Document:

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                                                                     Exhibit 4.6

                           COOPER CAMERON CORPORATION
                         BROADBASED 2000 INCENTIVE PLAN

1.  Purpose

    The purpose of the Cooper Cameron Corporation Broadbased 2000 Incentive Plan
(the "Plan") is to promote the long-term financial interests of Cooper Cameron
Corporation (the "Company"), including its growth and performance, by
encouraging employees of the Company and its subsidiaries to acquire an
ownership position in the Company, enhancing the ability of the Company to
attract and retain employees of outstanding ability, and providing employees
with an interest in the Company parallel to that of the Company's stockholders.
By encouraging Plan participants to achieve stated business objectives and
become stockholders of the Company and by providing actual ownership through
certain Plan awards, it is also intended that participants will view the Company
from an ownership perspective and consider their interests as aligned with those
of the Company.

2.  Definitions

          2.1  "Award" means any form of nonqualified stock option, restricted
stock award, performance share, performance award payable in stock or cash, or
cash granted under the Plan, whether singly, in combination, or in tandem, to a
Participant by the Committee pursuant to such terms, conditions, restrictions
and limitations, if any, as the Committee may establish by the Award Agreement
or otherwise. Shares reserved for issuance under the Plan may also be used for
awards under other incentive or award plans of the Company.

          2.2  "Award Agreement" means a written agreement with respect to an
Award between the Company and a Participant, establishing the terms, conditions,
restrictions and limitations applicable to an Award. To the extent an Award
Agreement is inconsistent with the terms of the Plan, the Plan shall govern the
rights of the Participant thereunder.

          2.3  "Board" shall mean the Board of Directors of the Company.

          2.4  "Change of Control" means a change in control of the Company of a
nature that would be required to be reported (assuming such event has not been
"previously reported") in response to Item 6(e) of Schedule 14A of Regulation
14A promulgated under the Exchange Act; provided that, without limitation, a
Change of Control shall be deemed to have occurred at such time as (i) any
"person" within the meaning of Section 14(d) of the Exchange Act is or becomes
the beneficial owner, directly or indirectly, of securities of the Company
representing 20% or more of the combined voting power of the Company's then-
outstanding securities or (ii) during any period of two consecutive years,
individuals who at the beginning of such period constitute the Board cease for
any reason to constitute at least a majority thereof, unless the election, or
the nomination for election by the Company's shareholders, of each new director
was approved by a vote of at least two-thirds of the directors then still in
office who were directors at the beginning of the period.
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          2.5  "Change of Control Price" means the higher of (i) the Fair Market
Value on the date of determination of the Change of Control or (ii) the highest
price per share actually paid for the Common Stock in connection with the Change
of Control of the Company.

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

          2.7  "Committee" means the Compensation Committee of the Board, or
such other committee designated by the Board to administer the Plan.

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

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

          2.10 "Executive Officer" means an executive officer as set forth in
Rule 3b-7 promulgated under the Exchange Act.

          2.11 "Fair Market Value" of a share of Common Stock, as of any date,
means the average of the high and low sales prices of a share of Common Stock as
reported on the Stock Exchange composite tape on the applicable date; provided
that if no sales of Common Stock were made on the Stock Exchange on that date,
it means the average of the high and low prices as reported on the composite
tape for the preceding day on which sales of Common Stock were made.

          2.12 "Immediate Family" means, with respect to a Participant, the
Participant's spouse, children or grandchildren (including adopted children,
stepchildren and grandchildren).

          2.13 "Participant" means any key employee of the Company or its
subsidiaries other than an Executive Officer who is selected by the Committee to
participate in the Plan.

          2.14 "Stock Exchange" means the New York Stock Exchange ("NYSE") or,
if the Common Stock is no longer included on the NYSE, then such other market
price reporting system on which the Common Stock is traded or quoted designated
by the Committee after it determines that such other exchange is both reliable
and reasonably accessible.

3.  Administration

          3.1  The Plan shall be administered by the Committee. A majority of
the Committee shall constitute a quorum, and the acts of a majority of a quorum
shall be the acts of the Committee.

          3.2  Subject to the provisions of the Plan, the Committee shall have
the authority in its sole discretion to administer the Plan and to exercise all
the powers and authorities either specifically granted to it under the Plan or
necessary or advisable in the administration of the Plan, including, without
limitation, the authority to select the Participants; to determine the type of
Awards to be made to Participants; to determine the shares or cash
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subject to any Award and the terms, conditions and restrictions relating to any
Award; to determine whether and to what extent, and under what circumstances,
any Award may be settled, cancelled, forfeited, exchanged or surrendered; to
waive or modify any condition applicable to an Award; to make adjustments in the
performance goals of an Award (i) in recognition of unusual or nonrecurring
events affecting the Company or the financial statements of the Company or (ii)
in response to changes in applicable laws, regulations or accounting principles;
to interpret the Plan and establish, amend and rescind any administrative
policies; to determine the terms and provisions of any Award Agreements entered
into hereunder; and to make all other determinations necessary or advisable for
the administration of the Plan. The Committee may correct any defect, supply any
omission, or reconcile any inconsistency in the Plan or in any Award Agreement
in the manner and to the extent it shall deem desirable to carry it into effect.
The determinations of the Committee in the administration of the Plan, as
described herein, shall be final and conclusive.

