----

|        1 | Article      1 Definitions    |
|---------------|----------------------------------------------|

|        5 | Article      2 Selection, Enrollment, Eligibility |
|---------------|---------------------------------------------------|

|        5 | 2.1 | Selection      by Committee  |     |
|---------------|-----|-----------------------------------|--------------------|

|        5 | 2.2 | Enrollment      and Eligibility Requirements; Commencement of      Participation  |     |
|---------------|-----|----------------------------------------------------------------------------------------|--------------------|

|        6 | 2.3 | Failure      of Eligibility  |   |
|---------------|-----|-----------------------------------|--------|

|        6 | Article      3 Deferral Elections /Company Contribution Amounts/ Minimum and Maximum      Deferrals/Vesting/Crediting/Taxes |
|---------------|-----------------------------------------------------------------------------------------------------------------------------|

|        6 | 3.1 | Election      to Defer; Effect of Election Form  |   |
|---------------|-----|-------------------------------------------------------|--------|

|        8 | 3.2 | Minimum      Deferrals  |   |
|---------------|-----|------------------------------|--------|

|        8 | 3.3 | Maximum      Deferral  |   |
|---------------|-----|-----------------------------|--------|

|        9 | 3.4 | Withholding      and Crediting of Annual Deferral Amounts  |   |
|---------------|-----|-----------------------------------------------------------------|--------|

|        10 | 3.5 | Company      Contribution Amount  |   |
|----------------|-----|----------------------------------------|--------|

|        10 | 3.6 | Crediting      of Amounts after Benefit Distribution  |   |
|----------------|-----|------------------------------------------------------------|--------|

|        10 | 3.7 | Vesting  |   |
|----------------|-----|---------------|--------|

|        11 | 3.8 | Crediting/Debiting      of Account Balances  |   |
|----------------|-----|---------------------------------------------------|--------|

|        13 | 3.9 | FICA      and Other Taxes  |   |
|----------------|-----|---------------------------------|--------|

|        13 | Article      4 Scheduled Distribution; Unforeseeable Emergencies       |
|----------------|------------------------------------------------------------------------------------------------------|

|        13 | 4.1 | Scheduled      Distribution  |   |
|----------------|-----|-----------------------------------|--------|

|        14 | 4.2 | Postponing      Scheduled Distributions  |   |
|----------------|-----|-----------------------------------------------|--------|

|        14 | 4.3 | Other      Benefits Take Precedence Over ScheduledDistributions  |   |
|----------------|-----|-----------------------------------------------------------------------|--------|

|        14 | 4.4 | Unforeseeable      Emergencies  |   |
|----------------|-----|--------------------------------------|--------|

|        15 | Article      5 Separation Benefit |
|----------------|-----------------------------------|

|        15 | 5.1 | Separation      Benefit  |   |
|----------------|-----|-------------------------------|--------|

|        15 | 5.2 | Payment      of Separation Benefit  |   |
|----------------|-----|------------------------------------------|--------|

|        16 | Article      6 Disability Benefit |
|----------------|-----------------------------------|

|        16 | 6.1 | Disability      Benefit  |   |
|----------------|-----|-------------------------------|--------|

|        16 | 6.2 | Payment      of Disability Benefit  |   |
|----------------|-----|------------------------------------------|--------|

|        16 | Article      7 Survivor Benefit |
|----------------|---------------------------------|

|        16 | 7.1 | Survivor      Benefit  |   |
|----------------|-----|-----------------------------|--------|

|        16 | 7.2 | Payment      of Survivor Benefit  |   |
|----------------|-----|----------------------------------------|--------|

|        16 | Article      8 Beneficiary Designation |
|----------------|----------------------------------------|

|        16 | 8.1 | Beneficiary  |   |
|----------------|-----|-------------------|--------|

|        16 | 8.2 | Beneficiary      Designation; Change; Spousal Consent  |   |
|----------------|-----|-------------------------------------------------------------|--------|

|        17 | 8.3 | Acknowledgment  |   |
|----------------|-----|----------------------|--------|

|        17 | 8.4 | No      Beneficiary Designation  |   |
|----------------|-----|---------------------------------------|--------|

|        17 | 8.5 | Doubt      as to Beneficiary  |   |
|----------------|-----|------------------------------------|--------|

|        17 | 8.6 | Discharge      of Obligations  |   |
|----------------|-----|-------------------------------------|--------|

|        17 | Article      9 Leave of Absence |
|----------------|---------------------------------|

|        17 | 9.1 | Paid      Leave of Absence  |   |
|----------------|-----|----------------------------------|--------|

|        17 | 9.2 | Unpaid      Leave of Absence  |   |
|----------------|-----|------------------------------------|--------|

|        18 | 9.3 | Leaves      Resulting in Separation from Service  |   |
|----------------|-----|--------------------------------------------------------|--------|

|        18 | Article      10 Termination of Plan, Amendment or  Modification |
|----------------|-----------------------------------------------------------------|

|        18 | 10.1 | Termination      of Plan  |   |
|----------------|------|--------------------------------|--------|

|        18 | 10.2 | Amendment  |   |
|----------------|------|-----------------|--------|

|        19 | 10.3 | Plan      Agreement  |   |
|----------------|------|---------------------------|--------|

|        19 | 10.4 | Effect      of Payment  |   |
|----------------|------|------------------------------|--------|

|        19 | Article      11 Administration |
|----------------|--------------------------------|

|        19 | 11.1 | Committee      Duties  |   |
|----------------|------|-----------------------------|--------|

|  19 | 11.2 | Administration      Upon Change In Control  |   |
|----------|------|--------------------------------------------------|--------|

|        19 | 11.3 | Agents  |   |
|----------------|------|--------------|--------|

|        19 | 11.4 | Binding      Effect of Decisions  |   |
|----------------|------|----------------------------------------|--------|

|        20 | 11.5 | Indemnity      of Committee  |   |
|----------------|------|-----------------------------------|--------|

|        20 | 11.6 | Employer      Information  |   |
|----------------|------|---------------------------------|--------|

|        20 | Article      12 Other Benefits and Agreements |
|----------------|-----------------------------------------------|

|        20 | 12.1 | Coordination      with Other Benefits  |   |
|----------------|------|---------------------------------------------|--------|

|        20 | Article      13 Claims Procedures |
|----------------|-----------------------------------|

|        20 | 13.1 | Presentation      of Claim  |   |
|----------------|------|----------------------------------|--------|

|        20 | 13.2 | Notification      of Decision  |   |
|----------------|------|-------------------------------------|--------|

|        21 | 13.3 | Review      of a Denied Claim  |   |
|----------------|------|-------------------------------------|--------|

|        21 | 13.4 | Decision      on Review  |   |
|----------------|------|-------------------------------|--------|

|        21 | 13.5 | Legal      Action  |   |
|----------------|------|-------------------------|--------|

|        22 | Article      14 Trust |
|----------------|-----------------------|

|        22 | 14.1 | Establishment      of the Trust  |   |
|----------------|------|---------------------------------------|--------|

