1999 Employee Stock Purchase Plan - DoubleClick Inc.


                                DOUBLECLICK INC.
                        1999 EMPLOYEE STOCK PURCHASE PLAN

         I.       PURPOSE OF THE PLAN

                  This Employee Stock Purchase Plan is intended to promote the
interests of DoubleClick Inc., a Delaware corporation, by providing eligible
employees with the opportunity to acquire a proprietary interest in the
Corporation through participation in a payroll-deduction based employee stock
purchase plan designed to qualify under Section 423 of the Code.

                  Capitalized terms herein shall have the meanings assigned to
such terms in the attached Appendix.

         II.      ADMINISTRATION OF THE PLAN

                  The Plan Administrator shall have full authority to interpret
and construe any provision of the Plan and to adopt such rules and regulations
for administering the Plan as it may deem necessary in order to comply with the
requirements of Code Section 423. Decisions of the Plan Administrator shall be
final and binding on all parties having an interest in the Plan.

         III.     STOCK SUBJECT TO PLAN

                  A. The stock purchasable under the Plan shall be shares of
authorized but unissued or reacquired Common Stock, including shares of Common
Stock purchased on the open market. The number of shares of Common Stock
initially reserved for issuance over the term of the Plan shall initially be
limited to 500,000 shares.

                  B. The number of shares of Common Stock available for issuance
under the Plan shall automatically increase on the first trading day of January
each calendar year during the term of the Plan, beginning with calendar year
2001, by an amount equal to one percent (1%) of the total number of shares of
Common Stock outstanding on the last trading day in December of the immediately
preceding calendar year, but in no event shall any such annual increase exceed
450,000 shares.

                  C. Should any change be made to the Common Stock by reason of
any stock split, stock dividend, recapitalization, combination of shares,
exchange of shares or other change affecting the outstanding Common Stock as a
class without the Corporation's receipt of consideration, appropriate
adjustments shall be made to (i) the maximum number and class of securities
issuable under the Plan, (ii) the maximum number and class of securities
purchasable per Participant on any one Purchase Date, (iii) the maximum number
and class of securities purchasable by all Participants in the aggregate on any
one Purchase Date, (iv) the maximum number and/or class of securities by which
the share reserve is to increase automatically each calendar year pursuant to
the provisions of Section III.B of this Article One and (v) the number and class
of securities and the price per share in effect under each outstanding purchase
right in order to prevent the dilution or enlargement of benefits thereunder.


         IV.      OFFERING PERIODS

                  A. Shares of Common Stock shall be offered for purchase under
the Plan through a series of successive offering periods until such time as (i)
the maximum number of shares of Common Stock available for issuance under the
Plan shall have been purchased or (ii) the Plan shall have been sooner
terminated.

                  B. Each offering period shall be of such duration not to
exceed twenty-four (24) months as determined by the Plan Administrator prior to
the start date of such offering period. The initial offering period shall
commence on the Effective Date and terminate as designated by the Plan
Administrator.

                  C. Each offering period shall be comprised of a series of one
or more successive Purchase Periods. The length of each Purchase Period during
an offering period shall be determined by the Plan Administrator prior to the
commencement of that offering period. The first Purchase Period shall commence
on the Effective Date.

                  D. Should the Fair Market Value per share of Common Stock on
any Purchase Date within an offering period be less than the Fair Market Value
per share of Common Stock on the start date of that offering period, then that
offering period shall automatically terminate immediately after the purchase of
shares of Common Stock on such Purchase Date, and a new offering period shall
commence on the next business day following such Purchase Date. The duration of
the new offering period shall be established by the Plan Administrator (not to
exceed twenty (24) months) within five (5) business days following the start
date of that offering period.

         V.       ELIGIBILITY

                  A. Each individual who is an Eligible Employee on the start
date of any offering period under the Plan may enter that offering period on
such start date or on any subsequent Entry Date within that offering period,
provided he or she remains an Eligible Employee.

                  B. Each individual who first becomes an Eligible Employee
after the start date of an offering period may enter that offering period on any
subsequent Entry Date within that offering period on which he or she is an
Eligible Employee.

                  C. The date an individual enters an offering period shall be
designated his or her Entry Date for purposes of that offering period.

