**Exhibit      10.50**

**Building      Materials Holding Corporation**

**2005      Deferred Compensation Plan**

**for      Directors**

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**TABLE      OF CONTENTS**

|                                                   |                                                   | *Page* |
|-----------------------------------------------------------------------|--------------------------------------------------------|--------|
| **ARTICLE 1.                  DEFINITIONS**                      | **1**                                                  |
| 1.1                                                                   | Account                                                | 1      |
| 1.2                                                                   | Beneficiary                                            | 1      |
| 1.3                                                                   | Board                  of Directors                    | 1      |
| 1.4                                                                   | Cash                  Account                          | 1      |
| 1.5                                                                   | Change                  in Control                     | 1      |
| 1.6                                                                   | Code                                                   | 2      |
| 1.7                                                                   | Committee                                              | 2      |
| 1.8                                                                   | Company                                                | 2      |
| 1.9                                                                   | Company                  Contributions                 | 2      |
| 1.10                                                                  | Compensation                                           | 2      |
| 1.11                                                                  | Deferral                                               | 2      |
| 1.12                                                                  | Disability                                             | 2      |
| 1.13                                                                  | Effective                  Date                        | 3      |
| 1.14                                                                  | ERISA                                                  | 3      |
| 1.15                                                                  | Fees                                                   | 3      |
| 1.16                                                                  | Hardship                                               | 3      |
| 1.17                                                                  | Liquidation                                            | 3      |
| 1.18                                                                  | Participant                                            | 3      |
| 1.19                                                                  | Plan                                                   | 3      |
| 1.20                                                                  | Plan                  Year                             | 4      |
| 1.21                                                                  | Regulations                                            | 4      |
| 1.22                                                                  | Separation                  from Service               | 4      |
| 1.23                                                                  | Service                                                | 4      |
| 1.24                                                                  | Stock                                                  | 4      |
| 1.25                                                                  | Trust                  or Trust Agreement              | 4      |
| 1.26                                                                  | Trust                  Fund                            | 4      |
| 1.27                                                                  | Trustee                                                | 4      |
|                                                                  |                                                   |
| **ARTICLE 2.                  ELIGIBILITY**                      | **4**                                                  |
| 2.1                                                                   | Eligibility                  Requirements              | 4      |
| 2.2                                                                   | Lapse                  of Eligibility                  | 5      |
|                                                                  |                                                   |
| **ARTICLE 3.                  DEFERRED COMPENSATION**            | **5**                                                  |
| 3.1                                                                   | Deferral                  Elections                    | 5      |
| 3.2                                                                   | Vesting                                                | 6      |
|                                                                  |                                                   |
| **ARTICLE 4.                  PAYMENT OF DEFERRED COMPENSATION** | **6**                                                  |
| 4.1                                                                   | Election                  of Timing of Payment         | 6      |
| 4.2                                                                   | Election                  of Method of Payment         | 8      |
| 4.3                                                                   | Subsequent                  Elections                  | 9      |
| 4.4                                                                   | Payment                  upon Hardship                 | 9      |
| 4.5                                                                   | Payment                  Following a Change in Control | 9      |

**Deferred          Compensation Plan for Directors**

**i**

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| 4.6                                                            | Payment                  upon Death                       | 10 |
|----------------------------------------------------------------|-----------------------------------------------------------|----|
| 4.7                                                            | Designation                  of Beneficiary               | 10 |
| 4.8                                                            | Administration                  of Payments               | 10 |
| 4.9                                                            | Permitted                  Acceleration of Payments       | 10 |
| 4.10                                                           | Permitted                  Delay of Payments              | 11 |
|                                                           |                                                      |
| **ARTICLE 5.                  TRUST AND INVESTMENT**      | **12**                                                    |
| 5.1                                                            | Accounts                                                  | 12 |
| 5.2                                                            | Participants’                  Rights Unsecured     | 12 |
| 5.3                                                            | Trust                  Agreement                          | 12 |
| 5.4                                                            | Crediting                  and Debiting of Account        | 12 |
| 5.5                                                            | Voting                  of Stock Held in Stock Accounts   | 13 |
|                                                           |                                                      |
| **ARTICLE 6.                  AMENDMENT AND TERMINATION** | **14**                                                    |
| 6.1                                                            | Amendment                                                 | 14 |
| 6.2                                                            | Termination                                               | 14 |
|                                                           |                                                      |
| **ARTICLE 7.                  ADMINISTRATION**            | **14**                                                    |
| 7.1                                                            | Administration                                            | 14 |
| 7.2                                                            | Applying                  for Benefits                    | 14 |
| 7.3                                                            | Liability                  of Committee; Indemnification  | 16 |
| 7.4                                                            | Expenses                                                  | 16 |
|                                                           |                                                      |
| **ARTICLE 8.                  GENERAL AND MISCELLANEOUS** | **16**                                                    |
| 8.1                                                            | Rights                  Against the Company               | 16 |
| 8.2                                                            | Assignment                  or Transfer                   | 17 |
| 8.3                                                            | Severability                                              | 17 |
| 8.4                                                            | Construction                                              | 17 |
| 8.5                                                            | Governing                  Law                            | 17 |
| 8.6                                                            | Payment                  Due to Incompetence              | 17 |
| 8.7                                                            | Taxes                                                     | 17 |
| 8.8                                                            | Insurance                                                 | 17 |
| 8.9                                                            | Attorney’s                  Fees                    | 18 |
| 8.10                                                           | Plan                  Binding on Successors and Assignees | 18 |

**Attachment**
**Acknowledgment**

**Deferred        Compensation Plan for Directors**

**ii**

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**BUILDING      MATERIALS HOLDING CORPORATION**

