Document:

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                                                                    EXHIBIT 10.5

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                                  ACCENTURE SCA

                        Societe en commandite par actions

               Siege social: 398, route d'Esch, L-1471 Luxembourg

                Registre de Commerce Luxembourg n(degree) B 79874

                               STATUTS COORDONNES

                            a la date du 17 aout 2001

                         UPDATED ARTICLES OF ASSOCIATION

                             as at August 17th, 2001

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                                 ENGLISH VERSION

Article 1 - Form

There exists among Accenture Ltd, a company limited by shares organised under
the laws of Bermuda, being the general partner (gerant commandite) (the "General
Partner" or "Accenture Ltd") of Accenture SCA, a partnership limited by shares
(societe en commandite par actions) (hereinafter referred to as the "Company")
and Accenture Minority IV, Ltd, a Gibraltar company being the current limited
shareholder (associe commanditaire) of the Company and all those persons who
shall become limited shareholders (associes commanditaires) (the "Limited
Shareholders") of the Company.

Hereinafter the Limited Shareholders and the General Partner will be referred to
individually as a Shareholder and collectively as the Shareholders.

Article 2 - Term

The Company is incorporated for an unlimited period of time. However, the
Company shall come to an end in the event of a resolution to dissolve the
Company adopted at a general meeting of Shareholders deciding in compliance with
the conditions of quorum and majority required for amendments to the Articles of
Association. The Company shall not end in the event of the resignation,
dissolution, bankruptcy or insolvency of the General Partner.

Article 3 - Purposes

The Company shall have as its business purpose the holding of participations, in
any form whatsoever, in Luxembourg and foreign companies, the acquisition by
purchase, subscription, or in any other manner as well as the transfer by sale,
exchange or otherwise of stock, bonds, debentures, notes and other securities of
any kind, and the ownership, administration, development and management of its
participations and of its asset portfolio.

The Company may carry on any commercial, industrial and/or financial activity or
maintain a commercial establishment open to the public. The Company may
participate directly on indirectly in the establishment and development of any
financial, industrial or commercial enterprises in Luxembourg and abroad and it
may render them every assistance, whether of a financial nature or not, such as,
without limitation, the granting of loans or advances, guarantees for their
benefit or other forms of assistance. The Company may borrow in any form and
proceed to the issuance of bonds and notes whether or not convertible or
exchangeable in shares of the Company or into shares of other companies.

The Company may enter into and perform under global alliances and marketing
arrangements and any other contracts aimed at promoting and furthering the
development and the operation of the Accenture group, including but not limited
to actions involving or relating to staff of any and all affiliated group
companies.

In general, it may take any controlling and supervisory measures and carry out
any operation which it may deem useful for the accomplishment and development of
its purposes.

Article 4 - Registered office

The registered office of the Company is established in Luxembourg City, Grand
Duchy of Luxembourg. The General Partner may establish branches or other offices
either in Luxembourg or abroad.

In the event that the General Partner determines that extraordinary political,
economic or social developments have occurred or are imminent that interfere or
are likely to interfere with the normal activities of the Company at its
registered office, or with the ease of communication between such office and
persons abroad, the registered office may be

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temporarily transferred abroad until the complete cessation of these
extraordinary circumstances; such temporary measures shall have no effect on the
nationality of the Company which, notwithstanding the temporary transfer of its
registered office, will remain a Luxembourg partnership limited by shares.

Article 5 - Capital

The Company has a subscribed, issued and fully paid nominal share capital of EUR
1,693,240,285 (one billion six hundred ninety-three million two hundred forty
thousand two hundred eighty-five) held by the General Partner and having a par
value of one Euro and twenty-five cents (EUR 1.25) each and shares (acstions de
commanditaires) held by the Limited Shareholder(s) having a par value of one
Euro and twenty-five cents (EUR 1.25) each. The Shares are divided into
883,633,920 (eight hundred eighty-three million six hundred thirty-three nine
hundred twenty) Class I Common Shares ("Class I Common Shares") of which
5,000,000 (five million) are designated as Class I Common Shares Series A,
5,000,000 (five million) are designated as Class I Common Shares Series B,
10,000,000 (ten million) are designated as Class I Common Shares Series C,
10,000,000 (ten million) are designated as Class I Common Shares Series D,
15,000,000 (fifteen million) are designated as Class I Common Shares Series E,
15,000,000 (fifteen million) are designated as Class I Common Shares Series F,
20,000,000 (twenty million) are designated as Class I Common Shares Series G,
25,000,000 (twenty-five million) are designated as Class I Common Shares Series
H, 5,000,000 (five million) are designated as Class I Common Shares Series I,
5,000,000 (five million) are designated as Class I Common Shares Series J,
16,050,000 (sixteen million fifty thousand) Class I Common Shares Series K, and
470,958,308 (four hundred seventy million nine hundred fifty-eight thousand
three hundred eight) Class II Common Shares ("Class II Common Shares") having
the same characteristics and rights save as to those differences outlined in
these Articles of Association. The Class I Common Shares and the Class II Common
Shares are individually referred to as a "Share" and collectively as the
"Shares". The Class I Common Shares and Class II Common Shares are issued as
redeemable shares in accordance with the terms of article 49-8 of the law of 10
August, 1915, on commercial companies, as amended (the "Law"), and the
redemption features laid down in Article 7 hereof shall apply thereto.

An extraordinary meeting of Shareholders, resolving in the manner required for
the amendment of these Articles of Association, and with the consent of the
General Partner, may increase the subscribed and issued capital.

Notwithstanding the preceding paragraph, the General Partner of the Company is
authorised and empowered to render effective an increase of the subscribed and
issued capital, in whole or in part, from time to time, within a period starting
as of May 5, 2001, and expiring on the fifth anniversary of such date, by
issuing shares representing such whole or partial increase of the capital up to
the total amount of the authorised share capital and for the number and classes
of Shares being the object of the authorisation. The General Partner shall
accept subscriptions for such shares.

In connection with this authorisation to increase the capital and in compliance
with article 32-3 (5) of the Law, the General Partner of the Company is
authorised, at its discretion, to waive entirely or partially or to limit, or to
set conditions in respect of any preferential subscription rights of the
existing Shareholders for the same period of five years and to determine the
amount of issue premium (if any) which will have to be paid by the subscriber(s)
in the context of this capital increase.

Class I Common Shares are convertible into Class II Common Shares by a
resolution of an extraordinary meeting of Shareholders resolving in the manner
required for amendments of these Articles of Association. The conversion ratio
shall be 1 Class I Common Share for 10 Class II Common Shares. Upon such
resolution, the nominal capital shall be increased by EUR 11.25 per Class I
Common Share so converted and Class II Common Shares shall be

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issued in accordance with the conversion ratio in replacement of the Class I
Common Shares so converted.

Class II Common Shares are convertible into Class I Common Shares by a
resolution of an extraordinary meeting of shareholders resolving in the manner
required for amendments of these Articles of Association. The conversion ratio
shall be 10 Class II Common Shares for 1 Class I Common Share. Upon such
resolution, the nominal capital shall be reduced by EUR 11.25 per 10 Class II
Common Shares so converted and the amount of the nominal share capital reduction
shall be allocated to the share premium reserve of the Company. In addition,
additional Class I Common Shares shall be issued in accordance with the
conversion ratio in replacement of the Class II Common Shares so converted.

The authorised capital of the Company is set at EUR 50,000,000,000 consisting of
20,000,000,000 Class I Common Shares of a par value of one euro and twenty-five
cents (EUR 1.25) each and of 20,000,000,000 Class II Common Shares of a par
value of one euro and twenty-five cents (EUR 1.25) each.

The General Partner is authorised and empowered to issue Class I Common Shares
and/or Class II Common Shares from time to time in one or several series bearing
different numbers or letters in order to identify them.

The authorisation granted to the General Partner includes the authorisation to
issue Shares to itself.

The General Partner is hereby authorised and empowered to determine the
conditions attaching to any subscription of Shares, and it may, from time to
time, effect such whole or partial increase upon the conversion of any net
profit of the Company into capital and the attribution of fully-paid Shares to
Shareholders in lieu of dividends.

The General Partner is further authorised to cause the Company to issue
warrants, convertible bonds or assimilated instruments or bonds with warrants or
subscription rights or to issue any financial instruments convertible into
Shares under the terms and conditions to be set by the General Partner.

Each time the General Partner shall act to render effective the increase of
capital, as authorised, Article 5 of the Articles of Association of the Company
shall be amended so as to reflect the result of such action and the General
Partner shall take or authorise any person to take any necessary steps for the
purpose of the recording and publication of such increase and such amendment.

The Company recognises only one holder per Share; in case a Share is held by
more than one person, the Company has the right to suspend the exercise of all
rights attached to that Share until one person is appointed or designated by the
joint holders as the sole owner in relation to the Company.

The Shares of the Company are and they continue to stay in registered form. The
Shares are not certificated, but a certificate (certificat d'inscription
nominative) witnessing the registration of the relevant Shareholder in the share
register of the Company and the number of Shares held by it shall be issued by
the Company on request of the Shareholder.

A share register shall be kept at the registered office of the Company and, to
the extent the General Partner shall so decide, with a transfer agent and
registrar. Such register shall set forth the name of each Shareholder, its
residence or elected notice address, the number of Shares held by it, the class
of Shares, the amounts paid in on each such Share, the transfers of Shares and
the dates of such transfers.

Unpaid amounts, if any, on issued and outstanding Shares may be called at any
time at the discretion of the General Partner, provided however that calls shall
be made on all the Shares in the same proportion and at the same time. Any sum,
the payment of which is in arrear, automatically attracts interest in favour of
the Company at the rate of ten per cent (10%) per

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year or such other rate as may be determined by the General Partner from time to
time calculated from the date when the payment was due until the date of the
actual payment.

Article 6 - Transfer of Shares

Except for a redemption made pursuant to Article 7, no Transfer (as defined
below) of Shares of the Company by a Limited Shareholder shall be made unless
the Supervisory Board of the Company or its delegate shall have given its prior
approval to a contemplated Transfer.

If a Limited Shareholder wants to transfer or dispose of all or part of its
shares in the Company or of all or part of the rights attached thereto, in any
form whatsoever, including, without limitation, via a sale, gift, pledge or some
other form of encumbrance or otherwise (a "Transfer"), it must submit a written
application beforehand to the Supervisory Board or its delegate by registered
mail with acknowledgement of receipt or any other means approved by the
Supervisory Board or its delegate. A Transfer application shall contain the name
of the contemplated transferee, the contemplated sale price or consideration as
well as any other relevant information.

The decision of the Supervisory Board will be made known to the applicant as
soon as reasonably practicable after it shall have been taken. The Supervisory
Board or its delegate's decision in respect of the application must be made
known to the Limited Shareholder by registered mail with acknowledgement of
receipt or any other means approved by the General Partner.

Any Transfer not made in compliance with the terms hereof shall, with respect to
the Company, be deemed to be null and void and the Company shall not proceed
with the registration of any transferee in the share register unless (i) the
Transfer to such transferee has been approved in writing by the Supervisory
Board or its delegate and (ii) the transferee shall have signed any and all
relevant documents as may be required by the Supervisory Board or its delegate.

Article 7 - Redemption of Shares

The Company is authorised to redeem Class II Common Shares or any series thereof
at the request of the General Partner and upon the written approval of the
Supervisory Board in accordance with the procedures laid down in Article 16
hereto. If the redemption of the Class II Common Shares or of a series thereof
will be done in the context of or accompanied by a share capital reduction of
the Company, the redemption of Class II Common Shares or a series thereof must
in addition be approved by a resolution at a meeting of Shareholders passed by a
two thirds majority of those present and voting including the consent of the
General Partner.

Subject to any contractual restrictions on Transfer by a holder set forth in any
contract or agreement to which the Company or any of its affiliates is a party,
Class I Common Shares shall be redeemable for cash at the option of the holder
by the giving of irrevocable notice of an election for redemption to the
Company.

Notwithstanding the preceding paragraph, at the option of the Company
represented by the General Partner, the redemption price payable to any Limited
Shareholder that becomes a Limited Shareholder after May 31, 2001 (or such other
date that the Supervisory Board shall declare to be the date of the consummation
of the Accenture group of companies' transition to a corporate structure) (a
"Subsequent Limited Shareholder") in connection with any redemption under this
Article 7 may be paid in cash or in Accenture Ltd Class A Common Shares and any
holder and the Company may agree that the Company may redeem such holder's Class
I Common Shares for different consideration.

At the request of the General Partner, the Company is authorised to redeem any
Class I Common Share or any series held by any Subsequent Limited Shareholder
for Accenture Ltd Class A Common Shares if the Company receives a satisfactory
opinion from an

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internationally recognized counsel or professional tax advisor that such
redemption should be tax-free with respect to such Subsequent Limited
Shareholder. If the redemption of the Class I Common Share will be done in the
context of or accompanied by a share capital reduction of the Company, the
redemption must in addition be approved by a resolution at a meeting of
Shareholders passed by a two-thirds majority of those present and voting,
including the consent of the General Partner.

The redemption price for a Class I Common Share to be paid in Accenture Ltd
Class A Common Shares shall equal a number of Accenture Ltd Class A Common
Shares equal to the Valuation Ratio (as defined below). The redemption price for
a Class I Common Share to be paid in cash shall equal the Valuation Ratio
multiplied by the Market Price of an Accenture Ltd Class A Common Share (as
defined below) as of the U.S. trading day following the United States trading
day on which the Company receives a notice of an election for redemption with
respect to such Class I Common Share.

