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                                                                  Exhibit 10.1.3






                               ANSELL INCORPORATED
                         NON-QUALIFIED U.S. PENSION PLAN


                          EFFECTIVE AS OF JULY 1, 1997


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                                TABLE OF CONTENTS

<TABLE>
<S>                      <C>                                                                                      <C>
ARTICLE 1.               ESTABLISHMENT AND PURPOSE................................................................1

         SECTION 1.1.             ESTABLISHMENT...................................................................1
         SECTION 1.2.             PURPOSE.........................................................................1

ARTICLE 2.               DEFINITIONS..............................................................................1

         SECTION 2.1.             DEFINITIONS.....................................................................1
         SECTION 2.2.             GENDER AND NUMBER...............................................................3

ARTICLE 3.               ELIGIBILITY AND PARTICIPATION............................................................3

         SECTION 3.1.             ELIGIBLE EMPLOYEE...............................................................3
         SECTION 3.2.             LIMITATION ON ELIGIBLE EMPLOYEES................................................3
         SECTION 3.3.             REMOVAL FROM PARTICIPATION AS AN ELIGIBLE EMPLOYEE..............................3

ARTICLE 4.               DEFERRAL ELECTIONS.......................................................................3

         SECTION 4.1.             ELIGIBLE EMPLOYEE CONTRIBUTIONS.................................................3
         SECTION 4.2.             SUBMISSION OF DEFERRAL ELECTION FORMS...........................................4
         SECTION 4.3.             DEFERRAL PERIOD.................................................................4
         SECTION 4.4.             CHANGE OR REVOCATION OF ELECTION................................................4
         SECTION 4.5.             NULLIFICATION OF DEFERRAL ELECTIONS.............................................5

ARTICLE 5.               EMPLOYER CONTRIBUTIONS...................................................................5

ARTICLE 6.               STATUS OF DEFERRED AMOUNTS...............................................................5

         SECTION 6.1.             ACCOUNT.........................................................................5
         SECTION 6.2.             INTEREST CREDITING..............................................................5
         SECTION 6.3.             TREATMENT UNDER OTHER EMPLOYEE BENEFIT PLANS....................................6

ARTICLE 7.               DISTRIBUTIONS............................................................................6

         SECTION 7.1.             FORM OF DISTRIBUTION............................................................6
         SECTION 7.2.             DESIGNATION OF BENEFICIARY......................................................6
         SECTION 7.3.             CLAIMS PROCEDURE................................................................6

ARTICLE 8.               PROVISIONS RELATING TO PARTICIPATION.....................................................7

         SECTION 8.1.             EXTENT OF RIGHTS UNDER PLAN.....................................................7
         SECTION 8.2.             FUNDING.........................................................................7
         SECTION 8.3.             EXTENT TO WHICH OTHER PARTIES ARE BOUND BY PLAN.................................7
         SECTION 8.4.             PAYMENT OF TAXES................................................................8

ARTICLE 9.               ADMINISTRATION AND FINANCES..............................................................8

         SECTION 9.1.             ADMINISTRATION..................................................................8
         SECTION 9.2.             POWERS OF COMMITTEE.............................................................8
         SECTION 9.3.             ACTIONS OF THE COMMITTEE........................................................8
</TABLE>

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                                      -i-

<TABLE>
<S>                               <C>                                                                             <C>
         SECTION 9.4.             DELEGATION......................................................................8
         SECTION 9.5.             INDEMNIFICATION.................................................................8
         SECTION 9.6.             REPORTS AND RECORDS.............................................................8
         SECTION 9.7.             INFORMATION TO BE FURNISHED TO COMMITTEE........................................8

ARTICLE 10.              AMENDMENTS AND TERMINATION...............................................................9

         SECTION 10.1.            AMENDMENTS......................................................................9
         SECTION 10.2.            TERMINATION.....................................................................9

ARTICLE 11.              MISCELLANEOUS............................................................................9

         SECTION 11.1.            NO GUARANTY OF EMPLOYMENT.......................................................9
         SECTION 11.2.            NON-ALIENATION..................................................................9
         SECTION 11.3.            SEVERABILITY....................................................................9
         SECTION 11.4.            APPLICABLE LAW..................................................................9

