Document:

<PAGE>   1
                                                                    Exhibit 10.4

                            EQUITABLE RESOURCES, INC.

                      DIRECTORS' DEFERRED COMPENSATION PLAN

                     AMENDED AND RESTATED AS OF MAY 16, 2000

<PAGE>   2

                                    ARTICLE I

1.1 PURPOSE OF PLAN.

This Equitable Resources, Inc. Directors' Deferred Compensation Plan (the
"PLAN") hereby is created to provide an opportunity for the members of the Board
of Directors of Equitable Resources, Inc. (the "BOARD") to defer payment of all
or a portion of the fees to which they are entitled as compensation for their
services as members of the Board. The Plan also shall provide for an award of
Phantom Stock to certain members of the Board. In addition, Plan Participants
shall be entitled to direct the Company to transfer to this Plan directors' fees
previously deferred under the 1980 Board of Directors' Deferred Compensation
Plan as in effect prior to May 26, 1999 (the "PRIOR PLAN"). The Plan originally
was effective as of May 26, 1999, and supersedes all prior deferred compensation
and retirement plan arrangements established or maintained for the benefit of
non-employee members of the Board. The Plan was amended and restated as of May
16, 2000, to reflect a change in the benefits committee structure of the
Company.

                                   ARTICLE II

DEFINITIONS

When used in this Plan and initially capitalized, the following words and
phrases shall have the meanings indicated:

<PAGE>   3

2.1 "ACCOUNT" means the total of a Participant's Deferral Account, Phantom Stock
Account and Transferred Amounts Account under the Plan.

2.2 "BENEFICIARY" means the person or persons designated or deemed to be
designated by the Participant pursuant to Section 7.1 of the Plan to receive
benefits payable under the Plan in the event of the Participant's death.

2.3 "CHANGE IN CONTROL" means any of the following events:

          (a)  The sale or other disposition by the Company of all or
               substantially all of its assets to a single purchaser or to a
               group of purchasers, other than to a corporation with respect to
               which, following such sale or disposition, more than eighty
               percent (80%) of, respectively, the then outstanding shares of
               common stock and the combined voting power of the then
               outstanding voting securities entitled to vote generally in the
               election of the Board of Directors is then owned beneficially,
               directly or indirectly, by all or substantially all of the
               individuals and entities who were the beneficial owners,
               respectively, of the outstanding Company common stock and the
               combined voting power of the then outstanding voting securities
               immediately prior to such sale or disposition in substantially
               the same proportion as their ownership of the outstanding Company
               common stock and voting power immediately prior to such sale or
               disposition.

          (b)  The acquisition in one or more transactions by any person or
               group, directly or indirectly, of beneficial ownership of twenty
               percent (20%) or more of the outstanding shares of Company common
               stock or the combined voting power of the then outstanding voting
               securities of the Company entitled to vote generally in the
               election of the Board; provided, however, that any acquisition by
               (x) the Company or any of its

                                       3
<PAGE>   4

               subsidiaries, or any employee benefit plan (or related trust)
               sponsored or maintained by the Company or any of its subsidiaries
               or (y) any person that is eligible, pursuant to Rule 13d-1(b)
               under the Exchange Act (as such rule is in effect as of November
               1, 1995) to file a statement on Schedule 13G with respect to its
               beneficial ownership of Company common stock and other voting
               securities whether or not such person shall have filed a
               statement on Schedule 13G, unless such person shall have filed a
               statement on Schedule 13D with respect to beneficial ownership of
               fifteen percent (15%) or more of the Company's voting securities,
               shall not constitute a Change of Control;

          (c)  The Company's termination of its business and liquidation of its
               assets;

          (d)  The reorganization, merger or consolidation of the Company into
               or with another person or entity, by which reorganization, merger
               or consolidation the persons who hold one hundred percent (100%)
               of the voting securities of the Company prior to such
               reorganization, merger or consolidation receive or continue to
               hold less than sixty percent (60%) of the outstanding voting
               shares of the new or continuing corporation; or

          (e)  If, during any two-year period, less than a majority of the
               members of the Board are persons who were either (i) nominated or
               recommended for election by at least two-thirds vote of the
               persons who were members of the Board or Nominating Committee of
               the Board at the beginning of the period, or (ii) elected by at
               least two-thirds vote of the persons who were members of the
               Board at the beginning of the period.

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

                                       4
<PAGE>   5

2.5 "COMMITTEE" means the Compensation Committee of the Board.

2.6 "COMPANY" means Equitable Resources, Inc. and any successor thereto.

2.7 "DEFERRAL ACCOUNT" means the recordkeeping account established on the books
and records of the Company to record a Participant's deferral amounts under
Section 5.1 of the Plan, plus or minus any investment gain or loss allocable
thereto under Section 5.4 of the Plan.

2.8 "DIRECTORS' FEES" means the fees that are paid by the Company to members of
the Board as compensation for services performed by them as members of the
Board.

2.9 "ENROLLMENT FORM" means the agreement to participate and related elections
filed by a Participant pursuant to Section 5.1 of the Plan, in the form
prescribed by the Committee, directing the Company to reduce the amount of
Directors' Fees otherwise currently payable to the Participant and credit such
amount to the Participant's Deferral Account hereunder.

2.10 "HARDSHIP WITHDRAWAL" shall have the meaning set forth in Section 6.4 of
the Plan.

2.11 "IN-SERVICE DISTRIBUTION" shall have the meaning set forth in Section 6.3
of the Plan.

2.12 "INVESTMENT OPTIONS" means the investment options described in Appendix A
to the Plan into which a Participant may direct all or part of his or her
Deferral Account and/or Transferred Amounts Account pursuant to Section 5.2 of
the Plan.

2.13 "INVESTMENT RETURN RATE" means:

          (a)  In the case of an Investment Option named in Exhibit A of a fixed
               income nature, the interest deemed to be credited as determined
               in accordance with the procedures applicable to the same
               investment option provided under the Equitable Resources, Inc.
               Employee Savings Plan, originally adopted September 1, 1985, as
               amended ("EQUITABLE 401(K) PLAN");

                                       5
<PAGE>   6

          (b)  In the case of a Investment Option named in Exhibit A of an
               equity investment nature, the increase or decrease in deemed
               value and any dividends deemed to be credited as determined in
               accordance with the procedures applicable to the same investment
               option provided under the Equitable 401(k) Plan; or

          (c)  In the case of the Equitable Resources Common Stock Fund, the
               increase or decrease in the deemed value, and the reinvestment in
               the Equitable Resources Common Stock Fund of any dividends deemed
               to be credited, as determined in accordance with the procedures
               applicable to investments in the Equitable Resources Common Stock
               Fund under the Equitable 401(k) Plan.