          3.3  In order to enable Participants who are foreign nationals or
employed outside the United States, or both, to receive Awards under the Plan,
the Committee may adopt such amendments, subplans and the like as are necessary
or advisable, in the opinion of the Committee, to effectuate the purposes of the
Plan.

          3.4  No member of the Committee shall be liable for any action,
omission or determination relating to the Plan, and the Company shall indemnify
and hold harmless each member of the Committee and each other director and
employee of the Company to whom any duty or power relating to the administration
or interpretation of the Plan has been delegated against any cost or expense
(including counsel fees) or liability (including any sum paid in settlement of a
claim with the approval of the Committee) arising out of any action, omission or
determination relating to the Plan, unless such action, omission or
determination was taken or made by such member, director or employee in bad
faith and without reasonable belief that it was in the best interests of the
Company.

4.  Shares Subject to the Plan

          4.1  There shall be available for Awards granted wholly or partly in
Common Stock (including rights or options that may be exercised for or settled
in Common Stock) during the term of this Plan an aggregate of 800,000 shares of
Common Stock, subject to the adjustments provided for in Section 13 hereof.
Shares of Common Stock available for issuance under the Plan may be authorized
and unissued shares or treasury shares, as the Company may from time to time
determine. The Board and the appropriate officers of the Company shall from time
to time take whatever actions are necessary to file required documents with
governmental authorities and the Stock Exchange to make shares of Common Stock
available for issuance pursuant to Awards. Common Stock related to Awards that
are forfeited or terminated, expire unexercised, are settled in cash in lieu of
Common Stock or in a manner such that all or some of the shares covered by an
Award are not issued to a Participant (including where shares of Common Stock
covered by an Award are used to satisfy tax withholding obligations pursuant to
Section 14 of the Plan), or are exchanged for Awards that do not involve Common
Stock shall immediately become available for Awards hereunder. Common Stock
related to Awards of stock options (i) for which the option exercise price is
paid in shares of Common Stock, (ii) for which the option exercise price is paid
in cash which is then used by the Company to repurchase shares
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of Common Stock in the market, or (iii) for which taxes have been paid in shares
of Common Stock shall also immediately become available for Awards hereunder.

          4.2  Only treasury shares shall be available for issuance to any
individual who is an Executive Officer.

5.  Awards

    Awards under the Plan may consist of: nonqualified stock options, restricted
stock awards, performance shares, performance awards payable in stock or cash,
or cash. Awards of restricted stock and performance shares may provide the
Participant with dividends and voting rights or dividend equivalents prior to
vesting (whether based on a period of time or based on attainment of specified
performance conditions). The terms, conditions and restrictions of each Award
shall be set forth in an Award Agreement.

6.  Stock Options

          6.1  Grants. Awards may be granted in the form of nonqualified stock
options within the meaning of Section 83 of the Code.

          6.2  Terms and Conditions of Options. An option shall be exercisable
in whole or in such installments and at such times and upon such terms as may be
determined by the Committee; provided, however, that no stock option shall be
exercisable more than ten years after the date of grant thereof. The option
exercise price shall be established by the Committee, but such price shall not
be less than the greater of par value or Fair Market Value on the date of the
stock option's grant, subject to adjustment as provided in Section 13 hereof.

          6.3  Payment. Upon exercise, a Participant may pay the option exercise
price of a stock option in cash, shares of Common Stock, or a combination of the
foregoing, or such other consideration as the Committee may deem appropriate.
The Committee shall establish appropriate methods for accepting Common Stock and
may impose such conditions as it deems appropriate on the use of Common Stock to
exercise a stock option. The Committee may provide in an Award Agreement
respecting a stock option that, if a Participant pays the option exercise price
in shares of Common Stock, upon the date of such payment a new option shall be
granted and the number of shares of Common Stock subject to such new option
shall be equal to the number of shares of Common Stock tendered in payment (plus
the number of any shares of Common Stock respecting the exercised option
retained to satisfy any tax withholding obligations); provided that such new
option shall not be exercisable in any event after the original term of the
exercised option.

          6.4  Additional Terms and Conditions. The Committee may, by way of the
Award Agreement or otherwise, establish such other terms, conditions or
restrictions, if any, on any stock option award, provided they are consistent
with the Plan. The Committee may condition the vesting of stock options on the
achievement of financial performance criteria established by the Committee at
the time of grant.
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7.  Restricted Stock Awards

          7.1  Grants. Awards may be granted in the form of restricted stock
("Restricted Stock Awards"). Restricted Stock Awards shall be awarded in such
numbers and at such times as the Committee shall determine.

          7.2  Award Restrictions. Restricted Stock Awards shall be subject to
such terms, conditions or restrictions as the Committee deems appropriate,
including, but not limited to, restrictions on transferability, requirements of
continued employment, individual performance or the financial performance of the
Company. The period of vesting and the forfeiture restrictions shall be
established by the Committee at the time of grant.

