Document:

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                                                                 EXHIBIT 10-i(1)

                               FIRST AMENDMENT TO

                          REGISTRATION RIGHTS AGREEMENT

     THIS FIRST AMENDMENT TO REGISTRATION RIGHTS AGREEMENT is made and entered
into the 19th day of March, 1999 ("Amendment"), between MEMC Electronic
Materials, Inc., a Delaware corporation (the "Company"), and VEBA Corporation, a
Delaware corporation ("VEBA").

     WHEREAS, the Company and Huls Corporation ("Huls") entered into a
Registration Rights Agreement dated as of July 12, 1995 (the "Agreement");

     WHEREAS, on September 30, 1998, Huls merged with and into VEBA and thus
VEBA became the successor in interest to Huls under the Agreement;

     WHEREAS, on the date hereof VEBA (as successor to Huls) is the owner of
21,490,942 shares of the Company's Common Stock, par value $.01 per share (the
"Common Stock");

     WHEREAS, the Company and VEBA entered into (i) a Purchase Agreement dated
as of October 22, 1998 (as amended on December 29, 1998 and February 14, 1999,
the "Purchase Agreement") pursuant to which VEBA agreed to purchase and the
Company agreed to issue to VEBA a number of shares of Common Stock equal to
106,100,000 divided by the Purchase Price (as defined in the Purchase Agreement)
rounded up to the nearest whole number and (ii) a Standby Agreement dated as of
October 22, 1998 (the "Standby Agreement") pursuant to which VEBA agreed to
purchase and the Company agreed to issue to VEBA the shares of Common Stock
offered in a registered rights offering (the "Rights Offering") to all of the
Company's existing stockholders (other than VEBA and its affiliates) and not
otherwise subscribed for by the other stockholders of the Company prior to the
expiration time of such rights;

     WHEREAS, it is a condition to the closing under each of the Purchase
Agreement and the Standby Agreement that the Agreement shall have been amended
to include all shares of Common Stock acquired or to be acquired or purchased or
to be purchased by VEBA, VEBA Aktiengesellschaft, a German stock corporation
("VEBA AG"), or any Subsidiaries of VEBA AG after October 22, 1998.

     NOW, THEREFORE, in consideration of the mutual covenants, promises,
representations, warranties and conditions set forth in this Amendment, the
parties hereto, intending to be legally bound, hereby agree as follows:

     1.   All references in the Agreement to "Huls Corporation" and "Huls" are
hereby amended by deleting each such reference and substituting in lieu thereof
"VEBA Corporation" or "VEBA," respectively.

     2.   The definitions of "Holder" and "Registrable Stock" in Section 1 of
the Agreement are hereby deleted in their entirety and the following definitions
are substituted in lieu thereof:

          ""Holder" shall mean (i) VEBA, VEBA AG and any Subsidiary of VEBA AG
     that beneficially owns on the date hereof, or hereinafter acquires or
     purchases, shares of Common Stock and (ii) any transferee or assignee to
     whom the rights under this Agreement are assigned in accordance with the
     provisions of Section 9 hereof;

          "Purchase Agreement" shall mean that certain Purchase Agreement dated
     as of October 22, 1998, as amended from time to time, by and among the
     Company and VEBA;

          "Registrable Stock" shall mean the Common Stock beneficially owned on
     the date hereof, or hereafter acquired or purchased, by VEBA, VEBA AG or
     any Subsidiary of VEBA AG, including, without limitation, any Common Stock

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     (i)  acquired by VEBA, VEBA AG or any Subsidiary of VEBA AG as a result of
     the transactions contemplated by the Purchase Agreement or the Standby
     Agreement or upon exercise of any rights to purchase Common Stock, (ii)
     purchased on the open market by VEBA, VEBA AG or any Subsidiary of VEBA AG
     or (iii) issued to VEBA, VEBA AG or any Subsidiary of VEBA AG as a dividend
     or other distribution or by way of a stock split. For purposes of this
     Agreement, any Registrable Stock shall cease to be Registrable Stock when
     (x) a registration statement covering such Registrable Stock has been
     declared effective and such Registrable Stock has been disposed of pursuant
     to such effective registration statement or (y) such Registrable Stock is
     sold or distributed pursuant to Rule 144 (or any similar or successor
     provision (but not Rule 144A)) under the Securities Act.

          "Standby Agreement" shall mean that certain Standby Agreement dated as
     of October 22, 1998, as amended from time to time, by and among the Company
     and VEBA.

          "Subsidiary" shall mean, with respect to any person or entity, any
     other person or entity of which more than 50% of the capital stock or other
     ownership interest is owned, or is controlled, either directly or
     indirectly, by such person or entity.

          "VEBA AG" shall mean VEBA Aktiengesellschaft, a German corporation and
     the direct and indirect owner of 100% of the common stock of VEBA."

     3.   Section 2, paragraph (a) of the Agreement is hereby amended by
inserting at the end thereof the following:

          "Within 10 days following the receipt of each notice under this
     Section 2, the Company shall give all Holders (other than the Requesting
     Holders) written notice of the receipt thereof, which written notice shall
     include a copy of the notice by the Requesting Holders. Upon the written
     request of any Holder received by the Company no later than 15 days after
     the Company's notice, the Company shall use its best efforts to cause to be
     included in the Demand Registration all of the Registrable Stock that each
     such Holder has so requested to be included."

     4.   The following new Section 18 is hereby inserted after Section 17 of
the Agreement:

          "Section 18. Third Party Beneficiaries." Each Holder shall be deemed
     to be a third party beneficiary of this Agreement and shall have the right
     to enforce directly against the Company all of the provisions contained in
     this Agreement, as amended from time to time, notwithstanding that it is
     not a signatory to this Agreement."

