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                                                                  Exhibit 10.02

                                IDT CORPORATION
                      1996 STOCK OPTION AND INCENTIVE PLAN
                           (As Amended and Restated)

1. Purpose; Types of Awards; Construction.

   The purpose of the IDT Corporation 1996 Stock Option and Incentive Plan (the
"Plan") is to provide incentives to executive officers, other key employees,
directors and consultants of IDT Corporation (the "Company"), or any
subsidiary of the Company which now exists or hereafter is organized or
acquired by the Company, to acquire a proprietary interest in the Company, to
continue as officers, employees, directors or consultants, to increase their
efforts on behalf of the Company and to promote the success of the Company's
business. The provisions of the Plan are intended to satisfy the requirements
of Section 16(b) of the Securities Exchange Act of 1934, as amended, and of
Section 162(m) of the Internal Revenue Code of 1986, as amended, and shall be
interpreted in a manner consistent with the requirements thereof.

2. Definitions.

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

   (a) "Agreement" shall mean a written agreement entered into between the
Company and a Grantee in connection with an award under the Plan.

   (b) "Board" shall mean the Board of Directors of the Company.

   (c) "Change in Control" means a change in ownership or control of the
Company effected through either of the following:

       (i) any "person," as such term is used in Sections 13(d) and 14(d)
   of the Exchange Act (other than (A) the Company, (B) any trustee or other
   fiduciary holding securities under an employee benefit plan of the Company,
   (C) any corporation or other entity owned, directly or indirectly, by the
   stockholders of the Company in substantially the same proportions as their
   ownership of Common Stock, or (D) any person who, immediately prior to the
   Initial Public Offering, owned more than 25% of the combined voting power of
   the Company's then outstanding voting securities), is or becomes the
   "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act),
   directly or indirectly, of securities of the Company (not including in the
   securities beneficially owned by such person any securities acquired directly
   from the Company or any of its affiliates other than in connection with the
   acquisition by the Company or its affiliates of a business) representing 25%
   or more of the combined voting power of the Company's then outstanding voting
   securities; or

       (ii) during any period of not more than two consecutive years, not
   including any period prior to the initial adoption of this Plan by the Board,
   individuals who at the beginning of such period constitute the Board, and any
   new director (other than a director whose initial assumption of office is in
   connection with an actual or threatened election contest, including, but not
   limited to a consent solicitation, relating to the election of directors of
   the Company) whose election by the Board or nomination for election by the
   Company's stockholders was approved by a vote of at least two-thirds (2/3) of
   the directors then still in office who either were directors at the beginning
   of the period or whose election or nomination for election was previously so
   approved, cease for any reason to constitute at least a majority thereof.

   (d) "Class A Common Stock" shall mean shares of Class A common stock, par
value $.01 per share, of the Company.

   (e) "Code" shall mean the Internal Revenue Code of 1986, as amended from
time to time.

   (f) "Committee" shall mean the Compensation Committee of the Board or such
other committee as the Board may designate from time to time to administer the
Plan.

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   (g) "Common Stock" shall mean shares of common stock, par value $.01 per
share, of the Company, or, if determined by the Committee and set forth in an
Agreement, shares of class B common stock, par value $.01 per share, of the
Company.

   (h) "Company" shall mean IDT Corporation, a corporation organized under the
laws of the State of Delaware, or any successor corporation.

   (i) "Continuous Service" means that the provision of services to the Company
or a Related Entity in any capacity of officer, employee, director or consultant
is not interrupted or terminated. Continuous Service shall not be considered
interrupted in the case of (i) any approved leave of absence, (ii) transfers
between locations of the Company or among the Company, any Related Entity or any
successor in any capacity of officer, employee, director or consultant, or (iii)
any change in status as long as the individual remains in the service of the
Company or a Related Entity in any capacity of officer, employee, director or
consultant (except as otherwise provided in the applicable Agreement). An
approved leave of absence shall include sick leave, maternity leave, military
leave or any other authorized personal leave. For purposes of Incentive Stock
Options, no such leave may exceed ninety (90) days unless reemployment upon
expiration of such leave is guaranteed by statute or contract.

   (j) "Corporate Transaction" means any of the following transactions:

      (i) a merger or consolidation of the Company with any other corporation or
   other entity, other than (A) a merger or consolidation which would result
   in the voting securities of the Company outstanding immediately prior
   thereto continuing to represent (either by remaining outstanding or by
   being converted into voting securities of the surviving or parent entity)
   80% or more of the combined voting power of the voting securities of the
   Company or such surviving or parent entity outstanding immediately after
   such merger or consolidation or (B) a merger or consolidation effected to
   implement a recapitalization of the Company (or similar transaction) in
   which no "person" (as defined in the Exchange Act) acquired 25% or more
   of the combined voting power of the Company's then outstanding securities;
   or

      (ii) a plan of complete liquidation of the Company or an agreement for
   the sale or disposition by the Company of all or substantially all of its
   assets (or any transaction having a similar effect).

   (k) "Disability" shall mean a Grantee's inability to perform his or her
duties with the Company or any of its affiliates by reason of any medically
determinable physical or mental impairment, as determined by a physician
selected by the Grantee and acceptable to the Company.

   (l) "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended
from time to time.

   (m) "Fair Market Value" per share as of a particular date shall mean (i) the
closing sale price per share of Common Stock on the national securities exchange
on which the Common Stock is principally traded for the last preceding date on
which there was a sale of such Common Stock on such exchange, or (ii) if the
shares of Common Stock are then traded in an over-the-counter market, the
average of the closing bid and asked prices for the shares of Common Stock in
such over-the-counter market for the last preceding date on which there was a
sale of such Common Stock in such market, or (iii) if the shares of Common Stock
are not then listed on a national securities exchange or traded in an
over-the-counter market, such value as the Committee, in its sole discretion,
shall determine; provided, however, that the Fair Market Value per share on the
date of the Initial Public Offering will equal the Initial Public Offering price
per share or such other price that the Committee determines in its sole
discretion.

   (n) "Grantee" shall mean a person who receives a grant of Options, Stock
Appreciation Rights, Limited Rights or Restricted Stock under the Plan.

   (o) "Incentive Stock Option" shall mean any option intended to be, and
designated as, an incentive stock option within the meaning of Section 422 of
the Code.

   (p) "Initial Public Offering" shall mean the underwritten initial public
offering of shares of Common Stock, which occurred in March 1996.

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   (q) "Insider" shall mean a Grantee who is subject to the reporting
requirements of Section 16(a) of the Exchange Act.

   (r) "Limited Right" shall mean a limited stock appreciation right granted
pursuant to Section 10.

   (s) "Non-Employee Director" means a member of the Board who is not an
employee of the Company or any Subsidiary.

   (t) "Nonqualified Stock Option" shall mean any option not designated as an
Incentive Stock Option.

   (u) "Option" or "Options" shall mean a grant to a Grantee of an option or
options to purchase shares of Common Stock.

   (v) "Option Agreement" shall have the meaning set forth in Section 6.

   (w) "Option Price" shall mean the exercise price of the shares of Common
Stock covered by an Option.

   (x) "Parent" shall mean any company (other than the Company) in an unbroken
chain of companies ending with the Company if, at the time of granting an
Option, each of the companies other than the Company owns stock possessing fifty
percent (50%) or more of the total combined voting power of all classes of stock
in one of the other companies in such chain.

   (y) "Plan" means this IDT Corporation 1996 Stock Option and Incentive Plan,
as amended from time to time.

   (z) "Related Entity" means any Parent, Subsidiary or any business,
corporation, partnership, limited liability company or other entity in which the
Company, a Parent or a Subsidiary holds a substantial ownership interest,
directly or indirectly.

   (aa) "Related Entity Disposition" means the sale, distribution or other
disposition by the Company of all or substantially all of the Company's interest
in any Related Entity effected by a sale, merger or consolidation or other
transaction involving such Related Entity or the sale of all or substantially
all of the assets of such Related Entity.

   (bb) "Restricted Period" shall have the meaning set forth in Section 11.

   (cc) "Restricted Stock" means shares of Common Stock issued under the Plan to
a Grantee for such consideration, if any, and subject to such restrictions on
transfer, rights of refusal, repurchase provisions, forfeiture provisions and
other terms and conditions as shall be determined by the Committee.

   (dd) "Retirement" shall mean a Grantee's retirement in accordance with the
terms of any tax-qualified retirement plan maintained by the Company or any of
its affiliates in which the Grantee participates.

   (ee) "Rule 16b-3" shall mean Rule 16b-3, as from time to time in effect,
promulgated under the Exchange Act, including any successor to such Rule.

   (ff) "Stock Appreciation Right" shall mean the right, granted to a Grantee
under Section 9, to be paid an amount measured by the appreciation in the Fair
Market Value of a share of Common Stock from the date of grant to the date of
exercise of the right, with payment to be made in cash or Common Stock as
specified in the award or determined by the Committee.

   (gg) "Subsidiary" shall mean any company (other than the Company) in an
unbroken chain of companies beginning with the Company if, at the time of
granting an Option, each of the companies other than the last company in the
unbroken chain owns stock possessing fifty percent (50%) or more of the total
combined voting power of all classes of stock in one of the other companies in
such chain.

   (hh) "Tax Event" shall have the meaning set forth in Section 17.

   (ii) "Ten Percent Stockholder" shall mean a Grantee who, at the time an
Incentive Stock Option is granted, owns stock possessing more than ten percent
(10%) of the total combined voting power of all classes of stock of the Company
or any Parent or Subsidiary.

