Document:

Officer's Certificate dtd October 14, 2003

 INTERSTATE POWER AND LIGHT COMPANY 
  
 OFFICER’S CERTIFICATE 
  
 Dated as of October 14, 2003 
  

  
 Setting Forth Terms of a Series of Debt
Securities 
  
 6.450% Senior Debentures due 2033

  

  
 Pursuant to the Indenture 
 Dated as
of August 20, 2003 

 OFFICER’S CERTIFICATE 
  
 The undersigned, the Vice President and Treasurer of Interstate Power and Light Company, an Iowa corporation (the
“Company”), hereby certifies as provided below pursuant to Section 301 of the Indenture, dated as of August 20, 2003 (the “Indenture”), between the Company and Bank One Trust Company, National Association (the
“Trustee”). This Officer’s Certificate is delivered, pursuant to authority granted to the undersigned by resolutions adopted August 20, 2003 by the Board of Directors of the Company, for the purpose of creating and setting forth the
terms of a series of Securities to be issued pursuant to the Indenture, and to establish the form of such Securities in accordance with Section 201 of the Indenture. Capitalized terms not otherwise defined herein are used as defined in the
Indenture. 
  
 1. The Board of Directors of the Company has
authorized the creation by the Company of one or more series of Securities under the Indenture through one or more Officer’s Certificates and pursuant to such authorization and in accordance with the Indenture this Officer’s Certificate is
being delivered to the Trustee to establish the terms of a series of Securities as set forth therein. 
  
 2. The title of the series of Securities shall be “6.450% Senior Debentures due 2033” (herein called the “Debentures”). 
  
 3. The aggregate principal amount of the Debentures which may be
authenticated and delivered under the Indenture shall be U.S. $100,000,000, except for Debentures authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Debentures as provided in Sections 304, 305,
306, 406 or 1206 of the Indenture. Notwithstanding the foregoing limit on the aggregate principal amount of the Debentures, the Debentures may be reopened in accordance with Section 301 of the Indenture. 
  
 4. The Debentures shall be issuable in denominations of $1,000 and any
integral multiple thereof. 
  
 5. Subject to earlier redemption,
the principal of the Debentures shall be payable in U.S. dollars on October 15, 2033. 
  
 6. The Debentures shall bear interest at the rate of 6.450% per annum; such interest shall accrue from October 20, 2003 (or from and including the most recent interest payment date to which interest on the Debentures
has been paid or provided for); the Interest Payment Dates on which such interest shall be payable shall be April 15 and October 15 in each year, commencing April 15, 2004; the Regular Record Dates for the determination of Holders to whom interest
is payable shall be (1) the Business Day next preceding each Interest Payment Date, if the Debentures remain in book-entry only form, or (2) on the fifteenth calendar day before each Interest Payment Date, if the Debentures do not remain in
book-entry only form. Interest on the Debentures shall be payable in U.S. dollars. 
  
 7. Pursuant to the Indenture, the Trustee has been appointed as the Security Registrar for the Debentures. The Trustee is hereby further appointed as the initial Paying Agent 

 
and transfer agent of the Debentures. The principal of and interest on the Debentures shall be payable at the office of the Paying Agent, which shall
initially be located in the Borough of Manhattan, The City of New York. 
  
 8. The Debentures shall be redeemable at the option of the Company at any time in whole or from time to time in part at a Redemption Price equal to the sum of (a) 100% of the principal amount of the Debentures being redeemed, (b) accrued
interest thereon to the Redemption Date, and (c) the Make-Whole Amount, if any, with respect to such Debentures; provided, however, that installments of interest on Debentures due on an Interest Payment Date which occurs on or before any Redemption
Date shall be payable to the Holders of such Debentures who were registered Holders as of the close of business on the Record Date immediately preceding such Interest Payment Date. 
  
 9. The terms defined below shall, for all purposes of the Debentures under the Indenture and this Officer’s
Certificate, have the meanings specified, unless the context clearly otherwise requires or unless otherwise indicated: 
  
 “Make-Whole Amount” means, in connection with any optional redemption, the excess, if any, of (i) the aggregate present value as of the date of
such redemption of each dollar of principal being redeemed and the amount of interest, exclusive of interest accrued to the Redemption Date, that would have been payable in respect of each such dollar if such redemption had not been made, determined
by discounting, on a semi-annual basis, such principal and interest at the Reinvestment Rate, as determined on the third Business Day preceding the date such notice of redemption is given, from the respective dates on which such principal and
interest would have been payable if such redemption had not been made, to the Redemption Date, over (ii) the aggregate principal amount of the Debentures being redeemed. The Make-Whole Amount shall be calculated by the Company and set forth in a
certificate of an Authorized Officer delivered to the Trustee, and the Trustee shall be entitled to rely on said certificate. 
  
 “Reinvestment Rate” means .20% plus the arithmetic mean of the yields under the headings “Week Ending” published in the most recent
Statistical Release under the caption “Treasury Constant Maturities” for the maturity, rounded to the nearest month, corresponding to the remaining life to maturity, as of the payment date of the principal amount of the Debentures being
redeemed. If no maturity exactly corresponds to such maturity, yields for the two published maturities most closely corresponding to such maturity shall be calculated pursuant to the immediately preceding sentence and the Reinvestment Rate shall be
interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month. For purposes of calculating the Reinvestment Rate, the most recent Statistical Release published prior to the
date of determination of the Make-Whole Amount shall be used. If the format or content of the Statistical Release changes in a manner that precludes determination of the Treasury yield in the above manner, then the Treasury yield shall be determined
in the manner that most closely approximates the above manner, as reasonably determined by the Company. 
  
 “Statistical Release” means the statistical release designated “H.15(519)” or any successor publication which is published weekly by
the Federal Reserve System and which 

  

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reports yields on actively traded United States government securities adjusted to constant maturities, or, if such statistical release is not published at
the time of any required determination under the Indenture, then such other reasonably comparable index which shall be designated by the Company. 
  
 10. The Debentures shall not be subject to any sinking fund and shall not be repurchasable or redeemable at the option of a Holder. 
  
 11. The Debentures shall not be convertible into other securities of the
Company or exchangeable for securities of another issuer. 
  
 12.
Satisfaction and discharge under Section 701 of the Indenture shall be applicable to the Debentures; provided, however, that prior to any such satisfaction and discharge, the Company shall have delivered to the Trustee an Opinion of Counsel stating
that (a) the Company has received from the Internal Revenue Service a letter ruling, or there has been published by the Internal Revenue Service a revenue ruling, or (b) since the date of execution of this Officer’s Certificate, there has been
a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the Holders of such Outstanding Securities will not recognize income, gain or loss for Federal income tax
purposes as a result of such satisfaction and discharge and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such satisfaction and discharge had not occurred.

  
 13. The Debentures shall initially be issued in whole in the
form of one or more permanent global Securities. The Depository Trust Company (“DTC”), a clearing agency registered under the Securities Exchange Act of 1934, as amended, shall initially serve as the depositary for such global Security or
Securities. For so long as DTC shall be the depositary, all Debentures shall be registered in its name or in the name of a nominee thereof. While the Debentures are evidenced by one or more global Securities, the depositary or its nominee, as the
case may be, shall be the sole Holder thereof for all purposes under the Indenture. Neither the Company nor the Trustee shall have any responsibility or obligation to the depositary’s participants or the beneficial owners for whom they act with
respect to their receipt from the depositary of payments on the Debentures or notices given under the Indenture. The global Security or Securities provided for hereunder shall bear such legend or legends as may be required from time to time by the
depositary. 
  
 14. Except as herein described, Debentures in
definitive form will not be issued. Notwithstanding the foregoing, in the event the Company decides to discontinue the use of global Securities, any Event of Default has occurred and is continuing or DTC is at any time unwilling, unable or
ineligible to continue as depositary and a successor depositary is not appointed by the Company within 90 days, the Company shall issue individual Debentures in certificated form to owners of “book-entry” ownership interests in exchange
for the Debentures held by DTC or its nominee, as the case may be. In such instance, an owner of a “book-entry” ownership interest will be entitled to physical delivery of certificates equal in principal amount to such
“book-entry” ownership interest and to have such certificates registered in its name. Individual certificates so issued will be issued in denominations of $1,000 or any multiple thereof. 
  

 -3- 

 15. Additional terms regarding the Debentures are as set forth in the form of the Debentures set forth
below. 
  
 16. The form of the Debentures shall be substantially
as follows: 
  

 -4- 

 Unless this certificate is presented by an authorized representative of The Depository Trust Company, a
New York corporation (“DTC”), to the Company (as defined below) or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
  
 INTERSTATE POWER AND LIGHT COMPANY 
  
 6.450% SENIOR DEBENTURES DUE 2033 
  

	 No.
	  	$100,000,000
	 	  	CUSIP No. 461070 AB 0

  
 INTERSTATE POWER AND
LIGHT COMPANY, a corporation duly organized and existing under the laws of the State of Iowa (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby
promises to pay to Cede & Co., or registered assigns, the principal sum of ONE HUNDRED MILLION DOLLARS ($100,000,000) on October 15, 2033 and to pay interest on said principal sum from October 20, 2003, or from and including the most recent
interest payment date to which interest has been paid or duly provided for, semi-annually, in arrears, on April 15 and October 15 of each year (each such date, an “Interest Payment Date”), commencing April 15, 2004 at the rate of 6.450%
per annum to, but not including, the date on which the principal hereof is paid or made available for payment. The amount of interest payable for any period will be computed on the basis of twelve 30-day months and a 360-day year. The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Debenture (or one or more Predecessor Securities, as defined in the Indenture) is registered
at the close of business, on the Regular Record Date for such interest, which shall be (1) the Business Day next preceding each such Interest Payment Date, if the Debentures remain in book-entry only form, or (2) on the fifteenth calendar day before
each interest payment date, if the Debentures do not remain in book-entry only form. Any such interest installment not so punctually paid or duly provided for shall forthwith cease to be payable to the registered Holder on such Regular Record Date
and may either be paid to the Person in whose name this Debenture (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Debentures not later than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Debenture may
be listed, or any book-entry system which may be applicable to this Debenture and upon such notice as may be required by such exchange or system, all as more fully provided in the Indenture. 
  
 Payment of the principal of and interest on any Debenture that is not a
global Debenture will be made at the office or agency of the Company maintained for that purpose in The City of New York; provided, however, that at the option of the Company payment of interest may be made (i) by check mailed to the address of the
Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer in immediately available funds at such place and to such account as may be designated by the Person entitled thereto as specified in the Security
Register. Payment of principal of and interest on any global Debenture will be made to DTC or its nominee, as the case may be, as the sole registered owner and the sole Holder of the global Debenture for all purposes under the Indenture. Payment of
the principal of and interest on this Debenture will be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
  
 Additional provisions of this Debenture are continued on the two pages
following the execution and authentication of this Debenture and such provisions have the same effect as though fully set forth in this place. 
  
 Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee by manual signature, this Debenture shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose. 
  

 -5- 

 IN WITNESS WHEREOF, INTERSTATE POWER AND LIGHT COMPANY has caused this instrument to be duly executed
under its corporate seal. 
  
 Dated:
                     , 20     
  

	 INTERSTATE POWER AND LIGHT COMPANY

		
	 By:
	  	  

	 	  	 Name

	 	  	 Title

  

	 Attest:

	  
  

	 Authorized Officer

  
 Trustee’s
Certificate of Authentication 
  
 This is one of the Debentures
of the series designated herein referred to in the within-mentioned Indenture. 
  

	 BANK ONE TRUST COMPANY, NATIONAL ASSOCIATION,
 as Trustee

		
	 By:
	  	  

	 	  	Authorized Officer

  

 -6- 

 INTERSTATE POWER AND LIGHT COMPANY 
 6.450% SENIOR DEBENTURES DUE 2033 
  
 This Debenture is one of a duly authorized issue of Debentures of the Company, designated as its “6.450% Senior Debentures due 2033” (herein called the “Debentures”), in aggregate principal amount
of $100,000,000, issued under an Indenture, dated as of August 20, 2003 (herein call the “Indenture”), between the Company and Bank One Trust Company, National Association (the “Trustee”), to which Indenture and the
Officer’s Certificate, dated October 14, 2003, setting forth the terms and conditions of the Debentures, reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Trustee,
the Company and the Holders of the Debentures, and of the terms upon which the Debenture are, and are to be, authenticated and delivered. 
  
 The Company may redeem the Debentures at any time at the Company’s option, in whole or in part, at a redemption price equal to the sum of the
principal amount of the Debentures the Company redeems, accrued interest on that principal amount to the redemption date and the Make-Whole Amount (as defined in the Officer’s Certificate), if any, with respect to those Debentures. 

 
 If an Event of Default with respect to the Debentures shall occur and be
continuing, the principal of the Debentures may be declared due and payable in the manner, with the effect and subject to the conditions, provided in the Indenture. 
  
 The Indenture contains provisions for satisfaction and discharge at any time of the entire indebtedness of this Debenture
upon compliance by the Company with certain conditions set forth in the Indenture. 
  
 The Indenture contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in principal amount of the Outstanding Debentures, to modify the Indenture in a
manner affecting the rights of the Holders of the Debentures; provided that no such modification may, without the consent of the Holder of each Outstanding Debenture, (i) change the Stated Maturity of, the principal of, or any installment of
principal of or interest on (except as provided in Section 312 of the Indenture), any Debenture, or reduce the principal amount thereof or the rate of interest thereon (or the amount of any installment of interest thereon) or change the method of
calculating such rate or reduce any premium payable upon the redemption thereof, or change the coin or currency (or other property), in which the Debentures or any premium or the interest thereon is payable, or impair the right to institute suit for
the enforcement of any such payment on or after the Stated Maturity of any Debenture or (ii) reduce the percentage in principal amount of the Outstanding Debentures of any series or any Tranche thereof, the consent of the Holders of which is
required for any such modification of the Indenture. The Indenture also contains provisions permitting Holders of specified percentages in principal amount of the Debentures at the time Outstanding, on behalf of the Holders of all Debentures, to
waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Debenture shall be conclusive and binding upon such
Holder and upon all future Holders of this Debenture and of any Debenture issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Debenture.

  
 No reference herein to the Indenture and no provision of this
Debenture or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Debenture at the times, place and rate, and in the coin or currency, herein
prescribed. 
  
 As provided in the Indenture and subject to
certain limitations, including, if this Debenture is a global Debenture, the limitations set forth on the first page hereof, therein set forth, the transfer of this Debenture is registrable in the Security Register, upon surrender of this Debenture
for registration of transfer at the office or agency of the Company in The City of New York maintained for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security
Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Debentures, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee
or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
  
 Prior to due presentment of this Debenture for registration of transfer, the
Company, the Trustee and any agent of the Trustee may treat the Person in whose name this Debenture is registered as the owner hereof for all purposes, whether or not this Debenture be overdue, and neither the Company, the Trustee nor any such agent
shall be affected by notice to the contrary. 
  
 The Debentures
are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof. 
  

 -7- 

 All terms used in this Debenture which are defined in the Indenture shall have the meanings assigned to
them in the Indenture. 
  
 THIS DEBENTURE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF. 
  

 -8- 

 IN WITNESS WHEREOF, the undersigned has set his hand as of the day and year first above written.

  

	INTERSTATE POWER AND LIGHT COMPANY
		
	 By:
	 	 /s/ Thomas L. Hanson

	 	 	 Thomas L. Hanson

	 	 	 Vice President and Treasurer

  

 -9-<PAGE>

                                                                    Exhibit 4(d)

                      EIGHTEENTH AMENDMENT AND RESTATEMENT
                                     OF THE
                              MANDALAY RESORT GROUP
                            EMPLOYEES' PROFIT SHARING
                               AND INVESTMENT PLAN

<PAGE>

                      EIGHTEENTH AMENDMENT AND RESTATEMENT
                                     OF THE
                              MANDALAY RESORT GROUP
                            EMPLOYEES' PROFIT SHARING
                               AND INVESTMENT PLAN

                                Table of Contents
                                                                            Page
Article     Title                                                         Number
-------     -----                                                         ------

I           Definitions........................................................1

II          Amendment and Restatement and Name of the Plan....................16

III         Purpose of the Plan and the Trust.................................17

IV          Plan Administrator................................................17

V           Eligibility and Participation.....................................22

VI          Contributions to the Trust........................................23

VII         Participants' Accounts and Allocation of Contributions............32

VIII        Benefits Under the Plan...........................................40

IX          Form and Payment of Benefits......................................46

X           Designated Investments............................................50

XI          Withdrawals and Diversification Election..........................53

XII         Trust Fund........................................................55

XIII        Expenses of Administration of the Plan and the Trust Fund.........56

XIV         Amendment and Termination.........................................56

XV          Miscellaneous.....................................................58

XVI         Minimum Distribution Requirements.................................62

<PAGE>

                      EIGHTEENTH AMENDMENT AND RESTATEMENT
                                     OF THE
                              MANDALAY RESORT GROUP
                            EMPLOYEES' PROFIT SHARING
                               AND INVESTMENT PLAN

     This Eighteenth Amendment and Restatement of the Mandalay Resort Group
Employees' Profit Sharing and Investment Plan is made and entered into this 10th
day of October, 2003, but is effective for all purposes as of November 3, 2003,
except as may be otherwise provided herein, by Mandalay Resort Group
(hereinafter referred to as the "Company").

                              W I T N E S S E T H:
                              - - - - - - - - - -

     WHEREAS, the Company and the other Employers have previously adopted the
Mandalay Resort Group Employees' Profit Sharing and Investment Plan, which has
been amended from time to time (as amended, the "Plan"); and

     WHEREAS, pursuant to Article XIV of the Plan, the Company is authorized and
empowered to further amend the Plan; and

     WHEREAS, the Company and the other Employers deem it advisable and in the
best interests of the Participants to amend the Plan to increase Matching
Contributions, to terminate the ESOP portion of the Plan (subject to receipt of
a favorable Internal Revenue Service determination letter), to add provisions
for an Investment Fiduciary, and to make other desired changes.

     NOW, THEREFORE, the Plan is hereby amended and restated in its entirety to
read as follows:

                                    ARTICLE I

                                   Definitions
                                   -----------

     (a)    "Account" shall mean, as required by the context, the entire amount
held from time to time for the benefit of any one Participant, or the portion
thereof attributable to Savings Contributions, Matching Contributions, Automatic
Contributions, Discretionary Contributions or Rollover Contributions, as well as
ESOP Matching Contributions, ESOP Automatic Contributions, 401(k) Automatic
Contributions and 401(k) Employer Contributions made under Plan provisions
previously in effect, and any Suspense Account. A Participant's ESOP Matching
Contribution Account and ESOP Automatic Contribution Account may each include an
Employer Securities Account and an Other Investments Account, as established
pursuant to paragraph (b) of Article VII.

<PAGE>

     (b)    "Actual Contribution Percentage" shall mean, with respect to a group
of Participants for the Plan Year, the average of the Actual Contribution Ratios
(calculated separately for each member of the group) of each Participant who is
a member of such group.

     (c)    "Actual Contribution Ratio" shall mean the ratio of the amount of
Matching Contributions (including elective contributions, if any, treated as
Matching Contributions in accordance with Treasury Regulation Section
1.401(m)-1(b)(5)) made on behalf of a Participant to the Participant's
Compensation.

     (d)    "Actual Deferral Percentage" shall mean, with respect to a group of
Participants for the Plan Year, the average of the Actual Deferral Ratios
(calculated separately for each member of the group) of each Participant who is
a member of such group.

     (e)    "Actual Deferral Ratio" shall mean the ratio of the aggregate amount
of Savings Contributions (including Savings Contributions made by Highly
Compensated Employees in excess of the limitation set forth in paragraph
(a)(1)(A) of Article VI to the extent required by Treasury Regulation
Section1.402(g)-1(e)(1)(ii)) made on behalf of a Participant to the
Participant's Compensation for the Plan Year.

     (f)    "Administrator" shall mean the Plan Administrator.

     (g)    "Affiliate" shall mean, with respect to an Employer, any corporation
other than such Employer that is a member of a controlled group of corporations,
within the meaning of Section 414(b) of the Code, of which such Employer is a
member; all other trades or businesses (whether or not incorporated) under
common control, within the meaning of Section 414(c) of the Code, with such
Employer; any service organization other than such Employer that is a member of
an affiliated service group, within the meaning of Section 414(m) of the Code,
of which such Employer is a member; and any other organization that is required
to be aggregated with such Employer under Section 414(o) of the Code. For
purposes of determining the limitations on Annual Additions, the special rules
of Section 415(h) of the Code shall apply.

     (h)    "Agreement of Trust" shall mean the agreement between one or more
Trustees and the Company providing for the investment of the portion of the
Trust Fund that is not invested in one or more Contracts, as may be amended from
time to time.

