Document:

EXHIBIT 10.27

                           AVERY DENNISON CORPORATION
                       EXECUTIVE LONG-TERM INCENTIVE PLAN

1.   PURPOSE

The purpose of the Executive Long-Term Incentive Plan (the "Plan") is to focus
key executives of Avery Dennison Corporation (the "Company") on factors that
influence the Company's long-term growth and success. The Plan provides a means
whereby Participants are given an opportunity to share financially in the future
value they help to create for the Company and its stockholders.

2.   PARTICIPATION

Participation in the Plan is limited to key executives of the Company who, in
the opinion of the Compensation and Executive Personnel Committee ("Committee")
of the Board of Directors, have the responsibility to influence the Company's
long-range performance materially, and who have been recommended for
participation by the Chief Executive Officer of the Company and designated as
Participants by the Committee.

3.   DEFINITIONS

"Achievement Factor" means the percentage to be used in determining a
Participant's deferred cash incentive Award for achieving a specified percentage
of the pre-established Performance Objectives.

"Average Capital" means the numerical average for a given year of ending Capital
for the five most recently completed fiscal quarters, including the last quarter
of that year.

"Average Shareholders' Equity" means the numerical average for a given year of
ending Shareholders' Equity for the five most recently completed fiscal
quarters, including the last quarter of that year.

"Award" refers to a deferred cash incentive earned by a Participant based on the
achievement of Company and, in some cases, Business Unit financial objectives.

"Base Salary" means the annual base salary rate in effect for a Participant as
of the end of a Performance Cycle.

"Business Unit" or "Unit" refers to a group, division or subsidiary of the
Company.

"Business Unit Cumulative Economic Value Added" or "Business Unit CEVA" means
the Cumulative Economic Value Added of a Business Unit as reported in the
Company's internally prepared Summary of Operations, or other similar report.

"Business Unit Net Income" means net income of a Business Unit as reported in
the Company's internally prepared Summary of Operations.

"Business Unit ROTC" means the return on total capital of a Business Unit as
reported in the Company's internally prepared Summary of Operations, or other
similar report.

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"Capital" refers to the sum of Shareholders' Equity and Long-Term Debt.

"Cash Flow from Operations" means net cash provided by operating activities as
disclosed in the Company's annual reports to shareholders and quarterly reports
on Form 10-Q.

"Cause" means (i) continued failure by a Participant to perform his or her
duties (except as a direct result of the Participant's incapacity due to
physical or mental illness) after receiving notification by the Chief Executive
Officer or an individual designated by the Chief Executive Officer (or the Board
of Directors in the case of the Chief Executive Officer) identifying the manner
in which the Participant has failed to perform his or her duties, (ii) engaging
in conduct, which, in the opinion of a majority of the Board of Directors, is
materially injurious to the Company, or (iii) conviction of the Participant of
any felony involving moral turpitude.

"Change of Control" means: (A) the acquisition by any individual, entity or
group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities
Exchange Act of 1934, as amended (the "Exchange Act")) (a "Person") of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of 30% or more of either (i) the then-outstanding shares of common
stock of the Company (the "Outstanding Company Common Stock") or (ii) the
combined voting power of the then-outstanding voting securities of the Company
entitled to vote generally in the election of directors (the "Outstanding
Company Voting Securities"); provided, however, that for purposes of this
subsection (a), the following acquisitions shall not constitute a Change of
Control: (i) any acquisition directly from the Company, (ii) any acquisition by
the Company, (iii) any acquisition by any employee benefit plan (or related
trust) sponsored or maintained by the Company or any corporation controlled by
the Company, or (iv) any acquisition by any corporation pursuant to a
transaction which complies with clauses (i), (ii) and (iii) of subsection (C) of
this definition; or (B) Individuals who, as of the date hereof, constitute the
Board (the "Incumbent Board") cease for any reason to constitute at least a
majority of the Board; provided, however, that any individual becoming a
director subsequent to the date hereof whose election, or nomination for
election by the Company's shareholders, was approved by a vote of at least a
majority of the directors then comprising the Incumbent Board shall be
considered as though such individual were a member of the Incumbent Board, but
excluding, for this purpose, any such individual whose initial assumption of
office occurs as a result of an actual or threatened election contest with
respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the
Board; or (C) consummation by the Company of a reorganization, merger or
consolidation or sale or other disposition of all or substantially all of the
assets of the Company or the acquisition of assets of another corporation (a
"Business Combination"), in each case, unless, following such Business
Combination, (i) all or substantially all of the individuals and entities who
were the beneficial owners, respectively, of the outstanding Company Common
Stock and Outstanding Company Voting Securities immediately prior to such
Business Combination beneficially own, directly or indirectly, more than 60% of,
respectively, the then-outstanding shares of common stock and the combined
voting power of the then-outstanding voting securities entitled to vote
generally in the election of directors, as the case may be, of the corporation
resulting from such Business Combination (including, without limitation, a
corporation which as a result of such transaction owns the Company or all or
substantially all of the Company's assets either directly or through one or more
subsidiaries) in substantially the same proportions as their ownership
immediately prior to such Business Combination of the Outstanding Company Common
Stock and Outstanding Company Voting Securities, as the case may be, (ii) no
Person (excluding any employee benefit plan (or related trust) of the Company or
such corporation resulting from such Business Combination) beneficially owns,
directly or indirectly, 30% or