**2005      DEFERRED COMPENSATION PLAN**

**FOR      DIRECTORS**

**RECITALS**

**ARTICLE 1.      **
**DEFINITIONS**

| 1.1 | ***Account***                means, collectively, the separate subaccount(s) established under                the Plan                and the Trust for each Participant. The term “Account” shall include the                Cash Account and the Stock Account, except where the context indicates                otherwise. The Company shall furnish each Participant with a statement                of                his or her Account balances at least                annually. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2 | ***Beneficiary***                means the beneficiary designated by the Participant to receive the                Participant’s deferred compensation benefits in the event of his or her                death. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3 | ***Board                of Directors***                means the Board of Directors of the                Company. |
|-----|--------------------------------------------------------------------------------------------------------------------|

| 1.4 | ***Cash                Account***                means the separate account established under the Plan for each Participant                who elects to defer Fees in a form other than                Stock. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.5 | ***Change                in Control***                means the occurrence of any of the following, limited to the extent                any                such occurrence is consistent with the definition of a “change in                ownership,” “change in effective control,” “change in the ownership of a                substantial portion of a corporation’s assets” or similar event described                in Code Section 409A or the                Regulations: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (a) | when                any “person,” as such term is used in Sections 13(d) and 14(d) of the                Securities Exchange Act of 1934 as amended (“Exchange Act”) (other than                the Company, a Subsidiary or a Company benefit plan, including any                trustee                of such plan acting as trustee) is or becomes the “beneficial owner” (as                defined in Rule 13d-3 under the Exchange Act), directly or indirectly,                of                securities of the Company representing fifty percent (50%) or more                of the                combined voting power of the Company’s then outstanding securities, where                such person’s beneficial ownership of the Company’s securities was not                initiated by the Company or approved by the Board of Directors;                or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                occurrence of a transaction requiring shareholder approval, and involving                the sale of all or substantially all of the assets of the Company                or the                merger of the Company with or into another corporation, where such                merger                was not initiated by the Company and in which the Company is not                the                surviving parent entity; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | a                change in the composition of the Board of Directors during any 12-month                period, as a result of which fewer than a majority of the directors                are                Incumbent Directors. “Incumbent Directors” means directors who are                elected, or nominated for election, to the Board of Directors with                the                affirmative votes of at least a majority of the Incumbent Directors                at the                time of such election or nomination (but shall not include an individual                whose election or nomination is in connection with an actual or threatened                proxy contest relating to the election of directors to the                Company). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.6 | ***Code***                means the Internal Revenue Code of 1986, as amended from time to                time.                Reference to any Code section shall include any successor or comparable                provision of the Code or application                Regulations. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.7 | ***Committee***                means the Compensation Committee of the Board of Directors, or any                other                committee designated by the Board of Directors to administer the                Plan in                accordance with Article 8. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.8 | ***Company***                means Building Materials Holding Corporation, a Delaware Corporation,                any                successor organization thereto, and any corporation or other entity                that                must be aggregated with Building Materials Holding Corporation pursuant                to                the Code or Regulations. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.9 | ***Company                Contributions***                means the Company’s discretionary contribution, if any, pursuant to                Section 3.1(b). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.10 | ***Compensation***                means any and all Fees payable or Stock issuable to Participants                for                Service rendered. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.11 | ***Deferral****** ***refers                to a Participant’s legally binding right during a Plan Year to                compensation that, pursuant to the terms of the Plan and in compliance                with Code Section 409A and the Regulations, is payable to (or on                behalf of) the Participant in a later Plan Year. If an attempted                Deferral                does not comply with the term of the Plan, Code Section 409A or the                Regulation, the Committee may, in its sole discretion, reform or                reject                the attempted Deferral to avoid the violation of Code Section 409A                by the                Participant or the Plan. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.12 | ***Disability***                means— |
|------|----------------------------------------------|

|   | (a) | the                condition of being unable to engage in any substantial gainful activity                by                reason of any medically determinable physical or mental impairment                which                can be expected to result in death or can be expected to last for                a                continuous period of not less than 12 months, or  |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Deferred        Compensation Plan for Directors**

**2**

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|   | (b) | by                reason of suffering from any medically determinable physical or mental                impairment that is expected to result in death or can be expected                to last                for a continuous period of not less than 12 months, receiving income                replacement benefits for a period of not less than 3 months under                an                accident and health plan covering employees of the                Company. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.13 | ***Effective                Date***                of                this amendment and restatement means January 1, 2005, except as otherwise                specified. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.14 | ***ERISA***                means the Employee Retirement Income Security Act of 1974, as                amended. |
|------|------------------------------------------------------------------------------------------------------------------|

| 1.15 | ***Fees***                means cash amounts payable to Participants for Service                rendered. |
|------|-----------------------------------------------------------------------------------------------------------|

| 1.16 | ***Hardship***                refers to a payment made on account of an unforeseeable immediate                and                heavy financial need of the Participant and that is necessary to                satisfy                that financial need in accordance with the                following. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | *Amount*.                The amounts distributed with respect to an emergency cannot exceed                the                amounts necessary to satisfy such emergency plus amounts necessary                to pay                taxes reasonably anticipated as a result of the payment, after taking                into                account the extent to which such hardship is or may be relieved through                reimbursement or compensation by insurance or otherwise or by liquidation                of the Participant’s assets (to the extent the liquidation of such assets                would not itself cause severe financial                hardship). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | *Circumstances*.                Whether a Participant has an immediate and heavy financial need shall                be                determined by the Committee based on all relevant facts and circumstances,                and shall refer to a                severe financial hardship to the Participant resulting from an illness                or                accident of the Participant, the Participant’s spouse, or a dependent (as                defined in Code Section 152(a)) of the Participant; loss of the                Participant’s property due to casualty; or other similar extraordinary and                unforeseeable circumstances arising as a result of events beyond                the                control of the Participant. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.17 | ***Liquidation***                means any liquidation or dissolution of the Company taxed under Code                Section 331 or with approval of a bankruptcy court pursuant to United                States Code Title 11,                Section 503(b)(1)(A). |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.18 | ***Participant***                means any individual who is (a) a member of the Board of Directors                who is                not an employee of the Company, or (b) providing management consultation                to the Company in his or her capacity as an independent contractor,                and                who is designated by the                Company to                be entitled to defer compensation pursuant to the Plan, or (c) an                individual who previously satisfied the conditions of this section                and has                an Account under the Plan. The term “Participant” includes a Participant’s                Beneficiary where the context so                requires. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.19 | ***Plan***                means the Building Materials Holding Corporation 2005 Deferred                Compensation Plan for Directors, as amended from time to                time. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Deferred        Compensation Plan for Directors**