     (i)    (1)  "Annual Additions" shall mean the sum of:

                 (A)  the amount of Employer contributions (including Savings
            Contributions other than amounts distributed as "excess
            deferrals" in accordance with Treasury Regulation
            Section1.402(g)-1(e)(2) or (3), as well as Matching
            Contributions, Automatic Contributions and Discretionary
            Contributions), allocated to the Participant during the
            Limitation Year under any defined contribution plan maintained by
            an Employer or an Affiliate;

                                       2.

<PAGE>

                 (B)  the amount of the Employee's contributions (other than
            rollover contributions, if any) to any contributory defined
            contribution plan maintained by an Employer or an Affiliate;

                 (C)  except as provided in subparagraph (2), any forfeitures
            separately allocated to the Participant under this Plan or any other
            defined contribution plan maintained by an Employer or an Affiliate;
            or

                 (D)  to the extent required by law for purposes of determining
            the limitations under paragraph (e)(1) of Article VII, any
            contributions allocated to an individual account on behalf of such
            Participant under Section 401(h) or Section 419A(d) of the Code.

            (2)  The amount of any Employer contribution allocated to a
     Participant for purposes of subparagraph (1)(A), if such contribution is
     used to repay a loan for the purchase of Employer Securities, shall be
     equal to the Participant's share of the repayment, and not to the value of
     Employer Securities released from a suspense account and allocated to such
     Participant's Employer Securities Account as a result of such repayment. If
     no more than one-third of an Employer's contributions for a Plan Year that
     are used to repay a loan for the purchase of Employer Securities are
     allocated to Highly Compensated Employees, the Annual Additions for such
     Plan Year shall not include

                 (A)  forfeitures of Employer Securities that were acquired with
            the proceeds of a loan, and

                 (B)  amounts used to pay interest on a loan used for the
            purchase of Employer Securities.

     (j)    "Automatic Contribution" shall mean a contribution on behalf of a
Participant by an Employer pursuant to paragraph (c) of Article VI.

     (k)    "Board of Directors" and "Board" shall mean the board of directors
of the Company or, when required by the context, the board of directors of an
Employer other than the Company.

     (l)    "Code" shall mean the Internal Revenue Code of 1986, as amended, or
any successor statute. Reference to a specific section of the Code shall include
a reference to any successor provision.

     (m)    "Company" shall mean Mandalay Resort Group and its successors.

     (n)    "Company Joint Venture" shall mean Elgin Riverboat Resort d/b/a
Grand Victoria
                                       3.

<PAGE>

Casino, Victoria Partners d/b/a Monte Carlo Resort & Casino, and any other
business venture managed by the Company that is not an Affiliate of any
Employer, but is co-owned by the Company or an Affiliate with an entity that is
not an Affiliate.

     (o)    (1)  "Compensation" shall mean regular salaries and wages, overtime
     pay, bonuses and commissions paid by an Employer, tips declared by or
     distributed to an Employee while performing services for an Employer,
     Savings Contributions to this Plan, elective contributions to any plan
     maintained by an Employer pursuant to Section 125 of the Code, and elective
     amounts that are not includable in the gross income of an Employee by
     reason of Section 132(f)(4) of the Code, but shall not include third party
     disability payments, tax-deferred stock options, deductible relocation
     expense payments, credits or benefits under this Plan (other than Savings
     Contributions), any amount contributed to any pension, employee welfare,
     life insurance or health insurance plan or arrangement, or any other
     tax-favored fringe benefits (except as otherwise specifically provided
     herein).

            (2)  For purposes of determining a Participant's Actual Contribution
     Ratio and Actual Deferral Ratio pursuant to Article I with respect to any
     Plan Year, no Compensation paid or accrued by an Employer with respect to
     an Employee prior to the Employee's first day of participation shall be
     taken into account.

            (3)  No Compensation in excess of $200,000 (adjusted for cost-of
     living increases in accordance with Section 401(a)(17)(B) of the Code)
     shall be taken into account for any Employee.

     (p)    "Contract" shall mean an agreement between an Insurer and the
Company or the Trustee to invest all or part of the assets of a Fund.

     (q)    "Direct Rollover" shall mean a payment of an Eligible Rollover
Distribution by the Plan to an Eligible Retirement Plan specified by the
Eligible Distributee.

     (r)    "Discretionary Contribution" shall mean a contribution pursuant to
paragraph (d) of Article VI of this Plan by an Employer on behalf of a
Participant.

     (s)    "Diversification Election" shall mean a Participant's election to
diversify all or a portion of his ESOP Matching Contribution Account and/or ESOP
Automatic Contribution Account pursuant to paragraph (c) of Article XI.

     (t)    "Earnings" shall mean, with respect to a Valuation Period, the
aggregate of the unrealized appreciation or depreciation accruing to the Trust
Fund (or any Fund or separate portion of a Segregated Investment Fund) during
such a period; and the income earned or the loss sustained by the Trust Fund (or
any Fund or separate portion of a Segregated Investment Fund) during such
period, whether from investments or from the sale or exchange of assets. For
purposes of determining the Earnings attributable to the portion of a
Participant's ESOP Matching Contribution

                                       4.

<PAGE>

Account and ESOP Automatic Contribution Account that is invested in an Other
Investments Account within the ESOP Fund, the term "Earnings" shall include cash
dividends received on Employer Securities, whether or not allocated to
Participants' Employer Securities Accounts, but shall not include stock
dividends and unrealized appreciation or depreciation attributable to Employer
Securities held in Participants' Employer Securities Accounts.

     (u)    "Effective Date" of this Amendment and Restatement shall mean
November 3, 2003, except as may otherwise be noted herein.

     (v)    "Eligible Distributee" shall mean, in connection with a distribution
eligible for a Direct Rollover to an Eligible Retirement Plan:

            (1)  a Participant or former Participant who is entitled to benefits
     under the terms of this Plan as a result of his retirement, disability or
     other severance of employment;

            (2)  the surviving Eligible Spouse of a Participant or former
     Participant who is entitled to death benefits under the terms of this Plan;
     and

            (3)  a spouse or former spouse of a Participant or former
     Participant who is entitled to benefits under the terms of this Plan as the
     alternate payee under a qualified domestic relations order, as defined in
     Section 414(p) of the Code.

     (w)    "Eligible Retirement Plan" shall mean an individual retirement
account described in Section 408(a) of the Code, an individual retirement
annuity described in Section 408(b) of the Code, an annuity plan described in
Section 403(a) of the Code, an annuity contract described in Section 403(b) of
the Code, an eligible plan under Section 457(b) of the Code maintained by a
state, political subdivision of a state, or any agency or instrumentality of a
state or political subdivision of a state, which agrees to separately account
for amounts transferred into such plan from this Plan, or a qualified trust
described in Section 401(a) of the Code that accepts an Eligible Distributee's
Eligible Rollover Distribution. This provision, however, shall not require the
Trustee to accept a Rollover Contribution to this Plan from an individual
retirement account described in Section 408(a) of the Code, an individual
retirement annuity described in Section 408(b) of the Code, an annuity plan
described in Section 403(a) of the Code, an annuity contract described in
Section 403(b) of the Code or an eligible plan under Section 457(b) of the Code.

     (x)    "Eligible Rollover Distribution" shall mean any distribution of all
or any portion of the balance to the credit of an Eligible Distributee, other
than:

            (1)  any distribution that is one of a series of substantially equal
     periodic payments (not less frequently than annually) made

                                       5.

<PAGE>

                 (A)  for the life (or life expectancy) of the Eligible
            Distributee, or the joint lives (or life expectancies) of the
            Eligible Distributee and the Eligible Distributee's designated
            beneficiary, or

                 (B)  for a specified period of ten years or more;

            (2)  any distribution to the extent such distribution is required
     under Section 401(a)(9) of the Code;

            (3)  any amount that is distributed on account of Hardship; and

            (4)  the portion of any distribution that is not includible in gross
     income (determined without regard to the exclusion for net unrealized
     appreciation with respect to employer securities).

Notwithstanding the foregoing provisions of this paragraph (x), an Eligible
Rollover Distribution shall not include any distributions during a Plan Year
with respect to a Participant if the aggregate amount distributed during the
Plan Year with respect to such Participant is less than $200 (adjusted under
such regulations as may be issued from time to time by the Secretary of the
Treasury).

     (y)    "Eligibility Date" shall mean January 1 and July 1 of each Plan
Year.

     (z)    "Employee" shall mean any person employed by an Employer or an
Affiliate or an individual required to be treated as an Employee by reason of
Section 414(n) of the Code (but only to the extent required by and for the
purposes specified in such Section 414(n)), other than:

            (1)  a member of a collective bargaining unit covering employees
     working at Circus Circus Reno (or any other collective bargaining unit if
     retirement benefits were a subject of good faith bargaining between such
     unit and an Employer); provided however, that:

                 (A)  Members of a collective bargaining unit covering employees
            working at Circus Circus Reno shall be considered Employees
            unless the collective bargaining agreement applicable to such
            unit specifically provides otherwise; and

                 (B)  If any collective bargaining agreement, to which any
            Employer is a party, specifically provides for the participation in
            the Plan by members of the unit covered by such agreement, then such
            members shall be considered Employees to the extent provided by such
            agreement; and

            (2)  a nonresident alien who does not receive earned income from
     sources within the United States.

                                       6.

<PAGE>

     (aa)   "Employer" shall mean the Company, Circus Circus Casinos, Inc.,
Circus Circus Michigan, Inc., Slots-A-Fun, Inc., Go Vegas, Mandalay Place,
Edgewater Hotel Corporation, Colorado Belle Corp., New Castle Corp., Ramparts,
Inc., Ramparts International, Circus Circus Mississippi, Inc., Mandalay
Development, Railroad Pass Investment Group, Jean Development Company, Jean
Development West and Mandalay Corp., as well as any other subsidiary, related
corporation or other entity that adopts the Plan with the consent of the
Company. Railroad Pass Investment Group, Jean Development Company and Jean
Development West are, at times, collectively referred to herein as the "Gold
Strike Entities."

     (bb)   "Employer Securities" shall mean common stock, any other type of
stock or any marketable obligation (as defined in Section 407(e) of ERISA)
issued by the Company or any Affiliate of the Company; provided, however, that
if Employer Securities are purchased with borrowed funds, Employer Securities,
to the extent required by Section 4975 of the Code, shall only include:

            (1)  Such securities that are readily tradable on an established
     securities market; or

            (2)  If none of the stock of an Employer (or any Affiliate of such
     Employer other than a member of an affiliated service group that includes
     such Employer) is publicly tradable on an established securities market,
     common stock issued by the Employer having a combination of voting power
     and dividend rights equal to or in excess of (A) that class of common stock
     of the Employer or any Affiliate having the greatest voting power, and (B)
     that class of common stock of the Employer or any Affiliate having the
     greatest dividend rights; or

            (3)  Noncallable preferred stock that is convertible at any time
     into stock meeting the requirements of subparagraph (1) or (2) (whichever
     is applicable), if such conversion is at a reasonable price (determined as
     of the date of acquisition by the Trustee).

     (cc)   "ERISA" shall mean the Employee Retirement Income Security Act of
1974, as amended, or any successor statute. References to a specific section of
ERISA shall include references to any successor provisions.

     (dd)   "ESOP Automatic Contribution" shall mean a contribution by an
Employer on behalf of a Participant attributable to any Plan Year beginning on
or after January 1, 1989, and ending prior to January 1, 1996, under the terms
of the Plan as in effect during such time.

     (ee)   "ESOP Cessation Date" shall mean the date that the ESOP portion of
the Plan ceases to be operated as an ESOP, which shall be a date as soon as
practicable after the issuance of a favorable determination letter by the
Internal Revenue Service approving this Eighteenth Amendment and Restatement of
the Plan, as selected and communicated in writing to the Participants by the
Plan Administrator.

                                       7.

<PAGE>

     (ff)   "ESOP Matching Contribution" shall mean a contribution by an
Employer on behalf of a Participant attributable to any Plan Year beginning on
or after January 1, 1990, and ending prior to January 1, 1996, under the terms
of the Plan as in effect during such time.

     (gg)   "Fair Market Value" shall mean, for purposes of the valuation of
Employer Securities, the closing price (or, if there is no closing price, then
the closing bid price) of such Employer Securities as reported on the Composite
Tape, or if not reported thereon, then such price as reported in the trading
reports of the principal securities exchange in the United States on which such
Employer Securities are listed, or if the Employer Securities are not listed on
a securities exchange in the United States, the mean between the dealer closing
"bid" and "ask" prices on the over-the-counter market as reported by the
National Association of Securities Dealers Automated Quotation System (NASDAQ),
or NASDAQ's successor, or if not reported on NASDAQ, the fair market value of
the securities as determined by an independent appraiser, as required by Section
401(a)(28)(C) of the Code.

     (hh)   "401(k) Automatic Contribution" shall mean a contribution on behalf
of a Participant by an Employer attributable to any Plan Year ending prior to
January 1, 1989, under the terms of the Plan as in effect immediately prior to
such date.

     (ii)   "401(k) Employer Contribution" shall mean a matching contribution on
behalf of a Participant by an Employer attributable to any Plan Year ending
prior to January 1, 1990, under the terms of the Plan as in effect immediately
prior to such date.

     (jj)   "Fund" shall mean a fund established under Article X.

     (kk)   "Hardship" shall mean an immediate and heavy financial need of the
Participant that cannot be met by his other reasonably available financial
resources.

     (ll)   "Highly Compensated Employee" shall mean:

            (1)  any Employee who:

                 (A)  was a 5% owner of an Employer at any time during the Plan
            Year or the preceding Plan Year; or

                 (B)  for the preceding Plan Year, had Section 415
            Compensation in excess of $90,000 (adjusted under such
            regulations as may be issued by the Secretary of the Treasury).

            (2)  any former Employee who separated from service (or was deemed
     to have separated from service) prior to the Plan Year and performs no
     service for an Employer during the Plan Year, but was an actively employed
     Highly Compensated Employee in the Plan Year of his separation or any Plan
     Year ending on or after the date he attained age 55.

                                       8.

<PAGE>

     (mm)   "Hour of Service" shall mean:

            (1)  (A)  an hour for which an Employee is paid, or entitled to
            payment, for the performance of duties for an Employer or an
            Affiliate;

                 (B)  an hour for which an Employee is paid, or entitled to
            payment, by an Employer or an Affiliate on account of a period of
            time during which no duties are performed (irrespective of whether
            the employment relationship has terminated) due to vacation,
            holiday, illness, incapacity (including disability), lay-off, jury
            duty, military duty or leave of absence. Notwithstanding the
            preceding:

                      (i)   no more than 501 Hours of Service shall be credited
                 under this section (B) to an Employee on account of any single
                 continuous period during which the Employee performs no duties
                 (whether or not such period occurs in a single Plan Year);

                      (ii)  an hour for which an Employee is directly or
                 indirectly paid, or entitled to payment, on account of a period
                 during which no duties are performed shall not be credited to
                 the Employee if such payment is made or due under a plan
                 maintained solely for the purpose of complying with applicable
                 workers' compensation, unemployment compensation or disability
                 insurance laws; and

                      (iii) an hour shall not be credited for a payment which
                 solely reimburses an Employee for medical or medically related
                 expenses incurred by the Employee; and

                 (C)  an hour for which back pay, irrespective of mitigation of
            damages, is either awarded or agreed to by an Employer or an
            Affiliate; provided, however, that the same Hour of Service shall
            not be credited both under section (A) or section (B), as the
            case may be, and under this section (C). Crediting of an Hour of
            Service for back pay awarded or agreed to with respect to periods
            described in section (B) shall be subject to the limitations set
            forth in that section.

     The definition set forth in this subparagraph (1) is subject to the special
     rules contained in Department of Labor Regulations Sections 2530.200b-2(b)
     and (c), and any regulations amending or superseding such sections, which
     special rules are hereby incorporated in the definition of "Hour of
     Service" by this reference.

            (2)  (A)  Notwithstanding the other provisions of this paragraph
            (mm), in the case of an Employee who is absent from work for any
            period by reason of her pregnancy, by reason of the birth of a child
            of the Employee, by reason of the placement of a child with the
            Employee in connection with the adoption of such child

                                       9.

<PAGE>

            by the Employee or for purposes of caring for such child for a
            reasonable period beginning immediately following such birth or
            placement, the Employee shall be treated as having those Hours of
            Service described in section (B).

                 (B)  The Hours of Service to be credited to an Employee under
            the provisions of section (A) are the Hours of Service that
            otherwise would normally have been credited to such Employee but
            for the absence in question or, in any case in which the Plan is
            unable to determine such hours, eight Hours of Service per day of
            such absence; provided, however, that the total number of hours
            treated as Hours of Service under this subparagraph (2) by reason
            of any such pregnancy or placement shall not exceed 501 hours.

                 (C)  The hours treated as Hours of Service under this
            subparagraph (2) shall be credited only in the Plan Year in which
            the absence from work begins, if the Employee would be prevented
            from incurring a One Year Break in Service in such Plan Year
            solely because the period of absence is treated as Hours of
            Service under this subparagraph (2), or, in any other case, in
            the immediately following Plan Year.

                 (D)  Credit shall be given for Hours of Service under this
            subparagraph (2) solely for purposes of determining whether a One
            Year Break in Service has occurred for participation or vesting
            purposes; credit shall not be given hereunder for any other
            purposes (including, without limitation, benefit accrual).

                 (E)  Notwithstanding any other provision of this subparagraph
            (2), no credit shall be given under this subparagraph (2) unless the
            Employee in question furnishes to the Administrator such timely
            information as the Administrator may reasonably require to establish
            that the absence from work is for reasons referred to in section (A)
            and the number of days for which there was such an absence.

            (3)  Solely for the Plan Year ending on December 31, 1995, and
     solely to the extent provided in paragraph (lll) of this Article I,
     Employees of Pinkless, Inc. and the Gold Strike Entities who were
     employed by such entities continuously from January 1, 1995 until the
     respective dates such entities became members of the Company's
     controlled groups shall receive credit for hours that would have been
     Hours of Service if such entities had been part of the Company's
     controlled group at the time such hours were completed.

            (4)  Effective September 6, 2000, each Employee who was previously
     employed by a Company Joint Venture, and who, within thirty (30) days after
     termination of such employment, becomes an Employee of an adopting
     Employer, shall receive credit for an Hour of Service for purposes of
     Article V, Article VIII and paragraph (a)(5) of Article XIV, for each Hour
     of Service he had with such Company Joint Venture.

                                       10.

<PAGE>

     (nn)   "Insurer" shall mean a legal reserve life insurance company licensed
or authorized to transact business in the State of Nevada that shall issue a
Contract.

     (oo)   "Investment Fiduciary" shall mean the person or entity appointed by
the Company or by the Plan Administrator from time to time to provide services
to the Plan as Investment Fiduciary. The Investment Fiduciary shall review and
evaluate, at least annually, the investment Funds made available to Participants
under Article X and shall make changes to such available Funds as the Investment
Fiduciary, in its sole discretion, shall deem appropriate. The Investment
Fiduciary shall have such authority to vote shares of Employer Securities as
provided in the Trust Agreement and shall have such other duties and authority
as may be agreed upon in writing by the Investment Fiduciary and the Company or
the Plan Administrator from time to time. The Investment Fiduciary, as of the
Effective Date of this Amendment and Restatement, shall be Consulting
Fiduciaries, Inc. The Investment Fiduciary shall be a named fiduciary for the
purposes of section 403(a) of ERISA.

     (pp)   "Key Employee" shall mean any Employee or former Employee (including
any deceased Employee) who at any time during the Plan Year that includes the
determination date was an officer of an Employer or an Affiliate having an
aggregate annual compensation from the Employer and its Affiliates greater than
$130,000 (as adjusted under Section 416(i)(1) of the Code for Plan Years
beginning after December 31, 2002), a 5% owner of an Employer or an Affiliate,
or a 1% owner of an Employer or an Affiliate having an aggregate annual
compensation from the Employer and its Affiliates of more than $150,000. For
purposes of this paragraph, "compensation" means compensation within the meaning
of Section 415(c)(3) of the Code. The determination of who is a Key Employee
will be made in accordance with Section 416(i)(1) of the Code and the applicable
regulations and other guidance of general applicability issued thereunder.

     (qq)   "Limitation Year" shall mean the Plan Year.

     (rr)   "Matching Contribution" shall mean a contribution on behalf of a
Participant by an Employer pursuant to paragraph (b) of Article VI.

     (ss)   "Non-Key Employee" shall mean, with respect to any Plan Year, an
Employee or former Employee who is not a Key Employee (including any such
Employee who formerly was a Key Employee).

     (tt)   "Normal Retirement Date" shall mean the date on which a Participant
attains the age of 65 years, or the 5th anniversary of the date the Participant
commenced participation in the Plan, whichever date occurs later.

     (uu)   "One Year Break in Service" shall mean a Plan Year (and, for
purposes of Article V, the year beginning with the date the Employee's
employment commenced) in which an Employee has 500 or fewer Hours of Service,
and it shall be deemed to occur on the last day of any such year.

                                       11.