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more of, respectively, the then-outstanding shares of common stock of the
corporation resulting from such Business Combination or the combined voting
power of the then-outstanding voting securities of such corporation except to
the extent that such ownership existed prior to the Business Combination, and
(iii) at least a majority of the members of the board of directors of the
corporation resulting from such Business Combination were members of the
Incumbent Board at the time of the execution of the initial agreement, or of the
action of the Board, providing for such Business Combination; or (D) approval by
the shareholders of the Company of a complete liquidation or dissolution of the
Company.

"Code" means the Internal Revenue Code of 1986, as amended.

"Company Cumulative Economic Value Added" or "Company CEVA" means the Cumulative
Economic Value Added of the Company as reported in the Company's internally
prepared Summary of Operations, or other similar report.

"Company ROTC" means the return on total capital of the Company as reported in
the Company's internally prepared Summary of Operations, or other similar
report.

"Committee" refers to the Compensation and Executive Personnel Committee of the
Board of Directors of the Company.

"Cumulative Economic Value Added" or "CEVA" means the Economic Value Added over
a defined period of time (for example, over the Performance Cycle).

"Disability" refers to a physical or mental condition that prevents a
Participant from performing his or her normal duties of employment. If a
Participant makes application for disability benefits under the Company's
long-term disability program and qualifies for such benefits, the Participant
shall be deemed to qualify as totally and permanently disabled under the Plan.

"Discretionary Pool" or "Pool" refers to the sum of cash payments made available
by the Compensation Committee to Participants who have achieved exceptional
performance and to other Company employees who have made significant
contributions to the achievement of Performance Objectives.

"Earnings Per Share" or "EPS" means diluted earnings per share, including
extraordinary gains and losses, divested operations and changes in accounting
principles as disclosed in the Company's annual reports to shareholders.

"Economic Value Added" means net operating profit after taxes minus a capital
charge based upon the Company's weighted average cost of capital.

"Effective Date" means January 1, 1998, which is the first day of the initial
Performance Cycle.

"GAAP" means generally accepted accounting principles.

"Long-Term Debt" means long-term debt as disclosed in the Company's annual
reports to shareholders and Peer Group companies' annual reports to shareholders
and quarterly reports on Form 10-Q, if applicable.

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"Net Income" refers to after-tax net income, including extraordinary items,
discontinued operations and changes in accounting principles, as disclosed in
the Company's annual reports to shareholders and Peer Group companies' annual
reports to shareholders and quarterly reports on Form 10-Q, if applicable.

"Net Sales" means net sales as disclosed in the Company's annual reports to
shareholders and quarterly reports on Form 10-Q.

"Participant" means an executive of the Company designated by the Committee to
participate in the Plan.

"Peer Group" refers to a specified group of companies approved by the Committee
against which the financial performance of the Company will be compared for
purposes of the Plan.