Notwithstanding anything to the contrary, (i) no redemption at the option of a
holder may be made prior to the time that the Accenture Ltd Class A Common
Shares shall have been listed for trading on the New York Stock Exchange and
(ii) the Company may refuse to honor a request for redemption at any time or
during any period, including, without limitation, during a so-called "blackout
period" (and the Class I Common Shares shall not be redeemable at such time or
during such period), if the Company determines, based on the advice of counsel
(which may be inside counsel), that there is material non-public information
that may affect the Average Price Per Share (as defined below) at such time or
during such period.

For the purposes of the Articles of Association a Luxembourg business day shall
mean a day on which banks are ordinarily open for business in the City of
Luxembourg, Luxembourg.

The Company may adopt reasonable procedures for the implementation of the
redemption provisions set forth in this Article 7, including, without
limitation, procedures for the giving of notice of an election for redemption.

Article 8 - Liability of Shareholders

The Limited Shareholders are only liable up to the amount of their capital
contribution made to the Company.

The General Partner's liability is and shall be unlimited.

Article 9 - Meetings of Shareholders

The annual general meeting of Shareholders shall be held, in accordance with
Luxembourg law, in Luxembourg at the registered office of the Company, or at
such other place in Luxembourg as may be specified in the notice of meeting, on
January 15 at 12:00 noon. If such day is not a Luxembourg business day, the
annual general meeting shall be held on the next following Luxembourg business
day.

Other meetings of Shareholders may, subject to applicable law, be held at such
place and at such time as may be specified by the General Partner in the
respective notices of meeting.

All general meetings shall be chaired by the General Partner.

Article 10 - Notice, quorum, proxies, majority

The notice periods and quorum rules required by the Law shall apply with respect
to the meetings of Shareholders of the Company, as well as with respect to the
conduct of such meetings, unless otherwise provided herein.

Each Share is entitled to one vote. A Shareholder may act at any meeting of
Shareholders by appointing another person in writing (whether in original or by
telefax, cable, telegram or telex), whether a Shareholder or not, as its proxy.

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Except as otherwise required by law or by these Articles of Association,
resolutions at a meeting of Shareholders will be passed by a simple majority of
those Shares represented and voting at the meeting and with the consent of the
General Partner.

The following matters shall require a quorum (if and when required as a matter
of the Law) of half of the Company's issued and outstanding Shares and a
two-thirds majority vote of those Shares represented and voting at the meeting:

(i)    amendment of these Articles of Association;

(ii)   dissolution and the liquidation of the Company;

(iii)  setting of the authorised share capital and the authorisation given to
       the General Partner to increase the Company's share capital within the
       limits of the authorisation;

(iv)   decrease of the Company's share capital; and

(v)    sale of all or substantially all of the Company's assets.

The following matters shall require a unanimous resolution of all the
Shareholders of the Company:

(i)    the redomestication of the Company (i.e. its migration) by the change of
       the nationality of the Company; and

(ii)   the assessment of the Shareholders.

The Shares shall, as a rule, vote as a single class. Matters adversely affecting
the rights of the holders of a specific share class only shall require a quorum
(if and when required as a matter of the Law) of half of the class' issued and
outstanding Shares and a two-thirds majority vote of the Shares of that share
class and, in respect of such matters but only in respect of such matters, the
holders shall vote as a separate class.

Article 11 - Convening notice

Shareholders' meetings shall be convened by the General Partner or by the
Supervisory Board, pursuant to a notice setting forth the agenda and sent by
registered mail at least eight days prior to the meeting to each Shareholder at
the Shareholder's notice address on record or, failing which, its residence
address on record in the share register of the Company or by two publications in
each of the Luxembourg press and in the Luxembourg Official Gazette (Memorial),
whereby the first publication shall be made so that the second publication shall
be made at least eight days prior to the meeting and with there being at least
an eight-day interval between the first and the second publications for the
meeting.

If all the Shareholders are present or represented at a meeting of Shareholders,
and if they state that they have been informed of the agenda of the meeting, the
meeting may be held without prior notice.

The General Partner may determine all reasonable conditions that must be
fulfilled by Shareholders for them to participate in any meeting of
Shareholders.

Article 12 - Powers of the meeting of Shareholders

Any regularly constituted meeting of Shareholders of the Company shall represent
the entire body of Shareholders of the Company. The meeting of Shareholders may
resolve on any item only with the consent of the General Partner.

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Article 13 - Management

The Company shall be managed by the General Partner who shall be the liable
partner (associe - gerant - commandite) and who shall be personally, jointly and
severally liable with the Company for all liabilities which cannot be met out of
the assets of the Company.

The General Partner is vested with the broadest powers to perform all acts of
administration and disposition in the Company's interest which are not expressly
reserved by the Law or by these Articles of Association to the meeting of
Shareholders or to the Supervisory Board.

The General Partner shall have the sole authority to institute and direct court
proceedings and to negotiate, settle and compromise disputes on behalf of the
Company and may delegate this authority to such persons or committees as it may
designate, provided the Supervisory Board shall have approved the persons to
whom the delegation by the General Partner of such authority is made.

The General Partner shall have the power on behalf and in the name of the
Company to carry out any and all of the purposes of the Company and to perform
all acts and enter into and perform all contracts and other undertakings that it
may deem necessary, advisable or useful or incidental thereto. Except as
otherwise expressly provided, the General Partner has, and shall have full
authority in its discretion to exercise, on behalf of and in the name of the
Company, all rights and powers necessary or convenient to carry out the purposes
of the Company.

Article 14 - Authorised signature

The Company shall be bound by the corporate signature of the General Partner as
made by the individual or joint signatures of any other persons to whom
authority shall have been delegated by the General Partner as the General
Partner shall determine in its discretion, provided the Supervisory Board shall
have approved the persons to whom the delegation by the General Partner of such
authority is made.

Article 15 - Remuneration of General Partner; Expenses

The General Partner shall receive no remuneration from the Company for its
duties. To the largest extent permitted by applicable law, but without prejudice
to the second paragraph of Article 8, the Company shall bear, and reimburse for,
the costs and expenses incurred by the General Partner resulting from the
performance of its duties and/or actions taken on behalf of and/or for the
benefit of the Company and may make advances to the General Partner in
connection therewith (including, without limitation, losses, damages and defense
costs resulting from actual or threatened third party claims).

Article 16 - Supervisory Board

The affairs of the Company and its financial situation including particularly
its books and accounts shall be supervised by a supervisory board composed of at
least three board members (herein referred to as the "Supervisory Board").

The Supervisory Board shall be consulted by the General Partner on such matters
as the General Partner may determine, and it shall authorise any actions of the
General Partner that may, pursuant to the Law or under these Articles of
Association, exceed the powers of the General Partner.

The Supervisory Board shall approve those individuals put forth from time to
time by the General Partner to exercise the General Partner's powers with
respect to the management of the Company, and the General Partner shall act only
through such individuals.

The Supervisory Board shall be elected by a simple majority vote of the general
meeting of Shareholders for a maximum term of six years, which shall be
renewable.

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The general meeting of Shareholders shall determine the remuneration of the
Supervisory Board, if any.

The Supervisory Board shall be convened by its chairman (as appointed by the
Supervisory Board from the Board members) or by the General Partner.

Written notice of any meeting of the Supervisory Board shall be given to all
members of the Supervisory Board with at least eight days prior notice, except
in circumstances of emergency, in which case the nature of such circumstances
shall be set forth in the notice of the meeting. This notice may be waived by
the consent in writing, whether in original or by cable, telegram, telefax or
telex of each member. Separate notice shall not be required for individual
meetings held at times and places prescribed in a schedule previously adopted by
resolution of the Supervisory Board. If all the members of the Supervisory Board
are present or represented at a meeting of Supervisory Board, and if they state
that they have been informed of the agenda of the meeting, the meeting may be
held without prior notice.

Any member may act at any meeting of the Supervisory Board by appointing in
writing, whether in original or by cable, telegram, telex, telefax or other
electronic transmission another member as his proxy.

The Supervisory Board can deliberate or act validly only if at least the
majority of its members are present or represented. Resolutions shall be
approved if taken by a majority of the votes of the members present or
represented at such meeting. Resolutions may also be taken in one or several
written instruments signed by all the members.

No member of the Supervisory Board shall be liable in respect of any negligence,
default or breach of duty on his own part in relation to the Company and each
member of the Supervisory Board shall be indemnified out of the funds of the
Company against all liabilities, losses, damages or expenses arising out of the
actual or purported execution or discharge of his duties or the exercise of his
powers or otherwise in relation to or in connection with his duties, powers or
office; provided that this exemption from liability and indemnity shall not
extend to any matter which would render them void pursuant to Luxembourg law.

Article 17 - Accounting year - Accounts

The accounting year of the Company shall begin on 1st September and it shall
terminate on 31st August of each year.

The accounts of the Company shall be stated in euro and/or United States dollars
or in any other fungible currency as decided by the General Partner.

Article 18 - Allocation of profits

From the annual net profits of the Company, five per cent (5 %) shall be
allocated to the legal reserve as required by the Law. This allocation shall
cease to be required as soon as such legal reserve amounts to ten per cent (10
%) of the nominal issued share capital of the Company as stated in Article 5
hereof as increased or reduced from time to time.

The General Partner shall determine how the annual net profits shall be disposed
of, and it shall decide to pay dividends from time to time, as it, in its
discretion, believes to suit best the corporate purpose and policy of the
Company. A general meeting of Shareholders shall have to approve the General
Partner's decision to pay dividends as well as the profit allocation proposed by
the General Partner.

Each Shareholder shall have dividend rights corresponding to its share. Each
Class II common Share shall entitle its holder to receive a dividend equal to
10% of any dividend to which a Class I Common Share entitles its holder, whether
in cash or in kind.

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The dividends may be paid in Euro or in United States Dollars or in any other
currency determined by the General Partner and they may be paid at such places
and times as shall be determined by the General Partner.

The General Partner may decide to pay interim dividends under the conditions and
within the limits laid down in the Law.

Article 19 - Dissolution and liquidation

The Company may be voluntarily dissolved by a resolution passed at a general
meeting of Shareholders with the consent of the General Partner.

The liquidation shall be carried out by one or several liquidators (who may be
physical persons or legal entities) named by a general meeting of Shareholders
which shall also determine their powers and their remuneration.

Each holder of Shares of the Company shall be entitled (to the extent of the
availability of funds or assets in sufficient amount), to the repayment of the
nominal share capital amount corresponding to its Share holdings. The
liquidation proceeds (if any), including the return of nominal share capital,
shall be paid so that each Class II Common Share shall entitle its holder to
receive a liquidation payment equal to 10% of any liquidation payment to which a
Class I Common Share entitles its holder.

Article 20 - Amendments

These Articles of Association may be amended from time to time by a general
meeting of Shareholders, subject to the quorum and majority requirements
provided by the laws of Luxembourg, and subject to the consent of the General
Partner.

Article 21 -- Tax Matters

The General Partner may, in its sole discretion, make any tax elections with
respect to the Company, provided that the General Partner reasonably determines
that any such election would not have an adverse tax impact on any Shareholder.

Article 22 - Applicable law

All matters not governed by these Articles of Association shall be determined by
application of the provisions of Luxembourg law, and, in particular, of the Law.

Article 23 - Definitions

The "Average Price Per Share" as of any day shall equal the average of the high
and low sales prices of Accenture Ltd Class A Common Shares as reported on the
New York Stock Exchange (or if the Accenture Ltd Class A Common Shares are not
listed or admitted to trading on the New York Stock Exchange, on the American
Stock Exchange, or if the Accenture Ltd Class A Common Shares are not listed or
admitted to trading on the American Stock Exchange, on the Nasdaq National
Market, or if the Accenture Ltd Class A Common Shares are quoted on the Nasdaq
National Market, on the over-the-counter market as furnished by any nationally
recognized New York Stock Exchange member firm selected by Accenture Ltd for
such purpose), net of customary brokerage and similar transaction costs as
determined with respect to the Company and by the Company.

The "Market Price of an Accenture Ltd Class A Common Share" as of any day shall
equal the Average Price Per Share as of such day, unless Accenture Ltd sells
(i.e. trade date) shares of its Class A Common Shares on such day for cash other
than in a transaction with any employee or an affiliate and other than pursuant
to a preexisting obligation; in which case the "Market Price of an Accenture Ltd
Class A Common Share" as of such day shall be the weighted average sale price
per share, net of brokerage and similar costs.

