10.24(c) AMENDMENT TO THE MILLENNIUM CHEMICALS INC. LONG-TERM INCENTIVE PLAN WHEREAS, Millennium Chemicals Inc. (the "Company") maintains the Millennium Chemicals Inc. Long-Term Incentive Plan (effective as of October 1, 1995) (the "Plan"); WHEREAS, pursuant to Section 22 of the Plan, the Board of Directors of the Company (the "Board") reserves the right to amend the Plan; WHEREAS, the Board previously approved the "Termination Amendment" to the Plan effective as of October 23, 1997 (the "Termination Amendment"); and WHEREAS, the Board desires to amend the Plan; NOW, THEREFORE, effective as of January 1, 1998, the Plan is amended as follows: 1. Section 3 of the Termination Amendment of the Plan is amended by adding the following sentence to the end thereof: Other than with respect to any participant in the 1996 Millennium Petrochemicals Inc. Plan, in lieu of any Award being distributed to a Participant pursuant to the previous sentence of this Section 3, a Participant may elect to have all or any part of such Award deferred under the Millennium Chemicals Inc. Salary and Bonus Deferral Plan and be subject to the terms of such plan (the "Deferred Award"); provided, however, that such Deferred Award shall continue to be subject to the forfeiture provisions of Section 11 of the Plan. 2. In all other respects, the Plan is hereby ratified and confirmed. IN WITNESS WHEREOF, this amendment has been executed the 23rd day of January, 1998. MILLENNIUM CHEMICALS INC. By: [ILLEGIBLE] ------------------------------------