Document:

<PAGE>

[Confidential treatment is being sought for certain portions of this Exhibit, as
indicated by a "[*]" symbol and footnoted as "omitted pursuant to Rule 406."
Such omitted portions have been filed with the Securities and Exchange
Commission.]

                                                                   EXHIBIT 10.11

                      UVEST BROKERAGE SERVICES AGREEMENT

THIS AGREEMENT, made this 1st day of April, 1999 (the "Agreement"), by and
between UVEST Financial Services Group, Inc. ("UVEST"), and Pacific Mercantile
Bank, ("Financial Institution");

                               WITNESSETH THAT:

     WHEREAS, Financial Institution desires to make a broad range of securities
brokerage services available to its customers; and

     WHEREAS, UVEST desires to provide Financial Institution's customers with
such brokerage services.

     NOW, THEREFORE, in consideration of the mutual covenants hereinafter set
forth, and other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto hereby covenant and agree as follows:

1. SERVICES

          1.1 Services To Be Performed By UVEST

     (a) UVEST will accept, establish and maintain cash and/or margin accounts
for customers of Financial Institution pursuant to the policies and guidelines
established by UVEST and in accordance with all applicable laws, regulations,
rules and procedures, including without limitation those of the Securities and
Exchange Act of 1934, as amended, and the National Association of Securities
Dealers, Inc.

     (b) UVEST will execute, clear and settle orders for accounts that have been
accepted by UVEST (the "Accounts"), but only insofar as such orders are
transmitted by the Account to UVEST. As used in this Agreement, the term
"securities" includes stocks, bonds (US Treasury, Municipal and Corporate),
mutual funds, unit investment trusts, and listed options, but does not include
commodities.

     (c) UVEST shall make available to the Accounts toll-free telephone service
and Internet access for placing orders and for customer service. That telephone
service shall be staffed by personnel of UVEST who may identify the services
provided as services of UVEST, a registered trademark of UVEST Financial
Services Group, Inc.

     (d) UVEST will prepare, print and mail to each Account at its address of
record on the books of UVEST confirmation information respecting the execution
of each order for the Account. Each such confirmation will display the name of
UVEST and the Clearing Agent.

     (e) UVEST will prepare, print and mail monthly statements to the Accounts
at their address of record on the books of UVEST (or quarterly statements if no
activity in an Account occurs during any quarter covered by such statement and
there is a cash balance or securities position in such Account). No statements
will be prepared for an account if there has been no activity and there is no
cash balance or security position. Each statement will display the name of
UVEST, the Clearing Agent and the Financial Institution.

     (f) UVEST will be responsible for the receipt of the customer securities,
delivery of customer securities, making and receiving payment therefor and
holding in custody and

                                       1
<PAGE>

safekeeping all securities. UVEST shall also be responsible for the handling of
margin accounts, the receipt of dividends, interest and other distributions, and
the processing of exchange offers, rights offerings, tender offers, redemptions,
proxy material, annual reports and other material distributed to shareholders
generally. It shall be the responsibility of UVEST to comply with any and all
prospectus delivery requirements with respect to Accounts that purchase
securities requiring such delivery.

     (g) All Accounts shall be maintained as accounts of UVEST or of UVEST's
designated Clearing Agent and UVEST will maintain books and records of all
transactions executed by Accounts through it in accordance with applicable law.

     (h) UVEST, in its sole judgment, reserves the right to reject any Account
or order thereof and to terminate any Account previously accepted by it as an
Account, which right will not be unreasonably exercised.

     (i) UVEST shall be responsible for providing annual dividend and
distribution information as contained in IRS Form 1087 and any other information
required to be reported to Accounts by Federal, state or local tax laws, rules
or regulations, but only with respect to events subsequent to the effective date
of this Agreement.

     (j) All transactions in any Account are to be considered cash transactions
until such time as UVEST has received and approved a duly and validly executed
margin agreement. UVEST is responsible for the operation of such margin accounts
in accordance with all-applicable laws, rules and regulations. UVEST shall have
complete authority and control over the terms, conditions and operations of
margin accounts and shall have the right, in its sole discretion, to modify the
margin requirements of any account.

     (k) UVEST may delegate any or all of its duties under this Section to a
clearing agent of its choice, which may, but is not required to be Pershing, a
division of Donaldson, Lufkin & Jenrette Securities Corporation (the "Clearing
Agent"). Pershing is the Clearing Agent on the date of this Agreement. UVEST
shall promptly notify the Financial Institution, in writing, of any change to
the Clearing Agent. That written notice shall constitute a representation and
warranty by UVEST to Financial Institution that such new Clearing Agent has the
facilities and holds all federal and state licenses and approvals required under
applicable laws and regulations to act as a Clearing Agent with respect to the
Accounts.

