect to all Employer contributions.
                       ---

                                       11

<PAGE> 111

         NOTE:  NOTWITHSTANDING  ANY ELECTION BY THE  EMPLOYER TO THE  CONTRARY,
         EACH  MEMBER  SHALL  ACQUIRE  A 100%  VESTED  INTEREST  IN HIS  ACCOUNT
         ATTRIBUTABLE  TO ALL EMPLOYER  CONTRIBUTIONS  MADE TO THE PLAN UPON THE
         EARLIER OF (I) ATTAINMENT OF NORMAL  RETIREMENT  AGE, (II) APPROVAL FOR
         DISABILITY  OR (III) DEATH.  IN  ADDITION,  A MEMBER SHALL AT ALL TIMES
         HAVE A 100% VESTED  INTEREST  IN THE  EMPLOYER  QUALIFIED  NON-ELECTIVE
         CONTRIBUTIONS,  IF  ANY,  AND IN THE  PRE-TAX  ELECTIVE  DEFERRALS  AND
         NONDEDUCTIBLE AFTER-TAX MEMBER CONTRIBUTIONS.

     C.  Years of Employment Excluded for Vesting Purposes

         The following  Years of  Employment  shall be  disregarded  for vesting
         purposes (choose whichever shall apply):

         1.    X  Years of Employment during any period in which neither the
             ----
                   Plan nor any predecessor plan was maintained by the Employer.

         2.       Years of Employment of a Member prior to attaining age 18.
             ----

X.   WITHDRAWAL PROVISIONS

     A.  The  following  portions of a Member's  Account  will be  eligible  for
         in-service withdrawals, subject to the provisions of Article VII of the
         Plan (choose whichever shall apply):

         1.       Employee after-tax contributions and the earnings thereon.
             ----
                  In-service withdrawals permitted only in the event of (choose
                  whichever shall apply):

                  (a)       Hardship.
                       ----
                  (b)       Attainment of age 59 1/2.
                       ----
         2.    X  Employee pre-tax elective deferrals and the earnings thereon.
             ----
                  NOTE:   IN-SERVICE WITHDRAWALS OF ALL EMPLOYEE PRE-TAX
                          ELECTIVE DEFERRALS AND EARNINGS THEREON AS OF DECEMBER
                          31, 1988 ARE PERMITTED ONLY IN THE EVENT OF HARDSHIP
                          OR ATTAINMENT OF AGE 59 1/2. IN-SERVICE WITHDRAWALS OF
                          EARNINGS AFTER DECEMBER 31, 1988 ARE PERMITTED ONLY IN
                          THE EVENT OF ATTAINMENT OF AGE 59 1/2.

         3.    X  Employee rollover contributions and the earnings thereon.
             ----
                  In-service withdrawals permitted only in the event of (choose
                  whichever shall apply):

                  (a)       Hardship.
                       ----
                  (b)       Attainment of age 59 1/2.
                       ----

                                       12

<PAGE> 112

         4.    X  Employer matching contributions and the earnings thereon.
             ----
                  In-service withdrawals permitted only in the event of (choose
                  whichever shall apply):

                  (a)       Hardship.
                       ----
                  (b)       Attainment of age 59 1/2.
                       ----

         5.       Employer basic contributions and the earnings thereon.
             ----

                  In-service  withdrawals permitted only in the event of (choose
                  whichever shall apply):

                  (a)       Hardship.
                       ----
                  (b)       Attainment of age 59 1/2.
                       ----

         6.       Employer supplemental contributions and the earnings thereon.
             ----

                  In-service  withdrawals permitted only in the event of (choose
                  whichever shall apply):

                  (a)       Hardship.
                       ----
                  (b)       Attainment of age 59 1/2.
                       ----

         7.       Employer profit sharing contributions and the earnings
             ----
                  thereon.

                  In-service  withdrawals permitted only in the event of (choose
                  whichever shall apply):

                  (a)       Hardship.
                       ----
                  (b)       Attainment of age 59 1/2.
                       ----

         8.       Employer qualified nonelective contributions and earnings
             ----
                  thereon.

                  NOTE:   IN-SERVICE WITHDRAWALS OF ALL EMPLOYER QUALIFIED
                          NONELECTIVE CONTRIBUTIONS AND EARNINGS THEREON ARE
                          PERMITTED ONLY IN THE EVENT OF ATTAINMENT OF AGE 59
                          1/2

         9.          No in-service withdrawals shall be allowed.
             ----

     B.  Notwithstanding any elections made in Subsection A of this Section X
         above, the following portions of a Member's Account shall be excluded
         from eligibility for in- service withdrawals (choose whichever shall
         apply): N/A

         1.       Employer contributions, and the earnings thereon, credited to
             ----
                  the Employer Stock Fund or, if applicable, the Employer
                  Certificate of Deposit Fund.

         2.       All contributions and/or deferrals, and the earnings thereon,
             ----
                  credited to the Employer Stock Fund or, if applicable, the
                  Employer Certificate of Deposit Fund.

                                       13

<PAGE> 113

         3.       Other:
             ----        -------------------------------------------------------

XI.  DISTRIBUTION OPTION (CHOOSE WHICHEVER SHALL APPLY)

      1.       Lump Sum and partial lump sum payments only.
         ----

      2.   X   Lump Sum and partial lump sum payments plus one or more of the
         ----
                following (choose (a) and /or (b)):

               (a)    X  Installment payments.
                    ----
               (b)       Annuity payments.
                    ----

      3.   X   Distributions in kind of Employer Stock.
         ----

XII.  LOAN PROGRAM (CHOOSE 1, 2 OR 3)

      1.       No loans will be permitted from the Plan.
         ----

      2.   X   Loans will be permitted from the Member's Account.
         ----

      3.       Loans will be permitted from the Member's Account, EXCLUDING
         ----
                (choose whichever shall apply):

               (a)       Employer Profit sharing contributions and the earnings
                   ----
                         thereon.