     5.   Unless otherwise provided herein, any term in initial capital letters
used as a defined term but not defined in this Amendment shall have the meaning
set forth in the Agreement.

     6.   Except as modified herein, all terms and conditions of the Agreement
shall remain in full force and effect.

     7.   This Amendment shall be governed by, and construed in accordance with,
the laws of the State of New York.

     IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to
be executed as of the date first above written.

                           VEBA CORPORATION

                           By:  /s/ A. Paul Brandimarte, Jr.

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                                -------------------------------------------
                                Name:  A. Paul Brandimarte, Jr.
                                Title:  Vice President

                           MEMC ELECTRONIC MATERIALS, INC.

                           By:  /s/ James M. Stolze
                               --------------------------------------------
                               Name:  James M. Stolze
                               Title: Executive Vice President
                                      and Chief Financial Officer

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                                                                   Exhibit 10.cc

                         MEMC Electronic Materials, Inc.

                           1995 EQUITY INCENTIVE PLAN

                   as Amended and Restated on December 6, 1999

     1.   Purpose. The purpose of the MEMC Electronic Materials, Inc. 1995
Equity Incentive Plan as amended and restated herein (the "Plan") is to provide
an additional incentive to officers, other eligible key employees and directors
of MEMC Electronic Materials, Inc., a Delaware corporation (the "Company"), and
its Subsidiaries (as hereinafter defined) upon whom responsibilities for the
successful operation, administration and management of the Company rest and
whose present or potential contributions are important to the continued success
of the Company, and to enable the Company to attract and retain in its employ
and as directors highly qualified persons for the successful conduct of its
business. It is intended that this purpose will be effected through the granting
of incentive and nonqualified Stock Options, Restricted Stock Awards, or
Performance Share Awards, as provided herein (as each term is hereinafter
defined and collectively defined as the "Awards").

     2.   Definitions. For purposes of the Plan, the following terms shall be
defined as follows:

          "Affiliate" and "Associate" have the respective meanings ascribed to
     such terms in Rule 12b-2 promulgated under the Exchange Act.

          "Award" means an award to an Eligible Employee (as hereinafter
     defined) in the form of Stock Options, Restricted Stock Awards, or
     Performance Share Awards.

          "Award Agreement" means an agreement granting an Award and containing
     such terms and conditions as the Committee deems appropriate and that are
     not inconsistent with the terms of the Plan.

          "Beneficial Owner" has the meaning ascribed to such term in Rule 13d-3
     promulgated under the Exchange Act.

          "Board" means the Board of Directors of the Company.

          A "Change in Control" of the Company shall be deemed to have occurred
     when (A) any Person (other than (x) the Company, any Subsidiary of the
     Company, or any Parent of the Company including VEBA AG, Huls Corporation
     and any of their Affiliates or (y) any employee benefit plan of the Company
     or of any Subsidiary of the Company, or any Person or entity organized,
     appointed or established by the Company or any Subsidiary of the Company
     for or pursuant to the terms of any such plan, alone or together with its
     Affiliates and Associates) shall become the Beneficial Owner of twenty
     percent (20%) or more of the then outstanding shares of Common Stock or the
     Combined Voting Power of the Company's then outstanding voting securities
     (except pursuant to an offer for all outstanding shares of Common Stock at
     a price and upon such terms and conditions as a majority of the Continuing
     Directors determine to be in the best interests of the Company and its
     shareholders (other than the Person on whose behalf the offer is being
     made) (an "Acquiring Person")), or (B) during any period of two (2)
     consecutive years, individuals who at the beginning of such period
     constitute the Board, and any new director (other than a director who is a
     representative or nominee of an Acquiring Person) whose election by the
     Board or nomination for election by the Company's shareholders was approved
     by a vote of at least a majority 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 (collectively, the
     "Continuing Directors"), cease for any reason to constitute a majority of
     the Board. Notwithstanding the foregoing, no Change in Control shall be

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     deemed to have occurred if VEBA AG and any of its Affiliates are the
     Beneficial Owners of fifty percent (50%) or more of the Combined Voting
     Power of the Company's then outstanding voting securities and designees of
     VEBA AG and its Affiliates constitute a majority of the Board.

          "Code" means the Internal Revenue Code of 1986, as amended.

          "Combined Voting Power" means the combined voting power of the
     Company's then outstanding voting securities.

          "Committee" means the Compensation Committee appointed by the Board
     pursuant to Section 3(a) hereof to administer the Plan.

          "Common Stock" means the Voting Common Stock, par value $.01 per
     share, of the Company.

          "Disability" means, with respect to any Participant, that, as a result
     of incapacity due to physical or mental illness, such Participant is, or is
     reasonably likely to become, unable to perform his or her duties for more
     than six (6) consecutive months or six (6) months in the aggregate during
     any twelve (12) month period.

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

          "Fair Market Value" means, on any given date, the closing price of the
     shares of Common Stock, as reported on the New York Stock Exchange for such
     date or such national securities exchange as may be designated by the Board
     or, if Common Stock was not traded on such date, on the next preceding day
     on which Common Stock was traded.

          "Incentive Stock Option" means a Stock Option which is an "incentive
     stock option" within the meaning of Section 422 of the Code and designated
     by the Committee as an Incentive Stock Option in an Award Agreement.

          "Nonqualified Stock Option" means a Stock Option which is not an
     Incentive Stock Option.

          "Parent" means any corporation which is a "parent corporation" within
     the meaning of Section 424(e) of the Code with respect to the Company.

          "Participant" means an Eligible Employee to whom an Award has been
     granted under the Plan.

          "Performance Share Award" means a conditional Award of shares of
     Common Stock granted to an Eligible Employee pursuant to Section 9 hereof.

          "Person" means any person, entity or "group" within the meaning of
     Section 13(d)(3) or Section 14(d)(2) of the Exchange Act.

