Document:

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                                                                    Exhibit 10.1

                          THE PHARMACIA & UPJOHN, INC.
                            LONG-TERM INCENTIVE PLAN

                     AMENDED AND RESTATED AS OF JUNE 1, 2000

1.       PURPOSE.

         The purpose of the Pharmacia & Upjohn, Inc., Long-Term Incentive Plan
(the "Plan") is to promote the long-term financial interests of Pharmacia &
Upjohn, Inc. ("P&U") and its parent corporation, Pharmacia Corporation (the
"Company"), including their growth and performance, by encouraging key employees
of P&U and its subsidiaries to acquire an ownership position in the Company,
enhancing the ability of the Company and its subsidiaries to attract and retain
employees of outstanding ability, and providing such employees with an interest
in the Company parallel to that of the Company's stockholders.

2.       DEFINITIONS.

         Unless otherwise required by the context, the terms used in the Plan
shall have the meanings set forth below:

         "Award" shall mean an award determined in accordance with the terms of
         the Plan.

         "Board" or "Board of Directors" shall mean the Board of Directors of
         the Company.

         "Change in Control" shall mean:

                (1) the acquisition by any individual, entity or group (a
         "Person"), including any "person" within the meaning of Section
         13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended
         (the "Exchange Act"), of beneficial ownership within the meaning of
         Rule 13d-3 promulgated under the Exchange Act, of 33% or more of either
         (i) the then outstanding shares of Common Stock of the Company (the
         "Outstanding Company Common Stock") or (ii) the combined voting power
         of the then outstanding
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         securities of the Company entitled to vote generally in the election of
         directors (the "Outstanding Company Voting Securities"); provided,
         however, that the following acquisitions of Outstanding Company Common
         Stock or Outstanding Company Voting Securities shall not constitute a
         Change in Control: (A) any acquisition by the Company, (B) any
         acquisition by an employee benefit plan (or related trust) sponsored or
         maintained by the Company or any corporation controlled by the Company,
         or (C) any acquisition by any corporation pursuant to a reorganization,
         merger or consolidation involving the Company, if, immediately after
         such reorganization, merger or consolidation, each of the conditions
         described in clauses (i), (ii) and (iii) of subsection (3) of this
         Section shall be satisfied; and provided further that, for purposes of
         clause (A), if any Person (other than the Company or any employee
         benefit plan (or related trust) sponsored or maintained by the Company
         or any corporation controlled by the Company) shall become the
         beneficial owner of 33% or more of the Outstanding Company Common Stock
         or 33% or more of the Outstanding Company Voting Securities by reason
         of any acquisition of Outstanding Company Common Stock or Outstanding
         Company Voting Securities by the Company and such Person shall, after
         such acquisition by the Company, become the beneficial owner of any
         additional shares of the Outstanding Company Common Stock or any
         additional Outstanding Voting Securities and such beneficial ownership
         is publicly announced, such additional beneficial ownership shall
         constitute a Change in Control;

                (2) individuals who, as of the date hereof, constitute the Board
         (the "Incumbent Board") cease for any reason to constitute at least a
         majority of such Board; provided, however, that any individual who
         becomes a director of the Company subsequent to the date hereof whose
         election, or nomination for election by the Company's stockholders,

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         was approved by the vote of at least three-quarters of the directors
         then comprising the Incumbent Board (either by a specific vote or by
         approval of the proxy statement of the Company in which such person is
         named as a nominee for director, without objection to such nomination)
         shall be deemed to have been a member of the Incumbent board; and
         provided further, that no individual who was initially elected as a
         director of the Company as a result of an actual or threatened election
         contest, as such terms are used in Rule 14a-11 of Regulation 14A
         promulgated under the Exchange Act, or any other actual or threatened
         solicitation of proxies or consents by or on behalf of any Person other
         than the Board shall be deemed to have been a member of the Incumbent
         Board;

                (3) approval by the stockholders of the Company of a
         reorganization, merger or consolidation involving the Company unless,
         in any such case, immediately after such reorganization, merger or
         consolidation, (i) more than 50% of the then outstanding shares of
         common stock of the corporation resulting from such reorganization,
         merger or consolidation and more than 50% of the combined voting power
         of the then outstanding securities of such corporation entitled to vote
         generally in the election of directors is then beneficially owned,
         directly or indirectly, by all or substantially all of the individuals
         or entities who were the beneficial owners, respectively, of the
         Outstanding Company Common Stock and the Outstanding Company Voting
         Securities immediately prior to such reorganization, merger or
         consolidation and in substantially the same proportions relative to
         each other as their ownership, immediately prior to such
         reorganization, merger or consolidation, of the Outstanding Company
         Common Stock and the Outstanding Company Voting Securities, as the case
         may be, (ii) no Person (other than the Company, any employee benefit
         plan (or related trust) sponsored or maintained by the

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         Company or the corporation resulting from such reorganization, merger
         or consolidation (or any corporation controlled by the Company), or any
         Person which beneficially owned, immediately prior to such
         reorganization, merger or consolidation, directly or indirectly, 33% or
         more of the Outstanding Company Common Stock or the Outstanding Company
         Voting Securities, as the case may be) beneficially owns, directly or
         indirectly, 33% or more of the then outstanding shares of common stock
         of such corporation or 33% or more of the combined voting power of the
         then outstanding securities of such corporation entitled to vote
         generally in the election of directors and (iii) at least a majority of
         the members of the board of directors of the corporation resulting from
         such reorganization, merger or consolidation were members of the
         Incumbent board at the time of the execution of the initial agreement
         or action of the Board providing for such reorganization, merger or
         consolidation; or

                (4) (i) approval by the stockholders of the Company of a plan of
         complete liquidation or dissolution of the Company or (ii) the sale or
         other disposition of all or substantially all of the assets of the
         Company other than to a corporation with respect to which, immediately
         after such sale or other disposition, (A) more than 50% of the then
         outstanding shares of common stock thereof and more than 50% of the
         combined voting power of the then outstanding securities thereof
         entitled to vote generally in the election of directors is then
         beneficially owned, directly or indirectly, by all or substantially all
         of the individuals and entities who were the beneficial owners,
         respectively, of the Outstanding Company Common Stock and the
         Outstanding Company Voting Securities immediately prior to such sale or

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         other disposition and in substantially the same proportions relative to
         each other as their ownership, immediately prior to such sale or other
         disposition, of the Outstanding Company Common Stock and the
         Outstanding Company Voting Securities, as the case may be, (B) no
         Person (other than the Company, any employee benefit plan (or related
         trust) sponsored or maintained by the Company or such corporation (or
         any corporation controlled by the Company), or any Person which
         beneficially owned, immediately prior to such sale or other
         disposition, directly or indirectly, 33% or more of the Outstanding
         Company Common Stock or the Outstanding Company Voting Securities, as
         the case may be) beneficially owns, directly or indirectly, 33% or more
         of the then outstanding shares of common stock thereof or 33% or more
         of the combined voting power of the then outstanding securities thereof
         entitled to vote generally in the election of directors and (C) at
         least a majority of the members of the board of directors thereof were
         members of the Incumbent board at the time of the execution of the
         initial agreement or action of the Board providing for such sale or
         other disposition (or were approved directly or indirectly by the
         Incumbent Board).

         "Committee" shall mean the Compensation Committee of the Board of
Directors.

         "Common Stock" shall mean the common stock of the Company.

         "Effective Date" shall mean November 1, 1995. The effective date of the
amended and restated Plan is June 1, 2000.

         "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

         "Fair Market Value" shall mean, per share of Common Stock, the average
of the highest and lowest price of the Common Stock on the New York Stock
Exchange (the "NYSE"), or such other national securities exchange as may be
designated by the Board, on the applicable date, or, if there are no sales of
Common Stock on the NYSE on such date, then the average of the highest and
lowest price of the Common Stock on the last previous day on which a sale on the
NYSE is

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reported; provided, that the Committee may determine that the Fair Market Value
price may be based upon the average of the highest and lowest price of the
Common Stock (or depositary receipts evidencing ownership of such Common Stock)
on stock exchanges outside the United States with respect to Awards granted to
Participants who are foreign nationals.

         "Participant" shall mean an employee of P&U or its subsidiaries who is
selected by the Committee to participate in the Plan.

3.       SHARES SUBJECT TO THE PLAN.

         Subject to adjustment as provided in Section 17, the number of shares
of Common Stock which shall be available for the grant of Awards under the Plan
shall not exceed in any calendar year commencing after the Effective Date and
before 2001, one and one-quarter percent (1.25%) of the number of shares of
Common Stock outstanding as of January 1 of such year (including treasury
shares); provided that, with respect to calendar year 1995, the maximum number
of shares of Common Stock available for the grant of Awards under the Plan was
2,000,000 shares. The maximum number of shares set forth in the preceding
sentence shall be increased with respect to any year (including years after
2000) by the number of shares available for grant in any prior years since the
effective date of the Plan which were not subject to Awards granted under the
Plan in such prior years plus any shares of Common Stock subject to any Award
that expires unexercised or that is forfeited, terminated or canceled, in whole
or in part. For the year 2001 and subsequent years, there shall be no increases
in the number of shares available for grants under the Plan pursuant to the
first sentence of this Section 3, but there shall be shares available for grants
as a result of the second sentence of this Section 3. The shares of Common Stock
issued under the Plan may be authorized and unissued shares or treasury shares,
as the Company may from time to time determine.

