Document:

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                                                                   EXHIBIT 10(r)

                                     FORM OF
                     SANDY SPRING NATIONAL BANK OF MARYLAND
                       OFFICER GROUP TERM REPLACEMENT PLAN

[The following plan was established in 2001 for the President and CEO, Executive
Vice Presidents, and Senior Vice Presidents.]

       THIS PLAN is hereby made and entered into this ________ day of
___________________, _________, by and between SANDY SPRING NATIONAL BANK of
MARYLAND, a national bank located in Olney, Maryland (the "Bank") and , ,
selected to participate in this Plan (the "Participant").

                                  INTRODUCTION

       Sandy Spring National Bank of Maryland wishes to attract and retain
highly qualified executives. To further this objective, the Bank is willing to
divide the death proceeds of certain life insurance policies which are owned by
the Bank on the life of the participating executive with the designated
beneficiary of the participating executive. The Bank will pay the benefits and
the life insurance premiums from its general assets.

                                    AGREEMENT

        The Executive and the Bank agree as follows:

                                    ARTICLE 1
                                   DEFINITIONS

       Whenever used in this Agreement, the following terms shall have the
meanings specified:

1.1     "Bank" means Sandy Spring National Bank of Maryland and any of its
        subsidiaries.

1.2     "Base Annual Salary" means the current base annual salary of the
        Participant at the earliest of: (1) the date of the Participant's death;
        (2) the date of the Participant's Disability; or (3) the Participant's
        Normal or Early Retirement Date.

1.3     "Change of Control" means the earliest of:

        a.      The acquisition by any entity, person, or group (other than the
                acquisition by a tax-qualified retirement plan sponsored by
                Sandy Spring Bancorp, Inc. ["Bancorp"] or the Bank) of
                beneficial ownership, as that term is defined in Rule 13d-3
                under the Securities Exchange Act of 1934, of more than 25% of
                the outstanding capital stock of Bancorp or the bank entitled to
                vote for the election of directors ("Voting Stock");

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        b.      The commencement by any entity, person, or group (other than
                Bancorp or the bank, a subsidiary of Bancorp or the Bank, or a
                tax-qualified retirement plan sponsored by Bancorp or the Bank)
                of a tender offer for more than 20% of the outstanding Voting
                Stock of Bancorp or the Bank.

        c.      The effective time of (i) a merger or consolidation of Bancorp
                or the Bank with one or more other corporations as a result of
                holders of the outstanding Voting Stock of Bancorp or the Bank
                immediately prior to such merger exercise voting control over
                less than 80% of the Voting Stock of the surviving or resulting
                corporation, or (ii) a transfer of substantially all of the
                property of Bancorp or the Bank other than to an entity of which
                Bancorp or the Bank owns at least 80% of the Voting Stock;

        d.      Upon the acquisition by any entity, person, or group of the
                control of the election of a majority of the Bank's or Bancorp's
                directors;

        e.      At such time that, during any period of two consecutive years,
                individuals, who at the beginning of such period, constitute the
                Board of Bancorp or the Bank (the "Continuing Directors") cease
                for any reason to constitute at least two-thirds thereof,
                provided that any individual whose election or nomination for
                election as a member of the Board was approved by a vote of at
                least two-thirds of the Continuing Directors then in office
                shall be considered a Continuing Director.

1.4     "Disability" means a physical or mental infirmity that impairs the
        Participant's ability to substantially perform his or her duties under
        this Agreement and that results in the Participant's becoming eligible
        for long-term disability benefits under a long-term disability plan
        maintained for bank employees (or, if the Bank has no such plan in
        effect, that impairs the Participant's ability to substantially perform
        his or her duties for a period of one-hundred and eighty consecutive
        days). The Human Resources Committee in its good faith and discretion
        shall determine whether or not the participant is and continues to be
        permanently disabled for purposes of this Agreement based upon competent
        medical advice and other factors it believes to be relevant. As a
        condition to any benefits, the Bank may require the Participant to
        submit to such physical or mental evaluations and tests as the Human
        Resources Committee deems appropriate.

