EXHIBIT 10 (m)

# THE BLACK & DECKER
MANAGEMENT ANNUAL INCENTIVE PLAN

# 1.        Purpose

| | The
purpose of The Black & Decker Corporation Management Annual Incentive Plan is to make
a part of the annual compensation of certain key management employees dependent on
individual and Corporation performance and to provide rewards for performance as a
competitive incentive to their efforts on the Corporations behalf, and thus to
enhance and reinforce the Corporations ability to achieve its business goals.
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# 2.        Definitions

| | Whenever
used for purposes of the Plan, the following terms have the meanings defined below, and
when the defined meaning is intended, the term is capitalized:
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| | (a) | Award means a grant to a Participant of incentive compensation under
               the Plan.
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| | (b) | CEO means the Chief Executive Officer of the Corporation.
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| | (c) | Committee means the Compensation Committee of the Board of Directors
               of the Corporation.
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| | (d) | Corporation means The Black & Decker Corporation.
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| | (e) | Participant means an employee of the Corporation or one of its
               Subsidiaries who has been designated to participate in this Plan.
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| | (f) | Performance Period means the fiscal year in respect of which an
               Award is to be paid under the Plan.
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| | (g) | Plan means The Black & Decker Management Annual Incentive Plan,
               as amended from time to time.
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| | (h) | Subsidiary means any domestic or foreign corporation, at least 50%
               of the outstanding voting stock or voting power of which is beneficially owned,
               directly or indirectly, by the Corporation.
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# 3.        Administration

| | (a) | The Committee shall determine who shall be a Participant, the applicable
               performance goals for each Performance Period and the amount of any Awards paid
               under the Plan, shall construe, interpret (subject to Section 3(c) of the Plan)
               and administer the Plan, and shall adopt such rules and regulations and take
               such other action as it deems appropriate. All decisions by the Committee shall
               be final, conclusive and binding on the Corporation and each Participant, former
               Participant, beneficiary and every other interested person. The CEO or the
               Committee may condition participation in the Plan by an employee upon the
               employee agreeing to certain terms and conditions of employment (including,
               without limitation, noncompete, confidentiality or similar provisions). The
               Committee will report annually to the Board of Directors of the Corporation all
               action taken under the Plan, including Awards paid.
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| | (b) | Within 90 days of the beginning of each Performance Period, the CEO and the
               Committee shall establish or approve performance goals for each Participant.
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| | (c) | It is intended that the Plan comply with Section 409A of the Internal Revenue
               Code of 1986, as amended from time to time (the Code), and the
               regulations or guidance issued thereunder and it shall be interpreted
               accordingly.
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# 4.        Participation

| | (a) | Participation in the Plan shall be limited to selected management employees who
               the Committee has determined have a significant influence on the
               Corporations annual corporate performance. The selection of Participants
               shall be recommended by the CEO and approved by the Committee within 90 days of
               the beginning of a Performance Period and communicated to the Participants as
               soon thereafter as practicable.
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| | (b) | No management employee shall be a Participant in the Plan during any year in
               which he or she is a participant in any other annual incentive plan of the
               Corporation or any of its Subsidiaries, including but not limited to The Black
               & Decker Executive Annual Incentive Plan.
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| | (c) | At any time during a Performance Period the Committee may designate new
               Participants or remove employees from participation, in its sole discretion. An
               employees participation in the Plan in any prior year or years shall not
               give the employee the right to be a Participant in any subsequent year.
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# 5.        Awards

| | (a) | Awards shall be made annually after consideration of the respective performance
               against the performance goals established by the Committee for the respective
               Performance Period.
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| | (b) | To be eligible for an Award in respect of a given Performance Period, a minimum
               of six months participation in the Plan is required for the Performance
               Period. The decision to pay or not to pay an Award and the amount of the Award
               to be paid shall be made by the Committee in its sole discretion. The Committee
               may decide to pay an Award when performance objectives have not been satisfied
               and elect not to pay an Award when performance objectives have been satisfied.
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| | (c) | With respect to each Participant, the maximum Award for a Performance Period
               shall be equal to the aggregate of the Participants annual base salary at
               the beginning and at the end of the Performance Period, divided by two and
               multiplied by 55%.
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# 6.        Payment of Awards

| | (a) | Awards shall be paid as soon as practicable after the end of a Performance
               Period (but in no event later than the last day of the calendar year immediately
               following the end of the Performance Period) and after audited results for the
               Performance Period are available.
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| | (b) | Awards shall be paid in cash and shall be paid in the currency in which each
               Participants base salary is paid.
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# 7.        Termination of
Employment

| | If
before an Award is actually paid to a Participant with respect to a Performance Period the
Participant ceases to be a regular full-time employee of the Corporation or any of its
Subsidiaries for a reason other than retirement with a right to an immediate retirement
benefit, the Participants eligibility under the Plan shall terminate and no Award
will be made, except that the Committee in its sole discretion may consider whether to
make an Award to such Participant and, in the event it decides to make such an Award in
its sole discretion, shall determine the amount of the Award. If a Participants
employment terminates at a time when the Participant has a right to receive an immediate
retirement benefit from the Corporation or any of its Subsidiaries, the Committee may make
such Award as it deems appropriate under the circumstances.
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# 8.        Claim to Awards and
Employment Rights

| | No
employee or other person shall have any claim or right to be granted an Award under the
Plan. Only the Committee shall have the authority to commit the Corporation to make an
Award under the Plan, and any such commitment shall be binding on the Corporation only if
in writing signed by the CEO or another duly authorized officer of the Corporation.
Neither the Plan nor any action taken hereunder shall be construed as giving any employee
any right to be retained in the employ of the Corporation or a Subsidiary or affecting the
right of the Corporation and its Subsidiaries to terminate the employment of any employee
at any time, for any reason and with or without notice.
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# 9.        Tax Withholding

| | The
Corporation or a Subsidiary, as appropriate, shall have the right to deduct from all Award
payments for any Federal, State or local taxes or other similar payments required by law
to be withheld with respect to such payments.
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# 10.       Expenses of Plan

The
expenses of administering the Plan shall be borne by the Corporation and its Subsidiaries.

# 11.     Amendment and
Termination

| | The
Board of Directors may, in its discretion, terminate, amend or modify this Plan at any
time and from time to time. The Plan may be amended at any time, including retroactively,
to conform the Plan to the provisions and requirements of Section 409A of the Code, and no
such amendment shall be considered prejudicial to any interest of any Participant
thereunder.
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# 12.       Effective Date of
the Plan

The
Plan, as amended effective January 1, 2005, shall be effective as of January 1, 1996.

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