     (1) UVEST shall be responsible for managing the process whereby Financial
Institution's customers' accounts are to be automatically debited or credited,
as appropriate, for the settlement of executed securities orders.

          1.2 Activities to be Performed by Financial Institution

     (a) Financial Institution shall assist customers in completing UVEST's
Brokerage Account Application and Customer Agreement when appropriate, and, as
applicable, other required forms of UVEST and shall forward those completed
applications to UVEST. Copies of UVEST's Brokerage Account Application and
Customer Agreement will be provided to Financial Institution by UVEST. UVEST
shall cause all such Brokerage Account Applications to contain the following
legend:

"I/we have been advised and understand that securities are offered by UVEST
---------------------------------------------------------------------------
Investment Services, not by my financial institution, and that they are not
---------------------------------------------------------------------------
affiliated in any way. I/we have been advised and understand that securities
----------------------------------------------------------------------------
(stocks, bonds, mutual funds, unit investment trusts, and variable annuities)
-----------------------------------------------------------------------------
offered by UVEST Investment Services (1) are not deposits of this institution
-----------------------------------------------------------------------------
(2) are not insured or guaranteed by the Federal Deposit
--------------------------------------------------------

                                       2
<PAGE>

Insurance Corporation (FDIC), NCUA or any other government agency; (3) are not
------------------------------------------------------------------------------
obligations of, or guaranteed by my financial institution; or (4) involve
--------------------------------------------------------------------------
investment risks, including the potential loss of principal I am aware that
---------------------------------------------------------------------------
there are fees associated with the purchase or sales of mutual funds and/or
---------------------------------------------------------------------------
annuities."
------------

     (b) Financial Institution agrees to (i) review the information contained in
each Brokerage account Application and Customer Agreement and (ii) use its
reasonable to obtain from each customer and verify such documentation,
agreements and information as deemed necessary.

     (c) Financial Institution shall cooperate with UVEST in effecting the
automatic debit or credit of Financial Institution's customers' accounts, as
appropriate, for settlement of securities orders.

          1.3 Activities to be Performed by Both Parties

     (a) UVEST and the Financial Institution shall undertake a marketing
campaign, the scope of which shall be jointly agreed upon by both UVEST and the
Financial Institution, to promote the brokerage services offered by UVEST to its
customers.

     (b) Materials to be utilized in connection therewith will refer to UVEST
and must be reviewed and approved by UVEST and Financial Institution prior to
use.

     (c) Neither Financial Institution nor UVEST will make any investment
recommendations and will not exercise any discretionary or other authority with
respect to the Accounts.

     (d) Each party shall be responsible for compliance with federal and state
laws and regulations applicable to it. Without limiting the generality of the
foregoing, UVEST agrees that it will (i) perform its duties and responsibilities
hereunder diligently and with due care, (ii) provide full and adequate
supervision to all of its brokers and registered representatives and (iii)
notify the Financial Institution, promptly in writing, of any disciplinary
action that may be taken against it by the Securities Exchange Commission
("SEC") or the National Association of Securities Dealers, Inc. ("NASD")

     (e) Each party shall be responsible for the on-going training of personnel
who will assist customers in completing the required forms of UVEST and in the
policies and procedures of UVEST.

     (f) Financial Institution will be responsible for determining that no
customer is a minor when such customer completes the UVEST Broker Account
Application and Customer Agreement at Financial Institution. When a customer
utilizes the Internet to establish an account, UVEST will be responsible for
determining that no customer is a minor or subject to a disability under any
law, rule or regulation.

2. CUSTOMER AND FINANCIAL INSTITUTION FEES

     (a) Schedule A attached hereto and incorporated herein by reference sets
forth UVEST's present schedule of charges to Financial Institution's customers
for orders placed via toll-free telephone service. Schedule B attached hereto
and incorporated herein by reference sets forth UVEST's present schedule of
charges to Financial Institution's customers for orders placed via the Internet.
Such charges may be changed by UVEST from time to time, but in no event shall
such charges be higher than UVEST's regular and customary charges for like
services to like institutions.

                                       3
<PAGE>

     (b) Schedule C attached hereto and incorporated herein by reference sets
forth UVEST's present schedule of charges to Financial Institution for
development, usage and maintenance of a customized discount brokerage Internet
site.

