Document:

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                                                                   Exhibit 10-VV

                           NATIONAL STEEL CORPORATION
                      EXECUTIVE DEFERRED COMPENSATION PLAN

1.   Purpose. This Plan is established, effective January 1, 1990, and has been
     restated on the date set forth on the last page hereof, effective as of
     January 1, 2000, for the purpose of providing certain employees of National
     Steel Corporation with benefits which would otherwise be provided under the
     National Steel Retirement Savings Plan and the National Steel Corporation
     Retirement Program but for reductions or restrictions to such benefits
     required by Federal law. Specifically, this Plan will provide Participants
     with supplemental benefits to compensate for loss of benefits that would
     otherwise have been payable under (1) the Retirement Savings Plan were it
     not for restrictions on Participants, elective contributions and/or Company
     matching contributions under sections 402(g), 401(k), 401(m), 401(a)(17)
     and 401(a)(30) of the Code and on annual additions under section 415 of the
     Code, and (2) the Retirement Program were it not for any reduction to
     pension earnings due to section 401(a)(17) of the Code and the deferral of
     compensation under this Plan. This program is to be unfunded and is
     maintained for the purpose of providing deferred compensation for a select
     group of management or highly compensated employees.

2.   Definitions.

     (a)  "Account" shall mean the account of Excess Salary Reduction Amounts,
          Company Matching Contributions and earnings thereon, credited with
          respect to each Participant and established solely as a bookkeeping
          entry.
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     (b)  "Code" shall mean the Internal Revenue Code of 1986, as amended.

     (c)  "Committee" shall mean the committee appointed by the Company's Board
          of Directors to administer this Plan.

     (d)  "Company" shall mean the National Steel Corporation.

     (e)  "Company Matching Contribution" shall mean the amount credited to a
          Participant's Account under Section 3(b).

     (f)  "Excess Salary Reduction Amount" shall mean the amount credited to a
          Participant's Account under Section 3(a).

     (g)  "Parity Plan" shall mean the National Steel Corporation ERISA Parity
          Plan, as it may be amended from time to time.

     (h)  "Participant" shall mean any employee of the Company designated by the
          Company's Board of Directors as eligible to participate in the Plan
          who completes such documentation as may be required by the Committee
          as a condition of participation.

     (i)  "Plan" shall mean this National Steel Corporation Executive Deferred
          Compensation Plan as described herein.

     (j)  "Present Value" shall mean the present value of a benefit based on
          mortality factors set forth in the UP-1984 Mortality Table and
          interest at the rate for immediate or deferred annuities (whichever is
          applicable) which would be used (as of the date of the distribution)
          by the Pension Benefit Guaranty Corporation for purposes of
          determining the present value of a lump sum distribution on plan
          termination.

     (k)  "Retirement Program" shall mean the National Steel Corporation
          Retirement Program, as it may be amended from time to time.

     (l)  "Retirement Savings Plan" shall mean the National Steel Retirement
          Savings Plan, as it may be amended from time to time.

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     (m)  "Supplemental Pension" shall mean the supplemental pension benefit as
          determined under Section 3(e).

     (n)  "Total Amount Payable" shall mean a Participant's vested interest in
          the amount credited to his Account and in his Supplemental Pension.

3.   Plan Benefits.

     (a)  Excess Salary Reduction Amounts. Each Participant may elect to defer
          an Excess Salary Reduction Amount for any month in a calendar year
          following the last month in such calendar year that the Participant is
          permitted to defer elective contributions to the Retirement Savings
          Plan for such calendar year by reason of the legal restrictions
          described in Section 1 of this Plan. The amount of a Participant's
          Excess Salary Reduction Amount for any such month shall be the
          percentage of his compensation (as defined in the Retirement Savings
          Plan without regard to the limits on compensation under section
          401(a)(17) of the Code) for such month that he elects to defer under
          this Plan for such calendar year. Deferral elections under this Plan
          shall be made before the first day of the calendar year to which they
          apply, shall be irrevocable, and shall specify a percentage of the
          Participant's monthly compensation that does not exceed the maximum
          percentage of compensation permitted for deferral elections under the
          Retirement Savings Plan. As soon as practicable following the last day
          of each calendar month for which a Participant defers an Excess Salary
          Reduction Amount, the Company shall credit that Excess Salary
          Reduction Amount to such Participant's Account.

     (b)  Company Matching Contributions. As soon as practicable following the
          last day of each calendar month for which a Participant defers an
          Excess Salary Reduction Amount, the Company shall credit to such
          Participant's Account a Company Matching Contribution equal to the
          matching percentage in effect under the Retirement Savings Plan for
          such month multiplied by the Participant's Excess Salary Reduction
          Amount for such month to the extent it does not exceed 5% of his
          regular compensation for such month (as defined in the Retirement
          Savings Plan without regard to the limits on compensation under
          section 401(a)(17) of the Code). As soon as

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          practicable following the last day of each calendar year, the Company
          shall reduce each Participant's Account by the amount of any Company
          matching contributions credited for such calendar year to the
          Participant's account under the Retirement Savings Plan for a month
          for which the Participant deferred no elective contributions to the
          Retirement Savings Plan.