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The "Valuation Ratio" at any time shall equal 1.00, provided that the Valuation
Ratio shall be subject to adjustment from time to time pursuant to the following
provisions of this Article 23 If at any time:

(i)   Accenture Ltd acquires or otherwise holds more than a de miminis amount of
      assets other than:

     (a)  its shareholding in the Company,

     (b)  any direct or indirect interest in its own shares (provided that such
          shares would not be treated as an asset of Accenture Ltd on a
          consolidated balance sheet of Accenture Ltd prepared in accordance
          with generally accepted accounting principles in the United States of
          America) or

     (c)  any assets that it holds only transiently prior to contributing or
          loaning such assets to the Company (provided that any such transiently
          held assets are so contributed or loaned prior to the end of the then
          current fiscal quarter of Accenture Ltd),

(ii)  Accenture Ltd incurs or otherwise is liable for more than a de miminis
      amount of liabilities other than any liability for which it is the obligee
      under a corresponding liability of the Company or

(iii) circumstances otherwise require, then

     (1)  the General Partner shall promptly inform the Supervisory Board and
          those members of the Supervisory Board that are also Limited
          Shareholders (in such capacity, the "Limited Shareholders Committee")
          of such fact,

     (2)  the General Partner shall provide the Limited Shareholders Committee
          with such other information, including financial information or
          statements, as the Limited Shareholders Committee may reasonably
          require in connection with the determinations contemplated by the
          following clause (3) of this sentence and

     (3)  each of the General Partner and the Limited Shareholders Committee
          shall use their best efforts to promptly:

          (x)  determine whether an adjustment to the Valuation Ratio is
               required in order to reflect the relative fair market values
               of an Accenture Ltd Class A Common Share and a Class I Common
               Share and

          (y)  if such an adjustment is so required, determine a process for
               equitable adjustment of the Valuation Ratio (whether based on the
               financial statements of Accenture Ltd or otherwise and whether a
               process for a one-time adjustment or recurring adjustments).

If the General Partner and the Limited Shareholders Committee determine that an
adjustment in the Valuation Ratio is so required and determine a process for
equitable adjustment of the Valuation Ratio, then the Valuation Ratio shall be
adjusted by such process. If no agreement can be reached promptly (but in any
event within 45 days) between the General Partner and the Limited Shareholders
Committee as to whether any such adjustment is so required or as to a process
for equitable adjustment, then the General Partner and the Limited Shareholders
Committee shall choose an independent arbitrator (which may be a leading
international investment bank) who is a recognized expert in the field of
company valuation to (x) determine whether an adjustment to the Valuation Ratio
is required in order to reflect the relative fair market values of an Accenture
Ltd Class A Common Share and a Class I Common Share and (y) if such an
adjustment is so required, determine a process for

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equitable adjustment of the Valuation Ratio (whether based on the financial
statements of Accenture Ltd or otherwise and whether a process for a one-time
adjustment or recurring adjustments). If the arbitrator determines that an
adjustment in the Valuation Ratio is so required and determines a process for
equitable adjustment of the Valuation Ratio, then the Valuation Ratio shall be
adjusted by such process.

If Accenture Ltd:

(i)    pays a dividend or makes a distribution on its Accenture Ltd Class A
       Common Shares in Accenture Ltd Class A Common Shares,

(ii)   subdivides its outstanding Accenture Ltd Class A Common Shares into a
       greater number of shares,

(iii)  combines its outstanding Accenture Ltd Class A Common Shares into a
       smaller number of shares,

(iv)   makes a distribution on its Accenture Ltd Class A Common Shares in shares
       of its share capital other than Accenture Ltd Class A Common Shares or

(v)    issues by reclassification of its Accenture Ltd Class A Common Shares any
       shares of its share capital,

then the Valuation Ratio in effect immediately prior to such action shall be
adjusted so that the holder of Class I Common Shares thereafter redeemed may
receive the redemption price or number of shares of share capital of Accenture
Ltd, as the case may be, which it would have owned immediately following such
action if it had redeemed immediately prior to such action (after taking into
account any corresponding action taken by the Company).

In the event of any business combination, amalgamation, restructuring,
recapitalization or other extraordinary transaction directly or indirectly
involving Accenture Ltd or any of its securities or assets as a result of which
the holders of Accenture Ltd Class A Common Shares shall hold voting securities
of an entity other than Accenture Ltd, the terms "Accenture Ltd Class A Common
Shares" and "Accenture Ltd" shall refer to such voting securities formerly
representing or distributed in respect of Accenture Ltd Class A Common Shares
and such entity, respectively."

                               PREVAILING VERSION

         The present Articles of Association are worded in English followed by a
French translation. In case of discrepancy between the English and the French
text, the English version will prevail.

                        FRENCH VERSION -VERSION FRANCAISE

Article 1 - Forme

Entre Accenture Ltd, societe anonyme (company limited by shares) constituee en
vertu du droit des Bermudes, le gerant commandite (le gerant commandite ou
Accenture Ltd) et Accenture Minority IV, Ltd, societe constituee a
Gibraltar, associe commanditaire actuel de la societe et les personnes qui
deviendront des associes commanditaires de la societe (les associes
commanditaires), il est forme Accenture SCA, une societe en commandite par
actions (ci-apres denommee la societe).

Ci-apres, les associes commanditaires et le gerant commandite seront chacun
denomme un actionnaire et ensemble des actionnaires.

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Article 2 - Duree

La Societe est constituee pour une duree illimitee. Cependant, la Societe est
dissoute dans le cas de l'adoption d'une resolution de dissolution de la Societe
par une assemblee generale des actionnaires deliberant conformement aux
conditions de quorum et de majorite requises pour la modification des statuts.
La Societe n'est pas dissoute dans le cas de la demission, de la dissolution, de
la faillite ou de l'insolvabilite du gerant commandite.

Article 3 - Objet

L'objet de la Societe est la detention de participations, sous quelque forme que
ce soit, dans des societes luxembourgeoises et etrangeres, l'acquisition par
voie d'achat, de souscription ou de toute autre maniere, ainsi que la cession
par voie de vente, d'echange ou de toute autre maniere d'actions, d'obligations,
de billets et autres valeurs mobilieres de toute nature, et la propriete,
l'administration, le developpement et la gestion de ses participations et de son
portefeuille d'actifs.

La Societe peut exercer toute activite commerciale, financiere et/ou
industrielle ou conserver un etablissement commercial ouvert au public. La
Societe peut participer directement ou indirectement a l'etablissement et au
developpement de toutes entreprises financieres, industrielles ou commerciales
au Luxembourg et a l'etranger et peut leur preter toute assistance, de nature
financiere ou non, comme notamment l'octroi de prets ou d'avances, de garanties
a leur avantage ou toute autre forme d'assistance. La Societe peut emprunter
sous toute forme et peut proceder a l'emission d'obligations et de billets,
qu'ils soient ou non convertibles ou echangeables contre des actions de la
societe ou des actions de toutes autres societes.

La Societe peut conclure et executer des conventions generales de partenariat et
de marketing et toute autre convention destinee a promouvoir et a assurer le
developpement et le fonctionnement du groupe Accenture, en ce compris et de
maniere non exhaustive, toute operation impliquant ou se rapportant au personnel
de toute societe du groupe.

De maniere generale, elle peut prendre toutes mesures de surveillance et de
controle et exercer toute operation qu'elle peut juger utile a la realisation et
au developpement de ses objets.

Article 4 - Siege social

Le siege social de la societe est fixe a Luxembourg, au Grand Duche de
Luxembourg. Le gerant commandite peut etablir des succursales ou d'autres
bureaux au Luxembourg ou a l'etranger.

Si le gerant commandite decide que des evenements extraordinaires de nature
politique, economique ou sociale sont survenus ou sont imminents, qui entravent
ou sont susceptibles d'entraver les activites normales de la societe a son siege
social, ou la facilite de communication entre le siege et les personnes situees
a l'etranger, le siege social peut etre provisoirement transfere a l'etranger
jusqu'a cessation complete de ces circonstances extraordinaires ; ces mesures
provisoires n'ont aucun effet sur la nationalite de la societe, qui, nonobstant
le transfert provisoire de son siege, restera une societe en commandite par
actions luxembourgeoise.

Article 5 - Capital

Le capital souscrit, emis et libere de la Societe est de EUR 1.693.240.285 (un
milliard six cent quatre-vingt-treize millions deux cent quarante mille deux
cent quatre-vingt-cinq Euro) represente par des actions de commandite detenues
par le gerant commandite d'une valeur nominale de un Euro et vingt-cinq cents
chacune (1.25 EUR) et des actions de commanditaires detenues par le(s)
associe(s) commanditaire(s) d'une valeur nominale de un

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Euro et vingt-cinq cents (1.25 EUR) chacune. Les Actions sont divisees en
883.633.920 (huit cent quatre-vingt-trois millions six cent trente-trois mille
neuf cent vingt) actions ordinaires de categorie I ("Actions Ordinaires de
Categorie I") dont 5.000.000 (cinq millions) sont designees comme des Actions
Ordinaires de Categorie I Serie A5.000.000 (cinq millions) sont designees comme
des Actions Ordinaires de Categorie I Serie B, 10.000.000 (dix millions) sont
designees comme des Actions Ordinaires de Categorie I Serie C, 10.000.000 (dix
millions) sont designees comme des Actions Ordinaires de Categorie I Serie D,
15.000.000 (quinze millions) sont designees comme des Actions Ordinaires de
Categorie I Serie E, 15.000.000 (quinze millions) sont designees comme des
Actions Ordinaires de Categorie I Serie F, 20.000.000 (vingt millions) sont
designees comme des Actions Ordinaires de Categorie I Serie G, 25.000.000
(vingt-cinq millions) sont designees comme des Actions Ordinaires de Categorie I
Serie H, 5.000.000 (cinq millions) sont designees comme des Actions Ordinaires
de Categorie I Serie I, 5.000.000 (cinq millions) sont designees comme des
Actions Ordinaires de Categorie I Serie J, 16.050.000 (seize millions cinquante
mille) sont designees comme des Actions Ordinaires de Categorie I Serie K et en
470.958.308 (quatre cent soixante-dix millions neuf cent cinquante-huit mille
trois cent huit) actions ordinaires de categorie II (" Actions Ordinaires de
Categorie II") assorties des meme caracteristiques et droits, a l'exception des
differences exposees dans les presents statuts. Les Actions Ordinaires de
Categorie I et les Actions Ordinaires de Categorie II sont chacune denommee une
"Action" et ensemble les "Actions ". Les Actions Ordinaires de Categorie I et
les Actions Ordinaires de Categorie II sont emises sous la forme d'actions
rachetables, conformement a l'article 49-8 de la loi du 10 aout 1915 relative
aux societes commerciales, telle qu'amendee (la "Loi"), et les caracteristiques
de rachat stipulees a l'article 7 des presentes sont applicables a ces actions.

Une assemblee extraordinaire des actionnaires de la societe, deliberant de la
maniere requise pour la modification des presents statuts, et avec l'accord du
gerant commandite, peut augmenter le capital souscrit et emis.

Nonobstant le paragraphe qui precede, le gerant commandite de la societe a
l'autorisation et le pouvoir de mettre en oeuvre une augmentation du capital
souscrit et emis, en tout ou en partie, periodiquement, pendant une periode
commencant le 5 mai 2001 et expirant au cinquieme anniversaire de cette date,
par l'emission d'actions representant cette augmentation totale ou partielle du
capital dans les limites du montant total du capital actions autorise et pour le
nombre et les categories d'actions qui font l'objet de l'autorisation. Le gerant
commandite accepte des souscriptions pour ces actions.

Dans le cadre de cette autorisation d'augmenter le capital et conformement a
l'article 32-3 (5) de la loi, le gerant commandite de la societe est autorise, a
son entiere discretion, a renoncer en tout ou en partie ou a limiter, ou a
assortir de conditions tous droits de souscription privilegies des actionnaires
existants pendant la meme periode de cinq ans et a fixer le montant des primes
d'emission (le cas echeant) qui devront etre payees par le(s) souscripteur(s)
dans le cadre de cette augmentation de capital.

Les actions ordinaires de categorie I sont convertibles en actions ordinaires de
categorie II par voie de resolution d'une assemblee extraordinaire des
actionnaires de la societe, deliberant comme en matiere de modification des
presents statuts. Le rapport de conversion est de 1 action ordinaire de
categorie I pour 10 actions ordinaires de categorie II. A l'adoption de cette
resolution, le capital nominal est augmente de 11,25 EUR par action ordinaire de
categorie I ainsi converties et il est procede a l'emission d'actions ordinaires
de categorie II conformement au rapport de conversion pour remplacer les actions
ordinaires de categories I ainsi converties.

Les actions ordinaires de categorie II sont convertibles en actions ordinaires
de categorie I par voie de resolution d'une assemblee extraordinaire des
actionnaires de la societe, deliberant comme en matiere de modification des
presents statuts. Le rapport de conversion est de 10 actions ordinaires de
categorie II pour 1 action ordinaire de categorie I. A l'adoption de cette

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resolution, le capital nominal est diminue de 11,25 EUR par 10 actions
ordinaires de categorie II ainsi converties et le montant de la diminution du
capital actions nominal est affectee a la reserve de primes d'emission de la
societe. En outre, il est procede a l'emission d'actions ordinaires de categorie
I supplementaires conformement au rapport de conversion pour remplacer les
actions ordinaires de categories II ainsi converties.

Le capital autorise de la societe est fixe a 50 000 000 000 EUR, represente par
20 000 000 000 actions ordinaires de categorie I d'une valeur nominale d'un euro
et vingt-cinq cents (1,25 EUR) chacune et 20 000 000 000 actions ordinaires de
categorie II d'une valeur nominale d'un euro et vingt-cinq cents (1,25 EUR)
chacune.

Il est confere au gerant commandite l'autorisation et le pouvoir d'emettre des
actions ordinaires de categorie I et/ou des actions ordinaires de categorie II
periodiquement en une ou plusieurs series portant differents numeros ou lettres
aux fins de leur identification.

