Document:

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                                                                     EXHIBIT 4.6

                        COMMERCIAL PAPER DEALER AGREEMENT
                                  4(2) PROGRAM

                                     BETWEEN

                 ALLEGHENY TECHNOLOGIES INCORPORATED, AS ISSUER

                                       AND

                         GOLDMAN, SACHS & CO., AS DEALER

                  CONCERNING NOTES TO BE ISSUED PURSUANT TO AN
                       ISSUING AND PAYING AGENCY AGREEMENT
                          DATED AS OF NOVEMBER 2, 2000
                             BETWEEN THE ISSUER AND
           BANK ONE, NATIONAL ASSOCIATION, AS ISSUING AND PAYING AGENT

                                   DATED AS OF

                                NOVEMBER 2, 2000

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                        COMMERCIAL PAPER DEALER AGREEMENT
                                  4(2) PROGRAM

         This agreement ("Agreement") sets forth the understandings between the
Issuer and the Dealer, each named on the cover page hereof, in connection with
the issuance and sale by the Issuer of its short-term promissory notes (the
"Notes") through the Dealer.

         Certain terms used in this Agreement are defined in Section 6 hereof.

         The Addendum to this Agreement, and any Annexes or Exhibits described
in this Agreement or such Addendum, are hereby incorporated into this Agreement
and made fully a part hereof.

Section 1.        Offers, Sales and Resales of Notes.

         1.1 While (i) the Issuer has and shall have no obligation to sell the
Notes to the Dealer or to permit the Dealer to arrange any sale of the Notes for
the account of the Issuer, and (ii) the Dealer has and shall have no obligation
to purchase the Notes from the Issuer or to arrange any sale of the Notes for
the account of the Issuer, the parties hereto agree that in any case where the
Dealer purchases Notes from the Issuer, or arranges for the sale of Notes by the
Issuer, such Notes will be purchased or sold by the Dealer in reliance on the
representations, warranties, covenants and agreements of the Issuer contained
herein or made pursuant hereto and on the terms and conditions and in the manner
provided herein.

         1.2 So long as this Agreement shall remain in effect, and in addition
to the limitations contained in Section 1.7 hereof, the Issuer shall not,
without the consent of the Dealer, offer, solicit or accept offers to purchase,
or sell, any Notes except (a) in transactions with one or more dealers which may
from time to time after the date hereof become dealers with respect to the Notes
by executing with the Issuer one or more agreements which contain provisions
substantially identical to those contained in Section 1 of this Agreement, of
which the Issuer hereby undertakes to provide the Dealer prompt notice or (b) in
transactions with the other dealers listed on the Addendum hereto, which are
executing agreements with the Issuer which contain provisions substantially
identical to Section 1 of this Agreement contemporaneously herewith. In no event
shall the Issuer offer, solicit or accept offers to purchase, or sell, any Notes
directly on its own behalf in transactions with persons other than
broker-dealers as specifically permitted in this Section 1.2.

         1.3 The Notes shall be in a minimum denomination of $250,000 or
integral multiples of $1,000 in excess thereof, will bear such interest rates,
if interest bearing, or will be sold at such discount from their face amounts,
as shall be agreed upon by the Dealer and the Issuer, shall have a maturity not
exceeding 366 days from the date of issuance (exclusive of days of grace) and
shall not contain any provision for extension, renewal or automatic "rollover."

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         1.4 The authentication and issuance of, and payment for, the Notes
shall be effected in accordance with the Issuing and Paying Agency Agreement,
and the Notes shall be either individual physical certificates or book-entry
notes evidenced by a Master Note registered in the name of DTC or its nominee,
in the form or forms annexed to the Issuing and Paying Agency Agreement.

         1.5 If the Issuer and the Dealer shall agree on the terms of the
purchase of any Note by the Dealer or the sale of any Note arranged by the
Dealer (including, but not limited to, agreement with respect to the date of
issue, purchase price, principal amount, maturity and interest rate (in the case
of interest-bearing Notes) or discount thereof (in the case of Notes issued on a
discount basis), and appropriate compensation for the Dealer's services
hereunder) pursuant to this Agreement, the Issuer shall cause such Note to be
issued and delivered in accordance with the terms of the Issuing and Paying
Agency Agreement and payment for such Note shall be made by the purchaser
thereof, either directly or through the Dealer, to the Issuing and Paying Agent,
for the account of the Issuer. Except as otherwise agreed, in the event that the
Dealer is acting as an agent and a purchaser shall either fail to accept
delivery of or make payment for a Note on the date fixed for settlement, the
Dealer shall promptly notify the Issuer, and if the Dealer has theretofore paid
the Issuer for the Note, the Issuer will promptly return such funds to the
Dealer against its return of the Note to the Issuer, in the case of a
certificated Note, and upon notice of such failure in the case of a book-entry
Note. If such failure occurred for any reason other than default by the Dealer,
the Issuer shall reimburse the Dealer on an equitable basis for the Dealer's
loss of the use of such funds for the period such funds were credited to the
Issuer's account.

         1.6 The Dealer and the Issuer hereby establish and agree to observe the
following procedures in connection with offers, sales and subsequent resales or
other transfers of the Notes:

                  (a) Offers and sales of the Notes by or through the Dealer
         shall be made only to: (i) investors reasonably believed by the Dealer
         to be Qualified Institutional Buyers, Institutional Accredited
         Investors or Sophisticated Individual Accredited Investors and (ii)
         non-bank fiduciaries or agents that will be purchasing Notes for one or
         more accounts, each of which is reasonably believed by the Dealer to be
         an Institutional Accredited Investor or Sophisticated Individual
         Accredited Investor.

                  (b) Resales and other transfers of the Notes by the holders
         thereof shall be made only in accordance with the restrictions in the
         legend described in clause (e) below.

                  (c) No general solicitation or general advertising shall be
         used in connection with the offering of the Notes. Without limiting the
         generality of the foregoing, without the prior written approval of the
         Dealer, the Issuer shall not issue any press release or place or
         publish any "tombstone" or other advertisement relating to the Notes.

                  (d) No sale of Notes to any one purchaser shall be for less
         than $250,000 principal or face amount, and no Note shall be issued in
         a smaller principal or face amount. If the purchaser is a non-bank
         fiduciary acting on behalf of others, each person

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         for whom such purchaser is acting must purchase at least $250,000
         principal or face amount of Notes.

                  (e) Offers and sales of the Notes by the Issuer through the
         Dealer acting as agent for the Issuer shall be made in accordance with
         Rule 506 under the Securities Act, and shall be subject to the
         restrictions described in the legend appearing on Exhibit A hereto. A
         legend substantially to the effect of such Exhibit A shall appear as
         part of the Private Placement Memorandum used in connection with offers
         and sales of Notes hereunder, as well as on each individual certificate
         representing a Note and each Master Note representing book-entry Notes
         offered and sold pursuant to this Agreement.

                  (f) The Dealer shall furnish or shall have furnished to each
         purchaser of Notes for which it has acted as the Dealer a copy of the
         then-current Private Placement Memorandum unless such purchaser has
         previously received a copy of the Private Placement Memorandum as then
         in effect. The Private Placement Memorandum shall expressly state that
         any person to whom Notes are offered shall have an opportunity to ask
         questions of, and receive information from, the Issuer and the Dealer
         and shall provide the names, addresses and telephone numbers of the
         persons from whom information regarding the Issuer may be obtained.

                  (g) The Issuer agrees, for the benefit of the Dealer and each
         of the holders and prospective purchasers from time to time of the
         Notes that, if at any time the Issuer shall not be subject to Section
         13 or 15(d) of the Exchange Act, the Issuer will furnish, upon request
         and at its expense, to the Dealer and to holders and prospective
         purchasers of Notes information required by Rule 144A(d)(4)(i) in
         compliance with Rule 144A(d).

                  (h) In the event that any Note offered or to be offered by the
         Dealer would be ineligible for resale under Rule 144A, the Issuer shall
         immediately notify the Dealer (by telephone, confirmed in writing) of
         such fact and shall promptly prepare and deliver to the Dealer an
         amendment or supplement to the Private Placement Memorandum describing
         the Notes that are ineligible, the reason for such ineligibility and
         any other relevant information relating thereto.