          "Restricted Stock Award" means an Award of shares of Common Stock
     granted to an Eligible Employee pursuant to Section 8 hereof.

          "Retirement" means retirement from active employment with the Company
     and its Subsidiaries on or after the attainment of age 55, or such other
     retirement date as may be approved by the Committee for purposes of the
     Plan and specified in the applicable Award Agreement, but shall not include
     the termination of the directorship of a nonemployee director.

          "Stock Option" means an Award to purchase shares of Common Stock
     granted to an Eligible Employee pursuant to Section 7 hereof.

          "Subsidiary" means any corporation which is a "subsidiary corporation"
     within the meaning of Section 424(f) of the Code with respect to the

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     Company.

          "Ten Percent Shareholder" means an Eligible Employee who, at the time
     an Incentive Stock Option is to be granted to him or her, owns (within the
     meaning of Section 422(b)(6) of the Code,) stock possessing more than ten
     percent (10%) of the total Combined Voting Power of all classes of stock of
     the Company, or of a Parent or a Subsidiary.

          "Window Period" means the ten (10) business day period in each fiscal
     quarter of the Company commencing on the third (3rd) business day following
     the release for publication of the Company's quarterly or annual sales and
     earnings for the next preceding fiscal quarter or year, as the case may be,
     and ending on the twelfth (12th) business day following such date of
     release.

     3.   Administration of the Plan.

          (a)  The Plan shall be administered by the Committee, which shall be
     comprised of no fewer than two members of the Board who shall be appointed
     from time to time by the Board. Members of the Committee shall serve at the
     pleasure of the Board and the Board may from time to time remove members
     from, or add members to, the Committee. All determinations of the Committee
     at a meeting shall be made by a majority of the members in attendance. Any
     decision or determination reduced to writing and signed by all the members
     shall be fully as effective as if it had been made by a majority vote at a
     meeting duly called and held. No member of the Committee shall be
     personally liable for any action, determination or interpretation made in
     good faith with respect to the Plan, and all members of the Committee shall
     be indemnified by the Company to the fullest extent permitted by the
     certificate of incorporation or by-laws of the Company or applicable
     Delaware law with respect to any such action, determination or
     interpretation.

          (b)  Within the limitations described herein, the Committee shall
     administer the Plan, select the Eligible Employees to whom Awards will be
     granted, determine the number and type of Awards to be granted to each such
     Eligible Employee, determine the terms and conditions applicable to each
     Award (which need not be identical), make any amendment or modification to
     any Award Agreement consistent with the terms of the Plan, and interpret,
     construe and implement the provisions of the Plan. The Committee shall have
     the authority to adopt rules and regulations for administering the Plan
     which shall not be inconsistent with the terms of the Plan. Decisions of
     the Committee shall be binding on the Company, on all Eligible Employees
     and Participants and all other persons having any interest in the Plan. The
     Company shall effect the granting of Awards under the Plan in accordance
     with the determinations made by the Committee, which shall be evidenced by
     an Award Agreement.

          (c)  The Committee shall have the authority to adopt such rules and
     regulations and to add such terms, conditions and sub-schemes to the Plan
     as it deems necessary or desirable to permit or facilitate the granting of
     Awards under the Plan to, or obtain favorable tax treatment for, Eligible
     Employees resident for tax purposes in jurisdictions outside the United
     States; provided, however, that any such rule, regulation, term, condition
     or sub-scheme shall not be inconsistent with the terms of the Plan.

          (d)  Any act that the Committee is authorized to perform hereunder may
     instead be performed by the Board at its discretion, and to the extent that
     the Board so acts, references in the Plan to the Committee shall refer to
     the Board as applicable. In addition, the Committee in its discretion may
     delegate its authority to grant Awards pursuant to Section 3(b) to an
     officer or committee of officers, subject to specific limits and guidelines
     established by the Committee at the time of such delegation.

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     4.   Duration of Plan. The Plan shall remain in effect until terminated by
the Board of Directors and thereafter until all Awards granted under the Plan
are satisfied by the issuance of shares of Common Stock or the payment of cash
or are terminated under the terms of the Plan or under the Award Agreement
entered into in connection with the grant thereof. Notwithstanding the
foregoing, no Awards may be granted under the Plan after the tenth anniversary
of the Effective Date (as hereinafter defined).

     5.   Shares of Stock Subject to the Plan. Subject to adjustment as provided
in Section 13(b) hereof, the number of shares of Common Stock that may be issued
under the Plan pursuant to Awards shall not exceed, in the aggregate, 3,597,045,
less the number of shares that may be reserved for issuance under the Company's
Retirement Savings Plan or under any broad-based employee stock purchase plan.
Notwithstanding the foregoing, no more than 1,692,727 shares may be made subject
to Awards hereunder without the approval of the Board. Such shares may consist
in whole or in part, as the Board shall from time to time determine, of
authorized but unissued shares or treasury shares.

     Stock underlying outstanding Stock Options, Restricted Stock Awards, or
Performance Share Awards will reduce the Plan Maximum while such Stock Options,
Restricted Stock Awards, or Performance Share Awards are outstanding. Shares
underlying expired, canceled or forfeited Stock Options, Restricted Stock
Awards, or Performance Share Awards shall be added back to the Plan Maximum.
When the exercise price of Stock Options is paid by delivery of shares of Common
Stock of the Company, or if the Committee approves the withholding of shares
from a distribution in payment of the exercise price, the Plan Maximum shall be
reduced by the net (rather than the gross) number of shares issued pursuant to
such exercise, regardless of the number of shares surrendered or withheld in
payment. If the Committee approves the payment of cash to an optionee equal to
the difference between the fair market value and the exercise price of stock
subject to a Stock Option, or if a Performance Share Award is paid in cash, the
Plan Maximum shall be increased by the number of shares with respect to which
such payment is applicable. Restricted Stock issued pursuant to the Plan will
reduce the Plan Maximum while outstanding even while subject to restrictions.
Shares of Restricted Stock shall be added back to the Plan Maximum if such
Restricted Stock is forfeited or is returned to the Company as part of a
restructuring of benefits granted pursuant to the Plan.