2.14 "IRREVOCABLE TRUST" means a grantor trust that MAY be established prior to
the occurrence of a Change in Control of the Company to assist the Company in
fulfilling its obligations under this Plan but which SHALL be established by the
Company in the event of a Change in Control of the Company. All amounts held in
such Irrevocable Trust shall remain subject to the claims of the general
creditors of the Company and Participants in this Plan shall have no greater
rights to any amounts held in any such Irrevocable Trust than any other
unsecured general creditor of the Company.

2.15 "PARTICIPANT" means any non-employee member of the Board who (i) receives
an award of Phantom Stock pursuant to Section 4.1 of the Plan, (ii) who elects
to participate in the Plan for purposes of deferring his or her Directors' Fees
by filing an Enrollment Form with the Committee pursuant to Section 5.1 of the
Plan, and/or (iii) who elects to transfer amounts previously deferred under the
Prior Plan to this Plan by filing a Transfer of Existing Account Credits, or
other form supplied by and/or acceptable to the Committee, pursuant to Section
5.2 of the Plan.

                                       6
<PAGE>   7

2.16 "PHANTOM STOCK" means those shares of the common stock of the Company: (a)
conditionally awarded to certain members of the Board in the amounts described
in Appendix B to the Plan, (b) which are subject to forfeiture in accordance
with Section 6.1, (c) which are contributed to the Irrevocable Trust by the
Company to assist it in satisfying its potential obligations under this Plan,
and (d) which will be distributed to eligible Plan Participants satisfying all
the conditions of this Plan.

2.17 "PHANTOM STOCK ACCOUNT" means the recordkeeping account established on the
books and records of the Company to record the number of shares Phantom Stock
allocated to a Participant under the Plan.

2.18 "PHANTOM STOCK AGREEMENT" means the agreement filed by a Participant
pursuant to Section 4.1 of the Plan in the form prescribed by the Committee
directing the Company to convert the Participant's benefit under the Equitable
Resources, Inc. Directors' Defined Benefit Plan (the "DEFINED BENEFIT PLAN")
into Phantom Stock under this Plan and relinquishing all rights to any benefits
under such Defined Benefit Plan.

2.19 "PLAN" means this Equitable Resources, Inc. Directors' Deferred
Compensation Plan, as amended from time to time.

2.20 "PLAN YEAR" means a twelve-month period commencing January 1 and ending the
following December 31.

2.21 "PRIOR PLAN" means the 1980 Board of Director's Deferred Compensation Plan
as in effect prior to May 26, 1999, under which members of the Board were
permitted to defer payment of all or a portion of the fees to which they were
entitled as compensation for their services as members of the Board.

2.22 "TRANSFERRED AMOUNTS ACCOUNT" means the recordkeeping account established
on behalf of a Participant to account for those amounts previously deferred
under the Prior Plan

                                       7
<PAGE>   8

which were transferred to this Plan by filing a Transfer of Existing Account
Credits, or other form supplied by and/or acceptable to the Committee, pursuant
to Section 5.2 of the Plan.

2.23 "TRANSFER OF EXISTING ACCOUNT CREDITS" means the form filed with the
Committee by a Participant directing the Committee to transfer amounts
previously deferred under the Prior Plan to this Plan.

2.24 "VALUATION DATE" means the last day of each calendar quarter and any other
date determined by the Committee or specified herein.

2.25 "YEAR OF SERVICE" means the twelve (12) month period beginning on the first
day an individual is a member of the Board, and each twelve (12) month period
thereafter.

                                   ARTICLE III

ELIGIBILITY AND PARTICIPATION

3.1 ELIGIBILITY FOR PHANTOM STOCK ACCOUNT.

Eligibility to participate in the Plan for purposes of the Phantom Stock Account
under Article IV of the Plan is limited to those non-employee members of the
Board designated by the Committee and listed on Exhibit B to the Plan. An
eligible Board member shall commence participation in the Plan for purposes of
the Phantom Stock Account as of May 26, 1999.

3.2 ELIGIBILITY FOR DEFERRAL ACCOUNT.

Eligibility to participate in the Plan for purposes of deferring Directors' Fees
under Section 5.1 of the Plan is limited to non-employee members of the Board.
An eligible Board member shall commence participation in the Plan for purposes
of deferring Directors' Fees as of the first day of the month following the
receipt of his or her Enrollment Form by the Committee.

                                       8
<PAGE>   9

3.3 ELIGIBILITY FOR TRANSFERRED AMOUNTS ACCOUNT.

Eligibility to elect to transfer Transferred Amounts to this Plan is limited to
those non-employee members of the Board who were participants in the Prior Plan
and who had accounts in the Prior Plan as of May 25, 1999, representing fees for
their prior service as members of the Board which were previously deferred
pursuant to the terms of the Prior Plan. An eligible Board member not otherwise
participating pursuant to Sections 3.1 or 3.2 of the Plan shall become a
Participant in the Plan and have a Transferred Amounts Account established on
his or her behalf as of the effective date of any transfer of Transferred
Amounts to this Plan.

3.4 INELIGIBLE PARTICIPANT.

Notwithstanding any other provisions of this Plan to the contrary, if the
Committee determines that the participation in the Plan by any Board member will
jeopardize the status of the Plan as exempt from the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), or regulations thereunder, the
Committee may, in its sole discretion, determine that such Participant shall
cease to be eligible to participate in the Plan. As soon as administratively
feasible following such determination, the Company shall make a lump sum
payment, in cash and/or shares of Company common stock, as applicable, to the
Participant equal to the value of his or her Account as of the most recent
Valuation Date, less any income or employment tax withholding required under
applicable law. Upon such payment, no benefit shall thereafter be payable under
this Plan either to the Participant or any Beneficiary of the Participant, and
all of the Participant's elections as to the time and manner of payment of his
or her Account shall be deemed canceled.

                                       9
<PAGE>   10

                                   ARTICLE IV

PHANTOM STOCK ACCOUNT

4.1 PHANTOM STOCK AWARD.

As of May 26, 1999, the Phantom Stock Account of a Participant eligible for an
award of Phantom Stock pursuant to Section 3.1 of the Plan shall be credited
with an award of Phantom Stock in the number of shares specified in Exhibit B to
the Plan. The Company shall contribute shares of Company common stock to the
Irrevocable Trust in an amount equal to the aggregate number of shares of
Phantom Stock credited to all Phantom Stock Accounts under the Plan. Any such
contributions to an Irrevocable Trust and related investments shall be solely to
assist the Company in satisfying its obligations under this Plan and no
Participant shall have any right, title or interest whatsoever in any such
contributions or investments.

