Document:

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                                                                     EXHIBIT 4.3
              INCLUDES FIRST AMENDMENT (SECTIONS 1.6, 3.1 & 6.5 (EFF. 12/31/99))

                               GRANT PRIDECO, INC.
                               401(k) SAVINGS PLAN

WEIGRANT
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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                        Section
<S>                                                                                                     <C>
ARTICLE I - DEFINITIONS

         Account .........................................................................................1.1
         Active Service...................................................................................1.2
         Actual Contribution Ratio........................................................................1.3
         Actual Deferral Percentage.......................................................................1.4
         Actual Deferral Ratio............................................................................1.5
         Affiliated Employer..............................................................................1.6
         Aggregate Accounts...............................................................................1.7
         Aggregation Group................................................................................1.8
         Annual Additions.................................................................................1.9
         Annual Compensation..............................................................................1.10
         Beneficiary......................................................................................1.11
         Board of Directors...............................................................................1.12
         Code.............................................................................................1.13
         Committee........................................................................................1.14
         Considered Compensation..........................................................................1.15
         Contribution.....................................................................................1.16
         Contribution Percentage..........................................................................1.17
         Determination Date...............................................................................1.18
         Direct Rollover..................................................................................1.19
         Disability.......................................................................................1.20
         Distributee......................................................................................1.21
         Eligible Retirement Plan.........................................................................1.22
         Eligible Rollover Distribution...................................................................1.23
         Employee.........................................................................................1.24
         Employer or Employers............................................................................1.25
         ERISA............................................................................................1.26
         Excess 401(k) Contributions......................................................................1.27
         Excess Aggregate 401(m) Contributions............................................................1.28
         Excess Deferral..................................................................................1.29
         Five Percent Owner...............................................................................1.30
         Former Member....................................................................................1.31
         Highly Compensated Employee......................................................................1.32
         Hour of Service..................................................................................1.33
         Key Employee.....................................................................................1.34
         Limitation Year..................................................................................1.35
         Member...........................................................................................1.36
         Non-Highly Compensated Employee..................................................................1.37
         Non-Key Employee.................................................................................1.38
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<TABLE>
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         Period of Service................................................................................1.39
         Period of Severance..............................................................................1.40
         Plan.............................................................................................1.41
         Plan Year........................................................................................1.42
         Qualified Nonelective Employer Contribution......................................................1.43
         Regulation.......................................................................................1.44
         Retirement Age...................................................................................1.45
         Rollover Contribution............................................................................1.46
         Section 401(k) Contributions.....................................................................1.47
         Section 401(m) Contributions.....................................................................1.48
         Service..........................................................................................1.49
         Severs Service...................................................................................1.50
         Sponsor..........................................................................................1.51
         Top-Heavy Plan...................................................................................1.52
         Transferred......................................................................................1.53
         Trust............................................................................................1.54
         Trustee..........................................................................................1.55
         Trust Fund.......................................................................................1.56
         USERRA...........................................................................................1.57
         Valuation Date...................................................................................1.58

ARTICLE II - ACTIVE SERVICE

         When Active Service Begins.......................................................................2.1
         Aggregation of Service...........................................................................2.2
         Eligibility Computation Periods..................................................................2.3
         Periods of Service of Less Than One Year.........................................................2.4
         Service Prior to Severance.......................................................................2.5
         Service After Severance..........................................................................2.6
         Periods of Severance Due to Child Birth or Adoption..............................................2.7
         Transfers........................................................................................2.8
         Employment Records Conclusive....................................................................2.9
         Coverage of Certain Previously Excluded Employees................................................2.10
         Military Service.................................................................................2.11

ARTICLE III - ELIGIBILITY RULES

         Eligibility Requirements.........................................................................3.1
         Eligibility Upon Reemployment....................................................................3.2
         Frozen Participation.............................................................................3.3
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<TABLE>
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ARTICLE IV - CONTRIBUTIONS AND THEIR LIMITATIONS

PART A. CONTRIBUTIONS

         Employee After Tax Contributions.................................................................4.1
         Rollover Contributions and Direct Transfers......................................................4.2
         Salary Deferral Contributions....................................................................4.3
         Employer Matching Contributions..................................................................4.4
         Employer Discretionary Contributions.............................................................4.5
         Restoration Contributions........................................................................4.6
         Excluded Members.................................................................................4.7
         Qualified Nonelective Employer Contribution......................................................4.8
         Top-Heavy Contribution...........................................................................4.9
         Contributions Required on Return From Military Service...........................................4.10
         Deadline for Payment of Contributions............................................................4.11

PART B. LIMITATIONS APPLICABLE TO CONTRIBUTIONS

         Limitations Based Upon Deductibility and the Maximum
           Allocation Permitted to a Member's Account.....................................................4.12
         Dollar Limitation on Salary Deferral Contributions...............................................4.13
         Limitation Based Upon Actual Deferral Percentage.................................................4.14
         Limitation Based Upon Contribution Percentage....................................................4.15
         Alternative Limitation Based Upon Actual Deferral
           Percentage and Contribution Percentage.........................................................4.16

PART C. CORRECTION PROCEDURES FOR ERRONEOUS CONTRIBUTIONS

         Excess Deferral Fail Safe........................................................................4.17
         Actual Deferral Percentage Fail Safe.............................................................4.18
         Contribution Percentage Fail Safe................................................................4.19
         Alternative Limitation Fail Safe.................................................................4.20
         Income Allocable to Excess 401(k) and Aggregate
           401(m) Contributions...........................................................................4.21
         Return of Contributions for Mistake, Disqualification or
           Disallowance of Deduction......................................................................4.22

ARTICLE V - PARTICIPATION

PART A. ALLOCATIONS

         Allocation of Employee Contributions.............................................................5.1
         Allocation of Rollover Contributions and Direct Transfers........................................5.2
         Allocation of Salary Deferral Contributions......................................................5.3
         Allocation of Employer Matching Contributions....................................................5.4
         Allocation of Employer Discretionary Contributions...............................................5.5
         Allocation of Restoration Contributions..........................................................5.6
         Allocation of Contribution to Excluded Members...................................................5.7
         Allocation of Qualified Nonelective Employer Contributions.......................................5.8
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         Allocation of Top-Heavy Contributions............................................................5.9
         Effect of Transfers Upon Allocations.............................................................5.10
         Application of Forfeitures.......................................................................5.11
         Scheduled Allocation of Income or Losses and
           Appreciation or Depreciation...................................................................5.12
         Interim Allocation of Income or Losses and
           Appreciation or Depreciation...................................................................5.13

PART B. LIMITATION ALLOCATIONS

PART C. INVESTMENT OF TRUST FUNDS

ARTICLE VI - DISTRIBUTIONS AND FORFEITURES

PART A. DISTRIBUTIONS

         Valuation of Accounts for Distributions..........................................................6.1
         Distribution on Death............................................................................6.2
         Distribution on Retirement.......................................................................6.3
         Distribution on Disability.......................................................................6.4
         Distribution on Severance From Service...........................................................6.5
         Distributions on Issuance of a Qualified Domestic Relations Order................................6.6
         Forfeiture on Severing Service With All Affiliated Employers.....................................6.7
         Forfeiture by Lost Members or Beneficiaries; Escheat.............................................6.8

PART B. FORM, ADJUSTMENTS AND TIME OF DISTRIBUTION

         Form of Distributions............................................................................6.9
         Adjustment of Value of Distribution..............................................................6.10
         Normal Time for Distribution.....................................................................6.11
         Time Limit For Distribution......................................................................6.12
         Protected Benefits...............................................................................6.13

ARTICLE VII - WITHDRAWALS AND LOANS

         Valuation of Accounts for Withdrawals and Loans..................................................7.1
         Minimum Loan Amount..............................................................................7.2
         Withdrawals of Employee After Tax and Rollover Accounts..........................................7.3
         Withdrawal for Financial Hardship................................................................7.4
         Withdrawals On or After Age 59 1/2...............................................................7.5
         Loans............................................................................................7.6
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<TABLE>
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ARTICLE VIII - GENERAL PROVISIONS APPLICABLE TO FILING A CLAIM,
DISTRIBUTIONS TO MINORS AND NO DUPLICATION OF BENEFITS

         Claims Procedure.................................................................................8.1
         No Duplication of Benefits.......................................................................8.2
         Distributions to Disabled or Minors..............................................................8.3

ARTICLE IX - TOP-HEAVY REQUIREMENTS

         Application......................................................................................9.1
         Top-Heavy Test...................................................................................9.2
         Vesting Restrictions if Plan Becomes Top-Heavy...................................................9.3
         Minimum Contribution if Plan Becomes Top-Heavy...................................................9.4
         Coverage Under Multiple Top-Heavy Plans..........................................................9.5
         Restrictions if Plan Becomes Super-Top-Heavy.....................................................9.6

ARTICLE X - ADMINISTRATION OF THE PLAN

         Appointment, Term of Service & Removal...........................................................10.1
         Powers...........................................................................................10.2
         Organization.....................................................................................10.3
         Quorum and Majority Action.......................................................................10.4
         Signatures.......................................................................................10.5
         Disqualification of Committee Member.............................................................10.6
         Disclosure to Members............................................................................10.7
         Standard of Performance..........................................................................10.8
         Liability of Committee and Liability Insurance...................................................10.9
         Exemption from Bond..............................................................................10.10
         Compensation.....................................................................................10.11
         Persons Serving in Dual Fiduciary Roles..........................................................10.12
         Administrator....................................................................................10.13
         Standard of Judicial Review of Committee Actions.................................................10.14

ARTICLE XI - TRUST FUND AND CONTRIBUTIONS

         Funding of Plan..................................................................................11.1
         Incorporation of Trust...........................................................................11.2
         Authority of Trustee.............................................................................11.3
         Allocation of Responsibility.....................................................................11.4

ARTICLE XII - ADOPTION OF PLAN BY OTHER EMPLOYERS

         Adoption Procedure...............................................................................12.1
         No Joint Venture Implied.........................................................................12.2
         All Trust Assets Available to Pay All Benefits...................................................12.3
         Qualification a Condition Precedent to Adoption
           and Continued Participation....................................................................12.4
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<TABLE>
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ARTICLE XIII - AMENDMENT AND WITHDRAWAL OR TERMINATION

PART A. AMENDMENT

         Right to Amend...................................................................................13.1
         Limitation on Amendments.........................................................................13.2
         Each Employer Deemed to Adopt Amendment Unless Rejected..........................................13.3
         Amendment Applicable Only to Members Still Employed
           Unless Amendment Specifically Provides Otherwise...............................................13.4
         Mandatory Amendments.............................................................................13.5

PART B. WITHDRAWAL OR TERMINATION

         Withdrawal of Employer...........................................................................13.6
         Termination of Plan..............................................................................13.7
         100% Vesting Required on Partial or Complete Termination
           or Complete Discontinuance.....................................................................13.8
         Distribution Upon Termination....................................................................13.9

ARTICLE XIV - SALE OF EMPLOYER OR SUBSTANTIALLY ALL OF ITS ASSETS

         Continuance Permitted Upon Sale or Transfer of Assets............................................14.1
         Distributions Upon Disposition of Assets or a Subsidiary.........................................14.2

ARTICLE XV - MISCELLANEOUS

         Plan Not An Employment Contract..................................................................15.1
         Benefits Provided Solely From Trust..............................................................15.2
         Anti-Alienation Provision........................................................................15.3
         Requirements Upon Merger or Consolidation of Plans...............................................15.4
         Gender and Number................................................................................15.5
         Severability.....................................................................................15.6
         Governing Law; Parties to Legal Actions..........................................................15.7
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                               GRANT PRIDECO, INC.
                               401(k) SAVINGS PLAN

          Grant Prideco, Inc. has entered into the following Agreement:

                                   WITNESSETH:

                  WHEREAS, it has been determined that a profit sharing plan is
to be established which is intended to meet the requirements for qualification
under the applicable provisions of the Internal Revenue Code of 1986, as
amended, and the Employee Retirement Income Security Act of 1974, as amended;
and

                  WHEREAS, it has also been determined that a trust is to be
established to fund that plan through a separate trust agreement which is
intended to meet the requirements for exemption under the applicable provisions
of the Internal Revenue Code of 1986, as amended, and the Employee Retirement
Income Security Act of 1974, as amended; and

                  WHEREAS, it is intended that other business organizations may
adopt this plan and its related trust for the exclusive benefit of their
employees and their employees' beneficiaries; and

                  WHEREAS, in connection with the establishment of this plan and
its related trust, Grant Prideco, Inc. agrees to the transfer of certain assets
from the Weatherford International, Inc. 401(k) Savings Plan and its related
trust to be effective as of the effective date of this plan;

                  NOW, THEREFORE, this Agreement is entered into in order to set
forth the terms of that profit sharing plan with a 401(k) feature which are as
follows:

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                                    ARTICLE I

                                   DEFINITIONS

        The words and phrases defined in this Article shall have the meaning set
out in the definition unless the context in which the word or phrase appears
reasonably requires a broader, narrower or different meaning.

        1.1 "ACCOUNT" means all ledger accounts pertaining to a Member which are
maintained by the Committee to reflect the Member's interest in the Trust Fund.
The Committee shall establish the following Accounts and any additional Accounts
that the Committee considers necessary to reflect the entire interest of the
Member in the Trust Fund. Each of the Accounts listed below and any additional
Accounts established by the Committee shall reflect the Contributions or amounts
transferred to the Trust Fund, if any, and the appreciation or depreciation of
the assets in the Trust Fund and the income earned or loss incurred on the
assets in the Trust Fund attributable to the Contributions and/or other amounts
transferred to the Account.

                (a) Employee After Tax Contribution Account - The Member's after
        tax contributions, if any.

                (b) Salary Deferral Contribution Account - The Member's before
        tax contributions, if any.

                (c) Employer Matching Contribution Account - The Employer's
        matching contributions allocated to the Member, if any.

                (d) Employer Discretionary Contribution Account - The Employer's
        discretionary contributions, if any.

                (e) Qualified Nonelective Employer Contribution Account - The
        Employer's Qualified Nonelective Employer Contributions allocated to the
        Member, if any.

                (f) Rollover Account - Funds transferred from another qualified
        plan or IRA Account for the benefit of a Member.

                (g) Weatherford Plan Prior Plan Account - Funds transferred from
        the Weatherford International, Inc. 401(k) Savings Plan.

        1.2 "ACTIVE SERVICE" means the Periods of Service which are counted for
either eligibility or vesting purposes as calculated under Article II.

        1.3 "ACTUAL CONTRIBUTION RATIO" means for an Employee the ratio of
Section 401(m) Contributions actually paid into the Trust on behalf of the
Employee for a Plan Year to the Employee's Annual Compensation earned while the
Employee was a Member for the same Plan Year.

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        1.4 "ACTUAL DEFERRAL PERCENTAGE" means for a specified group of
Employees for a Plan Year the average of the ratios (calculated separately for
each Employee in the group) of the sum of Section 401(k) Contributions actually
paid into the Trust on behalf of each Employee for that Plan Year to the
Employee's Annual Compensation earned while the Employee was a Member for the
same Plan Year.

        1.5 "ACTUAL DEFERRAL RATIO" means for an Employee the ratio of Section
401(k) Contributions actually paid into the Trust on behalf of the Employee for
a Plan Year to the Employee's Annual Compensation earned while the Employee was
a Member for the same Plan Year.

        1.6 "AFFILIATED EMPLOYER" means the Employer and any employer which is a
member of the same controlled group of corporations within the meaning of
section 414(b) of the Code, which is a trade or business (whether or not
incorporated) which is under common control within the meaning of section 414(c)
of the Code, which is a member of an affiliated service group within the meaning
of section 414(m) of the Code with the Employer, or which is required to be
aggregated with the Employer under section 414(o) of the Code. For purposes of
the limitation on allocations contained in Part B of Article V, the definition
of Affiliated Employer is modified by substituting the phrase "more than 50
percent" in place of the phrase "at least 80 percent" each place the latter
phrase appears in section 1563(a)(1) of the Code. The definition of Affiliated
Employer shall also include Weatherford International, Inc. ("Weatherford") and
any employer which is a member of the same controlled group of corporations
within the meaning of section 414(b) of the Code, which is a trade or business
(whether or not incorporated) which is under common control within the meaning
of section 414(c) of the Code, which is a member of an affiliated service group
within the meaning of section 414(m) of the Code with Weatherford, or which is
required to be aggregated with Weatherford under section 414(o) of the Code
solely for purposes of Active Service crediting but not for purposes of
determining whether an Employee has terminated employment for purposes of
receiving a distribution. Furthermore, the preceding sentence shall only apply
for the five year period following the closing of the Distribution Agreement
between the Sponsor and Weatherford.

        1.7 "AGGREGATE ACCOUNTS" means the total of all Account balances derived
from Employer Contributions and Employee Contributions.

        1.8 "AGGREGATION GROUP" means (a) each plan of the Employer or any
Affiliated Employer in which a Key Employee is a Member and (b) each other plan
of the Employer or any Affiliated Employer which enables any plan in (a) to meet
the requirements of either section 401(a)(4) or 410 of the Code. Any Employer
may treat a plan not required to be included in the Aggregation Group as being a
part of the group if the group would continue to meet the requirements of
sections 401(a)(4) and 410 of the Code with that plan being taken into account.

        1.9 "ANNUAL ADDITIONS" means the sum of the following amounts credited
on behalf of a Member for the Limitation Year: (a) Employer Contributions, (b)
Employee After Tax Contributions, and (c) forfeitures. Excess 401(k)
Contributions and Excess Aggregate 401(m) Contributions for a Plan Year are
treated as Annual Additions for that Plan Year even if they are

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corrected through distribution or recharacterization. Excess Deferrals that are
timely distributed as set forth in Section 4.12 shall not be treated as Annual
Additions.

        1.10 "ANNUAL COMPENSATION" means the Employee's wages from the
Affiliated Employers as defined in section 3401(a) of the Code for purposes of
federal income tax withholding at the source (but determined without regard to
any rules that limit the remuneration included in wages based on the nature or
location of the employment or the services performed) modified by including
elective contributions under a cafeteria plan described in section 125 of the
Code and elective contributions to any plan qualified under section 401(k),
408(k), or 403(b) of the Code. Except for purposes of Part B of Article V of the
Plan, Annual Compensation in excess of $160,000.00 (as adjusted by the Secretary
of Treasury) shall be disregarded. If the Plan Year is ever less than 12 months
the $160,000.00 limitation (as adjusted by the Secretary of Treasury) will be
prorated by multiplying the limitation by a fraction, the numerator of which is
the number of months in the Plan Year, and the denominator of which is 12. For
purposes of determining an Employee's Actual Contribution Ratio or Actual
Deferral Ratio, Annual Compensation shall include only compensation earned
during the portion of the Plan Year that the Employee was eligible to
participate in the Plan.

        1.11 "BENEFICIARY" or Beneficiaries means the person or persons, or the
trust or trusts created for the benefit of a natural person or persons or the
Member's or Former Member's estate, designated by the Member or Former Member to
receive the benefits payable under this Plan upon his death.

        1.12 "BOARD OF DIRECTORS" means the board of directors, the executive
committee or other body given management responsibility for the Sponsor.

        1.13 "CODE" means the Internal Revenue Code of 1986, as amended from
time to time.

        1.14 "COMMITTEE" means the committee appointed by the Sponsor to
administer the Plan.