1.5     "Early Retirement Date" means the date on which the Participant has both
        (a) attained age sixty and (b) completed Ten Years of service.

1.6     "Human Resources Committee" means either the Human Resources Committee
        designated from time to time by the Bank's Board of Directors or a
        majority of the Bank's Board of Directors, either of which shall
        hereinafter be referred to as the Human Resources Committee.

1.7     "Insured" means the individual whose life is insured.

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1.8     "Insurer" means the insurance company issuing the life insurance policy
        on the life of the insured.

1.9     "Insurance Policy" means a single premium life insurance policy which
        may be acquired by the Bank, in its sole discretion, as sole owner, on
        the life of the Participant in connection with this Agreement.

1.10    "Just Cause" means, as determined in good faith by the Bank's Human
        Resources Committee, the Participant's:

        a.      Personal dishonesty;
        b.      Incompetence;
        c.      Willful misconduct;
        d.      Breach of fiduciary duty involving personal profit;
        e.      Intentional failure to perform duties under this Agreement;
        f.      Other, continuing failure to perform his or her duties after
                reasonable notification (which shall be stated in writing and
                given a least fifteen days prior to termination) by the Bank of
                such failure;
        g.      Willful violation of any law, rule, or regulation (other than
                traffic violations or similar offenses) or final
                cease-and-desist order; or
        h.      Material breach by the Participant of any provision of this
                Agreement or an Employment Agreement to which the Participant
                and the Bank are parties or material breach of Bank policy
                committed in connection with the Participant's employment and
                resulting in adverse effect on the bank.

1.11    "Normal Retirement Age" means the Participant attaining age 65.

1.12    "Normal Retirement Date" means the later of the Normal Retirement Age or
        the date that the Participant terminates or is terminated for any reason
        other than Termination for Cause.

1.13    "Other Group Term Coverage" means group term life insurance maintained
        on a Participant's life owned by the Bank that is in addition to the
        Policies covered under this Plan.

1.14    "Participant" means the employee who is designated by the Human
        Resources Committee as eligible to participate in the Plan, elects in
        writing to participate in the Plan using the form attached hereto as
        Exhibit A, and signs a Split Dollar Endorsement for the Policy in which
        the Participant is insured.

1.15    "Plan" means this instrument, including all amendments thereto.

1.16    "Termination of Employment" means the Participant's ceasing to be
        employed by the Bank for any reason whatsoever, voluntary or
        involuntary, other than by reason of an approved leave of absence.

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1.17    "Years of Service" means the total number of twelve-month periods during
        which the Participant is employed on a full-time basis by the bank prior
        to and after the date of this Agreement, inclusive of any approved
        leaves of absence.

                                    ARTICLE 2
                                  PARTICIPATION

        2.1     Eligibility to Participate. The Human Resources Committee in its
sole discretion shall designate from time to time Participant's that are
eligible to participate in the Plan.

        2.2     Participation. The eligible executive may participate in this
Plan by executing an Election to Participate and a Split Dollar Endorsement. The
Split Dollar Endorsement shall bind the Participant and his or her
beneficiaries, assigns and transferees, to the terms and conditions of this
Plan. An executive's participation is limited to only Policies where he or she
is the Insured.

        2.3     Termination of Participation. The Participant's rights under
this Plan shall cease and his or her participation in this Plan shall terminate
if either of the following events occur: (i) if there is a Termination for
Cause; or (ii) if the Participant's employment with the Bank is terminated prior
to Early Retirement Age for reasons other than Disability. In the event that the
Bank decides to maintain the Policy after the Participant's Termination of
Participation in the Plan, the Bank shall be the direct beneficiary of the
entire death proceeds of the Policy.