4.2 VALUATION OF PHANTOM STOCK ACCOUNT; DEEMED REINVESTMENT OF DIVIDENDS

As of each Valuation Date, the value of a Participant's Phantom Stock Account
shall equal (i) the value of the number of shares of Phantom Stock credited to
such account as of the last Valuation Date, plus (ii) the value of the number of
shares of Phantom Stock deemed to have been credited to such account as a result
of the deemed reinvestment of any dividends deemed to have been paid on such
Phantom Stock since the last Valuation Date. Any dividends paid on the common
stock of the Company shall be deemed to be paid on the Phantom Stock under the
Plan in an equal amount; provided, however, that to the extent they are paid in
a form other than additional shares of the common stock of the Company, they
shall be deemed to be immediately reinvested in such number of shares of the
common stock of the Company as are represented by the aggregate amount of the
dividends divided by the value of one share of the common stock of the Company
on the date the dividend is paid.

                                       10
<PAGE>   11

For purposes of this Plan, the "value" of a share of Phantom Stock shall be
deemed to equal the closing price of a share of Company common stock as listed
on the New York Stock Exchange ("NYSE") on any date of reference. In the event
that the date of reference is a date on which the NYSE is not open for business,
the value of a share of Phantom Stock shall equal the average of the closing
prices on the dates immediately preceding and following the date of reference
during which the NYSE was open for business. Notwithstanding anything in this
Plan to the contrary, the Company may adopt alternate procedures for determining
the value of Phantom Stock in the event Company common stock ceases to be traded
on the NYSE or to reflect the occurrence of a Conversion Event described in
Section 4.3.

For purposes of determining the value of the Phantom Stock credited to a
Participant's Phantom Stock Account as of any time of reference, each share of
Phantom Stock shall be deemed equivalent in value to one share of the
outstanding shares of common stock of the Company. For purposes of valuing a
Participant's Phantom Stock Account upon the termination of his or her
membership on the Board, the Valuation Date shall be the business day coincident
with or immediately preceding the termination of the Participant's Board
membership.

4.3 ADJUSTMENT AND SUBSTITUTION OF PHANTOM STOCK

In the event of: (a) a stock split (or reverse stock split) with respect to the
common stock of the Company; (b) the conversion of the common stock of the
Company into another form of security or debt instrument of the Company; (c) the
reorganization, merger or consolidation of the Company into or with another
person or entity; or (d) any other action which would alter the number of,
and/or shareholder rights of, holders of outstanding shares of the common stock
of the Company (collectively, a "CONVERSION EVENT"), then, notwithstanding the
fact that Plan Participants have no rights to the shares of Company common stock
represented by their Phantom Stock Account nor to the shares of such Company
common stock contributed by the Company to the Irrevocable Trust, the number of
shares of Phantom Stock then allocated to a

                                       11
<PAGE>   12

Participant's Phantom Stock Account shall be deemed to be converted, to the
extent possible, to reflect any such Conversion Event to the same extent as the
shares of holders of outstanding shares of Company common stock would have been
converted upon the occurrence of the Conversion Event. On and after any such
Conversion Event, this Plan shall be applied, mutatis mutandis, as if the
Participant's Phantom Stock Account was comprised of the cash, securities, notes
or other instruments into which the outstanding shares of Company common stock
was converted. Following the occurrence of a Conversion Event, the Board is
authorized to amend the Plan as it, in its sole discretion, determines to be
necessary or appropriate to address any administrative or operational details
presented by the Conversion Event which are not addressed in the Plan.

4.4 SHAREHOLDER RIGHTS.

Except as specifically provided herein, an award of Phantom Stock under the Plan
shall not entitle a Participant to voting rights or any other rights of a
shareholder of the Company.

4.5 STATEMENT OF PHANTOM STOCK ACCOUNT.

As soon as administratively feasible following the last day of each calendar
quarter, the Committee shall provide to each eligible Participant a statement of
the value of his or her Phantom Stock Account as of the most recent Valuation
Date.

                                    ARTICLE V

DEFERRAL ACCOUNT; TRANSFERRED AMOUNTS ACCOUNT

5.1 DEFERRAL OF DIRECTORS' FEES.

Any non-employee member of the Board may elect to defer a specified percentage
of his or her Directors' Fees under the Plan by submitting to the Committee a
written Enrollment Form. Such election shall be effective with respect to
Directors' Fees paid for services performed by such

                                       12
<PAGE>   13

Participant beginning the first day of the month following the receipt by the
Committee of the Participant's Enrollment Form and shall remain in effect until
withdrawn by the Participant by written notice to the Committee in accordance
with uniform rules established by the Committee; provided that a Participant who
withdraws his or her Enrollment Form during a Plan Year may not then file
another Enrollment Form with the Committee with respect to the same Plan Year.
The withdrawal by a Participant of his or her Enrollment Form shall be effective
with respect to Directors' Fees payable on or after the first day of the month
following the receipt of such notice by the Committee.

5.2 OPTION TO ESTABLISH A TRANSFERRED AMOUNTS ACCOUNT

Any non-employee member of the Board may elect to have amounts previously
deferred under the Prior Plan transferred to this Plan by filing with the
Committee a Transfer of Existing Account Credits, or other form supplied by
and/or acceptable to the Committee. Such election may be made at any time;
provided, however, that any such election must represent the transfer to this
Plan of the eligible non-employee Board member's entire account under the Prior
Plan. Upon receipt of any such election, the Committee shall cause a Transferred
Amounts Account to be established for the Participant under this Plan
documenting the amount initially transferred. Except to the extent necessary to
comply with any applicable law or regulation, in the event that a Participant
electing to transfer a Transferred Amount from the Prior Plan previously elected
(or subsequently elects) to defer Director's Fees under the Plan by filing with
the Committee a written Enrollment Form, a separate Transferred Amounts Account
will not be maintained after the initial transfer to the Plan and all
Transferred Amounts shall be commingled with and invested and reinvested in the
same manner as a Participant's Deferral Account hereunder.

5.3 INVESTMENT DIRECTION.

A Participant may direct that amounts deferred pursuant to his or her Enrollment
Form (and/or, as the context so requires, amounts deferred under the Prior Plan
which are transferred to this

                                       13
<PAGE>   14

Plan in accordance with an election made pursuant to Section 5.2) be deemed to
be invested in one or more of the Investment Options listed in Exhibit A to the
Plan (a "NEW MONEY ELECTION") and credited with shares or units in each such
Investment Option in the same manner as equivalent contributions would be
invested under the same Investment Options available under the Equitable 401(k)
Plan. Except as otherwise provided with respect to directions to invest in the
Equitable Resources Common Stock Fund ("COMPANY STOCK FUND"), no more frequently
than once a month, a Participant may direct that amounts previously credited to
his or her Deferred Account and/or Transferred Amount Account and deemed
invested in the available Investment Options be transferred between and among
the then available Investment Options (a "REALLOCATION ELECTION").