**3**

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| 1.20 | ***Plan                Year***                means the year beginning each January 1 and ending December                31. |
|------|------------------------------------------------------------------------------------------------------------------------------|

| 1.21 | ***Regulations***                means the rules,                regulations, interpretations and procedures promulgated under Code                Section                409A and other relevant sections of the Code, as modified from time                to                time. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.22 | ***Separation                from Service***                of                a director or independent contractor of the Company has occurred                when the                Company and the individual reasonably anticipate that no services                (as a                director, independent contractor or employee) in excess of 49% of                the                average level of services performed over the immediately preceding                12                months will be performed after that date, regardless of the reason                (other                than death) for the reduction in services; provided that a “Separation                from Service” shall not occur if a Participant is on bona fide leave of                absence of up to 6 months and, if longer, has a contractually or                statutorily protected right of reemployment. “Separation from Service”                shall be interpreted in accordance with the meaning of “separation from                service” or similar term under Code Section 409A and the                Regulations. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.23 | ***Service***                means the Participant’s service with the Company that is not interrupted                or terminated based on the facts and                circumstances. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.24 | ***Stock***                means the Common Stock issuable by the Company to Participants for                Service                rendered. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| 1.25 | ***Trust***or                ***Trust                Agreement***                means the Trust Agreement applicable to the Plan, as amended from                time to                time, entered into between the Company and the Trustee to carry out                the                provisions of the Plan. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.26 | ***Trust                Fund***                means the cash and other assets and/or properties held and administered                by                Trustee, other than Stock, pursuant to the Trust to carry out the                provisions of the Plan. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.27 | ***Trustee***                means the designated Trustee acting at any time under the                Trust. |
|------|--------------------------------------------------------------------------------------------------------------|

**ARTICLE 2.      **
**ELIGIBILITY**

| 2.1 | **Eligibility                Requirements**.                Eligibility to participate in the Plan shall be limited to the                Participants of the Company who— |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | are                classified as non-employee directors or independent                contractors, |
|--------|-----|----------------------------------------------------------------------------------------------------|

|   | (b) | have                been selected by the Committee to participate in the Plan;                and |
|--------|-----|---------------------------------------------------------------------------------------------------|

|   | (c) | execute                a participation agreement in such form and according to such procedures                as                determined by the Committee or receive an acknowledgement permitting                a                Participant to participate in the Plan according to such terms as                specified by the Committee. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Deferred        Compensation Plan for Directors**

**4**

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| 2.2 | **Lapse                of Eligibility**.                In the event the Committee determines, in its sole discretion, that                any                Participant shall no longer be eligible to participate in the Plan,                or no                longer qualifies as a member of a select group of management or highly                compensated employees of the Company, then the Participant shall                cease                active participation in the Plan and all contributions made on the                Participant’s behalf shall cease as of the date determined by the                Committee. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ARTICLE 3.      **
**DEFERRED      COMPENSATION**

| 3.1 | **Deferral                Elections**. |
|-----|----------------------------------------|

|   | (a) | ***Election                to Defer Compensation***.                Each eligible Participant may elect to defer annually the receipt                of a                portion of the Fees and/or Stock for Service otherwise payable to                him or                her by the Company during each Plan Year or portion of a Plan Year                that                the Participant is in Service. Any Participant’s election to defer                Compensation must satisfy the following                conditions: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | *Newly                Eligible Participants*.                A                Participant who is elected as a director during a Plan Year shall                have 30                days from the date of first becoming a Participant to submit the                required                election documents for the then-current Plan Year. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | *Plan                Year Elections*.                Each other election must be made no later than the day prior to the                beginning of the Plan Year during which the Compensation to be deferred                is                earned or such later date as may be permitted under Code Section                409A. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | *Minimum                and Maximum Deferrals*.                The minimum annual Deferral amount to be withheld from Fees is $5,000.                The                minimum percentage of Stock that may be deferred annually is                100%. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | *Conditions                of Election*.                Any Deferral election must be made in such form as required by the                Committee, then completed by the Participant and delivered to the                Company,                together with all other documents required by the Committee. Each                Deferral                election shall be irrevocable with respect to any Compensation covered                by                the election, including Compensation payable in the Plan Year in                which the                election suspending or modifying the prior Deferral election is delivered                to the Company. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (5) | *Evergreen                Election*.                Each election or discontinuance of an election will continue in force                for                each successive Plan Year until or unless suspended or modified by                the                filing of a new election with the Company by the Participant in accordance                with subsection (a)(2). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (6) | *Transition                Period Elections*.                Deferral elections for the 2005 Plan Year shall be made no later                than                March 15, 2005. Prior to January 1, 2006, a Participant shall be                permitted                to terminate participation in the Plan or cancel a Deferral election                for                the 2005 Plan Year, causing the amounts subject to such termination                or                cancellation to be includible in the Participant’s current income. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Deferred        Compensation Plan for Directors**