3. PAYOUT TO FINANCIAL INSTITUTION

     As compensation for its activities hereunder, UVEST shall pay to Financial
Institution during the term of this Agreement, [*] per transaction, received
by it via the Internet with respect to all orders executed for Accounts that
were introduced to UVEST by Financial Institution. Amounts due to Financial
Institution shall be payable within 15 days of the end of the month during which
such commissions are received by UVEST.

4. MAINTENANCE OF BOOKS

     UVEST shall carry all Accounts as UVEST accounts in the name of the
Financial Institution customer, with a notation on its books that such Accounts
were introduced by Financial Institution. Inadvertent omission of such notations
shall not be deemed to constitute a breach of this Agreement. UVEST shall, upon
written request, give Financial Institution reasonable access during normal
business hours to its books and records relating to Accounts that were
introduced to UVEST by Financial Institution for the purpose of verifying fees
payable under this Agreement.

5. INDEMNIFICATION

     5.1 UVEST shall indemnify and hold Financial Institution harmless against
any losses, claims, damages, liabilities or expenses (which shall include, but
not be limited to all costs of defense and investigation and all reasonable
attorney's fees) to which Financial Institution may become subject, insofar as
such losses, claims, damages, liabilities or expenses arise out of or are based
upon any of the following:

     (a) negligence or the willful misconduct of UVEST or its employees in
     providing the services contemplated hereunder;

     (b) the failure of UVEST to perform its obligations under this Agreement.

     f) the breach by UVEST of any representations and warranties made by it in
     or pursuant to this Agreement.

     5.2 Financial Institution shall indemnify and hold UVEST harmless against
any losses, claims, damages, liabilities or expenses (which shall include, but
not be limited to, all costs of defense and investigation and all reasonable
attorney's fees), to which UVEST may become subject, insofar as such losses,
claims, damages, liabilities or expenses arise out of or are based upon any of
the following:

     (a) the negligent or willful misconduct of Financial Institution or its
employees in conjunction with its performance of its duties under this Agreement

     (b) failure of Financial Institution to perform its obligations under this
Agreement.

     f) the breach by Financial Institution of any representations or warranties
        made by it in or pursuant to this agreement.

* Omitted pursuant to Rule 406.

                                       4
<PAGE>

     5.3 No liability for indemnification under Sections 5.1 or 5.2 shall arise
unless the party making a claim under this section provides to the party against
whom a claim is being made written notice of the commencement of any action
within 10 days thereof. The failure of a party against whom such claim is made
will not relieve the party against whom such claim is made from any liability
which it may have otherwise than under this Section. If any such action is
brought against any party, and it notifies the other party of the commencement
thereof, the party against whom such claim is made will be entitled to defend or
prosecute such action at its expense and through counsel of its own choosing. No
settlement of any action against the party making a claim under this section
shall be made without the consent of the party against whom such claim is made.

     5.4 The indemnification provisions in this Section shall remain operative
and in full force and effect, regardless of the termination of this Agreement
and shall survive any such termination.

6. REPRESENTATIONS, WARRANTIES AND ADDITIONAL COVENANTS

     6.1 UVEST represents, warrants and covenants as follows:

     (a) UVEST is presently a member in good standing of the National
Association of Securities Dealers, Inc.

     (b) UVEST is and during the term of this Agreement will remain duly
licensed in good standing as a broker-dealer under applicable Federal and state
laws and regulations.

     (c) UVEST has all the requisite authority, in conformity with all
applicable laws and regulations, to enter into and perform the services
contemplated by this Agreement.

     (d) UVEST is in compliance, and during the term of this Agreement will
remain in compliance, with the capital and financial reporting requirements of
(i) the National Association of Securities Dealers, Inc., (ii) the Securities
and Exchange Commission and (iii) every state in which it is licensed as a
broker-dealer.

     (e) During the term of this Agreement and all times there after, UVEST
shall keep confidential any information not otherwise generally available to the
public which it may acquire as a result of this Agreement regarding the business
and affairs of Financial Institution. UVEST shall treat the names of Account
holders as confidential and shall not provide such names to third parties except
as authorized in writing by Financial Institution or as required by applicable
statutes, rules and regulations. Financial Institution acknowledges, however,
that, after the termination of this Agreement, UVEST may use the names of
customers to carry out broker-dealer functions for such customers.

     f) UVEST represents and warrants that all computer software and hardware
        used in the development, usage or maintenance of its customized discount
        brokerage Internet site and all computer software and hardware used in
        processing transactions in the Accounts over the Internet are Year 2000
        compliant, which means that such software and hardware are designed to
        be used prior to, during, and after the calendar year 2000 AD, and that
        the software and hardware will operate during each of such time periods
        without error relating to date data, specifically including any error
        relating to, or the product of, date data which represents or references
        different centuries or more than one century.

