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                                                                 EXHIBIT (10)(t)

                                  NOVEON, INC.

                       SPECIAL DEFERRED COMPENSATION PLAN
                 (First Restatement Effective November 1, 2002)

                                   ARTICLE I
                                    Purpose

            The purpose of this Special Deferred Compensation Plan (the "Plan")
of Noveon, Inc. (the "Company") is to provide a select group of senior
management employees of the Company the ability to defer the receipt of
compensation, for the periods provided in this Plan. It is intended that this
Plan shall be considered an unfunded plan maintained for the purpose of
providing deferred compensation for a select group of management or highly
compensated employees for purposes of Title I of the Employee Retirement Income
Security Act of 1974, as amended, and shall be construed accordingly.

                                   ARTICLE II
                                  Definitions

            For purposes of this Plan, the following terms shall have the
following meanings:

            2.1   "ACCOUNT" shall mean the memorandum account established for a
                  Participant pursuant to Section 4.1.

            2.2   "ADMINISTRATOR" shall mean the Company's Retirement Committee
                  which shall be responsible for administering and interpreting
                  the Plan pursuant to Section 6.1.

            2.3   "ASSIGNMENT AGREEMENT" shall mean an Agreement Relating to
                  Deferred Compensation Arrangements.

            2.4   "BENEFICIARY" shall mean the person designated from time to
                  time in writing delivered to the Administrator by a
                  Participant to receive payments under this Plan after the
                  death of such Participant or, in the absence of any such
                  designation or in the event that such designated person shall
                  predecease such Participant, the Participant's estate. A
                  Participant shall designate a Beneficiary in the Deferral
                  Election Agreement executed by the Participant and thereafter
                  may change his Beneficiary designation by filing with the
                  Administrator an Election Change Form.

            2.5   "COMPANY" shall mean Noveon, Inc. (formerly known as PMD Group
                  Inc.), a Delaware corporation.

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            2.6   "DEFERRAL ELECTION AGREEMENT" shall mean the agreement
                  provided by the Administrator and executed by an Eligible
                  Employee to elect to participate in the Plan.

            2.7   "DEFERRED AMOUNT" shall mean as of any date a Participant's
                  Deferred Compensation plus any gains or losses attributable
                  thereto as of such date which have been credited to the
                  Account of such Participant, less any amounts paid to such
                  Participant pursuant to Article V hereof.

            2.8   "DEFERRED COMPENSATION" shall mean, with respect to a
                  Participant, an amount equal to the cash payment received by
                  the Company pursuant to the Assignment Agreement and Deferred
                  Amounts elected on an appropriately executed annual Deferral
                  Election Agreement.

            2.9   "ELECTION CHANGE FORM" shall mean a form designated as an
                  Election Change Form by the Administrator for use under this
                  Plan.

            2.10  "ELIGIBLE EMPLOYEE" shall mean the Company's senior management
                  employees selected by the Company's Chief Executive Officer
                  and the Retirement Committee who are paid through a United
                  States based facility payroll system.

            2.11  "INVESTMENT CHOICES" shall mean the investment vehicles made
                  available by the Administrator from time to time in which a
                  Participant's Deferred Amount will be invested pursuant to
                  Section 4.2.

            2.12  "PARTICIPANT" shall mean any Eligible Employee who enters into
                  a Deferral Election Agreement pursuant to Section 3.1.

            2.13  "PLAN" shall mean this Noveon, Inc. Special Deferred
                  Compensation Plan (formerly known as The PMD Group Inc. 2001
                  Special Deferred Compensation Plan).

            2.14  "PLAN YEAR" shall mean the calendar year.

            2.15  "SUBSTANTIAL HARDSHIP" shall mean an unanticipated emergency
                  or necessity that is caused by events outside of the control
                  of the Participant (or in the event of the Participant's
                  death, his Beneficiary) that would result in severe financial
                  hardship to the Participant (or in the event of

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                  the Participant's death, his Beneficiary), as determined in
                  the sole discretion of the Administrator.