"Performance Cycle" or "Cycle" refers to the three-year period over which
performance is measured for purposes of determining cash Awards under the Plan.
The initial Performance Cycle will cover the Company's 1998 through 2000 fiscal
years.

"Performance Objective" means one of the following pre-established performance
objectives for the Company or its Business Units for a Performance Cycle: ROTC,
EPS, ROS, ROE, Net Income, Net Sales, Cash Flow from Operations, Total
Shareholder Return, and Economic Value Added.

"Retirement" means a termination of service in accordance with the retirement
provisions of the Company sponsored tax qualified defined benefit retirement
plan in which a Participant is participating immediately prior to the date of
such termination of service.

"ROE" means the percentage determined by dividing "Net Income" by "Average
Shareholders' Equity."

"ROS" means the percentage determined by dividing Net Income by Net Sales.

"ROTC" means the return on total capital of the Company as reported in the
Company's annual report or other report.

"Service" means continuous and substantially full-time employment with the
Company.

"Shareholders' Equity" means total shareholders' equity, as disclosed in the
Company's annual reports to shareholders and Peer Group companies' annual
reports to shareholders and quarterly reports on Form 10-Q, if applicable.

"Success Factor Award" refers to the additional deferred cash incentive Award
earned for achieving greater than the Target Performance Objectives established
for a Performance Cycle.

"Success Factor Performance Objective" means one of the pre-established Company
Performance Objectives used to determine the Success Factor Award.

"Target Award" refers to the deferred cash incentive Award earned for achieving
the Target Performance Objectives established for a Performance Cycle.

"Target Performance Objective" means one of the pre-established Performance
Objectives used to determine the Target Award.

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"Tax Rate" refers to taxes on income divided by income before taxes on income,
each as disclosed in the Company's annual reports to shareholders and Peer Group
companies' annual reports to shareholders and quarterly reports on Form 10-Q, if
applicable, subject to adjustments to exclude the effect of unusual,
non-recurring items, as described in the Company's annual reports to
shareholders and Peer Group companies' annual reports to shareholders and
quarterly reports on Form 10-Q, if applicable.

"Termination of Service" means a termination of Service from the Company for any
reason, whether voluntary or involuntary, including death, Retirement and
Disability.

"Total Shareholder Return" means the cumulative shareholder return on the
Company's common stock, including the reinvestment of dividends, as measured by
dividing (i) the sum of (A) the cumulative amount of dividends for the
measurement period, assuming dividend reinvestment, and (B) the difference
between the Company's closing stock price at the end and the beginning of the
measurement period, by (ii) the closing stock price at the beginning of the
measurement period.

"Transfer" means the appointment of a Participant to a new position within the
Company which may either be within the same position classification under the
Plan or in a different position classification under the Plan.

"Weighting Factor" means the percentage of a Participant's Target Award or
Success Factor Award which will be calculated based on the achievement of a
particular Performance Objective.

4.   GENERAL PLAN DESCRIPTION

A.   Overview

Commencing as of the Effective Date, the Plan provides for each Participant the
opportunity to earn a deferred cash incentive Award based on the financial
performance of the Company and, in some cases, its Business Units. Within 90
days of the commencement of each cycle, the Committee will establish (and the
Committee has established for the 1998-2000 cycle) one or more Performance
Objectives.

B.   Deferred Cash Incentive Awards

Each Participant will be provided with the opportunity to earn a deferred cash
incentive Award after the end of a three-year Performance Cycle equal to the
Target Award plus the Success Factor Award. The maximum cash payment to a
participant for a Performance Cycle is $2.2 million.

     (1)  Performance Cycle

The initial Performance Cycle will cover the period beginning with the Company's
1998 fiscal year and ending with the Company's 2000 fiscal year. Subsequent
three-year Performance Cycles will begin every two years, starting with the
Company's 2000 fiscal year.

     (2)  Range of Target and Success Factor Award Opportunities

The deferred cash incentive Target Award opportunity for each Participant during
each Performance Cycle ranges from 30% to 80% of Base Salary depending upon
position classification as illustrated in Table 1 below. The deferred cash
incentive Success Factor Award opportunity for each Participant during each
Performance

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Cycle also ranges from 30% to 80%. Classification of Participants into the
categories listed in Table 1 will be recommended by the Chief Executive Officer
of the Company and approved by the Committee.