L'autorisation accordee au gerant commandite inclut l'autorisation d'emettre des
actions pour lui-meme.

Il est par les presentes confere au gerant commandite l'autorisation et le
pouvoir de fixer les conditions attachees a toute souscription d'actions, et il
peut, periodiquement, mettre en oeuvre cette augmentation partielle ou totale a
la conversion de tout benefice net de la societe en capital et l'attribution
d'actions entierement liberees aux actionnaires au lieu de dividendes.

Le gerant commandite est egalement autorise a provoquer l'emission par la
societe de warrants, d'obligations convertibles ou d'instruments ou obligations
assimiles assortis de warrants ou droits de souscription ou l'emission de tous
instruments financiers convertibles en actions aux termes et conditions fixes
par le gerant commandite.

Chaque fois que le gerant commandite agit pour mettre en oeuvre une telle
augmentation de capital, ainsi qu'il y est autorise, l'article 5 des statuts de
la societe est modifie pour refleter le resultat de cette action et le gerant
commandite prend ou autorise toute personne a prendre toutes mesures necessaires
aux fins de l'enregistrement et de la publication de cette augmentation et de
cette modification.

La societe ne reconnait qu'un detenteur par action ; si une action est detenue
par plus d'une personne, la societe a le droit de suspendre l'exercice de tous
les droits attaches a cette action jusqu'a ce qu'une personne soit nommee ou
designee par les detenteurs conjoints comme le seul proprietaire a l'egard de la
societe.

Les actions de la societe sont et restent nominatives. Les actions de sont pas
certifiees, mais un certificat d'inscription nominative portant temoignage de
l'enregistrement de l'actionnaire correspondant dans le registre des
actionnaires de la societe et du nombre d'actions qu'il detient est emis par la
societe a la demande de l'actionnaire.

Un registre des actionnaires est tenu au siege social de la societe et, dans la
mesure ou le gerant commandite en decide ainsi, par un agent de transfert et
agent charge de la tenue des registres. Ce registre precise le nom de chaque
actionnaire, son domicile ou l'adresse choisie aux fins de notification, le
nombre d'actions qu'il detient, la categorie des actions, les montants payes au
titre de chacune de ces actions, les cessions d'actions et la date de ces
cessions.

Les sommes impayees, le cas echeant, au titre d'actions emises et en circulation
peuvent etre appelees a tout moment a la discretion du gerant commandite, sous
reserve cependant que ces appels de fonds soient effectues au titre de toutes
les actions dans les memes proportions et au meme moment. Toute somme dont le
paiement est en retard, emporte automatiquement des interets en faveur de la
societe au taux annuel de dix pour-cent (10 %) ou a tout autre

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taux fixe par le gerant commandite periodiquement, calcules a partir de la date
a laquelle le paiement est devenu exigible jusqu'a la date du paiement reel.

Article 6 - Cession d'actions

Sauf a l'occasion d'un rachat effectue en application de l'article 7, aucune
cession (au sens defini ci-dessous) d'actions de la societe par un associe
commanditaire n'est effectuee sans que le conseil de surveillance de la societe
ou son delegue ait donne son accord prealable a la cession envisagee.

Si un associe commanditaire souhaite ceder ou aliener tout ou partie de ses
actions dans la societe ou tout ou partie des droits attaches a ces actions, de
quelque maniere que ce soit, dont notamment par voie de vente, donation,
nantissement ou toute autre forme de charge ou autrement (une cession), il
doit soumettre au prealable une demande ecrite au conseil de surveillance ou a
son delegue par lettre recommandee avec accuse de reception ou par tout autre
moyen approuve par le conseil de surveillance ou son delegue. Une telle demande
d'agrement comprend le nom du cessionnaire envisage, le prix de vente ou la
contrepartie envisages ainsi que toutes autres informations pertinentes.

La decision du conseil de surveillance sera communiquee au demandeur aussi tot
que possible apres qu'elle a ete prise. La decision du conseil de surveillance
ou de son delegue quant a la demande doit etre communiquee a l'associe
commanditaire par lettre recommandee avec accuse de reception ou tout autre
moyen approuve par le gerant commandite.

Toute cession non conforme aux termes des presentes est reputee nulle et non
avenue a l'egard de la societe et la societe ne procede a l'enregistrement
d'aucun cessionnaire dans le registre des actionnaires sauf si (i) la cession a
ce cessionnaire a ete approuvee par ecrit par le conseil de surveillance ou son
delegue et (ii) le cessionnaire a signe tous les documents pertinents que le
conseil de surveillance ou son delegue peuvent exiger.

Article 7 - Rachat d'actions

La societe est autorisee a racheter les actions ordinaires de categorie II ou
toute serie de cette categorie a la demande du gerant commandite et avec
l'accord ecrit du conseil de surveillance conformement aux procedures prevues a
l'article 16 des presentes. Si le rachat des actions ordinaires de categorie II
ou d'une serie de cette categorie est effectue dans le cadre ou accompagne d'une
diminution du capital actions de la societe, le rachat d'actions ordinaires de
categorie II ou d'une serie de cette categorie doit etre approuve par voie de
resolution adoptee a la majorite des deux-tiers des actionnaires presents et
votants d'une assemblee des actionnaires, avec l'accord du gerant commandite.

Sous reserve de toutes restrictions contractuelles a la cession par un detenteur
stipulees dans tout contrat ou accord auquel la societe ou quelconque de ses
societes liees est partie, les actions ordinaires de categories I et II sont
rachetables pour du numeraire au choix du detenteur par la remise a la societe
d'une notification irrevocable d'un choix de rachat.

Nonobstant le paragraphe precedent, au choix de la societe representee par le
gerant commandite, le prix de rachat payable a tout associe commanditaire qui
devient associe commanditaire apres le 31 mai 2001 (ou toute autre date que le
conseil de surveillance fixe comme la date de prise d'effet de la transformation
du groupe de societes Accenture en une structure sociale) (un associe
commanditaire ulterieur) au titre de tout rachat au terme du present article
7 peut etre paye en numeraire ou en actions ordinaires de categorie A
d'Accenture Ltd et tout detenteur et la societe peuvent convenir que la societe
peut racheter les actions ordinaires de categorie I de ce detenteur pour toute
autre contrepartie.

A la demande du gerant commandite, la societe est autorisee a racheter toute
action ordinaire de categorie I ou toute serie de cette categorie detenue par
tout associe commanditaire

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ulterieur pour des actions ordinaires de categorie A d'Accenture Ltd si la
societe recoit un avis satisfaisant d'un conseil juridique ou d'un conseiller
fiscal professionnel de reputation internationale faisant etat de ce qu'un tel
rachat serait exempte de taxe a l'egard de cet associe commanditaire ulterieur.
Si le rachat de l'action ordinaire de categorie I est effectue dans le cadre ou
accompagne d'une diminution du capital actions de la societe, le rachat doit en
outre doit etre approuve par voie de resolution adoptee a la majorite des
deux-tiers des actionnaires presents et votants d'une assemblee des
actionnaires, avec l'accord du gerant commandite.

Le prix de rachat d'une action ordinaire de categorie I a payer en actions
ordinaires de categorie A d'Accenture Ltd est egal au rapport d'evaluation
(ainsi qu'il est defini plus bas). Le prix de rachat d'une action ordinaire de
categorie I a payer en numeraire est egal au rapport d'evaluation multiplie par
le cours du marche d'une action ordinaire de categorie A d'Accenture Ltd (ainsi
qu'il est defini plus bas) au jour ouvre des marches americains suivant le jour
ouvre des marches americains auquel la societe recoit une notification de choix
de rachat quant a cette action ordinaire de categorie I.

Nonobstant toute disposition contraire, (i) aucun rachat au choix d'un associe
ne peut etre effectue avant la date a laquelle les actions ordinaires de
categorie A d'Accenture Ltd ont ete cotees a la bourse de New York et (ii) la
societe peut refuser d'honorer une demande de rachat a tout moment ou pendant
toute periode, dont notamment, pendant ce qu'on appelle une periode de
black-out (et les actions ordinaires de categorie I ne sont pas rachetables a
ce moment ou pendant cette periode), si la societe decide, sur le fondement de
l'avis d'un conseil juridique (qui peut etre un conseil juridique interne),
qu'il existe des informations substantielles non communiquees au public qui
peuvent influer sur le cours moyen par action (ainsi qu'il est defini plus bas)
a ce moment ou pendant cette periode.

Aux fins des statuts, par jour ouvrable luxembourgeois, on entend un jour
pendant lequel les banques sont normalement ouvertes dans la ville de
Luxembourg, au Luxembourg.

La societe peut adopter des procedures raisonnables pour la mise en oeuvre des
dispositions de rachat stipulees dans le present article 7, dont notamment des
procedures de remise des notifications de choix de rachat.

Article 8 - Responsabilite des associes

Les associes commanditaires ne sont responsables qu'a concurrence de leur apport
au capital de la societe.

La responsabilite du gerant commandite est illimitee.

Article 9 - Assemblees des actionnaires

L'assemblee generale annuelle des actionnaires se tient, conformement au droit
luxembourgeois, au siege social de la societe au Luxembourg, ou dans tout autre
lieu du territoire du Luxembourg qui peut etre precise dans l'avis de
convocation a l'assemblee, le 15 janvier a midi. Si ce jour n'est pas un jour
ouvrable luxembourgeois, l'assemblee generale annuelle se tient le jour ouvrable
luxembourgeois suivant.

Les autres assemblees des actionnaires peuvent, sous reserve du droit
applicable, se tenir au lieu, a l'heure et a la date qui peuvent etre precises
par le gerant commandite dans les avis de convocation respectifs aux assemblees.

Toutes les assemblees generales sont presidees par le gerant commandite.

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Article 10 - Avis, quorum, representation, majorite

Les periodes des avis de convocation et les regles de quorum exiges par la loi
s'appliquent aux assemblees des actionnaires de la societe, ainsi qu'a la tenue
de ces assemblees, sauf disposition contraire des presentes.

Chaque action donne droit a une voix. Un actionnaire peut agir a toute assemblee
des actionnaires en designant une autre personne par ecrit (sous la forme d'un
original, ou par telecopie, cable, telegramme ou telex) que cette personne soit
ou non un actionnaire, pour etre son representant.

Sauf prescription legale contraire ou disposition contraire des presents
statuts, les resolutions d'une assemblee des actionnaires seront adoptees a la
majorite simple des actions representees et votant a l'assemblee, et avec
l'accord du gerant commandite.

Pour les questions suivantes, un quorum compose de la moitie des actions emises
et en circulation de la societe est necessaire (si et quand la loi l'exige) et
un vote a la majorite des deux-tiers des actions representees et votant a
l'assemblee est necessaire :

         (i)      modification des presents statuts ;
         (ii)     dissolution et liquidation de la societe ;
         (iii)    determination du capital actions autorise et autorisation
                  accordee au gerant commandite d'augmenter le capital actions
                  de la societe dans les limites de l'autorisation ;
         (iv)     diminution du capital actions de la societe ; et
         (v)      vente de la totalite ou de la quasi-totalite de l'actif de la
                  societe.

Pour les questions suivantes, une resolution adoptee a l'unanimite de tous les
associes de la societe est necessaire :

         (i)      le changement de domicile de la societe (c'est-a-dire sa
                  migration) par le changement de la nationalite de la societe;
                  et
         (ii)     l'evaluation des associes.

Les actions, generalement, votent comme une categorie unique. Pour les questions
qui n'ont un effet negatif que sur les droits des detenteurs des actions d'une
categorie d'actions particuliere, un quorum (si et lorsqu'il est exige par la
loi) compose de la moitie des actions emises en circulation de la categorie en
question et un vote a la majorite des deux-tiers des actions de cette categorie
sont necessaires, et pour ces questions uniquement les detenteurs votent comme
une categorie distincte.

Article 11 - Avis de convocation

Les assemblees des actionnaires sont convoquees par le gerant commandite ou par
le conseil de surveillance, en application d'un avis de convocation stipulant
l'ordre du jour, envoye par courrier recommande au moins huit jours avant
l'assemblee a chaque actionnaire a l'adresse de l'actionnaire figurant dans le
registre aux fins de notification ou, a defaut, a son domicile figurant dans le
registre des actionnaires de la societe ou par deux publications dans la presse
luxembourgeoise et deux publications dans le journal officiel du Luxembourg
(Memorial), la premiere publication paraissant de telle sorte que la seconde
publication soit effectuee au moins huit jours avant l'assemblee et qu'il existe
un intervalle d'au moins huit jours entre la premiere et la seconde publication
de l'assemblee.

Si tous les actionnaires sont presents ou representes a une assemblee des
actionnaires, et s'ils declarent qu'ils ont ete informes de l'ordre du jour de
l'assemblee, l'assemblee peut etre tenue sans preavis.

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Le gerant commandite peut fixer toutes les conditions raisonnables qui doivent
etre remplies par les actionnaires pour leur permettre de participer a toute
assemblee des actionnaires.

Article 12 - Attributions de l'assemblee des actionnaires

Toute assemblee regulierement constituee des actionnaires de la societe
represente l'ensemble des actionnaires de la societe. L'assemblee des
actionnaire ne peut adopter de resolution sur toute question qu'avec l'accord du
gerant commandite.