            2.16  "TRUST" shall mean the trust established pursuant to the
                  Trust Agreement for the Noveon, Inc. Special Deferred
                  Compensation Plan.

            2.17  "TRUSTEE" shall mean the person or entity named as the trustee
                  in the separate Trust document and forming a part of this Plan
                  and any successor trustees.

                                   ARTICLE III
                            Deferral of Compensation

            3.1   Deferral Election Agreement. Each Eligible Employee may elect
                  to participate in the Plan by executing a Deferral Election
                  Agreement. The Deferral Election Agreement shall specify the
                  Deferred Amount (in whole percentages of such compensation)
                  that can be up to forty percent (40%) of the Eligible
                  Employee's base salary and up to ninety percent (90%) of the
                  Eligible Employee's incentive compensation award, if any.

                        (a) An Eligible Employee who is a new Participant to
                            this Plan may execute a Deferral Election Agreement
                            for the deferral of base salary during the first
                            thirty (30) days of participation in accordance with
                            uniform rules established by the Plan Administrator.
                            A new Participant's Deferral Election Agreement
                            shall be effective only for compensation paid after
                            the Deferral Election Agreement is executed.

                        (b) Thereafter, a Participant can elect to reduce,
                            discontinue, or increase his/her Deferral Election
                            Agreement for the deferral of the next Plan Year's
                            base salary during the forty-six (46) day election
                            period established by the Administrator. The
                            Participant's Deferral Election Agreement shall be
                            effective only for compensation paid after the
                            Deferral Election Agreement is executed.

                        (c) A Participant may elect to defer an incentive
                            compensation award payable by the Company in the
                            following Plan Year provided the Participant
                            executes a Deferral Election Agreement during the

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                            election period established by the Administrator in
                            paragraph (b) above. Notwithstanding the foregoing,
                            Deferral Election Agreement can be made for the
                            incentive compensation award payable in 2003 in a
                            delayed election period established by the
                            Administrator provided such election is made before
                            the determination of the Eligible Employee's share
                            of any such incentive award.

                        (d) Upon execution, a Participant's Deferral Election
                            Agreement for deferral of base salary shall become
                            irrevocable until the next election period for this
                            Plan or in the event of a Substantial Hardship. Upon
                            a Substantial Hardship distribution, a Participant's
                            Deferral Election Agreement shall be suspended for a
                            period of at least six (6) months.

                        (e) A Participant's Compensation shall be reduced in
                            accordance with his/her election hereunder and the
                            amounts of Compensation deferred shall be paid by
                            the Company to the Trust as soon as administratively
                            feasible.

            3.2   Distribution Election. The Participant's annual Election Form
                  shall specify the date on which the payment of the Deferred
                  Amount shall commence (the "Payment Commencement Date") and
                  whether the payment of such Deferred Amount shall be made in a
                  single lump sum, or in five, ten or fifteen annual
                  installments. A Participant's Payment Commencement Date shall
                  not be less than twenty-four (24) months from the date the
                  Deferred Amount would have originally been payable. If an
                  installment distribution is elected, the amount of each
                  installment established in accordance with uniform rules
                  established by the Plan Administrator and each annual
                  installment shall be paid on or about January 15th of each
                  installment year.

                                   ARTICLE IV
                          Treatment of Deferred Amounts

            4.1   Accounts. The Company shall establish a bookkeeping account
                  (the "Account") for each Participant reflecting annual
                  Deferred Compensation contributions and the respective Payment
                  Commencement Dates for such contributions made on the
                  Participant's behalf together with any

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                  adjustments for income, gain or loss and any distributions
                  from the account. The Plan Administrator shall cause the
                  Trustee to maintain and invest separate asset accounts
                  corresponding to each Participant's account.

            4.2   Directed Investments. Effective for new deferrals on and after
                  November 1, 2002, the Participant's Deferred Amounts shall be
                  invested in a money market mutual fund selected by the
                  Administrator. Effective April 1, 2003, the Administrator or
                  its designee shall select the investment funds to which the
                  Participants may direct the investments of their Account
                  balances. The assets attributable to a Participant's Account
                  held in the Trust shall be invested among the available
                  investments as the Participant may direct in accordance with
                  rules established by the Administrator.