</TABLE>

                                      -ii-

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                               ANSELL INCORPORATED
                         NON-QUALIFIED U.S. PENSION PLAN


ARTICLE 1. ESTABLISHMENT AND PURPOSE

         SECTION 1.1. ESTABLISHMENT. Ansell Incorporated (the "Employer")
establishes, effective as of July 1, 1997, a deferred compensation plan for the
benefit of a select group of its management or highly compensated employees. The
plan is known as the Ansell Incorporated Non-Qualified U.S. Pension Plan (the
"Plan").

         SECTION 1.2. PURPOSE. The purpose of the Plan is to attract qualified
management personnel by providing Eligible Employees with the opportunity to
defer a portion of their Compensation and with additional retirement income by
means of Employer Contributions. The Plan is intended to be treated for all
purposes of Federal income tax law as an unfunded and nonqualified deferred
compensation plan.

ARTICLE 2. DEFINITIONS

         SECTION 2.1. DEFINITIONS. Whenever used in this Plan, the
following words and phrases shall have the meanings set forth below unless the
context plainly requires a different meaning. When the defined meaning is
intended, the term is capitalized.

                  (a) "Account" means the deferred compensation account for each
         Eligible Employee established pursuant to Section 6.1.

                  (b) "Accrued Balance" means the amount of each Eligible
         Employee's Deferred Compensation that is credited to his or her
         Account, after adjustment under Article 6 for interest credits.

                  (c) "Board of Directors" means the Board of Directors of
         Ansell Incorporated.

                  (d) "Bonus" means any annual bonus paid by the Employer to an
         Eligible Employee.

                  (e) "Change of Control" with respect to the Employer means the
         occurrence of one of the following events:

                      (1) Sale of a majority of the shares of voting stock of
                  the Employer to an unrelated third party or parties;

                      (2) Sale of the stock of the Employer in a public offering
                  but only if the members of the board of directors immediately
                  prior to such sale do not constitute a majority of the board
                  of directors after such public offering;

<PAGE>   5

                      (3) Reorganization, reclassification, merger or
                  consolidation with another corporation in which the Employer
                  is not the surviving corporation; or

                      (4) Sale of all or substantially all of the operating
                  assets of the Employer to an unrelated third party or parties.

                  For purposes of this subsection (e), the terms Employer and
         board of directors shall refer separately to each individual entity
         that adopts this Plan for the benefit of its Eligible Employees and to
         the board of directors thereof. Where a Change of Control occurs with
         respect to an individual Employer, the provisions of the Plan and any
         Rabbi Trust created pursuant to Section 8.2 of the Plan regarding
         Changes of Control shall apply only with respect to such Employer and
         its Eligible Employees. Notwithstanding the foregoing, no Change of
         Control shall be deemed to have occurred hereunder as a result of any
         sale, reorganization, reclassification, merger or consolidation after
         which Pacific Dunlop Limited continues to control ultimately at least a
         majority interest in the surviving entity.

                  (f) "Code" means the Internal Revenue Code of 1986, as amended
         from time to time.

                  (g) "Committee" means that Committee designated by the Board
         of Directors to administer the Plan. If no such Committee is appointed,
         the Board of Directors shall serve as the Committee.

                  (h) "Compensation" means the total base salary and Bonus of an
         Eligible Employee reported on the Internal Revenue Service Form W-2
         filed by the Employer with respect to the portions of the calendar
         years included in a Plan Year.

                  (i) "Deferral Election" means the form designated by the
         Committee for use by Eligible Employees to make annual deferrals of
         Compensation under Article 4. This form is attached as Appendix A to
         the Plan. This form may be changed at any time by the Committee.

                  (j) "Deferred Compensation" means the amount of Compensation
         not yet earned, as designated in the Deferral Election, which the
         Eligible Employee and the Employer mutually agree shall be deferred in
         accordance with the provisions of the Plan, and which may be provided
         either by the Eligible Employee through salary reduction or by the
         Employer in accordance with the terms of the Plan.