**5**

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|   | (b) | ***Company                Contributions***.                The Company shall not be obligated to make any other contribution                to the                Plan on behalf of any Participant at any time. The Company may make                Company Contributions to the Plan on behalf of one or more the                Participants. Company Contributions, if any, made to Participants’ Cash                Accounts shall be determined in the sole and absolute discretion                of the                Company, and may be made without regard to whether the Participant                to                whose Cash Account such contribution is credited has made, or is                making,                Deferrals. The Company shall not be bound or obligated to apply any                specific formula or basis for calculating the amount of any Company                Contributions, and the Company shall have sole and absolute discretion                as                to the allocation of Company Contributions among Participants’ Cash                Accounts. The use of any particular formula or basis for making a                Company                Contribution in one year shall not bind or obligate the Company to                use                such formula or basis in any other year.  |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | ***Accounts***.                Fees deferred by a Participant shall be credited to the Stock Account                or                the Cash Account as elected by the Participant. Deferral elections                must                specify, in increments of 25% of the deferred Fees covered by the                election, the percentages to be allocated between the Stock Account                and                the Cash Account. Elections shall be irrevocable and applied on a                consistent basis for the Plan Year; no transfers between the Stock                Account                and the Cash Account shall be permitted. No special fund shall be                established nor shall any notes or securities be issued by the Company                with respect to a Participant’s Accounts. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | ***Fees***.                The credit for deferred Fees shall be entered on the Company’s books of                account each quarter at the time that Fees are paid to other directors                who                do not elect to defer the payment of such Fees. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | ***Stock***.                The number of shares of Stock deferred by a Participant shall be                credited                to the Stock Account, including fractional shares. The credit for                deferred                Stock shall be entered on the Company’s books of account as soon as                practicable after the Company’s annual shareholders’ meeting of the year                subject to the Deferral. With                respect to Fees deferred to a Participant’s Stock Account, the Stock                Account shall be credited with a number of shares equal to the deferred                Fees divided by the fair market value of the shares.                Dividends payable on Stock may be used to purchase additional Stock,                as                determined in the sole discretion of the                Trustee. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | **Vesting**.                All Deferrals elected by the Participant from Fees or Stock shall                be fully                vested at all times. Notwithstanding any provision of the Plan to                the                contrary, Company Contributions, if any, may be subject to a substantial                risk of forfeiture in accordance with the terms of a vesting schedule,                which may be determined by the Company in its sole                discretion. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ARTICLE 4. PAYMENT        OF DEFERRED COMPENSATION**

| 4.1 | **Election                of Timing of Payment**. |
|-----|---------------------------------------------------|

|   | (a) | ***Affirmative                Election***.                Each Participant who makes a Deferral election for a Plan Year under                Section 3.1 shall submit an election of the timing of payment applicable                to that Deferral. Any Participant’s election of the timing of payment must                satisfy the following conditions: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Deferred        Compensation Plan for Directors**

**6**

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|   | (1) | *Newly                Eligible Participants*.                A                Participant shall have 30 days from the date of first becoming a                Participant to submit the required election for the then-current                Plan                Year. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | *Plan                Year Elections*.                Each other election must be made no later than the day prior to the                beginning of the Plan Year during which the Eligible Compensation                to be                deferred is earned or such later date as may be permitted under Code                Section 409A. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | *Transition                Period Elections*.                On                or before December 31, 2008,                a                Participant shall be permitted to revoke or revise his designated                time of                payment in accordance with the procedures established by the Committee.                The revised election shall designate a time of payment described                in                subsection (b) according to procedures established by the Committee,                provided that no change in the timing of payment shall result in                acceleration of any payment to the year in which the revised election                is                made or delay of any payment otherwise payable in the year in which                the                election is made. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | ***Timing***.                Participants may choose among the following times for payment in                accordance with the procedures established by the                Committee: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | upon                the Participant’s reaching a specified                age, |
|--------|-----|--------------------------------------------------------------------------------------|

|   | (2) | upon                the Participant’s Separation from Service,                or |
|--------|-----|----------------------------------------------------------------------------------------|

|   | (3) | upon                either— |
|--------|-----|-----------------------------------|

|   | (A) | the                *earlier*                to                occur of the events in subsections (b)(1) and (b)(2), or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

|   | (B) | the                *later*                to                occur of the events in subsections (b)(1) and (b)(2). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (c) | ***Default                Elections***.                In the event the Participant fails properly to designate the timing                of                payment, subject to a subsequent election made under Section 4.3,                such                amounts shall be payable upon the Participant’s Separation from                Service. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | ***Other                Payment Events***.                Notwithstanding the Participant’s elected timing of payment, the Company                shall commence payment upon the earliest to occur of the following                events: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | the                Participant’s Hardship as provided in Section                4.4; |
|--------|-----|--------------------------------------------------------------------------------------------|

**Deferred        Compensation Plan for Directors**

**7**

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|   | (2) | a                Change in Control of the Company as provided in Section                4.5; |
|--------|-----|----------------------------------------------------------------------------------------------|

|   | (3) | the                Participant’s Disability, as determined by the Committee in its sole                discretion, according to the Participant’s elected method of payment; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | the                Participant’s death, according to the Participant’s elected method of                payment. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | **Election                of Method of Payment**. |
|-----|---------------------------------------------------|

|   | (a) | ***Affirmative                Election***.                Each Participant who makes a Deferral election for a Plan Year under                Section 3.1 shall submit an election of the method of payment applicable                to that Deferral. Any Participant’s election of the timing of payment must                satisfy the following conditions: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | *Newly                Eligible Participants*.                A                Participant shall have 30 days from the date of first becoming a                Participant to submit the required election for the then-current                Plan                Year. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | *Plan                Year Elections*.                Each other election must be made no later than the day prior to the                beginning of the Plan Year during which the Eligible Compensation                to be                deferred is earned or such later date as may be permitted under Code                Section 409A. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | *Transition                Period Elections*.                On or before December 31, 2008, a Participant shall be permitted                to revoke                or revise his designated method of payment in accordance with the                procedures established by the Committee. The revised election shall                designate a method of payment described in subsection (b) according                to                procedures established by the Committee, provided that no change                in the                method of payment shall result in acceleration of any payment to                the year                in which the revised election is made or delay of any payment otherwise                payable in the year in which the election is                made. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | ***Methods***.                Participants may choose among the following methods of payment in                accordance with the procedures established by the                Committee: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | with                respect to cash amounts— |
|--------|-----|----------------------------------------------------|

|   | (A) | a                single lump sum payment, |
|--------|-----|-------------------------------------------|

|   | (B) | monthly                installments over a designated period of 60 months, which installments                shall each be treated as a separate payment, subject to the procedures                established under Section 4.3, or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | monthly                installments over a designated period of 120 months, which installments                shall each be treated as a separate payment, subject to the procedures                established under Section 4.3; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | with                respect to Stock— |
|--------|-----|---------------------------------------------|