                  D. To participate in the Plan for a particular offering
period, the Eligible Employee must complete the enrollment forms prescribed by
the Plan Administrator (including a stock purchase agreement and a payroll
deduction authorization) and file such forms with the Plan Administrator (or its
designate) on or before his or her scheduled Entry Date.


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         VI.      PAYROLL DEDUCTIONS

                  A. The payroll deduction authorized by the Participant for
purposes of acquiring shares of Common Stock during an offering period may be
any multiple of one percent (1%) of the Cash Compensation paid to the
Participant during each Purchase Period within that offering period. The maximum
amount of payroll deduction authorized for purchases during any calendar year
under the Purchase Plan and any other employee stock purchase plan maintained by
the Corporation or any Corporate Affiliate (including the NetGravity, Inc. 1998
Employee Stock Purchase Plan assumed by the Corporation) may not to exceed ten
percent (10%) of the Participant's Cash Compensation for each year. The Plan
Administrator shall have the discretionary authority, exercisable prior to the
start of any offering period to provide that the payroll deductions shall be
based on the Base Salary paid to the Participant and to designate the maximum
payroll deduction in effect (not to exceed ten percent (10%)) for that offering
period.

                  B. The deduction rate authorized by the Participant shall
continue in effect throughout the offering period, except to the extent such
rate is changed in accordance with the following guidelines:

                           (i) The Participant may, at any time during the
                  offering period, reduce his or her rate of payroll deduction
                  to become effective as soon as possible after filing the
                  appropriate form with the Plan Administrator. The Participant
                  may not, however, effect more than one (1) such reduction per
                  Purchase Period.

                           (ii) The Participant may, prior to the commencement
                  of any new Purchase Period within the offering period,
                  increase the rate of his or her payroll deduction by filing
                  the appropriate form with the Plan Administrator. The new rate
                  (which may not exceed the ten percent (10%) maximum (or such
                  other maximum designated by the Plan Administrator) shall
                  become effective on the start date of the first Purchase
                  Period following the filing of such form.

                  B. Payroll deductions shall begin on the first pay day
administratively feasible following the Participant's Entry Date into the
offering period and shall (unless sooner terminated by the Participant) continue
through the pay day ending with or immediately prior to the last day of that
offering period. The amounts so collected shall be credited to the Participant's
book account under the Plan, but no interest shall be paid on the balance from
time to time outstanding in such account. The amounts collected from the
Participant shall not be required to be held in any segregated account or trust
fund and may be commingled with the general assets of the Corporation and used
for general corporate purposes.

                  C. Payroll deductions shall automatically cease upon the
termination of the Participant's purchase right in accordance with the
provisions of the Plan.

                  D. The Participant's acquisition of Common Stock under the
Plan on any Purchase Date shall neither limit nor require the Participant's
acquisition of Common Stock on any subsequent Purchase Date, whether within the
same or a different offering period.


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         VII.     PURCHASE RIGHTS

                  A. GRANT OF PURCHASE RIGHT. A Participant shall be granted a
separate purchase right for each offering period in which he or she
participates. The purchase right shall be granted on the Participant's Entry
Date into the offering period and shall provide the Participant with the right
to purchase shares of Common Stock, in a series of successive installments over
the remainder of such offering period, upon the terms set forth below. The
Participant shall execute a stock purchase agreement embodying such terms and
such other provisions (not inconsistent with the Plan) as the Plan Administrator
may deem advisable.

                  Under no circumstances shall purchase rights be granted under
the Plan to any Eligible Employee if such individual would, immediately after
the grant, own (within the meaning of Code Section 424(d)) or hold outstanding
options or other rights to purchase, stock possessing five percent (5%) or more
of the total combined voting power or value of all classes of stock of the
Corporation or any Corporate Affiliate.

                  B. EXERCISE OF THE PURCHASE RIGHT. Each purchase right shall
be automatically exercised in installments on each successive Purchase Date
within the offering period, and shares of Common Stock shall accordingly be
purchased on behalf of each Participant on each such Purchase Date. The purchase
shall be effected by applying the Participant's payroll deductions for the
Purchase Period ending on such Purchase Date to the purchase of whole shares of
Common Stock at the purchase price in effect for the Participant for that
Purchase Date.

                  C. PURCHASE PRICE. The purchase price per share at which
Common Stock will be purchased on the Participant's behalf on each Purchase Date
within the offering period shall be equal to eighty-five percent (85%) of the
lower of (i) the Fair Market Value per share of Common Stock on the
Participant's Entry Date into that offering period or (ii) the Fair Market Value
per share of Common Stock on that Purchase Date.

