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                                                                    EXHIBIT 10.4

                           THE WASHINGTON POST COMPANY
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                         EFFECTIVE AS OF JANUARY 1, 1989
                  AMENDED AND RESTATED EFFECTIVE MARCH 9, 2000

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                           THE WASHINGTON POST COMPANY
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

       Section 1. Purpose. The Washington Post Company Supplemental Executive
Retirement Plan (the "Plan") is an unfunded plan established for the purpose of
providing deferred compensation for a select group of management or highly
compensated employees, as referred to in Sections 201(a)(2), 301(a)(3) and
401(a)(1) of ERISA, in order to induce employees of outstanding ability to join
or continue in the employ of the Company or an Affiliate of the Company and to
increase their efforts for its welfare by providing them with supplemental
benefits notwithstanding the limitations imposed by the Internal Revenue Code on
retirement and other benefits from tax qualified plans.

       This Plan is strictly a voluntary undertaking on the part of the Company
and shall not be deemed to constitute a contract of employment or part of a
contract between the Company and any employee or any employee of an Affiliate,
nor shall it be deemed to give any employee the right to be retained in the
employ of the Company or an Affiliate, as the case be made, or to interfere with
the right of the Company or an Affiliate, as the case may be, to discharge any
employee at any time, nor shall this Plan interfere with the right of the
Company or an Affiliate, as the case may be, to establish the terms and
conditions of employment of any employee.

       Benefits under this Plan shall be payable solely from the general assets
of the Company and participants herein shall not be entitled to look to any
source for payment of such benefits other than the general assets of the
Company.

       Section 2. Definitions. As used in this Plan, the following words shall
have the following meanings:

       (a) "Actual Salary" means the regular basic compensation paid or payable
to an employee during a calendar year by the Company or an Affiliate (including
tax-deferred

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contributions, otherwise payable to an employee, elected by the employee under
any Savings Plan and including earnings not payable by application of a salary
reduction election made pursuant to Section 125 of the Internal Revenue Code),
but excluding any other items of compensation such as (i) bonuses and
commissions, (ii) overtime, (iii) compensation under the terms of the Long-Term
Incentive Compensation Plan of the Company paid during such Plan Year, (iv)
Workers' Compensation, (v) amounts paid by the Company for insurance, retirement
or other benefits, (vi) contributions or payments made by the Company or an
Affiliate (other than tax-deferred contributions elected by the employee) under
any Retirement Plan, any Savings Plan, this Plan or other benefits, or (vii)
dismissal or other payments made to an employee as a result of termination of
employment. The Actual Salary of an employee will include any payment made under
any short-term disability income plan of the Company or an Affiliate.

       (b) "Affiliate" means any corporation (other than the Company) more than
50% of the outstanding stock of which is directly or indirectly owned by the
Company and any unincorporated trade or business which is under common control
with the Company as determined in accordance with Section 414(c) of the Internal
Revenue Code and the regulations issued thereunder.

       (c) "Applicable Percentage" shall have the meaning set forth in
Section 4.

       (d) "Committee" means the Compensation Committee of the Board of
Directors of the Company.

       (e) "Company" means The Washington Post Company, a Delaware corporation,
and any successors in interest thereto.

       (f) "Compensation" means the Actual Salary of an employee plus, starting
in 1988, bonuses accrued under the Annual Incentive Compensation Plan of the
Company

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during a calendar year by the Company or an Affiliate. Bonuses accrued under the
Annual Incentive Compensation Plan of the Company will be considered as part of
Compensation for the year in which they are paid to the Employee, or would
otherwise be paid but for the Employee's election to defer receipt of payment
under the Company's Deferred Compensation Plan.

       (g) "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.

       (h) "Executive Participant" means an employee of the Company or an
Affiliate recommended by the Company's senior management and designated a
participant in this Plan by the Committee, who is within the category of a
select group of management or highly compensated employees as referred to in
Sections 201(a)(2), 301(a)(3) and 401(a)(1) of ERISA for any Plan Year and who
either holds or held the office of a Vice President of the Company or an
Affiliate or any office senior thereto or a position of equivalent
responsibility or importance, during the current Plan Year or the prior Plan
Year, and was covered under the Company's Long-Term Incentive Compensation Plan
or any successor programs. An Executive Participant shall be designated as being
eligible to participate in Section 3 benefits or Section 4 benefits or both as
determined in the sole discretion of the Committee.