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         Subject to adjustment as provided in Section 17, notwithstanding
anything contained herein to the contrary, in no event shall more than 595,000
shares of Common Stock be granted pursuant to stock options or stock
appreciation rights under the Plan to any Participant in any calendar year and
in no event shall the number of shares of Common Stock available for issuance
pursuant to incentive stock options (within the meaning of Section 422 of the
Code) during the term of the Plan exceed the lesser of (a) the number of shares
generally available for issuance under the Plan and (b) 59,500,000 shares. No
additional incentive stock options will be granted under the Plan on or after
June 1, 2000.

4.       ADMINISTRATION.

         (a) The Plan shall be administered by the Committee. A majority of the
Committee shall constitute a quorum, and the acts of a majority of a quorum
shall be the acts of the Committee. To the extent permitted by law, the
Committee may appoint employees of the Company or other individuals to act as
its agents with respect to its duties and obligations hereunder.

         (b) Subject to the provisions of the Plan, the Committee shall (i)
approve the selection of Participants (after such consultation with and
consideration of the recommendations of management as the Committee considers
desirable), (ii) determine the type of Awards to be made to Participants, (iii)
determine the number of shares of Common Stock or share units subject to Awards,
(iv) determine the terms and conditions, not inconsistent with the terms of the
Plan, of any Award granted hereunder (including, but not limited to, any
restriction and forfeiture conditions on such Award), (v) determine whether, to
what extent and under what circumstances, Awards may be settled in cash, (vi) to
the extent appropriate, establish and certify attainment of performance goals as
required by Section 162(m) of the Internal Revenue Code of 1986, as

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amended (the "Code"), and (vii) have the authority to interpret the Plan, to
establish, amend, and rescind any rules and regulations relating to the Plan
(which shall not be inconsistent with the terms of the Plan), to determine the
terms and provisions of any agreements entered into hereunder, and to make all
other determinations necessary or advisable for the administration of the Plan.
The Committee may correct any defect, supply any omission or reconcile any
inconsistency in the Plan or in any Award in the manner and to the extent it
shall deem desirable to carry it into effect. The determinations of the
Committee in the administration of the Plan, as described herein, shall be
final, conclusive and binding on all persons, including the Company, its
stockholders, employees and Participants granted Awards under the Plan.

         (c) No members of the Committee shall be personally liable for any
action, determination, or interpretation made in good faith with respect to the
Plan or any Award and all members of the Committee shall be fully indemnified by
the Company with respect to any such action, determination, or interpretation to
the fullest extent provided by the certificate of incorporation and by-laws of
the Company and applicable state law. The Company shall pay all expenses
incurred in the administration of the Plan.

         (d) Notwithstanding anything in this Section 4 or in any other
provision of the Plan to the contrary, the Committee may grant authority to the
chief executive officer of the Company to assume the responsibilities and duties
of the Committee described in clauses (i) through (iv) of Section 4(b) with
respect to Awards to employees of the Company who are not officers, and to
assume the authority of the Committee with respect to such Awards in each of the
sections of the Plan which set forth the authority of the Committee in
determining eligibility for Awards and the terms of Awards.

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5.       ELIGIBILITY.

         Officers and other key employees of P&U and its subsidiaries who meet
such standards as the Committee may from time to time determine are eligible to
be granted Awards under the Plan; provided that no Awards will be granted under
the Plan on or after June 1, 2000 to persons who are executive officers of the
Company.

         For purposes of the Plan, a subsidiary corporation shall be any
corporation which at the time qualifies as a subsidiary under the definition of
"subsidiary corporation" in Section 424(f) of the Code. For purposes of the
Plan, a parent corporation shall be any corporation (other than the Company) in
an unbroken chain of corporations ending with the Company if each of the
corporations other than the last corporation in the unbroken chain owns stock
possessing 50% or more of the total combined voting power of all classes of
stock in one or more of the other corporations in the chain.

6.       AWARDS.

         Awards under the Plan may consist of stock options (either incentive
stock options within the meaning of Section 422 of the Code or nonstatutory
stock options), stock appreciation rights, performance shares, restricted stock
grants, deferred Common Stock grants and other stock-based Awards. Awards of
performance shares, restricted stock units and other stock-based Awards may
provide the Participant with dividend equivalents prior to vesting of such
Awards. Awards shall be subject to the terms and conditions of the Plan and
shall be evidenced by an agreement containing such additional terms and
conditions, not inconsistent with the provisions of the Plan, as the Committee
shall deem desirable.

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7.       STOCK OPTIONS.

         Stock options may be granted under the Plan in such form as the
Committee may from time to time approve pursuant to terms set forth in a stock
option agreement.

         (a) Types of Stock Options. Each stock option agreement shall state
whether or not the stock option will be treated as an incentive stock option or
a non-qualified stock option.

         (b) Option Price. The purchase price per share of the Common Stock
purchasable under a stock option shall be determined by the Committee, but,
except as determined by the Committee, will be not less than 100% of the Fair
Market Value of the Common Stock on the date of the grant of the stock option.

         (c) Option Period. The term of each stock option shall be fixed by the
Committee, but no stock option shall be exercisable after the expiration of ten
(10) years from the date the option is granted.

         (d) Exercisability. Stock options shall be exercisable at such time or
times as determined by the Committee at or subsequent to grant. Unless otherwise
determined by the Committee at or subsequent to grant, no stock option shall be
exercisable during the twelve-month period ending on the day before the first
anniversary date of the grant of the option, except upon a Change in Control.

         (e) Method of Exercise. Stock options may be exercised, in whole or in
part, by giving written notice of exercise to the Company specifying the number
of shares to be purchased. Such notice shall be accompanied by the payment in
full of the option purchase price. Such payment shall be made through the
following methods or procedures: in cash or by certified or bank check, by
tender of shares of Common Stock owned by the Participant (valued at Fair Market
Value determined as of the day immediately prior to exercise) or, at the
discretion of the

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Committee and upon such terms and conditions as the Committee may approve,
through cashless exercise procedures, with other consideration or through other
procedures, or by a combination of any such procedures. The Committee may
determine that previously owned shares of Common Stock be held for a specified
period of time prior to being used to exercise stock options.

         (f) Termination of Employment. Except as otherwise determined by the
Committee at or subsequent to grant, any stock options held by a Participant
upon termination of employment shall remain exercisable as follows:

                (i) If the Participant's termination of employment is due to
         death or permanent disability (as determined by the Committee), the
         stock option (to the extent exercisable as of the date of termination)
         shall be exercisable for one (1) year following such termination of
         employment (but in no event beyond the term of the option), and shall
         thereafter terminate; and

                (ii) If the Participant's termination of employment is for any
         other reason, the stock option (to the extent exercisable as of the
         date of termination) shall be exercisable for a period of ninety (90)
         days following such termination of employment (but in no event beyond
         the term of the option), and shall thereafter terminate.

         In the event the Committee determines that a stock option may be
exercised after the periods provided for in this paragraph (f), such longer
exercise period may not extend beyond the term of the option.

         (g) Replacement Stock Option Grants. Unless otherwise determined by the
Committee, in the event an optionee who is an employee of P&U or any of its
subsidiaries exercises a stock option by using previously owned shares of Common
Stock, such optionee shall automatically be

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granted a replacement stock option grant for the number of shares of Common
Stock used to exercise the stock option. The replacement stock option shall have
terms and conditions to be determined by the Committee consistent with this
Section 7.

         (h) Effect of Exercise Upon Tandem Stock Appreciation Right. Upon
exercise of a stock option with respect to which a tandem stock appreciation
right (as described in Section 8) has been granted, the number of shares of
Common Stock with respect to which the tandem stock appreciation right shall be
exercisable shall be reduced by the number of shares with respect to which the
stock option has been exercised.

8. STOCK APPRECIATION RIGHTS. Stock appreciation rights may be granted under the
Plan in such form as the Committee may from time to time approve pursuant to
terms set forth in a stock appreciation rights agreement.

         (a) Types of Stock Appreciation Rights. Stock appreciation rights may
be granted in tandem with a related stock option (a "tandem stock appreciation
right") or may be granted unrelated to any stock option (a "freestanding stock
appreciation right"). A tandem stock appreciation right may be granted at the
time of the related stock option grant or at any time during the term of such
stock option; provided, however, that tandem stock appreciation rights related
to an incentive stock option may only be granted at the time of the grant of
such stock option and may be exercised only when the Fair Market Value of Common
Stock subject to such incentive stock option exceeds the exercise price of such
stock option.

         (b) Purchase Price. The purchase price of a stock appreciation right
shall be determined by the Committee at or subsequent to the time of grant of
the stock appreciation right.

         (c) Payment. A stock appreciation right shall entitle the holder
thereof, upon exercise of the stock appreciation right or any portion thereof,
to receive payment of an amount

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determined by multiplying (i) the excess of the Fair Market Value per share of
Common Stock on the date of exercise over the per share purchase price of the
stock appreciation right, by (ii) the number of shares of Common Stock as to
which such stock appreciation right is being exercised. Notwithstanding the
foregoing, the Committee may limit in any manner the amount payable with respect
to a stock appreciation right by including such a limit at the time of grant.

         (d) Exercise. Free standing stock appreciation rights shall be
exercisable at such time or times, and under such conditions, as shall be
determined by the Committee in its discretion at or subsequent to the time of
grant and, except as otherwise determined by the Committee at or subsequent to
grant, freestanding stock appreciation rights held by a Participant upon
termination of employment shall be exercisable on the same terms as set forth
for stock options in Section 7(f); provided, however, that no freestanding stock
appreciation right shall be exercisable after the expiration of ten (10) years
from the date the stock appreciation right is granted. A tandem stock
appreciation right shall be exercisable at such time or times and only to the
extent that the related stock option is exercisable.