                  (i) The Issuer represents that it is not currently issuing
         commercial paper in the United States market in reliance upon, and in
         compliance with, the exemption provided by Section 3(a)(3) of the
         Securities Act. In that connection, the Issuer agrees that in the event
         that it shall, after the date hereof, issue commercial paper in the
         United States in reliance upon the exemption provided by Section
         3(a)(3) of the Securities Act, (a) the proceeds from the sale of the
         Notes will be segregated from the proceeds of the sale of any such
         commercial paper by being placed in a separate account; (b) the Issuer
         will institute appropriate corporate procedures to ensure that the
         offers and sales of notes issued by the Issuer pursuant to the Section
         3(a)(3) exemption are not integrated with offerings and sales of Notes
         hereunder; and (c) the Issuer will comply with each of the requirements
         of Section 3(a)(3) of the Act in selling commercial paper or other
         short-term debt securities other than the Notes in the United States.

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                  (j) The Issuer hereby agrees that, not later than 15 days
         after the first sale of Notes as contemplated by this Agreement, it
         will file with the SEC a notice on Form D in accordance with Rule 503
         under the Securities Act and that it will thereafter file such
         amendments to such notice as Rule 503 may require.

         1.7 The Issuer hereby represents and warrants to the Dealer, in
connection with offers, sales and resales of Notes, as follows:

                  (a) Issuer hereby confirms to the Dealer that (except as
         permitted by Section 1.6(i)) within the preceding six months neither
         the Issuer nor any person other than the Dealer or the other dealers
         referred to in Section 1.2 hereof acting on behalf of the Issuer has
         offered or sold any Notes, or any substantially similar security of the
         Issuer (including, without limitation, medium-term notes issued by the
         Issuer), to, or solicited offers to buy any such security from, any
         person other than the Dealer or the other dealers referred to in
         Section 1.2 hereof. The Issuer also agrees that (except as permitted by
         Section 1.6(i)), as long as the Notes are being offered for sale by the
         Dealer and the other dealers referred to in Section 1.2 hereof as
         contemplated hereby and until at least six months after the offer of
         Notes hereunder has been terminated, neither the Issuer nor any person
         other than the Dealer or the other dealers referred to in Section 1.2
         hereof (except as contemplated by Section 1.2 hereof) will offer the
         Notes or any substantially similar security of the Issuer for sale to,
         or solicit offers to buy any such security from, any person other than
         the Dealer or the other dealers referred to in Section 1.2 hereof, it
         being understood that such agreement is made with a view to bringing
         the offer and sale of the Notes within the exemption provided by
         Section 4(2) of the Securities Act and Rule 506 thereunder and shall
         survive any termination of this Agreement. The Issuer hereby represents
         and warrants that it has not taken or omitted to take, and will not
         take or omit to take, any action that would cause the offering and sale
         of Notes hereunder to be integrated with any other offering of
         securities, whether such offering is made by the Issuer or some other
         party or parties.

                  (b) In the event that the Dealer purchases Notes as principal
         and does not resell such Notes on the day of such purchase, to the
         extent necessary to comply with Regulation T and the interpretations
         thereunder, the Dealer will sell such Notes either (i) only to offerees
         it reasonably believes to be QIBs or to QIBs it reasonably believes are
         acting for other QIBs, in each case in accordance with Rule 144A or
         (ii) in a manner which would not cause a violation of Regulation T and
         the interpretations thereunder.

Section 2. Representations and Warranties of Issuer.

The Issuer represents and warrants that:

         2.1 The Issuer is a corporation duly organized, validly existing and in
good standing under the laws of the jurisdiction of its incorporation and has
all the requisite power and

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authority to execute, deliver and perform its obligations under the Notes, this
Agreement and the Issuing and Paying Agency Agreement.

         2.2 This Agreement and the Issuing and Paying Agency Agreement have
been duly authorized, executed and delivered by the Issuer and constitute legal,
valid and binding obligations of the Issuer enforceable against the Issuer in
accordance with their terms, subject to applicable bankruptcy, insolvency and
similar laws affecting creditors' rights generally, and subject, as to
enforceability, to general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law).

         2.3 The Notes have been duly authorized, and when issued as provided in
the Issuing and Paying Agency Agreement, will be duly and validly issued and
will constitute legal, valid and binding obligations of the Issuer enforceable
against the Issuer in accordance with their terms, subject to applicable
bankruptcy, insolvency and similar laws affecting creditors' rights generally,
and subject, as to enforceability, to general principles of equity (regardless
of whether enforcement is sought in a proceeding in equity or at law).

         2.4 The offer and sale of Notes in the manner contemplated hereby do
not require registration of the Notes under the Securities Act, pursuant to the
exemption from registration contained in Section 4(2) thereof and Regulation D
thereunder, and no indenture in respect of the Notes is required to be qualified
under the Trust Indenture Act of 1939, as amended.

         2.5 The Notes will rank at least pari passu with all other unsecured
and unsubordinated indebtedness of the Issuer.

         2.6 No consent or action of, or filing or registration with, any
governmental or public regulatory body or authority, including the SEC, is
required to authorize, or is otherwise required in connection with the
execution, delivery or performance of, this Agreement, the Notes or the Issuing
and Paying Agency Agreement, except as may be required by the securities or Blue
Sky laws of the various states in connection with the offer and sale of the
Notes.

         2.7 Neither the execution and delivery of this Agreement and the
Issuing and Paying Agency Agreement, nor the issuance of the Notes in accordance
with the Issuing and Paying Agency Agreement, nor the fulfillment of or
compliance with the terms and provisions hereof or thereof by the Issuer, will
(i) result in the creation or imposition of any mortgage, lien, charge or
encumbrance of any nature whatsoever upon any of the properties or assets of the
Issuer, or (ii) violate or result in a breach or a default under any of the
terms of the Issuer's charter documents or by-laws, any contract or instrument
to which the Issuer is a party or by which it or its property is bound, or any
law or regulation, or any order, writ, injunction or decree of any court or
government instrumentality, to which the Issuer is subject or by which it or its
property is bound, which breach or default might have a material adverse effect
on the condition (financial or otherwise), operations or business prospects of
the Issuer or the ability of the Issuer to perform its obligations under this
Agreement, the Notes or the Issuing and Paying Agency Agreement.

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         2.8 There is no litigation or governmental proceeding pending, or to
the knowledge of the Issuer threatened, against or affecting the Issuer or any
of its subsidiaries which might result in a material adverse change in the
condition (financial or otherwise), operations or business prospects of the
Issuer or the ability of the Issuer to perform its obligations under this
Agreement, the Notes or the Issuing and Paying Agency Agreement.

         2.9 The Issuer is not an "investment company" or an entity "controlled"
by an "investment company" within the meaning of the Investment Company Act of
1940, as amended.

         2.10 Neither the Private Placement Memorandum nor the Company
Information contains any untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading.

         2.11 Each (a) issuance of Notes by the Issuer hereunder and (b)
amendment or supplement of the Private Placement Memorandum shall be deemed a
representation and warranty by the Issuer to the Dealer, as of the date thereof,
that, both before and after giving effect to such issuance and after giving
effect to such amendment or supplement, (i) the representations and warranties
given by the Issuer set forth above in this Section 2 remain true and correct on
and as of such date as if made on and as of such date, (ii) in the case of an
issuance of Notes, the Notes being issued on such date have been duly and
validly issued and constitute legal, valid and binding obligations of the
Issuer, enforceable against the Issuer in accordance with their terms, subject
to applicable bankruptcy, insolvency and similar laws affecting creditors'
rights generally and subject, as to enforceability, to general principles of
equity (regardless of whether enforcement is sought in a proceeding in equity or
at law) and (iii) in the case of an issuance of Notes, since the date of the
most recent Private Placement Memorandum, there has been no material adverse
change in the condition (financial or otherwise), operations or business
prospects of the Issuer which has not been disclosed to the Dealer in writing.