     (c)  Earnings.

          (i)  For purposes of measuring the earnings or losses credited to his
               Account, each Participant who has not become entitled to payment
               of benefits under Section 6(a) of the Plan may select, from among
               the mutual funds available from time to time under the Retirement
               Savings Plan, the investment media in which all or part of his
               Account shall be deemed to be invested.

          (ii) The Participant shall make an investment designation in the form
               and manner prescribed by the Committee or its designee, which
               shall remain effective until another valid designation has been
               made by the Participant as herein provided. The Participant may
               amend his investment designation at such times and in such manner
               as prescribed by the Committee or its designee. A timely change
               to the Participant's investment designation shall become
               effective as soon as administratively practicable in accordance
               with procedures established by the Committee or its designee.

          (iii) The investment media deemed to be made available to the
               Participant, and any limitation on the maximum or minimum
               percentages of the Participant's Account that may be deemed to be
               invested in any particular medium, shall be the same as available
               or in effect from time-to-time under the Retirement Savings Plan.

          (iv) Except as provided below, the Participant's Account shall be
               deemed to be invested in accordance with his investment
               designations, and the Account shall be credited with earnings (or
               losses) as if invested as directed by the Participant. If -

               (A)  the Participant does not furnish complete investment
                    instructions, or

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               (B)  the investment instructions from the Participant are
                    unclear,

               then the Account shall be credited with earnings at a rate equal
               to the rate of earnings for the money market fund under the
               Retirement Savings Plan for the same time period. The Accounts
               maintained pursuant to this Plan are for bookkeeping purposes
               only and the Company is under no obligation to invest such
               amounts.

     (d)  Hardship Distributions. The Company shall debit each Participant's
          Account by the amount of any financial hardship distribution pursuant
          to Section 6(b).

     (e)  Supplemental Pension. A Participants' Supplemental Pension shall be
          equal to:

          (i)  Present Value of the benefit that would have been payable to the
               Participant under the Retirement Program calculated (1) on the
               basis of earnings (as defined in the Retirement Program)
               determined without regard to the limit on annual compensation
               under section 401(a)(17) of the Code or the exclusion under the
               Retirement Program of compensation deferred under this Plan, (2)
               without regard to any applicable maximum benefit limitation under
               section 415 of the Code, and (3) in the case of a Participant who
               is a participant in the National Steel Corporation 1992 Key
               Management Retirement Window Program, as if the Participant were
               eligible to retire with a 1992 window retirement under the
               Retirement Program; reduced by

          (ii) the Present Value of the benefit payable to the Participant under
               the National Steel Corporation 1992 Key Management Retirement
               Window Program (assuming, in the case of a Participant who
               retires under that Program before reaching age 55 and before
               completing 30 years of Service (as such term is defined in the
               Retirement Program), that the benefit payable under that Program
               will not be reduced in the future on account of benefits paid
               under the Retirement Program); further reduced by

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          (iii) in the case of a Participant other than a Participant who
               retires under the National Steel Corporation 1992 Key Management
               Window Retirement Program before reaching age 55 and before
               completing 30 years of Service (as such term is defined in the
               Retirement Program), the Present Value of the benefit payable to
               the Participant under the Retirement Program; further reduced by

          (iv) the Present Value of the benefit payable to the Participant under
               the Parity Plan; further reduced by

          (v)  the Present Value of any payment(s) to the Participant under an
               individual employment agreement or other arrangement with the
               Company that is intended, directly or indirectly, in whole or in
               part, to provide supplemental pension benefits in excess of the
               limits imposed by sections 401(a)(17) or 415 of the Code on
               benefits under the Retirement Program;

          all determined as of the later of (1) the earliest date the
          Participant could elect to receive benefits under the Retirement
          Program (determined, in the case of a Participant who is a participant
          in the National Steel Corporation 1992 Key Management Retirement
          Window Program, as if the Participant were eligible to retire with a
          1992 window retirement under the Retirement Program), or (2) the date
          of the Participant's separation from service.

4.   Vesting.

     (a)  A Participant's interest in the amount credited to his Account shall
          be fully vested except as provided in Section 5 of this Plan.

     (b)  A Participant shall have a vested interest in his Supplemental Pension
          to the extent he has a vested interest in benefits under the
          Retirement Program except as provided in Section 5 of this Plan.

     (c)  A Participant's interest in his Supplemental Pension shall become
          fully vested in the event of his death or his total and permanent
          disability, as determined by the Committee in its sole discretion.

5.   Forfeiture.

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     (a)  A Participant shall forfeit his right to that portion of his Account
          allocable to Company Matching Contributions and earnings thereon, and
          his right to a Supplemental Pension if the Participant:

          (i)  terminates employment with the Company voluntarily, as determined
               by the Committee in its sole discretion, (1) prior to attaining
               age 55, or (2) after attaining age 55 but before attaining age 62
               without the approval of the Committee, which approval may be
               granted before or after termination of the Participant's
               employment; or

          (ii) terminates employment with the Company involuntarily under
               circumstances where the Company has requested or demanded such
               termination.