    6.2 Financial Institution represents, warrants, and covenants as follows:

                                       5
<PAGE>

     (a) Financial Institution has all the requisite authority in conformity
with all applicable laws and regulations to enter into this Agreement.

     (b) Financial Institution shall not generate and/or prepare any statements,
billings or confirmations respecting any Account.

     (c) Financial Institution shall keep confidential any information not
generally available to the public, which it may acquire as a result of this
Agreement regarding the business, and affairs of UVEST, such requirement shall
survive the life of this Agreement.

7. TERM - TERMINATION

     7.1 The initial term of this Agreement shall expire one year from the date
hereof. After the initial term, this Agreement will be automatically renewed for
additional one-year terms unless and until terminated by either party upon (90)
days written notice of termination to the other party, such termination to be
effective on the expiration of such (90) day period. Accordingly, the earliest
date as of which this Agreement may be terminated by either party pursuant to
this section 7.1 shall be the first anniversary of the date of this Agreement
(provided written notice thereof has been given by either party to the other no
later than the 90th day prior thereto). The account application and customer
agreements that UVEST has with customers of the Financial Institution shall
survive any termination of this Agreement, whether pursuant to this section 7.1
or other sections of this Agreement, and no termination of this Agreement shall
relieve UVEST of its obligations to customers under such applications and
agreements.

     7.2 During the term of this Agreement, Financial Institution will not offer
or promote provision of the services contemplated by this Agreement through or
by any broker, or similar provider, other than UVEST.

8. DEFAULT

     8.1 Notwithstanding any provision in this Agreement, the following events
or occurrences shall constitute an Event or Default under this Agreement:

     (a) failure of either party to comply with the terms of this Agreement
within fifteen days of written notice from the other party of such failure; or

     (b) if any representation or warranty made by either party herein shall be
untrue in any material respect; or

     (c) a receiver, liquidator or trustee of either party, or of any
substantial part of its property, is appointed by court order and such order
remains in effect for more than 30 days; or either party is adjudicated bankrupt
or insolvent; or a petition is filed against either party under any bankruptcy,
reorganization, arrangement, insolvency, readjustment of debt, dissolution or
liquidation law or any jurisdiction, whether now or hereafter in effect, and is
not dismissed within 30 days after such filing; or

     (d) either party files a petition in voluntary bankruptcy or seeking relief
under any provision of any bankruptcy, reorganization, arrangement, insolvency,
readjustment of debt, dissolution or liquidation law or any jurisdiction,
whether now or hereafter in effect, or consents to the filing of any petition
against it under any such law; or

                                       6
<PAGE>

     (e) either party makes an assignment for the benefit of its creditors, or
admits in writing its inability to pay its debts generally as they become due,
or consents to the appointment of a receiver, trustee or liquidator for it, or
for all or any substantial party of its property.

     Upon the occurrence of any such Event of Default, the non-defaulting party
may, at its option, and without waiving any rights or remedies such party may
have against the defaulting party, by notice to the defaulting party, declare
that this Agreement shall be thereby terminated without penalty and such
termination shall be effective as of the date such notice has been sent or
communicated to the defaulting party.

9. REMEDIES CUMULATIVE

     The enumeration herein of specific remedies shall not be exclusive of any
other remedies. Any delay or failure by any party to this Agreement to exercise
any right, power, remedy or privilege herein contained, or now or hereafter
existing under any applicable statute of law, shall not be construed to be a
waiver of such right, power, remedy or privilege. No single, partial or other
exercise of any such right, power, remedy or privilege shall preclude the
further exercise thereof or the exercise of any other right, power, remedy or
privilege.

10. MISCELLANEOUS

     10.1 Neither Financial Institution nor UVEST shall hold itself out as an
agent of the other or any of the subsidiaries or the companies controlled
directly or indirectly by or affiliated with the other.

     10.2 Neither Financial Institution nor UVEST shall, without having obtained
the prior approval of the other, agree to place or place any advertisement in
any newspaper, publication, periodical or any other media if such advertisement
in any manner makes reference to the other and/or of the services embodied in
this Agreement.

     10.3 This Agreement may be modified by a writing signed by both parties to
this Agreement. Such modification shall not be deemed a cancellation of this
Agreement.