<PAGE>

     (vv)   "Participant" shall mean:

            (1)  any eligible Employee of an Employer who has become a
     Participant under the Plan, except that an Employee who has made a Rollover
     Contribution prior to his Eligibility Date shall be considered a
     Participant solely with respect to his Rollover Contribution Account; and

            (2)  any former employee of an Employer who became a Participant
     under the Plan and who still has a balance in an Account under the Plan.

     (ww)   "Plan" shall mean the profit sharing and investment plan as herein
set forth, as it may be amended from time to time.

     (xx)   "Plan Administrator" shall mean the Company.

     (yy)   "Plan Year" shall mean the 12-month period ending on December 31.

     (zz)   "Pooled Investment Fund" shall mean a Fund established under Article
X, the combined assets of which shall consist of the common investments of all
Participants selecting the Fund.

     (aaa)  "Rollover Contribution" shall mean a contribution to this Plan by an
Employee or a Participant pursuant to paragraph (b)(2) of Article V or paragraph
(j) of Article VI.

     (bbb)  "Savings Contribution" shall mean a contribution to this Plan on
behalf of a Participant by an Employer pursuant to paragraph (a) of Article VI.

     (ccc)  "Section 415 Compensation" shall include all wages and other
payments of compensation to a Participant from all Employers and all Affiliates
for personal services actually rendered for which the Employers and Affiliates
are required to furnish the Participant a written statement under Sections
6041(d) and 6051(a)(3) of the Code (and without regard to any provisions under
Section 3401(a) of the Code that limit the remuneration included in wages based
on the nature or location of the employment or the services performed), and
shall also include any amount that is contributed by an Employer at the election
of the Employee and that is not includible in the gross income of the Employee
under Sections 125, 401(k), 402(h), 403(b), or 457 of the Code and elective
amounts that are not includible in the gross income of the Employee by reason of
Section 132(f)(4) of the Code.

     (ddd)  "Segregated Investment Fund" shall mean a Fund established under
Article X, in which the assets of each Participant selecting the Fund shall be
separately invested, and for which the Earnings attributable to such assets
shall be separately accounted.

                                       12.

<PAGE>

     (eee)  "Top Heavy Plan" shall mean this Plan if the aggregate account
balances (not including voluntary rollover contributions made by any Participant
from an unrelated plan) of the Key Employees and their beneficiaries for such
Plan Year exceed 60% of the aggregate account balances (not including voluntary
rollover contributions made by any Participant from an unrelated plan) for all
Participants and their beneficiaries.

            (1)  Such values shall be determined for any Plan Year as of the
     last day of the immediately preceding Plan Year. The account balances on
     any determination date shall include the aggregate distributions made with
     respect to Participants during the five-year period ending on the
     determination date. For the purposes of this definition, the aggregate
     account balances for any Plan Year shall include the account balances and
     accrued benefits of all retirement plans qualified under Section 401(a) of
     the Code with which this Plan is required to be aggregated to meet the
     requirements of Section 401(a)(4) or 410 of the Code (including terminated
     plans that would have been required to be aggregated with this Plan) and
     all plans of an Employer or an Affiliate in which a Key Employee
     participates; and such term may include (at the discretion of the Plan
     Administrator) any other retirement plan qualified under Section 401(a) of
     the Code that is maintained by an Employer or an Affiliate, provided the
     resulting aggregation group satisfies the requirements of Sections 401(a)
     and 410 of the Code.

            (2)  All calculations shall be on the basis of actuarial assumptions
     that are specified by the Plan Administrator and applied on a uniform basis
     to all plans in the applicable aggregation group.

            (3)  The account balance of any Participant shall not be taken into
     account if:

                 (A)  he is a Non-Key Employee for the Plan Year that includes
            the determination date, but was a Key Employee for any prior Plan
            Year, or

                 (B)  he has not performed any service for an Employer during
            the five-year period ending on the determination date.

Notwithstanding any provision herein to the contrary, for the purposes of
determining whether the Plan is Top Heavy for Plan Years beginning after
December 31, 2001, the following provisions of this paragraph shall apply for
purposes of determining the present values of accrued benefits and the amounts
of Account balances of an Employee as of the determination date. The present
values of accrued benefits and the amounts of Account balances of an Employee as
of the determination date shall be increased by the distributions made with
respect to the Employee under the Plan and any plan aggregated with the Plan
under Section 416(g)(2) of the Code during the one-year period ending on the
determination date. The preceding sentence shall also apply to distributions
under a terminated plan which, had it not been terminated, would have been
aggregated with the Plan under Section 416(g)(2)(A)(i) of the Code. In the case
of a distribution made for a reason other than separation from service, death,
or disability, this provision shall be applied by substituting "five-year
period" for "one-

                                       13.

<PAGE>

year period." The accrued benefits and Accounts of any individual who has not
performed services for an Employer or an Affiliate during the one-year period
ending on the determination date shall not be taken into account.

     (fff)  "Trust" shall mean, collectively, the trust or trusts established by
the Agreement or Agreements of Trust and the account or accounts established by
the Contracts.

     (ggg)  "Trustee" shall mean the individual, individuals or corporation
designated as trustee under an Agreement of Trust.

     (hhh)  "Trust Fund" shall mean, collectively, the trust funds and accounts
established under all Agreements and Declarations of Trust and all Contracts
from which the amounts of supplementary compensation provided for by the Plan
are to be paid or are to be funded.

     (iii)  "Valuation Date" shall mean, with respect to the Trust Fund and
distributions therefrom to terminated Participants or their beneficiaries, the
last day of each calendar month, and such other dates as the Plan Administrator
may select. Interim Valuation Dates no more frequently than weekly may be used
for purposes of facilitating hardship withdrawals.

     (jjj)  "Valuation Period" shall mean the period beginning with the first
day after a Valuation Date and ending with the next Valuation Date.

     (kkk)  "Year of Credited Service" shall mean a Plan Year beginning on or
after the Employee's date of employment or most recent date of reemployment,
whichever is later, during which the Employee completed 1,000 or more Hours of
Service; provided, however, that:

            (1)  No Employee who became a Participant after November 20, 1989
     shall receive credit for any Plan Year prior to the Plan Year in which he
     became a Participant, except that any Employee who would have been a
     Participant in an earlier Plan Year if he had not been a member of a
     collective bargaining unit shall have the same number of Years of Credited
     Service that he would have had if he had not been a member of such unit.

            (2)  In the case of employees of Pinkless, Inc. who were
     continuously employed by Hacienda Hotel, Inc. from January 1, 1995 through
     September 1, 1995, January 1, 1995 shall be treated as the date of
     employment for purposes of this paragraph.

            (3)  In the case of employees of the Gold Strike Entities who were
     continuously employed by such employer from January 1, 1995 through June 1,
     1995, January 1, 1995 shall be treated as the date of employment for
     purposes of this paragraph.

            (4)  Effective September 6, 2000, in the case of an Employee who was
     previously employed by a Company Joint Venture, and who, within thirty (30)
     days after termination of such employment, becomes an Employee of an
     adopting Employer of this Plan, the date

                                       14.

<PAGE>

     such Employee became an employee of such Company Joint Venture shall be
     treated as the Employee's date of employment for purposes of this
     paragraph, and the Plan Year in which the Employee most recently became a
     participant in the 401(k) plan of such Company Joint Venture (or would have
     done so but for his membership in a collective bargaining unit) shall be
     treated as the Plan Year in which the Employee became a Participant in this
     Plan.

            (5)  In the case of an Employee who:

                 (A)  previously provided services for the Company at a location
            maintained by a Company Joint Venture;

                 (B)  was incorrectly carried on the payroll of such Company
            Joint Venture during the period such services for the Company were
            provided; and

                 (C)  was transferred from the payroll of such Company Joint
            Venture to the Company payroll;

     the date such Employee commenced providing services for the Company at the
     location maintained by such Company Joint Venture shall be treated as the
     Employee's date of employment for purposes of this paragraph.

     (lll)  (1)  "Year of Service" shall mean:

                 (A)  for all purposes of this Plan except for purposes of
            Article V, a Plan Year during which an Employee completes 1,000 or
            more Hours of Service; and

                 (B)  for purposes of Article V, the consecutive 12-month
            period beginning with the date the Employee's employment with his
            Employer or any Affiliate thereof commenced (the first day for
            which the Employee is credited with an Hour of Service) if,
            during such consecutive 12-month period, the Employee completes
            1,000 Hours of Service; provided, however, that if, during such
            consecutive 12-month period, the Employee does not complete 1,000
            Hours of Service, then "Year of Service" shall mean any Plan Year
            beginning after the Employee's date of employment during which
            the Employee completes 1,000 or more Hours of Service. In either
            event, for purposes of Article V, the Year of Service is not
            completed until the end of the consecutive 12-month period or the
            Plan Year, as the case may be, without regard to when during the
            period that 1,000 Hours of Service are completed, and in
            determining his Years of Service the Employee shall receive
            credit for his Hours of Service for his Employer or any Affiliate
            thereof, whether or not he was an Employee at the time such Hours
            of Service were completed.

                                       15.

<PAGE>

            (2)  For purposes of Article VIII and paragraph (a)(5) of Article
     XIV, an Employee's "Years of Service" shall not include any Year of Service
     completed prior to January 1, 1985.

            (3)  Each Employee of Pinkless, Inc. or one or more of the Gold
     Strike Entities on January 1, 1995, who remained continuously employed by
     such employer through the date it (or its successor) became a member of the
     Company's controlled group, shall receive credit for a "Year of Service"
     for purposes of Article VIII and paragraph (a)(5) of Article XIV, for the
     Plan Year ending December 31, 1995, if he completes 1,000 Hours of Service
     with such employer (or in the case of Pinkless, Inc., for Hacienda Hotel,
     Inc.), whether or not such employer was a member of the Company's
     controlled group at the time such Hours of Service were completed.

            (4)  Effective September 6, 2000, each Employee who was previously
     employed by a Company Joint Venture, and who, within thirty (30) days after
     termination of such employment, becomes an Employee of an adopting
     Employer, shall receive credit for a "Year of Service" for purposes of
     Article V, Article VIII and paragraph (a)(5) of Article XIV, for all Plan
     Years in which he completes 1,000 Hours of Service with such Company Joint
     Venture.

            (5)  Each Employee who:

                 (A)  previously provided services for the Company at a
            location maintained by a Company Joint Venture;

                 (B)  was incorrectly carried on the payroll of such Company
            Joint Venture during the period such services for the Company
            were provided; and

                 (C)  was transferred from the payroll of such Company joint
            venture to the Company payroll;

     shall receive credit for a "Year of Service" for purposes of Article VIII
     and paragraph (a)(5) of Article XIV, for all Plan Years in which he
     completes 1,000 Hours of Service while incorrectly on the payroll of such
     Company Joint Venture.

                                   ARTICLE II

                 Amendment and Restatement and Name of the Plan
                 ----------------------------------------------

     This profit sharing and investment plan is hereby amended and restated in
accordance with the terms hereof and shall be known as the "MANDALAY RESORT
GROUP EMPLOYEES' PROFIT SHARING AND INVESTMENT PLAN."

                                       16.

<PAGE>

                                   ARTICLE III

                        Purpose of the Plan and the Trust
                        ---------------------------------

     (a)    Exclusive Benefit. This Plan is created for the sole purpose of
providing benefits to the Participants and enabling them to share in the profits
and growth of their Employer. Until the ESOP Cessation Date, the ESOP Matching
Contribution Accounts and ESOP Automatic Contribution Accounts are designed to
be invested primarily in Employer Securities. Except as otherwise permitted by
law and the terms of this Plan, in no event shall any part of the principal or
income of the Trust be paid to or reinvested in any Employer or be used for or
diverted to any purpose whatsoever other than for the exclusive benefit of the
Participants and their beneficiaries.

     (b)    Return of Contributions. Notwithstanding the foregoing provisions of
paragraph (a), any contribution made by an Employer to this Plan by a mistake of
fact may be returned to the Employer within one year after the payment of the
contribution; and any contribution made by an Employer that is conditioned upon
the deductibility of the contribution under Section 404 of the Code (each
contribution shall be presumed to be so conditioned unless the Employer
specifies otherwise) may be returned to the Employer if the deduction is
disallowed and the contribution is returned (to the extent disallowed) within
one year after the disallowance of the deduction.

     (c)    Participants' Rights. The establishment of this Plan shall not be
considered as giving any Employee, or any other person, any legal or equitable
right against any Employer, any Affiliate, the Plan Administrator, the Trustee
or the principal or the income of the Trust, except to the extent otherwise
provided by law. The establishment of this Plan shall not be considered as
giving any Employee, or any other person, the right to be retained in the employ
of any Employer or any Affiliate.

     (d)    Qualified Plan. This Plan and the Trust are intended to qualify
under the Code as a tax-free employees' profit sharing plan and trust, as a cash
or deferred arrangement subject to Section 401(k) of the Code, and, until the
ESOP Cessation Date, as an employee stock ownership plan within the meaning of
Section 4975(e)(7) of the Code. The provisions of this Plan and the Trust shall
be interpreted accordingly.

                                   ARTICLE IV

                               Plan Administrator
                               ------------------

     (a)    Administration of the Plan. The Plan Administrator shall control and
manage the operation and administration of the Plan, except with respect to
investments. The Administrator shall have no duty with respect to the
investments to be made of the funds in the Trust except as may be expressly
assigned to it by the terms of the Agreement of Trust.

                                       17.

<PAGE>

     (b)    Powers and Duties. The Administrator shall have complete control
over the administration of the Plan herein embodied, with all powers necessary
to enable it to carry out its duties in that respect. Not in limitation, but in
amplification of the foregoing, the Administrator shall have power and
discretion to interpret or construe this Agreement and to determine all
questions that may arise as to the status and rights of the Participants and
others hereunder.

     (c)    Direction of Trustee. It shall be the duty of the Administrator to
direct the Trustee with regard to the distribution of the benefits to the
Participants and others hereunder.

     (d)    Summary Plan Description. The Administrator shall prepare or cause
to be prepared a Summary Plan Description and such periodic and annual reports
as are required by law.

     (e)    Disclosure. At least once each year, the Administrator shall furnish
to each Participant a statement containing the value of his interest in the
Trust Fund and such other information as may be required by law.

     (f)    Conflict in Terms. The Administrator shall notify each Employee, in
writing, as to the existence of the Plan and the basic provisions thereof. In
the event of any conflict between the terms of this Plan and the Trust, as set
forth in this Agreement and in any Agreement of Trust or Contract, and as set
forth in any explanatory booklet or other description, this Agreement and the
Agreement of Trust or Contract shall control.

     (g)    Nondiscrimination. The Administrator shall not take any action or
direct the Trustee or Insurer to take any action whatsoever that would result in
unfairly benefitting one Participant or group of Participants at the expense of
another or in improperly discriminating between Participants similarly situated
or in the application of different rules to substantially similar sets of facts.

     (h)    Records. The Administrator shall keep a complete record of all its
proceedings as such Administrator and all data necessary for the administration
of the Plan. All of the foregoing records and data shall be located at the
principal office of the Administrator.

     (i)    Final Authority. Except to the extent otherwise required by law or
by this Plan, the decision of the Administrator in matters within its
jurisdiction shall be final, binding and conclusive upon each Employer and each
Employee, member and beneficiary and every other interested or concerned person
or party.

     (j)    Claims.

            (1)  Claims for benefits under the Plan may be made by a Participant
     or a beneficiary of a Participant on forms supplied by the Plan
     Administrator. Written or electronic notice of the disposition of a claim
     shall be furnished to the claimant by the Administrator within 90 days
     after the application is filed with the Administrator, unless the Plan
     Administrator determines that an extension of time is necessary to process
     the claim.

                                       18.

<PAGE>

     If such an extension is required, written or electronic notice of the
     reasons for the extension and the date the Plan Administrator expects to
     notify the claimant of the decision on the claim shall be furnished to the
     claimant prior to the end of the initial 90-day period. The extension will
     not exceed an additional 90 days, and the total extended review period
     cannot exceed 180 days. In the event that the claim is denied, notice of
     the denial shall be given to the claimant in written or electronic form,
     and shall include the specific reasons for the denial, specific references
     to pertinent Plan provisions on which the denial is based, a description of
     any additional material or information necessary for the claim to be
     granted, an explanation of why such material or information is necessary,
     and a description of the Plan's claim review procedures, the time limits
     under those procedures, and a statement of the claimant's right to bring a
     civil action under section 502(a) of ERISA following an adverse
     determination on review.

            (2)  If a claim is wholly or partly denied, a claimant shall have 60
     days after the receipt of such denial to file a request with the Plan
     Administrator for a review of the denial. The Plan Administrator shall
     conduct a full and fair review of the claim and the denial of the claim,
     and all comments, documents, records, and other information submitted by
     the claimant relating to the claim, whether or not such information was
     submitted or considered in connection with the initial determination on the
     claim. The Plan Administrator shall notify the claimant in writing or in
     electronic form of its decision on review within 60 days after receipt of
     the request for review, unless the Plan Administrator determines that an
     extension of time is necessary to process the claim. If such an extension
     is required because of special circumstances, written or electronic notice
     of the special circumstances requiring the extension and the date the Plan
     Administrator expects to notify the claimant of the decision on review of
     the claim shall be furnished to the claimant prior to the end of the
     initial 60-day period. The extension will not exceed an additional 60 days,
     and the total extended review period shall not exceed 120 days. During the
     review period, the claimant may submit written comments, documents, records
     and other information related to the claim, and upon request, will be
     provided, free of charge, reasonable access to, and copies of, all
     documents, records and other information relevant to the claim. If the
     decision on review is adverse, it shall be in writing or in electronic form
     and shall include the specific reasons for the denial of the claim, the
     specific Plan provisions on which the decision is based, a statement that
     the claimant is entitled to receive, upon request and free of charge,
     access to, and copies of, all documents, records and other information
     relevant to the claim, and a description of any voluntary appeal procedures
     offered under the Plan, the claimant's right to obtain information about
     such procedures and a statement regarding the claimant's right to bring a
     civil action under section 502(a) of ERISA.

            (3)  Notwithstanding the foregoing, with respect to claims filed on
     or after January 1, 2002 for benefits under the Plan due to a Participant's
     disability, the provisions of this subparagraph (3) shall apply, in lieu of
     the provisions of subparagraphs (1) and (2).

                 (A)  Claims for disability benefits under the Plan may be made
            by a

                                       19.

<PAGE>

            Participant or a beneficiary of a Participant on forms supplied by
            the Plan Administrator. Written or electronic notice of the
            disposition of a claim shall be furnished to the claimant by the
            Administrator within 45 days after the application is filed with the
            Administrator, unless the Plan Administrator determines that an
            extension of time is necessary to process the claim, in which event
            the Plan Administrator will provide the claimant with written or
            electronic notice of any extension, including the reasons for the
            extension and the date by which a decision by the Plan Administrator
            is expected to be made. The initial 45-day period may be extended
            twice by 30 days for matters beyond the control of the Plan
            Administrator, including cases where a claim is incomplete. Any
            notice of extension must explain to the claimant the standards on
            which entitlement to a disability benefit is based, the unresolved
            issues that prevent a decision on the claim, and, where a claim is
            incomplete, the additional information need to resolve those issues.
            Any extension notice must provide that the claimant has 45 days from
            receipt of the notice in which to provide the specified information.
            Where the time period for the notice of denial of a claim is
            extended because additional information is needed, the time period
            shall stop running from the time the notice of extension is sent
            until the date of the claimant's response to the request for
            additional information. In the event that the claim is wholly or
            partly denied, the Plan Administrator shall notify the claimant in
            written or electronic form, and the notice of the denial shall
            include the specific reasons for the denial, the specific Plan
            provisions on which the denial is based, a description of any
            additional material or information necessary for the claim to be
            granted, an explanation of why such material or information is
            necessary, a description of the Plan's claim review procedures, the
            time limits under those procedures, and a statement of the
            claimant's right to bring a civil action under section 502(a) of
            ERISA, and, if applicable, a copy of any internal rule, guideline,
            protocol, or similar criterion that was relied upon in making the
            adverse determination on the claim, or a statement that an internal
            rule, guideline, protocol, or similar criterion was relied upon in
            making the adverse determination and will be provided to the
            claimant free of charge upon request.

                 (B)  If a claim for disability benefits is wholly or partly
            denied, a claimant or his authorized representative shall have 180
            days after the receipt of such denial to file a request with the
            Plan Administrator for a review of the denial. Review of a denied
            claim for disability benefits shall be conducted by an appropriate
            named fiduciary who is neither the party who made the initial
            adverse determination, nor the subordinate of such party, and no
            deference will be given to the initial denial. If the initial denial
            was based in whole or in part on medical judgment, the named
            fiduciary reviewing the denied claim shall consult with a health
            care professional who has appropriate training and experience in the
            field of medicine involved in the medical judgment and who was not
            consulted in connection with the initial denial or was subordinate
            to that health care professional. The identity of any medical or
            vocational experts who provided advice to the Plan in connection
            with the initial denial shall be

                                       20.