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3. Administration.

   (a) The Plan shall be administered by the Committee, the members of which
shall, except as may otherwise be determined by the Board, be "non-employee
directors" under Rule 16b-3 and "outside directors" under Section 162(m) of the
Code.

   (b) The Committee shall have the authority in its discretion, subject to and
not inconsistent with the express provisions of the Plan, to administer the Plan
and to exercise all the powers and authorities either specifically granted to it
under the Plan or necessary or advisable in the administration of the Plan,
including, without limitation, the authority to grant Options, Stock
Appreciation Rights, Limited Rights and Restricted Stock; to determine which
options shall constitute Incentive Stock Options and which Options shall
constitute Nonqualified Stock Options; to determine which Options (if any) shall
be accompanied by Limited Rights; to determine the purchase price of the shares
of Common Stock covered by each option; to determine the persons to whom, and
the time or times at which awards shall be granted; to determine the number of
shares to be covered by each award; to interpret the Plan; to prescribe, amend
and rescind rules and regulations relating to the Plan; to determine the terms
and provisions of the Agreements (which need not be identical) and to cancel or
suspend awards, as necessary; and to make all other determinations deemed
necessary or advisable for the administration of the Plan.

   (c) All decisions, determination and interpretations of the Committee shall
be final and binding on all Grantees of any awards under this Plan. No member of
the Board or Committee shall be liable for any action taken or determination
made in good faith with respect to the Plan or any award granted hereunder.

4. Eligibility.

   Awards may be granted to executive officers, other key employees, directors
and consultants of the Company. In addition to any other awards granted to
Non-Employee Directors hereunder, awards shall be granted to Non-Employee
Directors pursuant to Section 14 hereof. In determining the persons to whom
awards shall be granted and the number of shares to be covered by each award,
the Committee shall take into account the duties of the respective persons,
their present and potential contributions to the success of the Company and
such other factors as the Committee shall deem relevant in connection with
accomplishing the purposes of the Plan.

5. Stock.

   (a) The maximum number of shares of Common Stock reserved for the grant of
awards under the Plan shall be 9,600,000, of which 6,300,000 shall be shares of
common stock and 3,300,000 shall be shares of Class B common stock, in each case
subject to adjustment as provided in Section 12 hereof. Such shares may, in
whole or in part, be authorized but unissued shares or shares that shall have
been or may be reacquired by the Company.

   (b) If any outstanding award under the Plan should, for any reason expire, be
canceled or be forfeited (other than in connection with the exercise of a Stock
Appreciation Right or a Limited Right), without having been exercised in full,
the shares of Common Stock allocable to the unexercised, canceled or terminated
portion of such award shall (unless the Plan shall have been terminated) become
available for subsequent grants of awards under the Plan.

   (c) In no event may a Grantee be granted during any calendar year Options to
acquire more than 1,000,000 shares of Common Stock or more than 1,000,000 shares
of Restricted Stock, in each case subject to adjustment as provided in Section
12 hereof.

6. Terms and Conditions of Options.

   (a) OPTION AGREEMENT. Each Option granted pursuant to the Plan shall be
evidenced by a written agreement between the Company and the Grantee (the
"Option Agreement"), in such form and containing such terms and conditions as
the Committee shall from time to time approve, which Option Agreement shall
comply with and be subject to the following terms and conditions, unless
otherwise specifically provided in such Option Agreement. For purposes of
interpreting this Section 6, a director's service as a member of the Board shall
be deemed to be employment with the Company.

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   (b) NUMBER OF SHARES. Each Option Agreement shall state the number of shares
of Common Stock to which the Option relates.

   (c) TYPE OF OPTION. Each Option Agreement shall specifically state that the
Option constitutes an Incentive Stock Option or a Nonqualified Stock Option. In
the absence of such designation, the Option will be deemed to be a Nonqualified
Stock Option.

   (d) OPTION PRICE. Each Option Agreement shall state the Option Price, which,
in the case of an Incentive Stock Option, shall not be less than one hundred
percent (100%) of the Fair Market Value of the shares of Common Stock covered by
the Option on the date of grant. The Option Price shall be subject to adjustment
as provided in Section 12 hereof.

   (e) MEDIUM AND TIME OF PAYMENT. The Option Price shall be paid in full, at
the time of exercise, in cash or in shares of Common Stock (whether then owned
by the Grantee or issuable upon exercise of the Option) having a Fair Market
Value equal to such Option Price or in a combination of cash and Common Stock,
including a cashless exercise procedure through a broker-dealer; provided,
however, that in the case of an Incentive Stock Option, the medium of payment
shall be determined at the time of grant and set forth in the applicable Option
Agreement.

   (f) TERM AND EXERCISABILITY OF OPTIONS. Each Option Agreement shall provide
the exercise schedule for the Option as determined by the Committee, provided,
that, the Committee shall have the authority to accelerate the exercisability of
any outstanding option at such time and under such circumstances as it, in its
sole discretion, deems appropriate. The exercise period will be ten (10) years
from the date of the grant of the option unless otherwise determined by the
Committee; provided, however, that in the case of an Incentive Stock Option,
such exercise period shall not exceed ten (10) years from the date of grant of
such Option. The exercise period shall be subject to earlier termination as
provided in Sections 6(g) and 6(h) hereof. An Option may be exercised, as to any
or all full shares of Common Stock as to which the Option has become
exercisable, by written notice delivered in person or by mail to the Company's
transfer agent or other administrator designated by the Company, specifying the
number of shares of Common Stock with respect to which the Option is being
exercised.

   (g) TERMINATION. Except as provided in this Section 6(g) and in Section 6(h)
hereof, an Option may not be exercised unless the Grantee is then in the employ
of or maintaining a director or consultant relationship with the Company or a
Subsidiary thereof (or a company or a Parent or Subsidiary of such company
issuing or assuming the Option in a transaction to which Section 424(a) of the
Code applies), and unless the Grantee has remained continuously so employed or
in the director or consultant relationship since the date of grant of the
Option. In the event that the employment or consultant relationship of a Grantee
shall terminate (other than by reason of death, Disability or Retirement), all
Options of such Grantee that are exercisable at the time of Grantee's
termination may, unless earlier terminated in accordance with their terms, be
exercised within thirty (30) days after the date of such termination (or such
different period as the Committee shall prescribe); provided, however, that
Options granted after November 17, 1998 may be exercised within three (3) months
after the date of termination (or such different period as the Committee shall
prescribe).

   (h) DEATH, DISABILITY OR RETIREMENT OF GRANTEE. If a Grantee shall die while
employed by, or maintaining a director or consultant relationship with, the
Company or a Subsidiary thereof, or within thirty (30) days after the date of
termination of such Grantee's employment, director or consultant relationship
(or within such different period as the Committee may have provided pursuant to
Section 6(g) hereof), or if the Grantee's employment, director or consultant
relationship shall terminate by reason of Disability, all Options theretofore
granted to such Grantee (to the extent otherwise exercisable) may, unless
earlier terminated in accordance with their terms, be exercised by the Grantee
or by the Grantee's estate or by a person who acquired the right to exercise
such Options by bequest or inheritance or otherwise by result of death or
Disability of the Grantee, at any time within 180 days after the death or
Disability of the Grantee (or such different period as the Committee shall
prescribe). In the event that an Option granted hereunder shall be exercised by
the legal representatives of a deceased or former Grantee, written notice of
such exercise shall be accompanied by a certified copy of letters testamentary
or equivalent proof of the right of such legal representative to exercise such
Option. In the event that the employment or consultant relationship of a

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Grantee shall terminate on account of such Grantee's Retirement, all Options
of such Grantee that are exercisable at the time of such Retirement may,
unless earlier terminated in accordance with their terms, be exercised at any
time within one hundred eighty (180) days after the date of such Retirement
(or such different period as the Committee shall prescribe).

   (i) OTHER PROVISIONS. The Option Agreements evidencing awards under the Plan
shall contain such other terms and conditions not inconsistent with the Plan as
the Committee may determine.

7. Nonqualified Stock Options.

   Options granted pursuant to this Section 7 are intended to constitute
Nonqualified Stock Options and shall be subject only to the general terms and
conditions specified in Section 6 hereof.

8. Incentive Stock Options.

   Options granted pursuant to this Section 8 are intended to constitute
Incentive Stock Options and shall be subject to the following special terms
and conditions, in addition to the general terms and conditions specified in
Section 6 hereof:

   (a) LIMITATION ON VALUE OF SHARES. To the extent that the aggregate Fair
Market Value of shares of Common Stock subject to Options designated as
Incentive Stock Options which become exercisable for the first time by a Grantee
during any calendar year (under all plans of the Company or any Subsidiary)
exceeds $100,000, such excess Options, to the extent of the shares covered
thereby in excess of the foregoing limitation, shall be treated as Nonqualified
Stock Options. For this purpose, Incentive Stock Options shall be taken into
account in the order in which they were granted, and the Fair Market Value of
the shares of Common Stock shall be determined as of the date that the Option
with respect to such shares was granted.

   (b) TEN PERCENT STOCKHOLDER. In the case of an Incentive Stock Option granted
to a Ten Percent Stockholder, (i) the Option Price shall not be less than one
hundred ten percent (110%) of the Fair Market Value of the shares of Common
Stock on the date of grant of such Incentive Stock Option, and (ii) the exercise
period shall not exceed five (5) years from the date of grant of such Incentive
Stock Option.