         (e) Method of Exercise. Stock appreciation rights may be exercised, in
whole or in part, by giving written notice to the Company specifying the number
of shares with respect to which the stock appreciation right is being exercised.
If requested by the Committee, the holder of a stock appreciation right shall
deliver the agreement evidencing the stock appreciation right being exercised
and, with respect to a tandem stock appreciation right, the agreement evidencing
the related stock option to the Secretary of the Company who shall endorse
thereon a notation of such exercise and return the agreement to the holder.

         (f) Form of Payment. Payment of the amount determined under this
Section 8 shall be made solely in

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shares of Common Stock or, at the sole discretion of the Committee, solely in
cash, or in a combination of cash and shares of Common Stock (based upon the
Fair Market Value of the Common Stock as of the date of exercise of the stock
appreciation right).

         (g) Effect of Exercise of Tandem Stock Appreciation Right on Related
Stock Option. Upon exercise of a tandem stock appreciation right, the number of
shares of Common Stock covered by the related stock option shall be reduced by
the number of shares with respect to which the stock appreciation right has been
exercised.

9.       PERFORMANCE SHARES.

         Performance shares may be granted under the Plan in such form as the
Committee may from time to time approve pursuant to the terms set forth in a
performance share agreement.

         (a) Types of Performance Shares. Performance shares may be granted in
the form of actual shares of Common Stock or share units having a value equal to
an identical number of shares of Common Stock.

         (b) Performance Conditions and Duration. The performance conditions and
the length of the performance period shall be determined by the Committee, but
in no event may a performance period be less than twelve (12) months, except
upon a Change in Control.

         (c) Form of Payment. The Committee shall determine in its sole
discretion whether performance shares granted in the form of share units shall
be paid in cash, Common Stock, or a combination of cash and Common Stock (based
upon Fair Market Value of the Common Stock as of the date of exercise or the end
of the performance period, as the case may be).

         (d) Termination of Employment. Except as otherwise determined by the
Committee at or subsequent to grant, a Participant must be employed as of the
end of the relevant performance period to be entitled to receive payment with
respect to a performance share award.

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10.      RESTRICTED STOCK.

         Shares of restricted stock may be issued either alone or in addition to
stock options, deferred stock or other stock-based Awards granted under the
Plan, as determined by the Committee pursuant to terms set forth in a restricted
stock agreement.

         (a) Awards of Restricted Stock. Unless such requirement is waived by
the Committee, the prospective recipient of an Award of shares of restricted
stock shall not be deemed to have any rights with respect to such Award, until
and unless such recipient shall have executed an agreement or other instrument
evidencing the Award and delivered a fully executed copy thereof to the Company,
and otherwise complied with the then applicable terms and conditions.

         (b) Stock Certificates. Each Participant granted restricted stock under
the Plan shall be issued a stock certificate in respect of shares of restricted
stock awarded under the Plan. Such certificate shall be registered in the name
of the holder, and shall bear an appropriate legend referring to the terms,
conditions, and restrictions applicable to such Award. The Committee shall
require that the stock certificates evidencing such shares be held in custody by
the Company until the restrictions thereon shall have lapsed, and shall require,
as a condition of any restricted stock Award, that the holder shall have
delivered a stock power, endorsed in blank, relating to the stock covered by
such Award.

         (c) Restrictions and Conditions. Subject to the provisions of this
Plan, during a period set by the Committee commencing with the date of such
Award (the "restriction period"), the holder of shares of restricted stock shall
not be permitted to sell, transfer, pledge, or assign such shares of restricted
stock awarded under the Plan. Within these limits, the Committee may provide for
the lapse of such restrictions in installments where deemed appropriate. Unless
otherwise determined by the Committee at or subsequent to grant, the restriction
period shall

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remain in effect during the twelve-month period ending on the day before the
first anniversary date of the grant of the shares of restricted stock, except
upon a Change in Control. Subject to the provisions of the immediately following
sentence, upon termination of employment for any reason during the restriction
period, all shares still subject to restriction shall be forfeited by the
Participant and reacquired by the Company. In the event of a Participant's
retirement, permanent disability, or death, or in cases of special
circumstances, the Committee may, in its sole discretion, when it finds that a
waiver would be in the best interests of the Company, waive in whole or in part
any or all remaining restrictions with respect to such Participant's shares of
restricted stock.

         (d) Rights of Holder of Restricted Stock. Except as provided in
paragraph (c) of this Section 10, a Participant shall have, with respect to the
shares of restricted stock, all the rights of a shareholder of the Company,
including the right to vote the restricted stock, and the right to receive any
dividends. The Committee, in its sole discretion, may permit or require the
payment of dividends to be deferred and, if the Committee so determines,
reinvested in additional restricted stock or to be otherwise reinvested or
subject to restrictions.

         (e) Restricted Stock Units. Restricted stock may also be granted in the
form of restricted stock units having a value equal to an identical number of
shares of Common Stock. The Committee shall determine in its sole discretion
whether restricted stock granted in the form of units shall be paid in cash,
Common Stock or a combination of cash and Common Stock.

11.      DEFERRED AWARDS.

         The Committee shall have the discretion to grant Awards of the right to
receive Common Stock that are not to be distributed until after a specified
deferral period. Such Awards may be made either alone or in addition to other
Awards granted under the Plan. If the attainment of

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performance goals are specified, the Committee shall certify attainment of such
performance goals prior to any delivery of deferred Common Stock. Prior to
completion of the deferral period, a participant may elect to further defer
receipt of an Award for a specified period or until a specified event, subject
in each case to the approval of the Committee and under such terms as are
determined by the Committee in its sole discretion. The Committee shall
determine in its sole discretion whether such deferred Awards shall be paid in
cash, Common Stock or a combination of cash and Common Stock.

12.      OTHER STOCK-BASED AWARDS.

         Other Awards of Common Stock and other Awards that are valued in whole
or in part by reference to, or are otherwise based on Common Stock, including
(without limitation) dividend equivalents and convertible debentures, may be
granted either alone or in addition to other Awards granted under the Plan. Any
Awards under this Section 12 and any Common Stock covered by any such Award may
be forfeited to the extent so provided in the Award agreement, as determined by
the Committee.

13.      CHANGE IN CONTROL.

         Upon the occurrence of a Change in Control, (i) all stock options shall
become vested and exercisable in full, (ii) all stock appreciation rights which
have not been granted in tandem with stock options shall become vested and
exercisable in full, (iii) the restrictions applicable to all shares of
restricted stock shall lapse, (iv) all restricted stock granted in the form of
share units shall be paid in shares of Common Stock, (v) all performance shares
shall be deemed to be earned in full and shall be paid in shares of Common
Stock, and all performance shares granted in the form of share units shall be
deemed to be earned in full and shall be paid in shares of Common Stock, and
(vi) all deferred Awards shall be paid in shares of Common Stock. The

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Committee may, in its discretion, include such further provisions and
limitations in any agreement documenting such Awards as it may deem equitable
and in the best interest of the Company, and may make payments with respect to
restricted stock units, performance share units and deferred Awards in cash in
an amount equal to the Fair Market Value of the Award as of the Change in
Control.

14.      WITHHOLDING.

         The company shall have the right to deduct from any payment to be made
pursuant to the Plan the amount of any taxes required by law to be withheld
therefrom, or to require a Participant to pay to the Company in cash such amount
required to be withheld prior to the issuance or delivery of any shares of
Common Stock or the payment of cash under the Plan. The Committee may, in its
discretion, permit a Participant to elect to satisfy such withholding obligation
by (i) delivering previously owned shares of Common Stock or (ii) having the
Company retain shares of Common Stock which would otherwise be delivered upon
exercise or payment of Awards (in an amount not exceeding the minimum applicable
tax withholding amount required to satisfy federal (including FICA), state,
local and foreign tax withholding requirements) or (iii) any combination of a
cash payment or the methods set forth in (i) and (ii) above. For purposes of (i)
and (ii) above, shares of Common Stock shall be valued at Fair Market Value
determined as of the day immediately prior to exercise or payment.

15.      NONTRANSFERABILITY.

         No Award shall be assignable or transferable by the Participant,
otherwise than by will or the laws of descent and distribution, and stock
options and stock appreciation rights shall be exercisable, during the
Participant's lifetime, only by the Participant.

                                       18
<PAGE>   19
16.      NO RIGHT TO EMPLOYMENT.

         No person shall have any claim or right to be granted an Award, and the
grant of an Award shall not be constructed as giving a Participant the right to
be retained in the employ of the Company, its parent or their subsidiaries.
Further, the Company, its parent and their subsidiaries expressly reserve the
right at any time to terminate the employment of a Participant free from any
liability, or any claim under the Plan, except as provided herein or in any
Award agreement entered into hereunder.

17.      ADJUSTMENT OF AND CHANGES IN COMMON STOCK.

         In the event of any change in the outstanding shares of Common Stock
(including any increase or decrease in such shares) by reason of any stock
dividend or split, recapitalization, merger, consolidation, spin-off,
combination or exchange of shares or other similar corporate change, or any
distributions to common stockholders other than regular cash dividends, the
Committee may make such substitution or adjustment, if any, as it deems to be
equitable, as to the number or kind of shares of Common Stock or other
securities reserved for issuance pursuant to the Plan, or subject to outstanding
Awards, and to any other terms and conditions of outstanding Awards including
the stock option or stock appreciation right purchase price or performance
criteria.