            4.3   Unsecured Obligation. The Plan and the crediting of Accounts
                  hereunder shall be merely for the purpose of recording an
                  unsecured contractual obligation.

            4.4   Reports. Until the entire Deferred Amount in a Participant's
                  Account shall have been paid in full, the Company will furnish
                  to the Participant, at least annually, a report setting forth
                  the activity and balance of his Account.

                                   ARTICLE V
                           Payment of Deferred Amounts

            5.1   Form of Payment. All payments of Deferred Amounts under this
                  Plan shall be made in cash.

            5.2   Payment of Deferred Amount. Except as provided in Sections
                  5.3 or 5.4 below or as a result of a Change of Control defined
                  in Section 5.5 below, the Deferred Amount in a Participant's
                  Account shall be paid or commence to be paid to such
                  Participant only in accordance with Section 3.2 hereof.

            5.3   Acceleration of Payments. Notwithstanding any other provision
                  of this Plan to the contrary, upon a Participant's Substantial
                  Hardship (or, in the event of the Participant's death, his
                  Beneficiary's Substantial Hardship), and with the consent of
                  the Administrator, a Participant (or, in the event of the
                  Participant's death, his Beneficiary) may withdraw such
                  portion of his Deferred Amount as the Administrator determines
                  is necessary to satisfy the Participant's financial

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                  emergency (or, in the event of the Participant's death, his
                  Beneficiary's financial emergency).

            5.4   Death Benefit. If a Participant dies before the complete
                  distribution of his/her Deferred Amounts, the Plan
                  Administrator shall contact the deceased Participant's
                  designated Beneficiary for such Beneficiary's election of
                  either an immediate lump sum or deferred lump sum, or an
                  immediate or deferred installment distribution of the deceased
                  Participant's Deferred Amounts. Thereafter, the Plan
                  Administrator shall instruct the Trustee to begin paying the
                  balance of the deceased Participant's Deferred Amounts in the
                  method elected by the deceased Participant's designated
                  Beneficiary. A deceased Participant's designated Beneficiary
                  entitled to payments under this Section 5.4 shall be
                  considered a limited Participant for purposes of directing
                  the investments of the deceased Participant's Account under
                  Section 4.2 above (if applicable) and for purposes of
                  requesting a distribution because of a Substantial Hardship
                  under Section 5.3 above (if applicable).

            5.5   Change of Control. In the event that a Participant's
                  employment terminates within twelve (12) months after an event
                  that the Plan Administrator determines is a "Change of
                  Control" (as defined below), the Plan Administrator shall
                  distribute to such Participant (or to the beneficiary of a
                  deceased Participant) the Participant's account balance under
                  the Plan in a lump sum payment, regardless of the
                  Participant's prior benefit distribution elections. For
                  purposes of this Plan, the Plan Administrator has sole
                  discretionary authority to determine whether a "Change of
                  Control" has occurred which may include, but not be limited
                  to, the definition of a "Transaction" as used in the Company's
                  Stock Option Plan, as amended from time to time (the "Stock
                  Option Plan"); other than a "Non-Control Transaction" as
                  defined in the Stock Option Plan.

                                   ARTICLE VI
                                 Administration

            6.1   Administrator. The Administrator shall have full authority to
                  construe and interpret the terms and provisions of the Plan,
                  to adopt, alter and repeal such administrative rules,
                  guidelines and practices governing this Plan and perform all
                  acts, including the delegation of its administrative
                  responsibilities, as it shall, from time to time, deem

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                  advisable, and to otherwise supervise the administration of
                  this Plan. The Administration may correct any defect, supply
                  any omission or reconcile any inconsistency in the Plan, or in
                  any election hereunder, in the manner and to the extent it
                  shall deem necessary to carry the Plan into effect. Any
                  decision, interpretation or other action made or taken in good
                  faith by or at the direction of the Administrator in
                  connection with the Plan shall be within the absolute
                  discretion of the Administrator and shall be final, binding
                  and conclusive on the Company and all employees and
                  Participants and their respective heirs, executors,
                  administrators, successors and assigns. A Participant who is
                  also the Administrator, a member of a committee that is the
                  Administrator or a person to whom the Administrator has
                  delegated responsibility pursuant to this Section 6.1 shall
                  not participate in any decision involving a request made by
                  him or relating in any way to his rights, duties and
                  obligations as a Participant (unless such decision relates to
                  all Participants generally and in a similar manner).