9. Stock Appreciation Rights.

   The Committee shall have authority to grant a Stock Appreciation Right to
the Grantee of any Option under the Plan with respect to all or some of the
shares of Common Stock covered by such related Option. A Stock Appreciation
Right shall, except as provided in this Section 9 or as may be determined by
the Committee, be subject to the same terms and conditions as the related
Option. Each Stock Appreciation Right granted pursuant to the Plan shall be
evidenced by a written Agreement between the Company and the Grantee in such
form as the Committee shall from time to time approve, which Agreement shall
comply with and be subject to the following terms and conditions, unless
otherwise specifically provided in such Agreement:

   (a) TIME OF GRANT. A Stock Appreciation Right may be granted either at the
time of grant of the related option, or at any time thereafter during the term
of the Option; provided, however, that Stock Appreciation Rights related to
Incentive Stock Options may only be granted at the time of grant of the related
Option.

   (b) PAYMENT. A Stock Appreciation Right shall entitle the holder thereof,
upon exercise of the Stock Appreciation Right or any portion thereof, to receive
payment of an amount computed pursuant to Section 9(d).

   (c) EXERCISE. A Stock Appreciation Right shall be exercisable at such time or
times and only to the extent that the related Option is exercisable, and will
not be transferable except to the extent the related option may be transferable.
A Stock Appreciation Right granted in connection with an Incentive Stock Option
shall be exercisable only if the Fair Market Value of a share of Common Stock on
the date of exercise exceeds the purchase price specified in the related
Incentive Stock Option. Unless otherwise approved by the Committee, no Grantee
shall be permitted to exercise any Stock Appreciation Right (i) until six (6)
months have elapsed from the date of grant or (ii) during the period beginning
two weeks prior to the end of each of

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the Company's fiscal quarters and ending on the second business day following
the day on which the Company releases to the public a summary of its fiscal
results for such period.

   (d) AMOUNT PAYABLE. Upon the exercise of a Stock Appreciation Right, the
Optionee shall be entitled to receive an amount determined by multiplying (i)
the excess of the Fair Market Value of a share of Common Stock on the date of
exercise of such Stock Appreciation Right over the Option Price of the related
Option, by (ii) the number of shares of Common Stock as to which such Stock
Appreciation Right is being exercised.

   (e) TREATMENT OF RELATED OPTIONS AND STOCK APPRECIATION RIGHTS UPON EXERCISE.
Upon the exercise of a Stock Appreciation Right, the related Option shall be
canceled to the extent of the number of shares of Common Stock as to which the
Stock Appreciation Right is exercised. Upon the exercise or surrender of an
option granted in connection with a Stock Appreciation Right, the Stock
Appreciation Right shall be canceled to the extent of the number of shares of
Common Stock as to which the Option is exercised or surrendered.

   (f) METHOD OF EXERCISE. Stock Appreciation Rights shall be exercised by a
Grantee only by a written notice delivered to the Company in accordance with
procedures specified by the Company from time to time. Such notice shall state
the number of shares of Common Stock with respect to which the Stock
Appreciation Right is being exercised. A Grantee may also be required to deliver
to the Company the underlying Agreement evidencing the Stock Appreciation Right
being exercised and any related Option Agreement so that a notation of such
exercise may be made thereon, and such Agreements shall then be returned to the
Grantee.

   (g) FORM OF PAYMENT. Payment of the amount determined under Section 9(d) may
be made solely in whole shares of Common Stock in a number based upon their Fair
Market Value on the date of exercise of the Stock Appreciation Right or,
alternatively, at the sole discretion of the Committee, solely in cash, or in a
combination of cash and shares of Common Stock as the Committee deems advisable.
If the Committee decides to make full payment in shares of Common Stock, and the
amount payable results in a fractional share, payment for the fractional share
will be made in cash.

10.   Limited Stock Appreciation Rights.

   The Committee shall have authority to grant a Limited Right to the Grantee
of any Option under the Plan with respect to all or some of the shares of
Common Stock covered by such related Option. Each Limited Right granted
pursuant to the Plan shall be evidenced by a written Agreement between the
Company and the Grantee, in such form as the Committee shall from time to time
approve, which Agreement shall comply with and be subject to the following
terms and conditions, unless otherwise specifically provided in such
Agreement:

   (a) TIME OF GRANT. A Limited Right granted in tandem with a Nonqualified
Stock Option may be granted either at the time of grant of the related Option or
any time thereafter during its term. A Limited Right granted in tandem with an
Incentive Stock Option may only be granted at the time of grant of the related
Option.

   (b) EXERCISE. A Limited Right may be exercised only (i) during the ninety-day
period following the occurrence of a Change in Control or (ii) immediately prior
to the effective date of a Corporate Transaction. Each Limited Right shall be
exercisable only if, and to the extent that, the related Option is exercisable
and, in the case of a Limited Right granted in tandem with an Incentive Stock
Option, only when the Fair Market Value per share of Common Stock exceeds the
Option Price per share. Notwithstanding the provisions of the two immediately
preceding sentences (or unless otherwise approved by the Committee), a Limited
Right granted to a Grantee who is an Insider must be (x) held by the Insider for
at least six (6) months from the date of grant of the Limited Right before it
becomes exercisable and (y) automatically paid out in cash to the Insider upon
the occurrence of a Change in Control or a Corporate Transaction (provided such
six (6) month holding period requirement has been met).

   (c) AMOUNT PAYABLE. Upon the exercise of a Limited Right, the Grantee thereof
shall receive in cash whichever of the following amounts is applicable:

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      (i) in the case of the realization of Limited Rights by reason of an
   acquisition of Common Stock described in clause (i) of the definition of
   "Change in Control" (Section 2(c) above), an amount equal to the
   Acquisition Spread as defined in Section 10(d)(ii) below; or

      (ii) in the case of the realization of Limited Rights by reason of
   stockholder approval of an agreement or plan described in clause (i) of the
   definition of "Corporate Transaction" (Section 2(j) above), an amount equal
   to the Merger Spread as defined in Section 10(d)(iv) below; or

      (iii) in the case of the realization of Limited Rights by reason of the
   change in composition of the Board described in clause (ii) of the definition
   of "Change in Control" or stockholder approval of a plan or agreement
   described in clause (ii) of the definition of Corporate Transaction, an
   amount equal to the Spread as defined in Section 10(d)(v) below.

   Notwithstanding the foregoing provisions of this Section 10(c) (or unless
otherwise approved by the Committee), in the case of a Limited Right granted
in respect of an Incentive Stock Option, the Grantee may not receive an amount
in excess of the maximum amount that will enable such option to continue to
qualify under the Code as an Incentive Stock Option.

   (d) DETERMINATION OF AMOUNTS PAYABLE. The amounts to be paid to a Grantee
pursuant to Section 10(c) shall be determined as follows:

      (i) The term "Acquisition Price per Share" as used herein shall mean, with
   respect to the exercise of any Limited Right by reason of an acquisition of
   Common Stock described in clause (i) of the definition of Change in
   Control, the greatest of (A) the highest price per share shown on the
   Statement on Schedule 13D or amendment thereto filed by the holder of 25%
   or more of the voting power of the Company that gives rise to the exercise
   of such Limited Right, (B) the highest price paid in any tender or exchange
   offer which is in effect at any time during the ninety-day period ending on
   the date of exercise of the Limited Right, or (C) the highest Fair Market
   Value per share of Common Stock during the ninety day period ending on the
   date the Limited Right is exercised.

      (ii) The term "Acquisition Spread" as used herein shall mean an amount
   equal to the product computed by multiplying (A) the excess of (1) the
   Acquisition Price per Share over (2) the Option Price per share of Common
   Stock at which the related option is exercisable, by (B) the number of shares
   of Common Stock with respect to which such Limited Right is being exercised.

      (iii) The term "Merger Price per Share" as used herein shall mean,
   with respect to the exercise of any Limited Right by reason of stockholder
   approval of an agreement described in clause (i) of the definition of
   Corporate Transaction, the greatest of (A) the fixed or formula price for the
   acquisition of shares of Common Stock specified in such agreement, if such
   fixed or formula price is determinable on the date on which such Limited
   Right is exercised, (B) the highest price paid in any tender or exchange
   offer which is in effect at any time during the ninety-day period ending on
   the date of exercise of the Limited Right, (C) the highest Fair Market Value
   per share of Common Stock during the ninety-day period ending on the date on
   which such Limited Right is exercised.

      (iv) The term "Merger Spread" as used herein shall mean an amount equal
   to the product. computed by multiplying (A) the excess of (1) the Merger
   Price per Share over (2) the Option Price per share of Common Stock at which
   the related Option is exercisable, by (B) the number of shares of Common
   Stock with respect to which such Limited Right is being exercised.

      (v) The term "Spread" as used herein shall mean, with respect to the
   exercise of any Limited Right by reason of a change in the composition of the
   Board described in clause (ii) of the definition of Change in Control or
   stockholder approval of a plan or agreement described in clause (ii) of the
   definition of Corporate Transaction, an amount equal to the product computed
   by multiplying (i) the excess of (A) the greater of (1) the highest price
   paid in any tender or exchange offer which is in effect at any time during
   the ninety-day period ending on the date of exercise of the Limited Right or
   (2) the highest Fair Market Value per share of Common Stock during the
   ninety-day period ending on the date the Limited Right is exercised over (B)
   the Option Price per share of Common Stock at which the

                                       8
<PAGE>
   related Option is exercisable, by (ii) the number of shares of Common Stock
   with respect to which the Limited Right is being exercised.