        1.15 "CONSIDERED COMPENSATION" means as to each Employee, that
Employee's Annual Compensation (wages subject to withholding modified by
including elective contributions under a cafeteria plan described in section 125
of the Code and elective contributions to any plan qualified under section
401(k), 408(k) or 403(b) of the Code). For purposes of any Employer Matching
Contribution, and any Employer Discretionary Contribution, Considered
Compensation shall exclude the following items (even if includable in gross
income): overtime pay, foreign service premiums, position allowances or location
coefficient payments, call-in premiums, bonuses, sales commissions,
reimbursements or other expense allowances, fringe benefits (cash and non-cash),
moving expenses, deferred compensation, welfare benefits, amounts includable in
gross income as a result of an exercise of a stock option or a stock
appreciation right, and other items not part of the Employee's base pay.
Considered Compensation in excess of $160,000.00 (as adjusted by the Secretary
of Treasury) shall be disregarded. If the Plan Year is ever less than 12 months
the $160,000.00 limitation (as adjusted by the Secretary of Treasury) will be
prorated by multiplying the limitation by a fraction, the numerator of which is
the number of months in the Plan Year, and the denominator of which is 12.

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        1.16 "CONTRIBUTION" means the total amount of contributions made under
the terms of this Plan. Each specific type of Contribution shall be designated
by the type of contribution made as follows:

                (a) Employee After Tax Contribution - After tax contributions
        made by the Employee.

                (b) Salary Deferral Contribution - Contributions made by the
        Employer under the Employee's salary deferral agreement.

                (c) Employer Matching Contribution - Matching contributions made
        by the Employer.

                (d) Employer Discretionary Contribution - Contributions made by
        the Employer on a discretionary basis.

                (e) Qualified Nonelective Employer Contribution - Qualified
        Nonelective Employer Contributions made by the Employer as a means of
        passing the actual deferral percentage test of section 401(k) of the
        Code or the actual contribution percentage test of section 401(m) of the
        Code.

                (f) Rollover Contribution - Contributions made by a Member which
        consist of any part of an Eligible Rollover Distribution (as defined in
        section 402 of the Code) from a qualified employee trust described in
        section 401(a) of the Code or an IRA Rollover Account.

        1.17 "CONTRIBUTION PERCENTAGE" means for a specified group of Employees
for a Plan Year the average of the ratios (calculated separately for each
Employee in the group) of the sum of Section 401(m) Contributions actually paid
into the Trust on behalf of each Employee for that Plan Year to the Employee's
Annual Compensation earned while the Employee was a Member for that Plan Year.

        1.18 "DETERMINATION DATE" means for a given Plan Year the last day of
the preceding Plan Year or in the case of the first Plan Year the last day of
that Plan Year.

        1.19 "DIRECT ROLLOVER" means a payment by the Plan to the Eligible
Retirement Plan specified by the Distributee.

        1.20 "DISABILITY" means a mental or physical disability which, in the
opinion of a physician selected by the Committee, will prevent the Member from
earning a reasonable livelihood with any Affiliated Employer and which can be
expected to result in death or which has lasted or can be expected to last for a
continuous period of not less than 12 months and which: (a) was not contracted,
suffered or incurred while the Member was engaged in, or did not result from
having engaged in, a felonious criminal enterprise; (b) did not result from
alcoholism or addiction to

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narcotics; and (c) did not result from an injury incurred while a member of the
Armed Forces of the United States for which the Member receives a military
pension.

        1.21 "DISTRIBUTEE" means an Employee or former Employee, and in
addition, the Employee's or former Employee's surviving spouse or the Employee's
or former Employee's spouse or former spouse who is the alternate payee under a
qualified domestic relations order, as defined in section 414(p) of the Code,
with regard to the interest of the spouse or former spouse.

        1.22 "ELIGIBLE RETIREMENT PLAN" means an individual retirement account
described in section 408(a) of the Code, an individual retirement annuity
described in section 408(b) of the Code, an annuity plan described in section
403(a) of the Code, or a qualified trust described in section 401(a) of the
Code, that accepts the Distributee's Eligible Rollover Distribution. However, in
the case of an Eligible Rollover Distribution to the surviving spouse, an
Eligible Retirement Plan is an individual retirement account or individual
retirement annuity.

        1.23 "ELIGIBLE ROLLOVER DISTRIBUTION" as defined in section 402 of the
Code means any distribution of all or any portion of the balance to the credit
of the Distributee, except that an Eligible Rollover Distribution does not
include: (a) any distribution that is one of a series of substantially equal
periodic payments (not less frequently than annually) made for the life (or life
expectancy) of the Distributee or the joint lives (or joint life expectancies)
of the Distributee and the Distributee's Beneficiary, or for a specified period
of ten years or more; (b) any distribution to the extent the distribution is
required under section 401(a)(9) of the Code; and (c) the portion of any
distribution that is not includable in gross income (determined without regard
to the exclusion for net unrealized appreciation with respect to employer
securities). For any distribution after December 31, 1999, an Eligible Rollover
Distribution also does not include any hardship distribution described in
section 401(k)(2)(B)(i)(IV) of the Code.

         If the Plan accepts a Rollover Contribution which the Trustee
reasonably concludes is qualified under this Section of the Plan, and
subsequently it is determined that such distribution was not qualified, the
Trustee shall distribute the amount of such rollover distribution, plus earnings
thereon, to the Member in compliance with applicable Regulations.

        1.24 "EMPLOYEE" means all common law employees of each Employer
exclusive of the following classifications: (a) employees working outside of the
United States unless the Committee elects to cover or continue to cover them in
this Plan and (b) all leased employees who are required to be treated as common
law employees under section 414(n) of the Code unless the Plan's qualified
status is dependent upon coverage of the leased employees. Independent
contractors are not common law employees and are therefore not within the
defined term "Employee" as used in this Plan. The determination of whether a
person is within an excluded class or is an independent contractor shall be made
by the Committee in its sole discretion as granted in Article X. However, if
either one or more individuals who are classified as leased employees or
independent contractors are later determined to be in fact common law employees
of an Employer, they are nevertheless to be excluded as a classification unless
the Plan's qualified status is dependent upon the coverage of that
classification of persons.

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        1.25 "EMPLOYER" or "EMPLOYERS" means the Sponsor and any other business
organization which has adopted this Plan.

        1.26 "ERISA" means the Employee Retirement Income Security Act of 1974,
as amended from time to time.

        1.27 "EXCESS 401(k) CONTRIBUTIONS" means, with respect to any Plan Year,
the excess of (a) the aggregate amount of Section 401(k) Contributions actually
paid into the Trust on behalf of Highly Compensated Employees for the Plan Year
over (b) the maximum amount of those contributions permitted under the
limitations set out in the first sentence of Section 4.13 of the Plan.

        1.28 "EXCESS AGGREGATE 401(m) CONTRIBUTIONS" means, with respect to any
Plan Year, the excess of (a) the aggregate amount of Section 401(m)
Contributions actually paid into the Trust on behalf of Highly Compensated
Employees for the Plan Year over (b) the maximum amount of those contributions
permitted under the limitations set out in the first sentence of Section 4.14 of
the Plan.

        1.29 "EXCESS DEFERRAL" means that part, if any, of the Salary Deferral
Contribution of a Member for his taxable year which, when added to the amounts
he deferred under other plans or arrangements described in sections 401(k),
408(k) and 403(b) of the Code, exceeds the deferral dollar limitation permitted
by section 402(g) of the Code.

        1.30 "FIVE PERCENT OWNER" means an Employee who is a 5-percent owner as
defined in section 416(i) of the Code.

        1.31 "FORMER MEMBER" means a person who was at one time a Member who
received allocations of Contributions and who is no longer a Member under the
Plan, but still has an Account balance in the Plan.

        1.32 "HIGHLY COMPENSATED EMPLOYEE" means, an Employee or an employee of
an Affiliated Employer who: (a) during the Plan Year or the preceding Plan Year
was at any time a Five Percent Owner or (b) for the preceding year had Annual
Compensation in excess of $80,000.00 (as adjusted from time to time by the
Secretary of the Treasury) and was in the group consisting of the top 20 percent
of the Employees when ranked on the basis of Annual Compensation paid during the
preceding year. A former Member will be treated as a Highly Compensated Employee
if he was a Highly Compensated Employee when he Severed Service or he was a
Highly Compensated Employee at any time after attaining age 55. Non-resident
aliens who receive no earned income from the employer which constitutes income
from sources within the United States are excluded.

        1.33 "HOUR OF SERVICE" means each hour for which an Employee is paid or
entitled to payment for the performance of duties with an Affiliated Employer.

        1.34 "KEY EMPLOYEE" means an Employee or former or deceased Employee or
Beneficiary of an Employee who at any time during the Plan Year or any of the
four preceding Plan Years is (a) an officer of an Employer or any Affiliated
Employer having an Annual Compensation

                                      I-6

WEIGRANT
<PAGE>   15

greater than 50% of the annual addition limitation of section 415(b)(1)(A) of
the Code for the Plan Year, (b) one of the 10 employees having an Annual
Compensation from an Employer or any Affiliated Employer of greater than 100% of
the annual addition limitation of section 415(c)(1)(A) of the Code for the Plan
Year and owning or considered as owning (within the meaning of section 318 of
the Code) the largest interest in an Employer or any Affiliated Employer,
treated separately, (c) a Five Percent Owner of an Employer or any Affiliated
Employer, treated separately, or (d) a 1% owner of an Employer or any Affiliated
Employer, treated separately, having Annual Compensation from an Employer or any
Affiliated Employer of more than $150,000.00, as adjusted. For this purpose no
more than 50 employees or, if lesser, the greater of three employees or 10% of
the employees shall be treated as officers. Section 416(i) of the Code shall be
used to determine percentage of ownership. For the purpose of the test set out
in (b) above, if two or more employees have the same interest in an Employer,
the employee with the greater Annual Compensation from the Employer shall be
treated as having the larger interest.

        1.35 "LIMITATION YEAR" means the year used for purposes of applying the
limitations under section 415 of the Code. The Limitation Year shall be the Plan
Year unless the Employer affirmatively, by resolution, designates another
limitation year.

        1.36 "MEMBER" means the person or persons employed by an Employer who
are eligible to participate in this Plan.

        1.37 "NON-HIGHLY COMPENSATED EMPLOYEE" means any Employee who is not a
Highly Compensated Employee.

        1.38 "NON-KEY EMPLOYEE" means any Employee who is not a Key Employee.

        1.39 "PERIOD OF SERVICE" means a period of employment with an Affiliated
Employer which commences on the day on which an Employee performs his initial
Hour of Service or performs his initial Hour of Service upon returning to the
employ of an Affiliated Employer, whichever is applicable, and ends on the date
the Employee Severs Service.

        1.40 "PERIOD OF SEVERANCE" means the period of time which commences on
the date an Employee Severs Service and ends on the date the Employee again
performs an Hour of Service.

        1.41 "PLAN" means this Plan, including all subsequent amendments.

        1.42 "PLAN YEAR" means the calendar year. The Plan Year shall be the
fiscal year of this Plan.

        1.43 "QUALIFIED NONELECTIVE EMPLOYER CONTRIBUTION" means the Employer's
Contribution, if any, made as a means of passing the Actual Deferral Percentage
test or the Contribution Percentage test.

        1.44 "REGULATION" means the Internal Revenue Service regulation
specified, as it may be changed from time to time.

                                      I-7
WEIGRANT
<PAGE>   16

        1.45 "RETIREMENT AGE" means normally 65 years of age. Once a Member has
attained his Retirement Age he shall be 100% vested at all times.

        1.46 "ROLLOVER CONTRIBUTION" means the amount contributed by a Member to
his Account in this Plan which consists of any part or all of an Eligible
Rollover Distribution.

        1.47 "SECTION 401(k) CONTRIBUTIONS" means the sum of Salary Deferral
Contributions made on behalf of the Member during the Plan Year and Qualified
Nonelective Employer Contributions that the Employer elects to have treated as
Section 401(k) Contributions pursuant to section 401(k)(3)(D)(ii) of the Code to
the extent that those contributions are not used to enable the Plan to satisfy
the minimum contribution requirements of section 416 of the Code.

        1.48 "SECTION 401(m) CONTRIBUTIONS" means the sum of Employer Matching
Contributions and Employee After Tax Contributions made on behalf of the Member
during the Plan Year and Qualified Nonelective Employer Contributions that the
Employer elects to have treated as Section 401(m) Contributions pursuant to
section 401(m)(3)(B) of the Code to the extent that those contributions are not
used to enable the Plan to satisfy the minimum contribution requirements of
section 416 of the Code.

        1.49 "SERVICE" means the period or periods that a person is paid or is
entitled to payment for performance of duties with an Affiliated Employer.

        1.50 "SEVERS SERVICE" means the earlier of the following events: (a) the
Employee's quitting, retiring, dying or being discharged, (b) the completion of
a period of 365 continuous days in which the Employee remains absent from
Service (with or without pay) for any reason other than quitting, retiring,
dying or being discharged, such as vacation, holiday, sickness, disability,
leave of absence, layoff or any other absence or (c) the second anniversary of
the commencement of a continuous period of absence occasioned by the reason of
the pregnancy of the Employee, the birth of a child of the Employee, the
placement of a child with the Employee in connection with the adoption of the
child by the Employee or the caring for the child for a period commencing
immediately after the child's birth or placement.

        1.51 "SPONSOR" means Grant Prideco, Inc. or any other organization which
assumes the primary responsibility for maintaining this Plan with the consent of
the last preceding Sponsor.

        1.52 "TOP-HEAVY PLAN" means any plan which has been determined to be
top-heavy under the test described in Article IX of this Plan.

        1.53 "TRANSFERRED" means an Employee's termination of employment with
one Employer and his contemporaneous commencement of employment with another
Employer.

        1.54 "TRUST" means the one or more trust estates created to fund this
Plan.

        1.55 "TRUSTEE" means collectively one or more persons or entities with
trust powers which have been appointed by the initial Sponsor and have accepted
the duties of Trustee and any and all successor or successors appointed by the
Sponsor or successor Sponsor.

                                      I-8
WEIGRANT
<PAGE>   17

        1.56 "TRUST FUND" means all of the trust estates established under the
terms of this Plan to fund this Plan, whether held to fund a particular group of
Accounts or held to fund all of the Accounts of Members, collectively.

        1.57 USERRA: means the Uniformed Services Employment And Reemployment
Rights Act of 1994 which was enacted on October 13, 1994 as Public Law 103-353
and which amended Chapter 43 of Title 38 of the United States Code.

        1.58 "VALUATION DATE" means the day or days each Plan Year selected by
the Committee on which the Trust Fund is to be valued which cannot be less
frequent than annual. One or more Accounts may have different Valuation Dates
from other Accounts. The Valuation Date must be announced to all Members and
Former Members who have Account Balances and shall remain the same until changed
by the Committee and announced to the Members.

                                       I-9

WEIGRANT

<PAGE>   18

                                   ARTICLE II

                                 ACTIVE SERVICE

        2.1 WHEN ACTIVE SERVICE BEGINS. For purposes of eligibility and vesting,
Active Service begins when an Employee first performs an Hour of Service for an
Affiliated Employer or an employer the stock or assets of which were or are
acquired by an Employer or Affiliated Employer without regard to whether a
predecessor plan was maintained, limited to five years of past service credit.
Once an Employee has begun Active Service for purposes of eligibility or vesting
and Severs Service he shall recommence Active Service for those purposes when he
again performs an Hour of Service for an Affiliated Employer.

        2.2 AGGREGATION OF SERVICE. When determining an Employee's Active
Service, all Periods of Service, whether or not completed consecutively, shall
be aggregated on a per day basis. Thirty days shall be counted as one month and
12 months shall be counted as one year. For purposes of eligibility and vesting,
only full years of Active Service shall be counted, any fractional year shall be
dropped.

        2.3 ELIGIBILITY COMPUTATION PERIODS. For the purpose of determining
eligibility and vesting, the initial period shall begin on the day the Employee
first performs an Hour of Service and each future year shall begin on the
anniversary of that date.

        2.4 PERIODS OF SERVICE OF LESS THAN ONE YEAR. If an Employee performs an
Hour of Service within 12 months after he Severs Service, the intervening Period
of Severance shall be counted as a Period of Service.

        2.5 SERVICE PRIOR TO SEVERANCE. If an Employee Severs Service at a time
when he does not have any vested right to amounts credited to his Employer
Matching Contribution Account or Employer Discretionary Contribution Account and
the Period of Severance continues for a continuous period of five years or more,
the Period of Service completed by the Employee before the Period of Severance
shall not be taken into account if his Period of Severance equals or exceeds his
Period of Service, whether or not consecutive, completed before the Period of
Severance. In addition if a Member incurs a Period of Severance of five
consecutive years, the Members years of Credited Service for vesting completed
after that Period of Severance shall be disregarded in determining the Member's
vested interest in that portion of his Accounts derived from Employer
Contributions on his behalf prior to the Period of Severance.

        2.6 SERVICE AFTER SEVERANCE. If an Employee's Period of Severance
continues for a continuous period of five years or more, the Period of Service
completed by the Employee after that Period of Severance shall not be taken into
account in determining the Employee's vested interest in amounts contributed to
his Employer Matching Contribution Account, and earnings thereon, attributable
to Service before that Period of Severance.

                                      II-1

WEIGRANT

<PAGE>   19

        2.7 PERIODS OF SEVERANCE DUE TO CHILD BIRTH OR ADOPTION. If the period
of time between the first anniversary of the first day of an absence from
Service by reason of the pregnancy of the Employee, the birth of a child of the
Employee, the placement of a child with the Employee in connection with the
adoption of the child by the Employee or for purposes for caring for the child
for a period beginning immediately after the birth or placement and the second
anniversary of the first day of the absence occurs during or after the first
Plan Year beginning after December 31, 1984, it shall neither be counted as a
Period of Service nor of Severance.

        2.8 TRANSFERS. If an Employee is Transferred from one Employer to
another, his Active Service shall not be interrupted and he shall continue to be
in Active Service for purposes of eligibility, vesting and allocation of
Contributions and/or forfeitures. If an Employee is transferred to the service
of an Affiliated Employer that has not adopted the Plan he shall not have
Severed Service; however, even though he shall continue to be in Active Service
for eligibility and vesting purposes he shall not receive any allocation of
Contributions or forfeitures.

        2.9 EMPLOYMENT RECORDS CONCLUSIVE. The employment records of the
Employer shall be conclusive for all determinations of Active Service.

        2.10 COVERAGE OF CERTAIN PREVIOUSLY EXCLUDED EMPLOYEES. Any Employee who
is no longer excludable because he or she is no longer included in a unit of
Employees covered by a collective bargaining agreement between the Employees'
representative and the Employer where retirement benefits were the subject of
good faith bargaining shall immediately become eligible for membership if he
meets the eligibility requirements. All his Service with any Affiliated Employer
that would have been counted had he not been previously excluded shall now be
counted as Active Service for eligibility and vesting purposes.

        2.11 MILITARY SERVICE. A Member who leaves the employ of an Employer to
enter the armed services of the United States and is covered by USERRA shall not
be deemed to have broken his continuous employment if he is reemployed under
USERRA. And, the Member shall be awarded Active Service upon reemployment for
each period served by him in the uniformed services for eligibility, vesting and
benefit accrual purposes.

                                      II-2

WEIGRANT

<PAGE>   20

                                   ARTICLE III

                                ELIGIBILITY RULES

        3.1 ELIGIBILITY REQUIREMENTS. Except as otherwise provided for in this
Plan, each Employee shall be eligible to participate in this Plan beginning on
the first day the Employee completes an Hour of Service. However, no Employee
shall be eligible to participate in this Plan for purposes of sharing in
Employer Matching Contributions or Employer Discretionary Contributions until
the first day he completes one year of Active Service. Employees who are
included in a unit of Employees covered by a collective bargaining agreement
between the Employees' representative and the Employer, shall be excluded, even
if they have met the requirements for eligibility, if there has been good faith
bargaining between the Employer and the Employees' representative pertaining to
retirement benefits and the agreement does not require the Employer to include
such Employees in this Plan. In addition, any Employee who is a non-resident
alien with no United States source income or an individual participating in a
retirement plan maintained by the Employer or an Affiliated Employer outside the
United States shall likewise be ineligible to participate in the Plan.

