Document:

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                                                                   Exhibit 10(j)

                           CHANGE IN CONTROL AGREEMENT
                           ---------------------------

         THIS AGREEMENT, dated as of _________, 1999 (the "Effective Date"), is
made by and between Ferro Corporation, an Ohio corporation (the "Company"), and
____________ (the "Executive").

         WHEREAS, the Company considers it essential to the best interests of
its shareholders to foster the continued employment of key management personnel;
and

         WHEREAS, the Board recognizes that, as is the case with many publicly
held corporations, the possibility of a Change in Control exists and that such
possibility, and the uncertainty and questions which it may raise among
management, may result in the departure or distraction of management personnel
to the detriment of the Company and its shareholders; and

         WHEREAS, the Board has determined that appropriate steps should be
taken to reinforce and encourage the continued attention and dedication of
members of the Company's management, including the Executive, to their assigned
duties without distraction in the face of potentially disturbing circumstances
arising from the possibility of a Change in Control;

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, the Company and the Executive hereby agree as
follows.

         1. DEFINED TERMS. The definitions of certain capitalized terms used in
this Agreement are provided in the last Section hereof.

         2. TERM OF AGREEMENT. The Term of this Agreement shall commence on the
Effective Date and shall continue in effect through December 31, 2000; PROVIDED,
HOWEVER, that commencing on January 1, 2000 and each January 1 thereafter, the
Term shall automatically be extended for one additional year unless, not later
than September 30 of the preceding year, the Company or the Executive shall have
given notice not to extend the Term; and FURTHER PROVIDED, HOWEVER, that if a
Change in Control shall have occurred during the Term, the Term shall expire no
earlier than the last day of the [twelfth (12th)][twenty-fourth (24th)]
[thirty-sixth (36th)] month following the month in which such Change in
Control occurred. Notwithstanding any other provision hereof, (a) except as
provided in Section 6.1 hereof, the Term shall expire upon any termination of
the Executive's employment prior to a Change in Control and (b) the Term shall
expire (and for purposes of the application of the provisions of the Agreement,
shall be deemed to have expired) on the date of the Executive's Retirement.
Except as provided in Section 7A.1, the expiration of the Term shall have no
effect on the terms of the restrictive covenants set forth in Section 7A.

         3. COMPANY'S COVENANTS SUMMARIZED. In order to induce the Executive to
remain in the employ of the Company and in consideration of the Executive's
covenants set forth in Section 4 hereof, the Company agrees, under the
conditions described herein, to pay the Executive the Severance Payments and the
other payments and benefits described herein. No Severance Payments shall be
payable under this Agreement unless there shall have been (or,

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under the terms of the second sentence of Section 6.1 hereof, there shall be
deemed to have been) a termination of the Executive's employment with the
Company following a Change in Control and during the Term. This Agreement shall
not be construed as creating an express or implied contract of employment and
nothing contained in this Agreement shall prevent the Company at any time from
terminating the Executive's right and obligation to perform service for the
Company or prevent the Company from removing the Executive from any position
which the Executive holds in the Company, subject to the obligation of the
Company to make payments and provide benefits if and to the extent required
under this Agreement, which payments and benefits shall be full and complete
liquidated damages for any such action taken by the Company. The Executive
specifically acknowledges that his employment by the Company is
employment-at-will, subject to termination by the Executive, or by the Company,
at any time with or without Cause. The Executive acknowledges that such
employment-at-will status cannot be modified except in a specific writing which
has been authorized or ratified by the Board.

         4. CERTAIN EXECUTIVE COVENANTS. The Executive agrees that, subject to
the terms and conditions of this Agreement, in the event of a Potential Change
in Control during the Term, the Executive intends to remain in the employ of the
Company until there occurs a Change in Control.

         5. COMPENSATION OTHER THAN SEVERANCE PAYMENTS.

         5.1 Following a Change in Control and during the Term, during any
period that the Executive fails to perform the Executive's full-time duties with
the Company as a result of incapacity due to physical or mental illness, the
Company shall pay the Executive's full salary to the Executive at the rate in
effect at the commencement of any such period, together with all compensation
and benefits payable to the Executive under the terms of any compensation or
benefit plan, program or arrangement maintained by the Company during such
period, until the Executive's employment is terminated by the Company for
Disability.

         5.2 If the Executive's employment shall be terminated for any reason
following a Change in Control and during the Term, the Company shall pay the
Executive's full salary to the Executive through the Date of Termination at the
rate in effect immediately prior to the Date of Termination (without giving
effect to any reduction in base salary, which reduction constitutes an event of
Good Reason) or, if higher, the highest base salary rate in effect with respect
to the Executive at any time during the calendar year immediately preceding the
Change in Control, together with all compensation and benefits payable to the
Executive through the Date of Termination under the terms of the applicable
compensation and benefit plans, programs or arrangements of the Company or any
Affiliate thereof as in effect immediately prior to the Date of Termination
(without giving effect to any reduction in compensation or benefits, which
reduction constitutes an event of Good Reason) or, if more favorable to the
Executive, as in effect immediately prior to the Change in Control.

         5.3 If the Executive's employment shall be terminated for any reason
following a Change in Control and during the Term, the Company shall pay to the
Executive the Executive's normal post-termination compensation and benefits as
such payments become due. Such post-termination compensation and benefits shall
be determined under, and paid in accordance with,

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the applicable retirement, insurance and other compensation or benefit plans,
programs and arrangements of the Company or any Affiliate thereof as in effect
immediately prior to the Date of Termination (without giving effect to any
adverse change in such plans, programs and arrangements, which adverse change
constitutes an event of Good Reason) or, if more favorable to the Executive, as
in effect immediately prior to the Change in Control.

         5.4 In the event a Change in Control of the Company occurs during the
Term, whether or not the Executive's employment thereafter terminates, the
Company shall pay to the Executive, within five days thereafter, an amount in
cash, with respect to each grant of Performance Shares (as defined in the
Company's Amended and Restated 1997 Performance Share Plan, as amended (the
"Performance Share Plan") previously awarded to the Executive under the
Performance Share Plan (or any predecessor thereto) in respect of a Performance
Period (as defined in the Performance Share Plan) which had not expired
immediately prior to such Change in Control (Performance Shares awarded in
respect of any such Performance Period being referred to as "Outstanding
Performance Shares"), which amount shall be equal to the excess (but not less
than zero) of (a) over (b), where (a) equals the product of (1) the number of
Outstanding Performance Shares awarded to the Executive in respect of the
applicable Performance Period, (2) the "fair market value of the Common Stock"
(as defined in the Performance Share Plan) and (3) a fraction (not to exceed
one) the numerator of which is the sum of (x) the number of days which had
elapsed in the applicable Performance Period as of the date of such Change in
Control plus (y) [365][730][1095], and the denominator of which is the number of
days in such applicable Performance Period, and where (b) equals the value
payable to the Executive under the Performance Share Plan (or any predecessor
thereto) in respect of such Outstanding Performance Shares in connection with
such Change in Control. Notwithstanding the preceding sentence, to the extent
that implementation of such sentence would preclude a Change in Control
transaction intended to qualify for "pooling of interests" accounting treatment
from so qualifying, the cash value otherwise payable to the Executive under this
Section 5.4 shall be payable in shares of stock of the Company or the
corporation resulting from such transaction so as not to preclude such
transaction from so qualifying. Such shares shall have an initial value equal to
the cash amount otherwise payable to the Executive hereunder. For purposes of
this Section 5.4, in the event Executive's employment terminate under
circumstances described in the second sentence of Section 6.1, the determination
of the number of Outstanding Performance Shares which had not expired
immediately prior to the Change in Control shall, instead, be determined as of
the date which is immediately prior to the date of occurrence of the Potential
Change in Control. The provisions of this Section 5.4 shall not affect in any
manner the determination of amounts payable to the Executive under the
Performance Share Plan (or any predecessor thereto).

         6. SEVERANCE PAYMENTS

         6.1 If (i) the Executive's employment is terminated following a Change
in Control and during the Term, other than (A) by the Company for Cause, (B) by
reason of death, Disability or Retirement, or (C) by the Executive without Good
Reason, then the Company shall pay the Executive the amounts, and provide the
Executive the benefits, described in this Section 6.1 ("Severance Payments") and
Section 6.4, in addition to any payments and benefits to which the Executive is
entitled under Section 5 hereof. For purposes of this Agreement, the

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Executive's employment shall be deemed to have been terminated following a
Change in Control by the Company without Cause or by the Executive with Good
Reason, if, during the Term, (i) the Executive's employment is terminated by the
Company without Cause after the occurrence of a Potential Change in Control and
prior to a Change in Control (whether or not a Change in Control ever occurs)
and such termination was at the request or direction of a Person who has entered
into an agreement with the Company the consummation of which would constitute a
Change in Control or (ii) the Executive terminates his employment for Good
Reason after the occurrence of a Potential Change in Control and prior to a
Change in Control (whether or not a Change in Control ever occurs) and the
circumstance or event which constitutes Good Reason occurs at the request or
direction of such Person.

                  (1) In lieu of any further salary payments to the Executive
for periods subsequent to the Date of Termination and in lieu of any severance
benefit otherwise payable to the Executive, the Company shall pay to the
Executive a lump sum severance payment, in cash, equal to [1][2][3] (or, if
less, the number of full and partial years between the Date of Termination and
the Executive's scheduled date of Retirement) times the sum of (i) the
Executive's base salary as in effect immediately prior to the Date of
Termination (without giving effect to any reduction in base salary, which
reduction constitutes an event of Good Reason) or, if higher, the highest base
salary rate in effect with respect to the Executive at any time during the
calendar year immediately preceding the Change in Control (the applicable amount
being referred to herein as the "Base Salary"), and (ii) the Executive's target
annual incentive compensation amount under the Company's Annual Incentive
Compensation Plan or any successor thereto (the "Incentive Compensation Plan")
for the fiscal year in which occurs the Date of Termination (without giving
effect to any reduction in targeted annual incentive compensation caused by an
adverse change in the Executive's Incentive Compensation Plan participation,
which adverse change constitutes an event of Good Reason) or, if higher, for the
fiscal year in which occurs the Change in Control. For this purpose, the
targeted annual incentive compensation amount shall be deemed to be [ ] percent
[( )] of Base Salary, or such greater percentage thereof as may be applicable to
the Executive at targeted levels, under the Incentive Compensation Plan.