Section 3. Covenants and Agreements of Issuer.

The Issuer covenants and agrees that:

         3.1 The Issuer will give the Dealer prompt notice (but in any event
prior to any subsequent issuance of Notes hereunder) of any amendment to,
modification of or waiver with respect to, the Notes or the Issuing and Paying
Agency Agreement, including a complete copy of any such amendment, modification
or waiver.

         3.2 The Issuer shall, whenever there shall occur any change in the
Issuer's condition (financial or otherwise), operations or business prospects or
any development or occurrence in relation to the Issuer that would be material
to holders of the Notes or potential holders of the Notes (including any
downgrading or receipt of any notice of intended or potential downgrading or any
review for potential change in the rating accorded any of the Issuer's
securities by any

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nationally recognized statistical rating organization which has published a
rating of the Notes), promptly, and in any event prior to any subsequent
issuance of Notes hereunder, notify the Dealer (by telephone, confirmed in
writing) of such change, development or occurrence.

         3.3 The Issuer shall from time to time furnish to the Dealer such
information as the Dealer may reasonably request, including, without limitation,
any press releases or material provided by the Issuer to any national securities
exchange or rating agency, regarding (i) the Issuer's operations and financial
condition, (ii) the due authorization and execution of the Notes and (iii) the
Issuer's ability to pay the Notes as they mature.

         3.4 The Issuer will take all such action as the Dealer may reasonably
request to ensure that each offer and each sale of the Notes will comply with
any applicable state Blue Sky laws; provided, however, that the Issuer shall not
be obligated to file any general consent to service of process or to qualify as
a foreign corporation in any jurisdiction in which it is not so qualified or
subject itself to taxation in respect of doing business in any jurisdiction in
which it is not otherwise so subject.

         3.5 The Issuer will not be in default of any of its obligations
hereunder, under the Notes or under the Issuing and Paying Agency Agreement, at
any time that any of the Notes are outstanding.

         3.6 The Issuer shall not issue Notes hereunder until the Dealer shall
have received (a) an opinion of counsel to the Issuer, addressed to the Dealer,
satisfactory in form and substance to the Dealer, (b) a copy of the executed
Issuing and Paying Agency Agreement as then in effect, (c) a copy of resolutions
adopted by the Board of Directors of the Issuer, satisfactory in form and
substance to the Dealer and certified by the Secretary or similar officer of the
Issuer, authorizing execution and delivery by the Issuer of this Agreement, the
Issuing and Paying Agency Agreement and the Notes and consummation by the Issuer
of the transactions contemplated hereby and thereby, (d) prior to the issuance
of any Notes represented by a book-entry note registered in the name of DTC or
its nominee, a copy of the executed Letter of Representations among the Issuer,
the Issuing and Paying Agent and DTC and (e) such other certificates, opinions,
letters and documents as the Dealer shall have reasonably requested.

         3.7 The Issuer shall reimburse the Dealer for all of the Dealer's
out-of-pocket expenses related to this Agreement, including expenses incurred in
connection with its preparation and negotiation, and the transactions
contemplated hereby (including, but not limited to, the printing and
distribution of the Private Placement Memorandum), and, if applicable, for the
reasonable fees and out-of-pocket expenses of the Dealer's counsel.

Section 4. Disclosure.

         4.1 The Private Placement Memorandum and its contents (other than the
Dealer Information) shall be the sole responsibility of the Issuer. The Private
Placement Memorandum shall contain a statement expressly offering an opportunity
for each prospective purchaser to ask

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questions of, and receive answers from, the Issuer concerning the offering of
Notes and to obtain relevant additional information which the Issuer possesses
or can acquire without unreasonable effort or expense.

         4.2 The Issuer agrees to promptly furnish the Dealer the Company
Information as it becomes available.

         4.3 (a) The Issuer further agrees to notify the Dealer promptly upon
the occurrence of any event relating to or affecting the Issuer that would cause
the Company Information then in existence to include an untrue statement of a
material fact or to omit to state a material fact necessary in order to make the
statements contained therein, in light of the circumstances under which they are
made, not misleading.

                  (b) In the event that the Issuer gives the Dealer notice
pursuant to Section 4.3(a) and the Dealer notifies the Issuer that it then has
Notes it is holding in inventory, the Issuer agrees promptly to supplement or
amend the Private Placement Memorandum so that the Private Placement Memorandum,
as amended or supplemented, shall not contain an untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not
misleading, and the Issuer shall make such supplement or amendment available to
the Dealer.

                  (c) In the event that (i) the Issuer gives the Dealer notice
pursuant to Section 4.3(a), (ii) the Dealer does not notify the Issuer that it
is then holding Notes in inventory and (iii) the Issuer chooses not to promptly
amend or supplement the Private Placement Memorandum in the manner described in
clause (b) above, then all solicitations and sales of Notes shall be suspended
until such time as the Issuer has so amended or supplemented the Private
Placement Memorandum, and made such amendment or supplement available to the
Dealer.

Section 5. Indemnification and Contribution.

         5.1 The Issuer will indemnify and hold harmless the Dealer, each
individual, corporation, partnership, trust, association or other entity
controlling the Dealer, any affiliate of the Dealer or any such controlling
entity and their respective directors, officers, employees, partners,
incorporators, shareholders, servants, trustees and agents (hereinafter the
"Indemnitees") against any and all liabilities, penalties, suits, causes of
action, losses, damages, claims, costs and expenses (including, without
limitation, fees and disbursements of counsel) or judgments of whatever kind or
nature (each a "Claim"), imposed upon, incurred by or asserted against the
Indemnitees arising out of or based upon (i) any allegation that the Private
Placement Memorandum, the Company Information or any information provided by the
Issuer to the Dealer included (as of any relevant time) or includes an untrue
statement of a material fact or omitted (as of any relevant time) or omits to
state any material fact necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading or (ii) arising out
of or based upon the breach by the Issuer of any agreement, covenant or
representation made in or

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pursuant to this Agreement. This indemnification shall not apply to the extent
that the Claim arises out of or is based upon Dealer Information.

         5.2 Provisions relating to claims made for indemnification under this
Section 5 are set forth on Exhibit B to this Agreement.

         5.3 In order to provide for just and equitable contribution in
circumstances in which the indemnification provided for in this Section 5 is
held to be unavailable or insufficient to hold harmless the Indemnitees,
although applicable in accordance with the terms of this Section 5, the Issuer
shall contribute to the aggregate costs incurred by the Dealer in connection
with any Claim in the proportion of the respective economic interests of the
Issuer and the Dealer; provided, however, that such contribution by the Issuer
shall be in an amount such that the aggregate costs incurred by the Dealer do
not exceed the aggregate of the commissions and fees earned by the Dealer
hereunder with respect to the issue or issues of Notes to which such Claim
relates. The respective economic interests shall be calculated by reference to
the aggregate proceeds to the Issuer of the Notes issued hereunder and the
aggregate commissions and fees earned by the Dealer hereunder.

Section 6. Definitions.

         6.1 "Claim" shall have the meaning set forth in Section 5.1.

         6.2 "Company Information" at any given time shall mean the Private
Placement Memorandum together with, to the extent applicable, (i) the Issuer's
most recent report on Form 10-K filed with the SEC and each report on Form 10-Q
or 8-K filed by the Issuer with the SEC since the most recent Form 10-K, (ii)
the Issuer's most recent annual audited financial statements and each interim
financial statement or report prepared subsequent thereto, if not included in
item (i) above, (iii) the Issuer's and its affiliates' other publicly available
recent reports, including, but not limited to, any publicly available filings or
reports provided to their respective shareholders, (iv) any other information or
disclosure prepared pursuant to Section 4.3 hereof and (v) any information
prepared or approved by the Issuer for dissemination to investors or potential
investors in the Notes.

         6.3 "Dealer Information" shall mean material concerning the Dealer
provided by the Dealer in writing expressly for inclusion in the Private
Placement Memorandum.

         6.4 "DTC" shall mean The Depository Trust Company.

         6.5 "Exchange Act" shall mean the U.S. Securities Exchange Act of 1934,
as amended.