       (i) "415 Limitations" means Retirement Plan and Savings Plan provisions
adopted pursuant to Section 415 of the Internal Revenue Code to limit (i) annual
Retirement Plan benefits pursuant to Section 415(b) thereof, (ii) annual
additions to a Savings Plan pursuant to Section 415(c) thereof and (iii) the
aggregate of annual Retirement Plan benefits and additions to Savings Plans
pursuant to Section 415(e) thereof. The 415 Limitations will not apply after
December 31, 1999.

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       (j) "401(a)(17) Limitations" means Retirement Plan and Savings Plan
provisions adopted pursuant to Section 401(a)(17) of the Internal Revenue Code
to limit earnings considered for purposes of computing Retirement Plan benefits
and Savings Plan contributions to $200,000 (or such greater amount permitted for
such year in accordance with regulations promulgated by the Secretary of the
Treasury or his delegate) for each Plan Year ending on or before December 31,
1993 and then as of January 1, 1994 to $150,000 (or such greater amount
permitted for such year in accordance with regulations promulgated by the
Secretary of the Treasury or his delegate).

       (k) "Investment Election" means an election made by the Executive
Participant selecting the investment credit factor(s) that will be applicable to
the Executive Participant's Supplemental Savings Account. The Committee shall
determine the manner in which Investment Elections may be made and the frequency
with which such elections may be prospectively changed.

       (l) "Key Employee Participant" means an employee of the Company or an
Affiliate recommended by the Company's senior management and designated a
participant in this Plan by the Committee, who is within the category of a
select group of management or highly compensated employees as referred to in
Sections 201(a)(2), 301(a)(3) and 401(a)(1) of ERISA for any Plan Year and who
holds or held a key position during the current Plan Year or the prior Plan
Year. A Key Employee Participant shall be designated as being eligible to
participate in Section 3 benefits as determined in the sole discretion of the
Committee.

       (m) "Normal Retirement Date" means the first day of the calendar month
following the month in which a person's 65th birthday occurs.

       (n) "Participant" means an Executive Participant or a Key Employee
Participant, as applicable.

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       (o) "Plan Year" means the calendar year.

       (p) "Retirement Plan" means The Retirement Plan for Washington Post
Companies, The Washington Post Washington-Baltimore Newspaper Guild Retirement
Income Plan and such other tax qualified, defined benefit retirement plans as
may be sponsored by the Company or its Affiliates and designated for inclusion
hereunder by the Committee.

       (q) "Savings Plan" means The Washington Post Tax Deferral and Savings
Plan, Post-Newsweek Stations, Inc. Tax Deferred Savings Plan, The Employees'
Savings Plan of Newsweek, Inc., The Savings and Retirement Plan of Affiliated
Post Companies and such other tax qualified savings and profit-sharing plans as
may be sponsored by the Company or its Affiliates and designated for inclusion
hereunder by the Committee.

       (r) "Service" means the period of employment by the Company or an
Affiliate (excluding both service prior to the time an Affiliate became such and
service after the time an Affiliate is no longer such, except to the extent
required by Section 414(a) of the Code and the regulations promulgated
thereunder).

       (s) "Supplemental Retirement Benefit" shall have the meaning set forth in
Section 3.

       (t) "Supplemental Retirement Benefit Cash Balance Account" means the
Supplemental Retirement Benefit applicable to a Participant who is covered by
the Cash Balance provisions of the Retirement Plan.

       (u) "Supplemental Basic Contributions," "Supplemental Savings Account"
and "Supplemental Savings Award" shall have the meanings set forth in Section 4.

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       (v) "Surviving Spouse" means the surviving husband or wife of an employee
of the Company or an Affiliate, who has been married to the employee throughout
the one-year period ending on the date of the death of such employee.

       (w) "Vesting Year" means each calendar year in which a Participant has at
least 1,000 hours of Service with the Company or an Affiliate. Service with a
predecessor company prior to becoming an Affiliate will not be counted in
calculating Vesting Years.

           Section 3. Supplemental Retirement Benefits.