                  D. NUMBER OF PURCHASABLE SHARES. The number of shares of
Common Stock purchasable by a Participant on each Purchase Date during the
offering period shall be the number of whole shares obtained by dividing the
amount collected from the Participant through payroll deductions during the
Purchase Period ending with that Purchase Date by the purchase price in effect
for the Participant for that Purchase Date. However, the maximum number of
shares of Common Stock purchasable per Participant on any one Purchase Date
shall not exceed 250 shares, subject to periodic adjustments in the event of
certain changes in the Corporation's capitalization. In addition, the maximum
aggregate number of shares of Common Stock purchasable by all Participants on
any one Purchase Date shall not exceed 125,000 shares, subject to periodic
adjustments in the event of certain changes in the Corporation's capitalization.
The Plan Administrator shall have the discretionary authority, exercisable prior
to the start of any offering period under the Plan, to increase or decrease the
limitations to be in effect for the number of shares purchasable per Participant
and in the aggregate by all Participants on each Purchase Date during that
offering period.


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                  E. EXCESS PAYROLL DEDUCTIONS. Any payroll deductions not
applied to the purchase of shares of Common Stock on any Purchase Date because
they are not sufficient to purchase a whole share of Common Stock shall be held
for the purchase of Common Stock on the next Purchase Date. However, any payroll
deductions not applied to the purchase of Common Stock by reason of the
limitation on the maximum number of shares purchasable per Participant or in the
aggregate on the Purchase Date shall be promptly refunded.

                  F. TERMINATION OF PURCHASE RIGHT. The following provisions
shall govern the termination of outstanding purchase rights:

                           (i) A Participant may, at any time prior to the next
                  scheduled Purchase Date in the offering period, terminate his
                  or her outstanding purchase right by filing the appropriate
                  form with the Plan Administrator (or its designate), and no
                  further payroll deductions shall be collected from the
                  Participant with respect to the terminated purchase right. Any
                  payroll deductions collected during the Purchase Period in
                  which such termination occurs shall, at the Participant's
                  election, be immediately refunded or held for the purchase of
                  shares on the next Purchase Date. If no such election is made
                  at the time such purchase right is terminated, then the
                  payroll deductions collected with respect to the terminated
                  right shall be refunded as soon as possible.

                           (ii) The termination of such purchase right shall be
                  irrevocable, and the Participant may not subsequently rejoin
                  the Purchase Period for which the terminated purchase right
                  was granted. In order to resume participation in any
                  subsequent Purchase Period, such individual must re-enroll in
                  the Plan (by making timely filing of the prescribed enrollment
                  forms) on or before the start date of the new Purchase Period.

                           (iii) Should the Participant cease to remain an
                  Eligible Employee for any reason (including death, disability
                  or change in status) while his or her purchase right remains
                  outstanding, then that purchase right shall immediately
                  terminate, and all of the Participant's payroll deductions for
                  the Purchase Period in which the purchase right so terminates
                  shall be immediately refunded. However, should the Participant
                  cease to remain in active service by reason of an approved
                  unpaid leave of absence, then the Participant shall have the
                  right, exercisable up until the last business day of the
                  Purchase Period in which such leave commences, to (a) withdraw
                  all the payroll deductions collected to date on his or her
                  behalf for that Purchase Period or (b) have such funds held
                  for the purchase of shares on his or her behalf on the next
                  scheduled Purchase Date. In no event, however, shall any
                  further payroll deductions be collected on the Participant's
                  behalf during such leave. Upon the Participant's return to
                  active service (x) within ninety (90) days following the
                  commencement of such leave or (y) prior to the expiration of
                  any longer period for which such Participant's right to
                  reemployment with the Corporation is guaranteed by statute or
                  contract, his or her payroll deductions under the Plan shall
                  automatically resume at the rate in effect at the time the
                  leave began, unless the Participant withdraws from the Plan
                  prior to his or her return. An individual who returns to
                  active employment 


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                  following a leave of absence which exceeds in duration the
                  applicable (x) or (y) time period shall be treated as a new
                  Employee for purposes of subsequent participation in the Plan
                  and must accordingly re-enroll in the Plan (by making a timely
                  filing of the prescribed enrollment forms) on or before his or
                  her scheduled Entry Date into the offering period.