     6.   Maximum Number of Shares per Eligible Employee. To satisfy the
requirements under Section 162(m) of the Code, no Eligible Employee whose
Performance Award the Committee reasonably believes will be subject to Section
162(m) of the Code shall receive a grant of Awards with respect to more than
325,000 shares of Common Stock in any Plan year.

     7.   Eligible Employees. Awards may be granted by the Committee to
individuals ("Eligible Employees") who are either directors or salaried
employees of the Company or a Subsidiary with potential to contribute to the
future success of the Company or its Subsidiaries. Awards shall not be affected
by any change of duties or positions so long as the holder continues to be an
employee or director of the Company or of a Subsidiary.

     8.   Stock Options. Stock Options granted under the Plan may be in the form
of Incentive Stock Options or Nonqualified Stock Options. Stock Options granted
under the Plan shall be subject to the following terms and conditions and shall
contain such additional terms and conditions, not inconsistent with the terms of
the Plan, as the Committee shall deem appropriate:

          (a)  Award Agreement. Stock Options shall be evidenced by an Award
     Agreement in such form and containing such terms and conditions as the
     Committee deems appropriate and which are not inconsistent with the terms
     of the Plan.

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          (b)  Terms of Stock Options Generally. Subject to the terms of the
     Plan and the applicable Award Agreement, each Stock Option shall entitle
     the Participant to whom such Stock Option was granted to purchase, upon
     payment of the relevant exercise price, the number of shares of Common
     Stock specified in the Award Agreement.

          (c)  Exercise Price. The Exercise Price per share of Common Stock
     purchasable under a Stock Option shall be determined by the Committee at
     the time of grant and set forth in the Award Agreement.

          (d)  Option Term. The term of each Stock Option shall be fixed by the
     Committee and set forth in the Award Agreement; provided, however, that a
     Stock Option shall not be exercisable after the expiration of ten (10)
     years after the date the Stock Option is granted (five (5) years in the
     case of an Incentive Stock Option granted to a Ten Percent Shareholder).

          (e)  Exercisability. A Stock Option shall be exercisable at such time
     or times and subject to such terms and conditions as shall be determined by
     the Committee. The Committee may provide that Stock Options shall be
     exercisable in whole or in part based upon length of service or attainment
     of specified performance criteria. The Committee, in its sole discretion,
     may provide for the acceleration of vesting of a Stock Option, in whole or
     in part, based on such factors or criteria (including specified performance
     criteria) as the Committee may determine.

          (f)  Method of Exercise. A Stock Option may be exercised, in whole or
     in part, by giving written notice of exercise to the Company specifying the
     number of shares to be purchased. Such notice shall be accompanied by
     payment in full of the exercise price either by cash, certified or bank
     check, note or other instrument acceptable to the Committee. Except as set
     forth in Section 8(i) hereof, as determined by the Committee in its sole
     discretion, payment of the exercise price may also be made in full or in
     part in shares of Common Stock with a Fair Market Value (determined as of
     the date of exercise of such Stock Option and, where such shares are
     withheld (as described below), net of the applicable exercise price) at
     least equal to such full or partial payment. Common Stock used to pay the
     exercise price may be shares that are already owned by the Participant, or
     the Company may withhold shares of Common Stock that would otherwise have
     been received by the Participant upon exercise of the Stock Option. In its
     discretion, the Committee may also permit any Participant to exercise an
     Option through a "cashless exercise" procedure involving a broker or dealer
     approved by the Committee, provided that the Participant has delivered an
     irrevocable notice of exercise (the "Notice") to the broker or dealer and
     such broker or dealer agrees: (A) to sell immediately the number of shares
     of Common Stock specified in the Notice to be acquired upon exercise of the
     Option in the ordinary course of its business, (B) to pay promptly to the
     Company the aggregate exercise price (plus the amount necessary to satisfy
     any applicable tax liability) and (C) to pay to the Participant the balance
     of the proceeds of the sale of such shares over the amount determined under
     clause (B) of this sentence, less applicable commissions and fees;
     provided, however, that the Committee may modify the provisions of this
     sentence to the extent necessary to conform the exercise of the Option to
     Regulation T under the Exchange Act. The manner in which the exercise price
     may be paid may be subject to certain conditions specified by the
     Committee. If requested by the Committee, the Participant shall deliver the
     Award Agreement evidencing an exercised Stock Option to the Secretary of
     the Company, who shall endorse thereon a notation of such exercise and
     return such Award Agreement to the Participant exercising the Option. No
     fractional shares (or cash in lieu thereof) shall be issued upon exercise
     of a Stock Option and the number of shares that may be purchased upon
     exercise shall be rounded to the nearest number of whole shares.

          (g) Rights as Shareholder. A Participant shall have no rights as a

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     shareholder with respect to any shares of Common Stock issuable upon
     exercise of a Stock Option until a certificate or certificates evidencing
     the shares of Common Stock shall have been issued to the Participant and,
     subject to Sections 13(b) and 13(c), no adjustment shall be made for
     dividends or distributions or other rights in respect of any share for
     which the record date is prior to the date on which the Participant shall
     become the holder of record thereof.

