Document:

EXHIBIT 10.2
                                                                   ------------

                                             November 6, 2001

Silgan Holdings Inc.
4 Landmark Square
Stamford, CT  06901

Gentlemen:

         The parties hereto agree as follows:

     1. Director  Nominees.  The Morgan Stanley  Leveraged  Equity Fund II, L.P.
("MSLEF")  shall be entitled to designate  one director  nominee to the board of
directors  (the "Board") of Silgan  Holdings  Inc. (the  "Company") as a Class I
director  for so long as the MSLEF  Group shall  beneficially  own at least five
percent (5%) of the outstanding  common stock,  par value $.01 per share, of the
Company (the "Common  Stock")  (determined in accordance  with Rule 13d-3 of the
General Rules and Regulations  promulgated under the Securities  Exchange Act of
1934 as in effect on the date  hereof)  and upon such  nomination  by MSLEF such
nominee shall stand for election to the Board in accordance with the certificate
of incorporation of the Company; provided, that such nominee shall be (i) either
an employee of Morgan Stanley & Co. Incorporated whose primary responsibility is
managing investments for MSLEF (or a successor or related partnership) or (ii) a
person  reasonably  acceptable  to the  Company  not  engaged in (as a director,
officer,  employee, agent or consultant or as a holder of more than five percent
(5%) of the  equity  securities  of) a  business  competitive  with  that of the
Company. For purposes of this Agreement, Leigh J. Abramson shall be deemed to be
the  initial  MSLEF  director  nominee  who is  currently  serving  as a Class I
director  on the  Board.  As used  herein,  "MSLEF  Group"  means  MSLEF and its
affiliates  (excluding the limited  partners of MSLEF (other than Morgan Stanley
Dean Witter & Co. and its  affiliates)  who acquire  shares of Common Stock from
MSLEF in a distribution  by MSLEF of all or  substantially  all of the shares of
Common Stock then owned by MSLEF to the partners of MSLEF).

     2. Vacancies.  If the MSLEF director  nominee shall be elected to the Board
and if there  shall  subsequently  exist or occur any  vacancy on the Board as a
result of death, disability,  retirement,  resignation, removal (with or without
cause) or otherwise of such MSLEF director nominee,  MSLEF may designate another
individual  nominee to be considered for  appointment by the Board in accordance
with the  certificate of  incorporation  of the Company to fill such vacancy and
serve as such director for the remaining term of the elected nominee;  provided,
that such right to designate a replacement  director nominee shall be subject to
the  restrictions  provided in Section 1 above  regarding  the minimum  required
beneficial ownership by the MSLEF Group and the identity of the nominee.

<PAGE>

     3. Actions by the Company.  The Company  hereby agrees to take, or cause to
be taken, all reasonable  actions and to do, or cause to be done, all reasonable
things necessary to give effect to the rights of MSLEF hereunder.

     4.  Termination.  This  Agreement  shall  terminate  when the  MSLEF  Group
beneficially  owns less than five percent (5%) of the  outstanding  Common Stock
(determined in accordance  with Rule 13d-3 of the General Rules and  Regulations
promulgated  under the Securities  Exchange Act of 1934 as in effect on the date
hereof).

     5. Other  Matters.  This  Agreement  may be assigned by MSLEF to one of the
members of the MSLEF Group in connection with the acquisition of Common Stock by
such member.  MSLEF shall promptly notify the Company after any such assignment.
This Agreement  constitutes the entire agreement of the parties hereto as to the
subject matter hereof.

     6.  Effectiveness.  This  Agreement  shall become  effective  only upon the
consummation  no later than December 31, 2001 of a secondary  public offering of
at least 4,100,000  shares of Common Stock of the Company by MSLEF. In the event
such offering is not  consummated by such time, this Agreement shall be void and
of no effect.

     If  this  letter  agreement  reflects  your  understanding  of the  matters
referred to herein,  please sign in the space  indicated  below,  whereupon this
shall become our binding  agreement  to be governed by the internal  laws of the
State of New York.

                            Very truly yours,

                            THE MORGAN STANLEY LEVERAGED EQUITY FUND II, L.P.

                            By: Morgan Stanley Leveraged Equity Fund II, Inc.,
                                as General Partner

                            By: /s/Leigh J. Abramson
                                ---------------------------------------------
                                Name:   Leigh J. Abramson
                                Title:  Vice President

Agreed and Acknowledged
as of the date first above written:

SILGAN HOLDINGS INC.

By: /s/ R. Philip Silver
    ----------------------------------
    Name:  R. Philip Silver
    Title: Chairman of the Board and
           Co-Chief Executive Officer

                                       2EXHIBIT 10.17
                                                                  -------------

                                                                  EXECUTION COPY

                               4,100,000 Shares

                             SILGAN HOLDINGS INC.

                                 Common Stock

                               ($.01 Par Value)

                         EQUITY UNDERWRITING AGREEMENT
                         -----------------------------

                                                                November 6, 2001

Deutsche Banc Alex. Brown Inc.
Morgan Stanley & Co. Incorporated
As Representatives of the
   Several Underwriters

c/o   Deutsche Banc Alex. Brown Inc.
      One South Street
      Baltimore, Maryland  21202

and

c/o   Morgan Stanley & Co. Incorporated
      1585 Broadway
      New York, New York 10036

Ladies and Gentlemen:

     The Morgan  Stanley  Leveraged  Equity Fund II,  L.P.,  a Delaware  limited
partnership  (the  "Selling  Shareholder")  proposes  to  sell  to  the  several
underwriters  named in Schedule I hereto (the  "Underwriters")  for whom you are
acting as  representatives  (the  "Representatives")  an  aggregate of 4,100,000
shares of Common Stock, $0.01 par value (the "Firm Shares"),  of Silgan Holdings
Inc., a Delaware corporation (the "Company"). The respective amounts of the Firm
Shares to be so purchased  by the several  Underwriters  are set forth  opposite
their names in Schedule I hereto. The Selling  Shareholder also proposes to sell
at the Underwriters'  option an aggregate of up to 492,000  additional shares of
the Company's Common Stock (the "Option Shares") as set forth below.

<PAGE>

     As the  Representatives,  you have  advised  the  Company  and the  Selling
Shareholder  (a) that you are  authorized to enter into this Agreement on behalf
of the several Underwriters,  and (b) that the several Underwriters are willing,
acting  severally  and not  jointly,  to purchase the numbers of Firm Shares set
forth opposite their respective names in Schedule I, plus their pro rata portion
of the Option Shares if you elect to exercise the over-allotment option in whole
or in part for the accounts of the several Underwriters. The Firm Shares and the
Option Shares (to the extent the aforementioned  option is exercised) are herein
collectively called the "Shares."

     In  consideration  of the  mutual  agreements  contained  herein and of the
interests of the parties in the transactions  contemplated  hereby,  the parties
hereto agree as follows:

     1.  REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND THE SELLING
         -------------------------------------------------------------
SHAREHOLDER.
-----------

         (a) The Company represents and  warrants  to  each of  the Underwriters
as follows:

         (i) A  registration  statement on  Form  S-3 (File  No. 333-65396) with
respect to the Shares has been  prepared  by the Company and has been filed with
the Securities and Exchange  Commission (the "Commission")  under the Securities
Act of 1933, as amended (the "Act"),  and the rules and regulations  (the "Rules
and Regulations") of the Commission thereunder and is effective. The Company and
the transactions contemplated by this Agreement meet the requirements and comply
with  the  conditions  for the  use of Form  S-3.  Copies  of such  registration
statement,  including  any  amendments  thereto,  the  preliminary  prospectuses
(meeting the requirements of the Rules and Regulations in all material respects)
contained  therein and the exhibits,  financial  statements  and  schedules,  as
finally  amended and revised,  have  heretofore been delivered by the Company to
you.  Such  registration  statement,  together with any  registration  statement
increasing  the size of the offering  filed by the Company  pursuant to Rule 462
(b) of the Act, is herein  referred to as the  "Registration  Statement,"  which
shall be deemed to include all  information  omitted  therefrom in reliance upon
Rule  430A and  contained  in the  Prospectus  referred  to  below,  has  become
effective  under the Act and no  post-effective  amendment  to the  Registration
Statement has been filed as of the date of this  Agreement.  "Prospectus"  means
the form of prospectus first filed with the Commission  pursuant to Rule 424(b).
Each preliminary  prospectus included in the Registration Statement prior to the
time it becomes  effective is herein referred to as a "Preliminary  Prospectus."
Any reference herein to the Registration  Statement,  any Preliminary Prospectus
or to the  Prospectus  or to any amendment or supplement to any of the foregoing
documents shall be deemed to refer to and include any documents  incorporated by
reference  therein  pursuant to Item 12 of Form S-3 under the Act as of the date
of such Registration  Statement,  Preliminary  Prospectus or Prospectus,  as the
case may be, and, in the case of any reference  herein to any  Prospectus,  also
shall be deemed to include any documents  incorporated by reference therein, and
any supplements or amendments thereto,  filed with the Commission after the date
of  filing  of the  Prospectus  under  Rules  424(b)  or 430A,  and prior to the
termination of the offering of the Shares by the Underwriters.

         (ii) The  Company has been duly organized  and is validly existing as a
corporation  in good  standing  under  the laws of the State of  Delaware,  with
corporate  power and  authority to own or lease its  properties  and conduct its
business as described in the Registration Statement.

                                      -2-
<PAGE>

Each  of the  subsidiaries  of  the  Company  as  listed  in  Exhibit  A  hereto
(collectively,  the  "Subsidiaries")  has been  duly  organized  and is  validly
existing as a corporation  or limited  liability  company in good standing under
the laws of the  jurisdiction  of its  organization,  with  corporate or limited
liability company power and authority to own or lease its properties and conduct
its business as described in the  Registration  Statement.  The Subsidiaries are
the only subsidiaries,  direct or indirect, of the Company that are "significant
subsidiaries" as defined in Rule 1-02(w) of Regulation S-X. The Company and each
of the  Subsidiaries  are duly  qualified  to transact  business and are in good
standing  in all  jurisdictions  in  which  the  conduct  of their  business  or
ownership or leasing of property requires such qualification except as could not
be reasonably be expected to have a material  adverse  effect on the Company and
its Subsidiaries  taken as a whole.  The outstanding  shares of capital stock of
each of the Subsidiaries have been duly authorized and validly issued, are fully
paid and  non-assessable and are owned by the Company or another Subsidiary free
and clear of all liens,  encumbrances  and equities  and claims,  other than the
pledges of such  capital  stock  existing on the date hereof made in  connection
with the (a) the Credit Agreement,  dated as of July 29, 1997, as amended, among
the Company, Silgan Containers Corporation, Silgan Plastics Corporation, certain
other  subsidiaries  of any of them,  various banks,  Bankers Trust Company,  as
Administrative  Agent and as a  Co-Arranger,  Bank of America  National  Trust &
Savings  Association,  as Syndication Agent and as a Co-Arranger,  Goldman Sachs
Credit Partners L.P., as Co-Documentation Agent and as a Co-Arranger, and Morgan
Stanley Senior Funding,  Inc., as Co-Documentation Agent and as Co-Arranger (the
"Credit  Agreement");  (b) the Credit Agreement dated as of December 19, 1997 by
and among Silgan Plastics Canada Inc., as Borrower,  the financial  institutions
listed  on the  signature  pages  thereto,  as  lenders,  BT Bank of  Canada  as
Administrative  Agent and BT Bank of Canada, Bank of America Canada and Canadian
Imperial Bank of Commerce as Co-Arrangers (the "Canadian Credit Agreement"); and
(c) the Pledge and Rights Agreement dated as June 1, 1998, by and among Campbell
Soup Company, Silgan Containers  Corporation,  Silgan Corporation and Silgan Can
Company  (the  "Campbell  Pledge  Agreement").  Other than as  described  in the
Prospectus,  no options,  warrants or other  rights to purchase,  agreements  or
other  obligations  to issue or other  rights to convert  any  obligations  into
shares  of  capital  stock  or  ownership  interests  in  the  Subsidiaries  are
outstanding.