                  G. CHANGE IN CONTROL. Each outstanding purchase right shall
automatically be exercised, immediately prior to the effective date of any
Change in Control, by applying the payroll deductions of each Participant for
the Purchase Period in which such Change in Control occurs to the purchase of
whole shares of Common Stock at a purchase price per share equal to eighty-five
percent (85%) of the lower of (i) the Fair Market Value per share of Common
Stock on the Participant's Entry Date into the offering period in which such
Change in Control occurs or (ii) the Fair Market Value per share of Common Stock
immediately prior to the effective date of such Change in Control. However, the
applicable limitation on the number of shares of Common Stock purchasable per
Participant shall continue to apply to any such purchase, but not the limitation
applicable to the maximum number of shares of Common Stock purchasable in the
aggregate.

                  The Corporation shall use its best efforts to provide at least
ten (10)-days prior written notice of the occurrence of any Change in Control,
and Participants shall, following the receipt of such notice, have the right to
terminate their outstanding purchase rights prior to the effective date of the
Change in Control.

                  H. PRORATION OF PURCHASE RIGHTS. Should the total number of
shares of Common Stock to be purchased pursuant to outstanding purchase rights
on any particular date exceed the number of shares then available for issuance
under the Plan, the Plan Administrator shall make a pro-rata allocation of the
available shares on a uniform and nondiscriminatory basis, and the payroll
deductions of each Participant, to the extent in excess of the aggregate
purchase price payable for the Common Stock pro-rated to such individual, shall
be refunded.

                  I. ASSIGNABILITY. The purchase right shall be exercisable only
by the Participant and shall not be assignable or transferable by the
Participant.

                  J. STOCKHOLDER RIGHTS. A Participant shall have no stockholder
rights with respect to the shares subject to his or her outstanding purchase
right until the shares are purchased on the Participant's behalf in accordance
with the provisions of the Plan and the Participant has become a holder of
record of the purchased shares.

         VIII.    ACCRUAL LIMITATIONS

                  A. No Participant shall be entitled to accrue rights to
acquire Common Stock pursuant to any purchase right outstanding under this Plan
if and to the extent such accrual, when aggregated with (i) rights to purchase
Common Stock accrued under any other purchase right granted under this Plan and
(ii) similar rights accrued under other employee stock purchase plans (within
the meaning of Code Section 423) of the Corporation or any Corporate Affiliate,
would otherwise permit such Participant to purchase more than Twenty-Five
Thousand Dollars ($25,000.00) worth of stock of the Corporation or any Corporate
Affiliate (determined on the 


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basis of the Fair Market Value per share on the date or dates such rights are
granted) for each calendar year such rights are at any time outstanding.

                  B. For purposes of applying such accrual limitations to the 
purchase rights granted under the Plan, the following provisions shall be in 
effect:

                           (i) The right to acquire Common Stock under each
                  outstanding purchase right shall accrue in a series of
                  installments on each successive Purchase Date during the
                  offering period on which such right remains outstanding.

                           (ii) No right to acquire Common Stock under any
                  outstanding purchase right shall accrue to the extent the
                  Participant has already accrued in the same calendar year the
                  right to acquire Common Stock under one or more other purchase
                  rights at a rate equal to Twenty-Five Thousand Dollars
                  ($25,000.00) worth of Common Stock (determined on the basis of
                  the Fair Market Value per share on the date or dates of grant)
                  for each calendar year such rights were at any time
                  outstanding.

                  C. If by reason of such accrual limitations, any purchase
right of a Participant does not accrue for a particular Purchase Period, then
the payroll deductions which the Participant made during that Purchase Period
with respect to such purchase right shall be promptly refunded.

                  D. In the event there is any conflict between the provisions
of this Article and one or more provisions of the Plan or any instrument issued
thereunder, the provisions of this Article shall be controlling.