Special rules apply to directions to invest in the Company Stock Fund. No
restrictions are placed on New Money Elections. Accordingly, a Participant may
make a New Money Election to invest in the Company Stock Fund or to cease future
investments in such Fund in the same manner as any other Investment Option.
Reallocation Elections, however, may NOT direct that amounts previously credited
to a Participant's Deferred Account and/or Transferred Amount Account and which
were directed to be invested in the Company Stock Fund be transferred OUT of
such Fund and into another Investment Option.

Reallocation Elections INTO the Company Stock Fund are permitted. Accordingly,
no restrictions apply to Reallocation Elections directing that amounts
previously credited to a Participant's Deferred Account and/or Transferred
Amount Account and which were directed to be invested in an Investment Option
OTHER THAN the Company Stock Fund be transferred out of such other Investment
Option and into the Company Stock Fund.

Except as otherwise provided with respect to the Company common stock,
regardless of whether the investment direction is a New Money Election or a
Reallocation Election, a Participant's Deferral Account and/or Transferred
Amount Account shall only be deemed to be invested in

                                       14
<PAGE>   15

such Investment Options for purposes of crediting investment gain or loss under
Section 5.5 of the Plan and the Company shall not be required to actually
invest, on behalf of any Participant, in any Investment Option listed on Exhibit
A to the Plan. Notwithstanding the preceding sentence, the Company may, but
shall not be required to, elect to make contributions to an Irrevocable Trust in
an amount equal to the amounts deferred by Participants and actually invest such
contributions in the Investment Options elected by a particular Participant;
provided, however, that the Company shall contribute shares of Company common
stock to the Irrevocable Trust in an amount equal to the aggregate number of
shares of Company common stock represented by Participant investment directions
to the Company Stock Fund. Any such contributions to an Irrevocable Trust and
related investments shall be solely to assist the Company in satisfying its
obligations under this Plan and no Participant shall have any right, title or
interest whatsoever in any such contributions or investments.

All investment elections shall be made by written notice to the Committee in
accordance with uniform procedures established by the Committee; provided,
however, that investment directions to an Investment Option must be in multiples
of ten percent (10%). Any such investment election shall be effective as of the
first day of the month immediately following the date on which the written
notice is received by the Committee and shall remain in effect until changed by
the Participant. In the event that a Participant fails to direct the investment
of his or her account, the Committee shall direct such Participant's Deferral
Account and/or Transferred Amounts Account to an Investment Option named in
Exhibit A of a fixed income nature.

5.4 NO RIGHT TO INVESTMENT OPTIONS.

Notwithstanding anything in the Plan to the contrary, the Investment Options
offered under the Plan may be changed or eliminated at any time in the sole
discretion of the Benefits Investment Committee of the Company. Prior to the
change or elimination of any Investment Option under the Plan, the Committee
shall provide written notice to each Participant with respect to whom a

                                       15
<PAGE>   16

Deferral Account and/or Transferred Amount Account is maintained under the Plan
and any Participant who has directed any part of his or her Deferral Account
and/or Transferred Amount Account to such Investment Option shall be permitted
to redirect such portion of his or her Deferral Account and/or Transferred
Amount Account to another Investment Option offered under the Plan.

5.5 CREDITING OF INVESTMENT RETURN.

Each Participant's Deferral Account and/or Transferred Amount Account shall be
credited with deemed investment gain or loss at the Investment Return Rate as of
each Valuation Date, based on the average daily balance of the Participant's
Deferral Account and/or Transferred Amount Account since the immediately
preceding Valuation Date, but after such Deferral Account and/or Transferred
Amount Account has been adjusted for any contributions or distributions to be
credited or deducted for such period. Until a Participant or his or her
Beneficiary receives his or her entire Deferral Account and/or Transferred
Amount Account, the unpaid balance thereof shall be credited with investment
gain or loss at the Investment Return Rate, as provided in this Section 5.5 of
the Plan.

5.6 VALUATION OF DEFERRAL ACCOUNT.

As of each Valuation Date, a Participant's Deferral Account and/or Transferred
Amount Account shall equal (i) the balance of the Participant's Deferral Account
and/or Transferred Amount Account as of the immediately preceding Valuation
Date, plus (ii) the Participant's deferred Directors' Fees since the immediately
preceding Valuation Date, plus or minus (iii) investment gain or loss credited
as of such Valuation Date pursuant to Section 5.5 of the Plan, and minus (iv)
the aggregate amount of distributions, if any, made from such Deferral Account
and/or Transferred Amount Account since the immediately preceding Valuation
Date. For purposes of valuing a Participant's Deferral Account and/or
Transferred Amount Account upon the termination of the Participant's membership
on the Board, the Valuation Date shall be the business day coinciding with or
immediately preceding the date of the termination of the Participant's Board
membership.

                                       16
<PAGE>   17

5.7 STATEMENT OF DEFERRAL ACCOUNT AND/OR TRANSFERRED AMOUNT ACCOUNT.

As soon as administratively feasible following the last day of each calendar
quarter, the Committee shall provide to each Participant a statement of the
value of his or her Deferral Account and/or Transferred Amount Account as of the
most recent Valuation Date.

                                   ARTICLE VI

PAYMENT OF BENEFITS

6.1 PAYMENT OF PHANTOM STOCK ACCOUNT.

As soon as administratively feasible following a Participant's termination of
membership on the Board, the Company shall distribute to the Participant or, in
the event of the Participant's death following such termination of membership,
to his Beneficiary, the number of shares of Company common stock represented by
the Participant's Phantom Stock Account, as determined in accordance with
Article IV of the Plan, less any income tax withholding required under
applicable law; provided, however, that a Participant who terminates his or her
membership on the Board for any reason prior to the earlier of (i) the
completion of five (5) Years of Service as a Board member, or (ii) a Change in
Control of the Company, shall forfeit his or her Phantom Stock Account. In the
event that a Participant dies prior to the termination of his membership on the
Board, such Participant's Phantom Stock Account shall be forfeited and no amount
shall be payable to the Participant's Beneficiary under the Plan.