        2.4     Disability. (A) Except as otherwise provided in paragraph (B) of
this section 2.4, if the Participant's employment with the Bank is terminated
because of the Participant's Disability, the Bank shall maintain the Policy in
full force and effect and, in no event, shall the Bank amend, terminate or
otherwise abrogate the Participant's interest in the Policy. However, the Bank
may replace the Policy with a comparable insurance policy to cover the benefit
provided under this Agreement and the Bank and the Participant shall execute a
new Split Dollar Policy Endorsement. The Policy or any comparable policy shall
be subject to the claims of the Bank's creditors.

                (B) Notwithstanding the provisions of paragraph (A) of this
section 2.4, upon the disabled Participant's gainful employment with an entity
other than the Bank, the Bank shall have no further obligation to the disabled
Participant, and the disabled Participant's rights pursuant to the Plan shall
cease. In the event the disabled Participant's rights are terminated hereunder
and the Bank decides to maintain the Policy, the Bank shall be the direct
beneficiary of the entire death proceeds of the Policy.

        2.5     Retirement. After the Participant's Normal or Early Retirement
Date, the Bank shall maintain the Policy in full force and effect and in no
event shall the Bank amend, terminate or otherwise abrogate the Participant's
interest in the Policy. However, the Bank may replace the Policy with a
comparable insurance policy to cover the benefit provided under this Agreement
and the Bank and the Participant shall execute a new Split Dollar Policy
Endorsement. The

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Policy or any comparable policy shall be subject to the claims of the Bank's
creditors.

                                    ARTICLE 3
                           POLICY OWNERSHIP/INTERESTS

        3.1     Participant's Interest. With respect to the Policy, the
Participant, or the Participant's assignee, shall have the right to designate
the beneficiary of an amount of death proceeds equal to [X*] TIMES BASE ANNUAL
SALARY OF THE PARTICIPANT. The Participant shall also have the right to elect
and change settlement options with the consent of the Bank and the Insurer.

[* THE MULTIPLE IS 3.5 FOR THE PRESIDENT AND CEO, 3.0 FOR EXECUTIVE VICE
PRESIDENTS, AND 2.5 FOR SENIOR VICE PRESIDENTS.]

        3.2     Bank's Interest. The Bank shall own the Policy and shall have
the right to exercise all incidents of ownership except that the Bank shall not
sell, surrender or transfer ownership of a Policy so long as a Participant has
an interest in the Policy as described in section 3.1. This provision shall not
impair the right of the Bank to terminate this Plan. With respect to each
Policy, the Bank shall be the direct beneficiary of the remaining death proceeds
of the Policy after the Participant's Interest is determined according to
section 3.1.

                                    ARTICLE 4
                                    PREMIUMS

        4.1     Premium Payment. The Bank shall pay all premiums due on all
Policies.

        4.2     Imputed Income. The Bank shall impute income to the Participant
in an amount equal to the current term rate for the Participant's age multiplied
by the aggregate death benefit payable to the Participant's beneficiary during
the Participant's active employment with the Bank. The "current term rate" is
the minimum amount required to be imputed under Revenue Rulings 64-328 and
66-110, or any subsequent applicable authority.

        4.3     Cash Payment. Upon the Participant's normal or early retirement,
the Bank shall annually pay to the Participant an amount necessary to pay the
federal and state income taxes attributable to the imputed income and to the
additional cash payments under this section. In calculating the cash payments
due from the Bank, the Bank shall use the Participant's actual marginal income
tax bracket for the calendar year immediately preceding the payment to the
Participant. The cash payments shall continue until the Participant's death.

                                    ARTICLE 5
                                   ASSIGNMENT

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        The Participant may assign without consideration all interests in his or
her Policy and in this Plan to any person, entity or trust. In the event a
Participant shall transfer all of his or her interest in the Policy, then all of
that Participant's interest in his or her Policy and in the Plan shall be vested
in his or her transferee, who shall be substituted as a party hereunder, and
that Participant shall have no further interest in his or her Policy or in this
Plan.