        3.2 ELIGIBILITY UPON REEMPLOYMENT. If an Employee Severs Service with
the Employer for any reason after fulfilling the eligibility requirements but
prior to the date he initially begins participating in the Plan, the Employee
shall be eligible to begin participation in this Plan on the day he first
completes an Hour of Service upon his return to employment with an Employer.
Once an Employee has become eligible to be a Member, his eligibility shall
continue until he Severs Service. A former Member shall be eligible to
recommence participation in this Plan on the first day he completes an Hour of
Service upon his return to employment with an Employer.

        3.3 FROZEN PARTICIPATION. An employee employed by an Affiliated
Employer, which has not adopted this Plan, cannot actively participate in this
Plan even though he accrues Active Service. Likewise, if an Employee: (a) is
transferred from an Employer to an Affiliated Employer which has not adopted
this Plan, (b) is a Member of this Plan when he is excluded from this Plan
because he becomes excluded under the provisions of a collective bargaining
agreement or because he becomes a leased employee or an independent contractor
and he has not had a complete termination of his contractual relationship with
all Affiliated Employers, (c) is a non-resident alien with no United States
source income, (d) participates in a retirement plan maintained by the Employer
or an Affiliated Employer outside the United States, or (e) is a Member of the
Plan when he is employed outside the United States and is not designated by the
Committee to continue to be eligible to participate, his participation becomes
inactive. Under these circumstances, the Member's Account becomes frozen: he
cannot contribute to the Plan nor can he share in the allocation of any Employer
Contribution or forfeitures for the frozen period. However, his Accounts shall
continue to share in any appreciation or depreciation of the Trust Fund and in
any income earned or losses incurred by the Trust Fund during the frozen period
of time. Once the contract or contracts of an independent contractor, who has a
frozen Account, have expired with all Affiliated Employers in a good-faith and
complete termination of the contractual relationship and no renewal is expected
or once an employee who has a frozen Account terminates his employment with all
Affiliated Employers, he shall have Severed Service for purposes of distribution
of benefits.

                                      III-1

WEIGRANT

<PAGE>   21

                                   ARTICLE IV

                       CONTRIBUTIONS AND THEIR LIMITATIONS

                              PART A. CONTRIBUTIONS

        4.1 EMPLOYEE AFTER TAX CONTRIBUTIONS. The Committee may permit Employee
After Tax Contributions to be made by Members from time to time. If the
Committee permits Contributions by Members, the opportunity must be made
available to all Members on a nondiscriminatory basis. If the Committee decides
to stop all Contributions by Members, the Contributions to the effective date of
the announcement shall be retained in the Trust Fund subject to the right of
withdrawal described under this Plan.

        Employee After Tax Contributions are limited to an amount which, when
added to the other amounts required to be taken into consideration, will not
exceed the limit set by section 415 of the Code and will meet the Contribution
Percentage test described in section 401(m) of the Code.

        Changes in the rate of Employee After Tax Contributions and suspension
of those Contributions shall be permitted under any uniform method determined
from time to time by the Committee.

        4.2 ROLLOVER CONTRIBUTIONS AND DIRECT TRANSFERS. The Committee may
permit Rollover Contributions by Members and/or direct transfers to or from
another qualified plan on behalf of Members from time to time. If Rollover
Contributions and/or direct transfers to or from another qualified plan are
permitted, the opportunity to make those Contributions must be made available to
all Members on a nondiscriminatory basis. For this purpose, all Employees of an
Employer who are in a classification which may participate in this Plan shall be
considered to be Members of the Plan even though they may not have met the
eligibility requirements. However, they shall not be entitled to elect to have
Salary Deferral Contributions or Employee After Tax Contributions or share in
any Employer Contribution unless and until they have met the requirements for
eligibility and allocation.

        A Rollover Contribution shall not be accepted unless it is directly
rolled over to this Plan in a roll over described in section 401(a)(31) of the
Code and the property is acceptable to the Trustee. A direct transfer of assets
from another qualified plan in a transfer subject to the requirements of section
414(l) of the Code shall not be accepted if it was at any time part of the plan
which contained a right, feature or benefit not contained in this Plan unless
the Committee, in its sole discretion, agrees to continue to provide that right,
feature or benefit to that portion of the Member's Account.

        Rollover Contributions shall have no effect upon the amount permitted to
be allocated to a Member's Account under section 415 of the Code, or the amount
contributed to the Plan by a Member under Section 4.1.

                                      IV-1

WEIGRANT

<PAGE>   22

        4.3 SALARY DEFERRAL CONTRIBUTIONS. Each Employer shall contribute for
each Plan Year the amount by which the Member's Considered Compensation is
reduced as a result of a salary deferral agreement, not to exceed 16% of the
amount of the Member's Considered Compensation for the Plan Year less the amount
of the Member's Employee After Tax Contribution, if any, as set by the Committee
from time to time in a nondiscriminatory manner and announced to the Members.

        The election to have Salary Deferral Contributions made, the ability to
change the rate of Salary Deferral Contributions, the right to suspend Salary
Deferral Contributions, and the manner of commencing new Salary Deferral
Contributions shall be permitted under any uniform method determined from time
to time by the Committee.

        4.4 EMPLOYER MATCHING CONTRIBUTIONS. Each Employer shall contribute for
each Plan Year an amount, in cash or in common stock of the Sponsor (the number
of shares to be determined using the closing sales price on the business day
preceding the day of the contribution), at the sole discretion of the Board of
Directors, equal to 50% of the Salary Deferral Contribution (modified to exclude
those items in the second sentence of Section 1.15 of the Plan) made by each
Member after the date he completes one year of Active Service, but not more than
6% of the Member's Considered Compensation.

        4.5 EMPLOYER DISCRETIONARY CONTRIBUTIONS. Each Employer shall contribute
for each Plan Year an amount, if any, in cash or in common stock of the Sponsor
(the number of shares to be determined using the closing sales price on the
business day preceding the day of the contribution), at the sole discretion of
the Board of Directors, which is designated by the Board of Directors to be the
Employer Discretionary Contribution for the Plan Year.

        4.6 RESTORATION CONTRIBUTIONS. Each Employer shall contribute for each
Plan Year an amount, which when added to previously unapplied and unallocated
forfeitures, shall equal the amounts which were not vested and therefore
forfeited by Members who have previously terminated but who have now become
entitled to have their forfeited amounts restored plus an amount equal to the
value of all forfeited benefits for Members who formerly could not be located,
but have now filed a claim.

        4.7 EXCLUDED MEMBERS. The Sponsor shall contribute an amount determined
by the Sponsor if at any time it discovers one or more Employees have been
erroneously excluded from participation or a clerical error has caused one or
more Members to not be credited with his or their proper allocation of Employer
Contributions. The amount of the contribution will equal (i) the average
deferral percentage for the employee's compensation group (either highly
compensated or nonhighly compensated), (ii) an amount that would have been
allocated to such excluded Employee or Member as a matching contribution based
on the amount contributed in (i) above if such contribution was otherwise made,
and (iii) an amount that would have been allocated to such excluded Employee or
Member as an Employer Discretionary Contribution, if such a contribution was
otherwise made. Any amount contributed under (i) of this provision will be
deemed a "qualified nonelective contribution" under Section 1.401(k)-1(g)(7) of
the Regulations and is subject to all conditions required by the Regulations in
order for them to be used in the Actual Deferral Percentage

                                      IV-2

WEIGRANT

<PAGE>   23

test. Amounts contributed under (ii) and (iii) of this provision are subject to
the vesting schedule set forth in Section 6.5.

        4.8 QUALIFIED NONELECTIVE EMPLOYER CONTRIBUTION. Each Employer concerned
shall contribute for a given Plan Year an amount, if any, which is designated by
the Board of Directors to be the Qualified Nonelective Employer Contribution for
the Plan Year.

        A Member's right to benefits derived from Qualified Nonelective Employer
Contributions made to the Plan on his behalf shall be nonforfeitable. In no
event will Qualified Nonelective Employer Contributions be distributed before
Salary Deferral Contributions may be distributed.

        4.9 TOP-HEAVY CONTRIBUTION. Each Employer concerned shall contribute for
a given Plan Year an amount which is equal to the amount, if any, necessary to
fulfill the Top-Heavy Plan requirements found in Article IX if the Plan is
determined to be a Top-Heavy Plan.

        4.10 CONTRIBUTIONS REQUIRED ON RETURN FROM MILITARY SERVICE. If a Member
leaves the employ of an Employer to enter the armed services of the United
States and is covered by USERRA and is reemployed under USERRA, the Employer
shall make a contribution equal to the amount of the Employer Discretionary
Contributions which would have been allocated to the Member's Account if he had
remained in the employ of the Employer for the period of time he was covered by
USERRA. In addition, the Member may make additional "catch up" Salary Deferral
Contributions during a period beginning on his date of reemployment and ending
on the earlier of (a) three times the period of his qualified military service
and (b) five years equal to the maximum amount he could have made and the
Employer must make the appropriate Employer Matching Contributions. The Employer
shall not make any contribution for lost earnings or failure to share in
forfeitures.

        4.11 DEADLINE FOR PAYMENT OF CONTRIBUTIONS. The Employee After Tax
Contributions and the Salary Deferral Contributions are to be paid to the
Trustee in installments. The installment for each payroll period is to be paid
as of the end of the payroll period and shall be paid as soon as
administratively feasible but in any event not later than the time prescribed by
law for filing the Employer's federal income tax return (including extensions)
for its taxable year which ends with or next follows the end of the Plan Year
for which the Contribution is to be made. The Employer's Contribution for a Plan
Year must be paid into the Trust Fund in one or more installments not later than
the time prescribed by law for filing the Employer's federal income tax return
(including extensions) for its taxable year for which it is to take the
deduction. If the Contribution is paid after the last day of the Employer's
taxable year but prior to the date it files its tax return (including
extensions), it shall be treated as being received by the Trustee on the last
day of the taxable year if (a) the Employer notifies the Trustee in writing that
the payment is being made for that taxable year or (b) the Employer claims the
Contribution as a deduction on its federal income tax return for the taxable
year.

                                      IV-3

WEIGRANT

<PAGE>   24

                 PART B. LIMITATIONS APPLICABLE TO CONTRIBUTIONS

        4.12 LIMITATIONS BASED UPON DEDUCTIBILITY AND THE MAXIMUM ALLOCATION
PERMITTED TO A MEMBER'S ACCOUNT. Notwithstanding any other provision of this
Plan, no Employer shall make any contribution that would be a nondeductible
contribution within the meaning of section 4972 of the Code or that would cause
the limitation on allocations to each Member's Account within the meaning of
section 415 of the Code to be exceeded. For a further description of the
limitation on allocations and the corrections permitted, see Part B of Article
V.

        4.13 DOLLAR LIMITATION ON SALARY DEFERRAL CONTRIBUTIONS. The maximum
Salary Deferral Contribution that a Member may elect to have made on his behalf
during the Member's taxable year may not, when added to the amounts deferred
under other plans or arrangements described in sections 401(k), 408(k) and
403(b) of the Code exceed $10,000 (as adjusted by the Secretary of Treasury).

        For purposes of applying the requirements of Section 4.13 and Article
IX, Excess Deferrals shall not be disregarded merely because they are Excess
Deferrals or because they are distributed in accordance with this Section.
However, Excess Deferrals made to the Plan on behalf of Non-Highly Compensated
Employees are not to be taken into account under Section 4.13.

        4.14 LIMITATION BASED UPON ACTUAL DEFERRAL PERCENTAGE. The Actual
Deferral Percentage for eligible Highly Compensated Employees for any Plan Year
must bear a relationship to the Actual Deferral Percentage for all other
eligible Employees for the preceding Plan Year which meets either of the
following tests:

                (a) the Actual Deferral Percentage of the eligible Highly
        Compensated Employees is not more than the Actual Deferral Percentage of
        all other eligible Employees multiplied by 1.25; or

                (b) the excess of the Actual Deferral Percentage of the eligible
        Highly Compensated Employees over that of all other eligible Employees
        is not more than two percentage points, and the Actual Deferral
        Percentage of the eligible Highly Compensated Employees is not more than
        the Actual Deferral Percentage of all other eligible Employees
        multiplied by two.

        For the initial Plan Year of this Plan and for the initial Plan Year of
any Employer which adopts this Plan as its separate plan, the amount taken into
account as the Actual Deferral Percentage of Non-highly Compensated Employees
for the preceding Plan Year shall be (a) three percent or (b) if the Employer
makes an election under this subclause (b), the Actual Deferral Percentage of
Non-highly Compensated Employees for the first Plan year.

        For purposes of this test an eligible Employee is an Employee who is
directly or indirectly eligible to make Salary Deferral Contributions for all or
part of the Plan Year. A person who is suspended from making Salary Deferral
Contributions because he has made a withdrawal is an eligible Employee. If no
Salary Deferral Contributions are made for an eligible Employee, the Actual
Deferral Ratio that shall be included for him in determining the Actual Deferral
Percentage is zero.

                                      IV-4

WEIGRANT

<PAGE>   25

        If this Plan and any other plan or plans which include cash or deferred
arrangements are considered as one plan for purposes of section 401(a)(4) or
410(b) of the Code, the cash or deferred arrangements included in this Plan and
the other plans shall be treated as one plan for these tests. If any Highly
Compensated Employee is a Member of this Plan and any other cash or deferred
arrangements of the Employer, when determining the deferral percentage of the
Employee, all of the cash or deferred arrangements are treated as one. If the
Employer elects to apply section 410(b)(4)(B) of the Code in determining whether
the Plan meets the requirements of section 401(k)(3)(A)(i) of the Code, the
Employer may, in determining whether the arrangement meets the requirements of
section 401(k)(3)(A)(ii), exclude from consideration all eligible Employees
(other than Highly Compensated Employees) who are not 21 years of age or have
not completed one year of Active Service by the end of the Plan Year.

        The Actual Deferral Percentages are to be calculated and the provisions
of this Section are to be applied, separately, for each Employer which
constitutes a separate controlled group or affiliated service group.

        A Salary Deferral Contribution will be taken into account under the
Actual Deferral Percentage test of Code section 401(k) and this Section for a
Plan Year only if it relates to Annual Compensation that either would have been
received by the Employee in the Plan Year (but for the deferral election) or is
attributable to services performed by the employee in the Plan Year and would
have been received by the Employee within 2 1/2 months after the close of the
Plan Year (but for the deferral election). In addition, a Section 401(k)
Contribution will be taken into account under the Actual Deferral Percentage
test of Code section 401(k) and this Section for a Plan Year only if it is
allocated to an Employee as of a date within that Plan Year. For this purpose of
a Section 401(k) Contribution is considered allocated as of a date within a Plan
Year if the allocation is not contingent on participation or performance of
services after that date and the Section 401(k) Contribution is actually paid to
the Trust no later than 12 months after the Plan Year to which the Section
401(k) Contribution relates.

        Failure to correct Excess 401(k) Contributions by the close of the Plan
Year following the Plan Year for which they were made will cause the Plan's cash
or deferred arrangement to be disqualified for the Plan Year for which the
Excess 401(k) Contributions were made and for all subsequent years during which
they remain in the Trust. Also, the Employer will be liable for a 10% excise tax
on the amount of Excess 401(k) Contributions unless they are corrected within
2 1/2 months after the close of the Plan Year for which they were made.

        4.15 LIMITATION BASED UPON CONTRIBUTION PERCENTAGE. The Contribution
Percentage for eligible Highly Compensated Employees for any Plan Year must not
exceed the greater of the following:

                (a) the Contribution Percentage for all other eligible Employees
        for the preceding Plan Year multiplied by 1.25; or

                                      IV-5

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<PAGE>   26

                (b) the lesser of the Contribution Percentage for all other
        eligible Employees for the preceding Plan Year multiplied by two, or the
        Contribution Percentage for all other eligible Employees for the
        preceding Plan Year plus two percentage points.

        For the initial Plan Year of this Plan and for the initial Plan Year of
any Employer which adopts this Plan as its separate plan, the amount taken into
account as the Contribution Percentage of Non-highly Compensated Employees for
the preceding Plan Year shall be (a) three percent or (b) if the Employer makes
an election under this subclause (b), the Contribution Percentage of Non-highly
Compensated Employees for the first Plan Year.

        For purposes of this test an eligible Employee is an Employee who is
directly or indirectly eligible to make Employee After Tax Contributions or to
receive an allocation of Employer Matching Contributions under the Plan for all
or part of the Plan Year. A person who is suspended from making Employee After
Tax Contributions because he has made a withdrawal, a person who would be
eligible to receive an allocation of Employer Matching Contributions but for his
election not to participate, and a person who would be eligible to receive an
allocation of Employer Matching Contributions but for the limitation on his
Annual Additions imposed by section 415 of the Code, are all eligible Employees.

        If no Section 401(m) Contributions are made on behalf of an eligible
Employee, the Actual Contribution Ratio that shall be included for him in
determining the Contribution Percentage is zero. If this Plan and any other plan
or plans to which Section 401(m) Contributions are made are considered as one
plan for purposes of section 401(a)(4) or 410(b) of the Code, this Plan and
those plans are to be treated as one. The Actual Contribution Ratio of a Highly
Compensated Employee who is eligible to participate in more than one plan of an
Affiliated Employer to which employee or matching contributions are made is
calculated by treating all the plans in which the Employee is eligible to
participate as one plan. However, plans that are not permitted to be aggregated
under Regulation section 1.410(m)-1(b)(3)(ii) are not aggregated for this
purpose.

        A Matching Employer Contribution will be taken into account under this
Section for a Plan Year only if (a) it is allocated to the Employee's Account as
of a date within the Plan Year, (b) it is paid to the Trust no later than the
end of the 12 month period beginning after the close of the Plan Year, and (c)
it is made on behalf of an Employee on account of his Salary Deferral
Contributions for the Plan Year.

        If the Employer elects to apply section 410(b)(4)(B) of the Code in
determining whether the Plan meets the requirements of section 410(b) of the
Code, the Employer may, in determining whether the arrangement meets the
requirements of section 401(m)(2) of the Code exclude from consideration all
eligible Employees (other than Highly Compensated Employees) who are not 21
years of age or have not completed one year of Active Service by the end of the
Plan Year.

         The Contribution Percentage shall be calculated and the provisions of
this Section applied, separately, for each Employer which constitutes a separate
controlled group or affiliated service group.

                                      IV-6

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        At the election of the Employer, a Member's Salary Deferral
Contributions, and Qualified Nonelective Employer Contributions made on behalf
of the Member during the Plan Year shall be treated as Section 401(m)
Contributions that are Employer Matching Contributions provided that the
conditions set forth in Regulation section 1.401(m)-1(b)(5) are satisfied.
Salary Deferral Contributions may not be treated as Employer Matching
Contributions for purposes of the Contribution Percentage test unless the
contributions, including those taken into account for purposes of the test,
satisfy the Actual Deferral Percentage test set forth in Section 4.13. Salary
Deferral Contributions and Qualified Nonelective Employer Contributions may not
be taken into account for purposes of the test to the extent that those
contributions are taken into account in determining whether any other
contributions satisfy the Actual Deferral Percentage test set forth in Section
4.13. Finally, Salary Deferral Contributions and Qualified Nonelective Employer
Contributions may be taken into account for purposes of the test only if they
are allocated to the Employee's Account as of a date within the Plan Year being
tested within the meaning of Regulation section 1.401(k)-1(b)(4).

        Failure to correct Excess Aggregate 401(m) Contributions by the close of
the Plan Year following the Plan Year for which they were made will cause the
Plan to fail to be qualified for the Plan Year for which the Excess Aggregate
401(m) Contributions were made and for all subsequent years during which they
remain in the Trust. Also, the Employer will be liable for a 10% excise tax on
the amount of Excess Aggregate 401(m) Contributions unless they are corrected
within 2 1/2 months after the close of the Plan Year for which they were made.