         6.6 "Indemnitee" shall have the meaning set forth in Section 5.1.

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         6.7 "Institutional Accredited Investor" shall mean an institutional
investor that is an accredited investor within the meaning of Rule 501 under the
Securities Act and that has such knowledge and experience in financial and
business matters that it is capable of evaluating and bearing the economic risk
of an investment in the Notes, including, but not limited to, a bank, as defined
in Section 3(a)(2) of the Securities Act, or a savings and loan association or
other institution, as defined in Section 3(a)(5)(A) of the Securities Act,
whether acting in its individual or fiduciary capacity.

         6.8 "Issuing and Paying Agency Agreement" shall mean the issuing and
paying agency agreement described on the cover page of this Agreement, as such
agreement may be amended or supplemented from time to time.

         6.9 "Issuing and Paying Agent" shall mean the party designated as such
on the cover page of this Agreement, as issuing and paying agent under the
Issuing and Paying Agency Agreement, or any successor thereto in accordance with
the Issuing and Paying Agency Agreement.

         6.10 "Non-bank fiduciary or agent" shall mean a fiduciary or agent
other than (a) a bank, as defined in Section 3(a)(2) of the Securities Act, or
(b) a savings and loan association, as defined in Section 3(a)(5)(A) of the
Securities Act.

         6.11 "Private Placement Memorandum" shall mean offering materials
prepared in accordance with Section 4 (including materials referred to therein
or incorporated by reference therein) provided to purchasers and prospective
purchasers of the Notes, and shall include amendments and supplements thereto
which may be prepared from time to time in accordance with this Agreement (other
than any amendment or supplement that has been completely superseded by a later
amendment or supplement).

         6.12 "Qualified Institutional Buyer" shall have the meaning assigned to
that term in Rule 144A under the Securities Act.

         6.13 "Rule 144A" shall mean Rule 144A under the Securities Act.

         6.14 "SEC" shall mean the U.S. Securities and Exchange Commission.

         6.15 "Securities Act" shall mean the U.S. Securities Act of 1933, as
amended.

         6.16 "Sophisticated Individual Accredited Investor" shall mean an
individual who (a) is an accredited investor within the meaning of Regulation D
under the Securities Act and (b) based on his or her pre-existing relationship
with the Dealer, is reasonably believed by the Dealer to be a sophisticated
investor (i) possessing such knowledge and experience (or represented by a
fiduciary or agent possessing such knowledge and experience) in financial and
business matters that he or she is capable of evaluating and bearing the
economic risk of an investment in the Notes and (ii) having a net worth of at
least $5 million.

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         6.17 "Regulation D" shall mean Regulation D (Rules 501 et seq.) under
the Securities Act.

Section 7. General

         7.1 Unless otherwise expressly provided herein, all notices under this
Agreement to parties hereto shall be in writing and shall be effective when
received at the address of the respective party set forth in the Addendum to
this Agreement.

         7.2 This Agreement shall be governed by and construed in accordance
with the laws of the State of New York, without regard to its conflict of laws
provisions.

         7.3 The Issuer agrees that any suit, action or proceeding brought by
the Issuer against the Dealer in connection with or arising out of this
Agreement or the Notes or the offer and sale of the Notes shall be brought
solely in the United States federal courts located in the Borough of Manhattan
or the courts of the State of New York located in the Borough of Manhattan. EACH
OF THE DEALER AND THE ISSUER WAIVES ITS RIGHT TO TRIAL BY JURY IN ANY SUIT,
ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

         7.4 This Agreement may be terminated, at any time, by the Issuer, upon
one business day's prior notice to such effect to the Dealer, or by the Dealer
upon one business day's prior notice to such effect to the Issuer. Any such
termination, however, shall not affect the obligations of the Issuer under
Sections 3.7, 5 and 7.3 hereof or the respective representations, warranties,
agreements, covenants, rights or responsibilities of the parties made or arising
prior to the termination of this Agreement.

         7.5 This Agreement is not assignable by either party hereto without the
written consent of the other party; provided, however, that the Dealer may
assign its rights and obligations under this Agreement to any affiliate of the
Dealer.

         7.6 This Agreement may be signed in any number of counterparts, each of
which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument.

         7.7 This Agreement is for the exclusive benefit of the parties hereto,
and their respective permitted successors and assigns hereunder, and shall not
be deemed to give any legal or equitable right, remedy or claim to any other
person whatsoever.

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

                                       12
<PAGE>   13

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

                                 ALLEGHENY TECHNOLOGIES INCORPORATED, AS ISSUER

                                 By:  /s/Robert S. Park
                                     --------------------------------------
                                 Name:
                                 Title:

                                 GOLDMAN, SACHS & CO., AS DEALER

                                 By:  /s/W. R. Harrison
                                     --------------------------------------
                                 Name:
                                 Title:

                                       13
<PAGE>   14

                                    ADDENDUM

         The following additional clauses shall apply to the Agreement and be
deemed a part thereof.

1. The other dealers referred to in clause (b) of Section 1.2 of the Agreement
are Chase Securities, Inc.

2. The addresses of the respective parties for purposes of notices under Section
7.1 are as follows:

         For the Issuer:            Allegheny Technologies Incorporated

                  Address:          1000 Six PPG Place
                                    Pittsburgh, Pennsylvania
                  Attention:        R.S. Park, Vice President and Treasurer
                  Telephone number: (412) 394-2822
                  Fax number:       (412) 394-3034

         For the Dealer:            Goldman, Sachs & Co.

                  Address:          85 Broad Street
                                    New York, New York 10004
                  Attention:        Money market Origination
                  Telephone number: (212) 902-2525
                  Fax number:       (212) 902-0683

<PAGE>   15

                                                                       EXHIBIT A

                               FORM OF LEGEND FOR
                     PRIVATE PLACEMENT MEMORANDUM AND NOTES

THE NOTES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "ACT"), OR ANY OTHER APPLICABLE SECURITIES LAW, AND OFFERS AND SALES
THEREOF MAY BE MADE ONLY IN COMPLIANCE WITH AN APPLICABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.
BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER WILL BE DEEMED TO REPRESENT THAT IT
HAS BEEN AFFORDED AN OPPORTUNITY TO INVESTIGATE MATTERS RELATING TO THE ISSUER
AND THE NOTES, THAT IT IS NOT ACQUIRING SUCH NOTE WITH A VIEW TO ANY
DISTRIBUTION THEREOF AND THAT IT IS EITHER (A) AN INSTITUTIONAL INVESTOR OR
HIGHLY SOPHISTICATED INDIVIDUAL INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN
THE MEANING OF RULE 501(a) UNDER THE ACT AND WHICH, IN THE CASE OF AN
INDIVIDUAL, (i) POSSESSES SUCH KNOWLEDGE AND EXPERIENCE IN FINANCIAL AND
BUSINESS MATTERS THAT HE OR SHE IS CAPABLE OF EVALUATING AND BEARING THE
ECONOMIC RISK OF AN INVESTMENT IN THE NOTES AND (ii) HAS A NET WORTH OF AT LEAST
$5 MILLION (AN "INSTITUTIONAL ACCREDITED INVESTOR" OR "SOPHISTICATED INDIVIDUAL
ACCREDITED INVESTOR", RESPECTIVELY) AND THAT EITHER IS PURCHASING NOTES FOR ITS
OWN ACCOUNT, IS A U.S. BANK (AS DEFINED IN SECTION 3(a)(2) OF THE ACT) OR A
SAVINGS AND LOAN ASSOCIATION OR OTHER INSTITUTION (AS DEFINED IN SECTION
3(a)(5)(A) OF THE ACT) ACTING IN ITS INDIVIDUAL OR FIDUCIARY CAPACITY OR IS A
FIDUCIARY OR AGENT (OTHER THAN A U.S. BANK OR SAVINGS AND LOAN) PURCHASING NOTES
FOR ONE OR MORE ACCOUNTS EACH OF WHICH IS SUCH AN INSTITUTIONAL ACCREDITED
INVESTOR OR SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR (i) WHICH ITSELF
POSSESSES SUCH KNOWLEDGE AND EXPERIENCE OR (ii) WITH RESPECT TO WHICH SUCH
PURCHASER HAS SOLE INVESTMENT DISCRETION; OR (B) A QUALIFIED INSTITUTIONAL BUYER
("QIB") WITHIN THE MEANING OF RULE 144A UNDER THE ACT WHICH IS ACQUIRING NOTES
FOR ITS OWN ACCOUNT OR FOR ONE OR MORE ACCOUNTS, EACH OF WHICH IS A QIB AND WITH
RESPECT TO EACH OF WHICH THE PURCHASER HAS SOLE INVESTMENT DISCRETION; AND THE
PURCHASER ACKNOWLEDGES THAT IT IS AWARE THAT THE SELLER MAY RELY UPON THE
EXEMPTION FROM THE REGISTRATION PROVISIONS OF SECTION 5 OF THE ACT PROVIDED BY
RULE 144A. BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER THEREOF SHALL ALSO BE
DEEMED TO AGREE THAT ANY RESALE OR OTHER TRANSFER THEREOF WILL BE MADE ONLY (A)
IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE ACT, EITHER (1) TO THE
ISSUER OR TO __________________________ OR ANOTHER PERSON DESIGNATED BY THE
ISSUER AS A PLACEMENT AGENT FOR THE NOTES (COLLECTIVELY, THE "PLACEMENT
AGENTS"), NONE OF WHICH SHALL HAVE ANY OBLIGATION TO ACQUIRE SUCH NOTE, (2)
THROUGH A PLACEMENT AGENT TO AN INSTITUTIONAL ACCREDITED INVESTOR, SOPHISTICATED
INDIVIDUAL ACCREDITED INVESTOR OR A QIB, OR (3) TO A QIB IN A TRANSACTION THAT
MEETS THE REQUIREMENTS OF RULE 144A AND (B) IN MINIMUM AMOUNTS OF $250,000.