          7.3  Rights as Shareholders. During the period in which any restricted
shares of Common Stock are subject to forfeiture restrictions imposed under the
preceding paragraph, the Committee may, in its discretion, grant to the
Participant to whom such restricted shares have been awarded, all or any of the
rights of a shareholder with respect to such shares, including, but not limited
to, the rights to vote such shares and to receive dividends.

          7.4  Evidence of Award. Any Restricted Stock Award granted under the
Plan may be evidenced in such manner as the Committee deems appropriate,
including, without limitation, book entry registration or issuance of a stock
certificate or certificates.

8.  Performance Awards

          8.1  Grants. Awards may be granted in the form of shares of Common
Stock that are earned only after the attainment of predetermined performance
goals during a performance period as established by the Committee ("Performance
Shares") or in the form of performance awards payable in shares or cash
("Performance Units").

          8.2  Performance Criteria. The Committee may grant an Award of
Performance Shares or Performance Units to Participants as of the first day of
each Performance Period. As used herein, the term "Performance Period" means the
period during which a Performance Target is measured, and the term "Performance
Target" means the predetermined goals established by the Committee. A
Performance Target will be established for each Performance Period. At the end
of the Performance Period, the Performance Shares or Performance Units, as the
case may be, shall be converted into Common Stock (or cash or a combination of
Common Stock and cash, as determined by the Award Agreement) and distributed to
Participants based upon such entitlement.

          8.3  Additional Terms and Conditions. The Committee may, by way of the
Award Agreement or otherwise, determine the manner of payment of Awards of
Performance Shares and Performance Units and other terms, conditions or
restrictions, if any, on any Award of Performance Shares and Performance Units,
provided they are consistent with the Plan.

9.  Dividends and Dividend Equivalents

    The Committee may provide that any Awards under the Plan earn dividends or
dividend equivalents. Such dividends or dividend equivalents may be paid
currently or may be credited to
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a Participant's account. Any crediting of dividends or dividend equivalents may
be subject to such restrictions and conditions as the Committee may establish,
including reinvestment in additional shares or share equivalents.

10.  Deferrals and Settlements

     The Committee may require or permit participants to elect to defer the
issuance of shares or the settlement of Awards in cash under such administrative
policies as it may establish under the Plan. It also may provide that deferred
settlements include the payment or crediting of interest on the deferral
amounts, or the payment or crediting of dividend equivalents where the deferral
amounts are denominated in shares.

11.  Termination of Employment

     Upon the termination of employment by a Participant, any unexercised,
deferred or unpaid Awards shall be treated as provided in the specific Award
Agreement evidencing the Award. In the event of such a termination, the
Committee may, in its discretion, provide for the extension of the
exercisability of an Award, accelerate the vesting or exercisability of an
Award, eliminate or make less restrictive any restrictions contained in an
Award, waive any restriction or other provision of this Plan or an Award, or
otherwise amend or modify the Award in any manner that is either (i) not adverse
to such Participant or (ii) consented to by such Participant.

12.  Transferability and Exercisability

     Awards granted under the Plan shall not be sold, transferred, assigned or
otherwise alienated other than:  (i) by will or the laws of descent and
distribution; (ii) pursuant to a qualified domestic relations order (as defined
by the Code); or (iii) with respect to Awards of stock options, by transfer by a
Participant to a member of the Participant's Immediate Family, to a trust solely
for the benefit of the Participant and his Immediate Family, or to a partnership
or limited liability company whose only partners or shareholders are the
Participant and members of his Immediate Family. However, any Award so
transferred shall continue to be subject to all the terms and conditions
contained in the Award Agreement.

     Except as otherwise provided herein, during the lifetime of a Participant,
any Award shall be exercisable only by the Participant. In the event that a
Participant terminates employment with the Company to assume a position with a
governmental, charitable, educational or other nonprofit institution, the
Committee may subsequently authorize a third party, including, but not limited
to, a "blind" trust, to act on behalf of and for the benefit of such Participant
regarding any outstanding Awards held by the Participant subsequent to such
termination of employment. If so permitted by the Committee, a Participant may
designate a beneficiary or beneficiaries to exercise the rights of the
Participant and to receive any distribution under the Plan upon the death of the
Participant. In the event that a Participant becomes mentally incapacitated, any
Award shall be exercisable by the Participant's guardian or legal
representative.

13.  Adjustments

     13.1  The existence of outstanding Awards shall not affect in any manner
the right or power of the Company or its stockholders to make or authorize any
or all adjustments,
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recapitalizations, reorganizations or other changes in the capital stock of the
Company or its business, or any merger or consolidation of the Company, or any
issue of bonds, debentures, or preferred or prior preference stock (whether or
not such issue is prior to, on a parity with or junior to the Common Stock), or
the dissolution or liquidation of the Company, or any sale or transfer of all or
any part of its assets or business, or any other corporate act or proceeding of
any kind, whether or not of a character similar to that of the acts or
proceedings enumerated above.