   (e) TREATMENT OF RELATED OPTIONS AND LIMITED RIGHTS UPON EXERCISE. Upon the
exercise of a Limited Right, the related Option shall cease to be exercisable to
the extent of the shares of Common Stock with respect to which such Limited
Right is exercised but shall be considered to have been exercised to that extent
for purposes of determining the number of shares of Common Stock available for
the grant of further awards pursuant to this Plan. Upon the exercise or
termination of a related Option, the Limited Right with respect to such related
Option shall terminate to the extent of the shares of Common Stock with respect
to which the related Option was exercised or terminated.

   (f) METHOD OF EXERCISE. To exercise a Limited Right, the Grantee shall (i)
deliver written notice to the Company specifying the number of shares of Common
Stock with respect to which the Limited Right is being exercised, and (ii) if
requested by the Committee, deliver to the Company the Agreement evidencing the
Limited Rights being exercised and, if applicable, the Option Agreement
evidencing the related Option; the Company shall endorse thereon a notation of
such exercise and return such Agreements to the Grantee. The date of exercise of
a Limited Right that is validly exercised shall be deemed to be the date on
which there shall have been delivered the instruments referred to in the first
sentence of this paragraph (f).

11.   Restricted Stock.

   The Committee may award shares of Restricted Stock to any eligible employee
or consultant. Each award of Restricted Stock under the Plan shall be
evidenced by a written Agreement between the Company and the Grantee, in such
form as the Committee shall from time to time approve, which Agreement shall
comply with and be subject to the following terms and conditions, unless
otherwise specifically provided in such Agreement:

   (a) NUMBER OF SHARES. Each Agreement shall state the number of shares of
Restricted Stock to be subject to an award.

   (b) RESTRICTIONS. Shares of Restricted Stock may not be sold, assigned,
transferred, pledged, hypothecated or otherwise disposed of, except by will or
the laws of descent and distribution, for such period as the Committee shall
determine from the date on which the award is granted (the "Restricted Period").
The Committee may also impose such additional or alternative restrictions and
conditions on the shares as it deems appropriate including the satisfaction of
performance criteria. Such performance criteria may include sales, earnings
before interest and taxes, return on investment, earnings per share, any
combination of the foregoing or rate of growth of any of the foregoing, as
determined by the Committee. Certificates for shares of stock issued pursuant to
Restricted Stock awards shall bear an appropriate legend referring to such
restrictions, and any attempt to dispose of any such shares of stock in
contravention of such restrictions shall be null and void and without effect.
During the Restricted Period, such certificates shall be held in escrow by an
escrow agent appointed by the Committee. In determining the Restricted Period of
an award, the Committee may provide that the foregoing restrictions shall lapse
with respect to specified percentages of the awarded shares on successive
anniversaries of the date of such award.

   (c) FORFEITURE. Subject to such exceptions as may be determined by the
Committee, if the Grantee's continuous employment or consultant relationship
with the Company or any Subsidiary shall terminate for any reason prior to the
expiration of the Restricted Period of an award, any shares remaining subject to
restrictions (after taking into account the provisions of Subsection (e) of this
Section 11) shall thereupon be forfeited by the Grantee and transferred to, and
retired by, the Company without cost to the Company or such Subsidiary.

   (d) OWNERSHIP. During the Restricted Period the Grantee shall possess all
incidents of ownership of such shares, subject to Subsection (b) of this Section
11, including the right to receive dividends with respect to such shares and to
vote such shares.

   (e) ACCELERATED LAPSE OF RESTRICTIONS. Upon the occurrence of any of the
events specified in Section 13 (and subject to the conditions set forth
therein), all restrictions then outstanding on any shares of Restricted Stock
awarded under the Plan shall lapse as of the applicable date set forth in
Section 13. The

                                       9
<PAGE>
Committee shall have the authority (and the Agreement may so provide) to
cancel all or any portion of any outstanding restrictions prior to the
expiration of the Restricted Period with respect to any or all of the shares
of Restricted Stock awarded on such terms and conditions as the Committee
shall deem appropriate.

12.   Effect of Certain Changes.

   (a) ADJUSTMENTS UPON CHANGES IN CAPITALIZATION. In the event of any
extraordinary dividend, stock dividend, recapitalization, merger, consolidation,
stock split, warrant or rights issuance, or combination or exchange of such
shares, or other similar transactions, the Committee shall equitably adjust (i)
the maximum number of Options or shares of Restricted Stock that may be awarded
to a Grantee in any calendar year (as provided in Section 5 hereof), (ii) the
number of shares of Common Stock available for awards under the Plan, (iii) the
number of such shares covered by outstanding awards and (iv) the price per share
of Options or the applicable market value of Stock Appreciation Rights or
Limited Rights, in each such case so as to reflect such event and preserve the
value of such awards; provided, however, that any fractional shares resulting
from such adjustment shall be eliminated.

   (b) CHANGE IN COMMON STOCK. In the event of a change in any of the common
stock of the Company as presently constituted that is limited to a change of all
of its authorized shares of Common Stock into the same number of shares with a
different par value or without par value, the shares resulting from any such
change shall be deemed to be the Common Stock within the meaning of the Plan.

13.   Corporate Transaction; Change in Control; Related Entity Disposition.

   (a) CORPORATE TRANSACTION. In the event of a Corporate Transaction, each
award which is at the time outstanding under the Plan shall automatically become
fully vested and exercisable and, in the case of an award of Restricted Stock,
shall be released from any restrictions on transfer and repurchase or forfeiture
rights, immediately prior to the specified effective date of such Corporate
Transaction. Effective upon the consummation of the Corporate Transaction, all
outstanding awards of Options, Stock Appreciation Rights and Limited Rights
under the Plan shall terminate. However, all such awards shall not terminate if
the awards are, in connection with the Corporate Transaction, assumed by the
successor corporation or Parent thereof.

   (b) CHANGE IN CONTROL. In the event of a Change in Control (other than a
Change in Control which is also a Corporate Transaction), each award which is at
the time outstanding under the Plan automatically shall become fully vested and
exercisable and, in the case of an award of Restricted Stock, shall be released
from any restrictions on transfer and repurchase or forfeiture rights,
immediately prior to the specified effective date of such Change in Control.

   (c) RELATED ENTITY DISPOSITION. With respect only to awards granted under the
Plan after November 17, 1998, the Continuous Service of each Grantee (who is
primarily engaged in service to a Related Entity at the time it is involved in a
Related Entity Disposition) shall terminate effective upon the consummation of
such Related Entity Disposition, and each outstanding award of such Grantee
under the Plan shall become fully vested and exercisable and, in the case of an
award of Restricted Stock, shall be released from any restrictions on transfer;
provided, however, that no such award shall vest pursuant to this Section 13(c)
in connection with a Related Entity Disposition consummated prior to November
17, 2000 if such vesting would defeat the ability to account for such
transaction as a "pooling" under generally accepted accounting principles. The
Continuous Service of a Grantee shall not be deemed to terminate if an
outstanding award is assumed by the surviving corporation or its parent entity
in connection with a Related Entity Disposition.

14.   Non-Employee Director Options.

   The provisions of this Section 14 shall apply only to certain grants of
Options to Non-Employee Directors, as provided below. Except as set forth in
this Section 14, the other provisions of the Plan shall apply to grants of
Options to Non-Employee Directors to the extent not inconsistent with this
Section. For purposes of interpreting Section 6 of the Plan, a Non-Employee
Director's service as a member of the Board shall be deemed to be employment
with the Company.

                                       10
<PAGE>
   (a) GENERAL. Non-Employee Directors shall receive Nonqualified Stock Options
in accordance with this Section 14. The Option Price per share of Common Stock
purchasable under Options granted to Non-Employee Directors shall be the Fair
Market Value of a share on the date of grant. Options granted pursuant to this
Section 14 shall be subject to the terms of such section and shall not be
subject to discretionary acceleration of exercisability by the Committee.

   (b) INITIAL GRANTS. On the date of the Initial Public Offering, each
Non-Employee Director will be granted automatically, without action by the
Committee, an Option to purchase 10,000 shares of Common Stock. The Option Price
shall equal the offering price of the Common Stock in connection with the
Initial Public Offering.

   (c) SUBSEQUENT GRANTS. Each person who, after the Initial Public Offering,
becomes a Non-Employee Director for the first time, will, at the time such
director is elected and duly qualified, be granted automatically, without action
by the Committee, an Option to purchase 10,000 shares of Common Stock. The
Option Price shall equal the Fair Market Value of the Common Stock as of the
date of grant.

   (d) ANNUAL GRANTS. Each Non-Employee Director who was initially elected to
the Board prior to the Initial Public Offering shall automatically be granted an
Option to purchase 10,000 shares of Class B Common Stock on each anniversary
date of the Initial Public Offering. Each Non-Employee Director who was
initially elected to the Board after the Initial Public Offering shall
automatically be granted an Option to purchase 10,000 shares of Class B Common
Stock on each anniversary of their election to the Board. The Options granted
under this paragraph shall be granted without action by the Committee. The
Option Price shall equal the Fair Market Value of the Class B Common Stock as of
the date of grant.

   (e) VESTING. Each option granted under this Section 14 shall be fully
exercisable on the date of grant. Sections 6(f), 6(g) and 6(h) hereof shall not
apply to Options granted to Non-Employee Directors.

