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|                                             |              Page                            |
|--------------------------------------------------|---------------------------------------------------------------------------------|
| SECTION      I - DEFINITIONS                     |              1 |
| 1.1                                              | Account                                                                         | 1 |
| 1.2                                              | Administrative      Committee                                                   | 1 |
| 1.3                                              | Board of    Directors                                                           | 1 |
| 1.4                                              | Code                                                                            | 1 |
| 1.5                                              | Company                                                                         | 1 |
| 1.6                                              | Disability                                                                      | 1 |
| 1.7                                              | Eligible    Employees                                                           | 2 |
| 1.8                                              | Employer                                                                        | 2 |
| 1.9                                              | Key Employee                                                                    | 2 |
| 1.10                                             | Participant                                                                     | 2 |
| 1.11                                             | Plan                                                                            | 2 |
| 1.12                                             | Savings Plan                                                                    | 2 |
| 1.13                                             | Valuation Date                                                                  | 2 |
| 1.14                                             | 409A                                                                            | 2 |
|                                             |
| SECTION      II – BENEFITS                 | 2                                                                               |
| 2.1                                              | Account      Established                                                        | 2 |
| 2.2                                              | Benefits                                                                        | 2 |
| 2.3                                              | Earnings Credited to      Accounts                                              | 3 |
| 2.4                                              | Time and Form of Payment of      Vested Benefits                                | 3 |
|                                             | Beneficiary                                                                     | 3 |
|                                             |
| SECTION      III – LIABILITY FOR PAYMENTS  | 4                                                                               |
| 3.1                                              | In General                                                                      | 4 |
| 3.2                                              | Unfunded Plan                                                                   | 4 |
|                                             |
| SECTION      IV – ADMINISTRATION           | 4                                                                               |
|                                             |
| SECTION      V – AMENDMENT AND TERMINATION | 4                                                                               |
|                                             |
| SECTION      VI – MISCELLANEOUS            | 5                                                                               |
| 6.1                                              | No Employment      Rights                                                       | 5 |
| 6.2                                              | Forfeiture of      Cause                                                        | 5 |
| 6.3                                              | Non-Alienation of      Benefits                                                 | 5 |
| 6.4                                              | Binding Effect                                                                  | 5 |
| 6.5                                              | Liability Limited and      Indemnification                                      | 5 |
| 6.6                                              | Withholding                                                                     | 5 |
| 6.7                                              | Separability                                                                    | 6 |
| 6.8                                              | Captions                                                                        | 6 |
| 6.9                                              | Usage                                                                           | 6 |
| 6.10                                             | Governing Laws                                                                  | 6 |

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|   |   | MAXXAM      INC.             |
|--------|--------|------------------------------|
|   |   |                         |
|   | By:    | /s/      M. Emily Madison    |
|   |   | M.      Emily Madison        |
|   |   | Vice      President, Finance |