Article 13 - Gerance

La societe est geree par le gerant commandite qui est l'associe responsable et
qui est personnellement, conjointement et solidairement responsable avec la
societe de tout passif qui ne peut pas etre regle sur l'actif de la societe.

Le gerant commandite est investi des pouvoirs les plus etendus pour executer
tous actes d'administration et de disposition dans l'interet de la societe qui
ne sont pas expressement reserves par la loi ou les presents statuts a
l'assemblee des actionnaires ou au conseil de surveillance.

Le gerant commandite a le pouvoir exclusif d'engager et de diriger des
poursuites judiciaires et de negocier, regler a l'amiable et transiger sur des
litiges pour le compte de la societe, et il peut deleguer ce pouvoir a toutes
autres personnes ou tous autres comites qu'il peut designer, sous reserve que le
conseil de surveillance ait approuve les personnes ou comites auxquels ce
pouvoir est delegue par le gerant commandite.

Le gerant commandite a le pouvoir, pour le compte et au nom de la societe,
d'exercer tous les objets de la societe, d'effectuer tous actes et de conclure
et d'executer tous contrats et autres engagements qu'il peut juger necessaires,
souhaitables, utiles ou accessoires a ces objets. Sauf stipulation contraire
expresse, le gerant commandite dispose des pleins pouvoirs discretionnaires
d'exercer, pour le compte de la societe, tous les droits et pouvoirs necessaires
ou utiles a l'accomplissement des objets de la societe.

Article 14 - Delegation de signature

La societe est liee par la signature sociale du gerant commandite exprimee par
les signatures individuelles ou conjointes de toutes autres personnes auxquelles
ce pouvoir a ete delegue par le gerant commandite, de la maniere que le gerant
commandite fixe a son entiere discretion, sous reserve de l'approbation par le
conseil de surveillance des personnes auxquelles le gerant commandite delegue ce
pouvoir.

Article 15 - Remuneration du gerant commandite ; frais

Le gerant commandite ne recoit aucune remuneration au titre de ses services de
la part de la societe. Dans la plus grande mesure autorisee par la loi, mais
sans prejudice du deuxieme paragraphe de l'article 8, la societe supporte et
rembourse les couts et frais encourus par le gerant commandite du fait de
l'execution de ses obligations et/ou des mesures prises pour le compte et/ou
dans l'interet de la societe et peut accorder toutes avances au gerant
commandite au titre de ces frais et couts (dont notamment, les pertes,
dommages-interets et frais de defense encourus du fait de demandes ou de menaces
de demandes de tiers).

Article 16 - Conseil de surveillance

Les affaires de la societe et sa situation financiere, dont en particulier ses
livres et comptes, sont controles par un conseil de surveillance compose d'au
moins trois membres du conseil (ci-apres, le conseil de surveillance).

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Le conseil de surveillance est consulte par le gerant commandite sur les
questions que le gerant commandite peut fixer, et il autorise toutes actions du
gerant commandite qui peuvent, en application de la loi ou des presents statuts,
depasser le champ des pouvoirs du gerant commandite.

Le conseil de surveillance approuve les personnes designees periodiquement par
le gerant commandite pour exercer les pouvoirs du gerant commandite quant a la
gestion de la societe, et le gerant commandite n'agit que par l'intermediaire de
ces personnes.

Le conseil de surveillance est elu par un vote a la majorite simple de
l'assemblee generale des actionnaires pour une periode maximale de six ans, qui
est renouvelable.

L'assemblee generale des actionnaires fixe la remuneration du conseil de
surveillance, le cas echeant.

Le conseil de surveillance est convoque par son president (ainsi qu'il est nomme
par le conseil de surveillance parmi ses membres) ou par le gerant commandite.

Un avis de convocation ecrit sera remis a tous les membres du conseil de
surveillance au moins huit jours avant la tenue de la reunion du conseil, sauf
en cas d'urgence, auquel cas la nature de l'urgence est precisee dans l'avis de
convocation. Il peut etre renonce a cet avis de convocation par l'accord ecrit,
sous la forme d'un original ou par cable, telegramme, telecopie ou telex, de
chaque membre. Un avis de convocation distinct n'est pas necessaire pour les
reunions individuelles tenues au lieu, a la date et a l'heure prescrits dans un
document adopte precedemment par voie de resolution du conseil de surveillance.
Si tous les membres du conseil de surveillance sont presents ou representes a
une reunion du conseil de surveillance, et s'ils declarent qu'ils ont ete
informes de l'ordre du jour de la reunion, la reunion peut etre tenue sans
preavis.

Tout membre peut agir a toute reunion du conseil de surveillance en designant
par ecrit, sous la forme d'un original ou par cable, telegramme, telecopie,
telex ou toute autre communication electronique, un autre membre pour le
representer.

Le conseil de surveillance ne peut deliberer ou agir valablement que si au moins
la majorite de ses membres est presente ou representee. Les resolutions adoptees
a la majorite des voix des membres presents ou represente a la reunion sont
approuvees. Les resolutions peuvent egalement etre adoptees sous la forme d'un
ou de plusieurs instruments signes par tous les membres.

Aucun membre du conseil de surveillance n'est responsable au titre de toute
faute, tout manquement ou tout defaut de sa part a l'egard de la societe et
chaque membre du conseil de surveillance est indemnise sur les fonds de la
societe de toutes responsabilites, pertes, dommages-interets ou frais encourus
du fait de l'execution ou de la decharge reelle ou alleguee de ses obligations
ou de l'exercice de ses pouvoirs ou de toute autre maniere dans le cadre de ses
fonctions, sous reserve que cette exoneration de responsabilite et cette
indemnite ne s'etendent pas a toute question qui les rendrait nulles en
application du droits luxembourgeois.

Article 17 - Exercice - comptes

L'exercice de la societe commence le 1er septembre et finit le 31 aout de chaque
annee.

Les comptes de la societe sont tenus en euros et/ou en dollars des Etats-Unis ou
dans toute autre devise fongible que decide le gerant commandite.

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Article 18 - Affectation des benefices

Cinq pour-cent (5 %) des benefices annuels de la societe sont affectes a la
reserve legale, ainsi que la loi l'exige. Cette affectation cesse d'etre
necessaire des que la reserve legale atteint dix pour-cent (10 %) du capital
actions nominal emis de la societe expose a l'article 5 des presentes, tel qu'il
est diminue ou augmente periodiquement.

Le gerant commandite fixe la maniere dont il est dispose des benefices nets
annuels, et decide de verser des dividendes periodiquement, de la maniere qu'il
juge, a son entiere discretion, la mieux correspondre a l'objet social et a la
politique de la societe. Une assemblee generale des actionnaires doit approuver
la decision du gerant commandite de verser des dividendes ainsi que de
l'affectation des benefices proposee par le gerant commandite.

Chaque actionnaire dispose des droits a dividendes correspondants a sa
participation. Chaque action ordinaire de categorie II donne droit a son
detenteur a recevoir un dividende egal a 10 % de tout dividende auquel une
action ordinaire de categorie I donne droit a son detenteur, en numeraire ou en
nature.

Les dividendes peuvent etre payes en euros ou en dollars des Etats-Unis ou dans
toute autre devise que le gerant commandite decide et ils peuvent etre payes aux
lieux et aux dates que le gerant commandite decide.

Le gerant commandite peut decider de payer des dividendes provisoires aux
conditions et dans les limites prevues par la loi.

Article 19 - Dissolution et liquidation

La societe peut etre dissoute volontairement par voie de resolution adoptee a
une assemblee generale des actionnaires avec l'accord du gerant commandite.

La liquidation est executee par un ou plusieurs liquidateurs (qui peuvent etre
des personnes physiques ou morales) designes par une assemblee generale des
actionnaires qui fixe egalement leurs pouvoirs et leur remuneration.

Chaque detenteur d'actions de la societe a droit (dans la mesure de la
suffisance des fonds ou de l'actif disponibles) au remboursement du montant du
capital actions nominal correspondant a sa participation en actions. Les
produits de la liquidation (le cas echeant), dont le remboursement du capital
actions nominal, sont payes de telle sorte que chaque action ordinaire de
categorie II donne droit a son detenteur a recevoir un paiement a la liquidation
egal a 10 % de tout paiement a la liquidation auquel une action ordinaire de
categorie I donne droit a son detenteur.

Article 20 - Modifications

Les presents statuts peuvent etre modifies periodiquement par une assemblee
generale des actionnaires, sous reserve des exigences de quorum et de majorite
prevues par les lois du Luxembourg et sous reserve de l'accord du gerant
commandite.

Article 21 -- Questions fiscales

Le gerant commandite peut, a son entiere et exclusive discretion, faire tous
choix fiscaux pour la societe, sous reserve que le gerant commandite decide
raisonnablement que tout choix de la sorte n'aura aucune incidence negative sur
les actionnaires.

Article 22 - Droit applicable

Toutes les questions qui ne sont pas regies par les presents statuts sont fixees
par l'application des dispositions du droit luxembourgeois, et notamment, de la
loi.

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Article 23 - Definitions

Le cours moyen par action a toute date donnee est egal a la moyenne des
cours de vente le plus eleve et le plus faible des actions ordinaires de
categorie A d'Accenture Ltd, tels qu'ils sont signales a la bourse de New York
(ou si les actions ordinaires de categorie A d'Accenture Ltd ne sont pas cotees
ou admises a l'echange a la bourse de New York, a la bourse americaine, ou si
les actions ordinaires de categorie A d'Accenture Ltd ne sont pas cotees ou
admises a l'echange a la bourse americaine, au marche national Nasdaq, ou si les
actions ordinaires de categorie A d'Accenture Ltd ne sont pas cotees ou admises
a l'echange au marche national Nasdaq, au marche hors cote tel qu'il est offert
par toute societe membre de la bourse de New York et reconnue au plan national,
selectionnee par Accenture Ltd a cette fin), net des frais de courtage et des
frais d'operation similaires fixes pour la societe et par la societe.

Le cours de marche d'une action ordinaire de categorie A d'Accenture Ltd a
toute date donnee est egal au prix moyen par action de cette date sauf si
Accenture Ltd vend (c'est-a-dire la date d'operation) une partie de ses actions
ordinaires de categorie A a cette date pour du numeraire, autrement que dans le
cadre d'une operation avec tout employe ou toute societe liee et autrement qu'en
application d'une obligation anterieure ; auquel cas le cours de marche d'une
action ordinaire de categorie A d'Accenture Ltd de cette date est egal a la
moyenne ponderee du cours de vente par action net des frais de courtage et frais
similaires.

Le rapport d'evaluation est a tout moment egal a 1,00, sous reserve que le
rapport d'evaluation soit sous reserve d'un ajustement periodique en application
des dispositions suivantes du present article 23 Si a tout moment :

         (i)      Accenture Ltd acquiert ou detient autrement un montant d'actif
                  superieur a un montant de miminis autre que :

                  (A)      sa participation dans la societe,

                  (B)      tout interet direct ou indirect dans ses propres
                           actions (sous reserve que ces actions ne soient pas
                           traitees comme actif d'Accenture Ltd sur un bilan
                           consolide d'Accenture Ltd prepare conformement aux
                           principes comptables generalement admis aux
                           Etats-Unis d'Amerique) ou

                  (C)      tout actif qu'elle detient uniquement a titre
                           provisoire avant d'apporter ou de preter cet actif a
                           la societe (sous reserve que tout actif de la sorte
                           detenu provisoirement soit ainsi apporte ou prete
                           avant la fin du trimestre en cours de l'exercice
                           d'Accenture Ltd),

         (ii)     Accenture Ltd encourt ou est responsable un montant de passif
                  superieur a un montant de miminis qu'un passif dont elle
                  repond au titre d'un passif correspondant de la societe ou

         (iii)    les circonstances en exigent autrement, alors

(1)      le gerant commandite informe sans delai le conseil de surveillance et
         les membres du conseil de surveillance qui sont egalement associes
         commanditaires (en cette qualite, le comite des associes
         commanditaires) de ce fait,

(2)      le gerant commandite communique au comite des associes commanditaires
         toutes autres informations, dont les informations ou etats financiers,
         que le comite des associes commanditaires peut raisonnablement demander
         en rapport avec les decisions envisagees par l'alinea (3) suivant de la
         presente phrase et

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(3)      le gerant commandite et le comite des associes commanditaires mettent
         enoeuvre tous les moyens possibles pour :

         (x)      determiner sans delai si un ajustement du rapport d'evaluation
                  est necessaire pour refleter les valeurs justes de marche
                  relatives d'une action ordinaire de categorie A d'Accenture
                  Ltd et d'une action ordinaire de categorie I et

         (y)      si un tel ajustement est necessaire, determiner sans delai une
                  methode d'ajustement equitable du rapport d'evaluation (fondee
                  sur les etats financiers d'Accenture Ltd ou autrement, et si
                  cette methode ne concerne qu'un seul ajustement ou des
                  ajustements recurrents).