|        22 | 14.2 | Interrelationship      of the Plan and the Trust  |   |
|----------------|------|--------------------------------------------------------|--------|

|        22 | 14.3 | Distributions      From the Trust  |   |
|----------------|------|-----------------------------------------|--------|

|        22 | Article      15 Miscellaneous |
|----------------|-------------------------------|

|        22 | 15.1 | Status      of Plan  |   |
|----------------|------|---------------------------|--------|

|        22 | 15.2 | Unsecured      General Creditor  |   |
|----------------|------|---------------------------------------|--------|

|        22 | 15.3 | Employer’s      Liability  |   |
|----------------|------|---------------------------------------|--------|

|        22 | 15.4 | Nonassignability  |   |
|----------------|------|------------------------|--------|

|        23 | 15.5 | Not      a Contract of Employment  |   |
|----------------|------|-----------------------------------------|--------|

|        23 | 15.6 | Furnishing      Information  |   |
|----------------|------|-----------------------------------|--------|

|        23 | 15.7 | Terms  |   |
|----------------|------|-------------|--------|

|        23 | 15.8 | Captions  |   |
|----------------|------|----------------|--------|

|        23 | 15.9 | Governing      Law  |   |
|----------------|------|--------------------------|--------|

|        23 | 15.10 | Notice |   |   |
|----------------|-------|--------|--------|--------|

|        23 | 15.11 | Successors  |   |
|----------------|-------|------------------|--------|

|        23 | 15.12 | Validity  |   |
|----------------|-------|----------------|--------|

|        23 | 15.13 | Incompetent  |   |
|----------------|-------|-------------------|--------|

|        24 | 15.14 | Court      Order  |   |
|----------------|-------|------------------------|--------|

|        24 | 15.15 | Distribution      in the Event of Income Inclusion Under 409A  |   |
|----------------|-------|---------------------------------------------------------------------|--------|

|        24 | 15.16 | Deduction      Limitation on Benefit Payments  |   |
|----------------|-------|-----------------------------------------------------|--------|

|        24 | 15.17 | Insurance  |   |
|----------------|-------|-----------------|--------|

|        25 | 15.18 | Legal      Fees To Enforce Rights  |   |
|----------------|-------|-----------------------------------------|--------|

|        1 | APPENDIX      A  Limited Transition Relief made Available in Accordance with      Code Section 409a and Related Treasury Guidance and      Regulations |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|        1 | Opportunity      to Make New Distribution Elections  |   |
|---------------|-----------------------------------------------------------|--------|

|   1 | Termination      of Plan Participation/Cancellation of Deferral    Elections  |   |
|---------------|------------------------------------------------------------------------------------|--------|

| 1.1   | “Account      Balance” shall mean, with respect to a Participant, an entry on the      records of the Employer equal to the sum of (i) the Participant’s      Annual Accounts, and (ii) the Participant’s Transfer Amount, if any,      along with related earnings.  The Account Balance shall be a      bookkeeping entry only and shall be utilized solely as a device for the      measurement and determination of the amounts to be paid to a Participant,      or his or her designated Beneficiary, pursuant to this    Plan. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2   | “Annual      Account” shall mean, with respect to a Participant, an entry on the      records of the Employer equal to the following      amount:  (i) the sum of the Participant’s Annual Deferral      Amount and Company Contribution Amount for any one Plan Year, plus      (ii) amounts credited or debited to such amounts pursuant to this      Plan, less (iii) all distributions made to the Participant or his or      her Beneficiary pursuant to this Plan that relate to the Annual Account      for such Plan Year.  The Annual Account shall be a bookkeeping      entry only and shall be utilized solely as a device for the measurement      and determination of the amounts to be paid to a Participant, or his or      her designated Beneficiary, pursuant to this  Plan. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3   | “Annual      Deferral Amount” shall mean that portion of a Participant’s Base Salary      (including any 401(k) Refund Offset, as defined below), Bonus and Director      Fees that a Participant defers in accordance with Article 3 for any one      Plan Year, without regard to whether such amounts are withheld and      credited during such Plan Year.  In the event of a Participant’s      Separation from Service, Disability or death prior to the end of a Plan      Year, such year’s Annual Deferral Amount shall be the actual amount      withheld prior to such event. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4   | “Annual      Installment Method” shall be an annual installment payment over the number      of years selected by the Participant in accordance      with this Plan, calculated as follows:  (i) for the first      annual installment, the vested portion of each Annual Account shall be      calculated as of the close of business on or around the Participant’s      Benefit Distribution Date, as determined by the Committee in its sole      discretion, and (ii) for      remaining annual installments, the vested portion of each applicable      Annual Account shall be calculated on or around the first business day of      each Plan Year following the Plan Year in which the Participant’s first      installment payment was distributed.  Each annual installment      shall be calculated by multiplying this balance by a fraction, the      numerator of which is one and the denominator of which is the remaining      number of annual payments due to the Participant.  By way of      example, if the Participant elects a ten (10) year Annual Installment      Method as the form of Separation Benefit for an Annual Account, the first      payment shall be 1/10 of the vested balance of such Annual Account,      calculated as described in this definition.  The following year,      the payment shall be 1/9 of the vested balance of such Annual Account,      calculated as described in thisdefinition. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.5   | “Base      Salary” shall mean the Participant’s base cash compensation for services      performed during any Plan Year, which, for purposes of clarity, excludes      distributions from nonqualified deferred compensation plans, bonuses,      commissions, overtime, fringe benefits, stock options and other equity      incentive awards, relocation expenses, incentive payments, non-monetary      awards, director fees and other fees, and automobile and other allowances      paid to a Participant for employment services rendered (whether or not      such allowances are included in the Employee’s gross      income).  Base Salary shall be calculated before reduction for      compensation voluntarily deferred or contributed by the Participant      pursuant to all qualified or nonqualified plans of any Employer and shall      be calculated to include amounts not otherwise included in the      Participant’s gross income under Code Sections 125, 402(e)(3),      402(h), or 403(b) pursuant to plans established by any Employer; provided,      however, that all such amounts will be included in Base Salary only to the      extent that had there been no such plan, the amount would have been      payable in cash to the Employee. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.6   | “Beneficiary”      shall mean one or more persons, trusts, estates or other entities,      designated in accordance with Article 8, that are entitled to receive      benefits under this Plan upon the death of a  Participant. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.7   | “Beneficiary      Designation Form” shall mean the form, which may be electronic,      established from time to time by the Committee, that a Participant      completes and returns to the Committee to designate one or more      Beneficiaries. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.8   | “Benefit      Distribution Date” shall mean a date that triggers distribution of a      Participant’s vested benefits upon Separation from Service, death, or      Disability.  A Benefit Distribution Date for a Participant shall      be determined upon the occurrence of any one of the    following: |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | If      the Participant experiences a Separation from Service, the Benefit      Distribution Date for his or her vested Account Balance shall be the last      day of the six-month period immediately following the date on which the      Participant experiences a Separation from Service; provided, however, in      the event the Participant either changes the form of payment or postpones      the time of payment of the Separation Benefit for one or more Annual      Accounts in accordance with Section 5.2(c), the Benefit Distribution      Date for such Annual Account(s) shall be postponed in accordance with such      section 5.2(c); or |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | If      the Participant dies prior to the complete distribution of his or her      vested Account Balance, the Participant’s Benefit Distribution Date shall      be the date on which the Committee is provided with proof that is      satisfactory to the Committee of the Participant’s death;    or |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | If      the Participant becomes Disabled, the Participant’s Benefit Distribution      Date shall be the date on which the Participant becomes      Disabled. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.9   | “Board”      shall mean the board of directors of the  Company. |
|-----------------|-----------------------------------------------------------------------------|