       (a) Each designated person, who is an Executive Participant as of
December 3, 1993, or becomes an Executive Participant or a Key Employee
Participant after December 3, 1993, for purposes of being eligible to receive
benefits under this Section and has ten or more Vesting Years upon termination
of Service and to whom benefits become payable under any of the Retirement
Plans, shall be paid a supplemental annual retirement benefit (the "Supplemental
Retirement Benefits") under this Plan equal in amount to the difference between
(i) the aggregate annual benefits paid to such person under the Retirement Plans
and (ii) the aggregate annual benefits that would be payable to such person
under the Retirement Plans if the 415 and 401(a)(17) Limitations were not
contained therein. If such a Participant's Surviving Spouse is entitled to and
is receiving a spouse's benefit under any Retirement plan, the Surviving Spouse
shall be paid a benefit hereunder equal to the difference between (i) the
aggregate spouse's benefits payable to such Surviving Spouse under the
Retirement Plans and (ii) the aggregate spouse's benefit that would be payable
to such Surviving Spouse under the Retirement Plans if the 415 and 401(a)(17)
Limitations were not contained therein. For purposes of calculating the
Supplemental Retirement Benefit or the Surviving Spouse's benefit hereunder for
an Executive Participant or the Surviving Spouse of an Executive Participant, as
the case may be, Compensation rather than Actual Salary will be used.

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       (b) The Supplemental Retirement Benefits provided by this Plan shall be
paid to the Participant (or to any beneficiary designated by him in accordance
with the Retirement Plan, or to his Surviving Spouse if eligible for and
receiving a spouse's benefit under the Retirement Plan) concurrently with the
payment of the benefits payable under the applicable Retirement Plan in which he
was participating at the date of termination and/or in which he had a vested
right on such date and shall be payable in the same form as such Retirement Plan
benefits are being paid thereunder. Notwithstanding the above, with respect to a
Participant covered by the Cash Balance Pension provisions of the Retirement
Plan, the single life annuity available shall be determined using the GATT
Interest Rate (as defined in the Retirement Plan) plus 2%. In the event the
Supplemental Retirement Benefit commences prior to Normal Retirement Date or is
payable in a form other than an annuity for the life of the former employee
only, the Supplemental Retirement Benefit shall be actuarially adjusted in the
same manner as are benefits payable under the Retirement Plan in which he was
participating at the time of termination and/or in which he had a vested right
on such date. The Committee may, however, in its sole discretion direct that the
Supplemental Retirement Benefit payable with respect to a former employee be
paid as an actuarially equivalent single sum payment; provided, that (except for
a distribution to pay taxes as provided in Section 5) no such payment may be
made prior to termination of Service or prior to the date that benefits may
become payable under any of the Retirement Plans, and provided, further, that in
determining actuarial equivalency of a single sum payment in cash, there shall
be used the same actuarial assumptions as are applicable for the calculation of
a single sum payment under the applicable Retirement Plan. Notwithstanding the
above, if the Participant elects a lump sum payment in accordance with the Cash
Balance Pension provisions of the Retirement Plan, the benefits under the
Supplemental Retirement Plan will also be payable in a lump sum amount which
shall be equal to his Supplemental Benefit Cash Balance Account as of the date
of the lump sum payment.

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       Section 4. Supplemental Savings Plan Benefits.

       (a) In the event that the Actual Salary of an Executive Participant
designated as eligible to receive benefits under this Section 4 for 1989 or any
subsequent Plan Year exceeds the 401(a)(17) Limitations for such Plan Year, such
Executive Participant shall be eligible to make additional salary reduction
contributions under this Plan and receive a Supplemental Savings Award under
this Plan for such Plan Year; provided, that such Executive Participant is then
participating in his employer's Savings Plan and making (i) the maximum
allowable basic, matchable tax-deferred contributions to such Savings Plan and
(ii) the maximum allowable after-tax contributions which can result in a
matching employer contribution, as permitted under such Savings Plan, after
taking into account the application of the non-discrimination rules of Sections
401(k) and (m) of the Internal Revenue Code for such Plan Year. In order to
compute the amount of such Supplemental Savings Award, a determination will be
made of the dollar amount of contributions the Executive Participant is able to
make to his employer's Savings Plan which result in matching employer
contributions for such Executive Participant under the terms of such Savings
Plan. This dollar amount will then be expressed as a percentage (the "Applicable
Percentage") of the amount of compensation which can be recognized for purposes
of the Savings Plan under Section 401(a)(17) of the Internal Revenue Code for
the then-current Plan Year. Prior to the beginning of each Plan Year, the
Executive Participant will be provided with the opportunity to elect to
irrevocably defer under this Plan the Applicable Percentage (or any whole lower
percentage) of the Executive Participant's Actual Salary earned in excess of the
401(a)(17) Limitations for such Plan Year. Such a salary reduction is referred
to as a "Supplemental Basic Contribution." In the event that an Executive
Participant elects to make a Supplemental Basic Contribution under this Plan
and, to the extent the Company is not his employer, his employer forwards on a
timely basis such Supplemental Basic Contribution to the Company, such
individual will receive a Supplemental Savings Award under this Plan in the form
of (i) a matching contribution equal to the product of the Executive
Participant's Supplemental Basic Contribution times the matching employer
contribution percentage under the terms of the applicable Savings