                  (2) For the [ ] month period immediately following the Date of
Termination (or, if less, the number of months between the Date of Termination
and the Executive's scheduled date of Retirement) (the "Continuation Period"),
the Company shall arrange to provide the Executive (and, if applicable, his
dependents) with benefits substantially similar to those provided to the
Executive (and, if applicable, his dependents) under the Benefit Plans
immediately prior to the Date of Termination (without giving effect to any
reduction in benefits, which reduction constitutes an event of Good Reason) or,
if more favorable to the Executive, those provided to the Executive (and, if
applicable, his dependents) under the Benefit Plans immediately prior to the
Change in Control, at no greater cost to the Executive than the cost to the
Executive immediately prior to such date. For purposes of determining
Executive's rights under any such Benefit Plans applicable to retired employees,
the Executive shall be treated as having remained in employment through the
Continuation Period.

                  (3) The Company shall pay to the Executive a lump sum amount,
in cash, equal to the pro rata portion of the Executive's annual incentive
compensation for the calendar

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year in which the Date of Termination occurs, such amount to be determined by
multiplying the Executive's annual incentive compensation amount (determined
pursuant to Section 6.1(1)(ii) above) by a fraction, the numerator of which is
the number of days in such calendar year which had elapsed as of the Date of
Termination and the denominator of which is 365; PROVIDED, HOWEVER, that this
Section 6.1(3) shall have effect only if the Date of Termination occurs in a
calendar year following the calendar year in which occurs a Change in Control.

                  (4) In addition to the retirement benefits to which the
Executive is entitled under the Pension Plans or any successor plans thereto,
the Company shall pay the Executive a lump sum amount, in cash, equal to the
present value as of the Date of Termination (calculated at a discount rate equal
to the discount rate used at the Date of Termination (or, if more favorable to
the Executive, immediately prior to the Change in Control) for computing the
present value of commuted payments under the Qualified Plan) of (a) the lump sum
value (determined as of the Executive's Normal Retirement Age, using the same
methods and assumptions used at the Date of Termination (or, if more favorable
to the Executive, immediately prior to the Change in Control) for purposes of
the Qualified Plan) of the retirement pension to which the Executive would have
been entitled under the terms of the Pension Plans (as in effect on the Date of
Termination) as if the Executive's employment had continued through the
Continuation Period at Base Salary and incentive compensation levels equal to
those set forth in Section 6.1(1) above (and including any other compensation,
if any, which is to be considered under the formulas applicable to such plans),
assuming commencement of payment of the Executive's pension at Normal Retirement
Age, reduced by (b) the lump sum value (determined as of the Executive's Normal
Retirement Age using the methods and assumptions hereinabove specified) of the
retirement pension, if any, to which the Executive will be entitled under the
terms of the Pension Plans (as in effect on the Date of Termination), based upon
termination of the Executive's employment as of the Date of Termination and
assuming commencement of payment of the Executive's pension benefits at
Executive's Normal Retirement Age. The lump sum value to be calculated under
clause (a) of the immediately preceding sentence shall be determined (y) under
the assumption that the Executive is fully vested in his retirement pension
under each Pension Plan and (z) without regard to any termination of or
amendments to any of such plans, which termination or amendments are adopted on
or after the date of a Change in Control, to the extent any such termination or
amendments adversely affect in any manner the computation of benefits thereunder
or are otherwise adverse to the Executive.

                  (5) The Company shall provide the Executive, at the Company's
sole cost and expense, with the services of an outplacement firm mutually agreed
upon between the Company and the Executive and suitable to the Executive's
position until the first acceptance by the Executive of an offer of employment.

                  (6) The Company shall continue to maintain officers'
indemnification insurance for the Executive for a period of not less than four
(4) years following the Date of Termination, the terms and conditions of which
shall be no less favorable than the terms and conditions of the officers'
indemnification insurance maintained by the Company for the Executive
immediately prior to the date on which the Change in Control occurs.

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         6.2 If the Executive's employment is terminated following a Change in
Control and during the Term by reason of Disability, the Company shall pay to
the Executive, in addition to any payments and benefits to which the Executive
is entitled under Section 5 hereof, (A) a cash lump sum, the amount of which
shall be determined under Section 6.1(3) hereof, (B) for the [12][24][36] month
period immediately following the Date of Termination, on a monthly basis, an
aggregate amount in cash equal to the excess (but not less than zero) of (i)
[one twelfth][one twenty-fourth][one thirty-sixth] ([ ]) of the aggregate amount
determined under Section 6.1(1) hereof over (ii) the aggregate amount received
by the Executive during such month under the Company's long-term disability
plans and (C) the continuation of benefits under the Benefit Plans for the
Executive (and, if applicable, his dependents), as determined under Section
6.1(2) hereof.

         6.3 If the Executive's employment is terminated following a Change in
Control and during the Term by reason of his death, the Company shall pay to the
Executive's legal representatives or estate, or as may be directed by the legal
representatives of his estate, as the case may be, in addition to any payments
and benefits to which the Executive is entitled under Section 5 hereof, a cash
lump sum equal to the amounts determined under Sections 6.1(1) and (3) above.

         6.4 Whether or not the Executive becomes entitled to the Severance
Payments, if any payment or benefit received or to be received by the Executive
in connection with a Change in Control or the termination of the Executive's
employment (whether pursuant to the terms of this Agreement or any other plan,
arrangement or agreement with the Company, any Person whose actions result in a
Change in Control or any Person affiliated with the Company or such Person) (all
such payments and benefits, including the Severance Payments, being hereinafter
called "Total Payments") will be subject (in whole or part) to the Excise Tax,
then the Company shall pay to the Executive an additional amount (the "Gross-Up
Payment") such that the net amount retained by the Executive, after deduction of
any Excise Tax on the Total Payments and any federal, state and local income and
employment taxes and Excise Tax upon the Gross-Up Payment, shall be equal to the
Total Payments. For purposes of determining the amount of the Gross-Up Payment,
the Executive shall be deemed to pay federal income taxes at the highest
marginal rate of federal income taxation in the calendar year in which the
Gross-Up Payment is to be made and state and local income taxes at the highest
marginal rate of taxation in the state and locality of the Executive's residence
on the Date of Termination (or if there is no Date of Termination, then the date
on which the Gross-up Payment is calculated for purposes of this Section 6.4),
net of the maximum reduction in federal income tax which could be obtained from
deduction of such state and local taxes.

                  (1) For purposes of determining whether any of the Total
Payments will be subject to the Excise Tax and the amount of such Excise Tax,
(i) all of the Total Payments shall be treated as "parachute payments" within
the meaning of section 280G(b)(2) of the Code, unless in the opinion of a
nationally recognized legal or accounting firm selected by the Executive ("Tax
Counsel"), such other payments or benefits (in whole or in part) do not
constitute parachute payments, including by reason of section 280G(b)(4)(A) of
the Code, (ii) all "excess parachute payments" within the meaning of section
280G(b)(l) of the Code shall be treated as subject to the Excise Tax unless, in
the opinion of Tax Counsel, such excess parachute payments

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(in whole or in part) represent reasonable compensation for services actually
rendered, within the meaning of section 280G(b)(4)(B) of the Code, in excess of
the Base Amount allocable to such reasonable compensation, or are otherwise not
subject to the Excise Tax, and (iii) the value of any noncash benefits or any
deferred payment or benefit shall be determined by the accounting firm which
was, immediately prior to the Change in Control, the Company's independent
auditor (the "Auditor") in accordance with the principles of sections 280G(d)(3)
and (4) of the Code. The Executive agrees to direct Tax Counsel to submit its
determination and detailed supporting calculations to both the Executive and the
Company as promptly as practicable. If Tax Counsel determines that any Excise
Tax is payable by the Executive and that a Gross-Up Payment is required, the
Company shall pay the Executive the required Gross-Up Payment within five (5)
business days after receipt of such determination and calculations. If Tax
Counsel determines that no Excise Tax is payable by the Executive, it shall, at
the same time as it makes such determination, furnish the Executive with an
opinion that the Executive has substantial authority not to report any Excise
Tax on the Executive's federal income tax return. Any determination by Tax
Counsel as to the amount of the Gross-Up Payment shall be binding upon the
Executive and the Company.

                  (2) As a result of the uncertainty in the application of
Section 4999 of the Code (or any successor provision thereto) at the time of the
initial determination by Tax Counsel hereunder, it is possible that Gross-Up
Payments which will not have been made by the Company should have been made (an
"Underpayment"). In the event that the Company exhausts its remedies pursuant to
paragraph (5) below and the Executive thereafter is required to make a payment
of any Excise Tax, the Executive may direct Tax Counsel to determine the amount
of the Underpayment (if any) that has occurred and to submit its determination
and detailed supporting calculations to both the Executive and the Company as
promptly as possible. Any such Underpayment (plus any interest and penalties
attributable thereto) shall be paid by the Company to the Executive, or for the
Executive's benefit, within five (5) business days after receipt of such
determination and calculations. In the event that (i) amounts are paid to the
Executive pursuant to subsection (A) of this Section 6.4 and (ii) the Excise Tax
is finally determined to be less than the amount taken into account hereunder in
calculating the Gross-Up Payment, the Executive shall repay to the Company,
within five (5) business days following the time that the amount of such
reduction in Excise Tax is finally determined, the portion of the Gross-Up
Payment attributable to such reduction (plus that portion of the Gross-Up
Payment attributable to the Excise Tax and federal, state and local income and
employment taxes imposed on the Gross-Up Payment being repaid by the Executive),
to the extent that such repayment results in a dollar-for-dollar reduction in
the Executive's taxable income and wages for purposes of federal, state and
local income and employment taxes, plus interest on the amount of such repayment
at the rate provided in section 1274(b)(2)(B) of the Code.

                  (3) The Executive and the Company shall each provide Tax
Counsel access to and copies of any books, records and documents in the
possession of the Company or the Executive, as the case may be, reasonably
requested by Tax Counsel, and otherwise cooperate with Tax Counsel in connection
with the preparation and issuance of the determination contemplated by
paragraphs (1) and (2) above.