<PAGE>

            provided to the claimant without regard to whether such advice was
            relied upon. The review of the claim denial shall take into account
            all comments, documents, records, and other information submitted by
            the claimant, whether or not such information was submitted or
            considered in connection with the initial determination on the
            claim. The Plan Administrator shall notify the claimant in writing
            or in electronic form of the determination of the denied claim on
            review (regardless of whether adverse) within 45 days after receipt
            of the request for review, unless the named fiduciary responsible
            for review of the claim determines that a hearing is needed or if
            other special circumstances require an extension. If such an
            extension is required, written notice of the extension, including
            the reasons for the extension and the date by which a decision by
            the named fiduciary responsible for reviewing the claim is expected
            to be made shall be furnished to the claimant prior to the end of
            the initial 45-day period. The extension shall not exceed an
            additional 45 days. During the review period, the claimant may
            submit written comments, documents, records and other information
            related to the claim, and upon request, will be provided, free of
            charge, reasonable access to, and copies of, all documents, records
            and other information relevant to the claim. In the event of an
            adverse determination of the denied claim on review, the claimant
            shall be given a written or electronic notice of that determination,
            which shall include the specific reasons for the denial of the
            claim, references to the specific Plan provisions on which the
            determination is based, a statement that the claimant is entitled to
            receive, upon request and free of charge, access to, and copies of,
            all documents, records and other information relevant to the claim,
            a description of any voluntary appeal procedures offered under the
            Plan, the claimant's right to obtain information about such
            procedures, a statement regarding the claimant's right to bring a
            civil action under section 502(a) of ERISA, if applicable, a copy of
            any internal rule, guideline, protocol., or similar criterion that
            was relied upon in making the adverse determination on the claim, or
            a statement that an internal rule, guideline, protocol or similar
            criterion was relied upon in making the adverse determination and
            will be provided to the claimant free of charge upon request, if the
            adverse determination is based on a medical necessity or
            experimental treatment or similar exclusion or limit, and an
            explanation of the scientific or clinical judgment for the
            determination or a statement that such explanation will be provided
            free of charge upon request.

            (4)  In all cases, a claimant may authorize a representative to act
     on the claimant's behalf in pursuing or appealing a claim for benefits
     under the Plan by filing with the Plan Administrator a written
     authorization signed by the claimant in a form provided to the claimant by
     the Plan Administrator.

     (k)    Appointment of Advisors. The Administrator may appoint such
accountants, counsel (who may be counsel for an Employer), specialists and other
persons that it deems necessary and desirable in connection with the
administration of this Plan. The Administrator, by action of its Board of
Directors, may designate one or more of its employees to perform the duties
required of the Administrator hereunder.

                                       21.

<PAGE>

                                    ARTICLE V

                          Eligibility and Participation
                          -----------------------------

     (a)    Current Participants. Any Employee who was a Participant in this
Plan on the Effective Date of this Amendment and Restatement shall remain as a
Participant in the Plan.

     (b)    Eligibility and Participation. Thereafter, any other Employee of an
Employer shall be eligible to become a Participant in the Plan upon completing
one Year of Service and attaining the age of 21 years.

            (1)  Entry into Plan. Any such eligible Employee shall enter the
     Plan as a Participant, if he is still an Employee of an Employer, on the
     first Eligibility Date concurring therewith or occurring thereafter.

            (2)  Rollover Contribution Prior to Entry. Notwithstanding the
     foregoing provisions of this paragraph (b), the Plan Administrator may
     accept a Rollover Contribution from an Employee who is reasonably expected
     to become a Participant.

     (c)    Special Rules for Employees of Pinkless, Inc. and the Gold Strike
Entities. Notwithstanding the foregoing provisions of this Article V,

            (1)  Employees of Pinkless, Inc. on September 1, 1995, who were
     continuously employed by Hacienda Hotel, Inc. from January 1, 1995 through
     September 1, 1995, and who remained employed by Pinkless, Inc. or another
     Employer on January 1, 1996, became eligible to become Participants in the
     Plan on January 1, 1996, provided they would have completed 1,000 Hours of
     Service during the Plan Year ending December 31, 1995 if Pinkless, Inc. had
     been an Employer continuously from January 1, 1995 to January 1, 1996.

            (2)  Employees of one or more of the Gold Strike Entities on June 1,
     1995, who were continuously employed by one or more of the Gold Strike
     Entities from January 1, 1995 through June 1, 1995, and who remained
     employed by an Employer on January 1, 1996, became eligible to become
     Participants in the Plan on January 1, 1996, provided they would have
     completed 1,000 Hours of Service during the Plan Year ending December 31,
     1995 if the Gold Strike Entities had been Employers continuously from
     January 1, 1995 to January 1, 1996.

            (3)  Employees of Pinkless, Inc. or the Gold Strike Entities who
     become so employed after January 1, 1995 shall be eligible to become
     Participants in the Plan under the requirements established pursuant to
     paragraph (b) of this Article V, with Hours of Service credited for all
     purposes under the Plan being limited to those completed on or after:

                 (A)  September 1, 1995, in the case of Employees of Pinkless,
            Inc., and

                                       22.

<PAGE>

                 (B)  June 1, 1995 in the case of the Gold Strike Entities.

     (d)    Former Employees.

            (1)  A Participant who ceases to be an Employee, and who
     subsequently returns as an Employee, shall be eligible again to become a
     Participant on the date he again becomes an Employee.

            (2)  An Employee who has completed one Year of Service, but who is
     not an Employee of an Employer on the next following Eligibility Date,
     shall enter the Plan as a Participant on the first date following such
     Eligibility Date on which he is an Employee of an Employer.

     (e)    Notification. The Administrator shall notify each Employee of his
eligibility to participate in the Plan.

                                   ARTICLE VI

                           Contributions to the Trust
                           --------------------------

     (a)    Savings Contributions.

            (1)  Amount Contributed. The Employer shall contribute to the Trust,
     on behalf of each Participant, a Savings Contribution as specified in a
     written salary reduction agreement (if any) between the Participant and
     such Employer; provided, however, that such contribution for a Participant
     shall not exceed the dollar limitation contained in section 402(g) of the
     Code in effect for such taxable year, except to the extent permitted under
     paragraph (m) of this Article VI and section 414(v) of the Code, if
     applicable; provided, further, that the total of a Participant's Savings
     Contributions and "catch-up" contributions under paragraph (m) of this
     Article VI for any Plan Year may not exceed 75% of the Participant's
     Compensation for such Plan Year.

     A Savings Contribution hereunder may be expressed as a fixed dollar amount
     per payroll period, or as a fixed percentage of pay. Notwithstanding the
     foregoing, with respect to any Participant who does not enter into a salary
     reduction agreement as of the date of his entry into the Plan, his Employer
     shall contribute to the Trust on his behalf a Savings Contribution in the
     amount of 2% of such Participant's Compensation for each payroll period
     until such Participant shall enter into a salary reduction agreement. A
     Participant for whom a Savings Contribution is made pursuant to the prior
     sentence shall be deemed to have completed a salary reduction agreement to
     reduce the amount of Compensation otherwise payable to him for each payroll
     period by 2%, and all provisions of the Plan referencing a salary reduction
     agreement shall apply to such Savings Contributions.

                                       23.

<PAGE>

            (2)  Refund of Excess Savings Contributions.

                 (A)  If a Participant's Savings Contributions, together with
            any elective contributions made by the Participant to any other
            plans of his Employer or an Affiliate that are intended to qualify
            under Section 401(k) of the Code, exceed the limitation set forth in
            paragraph (a)(1)(A) of this Article VI for any calendar year, the
            Administrator, upon notification from the Participant or his
            Employer, shall refund to such Participant the portion of such
            excess that is attributable to his Savings Contributions to the
            Plan, increased by the earnings thereon for such calendar year (if
            any) and reduced by any excess Savings Contributions and earnings
            for the Plan Year beginning with or within the calendar year that
            have been previously distributed to him in accordance with the
            provisions of paragraph (a)(5).

                 (B)  If a Participant's Savings Contributions, together with
            any elective contributions made by the Participant to any other
            plans intended to qualify under Sections 401(k), 403(b), 408(k) or
            457 of the Code, exceed the limitation set forth in paragraph
            (a)(1)(A) of this Article VI for any calendar year (after the
            application of paragraph (a)(2)(A)), the Administrator may refund to
            such Participant, at his request, the portion of such excess that is
            attributable to Savings Contributions made to the Plan, increased by
            the earnings thereon for such calendar year and reduced by any
            excess Savings Contributions and earnings for the Plan Year
            beginning with or within the calendar year that have been previously
            distributed to the Participant in accordance with the provisions of
            paragraph (a)(5).

     Any earnings on Savings Contributions refunded pursuant to this
     subparagraph (2) shall be determined by the Plan Administrator as permitted
     by Treasury Regulation Section 1.402(g)-1(e)(5). Any such refund shall be
     made on or before April 15 immediately following the calendar year in which
     the excess Savings Contribution is made.

            (3)  Salary Reduction Agreement. Any salary reduction agreement must
     be executed and delivered to the Participant's Employer prior to the last
     day of the pay period to which it applies. Notwithstanding the foregoing,
     in no event shall a salary reduction agreement for a salaried Participant
     be effective unless it is executed and delivered to the Participant's
     Employer at least 3 business days prior to the end of the pay period to
     which it applies. Any salary reduction agreement relating to vacation pay
     must be executed and delivered to the Participant's Employer prior to the
     earlier of: (1) the last day of the pay period to which it applies; or (2)
     the date of the check for such vacation pay. Any salary reduction agreement
     relating to a cash bonus shall be executed and in effect prior to the date
     on which the bonus is declared. Except as otherwise provided in this
     subparagraph (3) above, any salary reduction agreement may be revised by
     the Participant on any business day, and as frequently as the Participant
     shall elect.

                                       24.

<PAGE>

            (4)  Refusal of Deferral. The Administrator shall have the right to
     require any Participant to reduce his Savings Contributions under any such
     agreement, or to refuse deferral of all or part of the amount set forth in
     such agreement, if necessary to comply with the requirements of this Plan
     and the Code.

            (5)  Refund of Excess Deferral.

                 (A)  In the event that the Savings Contributions of Highly
            Compensated Employees exceed the limitations set forth in paragraph
            (f) of this Article VI, such excess (plus the earnings thereon),
            determined as set forth below, shall be distributed to the Highly
            Compensated Employees on or before the 15th day of the third month
            after the close of the Plan Year to which the excess contributions
            relate. Notwithstanding the preceding sentence, the Plan
            Administrator may delay the distribution of any excess Savings
            Contributions (plus the earnings thereon) attributable to an
            Employer beyond the 15th day of the third month of such Plan Year,
            if the Employer consents to such delay and the Administrator refunds
            all such excess amounts not later than 12 months after the close of
            the Plan Year to which the excess contributions relate.

                 (B)  (i)  The amount of such excess for the Highly Compensated
            Employees in the aggregate for the Plan Year shall be determined by
            reducing the Savings Contributions of the Highly Compensated
            Employee with the highest Actual Deferral Ratio to the extent
            required to

                           a.  enable the arrangement to satisfy the limitations
                      set forth in paragraph (f), or

                           b.  cause such Highly Compensated Employee's Actual
                      Deferral Ratio to equal the Actual Deferral Ratio of the
                      Highly Compensated Employee with the next highest Actual
                      Deferral Ratio.

                 This process shall be repeated until the arrangement satisfies
                 the limitations set forth in paragraph (f).

                      (ii) The aggregate dollar amount of the excess calculated
                 under subsection (i) shall be distributed in accordance with
                 the following provisions of this subsection (ii):

                           a.  the Savings Contributions of the Highly
                      Compensated Employee with the largest dollar amount of
                      Savings Contributions shall be reduced by the amount
                      required to cause such Highly Compensated Employee's
                      Savings Contributions to equal the dollar amount of the
                      Savings Contributions of the Highly Compensated

                                       25.

<PAGE>

                      Employee with the next highest dollar amount of Savings
                      Contributions;

                           b.  the amount determined in part a. shall be
                      distributed to the Highly Compensated Employee with the
                      largest dollar amount of Savings Contributions, unless a
                      lesser amount, when added to the aggregate dollar amount
                      already distributed under this part b., would equal the
                      aggregate dollar amount of the excess calculated under
                      subsection (i), in which event such lesser amount shall be
                      distributed; and

                           c.  if the aggregate dollar amount distributed under
                      part b. is then less than the aggregate dollar amount of
                      the excess calculated under subsection (i), the steps in
                      this subsection (ii) shall be repeated.

                 (C)  Earnings attributable to excess Savings Contributions
            shall be determined by the Plan Administrator as permitted by
            Treasury Regulation Section 1.401(k)-1(f)(4)(ii).

                 (D)  Excess Savings Contributions and earnings determined under
            paragraphs (a)(5)(B) and (C) shall be reduced by any excess Savings
            Contributions and earnings for the calendar year ending with or
            within the Plan Year that have been previously refunded to the
            Participant in accordance with the provisions of paragraph (a)(2).

     (b)    Matching Contributions.

            (1)  For each Plan Year, each Employer shall contribute to the
     Trust, on behalf of each Participant who is its Employee on the last day of
     the Plan Year and for whom a Savings Contribution is made during such Plan
     Year, a Matching Contribution equal to 25% of the amount of the Savings
     Contribution made to the Plan by the Participant for the Plan Year;
     provided, however, that the Matching Contribution for a Participant with
     respect to any Plan Year commencing after December 31, 2003 shall not
     exceed the amount determined for such Plan Year from the following table,
     on the basis of the Participant's Years of Credited Service:

         Years of                         Maximum Amount of
     Credited Service                   Matching Contributions
-------------------------               -----------------------
           1                                 $  62.50
           2                                    75.00
           3                                    87.50
           4                                   125.00

                                       26.

<PAGE>

           5                                   175.00
           6                                   225.00
           7                                   275.00
           8 to 14                             325.00
          15 to 19                             350.00
          20 to 24                             375.00
          25 or more                           400.00

     For Plan Years commencing prior to January 1, 2004, a Participant's
     matching contribution for a Plan Year shall not exceed the schedule set
     forth in the Plan provisions applicable to that Plan Year.

            (2)  Any Matching Contribution made by an Employer on account of a
     Savings Contribution that has been refunded pursuant to paragraph (a)(2) or
     paragraph (a)(5), shall be forfeited as of the last day of the Plan Year
     for which the Matching Contribution was made. For this purpose, Savings
     Contributions that exceed the amount subject to Matching Contributions
     shall be deemed to have been refunded first. Any amount forfeited pursuant
     to the provisions of this subparagraph (2) shall be used to reduce Matching
     Contributions.

            (3)  If the Matching Contributions of Highly Compensated Employees
     exceed the limitations of paragraph (f):

                 (A)  The nonvested portion of such excess (including earnings
            thereon), if any, shall be forfeited as of the last day of the Plan
            Year for which the Matching Contribution was made. Such forfeited
            amount shall be allocated for such Plan Year as provided in
            paragraphs (d)(5) and (f) of Article VII.

                 (B)  The vested portion of such excess (including earnings
            thereon), if any, shall be distributed to the Highly Compensated
            Employees on or before the 15th day of the third month after the
            close of the Plan Year to which the matching contributions relate.
            Notwithstanding the preceding sentence, the Plan Administrator may
            delay the distribution of any excess Matching Contributions (plus
            the earnings thereon) attributable to an Employer beyond the 15th
            day of the third month of such Plan Year, if the Employer consents
            to such delay and the Administrator refunds all such excess amounts
            not later than 12 months after the close of the Plan Year to which
            the excess contributions relate.

                 (C)  (i) The amount of such excess for the Highly Compensated
            Employees in the aggregate for the Plan Year shall be determined by
            reducing the Matching Contribution of the Highly Compensated
            Employee with the highest Actual Contribution Ratio to the extent
            required to

                                       27.

<PAGE>

                           a.  enable the arrangement to satisfy the limitations
                      set forth in paragraph (f), or

                           b.  cause such Highly Compensated Employee's Actual
                      Contribution Ratio to equal the Actual Contribution Ratio
                      of the Highly Compensated Employee with the next highest
                      Actual Contribution Ratio.

                 This process shall be repeated until the arrangement satisfies
                 the limitations set forth in paragraph (f).

                      (ii) The aggregate dollar amount of the excess calculated
                 under subsection (i) shall be distributed in accordance with
                 the following provisions of this subsection (ii):

                           a.  the Matching Contributions of the Highly
                      Compensated Employee with the largest dollar amount of
                      Matching Contributions shall be reduced by the amount
                      required to cause such Highly Compensated Employee's
                      Matching Contributions to equal the dollar amount of the
                      Matching Contributions of the Highly Compensated Employee
                      with the next highest dollar amount of Matching
                      Contributions;

                           b.  the amount determined in part a. shall be
                      distributed to the Highly Compensated Employee with the
                      largest dollar amount of Matching Contributions, unless a
                      lesser amount, when added to the aggregate dollar amount
                      already distributed under this part b., would equal the
                      aggregate dollar amount of the excess calculated under
                      subsection (i), in which event such lesser amount shall be
                      distributed; and

                           c.  if the aggregate dollar amount distributed under
                      part b. is then less than the aggregate dollar amount of
                      the excess calculated under subsection (i), the steps in
                      this subsection (ii) shall be repeated.

                 (D)  In determining the amount of such excess, Actual
            Contribution Ratios shall be rounded to the nearest one-hundredth of
            one percent of the Employee's Compensation.

                 (E)  In no case shall the amount of such excess with respect to
            any Highly Compensated Employee exceed the amount of Matching
            Contributions on behalf of such Highly Compensated Employee for such
            Plan Year.

                                       28.

<PAGE>

                 (F)  Earnings attributable to excess contributions shall be
            determined by the Plan Administrator, as of the last day of the Plan
            Year to which such excess contributions relate, in a manner
            consistent with the provisions of paragraphs (d)(1), (d)(2) and
            (d)(3) of Article VII and Treas. Reg. Section 1.401(m)-1(e)(3)(ii).

     (c)    Automatic Contribution. For each Plan Year, each Employer shall
contribute to the Trust for each Plan Year, on behalf of each Participant who
completes 1,000 Hours of Service during such Plan Year and who is its Employee
on the last day of such Plan Year, an Automatic Contribution equal to the amount
determined for such Plan Year from the table set forth below. Each eligible
Participant's Automatic Contribution shall be determined pursuant to the
following table on the basis of his Years of Credited Service:

         Years of                         Amount of
     Credited Service               Automatic Contributions
-------------------------           -----------------------
             1                             $ 250
             2                               300
             3                               350
             4                               400
             5                               500
             6                               600
             7                               700
             8 or more                       800

     (d)    Discretionary Contributions. An Employer, at the discretion of its
Board of Directors, may make Discretionary Contributions to the Trust on behalf
of its Participants.

     (e)    Limitations to Amount Deductible. Notwithstanding the foregoing, all
Savings, Matching, Automatic and Discretionary Contributions shall not exceed
the maximum amount deductible by the Employer for federal income tax purposes.

     (f)    Limitations Based on Percentages. Effective as of January 1, 2001,
the amounts contributed as Savings Contributions and as Matching Contributions
in any Plan Year shall be limited as follows:

            (1)  Actual Deferral Percentage:

                 (A)  The Actual Deferral Percentage for the group of Highly
            Compensated Employees for a Plan Year shall not exceed the Actual
            Deferral Percentage for the group of all other eligible Employees
            for the Plan Year, multiplied by 1.25, or

                 (B)  The excess of the Actual Deferral Percentage for the group
            of Highly Compensated Employees for a Plan Year over the Actual
            Deferral Percentage for the

                                       29.

<PAGE>

            group of all other eligible Employees for the Plan Year shall not
            exceed 2 percentage points, and the Actual Deferral Percentage for
            the group of Highly Compensated Employees for a Plan Year shall not
            exceed the Actual Deferral Percentage for the group of all other
            eligible Employees for the Plan Year, multiplied by 2.0.

            (2)  Actual Contribution Percentage:

                 (A)  The Actual Contribution Percentage for the group of Highly
            Compensated Employees for a Plan Year shall not exceed the Actual
            Contribution Percentage for the group of all other eligible
            Employees for the Plan Year, multiplied by 1.25, or

                 (B)  The excess of the Actual Contribution Percentage for the
            group of Highly Compensated Employees for a Plan Year over the
            Actual Contribution Percentage for the group of all other eligible
            Employees for the Plan Year shall not exceed 2 percentage points,
            and the Actual Contribution Percentage for the group of Highly
            Compensated Employees for the Plan Year shall not exceed the Actual
            Contribution Percentage for the group of all other eligible
            Employees for the Plan Year, multiplied by 2.0.