| 1.10   | “Bonus”      shall mean compensation earned by a Participant under any Employer’s cash      bonus plans, and shall specifically include amounts described in      Section 3.1(d), 3.1(e), and3.1(f). |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.11   | “Change      in Control” shall mean any “change in control event” as defined in      accordance with Code Section 409A and related Treasury guidance and      Regulations. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.12   | “Claimant”      shall have the meaning set forth in  Section 13.1. |
|------------------|-------------------------------------------------------------------------------------|

| 1.13   | “Class      1 Participant” shall mean a Participant who has a salary grade level of 30      or above. |
|------------------|-------------------------------------------------------------------------------------------------------------------|

| 1.14   | “Class      2 Participant” shall mean a Participant who has a salary grade level of      less than 30. |
|------------------|--------------------------------------------------------------------------------------------------------------------|

| 1.15   | “Code”      shall mean the Internal Revenue Code of 1986, as it may be amended from      time to time. |
|------------------|--------------------------------------------------------------------------------------------------------------------|

| 1.16   | “Committee”      shall mean the committee described in Article  11. |
|------------------|---------------------------------------------------------------------------------|

| 1.17   | “Company”      shall mean The Vail Corporation, d/b/a Vail Associates, Inc., a Colorado      corporation, and any successor to all or substantially all of the      Company’s assets or business. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.18   | “Company      Contribution Amount” shall mean, for any one Plan Year, the amount      determined in accordance withSection 3.5. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.19   | “Director”      shall mean any member of the board of directors of any      Employer. |
|------------------|---------------------------------------------------------------------------------------------------|

| 1.20   | “Director      Fees” shall mean the fees otherwise payable in cash to a Director by any      Employer, including cash retainer fees and cash meetings fees, as      compensation for serving on the board of  directors. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.21   | “Disability”      or “Disabled” shall mean that a Participant is (i) unable to engage      in any substantial gainful activity by reason of any medically      determinable physical or mental impairment which can be expected to result      in death or can be expected to last for a continuous period of not less      than 12 months, or (ii) by reason of any medically determinable      physical or mental impairment which can be expected to result in death or      can be expected to last for a continuous period of not less than      12 months, receiving income replacement benefits for a period of not      less than 3 months under an accident or health plan covering      employees of the Participant’s Employer.  For purposes of this      Plan, a Participant shall be deemed Disabled if determined to be totally      disabled by the Social Security Administration, or if determined to be      disabled in accordance with the applicable disability insurance program of      such Participant’s Employer, provided that the definition of “disability”      applied under such disability insurance program complies with the      requirements in the precedingsentence. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.22   | “Disability      Benefit” shall mean the benefit set forth in Article  6. |
|------------------|---------------------------------------------------------------------------------------|

| 1.23   | “Election      Form” shall mean the form, which may be in electronic format, established      from time to time by the Committee in its sole discretion, that a      Participant completes and returns to the Committee in order to make      elections under the Plan. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.24   | “Employee”      shall mean a person who is a common-law employee of any      Employer.  Notwithstanding the foregoing, the term Employee      shall not      include any individual (a) who provides services to the Employer under an      agreement, contract, or any other arrangement pursuant to which the      individual is initially classified as an independent contractor, or (b)      whose remuneration for services has not been treated initially as subject      to the withholding of federal income tax pursuant to Code section 3401,      even if the individual is subsequently reclassified as a common law      employee as a result of a final decree of a court of competent      jurisdiction or the settlement of an administrative or judicial      proceeding. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.25   | “Employer(s)”      shall mean the Company and/or any of its affiliates or subsidiaries (now      in existence or hereafter formed or acquired) that have been selected by      the Board to participate in the Plan and have adopted the Plan as a      participating employer. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.26   | “ERISA”      shall mean the Employee Retirement Income Security Act of 1974, as it may      be amended from time to time. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------|

| 1.27   | “401(k)      Plan” shall mean, with respect to an Employer, a plan qualified under Code      Section 401(a) that contains a cash or deferred arrangement described      in Code Section 401(k), adopted by the Employer, as it may be amended      from time to time, or any successorthereto. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.28   | “Participant”      shall mean any Employee or Director (i) who is selected to      participate in the Plan, (ii) who completes the Enrollment      Requirements and becomes eligible to participate in the Plan in accordance      with Section 2.2, and (iii) whose Plan Agreement (if any) has      not terminated. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.29   | “Plan”      shall mean The Vail Corporation 2005 Deferred Compensation Plan, which      shall be evidenced by this instrument and by each Plan Agreement, as they      may be amended from time to time. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.30   | “Plan      Agreement” shall mean an agreement, which may be amended from time to      time, which is entered into by and between an Employer and a      Participant.  Each Plan Agreement between a Participant and the      Participant’s Employer shall provide for the entire benefit to which such      Participant is entitled under the Plan; should there be more than one Plan      Agreement, the Plan Agreement bearing the latest date of acceptance by the      Employer shall supersede all previous Plan Agreements in their entirety      and shall govern such entitlement.  The terms of any Plan      Agreement may be different for any Participant, and any Plan Agreement may      provide additional benefits or distribution options not set forth in the      Plan or limit the benefits or distribution options otherwise provided      under the Plan; provided, however, that any such additional benefits or      distribution options, or benefit limitations or distribution limitations,      shall comply with Code Section 409A and must be agreed to by both the      Employer and the Participant. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.31   | “Plan      Year” shall mean a period beginning on January 1 of each calendar      year and continuing through December 31 of such calendar      year. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.32   | “Scheduled      Distribution” shall mean the distribution set forth in      Section 4.1. |
|------------------|-----------------------------------------------------------------------------------------------------------|

| 1.33   | “Separation      Benefit” shall mean the benefit set forth in Article  5. |
|------------------|---------------------------------------------------------------------------------------|

| 1.34   | “Separation      from Service” shall mean the separation from service with all Employers,      voluntarily or involuntarily, for any reason other than Disability or      death, as determined in accordance with Code Section 409A and related      Treasury guidance and Regulations.  If a Participant is both an      Employee and a Director, then, except as otherwise required by Code      Section 409A and related Treasury guidance and Regulations, a Separation      from Service shall not occur prior to the termination of his or her      services as both an Employee and aDirector. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.35   | “Survivor      Benefit” shall mean the benefit set forth in Article  7. |
|------------------|-------------------------------------------------------------------------------------|