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Plan and (ii) to the extent such Participant's employer makes an unmatched
contribution to the applicable Savings Plan on behalf of such Participant, a
contribution equal to the difference between the amount of such unmatched
contribution actually made under such Savings Plan on behalf of such Participant
and the amount of such unmatched contribution such Participant would have
received under such Savings Plan if the 401(a)(17) Limitations had not been in
effect (the "Supplemental Savings Award"). The Supplemental Savings Award for
any Plan Year shall be made as of the first day of the following year or on such
other basis as may be approved by the Committee.

       (b) The amount of an Executive Participant's supplemental savings plan
benefits under this Plan shall be the aggregate amount of the Supplemental
Savings Awards and the Supplemental Basic Contributions together with investment
credits accrued thereon (the "Supplemental Savings Account"). Investment credits
shall be credited on the amount of an Executive Participant's Supplemental
Savings Account at the end of such Plan Year or on such other basis as may be
approved by the Committee in accordance with the Executive Participant's
Investment Election.

       In the event an Executive Participant fails to complete a valid
Investment Election, his or her Supplemental Savings Account will be credited
with the investment credit amounts equivalent to the rates of return generated
by the money market option under the Company's 401(k) plan.

       (c) The Compensation Committee shall establish the investment credit
factors that will be available in any Plan Year.

       (d) Supplemental Savings Awards and the investment credits thereon shall
be fully vested and nonforfeitable.

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       (e) No withdrawal of funds in an Executive Participant's Supplemental
Savings Account for hardship or any other reason may be made while an Executive
Participant remains employed by the Company or an Affiliate. The Supplemental
Savings Account shall be paid in cash as soon as practicable following
termination of Service.

       (f) An Executive Participant shall designate a beneficiary to receive the
unpaid portion of his Supplemental Savings Account in the event of his death.
The designation shall be made in a writing filed with the Committee on a form
approved by it and signed by the Executive Participant. If no effective
designation of beneficiary shall be on file with the Committee when supplemental
savings benefits would otherwise be distributable to a beneficiary, then such
benefits shall be distributed to the Surviving Spouse of the Executive
Participant or, if there is no Surviving Spouse, to his estate.

       Section 5. Funding. Benefits under this Plan shall not be funded in order
that the Plan may be exempt from the provisions of Parts 2, 3 and 4 of Title I
of ERISA. The Committee shall maintain records of Supplemental Savings Accounts
and records for the calculation of supplemental retirement benefits. In the
event benefits are hereafter determined to be taxable for Participants prior to
actual receipt thereof, a payment may be made to such Participants in an amount
sufficient to pay such taxes notwithstanding that the Participant may not then
have terminated Service or that the payment is being made prior to the date that
benefits would otherwise be paid under any of the Retirement Plans. Amounts so
paid (i) with respect to supplemental savings benefits shall reduce the
Executive Participant's Supplemental Savings Account and (ii) with respect to
Supplemental Retirement Benefits shall be used as an offset to the Supplemental
Retirement Benefits, if any, thereafter payable.

       Section 6. Administration. This Plan shall be administered by the
Committee. All decisions and interpretations of the Committee shall be
conclusive and binding on the Company, and the Participants. The Plan may be
amended or terminated by the Board of

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Directors of the Company at any time and any Participant may have his
designation as such terminated by the Committee at any time; provided, however,
that no such amendment or termination or change in designation shall deprive any
Participant of supplemental retirement or savings benefits accrued to the date
of such amendment or termination or modify the last two sentences of Section 5
in a manner adverse to any Participant.