            (3)  For purposes of this paragraph (f), if 2 or more plans of an
     Employer to which elective salary reduction contributions, voluntary
     contributions or matching contributions are made are elected by the
     Employer to be treated as one Plan for purposes of Section 410(b)(6) of the
     Code, such plans shall be treated as a single plan for purposes of
     determining the Actual Deferral Percentage and the Actual Contribution
     Percentage. For purposes of determining the Actual Deferral Percentages and
     the Actual Contribution Percentages for the group of Highly Compensated
     Employees and the group of all other eligible Employees, all Employees of
     the respective group who are directly or indirectly eligible to receive
     allocations of elective contributions and/or matching contributions under
     the Plan for any portion of the Plan Year, and all Employees of the
     respective group who elect not to enter into salary reduction agreements
     pursuant to paragraph (a) of Article VI or whose eligibility to enter into
     salary reduction agreements has been suspended or otherwise limited because
     of an election not to participate, a withdrawal, a loan, or a restriction
     on Annual Additions as set forth in paragraph (e) of Article VII, shall be
     included. For purposes of determining the Actual Deferral Ratio and the
     Actual Contribution Ratio for a Highly Compensated Employee, all cash or
     deferred arrangements in which the Employee is eligible to receive
     allocations of elective contributions and/or matching contributions shall
     be taken into account, unless otherwise required by Treasury Regulation
     Setions 1.401(k)-1(g)(1)(ii)(B) and 1.401(m)-1(f)(1)(ii)(B).

            (4)  (A)  To the extent required by Treasury Regulation
     Section 1.401(k)-1(g)(11)(iii)(A), Participants who are covered by a
     collective bargaining unit shall be tested separately from all other
     Participants for all purposes of this paragraph (f).

                                       30.

<PAGE>

                 (B)  To the extent required by Treasury Regulation
            Section 1.401(k)-1(g)(11)(iii)(B), contributions to the ESOP and
            non-ESOP portions of this Plan shall be tested separately for all
            purposes of this paragraph (f).

     (g)    Limitations on Allocations. The aggregate Savings, Matching,
Automatic and Discretionary Contributions for any Plan Year for any Participant
shall not exceed the amount that may be allocated to such Participant's Accounts
for such Plan Year pursuant to Section 415 of the Code.

     (h)    Payment of Contributions. Payments on account of the contributions
due from an Employer for any Plan Year shall be made in cash. All contributions
shall be paid to the Trustee. Such payments may be made by a contributing
Employer at any time, but payment of the Matching, Automatic and Discretionary
Contributions shall be completed on or before the time prescribed by law,
including extensions thereof, for filing such Employer's federal income tax
return for its taxable year with which or within which such Plan Year ends.
Payment of any Savings Contribution shall be made as of the earliest date on
which such a contribution can reasonably be segregated from the Employer's
general assets, provided, however, that such payment shall be made no later than
the fifteenth business day of the month following the month in which the
contribution is withheld from a Participant's pay.

     (i)    Allocation of Forfeitures. Except as otherwise provided in paragraph
(b)(2) of Article VI, any amount forfeited during the Plan Year pursuant to the
provisions of this Plan shall be allocated as provided in paragraphs (d)(5) and
(f) of Article VII.

     (j)    Rollover Contributions. Each Participant and each Employee who is
reasonably expected to be a Participant may, at any time during a Plan Year,
with the consent of the Plan Administrator and in such manner as prescribed by
the Plan Administrator, pay or cause to be paid to the Trustee a rollover
contribution (as defined in the applicable sections of the Code, except that for
this purpose such "rollover contribution" shall be deemed to include both a
direct payment from a Participant and a direct transfer from a trustee of
another qualified plan in which the Participant is or was a participant).
Rollover contributions shall be permitted only from qualified retirement plans
and from such other sources as the Plan Administrator shall consent to, in
accordance with its uniform nondiscriminatory policy.

     (k)    No Duty to Inquire. The Trustee shall not have any right or duty to
inquire into the amount of any contribution made by an Employer or any
Participant or the method used in determining the amount of any such
contribution, or to collect the same, but the Trustee shall be accountable only
for funds actually received by the Trustee.

     (l)    Contributions by Controlled Group Members. Notwithstanding any
provisions of this Article VI to the contrary, if a corporation that has adopted
this Plan is a member of an affiliated group of corporations within the meaning
of Section 1504 of the Code, and if such corporation does not make a
contribution under this Plan, then another member or other members of the said
affiliated

                                       31.

<PAGE>

group may make the contribution that was so prohibited to the extent permitted
by Section 404(a)(3)(B) of the Code.

     (m)    Catch-up Contributions. Each Participant who is eligible to make
elective deferrals under the Plan during the Plan Year and has attained the age
of 50 before the close of the Plan Year shall be eligible to make "catch-up"
contributions in accordance with, and subject to the limitations of, Section
414(v) of the Code. A "catch-up" contribution hereunder may be expressed as a
fixed dollar amount per payroll period, or as a fixed percentage of pay. Such
"catch-up" contributions shall not be taken into account for purposes of the
provisions of the Plan implementing the required limitations of Sections 402(g)
and 415 of the Code. The Plan shall not be treated as failing to satisfy the
provisions of the Plan implementing the requirements of Section 401(k)(3),
401(k)(11), 401(k)(12), 410(b), or 416 of the Code, as applicable, by reason of
the making of such "catch-up" contributions.

     (n)    Transfers of Accounts from Plans of Company Joint Ventures. Each
Employee who was previously employed by a Company Joint Venture (his
"predecessor employer"), and who, within thirty (30) days after termination of
such employment, becomes an Employee of an adopting Employer may, if such
Employee was a participant in a qualified 401(k) plan (the "predecessor plan")
sponsored by his predecessor employer, may elect, pursuant to the provisions of
the predecessor plan to have his accounts in the predecessor plan transferred
from the predecessor plan to the Trustee of this Plan by a trustee-to-trustee
transfer. As provided in Code Section 414(l), each such Employee shall receive a
benefit immediately after the transfer, if this Plan and Trust then terminated,
that is no less than the benefit he would have received immediately before the
transfer if the predecessor plan and its trust and contracts had then
terminated. Each such Employee shall have the vesting schedule in effect under
the predecessor plan at the time of the transfer apply with respect to him, if
that vesting schedule produces a greater vested benefit for such Employee than
this Plan's vesting schedule. The provisions of this paragraph (n) shall apply
with respect to transfers of such Employees' accounts occurring after September
5, 2000, without regard to the date of transfer of employment by any such
Employee.

     (o)    Elective Deferrals Limited to Cash Availability. Notwithstanding any
provision herein to the contrary, the total elective deferrals (including both
Savings Contributions and "catch-up" contributions) made by any Participant for
any pay period shall not exceed the amount available for such deferrals after
other withholding (for applicable income taxes, employment taxes, insurance
premiums, or otherwise) from the Participant's pay.

                                   ARTICLE VII

             Participants' Accounts and Allocation of Contributions
             ------------------------------------------------------

     (a)    Common Fund. Except as otherwise provided in this Plan, an Agreement
of Trust or a Contract, the assets of the Trust (or, to the extent provided in
Article X, the assets of each Fund)

                                       32.

<PAGE>

shall constitute a common fund in which each Participant (or each Participant
who has directed that a portion of his Account be invested in such Fund) shall
have an undivided interest.

     (b)    Establishment of Accounts.

            (1)  The Plan Administrator shall establish and maintain with
     respect to each Participant five accounts, designated as the Participant's
     Savings Contribution Account, Matching Contribution Account, Automatic
     Contribution Account, Discretionary Contribution Account and Rollover
     Contribution Account. In the event that an Employee makes a Rollover
     Contribution prior to becoming a Participant for other purposes, the Plan
     Administrator shall establish his Rollover Contribution Account at the time
     he makes the Rollover Contribution.

            (2)  For Participants who had an ESOP Matching Contribution Account
     and/or an ESOP Automatic Contribution Account pursuant to Plan provisions
     in effect prior to the Effective Date of this Amendment and Restatement,
     the Plan Administrator shall continue to maintain such accounts until the
     ESOP Cessation Date, at which time each such Participant's ESOP Matching
     Contribution Account shall be merged into his Matching Contribution Account
     and each such Participant's ESOP Automatic Contribution Account shall be
     merged into his Automatic Contribution Account.

            (3)  For Participants who had 401(k) Employer Contribution Accounts
     pursuant to Plan provisions in effect prior to January 1, 1993, the Plan
     Administrator shall continue to maintain such accounts until the ESOP
     Cessation Date, at which time each such Participant's 401(k) Employer
     Contribution Account shall be merged into his Matching Contribution
     Account.

            (4)  The Plan Administrator may create such additional Accounts as
     may be necessary to keep records as to the value of certain funds from time
     to time, including (without limitation):

                 (A)  In the event that a Participant's Savings Contribution
            Account previously received proceeds of a life insurance policy as a
            result of the death of an insured dependent, such proceeds shall
            continue to be maintained in a separate Account in the name of such
            Participant, and shall not be commingled, for accounting purposes,
            with other Plan funds held in the Participant's Savings Contribution
            Account. The separate Account shall be held in the Plan until the
            Participant otherwise qualifies to receive a distribution under the
            terms of the Plan, and shall be invested at the direction of such
            Participant in the same manner as other funds held in the Savings
            Contribution Account of the Participant.

                 (B)  A separate Account shall be established for an alternate
            payee who is entitled to benefits pursuant to a qualified domestic
            relations order if such benefits are not to be paid promptly upon
            approval of such order by the Administrator.

                                       33.

<PAGE>

                 (C)  A separate Account shall be established for each death
            beneficiary of a Participant if distribution is not to be made
            promptly upon the Administrator's notification that the Participant
            has died.

                 (D)  Separate Employer Securities Accounts and Other
            Investments Accounts shall continue to be maintained for the ESOP
            Matching Contribution Account and ESOP Automatic Contribution
            Account of each Participant who has such accounts, whenever
            necessary to account for separate portions of the ESOP Fund invested
            in Employer Securities and in assets other than Employer Securities.

            (5)  Each Participant's Accounts shall, collectively, reflect the
     Participant's interest in the Trust Fund.

     (c)    Interest of Participant. The interest of a Participant in the Trust
Fund shall be the combined balances remaining from time to time in his Accounts,
after making the adjustments required in paragraph (d). The balance in any
Account of a Participant shall include the interest of such Account held in each
Fund.

     (d)    Adjustments to Accounts. Subject to the provisions of paragraph (e),
the portion of the Accounts of a Participant that are invested in any Fund shall
be adjusted from time to time as follows:

            (1)  Earnings of Pooled Investment Funds. As of each Valuation Date,
     each of a Participant's Accounts that is invested in a Pooled Investment
     Fund established under paragraph (a) of Article X shall be credited or
     charged, as the case may be, with a share of the Earnings of such Fund for
     the Valuation Period ending with such current Valuation Date. Each
     Participant's share of the Earnings of a Pooled Investment Fund for any
     Valuation Period shall be determined by the Plan Administrator on a
     weighted average basis, so that each Participant with a balance in such
     Fund shall receive a pro rata share of the Earnings of such Fund, taking
     into account the period of time that each dollar invested in such Fund has
     been so invested.

            (2)  Earnings of Segregated Investment Funds. As of each Valuation
     Date, the portion of a Participant's Accounts that are invested in each
     Segregated Investment Fund established under paragraph (a) of Article X
     shall be credited or charged, as the case may be, with the Earnings
     attributable to the Participant's investment in such Fund for the Valuation
     Period ending with such current Valuation Date.

            (3)  Earnings of ESOP Fund. As of each Valuation Date, the portion
     of a Participant's ESOP Matching Contribution Account and ESOP Automatic
     Contribution Account that is invested in the ESOP Fund shall be credited or
     charged, as the case may be, as follows:

                                       34.

<PAGE>

                 (A)  As of each Valuation Date, the portion of a Participant's
            ESOP Matching Contribution Account and ESOP Automatic Contribution
            Account that is invested in an Employer Securities Account within
            the ESOP Fund shall be credited with any stock dividends for the
            Valuation Period ending with such current Valuation Date which are
            received on Employer Securities that are allocated to such Account.

                 (B)  As of each Valuation Date, the portion of a Participant's
            ESOP Matching Contribution Account and ESOP Automatic Contribution
            Account that is invested in an Other Investments Account within the
            ESOP Fund shall be credited or charged, as the case may be, with a
            share of the Other Investments Accounts Earnings for the Valuation
            Period ending with such current Valuation Date. The share of the
            Earnings of the Other Investments Accounts attributable to the
            portion of each such Account of the Participant that is invested in
            the ESOP Fund for any Valuation Period shall be:

                      (i)  that amount that shall bear the same ratio to such
                 Earnings as the balance in such Participant's Other Investments
                 Accounts as of the end of the immediately preceding Valuation
                 Period, less any amounts distributed from such Other
                 Investments Accounts to the Participant, or debited to such
                 Accounts for any payments made with the assets of such Accounts
                 for the purchase of Employer Securities, during the Valuation
                 Period ending with the current Valuation Date, bears to

                    (ii)   the aggregate balances in the Other Investments
                 Accounts as of the end of the immediately preceding Valuation
                 Period of all Participants, less the aggregate amounts
                 distributed from Participants' ESOP Matching Contribution
                 Accounts and ESOP Automatic Contribution Accounts (and
                 attributable to their Other Investments Accounts) to such
                 Participants, or debited to such Accounts for any payments made
                 with the assets of such Accounts for the purchase of Employer
                 Securities, during the Valuation Period ending with the current
                 Valuation Date.

     The provisions of this subparagraph (3) shall be deleted and no longer
     effective for any Valuation Period ending after the ESOP Cessation Date.

            (4)  Contributions. Each Participant's Accounts shall be credited
     with contributions made during the Plan Year as follows:

                 (A)  As of each Valuation Date, the Savings Contribution
            Account of a Participant shall be credited with any Savings
            contributions made by his Employer on his behalf with respect to one
            or more dates occurring during the Valuation Period ending with such
            Valuation Date.

                                       35.

<PAGE>

                 (B)  As of each Valuation Date that is the last day of a Plan
            Year, the Matching Contribution Account of a Participant shall be
            credited with any Matching Contributions made by his Employer on his
            behalf with respect to such Plan Year. A Participant shall not be
            entitled to share in the Matching Contributions for a Plan Year
            unless he is an Employee on the last day of the Plan Year, except
            that:

                      (i)  if such requirement would cause this Plan to fail to
                 meet the requirements of Section 410(b)(1) of the Code (and any
                 regulations thereunder issued by the Secretary of the
                 Treasury), then a Participant who is not an Employee on the
                 last day of the Plan Year shall be entitled to share in the
                 contribution if such Plan Year constitutes a Year of Service
                 for such Participant, regardless of whether he is an Employee
                 on the last day of the Plan Year; and

                      (ii) if such requirement still would cause this Plan to
                 fail to meet the requirements of Section 410(b)(1) of the Code
                 (and any regulations thereunder issued by the Secretary of the
                 Treasury) after the application of clause a., then a
                 Participant who is not an Employee on the last day of the Plan
                 Year shall be entitled to share in the contribution if he
                 completes more than 500 Hours of Service during such Plan Year,
                 regardless of whether such Plan Year constitutes a Year of
                 Service for such Participant or whether he is an Employee on
                 the last day of the Plan Year.

                 (C)  As of each Valuation Date that is the last day of a Plan
            Year, the Automatic Contribution Account of a Participant shall be
            credited with any Automatic Contributions made by his Employer on
            his behalf with respect to such Plan Year. Except as provided in
            section (E), a Participant shall be entitled to share in the
            Automatic Contribution only if:

                      (i)  the Plan Year constitutes a Year of Service for such
                 Participant, and

                      (ii) he is an Employee on the last day of the Plan Year.

                 (D)  As of each Valuation Date that is the last day of a Plan
            Year, the Discretionary Contribution Account of a Participant shall
            be credited with his share of the Discretionary Contribution, if
            any, made by his Employer with respect to the Plan Year ending with
            such Valuation Date. The amount allocable to a Participant entitled
            to a share of the Discretionary Contribution for the Plan Year shall
            be the amount that shall bear the same ratio to the total of such
            contribution as the Participant's Compensation for such Plan Year
            ending with such Valuation Date bears to the aggregate of the
            Compensation of all Participants employed by such Employer for that
            period who are entitled to share in the Discretionary Contribution
            for such Plan Year. Except as provided in section (E), a Participant
            shall be entitled to share in the Discretionary Contribution only
            if:

                                       36.

<PAGE>

                      (i)  the Plan Year constitutes a Year of Service for such
                 Participant, and

                      (ii) he is an Employee on the last day of the Plan Year.

                 (E)  (i)  In the event that the requirement set forth in
                 section (C) (ii) or section (D)(ii) would cause this Plan to
                 fail to meet the requirements of Section 410(b)(1) of the Code
                 (and any regulations thereunder issued by the Secretary of the
                 Treasury), a Participant shall be entitled to share in the
                 contribution if such Plan Year constitutes a Year of Service
                 for such Participant, regardless of whether he is an Employee
                 on the last day of the Plan Year.

                      (ii) In the event that the requirements set forth in
                 sections (C)(i) and (ii) or sections (D)(i) and (ii) would
                 cause this Plan to fail to meet the requirements of Section
                 410(b)(1) of the Code (and any regulations thereunder issued by
                 the Secretary of the Treasury) after the application of section
                 (E)(i), a Participant shall be entitled to share in the
                 contribution if he completes more than 500 Hours of Service
                 during such Plan Year, regardless of whether such Plan Year
                 constitutes a Year of Service for such Participant or whether
                 he is an Employee on the last day of the Plan Year.

                      (iii) For each Plan Year in which this Plan is a Top Heavy
                 Plan, a Participant who is employed by an Employer on the last
                 day of such Plan Year, who is a Non-Key Employee, and who earns
                 Compensation from an Employer for such Plan Year shall be
                 entitled to share in the contribution (as described in section
                 (C) or section (D)) to the extent such allocation does not
                 exceed three percent (3%) of his Section 415 Compensation (or,
                 if less, the highest percentage of such Section 415
                 Compensation allocated to a Key Employee's Accounts hereunder
                 (other than any amount allocated to a Rollover Contribution
                 Account), as well as his employer contribution accounts under
                 any other defined contribution plan maintained by such Employer
                 or an Affiliate, and including any elective contribution to any
                 plan subject to Code Section 401(k)). To the extent provided in
                 this subsection (iii), such contribution shall be required
                 regardless of whether the Non-Key Employee has completed a Year
                 of Service, except to the extent that such a contribution is
                 made by an Employer or an Affiliate on behalf of the Employee
                 for the Plan Year to any other defined contribution plan
                 maintained by such Employer or Affiliate.

                 Matching Contributions shall be taken into account for purposes
                 of satisfying the minimum contribution requirements of Section
                 416(c)(2) of the Code and this subsection (iii). Matching
                 contributions that are used to satisfy the minimum contribution
                 requirements shall be treated as Matching Contributions for
                 purposes of the actual contribution percentage test and other
                 requirements of Section 401(m) of the Code.

                                       37.

<PAGE>

                 (F)  As of each Valuation Date, the Rollover Contribution
            Account of a Participant shall be credited with the rollover
            contributions, if any, made by the Participant pursuant to Article
            VI with respect to the Valuation Period ending with such Valuation
            Date.

            (5)  Forfeitures. Except as otherwise required by paragraph (f) of
     this Article VII, any amounts that have been forfeited pursuant to
     paragraph (b)(3)(A) of Article VI and paragraph (c) of Article VIII during
     a Plan Year shall be allocated to the Participants' Automatic Contribution
     Accounts, effective as of the last day of such Plan Year, as follows:

                 (A)  A Participant's share of such forfeitures shall be the
            portion of such forfeitures that shall bear the same ratio to the
            total of such forfeitures as the Participant's Automatic
            Contribution for the Plan Year bears to the aggregate of the
            Automatic Contributions of all Participants who were entitled to
            share in the Automatic Contribution for such Plan Year.

                 (B)  Forfeitures attributable to paragraph (b)(3)(A) of Article
            VI shall be allocated to Participants' Automatic Contribution
            Accounts before the allocation of any other forfeitures.

            (6)  Distributions. As of each Valuation Date, each Account of a
     Participant shall be charged with the amount of any distribution made to
     the Participant or his beneficiary from such Account during the Valuation
     Period ending with such Valuation Date.

            (7)  Transfer for Diversification. The portion of a Participant's
     ESOP Matching Contribution Account and ESOP Automatic Contribution Account
     invested in the ESOP Fund shall be credited or charged, as the case may be,
     with the amount of any transfer made to or from such Fund as the result of
     the Participant's election to diversify his investments as permitted in
     Article XI.

            (8)  Accounting and Valuation Methods. Except as otherwise provided
     in this Plan, any Agreement of Trust or Contract, for purposes of all
     computations required by this Article VII, the accrual method of accounting
     shall be used, and the Trust Fund, each Fund, and the assets thereof shall
     be valued at their fair market value as of each Valuation Date. Employer
     Securities shall be accounted for as provided in Treasury Regulation
     Section 1.402(a)-1(b)(2)(ii), or any successor regulation or statute.