         (iii) The outstanding shares of Common Stock of the  Company, including
all shares to be sold by the Selling Shareholder,  have been duly authorized and
validly issued and are fully paid and  non-assessable;  and no preemptive rights
of  stockholders  exist with  respect to any of the Shares or the issue and sale
thereof.  Neither the filing of the  Registration  Statement nor the offering or
sale of the Shares as  contemplated  by this Agreement gives rise to any rights,
other than those  which have been  waived or  satisfied,  for or relating to the
registration of any shares of Common Stock.

         (iv) The  Company has  an authorized  capitalization as set forth under
the caption "Capitalization" in the Prospectus. All of the Shares conform in all
material  respects to the  description  thereof  contained  in the  Registration
Statement.

         (v) The Commission has not issued an order preventing or suspending the
use of any  Prospectus  relating to the  proposed  offering  of the Shares.  The
Registration  Statement  contains all documents  required to be filed thereto as
exhibits by, and the Registration  Statement  conforms in all material  respects
to, and the Prospectus and any amendments or supplements thereto will

                                      -3-
<PAGE>

conform in all material  respects to, the  requirements of the Act and the Rules
and Regulations. The documents incorporated, or to be incorporated, by reference
in the  Prospectus,  at the time  filed  with the  Commission  complied  or will
comply, in all material respects to the requirements of the Securities  Exchange
Act of 1934  ("Exchange  Act") or the Act,  as  applicable,  and the  rules  and
regulations of the Commission  thereunder.  The  Registration  Statement and any
amendment thereto as of the applicable  effective date do not contain,  and will
not contain,  any untrue  statement of a material fact and do not omit, and will
not omit, to state any material fact required to be stated  therein or necessary
to make the statements therein not misleading. Each Preliminary Prospectus filed
as part of the  Registration  Statement  as  originally  filed or as part of any
amendment thereto, or filed pursuant to Rule 424 under the Act, complied when so
filed in all material  respects with the Act and the Rules and Regulations as of
the applicable effective date. The Prospectus and any amendments and supplements
thereto do not contain,  and will not contain,  any untrue statement of material
fact; and do not omit, and will not omit, to state any material fact required to
be stated therein or necessary to make the statements  therein,  in the light of
the  circumstances  under which they were made, not misleading.  Notwithstanding
the  foregoing,  all of the  representations  and  warranties  set forth in this
Section  1(a)(v) do not apply to  statements  or  omissions  in any  Preliminary
Prospectus,   Prospectus,   Registration  Statement,   or  any  amendments,   or
supplements thereto,  based upon information relating to any Selling Shareholder
or Underwriters  furnished to the Company in writing by the Underwriters through
you or by the Selling Shareholder expressly for use therein.

         (vi)  The  consolidated  financial statements  of  the Company and  the
Subsidiaries,  together  with related  notes,  as set forth or  incorporated  by
reference in the Registration  Statement (other than the condensed  consolidated
financial  statements  of the  Company  and  the  Subsidiaries  incorporated  by
reference in the  Registration  Statement from the Current Report on Form 8-K of
the Company filed with the Commission on October 24, 2001 (the "October 24, 2001
8-K"))  present  fairly in all  material  respects  the  consolidated  financial
position  and the  results of  operations  and cash flows of the Company and the
Subsidiaries,  at  the  indicated  dates  and  for  the  indicated  periods,  in
conformity with accounting  principles  generally accepted in the United States.
Such  financial  statements  have been  prepared in accordance  with  accounting
principles  generally  accepted  in  the  United  States,  consistently  applied
throughout  the  periods  involved,   except  as  disclosed  therein,   and  all
adjustments  necessary  for a fair  presentation  in all  material  respects  of
results for such periods have been made.  The condensed  consolidated  financial
statements of the Company and the Subsidiaries  incorporated by reference in the
Registration  Statement  from the October  24,  2001 8-K  present  fairly in all
material respects the information presented therein and were compiled on a basis
consistent with the book and records of the Company.  The summary financial data
included or  incorporated  by reference in the  Registration  Statement has been
compiled on a basis consistent with the financial  statements presented therein,
except as otherwise  indicated,  and the books and records of the  Company.  The
statistical  data  included or  incorporated  by reference  in the  Registration
Statement has been compiled on a basis  consistent with the books and records of
the Company.

         (vii) Ernst & Young LLP, who  have certified  certain of  the financial
statements  filed with the Commission as part of, or  incorporated  by reference
in, the Registration  Statement,  are independent public accountants as required
by the Act and the Rules and Regulations.

                                      -4-
<PAGE>

         (viii) Other  than as described in the  Prospectus, there is no action,
suit,  claim  or  proceeding  pending  or,  to the  knowledge  of  the  Company,
threatened  against  the  Company  or any of the  Subsidiaries  or any of  their
properties  before  any court or  administrative  agency or  otherwise  which if
determined  adversely to the Company or any of its Subsidiaries  might result in
any material  adverse  change in the  earnings,  business,  properties,  assets,
operations,  condition  (financial or otherwise) or prospects of the Company and
its  Subsidiaries   taken  as  a  whole  or  prevent  the  consummation  of  the
transactions  contemplated  hereby,  except  as set  forth  in the  Registration
Statement.

         (ix) Other  than  as  described in the Prospectus, the  Company and the
Subsidiaries  have good and marketable title to all of the properties and assets
reflected in the  consolidated  financial  statements  hereinabove  described or
described in the Registration Statement,  subject to no lien, mortgage,  pledge,
charge or encumbrance  of any kind except (1) those  reflected in such financial
statements  or  described  in the  Registration  Statement,  (2) those  given in
connection with (a) the Credit Agreement;  (b) the Canadian Credit Agreement; or
(c) the Campbell  Pledge  Agreement  or (3) those which do not  interfere in any
material  respect with the use made and proposed to be made of such  property by
the Company and its Subsidiaries.  The Company and the Subsidiaries occupy their
leased properties under valid and binding leases with such exceptions as are not
material.

         (x) The  Company and  the Subsidiaries have filed all material Federal,
State,  local and foreign tax returns  which have been  required to be filed and
have paid all taxes indicated by such returns.

         (xi) Since the  respective dates as  of which  information is  given in
the Registration Statement, as it may be amended or supplemented,  there has not
been any material  adverse  change or any  development  involving a  prospective
material  adverse  change in or affecting  the earnings,  business,  properties,
assets,  operations,  condition  (financial or  otherwise),  or prospects of the
Company and its Subsidiaries  taken as a whole,  whether or not occurring in the
ordinary course of business.  The Company and the Subsidiaries  have no material
contingent  obligations  which  are not  disclosed  in the  Company's  financial
statements which are included in the Registration Statement.

         (xii) Neither the Company  nor any of  the Subsidiaries is or with  the
giving  of  notice  or lapse of time or both,  will be,  in  violation  of or in
default  under  (i)  its  Certificate  of  Incorporation  or  By-Laws  (ii)  any
agreement, lease, contract, indenture or other instrument or obligation to which
it is a party or by which it, or any of its  properties,  is bound  and,  solely
with respect to this clause (ii), which violation or default could reasonably be
expected  to  have  a  material  adverse  effect  on  the  earnings,   business,
properties, assets, operations,  condition (financial or otherwise) or prospects
of the Company and the Subsidiaries taken as a whole. The execution and delivery
of this Agreement and the consummation of the transactions  herein  contemplated
and the  fulfillment  of the terms hereof will not conflict  with or result in a
breach of any of the terms or provisions of, or constitute a default under,  any
indenture, mortgage, deed of trust or other agreement or instrument to which the
Company or any  Subsidiary is a party or by which the Company or any  Subsidiary
or any of  their  respective  properties  is  bound,  or of the  Certificate  of
Incorporation  or By-Laws of the Company or any law, order,  rule or regulation,
judgment,  order,  writ or decree applicable to the Company or any

                                      -5-
<PAGE>

Subsidiary of any court or of any government,  regulatory body or administrative
agency or other  governmental  body having  jurisdiction over the Company or any
Subsidiary.

         (xiii)  The  execution and  delivery  of, and  the  performance by  the
Company of its  obligations  under,  this  Agreement  has been duly and  validly
authorized by all  necessary  corporate  action on the part of the Company,  and
this Agreement has been duly executed and delivered by the Company.

         (xiv)  The execution and delivery by the Company of this Agreement, and
the consummation by the Company of the transactions herein contemplated will not
require  any  consent,  approval,  authorization,  or other  order of any court,
regulatory body, administrative agency or other governmental body (except as may
be required under the Act, the  securities  laws or Blue Sky laws of the various
states in  connection  with the offer and sale of the Shares or by the  National
Association of Securities Dealers, Inc. (the "NASD") or as have been obtained).

         (xv)  The  Company  and  each  of  the  Subsidiaries hold all  material
licenses,  certificates  and permits  from  governmental  authorities  which are
necessary to the conduct of their  businesses,  except where the failure to hold
any such license, certificate or permit would not have a material adverse effect
on the  business  of the  Company  and its  Subsidiaries  taken as a whole;  the
Company  and the  Subsidiaries  each own or possess the right to use or has duly
licensed from third parties all patents, patent rights, trademarks, trade names,
service marks, service names,  copyrights,  license rights,  know-how (including
trade secrets and other unpatented and unpatentable  proprietary or confidential
information,  systems or  procedures)  and other  intellectual  property  rights
("Intellectual  Property")  necessary to carry on their business in all material
respects.

         (xvi) Neither  the Company, nor to the Company's knowledge, any of  its
affiliates,  has taken or may take, directly or indirectly,  any action designed
to cause or result in, or which has  constituted  or which might  reasonably  be
expected to constitute,  the  stabilization  or manipulation of the price of the
shares of Common Stock to facilitate the sale or resale of the Shares  (assuming
that MSLEF and its affiliates are not considered "affiliates" of the Company for
purposes  of  this  Section  1(a)(xvi)).   The  Company  acknowledges  that  the
Underwriters  may engage in passive market making  transactions in the Shares on
the Nasdaq  National  Market in accordance  with Regulation M under the Exchange
Act.

         (xvii)  Neither  the  Company  nor any  Subsidiary is  or, after giving
effect to the offering and sale of the Shares contemplated hereunder, will be an
"investment  company"  within  the  meaning  of such term  under the  Investment
Company Act of 1940, (as amended,  the "1940 Act") and the rules and regulations
of the Commission  thereunder assuming MSLEF is not an "investment  company" and
is not "controlled" by an "investment company".

         (xviii)  The Company and each of its Subsidiaries maintains a system of
internal accounting  controls  sufficient to provide reasonable  assurances that
(i)  transactions  are  executed  in  accordance  with  management's  general or
specific  authorization;  (ii)  transactions are recorded as necessary to permit
preparation of financial  statements in conformity with U.S.  generally accepted
accounting  principles;  and (iii) the  recorded  accountability  for  assets is
compared with existing assets at reasonable  intervals and appropriate action is
taken with respect to any differences.

                                      -6-
<PAGE>

         (xix)  The Company and  each of its Subsidiaries carry, or are  covered
by,  insurance  in such  amounts and  covering  such risks as is  customary  for
companies engaged in similar businesses.

         (xx) Except as disclosed in the Registration Statement, the Company and
its  subsidiaries  (1) are in compliance  with any and all  applicable  foreign,
federal,  state and local laws and  regulations  relating to the  protection  of
human health and safety,  the  environment  or hazardous or toxic  substances or
wastes, pollutants or contaminants ("Environmental Laws"), (2) have received all
permits,   licenses  or  other  approvals  required  of  them  under  applicable
Environmental  Laws  to  conduct  their  respective  businesses  and  (3) are in
compliance  with all  terms  and  conditions  of any  such  permit,  license  or
approval,  except where such noncompliance  with Environmental  Laws, failure to
receive required permits,  licenses or other approvals or failure to comply with
the terms and  conditions  of such  permits,  licenses or  approvals  could not,
singly or in the aggregate,  be reasonably  expected to have a material  adverse
effect on the Company and its Subsidiaries, taken as a whole.

         (xxi) There are  no costs or liabilities associated with  Environmental
Laws  (including,  without  limitation,  any capital or  operating  expenditures
required for clean-up,  closure of properties or compliance  with  Environmental
Laws or any permit,  license or approval,  any related  constraints on operating
activities and any potential  liabilities to third parties) which could,  singly
or in the aggregate, reasonably be expected to have a material adverse effect on
the Company and its Subsidiaries taken as a whole.