       Section 7. Loss of Benefits. Notwithstanding any other section of this
Plan, if a Participant is discharged by the Company or an Affiliate because of
conduct that the Participant knew or should have known was detrimental to
legitimate interests of the Company or its Affiliates, dishonesty, fraud,
misappropriation of funds or confidential, secret or proprietary information
belonging to the Company or an Affiliate or commission of a crime, such
Participant's rights to any benefits under this Plan shall be forfeited; except
that such Participant shall be entitled to receive the aggregate amount of his
Supplemental Basic Contributions, without any interest, in such event.

       Section 8. Nonassignability. No Participant, or beneficiary shall have
the right to assign, pledge or otherwise dispose of any benefits payable to him
hereunder nor shall any benefit hereunder be subject to garnishment, attachment,
transfer by operation of law, or any legal process.

       Section 9. Limitation of Liability. The Company's sole obligation under
this Plan is to pay the benefits provided for herein and neither the Participant
nor any other person shall have any legal or equitable right against the
Company, an Affiliate, the Boards of Directors thereof, the Committee or any
officer or employee of the Company or an Affiliate other than the right against
the Company to receive such payments from the Company as provided herein.

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       Section 10. Use of Masculine and Feminine; Singular and Plural. Wherever
used in this Plan, the masculine gender will include the feminine gender and the
singular will include the plural, unless the context indicates otherwise.

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                                                                    EXHIBIT 10.5

                           THE WASHINGTON POST COMPANY
                           DEFERRED COMPENSATION PLAN

                  AMENDED AND RESTATED EFFECTIVE MARCH 9, 2000

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                           THE WASHINGTON POST COMPANY

                           DEFERRED COMPENSATION PLAN

       Section 1. Purpose. The Washington Post Company Deferred Compensation
Plan (the "Plan") is an unfunded plan established for the purpose of offering a
select group of management and other highly compensated key employees the
opportunity to defer the receipt of compensation payments that would otherwise
become payable to them currently for the periods provided in the Plan.

       This Plan is strictly a voluntary undertaking on the part of the Company
and shall not be deemed to constitute a contract of employment or part of a
contract between the Company and any employee or any employee of an Affiliate,
nor shall it be deemed to give any employee the right to be retained in the
employ of the Company or an Affiliate, as the case may be, or to interfere with
the right of the Company or an Affiliate, as the case may be, to discharge any
employee at any time, or to establish the terms and conditions of employment of
any employee.

       Benefits from this Plan shall be payable solely from the general assets
of the Company and participants herein shall not be entitled to look to any
source for payment of such benefits other than the general assets of the
Company.

       Section 2. Definitions. As used in this Plan, the following words shall
have the following meanings:

       (a) "Affiliate" means any corporation (other than the Company) more than
50% of the outstanding stock of which is directly or indirectly owned by the
Company and any unincorporated trade or business which is under common control
with the Company as determined in accordance with Section 414(c) of the Internal
Revenue Code and the regulations thereunder.

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       (b) "Annual Incentive Compensation" means any bonus awarded to a
Participant and payable in cash under the Company's Executive Incentive
Compensation Plan or any other annual bonus program maintained by the Company or
an Affiliate.

       (c) "Beneficiary" means the person, persons or entity designated in
writing by the Participant to receive his or her Participant Account in the
event of his or her death. If no effective designation of beneficiary is on file
with the Committee, then such amounts that would otherwise be payable to a
Beneficiary will be paid to the surviving spouse of the Participant, or, if
there is no surviving spouse, then to the Participant's estate.

       (d) "Committee" means the Compensation Committee of the Board of
Directors.

       (e) "Company" means The Washington Post Company, a Delaware corporation,
and any successors in interest thereto.

       (f) "Deferred Compensation" means any amounts deferred under this Plan in
accordance with Section 3.

       (g) "Designated Deferral Period" means one of the following periods as
selected by the Participant with respect to his or her Deferred Compensation for
the particular Plan Year or Short Year: (i) until a specified date in the
future, or (ii) until a date which is the end of the calendar month following
the Participant's termination of employment with the Company or Affiliate, as
the case may be. For purposes of this section, it shall not be considered a
termination of employment when a Participant is granted a military or personal
leave of absence by the Company or when a Participant is transferred from the
Company to any Affiliate. Notwithstanding the foregoing, a Participant may not
defer receipt of his or her Deferred Compensation beyond the later of (i) the
first of the calendar month following his or her 65th birthday, or (ii) the
first of the calendar month following the Participant's termination of
employment with the Company or Affiliate, as the case may be.