         IX.      EFFECTIVE DATE AND TERM OF THE PLAN

                  A. The Plan was adopted by the Board on October ___, 1999 and
shall become effective at the Effective Time, provided no purchase rights
granted under the Plan shall be exercised, and no shares of Common Stock shall
be issued hereunder, until (i) the Plan shall have been approved by the
stockholders of the Corporation and (ii) the Corporation shall have complied
with all applicable requirements of the 1933 Act (including the registration of
the shares of Common Stock issuable under the Plan on a Form S-8 registration
statement filed with the Securities and Exchange Commission), all applicable
listing requirements of any stock exchange (or the Nasdaq National Market, if
applicable) on which the Common Stock is listed for trading and all other
applicable requirements established by law or regulation. In the event such
stockholder approval is not obtained, or such compliance is not effected, within
twelve (12) months after the date on which the Plan is adopted by the Board, the
Plan shall terminate and have no further force or effect.

                  B. Unless sooner terminated by the Board, the Plan shall
terminate upon the earliest of (i) the last business day in January 2010, (ii)
the date on which all shares available for issuance under the Plan shall have
been sold pursuant to purchase rights exercised under the Plan or (iii) the date
on which all purchase rights are exercised in connection with a Corporate


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Transaction. No further purchase rights shall be granted or exercised, and no
further payroll deductions shall be collected, under the Plan following such
termination.

         X.       AMENDMENT OF THE PLAN

                  A. The Board may alter, amend, suspend or terminate the Plan
at any time to become effective immediately following the close of any Purchase
Period. However, the Plan may be amended or terminated immediately upon Board
action, if and to the extent necessary to assure that the Corporation will not
recognize, for financial reporting purposes, any compensation expense in
connection with the shares of Common Stock offered for purchase under the Plan,
should the financial accounting rules applicable to the Plan at the Effective
Time be subsequently revised so as to require the recognition of compensation
expense in the absence of such amendment or termination.

                  B. In no event may the Board effect any of the following
amendments or revisions to the Plan without the approval of the Corporation's
stockholders: (i) increase the number of shares of Common Stock issuable under
the Plan, except for permissible adjustments in the event of certain changes in
the Corporation's capitalization, (ii) alter the purchase price formula so as to
reduce the purchase price payable for the shares of Common Stock purchasable
under the Plan or (iii) modify the eligibility requirements for participation in
the Plan.

         XI.      GENERAL PROVISIONS

                  A. All costs and expenses incurred in the administration of
the Plan shall be paid by the Corporation; however, each Plan Participant shall
bear all costs and expenses incurred by such individual in the sale or other
disposition of any shares purchased under the Plan.

                  B. Nothing in the Plan shall confer upon the Participant any
right to continue in the employ of the Corporation or any Corporate Affiliate
for any period of specific duration or interfere with or otherwise restrict in
any way the rights of the Corporation (or any Corporate Affiliate employing such
person) or of the Participant, which rights are hereby expressly reserved by
each, to terminate such person's employment at any time for any reason, with or
without cause.

                  C. The provisions of the Plan shall be governed by the laws of
the State of New York without resort to that State's conflict-of-laws rules.


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                                   SCHEDULE A
                                   ----------

                          CORPORATIONS PARTICIPATING IN
                        1999 EMPLOYEE STOCK PURCHASE PLAN
                            AS OF THE EFFECTIVE DATE
                            ------------------------

                                DoubleClick Inc.


                                    APPENDIX

                  The following definitions shall be in effect under the Plan:

                  A. BOARD shall mean the Corporation's Board of Directors.

                  B. BASE SALARY shall mean the regular base salary paid to a
Participant by one or more Participating Companies during such individual's
period of participating in the Plan, plus any pre-tax contributions made by the
Participant to any Code Section 401(k) salary deferral plan or any Code Section
125 cafeteria benefit program now or hereafter established by the Corporation or
any Corporate Affiliate.

                  C. CASH EARNINGS shall mean the (i) regular base salary paid
to a Participant by one or more Participating Companies during such individual's
period of participation in one or more offering periods under the Plan plus (ii)
all overtime payments, bonuses, commissions, profit-sharing distributions and
other incentive-type payments received during such period. Such Cash Earnings
shall be calculated before deduction of (A) any income or employment tax
withholdings or (B) any and all contributions made by the Participant to any
Code Section 401(k) salary deferral plan or Code Section 125 cafeteria benefit
program now or hereafter established by the Corporation or any Corporate
Affiliate. However, Cash Earnings shall NOT include any contributions made on
the Participant's behalf by the Corporation or any Corporate Affiliate to any
employee benefit or welfare plan now or hereafter established (other than Code
Section 401(k) or Code Section 125 contributions deducted from such Cash
Earnings).