            (9)  Accounting Procedures. The Plan Administrator may adopt such
     additional accounting procedures as are necessary to accurately reflect
     each Participant's interest in the Trust Fund or in any Fund, which
     procedures shall be effective upon approval by the Company. All such
     procedures shall be applied in a consistent, nondiscriminatory manner.

                                       38.

<PAGE>

            (e)  Limitations on Annual Additions.

                 (1)  Notwithstanding anything contained in this Plan to the
            contrary, except to the extent permitted under paragraph (m) of
            Article VI of this Plan and Section 414(v) of the Code, if
            applicable, the aggregate Annual Additions to a Participant's
            Accounts under this Plan and under any other defined contribution
            plans maintained by an Employer or an Affiliate for any Limitation
            Year shall not exceed the lesser of:

                      (A)  $40,000, as adjusted for increases in the cost-of
                 living under Section 415(d) of the Code, or

                      (B)  100% of the Participant=s Section 415 Compensation
                 for such Limitation Year.

            The compensation limit referred to in section (B) shall not apply to
            any contribution for medical benefits after separation from service
            (within the meaning of Section 401(h) or Section 419A(f)(2) of the
            Code) which is otherwise treated as an Annual Addition.

                 (2)  In the event that the Annual Additions, under the normal
          administration of the Plan, would otherwise exceed the limits set
          forth above for any Participant, then the Plan Administrator shall
          take such actions, applied in a uniform and nondiscriminatory manner,
          as will keep the Annual Additions for such Participant from exceeding
          the applicable limits provided by law. Excess Annual Additions shall
          be disposed of as provided in subparagraph (3). Adjustments shall be
          made to all other plans, if necessary to comply with such limits,
          before any adjustments may be made to this Plan.

                 (3)  If as a result of the allocation of forfeitures, a
            reasonable error in estimating a Participant's Section 415
            Compensation or other circumstances permitted under Section 415 of
            the Code, the Annual Additions attributable to Employer
            contributions for a particular Participant (including Savings,
            Matching, Automatic and Discretionary Contributions) would cause the
            limitations set forth in this paragraph (e) to be exceeded, the
            excess amount shall be deemed first to consist of Discretionary
            Contributions, then Savings Contributions, then Automatic
            Contributions (including forfeitures allocated as additional
            Automatic Contributions), and finally, Matching Contributions.

                      (A)  Any excess amount attributable to Discretionary
                 Contributions for a Limitation Year shall be allocated to other
                 Participants, to the extent permitted by this paragraph (e), in
                 a manner consistent with the terms of paragraph (d)(4)(D) of
                 this Article VII. To the extent that any amount cannot be
                 allocated to Participants for such Limitation Year, such amount
                 shall be held unallocated in a suspense account for the
                 Limitation Year, used to reduce Discretionary Contributions for
                 the next Limitation Year, and allocated to Participants in lieu
                 of such reduced contributions as of the end of the next
                 Limitation Year in a manner consistent with the terms of
                 paragraph (d) of this Article VII.

                                       39.

<PAGE>

                      (B)  Any excess Annual Additions attributable to Savings
                 Contributions for a Participant shall be returned to such
                 Participant, together with earnings thereon, within a
                 reasonable period following the end of the Plan Year in which
                 such excess Savings Contributions are made.

                      (C)  Any excess amount attributable to Automatic
                 Contributions (including forfeitures allocated as additional
                 Automatic Contributions) and Matching Contributions for a
                 Limitation Year shall be allocated to other Participants, to
                 the extent permitted by this paragraph (e), in proportion to
                 the amount of Automatic Contributions that would otherwise have
                 been allocated to such Participants for such Limitation Year
                 under the terms of paragraph (c) of Article VI and paragraph
                 (d)(4)(C) of this Article VII. To the extent that any amount
                 cannot be allocated to Participants for such Limitation Year,
                 such amount shall be held unallocated in a suspense account for
                 the Limitation Year, used to reduce Automatic Contributions
                 (including forfeitures allocated as additional Automatic
                 Contributions) and Matching Contributions for the next
                 Limitation Year, and allocated to Participants in lieu of such
                 reduced contributions as of the end of the next Limitation Year
                 in a manner consistent with the first sentence of this section
                 (C).

                      (D)  The suspense account holding any contribution shall
                 be credited or charged, as the case may be, with a share of the
                 Earnings for each Valuation Period during which it is in
                 existence as if it were an Account of a Participant.

                 (4)  For purposes of applying the limitations of this paragraph
            (e) for a particular Limitation Year, all qualified defined
            contribution plans (without regard to whether a plan has been
            terminated) ever maintained by the Employer will be treated as one
            defined contribution plan.

            (f)  Order of Forfeitures. Notwithstanding the foregoing, any
     previously forfeited benefit that is required to be restored pursuant to
     the provisions of paragraph (c)(4)(C) of Article VIII shall be restored
     from unallocated Employer contributions, if any, and unallocated
     forfeitures, if any. If the unallocated Employer contributions and
     unallocated forfeitures are insufficient to fully restore such benefit at
     the time that it is required to be restored to the Participant's Account,
     then the Employer shall make an additional contribution to the Plan in
     order to fully restore the benefit.

                                  ARTICLE VIII

                             Benefits Under the Plan
                             -----------------------

            (a)  Retirement Benefit.

                 (1)  A Participant shall be entitled to retire from the employ
            of his Employer upon such Participant's Normal Retirement Date.
            Until a Participant actually retires from the employ of his
            Employer, no retirement benefits shall be payable to him, and he
            shall continue to be

                                       40.

<PAGE>

            treated in all respects as a Participant; provided, however, that an
            Employee who is a 5% owner (as defined in Section 416 of the Code)
            shall begin receiving payment of his retirement benefit no later
            than the April 1 after the end of the calendar year in which he
            attains age 70 1/2, even if he has not actually retired from the
            employ of his Employer at that time. Notwithstanding the preceding
            provisions of this paragraph (a)(1), nothing contained herein shall
            affect a Participant's right to any optional form of benefit
            protected under Section 411(d)(6) of the Code.

                 (2)  Upon the retirement of a Participant as provided in
            paragraph (a)(1) and subject to adjustment as provided in paragraph
            (c) of Article IX, such Participant shall be entitled to a
            retirement benefit in an amount equal to 100% of the balance in his
            Accounts as of the Valuation Date immediately preceding or
            concurring with the date of his retirement, plus the amount of
            contributions, if any, made on behalf of the Participant to his
            Accounts subsequent to such Valuation Date.

            (b)  Disability Benefit.

                 (1)  If a Participant's employment with his Employer is
            terminated by reason of his total and permanent disability and
            subject to adjustment as provided in paragraph (c) of Article IX,
            such Participant shall be entitled to a disability benefit in an
            amount equal to 100% of the balance in his Accounts as of the
            Valuation Date immediately preceding or concurring with the date of
            the termination of his employment, plus the amount of contributions,
            if any, made on behalf of the Participant to his Accounts subsequent
            to such Valuation Date.

                 (2)  Total and permanent disability shall mean the total
            incapacity of a Participant to perform the usual duties of his
            employment with his Employer and will be deemed to have occurred
            only when certified by a physician who is acceptable to the Plan
            Administrator and only if such proof is received by the
            Administrator within 60 days after the date such Participant's
            employment terminates.

            (c)  Severance of Employment Benefit.

                 (1)  In the event a Participant's employment with his Employer
            is terminated for reasons other than retirement, total and permanent
            disability or death, and subject to adjustment as provided in
            paragraph (c) of Article IX, such Participant shall be entitled to a
            severance of employment benefit in an amount equal to his vested
            interest in the balance in his Accounts as of the Valuation Date
            immediately preceding or concurring with the date of the termination
            of his employment, plus the amount of contributions, if any, made on
            behalf of the Participant to his Accounts subsequent to such
            Valuation Date.

                 (2)  (A)  (i)  A Participant who performed his first Hour of
                      Service before July 3, 1989, and who entered the Plan on
                      or before December 31, 1992, shall be 100% vested in his
                      Matching Contribution Account, Automatic Contribution
                      Account, ESOP Matching Contribution Account, ESOP
                      Automatic Contribution

                                       41.

<PAGE>

                 Account and Discretionary Contribution Account regardless of
                 the number of his Years of Service.

                      (ii) A Participant other than a Participant described in
                 subsection (i) of this section (A) shall have a vested interest
                 in his Matching Contribution Account, Automatic Contribution
                 Account, ESOP Matching Contribution Account, ESOP Automatic
                 Contribution Account and Discretionary Contribution Account
                 equal to the percentage of the balance of each such Account as
                 of the applicable Valuation Date, based upon such Participant=s
                 Years of Service as of the date of the termination of his
                 employment, as follows:

                 TOTAL NUMBER OF                            VESTED
                 YEARS OF SERVICE                          INTEREST
                 ------------------------------            --------

                 Less than 2 Years of Service                     0%
                 2 years, but less than 3 years                  20%
                 3 years, but less than 4 years                  40%
                 4 years, but less than 5 years                  60%
                 5 years, but less than 6 years                  80%
                 6 years or more                                100%

                 (B)  Notwithstanding the foregoing, a Participant shall be 100%
            vested in his Matching Contribution Account, Automatic Contribution
            Account and Discretionary Contribution Account upon attaining his
            Normal Retirement Date. A Participant's vested interest in his
            Savings Contribution Account, 401(k) Employer Contribution Account
            and his Rollover Contribution Account shall be 100% regardless of
            the number of his Years of Service.

            (3)  Participants Who Terminate Without Receiving Full
                 Distributions.

                 (A)  If the termination of employment results in five
            consecutive One Year Breaks in Service, then upon the occurrence of
            such five consecutive One Year Breaks in Service, the nonvested
            interest of the Participant in his Matching Contribution Account,
            Automatic Contribution Account, ESOP Matching Contribution Account,
            ESOP Automatic Contribution Account and Discretionary Contribution
            Account as of the Valuation Date immediately preceding or concurring
            with the date of his termination of employment shall be deemed to be
            forfeited and such forfeited amount shall be reallocated, pursuant
            to the provisions of paragraph (d)(5) of Article VII, at the end of
            the Plan Year concurring with the date the fifth such consecutive
            One Year Break in Service occurs.

                      (i)  If the Participant is later reemployed by an Employer
                 or an Affiliate, the unforfeited balance, if any, in his
                 Matching Contribution Account, Automatic Contribution Account,
                 ESOP Matching Contribution Account, ESOP Automatic Contribution
                 Account and Discretionary Contribution Account that

                                       42.

<PAGE>

                 has not been distributed to such Participant shall be set aside
                 in a separate account, and such Participant's Years of Service
                 after any five consecutive One Year Breaks in Service resulting
                 from such termination of employment shall not be taken into
                 account for the purpose of determining the vested interest of
                 such Participant in the balance of his Matching Contribution
                 Account, Automatic Contribution Account, ESOP Matching
                 Contribution Account, ESOP Automatic Contribution Account and
                 Discretionary Contribution Account that accrued before such
                 five consecutive One Year Breaks in Service.

                      (ii) If any portion of a Participant's Accounts is
                 forfeited, his Employer Securities Accounts and Other
                 Investments Accounts shall be treated as a single account for
                 purposes of this subparagraph and Employer Securities that were
                 purchased with borrowed funds and allocated to such
                 Participant's ESOP Matching Contribution Account and ESOP
                 Automatic Contribution Account after release from a suspense
                 account shall be forfeited only after all other assets in such
                 Participant's Account. If interests in more than one class of
                 Employer Securities have been so allocated to such
                 Participant's Accounts, the Participant shall forfeit the same
                 proportion of each such class.

                 (B)  Notwithstanding any other provision of this paragraph (c),
            if a Participant is reemployed by an Employer or an Affiliate and,
            as a result, no five consecutive One Year Breaks in Service occur,
            the Participant shall not be entitled to any severance of employment
            benefit as a result of such termination of employment; provided,
            however, that nothing contained herein shall require or permit the
            Participant to return or otherwise have restored to his Matching
            Contribution Account, Automatic Contribution Account, ESOP Matching
            Contribution Account, ESOP Automatic Contribution Account and
            Discretionary Contribution Account any funds distributed to him
            prior to his reemployment and the determination that no five
            consecutive One Year Breaks in Service would occur.

                 (C)  If a Participant is less than 100% vested in his Matching
            Contribution Account, Automatic Contribution Account, ESOP Matching
            Contribution Account, ESOP Automatic Contribution Account and
            Discretionary Contribution Account and he receives all or a part of
            his severance of employment benefit, then, if the Participant
            resumes employment with an Employer or an Affiliate before the
            occurrence of five consecutive One Year Breaks in Service, until
            such time as there is a 5th consecutive One Year Break in Service,
            the Participant's vested portion of the balance in his Matching
            Contribution Account, Automatic Contribution Account, ESOP Matching
            Contribution Account, ESOP Automatic Contribution Account and
            Discretionary Contribution Account at any time shall be equal to an
            amount ("X") determined by the formula X = P(AB + D) - D, where "P"
            is the vested percentage of the Participant at such time, "AB" is
            the balance in the Participant's Matching Contribution Account,
            Automatic Contribution Account, ESOP Matching Contribution Account,
            ESOP Automatic Contribution Account and Discretionary Contribution
            Account at such time and "D" is the amount distributed as a
            severance of employment benefit.

                                       43.

<PAGE>

            (4)  Participants Who Receive Full Distributions Upon Termination.

                 (A)  Notwithstanding any other provision of this paragraph (c),
            if at any time a Participant is less than 100% vested in his
            Matching Contribution Account, Automatic Contribution Account, ESOP
            Matching Contribution Account, ESOP Automatic Contribution Account
            and Discretionary Contribution Account and, as a result of his
            severance of employment, he receives his entire vested severance of
            employment benefit pursuant to the provisions of Article IX, and the
            distribution of such benefit is made not later than the close of the
            5th Plan Year following the Plan Year in which such termination
            occurs (or such longer period as may be permitted by the Secretary
            of the Treasury, through regulations or otherwise), then upon the
            occurrence of such distribution, the non-vested interest of the
            Participant in his Matching Contribution Account, Automatic
            Contribution Account, ESOP Matching Contribution Account, ESOP
            Automatic Contribution Account and Discretionary Contribution
            Account shall be forfeited at the time of such receipt. Such
            forfeited amount shall be held in suspense during the Plan Year in
            which the forfeiture occurs and allocated at the end of such Plan
            Year as provided in paragraphs (d)(5) and (f) of Article VII.

                (B)   If a Participant is not vested as to any portion of his
            Matching Contribution Account, Automatic Contribution Account, ESOP
            Matching Contribution Account, ESOP Automatic Contribution Account
            and Discretionary Contribution Account, he will be deemed to have
            received a distribution upon distribution of his Savings
            Contribution Account, his 401(k) Employer Contribution Account and
            his Rollover Contribution Account, if any. If the Participant has no
            such accounts, he shall be deemed to have received a distribution
            immediately following his severance of employment. Coincident with
            the occurrence of such deemed distribution, the non-vested interest
            of the Participant in his Matching Contribution Account, Automatic
            Contribution Account, ESOP Matching Contribution Account, ESOP
            Automatic Contribution Account and Discretionary Contribution
            Account shall be forfeited. Such forfeited amount shall be held in
            suspense during the Plan Year in which the forfeiture occurs and
            allocated at the end of such Plan Year as provided in paragraphs
            (d)(5) and (f) of Article VII.

                 (C)  If a Participant whose interest is forfeited under this
            subparagraph (4) is reemployed by an Employer or an Affiliate prior
            to the occurrence of five consecutive One Year Breaks in Service,
            then such Participant shall have the right to repay to the Trust,
            within five years after the Participant's resumption of employment,
            or, if earlier, no later than the date the Participant incurs five
            consecutive One Year Breaks in Service, the full amount of the
            severance of employment benefit previously distributed to him. If
            the Participant elects to repay such amount to the Trust within the
            time periods prescribed herein, or if a non-vested Participant whose
            interest was forfeited under this subparagraph (4) is reemployed by
            an Employer or an Affiliate prior to the occurrence of five
            consecutive One Year Breaks in Service, the non-vested interest of
            the Participant previously forfeited pursuant to the provisions of
            this subparagraph (4) shall be restored to the Matching Contribution
            Account, Automatic Contribution

                                       44.

<PAGE>

            Account, ESOP Matching Contribution Account, ESOP Automatic
            Contribution Account and Discretionary Contribution Account of the
            Participant, such restoration to be made from forfeitures of
            non-vested interests and, if necessary, by contributions of his
            Employer, so that the aggregate of the amounts repaid by the
            Participant and restored by the Employer shall not be less than the
            Matching Contribution Account, Automatic Contribution Account, ESOP
            Matching Contribution Account, ESOP Automatic Contribution Account
            and Discretionary Contribution Account balance of the Participant at
            the time of forfeiture unadjusted by any subsequent gains or losses.

                 (D)  Any interest in a Participant's Account that is forfeited
            and held in a Suspense Account pursuant to the provisions of this
            subparagraph (4) shall remain invested in the same Fund or Funds in
            which such Participant's Account was invested at the time of the
            forfeiture until the amount held in the Suspense Account is
            allocated at the end of the Plan Year as provided in paragraphs
            (d)(5) and (f) of Article VII. For each Plan Year, there shall be a
            single Suspense Account for each Fund to hold all the forfeitures
            incurred in such Fund in that Plan Year.

     (d)    Death Benefit.

            (1)  In the event of the death of a Participant and subject to
     adjustment as provided in paragraph (c) of Article IX, his beneficiary
     shall be entitled to a death benefit in an amount equal to 100% of the
     balance in his Accounts as of the Valuation Date immediately preceding or
     concurring with the date of his death, plus the amount of contributions, if
     any, made on behalf of the Participant to his Accounts subsequent to such
     Valuation Date.

            (2)  Subject to the provisions of subparagraph (3), at any time and
     from time to time, each Participant shall have the unrestricted right to
     designate a beneficiary to receive his death benefit and to revoke any such
     designation. Each designation or revocation shall be evidenced by written
     instrument filed with the Plan Administrator on forms prescribed by the
     Plan Administrator. In the event that a Participant has not designated a
     beneficiary or beneficiaries, or if for any reason such designation shall
     be legally ineffective, or if such beneficiary or all such beneficiaries
     shall predecease the Participant, then the estate of such Participant shall
     be deemed to be the beneficiary designated to receive such death benefit,
     or if no personal representative is appointed for the estate of such
     Participant, then his next of kin under the statute of descent and
     distribution of the state in which the Participant was domiciled at the
     time of his death shall be deemed to be the beneficiary or beneficiaries to
     receive such death benefit.

            (3)  Notwithstanding the foregoing, if the Participant is married as
     of the date of his death, the Participant's surviving spouse shall be
     deemed to be his designated beneficiary and shall receive the full amount
     of the death benefit attributable to the Participant unless the spouse
     consents or has consented to the Participant's designation of another
     beneficiary. Any such consent to the designation of another beneficiary
     must acknowledge the effect of the consent, must be witnessed by a Plan
     representative or by a notary public and shall be effective only with
     respect to that spouse. A spouse's consent may be either a restricted
     consent (which

                                       45.

<PAGE>

     may not be changed as to either the beneficiary or the form of payment
     unless the spouse consents to such change in the manner described herein)
     or a blanket consent (which acknowledges that the spouse has the right to
     limit consent only to a specific beneficiary or a specific form of payment,
     and that the spouse voluntarily elects to relinquish one or both of such
     rights).

                                   ARTICLE IX

                          Form and Payment of Benefits
                          ----------------------------

     (a)   Time for Distribution of Benefits.

            (1)  (A) The amount of the benefit to which a Participant is
            entitled under Article VIII shall be paid to him or, in the case of
            a death benefit, shall be paid to said Participant's beneficiary or
            beneficiaries, as described in paragraph (b), as soon as practicable
            after the Valuation Date that coincides with or immediately follows
            the Participant's retirement, disability, severance of employment or
            death, as the case may be.

                 (B)  Notwithstanding the foregoing, no distribution shall be
            made of the benefit to which a Participant is entitled under
            paragraph (a), (b) or (c) of Article VIII prior to his Normal
            Retirement Date unless the value of his benefit does not exceed
            $5,000, or unless the Participant consents to the distribution. The
            Plan Administrator shall provide each Participant entitled to a
            distribution of more than $5,000, with a written notice of his
            rights, which shall include an explanation of the alternative dates
            for distribution of benefits. The Participant may elect to exercise
            such rights, no less than 30 days and no more than 90 days before
            the first date upon which distribution of the Participant's vested
            Account balances may be made; provided, however, that such
            distribution may commence less than 30 days after the provisions of
            the notice if the Plan Administrator clearly informs the Participant
            that the Participant has a right to a period of at least 30 days
            after receiving the notice to consider the decision of whether or
            not to elect a distribution (and, if applicable, a participant
            distribution option), and if the Participant, after receiving the
            notice, affirmatively elects an earlier distribution. In the event
            that a Participant does not consent to a distribution of a benefit
            in excess of $5,000 to which he is entitled under paragraph (a), (b)
            or (c) of Article VIII, the amount of his benefit shall be paid to
            the Participant not later than 60 days after the last day of the
            Plan Year in which the Participant reaches his Normal Retirement
            Date.