                  (k) "Effective Date" means July 1, 1997.

                  (l) "Eligible Employee" means any executive or other key
         employee of the Employer who is chosen to participate in the Plan, as
         determined under Section 3.1.


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<PAGE>   6

                  (m) "Employer" means Ansell Incorporated and any affiliates of
         Ansell Incorporated that adopt this Plan by action of the Committee and
         the governing board of such affiliate.

                  (n) "Employer Contributions" means the Employer contributions
         described in Article 5.


                  (o) "Plan" means this Ansell Incorporated Non-Qualified U.S.
         Pension Plan.


                  (p) "Plan Year" means each 12-month period beginning July 1
         and ending June 30.

         SECTION 2.2. GENDER AND NUMBER. Except as otherwise indicated by
context, masculine terminology also includes the feminine, and terms used in the
singular may also include the plural.

ARTICLE 3. ELIGIBILITY AND PARTICIPATION

         SECTION 3.1. ELIGIBLE EMPLOYEE. Participation in the Plan shall be
limited to executives and other key employees of the Employer who are designated
to be Eligible Employees by the Committee; provided that no employee of the
Employer has a right to be selected as an Eligible Employee under this Plan.
Employees designated under this Section shall collectively comprise a "select
group of management or highly compensated employees" (as that phrase is used
under Department of Labor Regulation Section 2520.104-23).

         SECTION 3.2. LIMITATION ON ELIGIBLE EMPLOYEES. The Committee, in its
sole discretion, may change the definition of who qualifies as an Eligible
Employee. Any such change shall be effective for the following Plan Year, as
designated by the Committee.

         SECTION 3.3. REMOVAL FROM PARTICIPATION AS AN ELIGIBLE EMPLOYEE. Upon
the direction of the Committee, an Eligible Employee may be removed from
participating in this Plan on a prospective basis for any reason.

ARTICLE 4. DEFERRAL ELECTIONS

         SECTION 4.1. ELIGIBLE EMPLOYEE CONTRIBUTIONS. Prior to the beginning of
any Plan Year, each Eligible Employee may elect to reduce the amount of his or
her Compensation which would otherwise be earned and payable in the following
Plan Year. The election may be amended at any time, but any election as in
effect on the last business day before the first day of the Plan Year with
respect to which the election is made shall govern. Separate Deferral Elections
shall be made with respect to base salary and Bonuses. Each Eligible Employee
who wishes to defer a portion of his or her base salary may elect to defer not
less than 1% nor more than 30% of such Eligible Employee's base salary. Each
Eligible Employee may also elect to defer up to 100% of his or her Bonus in
increments of 10%. Each Deferral Election shall apply only to Compensation
earned on or after the effective date of such Deferral Election. Accordingly, a
Deferral Election



                                      -3-
<PAGE>   7

may apply only with respect to Bonuses relating to services performed during the
Plan Year beginning on or after the effective date of such Deferral Election;
provided however, that any initial Deferral Election made by an Eligible
Employee for the first Plan Year of the Plan may apply to Bonuses payable with
respect to services performed during such first Plan Year, provided the Deferral
Election is executed within 30 days of the Effective Date.

         SECTION 4.2. SUBMISSION OF DEFERRAL ELECTION FORMS. Each Eligible
Employee who wishes to participate in the Plan must submit the appropriate
Deferral Election to the Committee no later than the last business day of the
Plan Year preceding the Plan Year with respect to which the Eligible Employee
wishes to defer amounts under Section 4.1. For the first year this Plan is
effective or for the first year an employee becomes an Eligible Employee under
Article 3, the election may be made within 30 days of the adoption of this Plan
or within 30 days of the date the employee becomes an Eligible Employee,
whichever is applicable. However, such elections shall be prospective and shall
apply only to Compensation earned after the election is made, subject to the
special rules for Bonuses earned in the initial Plan Year, as provided in
Section 4.1.