| 1.36   | “Terminate      the Plan” or “Termination of the Plan” shall mean a determination by an      Employer’s board of directors that (i) all of its Participants shall      no longer be eligible to participate in the Plan, (ii) no new      deferral elections for such Participants shall be permitted, and      (iii) such Participants shall no longer be eligible to receive      company contributions under thisPlan. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.37   | “Trust”      shall mean one or more trusts established by the Company in accordance      with Article 14. |
|------------------|-----------------------------------------------------------------------------------------------------------------------|

| 1.38   | “Unforeseeable      Emergency” shall mean a severe financial hardship of the Participant      resulting from (i) an illness or accident of the Participant, the      Participant’s spouse, or the Participant’s dependent (as defined in Code      Section 152(a)), (ii) a loss of the Participant’s property due      to casualty, or (iii) such other similar extraordinary and      unforeseeable circumstances arising as a result of events beyond the      control of the Participant, all as determined in the sole discretion of      the Committee. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.1   | Selection by      Committee |
|-----------------|-----------------------------|

| 2.2   | Enrollment and      Eligibility Requirements; Commencement of    Participation |
|-----------------|--------------------------------------------------------------------------------|

| (a)   | As      a condition of participation, each Director or selected Employee who is      eligible to participate in the Plan must (i) complete and return to the      Committee an Election Form, and (ii) must complete such other enrollment      requirements as the Committee determines, in its sole discretion (together      the “Enrollment Requirements”), which, on and after January 1, 2007, shall      include the completion and return to the Committee of a Plan Agreement and      a Beneficiary Designation Form. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | A      Director or selected Employee who is eligible to participate in the Plan      effective as of the first day of a Plan Year shall complete the Enrollment      Requirements prior to the first day of such Plan Year, or such other      earlier deadline as may be established by the Committee in its sole      discretion.  Assuming timely completion of the Enrollment      Requirements, as determined by the Committee in its sole discretion, the      Director or selected Employee shall commence participation in the Plan as      of such first day of the Plan Year. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | A      Director or selected Employee who first becomes eligible to participate in      this Plan after the first day of a Plan Year must complete the Enrollment      Requirements within thirty (30) days after he or she first becomes      eligible to participate in the Plan, or within such other earlier deadline      as may be established by the Committee, in its sole discretion. The      Director or selected Employee shall commence participation in the Plan on      the date that the Committee determines, in its sole discretion, that the      Director or selected Employee has timely satisfied the Enrollment      Requirements.  Notwithstanding the foregoing, the Committee      shall process such Participant’s deferral election as soon as      administratively practicable after such deferral election is submitted to      and accepted by the Committee. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | If      a Director or a selected Employee fails to satisfy timely the Enrollment      Requirements within the relevant period required, the Director or selected      Employee shall not be eligible to participate in the Plan during such Plan      Year and shall not commence participation until the first day of the Plan      Year next following the date on which the Director or selected Employee      does complete the EnrollmentRequirements. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3   | Failure of      Eligibility |
|-----------------|-----------------------------|

| 3.1   | Election to Defer;      Effect of Election Form |
|-----------------|-------------------------------------------------|

| (a)   | First      Year of Plan Participation.  In connection with a      Participant’s commencement of participation in the Plan, the Participant      shall make an irrevocable election to defer Base Salary, Bonus, and/or      Director Fees (as applicable) for the Plan Year in which the Participant      commences participation in the Plan. For the election to be valid, the      Election Form must be completed by the Participant and delivered timely to      (and accepted by) the Committee along with the remainder of the Enrollment      Requirements in accordance with Section 2.2  above. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Subsequent      Plan Years.  For each succeeding Plan Year, a Participant      may elect to defer Base Salary, Bonus, and/or Director Fees (as      applicable), and make such other elections as the Committee deems      necessary or desirable under the Plan, by delivering timely a new Election      Form to the Committee, in accordance with its rules and procedures, before      the December 31st      preceding the Plan Year in which such compensation is earned, or before      such earlier deadline established by the Committee in accordance with the      requirements of Code Section 409A and related Treasury guidance or      Regulations. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | 401(k)      Refund Offset.  In connection with each Participant’s      deferral election under the Plan for each Plan Year, the Participant shall      be permitted to elect to defer an amount of Base Salary equal to the      refund, if any, that the Participant receives from the Employer’s 401(k)      Plan during such Plan Year (the “401(k) Refund  Offset’). |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | Performance-Based      Compensation. Notwithstanding      anything to the contrary herein, the Committee may, in its sole      discretion, determine that an irrevocable deferral election pertaining to      “performance-based compensation” based on services performed over a period      of at least twelve (12) months, may be made by delivering timely an      Election Form to the Committee, in accordance with its rules and      procedures, no later than six (6) months before the end of the performance      service period.  “Performance-based compensation” shall be      compensation, the payment or amount of which is contingent on      pre-established organizational or individual performance criteria, which      satisfies the requirements of Code Section 409A and related Treasury      guidance or Regulations.  In order to be eligible to make a      deferral election for performance-based compensation, a Participant must      perform services continuously from a date no later than the date upon      which the performance criteria for such compensation are established      through the date upon which the Participant makes a deferral election for      such compensation.  In no event shall an election to defer      performance-based compensation be permitted after such compensation has      become both substantially certain to be paid and readily      ascertainable.  For purposes of this Plan, including the minimum      and maximum deferral limits below, “performance based compensation”      deferred pursuant to this Section shall be treated as part of a      Participant’s Bonus and Annual Deferral Amount for the Plan Year in which      the performance service periodends. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | Compensation      Subject to Risk of Forfeiture.  With respect to      compensation (i) to which a Participant has a legally binding right      to payment in a subsequent year, and (ii) that is subject to a      forfeiture condition requiring the Participant’s continued services for a      period of at least twelve (12) months from the date the Participant      obtains the legally binding right, the Committee may, in its sole      discretion, determine that an irrevocable deferral election for such      compensation may be made by delivering timely an Election Form to the      Committee in accordance with its rules and procedures, no later than the      30th      day after the Participant obtains the legally binding right to the      compensation, provided that the election is made at least twelve (12)      months in advance of the earliest date at which the forfeiture condition      could lapse.  For purposes of this Plan, including the minimum      and maximum deferral limits below, compensation deferred pursuant to this      Section shall be treated as part of a Participant’s Bonus and Annual      Deferral Amount for the Plan Year in which the forfeiture condition      lapses. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | Fiscal      Year Compensation.  With respect to any Participant whose      Employer uses a fiscal year other than the calendar year, the Committee      may, in its sole discretion, permit the Participant to defer compensation      relating to a period of service coextensive with one or more consecutive      fiscal years of such Employer (of which no amount is paid or payable      during the service period), by delivering timely an Election Form with      respect to such compensation to the Committee not later than the close of      the Employer’s fiscal year next preceding the first fiscal year in which      are performed any services for which such compensation is payable. For      purposes of the Plan, including the minimum and maximum deferral limits      below, compensation deferred pursuant to this Section shall be treated as      part of a Participant’s Bonus and Annual Deferral Amount for the Plan Year      during which the payment is earned. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2   | Minimum      Deferrals |
|-----------------|------------------------|