18.      EMPLOYMENT BY SUBSIDIARY AND PARENT COMPANIES.

         For purposes of the Plan, a transfer of an employee to the employ of a
subsidiary of the Company (or, if provided in the grant instrument, a parent
corporation) shall not be deemed to be a termination of employment and the
employment by a subsidiary (or, if provided in the grant instrument, a parent
corporation) shall be deemed to be employment by the Company.

                                       19
<PAGE>   20
19.      FOREIGN EMPLOYEES.

         Without amending the Plan, the Committee may grant Awards to employees
of the Company or its subsidiaries who are foreign nationals on such terms and
conditions different from those specified in this Plan (including without
limitation granting stock options with a term longer than ten years if
appropriate to assure favorable tax treatment) as may in the judgment of the
Committee be necessary or desirable to foster and promote achievement of the
purposes of the Plan, and, in furtherance of such purposes, the Committee may
make such modifications, amendments, procedures, subplans and the like as may be
necessary or advisable to comply with provisions of laws in other countries in
which the Company or its subsidiaries operate or have employees; provided,
however, that, except as described above, any such modification, amendment,
procedure, subplan or like arrangement shall not be inconsistent with the terms
of the Plan.

20.      AMENDMENT.

         The Board of Directors may amend, suspend or terminate the Plan or any
portion thereof at any time, provided that no amendment shall be made that would
adversely affect the rights of a Participant under an Award theretofore granted,
without such Participant's written consent.

21.      GENERAL PROVISIONS.

         (a) The Committee may require each Participant purchasing or acquiring
shares pursuant to an Award under the Plan to represent to and agree with the
Company in writing that such Participant is acquiring the shares for investment
and without a view to distribution thereof.

         (b) All certificates for shares of Common Stock delivered under the
Plan pursuant to any Award shall be subject to such stock-transfer orders and
other restrictions as the Committee may deem advisable under the rules,
regulations, and other requirements of the Securities and

                                       20
<PAGE>   21
Exchange Commission, any stock exchange upon which the Common Stock is then
listed, and any applicable Federal, state or foreign securities law, and the
Committee may cause a legend or legends to be put on any such certificates to
make appropriate reference to such restrictions. If the Committee determines
that the issuance of shares of Common Stock hereunder is not in compliance with,
or subject to an exemption from, any applicable Federal, state or foreign
securities laws, such shares shall not be issued until such time as the
Committee determines that the issuance is permissible.

         (c) The Plan is intended to constitute an "unfunded" plan for incentive
and deferred compensation. Nothing contained herein shall give any Participant
any rights that are greater than those of a general creditor of the Company. In
its sole discretion, the Committee may authorize the creation of trusts or other
arrangements to meet the obligations created under the Plan to deliver Common
Stock or payments in lieu of or with respect to Awards hereunder, provided,
however, that the existence of such trusts or other arrangements is consistent
with the unfunded status of the Plan.

         (d) Except as otherwise provided by the Committee in the applicable
Award agreement, a Participant shall have no rights as a shareholder with
respect to any shares of Common Stock subject to stock options, stock
appreciation rights, performance share awards, restricted stock units, or
deferred awards until a certificate or certificates evidencing shares of Common
Stock shall have been issued to the Participant and, subject to Section 17, no
adjustment shall be made for dividends or distributions or other rights in
respect of any share for which the record date is prior to the date on which the
Participant shall become the holder of record thereof.

         (e) United States law shall apply to all grants under the Plan except,
in the case of an Award to a foreign national, to the extent local laws preempt
United States law.

                                       21
<PAGE>   22
22.      EFFECTIVE DATE; TERM OF PLAN.

         The Plan shall be effective as of November 1, 1995. Subject to earlier
termination pursuant to Section 20, the plan shall have a term of ten (10) years
from its Effective Date (November 1, 1995).

                                       22<PAGE>   1
                                                                    Exhibit 10.2

                                                                       7/24/2000

                              PHARMACIA CORPORATION
                            MANAGEMENT INCENTIVE PLAN

                     AMENDED AND RESTATED AS OF JUNE 1, 2000

I. GENERAL PROVISIONS

1. PURPOSES

The Pharmacia Corporation Management Incentive Plan (formerly known as the
Monsanto Management Incentive Plan of 1996) is designed to:

-        focus management on business performance that creates stockholder
         value,

-        encourage innovative approaches to the business of the Company,

-        reward for results,

-        encourage ownership of Monsanto common stock by management, and

-        encourage taking higher risks with an opportunity for higher reward.

This Incentive Plan shall be effective April 15, 1996 ("Effective Date"),
subject to the approval of this Incentive Plan by the stockholders of the
Company. The amended and restated Incentive Plan shall apply to awards made
under this Plan that are effective on or after June 1, 2000.

2. DEFINITIONS

Except where the context otherwise indicates, the following definitions apply:

"Associated Company" means any corporation (or partnership, joint venture, or
other enterprise), of which the Company or a Parent owns or controls, directly
or indirectly, 10% or more, but less than 50% of the outstanding shares of stock
normally entitled to vote for the election of directors (or comparable equity
participation and voting power).

"Award" means any Stock Option, Stock Appreciation Right, Restricted Share,
unrestricted Share, dividend equivalent unit, Performance Share, Deferred Award
or other award granted under this Incentive Plan.

"Board" means Board of Directors of the Company.

                                       1
<PAGE>   2
"Committee" means the Compensation Committee of the Board, or its permitted
delegate, consisting of two or more members of the Board as may be appointed by
the Board to administer this Incentive Plan pursuant to Section 3(a) of this
Article I.

"Company" means Pharmacia Corporation, a Delaware corporation.

"Deferred Award" means a deferred award granted in accordance with Section 9 of
Article II of this Incentive Plan.

"Eligible Participant" means any officer or other salaried employee (including a
director who is a salaried employee) of the Company, a Subsidiary, or an
Associated Company.

"Fair Market Value" shall mean, per share of common stock, the average of the
highest and lowest sales price of the common stock on the New York Stock
Exchange(the "NYSE"), or such other national securities exchange as may be
designated by the Board, on the applicable date, or, if there are no sales of
common stock on the NYSE on such date, then the average of the highest and
lowest price of the common stock on the last previous day on which a sale on the
NYSE is reported; provided, that the Committee may determine that the Fair
Market Value price may be based upon the average of the highest and lowest price
of the common stock (or depositary receipts evidencing ownership of such common
stock) on stock exchanges outside the United States with respect to Awards
granted to Participants who are foreign nationals.

"Incentive Plan" means the Pharmacia Corporation Management Incentive Plan, set
forth herein.

"Incentive Stock Option" or "Incentive Option" means an option meeting the
definition of that term as set forth in Section 3 of Article II of this
Incentive Plan.

"1984 Plan" means the Monsanto Management Incentive Plan of 1984, as amended.

"1986 Plan" means the Searle Monsanto Stock Option Plan of 1986, as amended.

"1988/I Plan" means the Monsanto Management Incentive Plan of 1988/I, as
amended.

"1988/II Plan" means the Monsanto Management Incentive Plan of 1988/II, as
amended.

"1991 Plan" means the NutraSweet/Monsanto Stock Plan of 1991, as amended.

"1994 NutraSweet/Monsanto Plan" means the NutraSweet/Monsanto Stock Plan of
1994, as amended.

"1994 Plan" means the Monsanto Management Incentive Plan of 1994, as amended.

"1994 Searle/Monsanto Plan" means the Searle/Monsanto Stock Plan of 1994, as
amended.

                                       2
<PAGE>   3
"Non-Qualified Stock Option" or "Non-Qualified Option" means an option referred
to in Section 4 of Article II of this Incentive Plan.

"Parent" means any corporation (other than the Company) in an unbroken chain of
corporations ending with the Company if each of the corporations other than the
last corporation in the unbroken chain owns stock possessing 50% or more of the
total combined voting power of all classes of stock in one or more of the other
corporations in the chain.

"Participant" means an Eligible Participant to whom an Award has been granted
pursuant to this Incentive Plan.

"Performance Share" means Performance Shares granted in accordance with Section
8 of Article II of this Incentive Plan.

"Reporting Person" means a person subject to the reporting requirements of
Section 16(a) of the Securities Exchange Act of 1934 (or any law, rule,
regulation or other provision that may replace such statute) with respect to
Shares.

"Restricted Shares" means Shares that were made subject to restrictions in
accordance with Section 6 of Article II of this Incentive Plan.

"Shares" means shares of common stock of the Company and any shares of stock or
other securities received as a result of a Share adjustment as set forth in
Section 4 of this Article I.

"Stock Appreciation Right" means a right referred to in Section 5 of Article II
of this Incentive Plan.

"Stock Appreciation Right Fair Market Value" or "SAR Fair Market Value" shall
mean a value established by the Committee for the exercise of a Stock
Appreciation Right.

"Stock Option" or "Option" means Incentive Stock Options and/or Non-Qualified
Stock Options.

"Subsidiary" means: (i) for the purpose of an Incentive Stock Option, any
corporation (other than the Company) in an unbroken chain of corporations
beginning with the Company if, at the time of the granting of the Option, each
of the corporations other than the last corporation in the unbroken chain owns
stock possessing 50% or more of the total combined voting power of all classes
of stock in one of the other corporations in such chain; and (ii) for the
purposes of other types of Awards under this Plan, any corporation (or
partnership, joint venture, or other enterprise) of which the Company or a
Parent owns or controls, directly or indirectly, 50% or more of the outstanding
shares of stock normally entitled to vote for the election of directors (or
comparable equity participation and voting power).