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                  (4) The fees and expense of Tax Counsel for its services in
connection with the determinations and calculations contemplated by this Section
6.4 shall be borne by the Company. If such fees and expenses are initially paid
by the Executive, the Company shall reimburse the Executive the full amount of
such fees and expenses within ten business days after receipt from the Executive
of a statement therefor and reasonable evidence of the Executive's payment
thereof.

                  (5) The Executive agrees to notify the Company in writing of
any claim by the Internal Revenue Service that, if successful, would require the
payment by the Company of a Gross-Up Payment. Such notification shall be given
as promptly as practicable but no later than ten (10) business days after the
Executive actually receives notice of such claim. The Executive agrees to
further apprise the Company of the nature of such claim and the date on which
such claim is requested to be paid (in each case, to the extent known by the
Executive). The Executive agrees not to pay such claim prior to the earlier of
(a) the expiration of the 30-calendar-day period following the date on which the
Executive gives such notice to the Company and (b) the date that any payment
with respect to such claim is due. If the Company notifies the Executive in
writing at least five business days prior to the expiration of such period that
it desires to contest such claim, the Executive agrees to:

                  (a) provide the Company with any written records or documents
         in the Executive's possession relating to such claim reasonably
         requested by the Company;

                  (b) take such action in connection with contesting such claim
         as the Company shall reasonably request in writing from time to time,
         including without limitation accepting legal representation with
         respect to such claim by an attorney competent in respect of the
         subject matter and reasonably selected by the Company;

                  (c) cooperate with the Company in good faith in order
         effectively to contest such claim; and

                  (d) permit the Company to participate in any proceedings
         relating to such claim;

PROVIDED, HOWEVER, that the Company shall bear and pay directly all costs and
expenses (including interest and penalties) incurred in connection with such
contest and shall indemnify and hold the Executive harmless, on an after-tax
basis, from and against any Excise Tax or income tax, including interest and
penalties with respect thereto, imposed as a result of such representation and
payment of costs and expenses. Without limiting the foregoing provisions of this
paragraph (5), the Company shall control all proceedings taken in connection
with the contest of any claim contemplated by this paragraph (5) and, at its
sole option, may pursue or forego any and all administrative appeals,
proceedings, hearings and conferences with the taxing authority in respect of
such claim (PROVIDED, HOWEVER, that the Executive may participate therein at the
Executive's own cost and expense) and may, at its option, either direct the
Executive to pay the tax claimed and sue for a refund or contest the claim in
any permissible manner, and the Executive agrees to prosecute such contest to a
determination before any administrative tribunal, in a court of initial
jurisdiction and in one or more appellate courts, as the Company shall

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determine; PROVIDED, HOWEVER, that if the Company directs the Executive to pay
the tax claimed and sue for a refund, the Company shall advance the amount of
such payment to the Executive on an interest-free basis and shall indemnify and
hold the Executive harmless, on an after-tax basis, from any Excise Tax or
income tax, including interest or penalties with respect thereto, imposed with
respect to such advance; and PROVIDED FURTHER, HOWEVER, that any extension of
the statute of limitations relating to payment of taxes for the Executive's
taxable year with respect to which the contested amount is claimed to be due is
limited solely to such contested amount. Furthermore, the Company's control of
any such contested claim shall be limited to issues with respect to which a
Gross-Up Payment would be payable hereunder and the Executive shall be entitled
to settle or contest, as the case may be, any other issue raised by the Internal
Revenue Service or any other taxing authority.

                  (6) If, after the receipt by the Executive of an amount
advanced by the Company pursuant to paragraph (5) above, the Executive receives
any refund with respect to such claim, the Executive agrees (subject to the
Company's complying with the requirements of paragraph (5) above) to promptly
pay to the Company the amount of such refund (together with any interest paid or
credited thereon after any taxes applicable thereto). If, after the Executive's
receipt of an amount advanced by the Company pursuant to paragraph (5) above, a
determination is made that the Executive is not entitled to any refund with
respect to such claim and the Company does not notify the Executive in writing
of its intent to contest such denial of refund prior to the expiration of thirty
(30) calendar days after such determination, then such advance shall be forgiven
and shall not be required to be repaid and the amount of such advance shall
offset, to the extent thereof, the amount of Gross-Up Payment required to be
paid pursuant to this Section 6.4.

         6.5 The payments provided in subsections (1), (3) and (4) of Section
6.1 hereof shall be made not later than the fifth day following the Date of
Termination.

         6.6 The Company also shall pay to the Executive all legal fees and
expenses incurred by the Executive in disputing in good faith any issue
hereunder relating to the termination of the Executive's employment, in seeking
in good faith to obtain or enforce any benefit or right provided by this
Agreement or, except as otherwise provided in Section 6.4 hereof, in connection
with any tax audit or proceeding to the extent attributable to the application
of section 4999 of the Code to any payment or benefit provided hereunder. Such
payments shall be made within five (5) business days after delivery of the
Executive's written requests for payment accompanied with such evidence of fees
and expenses incurred as the Company reasonably may require.

         7. SECURITY. To secure payment of the benefits provided for in this
Agreement, the Company agrees forthwith to establish an irrevocable escrow
account (the "Escrow Account") at National City Bank (the "Escrow Agent"),
Cleveland, Ohio, or, in the event that National City Bank shall resign, any
other financial institution satisfactory to the Company and the Executive (or
the Executive's executor or other personal representative) or appointed by a
court of competent jurisdiction and to keep on deposit in the Escrow Account
such amount, if any, as shall at all times be at least equal to the required
security hereinafter provided for. The maximum amount of required security to be
kept on deposit at any time shall be (A) an amount

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equal to [eighteen (18)][twelve (12)][six (6)] times the Executive's base salary
in effect from time to time (the "Maximum Amount") or (B) if there has been
determination with the Executive's written consent or by a final arbitral award
rendered in accordance with this Agreement that a specific lesser amount fully
secures the Company's obligations under this Agreement, then such specific
lesser amount or, in the case that the Company has fully performed its
obligations under this Agreement, nothing. Subject to the provisions hereof, the
Maximum Amount of required security shall be kept on deposit at all times after
(i) the expiration of five days following the occurrence of a Potential Change
in Control or (ii) a Change in Control, whichever occurs earlier.

         Until the Maximum Amount of required security is required to be kept on
deposit, the Company shall only be obliged to maintain on deposit in the Escrow
Account an amount (the "Required Security") at least equal to sixty percent
(60%) of the Maximum Amount of required security; PROVIDED, HOWEVER, that if a
Potential Change in Control shall occur prior to a Change in Control and if a
Change in Control does not occur within twelve months after the most recent
occurrence of a Potential Change in Control, the Escrow Agent shall be entitled,
upon receipt of a written request by the Company, to return to the Company any
amounts in excess of the Required Security (or reduce the amount of any letter
of credit to an amount equal to the Required Security). Except as provided in
the immediately preceding sentence and in the penultimate paragraph of this
Section 7, amounts deposited in the Escrow Account shall be paid out by the
Escrow Agent only to the Executive, in such amounts as the Executive shall
certify to the Escrow Agent as amounts that the Company is in default in paying
the Executive under this Agreement, or to the Company, to the extent that the
amount on deposit exceeds the maximum amount of required security as specified
in joint written instructions from the Executive and the Company to the Escrow
Agent or in a final arbitral award rendered in accordance with this Agreement.
Prior to the occurrence of a Change in Control, unless the Executive becomes
entitled to receive severance payments and benefits in accordance with the terms
of the second sentence of Section 6.1 hereof, the Executive shall have no right
to receive, and shall have no right to have any access to, any portion of the
assets held in the Escrow Account.

         The Company shall have the right, at any time and from time to time, to
instruct the Escrow Agent to invest all or any part of the funds in the Escrow
Account in time deposits or certificates of deposit with, or repurchase or other
obligations of, National City Bank, in its individual corporate capacity, or any
of its domestic or foreign branches, or any other "bank" (as determined by the
Company), or obligations issued or guaranteed by the United States or any of its
agencies or instrumentalities, provided that no such investment shall be for a
period in excess of ninety (90) days. The Escrow Agent shall have no liability
whatsoever for following the instructions of the Company regarding any such
investment, or for any loss in value of the Escrow Account as a consequence of
any such investment or the liquidation thereof.

         The Company may meet its obligation to keep amounts on deposit in the
Escrow Account through (a) deposits of assets; (b) one or more letters of credit
deposited in escrow; or (c) any combination of the foregoing. The Company shall
have the right, at any time and from time to time, to substitute one form of
permitted deposit in the Escrow Account for another form of permitted deposit in
the Escrow Account.

                                      -10-
<PAGE>   11

         Intending that the Escrow Agent and its successors and assigns shall
have the right to rely hereon, the Executive consents to the agreement
pertaining to the Escrow Account to be maintained pursuant to this Section 7
(the "Escrow Agreement") substantially in the form attached hereto as Exhibit A,
and consents to the amendment and restatement, pursuant to the Escrow Agreement,
of all prior escrow agreements which have been made between the Company and
National City Bank (in any capacity) and of which the Executive is a
beneficiary. The Executive further consents to amendments, modifications,
restatements and clarifications of the Escrow Agreement from time to time, so
long as, after giving effect to each such amendment, modification, restatement
or clarification, the then aggregate amount (whether in the form of cash,
investments which the Company has instructed the Escrow Agent to make as
hereinbefore provided (the amount of which shall be determined, in each case, at
the time of the investment), amounts available to be drawn by the Escrow Agent
under one or more letters of credit, or any combination of the foregoing)
credited to the Escrow Account by the Escrow Agent would not be less than the
required security provided for in this Section 7. The Escrow Agent and its
successors and assigns shall have the right to rely upon such consent of the
Executive.

         7A.  RESTRICTIVE COVENANTS OF EXECUTIVE.

         7A.1 RESTRICTIONS ON COMPETITION. Whether or not a Change in Control
shall have occurred, the Executive shall be subject to the restrictive covenants
set forth in this Section 7A.1; PROVIDED, HOWEVER, that such restrictions shall
cease to apply and shall be of no further force and effect from and after any
termination of Executive's employment for which he is entitled to receive
Severance Payments under Section 6.1 hereof.