               (b)       Employer matching contributions and the earnings
                   ----
                         thereon.

               (c)       Employer basic contributions and the earnings thereon.
                   ----

               (d)       Employer supplemental contributions and the earnings
                   ----
                         thereon.

               (e)       Employee after-tax contributions and the earnings
                   ----
                         thereon.

               (f)       Employee pre-tax elective deferrals and the earnings
                   ----
                         thereon.

               (g)       Employee rollover contributions and the earnings
                   ----
                         thereon.

               (h)       Employer qualified nonelective contributions and the
                   ----
                          earnings thereon.

               (i)       Any amounts to the extent invested in the Employer
                   -----
                         stock fund.

XIII. ADDITIONAL INFORMATION

     If additional  space is needed to select or describe an elective feature of
     the Plan, the Employer should attach additional pages and use the following
     format:

     The  following  is  hereby  made  a part  of  Section  --- of the  Adoption
     Agreement and is thus incorporated into and made a part of the [Plan Name]

     Signature of Employer's Authorized Representative
                                                       -------------------------

     Signature of Trustee
                           -----------------------------------------------------

                                       14

<PAGE> 114

     Supplementary Page      of [total number of pages].
                        ----

XIV.   PLAN ADMINISTRATOR

     The Named Plan Administrator under the Plan shall be the (choose 1, 2, 3 or
4):

     NOTE:  PENTEGRA SERVICES, INC. MAY NOT BE APPOINTED PLAN ADMINISTRATOR.

     1.       Employer
         ----
     2.       Employer's Board of Directors
         ----

     3.   X   Plan's Administrative Committee
         ----

     4.       Other (if chosen, then provide the following information)
         ----

              Name:
                      ----------------------------------------------------------
              Address:
                       ---------------------------------------------------------
              Tel No:
                       ---------------------------------------------------------
              Contact:
                       ---------------------------------------------------------

        NOTE:   IF NO NAMED PLAN ADMINISTRATOR IS DESIGNATED ABOVE, THE EMPLOYER
                SHALL BE DEEMED THE NAMED PLAN ADMINISTRATOR.

XV.  TRUSTEE
     The Employer  hereby  appoints The Bank of New York to serve as Trustee for
     all Investment Funds under the Plan except the Employer Stock Fund.

     The Employer  hereby  appoints the  following  person or entity to serve as
     Trustee under the Plan for the Employer Stock Fund.*

     Name:
           ---------------------------------------------------------------------
     Address:
              ------------------------------------------------------------------
     Telephone No:                             Contact:
                   ---------------------------          ------------------------

                            ----------------------------------------------------
                                              Signature of Trustee
                            (REQUIRED ONLY IF THE EMPLOYER IS SERVING AS ITS OWN
                             TRUSTEE)

     * Subject to approval  by The Bank of New York,  if The Bank of New York is
       appointed as Trustee for the Employer Stock Fund.

     The  Employer  hereby  appoints  The Bank of New York to serve as Custodian
     under  the Plan for the  Employer  Stock  Fund in the event The Bank of New
     York does not serve as Trustee for such Fund.

                                       15

<PAGE> 115

                         EXECUTION OF ADOPTION AGREEMENT

By execution of this Adoption Agreement by a duly authorized representative of
the Employer, the Employer acknowledges that it has established or, as the case
may be, amended a tax-qualified retirement plan into the Pulaski Bank, A Federal
Savings Bank Employees' Savings & Profit Sharing Plan and Trust (the "Plan").
The Employer hereby represents and agrees that it will assume full fiduciary
responsibility for the operation of the Plan and for complying with all duties
and requirements imposed under applicable law, including, but not limited to,
the Employee Retirement Income Security Act of 1974, as amended, and the
Internal Revenue Code of 1986, as amended. In addition, the Employer represents
and agrees that it will accept full responsibility of complying with any
applicable requirements of federal or state securities law as such laws may
apply to the Plan and to any investments thereunder. The Employer further
acknowledges that any opinion letter issued with respect to the Adoption
Agreement and the Agreement by the Internal Revenue Service ("IRS") to Pentegra
Services, Inc., as sponsor of the Employees' Savings & Profit Sharing Plan, does
not constitute a ruling or a determination with respect to the tax-qualified
status of the Plan and that the appropriate application must be submitted to the
IRS in order to obtain such a ruling or determination with respect to the Plan.

THE FAILURE TO PROPERLY COMPLETE THE ADOPTION AGREEMENT MAY RESULT IN
DISQUALIFICATION OF THE PLAN AND TRUST EVIDENCED THEREBY.

The Sponsor will inform the Employer of any amendments to the Plan or Trust
Agreement or of the discontinuance or abandonment of the Plan or Trust.

Any inquiries regarding the adoption of the Plan should be directed to the
Sponsor as follows:

                             Pentegra Services, Inc.
                            108 Corporate Park Drive
                          White Plains, New York 10604
                                 (914) 694-1300

IN WITNESS WHEREOF, the Employer has caused this Adoption Agreement to be
executed by its duly authorized officer this         day of                   ,
                                             -------        ------------------
19     .
  ----

                                        Pulaski Bank, A Federal Savings Bank

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

                                        Name:
                                              ----------------------------------

                                        Title:
                                               ---------------------------------

                                       16

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