     10.4 This Agreement shall inure to the benefit of and be binding upon the
successors and assigns of the parties hereto. This Agreement may not be assigned
by either party without the prior consent of the other, except that an
assignment by UVEST to a subsidiary or a company affiliated with it (in either
case being a registered broker-dealer) and any assignment by Financial
Institution to another Financial Institution with which it is affiliated shall
be valid in the absence of consent. No assignment permitted to be made without
the consent of the other party shall relieve the assigning party of its
obligations hereunder and assigning party shall be liable for any breach of any
covenants or duties or any representations or warranties of its assignee under
this Agreement. The parties are independent contractors, do not intend to
create, and are not creating any partnership or joint venture or employer or
employee relationship between them. Except as to the extent expressly permitted
elsewhere in this Agreement, neither party is authorized to bind the other party
to any obligation or commitment whatsoever without the express prior written
consent of such party.

     10.5 Neither party hereto shall use any service mark, trade name or
trademark of the other party hereto without the prior written consent of the
other. Each party shall have the exclusive right to any such name or mark
developed by it in connection with the services performed by it under this
Agreement.

     10.6 In the event of a dispute between the parties, such dispute shall be
settled by arbitration in the county in which the Financial Institution's
headquarters office is located, in accordance with the rules of the American
Arbitration Association.

                                       7
<PAGE>

     10.7 The heading preceding the text, articles and sections hereof have been
inserted for convenience and reference only and shall not be construed to affect
the meaning, construction or effect of this Agreement.

     10.8 If any provisions or conditions of this Agreement shall ultimately be
held to be invalid or unenforceable by any court, or regulatory or self-
regulatory agency or body, such invalidity or unenforceability shall attach only
to such provision or condition. The validity of the remaining provisions and
conditions shall not be affected thereby and this Agreement shall be carried out
as if any such invalid or unenforceable provision or condition was not contained
herein.

     10.9 For the purposes of any and all notices, consents, directions,
approvals, requests or other communications required or permitted to be
delivered hereunder, UVEST's address shall be 128 South Tryon Street, 13th
Floor, Charlotte, NC, 28202, Attention: President; and Financial Institution's
address shall be: 450 Newport Center Drive, Suite 100, Newport Beach, CA, 92660,
Attention: Raymond E. Dellerba, President & CEO. Notice shall be provided by
registered or certified mail and either party may change its address for notice
purposes as aforesaid.

     Made and executed as of the date set forth above.

UVEST Financial Services Group, Inc

                                 By:   illegible signature
                                     -------------------------------------------

                                 Title: President & COO
                                        ----------------------------------------

Pacific Mercantile Bank

                                 By: DANIEL L. ERICKSON   JOHN P. CRONIN
                                     -------------------------------------------

                                 Title: EVP/CFO           EVP/CTO
                                        ----------------------------------------

                                       8EXHIBIT 4.1

                                  COVANCE INC.

                          EMPLOYEE STOCK PURCHASE PLAN

      The Covance Inc. Employee Stock Purchase Plan (the "Plan") is intended to
provide the eligible employees of Covance Inc. (the "Company") a convenient
means of purchasing shares of the Company's common stock, par value $.01 per
share (the "Stock"). As initially adopted, the Plan is not intended to qualify
as an "employee stock purchase plan" under section 423 of the Internal Revenue
Code of 1986, as amended (the "Code"). The Company may in the future determine
that the Plan should qualify under section 423 of the Code. At such time, the
Company shall re-adopt the Plan as a Code section 423 Plan and the Plan will
then be administered, interpreted and construed in a manner consistent with the
requirements of section 423 of the Code. Specifically, Article X of the Plan
shall not become effective until the Company re-adopts the Plan as a Code
section 423 Plan.

                                    ARTICLE I

                                   DEFINITIONS

1.1   "ACCOUNT" means the bookkeeping account established on behalf of each
participant by the Committee to record payroll deduction contributions made by
such participant and shares of stock purchased on his behalf.

1.2   "BOARD" means the Board of Directors of the Company.

1.3   "BUSINESS DAY" means each day on which the New York Stock Exchange is open
for business.

1.4   "COMPENSATION" means all regular salary, wages or earnings, including
overtime, commissions and bonuses and amounts that would have been treated as
taxable wages but for their exclusion under Code section 401(k) or 125, but
excluding amounts realized from the exercise of qualified or non-qualified stock
options, severance payments and reimbursement of expenses.

1.5   "COMMITTEE" means the committee appointed pursuant to Article VIII to
administer the Plan.