6.2 PAYMENT OF DEFERRAL AND/OR TRANSFERRED AMOUNTS ACCOUNT

As soon as administratively feasible following a Participant's termination of
membership on the Board and without regard to whether the Participant is
entitled to payment of his or her Phantom

                                       17
<PAGE>   18

Stock Account, the Company shall pay to the Participant or, in the event of the
Participant's death, to his Beneficiary, an amount equal to the value of the
Participant's Deferral Account and/or Transferred Amount Account, as determined
in accordance with Article V of the Plan, less any income tax withholding
required under applicable law. Except as otherwise provided in the following
sentence, such payment shall be made in cash in the form elected by the
Participant pursuant to Section 6.5 of the Plan. Notwithstanding the preceding
sentence, to the extent the Participant had directed that any portion of his
Deferral Account and/or Transferred Amount Account be invested in the Company
Stock Fund, the Company shall distribute such portion in such number of shares
of Equitable Resources Common Stock as would be represented by an equal amount
invested in the Company Stock Fund under the Company 401(k) Plan.

6.3 IN-SERVICE DISTRIBUTION OF DEFERRAL AND/OR TRANSFERRED AMOUNTS ACCOUNT.

A Participant may make an irrevocable election to receive a distribution of all
or a specified dollar amount of his or her Deferral Account and/or Transferred
Amount Account on a date certain in the future prior to the termination of his
or her membership on the Board (an "IN-SERVICE DISTRIBUTION"); provided that
such In-Service Distribution shall be subject to any income tax withholding
required under applicable law. Such election must be made in writing at the time
the Participant first elects to participate in this Plan by filing an Enrollment
Form with the Committee.

For purposes of reducing a Participant's Deferral Account and/or Transferred
Amount Account and adjusting the balances in the various Investment Options in
which such reduced Deferral Account and/or Transferred Amount Account is deemed
to be invested to reflect such In-Service Distribution, amounts represented by
such In-Service Distribution shall be deemed to have been withdrawn first, on a
pro rata basis, from that portion of his Deferral Account and/or Transferred
Amounts Account deemed to be invested in Investment Options OTHER THAN the
Equitable Common Stock Fund (the "NON STOCK INVESTMENTS") and, second, to the
extent the In-Service Distribution cannot be fully satisfied by a deemed
withdrawal of the Non Stock Investments, from the portion deemed invested in the
Company Stock Fund.

                                       18
<PAGE>   19

Any such In-Service Distribution shall be made in one lump sum cash payment.
Notwithstanding the preceding sentence, to the extent the Participant had
directed that any portion of his Deferral Account and/or Transferred Amount
Account be invested in the Company Stock Fund, the Company shall distribute such
portion in such number of shares of Equitable Resources Common Stock as would be
represented by an equal amount invested in the Company Stock Fund under the
Company 401(k) Plan.

6.4 HARDSHIP WITHDRAWAL FROM DEFERRAL AND/OR TRANSFERRED AMOUNTS ACCOUNT.

In the event that the Committee, in its sole discretion, determines upon the
written request of a Participant in accordance with uniform procedures
established by the Committee, that the Participant has suffered an unforeseeable
financial emergency, the Company may pay to the Participant in a lump sum as
soon as administratively feasible following such determination, an amount
necessary to meet the emergency, but not exceeding the aggregate balance of such
Participant's Deferral Account and/or Transferred Amount Account as of the date
of such payment (a "HARDSHIP WITHDRAWAL"). Any such Hardship Withdrawal shall be
subject to any income tax withholding required under applicable law.

For purposes of this Section 6.4, an "unforeseeable financial emergency" shall
mean an event that the Committee determines to give rise to an unexpected need
for cash arising from an illness, casualty loss, sudden financial reversal, or
other such unforeseeable occurrence. The amount of a Hardship Withdrawal may not
exceed the amount the Committee reasonably determines to be necessary to meet
such emergency needs (including taxes incurred by reason of a taxable
distribution).

                                       19
<PAGE>   20

The form of payment of the Hardship Withdrawal, the amount of the Participant's
Deferral Account and/or Transferred Amount Account otherwise payable, and the
amounts deemed credited to the Investment Options under the Plan; shall be paid,
reduced and adjusted to reflect the payment of the Hardship Withdrawal in the
same manner described in Section 6.3 applicable to In-Service Distributions.

6.5 FORM OF PAYMENT.

(a) In General. A Participant may elect to receive that portion of his or her
Account payable hereunder in one of the following forms:

                    (i)  Annual payments of a fixed amount which shall amortize
                         the value of the Account over a period of five, ten, or
                         fifteen years (together, in the case of each annual
                         payment, with interest and dividends credited thereto
                         after the payment commencement date pursuant to
                         Sections 4.2, 5.5 and 5.6 of the Plan); or

                    (ii) A lump sum.

Such an election must be made in writing in accordance with uniform procedures
established by the Committee no later than the date that is one (1) year and one
(1) day prior to the date of the Participant's termination as a member of the
Board. In the event a Participant fails to make a distribution election within
the time period prescribed, his or her Account shall be distributed in the form
of a lump sum.

(b) Distribution of Company Common Stock. In the event the Company is required
to distribute some or all of a Participant's Account in shares of Equitable
Resources Common Stock in accordance with Plan Sections 6.1 and/or 6.2, the
aggregate amount of such shares shall be distributed in the same manner as the
Participant elected in subsection (a). To the extent the Participant elected an
installment form of payment, the number of shares of Equitable Common

                                       20
<PAGE>   21

Stock to be distributed in each installment shall be determined by multiplying
(i) the aggregate number of shares of Equitable Resources Common Stock deemed
credited to the Participant's Account as of the installment payment date by (ii)
a fraction, the numerator of which is one and the denominator of which is the
number of unpaid installments, and by rounding the resulting number down to the
next whole number.

6.6 PAYMENTS TO BENEFICIARIES.

In the event of a Participant's death prior to the Participant's termination of
membership on the Board, the Participant's Beneficiary shall receive payment of
the Participant's Deferral Account and/or Transferred Amount Account (but not
his Phantom Stock Account, if any) as soon as administratively feasible
following the Participant's death in the form elected by the Participant
pursuant to Section 6.5 of the Plan, less any income tax withholding required
under applicable law. If no such election was made by the Participant, the
Participant's Beneficiary shall receive payment of the Participant's Deferral
Account and/or Transferred Amount Account in the form of a lump sum. In the
event of the Participant's death after commencement of installment payments
under the Plan, but prior to receipt of his or her entire Account (including, by
way of clarification, the Participant's Phantom Stock Account, if any), the
Participant's Beneficiary shall receive the remaining installment payments at
such times as such installments would have been paid to the Participant until
the Participant's entire Account is paid.