6.   Payment of Benefits.

     (a)  The Total Amount Payable shall be paid to a Participant in accordance
          with Section 7 upon his total and permanent disability (as determined
          by the Committee in its sole discretion), retirement or other
          separation from service; provided, however, that such amount shall
          instead be paid upon the Participant's attainment of age 65 if (i) the
          Participant separates from service before age 65, (ii) at the time the
          Participant first became a Participant he elected to have payment
          deferred to age 65, and (iii) the Participant has not separated from
          service under circumstances that cause a forfeiture of benefits
          pursuant to Section 5.

     (b)  Notwithstanding paragraph (a) above, in the sole discretion of the
          Committee, benefits may be paid prior to separation from service in
          the case of an unforeseen emergency which arises from factors beyond
          the Participant's control and creates a severe financial hardship that
          cannot reasonably be relieved by reimbursement from insurance or the
          Participant's personal resources, provided that a Participant shall
          not take part in any decision concerning such a distribution. No
          amount shall be payable in the case of such a hardship if there exists
          any amount which may be withdrawn (whether or not on account of
          hardship) from the Retirement Savings Plan, and the amount payable may
          not exceed the lesser of the amount credited to a Participant's
          Account or the amount needed by the Participant because of the
          hardship.

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     (c)  A death benefit shall be paid to the Participant's beneficiary in
          accordance with Section 7 upon the Participant's death. Such death
          benefit shall be equal to 100% of the undistributed amount credited to
          the Participant's Account and 50% of the Participant's undistributed
          Supplemental Pension plus any earnings thereon. The Participant's
          beneficiary shall be his spouse if he is married at the time of his
          death. If the Participant is not married at the time of his death, his
          beneficiary shall be any person or entity so designated by him in
          writing on forms provided by the Committee or, in the absence of any
          such designation, his estate.

7.   Form of Payments.

     (a)  At the time a Participant first becomes a Participant he shall elect
          whether the Total Amount Payable shall be paid in a single sum or in
          five, ten or fifteen approximately equal annual installments. The
          Company shall pay the Participant such amount in the manner he has
          elected; provided, however, that:

          (i)  the Total Amount Payable shall be paid in a single sum
               distribution as soon as practicable after the Participant's
               separation from service if the Participant separates from service
               under circumstances that cause a forfeiture pursuant to Section
               5;

          (ii) the Company in its sole discretion may pay the Total Amount
               Payable in a single sum distribution as soon as practicable after
               the Participant's separation from service if such amount is not
               more than $10,000 at the time the Participant separates from
               service; and

          (iii) the Committee in its sole discretion may change the form of
               payment elected by the Participant if payment has commenced and
               the Participant experiences a financial hardship which would
               otherwise have permitted a distribution under Section 6(b).

     (b)  The death benefit under Section 6(c) shall be paid to the
          Participant's beneficiary, if other than his estate, in the same
          manner as the Participant elected to have benefits paid to himself.
          Any death benefit payable to the Participant's estate shall be paid in
          a single sum as soon as practicable after the Participant's death.

     (c)  After payment of benefits has commenced, any undistributed portion of
          the Total Amount Payable, or any undistributed portion of the death
          benefit

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          payable to a Participant's beneficiary shall be credited with earnings
          as determined in Section 3(c) of the Plan.

8.   Source of Funds. This Plan shall be unfunded and payment of benefits
     hereunder shall be made from the general assets of the Company. Any such
     asset which may be set aside, earmarked or identified as being intended for
     the provision of benefits hereunder shall remain an asset of the Company
     and shall be subject to the claims of its general creditors. Each
     Participant shall be a general creditor of the Company to the extent of the
     value of his or her benefit accrued hereunder, but he or she shall have no
     right, title, or interest in any specific asset that the Company may set
     aside or designate as intended to be applied to the payment of benefits
     under this Plan.

9.   Amendment and Termination. The Company reserves the right to amend this
     Plan at any time and from time to time in any fashion, and to terminate it
     at will, by action of the Company's Board of Directors. However, to the
     extent that the Company has the assets with which to pay such benefits, the
     Company guarantees to the Participant (and to persons becoming entitled to
     benefits under this Plan by reason of the death of the Participant) the
     payment of benefits accrued hereunder as of the date the Plan is so amended
     or terminated, subject to the terms and conditions set forth herein.

10.  Nonalienation of Benefits. Except as hereinafter provided with respect to
     marital disputes, none of the benefits or rights of a Participant or any
     beneficiary of a Participant shall be subject to the claim of any creditor,
     and in particular, to the fullest extent permitted by law, all such
     benefits and rights shall be free from attachment, garnishment or any other
     legal or equitable process available to any creditor of the Participant or
     the beneficiary. Neither the Participant nor his beneficiary shall have the
     right to alienate, anticipate, commute, pledge, encumber, or assign any of
     the benefits or payments which either of them may expect to receive,
     contingently or otherwise, under this Plan. In cases of marital dispute,
     the Company will observe the terms of the Plan unless and until ordered to
     do otherwise by a state or Federal court. As a condition of participation,
     a Participant agrees to hold the Company harmless from any claim that may
     arise out of the Company's compliance with an order of any state or Federal
     court, whether such order effects a judgment of such court or is issued to
     enforce a judgment or order of another court.