         SECTION 4.3. DEFERRAL PERIOD. The deferral period shall begin on the
first day of the Plan Year with respect to which the Deferral Election is filed
(or the first day of the month following the filing of a Deferral Election which
may be filed during a Plan Year under Section 4.2). The deferral period for a
particular Deferral Election shall end on the date the Eligible Employee's
employment with the Employer is terminated for any reason, including death or
disability, or upon the earlier termination of the Plan.

         SECTION 4.4. CHANGE OR REVOCATION OF ELECTION. A Deferral Election
shall remain in effect until changed or revoked as provided below, or until the
end of the applicable deferral period described in Section 4.3. An Eligible
Employee who desires to change the amount of his or her deferrals may do so
effective as of each July 1, provided the Deferral Election specifying the new
amount of deferrals is executed prior to the effective date thereof and applies
only with respect to base salary not currently available to the Eligible
Employee as of such effective date and, except for the initial Plan Year, as
provided in Section 4.1, with respect to Bonuses relating to services performed
during the Plan Year beginning on or after the effective date of the Deferral
Election. An Eligible Employee may revoke a prior Deferral Election effective
prospectively on the first day of any calendar month. An Eligible Employee
desiring to revoke a prior Deferral Election shall submit a written request to
the Committee stating the proposed effective date of the revocation and the
reason for the revocation.

         With respect to Bonus deferrals, an Eligible Employee may revoke a
prior Deferral Election only for reasons of severe financial hardship as
determined by the Committee in its sole discretion. An Eligible Employee
revoking a prior Deferral Election on account of severe financial hardship shall
not be eligible to make Bonus deferrals under the Plan for the Plan Year to
which that Bonus relates or the next Plan Year.

         With respect to base salary deferrals, an Eligible Employee may revoke
a prior Deferral Election for reasons of severe financial hardship as determined
by the Committee in its sole discretion. An Eligible Employee revoking a prior
Deferral Election on account of severe



                                      -4-
<PAGE>   8

financial hardship shall not be eligible to make base salary deferrals under the
Plan until the beginning of the next Plan Year. Also with respect to base salary
deferrals, an Eligible Employee may revoke a prior Deferral Election for reasons
other than severe financial hardship. An Eligible Employee revoking a prior
Deferral Election for reasons other than severe financial hardship shall not be
eligible to make base salary deferrals under the Plan until the beginning of the
next Plan Year, or if the beginning of the next Plan Year is less than six
months from the effective date of such revocation, until the beginning of the
Plan Year following the next Plan Year.

         Notwithstanding anything contained herein to the contrary, an Eligible
Employee may revoke a prior Deferral Election effective prospectively on the
first day of any calendar month after the occurrence of a Change of Control or
the bankruptcy or insolvency of the Employer.

         SECTION 4.5. NULLIFICATION OF DEFERRAL ELECTIONS. Notwithstanding the
submission of Deferral Elections pursuant to this Article, the Committee may
nullify such elections to alleviate demonstrated financial hardship, or because
of changes in tax laws. The Committee shall determine, in its sole discretion
and on a uniform and nondiscriminatory basis, whether a financial hardship
exists.

ARTICLE 5. EMPLOYER CONTRIBUTIONS

         The Employer may make annual contributions to the Account of each
Eligible Employee. The amount of this annual contribution for each Eligible
Employee, if any, shall be determined by the Committee in its sole discretion.

ARTICLE 6. STATUS OF DEFERRED AMOUNTS

         SECTION 6.1. ACCOUNT. The Committee shall establish an Account for each
Eligible Employee's Deferred Compensation to reflect accurately the interest of
the Eligible Employee under this Plan. Amounts deferred under Article 4 and
amounts contributed under Article 5 shall be credited to the Account of the
Eligible Employee on the date on which such amounts would have been payable to
the Eligible Employee if he or she had not made the Deferral Election.