                  D. CHANGE IN CONTROL shall mean a change in ownership of the
Corporation pursuant to any of the following transactions:

                        (i) a merger or consolidation in which securities
         possessing more than fifty percent (50%) of the total combined voting
         power of the Corporation's outstanding securities are transferred to a
         person or persons different from the persons holding those securities
         immediately prior to such transaction, or

                        (ii) the sale, transfer or other disposition of all or
         substantially all of the assets of the Corporation in complete
         liquidation or dissolution of the Corporation, or

                        (iii) the acquisition, directly or indirectly by an
         person or related group of persons (other than the Corporation or a
         person that directly or indirectly controls, is controlled by or is
         under common control with the Corporation) of beneficial ownership
         (within the meaning of Rule 13d-3 of the 1934 Act) of securities
         possessing more than fifty percent (50%) of the total combined voting
         power of the Corporation's outstanding securities pursuant to a tender
         or exchange offer made directly to the Corporation's stockholders.

                  E. CODE shall mean the Internal Revenue Code of 1986, as
amended.


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                  F. COMMON STOCK shall mean the Corporation's common stock.

                  G. CORPORATE AFFILIATE shall mean any parent or subsidiary
corporation of the Corporation (as determined in accordance with Code Section
424), whether now existing or subsequently established.

                  H. CORPORATION shall mean DoubleClick Inc., a Delaware
corporation, and any corporate successor to all or substantially all of the
assets or voting stock of DoubleClick Inc., which shall by appropriate action
adopt the Plan.

                  I. EFFECTIVE DATE shall mean February 1, 2000. Any Corporate
Affiliate which becomes a Participating Corporation after such Effective Date
shall designate a subsequent Effective Date with respect to its
employee-Participants.

                  J. ELIGIBLE EMPLOYEE shall mean any person who is employed by
a Participating Corporation on a basis under which he or she is regularly
expected to render more than twenty (20) hours of service per week for more than
five (5) months per calendar year for earnings considered wages under Code
Section 3401(a).

                  K. ENTRY DATE shall mean the date an Eligible Employee first
commences participation in the offering period in effect under the Plan. The
earliest Entry Date under the Plan shall be the Effective Date.

                  L. FAIR MARKET VALUE per share of Common Stock on any relevant
date shall be determined in accordance with the following provisions:

                        (i) If the Common Stock is at the time traded on the
         Nasdaq National Market, then the Fair Market Value shall be the closing
         selling price per share of Common Stock on the date in question, as
         such price is reported by the National Association of Securities
         Dealers on the Nasdaq National Market. If there is no closing selling
         price for the Common Stock on the date in question, then the Fair
         Market Value shall be the closing selling price on the last preceding
         date for which such quotation exists.

                       (ii) If the Common Stock is at the time listed on any
         Stock Exchange, then the Fair Market Value shall be the closing selling
         price per share of Common Stock on the date in question on the Stock
         Exchange determined by the Plan Administrator to be the primary market
         for the Common Stock, as such price is officially quoted in the
         composite tape of transactions on such exchange. If there is no closing
         selling price for the Common Stock on the date in question, then the
         Fair Market Value shall be the closing selling price on the last
         preceding date for which such quotation exists.

                  M. 1933 ACT shall mean the Securities Act of 1933, as amended.

                  N. PARTICIPANT shall mean any Eligible Employee of a
Participating Corporation who is actively participating in the Plan.


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                  O. PARTICIPATING CORPORATION shall mean the Corporation and
such Corporate Affiliate or Affiliates as may be authorized from time to time by
the Board to extend the benefits of the Plan to their Eligible Employees. The
Participating Corporations in the Plan are listed in attached Schedule A.

                  P. PLAN shall mean the Corporation's 1999 Employee Stock
Purchase Plan, as set forth in this document.

                  Q. PLAN ADMINISTRATOR shall mean the committee of two (2) or
more Board members appointed by the Board to administer the Plan.

                  R. PURCHASE DATE shall mean the last business day of each
Purchase Period.

                  S. PURCHASE PERIOD shall mean each successive period within
the offering period at the end of which there shall be purchased shares of
Common Stock on behalf of each Participant.

                  T. STOCK EXCHANGE shall mean either the American Stock
Exchange or the New York Stock Exchange.


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