            6.2   Liability. No member of the Board of Directors of the Company
                  or any of its affiliates, nor the Administrator or an employee
                  or agent of the Company or any of its affiliates, shall be
                  liable for any act or action hereunder, whether of omission or
                  commission, by any other person to whom duties in connection
                  with the administration of the Plan have been delegated or,
                  except in circumstances involving his bad faith, gross
                  negligence or fraud, for anything done or omitted to be done
                  by himself. The Company or the Administrator may consult with
                  legal counsel, who may be counsel for the Company or other
                  counsel, with respect to its obligations and duties hereunder,
                  or with respect to any action or proceeding or any question of
                  law, and shall not be liable with respect to any action taken
                  or omitted by it in good faith pursuant to the advice of such
                  counsel.

            6.3   Claims Procedure. Claims for benefits under the Plan shall be
                  filed in writing with the Administrator. The Administrator
                  shall furnish written notice of the disposition of a claim to
                  the claimant within ninety (90) days after the application is
                  filed. Losses or damages incurred due to a delay caused by the
                  claimant's lack of reasonable cooperation shall not be
                  chargeable to the Administrator. In the event a claim is
                  denied, the reasons for the denial shall be specifically set
                  forth in the notice in language calculated to be understood by
                  the claimant, pertinent provisions of the Plan shall be cited,
                  and,

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                  where appropriate, an explanation as to how the claimant can
                  perfect the claim will be provided. In addition, the claimant
                  shall be furnished with an explanation of the Plan's claims
                  review procedure.

            6.4   Claims Review Procedure. A Participant or his/her Beneficiary
                  who has been denied a benefit by a decision of the
                  Administrator pursuant to Section 6.3 shall be entitled to
                  request the Administrator to give further consideration to the
                  claim by filing with the Administrator a request for a review.
                  Such request, together with a written statement of the reasons
                  why the claimant believes his/her claim should be allowed,
                  shall be filed with the Administrator no later than ninety
                  (90) days after receipt of the written notification provided
                  for in Section 6.3 above. The Administrator may in its sole
                  discretion establish such procedures, as it deems necessary or
                  advisable for the conduct of any such review. After the review
                  has been completed, the Administrator shall render a decision
                  in writing, a copy of which shall be sent to the claimant.
                  Such decision shall set forth the specific reason or reasons
                  for the decision and the specific Plan and/or Trust
                  provision(s) upon which the decision is based. The
                  interpretations, determinations, and decisions of the
                  Administrator shall be final and binding upon all persons with
                  respect to any right, benefit, and privilege hereunder. Except
                  as otherwise provided by applicable law, the review procedures
                  of this Section shall be the sole and exclusive remedy and
                  shall be in lieu of all actions at law, in equity, or
                  otherwise. In any event, a Participant or his/her Beneficiary
                  must exhaust the review procedures of this Section 6.4 before
                  the commencement of any such action. The Administrator shall
                  make a final decision as to the allowance of the claim within
                  sixty (60) days of receipt of the appeal (unless there has
                  been an extension of sixty (60) days due to special
                  circumstances, provided the delay and the special
                  circumstances occasioning it are communicated to the claimant
                  within the sixty (60) day period). Delays incurred by the
                  Administrator in reviewing a claim denial caused by the
                  claimant's lack of reasonable cooperation shall not be
                  chargeable to the Administrator. Any communication to a
                  claimant shall be written in a manner calculated to be
                  understood by the claimant and shall include specific reasons
                  for the decision and specific references to the pertinent
                  Plan provisions on which the decision is based.
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                                  ARTICLE VII
                                 Miscellaneous

            7.1   Participants' Rights. A Participant, at all times, shall have
                  an immediate one hundred percent (100%) vested interest in his
                  Account.