                                     Table 1
                       Deferred Cash Incentive Award Range
                           By Position Classification

<TABLE>
<CAPTION>
                                                          Total Award           Target Award       Success Factor
                                                            Range as %            as % of         Award as % of
Category                 Position Classification         of Base Salary         Base Salary        Base Salary
--------                 -----------------------         --------------         -----------        -----------
<S>                     <C>                                 <C>                  <C>                  <C>
   1                    Senior Executive Officers           0% - 160%              80%                 80%
   1                    Corporate & Staff Officers          0% - 120%            30% - 60%          30% - 60%
   2                    Division VP/GM's and Officers       0% - 90%             30% - 45%          30% - 45%
   2                    Group and Sub-Group VP's            0% - 120%            45% - 60%          45% - 60%
</TABLE>

The actual Total Award earned within the above range will depend upon the level
of achievement versus specific Performance Objectives established under the Plan
for each Performance Cycle.

     (3)  Performance Measurement and Calculation of Target Awards

          (a)  Calculation Formula

          Target Awards will be determined based upon the Company's, or in some
          cases, Business Unit's achievement versus pre-established Target
          Performance Objectives. The total Target Award will equal the sum of
          Awards for each Target Performance Objective. The Target Award for
          each Target Performance Objective will equal the product of the Base
          Salary times the Target Award as a percent of Base Salary times the
          Weighting Factor (set forth in (b) and (c) below) times the
          Achievement Factor (set forth in (d) below) for that Target
          Performance Objective.

          The foregoing formula can be expressed as the following mathematical
          equation:

          Total Target Award = [Target Award (Base Salary x Target Award as % of
          Base Salary) x Weighting Factor x Achievement Factor for first Target
          Performance Objective] + [Target Award (Base Salary x Target Award as
          % of Base Salary) x Weighting Factor x Achievement Factor for second
          Target Performance Objective] + [Target Award (Base Salary x Target
          Award as % of Base Salary) x Weighting Factor x Achievement Factor for
          third Target Performance Objective, if any] + [Target Award (Base
          Salary x Target Award as % of Base Salary) x Weighting Factor x
          Achievement Factor for fourth Target Performance Objective, if any].

          (b)  Weighting Factors - Category 1

          For Participants classified in Category 1, Target Awards will be
          determined based upon the Company's achievement versus pre-established
          Company Target Performance Objectives.

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          For the initial Performance Cycle, the Company Target Performance
          Objectives will be weighted as follows in determining the Target
          Award:

                 Target Performance Objective       Weighting Factor
                 ----------------------------       ----------------
                         Company ROTC                    33.3%
                          Company EPS                    33.3%
                         Company CEVA                    33.3%

          In subsequent Performance Cycles, the Committee will select one or
          more Performance Objectives and weightings to determine such Target
          Awards.

          (c)  Weighting Factors - Category 2

          For Participants classified in Category 2, deferred cash incentive
          Target Awards will be determined based upon the performance of the
          Participant's Business Unit against pre-established Business Unit
          Target Performance Objectives.

          For the initial Performance Cycle, the Business Unit Target
          Performance Objectives will have the following Weighting Factors:

              Target Performance Objective         Weighting Factor
              ----------------------------         ----------------
                   Business Unit ROTC                   33.3%
                Business Unit Net Income                33.3%
                   Business Unit CEVA                   33.3%

          In subsequent Performance Cycles, the Committee will select one or
          more Performance Objectives and weightings to determine such Target
          Awards.

          (d)  Achievement Factor

          The Achievement Factor for each Target Performance Objective will be
          between a threshold Achievement Factor of 70% (for achieving 80% of
          the Target Performance Objective) and a maximum Achievement Factor of
          100% (for achieving the Target Performance Objective) as illustrated
          in the table below. The Achievement Factors for performance between
          the threshold and 100% Achievement Factors will be linearly
          interpolated.