                                    ARTICLE 6
                                     INSURER

        The Insurer shall be bound only by the terms of their corresponding
Policy. Any payments the Insurer makes or actions it takes in accordance with a
Policy shall fully discharge it from all claims, suits and demands of all
persons relating to that Policy. The Insurer shall not be bound by the
provisions of this Plan. The Insurer shall have the right to rely on the Bank's
representations with regard to any definitions, interpretations, or Policy
interests as specified under this Plan.

                                    ARTICLE 7
                                CLAIMS PROCEDURE

        7.1     Claims Procedure. The Bank shall notify any person or entity
that makes a claim under this Agreement (the "Claimant") in writing, within 90
days of Claimant's written application for benefits, of his or her eligibility
or non-eligibility for benefits under the Agreement. If the Bank determines that
the Claimant is not eligible for benefits or full benefits, the notice shall set
forth (1) the specific reasons for such denial, (2) a specific reference to the
provisions of the Agreement on which the denial is based, (3) a description of
any additional information or material necessary for the Claimant to perfect his
or her claim, and a description of why it is needed, and (4) an explanation of
this Agreement's claims review procedure and other appropriate information as to
the steps to be taken if the Claimant wishes to have the claim reviewed. If the
Bank determines that there are special circumstances requiring additional time
to make a decision, the Bank shall notify the Claimant of the special
circumstances and the date by which a decision is expected to be made, and may
extend the time for up to an additional 90 days.

        7.2     Review Procedure. If the Claimant is determined by the Bank not
to be eligible for benefits, or if the Claimant believes that he or she is
entitled to greater or different benefits, the Claimant shall have the
opportunity to have such claim reviewed by the Bank by filing a petition for
review with the Bank within 60 days after receipt of the notice issued by the
Bank. Said petition shall state the specific reasons, which the Claimant
believes entitle him or her to benefits or to greater or different benefits.
Within 60 days after receipt by the Bank of the petition, the Bank shall afford
the Claimant (and counsel, if any) an opportunity to present his or her position
to the Bank verbally or in writing, and the Claimant (or counsel) shall have the
right to review the pertinent documents. The Bank shall notify the Claimant of
its decision in writing within the

                                       6
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60-day period, stating specifically the basis of its decision, written in a
manner calculated to be understood by the Claimant and the specific provisions
of the Agreement on which the decision is based. If, because of the need for a
hearing, the 60-day period is not sufficient, the decision may be deferred for
up to another 60 days at the election of the Bank, but notice of this deferral
shall be given to the Claimant.

                                    ARTICLE 8
                           AMENDMENTS AND TERMINATION

        8.1     Amendment or Termination of Plan. Except as otherwise provided
in sections 2.3, 2.4, 2.5 and 8.2: (i) the Bank may amend or terminate the Plan
at any time, and (ii) the Bank may amend or terminate a Participant's rights
under the Plan at any time prior to a Participant's death by written notice to
the Participant.

        8.2     Amendment or Termination of Plan Upon Change of Control.
Notwithstanding the provisions of section 8.1, in the event of a Change of
Control, the Bank, or its successor, shall maintain in full force and effect
each Policy that is in existence on the date the Change of Control occurs and
shall not terminate or otherwise abrogate a Participant's interest in the
Policy, unless the Bank replaces the Policy with a comparable insurance policy
to cover the benefit provided under this Agreement and the Bank and the
Participant shall execute a new Split Dollar Policy Endorsement. The Policy or
any comparable policy shall be subject to the claims of the Bank's creditors.
This section 8.2 shall apply to all Participants in the Plan on the date the
Change of Control occurs, including but not limited to (i) a retired Participant
who has an interest in a Policy pursuant to section 2.5; (ii) a disabled
Participant who has an interest in the Policy pursuant to section 2.4; and (iii)
a Participant whose employment is terminated as a result of a Change of Control.