          13.2  In the event of any subdivision or consolidation of outstanding
shares of Common Stock or declaration of a dividend payable in shares of Common
Stock or other stock split, then (i) the number of shares of Common Stock
issuable pursuant to each Award, (ii) the total number of shares reserved under
the Plan, and (iii) the per share exercise price of the Awards shall each be
proportionately adjusted to reflect such transaction. In the event of any other
recapitalization or capital reorganization of the Company, any consolidation or
merger of the Company with another corporation or entity, the adoption by the
Company of a plan of exchange affecting the Common Stock or any distribution to
holders of Common Stock of securities or property (other than normal cash
dividends or dividends payable in Common Stock), the Board shall make
appropriate adjustments to (a) the number of shares of Common Stock issuable
pursuant to each Award and (b) the per share exercise price of the Awards to
reflect such transaction. In the event of a corporate merger, consolidation,
acquisition of property or stock, separation, reorganization or liquidation, the
Board shall be authorized to issue or assume stock options by means of a
substitution of new options for previously issued options or an assumption of
previously issued options as a part of such adjustment.

          13.3  In addition to any other rights or privileges held by a holder
with respect to an Award that is an option (including the provisions of Section
13.2), upon a Change of Control of the Company, the holder shall have the right
to exchange such option ("Old Option") for a new option ("New Option") that
shall be issued according to the following:

                (i)   the New Option shall be immediately exercisable;

                (ii)  the New Option shall have a term equal to the remaining
term of the Old Option it replaces (and shall be exercisable through such term);

                (iii) the New Option will give the holder the right to acquire
shares of the publicly traded common equity of the Company or any successor or
any direct or indirect parent of either ("Replacement Common Stock") (in the
event of two or more classes of common equity, the common equity used shall be
determined by the Committee that existed prior to the Change of Control);

                (iv)  the exercise price used for the New Option ("New Exercise
Price") for acquiring a share of Replacement Common Stock shall be determined at
the time of the Change of Control by taking (i) the higher of (a) the aggregate
value (as of the date of the Change of Control) equal to the merger or
acquisition consideration paid or payable in the Change of Control, on a per
share basis, or (b) the highest price paid for a share of the Company's Common
Stock over the Stock Exchange during the 12 months prior to the Change of
Control and (ii) dividing such amount into the per share exercise price of the
Old Option; with the result multiplied by the Replacement Common Stock closing
price on its principal stock
<PAGE>

exchange on the day of the Change of Control, or if traded in the over-the-
counter market and not on an exchange, the last bid price in such market;

                (v)   the number of shares of Replacement Common Stock subject
to the New Option shall be the number necessary, using the New Exercise Price,
to provide an aggregate value (as of the date of the Change of Control) equal to
the aggregate value to the holder of the Old Option using the higher of (a) the
merger or acquisition consideration paid or payable in the Change of Control, on
a per share basis, or (b) the highest price paid for a share of the Company's
Common Stock over the Stock Exchange during the 12 months prior to the Change of
Control; and

                (vi)  if there is no publicly traded common equity of the
Company, or any successor or any direct or indirect parent of either, then the
New Option shall be with respect to shares of the direct or indirect parent of
the Company, and if there is no such parent, then the Company, and if the
Company no longer exists, then the successor to the Company.

          13.4  The Board may determine, in connection with an event described
in Section 13.2 or 13.3, to provide with respect to Awards other adjustments,
rights or privileges, including adjustments, rights or privileges that are
alternatives to those provided in Sections 13.2 and 13.3, but unless such
adjustments, rights or privileges are cumulative to those in Sections 13.2 and
13.3, they will be applicable only with the consent of the holder of an Award.

14.  Withholding Taxes

     The Company shall have the right to deduct from any payment to be made
pursuant to the Plan the amount of any taxes required by law to be withheld
therefrom, or to require a Participant to pay to the Company such amount
required to be withheld prior to the issuance or delivery of any shares of
Common Stock or the payment of cash under the Plan. The Committee may, in its
discretion, permit a Participant to elect to satisfy such withholding obligation
by (i) having the Company retain the number of shares of Common Stock or (ii)
tendering the number of shares of Common Stock, in either case, whose Fair
Market Value equals the amount required to be withheld. Any fraction of a share
of Common Stock required to satisfy such obligation shall be disregarded, and
the amount due shall instead be paid in cash, to or by the Participant, as the
case may be.

15.  Regulatory Approvals and Listings

     Notwithstanding anything contained in this Plan to the contrary, the
Company shall have no obligation to issue or deliver certificates of Common
Stock evidencing Restricted Stock Awards or any other Award payable in Common
Stock prior to (i) the obtaining of any approval from any governmental agency
which the Company shall, in its sole discretion, determine to be necessary or
advisable; (ii) the admission of such shares to listing on the Stock Exchange
and (iii) the completion of any registration or other qualification of said
shares under any state or federal law or ruling of any governmental body which
the Company shall, in its sole discretion, determine to be necessary or
advisable.
<PAGE>

16.  No Right to Continued Employment or Grants

     No person shall have any claim or right to be granted an Award, and the
grant of an Award shall not be construed as giving a Participant the right to be
retained in the employ of the Company or its subsidiaries. Further, the Company
and its subsidiaries expressly reserve the right at any time to dismiss a
Participant free from any liability, or any claim under the Plan, except as
provided herein or in any Award Agreement entered into hereunder.