          (h)  Special Rule for Incentive Stock Options. With respect to
     Incentive Stock Options granted under the Plan, if the aggregate Fair
     Market Value (determined as of the date the Incentive Stock Option is
     granted) of the number of shares with respect to which Incentive Stock
     Options are exercisable for the first time by a Participant during any
     calendar year under all plans of the Company or a Parent or Subsidiary
     exceeds One Hundred Thousand Dollars ($100,000) or such other limit as may
     be required by the Code, such Incentive Stock Options shall be treated, to
     the extent of such excess, as Nonqualified Stock Options. No Incentive
     Stock Option shall be granted to any person who is not an employee at the
     time of grant.

          (i) Payment Alternatives for Section 16 Persons. Persons subject to
     Section 16 of the Exchange Act shall have the unfettered right (but not the
     obligation) to pay the exercise price in full or in part in shares of
     Common Stock with a Fair Market Value (determined as of the date of
     exercise of such Stock Option and, where such shares are withheld (as
     described below), net of the applicable exercise price) at least equal to
     such full or partial payment. Common Stock used to pay the exercise price
     may be shares that are already owned by the Participant who is subject to
     Section 16 of the Exchange Act, or such Participant shall have the right
     but not the obligation to direct the Company to withhold shares of Common
     Stock that would otherwise have been received by such Participant upon
     exercise of the Stock Option. It is the intent of this provision that the
     transactions described in this subsection qualify for the exemption from
     short-swing profit liability under Section 16 of the Exchange Act pursuant
     to the "disposition to the issuer" exemption set forth at Rule 16b-3(e)
     promulgated under Section 16 of the Exchange Act.

     9.   Restricted Stock Awards. Restricted Stock Awards granted under the
Plan shall be subject to the following terms and conditions and shall contain
such additional terms and conditions, not inconsistent with the Plan, as the
Committee shall deem appropriate:

          (a) Award Agreement. Restricted Stock Awards shall be evidenced by an
     Award Agreement in such form and containing such restrictions, terms and
     conditions as the Committee deems appropriate and which are not
     inconsistent with the terms of the Plan, including, without limitation,
     restrictions on the sale, assignment, transfer or other disposition of such
     shares and provisions requiring that a Participant forfeit such shares upon
     a termination of employment or directorship for specified reasons within a
     specified period of time.

          (b)  Terms of Restricted Stock Awards Generally. Restricted Stock
     Awards may be granted under the Plan in such form as the Committee may from
     time to time approve. Restricted Stock Awards may be granted for no
     consideration or such consideration as the Committee deems appropriate.
     Restricted Stock Awards may be granted alone or in addition to other Awards
     under the Plan. Subject to the terms of the Plan, the Committee shall
     determine the number of shares of Common Stock subject to each Restricted
     Stock Award granted to a Participant, and the Committee may impose
     different terms and conditions on any particular Restricted Stock Award
     granted to any Participant. Each Participant receiving a Restricted Stock
     Award shall be issued a certificate or certificates in respect of such
     shares of Common Stock at the time of grant. Such certificate shall be

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     registered in the name of such Participant, and shall bear an appropriate
     legend referring to the terms, conditions and restrictions applicable to
     such Award. The Committee may require that the certificate or certificates
     evidencing such shares be held in custody by the Company until the
     restrictions thereon shall have lapsed, and that, as a condition of any
     Restricted Stock Award, the Participant shall have delivered a stock power,
     endorsed in blank, relating to the Common Stock covered by such Award.

          (c) Restriction Period. Restricted Stock Awards shall provide that, in
     order for a Participant to vest in such Awards, such Participant must
     remain in the employment or directorship of the Company or its
     Subsidiaries, subject to such exceptions as the Committee may determine in
     its sole discretion for specified reasons for a period commencing on the
     date of the Award and ending on such later date or dates as the Committee
     may designate at the time of the Award and set forth in the Award Agreement
     (the "Restriction Period"). During the Restriction Period, a Participant
     may not sell, assign, transfer, pledge, encumber or otherwise dispose of
     shares of Common Stock received under a Restricted Stock Award. The
     Committee, in its sole discretion, may provide for the lapse of
     restrictions in installments during the Restriction Period and may waive or
     accelerate such restrictions in whole or in part, based on such factors or
     criteria, including specified performance criteria, as the Committee may
     determine. Upon expiration of the applicable Restriction Period (or lapse
     of restrictions during the Restriction Period), the Participant shall be
     vested in the Restricted Stock Award, or applicable portion thereof.

          (d)  Rights as Shareholder. Except as otherwise provided by the
     Committee in its sole discretion, a Participant shall have, with respect to
     the shares of Common Stock received under a Restricted Stock Award, all of
     the rights of a shareholder of the Company, including the right to vote the
     shares and the right to receive any cash dividends. Stock dividends issued
     with respect to shares covered by a Restricted Stock Award shall be treated
     as additional shares under the Restricted Stock Award and shall be subject
     to the same restrictions and other terms and conditions that apply to the
     shares with respect to which such dividends are issued.

     10.  Performance Share Awards. Performance Share Awards granted under the
Plan shall be subject to the following terms and conditions and shall contain
such additional terms and conditions, not inconsistent with the Plan, as the
Committee shall deem appropriate:

          (a) Award Agreement. Performance Share Awards shall be evidenced by an
     Award Agreement in such form and containing such terms and conditions as
     the Committee deems appropriate and which are not inconsistent with the
     terms of the Plan. Each Award Agreement shall set forth the number of
     shares of Common Stock to be received by a Participant upon satisfaction of
     certain specified performance criteria and subject to such other terms and
     conditions as the Committee deems appropriate.

          (b)  Terms of Performance Share Awards Generally. Performance Share
     Awards may be granted under the Plan in such form as the Committee may from
     time to time approve. Performance Share Awards may be granted for no
     consideration or such consideration as the Committee deems appropriate.
     Performance Share Awards may be granted alone or in addition to other
     Awards under the Plan. Subject to the terms of the Plan, the Committee
     shall determine the number of shares of Common Stock subject to each
     Performance Share Award granted to a Participant.