         SECTION 6.2. INTEREST CREDITING. Amounts credited to an Eligible
Employee's Account under the Plan shall be credited with interest until such
Eligible Employee or his beneficiary receives payments of his benefits under the
Plan. Interest shall be credited to the respective Accounts of Eligible
Employees as each crediting date (as defined below) based on the balance of the
applicable portion of such Accounts on the day immediately preceding such
crediting date. Interest on amounts credited to an Eligible Employee's Account
pursuant to Article 4 shall accrue at a rate equal to 10% per annum, and the
crediting date for interest on such amounts shall be each June 30 and the date
of the Eligible Employee's termination of employment with the Employer. Interest
on amounts credited to an Eligible Employee's Account pursuant to Article 5
shall accrue at annual rate to be determined by the Committee from time to time,
and the crediting date for interest on such amounts shall be the last day of
each calendar quarter. As of the Effective Date, the annual rate of return used
to credit interest on amounts credited pursuant to Article 5 shall be equal to
1% in excess of the prime interest rate, as published in the Wall Street Journal
on the applicable crediting date. Title to and beneficial ownership of any
actual



                                      -5-
<PAGE>   9

investments of Employer (whether or not held in trust) shall at all times remain
in the Employer and shall constitute general assets of the Employer, subject
only to claims of its general creditors. An Eligible Employee or his or her
beneficiary shall not under any circumstances acquire any property or beneficial
interest in any asset of the Employer by virtue of such Eligible Employee's
participation in this Plan.

         SECTION 6.3. TREATMENT UNDER OTHER EMPLOYEE BENEFIT PLANS. It is
intended that the amounts deferred by an Eligible Employee under Section 4.1
shall at the earliest time permitted by applicable law be includible in
determining benefits under any pay-related employee benefit plans of the
Employer as well as under any tax-qualified retirement plans (to the extent
permitted in such plans), except to the extent that such inclusion in any such
pay-related or tax-qualified plan would adversely affect the tax-favored status
of that plan or the tax-deferred status of Compensation deferred under this
Plan.

ARTICLE 7. DISTRIBUTIONS

         SECTION 7.1. FORM OF DISTRIBUTION. As soon as administratively
practicable after the expiration of the deferral period described in Section
4.3, the Employer shall make payment to the Eligible Employee (or, in the event
of his or her death, to his or her designated beneficiary) of his or her Accrued
Balance in one lump sum. In no event shall such payment be made later than six
months after the Eligible Employee's termination of employment with the
Employer.

         SECTION 7.2. DESIGNATION OF BENEFICIARY. Each Eligible Employee shall
have the right to designate one or more individuals or entities as beneficiaries
in the event of the Eligible Employee's death. The Eligible Employee may also
designate one or more contingent beneficiaries. To become effective, these
designations must be made on the appropriate beneficiary designation form
(attached to the Plan as Appendix B) and must be filed with the Committee. If no
designated beneficiary survives the Eligible Employee, then the beneficiary
shall be the Eligible Employee's estate.

         SECTION 7.3. CLAIMS PROCEDURE. If an Eligible Employee or his or her
beneficiary (hereinafter referred to as a "Claimant") is denied all or a portion
of an expected benefit under the Plan for any reason, he or she may file a claim
with the Committee. The Committee shall notify the Claimant within 90 days after
receipt of the claim (or within 180 days if special circumstances apply) of
allowance or denial of the claim. If the claim for benefits is denied, in whole
or in part, the Claimant will receive a written explanation of:

                  (a) The specific reasons for the denial;

                  (b) The specific references to provisions of the Plan document
         that support those reasons;

                  (c) Any additional information that must be provided to
         improve the claim and the reasons why that information is necessary;
         and




                                      -6-
<PAGE>   10

                  (d) The procedures that are available for a further review of
         the claim.

A Claimant is entitled to request a review of any denial of his or her claim by
the Committee. The request for review must be submitted within 60 days of
receipt of the denial. Absent a request for review within the 60-day period, the
claim shall be deemed to be conclusively denied. The Claimant or his or her
representatives shall be entitled to review all pertinent documents and to
submit issues and comments in writing as part of any request for review. The
Committee will conduct a full and fair review of the claim and will notify the
Claimant of the decision within 60 days (or 120 days if special circumstances
apply). The decision must be in writing and will include the specific reasons
and references to Plan provisions on which the decision is based. The Committee
has the exclusive right and discretion to interpret the provisions of the Plan,
and the entitlement to benefits, and its decision is conclusive and final and
not subject to further review.