        4.16 ALTERNATIVE LIMITATION BASED UPON ACTUAL DEFERRAL PERCENTAGE AND
CONTRIBUTION PERCENTAGE. If the second alternative permitted in Sections 4.13
and 4.14 is used for both the Actual Deferral Percentage test and the
Contribution Percentage test the following additional limitation on Salary
Deferral Contributions shall apply. The Actual Deferral Percentage plus the
Contribution Percentage of the eligible Highly Compensated Employees cannot
exceed the greater of (a) or (b), where:

                (a) is the sum of:

                        (i) 1.25 times the greater of the Actual Deferral
                Percentage or the Contribution Percentage of the eligible
                Non-Highly Compensated Employees for the preceding Plan Year,
                and

                        (ii) the lesser of (x) two percentage points plus the
                lesser of the Actual Deferral Percentage or the Contribution
                Percentage of the eligible Non-Highly Compensated Employees for
                the preceding Plan Year or (y) two times the lesser of the
                Actual Deferral Percentage or the Contribution Percentage of the
                group of eligible Non-Highly Compensated Employees for the
                preceding Plan Year, and

                (b) is the sum of:

                        (i) 1.25 times the lesser of the Actual Deferral
                Percentage or the Contribution Percentage of the eligible
                Non-Highly Compensated Employees for the preceding Plan Year,
                and

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                        (ii) the lesser of (x) two percentage points plus the
                greater of the Actual Deferral Percentage or the Contribution
                Percentage of the eligible Non-Highly Compensated Employees for
                the preceding Plan Year or (y) two times the greater of the
                Actual Deferral Percentage or the Contribution Percentage of the
                group of eligible Non-Highly Compensated Employees for the
                preceding Plan Year.

            PART C. CORRECTION PROCEDURES FOR ERRONEOUS CONTRIBUTIONS

        4.17 EXCESS DEFERRAL FAIL SAFE. As soon as practical after the close of
each Plan Year, the Committee shall determine if there would be any Excess
Deferrals. If there would be an Excess Deferral by a Member, the Excess Deferral
as adjusted by any earnings or losses, will be distributed to the Member no
later than April 15 following the Member's taxable year in which the Excess
Deferral was made. The income allocable to the Excess Deferrals for the taxable
year of the Member shall be determined by any reasonable method for computing
the income allocable to Excess Deferrals, provided that the method does not
violate section 401(a)(4) of the Code, is used consistently for all Members and
for all corrective distributions under the Plan for the Plan Year, and is used
by the Plan for allocating income to Members' accounts.

        4.18 ACTUAL DEFERRAL PERCENTAGE FAIL. As soon as practicable after the
close of each Plan Year, the Committee shall determine whether the Actual
Deferral Percentage for the Highly Compensated Employees would exceed the
limitation. If the limitation would be exceeded for a Plan Year, before the
close of the following Plan Year (a) the amount of Excess 401(k) Contributions
for that Plan Year (and any income allocable to those Contributions as
calculated in the specific manner required by Section 4.20) shall be
distributed, or (b) to the extent provided in regulations issued by the
Secretary of the Treasury, and permitted by the Committee, the Employee may
elect to treat the amount of the Excess 401(k) Contributions as an amount
distributed to the Employee and then contributed by the Employee to the Plan as
an Employee After Tax Contribution, provided the recharacterized amounts shall
remain subject to the same rules and restrictions to which the Salary Deferral
Contributions are subjected, or (c) the Employer may make a Qualified
Nonelective Employer Contribution which it elects to have treated as a Section
401(k) Contribution.

        The amount of Excess 401(k) Contributions to be distributed shall be
that amount of the Salary Deferral Contributions by or on behalf of those Highly
Compensated Employees with the largest Salary Deferral Contributions as is equal
to the Excess 401(k) Contributions, taken ratably from each Account, based
solely on those Salary Deferral Contributions for the Plan Year. This initial
distribution shall not reduce those Accounts affected below the next highest
level of Salary Deferral Contributions. If any further reduction is necessary
the same process is to be repeated at the next highest level of Salary Deferral
Contributions by or on behalf of the Highly Compensated Employees, and if
necessary repeated in successively lower levels of Salary Deferral Contributions
until the cash or deferred arrangement satisfies the Actual Deferral Percentage
test.

         Qualified Nonelective Employer Contributions shall be treated as
Section 401(k) Contributions only if: (a) the conditions described in Regulation
section 1.401(k)-1(b)(5) are satisfied and (b) they are allocated to Members'
Accounts as of a date within that Plan Year and are

                                      IV-8

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<PAGE>   29

actually paid to the Trust no later than the end of the 12 month period
immediately following the Plan Year to which the contributions relate. If the
Employer makes a Qualified Nonelective Employer Contribution that it elects to
have treated as a Section 401(k) Contribution, the Contribution will be in an
amount necessary to satisfy the Actual Deferral Percentage test and will be
allocated first to those Non-Highly Compensated Employees who had the lowest
Actual Deferral Ratio. The Excess 401(k) Contributions of Highly Compensated
Employees will not be recharacterized to the extent that the recharacterized
amounts would exceed the Contribution Percentage as determined prior to applying
the Contribution Percentage limitations.

        Excess 401(k) Contributions may not be recharacterized after 2 1/2
months after the close of the Plan Year to which the recharacterization relates.
The amount of recharacterized Excess 401(k) Contributions, in combination with
Employee After Tax Contributions actually made by the Member, may not exceed the
maximum amount of Employee After Tax Contributions (determined without regard to
Section 4.14) that the Member could have made under the provisions of the Plan
in effect on the first day of the Plan Year in the absence of
recharacterization. Any distributions of the Excess 401(k) Contributions for any
Plan Year are to be made to Highly Compensated Employees on the basis of the
amount of contributions by, or on behalf of, each Highly Compensated Employee.
The amount of Excess 401(k) Contributions to be distributed or recharacterized
for any Plan Year must be reduced by any excess Salary Deferral Contributions
previously distributed for the taxable year ending in the same Plan Year.

        4.19 CONTRIBUTION PERCENTAGE FAIL SAFE. If the limitation would be
exceeded for any Plan Year, before the close of the following Plan Year any one
or more of the following corrective actions shall be taken, as determined by the
Committee in its sole discretion: (a) the amount of the Excess Aggregate 401(m)
Contributions for that Plan Year (and any income allocable to those
Contributions as calculated in the specific manner required by Section 4.20)
shall be distributed or forfeited (to the extent not vested), or (b) the
Employer may make a Qualified Nonelective Employer Contribution which it elects
to have treated as a Section 401(m) Contribution. Any distributions of the
Excess Aggregate 401(m) Contributions for any Plan Year are to be made to Highly
Compensated Employees on the basis of the respective portions of the amounts
attributable to each of them. Forfeitures of Excess Aggregate 401(m)
Contributions may not be allocated to Members whose contributions are reduced
under this Section.

        4.20 ALTERNATIVE LIMITATION FAIL SAFE. As soon as practicable after the
close of each Plan Year, the Committee shall determine whether the alternative
limitation would be exceeded. If the limitation would be exceeded for any Plan
Year, before the close of the following Plan Year the Actual Deferral Percentage
or Contribution Percentage of the eligible Highly Compensated Employees, or a
combination of both, shall be reduced by distributions made in the manner
described in the Regulations. These distributions shall be in addition to and
not in lieu of distributions required for Excess 401(k) Contributions and Excess
Aggregate 401(m) Contributions.

        4.21 INCOME ALLOCABLE TO EXCESS 401(k) AND AGGREGATE 401(m)
CONTRIBUTIONS. The income allocable to Excess 401(k) Contributions and Excess
Aggregate 401(m) Contributions for the Plan Year shall be determined by any
reasonable method for computing the income allocable to Excess 401(k)
Contributions and Excess Aggregate 401(m) Contributions, provided that the
method

                                      IV-9

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<PAGE>   30

does not violate section 401(a)(4) of the Code, is used consistently for all
Members and for all corrective distributions under the Plan.

        4.22 RETURN OF CONTRIBUTIONS FOR MISTAKE, DISQUALIFICATION OR
DISALLOWANCE OF DEDUCTION. Subject to the limitations of section 415 of the
Code, the assets of the Trust shall not revert to any Employer or be used for
any purpose other than the exclusive benefit of the Members and their
Beneficiaries and the reasonable expenses of administering the Plan except:

                (a) any Contribution made because of a mistake of fact shall be
        repaid to the Employer within one year after the payment of the
        Contribution;

                (b) any Contribution conditioned upon the Plan's initial
        qualification under section 401 of the Code or the initial qualification
        of an Employer's adoption of the Plan, if later, shall be repaid to the
        Employer within one year after the date of denial of the initial
        qualification of the Plan or of its adoption by the Employer; and

                (c) any and all Employer Contributions are conditioned upon
        their deductibility under section 404 of the Code; therefore, to the
        extent the deduction is disallowed, the Contributions shall be repaid to
        the Employer within one year after the disallowance.

         The Employer has the exclusive right to determine if a Contribution or
any part of it is to be repaid or is to remain as a part of the Trust Fund
except that the amount to be repaid is limited, if the Contribution is made by
mistake of fact or if the deduction for the Contribution is disallowed, to the
excess of the amount contributed over the amount that would have been
contributed had there been no mistake or over the amount disallowed. Earnings
which are attributable to any excess contribution cannot be repaid. Losses
attributable to an excess contribution must reduce the amount that may be
repaid. All repayments of mistaken Contributions or Contributions which are
disallowed are limited so that the balance in a Member's Account cannot be
reduced to less than the balance that would have been in the Member's Account
had the mistaken amount or the amount disallowed never been contributed.

                                      IV-10

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<PAGE>   31

                                    ARTICLE V

                                  PARTICIPATION

                               PART A. ALLOCATIONS

        5.1 ALLOCATION OF EMPLOYEE CONTRIBUTIONS. The Committee shall allocate
each Member's Employee After Tax Contributions made on his behalf to his
Employee After Tax Contribution Account as of the date they are contributed.

        5.2 ALLOCATION OF ROLLOVER CONTRIBUTIONS AND DIRECT TRANSFERS. If
Rollover Contributions and/or direct transfers are permitted, the Committee
shall allocate each Member's Rollover Contribution and/or direct transfers to
his Rollover Account as of the date it is contributed or transferred.

        5.3 ALLOCATION OF SALARY DEFERRAL CONTRIBUTIONS. The Committee shall
allocate the Salary Deferral Contributions, if any, made on behalf of each
Member to his Salary Deferral Contribution Account, as of the date they are
contributed.

        5.4 ALLOCATION OF EMPLOYER MATCHING CONTRIBUTIONS. The Committee shall,
as of the end of each month, allocate the Employer Matching Contributions made
on behalf of each Member to his Employer Matching Contribution Account if the
Member has completed one year of Active Service credit.

        5.5 ALLOCATION OF EMPLOYER DISCRETIONARY CONTRIBUTIONS. The Committee
shall, as of the end of each Plan Year, allocate the Employer Discretionary
Contribution, if any, among the Members who have completed one year of Active
Service and who are employed by one of the Employers or Affiliated Employers at
the end of the Plan Year and are employed at the time that the Contribution is
made based upon each Member's Considered Compensation paid by the Employer as
compared to the Considered Compensation of all Members employed by the Employer
or Affiliated Employer and eligible for the allocation; provided, however, for
this purpose, Considered Compensation shall be each Member's annualized
Considered Compensation as determined on the date for which the Employer
Discretionary Contribution is actually contributed to the Plan.

        5.6 ALLOCATION OF RESTORATION CONTRIBUTIONS. The Committee shall, as of
the end of each Plan Year, allocate the previously unapplied and unallocated
forfeitures and the Employer Contribution, if any, which are required to restore
the nonvested portion of the Employer Accounts of Members who had previously
forfeited that nonvested portion on the date they terminated employment but who
qualified for the restoration of that amount during the Plan Year and allocate
the previously unapplied and unallocated forfeitures and the Employer
Contribution, if any, which are required to restore the Accounts of those
Members whose distributions were forfeited because of the Committee's inability
to contact the Members previously but who have filed a claim for their Accounts
during the Plan Year. The Committee shall establish and maintain a separate
subaccount for the amount allocated to an Account in order to restore a
previously forfeited amount.

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        5.7 ALLOCATION OF CONTRIBUTION TO EXCLUDED MEMBERS. The Sponsor shall
allocate the Employer Contribution, if any, made on behalf of any one or more
Members to correct an error as to qualification for participation or in
Contributions, allocations or distributions to the persons concerned and in the
amount necessary to correct the error.

        5.8 ALLOCATION OF QUALIFIED NONELECTIVE EMPLOYER CONTRIBUTIONS. The
Committee shall, as of the end of the Plan Year, allocate the Qualified
Nonelective Employer Contribution, if any, among the Non-Highly Compensated
Employees as set forth in Section 4.17 or 4.18, whichever is applicable.

        5.9 ALLOCATION OF TOP-HEAVY CONTRIBUTIONS. The Committee shall, as of
the end of the Plan Year, allocate the Employer Contribution, if any, which is
necessary to fulfill the Top-Heavy Plan requirements found in Article IX if the
Plan is determined to be a Top-Heavy Plan.

        5.10 EFFECT OF TRANSFERS UPON ALLOCATIONS. If a Member has been
Transferred during the Plan Year, the Member shall be entitled to have allocated
to him a portion of the Employer Matching Contribution based upon his Salary
Deferral Contributions made while he was an Employee of each Employer and the
Employer Discretionary Contribution based upon his Considered Compensation for
the Plan Year earned from all of the Employers for which an Employer
Discretionary Contribution was made.

        5.11 APPLICATION OF FORFEITURES. Amounts forfeited for any reason shall
first be allocated under Section 5.6 to restore previously forfeited Accounts
which are to be restored under the terms of this Plan and if any amount remains
after that allocation, it shall be used to reduce the future Employer Matching
Contributions.

        5.12 SCHEDULED ALLOCATION OF INCOME OR LOSSES AND APPRECIATION OR
DEPRECIATION. The Trustee shall value the Trust Fund on its Valuation Date at
its then fair market value, but without regard to any Contributions made to the
Plan after the preceding Valuation Date, shall determine the amount of income
earned or losses suffered by the Trust Fund and shall determine the appreciation
or depreciation of the Trust Fund since the preceding Valuation Date. The
Committee shall then allocate as of the Valuation Date the income earned or
losses suffered and the appreciation or depreciation in the assets of the Trust
Fund for the period since the last preceding Valuation Date. The allocation
shall be among the Members and former Members who have undistributed Account
balances based upon their Account balances in each of the various investment
funds or accounts, if more than one, as of the last Valuation Date reduced, as
appropriate, by amounts used from the investment fund or account to make a
withdrawal or distribution or any other transaction which is properly chargeable
to the Member's Account during the period since the last Valuation Date. The
Committee, by resolution, may elect in lieu of the allocation method described
above to use a unit allocation method, a separate account method or any other
equitable method if it announces the method of allocation to the Members prior
to the beginning of the period during which it is first used.

        5.13 INTERIM ALLOCATION OF INCOME OR LOSSES AND APPRECIATION OR
DEPRECIATION. If at any time in the interval between Valuation Dates, one or
more withdrawals or one or more

                                       V-2

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distributions are to be made and the Committee determines that an interim
allocation is necessary to prevent discrimination against those Members and
former Members who are not receiving funds, the Trustee is to perform a
valuation of a portion or all of the Trust Fund as of a date selected by the
Committee which is administratively practical and near the date of withdrawals
or distributions in the same manner as it would if it were a scheduled Valuation
Date. That date may be before or after any particular distribution or
withdrawal. The Committee shall then allocate as of that date any income or loss
and any appreciation or depreciation to the various Accounts of each of the
Members in the same manner as it would if it were a scheduled Valuation Date.
Then without regard to the language in Section 6.1, all withdrawals or
distributions made after that date and prior to the next Valuation Date, even
though the event causing it occurred earlier, shall be based upon the Accounts
as adjusted by the interim valuation.

                         PART B. LIMITATION ALLOCATIONS

         The Annual Additions that may be credited to an individual Member's
Accounts under this Plan and any other qualified defined contribution plan
maintained by an Affiliated Employer for a Limitation Year shall not exceed the
lesser of (a) $30,000.00 (as adjusted by the Secretary of Treasury), or (b) 25%
of the Member's Annual Compensation for the Limitation Year. The Plan will be
operated in compliance with section 415 of the Code and its Regulations, the
terms of which are incorporated in this Plan. Thus, if the Employer maintains a
defined benefit plan in which the Member participates, the combined limits
provided in section 415(e) apply through December 31, 1999.

         If Annual Additions are made in excess of the limitations contained in
this Part B, to the maximum extent permitted by law, those excess Annual
Additions shall be attributed to this Plan.

         If an excess Annual Addition attributed to this Plan is held or
contributed as a result of the application of forfeitures, reasonable error in
estimating a Member's Annual Compensation, reasonable error in calculating the
maximum Salary Deferral Contribution that may be made for a Member under section
415 of the Code or because of other facts and circumstances which the
Commissioner of Internal Revenue finds to be justified, the excess Annual
Addition shall be corrected as follows:

                  (a first, the excess Annual Addition shall be reduced to the
         extent necessary by distributing to the Member all Employee After Tax
         Contributions, if any, and then Salary Deferral Contributions together
         with their earnings. These distributed amounts are disregarded for
         purposes of the testing and limitations contained in Article IV;

                  (b second, if the Member is still employed by the Employer at
         the end of the Plan Year, any remaining excess funds shall be placed in
         an unallocated suspense account to be applied to reduce future Employer
         Contributions for that Member for as many Plan Years as are necessary
         to exhaust the suspense account in keeping with the amounts which would
         otherwise be allocated to that Member's Account; and

                                       V-3

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<PAGE>   34

                  (c third, if the Member is not employed by the Employer at
         the end of the Plan Year, the remaining excess funds shall be placed in
         an unallocated suspense account to reduce future Employer Contributions
         for all remaining Members for as many Plan Years as are necessary to
         exhaust the suspense account.

         If the Plan terminates prior to the exhaustion of the suspense account,
the remaining amount shall revert to the Employer.

                        PART C. INVESTMENT OF TRUST FUNDS

         The Committee may: (a) maintain commingled and/or separate Trusts, (b)
establish separate investment funds and/or (c) permit individual investments,
some or all of which are directed by the Committee or selected by the Members or
former Members for any portion or all of their Accounts. Once the Committee has
selected or changed the mode of investments, it shall establish rules pertaining
to its administration, including but not limited to: selection of forms, rules
for making selections effective, establishing the frequency of permitted
changes, the minimum percentage in any investment, and all other necessary or
appropriate regulations.

         The Committee may direct the Trustee to hold funds in cash or near
money awaiting investment or to sell assets and hold the proceeds in cash or
near money awaiting reinvestment when establishing, using or changing investment
modes. For this purpose the funds may be held in cash or invested in short term
investments such as certificates of deposit, U.S. Treasury bills, savings
accounts, commercial paper, demand notes, money market funds, any common, pooled
or collective funds which the Trustee or any other corporation may now have or
in the future may adopt for short term investments and any other similar assets
which may be offered by the federal government, national or state banks (whether
or not serving as Trustee) or any savings and loan association.

         No Plan funds attributable to Employee after Tax Contributions, or
Salary Deferred Contributions shall be invested in securities (other than
interests in the Plan) of any Employer or any company directly or indirectly
controlling, controlled by or under common control with an Employer (within the
meaning of the Securities Act of 1933, as amended), until an appropriate
registration statement under the Securities Act of 1933, as amended, has become
effective covering the interests in the Plan and the securities issued by one of
the entities described above or counsel for the Sponsor or the Committee gives
an opinion that such an investment can be made without the described
registration process.

                                       V-4

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<PAGE>   35

                                   ARTICLE VI

                          DISTRIBUTIONS AND FORFEITURES

                              PART A. DISTRIBUTIONS

        6.1 VALUATION OF ACCOUNTS FOR DISTRIBUTIONS. For the purpose of making a
distribution, a Member's Accounts shall be his Accounts as valued as of the
Valuation Date which is coincident with or next preceding the event which caused
the distribution, adjusted only for Contributions, distributions and
withdrawals, if any, made between the Valuation Date and that event.