          (c)  Performance Goals. Performance Share Awards shall provide that,
     in order for a Participant to be entitled to receive shares of Common Stock
     under such Award, the Company and/or the Participant must achieve certain
     specified performance goals ("Performance Goals") over a designated
     performance period ("Performance Period"). The Performance Goals and

                                     Page 7
<PAGE>

     Performance Period shall be established by the Committee in its sole
     discretion. The Committee shall establish the Performance Goals for each
     Performance Period before, or as soon as practicable after, the
     commencement of the Performance Period. In setting Performance Goals, the
     Committee may use such measures as net earnings, operating earnings or
     income, absolute and/or relative return on equity or assets, earnings per
     share, cash flow, pretax profits, earnings growth, revenue growth,
     comparison to peer companies, any combination of the foregoing, or such
     other measure or measures of performance, including individual measures of
     performance, in such manner as it deems appropriate. Prior to the end of a
     Performance Period, with respect to any Participant the deductibility of
     whose Performance Award will not, in the reasonable belief of the
     Committee, be subject to Section 162(m) of the Code, the Committee may, in
     its discretion, adjust the performance objectives to reflect a Change in
     Capitalization (as hereinafter defined) or any other event which may
     materially affect the performance of the Company, a Subsidiary or a
     division, including, but not limited to, market conditions or a significant
     acquisition or disposition of assets or other property by the Company, a
     Subsidiary or a division. With respect to any Participant, the
     deductibility of whose Performance Award may, in the reasonable belief of
     the Committee, be subject to Section 162(m) of the Code, the Committee
     shall not be entitled to exercise the discretion conferred upon it in the
     preceding sentence to the extent the existence or exercise of such
     discretion would result in a loss of tax deductibility under such Section
     162(m) of the Code. The extent to which a Participant is entitled to
     payment of a Performance Share Award at the end of the Performance Period
     shall be determined by the Committee, in its sole discretion, based on the
     Committee's determination of whether the Performance Goals established by
     the Committee in the granting of such Performance Share Award have been
     met.

          (d)  Payment of Awards. Payment in settlement of a Performance Share
     Award shall be made as soon as practicable following the conclusion of the
     respective Performance Period, or at such other time as the Committee shall
     determine, in shares of Common Stock.

          (e)  Rights as Shareholder. Except as otherwise provided by the
     Committee in the applicable Award Agreement, a Participant shall have no
     rights as a shareholder with respect to a Performance Share Award until a
     certificate or certificates evidencing the shares of Common Stock shall
     have been issued to the Participant following the conclusion of the
     Performance Period, and, subject to Sections 13(b) and 13(c), no adjustment
     shall be made for dividends or distributions or other rights in respect of
     any share for which the record date is prior to the date on which the
     Participant shall become the holder of record thereof.

     11. Termination of Employment.

          (a)  Disability or Retirement. Except as may otherwise be provided by
     the Committee in its sole discretion at the time of grant or subsequent
     thereto, if a Participant's employment with the Company and its
     Subsidiaries terminates by reason of Retirement or if a Participant's
     employment (or, with respect to a nonemployee director, his directorship)
     terminates by reason of Disability, (i) any Stock Option held by the
     Participant may thereafter be exercised, to the extent it was exercisable
     on the date of termination, for a period (the "Exercise Period") of one (1)
     year from the date of such Disability or Retirement or until the expiration
     of the stated term of the Stock Option, whichever period is shorter, and to
     the extent not exercisable on the date of termination, such Stock Option
     shall be forfeited; provided, however, that if a Participant terminates
     employment by reason of Retirement and such Participant holds an Incentive
     Stock Option, the Exercise Period shall not exceed the shorter of three (3)
     months from the date of Retirement and the remainder of the stated term of

                                     Page 8
<PAGE>

     such Incentive Stock Option; provided further, however, that if the
     Participant dies during the Exercise Period, any unexercised Stock Option
     held by such Participant may thereafter be exercised to the extent it was
     exercisable on the date of Disability or Retirement, by the legal
     representative or beneficiary of the Participant, for a period of one (1)
     year from the date of such death or until the expiration of the stated term
     of such Stock Option, whichever period is shorter (or, in the case of an
     Incentive Stock Option, for a period equal to the remainder of the Exercise
     Period), and (ii) if such termination is prior to the end of the applicable
     Restriction Period (with respect to a Restricted Stock Award) or
     Performance Period (with respect to a Performance Share Award), the number
     of shares of Common Stock subject to such Award which have not been earned
     as of the date of Disability or Retirement shall be forfeited. In
     determining whether to exercise its discretion under the first sentence of
     this Section 11(a) with respect to an Incentive Stock Option the Committee
     may consider the provisions of Section 422 of the Code.

          (b)  Death. Except as may otherwise be provided by the Committee in
     its sole discretion at the time of grant or subsequent thereto, if a
     Participant's employment or directorship with the Company and its
     Subsidiaries terminates by reason of death, (i) any Stock Option held by
     the Participant may thereafter be exercised, to the extent it was
     exercisable on the date of death, by the legal representative or
     beneficiary of the Participant, for a period of one (1) year from the date
     of the Participant's death or until the expiration of the stated term of
     such Stock Option, whichever period is shorter, and to the extent not
     exercisable on the date of death, such Stock Option shall be forfeited and
     (ii) if such termination is prior to the end of the applicable Restriction
     Period (with respect to a Restricted Stock Award) or Performance Period
     (with respect to a Performance Share Award), the number of shares of Common
     Stock subject to such Award which have not been earned as of the date of
     death shall be forfeited.