         (b) The Selling Shareholder represents and warrants as follows:

         (i) In addition  to any other representations  and  warranties made  by
operation  of law,  upon  payment for the  Securities  to be sold by the Selling
Shareholder  at the Closing Date and the Option Closing Date, as the case may be
(as such dates are hereinafter  defined), to each of the several Underwriters as
provided in this  Agreement and the crediting of such  Securities on the records
of the Depository  Trust Company to the  securities  account or accounts of such
Underwriter   maintained  with  The  Depository  Trust  Company  or  such  other
securities  intermediary,  (a) The Depository Trust Company shall be a protected
purchaser  of the Shares  (within the  meaning of Section  8-303 of the New York
Uniform  Commercial Code ("NYUCC")) and (b) assuming that each  Underwriter is a
purchaser  in good faith and  acquires  its  interest in the  Securities  it has
purchased  from the Selling  Shareholder  without  notice of any  adverse  claim
(within the meaning of Section 8-105 of the NYUCC),  such  Underwriter will have
acquired a valid security entitlement to such Securities,  free and clear of all
liens, encumbrances, equities or adverse claims.

         (ii)  The Selling  Shareholder has  full right, power and  authority to
execute and deliver this Agreement and to perform its obligations hereunder. The
execution  and delivery of this  Agreement and the  consummation  by the Selling
Shareholder of the transactions  herein  contemplated and the fulfillment by the
Selling Shareholder of the terms hereof will not require any consent,  approval,
authorization,  or other  order of any court,  regulatory  body,  administrative
agency or other  governmental  body (except as may be required  under the Act or
the securities  laws or Blue Sky laws of the various  states in connection  with
the offer and sale of the Shares or as have been  obtained)  and will not result
in a breach of any of the  terms and  provisions  of,  or  constitute  a default

                                      -7-
<PAGE>

under,  organizational  documents of the Selling  Shareholder  or any indenture,
mortgage,  deed of trust or other  agreement or  instrument to which the Selling
Shareholder is a party, or of any judgment, order, rule or regulation applicable
to  the  Selling  Shareholder  of  any  court  or  of  any  regulatory  body  or
administrative  agency or other  governmental body having  jurisdiction over the
Selling Shareholder.

         (iii) The Selling Shareholder has not taken and will not take, directly
or indirectly (other than any action taken by Morgan Stanley & Co.  Incorporated
in  connection  with  the  performance  of  its  obligations  as an  Underwriter
hereunder),  any action  designed to, or which has  constituted,  or which might
reasonably be expected to cause or result in the  stabilization  or manipulation
of the price of the Common Stock of the Company and,  other than as permitted by
the Act, the Selling  Shareholder  will not  distribute  any prospectus or other
offering material in connection with the offering of the Shares.

         (iv) (1) The  Registration Statement, when it became effective, did not
contain and, as amended or  supplemented,  if  applicable,  will not contain any
untrue statement of a material fact or omit to state a material fact required to
be stated  therein or necessary to make the statements  therein not  misleading,
(2) the  Registration  Statement  and the  Prospectus  comply and, as amended or
supplemented,  if  applicable,  will comply in all  material  respects  with the
Securities  Act and the  applicable  rules  and  regulations  of the  Commission
thereunder  and  (3)  the  Prospectus  does  not  contain  and,  as  amended  or
supplemented, if applicable, will not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements  therein,
in the light of the  circumstances  under which they were made, not  misleading,
except that the representations and warranties set forth in Sections 1(b)(iv)(1)
and  1(b)(iv)(3)  only apply to  statements  or  omissions  in the  Registration
Statement or the Prospectus and the  representations and warranties set forth in
Section  1(b)(iv)(2)  only apply to compliance  with the  Securities Act and the
applicable rules and regulations thereunder, in each case based upon information
relating to the Selling  Shareholder  furnished to the Company in writing by the
Selling Shareholder expressly for use therein.

     2.  PURCHASE, SALE AND DELIVERY OF THE SHARES.
         -----------------------------------------

         (a)  On  the  basis of  the  representations, warranties and  covenants
herein  contained,  and subject to the conditions  herein set forth, the Selling
Shareholder  agrees to sell to the  Underwriters  and each  Underwriter  agrees,
severally  and not  jointly,  to purchase,  at a price of $18.00 per share,  the
number  of Firm  Shares  set  forth  opposite  the name of each  Underwriter  in
Schedule I hereof,  subject to adjustments in accordance  with Section 9 hereof.
The obligations of the Company and of the Selling  Shareholder  shall be several
and not joint.

         (b)  The  certificates  evidencing  the  Firm  Shares and Option Shares
shall be  delivered  to the  Transfer  Agent no later than two days prior to the
Closing  Date or Option  Closing  Date,  as the case may be, for the  respective
accounts  of the  several  Underwriters,  with any  transfer  taxes  payable  in
connection with the transfer of the shares to the  Underwriters and duly paid by
the Selling  Shareholder  against  payment of the purchase price  therefor.  The
Selling  Shareholder  specifically  agrees  that the Firm  Shares and any Option
Shares  represented  by the  certificates  are subject to the  interests  of the
Underwriters  hereunder,  that the arrangements made by the Selling  Shareholder
for  delivery  to the  Transfer  Agent of such  Certificates  are to that extent
irrevocable,

                                      -8-
<PAGE>

and that the  obligations  of the  Selling  Shareholder  hereunder  shall not be
terminable  by any act or  deed  of the  Selling  Shareholder  (or by any  other
person,  firm or  corporation  including the Company,  the Transfer Agent or the
Underwriters)  or by operation of law (including the  dissolution of the Selling
Shareholder)  or by the  occurrence  of any other  event or events.  If any such
event should occur prior to the delivery to the  Underwriters of the Firm Shares
or the Option Shares hereunder,  certificates for the Firm Shares or the Options
Shares,  as the  case  may be,  shall  be  delivered  by the  Transfer  Agent in
accordance  with the terms and conditions of this Agreement as if such event has
not occurred.

         (c) Payment for the Firm  Shares to be  sold hereunder is to be made in
Federal (same day) funds to the account  designated by the Selling  Shareholder,
against delivery of certificates therefor to the Representatives for the several
accounts of the  Underwriters  through the  facilities of The  Depository  Trust
Company,  New York,  New York.  Such payment and delivery are to be made through
the facilities of The Depository  Trust Company at 10:00 a.m., New York time, on
the third  business  day after the date of this  Agreement or at such other time
and date not later than five  business  days  thereafter  as you and the Company
shall agree upon,  such time and date being  herein  referred to as the "Closing
Date." (As used herein,  "business  day" means a day on which the New York Stock
Exchange  is open  for  trading  and on  which  banks  in New  York are open for
business and not permitted by law or executive order to be closed.)

         (d) In  addition, on  the basis of  the representations and  warranties
herein  contained and subject to the terms and conditions  herein set forth, the
Selling  Shareholder  hereby  grants an option to the  several  Underwriters  to
purchase  the  Option  Shares  at the  price per share as set forth in the first
paragraph of this Section 2. The maximum  number of Option  Shares to be sold by
the Selling  Shareholder is 492,000.  The option granted hereby may be exercised
in whole or in part by giving  written notice (i) at any time before the Closing
Date and  (ii)  only  once  thereafter  within  30 days  after  the date of this
Agreement,  by you,  as  Representatives  of the  several  Underwriters,  to the
Selling  Shareholder  setting  forth the number of Option Shares as to which the
several  Underwriters  are  exercising the option and the time and date at which
such certificates are to be delivered.  The time and date at which  certificates
for Option Shares are to be delivered shall be determined by the Representatives
but shall not be earlier than three nor later than 10 full  business  days after
the  exercise of such  option,  nor in any event prior to the Closing Date (such
time and date being herein  referred to as the "Option  Closing  Date").  If the
date of exercise  of the option is three or more days  before the Closing  Date,
the notice of exercise  shall set the Closing Date as the Option  Closing  Date.
The number of Option Shares to be purchased by each Underwriter  shall be in the
same  proportion  to the total number of Option  Shares  being  purchased as the
number of Firm Shares  being  purchased by such  Underwriter  bears to the total
number of Firm  Shares,  adjusted by you in such  manner as to avoid  fractional
shares.  The option with respect to the Option Shares  granted  hereunder may be
exercised  only to cover  over-allotments  in the sale of the Firm Shares by the
Underwriters.  You, as Representatives of the several  Underwriters,  may cancel
such option at any time prior to its expiration by giving written notice of such
cancellation to the Company and the Selling Shareholder.  To the extent, if any,
that the option is exercised, payment for the Option Shares shall be made on the
Option Closing Date in Federal (same day) funds to the account designated by the
Selling   Shareholder   against   delivery  of  certificates   therefor  to  the
Representatives  for  the  several  accounts  of the  Underwriters  through  the
facilities of The Depository Trust Company, New York, New York.

                                      -9-
<PAGE>

     3.  OFFERING BY THE UNDERWRITERS.
         ----------------------------

         It  is  understood  that  the  several  Underwriters  are   to  make  a
public  offering  of the  Firm  Shares  as soon as the  Representatives  deem it
advisable to do so. The Firm Shares are to be initially offered to the public at
the  initial   public   offering  price  set  forth  in  the   Prospectus.   The
Representatives  may from time to time  thereafter  change the  public  offering
price and other selling terms. To the extent,  if at all, that any Option Shares
are purchased  pursuant to Section 2 hereof, the Underwriters will offer them to
the public on the foregoing terms.

         It  is  further understood that you will act as the Representatives for
the  Underwriters  in the offering and sale of the Shares in  accordance  with a
Master  Agreement Among  Underwriters  entered into by you and the several other
Underwriters.

     4.  COVENANTS OF THE COMPANY AND THE SELLING SHAREHOLDER.
         ----------------------------------------------------

         (a)  The  Company  covenants  and agrees with  the several Underwriters
that:

         (i) If, at  the time  this  agreement is executed, it  is necessary for
the Registration  Statement or any post-effective  amendment to the Registration
Statement  to become  effective,  the Company will use its best efforts to cause
the Registration Statement or such post-effective  amendment to become effective
and the Company (A) will use its best efforts,  if the procedure in Rule 430A of
the Rules and  Regulations  is  followed,  to prepare  and timely  file with the
Commission under Rule 424(b) of the Rules and Regulations a Prospectus in a form
approved by the Representatives containing information previously omitted at the
time of effectiveness of the Registration  Statement in reliance on Rule 430A of
the  Rules  and  Regulations,  and  (B)  will  not  file  any  amendment  to the
Registration  Statement  or  supplement  to the  Prospectus  and, if required in
connection with or  necessitated by such amendment or supplement,  will not file
any  document  incorporated  by reference  therein of which the  Representatives
shall not previously have been advised and furnished with a copy or to which the
Representatives  shall have  reasonably  objected  in writing or which is not in
compliance in all material respects with the Rules and Regulations.

         (ii) The  Company will advise the Representatives promptly (A) when the
the Registration  Statement or any  post-effective  amendment thereto shall have
become effective, (B) of receipt of any comments from the Commission, (C) of any
request of the  Commission  for amendment of the  Registration  Statement or for
supplement to the Prospectus or for any additional  information,  and (D) of the
issuance by the Commission of any stop order suspending the effectiveness of the
Registration Statement or the use of the Prospectus or of the institution of any
proceedings for that purpose. The Company will use its best efforts to obtain as
soon as possible the lifting of any such stop order, if issued.

         (iii) The Company  will  take  such  action  as the Representatives may
reasonably  request to  qualify the Shares for  sale under the  securities  laws
of such jurisdictions as the  Representatives  may reasonably have designated in
writing and will make such applications,  file such documents,  and furnish such
information as may be reasonably required for that purpose, provided the Company
shall not be required to qualify as a foreign  corporation  or to file a general
consent  to  service  of  process  in any  jurisdiction  where  it is not now so
qualified  or required to file

                                      -10-
<PAGE>

such a consent.  The  Company  will,  from time to time,  prepare  and file such
statements,  reports, and other documents, as are or may be required to continue
such  qualifications in effect for so long a period as the  Representatives  may
reasonably request in order to complete the distribution of the Shares.