               % Achievement of Target           Achievement
                Performance Objective              Factor
                ---------------------              ------
                    Less than 80%                     0
                         80%                         70%
                         85%                        77.5%
                         90%                        85.0%
                         95%                        92.5%
                        100%                        100%

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          (e) Measurement Process

          For the initial Performance Cycle, the measurement of Company and
          Business Unit Target Performance Objectives will be based upon
          performance during the final year of the Cycle, except for CEVA which
          will be measured at the end of each year of the Cycle and totaled at
          the end of the Cycle. For subsequent Performance Cycles, performance
          measurement may be based upon different criteria (e.g., average
          performance during the Cycle) at the discretion of the Committee.

     (4)  Performance Measurement and Calculation of Success Factor Awards

          (a)  Calculation Formula

          Participants in Category 2 are eligible for a Success Factor Award
          only if the percentage of achievement of each of their Business Unit
          Target Performance Objectives equals or exceeds 80% and only if the
          average of the percentages of achievement of their Business Unit
          Target Performance Objectives equals or exceeds 100%.

          Success Factor Awards will be determined based on the Company's
          achievement versus pre-established Success Factor Performance
          Objectives which exceed the Target Performance Objectives. The total
          Success Factor Award will equal the sum of the Success Factor Awards
          for each Success Factor Performance Objective. The Success Factor
          Award for each Success Factor Performance Objective will equal the
          product of the Base Salary times the Success Factor Award as a percent
          of Base Salary times the Weighting Factor (set forth in (b) below)
          times the Achievement Factor (set forth in (c) below) for that Success
          Factor Performance Objective.

          The foregoing formula can be expressed as the following mathematical
          equation:

          Total Success Factor Award = [Success Factor Award (Base Salary x
          Success Factor Award as % of Base Salary) x Weighting Factor x
          Achievement Factor for first Success Factor Performance Objective] +
          [Success Factor Award (Base Salary x Success Factor Award as % of Base
          Salary) x Weighting Factor x Achievement Factor for second Success
          Factor Performance Objective] + [Success Factor Award (Base Salary x
          Success Factor Award as % of Base Salary) x Weighting Factor x
          Achievement Factor for third Success Factor Performance Objective, if
          any] + [Success Factor Award (Base Salary x Success Factor Award as %
          of Base Salary) x Weighting Factor x Achievement Factor for fourth
          Success Factor Performance Objective, if any].

          (b) Weighting Factors

          For Participants in both Category 1 and Category 2, Success Factor
          Awards will be determined based upon the Company's achievement versus
          pre-established Company Performance Objectives which exceed the Target
          Performance Objectives.

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          For the initial Performance Cycle, the Success Factor Performance
          Objectives will be weighted as follows in determining the Success
          Factor Award:

          Success Factor Performance Objective     Weighting Factor
          ------------------------------------     ----------------
                      Company ROTC                       33.3%
                      Company EPS                        33.3%
                      Company CEVA                       33.3%

          In subsequent Performance Cycles, the Committee will select one or
          more Performance Objectives and weightings to determine such Target
          Awards.

          (c)  Achievement Factor

          At the beginning of each Performance Cycle, the Committee will
          establish two levels of Success Factor Performance Objectives which
          are in excess of the Target Performance Objectives.

          If the Company's performance is between the Target Performance
          Objective and the first level Success Factor Performance Objective,
          then the Achievement Factor for that Success Factor Performance
          Objective will be between 0% and 50%. The Achievement Factor for
          performance between the Target Performance Objective and the first
          level Success Factor Performance Objective will be linearly
          interpolated.

          If the Company's performance is between the first level Success Factor
          Performance Objective and the second level Success Factor Performance
          Objective then the Achievement Factor for that Success Factor
          Performance Objective will be between 50% and 100%. The Achievement
          Factor for performance between the first level Success Factor
          Performance Objective and the second level Success Factor Performance
          Objective will be linearly interpolated.

          (d) Measurement Process

          For the initial Performance Cycle, the measurement of Company Success
          Factor Performance Objectives will be based upon performance during
          the final year of the Performance Cycle, except for Company CEVA which
          will be measured at the end of each year of the Cycle and totaled at
          the end of the Cycle. For subsequent Performance Cycles, performance
          measurement may be based upon different criteria (e.g., average
          performance during the Cycle) at the discretion of the Committee.