        6.2 DISTRIBUTION ON DEATH. If a Member dies, the Member's spouse or
designated Beneficiary or Beneficiaries is entitled to receive 100% of the
remaining amount in all of his Accounts as of the day he dies. Each Member has
the right to designate and to revoke the designation of his Beneficiary or
Beneficiaries. Each designation or revocation must be evidenced by a written
document in the form required by the Committee, signed by the Member and filed
with the Committee. If no designation is on file at the time of a Member's death
or if the Committee determines that the designation is ineffective, the
designated Beneficiary shall be the Member's spouse, if living, or if not, the
executor, administrator or other personal representative for administration and
distribution as part of the Member's estate.

         If a Member is considered to be married under local law, the Member's
designation of any Beneficiary, other than the Member's spouse, shall not be
valid unless the spouse acknowledges in writing that he or she understands the
effect of the Member's beneficiary designation and consents to it. The consent
must be to a specific Beneficiary. The written acknowledgment and consent must
be filed with the Committee, signed by the spouse, and witnessed by a Plan
representative or a notary public. However, if the spouse cannot be located or
there exist other circumstances as described in sections 401(a)(11) and
417(a)(2) of the Code, the requirement of the Member's spouse's acknowledgment
and consent may be waived.

        6.3 DISTRIBUTION ON RETIREMENT. A Member may retire at any time on or
after he attains his Retirement Age. If a Member retires, he is entitled to
receive 100% of all of his Accounts as of the day he retires.

        6.4 DISTRIBUTION ON DISABILITY. If a Member's employment with an
Employer is terminated (which for this purpose, shall include the Member's
receipt of long term disability payments from the Employer) and the Committee
determines he is suffering from a Disability, he is entitled to receive 100% of
all of his Accounts as of the day he terminated because of his Disability.

        6.5 DISTRIBUTION ON SEVERANCE FROM SERVICE. If a Member Severs Service
with all Affiliated Employers for any reason other than death, retirement or
disability, he is entitled to receive 100% of all of his Accounts.

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        6.6 DISTRIBUTION ON ISSUANCE OF A QUALIFIED DOMESTIC RELATIONS ORDER. If
the Committee determines that a judgment, decree or order relating to child
support, alimony payments or marital property rights of the spouse, former
spouse, child or other dependent of the Member is a qualified domestic relations
order which complies with a state's domestic relations law or community property
law and section 414(p) of the Code or is a domestic relations order entered
before January 1, 1985, the Committee may direct the Trustee to distribute the
awarded property to the person named in the award but only in the manner
permitted under this Plan. To be a qualified domestic relations order, the order
must clearly specify: (a) the name and last known mailing address of the Member
and each alternate payee under the order, (b) the amount or percentage of the
Member's benefits to be paid from the Plan to each alternate payee or the manner
in which the amount or percentage can be determined, (c) the number of payments
or periods for which the order applies, (d) the plan to which the order applies,
and (e) all other requirements set forth in section 414(p) of the Code. If a
distribution is made at a time when the Member is not fully vested, a separate
subaccount shall be created for the remaining portion of each Account which was
not fully vested. That subaccount shall then remain frozen: that is, no further
contributions nor any forfeitures shall be allocated to the subaccount; however,
it shall receive its proportionate share of trust appreciation or depreciation
and income earned on or losses incurred by the Trust Fund. To determine the
Member's vested interest in each subaccount at any future time, the Committee
shall add back to the subaccount at that time the amount that was previously
distributed under the qualified domestic relations order, shall multiply the
reconstituted subaccount by the vesting percentage, and shall then subtract the
amount that was previously distributed. The remaining amount is the Member's
vested interest in the subaccount at that time.

        6.7 FORFEITURE ON SEVERING SERVICE WITH ALL AFFILIATED EMPLOYERS. If as
a result of Severing Service with all Affiliated Employers a former Member
receives a distribution of his entire vested interest in his Account, the
nonvested amount in his Account is immediately forfeited. However, if the Member
is reemployed, all of his Accounts containing Employer Contributions (unadjusted
for subsequent gains or losses) shall be restored if he repays to the Trustee
that portion of the distribution which was derived from Employer Contributions
within five years of the date of distribution. A former Member who received no
distribution upon his Severing Service with all Affiliated Employers because he
had no vested interest shall be treated as if he received a distribution of his
entire vested interest and that interest was less than $5,000.00.

         If a former Member who has a vested interest in his Account received no
distribution or a distribution of less than the full amount of his entire vested
interest as a result of his Severing Service with all Affiliated Employers the
nonvested amount in his Account is immediately forfeited following five
consecutive one-year Periods of Severance.

         A distribution shall be treated as if it were made as a result of
Severing Service with all Affiliated Employers if it is made not later than the
end of the second Plan Year following the Plan Year in which the former Member
Severs Service.

        6.8 FORFEITURE BY LOST MEMBERS OR BENEFICIARIES; ESCHEAT. If a person
who is entitled to a distribution cannot be located during a search period of 60
days after the Trustee has initially attempted making payment, that person's
Account shall be forfeited. However, if at any time prior

                                      VI-2

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<PAGE>   37

to the termination of this Plan and the complete distribution of the Trust Fund,
the Former Member or Beneficiary files a claim with the Committee for the
forfeited benefit, that benefit shall be reinstated (without adjustment for
trust income or losses during the forfeited period) effective as of the date of
the receipt of the claim. As soon as appropriate following the Employer's
Contribution of the reinstated amount, it shall be paid to the former Member or
Beneficiary in a single sum.

               PART B. FORM, ADJUSTMENTS AND TIME OF DISTRIBUTION

        6.9 FORM OF DISTRIBUTIONS. Distributions shall be made only in cash
unless an asset held in the Trust cannot be sold by distribution date or can
only be sold at less than its appraised value, in which event part or all of the
distribution may be made in kind. Also, a Member (or his designated beneficiary
or legal representative, in the case of a deceased Member) may elect to have
those portions of his Accounts that are invested in shares of common stock of
the Sponsor (or in shares of common stock of Weatherford International, Inc.)
distributed in full shares with any remaining balance (including factional
shares) distributed in cash. Except with respect to Plan mergers or Plan
transfers from other qualified plans that require optional forms of payment, all
distributions shall be made in one lump sum payment or, as a Direct Rollover if
the Distributee elects, at the time and in the manner prescribed by the
Committee, to have any portion or all of the Eligible Rollover Distribution paid
directly to an Eligible Retirement Plan named by the Distributee.

         In connection with the transfer of assets from the Texas Arai, Inc.
401(k) Profit Sharing Plan (the "Texas Arai Plan"), Employees whose accounts
were transferred from the Texas Arai Plan shall be able to elect from the
following forms of distribution:

                (a      In the form of a single lump sum payment;

                (b      In the form of substantially equal monthly, quarterly or
                        annual installments over a period of years which does
                        not exceed the life expectancy of the Participant or the
                        life expectancy of the Participant and his spouse;

                (c      In the form of an annuity for the life of the
                        Participant; and

                (d      In the form of an annuity for the life of the
                        Participant, with the provision that if he dies prior to
                        having received monthly benefit payments for a period of
                        five (5), ten (10) or fifteen (15) years, the benefit
                        payments remaining for the balance of the specified
                        period shall continue to be paid to his Beneficiary.

         With respect to a Member's Weatherford Plan Prior Plan Account, a
Member may elect in writing to have his Weatherford Plan Prior Plan Account
distributed in periodic installments (no more frequently than monthly) over the
life expectancy of the Participant, the life expectancy of the Participant's
spouse or designated Beneficiary, a period certain not extending beyond the life
expectancy of the Participant, or a period certain not extending beyond the life
expectancy of the participant and his spouse or designated Beneficiary.

        6.10 ADJUSTMENT OF VALUE OF DISTRIBUTION. Any Account held for
distribution past one or more Valuation Dates shall continue to share in the
appreciation or depreciation of the Trust Fund

                                      VI-3

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<PAGE>   38

and in the income earned or losses incurred by the Trust Fund until the last
Valuation Date which occurs with or next precedes the date distribution is made.

        6.11 NORMAL TIME FOR DISTRIBUTION. The following rules shall normally
govern the time for distribution unless Section 6.12 requires an earlier
distribution. Prior to making a distribution, the Committee (or its designated
representative) must furnish such Member with a benefit notice. The benefit
notice must explain the optional forms of benefit in the Plan, including the
material features and relative values of those options, the Member's right to
defer distribution until he attains Retirement Age, and relevant information
concerning the direct rollover option described in Section 6.9. The notice must
also inform the Member of his right to consider whether or not to elect a
distribution for 30 days after receiving the notice. Notwithstanding any other
provision of this Section 6.11, or of this Plan, a Member and his or her spouse
may waive the 30-day waiting period provided in this Section for making an
election of benefits by affirmatively electing a form of distribution in a
manner that satisfies the applicable Regulation, but that waiver shall not
affect the requirement that the information required by this Section be provided
the Member no more than 90 days before his annuity starting date. If the benefit
to be distributed to the Member is or is deemed to be $5,000.00 or less, the
benefit should be distributed within one year after the Member becomes entitled
to the benefit. Also, if it is or is deemed to be greater than $5,000.00 and the
Member consents to the distribution, the benefit should be distributed or begin
to be distributed within one year after the Member becomes entitled to the
benefit. If, however, the benefit to be distributed is or is deemed to be
greater than $5,000.00 and the Member fails to consent to the distribution, the
distribution shall not be made without the Member's consent until he attains
normal Retirement Age or age 62, whichever is later. In any event, if the Member
dies, the surviving spouse may require payments to begin within a reasonable
time.

        6.12 TIME LIMIT FOR DISTRIBUTION. All distributions must comply with
sections 401(a)(9) and 401(a)(14) of the Code and their regulations. Thus, the
distribution must be made no later than the EARLIER of the date required by
subsection (a) or (b) if the Member has not died.

                (a) Section 401(a)(9): Commencing January 1, 1999, each Member
        must begin receiving a distribution under the Plan on or before April
        1st of the calendar year following the later of the calendar year in
        which the Member retires or attains age 70 1/2 in the amount required by
        section 401(a)(9) of the Code and its Regulations. Until that date, a
        Member may elect to begin receiving distributions or receive his
        distribution on the April 1st of the calendar year following the
        calendar year in which he attains age 70 1/2 even though he has not
        retired, in the amount required by section 401(a)(9) of the Code and its
        Regulations. However, if the Member is a Five Percent Owner in the Plan
        Year ending in the calendar year in which he attains 70 1/2,
        distribution must begin April 1st of the following calendar year
        regardless of whether he remains employed by the Employer or an
        Affiliated Employer. Without regard to the above rules, if a Member made
        a designation before January 1, 1984, which complied with section
        401(a)(9) of the Code before its amendment by the Tax Reform Act of
        1984, the distribution does not have to be made until the time described
        in the designation, if later.

                                      VI-4

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<PAGE>   39

                  (b) Section 401(a)(14): The distribution must be made to the
         Member on or before the 60th day after the latest of the end of the
         Plan Year in which the Member attains his Retirement Age, attains the
         10th anniversary of the year in which he began participation or
         terminates employment with all Affiliated Employers unless the Member
         consents to a later time.

         If the Member has died and a portion of the Member's Account is payable
to a designated Beneficiary the payment must be made not later than one year
after the Member's death. If the surviving spouse is the Beneficiary, the
payment may be delayed so as to be made on the date on which the Member would
have attained age 70 1/2. If payment is postponed and the surviving spouse dies
before payment is made, the surviving spouse shall be treated as the Member for
purposes of this paragraph.

        6.13 PROTECTED BENEFITS. No provision of this Plan shall reduce or
eliminate any benefit protected by section 411(d)(6)of the Code. In addition,
with respect to any plan that merges into this Plan, or if there is a plan to
plan transfer, all section 411(d)(6) of the Code protected benefits of such
merged or transferred plan shall be incorporated into this Plan except as
required by law.

                                      VI-5

WEIGRANT

<PAGE>   40

                                   ARTICLE VII

                              WITHDRAWALS AND LOANS

        7.1 VALUATION OF ACCOUNTS FOR WITHDRAWALS AND LOANS. For the purpose of
withdrawals and loans, a Member's Account shall be his Accounts as valued as of
the Valuation Date which is coincident with or next preceding the request for
the withdrawal or loan adjusted only for Contributions, distributions,
withdrawals and loans, if any, made between the Valuation Date and that event.

        7.2 MINIMUM WITHDRAWAL AMOUNT. Each withdrawal must be in an amount
equal to or in excess of $500.

        7.3 WITHDRAWALS OF EMPLOYEE AFTER TAX AND ROLLOVER ACCOUNTS. A Member is
entitled at any time to receive a withdrawal from his Employee After Tax
Contribution and/or Rollover Account after giving 15 days written notice to the
Committee. The withdrawal cannot be more than the balance of the Account. Each
withdrawal of Employee After Tax Contributions contributed after December 31,
1986 shall include a pro rata share of income earned on those Contributions.
Pre-1987 Employee After Tax Contributions shall be withdrawn first until they
are exhausted.

        7.4 WITHDRAWAL FOR FINANCIAL HARDSHIP. A Member is entitled to receive a
withdrawal from his Salary Deferral Contribution Account (exclusive of income
earned after December 31, 1988), Employer Matching Contribution Account,
Employer Discretionary Contribution Account, Rollover Account, or his Qualified
Nonelective Contribution Account in the event of an immediate and heavy
financial need incurred by the Member and the Committee's determination that the
withdrawal is necessary to alleviate that hardship. A Member, however must first
take a hardship withdrawal from his Employer Matching Contribution Account,
Employer Discretionary Account, Rollover Account or his Qualified Nonelective
Contribution Account prior to receiving a hardship withdrawal from his Salary
Deferral Contribution Account.

                  (a Approval Reasons for Hardship: A distribution shall be
           made on account of financial hardship only if the distribution is
           for: (i) expenses for medical care described in section 213(d) of the
           Code previously incurred by the Member, the Member's spouse, or any
           dependents of the Member (as defined in section 152 of the Code) or
           necessary for these persons to obtain medical care described in
           section 213(d) of the Code, (ii) costs directly related to the
           purchase (excluding mortgage payments) of a principal residence for
           the Member, (iii) payment of tuition, related educational fees and
           room and board expenses, for the next 12 months of post-secondary
           education for the Member, his or her spouse, children, or dependents
           (as defined in section 152 of the Code), (iv) payments necessary to
           prevent the eviction of the Member from his principal residence or
           foreclosure on the mortgage of the Member's principal residence, or
           (v) any other event added to this list by the Commissioner of
           Internal Revenue.

                                      VII-1

WEIGRANT

<PAGE>   41

                  (b Maximum Distribution Permitted: A distribution to satisfy
           an immediate and heavy financial need shall not be made in excess of
           the amount of the immediate and heavy financial need of the Member
           and the Member must have obtained all distributions, other than
           hardship distributions, and all nontaxable (at the time of the loan)
           loans currently available under all plans maintained by the Employer.
           The amount of a Member's immediate and heavy financial need includes
           any amounts necessary to pay any federal, state or local income taxes
           or penalties reasonably anticipated to result from the financial
           hardship distribution.

                  (c Conditions Placed on Participation in Plan and other
           Fringe Benefits: The Member's hardship distribution shall terminate
           his or her right to make any Employee After Tax Contributions or to
           have the Employer make any Salary Deferral Contributions on his or
           her behalf until the next time Employee After Tax Contributions and
           Salary Deferral Contributions are permitted after the lapse of 12
           months following the hardship distribution and his or her timely
           filing of a written request to resume his or her Employee After Tax
           Contributions or Salary Deferral Contributions. Even then, if the
           Member resumes Contributions in his next taxable year he cannot have
           the Employer make any Salary Deferral Contributions in excess of the
           limit in section 402(g) of the Code for that taxable year reduced by
           the amount of Salary Deferral Contributions made by the Employer on
           the Member's behalf during the taxable year of the Member in which he
           received the hardship distribution.

                  In addition, for 12 months after he receives a hardship
           distribution from this Plan the Member is prohibited from making
           elective contributions and employee contributions to all other
           qualified and nonqualified plans of deferred compensation maintained
           by the Employer, including stock option plans, stock purchase plans
           and cash or deferred arrangements that are part of cafeteria plans
           described in section 125 of the Code. However, the Member is not
           prohibited from making mandatory employee contributions to a defined
           benefit plan, or contributions to a health or welfare benefit plan,
           including one that is part of a cafeteria plan within the meaning of
           section 125 of the Code.

        7.5 WITHDRAWALS ON OR AFTER AGE 59 1/2. A Member who is at least age
59 1/2 is entitled to withdraw his vested interest in all of his Accounts.

        7.6 LOANS. The Committee may direct the Trustee to make loans to Members
(and Beneficiaries who are "parties in interest" within the meaning of ERISA)
who have a vested interest in the Plan. Loans may not be made to any
shareholder-employee (as defined in section 1379 of the Code as in effect before
the enactment of the Subchapter S Revision Act of 1982) or any owner-employee
(as defined in section 401(c)(3) of the Code or a member of the family of either
(as defined in section 267(c)(4) of the Code. The Loan Committee established by
the Committee will be responsible for administering the Plan loan program. All
loans will comply with the following requirements:

                (a) All loans will be made solely from the Member's or
        Beneficiary's Account.

                                      VII-2

WEIGRANT

<PAGE>   42

                (b) Loans will be available on a nondiscriminatory basis to all
        Beneficiaries who are "parties in interest" within the meaning of ERISA,
        and to all Members.

                (c) Loans will not be made for less than $1,000.

                (d) The maximum amount of a loan may not exceed the lesser of
        (i) $50,000 reduced by the person's highest outstanding loan balance
        from the Plan during the preceding one year period, or (ii) one-half of
        the present value of the person's vested Account balance under the Plan
        determined as of the date on which the loan is approved by the Loan
        Committee. If determining whether a loan would exceed these limits, all
        loans under all plans of the Employer and all Affiliated Employers which
        are outstanding or which have not been repaid at least one year before
        must be taken into consideration.

                (e) Any loan from the Plan will be evidenced by a note or notes
        (signed by the person applying for the loan) having such maturity,
        bearing such rate of interest, and containing such other terms as the
        Loan Committee will require by uniform and nondiscriminatory rules
        consistent with this Section and proper lending practices. When required
        by law, the borrowing person must be supplied with all documents
        required by the truth-in-lending laws and any other applicable federal
        or state statute.

                (f) All loans will bear a reasonable rate of interest which will
        be established by the Loan Committee. In determining the proper rate of
        interest to be charged, at the time any loan is made or renewed, the
        Loan Committee may contact one or more of the banks in the geographic
        location in which the Member or Beneficiary resides to determine what
        interest rate the banks would charge for a similar loan taking into
        account the collateral offered.

                (g) Each loan will be fully secured by a pledge of the borrowing
        person's vested Account balance. No more than 50% of the person's vested
        Account balance (determined immediately after the origination of the
        loan) will be considered as security for any loan.

                (h) Generally, the term of the loan will not be more than five
        years. The Loan Committee may agree to a longer term only if the term is
        otherwise reasonable and the proceeds of the loan are to be used to
        acquire a dwelling which will be used within a reasonable time
        (determined at the time the loan is made) as the principal residence of
        the borrowing person.

                (i) The loan agreement will require level amortization over the
        term of the loan and repayment through salary withholding except in the
        case of a loan to a person who is not employed by the Employer.

                (j) A Member may not make a withdrawal if the remaining balance
        of the Member's Account would be less than the outstanding loan balance
        or the withdrawal would violate any security requirements of the loan.
        No distribution may be made to a Member until all loans to him have been
        paid in full. If a Member has an outstanding loan

                                      VII-3

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<PAGE>   43

        from the Plan at the time he terminates employment with all Affiliated
        Employers, the outstanding loan principal balance and any accrued but
        unpaid interest will become immediately due in full. The Member will
        have the right to immediately pay the Trustee that amount. If the Member
        fails to repay the loan, the Trustee will foreclose on the loan and the
        Member will be deemed to have received a Plan distribution of the amount
        foreclosed upon. The Trustee will not foreclose upon a Member's Salary
        Deferral Contributions Account or Qualified Nonelective Employer
        Contributions Account until the Member has terminated employment with
        all Affiliated Employers.