                                       3
<PAGE>   4
"Termination of Employment" means the discontinuance of employment of a
Participant for any reason other than a Transfer. In the event a Participant is
an employee of an entity that is a Parent, Subsidiary or Associated Company and
the entity ceases to be a Parent, Subsidiary or Associated Company, the
Participant shall be deemed to incur a Termination of Employment for all
purposes under this Incentive Plan as of the date such entity ceases to be a
Parent, Subsidiary or Associated Company.

"Transfer" means a change of employment of a Participant within the group
consisting of the Company and its Parent, Subsidiaries and Associated Companies,
unless the Committee determines otherwise in the grant instrument.

3. ADMINISTRATION

(a)      This Incentive Plan shall be administered by the Compensation
         Committee, except to the extent the Compensation Committee delegates
         administration pursuant to this paragraph. The Compensation Committee
         may delegate all or a portion of the administration of this Incentive
         Plan to one or more committees or to one or more senior managers of the
         Company or its Parent or Subsidiaries; provided that determinations
         regarding the timing, pricing, amount and terms of any Award to a
         Reporting Person shall be made only by the Compensation Committee.

(b)      The Committee shall have the exclusive right to interpret this
         Incentive Plan, to select the persons who are to receive Awards, and to
         act in all matters pertaining to the granting of Awards under this
         Incentive Plan including, without limitation, the timing, pricing,
         amount and terms of any Award and the amendment thereof consistent with
         the provisions of this Incentive Plan. No Eligible Participant shall
         have any right to be considered for or to receive any Awards. All acts
         and decisions of the Committee with respect to any questions arising in
         connection with the administration and interpretation of this Incentive
         Plan, including the severability of any and all of the provisions
         thereof, shall be conclusive, final and binding upon all Eligible
         Participants.

(c)      The Committee may adopt and amend from time to time rules and
         regulations of general application for the administration of this
         Incentive Plan.

(d)      Without limiting the foregoing Sections 3(a), (b) and (c) of this
         Article I (and notwithstanding any other provisions of this Incentive
         Plan), the Committee is authorized to take such action as it determines
         to be necessary or advisable, and fair and equitable to Participants,
         with respect to Awards in the event of: a merger of the Company with,
         consolidation of the Company into, or the acquisition of the Company
         by, another corporation; a sale or transfer of all or substantially all
         of the assets of the Company to another corporation or any other person
         or entity; a separation from the Company, including any spin-off or
         other distribution to stockholders other than an ordinary cash
         dividend; a tender or exchange offer for Shares made by any
         corporation, person or entity (other than the Company); or other
         reorganization in which the Company will not survive

                                       4
<PAGE>   5
         as an independent, publicly-owned corporation. Such action may include
         (but shall not be limited to) establishing, amending or waiving the
         forms, terms, conditions and duration of Stock Options, Stock
         Appreciation Rights, Awards of Restricted Shares, Performance Shares,
         Deferred Awards and other Awards so as to provide for earlier, later,
         extended or additional times for exercise or payments, differing
         methods for calculating payments, alternate forms and amounts of
         payment, accelerated release of restrictions or other modifications.
         The Committee may take such actions pursuant to this Section 3(d) by
         adopting rules and regulations of general applicability to all
         Participants or to certain categories of Participants, by including,
         amending or waiving terms and conditions in Awards (including, without
         limitation, agreements with respect to Restricted Shares), or by taking
         action with respect to individual Participants. The Committee may take
         such actions as part of the Awards, or before or after the public
         announcement of any such merger, consolidation, acquisition, sale or
         transfer of assets, separation, tender or exchange offer or other
         reorganization.

         4. SHARE ADJUSTMENTS

In the event that at any time or from time to time a stock dividend, stock
split, recapitalization, merger, consolidation, or other change in
capitalization, or a sale by the Company of all or part of its assets, or a
separation from the Company, including any spin-off or other distribution to
stockholders other than an ordinary cash dividend, results in (a) the
outstanding Shares, or any securities exchanged therefor or received in their
place, being exchanged for a different number or class of shares of stock or
other securities of the Company, or for shares of stock or other securities of
any other corporation; or (b) new, different or additional shares or other
securities of the Company or of any other corporation being received by the
holders of outstanding Shares, then:

   (i)   the total number of Shares authorized for Awards under this Incentive
         Plan;

  (ii)   the number and class of Shares (A) that may be subject to Stock
         Options, Stock Appreciation Rights and other Awards, (B) which have not
         been issued or transferred under outstanding Stock Options, Stock
         Appreciation Rights or other Awards, and (C) which have been awarded
         but are undelivered under this Incentive Plan; and

 (iii)   the purchase price to be paid per Share under outstanding Stock Options
         and the number of Shares to be transferred in settlement of outstanding
         Stock Appreciation Rights and other Awards;

shall in each case be appropriately adjusted by the Committee in its discretion;
provided, however, that all adjustments made as the result of the foregoing in
respect of each Stock Option which is granted as an Incentive Stock Option shall
be made so that such Stock Option shall continue to be an Incentive Stock Option
as defined in Section 422 of the Internal Revenue Code of 1986, as may be
amended from time to time.

                                       5
<PAGE>   6
5. SHARES AUTHORIZED

The total number of Shares for which awards may be granted under this Incentive
Plan shall not exceed 87,605,305 Shares. Notwithstanding the foregoing, the
total number of Shares that shall be available for Awards of Restricted or
unrestricted Shares (which shall include stock distributions pursuant to
Performance Shares, Deferred Awards and other stock-based awards as described in
Section 10 of Article II) shall be 1/2 of 1% of the total number of Shares
outstanding. The limitations in this Section 5 are subject to the adjustments
provided for in Section 4 of this Article I; the provisions of Section 1(b) of
Article II of this Incentive Plan; and the provisions of Section 3(d) of Article
III of this Incentive Plan.

The total number of Shares for which Awards may be granted under this Incentive
Plan to any one Eligible Participant shall not exceed in any three-year period
15% of the total number of Shares for which Awards may be made under this
Incentive Plan, subject to the adjustments provided for in Section 4 of this
Article I.

II. AWARDS

1. SHARES USED FOR AWARDS

(a)      The Shares for which Options may be granted under this Option Plan may
         be authorized but unissued Shares, or treasury Shares, or both.

(b)      In the event that any unexercised Stock Option granted hereunder lapses
         or ceases to be exercisable for any reason other than a surrender of
         the Option pursuant to Section l(c) of this Article II or the exercise
         of a Stock Appreciation Right under Section 5 of this Article II, the
         Shares subject to such Option shall again be available for Option
         grants under this Option Plan without again being charged against the
         authorized Shares set forth in Section 5 of Article I. Any amendment of
         any Option or Stock Appreciation Right by the Committee pursuant to
         Article I, Section 3 of this Incentive Plan shall not be considered the
         grant of a new Option for the purpose of Section 5 of Article I.

(c)      In the event of death or total and permanent disability as determined
         by the Committee, the Committee may, with the consent of the
         Participant, his legal representative, or in the event of death, a
         beneficiary designated in writing by the Participant during his
         lifetime, authorize payment, in cash or in Shares, or partly in cash
         and partly in Shares, as the Committee may direct, of an amount equal
         to the difference at the time between the Fair Market Value of the
         Shares subject to an Option and the Option price in consideration of
         the surrender of the Option. In such an event the Shares subject to the
         Option so surrendered shall be charged against the limitations set
         forth in Section 5 of Article I.

(d)      In the event that any Award or installment thereof ceases to be payable
         for any reason, the Shares subject to such Award shall again be
         available for Award without again being charged against the limitations
         on the number of Shares set forth in Section 5 of Article I.

                                       6
<PAGE>   7
2. INCIDENTS OF OPTIONS AND STOCK APPRECIATION RIGHTS

(a)      An Award of Stock Options or Stock Appreciation Rights may be made at
         such time or times determined by the Committee following the Effective
         Date to any Eligible Participant, except that Incentive Options may not
         be awarded to employees of Associated Companies. Each Stock Option and
         Stock Appreciation Right shall be granted subject to such terms and
         conditions, if any, not inconsistent with this Incentive Plan, as shall
         be determined by the Committee, including any provisions as to
         continued employment as consideration for the grant or exercise of such
         Option or Stock Appreciation Right, provisions as to performance
         conditions and any provisions which may be advisable to comply with
         applicable laws, regulations or rulings of any governmental authority.

(b)      An Incentive Stock Option or Stock Appreciation Right shall not be
         transferable by the Participant otherwise than by will, by the laws of
         descent and distribution, or pursuant to a written beneficiary
         designation, and shall be exercisable during the lifetime of the
         Participant only by him or by his guardian or legal representative. A
         Non-Qualified Stock Option or Stock Appreciation Right shall not be
         transferable except by will, by the laws of descent and distribution,
         pursuant to a written beneficiary designation, or pursuant to a
         qualified domestic relations order as defined by the Internal Revenue
         Code of 1986, as amended, or Title I of the Employee Retirement Income
         Security Act or the rules thereunder.

(c)      Shares purchased upon exercise of a Stock Option shall be paid for in
         such amounts, at such times and upon such terms as shall be determined
         by the Committee and specified in the grant of the Option. Without
         limiting the foregoing, the Committee may establish payment terms for
         the exercise of Stock Options which permit the Participant to deliver
         Shares (or other evidence of ownership of Shares satisfactory to the
         Company), including, at the Committee's option, Restricted Shares, with
         a Fair Market Value equal to the Option price as payment.