        8.3     A Participant may, in the Participant's sole and absolute
discretion, waive his or her rights under the Plan at any time. Any waiver
permitted under this section 8.3 shall be in writing and delivered to the Human
Resources Committee of the Bank.

                                    ARTICLE 9
                                  MISCELLANEOUS

        9.1     Binding Effect. This Plan in conjunction with each Split Dollar
Endorsement shall bind each Participant and the Bank, their beneficiaries,
survivors, executors, administrators and transferees and any Policy beneficiary.

        9.2     No Guarantee of Employment. This Plan is not an employment
policy or contract. It does not give a Participant the right to remain an
employee of the Bank, nor does it interfere with the Bank's right to discharge a
Participant. It also does not require a Participant to remain an employee nor
interfere with a Participant's right to terminate employment at any time.

                                       7
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        9.3     Applicable Law. The Plan and all rights hereunder shall be
governed by and construed according to the laws of the State of Maryland, except
to the extent preempted by the laws of the United States of America.

        9.4     Notice. Any notice, consent or demand required or permitted to
be given under the provisions of this Plan by one party to another shall be in
writing, shall be signed by the party giving or making the same, and may be
given either by delivering the same to such other party personally, or by
mailing the same, by United States certified mail, postage prepaid, to such
party, addressed to his/her last known address as shown on the records of the
Bank. The date of such mailing shall be deemed the date of such mailed notice,
consent or demand.

        9.5     Entire Agreement. This Plan constitutes the entire agreement
between the Bank and the Participant as to the subject matter hereof. No rights
are granted to the Participant by virtue of this Plan other than those
specifically set forth herein.

        9.6     Administration The Bank shall have powers which are necessary to
administer this Plan, including but not limited to:

                (a)     Interpreting the provisions of the Plan;

                (b)     Establishing and revising the method of accounting for
        the Plan;

                (c)     Maintaining a record of benefit payments; and

                (d)     Establishing rules and prescribing any forms necessary
        or desirable to administer the Plan.

        9.7     Designated Fiduciary. For purposes of the Employee Retirement
Income Security Act of 1974, if applicable, the Bank shall be the named
fiduciary and plan administrator under the Agreement. The named fiduciary may
delegate to others certain aspects of the management and operation
responsibilities of the plan including the employment of advisors and the
delegation of ministerial duties to qualified individuals.

        IN WITNESS WHEREOF, the Bank executes this Plan as of the date indicated
above.

                                      SANDY SPRING NATIONAL BANK OF MD.

                                      BY
                                          --------------------------------------
                                           TITLE
                                                --------------------------------

                                       8
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                                    EXHIBIT A

                             ELECTION TO PARTICIPATE

        I, __________________________________________, an eligible employee as
determined in section 2.1 of the Sandy Spring National Bank of Maryland Group
Term Replacement Plan (the "Plan") dated ___________________________, hereby
elect to become a Participant of the Plan in accordance with Section 2.2 of the
Plan. Additionally, I acknowledge that I have read the Plan document and agree
to be bound by its terms.

        Executed this _____________ day of ____________________, _____.

---------------------------------       ------------------------------------
Witness                                 Participant

                                       9
<PAGE>

                         SPLIT DOLLAR POLICY ENDORSEMENT
                     SANDY SPRING NATIONAL BANK OF MARYLAND
                           GROUP TERM REPLACEMENT PLAN

Policy No. ___________________                       Insured: __________________

Supplementing and amending the application for insurance to
_____________________________ __________________________ (the "Insurer"), on
____________________, _______, the applicant requests and directs that:

                                  BENEFICIARIES

        1.      The beneficiary designated by the Insured, or his/her transferee
shall be the beneficiary of Two and One Half (2.5) Times Base Annual Salary of
the Participant.

        2.      The beneficiary of any remaining death proceeds shall be Sandy
Spring National Bank of Maryland, a nationally chartered commercial bank located
in Olney, Maryland (the "Bank").