          (c)  Other Terminations. Unless the Committee determines otherwise in
     its sole discretion at the time of grant or subsequent thereto, if a
     Participant's employment or directorship with the Company and its
     Subsidiaries terminates for any reason other than death, Disability or
     Retirement, (i) any Stock Option held by the Participant may thereafter be
     exercised, to the extent it was exercisable on the date of termination, for
     a period of sixty (60) days from the date of such termination or until the
     expiration of the stated term of such Stock Option, whichever period is
     shorter, and to the extent not exercisable on the date of termination, such
     Stock Option shall be forfeited, and (ii) if such termination is prior to
     the end of the applicable Restriction Period (with respect to a Restricted
     Stock Award) or Performance Period (with respect to a Performance Share
     Award), the number of shares of Common Stock subject to such Award which
     have not been earned as of the date of such termination shall be forfeited.
     In determining whether to exercise its discretion under the first sentence
     of this Section 10(c) with respect to an Incentive Stock Option, the
     Committee may consider the provisions of Section 422 of the Code.

     12.  Non-transferability of Awards. No Awards under the Plan or any rights
or interests therein may be sold, transferred, assigned, pledged or otherwise
encumbered or disposed of except by will or the laws of descent and
distribution; provided, however, that with respect to any Award that is not an
Incentive Stock Option, the foregoing restrictions shall not apply to the extent
determined by the Committee in its sole discretion at the time of grant and set
forth in the applicable Award Agreement; provided further, however, that if so
determined by the Committee, a Participant may, in the manner established by the
Committee, designate a beneficiary to exercise the rights of the Participant
with respect to any Award upon the death of the Participant. During the lifetime
of a Participant, Stock Options shall be exercisable only by, and payments in
settlement of Awards shall be payable only to, the Participant.

                                     Page 9
<PAGE>

     13.  Recapitalization or Reorganization.

          (a) The existence of the Plan, the Award Agreements and the Awards
     granted hereunder shall not affect or restrict in any way the right or
     power of the Company or the shareholders of the Company to make or
     authorize any adjustment, recapitalization, reorganization or other change
     in the Company's capital structure or its business, any merger or
     consolidation of the Company, any issue of stock or of options, warrants or
     rights to purchase stock or of bonds, debentures, preferred or prior
     preference stocks whose rights are superior to or affect the Common Stock
     or the rights thereof or which are convertible into or exchangeable for
     Common Stock, or the dissolution or liquidation of the Company, or any sale
     or transfer of all or any part of its assets or business, or any other
     corporate act or proceeding, whether of a similar character or otherwise.

          (b)  Notwithstanding any provision of the Plan or any Award Agreement,
     in the event of any change in the outstanding Common Stock by reason of a
     stock dividend, recapitalization, reorganization, merger, consolidation,
     stock split, combination or exchange of shares (a "Change in
     Capitalization"), (i) such proportionate adjustments as may be necessary
     (in the form determined by the Committee in its sole discretion) to reflect
     such change shall be made to prevent dilution or enlargement of the rights
     of Participants under the Plan with respect to (a) the aggregate number of
     shares of Common Stock for which Awards in respect thereof may be granted
     under the Plan, (b) the aggregate number of shares of Common Stock which
     are subject to Awards hereunder without the approval of the Board pursuant
     to Section 5 hereof, (c) the number of shares of Common Stock covered by
     each outstanding Award, and (d) the exercise or Award prices in respect
     thereof and (ii) the Committee may make such other adjustments, consistent
     with the foregoing, as it deems appropriate in its sole discretion.

          (c)  Upon the occurrence of a merger of, or consolidation involving,
     the Company in which the Common Stock is converted into securities of
     another corporation or into cash, or any other transaction that results in
     the Common Stock no longer being publicly traded, at the sole discretion of
     the Committee, and on such terms and conditions as it deems appropriate,
     the Committee may provide either by the terms of an Award granted under the
     Plan or by a resolution adopted prior to the occurrence of such event that
     upon such event, such Award shall be assumed by the successor corporation,
     or a Parent or Subsidiary thereof, or shall be substituted for by a similar
     Award, covering the stock of the successor corporation, or a Parent or
     Subsidiary thereof, with appropriate adjustments as to the number and kind
     of shares and exercise or Award prices.

     14.  Change in Control. In the event of a Change in Control and except as
the Committee (as constituted immediately prior to such Change in Control) may
otherwise determine in its sole discretion, (i) all Stock Options then
outstanding shall become fully exercisable as of the date of the Change in
Control, whether or not then exercisable, (ii) all restrictions and conditions
of all Restricted Stock Awards then outstanding shall lapse as of the date of
the Change in Control and (iii) all Performance Share Awards shall be deemed to
have been fully earned as of the date of the Change in Control.

     15.  Amendment of the Plan. The Board may at any time and from time to time
terminate, modify, or amend the Plan in any respect, except that no termination,
modification or amendment shall be effective without shareholder approval if
such approval is required to comply with any law, regulation or stock exchange
rule. No termination or amendment of the Plan shall, without the consent of a
Participant to whom any Awards shall previously have been granted, adversely
affect his or her rights under such Awards.

