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|  **INTRODUCTION**                                                  |  **1**                                          |
|------------------------------------------------------------------------------|-----------------------------------------------------------|
|  **ARTICLE                I DEFINITIONS**                          |  **2**                                          |
| 1.01.                                                                        | Accrued                Benefit                            | 2 |
| 1.02.                                                                        | Actuarial                Equivalent                       | 2 |
| 1.03.                                                                        | Affiliate                                                 | 2 |
| 1.04.                                                                        | Annuity                Starting Date                      | 2 |
| 1.05.                                                                        | Board                                                     | 2 |
| 1.06.                                                                        | Change                in Control                          | 3 |
| 1.07.                                                                        | Committee                                                 | 3 |
| 1.08.                                                                        | Compensation                                              | 3 |
| 1.09.                                                                        | Control                Change Date                        | 3 |
| 1.10.                                                                        | Credited                Service                           | 3 |
| 1.11.                                                                        | Current                SERP Participant                   | 3 |
| 1.12.                                                                        | Effective                Date                             | 3 |
| 1.13.                                                                        | Employee                                                  | 3 |
| 1.14.                                                                        | Final                Average Compensation                 | 4 |
| 1.15.                                                                        | Final                Average Incentive Pay                | 4 |
| 1.16.                                                                        | Incentive                Pay                              | 5 |
| 1.17.                                                                        | New                SERP Participant                       | 5 |
| 1.18.                                                                        | Participant                                               | 5 |
| 1.19.                                                                        | Participation                Service                      | 6 |
| 1.20.                                                                        | Plan                Year                                  | 6 |
| 1.21.                                                                        | Qualified                Pre-Retirement Survivor Annuity  | 6 |
| 1.22.                                                                        | Regular                Retirement Plan                    | 6 |
| 1.23.                                                                        | Trust                                                     | 6 |
| 1.24.                                                                        | Year                of Service                            | 6 |
| 1.25.                                                                        | 401(k)                Plan                                | 6 |
| 1.26.                                                                        | 401(k)                Plan Offset                         | 7 |
|  **ARTICLE                II GENERAL**                             |  **8**                                          |
| 2.01.                                                                        | Rights                of Participants                     | 8 |
| 2.02.                                                                        | Liability                                                 | 8 |
| 2.03.                                                                        | Coordination                of Benefits                   | 8 |
|  **ARTICLE                III PARTICIPATION**                      |  **9**                                          |
| 3.01.                                                                        | Eligibility                to Participate                 | 9 |
| 3.02.                                                                        | Termination                of Participation               | 9 |
|  **ARTICLE                IV RETIREMENT BENEFITS**                 |  **10**                                         |
| 4.01.                                                                        | Normal                Retirement Benefit                  | 10 |
| 4.02.                                                                        | Early                Retirement Benefit                   | 11 |
| 4.03.                                                                        | Delayed                Retirement Benefit                 | 11 |
| 4.04.                                                                        | Disability                Retirement Benefit              | 12 |
| 4.05.                                                                        | Pre-Retirement                Death Benefit               | 12 |
| 4.06.                                                                        | Additional                Benefit                         | 13 |
| 4.07.                                                                        | Forfeiture                of Benefit                      | 13 |
| 4.08.                                                                        | Method                of Retirement Payments              | 14 |
| 4.09.                                                                        | Retired                Participants                       | 15 |
| 4.10.                                                                        | Specified                Employees                        | 15 |
|  **ARTICLE                V 401(k) PLAN RESTORATION BENEFITS**     |  **17**                                         |
| 5.01.                                                                        | Effectiveness;                Eligibility                 | 17 |
| 5.02.                                                                        | Establishment                of Account                   | 17 |
| 5.03.                                                                        | Restoration                of Matching Contribution       | 17 |
| 5.04.                                                                        |  Restoration              of Basic Contribution | 18 |
| 5.05.                                                                        | Investment                Measures                        | 18 |
| 5.06.                                                                        | Vesting                                                   | 18 |
| 5.07.                                                                        | Distributions                                             | 19 |
| 5.08.                                                                        | Additional                Benefits                        | 20 |
|  **ARTICLE                VI AMENDMENTS AND TERMINATION**          |  **21**                                         |
|  **ARTICLE                VII ADMINISTRATION AND INTERPRETATION**  |  **22**                                         |
| 7.01.                                                                        | Administrative                Rules                       | 22 |
| 7.02.                                                                        | Claims                Procedure                           | 22 |
| 7.03.                                                                        | Governing                Law                              | 23 |
| 7.04.                                                                        | Nonassignability                                          | 23 |
|  **SIGNATURE                PAGE**                                 |  **24**                                         |

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**INTRODUCTION**

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**           ARTICLE I**

**DEFINITIONS**

| **1.01.  ** | **Accrued                Benefit** |
|-----------------------|------------------------------------|

| **1.02.  ** | **Actuarial                Equivalent**** ** |
|-----------------------|---------------------------------------------------|

| **1.03.  ** | **Affiliate**** ** |
|-----------------------|-------------------------|

| **1.04.  ** | **Annuity                Starting Date**** ** |
|-----------------------|----------------------------------------------------|

| **1.05.  ** | **Board** |
|-----------------------|-----------|

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| **1.06.  ** | **Change                in Control** |
|-----------------------|--------------------------------------|

| **1.07.  ** | **Committee** |
|-----------------------|---------------|

| **1.08.  ** | **Compensation**** ** |
|-----------------------|----------------------------|

| **1.09.  ** | **Control                Change Date**** ** |
|-----------------------|--------------------------------------------------|

| **1.10.  ** | **Credited                Service**** ** |
|-----------------------|-----------------------------------------------|

| **1.11.  ** | **Current                SERP Participant** |
|-----------------------|---------------------------------------------|

| **1.12.  ** | **Effective                Date**** ** |
|-----------------------|---------------------------------------------|

| **1.13.  ** | **Employee** |
|-----------------------|--------------|

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| **1.14.  ** | **Final                Average Compensation** |
|-----------------------|-----------------------------------------------|

| **1.15.  ** | **Final                Average Incentive Pay** |
|-----------------------|------------------------------------------------|