   (f) DURATION. Each Option granted to a Non-Employee Director shall expire on
the first to occur of (i) the tenth anniversary of the date of grant of the
Option, (ii) the first anniversary of the Non-Employee Director's termination of
service as a member of the Board other than for Cause or (iii) three months
following the Non-Employee Director's removal from the Board for Cause. The
Committee may not provide for an extended exercise period beyond the periods set
forth in this Section 14.

   (g) DEFINITION OF "CAUSE." For purposes of this Section 14, "cause" shall
mean the termination of service as a member of the Board by a Non-Employee
Director due to any act of (i) fraud or intentional misrepresentation, or (ii)
embezzlement, misappropriation or conversion of assets or opportunities of the
Company or any Subsidiary.

15.   Period During which Awards May Be Granted.

   Awards may be granted pursuant to the Plan from time to time within a period
of ten (10) years from February 7, 1996, the date the Plan was initially
adopted by the Board.

16.   Transferability of Awards.

   (a) Incentive Stock Options (and any Stock Appreciation Rights related
thereto) may not be sold, pledged, assigned, hypothecated, transferred or
disposed of in any manner other than by the laws of descent and distribution and
may be exercised, during the lifetime of the Grantee, only by the Grantee or his
or her guardian or legal representative.

   (b) Nonqualified Stock Options (together with any Stock Appreciation Rights
or Limited Rights related thereto) shall be transferable in the manner and to
the extent acceptable to the Committee, as evidenced by a writing signed by the
Company and the Grantee. Nonqualified Stock Options (together with any Stock
Appreciation Rights or Limited Rights related thereto) granted after October 31,
2000 shall be transferable by a Grantee as a gift to the Grantee's "family
members" (as defined in Form S-8) without prior approval of the Committee;
provided that written evidence of such assignment is provided to the Committee
and the Grantee receives no consideration for the transfer. Notwithstanding the
transfer by a Grantee of a Nonqualified Stock Option, the transferred
Nonqualified Stock Option shall continue to be subject to the same terms and

                                     11

<PAGE>
conditions as were applicable to the Nonqualified Stock Option immediately
before the transfer and the Grantee will continue to remain subject to the
withholding tax requirements set forth in Section 17 hereof.

   (c) The terms of any award granted under the Plan, including the
transferability of any such award, shall be binding upon the executors,
administrators, heirs and successors of the Grantee.

17.   Agreement by Grantee regarding Withholding Taxes.

   If the Committee shall so require, as a condition of exercise of an Option,
Stock Appreciation Right or Limited Right or the expiration of a Restricted
Period (each, a "Tax Event"), each Grantee shall agree that no later than
the date of the Tax Event, the Grantee will pay to the Company or make
arrangements satisfactory to the Committee regarding payment of any federal,
state or local taxes of any kind required by law to be withheld upon the Tax
Event. Alternatively, the Committee may provide that a Grantee may elect, to
the extent permitted or required by law, to have the Company deduct federal,
state and local taxes of any kind required by law to be withheld upon the Tax
Event from any payment of any kind due to the Grantee. The withholding
obligation may be satisfied by the withholding or delivery of Common Stock.

18.   Rights as a Stockholder.

   Except as provided in Section 11(d) hereof, a Grantee or a transferee of an
award shall have no rights as a stockholder with respect to any shares covered
by the award until the date of the issuance of a stock certificate to him or
her for such shares. No adjustment shall be made for dividends (ordinary or
extraordinary, whether in cash, securities or other property) or distribution
of other rights for which the record date is prior to the date such stock
certificate is issued, except as provided in Section 12(a) hereof.

19.   No Rights to Employment.

   Nothing in the Plan or in any award granted or Agreement entered into
pursuant hereto shall confer upon any Grantee the right to continue in the
employ of, or in a consultant relationship with, the Company or any Subsidiary
or to be entitled to any remuneration or benefits not set forth in the Plan or
such Agreement or to interfere with or limit in any way the right of the
Company or any such Subsidiary to terminate such Grantee's employment. Awards
granted under the Plan shall not be affected by any change in duties or
position of a Grantee as long as such Grantee continues to be employed by, or
in a consultant relationship with, the Company or any Subsidiary.

20.   Beneficiary.

   A Grantee may file with the Committee a written designation of a beneficiary
on such form as may be prescribed by the Committee and may, from time to time,
amend or revoke such designation. If no designated beneficiary survives the
Grantee, the executor or administrator of the Grantee's estate shall be deemed
to be the Grantee's beneficiary.

21.   Stockholder Approval; Amendment and Termination of the Plan.

     (a) STOCKHOLDER APPROVAL. The Plan initially became effective when adopted
by the Board on February 7, 1996 and shall terminate on the tenth anniversary of
such date. The Plan was ratified by the Company's stockholders on February 27,
1997. In December 1997, the Board submitted to the Company's stockholders for
approval an amendment authorizing an additional 1,000,000 shares for awards
under the Plan, making a total of 3,300,000 shares authorized for awards. On
September 28, 1998, the Board authorized an additional 1,000,000 shares for
awards under the Plan, on November 20, 1998, the Board approved the Plan, as
amended and restated herein, and on November 23, 1998 the Executive Committee
approved the further increase of 500,000 shares, bringing the total number of
shares authorized for issuance under the Plan to 4,800,000 shares. The Company's
stockholders approved the September and November 1998 increases in December 1998
and an additional increase of 1,500,000 shares of Common Stock in December 1999.
On May 24, 2000, the Board authorized 300,000 shares of the Company's Class B
Common Stock for awards under the Plan, subject to stockholder approval. On
September 12, 2000, the Board authorized an additional 3,000,000 shares of the
Company's Class B Common Stock for awards under the Plan, subject to stockholder
approval.

                                     12

<PAGE>
   (b) AMENDMENT AND TERMINATION OF THE PLAN. The Board at any time and from
time to time may suspend, terminate, modify or amend the Plan; however, unless
otherwise determined by the Board, an amendment that requires stockholder
approval in order for the Plan to continue to comply with Rule 16b-3 or any
other law, regulation or stock exchange requirement shall not be effective
unless approved by the requisite vote of stockholders. Except as provided in
Section 12(a) hereof, no suspension, termination, modification or amendment of
the Plan may adversely affect any award previously granted, unless the written
consent of the Grantee is obtained. The amendment of Section 6(g) (extending the
post-termination exercise period of Options from thirty (30) days to three (3)
months) and the addition of Section 13(c) in respect of Related Entity
Dispositions shall apply prospectively only to Options granted after November
17, 1998, the date that the Plan, as amended and restated herein, was adopted by
the Board.

22.   Governing Law.

   The Plan and all determinations made and actions taken pursuant hereto shall
be governed by the laws of the State of Delaware.

                                     13AMENDED AND RESTATED
                            PHANTOM WORKING INTEREST
                                 INCENTIVE PLAN
                                       OF
                           HALLWOOD ENERGY CORPORATION

         Hallwood Energy  Corporation,  a Delaware  corporation (the "Company"),
hereby  establishes  the following  Incentive  Plan, in order to provide greater
incentive and  motivation to the  Company's  key  personnel and  consultants  to
increase  the total oil and gas  reserves  of the  Company  and to  enhance  the
Company's ability to attract,  motivate and retain key employees and consultants
upon whom, in large measure, the success of the Company depends.

                                    ARTICLE I
                                   Definitions

         The following  words and phrases shall have the meaning set forth below
unless the context clearly indicates otherwise:

     "Affiliates"  means the  affiliates  of the Company  which hold  title,  on
behalf, of the Company,  to the Company oil and gas assets,  including,  but not
limited  to,  HEC  Acquisition  Corp.,  EM  Nominee  Partnership  Company,  HCRC
Acquisition  Corp.,  Hallwood  Consolidated  Partners L.P.,  Hallwood San Juan I
Limited Partnership and La Plata Associates LLC.

         "Beneficiary" means a Beneficiary designated pursuant to Section 2.2.

         "Board" means the Board of Directors of the Company or any committee of
the Board of Directors  to which the Board may delegate its  authority to act in
connection with this Plan from time to time.

         "Buy-Out  Value" shall mean that percentage of the net present value of
the then remaining  proven reserves of an Eligible  Domestic Well, as determined
by the Board at the time any award is made under the Plan. The net present value
of the then  remaining  proven  reserves of an Eligible  Domestic  Well shall be
determined  based on the Reserve Report.  If the net present value of the proven
reserves of an Eligible Domestic Well is less than zero, the Buy-Out Value shall
be zero.