ARTICLE 8. PROVISIONS RELATING TO PARTICIPATION

         SECTION 8.1. EXTENT OF RIGHTS UNDER PLAN. Except as to amounts
actually distributed under the Plan, no Eligible Employee and no person claiming
under or through an Eligible Employee shall have any right or interest in this
Plan, in any Account (whether with respect to assets set aside in trust or
otherwise) or in the continuance of the Plan.

         SECTION 8.2. FUNDING. No funds shall be segregated or earmarked for any
current or former Eligible Employee, beneficiary or other person. However, the
Employer may establish one or more grantor trusts of the type referred to as a
"Rabbi Trust" in respect of its obligations under this Plan. No current or
former Eligible Employee, beneficiary or other person, individually or as a
member of a group, shall have any right, title or interest in any Account, any
fund, any specific sum of money, any grantor trust or in any asset which may be
acquired by the Employer in respect of its obligations under this Plan (other
than as a general creditor of the Employer with an unsecured claim against the
Employer's general assets).

         SECTION 8.3. EXTENT TO WHICH OTHER PARTIES ARE BOUND BY PLAN. The Plan
shall be binding upon and shall inure to the benefit of the Employer, including
its successors and assigns, and the participating Eligible Employees and their
heirs, administrators and personal representatives.

         SECTION 8.4. PAYMENT OF TAXES. The Employer shall to the extent
required by law withhold Federal, state and local taxes (including but not
limited to income taxes and taxes under the Federal Insurance Contributions Act)
with respect to any distribution from the Plan to an Eligible Employee or
beneficiary.

ARTICLE 9. ADMINISTRATION AND FINANCES

         SECTION 9.1. ADMINISTRATION. The Plan shall be administered by the
Committee.



                                      -7-
<PAGE>   11

         SECTION 9.2. POWERS OF COMMITTEE. The Committee shall have all powers
necessary to administer the Plan, including, without limitation, the power to
interpret the provisions of the Plan, to decide all questions of eligibility, to
establish rules and forms for the administration of the Plan and to appoint
individuals to assist in the administration of the Plan and any other agents it
deems advisable.

         SECTION 9.3. ACTIONS OF THE COMMITTEE. All determinations,
interpretations, rules and decisions of the Committee shall be conclusive and
binding upon all persons having or claiming to have any interest or right under
the Plan.

         SECTION 9.4. DELEGATION. The Committee shall have the power to delegate
specific duties and responsibilities to officers or other employees of the
Employer or to other individuals or entities. Any delegation may be rescinded by
the Committee at any time. Except as otherwise required by law, each person or
entity to whom a duty or responsibility has been delegated shall be responsible
for the exercise of such duty or responsibility and shall not be responsible for
any act or failure to act of any other person or entity.

         SECTION 9.5. INDEMNIFICATION. The members of the Committee and the
other members of the Board of Directors shall be indemnified by the Employer
against any and all liabilities arising by reason of any act or failure to act
made in good faith in accordance with the provisions of the Plan. For this
purpose, liabilities include expenses reasonably incurred in the defense of any
claim relating to the Plan.

         SECTION 9.6. REPORTS AND RECORDS. The Committee and those to whom the
Committee has delegated duties under the Plan shall keep records of all their
proceedings and actions and shall maintain books of account, records and other
data as shall be necessary for the proper administration of the Plan and for
compliance with applicable law.

         SECTION 9.7. INFORMATION TO BE FURNISHED TO COMMITTEE. The Employer
shall furnish the Committee such data and information as it may require. The
records of the Employer shall be determinative of each Eligible Employee's
period of employment, termination of employment and the reason therefor, leave
of absence, reemployment, personal data and deferrals. Eligible Employees and
their beneficiaries shall furnish to the Committee such evidence, data or
information, and shall execute such documents, as the Committee requests.