     (5)  Discretionary Pool Participation

          A Discretionary Pool will be available for each Performance Cycle to
          provide the opportunity for Participants (other than those
          Participants whose Target Award is 80%) who have achieved exceptional
          performance to earn more than the Target Award plus the Success Factor
          Award, or for individuals who are not selected to be Participants in
          the Plan but who have made significant contributions to the
          achievement of Performance Objectives to earn cash payments. A
          "target" Discretionary Pool will be determined by the Committee prior
          to the beginning of each Performance Cycle. The actual Discretionary
          Pool made available will be determined by the Committee at the end of
          the Performance Cycle and may exceed or fall below the "target" Pool
          based upon the Committee's assessment of (i) overall Company
          performance during the Cycle and (ii) the performance of the
          individual Business Units.

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          The actual Discretionary Pool approved by the Committee will be
          allocated among individuals recommended by the Chief Executive Officer
          and approved by the Committee; provided, however, that Participants
          whose Target Award is 80% will not be eligible for participation in
          the Discretionary Pool. No payments will be made from the
          Discretionary Pool unless at least one of the Company threshold Target
          Performance Objectives (i.e., 80% of the Target Performance Objective)
          for the Performance Cycle has been met.

     (6)  Deferral of Bonus

          A Participant may elect to defer receipt of the award under the
          deferred compensation plans offered by the Company, in accordance with
          the terms of such plans.

5.   NEW PARTICIPANTS

New Participants may be added to the Plan at any time at the discretion of the
Committee. The Award opportunity of a new Participant will be prorated for each
Performance Cycle based on the number of months of participation in the Plan
divided by 36. Notwithstanding the above, an individual must participate in the
Plan for at least 12 months during any Performance Cycle to be eligible to
receive a deferred cash incentive Award for that Cycle.

6.   TERMINATION OF SERVICE

If a Participant terminates Service with the Company prior to the end of a
Performance Cycle due to voluntary termination or termination for Cause, the
Participant will not receive any deferred cash incentive Award for that
Performance Cycle.

Upon a Termination of Service during a Performance Cycle due to death or
Disability, a Participant's deferred cash incentive Award opportunity for that
Cycle will be prorated by dividing the number of full months of participation in
the Cycle by thirty-six (36).

If a Participant's Service is terminated involuntarily without Cause prior to
the completion of a Performance Cycle, the Participant will be entitled to
receive the following percentage of his or her earned deferred cash incentive
Award for the Cycle:

            If Termination Occurs Between                % of Earned
             X Months From Start of Cycle             Award to be Paid
            -----------------------------             ----------------
                    0 - 27 Months                             0%
                    27 - 36 Months                         33 1/3%

Upon a Termination of Service due to Retirement prior to the completion of a
Performance Cycle, the Participant will be entitled to receive the following
percentage of his or her earned deferred cash incentive Award for the Cycle:

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              If Termination Occurs Between                % of Earned

               X Months From Start of Cycle             Award to be Paid
               ----------------------------             ----------------
                       0 - 3 Months                            0%
                      3 - 12 Months                          33 1/3%
                      12 - 15 Months                           50%
                      15 - 24 Months                         66 2/3%
                      24 - 27 Months                     Prorate to 100%
                      27 - 36 Months                          100%

7.   PAYMENT OF EARNED DEFERRED CASH INCENTIVE

Earned Awards under the Plan (net of any applicable taxes) will be paid in cash
as soon as possible following the determination of Company and Business Unit
performance for the Performance Cycle. Upon the death of a Participant, the
Committee may elect to provide early payment in order to facilitate the
settlement of the Participant's estate.

8.   TRANSFERS

Upon a Transfer prior to the completion of a Performance Cycle, the Participant
will earn his or her deferred cash incentive Award for the Cycle based on his or
her old and/or new positions, as follows:

         If Transfer Occurs Between
        X Months from Start of Cycle        Award Earned in Old/New Position
        ----------------------------        --------------------------------
                0 - 6 Months                      100% in new position
               6 - 30 Months             Prorated between old and new positions
              30 - 36 Months                     100% in old position

9.   PLAN ADMINISTRATION

A.   General Administration

The Committee will administer the Plan, and will interpret the provisions of the
Plan. The interpretation and application of these terms by the Committee shall
be binding and conclusive. The Committee's authority will include, but is not
limited to:

     o    The selection of Participants;

     o    The establishment and modification of performance measures,
          Performance Objectives and weighting of objectives;

     o    The determination of performance results and Awards;

     o    Exceptions to the provisions of the Plan made in good faith and for
          the benefit of the Company.