<PAGE>

             "Cash Flow" means, as to an Eligible  Domestic Well, with regard to
the  period  in  question,  (i) all  revenues  received  by the  Company  or its
Affiliates  from the sale of production or  monetization of tax credits from the
Eligible  Domestic Well, plus all proceeds received from the sale or transfer of
all or part of an  interest  in the  Eligible  Domestic  Well to  other  than an
Affiliate,  less in each case (A) all operating  expenses paid by the Company or
its Affiliates and normally attributable to a working interest;  (B) all amounts
paid by the Company or its  Affiliates  to improve,  recomplete  or maintain the
production  from  an  Eligible  Domestic  Well  (other  than  amounts  spent  in
connection  with the initial  spudding,  drilling  and first  Completion  of the
Eligible  Domestic  Well  or  recompletion  of a  Marginal  Well);  and  (C) all
severance,  production or other production related taxes paid by the Company and
its Affiliates and applicable to the Eligible Domestic Well; Cash Flow means, as
to a  Non-Domestic  Project,  with regard to the period in question (i) revenues
received by the Company or its  Affiliates in  connection  with services for the
operation of such Non-Domestic Project,  including fees received for the lifting
of oil or gas,  plus all cash  received from the sale or transfer of all or part
of an interest in a Non-Domestic  Project or, if the consideration for such sale
is not in cash, then a cash amount equal to the value received by the Company or
its Affiliates for such Non-Domestic Project (if no allocation of value for such
Non-Domestic Project is provided or if the consideration received by the Company
or its Affiliates  cannot be readily  valued,  the Company and a majority of the
affected  Participants  may agree on an allocation,  which  allocation  shall be
binding on all Participants,  or a third party appraisal may be obtained, at the
Company's  cost),  less in each  case  (A) all  operating  expenses  paid by the
Company  or  its  Affiliates  and  normally  attributable  to an  interest  in a
Non-Domestic  Project,  (B) all amounts paid by the Company or its Affiliates to
improve,  recomplete or maintain  production from a Non-Domestic  Project (other
than  amounts  spent in  connection  with the  initial  spudding,  drilling  and
completion  of wells within a  Non-Domestic  Project or the signing  bonuses and
costs typically associated with the acquisition of an interest in a Non-Domestic
Project) and (C) all severance,  production,  excise or other production related
taxes paid by the Company and its Affiliates and applicable to the  Non-Domestic
Project. In the event that Eligible Domestic Wells or Non-Domestic  Projects are
transferred in connection  with an exchange of  properties,  then at the Board's
discretion,  the  new  property  or  properties  received  in  exchange  for the
transferred  Eligible  Domestic  Wells  or  the  non-Domestic  Projects  may  be
substituted into a Plan,  rather than  considering  their value as cash received
from the transfer of such properties.

         "Change of Control" shall mean the occurrence of:

         a.  An acquisition of any voting securities of the Company (the "Voting
             Securities")  by any  Person"  (as the  term  person  is  used  for
             purposes of Section 13(d) or 14(d) of the  Securities  Exchange Act
             of 1934  (the  "Exchange  Act"),  other  than  The  Hallwood  Group
             Incorporated  and its  affiliates,  immediately  after  which  such
             Person has "Beneficial Ownership" (within the meaning of Rule 13d-3
             promulgated under the Exchange Act) of thirty percent (30%) or more
             of the combined  voting  power of the  Company's  then  outstanding
             Voting Securities;

         b.  The  individuals  who, as of the effective date of this  Agreement,
             are  members  of  the  Board  of  Directors  of  the  Company  (the
             "Incumbent  Board"),  cease for any reason to constitute at least a
             majority  of the members of the Board of  Directors  of the Company
             (the  "Board");   provided,  however,  that  if  the  election,  or
             nomination for election by the Company's  common  stockholders,  or
             any new  director  was approved by a vote of at least a majority of
             the Incumbent Board,  such new director shall, for purposes of this
             Agreement,  be  considered  as a  member  of the  Incumbent  Board;
             provided further, however, that no individual shall be considered a
             member of the Incumbent Board if such individual  initially assumed
             office as a result of  either  an  actual or  threatened  "election
             contest"  (as  described  in  Rule  14A-11  promulgated  under  the
             Exchange Act) or other actual or threatened solicitation of proxies
             or  consents  by or on behalf of a Person  other  than the Board (a
             "Proxy Contest")  including by reason of any agreement  intended to
             avoid or settle any Election Contest or Proxy Contest; or

         c.  Approval by stockholders of the Company of:

               i.  A  merger,  consolidation  or  reorganization  involving  the
          Company, unless:

                  1.       The stockholders of the Company,  immediately  before
                           such merger,  consolidation  or  reorganization,  own
                           directly or  indirectly  immediately  following  such
                           merger,  consolidation  or  reorganization,  at least
                           fifty percent  (50%) of the combined  voting power of
                           the outstanding  voting securities of the corporation
                           resulting  from  such  merger  or   consolidation  or
                           reorganization   (the  "Surviving   Corporation")  in
                           substantially  the same proportion as their ownership
                           of the  Voting  Securities  immediately  before  such
                           merger, consolidation or reorganization; and

                  2.       The individuals who were members of the Incumbent
                           Board  immediately prior to the execution of the
                           agreement providing for such merger,  consolidation
                           or reorganization constitute at least a majority of
                           the members of the board of directors of the
                           Surviving Corporation; or

             ii.  A complete liquidation or dissolution of the Company; or

             iii. An  agreement  for the  sale or  other  disposition  of all or
                  substantially  all of the assets of the  Company to any Person
                  (other than a transfer to a wholly owned subsidiary.

         d.  Notwithstanding  the  foregoing,  a Change of Control  shall not be
             deemed to occur solely  because any Person (the  "Subject  Person")
             acquired beneficial ownership of more than the permitted percent of
             the outstanding Voting Securities as a result of the acquisition of
             Voting  Securities by the Company which,  by reducing the number of
             Voting Securities outstanding, increases the proportional number of
             shares beneficially owned by the Subject Person, provided that if a
             Change  of  Control  would  occur  (but for the  operation  of this
             sentence) as a result of the  acquisition  of Voting  Securities by
             the Company,  and after such share acquisition by the Company,  the
             Subject  Person  becomes  the  beneficial  owner of any  additional
             Voting  Securities  which  increases  the  percentage  of the  then
             outstanding  Voting  Securities  beneficially  owned by the Subject
             Person, then a Change of Control shall occur.

         "Company" means Hallwood Energy Corporation and any successor thereto.

         "Completion"  of an Eligible  Domestic Well or a  "Completed"  Eligible
Domestic Well means (i) with regard to an initial  drilling,  the date such well
is spud; (ii) with regard to the  recompletion of a Marginal Well, the date when
a completion,  workover or drilling rig is moved in and rigged up in preparation
of  imminent  work  initiation  or (iii) with  regard to  secondary  or tertiary
recovery  operations,  the  date of  first  injection  of any  fluids  used  for
secondary or tertiary recovery.

         "Effective Date" means June 8, 1999.

         "Eligible  Domestic  Well"  means any well  located in the  continental
United States and Completed within the Plan Year, any recompleted  Marginal Well
and any secondary or tertiary recovery  operation (in which case the value to be
assigned to such secondary or tertiary  recovery wells not already included in a
Plan,  shall be calculated by holding  constant the proven  developed  producing
reserve rate at the time of first injection,  and only considering the cash flow
from production above that rate as Cash Flow to the Plan).

         "Key  Employee"  means an employee or  consultant of the Company or its
affiliate,  Hallwood  Petroleum,  Inc., whom the Board, in its sole  discretion,
determines has or may substantially benefit the Company.

         "Marginal  Well" means any Eligible  Domestic Well having a net present
value, in the Reserve Report of less than or equal to $25,000.

<PAGE>

         "Non-Domestic  Project" means any project  undertaken by the Company or
its  Affiliates  in which the  properties  owned,  operated  or  serviced by the
Company or its Affiliates  are outside of the  continental  United  States.  The
timing of inclusion  of a  Non-Domestic  Project in the Plan and the  properties
and/or contracts which would be considered to constitute a Non-Domestic  Project
shall be as  determined  and  described  by the Board at the time of the  annual
determination of Participants and awards, and may include Non-Domestic  Projects
which were commenced in prior years.

         "Participant"  means a Key  Employee  who is  selected  by the Board to
participate in the Plan for any Plan Year.

         "Participation  Point"  means one percent of the Plan Cash Flow for any
Plan Year; 100 Participation Points shall be awarded to Participants in any Plan
Year during which any awards are made.

         "Plan" means this Incentive Plan of Hallwood Energy Corporation.

         "Plan Cash Flow"  means the  aggregate  percentage  of the  Affiliates'
collective  interest  in the Cash Flow of the  Eligible  Domestic  Wells and the
Non-Domestic Projects that the Board determines for any Plan Year to allocate to
the  Plan,  and  which  is  to  be  divided  among  the  Participants  based  on
Participation  Points.  In the Board's  discretion,  it may  allocate  different
percentages of Cash Flow for Eligible Domestic Wells and Non-Domestic Projects.

         "Plan  Distributions"  attributable to any Participant's  Participation
Points means (i) the Plan Cash Flow  attributable  to the  Participation  Points
(ii) the  Buy-Out  Value of Eligible  Domestic  Wells upon  buy-out  pursuant to
Section 3.2 and (iii) any payments made to a Participant  because of termination
of employment as described in Article V herein, or termination of all of part of
the Plan as described in Article VII herein.

         "Plan Year" means the twelve-month calendar year.

         "Reserve  Report"  means the most  recent  regularly  prepared  reserve
report which applies the rules and  regulations  of the  Securities and Exchange
Commission, except that the five-year average prices used by the Company for its
then current planning purposes, rather than year-end prices, shall be used.

         "Termination  for Cause"  means  termination  which is initiated by the
Company for either serious misconduct or sub-standard performance.

         "Termination Value" is defined in Section 5.3.

                                   ARTICLE II
                            Participation in the Plan

<PAGE>

         2.1  Eligibility.  Any Key Employee of the Company shall be eligible to
be  selected  as a  Participant  in the  Plan.  A Key  Employee  shall  become a
Participant upon receiving an award of Participation  Points by the Board, which
may take into  consideration,  among other factors,  the  recommendation  of the
Company's  executive  officers,   the  Key  Employee's  position,   salary,  and
individual contribution to the performance of the Company's Affiliates. Only Key
Employees  who are employed by or engaged as  consultants  to the Company on the
date of the award by the Board  shall be  eligible  to be awarded  Participation
Points.