            7.2   Amendment or Termination. Notwithstanding any other provision
                  of this Plan, the Administrator may at any time, and from time
                  to time, amend, in whole or in part, any or all of the
                  provisions of the Plan, or suspend or terminate it entirely;
                  provided, however that any such amendment, suspension or
                  termination may not, without a Participant's consent,
                  adversely affect any Deferred Amount credited to such
                  Participant's Account prior to such amendment, suspension or
                  termination. Notwithstanding the foregoing, the Administrator
                  may change one or all of the Investment Choices at any time,
                  and upon any termination of this Plan, the Administrator may
                  in its sole discretion accelerate the payment of all Deferred
                  Amounts credited as of the date of termination of this Plan.
                  The Plan shall remain in effect until all obligations
                  hereunder have been satisfied or until it is terminated
                  pursuant to this Section 7.2.

            7.3   Expenses. The Company will pay all expenses incurred in
                  administering this Plan and no part thereof shall be charged
                  against any Participant's Account or any amounts distributable
                  hereunder.

            7.4   Withholding. The Company shall withhold from Participants'
                  compensation, or from amounts payable hereunder, any federal,
                  state or local taxes required by law to be withheld in
                  connection with the deferral or payment of any amounts
                  hereunder.

            7.5   No Obligation. Neither this Plan nor any elections hereunder
                  shall create any obligation on the Company to continue any
                  existing incentive compensation plans or policies or to
                  establish or continue any other programs, plans or policies of
                  any kind. Neither this Plan nor any election made pursuant to
                  this Plan shall give any Participant or other employee the
                  right to receive benefits not specifically provided for by the
                  Plan, nor any right with respect to continuance of employment
                  by the Company, nor shall there be a limitation in any way on
                  the right of the Company to terminate his employment at any
                  time.
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            7.6   No Assignment. No right or interest in any Account or Deferred
                  Amount under this Plan may be assigned, transferred, pledged
                  or hypothecated, and no right or interest of any Participant
                  in any Account hereunder or to any Deferred Amount shall be
                  subject to any lien, pledge, encumbrance, charge, garnishment,
                  execution, alienation, obligation or liability of such
                  Participant, whether voluntary or involuntary, including, but
                  not limited to, any liability that is for alimony or other
                  payments for the support of a spouse or former spouse, or for
                  any other relative of a Participant.

            7.7   Facility of Payment. Any amounts payable hereunder to any
                  person who is under legal disability or who, in the judgment
                  of the Administrator, is unable to manage his financial
                  affairs, may be paid to the legal representative of such
                  person or may be applied for the benefit of such person in any
                  manner that the Company may select. Any such payment shall be
                  deemed to be payment for such person's Account, and shall be a
                  complete discharge of all liability of the Company with
                  respect to the amount so paid.

            7.8   Applicable Law. This Plan and the obligations of the Company
                  hereunder shall be subject to all applicable federal and state
                  laws, rules and regulations and to such approvals by any
                  governmental or regulatory agency as may from time to time be
                  required.

            7.9   Governing Law. This Plan and actions taken in connection
                  herewith shall be governed and construed in accordance with
                  the laws of the State of Ohio (regardless of the law that
                  might otherwise govern under applicable Ohio principles of
                  conflict of laws). Any provision of this Plan prohibited by
                  the law of any jurisdiction shall, as to such jurisdiction, be
                  ineffective to the extent of such prohibition without
                  invalidating the remaining provisions hereof.

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            7.10  Construction. Wherever any words are used in this Plan in the
                  masculine gender they shall be construed as though they were
                  also used in the feminine gender in all cases where they would
                  so apply, and wherever any words are used herein in the
                  singular form they shall be construed as though they were also
                  used in the plural form in all cases where they would so
                  apply. The titles to sections of this Plan are intended as a
                  convenience and shall not be used as an aid in construction of
                  any provisions hereof.

First Restatement to Special Deferred Compensation Plan effective November 1,
2002.

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