| (a)   | Annual      Deferral Amount. |
|-----------------|------------------------------|

| (i)   | Effective      for Plan Years beginning prior to January 1, 2007, a Participant cannot      elect to defer as his or her Annual Deferral Amount less than the      following minimum amounts of Base Salary and  Bonus: |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Deferral                                                                | Minimum      Amount   |
|-------------------------------------------------------------------------|-----------------------|
| Base      Salary (including any 401(k) Refund      Offset) and/or Bonus | $1,000      aggregate |

| (ii)   | Effective      for Plan Years beginning on and after January 1, 2007 through December 31,      2008, a Participant cannot defer as his or her Annual Deferral Amount less      than the following minimum amounts of Base Salary, Bonus, and/or Director      Fees: |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Deferral                                                                | Minimum      Amount   |
|-------------------------------------------------------------------------|-----------------------|
| Base      Salary (including any 401(k) Refund      Offset) and/or Bonus | $2,000      aggregate |
| Director      Fees                                                      | $0                    |

| (iii)   | If      the Committee determines, in its sole discretion, prior to the beginning      of a Plan Year that a Participant has made an election for less than the      stated minimum amounts, or if no election is made, the amount deferred      shall be zero.  If the Committee determines, in its sole      discretion, at any time after the beginning of a Plan Year that a      Participant has deferred less than the stated minimum amounts for that      Plan Year, any amount credited to the Participant’s applicable Annual      Account as the Annual Deferral Amount for that Plan Year shall, to the      extent permitted by Code Section 409A and related Treasury guidance and      Regulations, be distributed to the Participant within sixty (60) days      after the last day of the Plan Year in which the Committee determination      was made. |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | First      Year of Plan Participation.  Notwithstanding the      foregoing, if a Participant first becomes a Participant after the first      day of a Plan Year beginning on or after January 1, 2007, the minimum deferral      amounts shall be equal to the minimums set forth above, multiplied by a      fraction, the numerator of which is the number of complete months      remaining in the Plan Year and the denominator of which      is 12. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3   | Maximum      Deferral |
|-----------------|-----------------------|

| (a)   | Annual      Deferral Amount. |
|-----------------|------------------------------|

| (i)   | Effective      for Plan Years beginning prior to January 1, 2007, a Participant cannot      elect to defer as his or her Annual Deferral Amount, compensation in      excess of the following maximum  amounts/percentages: |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| CLASS      1 PARTICIPANTS                                      |
|----------------------------------------------------------------|
| Deferral                                                       | Maximum      Percentage |
| 401(k)      Refund Offset                                      | 100% |
| Base      Salary (not including any 401(k)      Refund Offset) | 95% |
| Bonus                                                          | 95% |

| CLASS      2 PARTICIPANTS                                      |
|----------------------------------------------------------------|
| Deferral                                                       | Maximum      Percentage |
| 401(k)      Refund Offset                                      | 100% |
| Base      Salary (not including any 401(k)      Refund Offset) | 0% |
| Bonus                                                          | 0% |

| (ii)   | Effective      for Plan Years beginning on and after January 1, 2007, a Participant      cannot defer as his or her Annual Deferral Amount, compensation in excess      of the following maximumpercentages: |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Deferral                                                       | Maximum      Percentage |
|----------------------------------------------------------------|-------------------------|
| 401(k)      Refund Offset                                      | 100%                    |
| Base      Salary (not including any 401(k)      Refund Offset) | 80%                     |
| Bonus                                                          | 100%                    |
| Director      Fees                                             | 100%                    |

| (b)   | First      Year of Plan Participation.  Notwithstanding the      foregoing, in the Participant’s first year of Plan participation, the maximum      deferral percentages above shall be applied to (i) prospective      compensation and      (ii) amounts earned prior to the deferral election, as long as (ii) can be      permissibly deferred under Code Section 409A (e.g. performance-based      compensation).  For compensation that is earned based upon a      specified performance period, the portion of such compensation earned with      respect to services performed after the date the Participant commences      participation in the Plan shall be deemed to include (i) the total      amount of compensation for the performance period, multiplied by      (ii) a fraction, the numerator of which is the number of days      remaining in the service period after the Participant commences      participation in the Plan, and the denominator of which is the total      number of days in the performanceperiod. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.4   | Withholding and      Crediting of Annual DeferralAmounts |
|-----------------|----------------------------------------------------------|

| 3.5   | Company Contribution      Amount |
|-----------------|----------------------------------|

| (a)   | For      each Plan Year, an Employer may be required to credit amounts to a      Participant’s Annual Account in accordance with employment or other      agreements entered into between the Participant and the Employer, which      amounts shall be part of the Participant’s Company Contribution Amount for      that Plan Year.  Such amounts shall be credited to the      Participant’s Annual Account for the applicable Plan Year on the date or      dates prescribed by suchagreements. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | For      each Plan Year, an Employer, in its sole discretion, may, but is not      required to, credit any amount it desires to any Participant’s Annual      Account under this Plan, which amount shall be part of the Participant’s      Company Contribution Amount for that Plan Year.  The amount so      credited to a Participant may be smaller or larger than the amount      credited to any other Participant, and the amount credited to any      Participant for a Plan Year may be zero, even though one or more other      Participants receive a Company Contribution Amount for that Plan      Year.  The Company Contribution Amount described in this      Section 3.5(b), if any, shall be credited to the Participant’s Annual      Account for the applicable Plan Year on a date or dates to be determined      by the Committee, in its solediscretion. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.6   | Crediting of Amounts      after Benefit Distribution |
|-----------------|------------------------------------------------------|

| 3.7   | Vesting |
|-----------------|---------|

| (a)   | A      Participant shall at all times be 100% vested in his or her deferrals of      Base Salary, Bonus and DirectorFees. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------|

| (b)   | A      Participant shall be vested in the portion of his or her Account Balance      attributable to any Company Contribution Amounts, plus amounts credited or      debited on such amounts (pursuant to Section 3.8), in accordance with      the vesting schedule(s) set forth in his or her Plan Agreement, employment      agreement or any other agreement entered into between the Participant and      his or her Employer.  If not addressed in such agreements, a      Participant shall vest in the portion of his or her Account Balance      attributable to any Company Contribution Amounts, plus amounts credited or      debited on such amounts (pursuant to Section 3.8), in accordance with      the vesting schedule declared by the Committee in its sole      discretion.  The Employer and the Committee may accelerate the      vesting schedules of one or more Participants, at any time and for any      reason, in their sole discretion. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Notwithstanding      anything to the contrary contained in this Section 3.7, in the event      of a Change in Control, or upon a      Participant’s death while employed by an Employer, or Disability, any amounts that      are not vested in accordance with the vesting schedules set forth in this      Section 3.7, shall immediately become 100% vested (if it is not      already vested in accordance with the above vesting      schedules). |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | Notwithstanding      subsection 3.7(c) above, and except as set forth in      Section 3.7(e) below, the vesting schedules set forth in this      Section 3.7 shall not be accelerated upon a Change in Control to the      extent that the Committee determines that such acceleration would cause      the deduction limitations of Section 280G of the Code to become      effective where they otherwise would not be.  In the event of      such a determination, the Participant may request independent verification      of the Committee’s calculations with respect to the application of      Section 280G.  In such case, the Committee must provide to      the Participant within ninety (90) days of such a request an opinion from      a nationally recognized accounting firm selected by the Participant (the      “Accounting Firm”).  The opinion shall state the Accounting      Firm’s opinion that any limitation in the vested percentage hereunder is      necessary to avoid the limits of Section 280G and contain supporting      calculations.  The cost of such opinion shall be paid for by the      Company. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | Section 3.7(b)      shall not apply if an employment agreement or other agreement between the      Participant and the Employer (including any change in control severance      plan or similar plan) contains provisions regarding the treatment of      amounts that could be subject to Section 280G and the excise tax      under Section 4999. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.8   | Crediting/Debiting of      Account Balances |
|-----------------|---------------------------------------------|