6.7 SMALL BENEFIT.

In the event that the value of a Participant's Account is less than $5,000 as of
the Valuation Date immediately preceding the commencement of payment to the
Participant under the Plan, or the balance of the Participant's Account payable
to any Beneficiary is less than $5,000 as of the Valuation Date immediately
preceding the commencement of payment to the Participant's Beneficiary under the
Plan, the Committee may inform the Company and the Company, in its

                                       21
<PAGE>   22

discretion, may choose to pay the benefit in the form of a lump sum,
notwithstanding any provision of the Plan or an election of a Participant under
Section 6.5 of the Plan to the contrary.

                                   ARTICLE VII

BENEFICIARY DESIGNATION

7.1 BENEFICIARY DESIGNATION.

Each Participant shall have the sole right, at any time, to designate any person
or persons as his or her Beneficiary to whom payment may be made of any amounts
which may become payable in the event of his or her death prior to the complete
distribution to the Participant of his or her Account. Any Beneficiary
designation shall be made in writing in accordance with uniform procedures
established by the Committee. A Participant's most recent Beneficiary
designation shall supercede all prior Beneficiary designations. In the event a
Participant does not designate a Beneficiary under the Plan, any payments due
under the Plan shall be made first to the Participant's spouse; if no spouse,
then in equal amounts to the Participant's children; if no children, then to the
Participant's estate.

                                  ARTICLE VIII

ADMINISTRATION

8.1 COMMITTEE.

The Committee shall have sole discretion to: (i) designate non-employee
directors eligible to participate in the Plan; (ii) interpret the provisions of
the Plan; (iii) supervise the administration and operation of the Plan; and (iv)
adopt rules and procedures governing the Plan.

                                       22
<PAGE>   23

8.2 INVESTMENTS.

The Benefits Investment Committee of the Company shall have the sole discretion
to choose the Investment Options available under the Plan and to change or
eliminate such Investment Options, from time to time, as it deems appropriate.

8.3 AGENTS.

The Committee may delegate its administrative duties under the Plan to one or
more individuals, who may or may not be employees of the Company.

8.4 BINDING EFFECT OF DECISIONS.

Any decision or action of the Committee with respect to any question arising out
of or in connection with the eligibility, participation, administration,
interpretation, and application of the Plan shall be final and binding upon all
persons having any interest in the Plan.

8.5 INDEMNIFICATION OF COMMITTEES.

The Company shall indemnify and hold harmless the members of the Committee and
the Benefits Investment Committee and their duly appointed agents under Section
8.3 against any and all claims, losses, damages, expenses, or liabilities
arising from any action or failure to act with respect to the Plan, except in
the case of gross negligence or willful misconduct by any such member or agent
of the Committee or Benefits Investment Committee.

                                       23
<PAGE>   24

                                   ARTICLE IX

AMENDMENT AND TERMINATION OF PLAN

9.1 AMENDMENT.

The Company (or its delegate) may at any time, or from time to time, modify or
amend any or all of the provisions of the Plan. Where the action is to be taken
by the Company, it shall be accomplished by written action of the Board at a
meeting duly called at which a quorum is present and acting throughout. Where
the action is to be taken by a delegate of the Company, it shall be accomplished
pursuant to any procedures established in the instrument delegating the
authority. Regardless of whether the action is taken by the Company or its
delegate, no such modification or amendment shall have the effect of reducing
the value of any Participant's Account under the Plan as it existed as of the
day before the effective date of such modification or amendment, without such
Participant's prior written consent. Written notice of any modification or
amendment to the Plan shall be provided to each Participant under the Plan.

9.2 TERMINATION.

The Company, in its sole discretion, may terminate this Plan at any time and for
any reason whatsoever by written action of the Board at a meeting duly called at
which a quorum is present and acting throughout; provided that such termination
shall not have the effect of reducing the value of any Participant's Account
under the Plan as it existed on the day before the effective date of the
termination of the Plan without such Participant's prior written consent.
Notwithstanding any Participant election to the contrary, the Account of each
Participant under the Plan shall be paid as soon as administratively feasible
following the termination of the Plan. The Valuation Date for purposes of
determining the value of Participants' Accounts upon termination of the Plan
shall be the date prior to the date of the termination of the Plan.

                                       24
<PAGE>   25

                                    ARTICLE X

MISCELLANEOUS

10.1 FUNDING.

The Company's obligation to pay benefits under the Plan shall be merely an
unfunded and unsecured promise of the Company to pay money in the future. Except
as otherwise provided in Sections 4.1 and 5.3, prior to the occurrence of a
Change in Control, the Company, in its sole discretion, may elect to make
contributions to an Irrevocable Trust to assist the Company in satisfying all or
any portion of its obligations under the Plan. Regardless of whether the Company
elects to contribute to an Irrevocable Trust, Plan Participants, their
Beneficiaries, and their heirs, successors and assigns, shall have no secured
interest or right, title or claim in any property or assets of the Company.

Notwithstanding the foregoing, upon the occurrence of an event resulting in a
Change in Control, the Company shall make a contribution to an Irrevocable Trust
in an amount which, when added to the then value of any amounts previously
contributed to an Irrevocable Trust to assist the Company in satisfying all or
any portion of its obligations under the Plan, shall be sufficient to bring the
total value of assets held in the Irrevocable Trust to an amount not less than
the total value of all Participants' Accounts under the Plan as of the Valuation
Date immediately preceding the Change in Control; provided that any such funds
contributed to an Irrevocable Trust pursuant to this Section 10.1 shall remain
subject to the claims of the Company's general creditors and provided, further,
that such contribution shall reflect any Conversion Event described in Section
4.3 . Upon the occurrence of the Change in Control of the Company, all deferrals
to the Plan shall cease, any adjustments required by Section 4.3 shall be made
and the Company shall provide to the trustee of the Irrevocable Trust all Plan
records and other information necessary for the trustee to make payments to
Participants under the Plan in accordance with the terms of the Plan.

                                       25
<PAGE>   26

10.2 NONASSIGNABILITY.

No right or interest of a Participant or Beneficiary under the Plan may be
assigned, transferred, or subject to alienation, anticipation, sale, pledge,
encumbrance or other legal process or in any manner be liable for or subject to
the debts or liabilities of any such Participant or Beneficiary, or any other
person.

10.3 LEGAL FEES AND EXPENSES.

It is the intent of the Company that no Participant be required to incur the
expenses associated with the enforcement of his or her rights under this Plan by
litigation or other legal action because the cost and expense thereof would
substantially detract from the benefits intended to be extended to the
Participant hereunder. Accordingly, if after a Change in Control it should
appear that the Company has failed to comply with any of its obligations under
this Plan, or in the event that the Company or any other person takes any action
to declare this Plan void or unenforceable, or institutes any litigation
designed to deny, or to recover from, the Participant the benefits intended to
be provided to such Participant hereunder, the Company irrevocably authorizes
such Participant to retain counsel of his or her choice, at the expense of the
Company as hereafter provided, to represent such Participant in connection with
the initiation or defense of any litigation or other legal action, whether by or
against the Company or any director, officer, stockholder or other person
affiliated with the Company in any jurisdiction. The Company shall pay and be
solely responsible for any and all attorneys' and related fees and expenses
incurred by such Participant as a result of the Company's failure to perform
under this Plan or any provision thereof; or as a result of the Company or any
person contesting the validity or enforceability of this Plan or any provision
thereof.