11.  Administration. This Plan shall be administered by the Committee, which
     shall be responsible for the interpretation of the Plan and establishment
     of the rules and regulations governing Plan administration, including
     without limitation rules for correction or remediation of administrative
     errors resulting in exclusion of or failure to provide appropriate benefits
     to otherwise eligible Participants. Any decision or action made or taken by
     the Committee, arising out of or in

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     connection with the construction, administration or interpretation of the
     Plan or of its rules and regulations, shall be conclusive and binding upon
     all Participants, subject only to (i) review and modification by the
     Company's Chairman and Chief Executive Officer, if such review is requested
     by a Participant, and (ii) such review by a court of competent jurisdiction
     as is permitted by the Employee Retirement Income Security Act of 1974, as
     amended. In making any such decision or taking any such action, the
     Committee or the Chairman and Chief Executive Officer shall have full and
     complete discretion and authority to make eligibility determinations,
     construe provisions of the Plan and resolved factual issues. All expenses
     of administering the Plan shall be paid by the Company and shall not affect
     the Participants' right to or amount of benefits.

12.  No Contract of Employment. Nothing contained herein shall be construed as
     conferring upon any person the right to be employed or continue in the
     employ of the Company.

13.  Applicable Law. This Plan shall be construed under the laws of the State of
     Indiana.

          IN WITNESS WHEREOF, the foregoing Plan is adopted this ____ day of
     ________________,1999.

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                             SPS TECHNOLOGIES, INC.
                           RESTRICTED STOCK AWARD PLAN
                FOR OFFICERS, DIRECTORS AND NON-OFFICER EMPLOYEES

     1. PURPOSE. The purpose of this Restricted Stock Award Plan (the "Plan") is
to assist SPS Technologies, Inc. (the "Company") and its subsidiaries in
attracting, retaining and rewarding officers, directors and employees , by
enabling such persons to acquire or increase a proprietary interest in the
Company in order to promote a closer identity of interests between such persons
and the Company's shareholders, and providing such persons with an increased
incentive to expend their maximum efforts for the success of the Company's
business. To accomplish this purpose, the Plan provides for discretionary awards
of shares of common stock, $.50 par value per share, of the Company ("Common
Stock"), restricted as to transfer and subject to a risk of forfeiture and other
conditions and vesting restrictions during specified periods ("Restricted
Stock").

     2. ADMINISTRATION.

         (a) Authority of the Committee. The Plan shall be administered by a
committee (the "Committee") which shall consist of two or more directors of the
Company who are "Non-Employee Directors" within the meaning of Rule 16(b)-3
under the Securities Exchange Act of 1934, as amended, appointed by the
Company's Board of Directors (the "Board"). The Committee shall have authority
to take the following actions, in each case subject to and consistent with the
provisions of the Plan:

             (i) to select Eligible Persons to whom Restricted Stock shall be
awarded;

             (ii) to determine the number of shares of Restricted Stock to be
awarded, the terms and conditions of such Restricted Stock (including, but not

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limited to, waivers and accelerations of the lapse of restrictions), and all
other matters to be determined in connection with Restricted Stock;

             (iii) to adopt, amend, suspend, waive and rescind such rules and
regulations, prescribe the form of each instrument, document or agreement
evidencing or relating to the Restricted Stock or this Plan (each, a "Plan
Agreement"), which need not be identical for each Eligible Person, and appoint
agents as the Committee may deem necessary or advisable in administering the
Plan; and

             (iv) to make all other decisions and determinations as may required
under or respecting the terms of the Plan or as the Committee may deem necessary
or advisable for the administration of the Plan.

         (b) Manner of Exercise of Committee Authority. Any action of the
Committee with respect to the Plan shall be final, conclusive and binding on all
persons, including the Company, subsidiaries, Eligible Persons awarded
Restricted Stock which award has not yet vested ("Participants"), and any person
claiming any rights under the Plan from or through any Participant, except that
the Board may take action within a reasonable time after any such Committee
action superseding or overruling such Committee action. A memorandum signed by
all members of the Committee shall constitute the act of the Committee without
the necessity, in such event, of holding a meeting. The Committee may delegate
to officers or managers of the Company the authority, subject to such terms as
the Committee shall determine, to perform administrative functions under the
Plan, to the extent permitted under applicable law.