1.6   "EMPLOYEE" means any person who is employed by the Company on a full-time
basis or a part-time basis consisting of at least 20 regularly scheduled hours
per week. For the purpose of determining whether an individual is an Employee,
the definition of Company shall also include the Company's subsidiaries, if any,
as defined under Code section 424(f).

1.7   "EFFECTIVE DATE" means January 1, 1997.

1.8   "ENTRY DATE" means the first date of any Offering Period.

1.9   "OFFERING COMMENCEMENT DATE" means the first Business Day of each Offering
Period.

1.10  "OFFERING PERIOD" means each calendar quarter, or such shorter period that
the Committee may prescribe.

<PAGE>

1.11  "OFFERING TERMINATION DATE" means the last Business Day of each Offering
Period.

1.12  "PARTICIPANT" means an Employee who has met the eligibility requirements
of Article II and who has elected to participate pursuant to an election under
Section 3.1.

1.13  "PLAN YEAR" means the 12-month period ending December 31.

1.14  "SHARES" means shares of Stock that have been allocated to a Participant's
Account.

                                   ARTICLE II

                                   ELIGIBILITY

2.1   ELIGIBILITY. Except as provided in Section 2.2, all individuals who are
Employees shall be eligible to participate in the Plan as of the Entry Date
which coincides with or next follows the date on which the individual became an
Employee.

2.2   ELIGIBILITY RESTRICTIONS. An Employee shall not be eligible to participate
in the Plan for any period of time during which he is employed by the Company or
any subsidiary outside of the United States if he is not paid from the Company's
United States payroll during that time.

                                   ARTICLE III

                                  PARTICIPATION

3.1   COMMENCEMENT OF PARTICIPATION. An eligible Employee may become a
Participant in the Plan on any Entry Date by completing an enrollment and
payroll deduction form and delivering it to the Company in accordance with
procedures established by the Committee.

3.2   PAYROLL DEDUCTION. At the time a Participant files his enrollment and
payroll deduction form, he shall elect to have after-tax deductions made from
his Compensation in an amount stated as a whole percentage of his Compensation,
ranging from one percent (1%) to ten percent (10%).

3.3   PARTICIPANTS' ACCOUNTS. All payroll deductions made from a Participant's
Compensation shall be credited to his Account and used to purchase shares of
Stock in accordance with Article V. Contributions credited to a Participant's
Account shall not accrue interest or earnings during the period prior to being
used to purchase shares of Stock in accordance with Article V.

3.4   CHANGES IN PAYROLL DEDUCTIONS. The percentage designated by a Participant
as his rate of contribution under Section 3.2 shall automatically apply to
increases and decreases in his Compensation. A Participant may elect to change
the rate of his contributions to any rate permissible under Section 3.2 at any
time in accordance with the procedures established by the Committee.

<PAGE>

                                   ARTICLE IV

                                    OFFERINGS

4.1   OFFERINGS. The Plan shall be implemented through offerings of the
Company's Stock made at the beginning of each Offering Period. Each Offering
Period shall begin on the Offering Commencement Date and shall end on the
Offering Termination Date.

4.2   PURCHASE PRICE. The "Purchase Price" per share of Stock with respect to
each Offering Period shall be the lesser of:

      4.2.1  Eighty-five (85) percent of the mean between the highest and lowest
quoted selling prices of the Stock on the New York Stock Exchange (or on such
other national securities exchange upon which the Stock may then be listed,
hereinafter referred to as the "Exchange") on the Offering Termination Date, or
if no sale of Stock occurred on such date, the official closing price on the
preceding Business Day; or

      4.2.2. Eighty-five (85) percent of the mean between the highest and lowest
quoted selling prices of the Stock on the Exchange on the Offering Commencement
Date, or if no sale of Stock occurred on such date, the official closing price
on the preceding Business Day.

4.3   Maximum Offering. The maximum number of shares of Stock which shall be
issued under the Plan, subject to adjustment upon changes in capitalization of
the Company as provided in Section 9.3, shall be 3,000,000 shares. If the total
number of shares which would be purchased during any Offering Period exceeds the
maximum number of available shares, the Committee shall make a pro rata
allocation of the available shares in a manner that it determines to be
equitable and the balance of payroll deductions credited to the Accounts of
Participants shall be returned to such Participants as soon as administratively
practicable.

                                    ARTICLE V

                                PURCHASE OF STOCK

5.1   AUTOMATIC EXERCISE. On each Offering Termination Date, each Participant
shall automatically and without any act on his part be deemed to have purchased
Stock to the full extent of the payroll deductions credited to his Account
during the Offering Period ending on such Offering Termination Date.