         (iv)  The  Company   will  deliver  to,  or  upon  the  order  of,  the
Representatives, from time to time, as many copies of any Preliminary Prospectus
as the Representatives  may reasonably request.  The Company will deliver to, or
upon the order of, the  Representatives  during the period  when  delivery  of a
Prospectus is required  under the Act, as many copies of the Prospectus in final
form, or as  thereafter  amended or  supplemented,  as the  Representatives  may
reasonably request. The Company will deliver to the Representatives at or before
the  Closing  Date,  two signed  copies of the  Registration  Statement  and all
amendments  thereto including all exhibits filed therewith,  and will deliver to
the  Representatives  such  number  of  copies  of  the  Registration  Statement
(including  such  number of  copies of the  exhibits  filed  therewith  that may
reasonably be requested), including documents incorporated by reference therein,
and of all amendments thereto, as the Representatives may reasonably request.

         (v) The Company will comply with the Act and the Rules and Regulations,
and the Exchange Act and the rules and regulations of the Commission thereunder,
so as to permit the completion of the distribution of the Shares as contemplated
in this Agreement and the Prospectus. If during the period in which a prospectus
is required by law to be delivered by an Underwriter or dealer,  any event shall
occur as a result of which,  in the judgment of the Company or in the opinion of
the Underwriters,  it becomes necessary to amend or supplement the Prospectus in
order to make the statements therein, in the light of the circumstances existing
at the time the Prospectus is delivered to a purchaser,  not misleading,  or, if
it is necessary at any time to amend or supplement the Prospectus to comply with
applicable  law, the Company  promptly will either (i) prepare and file with the
Commission an appropriate amendment to the Registration  Statement or supplement
to the  Prospectus or (ii) prepare and file with the  Commission an  appropriate
filing under the Exchange  Act which shall be  incorporated  by reference in the
Prospectus so that the Prospectus as so amended or supplemented will not, in the
light of the circumstances  when it is so delivered,  be misleading,  or so that
the Prospectus, as amended and supplemented, will comply with applicable law.

         (vi) The Company will make generally available to its security holders,
as soon as it is practicable to do so, but in any event not later than 15 months
after the effective date of the  Registration  Statement,  an earning  statement
(which need not be audited) in reasonable detail,  covering a period of at least
12 consecutive  months  beginning  after the effective date of the  Registration
Statement,  which earnings  statement shall satisfy the  requirements of Section
11(a) of the Act and Rule 158 of the Rules and  Regulations  and will advise you
in writing when such statement has been so made available.

         (vii) The Company has furnished to you, on or prior to the date of this
agreement, a letter or letters, substantially in the form previously agreed upon
(the  "Company  Lockup  Agreement"),  pursuant to which the Company shall agree,
subject to limited exceptions,  not to (1) directly or indirectly offer, pledge,
sell, contract to sell,  (including any short sale), sell any option or contract
to purchase, purchase any option or contract to sell, grant any option, right or
warrant to

                                      -11-
<PAGE>

purchase, lend or otherwise transfer or dispose of, directly or indirectly,  any
shares of Common Stock or any other security convertible into or exerciseable or
exchangeable  for Common Stock, or (2) enter into any short sale (whether or not
against the box) or any purchase, sale or grant of any right (including, without
limitation,  any put or call option) with respect to any security  (other than a
broad-based  market  basket or index) that  includes,  relates to or derives any
significant  part of its value from the Common Stock,  or register for the offer
or sale of any of the foregoing,  for a period of 90 days after the date of this
Agreement,  directly or  indirectly,  otherwise than hereunder or with the prior
written  consent  of  Deutsche  Banc  Alex.  Brown  and  Morgan  Stanley  &  Co.
Incorporated.

         (viii)  The  Company has caused  Messrs.  R. Philip Silver and  D. Greg
Horrigan to furnish to you, on or prior to the date of this agreement,  a letter
or letters,  substantially  in the form  previously  agreed upon (the "Principal
Lockup Agreements" and, together with the Company Lockup Agreement, the "Primary
Lockup Agreements"),  pursuant to which each such person shall agree, subject to
limited  exceptions,  not to (1) directly or  indirectly  offer,  pledge,  sell,
contract to sell,  (including  any short  sale),  sell any option or contract to
purchase,  purchase any option or contract to sell,  grant any option,  right or
warrant to  purchase,  lend or  otherwise  transfer or dispose  of,  directly or
indirectly, any shares of Common Stock (including, without limitation, shares of
Common Stock of the Company which may be deemed to be beneficially owned by such
person on the date hereof in accordance  with the rules and  regulations  of the
Securities  and  Exchange  Commission  and shares of Common  Stock  which may be
issued  upon  exercise  of a stock  option or  warrant)  or any  other  security
convertible  into or exerciseable or exchangeable for Common Stock, or (2) enter
into any short sale  (whether or not against the box) or any  purchase,  sale or
grant of any right (including,  without limitation, any put or call option) with
respect to any security  (other than a broad-based  market basket or index) that
includes,  relates  to or  derives  any  significant  part of its value from the
Common Stock, or include any of the foregoing in a registration  statement filed
for the registration for the offer or sale of any of the foregoing, for a period
of 90 days after the date of this Agreement, directly or indirectly, except with
the prior written consent of Deutsche Banc Alex.  Brown and Morgan Stanley & Co.
Incorporated.

         (ix) The  Company  will  maintain  a  transfer agent and, if  necessary
under the  jurisdiction  of  incorporation  of the Company,  a registrar for the
Common Stock.

         (x) The  Company  will not  take, directly  or  indirectly, any  action
designed to cause or result in, or that has  constituted or might  reasonably be
expected to constitute,  the  stabilization  or manipulation of the price of any
securities of the Company.

         (b)  The  Selling  Shareholder covenants and  agrees with  the  several
 Underwriters that:

         (i) The Selling  Shareholder will furnish to  you, on  or prior to  the
date  of  this  Agreement,  a  letter  or  letters,  substantially  in the  form
previously agreed upon (the "Selling Shareholder Lockup Agreement"), pursuant to
which the Selling Shareholder shall agree, subject to limited exceptions, not to
(1) directly or indirectly offer, pledge, sell, contract to sell, (including any
short  sale),  sell any option or contract to  purchase,  purchase any option or
contract  to sell,  grant any  option,  right or  warrant to  purchase,  lend or
otherwise  transfer or dispose of, directly or indirectly,  any shares of Common
Stock (including, without limitation, shares of Common Stock which may

                                      -12-
<PAGE>

be issued  upon  exercise of a stock  option or  warrant) or any other  security
convertible  into or exerciseable or exchangeable for Common Stock, or (2) enter
into any short sale  (whether or not against the box) or any  purchase,  sale or
grant of any right (including,  without limitation, any put or call option) with
respect to any security  (other than a broad-based  market basket or index) that
includes,  relates  to or  derives  any  significant  part of its value from the
Common Stock, or include any of the foregoing in a registration  statement filed
for the registration for the offer or sale of any of the foregoing, for a period
of 90 days after the date of this Agreement, directly or indirectly, except with
the prior written consent of Deutsche Banc Alex.  Brown and Morgan Stanley & Co.
Incorporated.

         (ii)  In  order  to  document  the  Underwriters' compliance  with  the
reporting and withholding provisions of the Tax Equity and Fiscal Responsibility
Act of 1982 and the  Interest  and  Dividend  Tax  Compliance  Act of 1983  with
respect to the transactions herein contemplated,  the Selling Shareholder agrees
to  deliver to you prior to or at the  Closing  Date a  properly  completed  and
executed United States Treasury  Department Form W-8 or W-9 (or other applicable
form or statement specified by Treasury Department regulations in lieu thereof).

         (iii) The  Selling  Shareholder will  not take, directly or  indirectly
(other than any action taken by Morgan Stanley & Co.  Incorporated in connection
with the performance of its obligations as an Underwriter hereunder), any action
designed to cause or result in, or that has  constituted or might  reasonably be
expected to constitute,  the  stabilization  or manipulation of the price of any
securities of the Company.

     5.   COSTS AND EXPENSES.
          ------------------

          Whether or not  the  transactions contemplated  in  this Agreement are
consummated  or this  Agreement is  terminated,  the Company will pay all costs,
expenses and fees incident to the  performance of the obligations of the Company
and the Selling  Shareholder under this Agreement,  including,  without limiting
the generality of the  foregoing,  the  following:  (i)  accounting  fees of the
Company;  (ii) the fees and  disbursements  of counsel  for the  Company and one
counsel for the Selling  Shareholder  in  connection  with the  preparation  and
filing of the Registration Statement, any Preliminary Prospectus, the Prospectus
and  amendments  and  supplements  to any of the  foregoing;  (iii)  the cost of
printing and delivering to, or as requested by, the  Underwriters  copies of the
Registration  Statement,   Preliminary   Prospectuses,   the  Prospectus,   this
Agreement,   the  Blue  Sky  Survey  or  Legal  Investment  memorandum  and  any
supplements or amendments thereto;  (iv) the filing fees of the Commission;  (v)
all costs and expenses related to the transfer and delivery of the Shares to the
Underwriters;  (vi)  the cost of  printing  or  producing  any Blue Sky or Legal
Investment  memorandum in connection with the offer and sale of the Shares under
state  securities laws and all expenses in connection with the  qualification of
the Shares for offer and sale under state securities laws as provided in Section
4(iii) hereof,  including filing fees and the reasonable fees and  disbursements
of counsel for the  Underwriters  in connection with such  qualification  and in
connection with the Blue Sky or Legal  Investment  memorandum;  (vii) all filing
fees and the reasonable fees and  disbursements  of counsel to the  Underwriters
incurred in connection with the review and  qualification of the offering of the
Shares by the National Association of Securities Dealers,  Inc.; (viii) the cost
of printing certificates  representing the Shares; (ix) the costs and charges of
any transfer agent,  registrar or depositary;  (x) the costs and expenses of the
Company

                                      -13-
<PAGE>

relating to investor  presentations  on any "road show" undertaken in connection
with the marketing of the offering of the Shares, including, without limitation,
expenses  associated with the production of road show slides and graphics,  fees
and  expenses  of any  consultants  engaged  in  connection  with the road  show
presentations with the prior written approval of the Company, travel and lodging
expenses  of the  representatives  and  officers  of the  Company  and any  such
consultants,  and (xi) all other costs and expenses  incident to the performance
of the obligations of the Company hereunder for which provision is not otherwise
made in this  Section.  Any transfer  taxes imposed on the sale of the Shares to
the several  Underwriters will be paid by the Selling  Shareholder.  The Company
shall not,  however,  be  required to pay for any of the  Underwriters  expenses
(other  than those  related to  qualification  under NASD  regulation  and State
securities  or Blue Sky laws as stated  above)  except that,  if this  Agreement
shall not be  consummated  because  the  conditions  in Section 6 hereof are not
satisfied,  or because  this  Agreement  is  terminated  by the  Representatives
pursuant to Section 11 hereof, or by reason of any failure, refusal or inability
on the part of the Company or any Selling Shareholder to perform any undertaking
or satisfy any  condition  of this  Agreement or to comply with any of the terms
hereof on their part to be performed,  unless such failure, refusal or inability
is due  primarily  to the default or omission  of any  Underwriter,  the Company
shall reimburse the several Underwriters for reasonable  out-of-pocket expenses,
including fees and disbursements of counsel,  reasonably  incurred in connection
with  investigating,  marketing  and  proposing  to  market  the  Shares  or  in
contemplation of performing their obligations hereunder; but the Company and the
Selling  Shareholder  shall not in any  event be  liable  to any of the  several
Underwriters for damages on account of loss of anticipated profits from the sale
by them of the Shares.

          The  provisions of  this  Section 5  shall  not supersede or otherwise
affect any agreement that the Company and the Selling  Shareholder may otherwise
have for the allocation of such expenses among themselves.