       (h) "Effective Date" means November 15, 1996.

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       (i) "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.

       (j) "Investment Election" means an election filed by the Participant
selecting the investment credit factor(s) that will be applicable to the
Participant's Account. The Committee shall determine the manner in which
Investment Elections may be made and the frequency with which such elections may
be prospectively changed.

       (k) "Long-Term Incentive Compensation" means any bonus awarded to a
Participant and payable in cash under the Performance Unit provisions of the
Company's Long-Term Incentive Plan or another special long-term incentive
compensation plan maintained by the Company or an Affiliate that provides the
opportunity for a cash bonus payment at the end of a specified period (minimum 2
years) based on the attainment of specific performance goals.

       (l) "Participant" means an employee of the Company or an Affiliate
recommended by the Company's senior management and designated a participant in
this Plan by the Committee, who is within the category of a select group of
management or highly compensated employees as referred to in Sections 201(a)(2),
301(a)(3) and 401(a)(1) of ERISA for any Plan Year and who is a participant in
the Company's Annual Incentive Compensation Plan or any other formal annual
incentive program maintained by the Company or an Affiliate.

       (m) "Participant Account" means a separate account representing the value
of a Participant's Deferred Compensation with respect to any Plan Year or Short
Year. A Participant may have more than one Participant Account, reflecting
separate year deferral elections.

       (n) "Payout Period" means either (i) a lump sum or (ii) a series of
annual installments, which may not be less than 2 nor more than 10, over which
the Participant's Account shall be paid.

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       (o) "Plan Year" means a calendar year.

       (p) "Short Year" means (I) the remainder of the calendar year following
the Effective Date of this Plan and (ii) the remainder of the calendar year
following the date an employee first becomes a Participant in this Plan if other
than the beginning of a calendar year.

       (q) "Specified Amount" means the portion of the Participant's Annual
Incentive Compensation and/or Long-Term Incentive Compensation for a particular
Plan Year or Short Year which the Participant elects in writing to defer
hereunder, provided that such amount shall not be less than $10,000.

       Section 3. Deferral Elections.

       (a) Subject to the limitations described below, each Participant may
elect to have the payment of a Specified Amount of his or her Annual Incentive
Compensation and/or Long-Term Incentive Compensation deferred pursuant to this
Plan for the Designated Deferral Period. A deferral election will be applicable
to the Plan Year or Short Year for which it is designated and will apply only to
Annual Incentive Compensation or Long-Term Incentive Compensation otherwise
first payable by the Company after the date the election is filed with the
Committee.

       (b) A deferral election must be an irrevocable written election on a form
prescribed by the Committee, made within a period specified by the Committee
before any Plan Year but in no event later than the last day of the calendar
year preceding the Plan Year to which the deferral election is applicable. In
the event of a Short Year, the specified period will be no later than 30 days
following initial notification of the employee that he or she has become a
Participant for the Short Year.

       (c) Each deferral election shall set forth the Specified Amount of the
Participant's Annual Incentive Compensation or Long-Term Incentive Compensation
for the calendar year covered by the election that the Participant desires to
have deferred, the Designated Deferral Period and the Payout Period. A
Participant may file a change in the

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Designated Deferral Period and/or the Payout Period with respect to his deferral
election provided that such a change is filed with the Committee prior to the
last day of the Plan Year preceding the Plan Year in which payment of the
Participant's Account otherwise would have been made or commenced.

       (d) The Committee may, from time to time, set limitations on the amount
of a Participant's Annual Incentive Compensation and/or Long-Term Incentive
Compensation which may be subject to deferral under this Plan, including but not
limited to establishing annual limitations relating to particular employment
positions or levels of Participants and/or compensation levels. Any applicable
limitations will be set forth on the deferral election form relating to the Plan
Year for which such limitations are applicable.

       (e) A Participant will be 100% vested in his or her Participant Account
at all times.

       Section 4. Treatment of Deferred Amounts.

       (a) The Company shall maintain on its books a separate Participant
Account for each Participant who has deferred compensation under this Plan with
respect to any Plan Year or Short Year. The amount of such Deferred Compensation
shall be credited to such Participant's Account on the date or dates during the
calendar year or Short Year on which the Deferred Compensation would have been
payable to the Participant but for the deferral under this Plan.