5.2   FRACTIONAL SHARES. Fractional shares of Stock may be purchased under the
Plan.

5.3   ACQUISITION OF STOCK. The Company may acquire Stock for use under the Plan
from authorized but unissued shares, treasury shares, in the open market or in
privately negotiated transactions.

5.4   ACCOUNTING FOR PURCHASED STOCK. All shares of Stock purchased pursuant to
Section 5.1 shall be allocated as Shares to the appropriate Participant's
Account as of the Offering Termination Date on which such shares are purchased.

<PAGE>

                                   ARTICLE VI

                                   ACCOUNTING

6.1   GENERAL. The Committee shall establish procedures to account for payroll
deductions made by a Participant, the number of Shares of Stock purchased on a
Participant's behalf and the number of Shares allocated to a Participant's
Account.

6.2   ALLOCATION OF STOCK. Shares of Stock allocated to a Participant's Account
shall be registered in the name of the Company or its nominee for the benefit of
the Participant on whose behalf such shares were purchased.

6.3   ACCOUNTING FOR DISTRIBUTIONS. Shares of Stock distributed or sold from a
Participant's Account shall be debited from his Account on a first-in first-out
basis.

6.4   ACCOUNT STATEMENTS. Each Participant shall receive at least quarterly
statements of all payroll deductions and shares of Stock allocated to his
Account together with all other transactions affecting his Account.

                                   ARTICLE VII

                          WITHDRAWALS AND DISTRIBUTIONS

7.1   WITHDRAWAL OF SHARES. A Participant may elect to withdraw any number of
Shares allocated to his Account by providing notification to the Company in
accordance with procedures established by the Committee. As soon as
administratively practicable following notification of a Participant's election
to withdraw Shares, the Committee shall cause a certificate representing the
number of Shares to be withdrawn to be delivered to the Participant.

7.2   DISTRIBUTION UPON TERMINATION. When a Participant terminates his
employment with the Company, any payroll deductions allocated to his Account and
not yet applied to purchase Stock in accordance with Section 5.1 shall be used
to purchase Stock on the next Offering Termination Date that immediately follows
his termination of employment. As soon as administratively practicable following
that Offering Termination Date, a certificate representing all of the
Participant's Shares shall be distributed to him (or his executor, in the event
that he is not alive on the date of distribution).

                                  ARTICLE VIII

                                 ADMINISTRATION

8.1   APPOINTMENT OF COMMITTEE. The Board shall appoint a Committee to
administer the Plan, which shall consist of no fewer than three members. The
Board may from time to time appoint members to the Committee in substitution for
or in addition to members previously appointed and may fill vacancies, however
caused, in the Committee.

8.2   AUTHORITY OF COMMITTEE. The Committee shall have the exclusive power and
authority to administer the Plan, including without limitation the right and
power to interpret the provisions of the Plan and make all determinations deemed
necessary or advisable for the administration of the Plan. All such actions,
interpretations and determinations which are done or made by the Committee in
good faith shall be final, conclusive and binding on the Company, the
Participants and all other parties and shall not subject the Committee to any
liability.

<PAGE>

8.3   COMMITTEE PROCEDURES. The Committee may select one of its members as its
Chairman and shall hold its meetings at such times and places as it shall deem
advisable and may hold telephone meetings. A majority of its members shall
constitute a quorum. All determinations of the Committee shall be made by a
majority of its members. Any decision or determination reduced to writing and
signed by a majority of the members of the Committee shall be as fully effective
as if it had been made by a majority vote at a meeting duly called and held. The
Committee may appoint a secretary and shall make such rules and regulations for
the conduct of its business as it shall deem advisable.

8.4   EXPENSES. The Company will pay all expenses incident to the operation of
the Plan, including the costs of recordkeeping, accounting fees, legal fees and
the costs of delivery of stock certificates to Participants.

                                   ARTICLE IX

                                  MISCELLANEOUS

9.1   TRANSFERABILITY. Neither payroll deductions credited to a Participant's
Account nor any rights with regard to the purchase of Stock under the Plan may
be assigned, transferred, pledged or otherwise disposed of in any way by the
Participant other than by will or the laws of descent and distribution.

9.2   STATUS AS OWNER. Each Participant shall be deemed to legally own all
shares of Stock allocated to his Account and shall be entitled to exercise all
rights associated with ownership of the shares, including, without limitation,
the right to vote such shares in all matters for which Stock is entitled to
vote, receive dividends, if any, and tender such shares in response to a tender
offer.