ARTICLE 10. AMENDMENTS AND TERMINATION

         SECTION 10.1. AMENDMENTS. The Board of Directors may amend the Plan, in
full or in part, at any time.

         SECTION 10.2. TERMINATION. The Employer expects the Plan to be
permanent, but it necessarily must and does reserve the right to modify, revise
or terminate the Plan at any time by action of the Board of Directors. Subject
to the final sentence of this Section 10.2, in the event the Plan is terminated,
benefits will be paid at the same time and in the same manner as would have
occurred absent such termination, and the Committee shall continue to administer
the



                                      -8-
<PAGE>   12

terminated Plan for such purposes. Notwithstanding the preceding sentence, the
Committee, in its sole discretion, may make payment of Plan benefits to Eligible
Employees any time after the Plan is terminated (even if the scheduled deferral
periods of such individuals has not yet ended).

ARTICLE 11. MISCELLANEOUS

         SECTION 11.1. NO GUARANTY OF EMPLOYMENT. The adoption and maintenance
of the Plan shall not be deemed to be a contract of employment between the
Employer and any employee. Nothing contained in the Plan shall give any Eligible
Employee or other employee the right to be retained in the employ of the
Employer or to interfere with the right of the Employer to discharge any
employee at any time, nor shall it give the Employer the right to require any
Eligible Employee or other employee to remain in its employ or to interfere with
any Eligible Employee's or other employee's right to terminate his or her
employment at any time.

         SECTION 11.2. NON-ALIENATION. No benefit payable at any time under this
Plan shall be subject in any manner to alienation, sale, transfer, assignment,
pledge, attachment or encumbrance of any kind.

         SECTION 11.3. SEVERABILITY. If any provision of the Plan shall be found
to be invalid or unenforceable by a court of competent jurisdiction, the
validity or enforceability of the remaining provisions of the Plan shall remain
in full force and effect.

         SECTION 11.4. APPLICABLE LAW. The Plan and all rights under the Plan
shall be governed by and construed according to the laws of the State of New
Jersey, except to the extent preempted by Federal law.

         IN WITNESS WHEREOF, the Employer has caused this Plan to be executed by
its duly authorized officer on this day of __________, 1997.



                     ADOPTED BY UNANIMOUS WRITTEN CONSENT OF
                  THE BOARD OF DIRECTORS OF ANSELL INCORPORATED
                                ON JULY 28, 1997



                                      -9-
<PAGE>   13

                                                                      APPENDIX A

                               ANSELL INCORPORATED
                         NON-QUALIFIED U.S. PENSION PLAN

                                DEFERRAL ELECTION

Employee:__________________________________    Social Security Number:__________


This election form applies to the period beginning on __________, 199 (July 1
or, if the employee becomes an Eligible Employee other than on the first day of
the Plan Year, the first day of such eligibility) and ending on the earlier of
the ending date of the deferral period or the effective date of any change or
revocation of this Deferral Election, pursuant to the terms of the Ansell
Incorporated Non-Qualified U.S. Pension Plan (the "Plan").

I.   EMPLOYEE DEFERRALS. I elect to defer the receipt of a portion of my
     Compensation beginning on the date specified above, as follows (select and
     complete one or more of the following):

     [ ]   $ or % (specific dollar amount or specific percentage of my base
           salary. Minimum deferral = 1% of base salary; maximum deferral = 30%
           of base salary).

     [ ]   $ or % (specific dollar amount or specific percentage of my annual
           incentive Bonus, if any, in 10% increments up to 100%).

     [ ]   I do not wish to make deferrals under the Plan at this time.