                                       2
<PAGE>   16

                                                                       EXHIBIT B

                           FURTHER PROVISIONS RELATING
                               TO INDEMNIFICATION

         (a) The Issuer agrees to reimburse each Indemnitee for all expenses
(including reasonable fees and disbursements of internal and external counsel)
as they are incurred by it in connection with investigating or defending any
loss, claim, damage, liability or action in respect of which indemnification may
be sought under Section 5 of the Agreement (whether or not it is a party to any
such proceedings).

         (b) Promptly after receipt by an Indemnitee of notice of the existence
of a Claim, such Indemnitee will, if a claim in respect thereof is to be made
against the Issuer, notify the Issuer in writing of the existence thereof;
provided that (i) the omission so to notify the Issuer will not relieve the
Issuer from any liability which it may have hereunder unless and except to the
extent it did not otherwise learn of such Claim and such failure results in the
forfeiture by the Issuer of substantial rights and defenses, and (ii) the
omission so to notify the Issuer will not relieve it from liability which it may
have to an Indemnitee otherwise than on account of this indemnity agreement. In
case any such Claim is made against any Indemnitee and it notifies the Issuer of
the existence thereof, the Issuer will be entitled to participate therein, and
to the extent that it may elect by written notice delivered to the Indemnitee,
to assume the defense thereof, with counsel reasonably satisfactory to such
Indemnitee; provided that if the defendants in any such Claim include both the
Indemnitee and the Issuer, and the Indemnitee shall have concluded that there
may be legal defenses available to it which are different from or additional to
those available to the Issuer, the Issuer shall not have the right to direct the
defense of such Claim on behalf of such Indemnitee, and the Indemnitee shall
have the right to select separate counsel to assert such legal defenses on
behalf of such Indemnitee. Upon receipt of notice from the Issuer to such
Indemnitee of the Issuer's election so to assume the defense of such Claim and
approval by the Indemnitee of counsel, the Issuer will not be liable to such
Indemnitee for expenses incurred thereafter by the Indemnitee in connection with
the defense thereof (other than reasonable costs of investigation) unless (i)
the Indemnitee shall have employed separate counsel in connection with the
assertion of legal defenses in accordance with the proviso to the next preceding
sentence (it being understood, however, that the Issuer shall not be liable for
the expenses of more than one separate counsel (in addition to any local counsel
in the jurisdiction in which any Claim is brought), approved by the Dealer,
representing the Indemnitee who is party to such Claim), (ii) the Issuer shall
not have employed counsel reasonably satisfactory to the Indemnitee to represent
the Indemnitee within a reasonable time after notice of existence of the Claim
or (iii) the Issuer has authorized in writing the employment of counsel for the
Indemnitee. The indemnity, reimbursement and contribution obligations of the
Issuer hereunder shall be in addition to any other liability the Issuer may
otherwise have to an Indemnitee and shall be binding upon and inure to the
benefit of any successors, assigns, heirs and personal representatives of the
Issuer and any Indemnitee. The Issuer agrees that without the Dealer's prior
written consent, it will not settle, compromise or consent to the entry of any
judgment in any Claim in respect of which indemnification may be sought under
the indemnification provision of the Agreement (whether or not the Dealer or any
other Indemnitee is an actual or potential party to such Claim).<PAGE>   1
                                                                    EXHIBIT 10.4

                       ALLEGHENY TECHNOLOGIES INCORPORATED

                               2000 INCENTIVE PLAN

                          ADMINISTRATIVE RULES FOR THE
                       ALLEGHENY TECHNOLOGIES INCORPORATED
                     STOCK ACQUISITION AND RETENTION PROGRAM

                        EFFECTIVE AS OF DECEMBER 13, 2000

ARTICLE I.  ADOPTION AND PURPOSE OF THE PROGRAM

                  1.01 ADOPTION. These rules are adopted by the Personnel and
         Compensation Committee and the Stock Incentive Award Subcommittee of
         the Board of Directors pursuant to the authority reserved in Section
         3.01 of the Allegheny Technologies Incorporated 2000 Incentive Plan
         (the "Plan"). Capitalized terms used but not defined in these rules
         shall have the same meanings as in the Plan.

                  1.02 PURPOSE. The purpose of the Allegheny Technologies
         Incorporated Stock Acquisition and Retention Program (the "SARP") is to
         assist the Corporation and its subsidiaries in retaining and motivating
         selected key management employees who will contribute to the success of
         the Corporation and its subsidiaries. The SARP encourages eligible
         employees to hold a proprietary interest in the Corporation by offering
         them an opportunity to receive grants of restricted shares of Stock
         which, in accordance with the terms and conditions set forth below,
         will vest only if the employees retain, for a specified period of time,
         ownership of (i) shares of Stock purchased pursuant to the SARP or (ii)
         already-owned shares of Stock which such employees identify as being
         subject to the SARP. Awards under the SARP will act as an incentive to
         participating employees to achieve long-term objectives which will
         inure to the benefit of all stockholders of the Corporation.

ARTICLE II.  DEFINITIONS

         For purposes of these rules, the capitalized terms set forth below
shall have the following meanings:

                  2.01 AWARD AGREEMENT means a written agreement between the
         Corporation and a Participant or a written acknowledgment from the
         Corporation specifically setting forth the terms and conditions of an
         award of Restricted Stock granted to a Participant pursuant to Article
         VII of these rules.

                  2.02 BOARD means the Board of Directors of the Corporation.

                  2.03 BUSINESS DAY means any day on which the New York Stock
         Exchange shall be open for trading.

                  2.04 CAUSE means a determination by the Committee that a
         Participant has engaged in conduct that is dishonest or illegal,
         involves moral turpitude or jeopardizes the Corporation's right to
         operate its business in the manner in which it is now operated.