(d)      The Option price per share shall be established by the grant and shall
         not be decreased thereafter except pursuant to Section 4 of Article I
         of this Incentive Plan.

(e)      The Committee, in its discretion, may provide for the escalation of the
         Option price per Share over all or part of the term of the Option.

(f)      The Committee, in its discretion, may offer Participants the
         opportunity to elect to receive an Option grant in lieu of a salary
         increase or a bonus or may offer Participants the opportunity to
         purchase Options for cash or such other consideration as the Committee
         in its discretion determines.

                                       7
<PAGE>   8
3. INCENTIVE OPTIONS

An Incentive Option shall be an "Incentive Stock Option" as that term is defined
in Section 422 of the Internal Revenue Code of 1986, as may be amended from time
to time, as in effect at the time of the grant of any such Option, or any
statutory provision that may be enacted to replace such Section. Each provision
of this Incentive Plan and of each Incentive Stock Option granted hereunder
shall be construed so that each such Option shall be an Incentive Stock Option,
and any provision thereof that cannot be so construed shall be disregarded.
Incentive Stock Options shall be granted only to purchase unrestricted Shares
and only to Eligible Participants, each of whom may be granted one or more such
Options at such time or times determined by the Committee following the
Effective Date until April 14, 2006, subject to the following conditions:

(a)      The Option price per Share shall be set by the grant but shall not be
         less than 100% of the Fair Market Value at the time of the grant.

(b)      The Option and its related Stock Appreciation Right, if any, may be
         exercised in full or in part from time to time within ten (10) years
         from the date of the grant, or such shorter period as may be specified
         by the Committee in the grant, provided that in any event each shall
         lapse and cease to be exercisable upon, or within such period
         following, Termination of Employment as shall have been determined by
         the Committee and as specified in the Option or Stock Appreciation
         Right. The Committee may establish such terms for exercise of Options
         and Stock Appreciation Rights after Termination of Employment as it
         deems appropriate. Unless the Committee determines otherwise, such
         period following Termination of Employment shall not exceed twelve
         months unless employment shall have terminated:

         (i)      as a result of retirement as defined by the Committee or total
                  and permanent disability as determined by the Committee, in
                  which event such period shall not exceed--

                  (A)      in the case of an Option, the original term of the
                           Option; and

                  (B)      in the case of a Stock Appreciation Right, one year
                           after such retirement or disability or after
                           resignation as an officer or director of the Company,
                           whichever shall last occur (unless earlier terminated
                           pursuant to Section 5(b) of this Article II);

         or

         (ii)     as a result of death, or death shall have occurred following
                  Termination of Employment and while the Option or Stock
                  Appreciation Right was still exercisable; and

                                       8
<PAGE>   9
         provided, further, that such period following Termination of Employment
         shall in no event extend the original exercise period of the Option or
         related Stock Appreciation Right.

(c)      The aggregate Fair Market Value (determined at the time the Option is
         granted) of the Shares with respect to which Incentive Stock Options
         are first exercisable during any calendar year by any Eligible
         Participant shall not exceed $100,000; however, if the Fair Market
         Value of Incentive Stock Option Shares (at date of grant) exceeds
         $100,000 in the calendar year in which Incentive Stock Options are
         first exercisable, Shares with a Fair Market Value at date of grant
         exceeding $100,000 shall not be deemed to be Incentive Stock Options.

(d)      Incentive Stock Options shall be granted only to an Eligible
         Participant who, at the time the Option is granted, does not own stock
         possessing more than 10% of the total combined voting power of all
         classes of stock of the Company.

(e)      Any other terms and conditions which the Committee determines, upon
         advice of counsel, should be imposed for the Option to qualify as an
         Incentive Stock Option and any other terms and conditions not
         inconsistent with this Incentive Plan as determined by the Committee;
         including provisions making the Shares subject to such Option
         Restricted Shares or provisions making vesting or the ability to
         exercise subject to performance conditions.

4. NON-QUALIFIED OPTIONS

One or more Options may be granted as Non-Qualified Options to purchase
unrestricted Shares or Restricted Shares to an Eligible Participant at such time
or times determined by the Committee, following the Effective Date, subject to
the following terms and conditions:

(a)      The Option price per Share shall be established by the grant but shall
         not be less than 100% of the Fair Market Value at the time of the grant
         (or such later date as the Committee shall determine to be the grant
         date).

(b)      The Option and its related Stock Appreciation Right, if any, may be
         exercised in full or in part from time to time within ten (10) years
         from the date of the grant, or such shorter period as may be specified
         by the Committee in the grant, provided that in any event each shall
         lapse and cease to be exercisable upon, or within such period following
         Termination of Employment as shall have been determined by the
         Committee and as specified in the Option or Stock Appreciation Right.
         The Committee may establish such terms for exercise of Options and
         Stock Appreciation Rights after Termination of Employment as it deems
         appropriate. Unless the Committee determines otherwise, that such
         period following Termination of Employment shall not exceed twelve
         months unless employment shall have terminated:

                                       9
<PAGE>   10
         (i)      as a result of retirement as defined by the Committee or total
                  and permanent disability as determined by the Committee, in
                  which event such period shall not exceed--

                  (A)      in the case of an Option, the original term of the
                           Option; and

                  (B)      in the case of a Stock Appreciation Right, one year
                           after such retirement or disability or after
                           resignation as an officer or director of the Company,
                           whichever shall last occur (unless earlier terminated
                           pursuant to Section 5(b) of this Article II);

                  or

         (ii)     as a result of death, or death shall have occurred following
                  Termination of Employment and while the Option or Stock
                  Appreciation Right was still exercisable; and

         provided, further, that such period following Termination of Employment
         shall in no event extend the original exercise period of the Option or
         related Stock Appreciation Right, if any.

(c)      The Option grant may include any other terms and conditions not
         inconsistent with this Incentive Plan as determined by the Committee,
         including provisions making the Shares subject to such Option
         Restricted Shares or provisions making vesting or the ability to
         exercise subject to the satisfaction of performance conditions.

5. STOCK APPRECIATION RIGHTS

A Stock Appreciation Right may be granted to an Eligible Participant in
connection with (and only in connection with) an Incentive Stock Option or a
Non-Qualified Option granted under this Incentive Plan, or under any other
incentive plan of the Company or its Subsidiaries which was approved by the
stockholders, subject to the following terms and conditions:

(a)      Such Stock Appreciation Right shall entitle a holder of an Option
         within the period specified for the exercise of the Option in the
         related Option grant to surrender the unexercised Option (or a portion
         thereof) and to receive in exchange therefor a payment in cash or
         Shares having an aggregate value equal to the product of (i) the amount
         by which (A) the SAR Fair Market Value of each Share exceeds (B) the
         Option price per Share, times (ii) the number of Shares under the
         Option, or portion thereof, which is surrendered.

(b)      Except as expressly provided herein, each Stock Appreciation Right
         granted hereunder shall be subject to the same terms and conditions as
         the related Option. It shall be exercisable only to the extent such
         Option is exercisable and shall terminate or lapse and

                                       10
<PAGE>   11
         cease to be exercisable when the related Option terminates or lapses.
         The Committee may grant Stock Appreciation Rights concurrently with
         grants of Options or in connection with previously granted Options
         under this Incentive Plan, or under any other incentive plan of the
         Company or its Subsidiaries which was approved by the stockholders,
         which are unexercised and have not terminated or lapsed. With respect
         to Stock Appreciation Rights granted in connection with such previously
         granted Options, the Committee shall provide that such Stock
         Appreciation Rights shall not be exercisable until the holder completes
         six (6) months (or such longer period as the Committee shall determine)
         of service with the Company, a Subsidiary, or an Associated Company
         immediately following the date of the grant of such Stock Appreciation
         Rights.

(c)      The Committee shall have sole discretion to determine in each case
         whether the payment will be in the form of all cash, all Shares (which
         may, at the Committee's discretion, be Restricted Shares), or any
         combination thereof. If payment is to be made in Shares, the number of
         Shares shall be determined as follows: the amount payable in Shares
         shall be divided by the SAR Fair Market Value of Shares.

(d)      Upon exercise of a Stock Appreciation Right, the number of Shares
         subject to exercise under the related Option shall automatically be
         reduced by the number of Shares represented by the Option or portion
         thereof which is surrendered. To the extent that a Stock Appreciation
         Right shall be exercised, any Shares transferred upon such exercise
         shall not be charged against the maximum limitations upon the grant of
         Options set forth in this Incentive Plan under which such Option shall
         have been granted but the Option in connection with which a Stock
         Appreciation Right shall have been granted shall be deemed to have been
         exercised for the purpose of such maximum limitations.

(e)      The Committee shall have sole discretion as to the timing of any
         payment made in cash, Shares, or a combination thereof upon exercise of
         Stock Appreciation Rights hereunder, whether in a lump sum, in annual
         installments or otherwise deferred and the Committee shall have sole
         discretion to determine whether such payments may bear amounts
         equivalent to interest or cash dividends.