                (k) If a Beneficiary defaults on his loan, the Trustee will
        foreclose on the loan and the Beneficiary will be deemed to have
        received a Plan distribution of the amount foreclosed upon.

                (l) No amount that is pledged as collateral for a Plan loan to a
        Participant will be available for withdrawal before he has fully repaid
        his loan.

                (m) All interest payments made pursuant to the terms of the loan
        agreement will be credited to the borrowing person's Account and will
        not be considered as general earnings of the Trust Fund to be allocated
        to other Members. All expenses or losses incurred because of the loan
        shall be charged to the borrowing person's Account.

                (n) Payment of any loan made by a Member shall be suspended
        while a Member is in qualified military service and is covered by
        USERRA.

                (o) The Committee is authorized to establish written guidelines
        which, if and when adopted, shall become part of this Plan and shall
        establish a procedure for applying for loans, the basis on which loans
        will be approved or denied, limitations (if any) on the types and
        amounts of loans offered, and any other matters necessary or appropriate
        to administering this Section.

                                      VII-4

WEIGRANT

<PAGE>   44

                                  ARTICLE VIII

                        GENERAL PROVISIONS APPLICABLE TO
                   FILING A CLAIM, DISTRIBUTIONS TO MINORS AND
                           NO DUPLICATION OF BENEFITS

        8.1 CLAIMS PROCEDURE. When a benefit is due, the Member or Beneficiary
should submit his claim to the person or office designated by the Committee to
receive claims. Under normal circumstances, a final decision shall be made as to
a claim within 90 days after receipt of the claim. If the Committee notifies the
claimant in writing during the initial 90 day period, it may extend the period
up to 180 days after the initial receipt of the claim. The written notice must
contain the circumstances necessitating the extension and the anticipated date
for the final decision. If a claim is denied during the claims period, the
Committee must notify the claimant in writing. The denial must include the
specific reasons for it, the Plan provisions upon which the denial is based, and
the claims review procedure. If no action is taken during the claims period, the
claim is treated as if it were denied on the last day of the claims period.

        If a Member's or Beneficiary's claim is denied and he wants a review, he
must apply to the Committee in writing. That application may include any comment
or argument the claimant wishes to make. The claimant may either represent
himself or appoint a representative, either of whom has the right to inspect all
documents pertaining to the claim and its denial. The Committee may schedule any
meeting with the claimant or his representative that it finds necessary or
appropriate to complete its review.

        The request for review must be filed within 60 days after the denial. If
it is not, the denial becomes final. If a timely request is made, the Committee
must make its decision, under normal circumstances, within 60 days of the
receipt of the request for review. However, if the Committee notifies the
claimant prior to the expiration of the initial review period, it may extend the
period of review up to 120 days following the initial receipt of the request for
a review. All decisions of the Committee must be in writing and must include the
specific reasons for their action and the Plan provisions on which their
decision is based. If a decision is not given to the claimant within the review
period, the claim is treated as if it were denied on the last day of the review
period.

        8.2 NO DUPLICATION OF BENEFITS. There shall be no duplication of
benefits under this Plan. Without regard to any other language in this Plan, all
distributions and withdrawals are to be subtracted from a Member's Account as of
the date of the distribution or withdrawal. Thus, if the Member has received one
distribution or withdrawal and is ever entitled to another distribution or
withdrawal, the prior distribution or withdrawal is to be taken into account.

        8.3 DISTRIBUTIONS TO DISABLED OR MINORS. If the Committee determines
that any person to whom a payment is due is a minor or is unable to care for his
affairs because of a physical or mental disability, it shall have the authority
to cause the payments to be made to an ancestor, descendant, spouse, or other
person the Committee determines to have incurred, or to be expected to incur,
expenses for that person or to the institution which is maintaining or has
custody of the person unless a prior claim is made by a qualified guardian or
other legal representative. The Committee and the Trustee shall not be
responsible to oversee the application of those payments. Payments made pursuant
to this power shall be a complete discharge of all liability under the Plan and
Trust and the obligations of the Employer, the Trustee, the Trust Fund and the
Committee.

                                     VIII-1

WEIGRANT

<PAGE>   45

                                   ARTICLE IX

                             TOP-HEAVY REQUIREMENTS

        9.1 APPLICATION. The requirements described in this Article shall apply
to each Plan Year that this Plan is determined to be a Top-Heavy Plan under the
test set out in the following Section.

        9.2 TOP-HEAVY TEST. If on the Determination Date the Aggregate Accounts
of Key Employees in the Plan exceeds 60% of the Aggregate Accounts of all
Employees in the Plan, this Plan shall be a Top-Heavy Plan for that Plan Year.
In addition, if this Plan is required to be included in an Aggregation Group and
that group is a top-heavy group, this Plan shall be treated as a Top-Heavy Plan.
An Aggregation Group is a top-heavy group if on the Determination Date the sum
of (a) the present value of the cumulative accrued benefits for Key Employees
under all defined benefit plans in the Aggregation Group which contains this
Plan plus (b) the total of all of the accounts of Key Employees under all
defined contribution plans included in the Aggregation Group (which contains
this Plan) is more than 60% of a similar sum determined for all employees
covered in the Aggregation Group which contains this Plan.

        In applying the above tests, the following rules shall apply:

                (a) In determining the present value of the accumulated accrued
        benefits for any Employee or the amount in the account of any Employee,
        the value or amount shall be increased by all distributions made to or
        for the benefit of the Employee under the Plan during the five year
        period ending on the Determination Date.

                (b) All rollover contributions made after December 31, 1983 by
        the Employee to the Plan shall not be considered by the Plan for either
        test.

                (c) If an Employee is a Non-Key Employee under the Plan for the
        Plan Year but was a Key Employee under the Plan for another prior Plan
        Year, his account shall not be considered.

                (d) Benefits shall not be taken into account in determining the
        top-heavy ratio for any Employee who has not performed services for the
        Employer during the last five-year period ending upon the Determination
        Date.

        9.3 VESTING RESTRICTIONS IF PLAN BECOMES TOP-HEAVY. If a Member has at
least one Hour of Service during a Plan Year when the Plan is a Top-Heavy Plan
he shall either vest under each of the normal vesting provisions of the Plan or
under the following vesting schedule, whichever is more favorable:

                                      IX-1

WEIGRANT

<PAGE>   46

<TABLE>
<CAPTION>
                                                                          PERCENTAGE OF AMOUNT VESTED
                                                                             IN ACCOUNTS CONTAINING
COMPLETED YEARS OF ACTIVE SERVICE                                             EMPLOYER CONTRIBUTIONS
---------------------------------                                         ---------------------------
<S>                                                                       <C>
               Less than two years......................................................  0%
               Two years but less than three years...................................... 20%
               Three years but less than four years..................................... 40%
               Four years but less than five years...................................... 60%
               Five years but less than six years....................................... 80%
               Six years or more........................................................100%
</TABLE>

If the Plan ceases to be a Top-Heavy Plan, this requirement shall no longer
apply. After that date the normal vesting provisions of the Plan shall be
applicable to all subsequent Contributions by the Employer.

        9.4 MINIMUM CONTRIBUTION IF PLAN BECOMES TOP-HEAVY. If this Plan is a
Top-Heavy Plan and the normal allocation of the Employer Contribution and
forfeitures is less than 3% of any Non-Key Employee Member's Annual
Compensation, the Committee, without regard to the normal allocation procedures,
shall allocate the Employer Contribution and the forfeitures among the Members
who are in the employ of the Employer at the end of the Plan Year (even if the
Member has less than 501 Hours of Service in the Plan Year), in proportion to
each Member's Annual Compensation as compared to the total Annual Compensation
of all Members for that Plan Year until each Non-Key Employee Member has had an
amount equal to the lesser of (i) the highest rate of Contribution applicable to
any Key Employee, or (ii) 3% of his Annual Compensation allocated to his
Account. At that time, any more Employer Contributions or forfeitures shall be
allocated under the normal allocation procedures described earlier in this Plan.
Salary Deferral Contributions and Employer Matching Contributions made on behalf
of Key Employees are included in determining the highest rate of Employer
Contributions. Salary Deferral Contributions made on behalf of Non-Key Employees
shall not be included in determining the minimum contribution required under
this Section. Employer Matching Contributions and amounts that may be treated as
Section 401(k) Contributions or Section 401(m) Contributions, other than
Qualified Nonelective Employer Contributions, made on behalf of Non-Key
Employees may not be included in determining the minimum contribution required
under this Section to the extent that they are treated as Section 401(m)
Contributions or Section 401(k) Contributions for purposes of the Actual
Deferral Percentage test or the Contribution Percentage test.

        In applying this restriction the following rules shall apply:

                (a) Each Employee who is eligible for membership (without regard
        to whether he has made mandatory contributions, if any are required, or
        whether his compensation is less than a stated amount) shall be entitled
        to receive an allocation under this Section.

                (b) All defined contribution plans required to be included in
        the Aggregation Group shall be treated as one plan for purposes of
        meeting the 3% maximum. This required aggregation shall not apply if
        this Plan is also required to be included in an Aggregation

                                      IX-2

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<PAGE>   47

        Group which includes a defined benefit plan and this Plan enables that
        defined benefit plan to meet the requirements of sections 401(a)(4) or
        410 of the Code.

        9.5 COVERAGE UNDER MULTIPLE TOP-HEAVY PLANS. If this Plan is a Top-Heavy
Plan, it must meet the vesting and benefit requirements described in this
Article without taking into account contributions or benefits under Chapter 2 of
the Code (relating to tax on self-employment income), Chapter 21 of the Code
(relating to Federal Insurance Contributions Act), Title II of the Social
Security Act or any other Federal or State law.

        If a Non-Key Employee is covered by both a Top-Heavy defined
contribution plan and a defined benefit plan, he shall receive the defined
benefit minimum, offset by the benefits provided under the defined contribution
plan.

        9.6 RESTRICTIONS IF PLAN BECOMES SUPER-TOP-HEAVY. If the Plan is
determined to be a Top-Heavy Plan, the number "1.00" must be substituted for the
number "1.25" when applying the limitations of section 415 of the Code to this
Plan, unless the Plan would not be a Top-Heavy Plan if "90%" were substituted
for "60%" and the Employer Contribution for the Plan Year for each Non-Key
Employee, who is a Member, is not less than 4% of the Member's Annual
Compensation.

                                      IX-3

WEIGRANT

<PAGE>   48

                                   ARTICLE X

                           ADMINISTRATION OF THE PLAN

         10.1 APPOINTMENT, TERM OF SERVICE & REMOVAL. The Board of Directors
shall appoint a Committee to administer this Plan. The members shall serve
until their resignation, death or removal. Any member may resign at any time by
mailing a written resignation to the Board of Directors. Any member may be
removed by the Board of Directors, with or without cause. Vacancies may be
filled by the Board of Directors from time to time.

         10.2 POWERS. The Committee is a fiduciary. It has the exclusive
responsibility for the general administration of the Plan and Trust, and has
all powers necessary to accomplish that purpose, including but not limited to
the following rights, powers, and authorities:

                  (a) to make rules for administering the Plan and Trust so
         long as they are not inconsistent with the terms of the Plan;

                  (b) to construe all provisions of the Plan and Trust;

                  (c) to correct any defect, supply any omission, or reconcile
         any inconsistency which may appear in the Plan or Trust;

                  (d) to select, employ, and compensate at any time any
         consultants, actuaries, accountants, attorneys, and other agents and
         employees the Committee believes necessary or advisable for the proper
         administration of the Plan and Trust; any firm or person selected may
         be a disqualified person but only if the requirements of section
         4975(d) of the Code have been met;

                  (e) to determine all questions relating to eligibility,
         Active Service, Compensation, allocations and all other matters
         relating to the amount of benefits and any one or more Members' or
         Former Members' entitlement to benefits and to determine when it is
         required under the Plan to treat a Former Member as a Member;

                  (f) to determine all controversies relating to the
         administration of the Plan and Trust, including but not limited to any
         differences of opinion arising between an Employer and the Trustee or
         a Member or Former Member, or any combination of them and any
         questions it believes advisable for the proper administration of the
         Plan and Trust;

                  (g) to direct or to appoint an investment manager or managers
         who can direct the Trustee in all matters relating to the investment,
         reinvestment and management of the Trust Fund;

                  (h) to direct the Trustee in all matters relating to the
         payment of Plan benefits;

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                  (i) to delegate any clerical or recordation duties of the
         Committee as the Committee believes is advisable to properly
         administer the Plan and Trust; and

                  (j) to make any other determination of any fact or any
         decision as to any aspect of the administration of the Plan and Trust
         that is appropriate in its general administration of the Plan and
         Trust.

         10.3 ORGANIZATION. The Committee may select, from among its members, a
chairman, and may select a secretary. The secretary need not be a member of the
Committee. The secretary shall keep all records, documents and data pertaining
to its administration of the Plan and Trust.

         10.4 QUORUM AND MAJORITY ACTION. A majority of the Committee
constitutes a quorum for the transaction of business. The vote of a majority of
the members present at any meeting shall decide any question brought before
that meeting. In addition, the Committee may decide any question by a vote,
taken without a meeting, of a majority of its members.

         10.5 SIGNATURES. The chairman, the secretary and any one or more of
the members of the Committee to which the Committee has delegated the power
shall each, severally, have the power to execute any document on behalf of the
Committee, and to execute any certificate or other written evidence of the
action of the Committee. The Trustee, after it is notified of any delegation of
power in writing, shall accept and may rely upon any document executed by the
appropriate member or members as representing the action of the Committee until
the Committee files a written revocation of that delegation of power with the
Trustee.

         10.6 DISQUALIFICATION OF COMMITTEE MEMBER. A member of the Committee
who is also a Member of this Plan shall not vote or act upon any matter
relating solely to himself.

         10.7 DISCLOSURE TO MEMBERS. The Committee shall make available to each
Member and Beneficiary for his examination those records, documents and other
data required under ERISA, but only at reasonable times during business hours.
No Member or Beneficiary has the right to examine any data or records
reflecting the compensation paid to any other Member or Beneficiary. The
Committee is not required to make any other data or records available other
than those required by ERISA.

         10.8 STANDARD OF PERFORMANCE. The Committee and each of its members:
(a) shall use the care, skill, prudence and diligence under the circumstances
then prevailing that a prudent man, acting in a like capacity and familiar with
such matters, would use in conducting his business as the administrator of the
Plan, (b) shall, when exercising its power to direct investments, diversify the
investments of the Plan so as to minimize the risk of large losses, unless
under the circumstances it is clearly prudent not to do so, and (c) shall
otherwise comply with the provisions of this Plan and ERISA.

         10.9 LIABILITY OF COMMITTEE AND LIABILITY INSURANCE. No member of the
Committee shall be liable for any act or omission of any other member of the
Committee, the Trustee, any investment manager appointed by the Committee or
any other agent appointed by the Committee

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unless required by the terms of ERISA or another applicable state or federal
law under which liability cannot be waived. No member of the Committee shall be
liable for any act or omission of his own unless required by ERISA or another
applicable state or federal law under which liability cannot be waived.

         If the Committee directs the Trustee to do so, it may purchase out of
the Trust Fund insurance for the members of the Committee, for any other
fiduciaries appointed by the Committee and for the Trust Fund itself to cover
liability or losses occurring because of the act or omission of any one or more
of the members of the Committee or any other fiduciary appointed under this
Plan. But, that insurance must permit recourse by the insurer against the
members of the Committee or the other fiduciaries concerned if the loss is
caused by breach of a fiduciary obligation by one or more members of the
Committee or other fiduciary.

         10.10 EXEMPTION FROM BOND. No member of the Committee is required to
give bond for the performance of his duties unless required by a law which
cannot be waived.

         10.11 COMPENSATION. The Committee shall serve without compensation but
shall be reimbursed by the Employer for all expenses properly incurred in the
performance of their duties unless the Sponsor elects to have those expenses
paid from the Trust Fund. Each Employer shall pay that part of the expense as
determined by the Committee in its sole judgment.

         10.12 PERSONS SERVING IN DUAL FIDUCIARY ROLES. Any person, group of
persons, corporations, firm or other entity, may serve in more than one
fiduciary capacity with respect to this Plan, including serving as both Trustee
and as a member of the Committee.

         10.13 ADMINISTRATOR. For all purposes of ERISA, the administrator of
the Plan is the Sponsor. The administrator has the final responsibility for
compliance with all reporting and disclosure requirements imposed under all
applicable federal or state laws and regulations.

         10.14 STANDARD OF JUDICIAL REVIEW OF COMMITTEE ACTIONS. The Committee
has full and absolute discretion in the exercise of each and every aspect of
the rights, power, authority and duties retained or granted it under the Plan,
including without limitation, the authority to determine all facts, to
interpret this Plan, to apply the terms of this Plan to the facts determined,
to make decisions based upon those facts and to make any and all other
decisions required of it by this Plan, such as the right to benefits, the
correct amount and form of benefits, the determination of any appeal, the
review and correction of the actions of any prior administrative committee, and
the other rights, powers, authority and duties specified in this Article and
elsewhere in this Plan. Notwithstanding any provision of law, or any explicit
or implicit provision of this document, any action taken, or finding,
interpretation, ruling or decision made by the Committee in the exercise of any
of its rights, powers, authority or duties under this Plan shall be final and
conclusive as to all parties, including without limitation all Members, Former
Members and Beneficiaries, regardless of whether the Committee or one or more
of its members may have an actual or potential conflict of interest with
respect to the subject matter of the action, finding, interpretation, ruling or
decision. No final action, finding, interpretation, ruling or decision of the
Committee shall be subject to de novo review in any judicial proceeding. No
final action, finding, interpretation, ruling or decision of the Committee may

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be set aside unless it is held to have been arbitrary and capricious by a final
judgment of a court having jurisdiction with respect to the issue.

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                                   ARTICLE XI

                          TRUST FUND AND CONTRIBUTIONS

         11.1 FUNDING OF PLAN. This Plan shall be funded by one or more
separate Trusts. If more than one Trust is used, each Trust shall be designated
by the name of the Plan followed by a number assigned by the Committee at the
time the Trust is established.

         11.2 INCORPORATION OF TRUST. Each Trust is a part of this Plan. All
rights or benefits which accrue to a person under this Plan shall be subject
also to the terms of the agreements creating the Trust or Trusts and any
amendments to them which are not in direct conflict with this Plan.

         11.3 AUTHORITY OF TRUSTEE. Each Trustee shall have full title and
legal ownership of the assets in the separate Trust which, from time to time,
is in his separate possession. No other Trustee shall have joint title to or
joint legal ownership of any asset in one of the other Trusts held by another
Trustee. Each Trustee shall be governed separately by the trust agreement
entered into between the Employer and that Trustee and the terms of this Plan
without regard to any other agreement entered into between any other Trustee
and the Employer as a part of this Plan.

         11.4 ALLOCATION OF RESPONSIBILITY. To the fullest extent permitted
under section 405 of ERISA, the agreements entered into between the Employer
and each of the Trustees shall be interpreted to allocate to each Trustee its
specific responsibilities, obligations and duties so as to relieve all other
Trustees from liability either through the agreement, Plan or ERISA, for any
act of any other Trustee which results in a loss to the Plan because of his act
or failure to act.

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                                  ARTICLE XII

                      ADOPTION OF PLAN BY OTHER EMPLOYERS

         12.1 ADOPTION PROCEDURE. Any business organization may, with the
approval of the Board of Directors, adopt this Plan by:

                  (a) adopting a resolution or executing a consent of the board
         of directors of the adopting Employer or executing an adoption
         instrument (approved by the board of directors of the adopting
         Employer) agreeing to be bound as an Employer by all the terms,
         conditions and limitations of this Plan except those, if any,
         specifically described in the adoption instrument; and

                  (b) providing all information required by the Committee and
         the Trustee.