| (a)   | Measurement      Funds.  The Committee shall select from time to time      certain mutual funds, insurance company separate accounts, indexed rates      or other methods (the “Measurement Funds”) for purposes of crediting or      debiting additional amounts to Participants’ Account      Balances.  The Committee may discontinue, substitute or add a      Measurement Fund, provided however, that (1) any decision to retain,      discontinue or substitute a Measurement Fund shall be made in good faith      and (2) there shall at all times be a minimum of eight Measurement      Funds of materially different risk and return      characteristics.  Any discontinuance of a Measurement Fund will      take effect not earlier than the first day of the first calendar quarter      that begins at least thirty (30) days after the day on which the Committee      gives Participants advance notice of such change, unless such advance      notice cannot be given due to reasons beyond the control of the Company or      the Committee, in which case notice of the change shall be given as soon      as administratively practical. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Election      of Measurement Funds.  A Participant, in connection with      his or her initial deferral election in accordance with      Section 3.1(a) above, shall elect, on the Election Form, one or more      Measurement Fund(s) (as described in Section 3.8(a) above) to be used      to determine the amounts to be credited or debited to his or her Account      Balance.  If a Participant does not elect any of the Measurement      Funds as described in the previous sentence, the Participant’s Account      Balance may automatically be allocated into a default Measurement Fund      which is selected by the Committee.  A Participant may (but is      not required to) elect, by submitting an Election Form to the Committee      that is accepted by the Committee or by any other procedure approved by      the Committee, to add or delete one or more Measurement Fund(s) to be used      to determine the amounts to be credited or debited to the Participant’s      Account Balance, or to change the portion of the Participant’s Account      Balance allocated to each previously or newly elected Measurement      Fund.  If an election is made in accordance with the previous      sentence, it shall be implemented as soon as practical after receipt by      the Committee and shall continue thereafter for each subsequent day in      which there is an Account Balance with respect to the Participant, unless      changed in accordance with the previous sentence.  The Committee      may limit the number of Measurement Fund changes that a Participant may      elect, provided that a Participant shall be entitled to elect such a      change not less frequently than quarterly. The Committee may provide that      any change shall not take effect until a date that is not later than the      first business day of the calendar quarter following the Committee’s      receipt of such an election. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Proportionate      Allocation.  In making any election described in      Section 3.8(b) above, the Participant shall specify on the Election      Form, in increments of one percent (1%), the percentage of his or her      Account Balance or Measurement Fund, as applicable, to be      allocated/reallocated. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | Crediting      or Debiting Method.  The performance of each elected      Measurement Fund (either positive or negative) will be determined by the      Committee based on the performance of the Measurement Funds      themselves.  A Participant’s Account Balance shall be credited      or debited not less frequently than on a monthly basis based on the      performance of each selected Measurement Fund for the corresponding period      of time. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | No      Actual Investment.  Notwithstanding any other provision      of this Plan that may be interpreted to the contrary, the Measurement      Funds are to be used for measurement purposes only, and a Participant’s      election of any such Measurement Fund, the allocation of his or her      Account Balance thereto, the calculation of additional amounts and the      crediting or debiting of such amounts to a Participant’s Account Balance      shall not be considered or construed in any manner as an actual investment      of his or her Account Balance in any such Measurement Fund.  In      the event that the Company or the Trustee (as that term is defined in the      Trust), in its own discretion, decides to invest funds in any or all of      the investments on which the Measurement Funds are based, no Participant      shall have any rights in or to such investments      themselves.  Without limiting the foregoing, a Participant’s      Account Balance shall at all times be a bookkeeping entry only and shall      not represent any investment made on his or her behalf by the Company or      the Trust; the Participant shall at all times remain an unsecured creditor      of the Company. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | Plan      Expenses.  The Committee may, but need not, deduct from      Participants’ Account Balances expenses incurred in the administration and      maintenance of the Plan.  In such case, the Committee shall      deduct expenses as follows: |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | expenses      that are attributable solely to an individual Participant may be deducted      solely from that Participant’s Account Balance or may be apportioned as      Plan level expenses, below. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | expenses      that are not attributable solely to an individual Participant shall be      plan level expenses that shall be deducted from all of the Account      Balances of all Participants in the Plan in one of the following two      methods, as selected by the Committee in its sole and absolute      discretion: |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A)   | on      a pro-rata basis from all of the Account Balances in the Plan based on the      amount then  held in each Account Balance in relation to the      aggregate amount then held in all of the Account Balances under the      Plan. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B)   | equally      among all of the Account Balances in thePlan |
|-----------------|-----------------------------------------------------------|

| 3.9   | FICA and Other      Taxes |
|-----------------|---------------------------|

| (a)   | Annual      Deferral Amounts.  For each Plan Year in which an Annual      Deferral Amount is being withheld from a Participant, the Participant’s      Employer(s) shall withhold from that portion of the Participant’s Base      Salary and/or Bonus that is not being deferred, in a manner determined by      the Employer(s), the Participant’s share of FICA and other employment      taxes on such Annual Deferral Amount.  If necessary, the      Committee may reduce the Annual Deferral Amount in order to comply with      this Section 3.9. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Company      Contribution Amounts.  When a Participant becomes vested      in a portion of his or her Account Balance attributable to any Company      Contribution Amounts, the Participant’s Employer(s) shall withhold from      that portion of the Participant’s Base Salary and/or Bonus that is not      deferred, in a manner determined by the Employer(s), the Participant’s      share of FICA and other employment taxes on such amounts.  If      necessary, the Committee may reduce the vested portion of the      Participant’s Company Contribution Amount, as applicable, in order to      comply with this Section 3.9. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Distributions.  The      Participant’s Employer(s), or the trustee of the Trust, shall withhold      from any payments made to a Participant under this Plan all federal, state      and local income, employment and other taxes required to be withheld by      the Employer(s), or the trustee of the Trust, in connection with such      payments, in amounts and in a manner to be determined in the sole      discretion of the Employer(s) and the trustee of the  Trust. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.1   | Scheduled      Distribution |
|-----------------|-----------------------------|