17.  Change of Control

     The Committee shall have the discretion, exercisable at any time before a
Change of Control, to provide for the acceleration of vesting and for
settlement, including cash payment, of an Award granted under the Plan upon or
immediately before such event is effective. However, the granting of Awards
under the Plan shall in no way affect the right of the Company to adjust,
reclassify, reorganize or otherwise change its capital or business structure, or
to merge, consolidate, dissolve, liquidate, sell or transfer all or any portion
of its businesses or assets.

18.  Amendment, Modification, Suspension or Termination

     The Board may amend, modify, suspend or terminate this Plan for any
purpose, except that (i) no amendment or alteration that would impair the rights
of any Participant under any Award previously granted to such Participant shall
be made without such Participant's consent and (ii) no amendment or alteration
shall be effective prior to approval by the Company's stockholders to the extent
such approval is then required by applicable legal requirements.

19.  Governing Law

     The validity, construction and effect of the Plan and any actions taken or
relating to the Plan shall be determined in accordance with the laws of the
State of Delaware and applicable federal law.

20.  Rights as Shareholder

     Except as otherwise provided in the Award Agreement, a Participant shall
have no rights as a shareholder until he or she becomes the holder of record. To
the extent any person acquires a right to receive payments from the Company
under this Plan, such rights shall be no greater than the rights of an unsecured
creditor of the Company.

21.  Other Benefit and Compensation Programs

     Unless otherwise specifically provided to the contrary in the relevant
plan, program or practice, settlements of Awards received by Participants under
the Plan shall not be deemed a part of a Participant's regular, recurring
compensation for purposes of calculating payments or benefits from any Company
benefit plan, program or practice or any severance pay law of any country.
Further, the Company may adopt other compensation programs, plans or
arrangements as it deems appropriate or necessary.
<PAGE>

22.  Unfunded Plan

     Unless otherwise determined by the Committee, the Plan shall be unfunded
and shall not create (or be construed to create) a trust or a separate fund or
funds. The Plan shall not establish any fiduciary relationship between the
Company and any Participant or other person. To the extent any person holds any
rights by virtue of an Award granted under the Plan, such rights (unless
otherwise determined by the Committee) shall be no greater than the rights
(unless otherwise determined by the Committee) of an unsecured general creditor
of the Company.

23.  Use of Proceeds

     The cash or proceeds received by the Company from the issuance of shares
pursuant to awards under the Plan shall constitute general funds of the Company.

24.  Successors and Assigns

     The Plan shall be binding on all successors and assigns of a Participant,
including, without limitation, the estate of such Participant and the executor,
administrator or trustee of such estate, or any receiver or trustee in
bankruptcy or any representative of the Participant's creditors.

25.  Effective Date

     This Plan shall be effective as of the 20th day of July, 2000 (the
"Effective Date"). Subject to earlier termination pursuant to Section 18, the
Plan shall have a term of ten years from the Effective Date. After termination
of the Plan, no future Awards may be granted, but previously granted Awards
shall remain outstanding in accordance with their applicable terms and
conditions and the terms and conditions of the Plan.<PAGE>

                                                                     EXHIBIT 4.8

No. __                                                       CUSIP No. 913456AD1

                             UNIVERSAL CORPORATION

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

                           PERMANENT GLOBAL SECURITY
                                  $120,000,000
                              8 1/2% Note due 2003

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

THIS SECURITY IS A BOOK-ENTRY SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A U.S. DEPOSITARY OR A
NOMINEE OF A U.S. DEPOSITARY.  THIS SECURITY IS EXCHANGEABLE FOR SECURITIES
REGISTERED IN THE NAME OF A PERSON OTHER THAN THE U.S. DEPOSITARY OR ITS NOMINEE
ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF
THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE U.S.
DEPOSITARY TO A NOMINEE OF THE U.S. DEPOSITARY OR BY A NOMINEE OF THE U.S.
DEPOSITARY TO THE U.S. DEPOSITARY OR ANOTHER NOMINEE OF THE U.S. DEPOSITARY) MAY
BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS PERMANENT GLOBAL SECURITY
SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON EXCEPT PURSUANT TO THE
PROVISIONS HEREOF.

     Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC") to the Issuer or its
agent for registration of transfer, exchange or payment, and any certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
<PAGE>

OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

     This permanent global Security is one of a duly authorized issue of
securities (herein called the "Securities") of Universal Corporation, a Virginia
corporation (hereinafter called the "Company", which term includes any successor
corporation under the Indenture hereinafter referred to), unlimited as to
aggregate principal amount, issued and to be issued in one or more series under
an indenture dated as of February 1, 1991, between the Company and The Chase
Manhattan Bank (formerly known as Chemical Bank), as Trustee (herein called the
"Trustee", which term includes any successor trustee under the Indenture (as
hereinafter defined)), to which indenture and all indentures supplemental hereto
(the indenture as supplemented being herein called the "Indenture") reference is
hereby made for a statement of the respective rights thereunder of the Company,
the Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered.  This permanent
global Security is one of the series of Securities designated on the face
hereof, limited in aggregate principal amount to One Hundred Twenty Million
United States Dollars (US$120,000,000).  This permanent global Security
represents an aggregate initial principal amount of One Hundred Twenty Million
United States Dollars (as adjusted from time to time in accordance with the
terms and provisions hereof and as set forth on Schedule A hereto, the
"Principal Amount") of the Securities of such series, with the Interest Payment
Dates, date of original issuance, and date of Maturity specified herein and
bearing interest on said Principal Amount at the interest rate specified herein.

     The Company, for value received, hereby promises to pay to Cede & Co., or
registered assigns, the Principal Amount hereof on February 28, 2003, and to pay
interest (computed on the basis of a 360-day year of twelve 30-day months) from
February 16, 2000, or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, or, if the date of this permanent
global Security is an Interest Payment Date to which interest has been paid or
duly provided for, then from the date hereof semi-annually in arrears on
February 28 and August 28 in each year commencing August 28, 2000, and at
Maturity, at the rate of 8 1/2% per annum, until the principal hereof is paid or
duly made available for payment.  The interest so payable, and punctually paid
or duly provided for, on any Interest Payment Date will, as provided in such
Indenture, be paid to the Person in whose name this permanent global Security
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which shall be the February 15 or
August 15 (whether or not a Business Day), as the case may be, next preceding
such Interest Payment Date.  Any such interest not so punctually paid or duly
provided for shall forthwith cease to be payable to the Holder on such Regular
Record Date and shall be paid to the Person in whose name this permanent global
Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date to be fixed by the Trustee for the payment of
such Defaulted Interest, notice whereof shall be given to the Holder of this
permanent global

                                       2
<PAGE>

Security not less than 10 days prior to such Special Record Date, or at any time
in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities of this series may be listed, and
upon such notice as may be required by such exchange, all as more fully provided
in such Indenture. Notwithstanding the foregoing, interest payable on this
Security at Maturity will be payable to the person to whom principal is payable.

     This permanent global Security is exchangeable for definitive Registered
Securities of this series and of like tenor and of an equal aggregate principal
amount, registered in the name of, and a transfer of this permanent global
security may be registered to, any Person other than the U.S. Depositary or its
nominee only if (x) the U.S. Depositary with respect to the Securities of this
series (the "U.S. Depositary") notifies the Company that it is unwilling or
unable to continue as U.S. Depositary for this permanent global Security or if
at any time the U.S. Depositary ceases to be a clearing agency registered under
the Securities Exchange Act of 1934, as amended, (y) the Company in its sole
discretion determines that this permanent global Security shall be so
exchangeable and executes and delivers to the Trustee a Company Order providing
that this permanent global Security shall be so exchangeable and the transfer
thereof so registrable or (z) there shall have happened and be continuing an
Event of Default or any event which, after notice or lapse of time, or both,
would become an Event of Default with respect to the Securities of the series of
which this permanent global Security is a part.  In the event this permanent
global Security is exchangeable pursuant to the preceding sentence, it shall be
exchanged in whole for definitive Registered Securities of this series, and in
the case of clauses (y) and (z) above, be exchangeable for definitive Registered
Securities of this series, of like tenor and of an equal aggregate principal
amount in denominations of $1,000 and integral multiples of $1,000 in excess
thereof provided that, in the case of clauses (y) and (z) above, definitive
Registered Securities of this series will be issued in exchange for this
permanent global Security only if such definitive Registered Securities were
requested by written notice to the Security Registrar by or on behalf of a
Person who is a beneficial owner of an interest herein given through the Holder
hereof.  Any definitive Registered Security of this series issued in exchange
for this permanent global Security shall be registered in the name of or names
of, and the transfer of such Securities may be registered to, such Person or
Persons as the Holder hereof shall instruct the Security Registrar.  Except as
provided above, owners of beneficial interests in this permanent global Security
will not be entitled to receive physical delivery of Securities in definitive
form and will not be considered the Holders thereof for any purpose under the
Indenture.

     Any exchange of this permanent global Security or portion hereof for one or
more definitive Registered Securities of this series will be made at the New
York office of the Security Registrar.  Upon exchange of any portion of this
permanent global Security for one or more definitive Registered Securities of
this series, the Security Registrar shall endorse Schedule A of this permanent
global Security to reflect the reduction of its

                                       3
<PAGE>

Principal Amount by an amount equal to the aggregate principal amount of the
definitive Registered Securities of this series so issued in exchange, whereupon
the Principal Amount hereof shall be reduced for all purposes by the amount so
exchanged and noted. Except as otherwise provided herein or in the Indenture,
until exchanged in full for one or more definitive Registered Securities of this
series, this permanent global Security shall in all respects be subject to and
entitled to the same benefits and conditions under the Indenture as a duly
authenticated and delivered definitive Registered Security of this series.