                                    OWNERSHIP

        3.      The Owner of the policy shall be the Bank. The Owner shall have
all ownership rights in the Policy except as may be specifically granted to the
Insured or his/her transferee in paragraph (4) of this endorsement.

        4.      The Insured or his/her transferee shall have the right to assign
all rights and interests in the policy with respect to that portion of the death
proceeds designated in paragraph (1) of this endorsement, and to exercise all
settlement options with respect to such death proceeds.

        5.      Notwithstanding the provisions of paragraph (4) above, the
Insured or the Insured's transferee shall have no rights or interests in the
Policy with respect to that portion of the death proceeds designated in
paragraph (1) of this endorsement if the Insured ceases to be employed by the
Bank prior to the Normal or Early Retirement Age or for any reason whatsoever
(other than by reason of a leave of absence which is approved by the Bank),
unless otherwise agreed to by the Bank and the Participant.

               MODIFICATION OF ASSIGNMENT PROVISIONS OF THE POLICY

Upon the death of the Insured, the interest of any collateral assignee of the
Owner of the policy designated in paragraph (3) above shall be limited to the
portion of the proceeds described in

                                       10
<PAGE>

paragraph (2) above.

                                OWNERS AUTHORITY

The Insurer is hereby authorized to recognize the Owner's claim to rights
hereunder without investigating the reason for any action taken by the Owner,
including its statement of the amount of premiums it has paid on the policy. The
signature of the Owner shall be sufficient for the exercise of any rights under
this Endorsement and the receipt of the Owner for any sums received by it shall
be a full discharge and release to the Insurer.

Any transferee's rights shall be subject to this Endorsement.

The owner accepts and agrees to this split dollar endorsement.

Signed at Olney, Maryland, this _____ day of _________________, ____

Sandy Spring National Bank of Maryland

By__________________________________

Its__________________________________

Acceptance and Beneficiary Designation

The Insured accepts and agrees to the foregoing and, subject to the rights of
the Owner as stated above, designates
_________________________________________________________________ (relationship:
_____________________________________________) as primary beneficiary and
____________________________________________________________ (relationship:
_______ ______________________________) as secondary/contingent beneficiary of
the portion of the proceeds described in paragraph (1) above.

Signed at ________________, Maryland, this ______ day of ________________, ____.

INSURED:

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

---------------------------------------
             (print name)

                                       11<PAGE>
REGISTERED                                                     $600,000,000.00

R-1                                                            CUSIP 364725 AA 9

                                GANNETT CO., INC.

                              4.950% NOTE DUE 2005

        GANNETT CO., INC., a corporation duly organized and existing under the
laws of the State of Delaware (herein called the "Company"), for value received,
hereby promises to pay to CEDE & CO. or registered assigns, at the office or
agency of the Company in the Borough of Manhattan, The City of New York, the
principal sum of SIX HUNDRED MILLION DOLLARS on April 1, 2005, in such coin or
currency of the United States of America as at the time of payment shall be
legal tender for the payment of public and private debts, and to pay interest,
semi-annually on April 1 and October 1 of each year, commencing October 1, 2002,
on said principal sum at said office or agency, in like coin or currency, at the
rate per annum specified in the title of this Note from the date hereof until
payment of said principal sum has been made or duly provided for; provided that
payment of interest may be made at the option of the Company by check mailed to
the address of the person entitled thereto as such address shall appear on the
Security Register. The interest so payable on any April 1 or October 1 will be
paid to the person in whose name this Note is registered at the close of
business on the March 15 or September 15, as the case may be, next preceding
such April 1 or October 1.

<PAGE>

        Reference is made to the further provisions of this Note set forth on
the reverse hereof. Such further provisions shall for all purposes have the same
effect as though fully set forth at this place.

        This Note shall not be valid or become obligatory for any purpose until
the certificate of authentication hereon shall have been signed by the Trustee
under the Indenture referred to on the reverse hereof.

        WITNESS the original or facsimile seal of the Company and the original
or facsimile signatures of its duly authorized officers.