         (a) The Executive shall not, at any time during the Restricted Period
(as defined below), accept employment with, own an interest in, form a
partnership or joint venture with, consult with or otherwise assist any person
or enterprise that manufactures or sells products ("Competitive Products")
similar to, or competitive with, the products manufactured or sold by the
Company on the Date of Termination.

         (b) The "Restricted Period" means:

             (i) Twenty-four (24) months after the Date of Termination; and

             (ii) An additional twelve (12) months thereafter (the "Additional
                  Period") if:

                           (1) the Company has not terminated the Executive's
                  employment because of Disability;

                           (2) the Company elects to impose the Additional
                  Period by providing to the Executive written notice of such
                  election not later than two (2) months after the termination
                  of the Executive's employment; and

                           (3) the Company pays the Executive, in twelve (12)
                  monthly installments during the Additional Period, an
                  aggregate

                                      -11-
<PAGE>   12

                  amount equal to the Executive's Base Salary for the calendar
                  year in which the Executive's employment terminated; and

                           (4) in addition to the time period(s) set forth in
                  (i) and, if applicable, (ii) above, the remaining period of
                  time, if any, until the Executive is 60 years old if:

                                    (A) this Agreement has terminated by reason
                           of the Executive's retirement before the Normal
                           Retirement Age;

                                    (B) the Executive is an officer of the
                           Company; and

                                    (C) the Executive has elected to receive his
                           or her early retirement benefit on the basis of the
                           increased "Post-1995 Factors" set forth in Section 4
                           of the Company's Excess Benefits Plan, as such
                           provision may be amended from time to time.

         (c) Section 7A.1(a) above will not apply if the relevant person or
enterprise acquires a business or product line that manufactures or sells
Competitive Products after the commencement of the Executive's employment or
other relationship with such person or enterprise and the Executive does not
participate in any way in the business of the Competitive Products for
twenty-four months after the termination of the Executive's employment and, at
the request of the Company, the Executive and the relevant person or enterprise
certify to the Company in writing that the Executive has and will comply with
the restrictions of this Section 7A.1.

         7A.2 NON-DISPARAGEMENT. The Executive agrees that during his employment
and at all times thereafter, he will not, unless compelled by a court or
governmental agency, make, or cause to be made, any statement, observation or
opinion, or communicate any information (whether oral or written) regarding the
Company, or its Affiliates, together with their respective directors, partners,
officers or employees (such entities, collectively, the "Ferro Related
Persons"), which disparages the reputation or business of the Company or the
Ferro Related Persons; PROVIDED, HOWEVER, that such restriction shall not apply
to statements, observations, opinions or communications made in good faith in
the fulfillment of the Executive's duties with the Company and PROVIDED FURTHER
that such restriction shall cease to apply and shall be of no further force and
effect from and after the occurrence of a Change in Control.

         7A.3 Nothing in this Section 7A eliminates or affects any right to
payments or benefits that the Executive otherwise has under other provisions of
this Agreement and nothing in this Section 7A gives the Executive the right to
any payment or benefit under other provisions of this Agreement that he does not
otherwise have.

                                      -12-
<PAGE>   13

         8.  TERMINATION PROCEDURES AND COMPENSATION DURING DISPUTE.

         8.1 NOTICE OF TERMINATION. After a Change in Control and during the
Term, any purported termination of the Executive's employment (other than by
reason of death) shall be communicated by written Notice of Termination from one
party hereto to the other party hereto in accordance with Section 11 hereof. For
purposes of this Agreement, a "Notice of Termination" shall mean a notice which
shall indicate the specific termination provision in this Agreement relied upon
and shall set forth in reasonable detail the facts and circumstances claimed to
provide a basis for termination of the Executive's employment under the
provision so indicated. Further, a Notice of Termination for Cause is required
to include a copy of a resolution duly adopted by the affirmative vote of not
less than three-quarters (3/4) of the entire membership of the Board at a
meeting of the Board which was called and held for the purpose of considering
such termination (after reasonable notice to the Executive and an opportunity
for the Executive, together with the Executive's counsel, to be heard before the
Board) finding that, in the good faith opinion of the Board, the Executive was
guilty of conduct set forth in clause (i) or (ii) of the definition of Cause
herein, and specifying the particulars thereof in detail.

         8.2 DATE OF TERMINATION. "Date of Termination," with respect to any
purported termination of the Executive's employment after a Change in Control
and during the Term, shall mean (i) if the Executive's employment is terminated
for Disability, thirty (30) days after Notice of Termination is given (provided
that the Executive shall not have returned to the full-time performance of the
Executive's duties during such thirty (30) day period), and (ii) if the
Executive's employment is terminated for any other reason, the date specified in
the Notice of Termination (which, in the case of a termination by the Company,
shall not be less than thirty (30) days (except in the case of a termination for
Cause) and, in the case of a termination by the Executive, shall not be less
than fifteen (15) days nor more than sixty (60) days, respectively, from the
date such Notice of Termination is given).

         8.3 DISPUTE CONCERNING TERMINATION. If within fifteen (15) days after
any Notice of Termination is given, or, if later, prior to the Date of
Termination (as determined without regard to this Section 8.3), the party
receiving such Notice of Termination notifies the other party that a dispute
exists concerning the termination, the Date of Termination shall be extended
until the earlier of (i) the date on which the Term ends or (ii) the date on
which the dispute is finally resolved, either by mutual written agreement of the
parties or by a final judgment, order or decree of an arbitrator or a court of
competent jurisdiction (which is not appealable or with respect to which the
time for appeal therefrom has expired and no appeal has been perfected);
PROVIDED, HOWEVER, that the Date of Termination shall be extended by a notice of
dispute given by the Executive only if such notice is given in good faith and
the Executive pursues the resolution of such dispute with reasonable diligence.

         8.4 COMPENSATION DURING DISPUTE. If a purported termination occurs
following a Change in Control and during the Term and the Date of Termination is
extended in accordance with Section 8.3 hereof, the Company shall continue to
pay the Executive the full compensation in effect when the notice giving rise to
the dispute was given (including, but not limited to, salary) and continue the
Executive as a participant in all compensation, benefit and insurance plans in
which the Executive was participating when the notice giving rise to the dispute

                                      -13-
<PAGE>   14

was given, until the Date of Termination, as determined in accordance with
Section 8.3 hereof. Amounts paid under this Section 8.4 are in addition to
all other amounts due under this Agreement (other than those due under
Section 5.2 hereof) and shall not be offset against or reduce any other amounts
due under this Agreement.

         9.   NO MITIGATION. The Company agrees that, if the Executive's
employment with the Company terminates during the Term, the Executive is not
required to seek other employment or to attempt in any way to reduce any amounts
payable to the Executive by the Company pursuant to Section 6 hereof or Section
8.4 hereof. Further, the amount of any payment or benefit provided for in this
Agreement shall not be reduced by any compensation earned by the Executive as
the result of employment by another employer, by retirement benefits, by offset
against any amount claimed to be owed by the Executive to the Company, or
otherwise.

         10.  SUCCESSORS; BINDING AGREEMENT.

         10.1 In addition to any obligations imposed by law upon any successor
to the Company, the Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to expressly
assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession
had taken place. Failure of the Company to obtain such assumption and agreement
prior to the effectiveness of any such succession shall be a breach of this
Agreement and shall entitle the Executive to compensation from the Company in
the same amount and on the same terms as the Executive would be entitled to
hereunder if the Executive were to terminate the Executive's employment for Good
Reason after a Change in Control, except that, for purposes of implementing the
foregoing, the date on which any such succession becomes effective shall be
deemed the Date of Termination.

         10.2 This Agreement shall inure to the benefit of and be enforceable by
the Executive's personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees. If the Executive shall
die while any amount would still be payable to the Executive hereunder (other
than amounts which, by their terms, terminate upon the death of the Executive)
if the Executive had continued to live, all such amounts, unless otherwise
provided herein, shall be paid in accordance with the terms of this Agreement to
the executors, personal representatives or administrators of the Executive's
estate.

         11.  NOTICES. For the purpose of this Agreement, notices and all other
communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given when delivered or mailed by United States
registered mail, return receipt requested, postage prepaid, addressed, if to the
Executive, to the address inserted below the Executive's signature on the final
page hereof and, if to the Company, to the address set forth below, or to such
other address as either party may have furnished to the other in writing in
accordance herewith, except that notice of change of address shall be effective
only upon actual receipt:

                                      -14-
<PAGE>   15

                           To the Company:

                           Ferro Corporation
                           1000 Lakeside Avenue
                           Cleveland, Ohio  44114
                           Attention:  Chief Executive Officer

         12.  MISCELLANEOUS. No provision of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to
in writing and signed by the Executive and such officer as may be specifically
designated by the Board. No waiver by either party hereto at any time of any
breach by the other party hereto of, or of any lack of compliance with, any
condition or provision of this Agreement to be performed by such other party
shall be deemed a waiver of similar or dissimilar provisions or conditions at
the same or at any prior or subsequent time. This Agreement supersedes any other
agreements or representations, oral or otherwise, express or implied, with
respect to the subject matter hereof which have been made by either party. The
validity, interpretation, construction and performance of this Agreement shall
be governed by the laws of the State of Ohio. All references to sections of the
Exchange Act or the Code shall be deemed also to refer to any successor
provisions to such sections. Any payments provided for hereunder shall be
reduced to the extent necessary so that the Company may satisfy any applicable
withholding required under federal, state or local law and any additional
withholding to which the Executive has agreed. The obligations of the Company
and the Executive under this Agreement which by their nature may require either
partial or total performance after the expiration of the Term (including,
without limitation, those under Section 6 hereof) shall survive such expiration.

         13.  [Intentionally left blank.]

         14.  VALIDITY. The invalidity or unenforceability of any provision of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.