     6.   CONDITIONS OF OBLIGATIONS OF THE UNDERWRITERS.
          ---------------------------------------------

          The  several obligations of  the  Underwriters to  purchase  the  Firm
Shares on the Closing Date and the Option Shares,  if any, on the Option Closing
Date are subject to the accuracy,  as of the Closing Date or the Option  Closing
Date, as the case may be, of the  representations  and warranties of the Company
and the Selling  Shareholder  contained  herein,  and to the  performance by the
Company and the Selling Shareholder of their covenants and obligations hereunder
and to the following additional conditions:

         (a)  The  Registration  Statement  and  all  post-effective  amendments
thereto shall have become effective and any and all filings required by Rule 424
and Rule 430A of the Act shall have been made within the applicable  time period
prescribed  by,  and in  compliance  with,  the Rules and  Regulations,  and any
request of the  Commission  for  additional  information  (to be included in the
Registration   Statement  or  otherwise)   shall  have  been  disclosed  to  the
Representatives  and complied  with to their  reasonable  satisfaction.  No stop
order suspending the  effectiveness of the  Registration  Statement,  as amended
from time to time,  shall have been issued and no  proceedings  for that purpose
shall  have been  taken or,  to the  knowledge  of the  Company  or the  Selling
Shareholder,   shall  be  threatened  by  the   Commission  and  no  injunction,
restraining  order  or order  of any  nature  by

                                      -14-
<PAGE>

a Federal or state court of competent  jurisdiction shall have been issued as of
the Closing Date which would prevent the issuance of the Shares.

         (b) The  Representatives shall have received on the Closing Date or the
Option Closing Date, as the case may be, the opinion of Pillsbury  Winthrop LLP,
counsel for the Company,  dated the Closing Date or the Option  Closing Date, as
the case may be,  addressed  to the  Underwriters  (and  stating  that it may be
relied upon by counsel to the Underwriters) substantially in the form of Exhibit
B hereto.

         (c) The Representatives shall  have received on the Closing Date or the
Option  Closing Date,  as the case may be, the opinion of Frank W. Hogan,  Esq.,
general  counsel for the Company,  dated the Closing Date or the Option  Closing
Date, as the case may be, addressed to the Underwriters (and stating that it may
be relied  upon by counsel  to the  Underwriters)  substantially  in the form of
Exhibit C hereto.

         (d) The Representatives shall have received on  the Closing Date or the
Option  Closing  Date, as the case may be, the opinion of Davis Polk & Wardwell,
counsel  for the  Selling  Shareholder,  dated the  Closing  Date or the  Option
Closing Date,  as the case may be,  addressed to the  Underwriters  (and stating
that it may be relied upon by counsel to the Underwriters)  substantially in the
form of Exhibit D hereto.

         (e) The  Representatives shall  have received  from  White & Case  LLP,
counsel for the  Underwriters,  an opinion  dated the Closing Date or the Option
Closing Date, as the case may be, with respect to the Registration Statement and
the Prospectus and such other related matters as you may reasonably request.

         (f) You  shall  have  received, on each of the date hereof, the Closing
Date and,  if  applicable,  the Option  Closing  Date,  a letter  dated the date
hereof, the Closing Date or the Option Closing Date, as the case may be, in form
and substance satisfactory to you, of Ernst & Young LLP confirming that they are
independent  public accountants within the meaning of the Act and the applicable
published Rules and Regulations thereunder and stating that in their opinion the
financial  statements  and  schedules  examined  by  them  and  included  in the
Registration  Statement  comply  in  form  in all  material  respects  with  the
applicable  accounting  requirements of the Act and the related  published Rules
and  Regulations;  and containing  such other  statements and  information as is
ordinarily  included in  accountants'  "comfort  letters" to  Underwriters  with
respect to the  financial  statements  and  certain  financial  and  statistical
information contained in the Registration Statement and Prospectus.

         (g) The  Representatives  shall have received on  the Closing Date and,
if  applicable,  the Option  Closing Date, as the case may be, a certificate  or
certificates of an executive officer of the Company which represents that, as of
the Closing Date or the Option Closing Date, as the case may be:

         (i)  No stop order  suspending the  effectiveness  of the  Registration
     Statement has been issued,  and, to his knowledge,  no proceedings for such
     purpose  have  been  taken  or  are   contemplated  or  threatened  by  the
     Commission;

                                      -15-
<PAGE>

         (ii)  The  representations  and warranties of the Company  contained in
     Section 1 hereof are true and correct as of the Closing  Date or the Option
     Closing Date, as the case may be; and

         (iii) The Company  has complied with all  agreements  and satisfied all
     conditions on its part to be performed or satisfied under the  Underwriting
     Agreement at or prior to the date hereof.

         (h) The Representatives  shall have  received on  the Closing Date and,
if  applicable,  the Option  Closing Date, as the case may be, a certificate  or
certificates  of  an  authorized  officer  of  the  Selling   Shareholder  which
represents  that, as of the Closing Date or the Option Closing Date, as the case
may be:

         (i) The  representations  and  warranties  of  the Selling  Shareholder
     contained  in Section 1 hereof are true and correct as of the Closing  Date
     or the Option Closing Date, as the case may be; and

         (ii) The Selling  Shareholder  has  complied  with all  agreements  and
     satisfied all conditions on its part to be performed or satisfied under the
     Underwriting Agreement at or prior to the date hereof.

         (i) The Representatives shall  have received on  the Closing  Date and,
if  applicable,  the Option  Closing Date, as the case may be, a certificate  or
certificates  of the corporate  secretary of the Company,  attaching a certified
copy  of the  Company's  Certificate  of  Incorporation,  By  laws,  resolutions
relating  to the  filing  of the  Registration  Statement  and the  transactions
contemplated  by this  Agreement,  and  containing  specimen  signatures of each
officer  authorized and duly appointed to sign documents and who has executed or
will execute such documents, in connection with the transactions contemplated by
this Agreement.

         (j) The Company shall  have obtained  and delivered to the Underwriters
executed copies of the Primary Lockup Agreements described in Sections 4(a)(vii)
and 4(a)(viii) in form and substance  reasonably  satisfactory  to you, and such
Primary Lockup Agreements shall be in full force and effect.

         (k) The Selling  Shareholder shall have obtained and  delivered to  the
Underwriters  executed  copies  of  the  Selling  Shareholder  Lockup  Agreement
described in Section  4(b)(i) in form and substance  reasonably  satisfactory to
you, and such Selling  Shareholder  Lockup  Agreement shall be in full force and
effect.

         (l) There shall not have occurred any downgrading, nor shall any notice
have been given of any intended or potential  downgrading or of any review for a
possible change that does not indicate the direction of the possible change,  in
the  rating  accorded  any  of  the  Company's  securities  by  any  "nationally
recognized  statistical  rating  organization,"  as  such  term is  defined  for
purposes of Rule 436(g)(2) under the Securities Act.

                                      -16-
<PAGE>

         (m) There  shall  not  have  occurred  any  change, or  any development
involving a prospective change, in the condition,  financial or otherwise, or in
the earnings, business or operations of the Company and its Subsidiaries,  taken
as a whole,  from that set forth in the Prospectus  (exclusive of any amendments
or supplements  thereto  subsequent to the date of this Agreement) that, in your
judgment,  is  material  and  adverse  and  that  makes  it,  in your  judgment,
impracticable  to market the Shares on the terms and in the manner  contemplated
in the Prospectus.

         (n) The  Shares are quoted  on  the  Nasdaq  National  Market, and such
quotation  has not been  terminated  by the National  Association  of Securities
Dealers.

         (o) The Company and the Selling Shareholder shall have furnished to the
Representatives   such  further   certificates  and  documents   confirming  the
representations  and warranties,  covenants and conditions  contained herein and
related matters as the Representatives may reasonably have requested.

         The opinions  and  certificates  mentioned  in  this Agreement shall be
deemed to be in compliance  with the  provisions  hereof only if they are in all
material respects reasonably  satisfactory to the Representatives and to White &
Case LLP, counsel for the Underwriters.

         If any  of  the conditions hereinabove provided  for in  this Section 6
shall not have been  fulfilled  when and as  required  by this  Agreement  to be
fulfilled,  the obligations of the  Underwriters  hereunder may be terminated by
the Representatives by notifying the Company and the Selling Shareholder of such
termination  in writing or by telegram  at or prior to the  Closing  Date or the
Option Closing Date, as the case may be.

         In  such   event,  the  Selling   Shareholder,  the   Company  and  the
Underwriters  shall not be under any  obligation  to each  other  (except to the
extent provided in Sections 5 and 8 hereof).

     7.  CONDITIONS OF THE OBLIGATIONS OF THE SELLING SHAREHOLDER.
         --------------------------------------------------------

         The  obligations of the  Selling Shareholder  to  sell and  deliver the
portion of the Shares  required to be  delivered  as and when  specified in this
Agreement are subject to the  conditions  that at the Closing Date or the Option
Closing Date, as the case may be, no stop order suspending the  effectiveness of
the  Registration  Statement shall have been issued and in effect or proceedings
therefor initiated or threatened.

     8.  INDEMNIFICATION.
         ---------------

         (a)  The Company agrees:

         (1) to indemnify  and hold harmless each  Underwriter  and each person,
if any, who controls any Underwriter  within the meaning of either Section 15 of
the Act or Section 20 of the Exchange Act, against any losses,  claims,  damages
or liabilities  to which such  Underwriter  or any such  controlling  person may
become  subject  under the Act or  otherwise,  insofar as such  losses,  claims,
damages or liabilities (or actions or proceedings in respect  thereof) arise out
of or are based upon (i) any untrue statement or alleged untrue statement of any
material  fact  contained  in  the  Registration   Statement,   any  Preliminary
Prospectus, the Prospectus or any amendment or

                                      -17-
<PAGE>

supplement  thereto or (ii) the omission or alleged  omission to state therein a
material fact required to be stated  therein or necessary to make the statements
therein (in the case of the  Prospectus,  in the light of the  circumstances  in
which they were made) not misleading;  provided,  however, that the Company will
not be liable in any such case to the extent that any such loss,  claim,  damage
or  liability  arises  out of or is based  upon an untrue  statement  or alleged
untrue  statement,  or omission  or alleged  omission  made in the  Registration
Statement,  any Preliminary  Prospectus,  the  Prospectus,  or such amendment or
supplement,  based upon  information  relating to any Underwriter or the Selling
Shareholder  furnished to the Company in writing by the Underwriters through the
Representatives  or by  the  Selling  Shareholder  specifically  for  use in the
preparation thereof; and

        (2) to reimburse each Underwriter  and each such controlling person upon
demand for any legal or other out-of-pocket expenses reasonably incurred by such
Underwriter  or such  controlling  person in connection  with  investigating  or
defending any such loss, claim, damage or liability,  action or proceeding or in
responding to a subpoena or governmental  inquiry related to the offering of the
Shares,  whether or not such Underwriter or controlling person is a party to any
action or proceeding. In the event that it is finally judicially determined that
the  Underwriters  were not  entitled  to receive  payments  for legal and other
expenses  pursuant to this  subparagraph,  the Underwriters will promptly return
all sums that had been advanced pursuant hereto.

         (b) The  Selling Shareholder  agrees to indemnify  the Underwriters and
each person, if any, who controls any Underwriter  within the meaning of Section
15 of the Act or Section 20 of the  Exchange  Act,  against any losses,  claims,
damages or  liabilities  to which such  Underwriter,  the Company or controlling
person may  become  subject  under the Act or  otherwise  to the same  extent as
indemnity is provided by the Company  pursuant to Section 8(a) above;  provided,
however,  that the  Selling  Shareholder  shall be  liable  in each  case to the
extent,  but only to the extent,  that the untrue  statement  or alleged  untrue
statement or omission or alleged  omission upon which  indemnification  is based
was  made  in  the  Registration  Statement,  any  Preliminary  Prospectus,  the
Prospectus,  or any  amendment  or  supplement  thereto  based upon  information
relating to the Selling  Shareholder  furnished to the Company in writing by the
Selling Shareholder expressly for use therein. In no event,  however,  shall the
liability of any Selling Shareholder for indemnification under this Section 8(b)
exceed the proceeds received by the Selling Shareholder from the Underwriters in
the offering.  This  indemnity  obligation  will be in addition to any liability
which the Selling Shareholder may otherwise have.