         2.2 Enrollment  Procedure.  Each Participant shall complete,  sign, and
return to the Company's Human  Resources  department an enrollment form supplied
by the Company.  The enrollment form shall state, among other  information,  the
Participant's  address  and date of birth  and a  designation  of the  names and
addresses  of the  Participant's  beneficiaries.  The  Participant  will  not be
entitled to receive any payments with respect to the Plan until the  Participant
has properly returned the enrollment form.

         2.3  Determination of Participants and Awards.  The Board may determine
annually the Key Employees who are to be  Participants  in the Plan with respect
to the Plan Year,  the percentage of the total Plan Cash Flow to be allocated to
awards for the Plan Year, the Plan Buy-Out Value, the  Non-Domestic  Projects to
be  included  in the Plan and the  Participation  Points to be  awarded  to each
Participant. The Board may make these determinations in its sole discretion, and
may award all  Participation  Points for a Plan Year to one  Participant.  It is
anticipated that determinations of the Plan Cash Flow allocated for a Plan Year,
the Participants, the Plan Buy-Out Value and the Participation Points for a Plan
Year will be made in the first  quarter of each year.  The Board is not required
to allocate any Plan Cash Flow for a Plan Year.

                                   ARTICLE III
      Allocation and Distribution of Cash Flow from Eligible Domestic Wells

         3.1  Distributions.  On  all  outstanding  awards,  the  Company  shall
distribute to each  Participant  the portion of the Plan Cash Flow from Eligible
Domestic  Wells  attributable  to the  Participation  Points  then  held  by the
Participant  for each Plan Year.  The  distributions  shall be made quarterly to
each  Participant or his  Beneficiary  in the amount of such person's  allocable
share of the Plan Cash  Flow  from  Eligible  Domestic  Wells for the  preceding
quarter,  less any  applicable  withholding  of income  taxes or other  amounts.
Distributions shall be made within thirty days of the end of a quarter.

         3.2 Buy-Out.  Subject to Articles V and VII, in the sixth calendar year
after the award of Participation Points, a Participant shall receive the Buy-Out
Value of all Eligible  Domestic  Wells included in that Plan. All payments under
this  section  shall be made on or before  the end of the first  quarter  of the
sixth year.

                                   ARTICLE IV
      Allocation and Distribution of Net Income from Non-Domestic Projects

<PAGE>

         4.1 Distribution of Cash Flow from Non-Domestic  Projects.  In order to
recognize  that  Non-Domestic  Projects  are by their  nature  longer lived than
Eligible  Domestic Wells and that future  exploitation of Non-Domestic  Projects
needs to be  encouraged,  the  revenues  from a  Non-Domestic  Project  shall be
allocated  to  successive  Plan  Years,  commencing  in the first  year in which
revenues are received from a Non-Domestic Project. To the extent revenues from a
Non-Domestic  Project  are  allocated  to a  Plan  Year,  such  allocation  will
automatically  terminate  ten years  after the year in which net  revenues  were
first received from such  Non-Domestic  Project.  It is anticipated that no more
than five Plan Years will be associated  with any single  Non-Domestic  Project,
and that once a  Non-Domestic  Project is designated  for a Plan Year,  the next
four Plans will also include such Non-Domestic Project.  However, at the Board's
discretion,  more or less than  five  Plans may  include  the same  Non-Domestic
Project.  The  distributions  shall be made annually to each  Participant or his
Beneficiary in the amount of such person's allocable share of the Plan Cash Flow
from  Non-Domestic   Projects  for  the  preceding  year,  less  any  applicable
withholding of income taxes or other amounts.  Distributions shall be made on or
before the end of the first quarter following the end of the year.

         4.2  Allocation  of Cash Flow from  Non-Domestic  Projects  Among  Plan
Years.  To the extent Cash Flow from  Non-Domestic  Projects is allocated  among
more than one Plan Year,  such Cash Flow shall be allocated among the respective
Plan  Years in  accordance  with a  formula  based on a  fraction  in which  the
numerator  is one,  and the  denominator  is the  number  of  Plan  Years  which
participate  in Cash Flow  from the  Non-Domestic  Project.  For  example,  if a
Non-Domestic  Project is included in three separate Plan Years,  then the amount
of the total Plan Cash Flow (as  determined by the Board pursuant to Section 2.3
herein) to be allocated  among each Plan Year which  includes such  Non-Domestic
Project shall be determined based on a fraction, the numerator of which shall be
one, and the denominator of which shall be three (the number of Plan Years which
include  such  Non-Domestic  Project).  Further,  if the  total  Plan  Cash Flow
determined  by the Board to be  allocated  to a Plan Year in the first  year the
Non-Domestic  Project  is  included  is .04%,  and  there are  subsequently  two
additional Plan Years which include such Non-Domestic Project, then the Board in
its  discretion  may determine that the fraction used to allocate Cash Flow from
such Non-Domestic Project among the Plan Years should be 1/3; each Plan would be
allocated one-third of .04% of the Cash Flow from such Non-Domestic Project.

     4.3 No Buy-out of Participant's Interest in Non-Domestic Projects. There is
no buy out of a Participant's  interest in any Non-Domestic  Project,  except as
provided in Articles V and VII.

                                    ARTICLE V
                                     Vesting

<PAGE>

         5.1 Termination for Cause If a Participant's  employment or consultancy
with the Company or its Affiliates is terminated by the Company as a Termination
for Cause,  the Participant  shall cease,  effective as of the effective date of
such  termination,  to be a  Participant  in this Plan and shall have no further
rights under the Plan, and all  Participation  Points of the  Participant  under
this Plan shall be canceled  without payment of any  compensation and the former
Participant   shall  not  thereafter   receive  any  Plan   Distributions.   Any
Participation  Points  canceled  hereunder  and the related Plan Cash Flow shall
revert to the Company, and shall not be available to any other Participant.

         5.2 Termination Other Than for Cause. If a Participant's  employment or
consultancy  with the Company or its Affiliates is terminated by the Company for
any reason other than a Termination for Cause,  the Participant  shall receive a
cash  lump sum  payment  equal to the  Termination  Value of such  Participant's
interest in the Plan as of such termination,  calculated as described in Section
5.3.

         5.3  Determination of Termination  Value of  Participant's  Interest in
Plan. The Termination Value of a Participant's  interest in a Plan shall be 100%
of the fair market value of the Cash Flow from Non-Domestic  Projects  allocated
to the Plan,  plus (a) as  applied to  Section  5.2 or  7.1(a),  100% of the net
present value of the then remaining proven reserves of an eligible Domestic Well
determined  based on the  Reserve  Report,  but not less  than  zero;  or (b) as
applied to Section  7.1(b),  the greater of (i) 100% of the net present value of
the then remaining  proven reserves of all Eligible  Domestic Wells based on the
most  recently   prepared  Company  reserve  report,   applying  the  rules  and
regulations of the Securities and Exchange  Commission,  except that the average
of basis adjusted prices from the New York Mercantile Exchange for the preceding
three  months shall be used,  or (ii) 100% of the net present  value of the then
remaining  proven  reserves  of all  Eligible  Domestic  Wells based on the most
recently prepared Company reserve report,  applying the rules and regulations of
the Securities and Exchange Commission, except that the five-year average prices
used by the Company for its then current  planning  purposes  shall be used. The
Termination Value shall take into account the  Participation  Points held by the
Participant in the pertinent Plan Years at the date of termination of employment
or  consultancy,  or at the date of the termination of the Plan, as the case may
be.  In  determining  the fair  market  value  of Cash  Flow  from  Non-Domestic
Projects, the Participant and the Company shall mutually agree on such value, or
if they cannot,  then an independent  appraiser shall be jointly selected by the
Participant and the Company, and such independent appraiser's valuation shall be
binding on the Participant  and the Company.  The Company shall bear the expense
of any such appraiser.  Payment of the Termination  Value  determined under this
Section 5.3 shall be made as to Eligible Domestic Wells within sixty days of the
event triggering such  determination,  and as to Non Domestic  Projects,  within
thirty days of either the mutual  agreement  of such value or the receipt of the
independent appraisers' valuation, as the case may be.

         5.4 Resignation If a Participant's  employment or consultancy  with the
Company or its  Affiliates is terminated by the  Participant  as a result of the
Participant's  voluntary resignation,  the Participant shall cease, effective as
of the effective date of such resignation,  to be a Participant in this Plan and
shall have no further rights under the Plan, and all Participation Points of the
Participant   under  this  Plan  shall  be  canceled   without  payment  of  any
compensation and the former  Participant  shall not thereafter  receive any Plan
Distributions.  Any Participant  Points canceled  hereunder and the related Plan
Cash Flow shall revert to the Company and shall, at the discretion of the Board,
be available to any other Participant.

         5.5 Death or  Disability If a Participant  dies or is  permanently  and
totally disabled,  the Participant (or the Participant's  Beneficiary) shall, at
the option of the Company,  (a) continue to receive  Plan  Distributions  in the
same manner as though such  Participant  were still employed by the Company,  or
(b)  receive  a cash lump sum  payment  equal to the fair  market  value of such
Participant's  interest  in the  Plan or Plans  in  which  he  participates,  as
determined pursuant to Section 5.3.