                                       26
<PAGE>   27

10.4 CAPTIONS.

The captions contained herein are for convenience only and shall not control or
affect the meaning or construction hereof.

10.5 GOVERNING LAW.

The provisions of the Plan shall be construed and interpreted according to the
laws of the Commonwealth of Pennsylvania.

10.6 SUCCESSORS.

The provisions of the Plan shall bind and inure to the benefit of the Company,
its affiliates, and their respective successors and assigns. The term successors
as used herein shall include any corporate or other business entity which shall,
whether by merger, consolidation, purchase or otherwise, acquire all or
substantially all of the business and assets of the Company or a participating
affiliate and successors of any such corporation or other business entity.

10.7 RIGHT TO CONTINUED SERVICE.

Nothing contained herein shall be construed to confer upon any Participant the
right to continue to serve as a member of the Board or in any other capacity.

Executed this 16th day of May, 2000.

Equitable Resources, Inc.

/s/ GREGORY R. SPENCER
-------------------------------------------
By: Gregory R. Spencer
Title: Senior Vice President and Chief Administrative Officer

                                       27
<PAGE>   28

                                    EXHIBIT A

The following are the Investment Options that are used in determining the
Investment Return Rate under the Plan as of August 1, 2000.

-------------------------------------------------------------------------------
                                  Account Name
-------------------------------------------------------------------------------
Equitable Resources Common Stock Fund
-------------------------------------------------------------------------------
Putnam International Growth Fund
-------------------------------------------------------------------------------
Putnam Voyager Fund
-------------------------------------------------------------------------------
The Putnam Fund for Growth and Income
-------------------------------------------------------------------------------
The George Putnam Fund of Boston
-------------------------------------------------------------------------------
Putnam Income Fund
-------------------------------------------------------------------------------
Putnam OTC & Emerging Growth Fund
-------------------------------------------------------------------------------
Putnam Vista Fund
-------------------------------------------------------------------------------
PIMCO Total Return Fund
-------------------------------------------------------------------------------
Putnam Asset Allocation: Growth
-------------------------------------------------------------------------------
Putnam Asset Allocation: Balanced
-------------------------------------------------------------------------------
Putnam Asset Allocation: Conservative
-------------------------------------------------------------------------------

<PAGE>   29

                                    EXHIBIT B

                              PHANTOM STOCK AWARDS

                                 (MAY 26, 1999)

--------------------------------------------------------------------------------
         Director                             Phantom Stock Shares
--------------------------------------------------------------------------------
E. Lawrence Keyes, Jr.                              6,108.73
--------------------------------------------------------------------------------
Thomas A. McConomy                                  4,937.89
--------------------------------------------------------------------------------
Malcolm M. Prine                                    6,108.73
--------------------------------------------------------------------------------
Paul Christiano, Ph.D.                              1,883.53
--------------------------------------------------------------------------------
Donald I. Moritz                                    6,108.73
--------------------------------------------------------------------------------
J. Michael Talbert                                  2,494.40
--------------------------------------------------------------------------------
James E. Rohr                                       1,883.53
--------------------------------------------------------------------------------
Phyllis A. Domm, Ed.D                               1,883.53
--------------------------------------------------------------------------------
David S. Shapira                                    6,108.73
--------------------------------------------------------------------------------
Guy W. Nichols                                      1,221.75
--------------------------------------------------------------------------------<PAGE>   1

                                                                    EXHIBIT 10.1

                                                                 EXECUTION COPY

                                 April 11, 2000

American Express Travel Related Services, Inc.
3 World Financial Center
AMEX Tower
New York, New York  10285
Attn:  General Counsel's Office

         Re:      Second Amendment to the Marketing Agreement dated as of March
                  10, 1998, as amended by letter dated November 17, 1998, by and
                  between American Express Travel Related Services Company,
                  Inc., Administaff, Inc., Administaff Companies, Inc. and
                  Administaff of Texas, Inc.

Dear Ladies and Gentlemen:

         Reference is made hereby to the Marketing Agreement (the "Marketing
Agreement") dated as of March 10, 1998, as amended by letter dated November 17,
1998 (the "First Amendment"), by and between American Express Travel Related
Services, Inc. ("AMEX"), Administaff, Inc. ("ASF DE"), Administaff Companies,
Inc. ("ASF COMP") and Administaff ("ASF TX" and together with ASF DE and ASF
COMP, collectively referred to herein as "ASF"). By execution and delivery of
this letter agreement (the "Second Amendment"), the parties are effecting an
amendment to the Marketing Agreement on the terms set forth herein. Capitalized
terms used herein, but not defined, will have the meanings assigned to such
terms in the Marketing Agreement.

         This Second Amendment sets forth the understandings of the parties with
respect to the matters set forth below:

1.   Section 1 is hereby amended to add the following new definitions in
     alphabetical sequence:

         "AMEX Site: means the Internet sites operated by or on behalf of AMEX
         or an AMEX affiliate, together with any mirror and successor sites, or
         co-branded sites."

         "ASF Site: means any Internet site operated by or on behalf of ASF or
         an ASF affiliate, together with any mirror and successor site or
         co-branded site."

         * * *

         "Budgeted Sales: mean with respect to a given Calendar Year, a number
         of Paid Worksite Employees equal to the number of Dedicated Staff for
         that Calendar Year multiplied by * * *.

         "Calendar Year: means from January 1 to December 31 of any year."

*** Confidential Treatment Requested

                                       1
<PAGE>   2

         "Five-Year Term: means for AMEX Clients sold on or after March 1, 2000,
         a five-year period from the date an AMEX Lead becomes an AMEX Client."

         "Joint Marketing Team: means a team consisting of individuals appointed
         by each of AMEX and ASF that will conduct the activities set forth in
         Section 4(e)."

         "Qualified First Call: means an AMEX Lead that results in an
         Appointment and meeting with an ASF sales person."

2.   The following definitions are hereby amended to read as follows:

         "AMEX Customer: means (i) any Business Entity that utilizes an AMEX
         product or service (e.g. an American Express Corporate Card), (ii) a
         user of the AMEX Site and (iii) any AMEX generated referral to ASF.

         * * *

         "Expiration Date: means December 31, 2005 (including any renewal period
         as provided)."