Si le gerant commandite et le comite des associes commanditaires decident qu'un
ajustement du rapport d'evaluation est necessaire, et determinent une methode
d'ajustement equitable du rapport d'evaluation, alors le rapport d'evaluation
est ajuste au moyen de cette methode. S'il n'est parvenu a aucun accord rapide
(mais dans tous les cas dans un delai de 45 jours) entre le gerant commandite et
le comite des associes commanditaires quant a la necessite ou non d'un tel
ajustement ou la determination d'une methode d'ajustement equitable, alors le
gerant commandite et le comite des associes commanditaires choisissent un
arbitre independant (qui peut etre une grande banque d'investissement) qui est
un expert reconnu dans le domaine de l'evaluation des societe (x) pour decider
si un ajustement du rapport d'evaluation est necessaire pour refleter les justes
valeurs de marche relatives d'une action ordinaire de categorie A d'Accenture
Ltd et d'une action ordinaire de categorie I et (y) si un tel ajustement est
necessaire, pour determiner une methode d'ajustement equitable du rapport
d'evaluation (sur le fondement des etats financiers d'Accenture Ltd ou autrement
et si cette methode ne concerne qu'un seul ajustement ou des ajustement
recurrents). Si l'arbitre decide qu'un ajustement du rapport d'evaluation est
ainsi necessaire et determine une methode d'ajustement equitable du rapport
d'evaluation, alors le rapport d'evaluation est ajuste au moyen cette methode.

Si Accenture Ltd:

         (i)      paie un dividende ou effectue une distribution sur ses actions
                  ordinaires de categorie A d'Accenture Ltd en actions
                  ordinaires de categorie A d'Accenture Ltd,

         (ii)     sous-divise ses actions ordinaires de categorie A d'Accenture
                  Ltd en circulation en un plus grand nombre d'actions,

         (iii)    reunit ses actions ordinaires de categorie A d'Accenture Ltd
                  en circulation en un plus petit nombre d'actions,

         (iv)     effectue une distribution sur ses actions ordinaires de
                  categorie A d'Accenture Ltd en actions de son capital actions
                  autres que des actions ordinaires de categorie A d'Accenture
                  Ltd ou

         (v)      emet, par voie de nouvelle classification de ses actions
                  ordinaires de categorie A d'Accenture Ltd, toutes actions de
                  son capital actions,

alors, le rapport d'evaluation en effet immediatement avant une telle mesure est
ajuste de telle sorte que les detenteurs d'actions ordinaires de categorie I
rachetees par la suite puissent recevoir le prix de rachat ou le nombre
d'actions dans le capital actions d'Accenture Ltd, selon le cas, dont ils
auraient ete proprietaires immediatement apres une telle mesure si ces actions
avaient ete rachetees immediatement avant cette mesure (apres avoir tenu compte
de toute mesure correspondante prise par la societe).

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Dans le cas de toute association, fusion, restructuration, recapitalisation
d'activite ou de toute autre operation extraordinaire impliquant directement ou
indirectement Accenture Ltd ou quelconque de ses titres ou actifs, en
consequence de quoi les detenteurs d'actions ordinaires de categorie A
d'Accenture Ltd detiennent des titres assortis de droits de vote dans une
societe autre qu'Accenture Ltd, les termes actions ordinaires de categorie A
d'Accenture Ltd et Accenture Ltd feront reference aux titres assortis
de droits de vote representant auparavant ou distribues respectivement au titre
d'actions ordinaires de categorie A d'Accenture Ltd ou de cette societe.

                              VERSION PREPONDERANTE

         Les presents statuts sont rediges en langue anglaise suivi d'une
version francaise. En cas de divergences entre le texte anglais et le texte
francais, le texte anglais fera foi.

                        POUR COPIE CONFORME DES STATUTS,
                     COORDONNES a LA DATE DU 17 aout 2001.
                    Signe a Luxembourg, ce 17 septembre 2001

                 TRUE CERTIFIED COPY OF THE UPDATED ARTICLES OF
                      ASSOCIATION as at August 17th, 2001.

            Undersigned in Luxembourg, this 17th of September, 2001.<PAGE>

                                                                     EXHIBIT 4.3

                       NANOPHASE TECHNOLOGIES CORPORATION
                       ----------------------------------

                            EQUITY COMPENSATION PLAN
                            ------------------------

     The purpose of the Nanophase Technologies Corporation Equity Compensation
Plan (the "Plan") is to provide (i) designated employees of Nanophase
Technologies Corporation (the "Company") and its subsidiaries, (ii) certain
advisors who perform services for the Company or its subsidiaries and (iii)
non-employee members of the Board of Directors of the Company (the "Board") with
the opportunity to receive grants of incentive stock options, non-qualified
options, share appreciation rights, dividend equivalent rights and cash awards.
The Company believes that the Plan will encourage the participants to contribute
materially to the growth of the Company, thereby benefiting the Company's
shareholders, and will align the economic interests of the participants with
those of the shareholders.

I.   ADMINISTRATION OF THE PLAN
     --------------------------

     A.   Administration.

          i.    Committee. The Plan shall be administered and interpreted by a
          committee appointed by the Board (the "Committee"). The Committee
          shall consist of three or more persons appointed by the Board, all of
          whom shall be "outside directors" as defined under Section 162(m) of
          the Internal Revenue Code of 1986, as amended (the "Code"), and
          related Treasury regulations and shall be "non-employee directors" as
          defined under Rule 16b-3 promulgated under the Securities Exchange Act
          of 1934, as amended (the "Exchange Act").

          ii.   Committee Authority. The Committee shall have the sole authority
          to (i) determine the individuals to whom grants shall be made under
          the Plan, (ii) determine the type, size and terms of the grants to be
          made to each such individual, (iii) determine the time when the grants
          will be made and the duration of any applicable exercise or
          restriction period, including the criteria for exercisability and the
          acceleration of exercisability, and (iv) make all determinations with
          respect to any other matters arising under the Plan. The Committee may
          delegate the authority to make grants in the ordinary course during
          the periods between regularly scheduled meetings of the Committee;
          provided, however, grants in excess of 5,000 shares or grants with
          non-standard terms shall be made subject to Committee approval.

          iii.  Committee Determinations. The Committee shall have full power
          and authority to administer and interpret the Plan, to make factual
          determinations, and to adopt or amend such rules, regulations,
          agreements and instruments for implementing the Plan and for the
          conduct of its business as it deems necessary or advisable, in its
          sole discretion. The Committee's interpretations of the Plan and all
          determinations made by the Committee pursuant to the powers vested in
          it hereunder shall be conclusive and binding on all persons having any
          interest in

<PAGE>

               the Plan or in any awards granted hereunder. All powers of the
               Committee shall be executed in its sole discretion, in the best
               interest of the Company, not as a fiduciary, and in keeping with
               the objectives of the Plan. Determinations made by the Committee
               under the Plan need not be uniform as to similarly situated
               individuals.

          B.   Grants. Awards under the Plan may consist of grants of (i)
          incentive stock options as described in Section 2.1 ("Incentive Stock
          Options"), (ii) non-qualified options as described in Section 2.1
          ("Non-qualified Options") (Incentive Stock Options and Non-qualified
          Options are collectively referred to as "Options"), (iii) stock
          appreciation rights as described in Section 2.2 ("SARs"), (iv)
          dividend equivalent rights as described in Section 2.3 ("Dividend
          Equivalent Rights") and (v) cash awards as described in Section 2.4
          ("Cash Awards") (hereinafter collectively referred to as "Grants").
          All Grants shall be subject to the terms and conditions set forth
          herein and to such other terms and conditions consistent with the Plan
          as the Committee deems appropriate and as are specified in writing by
          the Committee to the individual in a grant instrument (the "Grant
          Instrument") or an amendment to the Grant Instrument. The Committee
          shall approve the form and provisions of each Grant Instrument. Grants
          under a particular Section of the Plan need not be uniform as among
          the grant recipients (the "Grantees").

          C.   Shares Subject to the Plan.

               i.   Shares Authorized. For purposes of the Plan, a "Share" means
               one share of common stock of the Company, par value $0.01 per
               share. Subject to adjustments as provided in Section 1.3(b)
               below, the aggregate number of Shares available for Grants under
               the Plan shall be 900,000 Shares.

          Subject to adjustments as provided in Section 1.3(b) below, the
maximum aggregate number of Shares that shall be subject to Grants made under
the Plan during any calendar year shall be 400,000 Shares.

          The maximum aggregate number of Shares that shall be subject to Grants
made under the Plan to any individual during any calendar year shall be equal to
one percent (1.0%) of the sum of the total amount of the Company's outstanding
Shares on December 31 of the prior year plus the total number of outstanding
options to purchase Shares granted under the Plan and under the Prior Plan
outstanding on December 31 of the prior year.

          The Shares may be authorized but unissued Shares or reacquired Shares,
including Shares purchased by the Company on the open market for purposes of the
Plan. If and to the extent Options or SARs granted under the Plan terminate,
expire, or are canceled, forfeited, exchanged or surrendered without having been
exercised, or if any Dividend Equivalent Rights are forfeited, the Shares
subject to such Grants shall again be available for purposes of the Plan.

               ii.  Adjustments for Significant Events. If there is any change
               in the number or kind of outstanding Shares (i) by reason of a
               dividend, spin-off, recapitalization, split or combination or
               exchange of Shares, (ii) by reason of a merger, reorganization or
               consolidation in which the Company is the surviving

<PAGE>

          corporation, (iii) by reason of a reclassification or change in par
          value, or (iv) by reason of any other extraordinary or unusual event
          affecting the outstanding Shares of the Company as a class without the
          Company's receipt of consideration, or if the value of outstanding
          Shares is substantially reduced as a result of a spin-off or the
          Company's payment of an extraordinary dividend or distribution, the
          maximum number of Shares available for Grants, the maximum number of
          Shares that any individual participating in the Plan may be granted in
          any year, the number of Shares covered by outstanding Grants, the kind
          of Shares issued under the Plan, and the price per Share or the
          applicable market value of such Grants may be appropriately adjusted
          by the Committee to reflect any increase or decrease in the number of,
          or change in the kind or value of, issued Shares to preclude, to the
          extent practicable, the enlargement or dilution of rights and benefits
          under such Grants; provided, however, that any fractional Shares
          resulting from such adjustment shall be eliminated. Any adjustments
          determined by the Committee shall be final, binding and conclusive.

     D.   Eligibility for Participation.

          i.   Eligible Persons. All employees of the Company, its parents and
          its subsidiaries ("Employees"), including Employees who are officers
          or members of the Board, and members of the Board who are not
          Employees ("Non-Employee Directors") shall be eligible to participate
          in the Plan. Advisors who perform services to the Company or any of
          its parents or its subsidiaries ("Key Advisors") shall be eligible to
          participate in the Plan if the Key Advisors render bona fide services
          and such services are not in connection with the offer or sale of
          securities in a capital-raising transaction.

          ii.  Selection of Grantees. The Committee shall select the Employees,
          Non-Employee Directors and Key Advisors to receive Grants and shall
          determine the number of Shares subject to a particular Grant in such
          manner as the Committee determines.

     E.   Limitation on Grants Prior to January 1, 2002. Notwithstanding
     anything in the Plan to the contrary, the Committee shall not make any
     Grants to Employees or Key Advisors prior to January 1, 2002.

II.  EQUITY INCENTIVE GRANTS
     -----------------------

     F.   Options.

          i. Number of Shares. The Committee shall determine the number of
          Shares that will be subject to each Grant of Options to Employees,
          Non-Employee Directors and Key Advisors.

          ii. Type of Option and Price.

              1. The Committee may grant Incentive Stock Options that are
              intended to qualify as "incentive stock options" within the
              meaning of

<PAGE>

          Section 422 of the Code or Non-qualified Options that are not intended
          so to qualify or any combination of Incentive Stock Options and
          Non-qualified Options, all in accordance with the terms and conditions
          set forth herein. Incentive Stock Options may be granted only to
          Employees. Non-qualified Options may be granted to Employees,
          Non-Employee Directors and Key Advisors.

          2.  The purchase price (the "Exercise Price") of Shares subject to an
          Option shall be determined by the Committee and may be equal to, or
          greater than, the Fair Market Value (as defined below) of a Share on
          the date the Option is granted; provided, however, that (x) the
          Exercise Price of an Incentive Stock Option shall be equal to, or
          greater than, the Fair Market Value of a Share on the date the
          Incentive Stock Option is granted and (y) an Incentive Stock Option
          may not be granted to an Employee who, at the time of grant, owns
          Shares possessing more than 10 percent of the total combined voting
          power of all Shares and other classes of stock of the Company or any
          parent or subsidiary of the Company, unless the Exercise Price per
          Share is not less than 110% of the Fair Market Value of a Share on the
          date of grant.

          3.  If the Shares are publicly traded, then the Fair Market Value per
          Share shall be determined as follows: (x) if the principal trading
          market for the Shares is a national securities exchange or the Nasdaq
          National Market, the last reported sale price thereof on the preceding
          date or, if there were no trades on that date, the latest preceding
          date upon which a sale was reported, or (y) if the Shares are not
          principally traded on such exchange or market, the mean between the
          last reported "bid" and "asked" prices of a Share on the preceding
          date, as reported on Nasdaq or, if not so reported, as reported by the
          National Daily Quotation Bureau, Inc. or as reported in a customary
          financial reporting service, as applicable and as the Committee
          determines. If the Shares are not publicly traded or, if publicly
          traded, are not subject to reported transactions or "bid" or "asked"
          quotations as set forth above, the Fair Market Value per Share shall
          be as determined in good faith by the Committee; provided that, if the
          Shares are publicly traded, the Committee may make such discretionary
          determinations where the Shares have not been traded for 10 trading
          days.

     iii. Option Term. The Committee shall determine the term of each Option.
     The term of any Option shall not exceed ten years from the date of grant.
     However, an Incentive Stock Option that is granted to an Employee who, at
     the time of grant, owns Shares possessing more than 10 percent of the total
     combined voting power of all Shares and other classes of stock of the
     Company, or any parent or subsidiary of the Company, may not have a term
     that exceeds five years from the date of grant.

     iv.  Vesting and Exercisability of Options.