            (2)  (A) Any distribution paid to a Participant (or, in the case of
            a death benefit, to his beneficiary or beneficiaries) pursuant to
            subparagraph (1) shall commence not later than the earlier of:

                                       46.

<PAGE>

                      (i)  the 60th day after the last day of the Plan Year in
                 which the Participant's employment is terminated or, if later,
                 in which occurs the Participant's Normal Retirement Date; or

                      (ii) April 1 after the end of the calendar year in which
                 he attains age 70 1/2 or retires, whichever is later; provided,
                 however, that an Employee who is a 5% owner (as defined in
                 Section 416 of the Code) shall begin receiving payment of his
                 retirement benefit no later than the April 1 after the end of
                 the calendar year in which he attains age 70 1/2, even if he
                 has not actually retired from the employ of his Employer at
                 that time; provided, further, however, that any Participant who
                 attains age 70 1/2 after December 31, 1995 shall have the
                 option of either commencing distributions by April 1 following
                 the attainment of age 70 1/2 or deferring such distributions
                 until he actually retires.

                 (B)  Notwithstanding the foregoing, no distribution shall be
            made of the benefit to which a Participant or beneficiary is
            entitled if the Plan Administrator has actual knowledge that such
            Participant or beneficiary is legally incompetent, by age or
            otherwise, to receive such benefit, until either:

                      (i)  a legal guardian has been appointed to receive and
                 account for such benefit to and on behalf of the Participant or
                 beneficiary, or

                      (ii) another person is legally entitled to receive such
                 benefit on behalf of Participant or beneficiary and payment to
                 such person will discharge the Plan's obligation to the
                 Participant or beneficiary.

                 (C)  Notwithstanding the foregoing, effective with respect to
            distributions made after December 31, 2002, if the value of the
            benefit distributable to a minor does not exceed $5,000,
            distribution may be made, at the direction of the Plan
            Administrator, to a parent of the minor, to a person who has legal
            custody of the minor, or to a relative of the minor whom the Plan
            Administrator reasonably believes to be managing the minor's
            financial affairs. Notwithstanding the foregoing, distribution of
            the benefit distributable to a minor may be made, at the direction
            of the Plan Administrator, to such persons and in such amounts as
            may be permitted under the law of the State in which the minor is
            domiciled at the time of such distribution.

     (b)    Manner and Form of Payment.

            (1)  The benefits payable under paragraphs (a), (b), (c) and (d) of
     Article VIII shall be paid in the form of a single lump sum distribution.

            (2)  Any such benefits may be in cash or in kind, except that
     benefits attributable to a Participant's ESOP Matching Contribution Account
     and ESOP Automatic Contribution Account (other than any portion of such
     Accounts invested pursuant to a Diversification Election) shall be paid to
     the Participant (or, if applicable, his beneficiary or beneficiaries),

                                       47.

<PAGE>

     at the election of the Participant (or, if applicable, his beneficiary or
     beneficiaries), and to the extent possible, in units of Employer
     Securities. Notwithstanding the foregoing, no fractional shares shall be
     issued and the value of any fractional shares to which a Participant (or
     his beneficiary or beneficiaries) would otherwise be entitled shall be paid
     in cash. In the event that a Participant elects to receive distribution of
     his benefits attributable to his ESOP Matching Contribution Account and
     ESOP Automatic Contribution Account (other than any portion of such
     Accounts invested pursuant to a Diversification Election) in units of
     Employer Securities, the Trustee, during the 60 day period immediately
     preceding the proposed distribution date of the benefit that the
     Participant is entitled to receive under the Plan, to the extent possible,
     shall apply the balance in the Participant's Other Investments Account to
     the purchase of the maximum number of whole units of Employer Securities
     that can be purchased at their then Fair Market Value, which units shall be
     allocated to the Participant's Employer Securities Account. Any portion of
     the balance of a Participant's Other Investments Account that the Trustee
     is unable to apply to the purchase of whole units of Employer Securities
     within the said 60 day period shall be paid in cash. Notwithstanding the
     foregoing, no Participant shall have the right to elect distribution of any
     of his Accounts in units of Employer Securities after the ESOP Cessation
     Date.

            (3)  Direct Rollover Distributions. An Eligible Distributee may
     elect, at the time and in the manner prescribed by the Plan Administrator,
     to have all or any portion of an Eligible Rollover Distribution paid
     directly to an Eligible Retirement Plan specified by the Eligible
     Distributee in a Direct Rollover. In the event that an Eligible Distributee
     elects to have only a portion of an Eligible Rollover Distribution paid
     directly to an Eligible Retirement Plan, the portion must not be less than
     $500 (adjusted under such regulations as may be issued from time to time by
     the Secretary of the Treasury).

     (c)    Periodic Adjustments. To the extent the balance of a Participant's
Accounts has not been distributed and remains in the Plan, and notwithstanding
anything contained in the Plan to the contrary, the value of such remaining
balance shall be subject to adjustment from time to time pursuant to the
provisions of Article VII.

     (d)    Put Option. Except to the extent hereinafter provided in this
paragraph (d), or except as otherwise required by applicable law, no Employer
Securities may be subject to a put, call or other option, or buy-sell or similar
arrangement while held by and when distributed from the Plan.

            (1)  If any such Employer Securities, when distributed to or for the
     benefit of a Participant, are not then listed on a national securities
     exchange registered under Section 6 of the Securities Exchange Act of 1934
     (the "1934 Act") or are not then quoted on a system sponsored by a national
     securities association registered under Section 15A(b) of the 1934 Act, or,
     if so listed or quoted, are then subject to a trading limitation (a
     restriction under any federal or state securities law, any regulation
     thereunder or any permissible agreement affecting such Employer Securities,
     that makes such Employer Securities not as freely tradable as Employer
     Securities not subject to such restriction), then the Participant, the
     Participant's beneficiary or beneficiaries, the persons to whom such shares
     are transferred by gift from the Participant, or any person to whom such
     Employer Securities pass by reason of the death of

                                       48.

<PAGE>

     the Participant or a beneficiary of the Participant, as the case may be,
     shall be granted an option to put any of the units of such Employer
     Securities to the Company.

                 (A)  The put option shall provide that, for a period of 15
            months after such shares are distributed, the Participant, the
            Participant's beneficiary or beneficiaries, the persons to whom such
            shares are transferred by gift from the Participant, or any person
            to whom such Employer Securities pass by reason of the death of the
            Participant or a beneficiary of the Participant, as the case may be,
            shall have the right to have the Company purchase such units at
            their Fair Market Value as of the Valuation Date immediately
            preceding the date the put option is exercised.

                 (B)  Any such put option shall be exercised by the holder
            notifying the Company in writing that the put option is being
            exercised; the date of exercise shall be the date the Company
            receives such written notice.

                 (C)  Payment of the purchase price shall be made by the
            Company, at the election of the Company, either in cash within 30
            days after the date of exercise or by an installment purchase. Any
            installment purchase must provide for adequate security, a
            reasonable interest rate and a payment schedule providing for
            cumulative payments at any time not less than the payments that
            would be made if made in substantially equal annual installments
            beginning within 30 days and ending not more than five years (which
            may be extended to a date no later than the earlier of ten years
            after the date of exercise or the date the proceeds of the loan used
            by the Plan to acquire the securities in question are entirely
            repaid) after the date the put option is exercised.

            (2)  The following special rules shall apply to any put option
     granted with respect to any such Employer Securities:

                 (A)  At the time that any such put option is exercised, the
            Plan shall have an option to assume the rights and obligations of
            the Company under the put option.

                 (B)  If it is known at the time that a loan is made to the Plan
            to enable it to purchase Employer Securities that federal or state
            law will be violated by the Company honoring the put option provided
            in this paragraph (d), the holder of any such put option shall have
            the right to put such Employer Securities to a third party that has
            substantial net worth at the time the loan is made and whose net
            worth is reasonably expected to remain substantial, the identity of
            such third party to be selected by the Plan Administrator.

                 (C)  If any such Employer Securities are publicly traded
            without restriction when distributed, but cease to be so traded
            within 15 months after distribution, the Company shall notify each
            holder of such Employer Securities, in writing, on or before the
            tenth day after the date such Employer Securities cease to be so
            traded, that for the remainder of the 15-month period, such Employer
            Securities are subject to a put option. Such notice shall also
            inform the holder of the terms of such put option (which

                                       49.

<PAGE>

            terms shall be consistent with the provisions of this paragraph
            (d)). If such notice is given after the tenth day after the date
            such Employer Securities cease to be so traded, the duration of the
            put option shall be extended by the number of days between such
            tenth day and the date on which notice is actually given.

                 (D)  The period during which a put option is exercisable shall
          not include any time when a distributee is unable to exercise it
          because the party bound by the put option is prohibited from honoring
          it by applicable federal or state law.

            (3)  Except as otherwise permitted by law, the provisions of this
     paragraph (d) are not terminable for any reason, including the cessation of
     the Plan as an employee stock ownership plan.

                                    ARTICLE X

                             Designated Investments
                             ----------------------

     (a)    Available Investments.

            (1)  Subject to the limitations set forth in this paragraph (a),
     each Participant shall direct the portion of his Savings Contribution
     Account, Matching Contribution Account, Automatic Contribution Account,
     Discretionary Contribution Account, Rollover Contribution Account and
     401(k) Employer Contribution Account to be invested in:

                 (A)  Fund A - an employer stock fund, which shall invest
            primarily in Employer Securities; provided, however, that the
            Agreement of Trust that provides for custody of such Fund shall
            permit the Trustee thereof to invest such Fund or any part thereof
            in other investments; and provided, further, that no amount shall be
            invested in Employer Securities until all securities registration
            requirements applicable to either the Employer Securities or the
            Plan have been complied with;

                 (B)  Fund B - a fixed income fund, which shall invest in a
            variety of investment contracts and instruments issued by selected
            high-quality insurance companies and financial institutions,
            including but not limited to guaranteed investment contracts, bank
            investment contracts, and security backed contracts;

                 (C)  Fund C - an S&P 500 index fund, which shall invest 95% of
            the Fund's assets in substantially the same stocks, and in
            substantially the same percentages as the stocks that make up the
            Standard & Poor's 500 Index, and invest the remaining 5% of the
            Fund's assets in cash reserves; provided, however, that not more
            than 5% of such Fund shall be invested in Employer Securities;

                 (D)  Fund D - a Government securities fund, which shall
            normally invest approximately 80% of the Fund's assets in
            higher-quality bonds, having an average

                                       50.

<PAGE>

            effective maturity between 3 and 15 years, issued by the U.S.
            Government or its agencies or instrumentalities, and may also invest
            up to 20% of its net assets in U.S. dollar-denominated foreign
            securities;

                 (E)  Fund E - a growth balanced fund, which shall invest in
            fixed-income and equity master portfolios in varying proportions,
            with an emphasis on equity portfolios; provided, however, that not
            more than 5% of such Fund shall be invested in Employer Securities;

                 (F)  Fund F - a small capitalization growth fund, which shall
            normally invest at least 80% of its total assets in equity
            securities of U.S. issuers included in the Russell 2000 Index, but
            may also invest in equity securities of issuers that have larger
            capitalizations than the Russell 2000 Index and in foreign
            securities; provided, however, that not more than 5% of such Fund
            shall be invested in Employer Securities;

                 (G)  Fund G - an international equity fund, which shall invest
            primarily in equity securities of companies located outside the
            United States; provided, however, that not more than 5% of such Fund
            shall be invested in Employer Securities; or

                 (H)  Fund H - a balanced fund, which shall invest in a broad
            list of fixed income and equity securities; provided, however, that
            not more than 5% of such Fund shall be invested in Employer
            Securities.

     On the Effective Date of this amendment and restatement, Participants'
     Accounts invested in Funds A through G, as described in this subparagraph
     (1) immediately prior to such Effective Date, shall be transferred to the
     Trustee from the prior Trustee and invested in Funds A through G,
     respectively, as described above in this subparagraph (1).

            (2)  Each Participant who has made a Diversification Election
     pursuant to paragraph (c) of Article XI shall direct the applicable portion
     of his ESOP Matching Contribution Account and ESOP Automatic Contribution
     Account to be invested in any one or more of the Funds described in
     subparagraph (1).

            (3)  Notwithstanding the provisions of subparagraph (1)(A), any
     Participant who is an officer, director or 10% owner of the Company, or who
     otherwise is required to file reports under Section 16(a) of the Securities
     Exchange Act of 1934, shall not be permitted to direct that any portion of
     his Account be invested in Fund A.

            (4)  Notwithstanding the provisions of subparagraph (1)(A), except
     as otherwise provided in this subparagraph (4), no Participant may direct
     that more than 25% of the new contributions allocated to his Accounts for
     any Plan Year be invested in the Mandalay Stock Fund ("Fund A"), and no
     Participant may increase the portion of his Savings Contribution Account,
     Matching Contribution Account, Automatic Contribution Account,
     Discretionary Contribution Account, Rollover Contribution Account and
     401(k) Employer Contribution Account, together with any portion of his ESOP
     Matching Contribution Account and ESOP

                                       51.

<PAGE>

     Automatic Contribution Account that is subject to a Diversification
     Election, that is invested in Fund A if such increase would cause more than
     25% of the combined value of all of his Accounts (other than the portion of
     his ESOP Matching Account and ESOP Automatic Contribution Account that is
     not subject to a Diversification Election) as of the date of such direction
     to be invested in Fund A. Notwithstanding the preceding sentence, any
     Participant who makes a Diversification Election pursuant to paragraph (c)
     of Article XI may direct up to 100% of the proceeds from the
     diversification of his ESOP Matching and ESOP Automatic Contribution
     Accounts pursuant to such Diversification Election to be invested in Fund
     A.

     (b)    Time and Manner of Designating Investments. The elections described
in paragraph (a) shall be made in such manner and form as may be approved by the
Plan Administrator from time to time, with the Participant designating the
percentage of each of his Accounts which is subject to the provisions of
paragraph (a) to be allocated to any Fund specified in paragraph (a)(1). Any
such designation may be changed on any business day, and as frequently as the
Participant shall elect; provided that the Plan Administrator shall establish
uniform and non-discriminatory rules for determining the day and time as of
which changes shall become effective; and provided, further, that no designation
may be changed during any "blackout period," within the meaning of the
Sarbanes-Oxley Act of 2002, Pub. L. 1070294.

     (c)    Responsibility for Designating Investments. Once a Participant has
designated a Fund, no change in such designation shall be made until the
Participant changes his election pursuant to the provisions of this Plan unless
the Plan Administrator has actual knowledge that the Participant has died or has
become legally incompetent to make a designation.

            (1)  If a Participant, an alternate payee under a qualified domestic
     relations order, or a beneficiary of a deceased Participant (or the legal
     guardian thereof) does not specifically designate an investment for all or
     part of any Account subject to the provisions of paragraph (a), such
     portion shall be invested in Fund B unless the Investment Fiduciary
     determines that a different fund shall be the default fund.

            (2)  If the Plan Administrator has actual knowledge that the
     Participant has died or has become legally incompetent to make a
     designation, the Investment Fiduciary shall determine the Fund in which
     such portion shall be invested until a designation can be obtained from the
     Participant or the Participant's legal guardian, personal representative or
     death beneficiary, as the case may be. If the Plan Administrator has actual
     knowledge of the death or incompetence of a Participant, the Administrator
     shall promptly so notify the Investment Fiduciary.

            (3)  In the event of the death of a Participant, the Participant's
     beneficiary (or beneficiaries) shall have the responsibility for
     designating investments for the portion of the Participant's Accounts that
     are subject to the provisions of paragraph (a), if such beneficiary is
     legally competent to do so, until distribution of such Accounts can be
     made. If a beneficiary is legally incompetent to make such a designation,
     the beneficiary's legal guardian shall make such designations on behalf of
     the beneficiary.

                                       52.

<PAGE>

     (d)    Review and Revisions of Directed Investment Funds. The Investment
Fiduciary shall review and evaluate, on an ongoing basis and at least annually,
the investment Funds made available to Participants for investment of their
Accounts under the Plan, to determine what investment Funds should be made
available to Participants under the Plan, and to make any changes in such
investment Funds as the Investment Fiduciary may, in its sole discretion,
determine to be appropriate.

     (e)    Investment of ESOP Fund. Until the ESOP Cessation Date, the portion
of a Participant's ESOP Matching Contribution Account and ESOP Automatic
Contribution Account that is not invested pursuant to a Diversification Election
shall be separately invested, pursuant to an Agreement of Trust, in the ESOP
Fund, which shall invest primarily in Employer Securities; provided, however,
that the Agreement of Trust that provides for custody of such Fund shall permit
the Trustee thereof, at the direction of the Investment Fiduciary, to invest
such Fund or any part thereof in other investments when the Investment Fiduciary
deems investment in Employer Securities to be imprudent or otherwise
inappropriate; and provided, further, that no amount shall be invested in
Employer Securities unless and until all securities registration requirements
applicable to either the Employer Securities or the Plan have been complied
with. As soon as practicable after the ESOP Cessation Date, the amounts in each
Participant's ESOP Matching Contribution Account shall be transferred to such
Participant's Matching Contribution Account, and the amounts in each
Participant's ESOP Automatic Contribution Account shall be transferred to such
Participant's Automatic Contribution Account.

                                   ARTICLE XI

                    Withdrawals and Diversification Election
                    ----------------------------------------

     (a)    Hardship Withdrawals.

            (1)  A Participant who has participated in this Plan for at least 18
     months will be eligible to receive a distribution of Savings Contributions
     (plus earnings credited to such contributions prior to January 1, 1989) on
     account of Hardship. A distribution will be on account of Hardship only if
     the distribution both (A) is made on account of an immediate and heavy
     financial need of the Participant, and (B) is necessary to satisfy such
     financial need. Upon receipt of a request for a Hardship withdrawal, the
     Administrator shall determine whether an immediate and heavy financial need
     exists and the amount necessary to meet the need in a uniform and
     nondiscriminatory manner; provided, however, that no Hardship withdrawal
     shall be permitted in an amount less than $1,000.

            (2)  The determination of whether a Participant has an immediate and
     heavy financial need shall be made on the basis of all relative facts and
     circumstances. Each Participant requesting a withdrawal shall provide the
     Plan Administrator with a financial statement, in the form required by the
     Administrator. A financial need shall not fail to qualify as immediate and
     heavy merely because such need was reasonably foreseeable or voluntarily
     incurred by the Participant.

                                       53.

<PAGE>

            (3)  A distribution shall be deemed made on account of a Hardship if
     the distribution is on account of:

                 (A)  Medical expenses, as described in Section 213(d) of the
            Code, that are incurred by the Participant, the Participant's
            spouse, or any dependents of the Participant (as defined in Section
            152 of the Code), or that are necessary in order to permit the
            Participant or such dependent to obtain medical care;

                 (B)  Purchase (excluding mortgage payments) of a principal
            residence of the Participant;

                 (C)  Payment of tuition and related educational fees for the
            next 12 months of post-secondary education for the Participant, his
            spouse, children, or dependents;

                 (D)  The need to prevent the eviction of the Participant from
            his principal residence or foreclosure on the mortgage of the
            Participant's principal residence; or

                 (E)  Such other events as may be prescribed by the Commissioner
            of Internal Revenue in revenue rulings, notices and other documents
            of general applicability.

            (4)  The Administrator shall determine whether a distribution is
     necessary to satisfy an immediate and heavy financial need on the basis of
     all relevant facts and circumstances. A distribution will not be treated as
     necessary to satisfy an immediate and heavy financial need of a Participant
     to the extent that the amount of the distribution is in excess of the
     amount required to relieve the financial need (plus any amount necessary to
     pay taxes on such amount) or to the extent such need may be satisfied from
     other resources that are reasonably available to the Participant. A
     distribution generally may be treated as necessary to satisfy a financial
     need if the Employer reasonably relies upon the Participant's
     representation that the need cannot be relieved:

                 (A)  Through reimbursement or compensation by insurance or
            otherwise;

                 (B)  By reasonable liquidation of the Participant's assets, to
          the extent such liquidation would not itself cause an immediate and
          heavy financial need;

                 (C)  By cessation of Savings Contributions under the Plan; or

                 (D)  By other distributions or nontaxable (at the time of the
            loan) loans from plans maintained by an Employer or by any other
            employer, or by borrowing from commercial sources on reasonable
            commercial terms.

     In determining whether a distribution is necessary to satisfy a financial
     need, the Participant's resources shall be deemed to include those assets
     of his spouse and minor child that are reasonably available to the
     Participant.

                                       54.

<PAGE>

     (b)    Withdrawals at Age 59 1/2. Upon reaching age 59 1/2 and fulfilling
the requirements for full vesting of each of his Accounts, a Participant may
apply to the Administrator for the withdrawal of his Accounts in a lump sum. The
Administrator shall establish uniform and nondiscriminatory rules and procedures
regarding the distribution of benefits pursuant to this paragraph. The
Administrator shall direct the Trustee to distribute to a Participant who has
applied for such a withdrawal the amount held in his Accounts.