| 4.2   | Postponing Scheduled      Distributions |
|-----------------|-----------------------------------------|

| (a)   | Such      Scheduled Distribution Election Form must be submitted to and accepted by      the Committee in its sole discretion at least twelve (12) months prior to      the Participant’s previously designated Scheduled Distribution      Date; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The      new Scheduled Distribution Date selected by the Participant must be the      first day of a Plan Year, and must be at least five years after the      previously designated Scheduled Distribution Date;  and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | The      election of the new Scheduled Distribution Date shall have no effect until      at least twelve (12) months after the date on which the election is      made. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3   | Other Benefits Take      Precedence Over ScheduledDistributions |
|-----------------|-----------------------------------------------------------------|

| 4.4   | Unforeseeable      Emergencies |
|-----------------|--------------------------------|

| (a)   | If      the Participant experiences an Unforeseeable Emergency, the Participant      may petition the Committee to receive a partial or full payout from the      Plan, subject to the provisions set forthbelow. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The      payout, if any, from the Plan shall not exceed the lesser of (i) the      Participant’s vested Account Balance, calculated as of the close of      business on or around the date on which the amount becomes payable, as      determined by the Committee in its sole discretion, or (ii) the      amount necessary to satisfy the Unforeseeable Emergency, plus amounts      necessary to pay Federal, state, or local income taxes or penalties      reasonably anticipated as a result of the      distribution.  Notwithstanding the foregoing, a Participant may      not receive a payout from the Plan to the extent that the Unforeseeable      Emergency is or may be relieved (A) through reimbursement or      compensation by insurance or otherwise, (B) by liquidation of the      Participant’s assets, to the extent the liquidation of such assets would      not itself cause severe financial hardship or (C) by cessation of      deferrals under this Plan. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | If      the Committee, in its sole discretion, approves a Participant’s petition      for payout from the Plan, the Participant shall receive a payout from the      Plan within sixty (60) days of the date of such approval, and the      Participant’s deferrals under the Plan shall be terminated as of the date      of such approval. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | In      addition, a Participant’s deferral elections under this Plan shall be      terminated to the extent the Committee determines, in its sole discretion,      that termination of such Participant’s deferral elections is required      pursuant to Treas. Reg. § 1.401(k)-1(d)(3) for the Participant to      obtain a hardship distribution from an Employer’s 401(k)      Plan.  If the Committee determines, in its sole discretion, that      a termination of the Participant’s deferrals is required in accordance      with the preceding sentence, the Participant’s deferrals shall be      terminated as soon as administratively practicable following the date on      which such determination is made. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | Notwithstanding      the foregoing, the Committee shall interpret all provisions relating to a      payout and/or termination of deferrals under this Section 4.4 in a      manner that is consistent with Code Section 409A and related Treasury      guidance and Regulations. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.1   | Separation      Benefit |
|-----------------|-------------------------|

| 5.2   | Payment of Separation      Benefit |
|-----------------|------------------------------------|

| (a)   | In      connection with a Participant’s election to defer an Annual Deferral      Amount, the Participant shall elect the form in which his or her Annual      Account for such Plan Year will be paid.  The Participant may      elect to receive each Annual Account in the form of a lump sum or pursuant      to an Annual Installment Method of up to ten (10) years.  If a      Participant does not make any election with respect to the payment of an      Annual Account, then the Participant shall be deemed to have elected to      receive such Annual Account as a lumpsum. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | A      Participant may subsequently elect to either change the form of payment or      postpone the timing of payment for an Annual Account by submitting an      Election Form to the Committee in accordance with the following      criteria: |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | The      election shall have no effect until at least twelve (12) months after the      date on which the election is made;and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | The      first payment related to such Annual Account shall be delayed at least      five (5) years from the originally scheduled Benefit Distribution Date for      such Annual Account, as described in  Section 1.8(a). |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | The      Election Form most recently accepted by the Committee that has become      effective shall govern the payout of the applicable Annual Account;      provided, however, that if the total value of Participant’s vested Account      Balance is less than $10,000 at the time of the Participant’s Benefit      Distribution Date, the Participant’s entire vested Account Balance shall      be distributed to the Participant in a lump sum payment notwithstanding a      Participant’s election to receive one or more Annual Accounts in      installment payments. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | The      lump sum payment shall be made, or installment payments shall commence, no      later than sixty (60) days after the Benefit Distribution      Date.  Remaining installments, if any, shall continue in      accordance with the Participant’s election for each Annual Account, and      shall be paid no later than sixty (60) days after the first day of each      Plan Year following the Plan Year in which the Participant’s first      installment payment for such Annual Account was    distributed. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.1   | Disability      Benefit |
|-----------------|-------------------------|

| 6.2   | Payment of Disability      Benefit |
|-----------------|------------------------------------|

| 7.1   | Survivor      Benefit |
|-----------------|-----------------------|

| 7.2   | Payment of Survivor      Benefit |
|-----------------|----------------------------------|

| 8.1   | Beneficiary |
|-----------------|-------------|

| 8.2   | Beneficiary      Designation; Change; SpousalConsent |
|-----------------|------------------------------------------------------|

| (a)   | General.  A      Participant shall designate his or her Beneficiary by completing the      Beneficiary Designation Form and returning it to the Committee or its      designated agent.  A Participant shall have the right to change      a Beneficiary by completing, and otherwise complying with, the terms of      the Beneficiary Designation Form and the Committee’s rules and procedures,      as in effect from time to time.  If the Participant names      someone other than his or her current spouse as a Beneficiary, spousal      consent shall be required to be provided in a form designated by the      Committee, executed by such Participant’s spouse and returned to the      Committee, in order for the designation to be valid.  Upon the      acceptance by the Committee of a new Beneficiary Designation Form, all      Beneficiary designations previously filed shall be      canceled.  The Committee shall be entitled to rely on the last      Beneficiary Designation Form filed by the Participant and accepted by the      Committee prior to his or herdeath. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Divorce.  If      a Participant has designated his spouse as his Beneficiary, and the      Participant and this spouse subsequently divorce, then the Beneficiary      designation shall be void and of no effect on the day such divorce is      final.  The Participant may, however, re-designate such former      spouse as a Beneficiary on a Beneficiary Designation Form completed after      the divorce is final. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Death.  In      the event a Beneficiary predeceases the Participant, then such Beneficiary      shall cease to be a Beneficiary and shall cease to have any interest in      the Participant’s benefits hereunder as of the Beneficiary’s      death.  For avoidance of doubt, the foregoing provisions shall      supersede any inconsistent state law, and any putative state law interest      in the benefits hereunder of a Beneficiary (including the Participant’s      spouse) who has predeceased the Participant shall automatically revert to      the Participant (or shall, if applicable, automatically pass to the      Participant’s remaining and/or contingent Beneficiaries if the same would      be consistent with the intent of the Participant’s Beneficiary Designation      Form); no such interest shall be transferable by the deceased Beneficiary      in any manner, including but not limited to such Beneficiary’s will, nor      shall such interest pass under the laws of intestate      succession. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.3   | Acknowledgment |
|-----------------|----------------|