     The principal and any premium or interest in respect of any portion of this
permanent global Security payable in respect of an Interest Payment Date or at
the Maturity thereof, in each case occurring prior to the exchange of such
portion for a definitive Registered Security or Securities of this series, will
be paid, as provided herein, to the Holder hereof.  If a definitive Registered
Security or Registered Securities of this series are issued in exchange for any
portion of this permanent global Security after the close of business at the
office or agency where such exchange occurs on (i) any Regular Record Date and
before the opening of business at such office or agency on the relevant Interest
Payment Date, or (ii) any Special Record Date and before the opening of business
at such office or agency on the related proposed date for payment of Defaulted
Interest, interest or Defaulted Interest, as the case may be, will not be
payable on such Interest Payment Date or proposed date for payment, as the case
may be, in respect of such Registered Security, but will be payable on such
Interest Payment Date or proposed date for payment, as the case may be, only to
the Holder hereof, unless such Interest Payment Date or proposed date of payment
is the Maturity hereof.

     Payment of the principal of (and premium, if any) and any such interest on
this permanent global Security will be made at the offices of The Chase
Manhattan Bank, as Paying Agent, in the Borough of Manhattan, The City of New
York, or at such other office or agency of the Company as may be designated by
it for such purpose in the Borough of Manhattan, The City of New York in such
coin or currency of the United States of America as at the time of payment shall
be legal tender for the payment of public and private debts; provided, however,
that payment of interest may be made at the option of the Company by United
States dollar check mailed to the addresses of the Persons entitled thereto as
such addresses shall appear in the Security Register or by transfer to a United
States dollar account maintained by the payee with, a bank in The City of New
York (so long as the applicable Paying Agent has received proper transfer
instructions in writing at least five Business Days prior to the applicable
Interest Payment Date).

     Reference is hereby made to the further provisions of this permanent global
Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

                                       4
<PAGE>

     Unless the certificate of authentication hereon has been executed by or on
behalf of The Chase Manhattan Bank (formerly known as Chemical Bank), the
Trustee under the Indenture, or its successors thereunder, by the manual
signature of one of its authorized officers, this permanent global Security
shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

                                       5
<PAGE>

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

Dated: February 16, 2000                               UNIVERSAL CORPORATION

                                                       By:_____________________
                                                          Name:
                                                          Title:

Attest:

_____________________________
       Assistant Secretary

                                       6
<PAGE>

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Securities of a series issued under the Indenture
described herein.

THE CHASE MANHATTAN BANK, as Trustee

By: ______________________________
         Authorized Officer

                                       7
<PAGE>

                                    Reverse

The Securities of this series (including this permanent global Security and the
interest represented hereby) are subject to redemption at any time, as a whole
or in part, at the election of the Company, at a Redemption Price equal to the
greater of (x) 100% of the principal amount of the Securities of this series to
the redeemed or (y) the sum of the present value of the remaining scheduled
payments of principal and interest on the Securities of this series being
redeemed, not including interest accrued and paid as of the Redemption Date,
discounted to the Redemption Date on a semi-annual basis, at the Adjusted
Treasury Rate referred to below plus 25 basis points, assuming a 360-day year
comprised of twelve 30-day months, together with accrued interest to the
Redemption Date; provided, however, that installments of interest on this
permanent global Security whose Stated Maturity is on or prior to such
Redemption Date will be payable to the Holder of this permanent global Security,
or one or more Predecessor Securities of record at the close of business on the
relevant Regular Record Dates referred to on the face hereof, all as provided in
the Indenture.

For purposes of the preceding paragraph:

     "Adjusted Treasury Rate" shall mean the rate per annum equal to the semi-
     annual equivalent yield to maturity of the Comparable Treasury Issue,
     assuming a price equal to the Comparable Treasury Price for the Redemption
     Date.  The semi-annual equivalent yield to maturity will be computed as of
     the third Business Day immediately preceding the Redemption Date.

     "Comparable Treasury Issue" shall mean the U.S. treasury security that
     would be used in accordance with customary financial practice in pricing
     new issues of corporate debt securities that have a term comparable to the
     remaining term of the Securities of this series.  The U.S. treasury
     security shall be selected by the Quotation Agent.

     "Comparable Treasury Price" for a Redemption Date shall mean either  (1)
     the average of the Reference Treasury Dealer Quotations for the Redemption
     Date, after excluding the highest and lowest quotations, or (2) if the
     Trustee obtains fewer than four Reference Treasury Dealer Quotations for
     the Redemption Date, the average of the Reference Treasury Dealer
     Quotations obtained, as determined by the Quotation Agent.

     "Quotation Agent" shall mean the Reference Treasury Dealer appointed by the
     Company.

     "Reference Treasury Dealer" shall mean:

                                       8
<PAGE>

     .  Warburg Dillon Read LLC, First Union Securities, Inc and SunTrust
        Equitable Securities Corporation or their successors; if they cease to
        be primary U.S. government securities dealers in The City of New York,
        the Company will substitute another primary U.S. government securities
        dealer in The City of New York, and

     .  any other primary U.S. government securities dealer in The City of New
        York selected by the Company.