**Deferred        Compensation Plan for Directors**

**8**

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|   | (A) | a                single lump sum issuance, or |
|--------|-----|-----------------------------------------------|

|   | (B) | annual                installments over a designated period of 5 years, which installments                shall                each be treated as a separate payment, subject to the procedures                established under Section 4.3. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | ***Default                Elections***.                In the event the Participant fails properly to designate the method                of                payment, subject to a subsequent election made under Section 4.3,                such                amounts shall be payable in the form of a lump                sum. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | **Subsequent                Elections**.                Subject to Sections 4.1, 4.2, 4.9 and 4.10, a Participant may not                accelerate                the timing or method of any payment under the Plan, except as provided                in                the Regulations. Any                change to an election regarding the timing or method of payment must                satisfy the following conditions: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the                subsequent election to delay a payment must be made no later than                12                months prior to the date of the first scheduled payment;                and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                first payment must be deferred for a period of at least 5 years from                the                date the payment would otherwise have been                made. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4 | **Payment                upon Hardship**.                A                Participant may apply for payment from his or her Account to the                extent                that the Participant demonstrates to the reasonable satisfaction                of the                Committee that he or she needs the specified funds due to Hardship.                The                Committee may deny or approve all or any portion of a payment upon                Hardship upon terms permitted under the Code and Regulations, as                determined in its sole discretion. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.5 | **Payment                Following a Change in Control**. |
|-----|-----------------------------------------------------------|

|   | (a) | ***Payment                Following a Change in Control***.                Notwithstanding any other provisions of the Plan, in the event a                Participant has not experienced an elected payment event at the time                of a                Change in Control, then the Participant shall be entitled to receive                payment of his or her Account balance in a lump sum payment within                30 days                of a Change in Control. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | ***Payments                Commenced***.                Following a Change in Control, any Participant (or Beneficiary thereof)                already receiving payments under the Plan shall continue to receive                the                balance of the Participant’s Account paid according to the method elected                by the Participant, subject to the acceleration of payment pursuant                to a                termination and liquidation of the Plan pursuant to Section                4.9(e). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 4.6 | **Payment                upon Death**.                Upon a Participant’s death, the Participant’s Beneficiary will be entitled                to receive the balance of the future payments of the Participant’s Account                according to the method of payment elected by the Participant. If                the                Participant has received all of the scheduled payments prior to his                or her                death, no further benefits shall be due under the                Plan. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.7 | **Designation                of Beneficiary**.                The Participant may designate a Beneficiary or Beneficiaries to receive                any amount due hereunder by the Participant by written notice thereof                to                the Company at any time prior to his or her death and may revoke                or change                the Beneficiary so designated without the Beneficiary’s consent by written                notice delivered to Company at any time and from time to time prior                to the                Participant’s death. If the Participant is married and a resident of a                community property state, one half of any amount due under the Plan                which                is the result of an amount contributed to the Plan during the                Participant’s marriage is the community property of the Participant’s                spouse and the Participant may designate a Beneficiary or Beneficiaries                to                receive only the Participant’s one-half interest. If the Participant shall                have failed to designate a Beneficiary, or if no such Beneficiary                shall                survive him or her, then such amount shall be paid to his or her                estate.                To                be effective, Beneficiary designations must be completed according                to                procedures established by the                Committee. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.8 | **Administration                of Payments**.                Payment of the lump sum or the first of a series of installments                shall be                made or commence within 90 days following the date of the payment                event or                identification of the Beneficiary, if later, as applicable, but in                no                event later than the end of the 21⁄2 month period following the Plan Year in                which occurs the payment event. Subsequent installments, if any,                shall be                made on the first day of each month following the first installment                as                determined by the Company. The amount of each installment shall be                calculated by dividing the Account balance as of the date of the                payment                by the number of installments remaining pursuant to the Participant’s                payment election. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.9 | **Permitted                Acceleration of Payments**.                To the extent permitted by Code Section 409A and the Regulations,                the                Company shall commence or accelerate payment to Participant, Participant’s                Beneficiary or other appropriate payee the portion of Participant’s                Account authorized for payment in accordance with Code Section 409A                and                the Regulations, including the                following: |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | amounts                payable to an individual other than the Participant to the extent                necessary to fulfill a domestic relations order approved by the Committee                in its sole discretion; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | de                minimis cashout payments that result in the termination of the entirety                of                a Participant’s interest in the Plan, a Deferred Compensation Plan                maintained by the Company and any other arrangement that is aggregated                with the Plan under the Regulations, if the payment is not greater                than                the dollar amount applicable under Code Section 402(g)(1)(B) ($15,500                in                2007); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**10**

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|   | (c) | payment                to Participant to pay the Federal Insurance Contributions Act tax                imposed                under Code Section 3101 and 3121(v)(2) on Eligible Compensation deferred                under the Plan, grossed up as permitted under the Regulations; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | in                the event the Plan with respect to that Participant fails to meet                the                requirements of Code Section 409A and the Regulations, payment to                Participant in an amount not to exceed the amount required to be                included                in income as a result of the failure to comply with the requirements                of                Code Section 409A and the                Regulations; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | payment                upon termination and liquidation of the Plan within 12 months following                a                Liquidation, provided that payment is included in the Participant’s income                in the tax year in which occurs the latest of the Plan termination,                lapse                of any substantial risk of forfeiture, or payment becomes administratively                practicable; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | payment                upon termination and liquidation of the Plan pursuant to irrevocable                action taken by the Company within 30 days preceding or 12 months                following a Change in Control, provided that any other arrangement                that is                aggregated with the Plan under the Regulations is also terminated                and                liquidated with respect to each Participant that experienced the                Change in                Control; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | payment                upon termination and liquidation of the Plan, provided that (i) Plan                termination and liquidation does not occur proximate to a downturn                in the                Company’s financial health, (ii) any other arrangement that is aggregated                with the Plan under the Regulations is also terminated and liquidated                with                respect to each Participant that experienced the Change in Control,                (iii)                no Plan liquidation payments are made within 12 months following                the date                the Company takes all necessary irrevocable action to terminate and                liquidate the Plan (the “termination date”) (other than payments payable                for reasons other than Plan liquidation), (iv) all payments are made                within 24 months of the termination date; and (v) the Company does                not                adopt a new plan that would be aggregated with any terminated and                liquidated plan if the same Participant participated in both plans,                at any                time within 3 years following the termination                date. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.10 | **Permitted                Delay of Payments**.                To the extent permitted by Code Section 409A and the Regulations,                the                Company shall delay payment to Participant, Participant’s Beneficiary or                other appropriate payee the portion of Participant’s vested Plan Benefit                authorized for payment— |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | to                the extent that the Committee reasonably anticipates that the Company’s                deduction with respect to such payment otherwise would be limited                or                eliminated by application of Code Section 162(m); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | to                the extent that the Committee reasonably anticipates that the making                of                the payment will violate federal securities laws or other applicable                law;                or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | upon                such other events and conditions as may be permitted under the Code                and                the Regulations; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