9.3   ADJUSTMENT UPON CHANGES IN CAPITALIZATION. In the event of a
reorganization, recapitalization, stock split, spin-off, split-off, split-up,
stock dividend, combination of shares, merger, consolidation or any other change
in the corporate structure of the Company, or a sale by the Company of all or
part of its assets, the Board may make appropriate adjustments in the number and
kind of shares which are subject to purchase under the Plan and in the exercise
price applicable to outstanding options.

9.4   AMENDMENT AND TERMINATION. The Board shall have complete power and
authority to terminate or amend the Plan, including without limitation, the
power and authority to make any amendment that may be deemed to affect the
interests of any Participant adversely. The Plan and all rights of Employees
hereunder shall terminate: (i) at any time, at the discretion of the Board, in
which case any cash balance in Participants' Accounts shall be refunded to such
Participants as soon as administratively possible; or (ii) on the Offering
Termination Date on which Participants become entitled to purchase a number of
shares of Stock that exceeds the maximum number of shares available under the
Plan.

9.5   NO EMPLOYMENT RIGHTS. The Plan does not, directly or indirectly, create in
any Employee any right with respect to continuation of employment by the Company
and it shall not be deemed to interfere in any way with the Company's right to
terminate, or otherwise modify, an Employee's terms of employment at any time.

9.6   WITHHOLDING. To the extent any payments or distributions under this Plan
are subject to Federal, state or local taxes, the Company is authorized to

<PAGE>

withhold all applicable taxes. The Company may satisfy its withholding
obligation by (i) withholding shares of Stock allocated to a Participant's
Account, (ii) deducting cash from a Participant's Account, or (iii) deducting
cash from a Participant's other compensation. A Participant's election to
participate in the Plan authorizes the Company to take any of the actions
described in the preceding sentence.

9.7   HOLDING OF FUNDS. The Company shall not be obligated to hold payroll
deductions made under the Plan in trust or to otherwise segregate such amounts.

9.8   CHOICE OF LAW. Except to the extent superseded by Federal law, the laws of
the State of New Jersey will govern all matters relating to the Plan.

                                    ARTICLE X

                                CODE SECTION 423

      This Article X shall become effective only if the Board adopts a
resolution providing that this Plan is intended to qualify as an "employee stock
purchase plan" under Code section 423. Such resolution shall state the date that
this Section shall become effective.

10.1  RESTRICTIONS ON PARTICIPATION. Notwithstanding any provisions of the Plan
to the contrary, no Employee shall be granted an option to participate in the
Plan under the following conditions:

        10.1.1  No Employee shall be granted an option if, immediately after the
                grant, such Employee would own stock, and/or hold outstanding
                options to purchase stock, possessing 5% or more of the total
                combined voting power or value of all classes of stock of the
                Company (for purposes of this paragraph, the rules of ss.424(d)
                of the Code shall apply in determining stock ownership of any
                Employee); or

        10.1.2  No Employee shall be granted an option which permits his rights
                to purchase Stock under the Plan and all other employee stock
                purchase plans (as described in section 423 of the Code) of the
                Company to accrue at a rate which exceeds $25,000 of fair market
                value of such Stock (determined at the time such option is
                granted) for each calendar year in which such option is
                outstanding at any time. For purposes of this Section 10.1.2:

                10.1.2.1   the right to purchase stock under an option accrues
                           when the option (or any portion thereof) first
                           becomes exercisable during the calendar year;

                10.1.2.2   the right to purchase stock under an option accrues
                           at the rate provided in the option, but in no case
                           may such rate exceed $25,000 of fair market value of
                           such stock (determined at the time such option is
                           granted) for any one calendar year; and

                10.1.2.3   a right to purchase stock which has accrued under one
                           option granted pursuant a plan may not be carried
                           over to any other option.

<PAGE>

10.2  AMENDMENT OF PLAN. The Board shall not, without the approval of the
shareholders of the Company (i) increase the maximum number of shares which may
be offered under the Plan (except pursuant to Section 9.3); (ii) modify the
requirements as to eligibility for participation in the Plan; or (iii) in any
other way cause the Plan to fail the requirements of section 423 of the Code.

10.3  SHAREHOLDER APPROVAL. The Plan must be approved by a majority of the
shareholders of the Company within 12 months following the date that the Board
re-adopts the Plan as a Plan intended to qualify as an "employee stock purchase
plan" under Code section 423.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00009-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00009-of-00352.parquet"}]]