B.   Amendment, Suspension or Termination of the Plan

The Committee may amend, suspend or terminate the Plan, whole or in part, at any
time, if, in the sole judgment of the Committee, such action is in the best
interests of the Company. Notwithstanding the

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above, any such amendment, suspension or termination must be prospective in that
it may not deprive Participants of that which they otherwise would have received
under the Plan for the current Performance Cycle(s) had the Plan not been
amended, suspended or terminated.

C.   Designation of Beneficiaries

Each Participant shall have the right at any time to designate any person or
persons as beneficiary(ies) to whom any cash payments earned under the Plan
shall be made in the event of the Participant's death prior to the distribution
of all benefits due the Participant under the Plan. Each beneficiary designation
shall be effective only when filed in writing with the Company during the
Participant's lifetime.

The filing of a new Beneficiary Designation Form will cancel all designations
previously filed. Any finalized divorce or marriage (other than a common law
marriage) of a Participant subsequent to the date of filing of a Beneficiary
Designation Form shall revoke such designation unless:

     o    In the case of divorce, the previous spouse was not designated as
          beneficiary, and

     o    In the case of marriage, the Participant's new spouse had previously
          been designated as beneficiary.

The spouse of a married Participant shall join in any designation of a
beneficiary other than the spouse on a form prescribed by the Committee.

If a Participant fails to designate a beneficiary as provided for above, or if
the beneficiary designation is revoked by marriage, divorce or otherwise without
execution of a new designation, then the Committee shall direct the distribution
of Plan benefits to the Participant's estate.

10.  CHANGE OF CONTROL

A. Upon a Change of Control, each Participant shall receive a cash payment equal
to his or her Target Award under the deferred cash incentive portion of the Plan
for each Performance Cycle that begins on or before the date of the Change of
Control and ends after the date of the Change of Control, based on the
Participant's annual base salary rate in effect at the time of the Change of
Control.

B. Following a Change of Control, each Participant shall continue to be entitled
to receive payments under the Plan for each Performance Cycle that begins on or
before the date of the Change of Control and ends after the date of the Change
of Control, as earned in accordance with the terms of the Plan, to the extent
such Participant has not already received such payment for that Performance
Cycle pursuant to paragraph (A) of this Section 10.

11.  MISCELLANEOUS PROVISIONS

A.   Unsecured Status of Claim

Participants and their beneficiaries, heirs, successors and assigns shall have
no legal or equitable rights, interests or claims in any specific property or
assets of the Company. No assets of the Company shall be

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held under any trust for the benefit of Participants, their beneficiaries,
heirs, successors or assigns, or held in any way as collateral security for the
fulfillment of the Company's obligations under the Plan.

Any and all of the Company's assets shall be, and shall remain, the general
unpledged and unrestricted assets of the Company. The Company's obligations
under the Plan shall be merely that of an unfunded and unsecured promise of the
Company to pay benefits in the future.

B.   Employment Not Guaranteed

Nothing contained in the Plan nor any action taken in the administration of the
Plan shall be construed as a contract of employment or as giving a Participant
any right to be retained in the Service of the Company.

C.   Right of Offset

If a Participant becomes entitled to a payment under the Plan, and if at such
time the Participant has outstanding any debt, obligation or other liability
representing any amount owing to the Company, then the Company may offset such
amount against the amount of the payment otherwise due the Participant under the
Plan.

D.       Nonassignability

No person shall have any right to commute, sell, assign, transfer, pledge,
anticipate, mortgage or otherwise encumber, hypothecate or convey, in advance of
actual receipt, the benefits, if any, payable under the Plan, or any part
thereof, or any interest therein, which are, and all rights to which are,
expressly declared to be unassignable and non-transferable. No portion of the
amounts payable shall, prior to actual payment, be subject to seizure,
attachment, lien or sequestration for the payment of any debts, judgments,
alimony or separate maintenance owed by a Participant or any other person, nor
be transferable by operation of law in the event of the Participant's or any
other person's bankruptcy or insolvency. Any such transfer or attempted transfer
in violation of the preceding provisions shall be null and void.