         (c) Limitation of Liability. Each member of the Committee shall be
entitled to rely or act, in good faith, upon any report or other information
furnished to him or her by any officer or other employee of the Company or any
subsidiary or any agent or professional assisting in the administration of the

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Plan. No member of the Committee, nor any officer or employee of the Company
acting on behalf of the Committee, shall be personally liable for any action,
determination or interpretation taken or made in good faith with respect to the
Plan, and all members of the Committee and any officer or employee of the
Company acting on their behalf shall, to the fullest extent permitted by law, be
fully indemnified and protected by the Company with respect to any such action,
determination or interpretation.

     3. STOCK SUBJECT TO PLAN; MAXIMUM ANNUAL AWARD. The total number of shares
of Common Stock reserved and available for issuance as Restricted Stock under
the Plan shall be 100,000 shares, subject to adjustment as provided in Section
9(b) of the Plan. Such shares may consist, in whole or in part, of authorized
and unissued shares or treasury shares. If an award of Restricted Stock is
forfeited, the shares subject to such award will again be available for awards
of Restricted Stock under the Plan. This Plan is intended to qualify as a
"broadly-based" plan under applicable rules of the New York Stock Exchange and,
accordingly, (i) at least a majority of the full-time, exempt U.S. employees of
the Company and its subsidiaries shall be eligible to participate under the
Plan, and (ii) at least a majority of the shares of Restricted Stock issued
under the Plan during the three-year period commencing on the date of adoption
of the Plan shall be issued to Eligible Persons who are not officers or
directors of the Company within the meaning of applicable rules of the New York
Stock Exchange.

     4. ELIGIBILITY. Any person who is, at the date Restricted Stock is to be
awarded to such person (the "Date of Award"), an officer, director or employee
of the Company or any subsidiary of the Company ("Eligible Person") shall be
eligible for an award of Restricted Stock.

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     5. AWARDS OF RESTRICTED STOCK. The Committee may award Restricted Stock to
an Eligible Person, subject to the terms of the Plan. Restricted Stock shall be
subject to the terms of any Plan Agreement relating thereto, whether or not in
the form of an agreement signed by the Company or the Participant. A Plan
Agreement may contain such terms and conditions not inconsistent with the Plan
as the Committee may from time to time approve (which terms and conditions may
vary from Participant to Participant), subject to the following:

         (a) Consideration for Restricted Stock. Awards of Restricted Stock
shall be made for the general purposes set forth in Section 1 of the Plan, in
order to secure the benefits of the Participant's continued service to the
Company during the period the award is outstanding. A Participant shall not be
required to pay any cash consideration or other tangible or definable
consideration for the Restricted Stock, nor may a Participant choose to receive
other compensation in lieu of Restricted Stock awarded hereunder. Awards shall
be granted in the discretion of the Committee, and no negotiation shall take
place between the Company and any Participant as to the amount, timing or other
terms of an award of Restricted Stock hereunder.

         (b) Restrictions Generally; Restricted Period. Restricted Stock granted
under the Plan shall be subject to the risk of forfeiture under Section 5(c) and
restrictions on transferability under Section 5(d) until the expiration of the
period specified under Section 5(b) and 5(c) (the "Restricted Period"). The
Restricted Period shall begin at the Date of Award of the Restricted Stock and
shall expire, as to all or incrementally as to some portion of such Restricted
Stock, as determined by the Committee at the Date of Grant; provided, however,
that the expiration of the Restricted Period applicable to such Restricted Stock
shall be automatically accelerated in the circumstances and to the extent

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specified in Section 5(c) or in the event of a Change of Control as specified
under Section 8, and the Committee may otherwise, in its discretion, accelerate
the expiration of the Restricted Period applicable to any Restricted Stock.

         (c) Termination of Participant's Employment. During the applicable
Restricted Period, if there occurs a termination of a Participant's employment
or directorship immediately after which he or she is not a director or full time
or part-time employee of the Company or any subsidiary, the following provisions
relating to, in some cases, acceleration of the expiration of the Restricted
Period applicable to such Participant's Restricted Stock and, in other cases,
forfeiture of such Restricted Stock, shall apply:

             (i) Death, Disability, and Retirement. In the event termination
results from the Participant's death, Disability (as defined below), or normal
retirement at age 65 or thereafter ("Normal Retirement") or early retirement at
or after age 60 and prior to age 65 with the consent of the Company pursuant to
any retirement plan ("Early Retirement"), the Restricted Period applicable to
the Participant's Restricted Stock shall expire at the time of such termination.
For purposes of the Plan, the existence of a "Disability" shall be determined
by, or in accordance with criteria and standards adopted by, the Committee.

             (ii) Termination for the Convenience of the Company. In the event
termination results from an involuntary termination of the employment or
directorship of the Participant for the convenience of the Company, other than a
termination for "Cause" (as defined below), any Restricted Period that would
have expired on or before the next anniversary of the Date of Award after such
termination shall be accelerated so as to expire at the date of such
termination, but any Restricted Stock the Restricted Period of which is not so
accelerated and has not expired by the date of such termination shall be
forfeited. For purposes of the Plan, "Cause" shall include the Participant's
neglect, refusal or failure to fulfill his or her duties and responsibilities as

                                      -5-

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an employee or director, other than for reasons of sickness, accident or other
similar causes beyond the Participant's control. Factual determinations
regarding whether a Participant has engaged in such neglect, refusal or failure
and has therefore been terminated for "Cause" shall be made in the sole judgment
of the Committee, which determination shall be final and binding on the
Participant and the Company.