     16. Miscellaneous.

                                    Page 10
<PAGE>

          (a)  Tax Withholding. (i) The Company and its Subsidiaries shall have
     the right to deduct from any cash payment made under the Plan any federal,
     state or local taxes of any kind required to be withheld with respect to
     such payment. It shall be a condition to the obligation of the Company to
     deliver shares of Common Stock pursuant to any Award under the Plan that
     the recipient of such Award pay to the Company such amount as may be
     required by the Company for the purpose of satisfying any liability for any
     such withholding taxes. Any Award granted under the Plan may require the
     Company, or permit the recipient of such Award to elect, in accordance with
     any applicable rules established by the Committee, to withhold or to pay
     all or a part of the amount of such withholding taxes in shares of Common
     Stock, provided, however, that regardless of whether set forth in the Award
     Agreement, any person subject to Section 16 of the Exchange Act shall have
     the unfettered right but not the obligation to direct and compel the
     Company to withhold, or to accept from such person, such number of shares
     of Common Stock valued at the Fair Market Value on the date of such payment
     as is necessary to pay, in whole or in part, such person's withholding tax
     obligation. Except for elections made by persons subject to Section 16 of
     the Exchange Act, elections by all other Participants may be denied by the
     Committee in its sole discretion, or may be made subject to certain
     conditions specified by the Committee. Neither the Board of Directors nor
     the Committee shall have any discretion with respect to the elections by
     persons subject to Section 16 of the Exchange Act in order that such
     transactions shall qualify for the exemption from short-swing profit
     liability pursuant to the "disposition to the issuer" exemption set forth
     at Rule 16b-3(e) promulgated under Section 16 of the Exchange Act.

               (ii) The applicable Award Agreement for an Incentive Stock Option
          shall provide that if a Participant makes a disposition, within the
          meaning of Section 424(c) of the Code and the regulations promulgated
          thereunder, of any share of Common Stock issued to such Participant
          pursuant to the exercise of an Incentive Stock Option within the two
          (2)-year period commencing on the day after the date of the grant or
          within the one (1)-year period commencing on the day after the date of
          transfer of such share of Common Stock to the Participant pursuant to
          such exercise, the Participant shall, within ten (10) days of such
          disposition, notify the Company thereof, by delivery of written notice
          to the Company at its principal executive office.

          (b)  Loans. On such terms and conditions as shall be approved by the
     Committee, the Company may directly or indirectly lend money to a
     Participant to accomplish the purposes of the Plan, including to assist
     such Participant to acquire or carry shares of Common Stock acquired upon
     the exercise of Stock Options granted hereunder, and the Committee may also
     separately lend money to any Participant to pay taxes with respect to any
     of the transactions contemplated by the Plan.

          (c)  No Right to Grants or Employment. No Eligible Employee or
     Participant shall have any claim or right to receive grants of Awards under
     the Plan. Nothing in the Plan or in any Award or Award Agreement shall
     confer upon any employee of the Company or any Subsidiary any right to
     continued employment with the Company or any Subsidiary, as the case may
     be, or interfere in any way with the right of the Company or a Subsidiary
     to terminate the employment of any of its employees at any time, with or
     without cause.

          (d)  Unfunded Plan. The Plan shall be unfunded and the Company shall
     not be required to segregate any assets that may at any time be represented
     by Awards under the Plan. Any liability of the Company to any person with
     respect to any Award under the Plan shall be based solely upon any
     contractual obligations that may be effected pursuant to the Plan. No such
     obligation of the Company shall be deemed to be secured by any pledge of,

                                    Page 11
<PAGE>

     or other encumbrance on, any property of the Company.

          (e)  Other Employee Benefit Plans. Payments received by a Participant
     under any Award made pursuant to the provisions of the Plan shall not be
     included in, nor have any effect on, the determination of benefits under
     any other employee benefit plan or similar arrangement provided by the
     Company.

          (f)  Securities Law Restrictions. The Committee may require each
     Eligible Employee purchasing or acquiring shares of Common Stock pursuant
     to a Stock Option or other Award under the Plan to represent to and agree
     with the Company in writing that such Eligible Employee is acquiring the
     shares for investment and not with a view to the distribution thereof. All
     certificates for shares of Common Stock delivered under the Plan shall be
     subject to such stock-transfer orders and other restrictions as the
     Committee may deem advisable under the rules, regulations, and other
     requirements of the Securities and Exchange Commission, the New York Stock
     Exchange or any other stock exchange upon which the Common Stock is then
     listed, and any applicable federal or state securities law, and the
     Committee may cause a legend or legends to be put on any such certificates
     to make appropriate reference to such restrictions. No shares of Common
     Stock shall be issued hereunder unless the Company shall have determined
     that such issuance is in compliance with, or pursuant to an exemption from,
     all applicable federal and state securities laws.

          (g)  Compliance with Rule 16b-3. Notwithstanding anything contained in
     the Plan or any Award Agreement to the contrary, if the consummation of any
     Award under the Plan would result in the possible imposition of liability
     on a Participant pursuant to Section 16(b) of the Exchange Act, the
     Committee shall have the right, in its sole discretion, but shall not be
     obligated, to defer such transaction to the extent necessary to avoid such
     liability, but in no event for a period in excess of 180 days.

          (h)  Deductibility Under Code Section 162(m). Awards granted under the
     Plan to Eligible Employees which the Committee reasonably believes may be
     subject to Section 162(m) of the Code shall not be exercisable, and payment
     under the Plan in connection with such an Award shall not be made, unless
     and until the Committee has determined in its sole discretion that such
     exercise or payment would no longer be subject to Section 162(m) of the
     Code.

          (i)  Award Agreement. Each Eligible Employee receiving an Award under
     the Plan shall enter into an Award Agreement in a form specified by the
     Committee agreeing to the terms and conditions of the Award and such other
     matters as the Committee shall, in its sole discretion, determine. In the
     event of any conflict or inconsistency between the Plan and any such Award
     Agreement, the Plan shall govern, and the Award Agreement shall be
     interpreted to minimize or eliminate any such conflict or inconsistency.

          (j)  Costs of Plan. The costs and expenses of administering the Plan
     shall be borne by the Company.

          (k)  Governing Law. Except as to matters of federal law, the Plan and
     all actions taken thereunder shall be governed by and construed in
     accordance with the laws of the State of Delaware without giving effect to
     conflicts of law principles.

          (l)  Effective Date. The Plan as amended and restated herein shall be
     effective on December 6, 1999 (the "Effective Date").

                                    Page 12

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