         (c) Each  Underwriter severally and not jointly will indemnify and hold
harmless the Company, each of its directors, each of its officers who has signed
the Registration  Statement,  the Selling Shareholder,  and each person, if any,
who controls the Company or a Selling  Shareholder  within the meaning of either
Section 15 of the Act or Section 20 of the  Exchange  Act,  against  any losses,
claims,  damages  or  liabilities  to which the  Company  or any such  director,
officer,  Selling Shareholder or controlling person may become subject under the
Act or otherwise,  insofar as such losses,  claims,  damages or liabilities  (or
actions or  proceedings  in respect  thereof) arise out of or are based upon (i)
any untrue  statement or alleged untrue statement of any material fact contained
in the Registration Statement, any Preliminary Prospectus, the Prospectus or any
amendment or supplement thereto, or (ii) the omission or the alleged omission to
state therein a material fact required to be stated therein or necessary to make
the  statements  therein  (in the case of the  Prospectus,  in the  light of the
circumstances  under which they were made) not  misleading;  and will

                                      -18-
<PAGE>

reimburse upon demand for any legal or other  out-of-pocket  expenses reasonably
incurred by the Company or any such director,  officer,  Selling  Shareholder or
controlling  person in connection with investigating or defending any such loss,
claim, damage, liability, action or proceeding or in responding to a subpoena or
governmental inquiry related to the offering of the Shares,  whether or not such
person or controlling  person is a party to any action or proceeding;  provided,
however,  that each Underwriter  will be liable in each case to the extent,  but
only to the extent,  that such untrue  statement or alleged untrue  statement or
omission or alleged  omission has been made in the Registration  Statement,  any
Preliminary  Prospectus,  the Prospectus or such amendment or supplement,  based
upon information relating to any Underwriter furnished to the Company in writing
through the Representatives  specifically for use in the preparation thereof. In
the event that it is finally judicially  determined that the Company or any such
director, officer, Selling Shareholder or controlling person was not entitled to
receive payments for legal and other expenses pursuant to this subparagraph, the
Company or any such director, officer, Selling Shareholder or controlling person
will  promptly  return all sums that had been  advanced  pursuant  hereto.  This
indemnity  agreement will be in addition to any liability which such Underwriter
may otherwise have.

         (d) In  case any  proceeding (including any governmental investigation)
shall be instituted  involving  any person in respect of which  indemnity may be
sought pursuant to this Section 8, such person (the  "indemnified  party") shall
promptly  notify the  person  against  whom such  indemnity  may be sought  (the
"indemnifying  party") in writing.  No  indemnification  provided for in Section
8(a),  (b) or (c) shall be  available to any party who shall fail to give notice
as provided in this  Section  8(d) if the party to whom notice was not given was
unaware of the  proceeding  to which such  notice  would  have  related  and was
materially  prejudiced  by the failure to give such  notice,  but the failure to
give such notice  shall not relieve the  indemnifying  party or parties from any
liability which it or they may have to the indemnified party for contribution or
otherwise than on account of the provisions of Section 8(a), (b) or (c). In case
any such proceeding shall be brought against any indemnified  party and it shall
notify the  indemnifying  party of the  commencement  thereof,  the indemnifying
party shall be entitled to participate  therein and, to the extent that it shall
wish, jointly with any other indemnifying  party similarly  notified,  to assume
the defense thereof,  with counsel  satisfactory to such  indemnified  party and
shall pay as incurred the fees and disbursements of such counsel related to such
proceeding.  In any such proceeding,  any indemnified party shall have the right
to retain its own counsel at its own expense. Notwithstanding the foregoing, the
indemnifying party shall pay as incurred (or within 30 days of presentation) the
fees and expenses of the counsel retained by the indemnified  party in the event
(i) the indemnifying  party and the indemnified party shall have mutually agreed
to the retention of such counsel,  (ii) the named parties to any such proceeding
(including any impleaded  parties) include both the  indemnifying  party and the
indemnified  party and  representation of both parties by the same counsel would
be inappropriate due to actual or potential  differing interests between them or
(iii) the indemnifying  party shall have failed to assume the defense and employ
counsel  acceptable to the indemnified  party within a reasonable period of time
after  notice  of  commencement  of  the  action.  It  is  understood  that  the
indemnifying  party  shall not, in  connection  with any  proceeding  or related
proceedings  in the same  jurisdiction,  be liable for the  reasonable  fees and
expenses of more than one separate firm for all such indemnified  parties.  Such
firm shall be  designated  in writing by you in the case of parties  indemnified
pursuant to Section  8(a) or (b) and by the Company and the

                                      -19-
<PAGE>

Selling Shareholder in the case of parties indemnified pursuant to Section 8(c).
The indemnifying  party shall not be liable for any settlement of any proceeding
effected  without its written  consent  but if settled  with such  consent or if
there be a final judgment for the plaintiff,  the  indemnifying  party agrees to
indemnify the indemnified party from and against any loss or liability by reason
of such settlement or judgment.  Notwithstanding the foregoing  sentence,  if at
any time an  indemnified  party shall have  requested an  indemnifying  party to
reimburse the indemnified party for fees and expenses of counsel as contemplated
by the third and fifth  sentences  of this  paragraph,  the  indemnifying  party
agrees that it shall be liable for any  settlement  of any  proceeding  effected
without its written  consent if (i) such settlement is entered into more than 30
days after receipt by such indemnifying  party of the aforesaid request and (ii)
such  indemnifying  party shall not have  reimbursed  the  indemnified  party in
accordance with such request prior to the date of such settlement.  In addition,
the  indemnifying  party  will not,  without  the prior  written  consent of the
indemnified party,  settle or compromise or consent to the entry of any judgment
in  any  pending  or   threatened   claim,   action  or   proceeding   of  which
indemnification may be sought hereunder (whether or not any indemnified party is
an actual or potential  party to such claim,  action or proceeding)  unless such
settlement,  compromise  or consent  includes an  unconditional  release of each
indemnified  party  from all  liability  arising  out of such  claim,  action or
proceeding.

         (e) To the extent the  indemnification  provided for in  this Section 8
is unavailable to or  insufficient  to hold harmless an indemnified  party under
Section  8(a),  (b) or (c) above in respect of any  losses,  claims,  damages or
liabilities (or actions or proceedings in respect thereof)  referred to therein,
then each  indemnifying  party shall contribute to the amount paid or payable by
such  indemnified  party  as  a  result  of  such  losses,  claims,  damages  or
liabilities (or actions or proceedings in respect thereof) in such proportion as
is appropriate to reflect the relative  benefits received by the Company and the
Selling  Shareholder on the one hand and the  Underwriters on the other from the
offering of the Shares. If, however,  the allocation provided by the immediately
preceding  sentence is not  permitted by applicable  law then each  indemnifying
party shall contribute to such amount paid or payable by such indemnified  party
in such proportion as is appropriate to reflect not only such relative  benefits
but also the relative  fault of the Company and the Selling  Shareholder  on the
one hand and the  Underwriters on the other in connection with the statements or
omissions  which resulted in such losses,  claims,  damages or  liabilities  (or
actions  or  proceedings  in  respect  thereof),  as well as any other  relevant
equitable considerations.  The relative benefits received by the Company and the
Selling  Shareholder on the one hand and the  Underwriters on the other shall be
deemed to be in the same  proportion as the total net proceeds from the offering
(before  deducting  expenses)  received by the Selling  Shareholder  bear to the
total underwriting  discounts and commissions  received by the Underwriters,  in
each case as set forth in the table on the  cover  page of the  Prospectus.  The
relative fault shall be determined by reference to, among other things,  whether
the untrue or alleged  untrue  statement  of a material  fact or the omission or
alleged omission to state a material fact relates to information supplied by the
Company or the Selling  Shareholder on the one hand or the  Underwriters  on the
other and the parties'  relative  intent,  knowledge,  access to information and
opportunity  to correct or prevent  such  statement  or  omission.  In no event,
however,  shall the liability of any Selling  Shareholder for contribution under
this Section 8(e) (i) exceed the  proceeds  received by the Selling  Shareholder
from the Underwriters in the offering or (ii) be for any statement,  omission or
information  other  than as  based  upon

                                      -20-
<PAGE>

information  relating to the  Selling  Shareholder  furnished  to the Company in
writing  by the  Selling  Shareholder  expressly  for  use  in the  Registration
Statement or Prospectus.

         The Company, the Selling Shareholder and the Underwriters agree that it
would not be just and equitable if  contributions  pursuant to this Section 8(e)
were determined by pro rata allocation (even if the Underwriters were treated as
one entity for such purpose) or by any other method of allocation which does not
take account of the equitable  considerations  referred to above in this Section
8(e).  The amount  paid or payable  by an  indemnified  party as a result of the
losses,  claims,  damages or  liabilities  (or actions or proceedings in respect
thereof)  referred to above in this  Section 8(e) shall be deemed to include any
legal  or  other  expenses  reasonably  incurred  by such  indemnified  party in
connection   with   investigating   or  defending  any  such  action  or  claim.
Notwithstanding  the provisions of this subsection (e), (i) no Underwriter shall
be required to contribute  any amount in excess of the amount by which the total
price at which the Shares  underwritten by it and distributed to the public were
offered to the public  exceeds the amount of any damages  that such  Underwriter
has otherwise  been  required to pay by reason of such untrue or alleged  untrue
statement  or  omission  or  alleged  omission  and  (ii) no  person  guilty  of
fraudulent  misrepresentation  (within the meaning of Section  11(f) of the Act)
shall be  entitled  to  contribution  from any person who was not guilty of such
fraudulent misrepresentation, and (iii) no Selling Shareholder shall be required
to  contribute  any amount in excess of the  proceeds  received  by the  Selling
Shareholder from the Underwriters in the offering. The Underwriters' obligations
in this Section 8(e) to contribute are several in proportion to their respective
underwriting  obligations  and not  joint.  The  remedies  provided  for in this
Section 8 are not exclusive and shall not limit any rights or remedies which may
otherwise be available to any indemnified party at law or in equity.

         (f) In  any  proceeding  relating  to the  Registration  Statement, any
Preliminary  Prospectus,  the Prospectus or any supplement or amendment thereto,
each party against whom  contribution  may be sought under this Section 8 hereby
consents to the  jurisdiction  of any court having  jurisdiction  over any other
contributing  party,  agrees that process  issuing from such court may be served
upon it by any other  contributing  party and  consents  to the  service of such
process  and  agrees  that  any  other  contributing  party  may  join  it as an
additional  defendant in any such  proceeding  in which such other  contributing
party is a party.

         (g) Any losses, claims, damages, liabilities  or expenses  for which an
indemnified  party is entitled to  indemnification  or  contribution  under this
Section 8 shall be paid by the  indemnifying  party to the indemnified  party as
such  losses,  claims,  damages,  liabilities  or  expenses  are  incurred.  The
indemnity  and  contribution  agreements  contained  in this  Section  8 and the
representations  and warranties of the Company set forth in this Agreement shall
remain  operative  and  in  full  force  and  effect,   regardless  of  (i)  any
investigation  made by or on behalf of any Underwriter or any person controlling
any  Underwriter,  the  Company,  its  directors  or  officers  or  any  persons
controlling  the Company,  (ii)  acceptance  of any Shares and payment  therefor
hereunder,  and (iii) any  termination  of this  Agreement.  A successor  to any
Underwriter,  or any person controlling any Underwriter,  or to the Company, its
directors or officers, or any person controlling the Company,  shall be entitled
to the benefits of the  indemnity,  contribution  and  reimbursement  agreements
contained in this Section 8.

                                      -21-
<PAGE>

         (h) The provisions of  this Section  8 shall not supersede or otherwise
affect any agreement that the Company and the Selling  Shareholder may otherwise
have for the allocation of  indemnification  and contribution  among themselves.
For avoidance of doubt, the Company and the Selling Shareholder agree as between
themselves  that  the  provisions  of the  Stockholders  Agreement  dated  as of
December 21, 1993, as amended, between themselves and the other parties thereto,
including without limitation Sections 2.8 and 2.9 thereof, apply with respect to
the offering and  Registration  Statement and  Prospectus  contemplated  by this
Agreement.