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**ARTICLE 5.        TRUST        AND        INVESTMENT**

| 5.1 | **Accounts**.                The Company shall establish separate Accounts for each Participant                who                participates in the Plan. No special fund shall be established nor                shall                any note or security be issued by the Company with respect to a                Participant’s Accounts. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | **Participants’                Rights Unsecured**.                The right of the Participant or his or her Beneficiary to receive                a                payment hereunder shall be an unsecured claim against the general                assets                of the Company, and neither the Participant nor his or her Beneficiary                shall have any rights in or against any amount credited to his or                her Cash                Account or Stock Account or any other specific assets of the Company,                except as otherwise provided in the Trust. Nothing contained in the                Plan,                and no action taken pursuant to its provisions, shall create or be                construed to create a trust of any kind or a fiduciary relationship                between the Plan and the Company or any other person.  |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3 | **Trust                Agreement**.                The Company may establish the Trust for the purpose of retaining                assets                set aside by the Company pursuant to the Trust Agreement for payment                of                all or a portion of the amounts payable pursuant to the Plan. Any                benefits                not paid from the Trust shall be paid solely from the Company’s general                funds, and any benefits paid from the Trust shall be credited against                and                reduced by a corresponding amount the Company’s liability to the                Participants under the Plan. No special or separate fund, other than                the                Trust Agreement, shall be established and no other segregation of                assets                shall be made to assure the payment of any benefits hereunder. All                Trust                Funds shall be subject to the claims of general creditors of the                Company                in the event the Company is insolvent (as that term is defined in                the                Trust Agreement). The obligations of the Company to pay benefits                under the                Plan constitute an unfunded, unsecured promise to pay and Participants                shall have no greater rights than general creditors of the Company.                Trust                assets shall not, at any time, be located outside of the United States                or                be transferred outside of the United States, whether or not such                assets                are available to satisfy claims of general                creditors. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4 | **Crediting                and Debiting of Account**.                In accordance with and subject to the rules and procedures that are                established from time to time by the Committee, in its sole discretion,                amounts shall be credited or debited to a Participant’s Account in                accordance with the following                rules: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | ***Measurement                Funds***.                The Committee shall select from time to time certain mutual funds,                insurance company separate accounts, indexed rates or other methods                (the                “measurement funds”) for purposes of crediting or debiting additional                amounts to Participants’ Account. The Committee may discontinue,                substitute or add a measurement fund; provided however, that (1) any                decision to retain, discontinue or substitute a measurement fund                shall be                made in good faith, and (2) there shall at all times be a minimum of                4 measurement funds of materially different risk and return                characteristics. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (b) | ***Election                of Measurement Funds***.                A                Participant shall elect, according to procedures establish by the                Committee, one or more measurement fund(s) to be used to determine                the                amounts to be credited or debited to his or her Account. If a Participant                does not elect any of the measurement funds as described in the previous                sentence, the Participant’s Account Balance may automatically be allocated                into a default measurement fund which is selected by the Committee.                A                Participant may elect to change his or her measurement funds and/or                allocations among measurement funds from time to time according to                procedures established by the Committee. Each election shall be                implemented according to procedures established by the Committee                and shall                continue thereafter for each subsequent day in which the Participant                has                an Account. The Committee may, in its sole discretion, determine                that an                election is void, shall not be applied or shall be substituted with                the                Trustee’s choice of measurement funds. The Committee may also provide that                a change shall not take effect for a specified period of time following                the Committee’s receipt of such an election. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | ***Crediting                or Debiting Method***.                The performance of each elected measurement fund (either positive                or                negative) will be determined by the Committee based on the performance                of                the measurement funds themselves. A Participant’s Account shall be                credited or debited not less frequently than on a monthly basis based                on                the performance of each selected measurement fund for the corresponding                period of time. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | ***No                Actual Investment***.                Notwithstanding any other provision of this Plan that may be interpreted                to the contrary, the measurement funds are to be used for measurement                purposes only, and a Participant’s election of any such measurement fund,                the allocation of his or her Account thereto, the calculation of                additional amounts and the crediting or debiting of such amounts                to a                Participant’s Account shall not be considered or construed in any manner                as an actual investment of his or her Account in any such measurement                fund. In the event that the Company or the Trustee, in its own discretion,                decides to invest funds in any or all of the investments on which                the                measurement funds are based, no Participant shall have any rights                in or to                such investments themselves. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.5 | **Voting                of Stock Held in Stock Accounts**.                At the time of mailing of notice of each annual or special stockholders’                meeting of the Company, the Company shall send a copy of the notice                and                all proxy solicitation materials to each Participant who has Stock                held in                a Stock Account, together with a voting direction form for return                to the                proxy holder or its designee. The Participant shall have the right                to                direct the proxy holder as to the manner in which the proxy holder                is to                vote the Stock credited to the Participant’s Stock Account. The Trustee,                in its sole discretion, shall have the right to vote shares for which                it                has received no directions from the Participant. With respect to                all                rights other than the right to vote, the Company shall follow the                directions of the Committee. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Deferred        Compensation Plan for Directors**