             (iii) Other Terminations. In the event of termination of the
Participant's employment or directorship voluntarily by the Participant,
involuntarily by the Company for Cause, or for any reason other than those
specified in Sections 5(c)(i) and (ii) above, any Restricted Stock the
Restricted Period of which has not expired at the date of such termination shall
be forfeited.

         (d) Nontransferability. During the applicable Restricted Period,
Restricted Stock and all rights relating thereto shall not be transferable or
assignable by a Participant, other than by will or the laws of descent and
distribution, and any right relating to Restricted Stock may be exercised,
during the lifetime of the Participant, only by the Participant or his or her
guardian or legal representative. In addition, during the applicable Restricted
Period such Restricted Stock shall not be pledged, hypothecated or otherwise
encumbered in any way or subject to execution, attachment or similar process,
except with the express written consent of the Committee.

         (e) Dividends. A participant shall be entitled to receive dividends in
respect of Restricted Stock, as follows:

             (i) Relating to Regular Cash Dividends. If the Company declares and
pays any regular cash dividend or distribution on Common Stock, the record date
of which is prior to the expiration of the Restricted Period applicable to a
Participant's Restricted Stock, the Company shall pay to the Participant, as

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promptly as practicable after the payment date of such dividend or distribution,
a cash amount equal to the amount of cash actually paid as a dividend or
distribution per share of Common Stock multiplied by the number of the shares of
such Restricted Stock.

             (ii) Relating to Extraordinary Stock Dividends and Stock Splits. If
the Company declares and pays a dividend or distribution in the form of Common
Stock payable on Common Stock or there occurs a forward stock split of the
Common Stock, the record date of which is prior to the expiration of the
Restricted Period applicable to a Participant's Restricted Stock, the Company
shall credit to the Participant a number of shares of additional Restricted
Stock (which may either include any fractional share, provide for cash in lieu
of any fractional share or round off any such fractional share to the nearest
whole share without payment of cash in lieu thereof, as determined by the
Committee) equal to the number of shares of Common Stock distributed as a
dividend or distribution per share of Common Stock or distributed as a result of
the stock split per share of Common Stock, multiplied by the number of shares of
such Restricted Stock.

             (iii) Relating to Other Extraordinary Dividends. If the Company
declares and pays an extraordinary dividend or distribution in the form of cash
or other property (other than Common Stock) payable on Common Stock, the record
date of which is prior to the expiration of the Restricted Period applicable to
a Participant's Restricted Stock, the Company shall, in accordance with the
determination of the Committee prior to the payment date for such dividend or
distribution, either (A) pay to the Participant, as promptly as practicable
after the payment date of such dividend or distribution, a cash amount equal to
the amount of cash actually paid, plus the fair market value at such record date
of any property other than Common Stock actually paid, as a dividend or

                                      -8-

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distribution per share of Common Stock multiplied by the number of shares of
such Restricted Stock of the Participant or (B) distribute to the Participant,
as promptly as practicable after the payment date of such dividend or
distribution, property of the type and in the amount distributed in respect of
one share of Common Stock for each share of such Restricted Stock of the
Participant.

             (iv) Restrictions Applicable to Restricted Stock Resulting from
Stock Dividends or Stock Splits. Additional shares of Restricted Stock credited
under Section 5(e)(ii) will be subject to the same Restricted Period (including
forfeiture conditions under Section 5(c) and nontransferability conditions under
Section 5(d)) as applied to the Restricted Stock with respect to which such
additional shares were credited. No such additional Restricted Stock will be
credited to a Participant in respect of Restricted Stock forfeited under Section
5(c) on or before the payment date for the dividend or distribution. A
Participant shall be entitled to receive cash dividends in respect of Restricted
Stock prior to the full vesting thereof only as hereinabove provided.

     6. SETTLEMENT. In the event Restricted Stock is held in escrow pursuant to
an escrow agreement, Restricted Stock not forfeited under Section 5(c) shall be
delivered to the Participant on the date on which the Restricted Period
applicable to such Restricted Stock expires or as promptly as practicable
thereafter. Upon delivery of escrowed Restricted Stock to the Participant upon
lapse of the Restricted Period, all obligations of the Company in respect of
such Restricted Stock award shall be terminated.

     7. WITHHOLDING. The Company and any subsidiary may deduct from any payment
to be made to a Participant any amount that federal, state, local or foreign tax
law requires to be withheld with respect to the award or issuance of Restricted
Stock. At the election of the Committee, the Company may withhold from the

                                      -8-

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shares of Common Stock to be delivered upon expiration of the Restricted Period
that number of shares having a Fair Market Value, at the date such Restricted
Period expired, equal to the amount of such withholding taxes. "Fair Market
Value" as of a given date means the closing sale price of Common Stock reported
in the table entitled New York Stock Exchange or any successor table in the Wall
Street Journal (or, if Common Stock is then principally traded on another
national securities exchange, in the table reporting composite transactions for
such exchange) for such date or, if no shares of Common Stock were traded on
that date, on the next preceding day on which there was such a trade.