     9.  DEFAULT BY UNDERWRITERS.
         -----------------------

         If on  the Closing Date or the Option Closing Date, as the case may be,
any  Underwriter  shall fail to  purchase  and pay for the portion of the Shares
which  such  Underwriter  has  agreed  to  purchase  and pay  for on  such  date
(otherwise than by reason of any default on the part of the Company or a Selling
Shareholder),  you,  as  Representatives  of the  Underwriters,  shall  use your
reasonable  efforts to  procure  within 36 hours  thereafter  one or more of the
other Underwriters, or any others, to purchase from the Selling Shareholder such
amounts as may be agreed  upon and upon the terms set forth  herein,  the Shares
which the defaulting  Underwriter or Underwriters failed to purchase.  If during
such 36 hours you, as such  Representatives,  shall not have procured such other
Underwriters,  or any others,  to purchase the Shares  agreed to be purchased by
the defaulting Underwriter or Underwriters,  then (a) if the aggregate number of
Shares with respect to which such default shall occur does not exceed 10% of the
Shares to be purchased on the Closing Date or the Option  Closing  Date,  as the
case may be, the other Underwriters shall be obligated, severally, in proportion
to the  respective  numbers  of Shares  which  they are  obligated  to  purchase
hereunder,   to  purchase  the  Shares  which  such  defaulting  Underwriter  or
Underwriters  failed to purchase,  or (b) if the aggregate number of Shares with
respect  to which  such  default  shall  occur  exceeds  10% of the Shares to be
purchased on the Closing Date or the Option  Closing  Date,  as the case may be,
the Selling  Shareholder or you as the  Representatives of the Underwriters will
have the right,  by written  notice given within the next 36-hour  period to the
parties to this Agreement,  to terminate this Agreement without liability on the
part of the  non-defaulting  Underwriters  or of the  Company or of any  Selling
Shareholder  except to the extent  provided in  Sections 5 and 8 hereof.  In the
event of a default  by any  Underwriter  or  Underwriters,  as set forth in this
Section 9, the Closing Date or Option  Closing  Date, as the case may be, may be
postponed for such period, not exceeding seven days, as you, as Representatives,
may determine in order that the required changes in the  Registration  Statement
or in the Prospectus or in any other documents or arrangements  may be effected.
The  term  "Underwriter"  includes  any  person  substituted  for  a  defaulting
Underwriter.  Any  action  taken  under  this  Section 9 shall not  relieve  any
defaulting  Underwriter  from  liability  in  respect  of any  default  of  such
Underwriter under this Agreement.

     10. NOTICES.
         -------

         All  communications  hereunder  shall  be  in  writing  and, except  as
otherwise provided herein, will be mailed, delivered,  telecopied or telegraphed
and confirmed as follows: if to the Underwriters, to:

          Deutsche Banc Alex. Brown Inc.

                                      -22-
<PAGE>

          One South Street
          Baltimore, Maryland 21202
          Attention: Syndicate Manager,

          with copies to:

          Deutsche Banc Alex. Brown Inc.
          31 West 52nd Street
          New York, New York 10019
          Attention: General Counsel; and

          White & Case LLP
          1155 Avenue of the Americas
          New York, New York 10036
          Attention: Priscilla Almodovar;

if to the Company, to:

          Silgan Holdings Inc.
          4 Landmark Square
          Stamford, Connecticut 06901
          Attention: Frank W. Hogan,

          with a copy to:

          Pillsbury Winthrop LLP
          695 East Main Street
          Stamford, Connecticut 60901
          Attention: Robert J. Rawn, Esq.

if to the Selling Shareolders, to:

          Morgan Stanley Private Equity
          1221 Avenue of the Americas
          33rd Floor
          New York, New York 10036
          Attention:
          with a copy to:

          Davis Polk & Wardwell
          450 Lexington Avenue
          New York, New York  10017
          Attention: Carole Schiffman

     11.  TERMINATION.
          -----------

                                      -23-
<PAGE>

         This  Agreement may  be terminated by  you by notice to the Company and
 the Selling Shareholder:

         (a) at any  time prior to the  Closing Date or any Option Closing  Date
(if different from the Closing Date and then only as to Option Shares) if any of
the  following  has  occurred:  (i)  since  the  respective  dates  as of  which
information  is given in the  Registration  Statement  and the  Prospectus,  any
material  adverse  change or any  development  involving a prospective  material
adverse  change in or affecting  the  earnings,  business,  properties,  assets,
operations,  condition  (financial or otherwise) or prospects of the Company and
its Subsidiaries taken as a whole, whether or not arising in the ordinary course
of business,  (ii) any outbreak or escalation of  hostilities  or declaration of
war or national emergency or other national or international  calamity or crisis
or change in economic or political  conditions  if the effect of such  outbreak,
escalation,  declaration, emergency, calamity, crisis or change on the financial
markets of the United States would, in your judgment,  make it  impracticable or
inadvisable  to market the Shares or to  enforce  contracts  for the sale of the
Shares,  (iii)  suspension  of trading in  securities  generally on the New York
Stock  Exchange,  the American Stock Exchange or the Nasdaq  National  Market or
limitation  on prices  (other  than  limitations  on hours or numbers of days of
trading)  for   securities  on  either  such   Exchange,   (iv)  the  enactment,
publication,  decree or other promulgation of any statute,  regulation,  rule or
order of any  court  or  other  governmental  authority  which  in your  opinion
materially  and adversely  affects or may  materially  and adversely  affect the
business  or  operations  of the  Company,  (v)  the  declaration  of a  banking
moratorium by United States or New York State authorities, (vi) any downgrading,
or placement on any watch list for possible downgrading, in the rating of any of
the Company's debt securities by any "nationally  recognized  statistical rating
organization"  (as defined for purposes of Rule 436(g) under the Exchange  Act),
(vii) the  suspension  of trading of the  Company's  common  stock by the Nasdaq
National Market, the Commission,  or any other governmental authority, or (viii)
the  taking of any action by any  governmental  body or agency in respect of its
monetary or fiscal  affairs which in your opinion has a material  adverse effect
on the securities markets in the United States; or

         (b)  as provided in Sections 6 and 9 of this Agreement.

     12. SUCCESSORS.
         ----------

         This  Agreement has  been and  is  made solely  for the benefit  of the
Underwriters,  the  Company  and the Selling  Shareholder  and their  respective
successors,  executors,  administrators,  heirs and assigns,  and the  officers,
directors and controlling  persons referred to herein,  and no other person will
have any right or obligation  hereunder.  No purchaser of any of the Shares from
any  Underwriter  shall be deemed a successor or assign  merely  because of such
purchase.

     13. INFORMATION PROVIDED BY UNDERWRITERS AND SELLING SHAREHOLDER.
         ------------------------------------------------------------

         (a)  The  Company,  the  Selling  Shareholder  and   the   Underwriters
acknowledge and agree that the only information  furnished or to be furnished by
any  Underwriter  to  the  Company  for  inclusion  in  any  Prospectus  or  the
Registration  Statement  consists  of the  information  set  forth  in the  last
sentence  of  the  ninth  paragraph,  in the  first  sentence  of the  sixteenth
paragraph  and  in  the  third,

                                      -24-
<PAGE>

tenth, twelfth, thirteenth and seventeenth paragraphs under the caption "Plan of
Distribution" in the Prospectus.

         (b)  The  Company,  the  Selling  Shareholder  and   the   Underwriters
acknowledge and agree that the only information  furnished or to be furnished by
the Selling  Shareholder  to the  Company for  inclusion  in any  Prospectus  or
Registration  Statement  consists of the  information  referring  to the Selling
Shareholder under the caption "Principal  Stockholders and Selling  Stockholder"
in the Prospectus.

     14. MISCELLANEOUS.
         -------------

         The   reimbursement,   indemnification   and  contribution   agreements
contained in this Agreement and the representations, warranties and covenants in
this  Agreement  shall  remain in full  force and effect  regardless  of (a) any
termination of this Agreement, (b) any investigation made by or on behalf of any
Underwriter or controlling person thereof,  or by or on behalf of the Company or
its  directors  or officers and (c) delivery of and payment for the Shares under
this Agreement.

         This  Agreement may  be  executed in  two or more counterparts, each of
which shall be deemed an original,  but all of which together  shall  constitute
one and the same instrument.

         This Agreement shall be governed by, and construed in accordance  with,
the laws of the State of New York.

         The  headings of the sections of  this Agreement have been inserted for
convenience of reference only and shall not be deemed a part of this Agreement.

         If the foregoing letter is in accordance with your understanding of our
agreement,  please  sign  and  return  to us  the  enclosed  duplicates  hereof,
whereupon it will become a binding agreement among the Selling Shareholder,  the
Company and the several Underwriters in accordance with its terms.

                                      -25-
<PAGE>

         Any  person executing and delivering this Agreement as Attorney-in-Fact
for a Selling Shareholder represents by so doing that he has been duly appointed
as Attorney-in-Fact  by the Selling  Shareholder  pursuant to a validly existing
and binding Power of Attorney which  authorizes  such  Attorney-in-Fact  to take
such action.

                           Very truly yours,

                           SILGAN HOLDINGS INC.

                           By  /s/ D. Greg Horrigan
                               -------------------------------------------------
                               Name:   D. Greg Horrigan
                               Title:  President and Co-Chief Executive Officer

                           THE MORGAN STANLEY LEVERAGED
                           EQUITY FUND II, L.P.

                           By:  Morgan Stanley Leveraged Equity
                                Fund II, Inc., as general partner

                           By  /s/ Leigh J. Abramson
                               -------------------------------------------------
                               Name:   Leigh J. Abramson
                               Title:  Vice President

The foregoing Underwriting Agreement
is hereby confirmed and accepted as
of the date first above written.

DEUTSCHE BANC ALEX. BROWN INC.
MORGAN STANLEY & CO. INCORPORATED

As Representatives of the several
Underwriters listed on Schedule I

By: Deutsche Banc Alex. Brown Inc.

By: /s/ David S. Bailey
    -----------------------------------
        Authorized Officer

                                      -26-
<PAGE>

By:  Morgan Stanley & Co. Incorporated

By:  /s/ Todd J. Singer
     -----------------------------------
         Authorized Officer

                                      -27-
<PAGE>

                                                                     SCHEDULE I
                                                                     ----------

                            SCHEDULE OF UNDERWRITERS
                            ------------------------

Number of Firm Shares                       Number of Firm Shares
Underwriter to be Purchased                 to be Purchased
---------------------------                 ---------------

Deutsche Banc Alex. Brown Inc.              1,640,000
Morgan Stanley & Co. Incorporated           1,640,000
Salomon Smith Barney Inc.                     820,000
                                            ---------
     Total                                  4,100,000
                                            ---------

<PAGE>

                                                                      EXHIBIT A
                                                                      ---------

<TABLE>
<CAPTION>

                                          LIST OF SUBSIDIARIES
                                           --------------------

Name of Subsidiary                              Jurisdiction of Organization        Percent
------------------                              ----------------------------        -------
                                                                                    Owned
                                                                                    -------

<S>                                            <C>                                  <C>
Silgan Containers Corporation                   Delaware                            100%
Silgan Containers Manufacturing Corporation     Delaware                            100%
Silgan LLC                                      Delaware                            100%
Silgan Corporation                              Delaware                            100%
Silgan Can Company                              Delaware                            100%
Silgan Plastics Corporation                     Delaware                            100%
RXI Plastics, Inc.                              Delaware                            100%
827599 Ontario Inc.                             Ontario, Canada                     100%
Silgan Plastics Canada Inc.                     Ontario, Canada                     100%
828745 Ontario Inc.                             Ontario, Canada                     100%