<PAGE>   2

                  2.05 CHANGE IN CONTROL means any of the events set forth
         below:

                           (a) The acquisition in one or more transactions,
                  other than from the Corporation, by any individual, entity or
                  group (within the meaning of Section 13(d)(3) or 14(d)(2) of
                  the Exchange Act) of beneficial ownership (within the meaning
                  of Rule 13d-3 promulgated under the Exchange Act) of a number
                  of Corporation Voting Securities in excess of 30% of the
                  Corporation Voting Securities unless such acquisition has been
                  approved by the Board; or

                           (b) Any election has occurred of persons to the Board
                  that causes two-thirds of the Board to consist of persons
                  other than (i) persons who were members of the Board on
                  January 1, 1998 and (ii) persons who were nominated for
                  election as members of the Board at a time when two-thirds of
                  the Board consisted of persons who were members of the Board
                  on January 1, 1998; provided, however, that any person
                  nominated for election by the Board at a time when at least
                  two-thirds of the members of the Board were persons described
                  in clauses (i) and/or (ii) or by persons who were themselves
                  nominated by such Board shall, for this purpose, be deemed to
                  have been nominated by a Board composed of persons described
                  in clause (i); or

                           (c) Approval by the stockholders of the Corporation
                  of a reorganization, merger or consolidation, unless,
                  following such reorganization, merger or consolidation, all or
                  substantially all of the individuals and entities who were the
                  respective beneficial owners of the Outstanding Stock and
                  Corporation Voting Securities immediately prior to such
                  reorganization, merger or consolidation, following such
                  reorganization, merger or consolidation beneficially own,
                  directly or indirectly, more than 60% of, respectively, the
                  then outstanding shares of common stock and the combined
                  voting power of the then outstanding voting securities
                  entitled to vote generally in the election of directors or
                  trustees, as the case may be, of the entity resulting from
                  such reorganization, merger or consolidation in substantially
                  the same proportion as their ownership of the Outstanding
                  Stock and Corporation Voting Securities immediately prior to
                  such reorganization, merger or consolidation, as the case may
                  be; or

                           (d) Approval by the stockholders of the Corporation
                  of (i) a complete liquidation or dissolution of the
                  Corporation or (ii) a sale or other disposition of all or
                  substantially all the assets of the Corporation.

                  2.06 COMMITTEE means the Stock Incentive Award Subcommittee of
         the Board, in the case of individuals who are "officers" of the
         Corporation as defined in Rule 16a-1(f) as promulgated by the
         Securities and Exchange Commission under the Securities Exchange Act of
         1934, as amended, as such Rule may be amended from time to time, and
         the Personnel and Compensation Committee of the Board, in the case of
         individuals who are not such officers of the Corporation.

                  2.07 CORPORATION means Allegheny Technologies Incorporated, a
         Delaware corporation, and its successors.

                  2.08 CORPORATION VOTING SECURITIES means the combined voting
         power of all outstanding voting securities of the Corporation entitled
         to vote generally in the election of the Board.

                  2.09 DATE OF GRANT means the date as of which an award of
         Restricted Stock is granted in accordance with Article VII of these
         rules.

                                       2
<PAGE>   3

                  2.10 DESIGNATED STOCK means shares of Stock already owned by a
         Participant that the Participant identifies as being subject to the
         SARP, thereby triggering the grant of Restricted Stock to such
         Participant pursuant to Article VII of these rules.

                  2.11 DESIGNATION NOTICE means a written notice, in a form
         acceptable to the Committee, by which a Participant designates
         previously-acquired shares of Stock as Designated Stock.

                  2.12 DISABILITY means any physical or mental injury or disease
         of a permanent nature which renders a Participant incapable of meeting
         the requirements of the employment performed by such Participant
         immediately prior to the commencement of such disability. The
         determination of whether a Participant is disabled shall be made by the
         Committee in its sole and absolute discretion. Notwithstanding the
         foregoing, if a Participant's employment by the Corporation or an
         applicable subsidiary terminates by reason of a disability, as defined
         in an Employment Agreement between such Participant and the Corporation
         or an applicable subsidiary, such Participant shall be deemed to be
         disabled for purposes of the SARP.

                  2.13 EFFECTIVE DATE means December 13, 2000.

                  2.14 EXCHANGE ACT means the Securities Exchange Act of 1934,
         as amended.

                  2.15 FAIR MARKET VALUE means, as of any given date, the
         average of the high and low trading prices of the Stock on such date as
         reported on the New York Stock Exchange or, if the Stock is not then
         traded on the New York Stock Exchange, on such other national
         securities exchange on which the Stock is admitted to trade, or, if
         none, on the National Association of Securities Dealers Automated
         Quotation System if the Stock is admitted for quotation thereon;
         provided, however, if there were no sales reported as of such date,
         Fair Market Value shall be computed as of the last date preceding such
         date on which a sale was reported; provided, further, that if any such
         exchange or quotation system is closed on any day on which Fair Market
         Value is to be determined, Fair Market Value shall be determined as of
         the first date immediately preceding such date on which such exchange
         or quotation system was open for trading.

                  2.16 OUTSTANDING STOCK means, at any time, the issued and
         outstanding Stock.

                  2.17 PARTICIPANT means any person selected by the Committee,
         pursuant to Section 5.01 of these rules, as eligible to participate
         under the SARP.

                  2.18 PERMITTED TRANSFEREE means a Participant's spouse, or (by
         blood, adoption or marriage) parent, child, stepchild, descendant or
         sibling, or the estate, any guardian, custodian, conservator or
         committee of, or any trust for the benefit of, the Participant or any
         of the foregoing persons.

                  2.19 PLAN means the Allegheny Technologies Incorporated 2000
         Incentive Plan, as the same may be amended from time to time.

                  2.20 PURCHASE AMOUNT means the dollar amount that a
         Participant specifies in a Purchase Notice with respect to a particular
         Purchase Date.

                  2.21 PURCHASE DATE means, the date on which the Corporation
         receives the Purchase Notice or, if such date is not a Business Day,
         the Business Day immediately preceding the date on which such Notice is
         received.

                                       3
<PAGE>   4

                  2.22 PURCHASED STOCK means Stock purchased by a Participant
         pursuant to Article VI of these rules, which triggers the grant of
         Restricted Stock to such Participant pursuant to Article VII of these
         rules.

                  2.23 PURCHASE LOAN means a loan provided to a Participant by
         the Corporation to facilitate the Participant's purchase of Stock
         pursuant hereto.

                  2.24 PURCHASE NOTICE means a written notice, in a form
         acceptable to the Committee, by which a Participant may elect to
         purchase Stock as of a Purchase Date in accordance with Section 6.01 of
         these rules.

                  2.25 RELATED STOCK means, with respect to any three-quarters
         of a share of Restricted Stock, the one share of Purchased Stock or
         Designated Stock, as the case may be, which entitles such Participant
         to receive such three-quarters of a share of Restricted Stock pursuant
         to Article VII of these rules.

                  2.26 RESTRICTED STOCK means shares of Stock awarded to a
         Participant subject to restrictions as described in Article VII of
         these rules.

                  2.27 SARP means the Stock Acquisition and Retention Program,
         as the same may be amended from time to time.

                  2.28 SARP YEAR means each of the calendar years during the
         term the SARP remains in effect, or such other period of time as the
         Committee may establish at the time that the designation of
         participants for such period are made.

                  2.29 STOCK means the common stock, par value $0.10 per share,
         of the Corporation.

ARTICLE III.  ADMINISTRATION

         The SARP shall be administered by the Committee, which shall have
exclusive and final authority and discretion in each determination,
interpretation or other action affecting the SARP and its Participants. The
Committee shall have the sole and absolute authority and discretion to interpret
the SARP, to modify these administrative rules for the SARP, to select, in
accordance with Section 5.01 of these rules, the persons who will be
Participants hereunder, to impose such conditions and restrictions as it
determines appropriate and to take such other actions and make such other
determinations in connection with the SARP as it may deem necessary or
advisable.

ARTICLE IV.  STOCK ISSUABLE UNDER THE SARP

                  4.01 SHARES OF STOCK ISSUABLE. The Stock to be offered under
         the SARP shall be authorized and unissued Stock, or Stock which shall
         have been reacquired by the Corporation and held in its treasury.

                  4.02 SHARES SUBJECT TO TERMINATED AWARDS. Shares of Stock
         forfeited as provided in Section 7.02 of these rules may again be
         issued under the SARP.