         An adoption may be retroactive to the beginning of a Plan Year if
these conditions are complied with on or before the last day of that Plan Year.

         12.2 NO JOINT VENTURE IMPLIED. The document which evidences the
adoption of the Plan by an Employer shall become a part of this Plan. However,
neither the adoption of this Plan and its related Trust Fund by an Employer nor
any act performed by it in relation to this Plan and its related Trust Fund
shall ever create a joint venture or partnership relation between it and any
other Employer.

         12.3 ALL TRUST ASSETS AVAILABLE TO PAY ALL BENEFITS. The Accounts of
Members employed by the Employers which adopt this Plan shall be commingled for
investment purposes. All assets in the Trust Fund shall be available to pay
benefits to all Members employed by any Employer which is an Affiliated
Employer with the first Employer.

         12.4 QUALIFICATION A CONDITION PRECEDENT TO ADOPTION AND CONTINUED
PARTICIPATION. The adoption of this Plan and the Trust or Trusts used to fund
this Plan by a business organization is contingent upon and subject to the
express condition precedent that the initial adoption meets all statutory and
regulatory requirements for qualification of the Plan and the exemption of the
Trust or Trusts and that the Plan and the Trust or Trusts that are applicable
to it continue in operation to maintain their qualified and exempt status. In
the event the adoption fails to initially qualify and be exempt, the adoption
shall fail retroactively for failure to meet the condition precedent and the
portion of the Trust Fund applicable to the adoption shall be immediately
returned to the adopting business organization and the adoption shall be void
ab initio. In the event the adoption as to a given business organization later
becomes disqualified and loses its exemption for any reason, the adoption shall
fail retroactively for failure to meet the condition precedent and the portion
of the Trust Fund allocable to the adoption by that business organization shall
be immediately spun off, retroactively as of the last date for which the Plan
qualified, to a separate Trust for its sole benefit and an identical but
separate Plan shall be created, retroactively effective as of the last date the
Plan as adopted by that business organization qualified, for the benefit of the
Members covered by that adoption.

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                                  ARTICLE XIII

                    AMENDMENT AND WITHDRAWAL OR TERMINATION

                               PART A. AMENDMENT

         13.1 RIGHT TO AMEND. The Sponsor has the sole right to amend this
Plan. An amendment may be made by adopting a resolution or executing a consent
of the Board of Directors, or by the appropriate officer of the Sponsor
executing an amendment document.

         13.2 LIMITATION ON AMENDMENTS. No amendment shall:

                  (a) vest in an Employer any interest in the Trust Fund;

                  (b) cause or permit the Trust Fund to be diverted to any
         purpose other than the exclusive benefit of the present or future
         Members and their Beneficiaries except under the circumstances
         described in Section 4.21;

                  (c) decrease the Account of any Member or eliminate an
         optional form of payment as to amounts then accrued;

                  (d) increase substantially the duties or liabilities of the
         Trustee without its written consent; or

                  (e) change the vesting schedule to one which would result in
         the nonforfeitable percentage of the Account derived from Employer
         Contributions (determined as of the later of the date of the adoption
         of the amendment or of the effective date of the amendment) of any
         Member being less than the nonforfeitable percentage computed under
         the Plan without regard to the amendment. If the Plan's vesting
         schedule is amended, if the Plan is amended in any other way that
         affects the computation of the Member's nonforfeitable percentage, or
         if the Plan is deemed amended by an automatic change to or from a
         Top-Heavy vesting schedule, each Member with at least three years of
         Service may elect, within a reasonable period after the adoption of
         the amendment or the change, to have the nonforfeitable percentage
         computed under the Plan without regard to the amendment or the change.
         The election period shall begin no later than the date the amendment
         is adopted or deemed to be made and shall end no later than the latest
         of the following dates: (1) 60 days after the date the amendment is
         adopted or deemed to be made, (2) 60 days after the date the amendment
         becomes effective, or (3) 60 days after the day the Member is issued
         written notice of the amendment.

         13.3 EACH EMPLOYER DEEMED TO ADOPT AMENDMENT UNLESS REJECTED. Each
Employer shall be deemed to have adopted any amendment made by the Sponsor
unless the Employer notifies the Committee of its rejection in writing within
30 days after it is notified of the amendment. A

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rejection shall constitute a withdrawal from this Plan by that Employer unless
the Sponsor acquiesces in the rejection.

         13.4 AMENDMENT APPLICABLE ONLY TO MEMBERS STILL EMPLOYED UNLESS
AMENDMENT SPECIFICALLY PROVIDES OTHERWISE. No benefit for any person who died,
retired, became disabled or separated shall be affected by a subsequent
amendment unless the amendment specifically provides otherwise and the person
consents to its application. Instead, those persons who died, retired, became
disabled or separated prior to the execution of an amendment shall be entitled
to the benefit as adjusted from time to time as was provided by the Plan at the
time the person first became entitled to his benefit.

         13.5 MANDATORY AMENDMENTS. The Contributions of each Employer to this
Plan are intended to be:

                  (a) deductible under the applicable provisions of the Code;

                  (b) except as otherwise prescribed by applicable law, exempt
         from the Federal Social Security Act;

                  (c) except as otherwise prescribed by applicable law, exempt
         from withholding under the Code; and

                  (d) excludable from any Employee's regular rate of pay, as
         that term is defined under the Fair Labor Standards Act of 1938, as
         amended.

         The Sponsor shall make any amendment necessary to carry out this
intention, and it may be made retroactively.

                       PART B. WITHDRAWAL OR TERMINATION

         13.6 WITHDRAWAL OF EMPLOYER. An Employer may withdraw from this Plan
and its related Trust Fund if the Sponsor does not acquiesce in its rejection
of an amendment or by giving written notice of its intent to withdraw to the
Committee. The Committee shall then determine the portion of the Trust Fund
that is attributable to the Members employed by the withdrawing Employer and
shall notify the Trustee to segregate and transfer those assets to the
successor Trustee or Trustees when it receives a designation of the successor
from the withdrawing Employer.

         A withdrawal shall not terminate the Plan and its related Trust Fund
with respect to the withdrawing Employer, if the Employer either appoints a
successor Trustee or Trustees and reaffirms this Plan and its related Trust
Fund as its new and separate plan and trust intended to qualify under section
401(a) of the Code, or establishes another plan and trust intended to qualify
under section 401(a) of the Code.

         The determination of the Committee, in its sole discretion, of the
portion of the Trust Fund that is attributable to the Members employed by the
withdrawing Employer shall be final and binding

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<PAGE>   56

upon all parties. The Trustee's transfer of those assets to the designated
successor Trustee shall relieve the Trustee of any further obligation,
liability or duty to the withdrawing Employer, the Members employed by that
Employer and their Beneficiaries, and the successor Trustee or Trustees.

         13.7 TERMINATION OF PLAN. The Sponsor may terminate this Plan and its
related Trust Fund with respect to all Employers by executing and delivering to
the Committee and the Trustee, a notice of termination, specifying the date of
termination. Any Employer may terminate this Plan and its related Trust Fund
with respect to itself by executing and delivering to the Trustee a notice of
termination, specifying the date of termination. Likewise, this Plan and its
related Trust Fund shall automatically terminate with respect to any Employer
if there is a general assignment by that Employer to or for the benefit of its
creditors, or a liquidation or dissolution of that Employer without a
successor. Upon the termination of this Plan as to an Employer, the Trustee
shall, subject to the provisions of Section 13.9, distribute to each Member
employed by the terminating Employer the amount certified by the Committee to
be due the Member.

         The Employer should apply to the Internal Revenue Service for a
determination letter with respect to its termination, and the Trustee should
not distribute the Trust Funds until a determination is received. However,
should it decide that a distribution before receipt of the determination letter
is necessary or appropriate it should retain sufficient assets to cover any tax
that may become due upon that determination.

         13.8 100% VESTING REQUIRED ON PARTIAL OR COMPLETE TERMINATION OR
COMPLETE DISCONTINUANCE. Without regard to any other provision of this Plan, if
there is a partial or total termination of this Plan or there is a complete
discontinuance of the Employer's Contributions, each of the affected Members
shall immediately become 100% vested in his Account as of the end of the last
Plan Year for which a substantial Employer Contribution was made and in any
amounts later allocated to his Account. If the Employer then resumes making
substantial Contributions at any time, the appropriate vesting schedule shall
again apply to all amounts allocated to each affected Member's Account
beginning with the Plan Year for which they were resumed.

         13.9 DISTRIBUTION UPON TERMINATION. A Member may receive a
distribution on account of termination of this Plan if neither the Employer nor
any Affiliated Employer establishes or maintains a successor plan within the
period ending 12 months after all assets are distributed from the Plan. A
successor plan for this purpose is any other defined contribution plan except:
(a) an employee stock ownership plan as defined in sections 4975(e) or 409 of
the Code, (b) a simplified employee pension plan as defined in section 408(k)
of the Code, or (c) or a defined contribution plan in which fewer than 2% of
the Members of this Plan were eligible to participate during the 24 month
period beginning 12 months before the time of this Plan's termination. Any
distribution on account of the termination of this Plan, must be made only in
the form of a lump sum payment or a Direct Rollover, as elected by the Member.
If a Member is given the opportunity but fails to make an election as to the
form of distribution, he shall be deemed to have elected a lump sum
distribution.

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<PAGE>   57

                                  ARTICLE XIV

              SALE OF EMPLOYER OR SUBSTANTIALLY ALL OF ITS ASSETS

         14.1 CONTINUANCE PERMITTED UPON SALE OR TRANSFER OF ASSETS. An
Employer's participation in this Plan and its related Trust Fund shall not
automatically terminate if it consolidates or merges and is not the surviving
corporation, sells substantially all of its assets, is a party to a
reorganization and its Employees and substantially all of its assets are
transferred to another entity, liquidates, or dissolves, if there is a
successor organization. Instead, the successor may assume and continue this
Plan and its related Trust Fund by executing a direction, entering into a
contractual commitment or adopting a resolution providing for the continuance
of the Plan and its related Trust Fund. Only upon the successor's rejection of
this Plan and its related Trust Fund or its failure to respond to the
Employer's, the Sponsor's or the Trustee's request that it affirm its
assumption of this Plan within 90 days of the request shall this Plan
automatically terminate. In that event the appropriate portion of the Trust
Fund shall be distributed exclusively to the Members or their Beneficiaries as
soon as administratively feasible. If there is a disposition to an unrelated
entity of substantially all of the assets used by the Employer in a trade or
business or a disposition by the Employer of its interest in a subsidiary, the
Employer may make a lump sum distribution from the Plan if it continues the
Plan after the disposition; but the distribution can only be made for those
Members who continue employment with the acquiring entity.

         14.2 DISTRIBUTIONS UPON DISPOSITION OF ASSETS OR A SUBSIDIARY. A
Member employed by an Employer that is a corporation is entitled to receive a
lump sum distribution of his interest in his Accounts in the event of the sale
or other disposition by the Employer of at least 85% of all of the assets used
by the Employer in a trade or business to an unrelated corporation if (a) the
Employer continues to maintain the Plan after the disposition and (b) in
connection with the disposition the Member is transferred to the employ of the
corporation acquiring the assets.

         A Member employed by an Employer that is a corporation is entitled to
receive a lump sum distribution of his interest in his Accounts in the event of
the sale or other disposition by the Employer of its interest in a subsidiary
(within the meaning of section 409(d)(3) of the Code) to an unrelated entity or
individual if (a) the Employer continues to maintain the Plan after the
disposition and (b) in connection with the disposition the Member continues
employment with the subsidiary.

         The selling Employer is treated as continuing to maintain the Plan
after the disposition only if the purchaser does not maintain the Plan after
the disposition. A purchaser is considered to maintain the Plan if it adopts
the Plan, becomes an employer whose employees accrue benefits under the Plan,
or if the Plan is merged or consolidated with, or any assets or liabilities are
transferred from the Plan to a plan maintained by the purchaser in a
transaction subject to section 414(l)(1) of the Code.

                                     XIV-1

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         An unrelated corporation, entity or individual is one that is not
required to be aggregated with the selling Employer under section 414(b), (c),
(m), or (o) of the Code after the sale or other disposition.

         If a Member's Account balance is or is deemed to be $5,000.00 or less
determined under the rules set out in Section 6.11, the Committee will direct
the Trustee to pay to the Member a lump sum cash distribution of his Account
balance as soon as administratively practicable following the disposition and
any Internal Revenue Service approval of the distribution that the Committee
deems advisable to obtain.

         If it is or is deemed to be more than $5,000.00 at the date of the
disposition, he may elect (a) to receive a lump sum cash distribution of his
Account balance as soon as administratively practicable following the
disposition and receipt of any Internal Revenue Service approval of the
distribution that the Committee deems advisable to obtain, or (b) he may elect
to defer receipt of his vested Account balance until the first day of the month
coincident with or next following the date that he attains age 65. In the
manner and at the time required under Department of Treasury regulations, the
Committee will provide the Member with a notice of his right to defer receipt
of his Account balance.

         However, no distribution shall be made to a Member under this Section
after the end of the second calendar year following the calendar year in which
the disposition occurred. In addition, no distribution shall be made under this
Section unless it is a lump sum distribution within the meaning of section
402(d)(4) of the Code, without regard to subparagraphs (A)(i) through (iv),
(B), and (F) of that section.

                                     XIV-2

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<PAGE>   59

                                   ARTICLE XV
                                 MISCELLANEOUS

         15.1 PLAN NOT AN EMPLOYMENT CONTRACT. The adoption and maintenance of
this Plan and its related Trust Fund is not a contract between any Employer and
its Employees which gives any Employee the right to be retained in its
employment. Likewise, it is not intended to interfere with the rights of any
Employer to discharge any Employee at any time or to interfere with the
Employee's right to terminate his employment at any time.

         15.2 BENEFITS PROVIDED SOLELY FROM TRUST. All benefits payable under
this Plan shall be paid or provided for solely from the Trust Fund. No Employer
assumes any liability or responsibility to pay any benefit provided by the
Plan.

         15.3 ANTI-ALIENATION PROVISION. No principal or income payable or to
become payable from the Trust Fund shall be subject: to anticipation or
assignment by a Member or by a Beneficiary to attachment by, interference with,
or control of any creditor of a Member or Beneficiary, or to being taken or
reached by any legal or equitable process in satisfaction of any debt or
liability of a Member or Beneficiary prior to its actual receipt by the Member
or Beneficiary. An attempted conveyance, transfer, assignment, mortgage,
pledge, or encumbrance of the Trust Fund, any part of it, or any interest in it
by a Member or Beneficiary prior to distribution shall be void, whether that
conveyance, transfer, assignment, mortgage, pledge, or encumbrance is intended
to take place or become effective before or after any distribution of Trust
assets or the termination of this Trust Fund itself. The Trustee shall never
under any circumstances be required to recognize any conveyance, transfer,
assignment, mortgage, pledge or encumbrance by a Member or Beneficiary of the
Trust Fund, any part of it, or any interest in it, or to pay any money or thing
of value to any creditor or assignee of a Member or Beneficiary for any cause
whatsoever. The prohibitions against the alienation of a Member's Account shall
not apply to:

                  (a) qualified domestic relations orders or domestic relations
         orders entered into prior to January 1, 1985, or

                  (b) any offset of a Member's Account under the Plan that the
         Member is ordered to pay to the Plan if (i) the order arises under a
         judgment of conviction of a crime involving the Plan, a civil judgment
         (including a consent decree) is entered by a court in connection with
         a violation (or alleged violation) of part 4 of subtitle B of title I
         of ERISA, or is pursuant to a settlement agreement between the
         Secretary of Labor and the Member, or between the Pension Benefit
         Guaranty Corporation and the Member, in connection with a violation
         (or alleged violation) of part 4 of such subtitle by a fiduciary or
         any other person, (ii) the judgment, order, decree or settlement
         agreement expressly provides for the offset of all or a part of the
         amount ordered or required to be paid to the Plan against the Member's
         Account balance under the Plan, and (iii) in a case in which the
         survivor annuity requirements of

                                      XV-1

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<PAGE>   60

         Section 401(a)(11) of the Code apply with respect to distributions,
         the requirements of Section 401(a)(13)(C)(iii) of the Code are
         satisfied.

         15.4 REQUIREMENTS UPON MERGER OR CONSOLIDATION OF PLANS. This Plan
shall not merge or consolidate with or transfer any assets or liabilities to
any other plan unless each Member would (if the Plan then terminated) receive a
benefit immediately after the merger, consolidation, or transfer which is equal
to or greater than the benefit he would have been entitled to receive
immediately before the merger, consolidation, or transfer (if the Plan had then
terminated).

         15.5 GENDER AND NUMBER. If the context requires it, words of one
gender when used in this Plan shall include the other genders, and words used
in the singular or plural shall include the other.

         15.6 SEVERABILITY. Each provision of this Agreement may be severed. If
any provision is determined to be invalid or unenforceable, that determination
shall not affect the validity or enforceability of any other provision.

         15.7 GOVERNING LAW; PARTIES TO LEGAL ACTIONS. The provisions of this
Plan shall be construed, administered, and governed under the laws of the State
of Texas and, to the extent applicable, by the laws of the United States. The
Trustee or any Employer may at any time initiate a legal action or proceeding
for the settlement of the account of the Trustee, or for the determination of
any question or for instructions. The only necessary parties to that action or
proceeding are the Trustee and the Employer concerned. However, any other
person or persons may be included as parties defendant at the election of the
Trustee and the Employer.

         IN WITNESS WHEREOF, Grant Prideco, Inc. has caused this Agreement to
be executed this _____ day of _______________ 1999, in multiple counterparts,
each of which shall be deemed to be an original, to be effective the 1st day of
November 1999, except for those provisions which have an earlier effective date
provided by law, or as otherwise provided under applicable provisions of this
Plan.

                                             GRANT PRIDECO, INC.

                                             By:
                                                --------------------------------
                                                         John C. Coble
                                                         President

                                      XV-2

WEIGRANT<PAGE>

                                 EXHIBIT 10.1
                                 ------------

                   WEBCASTING PERFORMANCE LICENSE AGREEMENT

     This Webcasting Performance License Agreement ("Agreement"), dated as of
April 26, 1999, is made by and between Recording Industry Association of
America, Inc., with its principal offices at 1330 Connecticut Avenue, NW,
Washington, DC 20036, as the representative of sound recording copyright owners,
and any assignee or designee hereof pursuant to Section 10.9 hereof
("Licensor"), and musicmusicmusic, Inc., with offices at 45 State St., Unit 171,
Montpelier, VT 05661-2100 ("Licensee").

     WHEREAS, Licensee operates a Web site that publicly performs sound
recordings by digital transmission;

     WHEREAS, Licensee wishes to obtain a license to transmit such recordings on
its Web site;

     WHEREAS, Section 114 of the U.S. Copyright Act, as amended by the Digital
Millenium Copyright Act, authorizes voluntary negotiations for determining
reasonable rates and terms for licenses to perform sound recordings;

     WHEREAS, Licensee has agreed to pay a royalty and provide certain
additional consideration for such license, and Licensor and Licensee have agreed
upon such consideration and other terms, which are reflected in this Agreement;

     NOW, THEREFORE, pursuant to 17 U.S.C. (S) 114(e)-(f), and in consideration
of the mutual promises contained in this Agreement and for other good and
valuable consideration, including the consideration provided by Licensee in
Section 3, the adequacy and sufficiency of which are hereby acknowledged, the
parties hereby agree as follows:

Definitions

"Confidential Information" means information prominently marked in writing or
stamped as "Confidential" by Licensee and submitted to Licensor pursuant to
Section 5.1, 5.2, 5.3, 5.4, or 6.1.