</TABLE>

<PAGE>

                                                                      EXHIBIT B
                                                                      ---------

                     FORM OF PILLSBURY WINTHROP LLP OPINION
                     --------------------------------------

        (i) The Company  has  been  duly organized and  is validly existing as a
corporation  in good  standing  under  the laws of the State of  Delaware,  with
corporate  power and  authority to own or lease its  properties  and conduct its
business as described in the Registration  Statement;  each of Silgan Containers
Corporation,  Silgan Containers  Manufacturing  Corporation,  Silgan LLC, Silgan
Corporation,  Silgan Can Company,  Silgan Plastics Corporation and RXI Plastics,
Inc., each, a Delaware corporation  (collectively,  the "U.S. Subsidiaries") has
been  duly  organized  and is  validly  existing  as a  corporation  or  limited
liability  company in good standing  under the laws of the  jurisdiction  of its
organization, with corporate or limited liability company power and authority to
own or lease its  properties  and  conduct  its  business  as  described  in the
Registration  Statement;  and the outstanding shares of capital stock of each of
the U.S. Subsidiaries have been duly authorized and validly issued and are fully
paid and non-assessable and are owned by the Company or a U.S.  Subsidiary;  and
the  outstanding  shares of capital  stock of each of the U.S.  Subsidiaries  is
owned free and clear of all liens,  encumbrances and equities and claims, and no
options,  warrants or other rights to purchase,  agreements or other obligations
to issue or other rights to convert any  obligations  into any shares of capital
stock or of ownership interests in the U.S. Subsidiaries are outstanding,  other
than the  pledges of such  capital  stock  existing  on the date  hereof made in
connection  with the (a) the Credit  Agreement,  dated as of July 29,  1997,  as
amended,  among the Company,  Silgan  Containers  Corporation,  Silgan  Plastics
Corporation,  certain other subsidiaries of any of them, various banks,  Bankers
Trust Company,  as  Administrative  Agent and as a Co-Arranger,  Bank of America
National Trust & Savings Association, as Syndication Agent and as a Co-Arranger,
Goldman  Sachs  Credit  Partners  L.P.,  as  Co-Documentation  Agent  and  as  a
Co-Arranger,  and Morgan Stanley Senior Funding, Inc., as Co-Documentation Agent
and as Co-Arranger (the "Credit  Agreement");  (b) the Credit Agreement dated as
of December 19, 1997 by and among Silgan Plastics Canada Inc., as Borrower,  the
financial  institutions  listed on the signature pages thereto,  as lenders,  BT
Bank of Canada as  Administrative  Agent and BT Bank of Canada,  Bank of America
Canada and Canadian  Imperial Bank of Commerce as  Co-Arrangers  (the  "Canadian
Credit  Agreement");  and (c) the Pledge and Rights  Agreement  dated as June 1,
1998, by and among Campbell Soup Company, Silgan Containers Corporation,  Silgan
Corporation and Silgan Can Company (the "Campbell Pledge Agreement").

        (ii) The Company has an authorized capitalization as set forth under the
caption  "Capitalization"  in the  Prospectus;  the  outstanding  shares  of the
Company's  Common  Stock,  including  the  Shares  to be  sold  by  the  Selling
Shareholder, have been duly authorized and validly issued and are fully paid and
non-assessable;  all of the Shares conform to the description  thereof contained
in the Prospectus;  and, to such counsel's  knowledge,  no preemptive  rights of
stockholders exist with respect to any of the Shares or the sale thereof.

        (iii)  Except  as   described  in  the  Prospectus, to  such  counsel's
knowledge,  there are no  outstanding  securities of the Company  convertible or
exchangeable  into or  evidencing  the right to  purchase or  subscribe  for any
shares  of  capital  stock  of the  Company  and  there  are no  outstanding  or
authorized options,  warrants or rights of any character  obligating the Company
to issue any  shares  of its  capital  stock or any  securities  convertible  or
exchangeable  into or  evidencing  the right to  purchase or  subscribe  for any
shares of such stock; and, to such counsel's  knowledge,

<PAGE>

                                                                      EXHIBIT B
                                                                         Page 2

except as  described  in the  Prospectus,  no holder  of any  securities  of the
Company or any other person has the right,  contractual or otherwise,  which has
not been  satisfied  or  effectively  waived,  to cause the  Company  to sell or
otherwise issue to them, or to permit them to underwrite the sale of, any of the
Shares or the right to have any Common Shares or other securities of the Company
included in the  Registration  Statement or the right, as a result of the filing
of the  Registration  Statement,  to require  registration  under the Act of any
shares of Common Stock or other securities of the Company.

        (iv) The Registration  Statement has become effective under the Act and,
to the knowledge of such counsel, no stop order proceedings with respect thereto
have been  instituted or are pending or threatened  under the Act. Any filing of
the  Prospectus  pursuant  to Rule 424(b) has been made in the manner and within
the time period required under Rule 424(b).

        (v) The Registration  Statement, the  Prospectus and  each  amendment or
supplement  thereto  (in each  case  excluding  the  documents  incorporated  by
reference  therein)  comply  as to  form  in  all  material  respects  with  the
requirements  of the Act and the  applicable  rules and  regulations  thereunder
(except that such counsel need express no opinion as to the financial statements
and related  schedules  included or  incorporated  by reference  therein).  Each
document incorporated by reference in the Registration Statement, the Prospectus
or any further amendment or supplement  thereto made by the Company prior to the
Closing Date, when it became effective or was filed with the Commission,  as the
case may be, appeared on its face to comply as to form in all material  respects
with  the  requirements  of the  Exchange  Act  and  the  applicable  rules  and
regulations  thereunder  (except that such counsel need express no opinion as to
the financial  statements  and related  schedules  included or  incorporated  by
reference therein).

        (vi) The  statements (A)  under  the  captions "Description  of  Capital
Stock",  "Shares Eligible for Future Sale" (solely to the extent such statements
constitute  a summary  of Rule 144) and "Plan of  Distribution"  (solely  to the
extent such statements  relate to the Underwriting  Agreement) in the Prospectus
and (B) in the  Registration  Statement in Item 15,  insofar as such  statements
constitute  a summary of  documents  referred to therein or matters of law,  are
accurate in all material respects.

        (vii)  Such  counsel  knows  of   no  material  legal  or   governmental
proceedings  pending against the Company or any of the U.S.  Subsidiaries which,
if  determined  adversely to the Company or any of its U.S.  Subsidiaries  would
individually or in the aggregate,  have a material adverse effect on the current
or future consolidated  financial position,  stockholders'  equity or results of
operations of the Company except as set forth in the Prospectus.

        (viii) The execution and delivery of this Agreement and the consummation
of the  transactions  herein  contemplated  do not and will not conflict with or
result in a breach of any of the terms or provisions of, or constitute a default
under,  the  Certificate  of  Incorporation  or By-Laws of the  Company,  or any
indenture,  mortgage, deed of trust or other agreement or instrument filed as an
exhibit to the  Company's  Annual  Report on Form 10-K for the fiscal year ended
December 31,  2000,  to which the Company or any of the U.S.  Subsidiaries  is a
party or by which the  Company or

<PAGE>
                                                                      EXHIBIT B
                                                                         Page 3

any of the U.S.  Subsidiaries  may be bound or any  judgment,  order or  decree,
known  to such  counsel,  of any  governmental  body,  agency  or  court  having
jurisdiction over the Company or any U.S. Subsidiary.

        (ix) This Agreement  has been duly authorized, executed and delivered by
the Company.

        (x) The Company is not, and will not become, as a result of  the sale of
the Shares in the offering contemplated by this Agreement,  required to register
as an investment  company under the 1940 Act,  assuming that The Morgan  Stanley
Leveraged  Equity  Fund  II,  L.P.  is not an  "investment  company"  and is not
"controlled" by an "investment company."

        In  addition to the  matters set  forth above, such  opinion  shall also
include a statement to the effect that, except for the opinion in paragraph (vi)
above,  nothing has come to the  attention of such  counsel  which leads them to
believe  that  (i)  the   Registration   Statement   (including   the  documents
incorporated by reference  therein),  at the time it became  effective under the
Act (including the information deemed to be a part of the Registration Statement
at the time it became  effective  pursuant to Rule 430A under the Act) contained
an untrue  statement of a material  fact or omitted or omits to state a material
fact required to be stated therein or necessary to make the  statements  therein
not misleading,  and (ii) the Prospectus,  or any supplement  thereto (including
the documents  incorporated  by reference  therein) as of its date and as of the
Closing Date (or the Option Closing Date, as  applicable)  contained or contains
an untrue  statement of a material  fact or omitted or omits to state a material
fact  necessary  in order to make the  statements  therein,  in the light of the
circumstances  under  which they were made,  not  misleading  (except  that such
counsel need express no view as to financial  statements and schedules and other
financial data therein). With respect to such statement,  Pillsbury Winthrop LLP
may state that their belief is based upon the procedures set forth therein,  but
is without independent check and verification.

<PAGE>

                                                                      EXHIBIT C
                                                                      ---------

                     FORM OF OPINION OF FRANK W. HOGAN, ESQ.
                     ---------------------------------------

        The  Company  and each of the  U.S. Subsidiaries are  duly qualified  to
transact business in the respective jurisdictions set forth on Annex A hereto.

<PAGE>

                                                                      EXHIBIT D
                                                                      ---------

                      FORM OF DAVIS POLK & WARDWELL OPINION
                      -------------------------------------

        (i) The  Agreement has been  duly executed and delivered by or on behalf
of the Selling  Stockholder,  the Selling  Stockholder has full right, power and
authority under its Limited Partnership Agreement to sell, assign,  transfer and
deliver the Shares to be sold by the Selling Shareholder under the Agreement and
the sale of the Shares to be sold by the Selling Stockholder under the Agreement
and the compliance by the Selling Stockholder with all of the provisions of this
Agreement and the consummation of the transactions therein contemplated will not
conflict with or result in a breach or violation of any terms or provisions  of,
or  constitute a default  under,  any New York or federal  statute or regulation
that in such  counsel's  experience is normally  applicable to Delaware  limited
partnerships  in  relation  to  transactions  of the  type  contemplated  by the
Agreement (except that no opinion need be expressed in respect of the Investment
Company Act of 1940,  as amended,  or the  Investment  Advisors Act of 1940,  as
amended),  nor will such action result in any violation of the provisions of the
Limited Partnership Agreement of the Selling Stockholder.

        (ii) No  consent, approval, authorization  or  order of any  New York or
federal court or governmental  agency or body is required in connection with the
sale of the Shares by the Selling Stockholder thereunder,  except such as may be
required  under  the  Securities  Act of  1933,  as  amended,  and  under  state
securities or Blue Sky laws in connection with the purchase and  distribution of
such Shares by the Underwriters.

        (iii) Upon  payment for the Shares to be sold by the Selling Stockholder
to each of the several  Underwriters as provided in the Underwriting  Agreement,
the delivery of the Shares to Cede & Co.  ("Cede") or such other  nominee as may
be designated by the Depository Trust Company  ("DTC"),  the registration of the
Shares in the name of Cede or such other nominee and the crediting of the Shares
on the  records  of DTC to  security  accounts  in the name of such  Underwriter
(assuming that neither DTC nor such  Underwriter has notice of any adverse claim
(as such phrase is defined in Section 8-105 of the Uniform Commercial Code as in
effect in the  State of New York  (the  "UCC"))  to the  Shares or any  security
entitlement in respect thereof), (A) DTC shall be a "protected purchaser" of the
Shares  within the meaning of Section  8-303 of the UCC, (B) under Section 8-501
of the UCC, such Underwriter  will acquire a security  entitlement in respect of
the Shares and (C) no action based on any "adverse claim" (as defined in Section
8-102 of the UCC) to such  security  entitlement  may be asserted  against  such
Underwriter;  it being  understood  that for purposes of this  opinion,  we have
assumed that when such  payment,  delivery and crediting  occur,  (x) the Shares
will have been  registered  in the name of Cede or such other  nominee as may be
designated  by DTC, in each case on the Company's  share  registry in accordance
with its certificate of  incorporation,  bylaws and applicable law, (y) DTC will
be a  "securities  intermediary"  within the meaning of Section 8-102 of the UCC
and (z) appropriate entries to the securities account or accounts in the name of
such Underwriter on the records of DTC will have been made pursuant to the UCC.

        In rendering such opinion, such counsel may state that (1) the foregoing
opinion is limited to the laws of the State of New York,  the  Delaware  limited
partnership  statute and the federal laws of the United States, (2) they express
no opinion with respect to the  Investment  Company Act of 1940, as amended,  or
the  Investment  Advisors  Act of 1940,  as amended,  and (3)

<PAGE>

                                                                      EXHIBIT D
                                                                         Page 2

in  rendering  the opinion in  subparagraph  (iii) such  counsel may rely upon a
certificate  of the  Selling  Stockholder  in  respect  of matters of fact as to
ownership of, and liens, encumbrances,  equities or claims on the Shares sold by
the Selling Stockholder.

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