(f)      For purposes of this paragraph 5(f) of Article II:

         (i)      "Unrelated Party" means any party or group of parties acting
                  together other than (A) the Company, its directors and
                  officers, or (B) any nominee holder for any stock exchange;

         (ii)     "Offer" means any tender or exchange offer made by an
                  Unrelated Party for the Shares and shall be deemed to occur
                  upon the first purchase or exchange of such Shares;

                                       11
<PAGE>   12
         (iii)    "Change of Control" means any acquisition, beneficially or
                  otherwise, by any Unrelated Party of 25% or more of the
                  combined voting power of the common and preferred stock of the
                  Company and shall be deemed to occur upon the date that the
                  Unrelated Party attains control of said 25% or more of the
                  combined voting power;

         (iv)     "Change of Control Market Value" of the Shares means the
                  higher of --

                  (A)      the value for which such Shares may be exchanged or
                           offered under any Offer pursuant to which Shares are
                           actually exchanged or purchased; or

                  (B)      the Fair Market Value of such Shares on the date of
                           exercise of a Stock Appreciation Right.

         Notwithstanding the foregoing provisions of this Section 5 of Article
         II and without limiting the provisions of Section 3 of Article I of
         this Incentive Plan, in the event of an Offer or Change of Control, a
         Participant holding an unexercised Stock Appreciation Right may
         exercise such Stock Appreciation Right and elect to be paid solely in
         cash in an amount equal to the difference between the Option price and
         the Change of Control Market Value of the Shares, unless within five
         (5) business days after receipt of notification of such election by the
         Secretary of the Company, the Committee acts to disapprove the cash
         election. Unless it acts to disapprove, the Committee's consent shall
         be deemed to be given at the close of business on the fifth business
         day after the Secretary's receipt of notification of such election and
         payment shall be made as soon as practicable after expiration of such
         five (5) business day period. The election provided herein shall apply
         only: (x) during the thirty (30) day period following the first
         exchange or purchase of Shares pursuant to an Offer; or (y) during the
         thirty (30) day period following the date on which sufficient Shares
         are acquired to constitute a Change of Control.

(g)      For purposes of this paragraph 5(g) of Article II:

         (i)      "Unrelated Party" means any party or group of parties acting
                  together other than (A) the Company, its directors and
                  officers, or (B) any nominee holder for any stock exchange;

         (ii)     "Alternate Change of Control" means any acquisition,
                  beneficially or otherwise, by any Unrelated Party of a
                  percentage of the combined voting power of the common and
                  preferred stock of the Company specified by the Committee (but
                  not less than 10%) and shall be deemed to occur upon the date
                  that the Unrelated Party attains control of said percentage of
                  the combined voting power;

                                       12
<PAGE>   13
         (iii)    "Change of Control Termination of Employment" means the
                  termination of employment of a Participant by the Company, the
                  Subsidiaries or the Associated Companies without cause (as
                  defined by the Committee) or by the Participant for good
                  reason (as defined by the Committee) within a period of time
                  specified by the Committee following an Alternate Change of
                  Control;

         (iv)     "Alternate Change of Control Market Value" of the Shares means
                  the Fair Market Value of such Shares on the date of exercise
                  of a Stock Appreciation Right.

         Notwithstanding the foregoing provisions of this Section 5 of Article
         II and without limiting the provisions of Section 3 of Article I of
         this Incentive Plan, in the event of an Alternate Change of Control and
         a Change of Control Termination of Employment, a Participant holding an
         unexercised Stock Appreciation Right who is selected by the Committee
         may exercise such Stock Appreciation Right and elect to be paid solely
         in cash in an amount equal to the difference between the Option price
         and the Alternate Change of Control Market Value of the Shares, unless
         within five (5) business days after receipt of notification of such
         election by the Secretary of the Company, the Committee acts to
         disapprove the cash election. Unless it acts to disapprove, the
         Committee's consent shall be deemed to be given at the close of
         business on the fifth business day after the Secretary's receipt of
         notification of such election and payment shall be made as soon as
         practicable after expiration of such five (5) business day period. The
         election provided herein shall apply only during the thirty (30) day
         period following a Change of Control Termination of Employment.

6. BONUS SHARES AND RESTRICTED SHARES

(a)      An Award of Shares or Restricted Shares may be made at such time or
         times determined by the Committee following the Effective Date to any
         person who is an Eligible Participant. The Committee shall have full
         discretion to determine the terms and conditions of payment of any
         Award, including without limitation, what part of such Award shall be
         paid in unrestricted Shares or Restricted Shares, the time or times of
         payment of any Award, and the time or times of the lapse of the
         restrictions on Restricted Shares.

(b)      For the purpose of determining the number of Shares to be used in
         payment of an Award, the amount of the Award payable in Shares shall be
         divided by the Fair Market Value of the Shares on the date of the
         determination of the amount of the Award by the Committee, or if the
         Committee so directs, the date immediately preceding the date the Award
         is paid.

                                       13
<PAGE>   14
(c)      The portion of an Award payable in Restricted Shares shall be paid at
         the time of the Award either by book-entry registration or by
         delivering to the Participant, or a custodian or escrow designated by
         the Committee and the Participant, a certificate or certificates for
         such Restricted Shares, registered in the name of such Participant. The
         Participant shall have all of the rights of a stockholder with respect
         to such Shares, subject to such terms and conditions, including
         withholding of dividends, forfeitures or resale to the Company, if any,
         as may be determined by the Committee. The Committee and the
         Participant may designate the Company or one or more of its employees
         to act as custodian or escrow for the certificates.

(d)      Restricted Shares shall be subject to such terms and conditions,
         including forfeiture, if any, and to such restrictions against sale,
         transfer or other disposition as may be determined by the Committee at
         the time a Non-Qualified Option for the purchase of Restricted Shares
         is granted, at the time a Stock Appreciation Right to be settled with
         Restricted Shares is granted or at the time of making a bonus award of
         Restricted Shares. Any new or additional or different Shares or other
         securities resulting from any adjustment of such Shares of the type
         described in Section 4 of Article I shall be subject to the same terms,
         conditions, and restrictions as the Restricted Shares prior to such
         adjustment. The Committee may, in its discretion, remove, modify or
         accelerate the release of restrictions on any Restricted Shares in the
         event of hardship or disability of the Participant while employed, in
         the event that the Participant ceases to be an employee of the Company,
         a Subsidiary or Associated Company, as the result of death or
         otherwise, in the event of a relocation of a Participant to another
         country or for such other reasons as the Committee may deem
         appropriate. In the event of the death of a Participant following the
         transfer of Restricted Shares to him, the legal representative of the
         Participant, the beneficiary designated in writing by the Participant
         during his lifetime, or the person receiving such Shares under his will
         or under the laws of descent and distribution shall take such Shares
         subject to the same restrictions, conditions and provisions in effect
         at the time of his death, to the extent applicable.

7. DIVIDENDS, DIVIDEND EQUIVALENTS AND INTEREST EQUIVALENTS

(a)      No cash dividends shall be paid on Shares which have been awarded but
         not registered or delivered. The Committee may provide, however, that a
         Participant to whom an Option has been awarded which is exercisable in
         whole or in part at a future time for Shares or a Participant who has
         been awarded Shares payable in whole or in part at a future time, shall
         be entitled to receive an amount per Share, equal in value to the cash
         dividends, if any, paid per Share on issued and outstanding Shares, as
         of the dividend record dates occurring during the period between the
         date of the award and the time each such Share is delivered. Such
         amounts (herein called "dividend equivalents") may, in the discretion
         of the Committee, be:

                                       14
<PAGE>   15
         (i)      paid in cash or Shares either from time to time prior to or at
                  the time of the delivery of such Shares or upon expiration of
                  the Option if it shall not have been fully exercised (except
                  that payment of the dividend equivalents on Incentive Options
                  may not be made prior to exercise); or

         (ii)     converted into contingently credited Shares (with respect to
                  which dividend equivalents shall accrue) in such manner, at
                  such value, and deliverable at such time or times, as may be
                  determined by the Committee.

         Such Shares (whether delivered or contingently credited) shall be
         charged against the limitations set forth in Section 5 of Article I.

(b)      The Committee, in its discretion, may authorize payment of interest
         equivalents on any portion of any Award payable at a future time in
         cash, and interest equivalents on dividend equivalents which are
         payable in cash at a future time.

(c)      The Committee, in its discretion, may provide that dividends paid on
         restricted Shares shall, during the applicable restricted period, be
         held by the Company to be paid upon the lapse of restrictions or to be
         forfeited upon forfeiture of the Shares.

8.  PERFORMANCE SHARES.

Performance Shares may be granted under the Incentive Plan in such form as the
Committee may from time to time approve pursuant to the terms set forth in a
performance share agreement.

(a)      Performance Shares may be granted in the form of actual Shares or Share
         units having a value equal to an identical number of Shares.

(b)      The performance conditions and the length of the performance period
         shall be determined by the Committee, but in no event may a performance
         period be less than 12 months, except upon a change in control of the
         Company.

(c)      The Committee shall determine in its sole discretion whether
         Performance Shares granted in the form of Share units shall be paid in
         cash, Shares, or a combination of cash and Shares (based upon Fair
         Market Value of the Shares as of the date of exercise or the end of the
         performance period, as the case may be).

(d)      Except as otherwise determined by the Committee at or subsequent to
         grant, a Participant must be employed as of the end of the relevant
         performance period to be entitled to receive payment with respect to a
         Performance Share Award.

                                       15
<PAGE>   16
9. DEFERRED AWARDS

The Committee shall have the discretion to grant Awards of the right to receive
Shares that are not to be distributed until after a specified deferral period.
Such Awards may be made either alone or in addition to other Awards granted
under the Incentive Plan. If the attainment of performance goals are specified,
the Committee shall certify attainment of such performance goals prior to any
delivery of deferred Shares. Prior to completion of the deferral period, a
Participant may elect to further defer receipt of an Award for a specified
period or until a specified event, subject in each case to the approval of the
Committee and under such terms as are determined by the Committee in its sole
discretion. The Committee shall determine in its sole discretion whether such
Deferred Awards shall be paid in cash, Shares or a combination of cash and
Shares.