| 8.4   | No Beneficiary      Designation |
|-----------------|---------------------------------|

| 8.5   | Doubt as to      Beneficiary |
|-----------------|------------------------------|

| 8.6   | Discharge of      Obligations |
|-----------------|-------------------------------|

| 9.1   | Paid Leave of      Absence |
|-----------------|----------------------------|

| 9.2   | Unpaid Leave of      Absence |
|-----------------|------------------------------|

| 9.3   | Leaves Resulting in      Separation from Service |
|-----------------|--------------------------------------------------|

| 10.1   | Termination of      Plan |
|------------------|--------------------------|

| 10.2   | Amendment |
|------------------|-----------|

| (a)   | The      Company may, at any time, amend or modify the Plan in whole or in part,      provided that (i) no amendment or modification shall be effective to      decrease the value of a Participant’s vested Account Balance in existence      at the time the amendment or modification is made, and (ii) no      amendment or modification of this Section 10.2 or Section 11.2      of the Plan shall be effective. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Notwithstanding      Section 10.2, in the event that the Company determines that any      provision of the Plan may cause amounts deferred under the Plan to become      immediately taxable to any Participant under Code Section 409A and      related Treasury guidance or Regulations, the Company may (i) adopt      such amendments to the Plan and appropriate policies and procedures,      including amendments and policies with retroactive effect, that the      Company determines necessary or appropriate to preserve the intended tax      treatment of the Plan benefits provided by the Plan and/or (ii) take      such other actions as the Company determines necessary or appropriate to      comply with the requirements of Code Section 409A and related      Treasury guidance or Regulations. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3   | Plan      Agreement |
|------------------|---------------------|

| 10.4   | Effect of      Payment |
|------------------|------------------------|

| 11.1   | Committee      Duties |
|------------------|-----------------------|

| 11.2   | Administration Upon      Change In Control |
|------------------|--------------------------------------------|

| 11.3   | Agents |
|------------------|--------|

| 11.4   | Binding Effect of      Decisions |
|------------------|----------------------------------|

| 11.5   | Indemnity of      Committee |
|------------------|-----------------------------|

| 11.6   | Employer      Information |
|------------------|---------------------------|

| 12.1   | Coordination with      Other Benefits |
|------------------|---------------------------------------|

| 13.1   | Presentation of      Claim |
|------------------|----------------------------|

| 13.2   | Notification of      Decision |
|------------------|-------------------------------|

| (a)   | that      the Claimant’s requested determination has been made, and that the claim      has been allowed in full; or |
|-----------------|----------------------------------------------------------------------------------------------------------------------------|

| (b)   | that      the Committee has reached a conclusion contrary, in whole or in part, to      the Claimant’s requested determination, and such notice must set forth in      a manner calculated to be understood by the  Claimant: |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | the      specific reason(s) for the denial of the claim, or any part of      it; |
|-----------------|----------------------------------------------------------------------------------|

| (ii)   | specific      reference(s) to pertinent provisions of the Plan upon which such denial      was based; |
|------------------|-------------------------------------------------------------------------------------------------------|

| (iii)   | a      description of any additional material or information necessary for the      Claimant to perfect the claim, and an explanation of why such material or      information is necessary; |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | an      explanation of the claim review procedure set forth in Section 13.3      below; and |
|------------------|--------------------------------------------------------------------------------------------------|

| (v)   | a      statement of the Claimant’s right to bring a civil action under ERISA      Section 502(a) following an adverse benefit determination on      review. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.3   | Review of a Denied      Claim |
|------------------|-------------------------------|

| (a)   | may,      upon request and free of charge, have reasonable access to, and copies of,      all documents, records and other information relevant (as defined in      applicable ERISA regulations) to the claim for  benefits; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | may      submit written comments or other documents;  and/or |
|-----------------|--------------------------------------------------------------|

| (c)   | may      request a hearing, which the Committee, in its sole discretion, may      grant. |
|-----------------|------------------------------------------------------------------------------------------|

| 13.4   | Decision on      Review |
|------------------|-------------------------|

| (a)   | specific      reasons for the decision; |
|-----------------|-----------------------------------------|

| (b)   | specific      reference(s) to the pertinent Plan provisions upon which the decision was      based; |
|-----------------|-----------------------------------------------------------------------------------------------------|

| (c)   | a      statement that the Claimant is entitled to receive, upon request and free      of charge, reasonable access to and copies of, all documents, records and      other information relevant (as defined in applicable ERISA regulations) to      the Claimant’s claim for benefits;and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | a      statement of the Claimant’s right to bring a civil action under ERISA      Section 502(a). |
|-----------------|--------------------------------------------------------------------------------------------------------------|

| 13.5   | Legal      Action |
|------------------|-------------------|

| 14.1   | Establishment of the      Trust |
|------------------|---------------------------------|

| 14.2   | Interrelationship of      the Plan and the Trust |
|------------------|--------------------------------------------------|

| 14.3   | Distributions From the      Trust |
|------------------|-----------------------------------|

| 15.1   | Status of      Plan |
|------------------|---------------------|

| 15.2   | Unsecured General      Creditor |
|------------------|---------------------------------|

| 15.3   | Employer’s      Liability |
|------------------|---------------------------------|

| 15.4   | Nonassignability |
|------------------|------------------|

| 15.5   | Not a Contract of      Employment |
|------------------|-----------------------------------|

| 15.6   | Furnishing      Information |
|------------------|-----------------------------|

| 15.7   | Terms |
|------------------|-------|

| 15.8   | Captions |
|------------------|----------|

| 15.9   | Governing      Law |
|------------------|--------------------|

| 15.10   | Notice |
|-------------------|--------|

| The      Vail Corporation                            |
|------------------------------------------------------|
| Attn:      2005 Deferred Compensation Plan Committee |
| 390      Interlocken Crescent, Suite 1000            |
| Broomfield,      CO 80021                            |

| 15.11   | Successors |
|-------------------|------------|

| 15.12   | Validity |
|-------------------|----------|

| 15.13   | Incompetent |
|-------------------|-------------|

| 15.14   | Court      Order |
|-------------------|------------------|

| 15.15   | Distribution in the      Event of Income Inclusion Under409A |
|-------------------|--------------------------------------------------------------|

| 15.16   | Deduction Limitation      on Benefit Payments |
|-------------------|-----------------------------------------------|

| 15.17   | Insurance |
|-------------------|-----------|

| 15.18   | Legal Fees To Enforce      Rights |
|-------------------|-----------------------------------|

| “Company”                                     |
|-----------------------------------------------------------|
| The      Vail Corporation, d/b/a Vail Associates, Inc., a |
| Colorado      corporation                                 |
| By:                                                       |        /s/ Jeffrey W. Jones |
| Title:                                                    |        Senior Executive Vice President and |
|                                                      |  Chief      Financial Officer |

| 1.   | Opportunity to Make      New Distribution Elections |
|----------------|-----------------------------------------------------|

| 2.   | Termination of Plan      Participation/Cancellation of Deferral  Elections |
|----------------|----------------------------------------------------------------------------|