         15.  COUNTERPARTS. This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

         16.  SETTLEMENT OF DISPUTES; ARBITRATION.

         16.1 Any further dispute or controversy arising under or in connection
with this Agreement shall be settled exclusively by arbitration in Cleveland,
Ohio, in accordance with the rules of the American Arbitration Association then
in effect; PROVIDED, HOWEVER, that all arbitration expenses shall be borne by
the Company and the evidentiary standards set forth in this Agreement shall
apply. Judgment may be entered on the arbitrator's award in any court having
jurisdiction. Notwithstanding any provision of this Agreement to the contrary,
the Executive shall be entitled to seek specific performance of the Executive's
right to be paid until the Date of Termination during the pendency of any
dispute or controversy arising under or in connection with this Agreement.

                                      -15-
<PAGE>   16

         16.2 Notwithstanding the provisions of Section 16.1 above, the Company
shall be entitled, in addition to any other remedy or remedies available to the
Company at law or in equity, to injunctive relief, without the necessity of
proving the inadequacy of monetary damages or the posting of any bond or
security, enjoining or restraining Executive from any violation of threatened
violation of the covenants contained in Section 7A hereof.

         Moreover, in the event that the Executive breaches Section 7A.2 of this
Agreement, the Executive shall pay to the Company an amount in cash equal to
fifty percent (50%) of the value of (i) if the Executive is employed by the
Company at the time of such violation, the aggregate severance payments and
benefits that would have been paid to the Executive had his employment been
terminated on the date on which the Executive violated such Section 7A.2 under
circumstances entitling the Executive to the severance payments and benefits
provided under Section 6.1 hereof, (ii) if, prior to the date on which the
Executive violates such Section 7A.2, the Executive's employment with the
Company shall have been terminated under circumstances that do not entitle the
Executive to the severance payments and benefits provided under Section 6.1
hereof, the aggregate severance payments and benefits that would have been paid
to the Executive had his employment been terminated under circumstances
entitling him to severance payments and benefits under Section 6.1 hereof,
calculated as of the effective date of his actual termination of employment or
(ii) if the Executive's employment with the Company shall have been terminated
prior to the date on which he violates such Section 7A.2 under circumstances
entitling him to severance payments and benefits under Section 6.1 hereto, the
aggregate severance payments and benefits he is entitled to receive thereunder.

         The provisions of this Section 16.2 shall not constitute a waiver by
the Company of any rights to damages or other remedies which it may have
pursuant to this Agreement or otherwise. Executive further acknowledges and
agrees that due to the uniqueness of Executive's services and confidential
nature of the information Executive will possess the covenants set forth herein
are reasonable and necessary for the protection of the business and good will of
the Companies.

         17. DEFINITIONS. For purposes of this Agreement, the following terms
shall have the meanings indicated below:

               (a) "Affiliate" shall have the meaning set forth in Rule 12b-2
         promulgated under Section 12 of the Exchange Act.

               (b) "Auditor" shall have the meaning set forth in Section 6.4
         hereof.

               (c) "Base Amount" shall have the meaning set forth in section
         280G(b)(3) of the Code.

               (d) "Beneficial Owner" shall have the meaning set forth in Rule
         13d-3 under the Exchange Act.

               (e) "Benefit Plan" shall mean each perquisite, benefit or
         compensation plan (in addition to the Incentive Compensation Plan),
         including the Pension Plans, dental

                                      -16-
<PAGE>   17

          plan, life insurance plan, health and accident plan or disability plan
          of the Company (but excluding the Company's stock option plan and
          Performance Share Plan, participation in which shall be at the sole
          discretion of the Board or any applicable committee thereof).

               (f) "Board" shall mean the Board of Directors of the Company.

               (g) The Company shall have "Cause" for termination of the
          Executive's employment only (i) if such termination shall have been
          the result of an act or acts by the Executive which have been found in
          an applicable court to constitute a felony; or (ii) if such
          termination shall have been the result of an act or acts of dishonesty
          by the Executive resulting or intended to result directly or
          indirectly in significant gain or personal enrichment to the Executive
          at the expense of the Company; or (iii) upon the willful and continued
          failure by the Executive substantially to perform his duties with the
          Company (other than any such failure resulting from incapacity due to
          mental or physical illness) after a demand in writing for substantial
          performance is delivered by the Board, which demand specifically
          identifies the manner in which the Board believes that the Executive
          has not substantially performed his duties, and such failure results
          in demonstrably material injury to the Company. The Executive's
          employment shall in no event be considered to have been terminated by
          the Company for Cause if such termination took place as the result of
          (x) bad judgment or negligence, or (b) any act or omission believed in
          good faith to have been in or not opposed to the interest of the
          Company. The Executive shall not be deemed to have been terminated for
          Cause unless and until there shall have been delivered to him a copy
          of a resolution duly adopted by the affirmative vote of not less than
          three-quarters of the entire membership of the Board at a meeting of
          the Board (after reasonable notice to the Executive and an opportunity
          for him, together with his counsel, to be heard before the Board),
          finding that in the good faith opinion of the Board the Executive was
          guilty of conduct set forth above in clauses (i), (ii) or (iii) and
          specifying the particulars thereof in detail. Further, in the event of
          a dispute concerning the application of this provision, no claim by
          the Company that Cause exists shall be given effect unless the Company
          establishes to the Board by clear and convincing evidence that Cause
          exists.

               (h) A "Change in Control" shall be deemed to have occurred if the
          event set forth in any one of the following paragraphs shall have
          occurred:

                    (i) any Person is or becomes the Beneficial Owner, directly
               or indirectly, of securities of the Company representing 25% or
               more of the combined voting power of the Company's then
               outstanding securities; or

                    (ii) during any period of two consecutive years, the
               following individuals cease for any reason to constitute a
               majority of the number of directors then serving: individuals
               who, on the Effective Date, constitute the Board and any new
               director (other than a director designated by a person who has
               entered into an agreement or arrangement with the Company to
               effect a transaction described in clause (i) or (iii) of this
               sentence) whose appointment or election by the Board or
               nomination for

                                      -17-
<PAGE>   18

               election by the Company's shareholders was approved or
               recommended by a vote of at least two-thirds (2/3) of the
               directors then still in office who either were directors on the
               date hereof or whose appointment, election or nomination for
               election was previously so approved or recommended; or

                    (iii) there is consummated a merger or consolidation of the
               Company or any direct or indirect subsidiary of the Company with
               any other corporation, other than a merger or consolidation which
               would result in the holders of the voting securities of the
               Company outstanding immediately prior thereto holding securities
               which represent immediately after such merger or consolidation
               more than fifty percent (50%) of the combined voting power of the
               voting securities of either the Company or the other entity which
               survives such merger or consolidation or the parent of the entity
               which survives such merger or consolidation; or

                    (iv) there is consummated an agreement for the sale or
               disposition by the Company of all or substantially all of the
               Company's assets.

               (i) "Code" shall mean the Internal Revenue Code of 1986, as
          amended from time to time.

               (j) "Company" shall mean Ferro Corporation and, except in
          determining under Section 16(g) hereof whether or not any Change in
          Control of the Company has occurred, shall include any successor to
          its business and/or assets which assumes and agrees to perform this
          Agreement by operation of law, or otherwise.

               (k) "Date of Termination" shall have the meaning set forth in
          Section 8.2 hereof.

               (l) "Disability" shall be deemed the reason for the termination
          by the Company of the Executive's employment, if, as a result of the
          Executive's incapacity due to physical or mental illness, the
          Executive shall have been absent from the full-time performance of the
          Executive's duties with the Company for a period of six (6)
          consecutive months, the Company shall have given the Executive a
          Notice of Termination for Disability, and, within thirty (30) days
          after such Notice of Termination is given, the Executive shall not
          have returned to the full-time performance of the Executive's duties.

               (m) "Exchange Act" shall mean the Securities Exchange Act of
          1934, as amended from time to time.

               (n) "Excise Tax" shall mean any excise tax imposed under Section
          4999 of the Code.

                                      -18-
<PAGE>   19

               (o) "Executive" shall mean the individual named in the first
          paragraph of this Agreement.

               (p) "Good Reason" for termination by the Executive of the
          Executive's employment shall mean the occurrence (without the
          Executive's express written consent) after any Change in Control, or
          prior to a Change in Control under the circumstances described in the
          second sentence of Section 6.1 hereof (treating all references in
          paragraphs (i) through (vii) below to a "Change in Control" as
          references to a "Potential Change in Control"), of any one of the
          following acts by the Company, or failures by the Company to act,
          unless, in the case of any act or failure to act described in
          paragraph (i), (v), (vi) or (vii) below, such act or failure to act is
          corrected prior to the Date of Termination specified in the Notice of
          Termination given in respect thereof:

                    (i) the assignment to the Executive of any duties
               inconsistent with the Executive's status as a senior executive
               officer of the Company, a change in Executive's title or a
               substantial adverse alteration in the nature or status of the
               Executive's responsibilities or reporting relationship, in each
               case from those in effect immediately prior to the Change in
               Control, or the removal of Executive from or failure to re-elect
               Executive to positions held by Executive immediately prior to the
               Change in Control (except in connection with termination of
               Executive's employment for Cause, Disability or Retirement or as
               a result of Executive's death or voluntary termination without
               Good Reason);

                    (ii) a reduction by the Company in the Executive's annual
               base salary as in effect immediately prior to the Change in
               Control or as the same may be increased from time to time;

                    (iii) the relocation of the Executive's principal place of
               employment to a location which increases the Executive's one-way
               commuting distance by more than twenty-five (25) miles over his
               one-way commuting distance immediately prior to the Change in
               Control, except for required travel on the Company's business to
               an extent substantially consistent with the Executive's business
               travel obligations immediately prior to the Change in Control;

                    (iv) the failure by the Company to pay to the Executive any
               portion of the Executive's current compensation, or to pay to the
               Executive any portion of an installment of deferred compensation
               under any deferred compensation program of the Company, within
               seven (7) days of the date such compensation is due;

                    (v) the failure by the Company to continue in effect any
               Benefit Plan in which the Executive participates immediately
               prior to the Change in Control unless an equitable arrangement
               (embodied in an ongoing substitute or alternative plan) has been
               made with respect to such

                                      -19-
<PAGE>   20

               Benefit Plan, or the failure by the Company to continue the
               Executive's participation therein (or in such substitute or
               alternative plan) on a basis not materially less favorable, both
               in terms of the amount or timing of payment of benefits provided
               and the level of the Executive's participation relative to other
               participants, as existed immediately prior to the Change in
               Control; PROVIDED, HOWEVER, that the Company may make
               modifications in such Benefit Plans so long as such modifications
               (a) are generally applicable to all salaried employees of the
               Company and any Person in control of the Company and (b) do not
               discriminate against highly-paid employees of the Company.