**13**

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**ARTICLE 6.      **
**AMENDMENT      AND TERMINATION**

| 6.1 | **Amendment**.                The Committee shall have the right to amend the Plan at any time                and from                time to time, including by retroactive amendment. Any such amendment                shall                become effective upon the date stated therein, and shall be binding                on all                Participants, except as otherwise provided in such amendment; provided,                however, that said amendment shall not adversely affect benefits                previously accrued to the affected Participant without the Participant’s                written approval. Benefits accruing to a Participant pursuant to                any                employment agreement in effect between the Company and the Participant                that entitles the Participant to participate in and to certain rights                under the Plan shall not be affected by an amendment of the Plan                except as                required by Code Section 409A and the Regulations. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | **Termination**.                The Committee shall have the right to terminate and liquidate the                Plan to                the fullest extent permitted by Code Section 409A, including (a)                termination of the Plan within 12 months following a Liquidation,                or (b)                within 30 days preceding or 12 months following a Change in Control,                provided that such termination following a Change in Control shall                not                result in a diminution of benefits accrued under the Plan, or (c)                the                termination covers all arrangements sponsored by the Company that                would be                aggregated with the Plan and cover any Participant of the Plan, the                termination does not occur proximate to a downturn in the financial                health                of the Company, and payments are made after 12 months, but within                24                months, following the termination. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ARTICLE 7.      **
**ADMINISTRATION**

| 7.1 | **Administration**.                The Committee shall administer and interpret the Plan in accordance                with                the provisions of the Plan and the Trust Agreement. Any determination                or                decision by the Committee shall be conclusive and binding on all                persons                who at any time have or claim to have any interest whatever under                the                Plan. To the extent required to avoid penalties, the Committee intends                to                interpret and operate the Plan in all respects in compliance with                Code                Section 409A and the Regulations. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2 | **Applying                for Benefits**.                The                following claims procedures are generally applicable to claims filed                under                the Plan. To the extent required                by law and to the extent the Committee                is                ruling on a claim for benefits on account of a disability, the Plan                will                follow, with respect to that claim, claims procedures required by                law for                plans providing disability                benefits. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | ***General                Procedures***.                Subject to the provisions of subsection (b), the following procedures                shall apply in the determination of claims under the                Plan. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | *Filing                a Claim**.*All                applications and claims for benefits shall be filed in writing by                the                Participant, his or her Beneficiary, or the authorized representative                of                the claimant, by completing the procedures required by the Committee.                The                procedures shall be reasonable and may include the completion of                forms and                the submission of documents and additional                information. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | *Review                of Claim**.*The                Committee shall review all applications and claims for benefits and                shall                decide whether to approve or deny the claim in whole or in part.                If a                claim is denied in whole or in part, the Committee shall provide                written                notice of denial to the claimant within a reasonable period of time                no                later than 90 days after the Committee receives the claim, unless                special                circumstances require an extension of time for processing the claim.                If an                extension is required, the Committee shall notify the claimant in                writing                (including by electronic media) by the end of the initial 90-day                period                and indicate the special circumstances requiring an extension of                time and                the date by which the Committee expects to render a decision on the                claim.                The extension shall not exceed an additional 90 days. The notice                of denial                shall be written (including in electronic media) in a manner calculated                to                be understood by the claimant and shall include the                following: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**14**

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|   | (A) | specific                reasons for the denial; |
|--------|-----|-------------------------------------------------|

|   | (B) | specific                references to pertinent Plan                provisions; |
|--------|-----|---------------------------------------------------------------------------------|

|   | (C) | description                of any additional material or information necessary for the claimant                to                perfect his or her claim and an explanation of why such material                or                information is necessary; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (D) | appropriate                information as to the steps the claimant should take if he or she                wishes                to submit the denied claim for review, including any applicable time                limits and including a statement of the claimant’s right to bring a civil                action under ERISA Section 502(a) following a denied claim on                review. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | *Appealing                a Claims Denial.*If                the claimant wishes a review of the denied claim, he or she shall                notify                the Committee in writing within 60 days of the claimant’s receipt of                notification of the denied claim. The claimant or the claimant’s                representative may review pertinent Plan documents and may submit                issues                or comments to the Committee in writing. The claimant or the claimant’s                representative may provide the Committee with a written statement                of the                claimant’s position and with written materials in support of his or her                position, including documents, records and other information relating                to                the claim. The claimant or the claimant’s representative may have, upon                request and free of charge, reasonable access to, and copies of,                all                documents, records and other information relevant to the claim. A                document, record or other information shall be considered relevant                to the                claim if such document, record or other information (A) was relied                upon in                making the benefit determination, (B) was submitted, considered or                generated in the course of making the benefit determination, without                regard to whether such document, record or other information was                relied                upon in making the benefit determination, or (C) demonstrates compliance                with the administrative processes and safeguards designed to ensure                and                verify that benefit claim determinations are made in accordance with                the                Plan and that, where appropriate, the Plan provisions have been applied                consistently with respect to similarly situated                claimants. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | *Review                of Appeal*.                The Committee shall forward all requests for review of a denied claim                together with all associated documents to the Chairman of the Committee                promptly after receipt. The Committee shall make its decision on                review                solely on the basis of the written record, including documents and                written                materials submitted by the claimant and/or the claimant’s representative.                The Committee shall make a decision on review within a reasonable                period                of time, not later than 60 days after the Committee receives the                claimant’s written request for review unless special circumstances require                additional time for review of the claim. If the Committee needs an                extension of time to review the claim, it shall notify the claimant                in                writing before the end of the initial 60-day period, and shall indicate                the special circumstances requiring an extension of time and the                date by                which the Committee expects to render the determination on review.                The                extension shall not be longer than an additional 60 days. The decision                on                review will be written in a manner calculated to be understood by                the                claimant. If the claim is denied, the written noticed shall include                specific reasons for the decision as well as specific references                to                pertinent Plan provisions on which the decision is based, a statement                of                the claimant’s right to bring an action under ERISA Section 502(a)                and a statement that the claimant is entitled to receive, upon request                and                free of charge, reasonable access to, and copies of, all documents,                records and other information relevant to the claimant’s claim for                benefits, with “relevant” defined as provided in the previous subsection. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**15**