ARTICLE V.  PARTICIPATION

                  5.01 DESIGNATION OF PARTICIPANTS. Participants in the SARP
         shall be such officers and

                                       4
<PAGE>   5

         senior executives of the Corporation and its subsidiaries whose actions
         most directly affect the long-term success of the Corporation as the
         Committee, in its sole discretion, after consultation with the Chief
         Executive Officer, may designate as eligible to participate in the
         SARP. The Committee shall designate the Participants who are eligible
         to participate in the SARP during a SARP Year which designation will
         generally be made prior to or within ninety days after the commencement
         of such SARP Year. The Committee's designation of a Participant with
         respect to any SARP Year shall not require the Committee to designate
         such person as a Participant with respect to any other SARP Year. The
         Committee shall consider such factors as it deems pertinent in
         selecting Participants. The Committee shall promptly provide to each
         person selected as a Participant written notice of such selection. The
         designation of a person as a Participant with respect to a SARP Year
         shall permit such person to elect to submit one or more Purchase
         Notices and/or Designation Notices during such SARP Year.

                           5.02 PARTICIPANT ELECTIONS. A person who is
         designated as a Participant in accordance with Section 5.01 of these
         rules shall be entitled to purchase Stock by delivering one or more
         Purchase Notices in accordance with Article VI of these rules, and such
         Stock purchases shall result in the award of Restricted Stock to such
         Participant in accordance with Article VII of these rules. In addition,
         a Participant shall be entitled to designate as Designated Stock, in
         one or more Designation Notices delivered to the Corporation at any
         time during a SARP Year, any number of shares of Stock then owned by
         the Participant, other than shares of Purchased Stock, shares of Stock
         credited to the Participant's account under a company-sponsored defined
         contribution plan and shares of Stock subject to outstanding and as yet
         unexercised stock options, such that, in accordance with Section 7.01,
         a whole number of Restricted Stock, and no fractions of a share of
         Restricted Stock, shall be issuable with respect to such Designated
         Stock. Such designation of shares as Designated Stock shall result in
         the award of Restricted Stock to the Participant in accordance with
         Article VII of these rules. The sum of (i) the aggregate Purchase
         Amounts elected by a Participant pursuant to one or more Purchase
         Notices submitted within any one SARP Year and (ii) the Fair Market
         Value of the Designated Stock designated by the Participant pursuant to
         one or more Designation Notices submitted within such SARP Year (such
         Fair Market Value being determined as of the date the applicable
         Designation Notice is delivered), shall not exceed such Participant's
         gross annual salary as in effect on the first day of such SARP Year;
         provided, however, that, for any SARP Year, the Committee may establish
         such greater or lesser dollar limit as it deems appropriate.

ARTICLE VI.  STOCK PURCHASES

                  6.01 STOCK PURCHASE ELECTIONS. A Participant shall have the
         right to purchase Stock in accordance with the terms of this Article VI
         of these rules. A Participant may elect to purchase Stock under this
         SARP by delivering to the Corporation a Purchase Notice and cash and/or
         a promissory note executed by the Participant in an amount equal to the
         purchase price designated in such Participant's Purchase Notice. Such
         Purchase Notice shall set forth, among other things, the Purchase
         Amount elected by the Participant. Such promissory note which shall
         evidence such Participant's Purchase Loan in accordance with Section
         6.03 of these rules, shall be in a principal amount equal to the
         Purchase Amount designated in such Participant's Purchase Notice and
         shall by its terms become effective as of the applicable Purchase Date.
         All elections under this Section 6.01 shall be irrevocable. Each
         election shall take effect as of the Purchase Date.

                  6.02 ISSUANCE OF AND PAYMENT FOR STOCK. As of each Purchase
         Date, the Corporation shall credit to each Participant the number of
         shares of Purchased Stock purchased pursuant to the Purchase Notice
         submitted by such Participant. The number of shares of Purchased Stock
         to be so

                                       5
<PAGE>   6

         credited shall be determined by dividing the Purchase Amount designated
         by such Participant in his or her Purchase Notice by a purchase price
         per share equal to the Fair Market Value on the Purchase Date. As of
         any Purchase Date, the number of shares that can be purchased by a
         Participant shall be a number that will result in the issuance of a
         whole number of shares of Restricted Stock; in no event shall the
         Corporation be required to issue fractional shares of Purchased Stock
         or fractional shares of Restricted Stock. The Purchase Amount elected
         by a Participant, and the principal amount of the related promissory
         note, shall be automatically reduced (and if the entire Purchase Amount
         is paid in cash, cash shall be returned to the Participant) to the
         minimum extent necessary so that only a whole number of shares of
         Restricted Stock will be issued with respect to the Related Stock. The
         purchase price for shares of Purchased Stock credited to a Participant
         as of a Purchase Date shall be paid in cash and/or by means of a
         Purchase Loan made by the Corporation to the Participant in accordance
         with Section 6.03 of these rules. The Participant shall have all of the
         rights of a stockholder with respect to the shares of Purchased Stock
         credited to him under this Section 6.02 including, but not limited to,
         the right to vote such shares and the right to receive dividends (or
         dividend equivalents) paid with respect to such shares.

                  6.03 TERMS OF PURCHASE LOAN.

                           (a) Purchase Loan. The promissory note delivered to
                  the Corporation by a Participant in accordance with Section
                  6.01 of these rules shall evidence a Purchase Loan in
                  principal amount equal to such Participant's Purchase Amount
                  reduced by the amount of cash paid, if any. Unless the
                  Committee shall otherwise determine prior to the applicable
                  Purchase Date, each Purchase Loan shall have a term not to
                  exceed ten years, and be secured by the shares of Purchased
                  Stock acquired with such Purchase Loan.

                           (b) Interest on Purchase Loan. Until the
                  Participant's Purchase Loan is paid in full, or otherwise
                  satisfied or discharged in full, interest on the outstanding
                  balance of the Purchase Loan shall accrue at a fixed rate per
                  annum equal to the minimum rate required to avoid imputed
                  interest under the applicable provisions of the Internal
                  Revenue Code of 1986.

                           (c) Repayment of Purchase Loan. No principal or
                  interest payments with respect to a Purchase Loan shall be
                  required prior to the fifth anniversary of the date such
                  Purchase Loan is made; provided, however, that prior to such
                  fifth anniversary, cash dividends on shares of Purchased Stock
                  held as security for such Purchase Loan, and on the related
                  shares of Restricted Stock, shall be applied to pay accrued
                  interest on the Purchase Loan (any non-cash dividends shall
                  remain as part of the collateral securing such Purchase Loan).
                  After such fifth anniversary, level monthly payments of
                  principal and accrued interest with respect to a Purchase Loan
                  shall be required for the remaining term thereof. Unless
                  otherwise determined by the committee, all outstanding
                  principal and interest on a Participant's Purchase Loan shall
                  be immediately due and payable in full upon termination of the
                  Participant's employment with the Corporation and its
                  affiliates. All or any portion of the principal and/or
                  interest with respect to a Purchase Loan may, at the election
                  of the Participant, be paid by the delivery to the Corporation
                  of whole shares of Stock, other than (i) shares of Stock
                  credited to the Participant's account under a
                  company-sponsored defined contribution plan or (ii) shares of
                  Stock subject to outstanding and as yet unexercised stock
                  options. For purposes of the immediately preceding sentence,
                  shares of Stock shall be valued at the Fair Market Value of
                  such shares on the Business Day immediately preceding the date
                  such shares are delivered to the Corporation.

                           (d) Other Terms. The promissory notes evidencing the
                  Purchase Loans shall

                                       6
<PAGE>   7

                  contain such other terms and conditions as the Committee may
                  determine, including, without limitation, any special terms
                  relating to the retirement of a Participant prior to the
                  expiration of the term of one or more Purchase Loans.

                  6.04 STOCK CERTIFICATES. As promptly as administratively
         feasible after each Purchase Date, the Corporation shall deliver to
         each Participant one or more stock certificates for the number of
         shares of Stock purchased by such Participant as of such Purchase Date
         in accordance with this Article VI. The Participant shall then deliver
         certificates representing a number of shares with a value equal to the
         principal amount of the Purchase Loan to the Corporation in pledge for
         the related Purchase Loan along with an executed security agreement in
         such form as the Committee shall specify. Upon satisfaction in full of
         the Purchase Loan, the certificates shall be delivered to the
         Participant free and clear of any restrictions except for any
         restrictions that may be imposed by law.