10. OTHER STOCK-BASED AWARDS

The Committee may grant other Awards of Shares and Awards that are valued in
whole or in part by reference to, or are otherwise based on, Shares, including
(without limitation) dividend equivalents and convertible debentures, either
alone or in addition to other Awards granted under the Plan. Any Awards under
this Section 10 and any Shares covered by any such Award may be forfeited to the
extent so provided in the Award agreement, as determined by the Committee.

III. MISCELLANEOUS PROVISIONS

         1.       No Award shall be transferable except as provided for herein.
                  If any Participant makes such a transfer in violation hereof,
                  any obligation of the Company with respect to such Award shall
                  forthwith terminate.

         2.       Nothing in this Incentive Plan or any booklet or other
                  document describing or referring to this Incentive Plan shall
                  be deemed to confer on any employee or Participant the right
                  to continue in the employ of his employer or affect the right
                  of his employer to terminate the employment of any such person
                  with or without cause.

         3.       Nothing contained herein shall require the Company to
                  segregate any monies from its general funds, or to create any
                  trusts, or to make any special deposits for any immediate or
                  deferred amounts payable to any Participant.

         4.       This Incentive Plan and all actions taken hereunder shall be
                  governed by the laws of the State of Delaware.

         5.       The Company may make such provisions and take such steps as it
                  may deem necessary or appropriate for the withholding of any
                  taxes which the Company is required by any law or regulation
                  of any governmental authority, whether federal, state or
                  local, domestic or foreign, to withhold in connection with any
                  Stock

                                       16
<PAGE>   17
                  Option or the exercise thereof, any Stock Appreciation Right
                  or the exercise thereof, or the payment of any other Award,
                  including, but not limited to, the withholding of cash or
                  Shares which would be paid or delivered pursuant to such
                  exercise or award or another exercise or award under this
                  Incentive Plan until the Participant reimburses the Company
                  for the amount the Company is required to withhold with
                  respect to such taxes, or cancelling any portion of such award
                  or another award under this Incentive Plan in an amount
                  sufficient to reimburse itself for the amount it is required
                  to so withhold, or selling any property contingently credited
                  by the Company for the purpose of paying such award or another
                  award under this Incentive Plan, in order to withhold or
                  reimburse itself for the amount it is required to so withhold.
                  The Committee may permit a Participant (or any beneficiary or
                  other person authorized to act) to elect to pay a portion or
                  all of any amounts required to be withheld to satisfy federal,
                  state, local or foreign tax obligations by directing the
                  Company to withhold a number of whole Shares which would
                  otherwise be distributed and which have a fair market value
                  sufficient to cover the amount of such required withholding
                  taxes (in an amount not exceeding the minimum applicable tax
                  withholding amount required to satisfy federal (including
                  FICA), state, local and foreign tax withholding requirements).

         6.       The Committee may grant Stock Options to Eligible Participants
                  who are foreign nationals or who are employed by the Company,
                  a Subsidiary, or an Associated Company outside of the United
                  States of America. In order to facilitate the granting of
                  Stock Options, the Committee may provide for special terms and
                  conditions for grants to employees who are foreign nationals
                  or who are employed by the Company, a Parent, a Subsidiary, or
                  an Associated Company outside of the United States of America,
                  as the Committee may consider necessary or appropriate to
                  accommodate differences in local law, tax policy or custom in
                  other countries in which the Company, a Parent, a Subsidiary,
                  or an Associated Company operates or has employees. Such
                  special terms may include, without limitation, granting Stock
                  Options with a term longer than ten years if appropriate to
                  assure favorable tax treatment. The Committee may also provide
                  for such substitutes for the Stock Options for employees who
                  are foreign nationals or who are employed by the Company, a
                  Parent, a Subsidiary, or an Associated Company outside of the
                  United States of America as may be deemed necessary or
                  appropriate by the Committee.

                  Available Information: Each Malaysian Participant may request
                  copies of the Company's most recent audited financial
                  statements available.

         7.       Notwithstanding any other provision of this Incentive Plan,
                  for purposes of any Award that is outstanding as of the date
                  that the Company spins off the Company's chemical businesses
                  into a new publicly traded company ("Chemicals") and is held
                  by a Participant who in connection with such spinoff becomes
                  an employee of Chemicals (or a subsidiary or associated
                  company of

                                       17
<PAGE>   18
                  Chemicals) rather than an employee of the Company (or a
                  Subsidiary or Associated Company of the Company), such change
                  of employment shall not constitute a Termination of
                  Employment. With respect to any such Award held by such a
                  Participant, Termination of Employment shall mean such
                  Participant's termination of employment with Chemicals other
                  than a Transfer, with Transfer defined as a change of
                  employment of a Participant within the group consisting of
                  Chemicals and its subsidiaries, or, if the Committee so
                  determines, a change of employment of a Participant within the
                  group consisting of Chemicals, its subsidiaries, and its
                  associated companies. For purposes of this section, a
                  subsidiary of Chemicals means any corporation (or partnership,
                  joint venture, or other enterprise) of which Chemicals owns or
                  controls, directly or indirectly, 50% or more of the
                  outstanding shares of stock normally entitled to vote for the
                  election of directors (or comparable equity participation and
                  voting power) and an associated company of Chemicals means any
                  corporation (or partnership, joint venture, or other
                  enterprise), of which Chemicals owns or controls, directly or
                  indirectly, 10% or more, but less than 50% of the outstanding
                  shares of stock normally entitled to vote for the election of
                  directors (or comparable equity participation and voting
                  power).

IV. AMENDMENTS

         1.       The Board, upon recommendation of the Committee but not
                  otherwise, may from time to time amend or modify this
                  Incentive Plan, including, but not limited to, an amendment
                  which would authorize the Committee to make Awards payable in
                  other securities or other forms of property of a kind to be
                  determined by the Committee, and such other amendments as may
                  be necessary or desirable to implement such Awards, or
                  discontinue this Incentive Plan or any provision thereof,
                  provided that no amendments or modifications to this Incentive
                  Plan shall, without the prior approval of the stockholders
                  normally entitled to vote for the election of directors of the
                  Company:

                  (a)      permit the Company to decrease the Option price on
                           any outstanding Option;

                  (b)      permit any change which would require the approval of
                           stockholders under [Section 16 of the Securities
                           Exchange Act of 1934 or the rules thereunder or]
                           under Section 422 of the Internal Revenue Code of
                           1986, or the rules thereunder (or any law, rule,
                           regulation or other provision that may replace such
                           statutes or rules); or

                  (c)      change any of the provisions of this Article IV.

                                       18
<PAGE>   19
         2.       No amendment to or discontinuance of this Incentive Plan or
                  any provision thereof by the Board or the stockholders of the
                  Company shall, without the written consent of the Participant,
                  adversely affect any Stock Option or Stock Appreciation Right
                  theretofore granted or bonus commitment or bonus award
                  theretofore made to such Participant under this Incentive
                  Plan.

V. INTERPRETATION

         1.       This Incentive Plan is not intended to and shall not affect
                  any option or stock appreciation right grant or bonus
                  commitment or award under the 1984 Plan, the 1986 Plan, the
                  1988/I Plan, the 1988/II Plan, the 1991 Plan, the 1994 Plan,
                  the 1994 Searle/Monsanto Plan, or the 1994 NutraSweet/Monsanto
                  Plan (or any other incentive plan of the Company, its
                  Subsidiaries, and Associated Companies). No stock options or
                  stock appreciation rights or Awards of Restricted or
                  unrestricted Shares shall be granted under the 1994 Plan, the
                  1994 Searle/Monsanto Plan, or the 1994 NutraSweet/Monsanto
                  Plan after April 14, 1996.

         2.       This Incentive Plan is not intended to and shall not preclude
                  the establishment or operation by the Company or any
                  Subsidiary of (a) any thrift, savings and investment,
                  achievement award, stock purchase, employee recognition or
                  other benefit plan or arrangement for any group of employees,
                  or (b) any other incentive or bonus plan or arrangement for
                  any employees (hereinafter "Other Plan"), and any such Other
                  Plan may be authorized and payments made thereunder
                  independently of this Incentive Plan; provided, however, that
                  no such Other Plan shall provide for the granting of options
                  or stock appreciation rights to purchase or receive the
                  appreciation on the shares of any class of stock of the
                  Company, or the making of bonus commitments or bonus awards
                  payable in any class of stock of the Company, which in either
                  form or substance are comparable to those authorized under
                  this Incentive Plan, unless (i) such Other Plan is established
                  or operated in connection with the assumption by the Company
                  or a Subsidiary of the plans, options, stock appreciation
                  rights, bonus commitments or bonus awards of another
                  corporation, or the substitution of an Other Plan or options,
                  stock appreciation rights, bonus commitments or bonus awards
                  under such Other Plan in lieu of the plans, options, stock
                  appreciation rights, bonus commitments or bonus awards of such
                  other corporation, arising out of a merger or consolidation
                  with, or the acquisition of assets or stock of, such other
                  corporation, or other transaction described in Section 424(a)
                  of the Internal Revenue Code of 1986, as may be amended from
                  time to time, as in effect at the time, or (ii) such Other
                  Plan provides for grants of options, stock appreciation
                  rights, bonus commitments or bonus awards to employees
                  substantially all of whom are not Participants.

                                       19

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