E.   Validity

In the event that any provision of the Plan is held to be invalid, void or
unenforceable, the same shall not effect, in any respect whatsoever, the
validity of any other provision of the Plan.

F.   Withholding-Tax

The Company shall withhold from all benefits due under the Plan an amount
sufficient to satisfy any federal, state and local tax withholding requirements.

G.   Applicable Law

The Plan shall be governed in accordance with the laws of the State of Delaware.

H.   Inurement of Rights and Obligations

The rights and obligations under the Plan shall inure to the benefit of, and
shall be binding upon the Company, its successors and assigns, and the
Participants and their beneficiaries.

                                       13EXHIBIT 10.28.1

                               AMENDMENT No. 1 to

                       EXECUTIVE DEFERRED RETIREMENT PLAN
                       ----------------------------------

The Executive Deferred Retirement Plan (the "Plan"), amended and restated as of
December 23, 1994, is hereby amended effective December 1, 1999, as follows:

1.   Article 2 "Definitions and Certain Provisions"

     a.   The definition of "Normal Retirement" shall be restated as follows:

          Normal Retirement. "Normal Retirement" means with respect to any
          -----------------
          Benefit Unit the termination of a Participant's employment with
          Employer for reasons other than death on or after the Participant
          attains age 62 and after completing deferrals of one hundred percent
          (100%) of the Cumulative Deferral Amount for such Benefit Unit,
          excluding deferrals under Options A and B, which are elected as a
          percentage of Bonus.

2.   Section 5.1 "Retirement Benefit"

     a.   The last sentence of the second paragraph is amended to read as
          follows:

          All installment payments will be calculated on an annual basis but
          paid in such intervals as may be determined by the Committee, provided
          that such intervals shall not be less frequent than quarterly;
          interest will be credited monthly and compounded annually.

3.   Section 5.4 "Survivor Benefits"

     a.   The first sentence of Section 5.4(a) is amended to read as follows:

          Pre-Retirement. If a Participant dies and has not yet commenced
          --------------
          receiving Retirement Benefit payments with respect to a Benefit Unit,
          a Survivor Benefit will be paid to his Beneficiary in annual
          installments over ten years, except as set forth below.

     b.   The third sentence of Section 5.4(a)(i) is amended to read as follows:

          If the aforementioned lump sum payment is not made, or if the Deferral
          Account for a Beneficiary exceeds $50,000, said Beneficiaries shall
          receive their Survivor Benefits in ten (10) annual installments with
          interest credited after the Participant's death on the unpaid balance
          at a rate to be determined each year by the Company, but in no case
          less than 7% per annum.

     c.   The third sentence of Section 5.4(a)(ii) is amended to read as
          follows:

                                       1
<PAGE>

          If the aforementioned lump sum payment is not made, or if the Deferral
          Account for a Beneficiary exceeds $50,000, said Beneficiaries shall
          receive their Survivor Benefits in ten (10) annual installments with
          interest credited after the Participant's death on the unpaid balance
          at a rate to be determined each year by the Company, but in no case
          less than 7% per annum.

     d.   The first sentence of Section 5.4(b)(ii) is amended to read as
          follows:

          Option B. The Participant's Beneficiary will be entitled to receive a
          Survivor Benefit equal to the Deferral Account balance for the Benefit
          Unit, which will be paid in annual installments over ten years.

     e.   Section 5.4(c) is amended to read follows:

          Large Survivor Benefit. If the aggregate Deferral Account balances
          which are payable to a Beneficiary as a Survivor Benefit for all of
          the Participant's Benefit Units exceed $500,000, the Survivor Benefit
          for each Benefit Unit shall be payable to the Beneficiary over the
          number of years (if more than ten) which the Participant elected for
          payment of his Retirement Benefit.

4.   All other terms and conditions of the Plan remain in full force and effect.

                                       2

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