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|   | (b) | ***Determination                of Disability***.                To the extent the Committee is determining a claims for benefits                under the                Plan on account of a Disability, the above procedures shall be modified                as                necessary to comply with ERISA Section 503 and Department of Labor                Regulations                Section 2560.503-1(d). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3 | **Liability                of Committee; Indemnification**.                To the extent permitted by law, the Committee shall not be liable                to any                person for any action taken or omitted in connection with the                interpretation and administration of the Plan unless attributable                to his                or her own bad faith or willful misconduct. The Committee may employ                legal                counsel, consultants, actuaries and agents as they may deem desirable                in                the administration of the Plan and may rely on the opinion of such                counsel                or the computations of such consultant or other agent. The Committee                shall                provide for the keeping of detailed written minutes of its actions                hereunder, which shall be reviewed by the legal counsel or the consultant                engaged by the Committee prior to their                finalization. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.4 | **Expenses**.                The costs of the establishment of the Plan and the adoption of the                Plan by                the Company, including but not limited to legal and accounting fees,                shall                be borne by the Company. The expenses of administering the Plan shall                be                borne by the Trust; provided, however, that the Company shall bear,                and                shall not be reimbursed by, the Trust for any tax liability of the                Company                associated with the investment of assets by the Trust. All taxes                associated with participation in the Plan, including any tax liability                under Code Section 409A, shall be borne by the                Participant. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ARTICLE 8.      **
**GENERAL      AND MISCELLANEOUS**

| 8.1 | **Rights                Against the Company**.                Except as expressly provided by the Plan, the establishment of the                Plan                shall not be construed as giving to any Participant or to any person                whomsoever, any legal, equitable or other rights against the Company,                or                against its officers, directors, agents or shareholders, or as giving                to                any Participant or Beneficiary any equity or other interest in the                assets,                business or shares of the Company stock or giving any Participant                the                right to continue rendering services to or for the benefit of the                Company.                The services of any Participant shall be subject to termination (with                or                without cause) to the same extent they would have been if the Plan                had                never been adopted. The rights of a Participant hereunder shall be                solely                those of an unsecured general creditor of the Company. Neither the                Plan                nor any action taken hereunder shall be construed as giving to any                Participant the right to continue rendering services to or for the                benefit                of the Company or as affecting the right of the Company to dismiss                any                Participant. Any benefit payable under the Plan shall not be deemed                salary                or other compensation for the purpose of computing benefits under                any                Participant benefit plan or other arrangement of the Company for                the                benefit of its Participants. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Deferred        Compensation Plan for Directors**

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| 8.2 | **Assignment                or Transfer**.                No right, title or interest of any kind in the Plan shall be transferable                or assignable by any Participant or Beneficiary or be subject to                alienation, anticipation, encumbrance, garnishment, attachment, execution                or levy of any kind, whether voluntary or involuntary, nor subject                to the                debts, contracts, liabilities, engagements, or torts of the Participant                or                Beneficiary. Any attempt to alienate, anticipate, encumber, sell,                transfer, assign, pledge, garnish, attach or otherwise subject to                legal or                equitable process or encumber or dispose of any interest in the Plan                shall                be void. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.3 | **Severability**.                If any provision of the Plan shall be declared illegal or invalid                for any                reason, said illegality or invalidity shall not affect the remaining                provisions of the Plan but shall be fully severable, and the Plan                shall be                construed and enforced as if said illegal or invalid provision had                never                been inserted herein. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.4 | **Construction**.                The article and section headings and numbers are included only for                convenience of reference and are not to be taken as limiting or extending                the meaning of any of the terms and provisions of the Plan. Whenever                appropriate, words used in the singular shall include the plural                or the                plural may be read as the singular. When used herein, the masculine                gender                includes the feminine gender. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.5 | **Governing                Law**.                The validity and effect of the Plan and the rights and obligations                of all                persons affected hereby shall be construed and determined in accordance                with the laws of the State of Delaware unless superseded by federal                law,                which shall govern correspondingly. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.6 | **Payment                Due to Incompetence**.                If the Committee receives evidence that a Participant or Beneficiary                entitled to receive any payment under the Plan is physically or mentally                incompetent to receive such payment, the Committee may, in its sole                and                absolute discretion, direct the payment to any other person or trust                which                has been legally appointed by the courts or to any other person determined                by the Company to be a proper recipient on behalf of such person                otherwise                entitled to payment, or any of them, in such manner and proportion                as the                Company may deem proper. Any such payment shall be in complete discharge                of the Company’s obligations under the                Plan. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.7 | **Taxes**.                All amounts payable hereunder shall be reduced by any and                all federal, state, and local taxes imposed upon Participant or his                or her Beneficiary, which are required to be paid or withheld by                the                Company. The determination of the Company regarding applicable income                and                tax withholding requirements shall be final and binding on                Participant. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.8 | **Insurance**.                In the event that any Participant elects, in his or her discretion,                to                independently purchase an insurance policy covering the inability                of the                Plan or the Trust to make any payments to which Participant is entitled                under the Plan or the Trust, the Company shall use its best efforts                to                facilitate the payment by Participant of any applicable excise taxes                which                become due as the result of the payment of premiums under such policy.                Nothing contained herein shall be construed as an endorsement by                the                Company of the purchase of such a policy or a recommendation by the                Company that the purchase of such a policy is necessary or desirable                as                the result of Participant’s participation in the Plan. In the event that                such insurance would result in adverse tax consequences to the                Participant, the Participant shall terminate such                insurance. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Deferred        Compensation Plan for Directors**

**17**

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| 8.9 | **Attorney’s                Fees**.                The Company shall pay the reasonable attorney’s fees incurred by any                Participant in an action brought against the Company to enforce the                Participant’s rights under the Plan, provided that such fees shall only be                payable in the event that the Participant prevails in such                action. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.10 | **Plan                Binding on Successors and Assignees**.                The Plan shall be binding upon and inure to the benefit of the Company                and                its successor and assigns and the Participant and the Participant’s                designee and estate. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Deferred        Compensation Plan for Directors**

**18**

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**Acknowledgment**

| Building                Materials Holding Corporation           |   | Participant                                                      |
|-----------------------------------------------------------------|--------|------------------------------------------------------------------|
|                                                            |   |                                                             |
|                                                            |   |                                                             |
| By:                __________________________________________   |   | Signature:                ______________________________________ |
|                                                            |   |                                                             |
| Title:                _________________________________________ |   | Name:                _________________________________________   |
|                                                            |   |                                                             |
| Date:                _________________________________________  |   | Date:                __________________________________________  |

**Deferred      Compensation Plan for Directors**

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