II.  CHANGE IN DEFERRAL ELECTION. I understand that the above deferral election
     shall remain in effect until changed or revoked as permitted under the
     Plan. I may change the amount of my deferral election effective July 1 of
     each year, provided a new deferral election is received by the Committee
     that administers the Plan prior to the effective date of the new election.
     I may revoke a prior deferral election effective prospectively on the first
     day of any calendar month, provided I show evidence of financial hardship
     (as defined in the Plan and as determined by the Committee administering
     the Plan) and I agree to suspend my deferrals for a certain period of time.
     In certain cases, evidence of financial hardship will not be required, but
     the period of suspension of my deferrals may be increased in such cases.
     (Please review the Plan for more details.) This deferral election shall
     automatically terminate upon my termination of employment with Ansell
     Incorporated (the "Employer") or upon the termination of the Plan.

III. NO GUARANTY OF EMPLOYMENT. I understand that nothing in the Plan or this
     form shall be considered to be a contract of employment between me and the
     Employer. I also understand that nothing contained in the Plan or this form
     shall give me the right to be retained in the employ of the Employer or to
     interfere with the right of the Employer to



<PAGE>   14

     discharge me or any other employee at any time, nor shall it give the
     Employer the right to require me or any employee to remain in its employ or
     to interfere with my or any employee's right to terminate employment at any
     time.

IV.  MISCELLANEOUS. I understand that this Deferral Election supersedes and
     nullifies any prior Deferral Election and that the execution of this
     Deferral Election shall not be construed as giving me any right to receive
     any bonus from the Employer. I further acknowledge that I have received a
     copy of the Plan and have reviewed this document and understand and agree
     that my participation in the Plan will be subject to the terms and
     conditions contained in the Plan. I acknowledge that I should consult my
     own tax advisors before making this Deferral Election in order to determine
     the tax effect of my participation in the Plan and its effects in
     conjunction with other benefits of the Employer to which I may be entitled.


------------------------------------              ------------------------------
Signature of Eligible Employee                                Date


------------------------------------              ------------------------------
Signature of Spouse (necessary in                             Date
"community-property" states)



------------------------------------              ------------------------------
On behalf of Employer                                         Date



                                      -2-
<PAGE>   15


                                                                      APPENDIX B


                               ANSELL INCORPORATED
                         NON-QUALIFIED U.S. PENSION PLAN

                             BENEFICIARY DESIGNATION


         I, __________________, am an eligible employee under the Ansell
Incorporated Non-Qualified U.S. Pension Plan (the "Plan"). I designate the
following as my primary beneficiary(ies) to receive any benefits payable under
the Plan by reason of my death (attach additional pages if more space is
needed):

     Name(s), Address(es) and Social
     Security Number(s) of Primary           Relationship and Portion of Benefit
     Beneficiary(ies):                       Payable to Each:
     -----------------------------------     -----------------------------------






         If no primary beneficiary is living or is in existence on the date of
my death, the following shall be my successor beneficiary(ies) under the Plan
(attach additional pages if more space is needed):

     Name(s), Address(es) and Social
     Security Number(s) of Primary           Relationship and Portion of Benefit
     Beneficiary(ies):                       Payable to Each:
     -----------------------------------     -----------------------------------






         I revoke any beneficiary designation previously made by me with respect
to the Plan. I understand that I may change the designations above at any time
by filing a new designation form with the Committee that administers the Plan,
and that such designation shall be effective upon receipt by the Committee.

         I understand that, where I have designated more than one primary and/or
successor beneficiary, if a primary (or successor, if applicable) beneficiary
dies (or, if a trust, goes out of existence) before my benefits are to be
distributed among all designated beneficiaries, the predeceased beneficiary's
share shall be distributed among the remaining primary (or successor)
beneficiaries in proportion to their respective shares. The Employer may
distribute Plan benefits



<PAGE>   16

to any trustee named as a beneficiary in this form without inquiring into, or
otherwise being responsible for, the application of such distribution. I further
understand that, if no primary or successor beneficiary is living when my
benefits are to be distributed among all beneficiaries, the entire benefit will
be paid to my estate.




Dated:
      -----------------------------              -------------------------------
                                                 Signature of Eligible Employee



                                                 -------------------------------
                                                 Social Security Number


Received this ______ day of ________, 19____.




                                                 -------------------------------
                                                 Signature of Committee Member


                                      -2-