3.   The first paragraph of Section 4(a) is hereby amended to read in its
     entirety as follows:

         "a.      AMEX Marketing Activities: AMEX will use commercially
                  reasonable efforts to generate AMEX Leads to ASF (the "AMEX
                  Marketing Activities"), which efforts may include, but shall
                  not necessarily be limited to, a broad-based marketing
                  campaign in support of ASF's efforts to improve its sales
                  efficiency, to assist in opening new ASF markets, and to
                  promote ASF and the Services to AMEX Customers and other
                  Business Entities that meet ASF's reasonable guidelines,
                  including size, location and SIC code."

4.   New Section 4(a)(5) is hereby added:

                  "(5) * * *

5.   The second sentence of Section 4(c) is hereby amended to read as follows:

                  "At no cost to AMEX, ASF will proceed with training of ASF's
                  inside and outside sales personnel in the customized alliance
                  training program developed and tested in 1999 by ASF and AMEX,
                  subject to review and approval by AMEX of all training
                  material."

*** Confidential Treatment Requested

                                       2
<PAGE>   3

6.   New Section 4(e) is hereby added:

         "e.      Quarterly Meetings: AMEX and ASF will establish a Joint
                  Marketing Team, which will meet quarterly to (i) review the
                  AMEX marketing plans and the allocation by AMEX of the AMEX
                  Minimum Marketing Expenditure to each of the Marketing
                  Activities and (ii) compare progress against the economic
                  model attached as Exhibit B to this Second Amendment. In the
                  event of a disagreement, AMEX's decision shall be binding with
                  respect to the allocation of the AMEX Minimum Marketing
                  Expenditure to the AMEX Marketing Activities."

7.   Section 5(a)(1) is hereby amended in its entirety to read as follows:

                  "Embedded Product: At AMEX's discretion, AMEX may require ASF
                  to embed the Required Embedding in the Services provided to
                  AMEX Clients or other existing or potential ASF Clients, and
                  ASF shall use all reasonable commercial efforts to integrate
                  the Required Embedding into a seamless offering of the
                  Services. Subject to mutually acceptable terms and conditions,
                  AMEX agrees that ASF may offer Embedded Products other than
                  the Required Embedding ("Other Embedded Products"), such as
                  Small Business Services Corporate Card, Business Travel,
                  On-line Banking and Brokerage Services, Fee Services, Student
                  Loan Services, and Credit Card Services. AMEX agrees to set
                  aside the normal referral fees with respect to Other Embedded
                  Products in the form of (a) special offers creating savings to
                  Clients and/or employees or (b) commissions paid to ASF. The
                  rights and obligations of ASF with respect to Other Embedded
                  Products shall be subject to the terms and conditions of
                  individual agreements made between ASF and such AMEX business
                  unit(s) as specified by AMEX with respect to each Other
                  Embedded Product (each a "Product Agreement"), which the
                  parties agree to negotiate in good faith. Any and all Embedded
                  Products will, at AMEX's discretion, be clearly identified
                  under the name and brand that AMEX designates, and ASF agrees
                  that all Embedded Products shall have preferred placement at
                  the top of the principal web pages for the financial and
                  travel sections of the ASF Site."

8.   New Section 5(c) is hereby added:

         "c.      Added Staff, Markets and Offices. ASF will use reasonable
                  efforts to expand into new markets at a rate of approximately
                  one such new market per quarter, unless, in its sole
                  discretion, ASF determines that such expansion is not in its
                  best interests."

9.   New Section 6(b)(4) is hereby added:

         *  *  *

*** Confidential Treatment Requested

                                       3
<PAGE>   4

10.  Section 7(a) is hereby amended in its entirety to read as follows:

         "a.

                           * * *

                  (4)      ASF shall deliver to AMEX the Commission Report for
                           each month together with the payments required under
                           this Section 7 for such month.

                  (5)      * * *

                  (6)      Payments for all commissions shall be due and payable
                           by ASF to AMEX on or before the 25th day of each
                           month (the "Due Date") for the prior month's
                           commission.

                  (7)      ASF shall pay interest at the rate of 18% per annum
                           on all commissions paid after the Due Date."

                  (8)      * * *

11.  Section 9(b) is hereby amended to read as follows:

     *  *  *

12.  Upon signing this Second Amendment, AMEX and ASF will jointly prepare a
     press release for release by ASF announcing the new terms of the Marketing
     Agreement.

13.  This Amendment may be executed in any number of counterparts, each of which
     when so executed and delivered shall be an original but all of which shall
     together constitute one and the same instrument.

14.  Except as modified by this Second Amendment and the First Amendment, the
     Marketing Agreement shall continue in full force and effect. The Marketing
     Agreement, the First Amendment, and this Second Amendment shall be read,
     taken and construed as one and the same instrument.

15.  This Second Amendment constitutes the entire agreement between the parties
     with respect to the subject matter hereof and supersedes all prior
     contemporaneous oral or written understandings or agreements among the
     parties which relate to the subject matter hereof.

16.  This Second Amendment shall be binding upon and shall inure to the benefit
     of and be enforceable by the parties hereto and their respective successors
     and permitted assigns.

17.  Upon the execution and delivery of this Second Amendment by the parties
     hereto, this Second Amendment shall be and become a binding agreement among
     the parties hereto.

*** Confidential Treatment Requested

                                       4

<PAGE>   5

                                              Very truly yours,

                                              ADMINISTAFF, INC.

                                              By: /s/ Paul J. Sarvadi
                                                 ------------------------------
                                                  Name:  Paul J. Sarvadi
                                                  Title: President and Chief
                                                         Executive Officer
                                                  ADMINISTAFF OF TEXAS, INC.

                                              By: /s/ Paul J. Sarvadi
                                                 ------------------------------
                                                  Name:  Paul J. Sarvadi
                                                  Title: President and Chief
                                                         Executive Officer
                                                  ADMINISTAFF COMPANIES, INC.

                                              By: /s/ Paul J. Sarvadi
                                                 ------------------------------
                                                  Name:  Paul J. Sarvadi
                                                  Title: President and Chief
                                                         Executive Officer
                                                  ADMINISTAFF, INC.

Accepted and agreed to:

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.

By:    /s/ Larry Sharnak
   -----------------------
Name:  Larry Sharnak
Title: Senior Vice President, AERS

*** Confidential Treatment Requested

                                       5

<PAGE>   6

                                    EXHIBIT A

                                      * * *

*** Confidential Treatment Requested

                                       6
<PAGE>   7

                                    EXHIBIT B

                                      * * *

*** Confidential Treatment Requested

                                       7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00013-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00013-of-00352.parquet"}]]