<PAGE>

               1.  Vesting. Options shall vest in accordance with such terms and
               conditions as may be determined by the Committee and specified in
               the Grant Instrument or an amendment to the Grant Instrument. The
               Committee may accelerate the vesting of any or all outstanding
               Options at any time for any reason.

               2.  Exercisability. Notwithstanding the foregoing, the Option
               may, but need not, include a provision whereby the Grantee may
               elect at any time while an Employee, Non-Employee Director or Key
               Advisor to exercise the Option as to any part or all of the
               Shares subject to the Option prior to the full vesting of the
               Option. Any unvested Shares so purchased shall be subject to a
               repurchase right in favor of the Company, with the repurchase
               price to be equal to the lesser of (x) the original purchase
               price or (y) the Fair Market Value of the Shares on the date of
               such repurchase, or to any other restriction the Committee
               determines to be appropriate.

          v.   Termination of Employment, Disability or Death.

               1.  Except as provided below and subject to the provisions of the
               Grant Instrument, an Option may only be exercised while the
               Grantee is an Employee, Key Advisor or member of the Board. In
               the event that a Grantee has a Termination of Service (as defined
               below) for any reason other than Disability (as defined below),
               death or Cause (as defined below), any Option which is otherwise
               exercisable by the Grantee shall terminate unless exercised
               within 90 days after the date of such termination (or within such
               other period of time as may be specified by the Committee), but
               in any event no later than the date of expiration of the Option
               term. Any of the Grantee's Options that are not otherwise
               exercisable as of the date on which the Grantee has such a
               Termination of Service shall terminate as of such date.

               2.  In the event the Grantee has a Termination of Service on
               account of a termination for Cause by the Company, unless
               otherwise determined by the Committee (x) any Option held by the
               Grantee shall terminate a as of the date of such Termination of
               Service and (y) the Grantee shall automatically forfeit all
               Shares underlying any exercised portion of an Option for which
               the Company has not yet delivered the certificates, upon refund
               by the Company of the Exercise Price paid by the Grantee for such
               Shares.

               3.  In the event the Grantee has a Termination of Service on
               account of Disability, any Option which is otherwise exercisable
               by the Grantee shall terminate unless exercised within one year
               after the date of such Termination of Service (or within such
               other period of time as may be specified by the Committee), but
               in any event no later than the date of expiration of the Option
               term. Unless provided otherwise in the applicable Grant
               Instrument, any of the Grantee's Options which are not otherwise

<PAGE>

                    exercisable as of the date of such Termination of Service
                    shall terminate as of such date.

                    4. If the Grantee dies while an Employee, Key Advisor or
                    member of the Board or within 90 days after the date on
                    which the Grantee has a Termination of Service specified in
                    Section 2.1(e)(i) above (or within such other period of time
                    as may be specified by the Committee), any Option that is
                    otherwise exercisable by the Grantee shall terminate unless
                    exercised within one year after the date of such death or
                    Termination of Service (or within such other period of time
                    as may be specified by the Committee), but in any event no
                    later than the date of expiration of the Option term. Unless
                    provided otherwise in the applicable Grant Instrument, any
                    of the Grantee's Options that are not otherwise exercisable
                    as of the date shall terminate as of such date.

                    5. For purposes of the Plan:

                       a.) "Cause" shall mean, except to the extent specified
                       otherwise by the Committee, a finding by the Committee
                       that (1) the Grantee has breached his or her employment,
                       service, noncompetition, nonsolicitation or other similar
                       contract with the Company or its parent and subsidiary
                       corporations, (2) has been engaged in disloyalty to the
                       Company or its parent and subsidiary corporations,
                       including, without limitation, fraud, embezzlement,
                       theft, commission of a felony or dishonesty in the course
                       of his or her employment or service, (3) has disclosed
                       trade secrets or confidential information of the Company
                       or its parents and subsidiary corporations to persons not
                       entitled to receive such information or (4) has entered
                       into competition with the Company or its parent or
                       Subsidiary Corporations. Notwithstanding the foregoing,
                       if the Grantee has an employment agreement with the
                       Company defining "Cause," then such definition shall
                       supersede the foregoing definition.

                       b.) "Disability" shall mean a Grantee's becoming disabled
                       within the meaning of Section 22(e)(3) of the Code.
                       Notwithstanding the foregoing, if the Grantee has an
                       employment agreement with the Company defining
                       "Disability," then such definition shall supersede the
                       foregoing definition.

                       c.) "Termination of Service" shall mean a Grantee's
                       termination of employment or service as an Employee, Key
                       Advisor or member of the Board (so that, for purposes of
                       the Plan, cessation of service as an Employee, Key
                       Advisor and member of the Board shall not be treated as a
                       Termination of Service if the Grantee continues without
                       interruption to serve thereafter in

<PAGE>

                    another one (or more) of such other capacities) unless the
                    Committee determines otherwise.

          vi.  Exercise of Options. A Grantee may exercise an Option that has
          become exercisable, in whole or in part, by delivering a notice of
          exercise to the Company with payment of the Exercise Price. The
          Grantee shall pay the Exercise Price for an Option as specified by the
          Committee (x) in cash, (y) by delivering Shares owned by the Grantee
          for the period necessary to avoid a charge to the Company's earnings
          for financial reporting purposes and to avoid adverse accounting
          consequences to the Company (including Shares acquired in connection
          with the exercise of an Option, subject to such restrictions as the
          Committee deems appropriate) and having a Fair Market Value on the
          date of exercise equal to the Exercise Price, or (z) by such other
          method as the Committee may approve, including payment through a
          broker in accordance with procedures permitted by Regulation T of the
          Federal Reserve Board; provided, that, for purposes of assisting a
          Grantee to exercise an Option, the Company may make loans to the
          Grantee or guarantee loans made by third parties to the Grantee, on
          such terms and conditions as the Committee may authorize. The Grantee
          shall pay the Exercise Price at the time of exercise and shall satisfy
          the withholding tax requirements of Section 3.1.

          vii. Limits on Incentive Stock Options. Each Incentive Stock Option
          shall provide that, if the aggregate Fair Market Value of the Shares
          on the date of the grant with respect to which Incentive Stock Options
          are exercisable for the first time by a Grantee during any calendar
          year, under the Plan and any other equity compensation plan of the
          Company or a parent or subsidiary, exceeds $100,000, then the option,
          as to the excess, shall be treated as a Non-qualified Option. No
          Incentive Stock Option shall be granted to any person who is not an
          Employee of the Company or a parent or subsidiary of the Company
          (within the meaning of Section 424(f) of the Code).

     G.   Stock Appreciation Rights.

          i.   General Requirements. The Committee may grant SARs to an
          Emplohyee, Non-Employee Director or Key Advisor separately from or in
          tandem with any Option (for all or a portion of the applicable
          Option). Tandem SARs may be granted either at the time the Option is
          granted or at any time thereafter while the Option remains
          outstanding; provided, however, that, in the case of an Incentive
          Stock Option, SARs may be granted only at the time of the grant of the
          Incentive Stock Option. The Committee shall establish the base amount
          of the SAR at the time the SAR is granted. Unless the Committee
          determines otherwise, the base amount of each SAR shall be equal to
          the per Share Exercise Price of the related Option or, if there is no
          related Option, the Fair Market Value of a Share as of the date of
          grant of the SAR.

          ii.  Tandem SARs. In the case of tandem SARs, the number of SARs
          granted to a Grantee that shall be exercisable during a specified
          period shall not

<PAGE>

              exceed the number of Shares that the Grantee may purchase upon the
              exercise of the related Option during such period. Upon the
              exercise of an Option, the SARs relating to the Shares covered by
              such Option shall terminate. Upon the exercise of SARs, the
              related Option shall terminate to the extent of an equal number of
              Shares.

              iii. Exercisability. A SAR shall be exercisable during the period
              specified by the Committee in the Grant Instrument and shall be
              subject to such vesting and other restrictions as may be specified
              in the Grant Instrument. The Committee may accelerate the
              exercisability of any or all outstanding SARs at any time for any
              reason. SARs may only be exercised while the Grantee is as an
              Employee, Key Advisor or member of the Board or during the
              applicable period after Termination of Service as described in
              Section 2.1(e). A tandem SAR shall be exercisable only during the
              period when the Option to which it is related is also exercisable.
              No SAR may be exercised for cash by an executive officer or
              director of the Company or any of its subsidiaries who is subject
              to Section 16 of the Exchange Act, except in accordance with Rule
              16b-3 under the Exchange Act.

              iv.  Value of SARs. When a Grantee exercises an SAR, the Grantee
              shall receive in settlement of such SAR an amount, payable in
              cash, Shares or a combination thereof equal to the amount by which
              the Fair Market Value of a Share on the date of exercise of the
              SAR exceeds the base amount of the SAR as described in Section
              2.2(a).

              v.   Form of Payment. The Committee shall determine whether the
              appreciation in an SAR shall be paid in the form of cash, Shares,
              or a combination of the two, in such proportion as the Committee
              deems appropriate.

For purposes of calculating the number of Shares to be received, Shares shall be
valued at their Fair Market Value on the date of exercise of the SAR. If Shares
are to be received upon exercise of a SAR, cash shall be delivered in lieu of
any fractional Share.

          H.  Dividend Equivalent Rights.

              i.   General Requirements. The Committee may grant Dividend
              Equivalent Rights to Employees, Non-Employee Directors and Key
              Advisors. Each Dividend Equivalent Right shall represent the right
              to receive, either credits for or payments of, amounts based on
              the dividends declared on Shares, to be credited or paid as of the
              dividend payment dates, during the term of the Dividend Equivalent
              Right as determined by the Committee. With respect to Dividend
              Equivalent Rights granted with respect to Options intended to be
              qualified performance-based compensation for purposes of Section
              162(m) of the Code, such Dividend Equivalent Rights shall be
              payable regardless of whether such Option is exercised.

              ii.  Certain Terms. Unless otherwise determined by the Committee,
              a Dividend Equivalent Right is exercisable or payable only while
              the Grantee is an

<PAGE>

     Employee, member of the Board or Key Advisor. Payment of the amount
     determined in accordance with Section 2.3(a) shall be in cash, in Shares or
     a combination of the two, as determined by the Committee. The Committee may
     impose such other terms conditions on the grant of a Dividend Equivalent
     Right as it deems appropriate in its discretion as reflected by the terms
     of the Grant Instrument.

     iii. Dividend Equivalent Right with Other Grants. The Committee may
     establish a program under which Dividend Equivalent Rights may be granted
     in conjunction with other Grants. For example, and without limitation, the
     Committee may grant a Dividend Equivalent Right in respect of each Share
     subject to an Option which right would consist of the right to receive a
     cash payment in an amount equal to the dividend distributions paid on a
     Share from time to time.

     iv.  Deferral. The Committee may establish a program under which the
     payments with respect to Dividend Equivalent Rights may be deferred. Such
     program may include, without limitation, provisions for the crediting of
     earnings and losses on unpaid amounts, and, if permitted by the Committee,
     provisions under which Grantees may select from among hypothetical
     investment alternatives for such deferred amounts in accordance with
     procedures established by the Committee.

I.   Cash Awards. The Committee may grant Cash Awards to Employees, Non-Employee
Directors and Key Advisors. The cash payment due upon settlement of a Cash Award
shall be based on the attainment of performance goals and shall be subject to
such other conditions, restrictions and contingencies as the Committee shall
determine as reflected by the terms of the Grant Instrument. If Cash Awards are
granted pursuant to this Section 2.4, the maximum amount that may be paid to an
Employee, Non-Employee Director or Key Advisor under such Cash Awards during any
calendar year shall not exceed the amounts allowable under applicable law.