     "Reference Treasury Dealer Quotations" shall mean the average as determined
     by the Quotation Agent of the bid and asked prices for the Comparable
     Treasury Issue, expressed in each case as a percentage of the principal
     amount, quoted in writing to the Trustee by a Reference Treasury Dealer at
     3:30 p.m. on the third Business Day preceding the Redemption Date.

The Trustee shall not be responsible for calculating the Redemption Price.  The
Company shall notify the Trustee of the Redemption Price, promptly after the
calculation thereof.

     The Securities of this series (including this permanent global Security and
the interests represented hereby) are not subject to any sinking fund.

     The provisions of Article Fourteen of the Indenture apply to Securities of
this series.  Such provisions provide for defeasance at any time of (a) the
entire obligations of the Company under this permanent Global Security and (b)
certain restrictive covenants and the related defaults and Events of Default,
upon compliance with certain conditions set forth therein.

     Notice of redemption will be given by mail to Holders of Securities, not
less than 30 nor more than 60 days prior to the date fixed for redemption, all
as provided in the Indenture.  Notwithstanding Section 1104 of the Indenture,
such notice of redemption need not set forth the Redemption Price, but only the
manner of calculation thereof.

     If an Event of Default with respect to Securities of this series shall
occur and be continuing, the principal of the Securities of this series
(including this permanent global Security) may be declared due and payable in
the manner and with the effect provided in the Indenture.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of not less than a majority in aggregate principal amount
of the Securities at the time Outstanding of each series affected thereby.  The
Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Securities of each series at
the time Outstanding on behalf of the Holders of all Securities

                                       9
<PAGE>

of such series to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this permanent global Security shall
be conclusive and binding upon such Holder and upon all future Holders of this
permanent global Security, and of any Security issued in exchange hereof or in
lieu hereof whether or not notation of such consent or waiver is made upon this
permanent global Security.

     As set forth in, and subject to, the provisions of the Indenture, no Holder
of any Security of this series will have any right to institute any proceeding
with respect to the Indenture or for any remedy thereunder, unless such Holder
shall have previously given to the Trustee written notice of a continuing Event
of Default with respect to the Securities of this series, the Holders of not
less than 25% in aggregate principal amount of the Outstanding Securities of
this series shall have made written request, and offered reasonable indemnity,
to the Trustee to institute such proceeding as trustee, and the Trustee shall
not have received from the Holders of a majority in aggregate principal amount
of the Outstanding Securities of this series a direction inconsistent with such
request and shall have failed to institute such proceeding within 60 days;
provided, however, that such limitations do not apply to a suit instituted by
the Holder hereof for the enforcement of payment of the principal of (and
premium, if any) or any interest on this permanent global Security on or after
the respective due dates expressed herein.

     No reference herein to the Indenture and no provision of this permanent
global Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of (and
premium, if any) and any interest on this permanent global Security at the
times, places and rate, and in the coin or currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein and
herein set forth, the transfer of Registered Securities of the series of which
this permanent global Security is a part may be registered on the Security
Register of the Company, upon surrender of such Securities for registration of
transfer at the office of the Security Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by the Holder thereof or his
attorney duly authorized in writing, and thereupon one or more new Securities of
this series and of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

     Prior to due presentment of a Registered Security (including this permanent
global Security) for registration of transfer, the Company, the Trustee and any
agent of the Company or the Trustee may treat the Person in whose name such
Security is registered as the owner thereof for all purposes (except as provided
in the Indenture), whether or not such Security be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

                                       10
<PAGE>

     The Securities of this series of which this permanent global Security is a
part are issuable only in registered form without coupons, in denominations of
$1,000 and any integral multiple thereof.  As provided in the Indenture and the
Officers' Certificate setting forth the terms of the Securities of this series
and subject to certain limitations therein set forth, the Securities of this
series are exchangeable for a like aggregate principal amount of Securities of
this series and of like tenor of a different authorized denomination, as
requested by the Holder surrendering the same.

     No service charge shall be made for any such registration of transfer or
exchange of Securities as provided above, but the Company may require payment of
a sum sufficient to cover any tax or other governmental charge payable in
connection therewith.

     The Securities of this series (including this permanent global Security)
shall be dated the date of their authentication.

     All terms used in this permanent global Security and not defined herein
shall have the meanings assigned to them in the Indenture.

                                       11
<PAGE>

                                                                      SCHEDULE A

                                                       SCHEDULE OF EXCHANGES

<TABLE>
<CAPTION>
                                        Principal amount                         Remaining                        Notation made on
                                       exchanged for one                     principal amount                         behalf of
                                        or more definitive                    following such                        the [Trustee]
Date exchange made                          Securities                          exchange                        [Security Registrar]
====================                 ======================               =====================                 ====================
<S>                                  <C>                                  <C>                                   <C>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

--------------------                 ----------------------               ---------------------                 --------------------
</TABLE>

                                       12

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