        Dated:  March 14, 2002

                                               GANNETT CO., INC.

                                               By:
                                                   ------------------------
                                                  Gracia C. Martore,
                                                   Senior Vice President of
                                                   Finance and Treasurer
[Corporate Seal]

Attest:
        ------------------------------------
        Thomas L. Chapple, Secretary

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

        This is one of the Securities of the series designated herein and
referred to in the within-mentioned Indenture.

                                       WELLS FARGO BANK MINNESOTA, NATIONAL
                                       ASSOCIATION,
                                       as Trustee

                                       By:
                                           -------------------------------------
                                                     Authorized Officer

                                      -2-

<PAGE>

                                [REVERSE OF NOTE]

                                GANNETT CO., INC.

                              4.950% Note Due 2005

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED OFFICER OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO OTHER
ENTITY, AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

        This Note is one of a duly authorized issue of debentures, notes, bonds
or other evidences of indebtedness of the Company (hereinafter called the
"Securities") of the series hereinafter specified, all issued or to be issued
under and pursuant to an indenture dated as of March 1, 1983 (herein called the
"Indenture"), as amended, duly executed and delivered by the Company to
Citibank, N.A., as trustee. The Indenture, as amended, provides that the Company
will appoint a trustee under the Indenture with respect to each new series of
securities issued under the Indenture. The appointed trustee will serve with
respect to only that series, unless the Company specifically appoints them to
serve as trustee with respect to any preceding or succeeding series of
securities. The Company has appointed Wells Fargo Bank Minnesota, National
Association to serve as trustee (the "Trustee") with respect to the Securities.
Reference is hereby made to the Indenture and all indentures supplemental
thereto for a description of the rights, limitations of rights, obligations,
duties and immunities thereunder of the Trustee, the Company and the Holders of
the Securities. The Securities may be issued in one or more series, which
different series may be issued in various aggregate principal amounts, may
mature at different times, may bear interest, if any, at different rates, may be
subject to different redemption provisions (if any), may be subject to different
sinking or analogous funds (if any) and may otherwise vary as in the Indenture
provided. This Note is one of a series designated as the 4.950% Notes Due 2005
(the "Notes") of the Company, limited in the initial aggregate principal amount
to $600,000,000, except as otherwise provided in the Indenture. The Company may,
without the consent of the holders of the Notes, create and issue additional
notes ranking equally with the Notes and otherwise similar in all respects,
except for the issue price and issue date, so that such further notes shall be
consolidated and form a single series with the Notes; provided that no
additional notes be issued if an Event of Default has occurred with respect to
the Notes. These Notes may not be redeemed prior to maturity. No sinking or
purchase fund is provided for the Notes.

        In case an Event of Default with respect to the Notes, as defined in the
Indenture, shall have occurred and be continuing, the principal hereof may be
declared, and upon such declaration shall become, due and payable, in the
manner, with the effect and subject to the conditions provided in the Indenture.

        The Indenture contains provisions permitting the Company and the
Trustee, with the consent of the Holders of not less than a majority in
aggregate principal amount of the Securities at the time Outstanding (as defined
in the Indenture) of all series affected by such supplemental indenture (voting
as one class), evidenced as in the Indenture provided, to execute supplemental
indentures adding any provisions to or changing in any manner or eliminating any
of the provisions of the Indenture or of any supplemental indenture or modifying
in any manner the rights of the Holders of the Securities of each such series to
be affected; provided that no such supplemental indenture shall (a) extend the
final maturity of any Security, or reduce the principal amount thereof or any
premium thereon, or reduce the rate or extend the time of payment of any
interest thereon, or reduce any amount payable on redemption thereof or impair
or affect the rights of any Holder to institute suit for the payment thereof,
without the consent of the Holder of each Security so affected, or (b) reduce
the aforesaid percentage of Securities, the Holders of which are required to
consent to any such supplemental indenture, without the consent of the Holder of
each Security affected.