ARTICLE VII.  RESTRICTED STOCK

                  7.01 RESTRICTED STOCK AWARDS. Beginning with the 2001 SARP
         Year, as of each Purchase Date, there shall automatically be granted to
         any Participant who purchases Purchased Stock as of such Purchase Date
         pursuant to Article VI of these rules an award of three-fourths of a
         share of Restricted Stock for each one share of Purchased Stock. The
         Purchase Date shall be the Date of Grant of such Restricted Stock.
         Beginning with the 2001 SARP Year, as of any date that a Participant
         delivers a Designation Notice to the Corporation, in accordance with
         Section 5.02 of these rules, designating shares of Stock as Designated
         Stock, there shall automatically be granted to such Participant an
         award of three-fourths of a share of Restricted Stock for each one
         share of Designated Stock. The date of delivery of such Designation
         Notice shall be the Date of Grant of such Restricted Stock. The terms
         of all such Restricted Stock awards shall be set forth in an Award
         Agreement between the Corporation and the Participant which shall
         contain such forfeiture periods and conditions, restrictions and other
         provisions, not inconsistent with these rules, as shall be determined
         by the Committee.

                           (a) Issuance of Restricted Stock. As soon as
                  practicable after the Date of Grant of Restricted Stock, the
                  Corporation shall cause to be transferred on the books of the
                  Corporation shares of Stock, registered on behalf of the
                  Participant, evidencing such Restricted Stock, but subject to
                  forfeiture to the Corporation retroactive to the Date of Grant
                  if an Award Agreement delivered to the Participant by the
                  Corporation with respect to the Restricted Stock is not duly
                  executed by the Participant and timely returned to the
                  Corporation. Until the lapse or release of all restrictions
                  applicable to an award of Restricted Stock, the stock
                  certificates representing such Restricted Stock shall be held
                  in custody by the Corporation or its designee.

                           (b) Stockholder Rights. Beginning on the Date of
                  Grant of the Restricted Stock and subject to execution of the
                  Award Agreement as provided in Section 7.01(a) of these rules,
                  the Participant shall become a stockholder of the Corporation
                  with respect to all Stock subject to the Award Agreement and
                  shall have all of the rights of a stockholder, including, but
                  not limited to, the right to vote such Stock and the right to
                  receive dividends (or dividend equivalents) paid with respect
                  to such Stock; provided, however, that any Stock distributed
                  as a dividend or otherwise with respect to any Restricted
                  Stock as to which the restrictions have not yet lapsed shall
                  be subject to the same restrictions as such Restricted Stock
                  and shall be held as prescribed in Section 7.01(a) of these
                  rules.

                           (c) Restriction on Transferability. None of the
                  Restricted Stock may be assigned, transferred (other than by
                  will or the laws of descent and distribution), pledged, sold
                  or otherwise disposed of prior to lapse or release of the
                  restrictions applicable thereto.

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                           (d) Delivery of Stock Upon Release of Restrictions.
                  Upon expiration or earlier termination of the forfeiture
                  period without a forfeiture, the satisfaction of the Purchase
                  Loan, if any, for the Related Stock and the satisfaction of or
                  release from any other conditions prescribed by the Committee,
                  the restrictions applicable to the Restricted Stock shall
                  lapse. As promptly as administratively feasible thereafter,
                  subject to the requirements of Section 8.02 of these rules,
                  the Corporation shall deliver to the Participant, or, in case
                  of the Participant's death, to the Participant's legal
                  representatives, one or more stock certificates for the
                  appropriate number of shares of Stock, free of all such
                  restrictions, except for any restrictions that may be imposed
                  by law.

                  7.02  TERMS OF RESTRICTED STOCK.

                           (a) Forfeiture of Restricted Stock. Subject to
                  Section 7.02(b) of these rules, all Restricted Stock shall be
                  forfeited and returned to the Corporation and all rights of
                  the Participant with respect to such Restricted Stock shall
                  cease and terminate in their entirety if during the forfeiture
                  period (i) the Participant transfers, sells or otherwise
                  disposes of the Related Stock other than to a Permitted
                  Transferee or in a transaction constituting a Change in
                  Control or (ii) the employment of the Participant with the
                  Corporation and its affiliates terminates for any reason or
                  (iii) the Participant defaults on the Purchase Loan, if any,
                  for the Related Stock. Unless the Committee, in its sole
                  discretion, provides otherwise in the applicable Award
                  Agreement, the forfeiture period for any shares of Restricted
                  Stock shall be five years from the Date of Grant of such
                  Restricted Stock. Notwithstanding the foregoing, in the event
                  of the discharge by the Corporation and its subsidiaries of a
                  Participant without Cause or termination of a Participant's
                  employment by reason of death, Disability or retirement
                  pursuant to the retirement policy of the Corporation or its
                  applicable subsidiaries, all forfeiture restrictions imposed
                  on Restricted Stock shall immediately and fully lapse. In
                  addition, upon the occurrence of a Change in Control, all
                  forfeiture restrictions imposed on Restricted Stock shall
                  immediately and fully lapse.

                           (b) Waiver of Forfeiture Period. Notwithstanding
                  anything contained in this Article VII to the contrary, the
                  Committee may, in its sole discretion, waive the forfeiture
                  conditions set forth in any Award Agreement under appropriate
                  circumstances and subject to such terms and conditions
                  (including forfeiture of a proportionate number of the shares
                  of Restricted Stock) as the Committee may deem appropriate,
                  provided that the Participant shall at that time have
                  completed at least one year of employment after the Date of
                  Grant.

ARTICLE VIII.  MISCELLANEOUS

                  8.01 LIMITATIONS ON TRANSFER. The rights and interest of a
         Participant under the SARP may not be assigned or transferred other
         than by will or the laws of descent and distribution. During the
         lifetime of a Participant, only the Participant personally may exercise
         rights under the SARP.

                  8.02 TAXES. The Corporation shall be entitled to withhold (or
         secure payment from the Participant in lieu of withholding) the amount
         of any withholding or other tax required by law to be withheld or paid
         by the Corporation with respect to any Stock issuable under the SARP,
         or with respect to any income recognized upon the lapse of restrictions
         applicable to Restricted Stock, and the Corporation may defer issuance
         of Stock hereunder until and unless indemnified to its satisfaction
         against any liability for any such tax. The amount of such withholding
         or tax payment shall be determined by the Committee or its delegate and
         shall be payable by the Participant at such time as the Committee
         determines. The Committee shall prescribe in each Award Agreement one

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<PAGE>   9

         or more methods by which the Participant will be permitted to satisfy
         his or her tax withholding obligation, which methods may include,
         without limitation, the payment of cash by the Participant to the
         Corporation and the withholding, at the appropriate time, of shares of
         Stock otherwise issuable to the Participant in a number sufficient,
         based upon the Fair Market Value of such Stock, to satisfy such tax
         withholding requirements.

                  8.03 LEGENDS. All certificates for Stock delivered under the
         SARP shall be subject to such transfer restrictions set forth in these
         rules and such other restrictions as the Committee may deem advisable
         under the rules, regulations and other requirements of the Securities
         and Exchange Commission, any stock exchange upon which the Stock is
         then listed and any applicable federal or state securities law, and the
         Committee may cause a legend or legends to be endorsed on any such
         certificates making appropriate references to such restrictions.

                  8.04 AMENDMENT AND TERMINATION. The Committee shall have
         complete power and authority to amend or terminate these rules at any
         time it is deemed necessary or appropriate. No termination or amendment
         of the SARP may, without the consent of the Participant to whom any
         award shall theretofore have been granted under the SARP, adversely
         affect the right of such individual under such award; provided,
         however, that the Committee may, in its sole discretion, make such
         provision in the Award Agreement for amendments which, in its sole
         discretion, it deems appropriate.

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