     8. CHANGE OF CONTROL PROVISIONS.

         (a) Acceleration of Expiration of Restrictions. Upon the occurrence of
a Change of Control after the grant of Restricted Stock and while such
Restricted Stock is outstanding, the Restricted Period applicable to such
Restricted Stock shall immediately expire.

         (b) Change of Control. A "Change of Control" shall be deemed to have
taken place if:

             (i) any Person (except the Company, any subsidiary of the Company,
any employee benefit plan of the Company or of any subsidiary of the Company,
any Person or entity organized, appointed or established by the Company for or
pursuant to the terms of any such employee benefit plan, or an Exempted Person),
together with all Affiliates and Associates of such Person, shall become the
Beneficial Owner in the aggregate of more than 20% of the Common Stock of the
Company then outstanding;

             (ii) an Exempted Person, together with all Affiliates and
Associates of such Person, shall become the Beneficial Owner in the aggregate of
30% or more of the Common Stock of the Company; or

                                      -9-

<PAGE>

             (iii) during any thirty-six month period, individuals who at the
beginning of such period constituted the Board cease for any reason to
constitute a majority thereof, unless the election, or the nomination for
election by the Company's shareholders, of each director who was not a director
at the beginning of such period was approved by a vote of at least two-thirds of
the directors in office at the time of such election or nomination (A) who were
directors at the beginning of such period, or (B) whose election or nomination
was so approved.

         (c) Inadvertent Change. If a Person inadvertently becomes a Beneficial
Owner of Common Stock of the Company aggregating the amounts described in
subsection 8(b) and as soon as practicable divests of a sufficient amount of
such stock so as to hold less than the amounts there described, then, despite
the provisions of subsection 8(b), a Change of Control shall not be deemed to
have taken place.

         (d) Certain Definitions. For purposes of subsections 8(b) and 8(c), the
following terms shall have the meanings specified in this subsection 8(d):

             (i) "Affiliate" and "Associate" shall have the respective meanings
ascribed to such terms in Rule 12b-2 of the General Rules and Regulations under
the Securities Exchange Act of 1934, as amended (the "Exchange Act").

             (ii) A person shall be deemed the "Beneficial Owner" of any
securities:

                  (1) that such Person or any of such Person's Affiliates or
Associates, directly or indirectly, has the right to acquire (whether such right
is exercisable immediately or only after the passage of time) pursuant to any
agreement, arrangement or understanding (whether or not in writing) or upon the
exercise of conversion rights, exchange rights, rights, warrants or options, or

                                      -10-

<PAGE>

otherwise; provided, however, that a Person shall not be deemed the "Beneficial
Owner" of securities tendered pursuant to a tender or exchange offer made by
such Person or any of such Person's Affiliates or Associates until such tendered
securities are accepted for payment, purchase or exchange;

                  (2) that such Person or any of such Person's Affiliates or
Associates, directly or indirectly, has the right to vote or dispose of or has
"beneficial ownership" of (as determined pursuant to Rule 13d-3 of the General
Rules and Regulations under the Exchange Act), including, without limitation,
pursuant to any agreement, arrangement or understanding, whether or not in
writing; provided, however, that a Personal shall not be deemed the "Beneficial
Owner" of any security under this subsection (2) as a result of an oral or
written agreement, arrangement or understanding to vote such security if such
agreement, arrangement or understanding (i) arises solely from a revocable proxy
given in response to a public proxy or consent solicitation made pursuant to,
and in accordance with, the applicable provisions of the General Rules and
Regulations under the Exchange Act and (ii) is not then reportable by such
Person on Schedule 13D under the Exchange Act (or any comparable or successor
report); or

                  (3) that are beneficially owned, directly or indirectly, by
any Person (or any Affiliate or Associate thereof) with which such Person (or
any of such Person's Affiliates or Associates) has any agreement, arrangement or
understanding (whether or not in writing) for the purpose of acquiring, holding,
voting (except pursuant to a revocable proxy as described in the proviso to
subsection 2 above) or disposing of any voting securities of the Company;

provided, however, that nothing is subsection 8(d)(ii) shall cause a Person
engaged in business as an underwriter of securities to be the "Beneficial Owner"

                                      -11-

<PAGE>

of any securities acquired through such Person's participation in good faith in
a firm commitment underwriting until the expiration of forty days after the date
of such acquisition.