                                   ARTICLE VI
                  Allocation of Administrative Responsibilities

<PAGE>

         6.1 The Company.  The Company shall be responsible for keeping accurate
books and accounts  with respect to all Eligible  Domestic  Wells,  Non-Domestic
Projects,  Plan Cash Flow and Plan Distributions and making the payments to Plan
Participants provided by the Plan.

         6.2 The Board.  The Board of the Company shall  administer the Plan and
shall have all powers necessary for that purpose, including, but not limited to,
the power to interpret the Plan, to determine the eligibility, status and rights
of all persons  under the Plan,  and to make all  determinations  required to be
made under the Plan.

         6.3 Others.  The Board of the Company may designate one or more persons
who may,  but need not be,  employees of the Company or an Affiliate , to assist
it in the  ministerial  tasks  required in  administering  the Plan. The Company
hereby  indemnifies  each person so  designated by the Board against any and all
claims, loss, damages,  expense and liability arising from any action or failure
to act with respect to the Plan,  except when the same is judicially  determined
to be due to the fraud, gross negligence or willful misconduct of such person.

                                   ARTICLE VII
                        Termination and Amendment of Plan

         7.1 (a) Termination of Plan Upon Notice . The Company presently intends
to  continue  the  Plan  indefinitely,  but the  continuance  of the Plan is not
assumed as a  contractual  obligation  and the Company may terminate the Plan at
any time by delivering  written notice of termination  to each  Participant  and
Beneficiary  then entitled to receive  distributions  pursuant to the Plan. Upon
such  termination,  all  affected  Participants  shall  receive  a cash lump sum
payment equal to the Termination  Value of each such  Participant's  interest in
the terminated Plans, calculated as described in section 5.3.

                  (b) Termination of Plan Upon Change of Control.  Upon a Change
of  Control,  the Plan shall  terminate.  Upon such  termination,  all  affected
Participants  shall  receive a cash lump sum  payment  equal to the  Termination
Value of each such Participant's interest in the terminated Plans, calculated as
described in Section 5.3.

         7.2 Procedure Upon  Termination of a Plan. Upon termination of the Plan
under Section 7.1(a) or (b), the Company shall distribute to each Participant or
Beneficiary  then  participating  in the Plan, in one lump sum or in three equal
annual  installments  with  interest at the base rate required in order to avoid
the  imputation of interest  under section 483 of the Internal  Revenue Code, or
any  successor  provision,  the amount  determined  pursuant  to section 7.1 and
Section 5.3. The method of payment shall be as elected by a Participant.

<PAGE>

         7.3  Amendment  by the  Company.  The Company may at any time amend the
Plan in any respect by action of its Board,  but no amendment shall be made that
would  have the  effect of  materially  and  adversely  affecting  the  economic
interest  of any  person  under  the Plan with  respect  to  previously  awarded
Participation Points.

                                   ARTICLE VI
                                  Miscellaneous

     8.1 Right to Dismiss  Employees and Consultants.  The Company may terminate
the  employment  of any  employee  or  consultant  at any time for any reason as
freely as if this Plan  were not in  existence.

     8.2 Source of Benefits.  The  obligations  hereunder are  undertaken by the
Company and the  Affiliates,  and all benefits  payable  under the Plan shall be
paid solely from the general  assets of the Company and/or its  Affiliates,  and
shall be allocated  among the Company and its  Affiliates in proportion to their
ownership of Eligible  Domestic Wells and Non-Domestic  Projects included in the
Plan.  No  allocation  of interests or income on the books of the Company or the
Affiliates  shall be deemed to create a separate fund or any ownership  interest
on the part of any  Participant  in any  Eligible  Domestic  Wells being used to
measure Plan Distributions or in any production from properties.

     8.3 No Ownership of  Properties;  Other Rights.  Nothing  contained in this
Plan shall in any way  restrict  the right of the Company or the  Affiliates  in
their discretion to operate,  abandon,  sell,  transfer,  mortgage,  encumber or
otherwise deal with the Eligible Domestic Wells on Non-Domestic  Projects giving
rise to the revenues used to measure Plan Distributions.  Any rights accruing to
a  Participant  or other  person under the Plan are solely those of an unsecured
general  creditor of the  Company.  Nothing  contained in the Plan and no action
taken  pursuant to the  provisions  of the Plan will create or be  construed  to
create a trust of any kind, or a pledge, or an economic interest in the Eligible
Domestic Wells, the Non-Domestic  Projects or a fiduciary  relationship  between
the Company, an Affiliate, and a Participant or any other person. Nothing in the
Plan will be construed to require that any fund be  maintained  or any amount be
segregated for a Participant's benefit.

     8.4  Sale of  Eligible  Domestic  Wells  or  Non-Domestic  Projects.  If an
Eligible Domestic Well or Non-Domestic Project is sold or in any way transferred
to other than an Affiliate  during the time that such Eligible  Domestic Well or
Non-Domestic  Project  is subject  to the Plan,  the value of the  consideration
received in connection with the transfer will be considered to be Cash Flow from
such Eligible  Domestic Well or Non-Domestic  Project and will be distributed as
Plan Cash Flow at the time and in the manner  required by Section 3.1 or 4.1, as
the case may be.

     8.5  Deductibility  under Internal Revenue Code. If the Company believes in
good faith that a Participant may receive total compensation from the Company in
one  calendar  year in excess of the amount which may be deducted by the Company
under  Internal  Revenue Code  section 162 (m),  then the Company may defer such
excess payments until the first year when they would be deductible.

<PAGE>

     8.6 Beneficiaries.  In the absence of an effective Beneficiary  designation
as  to  any  portion  of a  Participant's  interest  under  the  Plan  (if  such
Participant  is  a  natural  person),  pursuant  to  Section  2.2  hereof,  Plan
Distributions  attributable to such interest shall be paid to the  Participant's
personal  representative,  but  if the  Company  believes  that  none  had  been
appointed within six months after the Participant's death, the Company may elect
not to pay such income until a personal representative has been appointed or may
pay such  income  to the  Participant's  surviving  spouse,  or if none,  to his
surviving children and issue of deceased children by right of representation, or
if there be none, to his surviving parents.

     8.7  Non-Transferability  of Benefits. No Participant or other person shall
have  any  right  to  assign,  alienate,  transfer,  hypothecate,   encumber  or
anticipate any interest in any benefits under this Plan, nor shall such benefits
be subject to any legal  process to levy upon or attach the same for  payment of
any claim  against  any such  Participant  or other  person  through any process
whatsoever,  and any attempt to cause such rights to be so subjected will not be
recognized except to such extent as may be required by law.

     8.8 Payment Due Minor or Incapacitated Persons. If any person entitled to a
payment under the Plan is a minor,  or if the Company  determines  that any such
person is incapacitated by reason of physical or mental  disability,  whether or
not legally  adjudicated  as such, the Company shall have the power to cause the
payments  becoming due to such person to be made to his personal  representative
or to another for his benefit,  without  responsibility of the Company to see to
the application of such payments.  The Company shall have no  responsibility  to
investigate  the  physical  or  mental   condition  of  a  Participant  and  any
determination  of  disability  made  by the  Company  shall  be  binding  on the
Participant  and all other  persons.  Payments made pursuant to such power shall
operate as a complete discharge of the Plan and the Company.

     8.9  Disposition  of  Unclaimed  Payments.  Pursuant to Section  2.2,  each
Participant who is a natural person must file with the Company from time to time
in writing his address  and the  address of each of his  Beneficiaries  and each
change  of  address.  Any  communication,  statement  or notice  addressed  to a
Participant  or  Beneficiary  at his last post  office  address  filed  with the
Company, or if no address is filed with the Company then at his last post office
address as shown on the Company's  records,  will be binding on the  Participant
and his  Beneficiaries  for all purposes of the Plan.  The Company  shall not be
required to search for or locate a Participant  or  Beneficiary.  If the Company
notifies a Participant or Beneficiary  that he is entitled to a distribution and
also  notifies him of the  provisions of this section,  and the  Participant  or
Beneficiary fails to make his address known to the Company within three calendar
years  after the  notification,  the  Participation  Points  of the  Participant
Beneficiary  will be  forfeited  and  canceled  as of the end of the  Plan  Year
following the expiration of such three year period.

     8.10 Use of Term "Key  Employee".  The use herein of the defined  term "Key
Employee"  is a matter of  convenience  only,  and is not  intended to create an
employer/employee  relationship  between the Company or its  Affiliates  and any
consultant who may be a  Participant.  Nothing herein shall be construed to make
any  consultant  who  is a  Participant  the  employee  of  the  Company  or its
Affiliates.

     8.11 Governing Law. The construction and  interpretation of this Plan shall
be governed by the laws of the State of Colorado.

<PAGE>

     8.12  Pronouns;  Gender and Number.  Unless the context  clearly  indicates
otherwise,  words in any gender shall include the other genders and the singular
shall include the plural and vice versa.

Executed as of January 31, 2001

                              HALLWOOD ENERGY CORPORATION

                              William L. Guzzetti
                              President

                              HEC ACQUISITION CORP.

                              William L. Guzzetti
                              President

                              EM NOMINEE PARTNERSHIP COMPANY

                              By HEC Acquisition Corp., general partner

                              William L. Guzzetti
                              President

                              HCRC ACQUISITION CORP.
                              By Hallwood Consolidated Resources
                                       Corporation, its successor by merger

                              William L. Guzzetti
                              President

                              HALLWOOD CONSOLIDATED PARTNERS, L.P.
                              By Hallwood Consolidated Resources Corporation,
                                general partner

                              William L. Guzzetti
                              President

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