                    (vi) the failure by the Company to provide the Executive
               with the number of paid vacation days to which the Executive is
               entitled in accordance with the Company's normal vacation policy
               in effect immediately prior to the Change in Control (or pursuant
               to a special vacation agreement or arrangement then in effect
               with respect to the Executive);

                    (vii) any purported termination of the Executive's
               employment which is not effected pursuant to a Notice of
               Termination satisfying the requirements of Section 8.1 hereof;
               for purposes of this Agreement, no such purported termination
               shall be effective; or

                    (viii) any failure of the Company to obtain assumption of
               this Agreements, as set forth in Section 9.1 hereof;

               PROVIDED, HOWEVER, that a voluntary resignation by the Executive
               at any time during the ninety-day period commencing on the first
               anniversary of the Change in Control shall conclusively
               constitute Good Reason. For purposes of any determination
               regarding the existence of Good Reason, any claim by the
               Executive that Good Reason exists shall be presumed to be correct
               unless the Company establishes to the Board by clear and
               convincing evidence that Good Reason does not exist. The
               Executive's right to terminate the Executive's employment for
               Good Reason shall not be affected by the Executive's incapacity
               due to physical or mental illness. The Executive's continued
               employment shall not constitute consent to, or a waiver of rights
               with respect to, any act or failure to act constituting Good
               Reason hereunder.

                    (q) "Gross-Up Payment" shall have the meaning set forth in
               Section 6.4 hereof.

                    (r) "Normal Retirement Age" shall have the meaning provided
               for in the Qualified Plan.

                    (s) "Notice of Termination" shall have the meaning set forth
               in Section 8.1 hereof.

                                      -20-
<PAGE>   21

                    (t) "Pension Plans" shall mean, collectively, the
               tax-qualified, supplemental and excess benefit pension plan
               maintained by the Company and any other plan or agreement entered
               into between the Executive and the Company which is designed to
               provide the Executive with supplemental retirement benefits.

                    (u) "Person" shall have the meaning given in Section 3(a)(9)
               of the Exchange Act, as modified and used in Sections 13(d) and
               14(d) thereof, except that such term shall not include (i) the
               Company or any of its subsidiaries, (ii) a trustee or other
               fiduciary holding securities under an employee benefit plan of
               the Company or any of its Affiliates, (iii) an underwriter
               temporarily holding securities pursuant to an offering of such
               securities, or (iv) a corporation owned, directly or indirectly,
               by the shareholders of the Company in substantially the same
               proportions as their ownership of stock of the Company.

                    (v) "Potential Change in Control" shall be deemed to have
               occurred if the event set forth in any one of the following
               paragraphs shall have occurred:

                         (i) the Company enters into an agreement, the
                    consummation of which would result in the occurrence of a
                    Change in Control;

                         (ii) the Company or any Person publicly announces an
                    intention to take or to consider taking actions which, if
                    consummated, would constitute a Change in Control;

                         (iii) any Person becomes the Beneficial Owner, directly
                    or indirectly, of securities of the Company representing 20%
                    or more of either the then outstanding shares of common
                    stock of the Company or the combined voting power of the
                    Company's then outstanding securities;

                         (iv) any Person commences a solicitation (as defined in
                    Rule 14a-1 of the General Rules and Regulations under the
                    Exchange Act) of proxies or consents which has the purpose
                    of effecting or would (if successful) result in a Change in
                    Control;

                         (v) a tender or exchange offer for voting securities of
                    the Company, made by a Person, is first published or sent or
                    given (within the meaning of Rule 14d-2(a) of the General
                    Rules and Regulations under the Exchange Act); or

                         (vi) the Board adopts a resolution to the effect that,
                    for purposes of this Agreement, a Potential Change in
                    Control has occurred.

                    (w) "Qualified Plan" shall mean the Ferro Corporation
               Retirement Plan (001).

                                      -21-

<PAGE>   22
                    (x) "Retirement" shall mean the termination of the
               Executive's employment in accordance with the Company's mandatory
               retirement policy as in effect immediately prior to the Change in
               Control.

                    (y) "Severance Payments" shall have the meaning set forth in
               Section 6.1 herezof.

                    (z) "Tax Counsel" shall have the meaning set forth in
               Section 6.4 hereof.

                    (aa) "Term" shall mean the period of time described in
               Section 2 hereof (including any extension, continuation or
               termination described therein).

                    (bb) "Total Payments" shall mean those payments so described
               in Section 6.4 hereof.

                    IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date first written above.

                                             FERRO CORPORATION

                                             By:
                                                -------------------------------
                                                Name:
                                                Title:

                                                -------------------------------
                                                EXECUTIVE

                                                Address:

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

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

                                                -------------------------------
                                                (Please print carefully)

                                      -22-<PAGE>   1
                                  EXHIBIT 10.11

================================================================================

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

                               CHEMED CORPORATION

                            1999 STOCK INCENTIVE PLAN

                                  MAY 17, 1999

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

================================================================================

<PAGE>   2

                               CHEMED CORPORATION
                            1999 STOCK INCENTIVE PLAN

         1. PURPOSES: The purposes of this Plan are (a) to secure for the
Corporation the benefits of incentives inherent in ownership of Capital Stock by
Key Employees, (b) to encourage Key Employees to increase their interest in the
future growth and prosperity of the Corporation and to stimulate and sustain
constructive and imaginative thinking by Key Employees, (c) to further the
identification of interest of those who hold positions of major responsibility
in the Corporation and its Subsidiaries with the interests of the Corporation's
stockholders, (d) to induce the employment or continued employment of Key
Employees and (e) to enable the Corporation to compete with other organizations
offering similar or other incentives in obtaining and retaining the services of
competent executives.

         2. DEFINITIONS: Unless otherwise required by the context, the following
terms when used in this Plan shall have the meanings set forth in this Section
2.

                  BOARD OF DIRECTORS: The Board of Directors of the Corporation.

                  CAPITAL STOCK: The Capital Stock of the Corporation, par value
$l.00 per share, or such other class of shares or other securities as may be
applicable pursuant to the provisions of Section 8.

                  CORPORATION: Chemed Corporation, a Delaware corporation.

                  FAIR MARKET VALUE: As applied to any date, the mean between
the high and low sales prices of a share of Capital Stock on the principal stock
exchange on which the Corporation is listed, or, if it is not so listed, the
mean between the bid and the ask prices of a share of Capital Stock in the
over-the-counter market as reported by the National Association of Securities
Dealers Automated Quotation System on such date or, if no such sales or prices
were made or quoted on such date, on the next preceding date on which there were
sales or quotes of Capital Stock on such exchange or market, as the case may be;
provided, however, that, if the Capital Stock is not so listed or quoted, Fair
Market Value shall be determined in accordance with the method approved by the
Compensation/Incentive Committee, and, provided further, if any of the foregoing
methods of determining Fair Market Value shall not be consistent with the
regulations of the Secretary of the Treasury or his delegate at the time
applicable to a Stock Incentive of the type involved, Fair Market Value in the
case of such Stock Incentive shall be determined in

<PAGE>   3

accordance with such regulations and shall mean the value as so
determined.

                  COMPENSATION/INCENTIVE COMMITTEE: The Compensation/Incentive
Committee designated to administer this Plan pursuant to the provisions of
Section 10.

                  INCENTIVE COMPENSATION: Bonuses, extra and other compensation
payable in addition to a salary or other base amount, whether contingent or
discretionary or required to be paid pursuant to an agreement, resolution or
arrangement, and whether payable currently or on a deferred basis, in cash,
Capital Stock or other property, awarded by the Corporation or a Subsidiary
prior or subsequent to the date of the approval and adoption of this Plan by the
stockholders of the Corporation.

                  KEY EMPLOYEE: An employee of the Corporation or of a
Subsidiary who in the opinion of the Compensation/Incentive Committee can
contribute significantly to the growth and successful operations of the
Corporation or a Subsidiary. The grant of a Stock Incentive to an employee by
the Compensation/Incentive Committee shall be deemed a determination by the
Compensation/Incentive Committee that such employee is a Key Employee. For the
purposes of this Plan, a director or officer of the Corporation or of a
Subsidiary shall be deemed an employee regardless of whether or not such
director or officer is on the payroll of, or otherwise paid for services by, the
Corporation or a Subsidiary.

                  OPTION: An option to purchase shares of Capital Stock.

                  PERFORMANCE UNIT: A unit representing a share of Capital
Stock, subject to a Stock Award, the issuance, transfer or retention of which is
contingent, in whole or in part, upon attainment of a specified performance
objective or objectives, including, without limitation, objectives determined by
reference to or changes in (a) the Fair Market Value, book value or earnings per
share of Capital Stock, or (b) sales and revenues, income, profits and losses,
return on capital employed, or net worth of the Corporation (on a consolidated
or unconsolidated basis) or of any one or more of its groups, divisions,
Subsidiaries or departments, or (c) a combination of two or more of the
foregoing factors.

                  PLAN: The 1999 Stock Incentive Plan herein set forth as the
same may from time to time be amended.

                  STOCK AWARD: An issuance or transfer of shares of Capital
Stock at the time the Stock Incentive is granted or as soon thereafter as
practicable, or an undertaking to issue or

                                        2

<PAGE>   4

transfer such shares in the future, including, without limitation, such an
issuance, transfer or undertaking with respect to Performance Units.

                  STOCK INCENTIVE: A stock incentive granted under this Plan in
one of the forms provided for in Section 3.

                  SUBSIDIARY: A corporation or other form of business
association of which shares (or other ownership interests) having 50% or more of
the voting power are owned or controlled, directly or indirectly, by the
Corporation.

         3. GRANTS OF STOCK INCENTIVES:

                  (a) Subject to the provisions of this Plan, the
Compensation/Incentive Committee may at any time, or from time to time, grant
Stock Incentives under this Plan to, and only to, Key Employees.