             (iii) "Exempted Person" shall mean the group known as GAMCO
Investors/Gabelli Funds, Inc. as identified in the most recent Schedule 13D
filed by such group prior to February 10, 2000, unless and until such group or
any person in such group, together will all Affiliates and Associates of such
group or any person in such group, becomes the Beneficial Owner of 30% or more
of the Common Stock then outstanding. The purchaser, assignee or transferee of
the Common Stock of an Exempted Person shall not be an Exempted Person. Any
amendments made to the definition of "Exempted Person" in the Rights Agreement
dated November 17, 1998 by and between the Company and ChaseMellon Shareholder
Services, L.L.C., as rights agent, as heretofore amended (the "Rights
Agreement") shall automatically, without further action by the Company or the
Participant, be incorporated herein.

             (iv) "Person" shall mean any individual, firm, corporation,
partnership or other entity.

             (v) "Subsidiary" shall mean any corporation, partnership or other
entity that is controlled by the Company directly or through one or more
intermediaries.

     9. GENERAL PROVISIONS.

         (a) Compliance With Legal and Other Requirements. The award and
delivery of Restricted Stock and other obligations of the Company under the Plan
will be subject to all applicable federal and state laws, rules and regulations,
and to such approvals by any regulatory or governmental agency as may be
required. The Company may, in its discretion, postpone the issuance or delivery
of Common Stock or removal of any legend thereon upon the expiration of any
Restricted Period until completion of any required action under any federal or

                                      -12-

<PAGE>

state law, rule or regulation, listing or other required action with respect to
any automated quotation system or stock exchange upon which the Common Stock or
other Company securities are designated or listed, or compliance with any other
contractual obligation of the Company, as the Company may consider appropriate,
and may require any Participant to make such representations and furnish such
information as the Company may consider appropriate in connection with the
issuance or delivery of Common Stock in compliance with applicable laws, rules
and regulations, designation or listing requirements or other contractual
obligations.

         (b) Adjustments. In the event that the Committee shall determine that
any extraordinary dividend or distribution (whether in the form of cash, Common
Stock or other property), recapitalization, forward or reverse split,
reorganization, merger, consolidation, spin-off, combination, repurchase, or
share exchange or other similar corporate transaction or event, affects the
Common Stock such that an adjustment is appropriate to carry out the purposes of
the Plan and to prevent dilution or enlargement of the rights of Participants
under the Plan (after taking into account any dividend equivalents paid or
credited and/or Restricted Stock credited under Section 5 to Participants as a
result of such transaction or event), then the Committee shall, in such manner
as it may deem equitable, adjust the number and/or kind of shares of Common
Stock which may thereafter be issued under the Plan in connection with then
outstanding Restricted Stock or the number and/or kind of shares of Common Stock
issuable hereunder. For purposes of the Plan, the term "Common Stock" shall
include any security that may be substituted or resubstituted for Common Stock
pursuant to this Section 9(b).

         (c) No Right to Continued Employment. Neither the Plan nor any action
taken hereunder, including the award of Restricted Stock, shall be construed as
giving any employee the right to be retained in the employ of the Company or any
of its subsidiaries, nor will it interfere in any way with the right of the
Company or any of its subsidiaries to terminate any employee's employment at any
time.

                                      -13-

<PAGE>

         (d) No Rights to Participate; No Shareholder Rights. No Participant or
employee will have any claim or right to participate in the Plan, and the
Company will have no obligation to continue the Plan. An award of Restricted
Stock will confer on the Participant the rights of a shareholder of the Company
in respect of such Restricted Stock (including the right to vote Restricted
Stock and Common Stock credited to a Participant under Section 5 or receive
dividends or distributions) as herein set forth.

         (e) Changes to the Plan. The Board may amend, alter, suspend,
discontinue or terminate the Plan without the consent of Participants; provided,
however, that, without the consent of an affected Participant, no such action
shall materially and adversely affect the rights of such Participant with
respect to outstanding Restricted Stock that has not otherwise been forfeited.

         (f) Governing Law. The validity, construction and effect of the Plan
and any rules and regulations relating to the Plan will be determined in
accordance with the Pennsylvania Business Corporation Law and to the extent
applicable, other laws (including those governing contracts) of the Commonwealth
of Pennsylvania, without giving effect to principles of conflicts of laws, and
applicable federal law.

     10. RESTRICTIVE LEGEND. Each certificate evidencing Restricted Stock shall
bear an appropriate legend referring to the Plan and the restrictions applicable
to said Restricted Stock. Any attempt to dispose of Restricted Stock in
contravention of such restrictions shall be void and ineffective. The Committee
may require that the certificates evidencing Restricted Shares (and any shares
issued in respect thereof under Section 5) be held in escrow or by the Company

                                      -14-

<PAGE>

itself until all restrictions relating thereto shall have lapsed and may require
a Participant to deliver to the Company or escrow agent one or more blank stock
powers relating to the Restricted Stock.

     11. EFFECTIVE DATE AND TERMINATION OF PLAN. The Plan shall become effective
on February 10, 2000. Unless earlier terminated by the Board under Section 9(e),
the Plan shall terminate at such time as no shares of Common Stock remain
available for delivery under the Plan and no Restricted Stock previously awarded
under the Plan remains outstanding.

ADOPTED BY THE BOARD OF DIRECTORS:  FEBRUARY 10, 2000

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