     (c)    Diversification Election. Each Participant shall have the right to
direct the Trustee as to the investment of his Employer Securities Account and
his Other Investments Account credited to his ESOP Matching Contribution Account
and ESOP Automatic Contribution Account, as follows:

            (1)  A Participant may elect to diversify an amount up to 100% of
     the combined balance of his Employer Securities Account and his Other
     Investments Account credited to his ESOP Matching Contribution Account and
     ESOP Automatic Contribution Account, determined as of the last day of such
     Plan Year.

           (2)  Any such election shall be in writing on forms provided by the
     Plan Administrator or shall be made through an electronic means authorized
     by the Plan Administrator.

            (3)  If any Participant elects to diversify a portion of his
     Accounts in any year, he may direct the Trustee to sell or exchange
     Employer Securities and Other Investments attributable to the amount to be
     diversified. Upon receipt of such direction from the Participant, the
     Trustee may sell the Employer Securities and Other Investments to any third
     party purchaser (who may or may not be a "party in interest" within the
     meaning of Section 3(14) of ERISA), or may exchange the shares for cash or
     other assets (other than Employer Securities) then held in the ESOP Fund.
     Any sale of Employer Securities and Other Investments by the Trustee shall
     be made at Fair Market Value on the date of sale, and any such sale to a
     party in interest shall not be subject to any commission or similar fee.
     The proceeds of a sale or exchange shall be invested pursuant to Article X,
     no later than 90 days after the Participant's election is made.

                                   ARTICLE XII

                                   Trust Fund
                                   ----------

     The Trust Fund shall be held by such Trustees and Insurers as may be
selected by the Company from time to time under one or more Agreements of Trust
or Contracts. Any Agreement of Trust or Contract may from time to time be
amended in the manner therein provided. Similarly, the Trustee or Insurer may be
changed from time to time in the manner provided in an applicable Agreement of
Trust or Contract. To the extent elected (for purposes of paragraph (a) of
Article X) or required (for purposes of paragraph (e) of Article X) under the
provisions of this Plan, the entire Trust Fund or any portion thereof may be
invested in Employer Securities.

                                       55.

<PAGE>

                                  ARTICLE XIII

            Expenses of Administration of the Plan and the Trust Fund
            ---------------------------------------------------------

     (a)    Expenses of Implementation. The Company shall bear all expenses of
implementing this Plan and the Trust.

     (b)    Expenses of Trustee or Insurer.

            (1)  For its services, any corporate trustee and any Insurer shall
     be entitled to receive reasonable compensation in accordance with its rate
     schedule in effect from time to time for the handling of the assets of a
     qualified retirement plan.

            (2)  Any individual Trustee shall be entitled to such compensation
     as shall be arranged between the Company and the Trustee by separate
     instrument; provided, however, that no person who is already receiving
     full-time pay from any Employer or any Affiliate shall receive compensation
     from the Trust Fund (except for the reimbursement of expenses properly and
     actually incurred).

            (3)  All expenses of the administration of the Trust Fund, including
     the Trustees' and Insurers' compensation, the compensation of any
     investment manager, the expense incurred by the Plan Administrator in
     discharging its duties, all income or other taxes of any kind whatsoever
     that may be levied or assessed under existing or future laws upon or in
     respect of the Trust Fund, and any interest that may be payable on money
     borrowed by the Trustee for the purpose of the Trust, shall be paid or
     provided for by the Company (or another Employer) and, if not so paid,
     shall be paid out of the assets of the Trust Fund. Any such payment by the
     Company or an Employer shall not be deemed a contribution to this Plan.

            (4)  Notwithstanding anything contained herein to the contrary, no
     excise tax or other liability imposed upon the Trustee, the Plan
     Administrator or any other person for failure to comply with the provisions
     of any federal law shall be subject to payment or reimbursement from the
     assets of the Trust.

                                   ARTICLE XIV

                            Amendment and Termination
                            -------------------------

     (a)    Right to Amend or Terminate Reserved. It is the present intention of
the Company and each Employer to maintain the Plan set forth herein throughout
its existence. Nevertheless, the Company specifically reserves to itself the
right at any time and from time to time to amend or terminate this Plan in whole
or in part; provided, however, that no such amendment:

                                       56.

<PAGE>

            (1)  shall have the effect of vesting in any Employer, directly or
     indirectly, any interest, ownership or control in any of the present or
     subsequent funds held subject to the terms of any Trust or Contract;

            (2)  shall cause or permit any property held subject to the terms of
     any Trust or Contract to be diverted to purposes other than the exclusive
     benefit of the Participants and their beneficiaries or for the
     administrative expenses of the Plan Administrator, any Trust and any
     Contract;

            (3)  shall reduce any vested interest of a Participant on the later
     of the date the amendment is adopted or the date the amendment is
     effective, except as permitted by law;

            (4)  shall reduce the Accounts of any Participant;

            (5)  shall amend any vesting schedule with respect to any
     Participant who has at least 3 Years of Service at the end of the election
     period described below, except as permitted by law, unless each such
     Participant shall have the right to elect to have the vesting schedule in
     effect prior to such amendment apply with respect to him, such election, if
     any, to be made during the period beginning not later than the date the
     amendment is adopted and ending no earlier than 60 days after the latest of
     the date the amendment is adopted, the amendment becomes effective or the
     Participant is issued written notice of the amendment by his Employer or
     the Plan Administrator;

            (6)  shall increase the duties or liabilities of any Trustee or
     Insurer without its written consent; or

            (7)  shall reduce a Participant's accrued benefit in violation of
     Section 411(d)(6) of the Code.

     (b)    Amendments. Subject to the limitations stated in paragraph (a), the
Company shall have the power to amend this Plan in any manner that it deems
desirable, and, not in limitation but in amplification of the foregoing, it
shall have the right to change or modify the method of allocation of
contributions hereunder, to change any provision relating to the administration
of this Plan and to change any provision relating to the distribution or
payment, or both, of any of the assets of any Trust or Contract.

     (c)    Termination or Discontinuance. Any Employer, in its sole and
absolute discretion, may permanently discontinue making contributions under this
Plan or may terminate this Plan and all Trusts and Contracts (with respect to
all Employers if it is the Company, or with respect to itself alone if it is an
Employer other than the Company), completely or partially, at any time without
any liability whatsoever for such permanent discontinuance or complete or
partial termination. In any of such events, the affected Participants,
notwithstanding any other provisions of this Plan, shall have fully vested
interests in the amounts credited to their respective Accounts at the time of
such complete or partial termination of this Plan and its Trusts and Contracts
or permanent discontinuance of contributions. All such vested interests shall be
nonforfeitable.

                                       57.

<PAGE>

     (d)    Method of Discontinuance. In the event an Employer decides to
permanently discontinue making contributions, such decision shall be evidenced
by an appropriate resolution of its Board and a certified copy of such
resolution shall be delivered to the Plan Administrator and each Trustee, and to
the Insurer of any Contract that is not held by the Trustee. All of the assets
in the Trust Fund belonging to the affected Participants on the date of
discontinuance specified in such resolutions shall, aside from becoming fully
vested as provided in paragraph (c), be held, administered and distributed by
the Trustee in the manner provided under this Plan. In the event of a permanent
discontinuance of contributions without such formal documentation, full vesting
of the interests of the affected Participants in the amounts credited to their
respective Accounts shall occur on the last day of the first year for which no
substantial contribution is made to any Trust or Contract.

     (e)    Method of Termination.

            (1)  In the event an Employer decides to terminate this Plan and its
     Trust and Contracts, such decision shall be evidenced by an appropriate
     resolution of its Board and a certified copy of such resolution shall be
     delivered to the Plan Administrator and each Trustee, and to the Insurer of
     any Contract that is not held by the Trustee. After payment of all expenses
     and proportional adjustments of individual accounts to reflect such
     expenses and other changes in the value of the Trust Fund as of the date of
     termination, each affected Participant (or the beneficiary of any such
     Participant) shall be entitled to receive any amount then credited to his
     Accounts in a lump sum. If the Employer does not maintain another defined
     contribution plan for at least one year following the completion of
     distributions from the terminated Plan, the Plan Administrator may instruct
     the Trustee to make such distributions immediately, and whether or not the
     Participant consents.

            (2)  At the election of the Participant, the Trustee shall transfer
     the amount of any Participant's distribution under this paragraph (e) to
     the trustee of an Eligible Retirement Plan, instead of distributing such
     amount to the Participant. Any such election by a Participant shall be in
     writing and filed with the Plan Administrator.

                                   ARTICLE XV

                                  Miscellaneous
                                  -------------

     (a)    Merger or Consolidation. This Plan and its Trust and Contracts may
not be merged or consolidated with, and the assets or liabilities of this Plan
and its Trusts and Contracts may not be transferred to, any other plan or trust
unless each Participant would receive a benefit immediately after the merger,
consolidation or transfer, if the plan and trust then terminated, that is equal
to or greater than the benefit the Participant would have received immediately
before the merger, consolidation or transfer if this Plan and its Trusts and
Contracts had then terminated.

     (b)    (1) Prohibition on Alienation. Except as provided in paragraphs (b)
     (2) and (b)(3), no Participant or beneficiary of a Participant shall have
     any right to assign, transfer, appropriate, encumber, commute, anticipate
     or otherwise alienate his interest in this Plan or its Trusts or

                                       58.

<PAGE>

     Contracts or any payments to be made thereunder; no benefits, payments,
     rights or interests of a Participant or beneficiary of a Participant of any
     kind or nature shall be in any way subject to legal process to levy upon,
     garnish or attach the same for payment of any claim against the Participant
     or beneficiary of a Participant; and no Participant or beneficiary of a
     Participant shall have any right of any kind whatsoever with respect to any
     Trust or Contract, or any estate or interest therein, or with respect to
     any other property or right, other than the right to receive such
     distributions as are lawfully made out of any Trust or Contract, as and
     when the same respectively are due and payable under the terms of this
     Plan.

            (2)  Qualified Domestic Relations Orders. Notwithstanding the
     provisions of paragraph (b)(1), the Plan Administrator shall direct the
     Trustee or Insurer to make payments pursuant to a Qualified Domestic
     Relations Order as defined in Section 414(p) of the Code and as determined
     by the Administrator pursuant to this subparagraph (2).

                 (A)  Determination. The Plan Administrator shall determine
            whether a court order purporting to qualify under Section 414(p) of
            the Code actually meets such requirements as soon as practicable
            following receipt of such order. The Administrator shall establish
            procedures for making such determination.

                      (i)  The Administrator shall refuse to approve any order
                 which, in its opinion, does not comply strictly with the
                 requirements of Section 414(p) of the Code. No order may be
                 approved if the Administrator determines that it contains any
                 ambiguity, or if any provision is inconsistent with any other
                 requirement of applicable law.

                      (ii) The Administrator may require an order to include
                 provisions that it deems necessary to properly administer the
                 order under the terms of this Plan, including (without
                 limitation):

                           a.  instructions as to the Account of the Participant
                      from which the alternate payee's benefits are to be taken,
                      and

                           b.  clear provisions specifying the disposition of
                      unpaid benefits of the alternate payee in the event of the
                      death of either the Participant or the alternate payee:

                              1.   A qualified domestic relations order may
                         provide that the unpaid balance of an alternate payee's
                         benefits be paid to the alternate payee's estate or
                         personal representative. An alternate payee may not
                         designate an individual death beneficiary.

                              2.   If the alternate payee is to receive any
                         unpaid benefits provided under the order
                         notwithstanding the prior

                                       59.

<PAGE>

                         death of the Participant, the order must clearly so
                         provide in full compliance with the provisions of ERISA
                         and the Code.

                 (B)  Notification. The Administrator shall notify the
            Participant and the alternate payee of receipt of such order as soon
            as practicable following such receipt. The Administrator shall
            notify the Participant and the alternate payee of the Plan
            Administrator's determination as to whether such order is qualified
            as soon as practicable following such determination. If the Plan
            Administrator is able to determine whether an order is qualified
            promptly upon receipt of such order, the Administrator may send one
            notice which informs the Participant and the alternate payee both of
            the receipt of the order and of the Administrator's determination.

                 (C)  Suspense Account while Order is being Evaluated. During
            the time that the Plan Administrator is considering whether such an
            order is qualified, any amount to which the Administrator reasonably
            believes that the order purports to apply shall not be paid to the
            Participant, even if the Participant would otherwise be entitled to
            receive such amount.

                      (i)  If an amount would otherwise be paid to the
                 Participant while the Plan Administrator is considering such an
                 order, such amount shall be credited to a separate suspense
                 account. The Participant shall retain any right he may have to
                 direct the investment of the amounts in such suspense account
                 to the same extent as if no order had been received.

                      (ii) If the Administrator determines that the order is
                 qualified, the amounts in the suspense account shall be paid to
                 the alternate payee to the extent provided in the order. Any
                 remaining amounts in the suspense account shall be paid to the
                 Participant. If the Administrator determines that the order is
                 not qualified, the amounts in the suspense account shall be
                 paid to the Participant.

                      (iii)The Plan Administrator shall determine the date
                 following its determination as of which the amounts in the
                 suspense account are to be released to the Participant and/or
                 the alternate payee. The Administrator may allow a reasonable
                 period during which either party may appeal its determination
                 as to the status of the order before releasing the amounts from
                 the suspense account. If either party appeals such
                 determination, the Administrator shall not release the amounts
                 from the suspense account until the Administrator makes its
                 decision on appeal. If a substitute order is received during
                 the appeal period, the Administrator shall not release any
                 amounts from the suspense account that the Administrator
                 reasonably believes to be covered by the substitute order until
                 after it has determined whether the substitute order is
                 qualified.

                                       60.

<PAGE>

                      (iv) No amount shall remain in a suspense account longer
                 than 18 months, except that the receipt of a substitute order
                 with respect to funds already held in a suspense account shall
                 extend such period until 18 months following receipt by the
                 Administrator of such substitute order. If, at the end of such
                 period, the Administrator still has not determined whether the
                 order (or substitute order) is qualified, the amounts in the
                 suspense account shall be distributed to the Participant.

                 (D)  Freeze on Account in Anticipation of Order.

                           (i)   If the Plan Administrator is informed that a
                      person who would qualify as an alternate payee intends to
                      obtain a qualified domestic relations order with respect
                      to the Accounts of a Participant, the Administrator may
                      refuse, for a reasonable period, to permit the
                      distribution to the Participant from such Accounts of any
                      amount to which the Administrator reasonably believes such
                      alternate payee will claim.

                           (ii)  Even in the absence of specific information
                      that a potential alternate payee is seeking a qualified
                      domestic relations order, the Plan Administrator may
                      refuse to permit the distribution to the Participant from
                      his Accounts of any amount if the Administrator reasonably
                      believes that distribution of such amount to the
                      Participant would result in a violation of the community
                      property rights of the Participant's spouse or former
                      spouse.

                           (iii) In the event the Administrator refuses to
                      permit a distribution in accordance with subsection (i) or
                      (ii) of this section (D), the Participant shall retain any
                      right he may have to direct the investment of such amount
                      to the same extent as if the Administrator had not
                      received such information or formed such belief.

                 (E)  Time of Distribution to Alternate Payee. An alternate
            payee who is entitled to benefits under a qualified domestic
            relations may receive a distribution of benefits, to the extent
            permitted by such order, as soon as practicable following the Plan
            Administrator's determination that the order is qualified,
            regardless of the age or employment status of the Participant.

            (3)  Levy by Internal Revenue Service. Notwithstanding the
     provisions of paragraph (b)(1), the Plan Administrator shall direct the
     Trustee or Insurer to comply with the lawful terms of a levy by the
     Internal Revenue Service.

     (c)    Controlling Law. This Plan shall be administered, construed and
enforced according to the laws of the State of Nevada, except to the extent such
laws have been preempted by federal law.

                                       61.

<PAGE>

     (d)    Action by Employer. Whenever the Company or another Employer under
the terms of this Plan is permitted or required to do or perform any act, it
shall be done and performed by the Board of Directors of the Company or such
other Employer and shall be evidenced by proper resolution of such Board of
Directors certified by the Secretary or Assistant Secretary of the Company or
such other Employer.

     (e)    Impossibility. In the event it becomes impossible for the Company,
another Employer, or the Plan Administrator to perform any act required by this
Plan, then the Company, such other Employer, or the Plan Administrator, as the
case may be, may perform such alternative act that most nearly carries out the
intent and purpose of this Plan.

     (f)    Gender. Throughout this Plan, and whenever appropriate, the
masculine gender shall be deemed to include the feminine and neuter; the
singular, the plural; and vice versa.

     (g)    Veterans' Reemployment Rights. Notwithstanding any provision of this
Plan to the contrary, effective as of December 12, 1994, contributions, benefits
and service credit with respect to qualified military service will be provided
in accordance with Section 414(u) of the Code.

                                   ARTICLE XVI

                        Minimum Distribution Requirements
                        ---------------------------------

     This Article XVI is intended to comply with the requirements of Revenue
     Procedure 2002-29.

     (a)  General Rules

            (1)  Effective Date. The provisions of this Article shall apply for
     purposes of determining required minimum distributions for calendar years
     beginning with the 2003 calendar year.

            (2)  Precedence. The requirements of this Article shall take
     precedence over any inconsistent provisions of the Plan.

            (3)  Requirements of Treasury Regulations Incorporated. All
     distributions required under this Article shall be determined and made in
     accordance with the Treasury regulations under Section 401(a)(9) of the
     Code.

            (4)  TEFRA Section 242(b)(2) Elections. Notwithstanding the other
     provisions of this Article, distributions may be made under a designation
     made before January 1, 1984, in accordance with Section 242(b)(2) of the
     Tax Equity and Fiscal Responsibility Act (TEFRA) and the provisions of the
     Plan that relate to Section 242(b)(2) of TEFRA.

                                       62.

<PAGE>

     (b)    Time and Manner of Distribution

            (1)  Required Beginning Date. The Participant's entire interest
     shall be distributed to the Participant no later than the Participant's
     required beginning date.

            (2)  Death of Participant Before Distributions Begin. If the
     Participant dies before distributions begin, the Participant's entire
     interest shall be distributed no later than December 31 of the calendar
     year containing the fifth anniversary of the Participant's death, subject,
     however, to the provisions of Article IX(a)(2) for beneficiaries who are
     legally incompetent, by age or otherwise.

            (3)  Form of Distribution. All distributions shall be made in the
     form of a single sum on or before the required beginning date. No
     Participant's interest shall be distributed in the form of an annuity
     purchased from an insurance company.

            (4)  Election by Beneficiaries. Any beneficiary who is entitled to a
     benefit under subparagraph (2) may make an irrevocable election to receive
     the benefit at any time before the date distribution of such benefit is
     required to begin under subparagraph (2).

     (c)    Definitions

            (1)  Designated beneficiary. The individual who is designated as the
     beneficiary under Article VIII(d) of the Plan and is the designated
     beneficiary in accordance with Section 401(a)(9) of the Code and Section
     1.401(a)(9)-1, Q&A-4, of the Treasury regulations.

            (2)  Distribution calendar year. A calendar year for which a minimum
     distribution is required. For distributions beginning before the
     Participant's death, the first distribution calendar year is the calendar
     year immediately preceding the calendar year which contains the
     Participant's required beginning date. For distributions beginning after
     the Participant's death, the first distribution calendar year is the
     calendar year in which distributions are required to begin under paragraph
     (b)(2) of this Article. The required minimum distribution for the
     Participant's first distribution calendar year will be made on or before
     the Participant's required beginning date. The required minimum
     distribution for other distribution calendar years, including the required
     minimum distribution for the distribution calendar year in which the
     Participant's required beginning date occurs, will be made on or before
     December 31 of that distribution calendar year.

            (3)  Participant's account balance. The account balance as of the
     last valuation date in the calendar year immediately preceding the
     distribution calendar year (the "valuation calendar year"), adjusted as
     follows: (1) the account balance is increased by the amount of any
     contributions made and allocated or forfeitures allocated to the account
     balance as of dates in the valuation calendar year after the valuation
     date; and (2) the account balance is decreased by distributions made in the
     valuation calendar year after the valuation date. The account balance for
     the valuation calendar year includes any amounts rolled over or transferred
     to the

                                       63.

<PAGE>

     plan either in the valuation calendar year or in the distribution calendar
     year if distributed or transferred in the valuation calendar year.

            (4)  Required beginning date. The date specified in Article
     IX(a)(2)(A)(ii) of the Plan.

     IN WITNESS WHEREOF, this Eighteenth Amendment and Restatement has been
executed this 10th day of October, 2003.

ATTEST:                                 MANDALAY RESORT GROUP

     (CORPORATE SEAL)

 /s/ Yvette E. Landau                   By:/s/ Glenn W. Schaeffer
-----------------------------              -------------------------------------
Secretary                                  President

                                                 "COMPANY"

                                       64.

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