                  (b) Stock Incentives may be granted in the following forms:

                           (i)      a Stock Award, or
                           (ii)     an Option, or
                           (iii)    a combination of a Stock Award and an
                                    Option.

         4. STOCK SUBJECT TO THIS PLAN:

                  (a) Subject to the provisions of paragraph (c) and (d) of this
Section 4 and of Section 8, the aggregate number of shares of Capital Stock
which may be issued or transferred pursuant to Stock Incentives granted under
this Plan shall not exceed 450,000 shares; provided, however, that the maximum
aggregate number of shares of Capital Stock which may be issued or transferred
pursuant to Stock Incentives in the form of Stock Awards, shall not exceed
135,000 shares.

                  (b) The maximum aggregate number of shares of Capital Stock
which may be issued or transferred under the Plan to directors of the
Corporation or of a Subsidiary shall not exceed 100,000 shares.

                  (c) Authorized but unissued shares of Capital Stock and shares
of Capital Stock held in the treasury, whether acquired by the Corporation
specifically for use under this Plan or otherwise, may be used, as the
Compensation/Incentive Committee may from time to time determine, for purposes
of this Plan, provided, however, that any shares acquired or held by the
Corporation for the purposes of this Plan shall, unless and until transferred to
a Key Employee in accordance with the terms and conditions of a Stock Incentive,
be and at all times remain treasury shares of the Corporation, irrespective of
whether such

                                        3

<PAGE>   5

shares are entered in a special account for purposes of this Plan, and shall be
available for any corporate purpose.

                  (d) If any shares of Capital Stock subject to a Stock
Incentive shall not be issued or transferred and shall cease to be issuable or
transferable because of the termination, in whole or in part, of such Stock
Incentive or for any other reason, or if any such shares shall, after issuance
or transfer, be reacquired by the Corporation or a Subsidiary because of an
employee's failure to comply with the terms and conditions of a Stock Incentive,
the shares not so issued or transferred, or the shares so reacquired by the
Corporation or a Subsidiary shall no longer be charged against any of the
limitations provided for in paragraphs (a) or (b) of this Section 4 and may
again be made subject to Stock Incentives.

         5. STOCK AWARDS: Stock Incentives in the form of Stock Awards shall be
subject to the following provisions:

                  (a) A Stock Award shall be granted only in payment of
Incentive Compensation that has been earned or as Incentive Compensation to be
earned, including, without limitation, Incentive Compensation awarded
concurrently with or prior to the grant of the Stock Award.

                  (b) For the purposes of this Plan, in determining the value of
a Stock Award, all shares of Capital Stock subject to such Stock Award shall be
valued at not less than 100 percent of the Fair Market Value of such shares on
the date such Stock Award is granted, regardless of whether or when such shares
are issued or transferred to the Key Employee and whether or not such shares are
subject to restrictions which affect their value.

                  (c) Shares of Capital Stock subject to a Stock Award may be
issued or transferred to the Key Employee at the time the Stock Award is
granted, or at any time subsequent thereto, or in installments from time to
time, as the Compensation/Incentive Committee shall determine. In the event that
any such issuance or transfer shall not be made to the Key Employee at the time
the Stock Award is granted, the Compensation/Incentive Committee may provide for
payment to such Key Employee, either in cash or in shares of Capital Stock from
time to time or at the time or times such shares shall be issued or transferred
to such Key Employee, of amounts not exceeding the dividends which would have
been payable to such Key Employee in respect of such shares (as adjusted under
Section 8) if they had been issued or transferred to such Key Employee at the
time such Stock Award was granted. Any amount payable in shares of Capital Stock
under the terms of a Stock Award may, at the discretion of the Corporation, be
paid in cash, on each date on which delivery of shares would otherwise have been
made, in an amount equal to the Fair Market Value on

                                        4

<PAGE>   6

such date of the shares which would otherwise have been delivered.

                  (d) A Stock Award shall be subject to such terms and
conditions, including, without limitation, restrictions on sale or other
disposition of the Stock Award or of the shares issued or transferred pursuant
to such Stock Award, as the Compensation/Incentive Committee may determine;
provided, however, that upon the issuance or transfer of shares pursuant to a
Stock Award, the recipient shall, with respect to such shares, be and become a
stockholder of the Corporation fully entitled to receive dividends, to vote and
to exercise all other rights of a stockholder except to the extent otherwise
provided in the Stock Award. Each Stock Award shall be evidenced by a written
instrument in such form as the Compensation/Incentive Committee shall determine,
provided the Stock Award is consistent with this Plan and incorporates it by
reference.

         6. OPTIONS: Stock Incentives in the form of Options shall be subject to
the following provisions:

                  (a) The maximum aggregate number of Stock Incentives in the
form of Options which may be granted to an individual employee of the
Corporation or a Subsidiary in any calendar year shall not exceed 50,000
Options.

                  (b) Upon the exercise of an Option, the purchase price shall
be paid in cash or, if so provided in the Option or in a resolution adopted by
the Compensation/Incentive Committee(and subject to such terms and conditions as
are specified in the Option or by the Compensation/Incentive Committee), in
shares of Capital Stock or in a combination of cash and such shares. Shares of
Capital Stock thus delivered shall be valued at their Fair Market Value on the
date of exercise. Subject to the provisions of Section 8, the purchase price per
share shall be not less than 100 percent of the Fair Market Value of a share of
Capital Stock on the date the Option is granted.

                  (c) Each Option shall be exercisable in full or in part six
months after the date the Option is granted, or may become exercisable in one or
more installments and at such time or times, as the Compensation/Incentive
Committee shall determine. Unless otherwise provided in the Option, an Option,
to the extent it is or becomes exercisable, may be exercised at any time in
whole or in part until the expiration or termination of the Option. Any term or
provision in any outstanding Option specifying when the Option is exercisable or
that it be exercisable in installments may be modified at any time during the
life of the Option by the Compensation/Incentive Committee, provided, however,
no such modification of an outstanding Option shall, without the consent of the
optionee, adversely affect any

                                        5

<PAGE>   7

Option theretofore granted to him. An Option will become immediately exercisable
in full if at any time during the term of the Option the Corporation obtains
actual knowledge that any of the following events has occurred, irrespective of
the applicability of any limitation on the number of shares then exercisable
under the Option: (1) any person within the meaning of Sections 13(d) and 14(d)
of the Securities Exchange Act of 1934 (the "1934 Act"), other than the
Corporation or any of its subsidiaries, has become the beneficial owner, within
the meaning of Rule 13d-3 under the 1934 Act, of 30 percent or more of the
combined voting power of the Corporation's then outstanding voting securities;
(2) the expiration of a tender offer or exchange offer, other than an offer by
the Corporation, pursuant to which 20 percent or more of the shares of the
Corporation's Capital Stock have been purchased; (3) the stockholders of the
Corporation have approved (i) an agreement to merge or consolidate with or into
another corporation and the Corporation is not the surviving corporation or (ii)
an agreement to sell or otherwise dispose of all or substantially all of the
assets of the Corporation (including a plan of liquidation); or (4) during any
period of two consecutive years, individuals who at the beginning of such period
constitute the Board of Directors cease for any reason to constitute at least a
majority thereof, unless the nomination for the election by the Corporation's
stockholders of each new director was approved by a vote of at least one-half of
the persons who were directors at the beginning of the two-year period.

                  (d) Each Option shall be exercisable during the life of the
optionee only by him or a transferee or assignee permitted by paragraph (g) of
this Section (6) and, after his death, only by his estate or by a person who
acquired the right to exercise the Option pursuant to one of the provisions of
paragraph (g) of this Section (6). An Option, to the extent that it shall not
have been exercised, shall terminate when the optionee ceases to be an employee
of the Corporation or a Subsidiary, unless he ceases to be an employee because
of his resignation with the consent of the Compensation/Incentive Committee
(which consent may be given before or after resignation), or by reason of his
death, incapacity or retirement under a retirement plan of the Corporation or a
Subsidiary. Except as provided in the next sentence, if the optionee ceases to
be an employee by reason of such resignation, the Option shall terminate three
months after he ceases to be an employee. If the optionee ceases to be an
employee by reason of such death, incapacity or retirement, or if he should die
during the three-month period referred to in the preceding sentence, the Option
shall terminate fifteen months after he ceases to be an employee. Where an
Option is exercised more than three months after the optionee ceased to be an
employee, the Option may be exercised only to the extent it could have been
exercised three months after he ceased to be an employee. A leave of absence for
military or governmental

                                        6

<PAGE>   8

service or for other purposes shall not, if approved by the
Compensation/Incentive Committee, be deemed a termination of employment within
the meaning of this paragraph (d); provided, however, that an Option may not be
exercised during any such leave of absence. Notwithstanding the foregoing
provisions of this paragraph (d) or any other provision of this Plan, no Option
shall be exercisable after expiration of the term for which the Option was
granted, which shall in no event exceed ten years. Where an Option is granted
for a term of less than ten years, the Compensation/Incentive Committee, may, at
any time prior to the expiration of the Option, extend its term for a period
ending not later than ten years from the date the Option was granted.

                  (e) Options shall be granted for such lawful consideration as
the Compensation/Incentive Committee shall determine.

                  (f) Neither the Corporation nor any Subsidiary may directly or
indirectly lend any money to any person for the purpose of assisting him to
purchase or carry shares of Capital Stock issued or transferred upon the
exercise of an Option.

                  (g) No Option nor any right thereunder may be assigned or
transferred by the optionee except:

                           (i)      by will or the laws of descent and
                                    distribution;

                           (ii)     pursuant to a qualified domestic relations
                                    order as defined by the Internal Revenue
                                    Code of 1986, as amended, or by the Employee
                                    Retirement Income Security Act of 1974, as
                                    amended, or the rules thereunder;

                           (iii)    by an optionee who, at the time of the
                                    transfer, is not subject to the provisions
                                    of Section 16 of the 1934 Act, provided such
                                    transfer is to, or for the benefit of
                                    (including but not limited to trusts for the
                                    benefit of), the optionee's spouse or lineal
                                    descendants of the optionee's parents; or

                           (iv)     by an optionee who, at the time of the
                                    transfer, is subject to the provisions of
                                    Section 16 of the 1934 Act, to the extent,
                                    if any, such transfer would be permitted
                                    under Securities and Exchange Commission
                                    Rule 16b-3 or any successor rule thereto, as
                                    such rule or any successor rule thereto may
                                    be in effect at the time of the transfer.