"Gross Revenues" means all revenues, including but not limited to all billings
on behalf of, and all payments (including the fair market value of merchandise,
services or any thing or service of value received in lieu of cash consideration
(i.e., trade or barter)) made to, Licensee, or as authorized by Licensee, its
employees, representatives, agents or any other person acting on Licensee's
behalf, and all billings on behalf of, and payments made to, any person,
company, firm or corporation under the same or substantially the same ownership,
management or control as Licensee for:

          (a)  access to or use of the Web Site or portions thereof, including
               online time and other connect time charges, subscriptions,
               payments from Internet service providers, and other transactional
               charges, including payments for syndicated

                                       1
<PAGE>

               selling and on-line franchising, and commissions from third
               parties on such transactions;

          (b)  advertising (including audio advertisements, visual
               advertisements and sponsor "hot links") on the Web Site,
               including billings to and payments received from sponsors, less
               advertising agency commissions not to exceed 15 percent actually
               incurred to a recognized advertising agency not owned or
               controlled by Licensee;

          (c)  the provision of time or space on the Web Site to any other
               person, including program suppliers and content providers;

          (d)  Licensee's proprietary software used to access the Web Site, or
               download any aspect thereof;

          (e)  references to and inclusion of any product or service on the Web
               Site, including without limitation marketing of products whose
               sales are supported by the Web Site, except where such reference
               is made to phonorecords of sound recordings in the Repertory;

          (f)  net sales of any products and services sold directly by Licensee,
               or by any entity controlled by Licensee (i.e., the price paid by
               customers, including shipping costs charged to customers, after
               deducting (a) the wholesale price for such products and services
               and (b) applicable sales taxes and actual shipping costs, but not
               deducting other costs that are not directly allocable to
               Licensee's costs of sale, including bad debts, credit card
               processing fees and service charges), which are supported,
               promoted, or facilitated by the Web Site; provided, however, that
               "Gross Revenues" shall not include sales by Licensee of any
               legitimate physical phonorecords of sound recordings; and

          (g)  bad debts recovered relating to amounts due under clauses (a)-
               (f).

1.3 "License Fee Report" means a report required by Section 5.

1.4 "Minimum Performance Amount" means the sum of $75,000; provided that this
amount will be reduced by 60% for the period between October 28, 1998 and
December 31, 1999, if Licensee's Gross Revenues during that period do not exceed
$500,000.

1.5 "Operating Expenditures" means all of Licensee's expenditures, whether
direct or indirect, made in connection with operation of the Web Site including,
but not limited to, salaries and bonuses, employee training and education,
supplies, lease payments, payments to Internet service providers, payments to
Internet access providers, advertising agency commissions, marketing costs,
equipment costs that are not capitalized, depreciation, software and technology
licenses, editorial content licenses, subscriber acquisition costs, costs in
development and installation of bandwidth, and credit card servicing fees.

                                       2
<PAGE>

1.6 "Repertory" consists of all copyrighted sound recordings, including sound
recordings created during the term of this Agreement, in which Licensor has or
will have during the term of this Agreement the right to license performances.

1.7 "Sound recordings" means such term as it is defined in 17 U.S.C. (S) 101.

1.8 "Territory" means the United States, its territories, commonwealths and
possessions.

1.9 "Web Site" means the site on the World Wide Web generally known as Radio Moi
with the principal Universal Resource Locator (URL) of http://www.radiomoi.com,
                                                       -----------------------
and any successor and related Web sites that are part of the same service
(including without limitation http://www.musicmusicmusic.com) controlled by
Licensee, which provides access to performances of copyrighted sound recordings.

1.10 "Web Site Transmissions" means all digital audio transmissions to Web Site
Users from or through the Web Site, and does not include digital audio
transmissions made by any other means; provided, however, that Web Site
Transmissions shall not include transmissions to business establishments, as
provided in 17 U.S.C. (S) 114(d)(1)(C)(iv).

1.11 "Web Site Users" means all those who access or receive Web Site
Transmissions or who access the Web Site.

2. Grant of License

2.1 Licensor hereby grants to Licensee, during the term of this Agreement,
subject to the limitations set forth below, without the right to sublicense, a
limited nonexclusive license to perform publicly up to 200,000 individual sound
recordings in the Repertory, within the Territory, by means of Web Site
Transmissions; provided that such transmissions are made in accordance with the
provisions of 17 U.S.C. (S)(S) 114(d)(2)(A) and (C); and provided further that
Licensee complies with 17 U.S.C. (S) 1101 and all of the terms and conditions of
this Agreement.

2.2 Nothing in this Agreement authorizes Licensee, nor does this Agreement
authorize Licensee to grant to any other person or entity (including without
limitation any Web Site User or any operator of another Web site), any right to
reproduce by any means, method or process whatsoever, now known or hereafter
developed, any of the sound recordings in the Repertory, including, but not
limited to, transferring or downloading any such sound recordings to a computer
hard drive, or otherwise copying the sound recording onto any other storage
medium.

2.3 Nothing in this Agreement authorizes Licensee to grant to any person or
entity (including without limitation any Web Site User or any operator of
another Web site) any right to perform publicly, by means of digital
transmission or otherwise, any of the sound recordings in the Repertory.

                                       3
<PAGE>

2.4 Nothing in this Agreement authorizes Licensee to enter into any arrangements
for accessing Licensee's programming through any other transmitting entity,
including without limitation any other Web site.

2.5 The licenses granted in this Agreement extend only to Licensee and the Web
     Site. This Agreement grants no rights to Licensee other than those
     expressly granted herein. Without limiting the generality of the foregoing,
     this Agreement does not grant to Licensee (a) any copyright interest in any
     sound recording; (b) any rights outside the Territory; (c) any trademark
     rights; or (d) any rights to any endorsement by Licensor or any other
     person.

3. License Fees and Other Consideration

3.1 For each month of the term of this Agreement (counting the period October
     28, 1998 to December 1, 1998 as one month), Licensee shall pay Licensor,
     for the license granted in Section 2.1, the greater of (a) fifteen (15)
     percent of Gross Revenues received during that month or (b) fifteen (15)
     percent of Operating Expenditures paid during that month. Licensee shall
     also pay, within 30 days after December 31, 1999 and within 30 days after
     December 31, 2000, an additional amount equal to (x) the Minimum
     Performance Amount, less (y) the aggregate amount paid pursuant to the
     preceding sentence during the fourteen and twelve month periods preceding
     December 31, 1999, and December 31, 2000, respectively; provided, however,
     that no additional amount shall be owed pursuant to this sentence if the
     amount (x) is equal to or less than the amount (y).

3.2 Licensee shall submit license fee payments specified in Section 3.1 for the
period covered in the initial License Fee Report provided for in Section 5.1
within twenty days after the date of this Agreement. All other payments
specified in Section 3.1 shall be made on the date the corresponding Monthly
License Fee Report becomes due under Section 5.2.

3.3 If Licensor does not receive the monthly License Fee Report when due,
Licensee shall submit monthly license fee payments that are 20% higher than the
monthly payments due for the preceding month, and payments shall continue at
that increased rate, until Licensor receives the late License Fee Report. If the
amount paid pursuant to this Section 3.3 is less than the amount actually due,
the underpayment shall be subject to Section 3.4. If the amount paid pursuant to
this Section 3.3 is more than the amount actually due, the overpayment shall be
credited against other payments due to Licensor under this Agreement.

3.4 Licensee shall pay a finance charge of 1-1/2% per month, or the maximum rate
permitted by law, whichever is less, from the date due, on any required payment
that is not made on or before its due date, without prejudice to any other
rights Licensor may have in connection with such delinquency.

                                       4
<PAGE>

3.5 During the term of this Agreement, Licensee shall provide Licensor with time
and reasonably prominent space on the Web Site, at no charge to Licensor or any
other person, for such advertisements and public service announcements as
Licensor shall request in writing; provided that Licensee shall not be required
to provide more than one such advertisement or announcement at any one time.

3.6 During the term of this Agreement, Licensee shall provide direct links, from
the place on the Web Site where artist, album title, and song title information
for each recording is provided, to the Web sites of the copyright owners of such
recordings; provided that the number of such links shall not exceed two per
copyright owner at any one time, and Licensee shall link to Web sites that may
be specified by such copyright owners. In the absence of such instructions from
the sound recording copyright owner, Licensee shall use its best efforts to
determine the appropriate link.

3.7 During the term of this Agreement, Licensee shall provide direct links, from
the place on the Web Site where artist, album title, and song title information
for each recording is provided, to one or more Web sites that provide for direct
sales of substantially all the sound recordings performed by Licensee, except to
the extent such direct sales are conducted directly by Licensee from the Web
Site.

3.8 During the term of this Agreement, Licensee shall cooperate with Licensor in
     permitting Licensor to conduct surveys of Web Site Users that are not
     unreasonably burdensome to Licensee; provided that Licensor may conduct no
     more than one such survey in any twelve month period.

3.9 During the term of this Agreement, Licensee shall provide Licensor with
reports, as Licensor may from time to time request, regarding Web Site Users.
Such reports shall be in the form and contain the information specified in
Licensor's requests. Any such request(s) made by Licensor shall be in writing
and sent to Licensee at least thirty days prior to commencement of the period to
be covered by the report. The reports may include information as to Web Site
Users' names and e-mail addresses (for those Web Site Users who agree to permit
disclosure of their names and e-mail addresses to Licensor and to record
companies); ages; gender; location; type of music listened to; songs listened
to; number of artists and listens; purchases from the Web Site; use of links to
other Web sites; and such other information as Licensor reasonably requests.

3.10 During the term of this Agreement, Licensee shall post an announcement on
     the Web Site, in form and substance satisfactory to Licensor, concerning
     the license limitations contained in Sections 2.2, 2.3 and 2.4 and, if
     requested by Licensor, include a click wrap agreement in form and substance
     satisfactory to Licensor, for acknowledgement by Web Site Users.

4. Term

4.1 The term of this Agreement commences on October 28, 1998, and ends on
December 31, 2000, unless earlier terminated pursuant to this Section 4 or
Section 8.

                                       5
<PAGE>

4.2 Either party may terminate this Agreement as to the other party if, at any
time, such other party shall file in any court or agency pursuant to any statute
or regulation of any state or country, a petition in bankruptcy or insolvency or
for reorganization or for an arrangement or for the appointment of a receiver or
trustee of the party or of its assets, or if such other party proposes a written
agreement of composition or extension of its debts, or if such other party shall
be served with an involuntary petition against it, filed in any insolvency
proceeding, and such petition shall not be dismissed within sixty (60) days
after the filing thereof, or if such other party shall propose or be a party to
any dissolution or liquidation, or if such other party shall make an assignment
for the benefit of creditors.

5. License Fee Reports

5.1 Upon entering into this Agreement, Licensor shall submit an initial License
Fee Report on the report form attached hereto as Exhibit A, with information as
to Gross Revenues received and Operating Expenditures paid in each month during
the period between the Effective Date and the last day of the month preceding
the date of this Agreement. Such License Fee Report shall be certified to be
accurate by an officer of Licensee.

5.2 Licensee shall submit a monthly License Fee Report for each month during the
term of this Agreement, by the twentieth day of the following month, on the
report form attached hereto as Exhibit A with information as to Gross Revenues
received and Operating Expenditures paid during such month. Such License Fee
Report shall be certified to be accurate by an officer of Licensee.

5.3 During the term of this Agreement, Licensee shall provide Licensor with
monthly reports, by the twentieth day of each month, regarding the sound
recordings accessed by Web Site Users during the preceding month. Such reports
shall be in the form set forth in Exhibit B and contain the information
specified by Licensor. Such reports shall include information as to use by
title; artist; album; label; catalogue number; UPC Code (by December 31, 1999);
release date; ISRC code (when available); number of playing dates and times of
transmission; duration of song; and such additional information as Licensor
reasonably requests; provided that such requests shall not be effective in less
than 60 days from the date of the request.

5.4 During the term of this Agreement, Licensee agrees to submit such additional
     information as may be required under applicable rules and regulations of
     the Copyright Office, including without limitation 37 C.F.R. (S) 201.36.

6. Verification of License Fee Reports and other Reports

6.1 Licensor shall have the right to examine Licensee's books and records, and
Licensee agrees to obtain for Licensor the right to examine the books and
records of any partner in, or co-publisher of, the Web Site, in order to verify
any report required by this Agreement. Licensor may exercise this right no more
than once per calendar year. Licensor shall give Licensee thirty days notice of
its intention to conduct an examination. Licensee agrees to furnish all
pertinent books and records, including electronic records, to Licensor's
authorized representatives, during customary business hours. Such books and
records shall be kept by Licensee in accordance with

                                       6
<PAGE>

Generally Accepted Accounting Principles and shall be retained for at least
three years following expiration of the term of this Agreement. Notwithstanding
the foregoing, Licensee shall not be required to provide Licensor with the
access provided in this Section 6.1 if in the preceding 12 months the Licensee's
independent auditor has completed and signed an audit report for an audit that
addresses all of the information that would have been requested by and made
available to Licensor, in which event Licensee shall provide to Licensor the
audit report, work papers and other information provided to such auditor.

6.2 Expenses for any examination conducted by Licensor under Section 6.1 shall
     be paid by Licensor unless such examination results in a determination by
     the auditor conducting such examination that Licensee's actual payments for
     the period examined were more than 5 percent below the payments required
     under this Agreement, in which case Licensee shall pay the costs of the
     audit.

6.3 The exercise by Licensor of any rights under this Section 6 shall not
     prejudice any other rights or remedies of Licensor, including any other
     rights of Licensor to dispute any amounts owed to Licensor under this
     Agreement.

7. Confidentiality

7.1 Licensor shall limit access to Confidential Information to:

          (a)  Those employees, consultants and agents of Licensor who are not
               also employees or officers of a sound recording copyright owner
               and who, for the purpose of performing their assigned duties,
               during the ordinary course of business, require access to the
               Confidential Information;

          (b)  An independent and qualified auditor who is not an employee or
               officer of a sound recording copyright owner, but is authorized
               to act on behalf of copyright owners with respect to the
               verification of royalty payments; and

          (c)  Use in any arbitration proceeding under 17 U.S.C. (S) (S) 112 or
               114, provided that Licensor shall use its best efforts to obtain
               a protective order limiting access to the Confidential
               Information to the arbitration panel and counsel for any other
               party to such proceeding.

7.2 Licensor shall implement procedures designed to safeguard all Confidential
Information.

7.3 Except as may be required by law, Licensee shall not provide this Agreement,
or disclose any of the terms and rates contained in this Agreement, to any
person or entity without the prior written consent of Licensor.

7.4 Notwithstanding the foregoing, Licensor shall be permitted to disclose
     Confidential Information provided pursuant to Section 5.3 to sound
     recording copyright owners that agree in writing to maintain the
     confidentiality of such information.

                                       7
<PAGE>

8. Breach or Default

8.1 If Licensee fails to perform any of the terms or conditions required of it
by this Agreement, Licensor may, at Licensor's option, give Licensee notice to
cure Licensee's breach or default. If Licensee does not cure within five days of
any such notice, this Agreement may be terminated by Licensor at the end of that
period, and any further performances shall be fully subject to the copyright
owners' rights under 17 U.S.C. (S) 106(6), and the remedies in 17 U.S.C. (S) 501
et seq., and Licensor's right to terminate under this Section 8 shall be in
addition to any and all other remedies that Licensor may have in law or equity.
No waiver by Licensor of full performance by Licensee in any one or more
instances shall be a waiver of the right to require full and complete
performance of this Agreement thereafter or of the right to terminate this
Agreement in accordance with this Section 8.

9. Notices

All notices and other communications between the parties hereto shall be in
writing and deemed received (i) when delivered in person; (ii) upon confirmed
transmission by telex or facsimile device; or (iii) five days after deposited in
U.S. mails, postage prepaid, certified or registered mail, addressed to the
other party at the address set forth below (or such other address as such other
party may supply by written notice):

         Licensor:  Steven Marks
                    Senior Vice President, Director of Business Affairs
                    Recording Industry Association of America, Inc.
                    1330 Connecticut Avenue, NW
                    Suite 300
                    Washington, DC 20036

         Licensee:  Wolfgang Spegg
                    musicmusicmusic, Inc.
                    45 State St., Unit 171
                    Montpelier, VT 05661-2100

10. Miscellaneous

10.1 This Agreement shall be governed by, and construed in accordance with, the
laws of the State of New York (without giving effect to conflicts of law
principles thereof). The parties hereby agree that all actions or proceedings
arising directly or indirectly from or in connection with this Agreement shall,
at the option of either party, be litigated only in the United States District
Court for the District of Columbia located in Washington, DC. The parties
consent to the jurisdiction and venue of the foregoing court and consent that
any process or notice of motion or other application to said court or a judge
thereof may be served inside or outside the District of Columbia by registered
mail, return receipt requested, directed to the party for which it is intended
at its address set forth in this Agreement (and service so made shall be deemed

                                       8
<PAGE>

complete five days after the same has been posted as aforesaid) or by personal
service or in such other manner as may be permissible under the rules of said
court.

10.2 The remedies provided herein shall be cumulative and shall not preclude
assertion by any party hereto of any other rights or the seeking of any other
remedies against the other party hereto. No failure to exercise and no delay in
exercising any right, power or privilege granted under this Agreement shall
operate as a waiver of such right, power or privilege. No single or partial
exercise of any right, power or privilege granted under this Agreement shall
preclude any other or further exercise thereof or the exercise of any other
right, power or privilege.

10.3 Whenever possible, each provision of this Agreement shall be interpreted in
such a manner as to be effective and valid under applicable law, but if any
provision of this Agreement shall be prohibited by or invalid under applicable
law, such provisions shall be ineffective to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the
remaining provisions of this Agreement.

10.4 This Agreement may be modified or amended only by a writing signed by
Licensor and Licensee.

10.5 This Agreement expresses the entire understanding of the parties and
supersedes all prior and contemporaneous agreements and undertakings of the
parties with respect to the subject matter hereof.

10.6 Except as otherwise provided in Section 6.2, each party will pay all of its
own expenses, including attorney's fees incurred in connection with the
negotiation of this Agreement, and the performance of its obligations hereunder.

10.7 Licensor and Licensee agree that (a) all obligations of, inter alia,
       clearance, payment or attribution to third parties, including music
       publishers, union funds and performing rights societies, or as a result
       of the exercise of rights licensed hereunder or any activities of
       Licensee, shall be solely the responsibility of Licensee, including but
       not limited to payment for use of the musical compositions embodied in
       sound recordings, and for any liabilities associated with such use, and
       (b) Licensee will fully indemnify and hold Licensor harmless for any such
       obligations or liabilities, including any claims, liabilities, fees,
       damages or losses (including reasonable attorney's fees and court costs),
       arising out of such obligations and liabilities.

10.8 This Agreement may be executed in counterparts, each of which shall be
deemed to be an original but which taken together shall constitute one
agreement.

                                       9
<PAGE>

10.9 Except as otherwise expressly provided herein, this Agreement and the
rights hereunder shall not be assignable or transferable by either party without
the prior written consent of the other party; provided, however, that Recording
Industry Association of America, Inc. may assign its obligations and rights to,
or designate, a collective entity or other entity to perform Licensor's
obligations under this Agreement, in which case such assignee or designee shall
assume all obligations and rights of Licensor under this Agreement.

10.10 This Agreement shall not be construed to create a partnership, joint
venture, agency or other legal relationship between the parties, or to form any
other legal entity.

10.11 The titles used in this Agreement are used for convenience only and are
not to be considered in construing or interpreting this Agreement.

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.

RECORDING INDUSTRY ASSOCIATION                         MUSICMUSICMUSIC, INC.
OF AMERICA, INC.

<TABLE>
<S>                                                    <C>
By: /s/ Steven Marks                                   By: /s/ Wolfgang Spegg
   ---------------------------------------------           --------------------------------
Title: Senior V.P., Director of Business Affairs       Title: President, CEO and director
</TABLE>

                                       10

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