                                      -3-
<PAGE>

        It is also provided in the Indenture that, with respect to certain
defaults or Events of Default regarding the Securities of any series, prior to
any declaration accelerating the maturity of such Securities, the Holders of a
majority in aggregate principal amount Outstanding of the Securities of such
series (or, in the case of certain defaults or Events of Default, all the
affected series or all the Securities, as the case may be) may on behalf of the
Holders of all the Securities of such series (or all the affected series or all
the Securities, as the case may be) waive any such past default or Event of
Default and its consequences. The preceding sentence shall not, however, apply
to a default in the payment of the principal of, premium, if any, or interest on
any of the Securities. Any such consent or waiver by the Holder of this Note
(unless revoked as provided in the Indenture) shall be conclusive and binding
upon such Holder and upon all future Holders and owners of this Note and any
Notes which may be issued in exchange or substitution herefor, irrespective of
whether or not any notation thereof is made upon this Note or such other Notes.

        No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and any premium and interest
on this Note at the place, at the respective times, at the rate and in the coin
or currency herein prescribed.

        So long as this Note is registered in the name of the Depository Trust
Company ("DTC") or its nominee (in such registered form, a "global security"),
ownership of beneficial interests by participants herein will be shown on, and
the transfer of that ownership interest will be effected only through records
maintained by DTC or its nominee therefor. Owners of beneficial interests herein
will not be entitled to have this Note, when represented by a global security
registered in their names, will not receive or be entitled to receive physical
delivery of Notes in definitive form and will not be considered the owners or
holder thereof. A global security may not be transferred except as a whole by
DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC
or by DTC or any such nominee to a successor of or a nominee of such successor.
If DTC is at any time unwilling or unable to continue as depositary and a
successor depositary is not appointed by the Company within 90 days, Notes will
be issued in definitive registered form in exchange for the global security
representing such Notes. The Company may at any time and in its sole discretion
determine not to have any Notes represented by one or more global securities
and, in such event, will issue Notes in definitive form in exchange for all of
the global securities representing such Notes.

        The Notes issued in definitive form are issuable in registered form
without coupons in denominations of $1,000 and any multiple of $1,000 and are
exchangeable at the office or agency of the Company in the Borough of Manhattan,
The City of New York, and in the manner and subject to the limitations provided
in the Indenture, but without the payment of any service charge, Notes may be
exchanged for a like aggregate principal amount of Notes of other authorized
denominations.

        Upon due presentment for registration of transfer of a Note in
definitive form at the office or agency of the Company in the Borough of
Manhattan, The City of New York, a new Note or Notes of authorized denominations
for an equal aggregate principal amount will be issued to the transferee in
exchange herefor, subject to the limitations provided in the Indenture, without
charge except for any tax or other governmental charge imposed in connection
therewith.

        The Company, the Trustee and any authorized agent of the Company or the
Trustee may deem and treat the registered Holder hereof as the absolute owner of
this Note (whether or not this Note shall be overdue and notwithstanding any
notation of ownership or other writing hereon), for the purpose of receiving
payment of, or on account of, the principal hereof and premium, if any, and
subject to the provisions on the face hereof, interest hereon, and for all other
purposes, and neither the Company nor the Trustee nor any authorized agent of
the Company or the Trustee shall be affected by any notice to the contrary.

        No recourse under or upon any obligation, covenant or agreement of the
Company in the Indenture or any indenture supplemental thereto or in any Note,
or because of the creation of any indebtedness represented thereby, shall be had
against any incorporator, stockholder, officer or director, as such, of the
Company or of any successor corporation, either directly or through the Company
or any successor corporation, under any rule of law, statute or constitutional
provision or by the enforcement of any assessment or by any legal or equitable
proceeding or otherwise, all such liability being expressly waived and released
by the acceptance hereof and as part of the consideration for the issue hereof.

        Terms used herein which are defined in the Indenture shall have the
respective meanings assigned thereto in the Indenture.

                                      -4-

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