         If so provided in the Option or if so authorized by the
Compensation/Incentive Committee and subject to such terms and conditions as are
specified in the Option or by the Compensation/Incentive Committee, the
Corporation may, upon or

                                        7

<PAGE>   9

without the request of the holder of the Option and at any time or from time to
time, cancel all or a portion of the Option then subject to exercise and either
(i) pay the holder an amount of money equal to the excess, if any, of the Fair
Market Value, at such time or times, of the shares subject to the portion of the
Option so canceled over the aggregate purchase price of such shares, or (ii)
issue or transfer shares of Capital Stock to the holder with a Fair Market
Value, at such time or times, equal to such excess.

                  (h) Each Option shall be evidenced by a written instrument,
which shall contain such terms and conditions, and shall be in such form, as the
Compensation/Incentive Committee may determine, provided the Option is
consistent with this Plan and incorporates it by reference. Notwithstanding the
preceding sentence, an Option, if so granted by the Compensation/Incentive
Committee, may include restrictions and limitations in addition to those
provided for in this Plan.

                  (i) Any federal, state or local withholding taxes payable by
an optionee or awardee upon the exercise of an Option or upon the removal of
restrictions of a Stock Award shall be paid in cash or in such other form as the
Compensation/Incentive Committee may authorize from time to time, including the
surrender of shares of Capital Stock or the withholding of shares of Capital
Stock to be issued to the optionee or awardee. All such shares so surrendered or
withheld shall be valued at Fair Market Value on the date such are surrendered
to the Corporation or authorized to be withheld.

         7. COMBINATIONS OF STOCK AWARDS AND OPTIONS: Stock Incentives
authorized by paragraph (b)(iii) of Section 3 in the form of combinations of
Stock Awards and Options shall be subject to the following provisions:

                  (a) A Stock Incentive may be a combination of any form of
Stock Award with any form of Option; provided, however, that the terms and
conditions of such Stock Incentive pertaining to a Stock Award are consistent
with Section 5 and the terms and conditions of such Stock Incentive pertaining
to an Option are consistent with Section 6.

                  (b) Such combination Stock Incentive shall be subject to such
other terms and conditions as the Compensation/Incentive Committee may
determine, including, without limitation, a provision terminating in whole or in
part a portion thereof upon the exercise in whole or in part of another portion
thereof. Such combination Stock Incentive shall be evidenced by a written
instrument in such form as the Compensation/Incentive Committee shall determine,
provided it is consistent with this Plan and incorporates it by reference.

                                        8

<PAGE>   10

         8. ADJUSTMENT PROVISIONS: In the event that any recapitalization, or
reclassification, split-up or consolidation of shares of Capital Stock shall be
effected, or the outstanding shares of Capital Stock are, in connection with a
merger or consolidation of the Corporation or a sale by the Corporation of all
or a part of its assets, exchanged for a different number or class of shares of
stock or other securities of the Corporation or for shares of the stock or other
securities of any other corporation, or a record date for determination of
holders of Capital Stock entitled to receive a dividend payable in Capital Stock
shall occur (a) the number and class of shares or other securities that may be
issued or transferred pursuant to Stock Incentives, (b) the number and class of
shares or other securities which have not been issued or transferred under
outstanding Stock Incentives, (c) the purchase price to be paid per share or
other security under outstanding Options, and (d) the price to be paid per share
or other security by the Corporation or a Subsidiary for shares or other
securities issued or transferred pursuant to Stock Incentives which are subject
to a right of the Corporation or a Subsidiary to reacquire such shares or other
securities, shall in each case be equitably adjusted.

         9. TERM: This Plan shall be deemed adopted and shall become effective
on the date it is approved and adopted by the stockholders of the Corporation.
No Stock Incentives shall be granted under this Plan after May 17, 2009.

         10. ADMINISTRATION:

                  (a) The Plan shall be administered by the
Compensation/Incentive Committee, which shall consist of no fewer than three
persons designated by the Board of Directors. Grants of Stock Incentives may be
granted by the Compensation/Incentive Committee either in or without
consultation with employees, but, anything in this Plan to the contrary
notwithstanding, the Compensation/Incentive Committee shall have full authority
to act in the matter of selection of all Key Employees and in determining the
number of Stock Incentives to be granted to them.

                  (b) The Compensation/Incentive Committee may establish such
rules and regulations, not inconsistent with the provisions of this Plan, as it
deems necessary to determine eligibility to participate in this Plan and for the
proper administration of this Plan, and may amend or revoke any rule or
regulation so established. The Compensation/Incentive Committee may make such
determinations and interpretations under or in connection with this Plan as it
deems necessary or advisable. All such rules, regulations, determinations and
interpretations shall be binding and conclusive upon the Corporation, its
Subsidiaries, its stockholders and all employees, and upon their respective
legal

                                        9

<PAGE>   11

representatives, beneficiaries, successors and assigns and upon all other
persons claiming under or through any of them.

                  (c) Members of the Board of Directors and members of the
Compensation/Incentive Committee acting under this Plan shall be fully protected
in relying in good faith upon the advice of counsel and shall incur no liability
except for gross negligence or willful misconduct in the performance of their
duties.

         11. GENERAL PROVISIONS:

                  (a) Nothing in this Plan nor in any instrument executed
pursuant hereto shall confer upon any employee any right to continue in the
employ of the Corporation or a Subsidiary, or shall affect the right of the
Corporation or of a Subsidiary to terminate the employment of any employee with
or without cause.

                  (b) No shares of Capital Stock shall be issued or transferred
pursuant to a Stock Incentive unless and until all legal requirements applicable
to the issuance or transfer of such shares, in the opinion of counsel to the
Corporation, have been complied with. In connection with any such issuance or
transfer, the person acquiring the shares shall, if requested by the
Corporation, give assurances, satisfactory to counsel to the Corporation, that
the shares are being acquired for investment and not with a view to resale or
distribution thereof and assurances in respect of such other matters as the
Corporation or a Subsidiary may deem desirable to assure compliance with all
applicable legal requirements.

                  (c) No employee (individually or as a member of a group), and
no beneficiary or other person claiming under or through him, shall have any
right, title or interest in or to any shares of Capital Stock allocated or
reserved for the purposes of this Plan or subject to any Stock Incentive except
as to such shares of Capital Stock, if any, as shall have been issued or
transferred to him.

                  (d) The Corporation or a Subsidiary may, with the approval of
the Compensation/Incentive Committee, enter into an agreement or other
commitment to grant a Stock Incentive in the future to a person who is or will
be a Key Employee at the time of grant, and, notwithstanding any other provision
of this Plan, any such agreement or commitment shall not be deemed the grant of
a Stock Incentive until the date on which the Company takes action to implement
such agreement or commitment.

                  (e) In the case of a grant of a Stock Incentive to an employee
of a Subsidiary, such grant may, if the Compensation/Incentive Committee so
directs, be implemented by the Corporation issuing or transferring the shares,
if any,

                                       10

<PAGE>   12

covered by the Stock Incentive to the Subsidiary, for such lawful consideration
as the Compensation/Incentive Committee may specify, upon the condition or
understanding that the Subsidiary will transfer the shares to the employee in
accordance with the terms of the Stock Incentive specified by the
Compensation/Incentive Committee pursuant to the provisions of this Plan.
Notwithstanding any other provision hereof, such Stock Incentive may be issued
by and in the name of the Subsidiary and shall be deemed granted on the date it
is approved by the Compensation/Incentive Committee, on the date it is delivered
by the Subsidiary or on such other date between said two dates, as the
Compensation/Incentive Committee shall specify.

                  (f) The Corporation or a Subsidiary may make such provisions
as it may deem appropriate for the withholding of any taxes which the
Corporation or a Subsidiary determines it is required to withhold in connection
with any Stock Incentive.

                  (g) Nothing in this Plan is intended to be a substitute for,
or shall preclude or limit the establishment or continuation of, any other plan,
practice or arrangement for the payment of compensation or fringe benefits to
employees generally, or to any class or group of employees, which the
Corporation or any Subsidiary or other affiliate now has or may hereafter
lawfully put into effect, including, without limitation, any retirement,
pension, group insurance, stock purchase, stock bonus or stock option plan.

         12. AMENDMENTS AND DISCONTINUANCE:

                  (a) This Plan may be amended by the Board of Directors upon
the recommendation of the Compensation/Incentive Committee, provided that,
without the approval of the stockholders of the Corporation, no amendment shall
be made which (i) increases the aggregate number of shares of Capital Stock that
may be issued or transferred pursuant to Stock Incentives as provided in
paragraph (a) of Section 4, (ii) increases the maximum aggregate number of
shares of Capital Stock that may be issued or transferred under the Plan to
directors of the Corporation or of a Subsidiary as provided in paragraph (b) of
Section 4, (iii) increases the maximum aggregate number of Stock Incentives, in
the form of Options, which may be granted to an individual employee as provided
in paragraph (a) of Section 6, (iv) withdraws the administration of this Plan
from the Compensation/Incentive Committee, (v) permits any person who is not at
the time a Key Employee of the Corporation or of a Subsidiary to be granted a
Stock Incentive, (vi) permits any Option to be exercised more than ten years
after the date it is granted, (vii) amends Section 9 to extend the date set
forth therein or (viii) amends this Section 12.

                                       11

<PAGE>   13

                  (b) Notwithstanding paragraph (a) of this Section 12, the
Board of Directors may amend the Plan to take into account changes in applicable
securities laws, federal income tax laws and other applicable laws. Should the
provisions of Rule 16b-3, or any successor rule, under the Securities Exchange
Act of 1934 be amended, the Board of Directors may amend the Plan in accordance
therewith.

                  (c) The Board of Directors may by resolution adopted by a
majority of the entire Board of Directors discontinue this Plan.

                  (d) No amendment or discontinuance of this Plan by the Board
of Directors or the stockholders of the Corporation shall, without the consent
of the employee, adversely affect any Stock Incentive theretofore granted to
him.

                                       12

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