J.   Qualified Performance-Based Compensation.

     i.   Designation as Qualified Performance-Based Compensation. The Committee
     may determine that Cash Awards granted to an Employee shall be considered
     "qualified performance-based compensation" under Section 162(m) of the
     Code. The provisions of this Section 2.5 shall apply to Grants of Cash
     Awards that are intended to be "qualified performance-based compensation"
     under Section 162(m) of the Code.

     ii.  Performance Period and Performance Goals. When Cash Awards are granted
     as "qualified performance-based compensation," the Committee shall
     establish the performance period during which performance shall be measured
     (the "Performance Period"), performance goals applicable to such Cash Award
     ("Performance Goals"), if any, and such other conditions of the Grant as
     the Committee deems appropriate. Performance Goals may relate to the
     financial

<PAGE>

          performance of the Company or its operating units, the performance of
          Shares, individual performance, or such other criteria as the
          Committee deems appropriate.

          iii. Performance Goals. When Cash Awards that are intended to be
          "qualified performance-based compensation" are granted, the Committee
          shall establish in writing (i) the objective performance goals that
          must be met in order for amounts to be paid under the Cash Awards,
          (ii) the Performance Period during which the performance goals must be
          met, (iii) the threshold, target and maximum amounts that may be paid
          if the performance goals are met, and (iv) any other conditions,
          including without limitation provisions relating to death, Disability,
          other Termination of Service or Reorganization, that the Committee
          deems appropriate and consistent with the Plan and Section 162(m) of
          the Code and the Treasury regulations thereunder. The performance
          goals may relate to the Employee's individual performance or the
          performance of the Company and its subsidiaries as a whole, or any
          combination of the foregoing. The Committee shall use objectively
          determinable performance goals based on one or more of the following
          criteria: Share price, earnings per Share, net earnings, operating
          earnings, return on assets, shareholder return, return on equity,
          growth in assets, share volume, sales, market share, or strategic
          business criteria consisting of one or more objectives based on
          meeting specific revenue goals, market penetration goals, geographic
          business expansion goals, cost targets or goals relating to
          acquisitions or divestitures.

          iv.  Establishment of Goals. The Committee shall establish the
          performance goals in accordance with Section 2.5(b) in writing either
          before the beginning of the Performance Period or during a period
          ending no later than the earlier of (i) 90 days after the beginning of
          the Performance Period or (ii) the date on which 25% of the
          Performance Period has been completed, or such other date as may be
          required or permitted under applicable regulations under Section
          162(m) of the Code. The Performance Goals shall satisfy the
          requirements for "qualified performance-based compensation," including
          the requirement that the achievement of the goals be substantially
          uncertain at the time they are established and that the goals be
          established in such a way that a third party with knowledge of the
          relevant facts could determine whether and to what extent the
          performance goals had been met. The Committee shall not have
          discretion to increase the amount of compensation that is payable upon
          achievement of the designated performance goals.

          v.   Performance Certification. The Committee shall certify and
          announce the results for each Performance Period to all Grantees
          immediately immediately following the announcement of the Company's
          financial results for the Performance Period. If and to the extent
          that the Committee does not certify that the performance goals have
          been met, the grants of Cash Awards made pursuant to this Section 2.5
          for the Performance Period shall be forfeited.

<PAGE>

III.      GENERAL MATTERS
          ---------------

          K.   Withholding of Taxes. The Company shall be entitled to withhold
          from any payments or deemed payments any amount of tax withholding
          (including all federal, state and local taxes) determined by the
          Committee to be required by law. Without limiting the generality of
          the foregoing, the Committee may, in its discretion, require the
          Grantee to pay to the Company at such time as the Committee determines
          the amount that the Committee deems necessary to satisfy the Company's
          obligation to withhold federal, state or local income or other taxes
          incurred by reason of (i) the exercise of any Option or SAR, (ii) the
          receipt of a payment in respect of Dividend Equivalent Rights or Cash
          Awards or (iii) any other applicable income recognition event (for
          example, an election under Section 83(b) of the Code). Notwithstanding
          anything contained in the Plan to the contrary, the Grantee's
          satisfaction of any tax-withholding requirements imposed by the
          Committee shall be a condition precedent to the Company's obligation
          as may otherwise be provided hereunder to provide Shares to the
          Grantee and to the release of any restrictions as may otherwise be
          provided hereunder, as applicable; and the applicable options, SARs or
          Dividend Equivalent Rights shall be forfeited upon the failure of the
          Grantee to satisfy such requirements with respect to, as applicable,
          (i) the exercise of the option or SAR or (ii) payments in respect of
          any Dividend Equivalent Right.

          L.   Transferability of Grants.

               i.  In General. Except as provided in Section 3.2(b), only the
               Grantee may exercise rights under a Grant during the Grantee's
               lifetime. A Grantee may not transfer those rights except by will
               or by the laws of descent and distribution. When a Grantee dies,
               the personal representative or other person entitled to succeed
               to the rights of the Grantee ("Successor Grantee") may exercise
               such rights in accordance with the terms of the Plan. A Successor
               Grantee must furnish proof satisfactory to the Company of his or
               her right to receive the Grant under the Grantee's will or under
               the applicable laws of descent and distribution.

               ii. Transfer of Non-qualified Options. Notwithstanding the
               foregoing, the Committee may provide in a Grant Instrument that a
               Grantee may transfer Non-qualified Options to family members or
               other persons or entities according to such terms as the
               Committee may determine where the Committee determines that such
               transferability does not result in accelerated federal income
               taxation; provided that the Grantee receives no consideration for
               the transfer of an Option and the transferred Option shall
               continue to be subject to the same terms and conditions as were
               applicable to the Option immediately before the transfer.

          M.   Reorganization or Change in Control of the Company.

               i.  Definitions.

                   1. As used herein, a "Reorganization" shall be deemed to have
                   occurred if the shareholders of the Company approve (or, if
                   shareholder approval is not required, the Board approves) an
                   agreement providing for

<PAGE>

                    (i) the merger or consolidation of the Company with another
                    corporation where the shareholders of the Company,
                    immediately prior to the merger or consolidation, will not
                    beneficially own, immediately after the merger or
                    consolidation, Shares entitling such shareholders to more
                    than 50% of all votes to which all shareholders of the
                    surviving corporation would be entitled in the election of
                    directors (without consideration of the rights of any class
                    of stock to elect directors by a separate class vote), (ii)
                    the sale or other disposition of all or substantially all of
                    the assets of the Company, or (iii) a liquidation or
                    dissolution of the Company.

                    2.      As used herein, a "Change of Control" shall be
                    deemed to have occurred if any "person" (as such term is
                    used in Sections 13(d) and 14(d) of the Exchange Act) or any
                    of its subsidiaries or affiliates becomes a "beneficial
                    owner" (as defined in Rule 13d-3 under the Exchange Act),
                    directly or indirectly, of securities of the Company
                    representing a majority of the voting power of the then
                    outstanding securities of the Company except where the
                    acquisition is approved by the Board.

               ii.  Assumption of Grants. Upon a Reorganization where the
               Company is not the surviving corporation (or survives only as a
               subsidiary of another corporation), all outstanding Options and
               SARs that are not exercised shall be assumed by, or replaced with
               comparable options or rights by, the surviving corporation.

               iii. Notice and Acceleration. Upon a Reorganization or a Change
               of Control, (i) the Company shall provide each Grantee with
               outstanding Grants written notice of such event and (ii) all
               outstanding Options and SARs shall automatically accelerate and
               become fully exercisable.

      N.       Requirements for Issuance or Transfer of Shares.

               i.   Shareholder's Agreement. The Committee may require that a
               Grantee execute a shareholder's agreement, with such terms as the
               Committee deems appropriate, with respect to any Shares
               distributed pursuant to the Plan.

               ii.  Limitations on Issuance or Transfer of Shares. No Shares
               shall be issued or transferred in connection with any Grant
               hereunder unless and until all legal requirements applicable to
               the issuance or transfer of such Shares have been complied with
               to the satisfaction of the Committee. The Committee shall have
               the right to condition any Grant made to any Grantee hereunder on
               such Grantee's undertaking in writing to comply with such
               restrictions on his or her subsequent disposition of such Shares
               as the Committee shall deem necessary or advisable as a result of
               any applicable law, regulation or official interpretation
               thereof, and certificates representing such Shares may be
               legended to reflect any such restrictions. Certificates
               representing Shares issued or transferred under the Plan will be
               subject to such stop-transfer orders, registration and other
               restrictions as

<PAGE>

               may be required by applicable laws, regulations and
               interpretations, including any requirement that a legend be
               placed thereon.

            O. Amendment and Termination of the Plan.

               i.    Amendment. The Board may amend or terminate the Plan at any
               time; provided that the Board may not make any amendment to the
               Plan without the approval of the shareholders, if such
               shareholder approval is required by any requirement of applicable
               law or regulation.

               ii.   Termination of Plan. The Plan shall terminate on the day
               immediately preceding the tenth anniversary of the Effective Date
               (as defined below), unless the Plan is terminated earlier by the
               Board or is extended by the Board with the approval of the
               shareholders.

               iii.  Termination and Amendment of Outstanding Grants. A
               termination or amendment of the Plan that occurs after a Grant is
               made shall not materially impair the rights of a Grantee unless
               the Grantee consents or unless the amendment is required in order
               to comply with applicable law. The termination of the Plan shall
               not impair the power and authority of the Committee with respect
               to an outstanding Grant. Whether or not the Plan has terminated,
               an outstanding Grant may be terminated or amended in accordance
               with the Plan or may be amended by agreement of the Company and
               the Grantee consistent with the Plan.

               iv.   Governing Document. The Plan shall be the controlling
               document. No other statements, representations, explanatory
               materials or examples, oral or written, may amend the Plan in any
               manner. The Plan shall be binding upon and enforceable against
               the Company and its successors and assigns.

            P. Miscellaneous.

               i.    Programs. The Committee may adopt one or more programs not
               inconsistent with this Plan pursuant to which Grants may be made
               under this Plan. Such programs shall be deemed merely programs of
               implementation of this Plan and shall not be deemed new plans.

               ii.   Funding of the Plan. The Plan shall be unfunded. The
               Company shall not be required to establish any special or
               separate fund or to make any other segregation of assets to
               assure the payment of any Grants under the Plan. Except as
               provided in Section 2.3(d) above, in no event shall interest be
               paid or accrued on any Grant, including unpaid installments of
               Grants.

               iii.  Rights of Participants. Nothing in the Plan shall entitle
               any Employee, Non-Employee Director, Key Advisor or other person
               to any claim or right to be granted a Grant under the Plan.
               Neither the Plan nor any action taken hereunder shall be
               construed as giving any individual any rights to be retained by
               or in the employ of the Company or any other employment rights.

<PAGE>
               iv.    No Fractional Shares. No fractional Shares shall be
               issued or delivered pursuant to the Plan or any Grant. The
               Committee shall determine whether cash, other awards or other
               property shall be issued or paid in lieu of such fractional
               Shares or whether such fractional Shares or any rights thereto
               shall be forfeited or otherwise eliminated.

               v.     Section Headings. Section headings are for reference only.
               In the event of a conflict between a title and the content of a
               Section, the content of the Section shall control.

               vi.    Effective Date of the Plan. Provided the Plan has been
               approved by the Company's Board of Directors, the Plan shall be
               effective on the first business day immediately following the
               Plan's approval by the Shareholders of the Company (the
               "Effective Date").

               vii.   Reporting Company. The provisions of the Plan that refer
               to the Company becoming a Reporting Company, or that refer to, or
               are applicable to persons subject to, Section 16 of the Exchange
               Act or Section 162(m) of the Code, shall be effective, if at all,
               upon the initial registration of the Shares under Section 12(g)
               of the Exchange Act, and shall remain effective thereafter for so
               long as such Shares are so registered.

               viii.  Grants in Connection with Corporate Transactions and
               Otherwise. Nothing contained in the Plan shall be construed to
               (i) limit the right of the Committee to make Grants under the
               Plan in connection with the acquisition, by purchase, lease,
               merger, consolidation or otherwise, of the business or assets of
               any corporation, firm or association, including Grants to
               employees thereof who become Employees or for other proper
               corporate purposes, or (ii) limit the right of the Company to
               grant stock options or make other awards outside of the Plan.
               Without limiting the foregoing, the Committee may make a Grant to
               an employee of another corporation who becomes an Employee by
               reason of a corporate merger, consolidation, acquisition of stock
               or property, reorganization or liquidation involving the Company
               or any of its subsidiaries in substitution for a stock option
               grant made to such employee by such corporation. The terms and
               conditions of the substitute grants may vary from the terms and
               conditions required by the Plan and from those of the substituted
               stock incentives. The Committee shall prescribe the provisions of
               the substitute grants.

               ix.    Compliance with Law. The Plan, the exercise of Options and
               SARs and the obligations of the Company to issue or transfer
               Shares under Grants shall be subject to all applicable laws and
               to approvals by any governmental or regulatory agency as may be
               required. With respect to persons subject to Section 16 of the
               Exchange Act, it is the intent of the Company that the Plan and
               all transactions under the Plan comply with all applicable
               provisions of Rule 16b-3 or its successors under the Exchange
               Act. The Committee may revoke any Grant if it is contrary to law
               or modify a Grant to bring it into compliance with any valid and

<PAGE>
               mandatory government regulation. The Committee may, in its sole
               discretion, agree to limit its authority under this Section.

               x.     Successors. All obligations of the Company under the Plan
               with respect to awards granted hereunder shall be binding on any
               successor to the Company, whether the existence of such successor
               is the result of a direct or indirect purchase, merger,
               consolidation or otherwise, of all or substantially all of the
               business or assets of the Company.

               xi.    Governing Law. The validity, construction, interpretation
               and effect of the Plan and Grant Instruments issued under the
               Plan shall exclusively be governed by and determined in
               accordance with the law of the State of Delaware.

               xii.   Transition Provisions Relating to the Prior Plan. Upon the
               effectiveness of the Plan, the Company's Amended and Restated
               1992 Stock Option Plan (the "Prior Plan") shall be deemed
               terminated subject to the provisions of Section 12(b) of the
               Prior Plan relating to the post termination effectiveness of
               grants under the Prior Plan. The Plan shall not be deemed an
               amendment or restatement of the Prior Plan. Nothing in the Plan
               shall be deemed to impair the rights of any person receiving
               grants under the Prior Plan nor shall any provision in the Plan
               shall be deemed to give any new or additional rights to any
               person receiving grants under the Prior Plan.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}]]