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| **1.16.  ** | **Incentive                Pay** |
|-----------------------|----------------------------------|

| **1.17.  ** | **New                SERP Participant** |
|-----------------------|-----------------------------------------|

| **1.18.  ** | **Participant** |
|-----------------------|-----------------|

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| **1.19.  ** | **Participation                Service** |
|-----------------------|------------------------------------------|

| **1.20.  ** | **Plan                Year** |
|-----------------------|------------------------------|

| **1.21.  ** | **Qualified                Pre-Retirement Survivor                Annuity** |
|-----------------------|-----------------------------------------------------------------------------|

| **1.22.  ** | **Regular                Retirement Plan** |
|-----------------------|--------------------------------------------|

| **1.23.  ** | **Trust**** ** |
|-----------------------|---------------------|

| **1.24.  ** | **Year                of Service** |
|-----------------------|------------------------------------|

| **1.25.  ** | **401(k)                Plan** |
|-----------------------|--------------------------------|

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| **1.26.  ** | **401(k)                Plan Offset** |
|-----------------------|---------------------------------------|

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**           ARTICLE II**

**GENERAL**

| **2.01.  ** | **Rights                of Participants** |
|-----------------------|-------------------------------------------|

| **2.02.  ** | **Liability** |
|-----------------------|---------------|

| **2.03.  ** | **Coordination                of Benefits** |
|-----------------------|---------------------------------------------|

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**         ARTICLE III**

**PARTICIPATION**

| **3.01.  ** | **Eligibility                to Participate** |
|-----------------------|-----------------------------------------------|

| **3.02.  ** | **Termination                of Participation** |
|-----------------------|-------------------------------------------------|

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**ARTICLE      IV**

**RETIREMENT      BE**
**NEFITS**

| **4.01.  ** | **Normal                Retirement Benefit** |
|-----------------------|----------------------------------------------|

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| **4.02.  ** | **Early                Retirement Benefit** |
|-----------------------|---------------------------------------------|

| **4.03.  ** | **Delayed                Retirement Benefit** |
|-----------------------|-----------------------------------------------|

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| **4.04.  ** | **Disability                Retirement Benefit** |
|-----------------------|--------------------------------------------------|

| **4.05.  ** | **Pre-Retirement                Death Benefit** |
|-----------------------|-------------------------------------------------|

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| **4.06.  ** | **Additional                Benefit** |
|-----------------------|---------------------------------------|

| **4.07.  ** | **Forfeiture                of Benefit** |
|-----------------------|------------------------------------------|

----

| **4.08.  ** | **Method                of Retirement Payments** |
|-----------------------|--------------------------------------------------|

*i.e.*
*i.e.*

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*i.e.*

| **4.09.  ** | **Retired                Participants** |
|-----------------------|-----------------------------------------|

| **4.10.  ** | **Specified                Employees** |
|-----------------------|----------------------------------------|

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**ARTICLE      V**

**401(K)      PLAN RESTORATION BENEFITS**

| **5.01.  ** | **Effectiveness;                Eligibility** |
|-----------------------|-----------------------------------------------|

| **5.02.  ** | **Establishment                of Account** |
|-----------------------|---------------------------------------------|

| **5.03.  ** | **Restoration                of Matching                Contribution** |
|-----------------------|------------------------------------------------------------------------|

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| **5.04.  ** | **Restoration                of Basic Contribution** |
|-----------------------|------------------------------------------------------|

| **5.05.  ** | **Investment                Measures** |
|-----------------------|----------------------------------------|

| **5.06.  ** | **Vesting** |
|-----------------------|-------------|

| Years                of Service                                                                                                                                                    | Vested                Percentage |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------|
| less                than 11                but less than 22                but less than 33                but less than 44                but less then 55                or more | 0%20%40%60%80%100%               |

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| **5.07.  ** | **Distributions** |
|-----------------------|-------------------|

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| **5.08.  ** | **Additional                Benefits** |
|-----------------------|----------------------------------------|

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**ARTICLE      VI**

**AMENDMENTS      AND TERMINATION**

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**ARTICLE      VII**

**ADMINISTRATION      AND INTERPRETATION**

| **7.01.  ** | **Administrative                Rules** |
|-----------------------|-----------------------------------------|

| **7.02.  ** | **Claims                Procedure** |
|-----------------------|-------------------------------------|

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| **7.03.  ** | **Governing                Law** |
|-----------------------|----------------------------------|

| **7.04.  ** | **Nonassignability** |
|-----------------------|----------------------|

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**SIGNATURE      PAGE**

**CHESAPEAKE      CORPORATION**

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**EXHIBIT      I**

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**EXHIBIT      II**

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**EXHIBIT      III**

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