       (b) Each Participant's Account shall be deemed to earn investment credits
reflecting gains or losses with respect to each Plan Year or Short Year in
accordance with the Participant's individual Investment Election. The Committee
shall determine the investment credit factors that will be offered in any Plan
Year. Beginning with the Effective Date, the investment credit factors will be
the equivalent rates of return generated by the investment options offered under
the 401(k) plan maintained by the Company.

       (c) In the event a Participant fails to complete a valid Investment
Election, his or her Deferred Compensation will be credited with the investment
credit amounts

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equivalent to the rates of return generated by the money market option under the
Company's 401(k) plan.

       (d) The Company will add to (or subtract from) each Participant's Account
the appropriate amounts, in accordance with the Participant's Investment
Election, calculated no less frequently than the last day of each calendar
quarter.

       (e) No assets shall be segregated or earmarked in respect of any
Participant Account and no Participant shall have any right to assign, transfer,
or pledge his or her interest, or any portion thereof, in his or her Participant
Account. The Plan and the crediting of accounts hereunder shall not constitute a
trust and shall merely be for the purpose of recording an unsecured contractual
obligation. All amounts payable pursuant to the terms of this Plan shall be paid
from the general assets of the Company.

       (f) Until the entire balance in a Participant's Account has been paid in
full, the Company will furnish to each Participant a report, at least annually,
setting forth the credits and debits to each Participant Account and the status
of his or her Account.

Section 5.  Payment of Deferred Accounts.

       (a) The amount to be paid to a Participant following the expiration of
the Designated Deferral Period with respect to any Participant Account shall be
computed with respect to the current balance of the Account (Deferred
Compensation amount plus and minus cumulative investment Credits) as of the
payment date.

       (b) All payments of amounts under this Plan shall be made in cash.

       (c) Notwithstanding the Designated Deferral Period or the Payout Period
selected by the Participant, if the employment of a Participant is terminated as
a result of the Participant's death or permanent disability, the entire
Participant Account shall be payable in a lump sum to such Participant (or, in
the case of death, to his or her Beneficiary) as soon as practical but not later
than the end of the calendar quarter following the Participant's death or
permanent disability. A Participant's employment shall be

                                       6
<PAGE>   8

deemed to have been terminated as a result of permanent disability in the event
the Participant suffers a physical illness, injury or other impairment in
respect to which the Participant is entitled to receive benefits under the
long-term disability plan maintained by the Company, provided the Participant is
expected to remain on permanent disability for an indefinite period of time.

       (d) Notwithstanding any other provision of this Plan to the contrary, the
Committee, in its sole discretion, is empowered to accelerate the payment of a
Participant's Account, without a prepayment penalty, to a Participant for any
reason the Committee may determine to be appropriate. Neither the Company nor
the Committee shall have any obligation to make any such acceleration for any
reason whatsoever.

       (e) Notwithstanding any other provisions of this Plan to the contrary,
the Committee shall have the authority to require deferral beyond the expiration
of the designated Deferral Period to the extent necessary to avoid a limitation
on the deductibility by the Company of the deferred amount.

Section 6.  Administration.

       (a) This Plan shall be administered by the Committee. All decisions and
interpretations of the Committee shall be conclusive and binding on the Company,
its Affiliates and the Participants. The Plan may be amended or terminated by
the Board of Directors of the Company at any time and any Participant may have
his designation as such terminated by the Committee at any time; provided,
however, that no such amendment or termination or change in designation shall
deprive any Participant of any benefits or accruals to the date of such
amendment or termination, nor shall such actions, without the Participant's
consent, adversely affect any Participant's Account up to the date of such
action.

       (b) Nothwithstanding any other section of this Plan, if a Participant is
discharged by the Company or an Affiliate because of conduct that the
Participant knew or should have known was detrimental to legitimate interests of
the Company or its Affiliates, dishonesty, fraud, misappropriation of funds or
confidential, secret or proprietary

                                       7
<PAGE>   9

information belonging to the Company or an Affiliate or commission of a crime,
such Participant's rights to any benefits under this Plan shall be forfeited;
except that such Participant shall be entitled to receive the lesser of (i) the
current balance of the Participant Account (Deferred Compensation amount plus
and minus cumulative investment credits) or (ii) the aggregate amounts of any
Deferred Compensation in his Participant Account, with investment credits at the
Vanguard money market fund rate of return for the deferral period.

       (c) The Company's sole obligation under this Plan is to pay the benefits
provided for herein and neither the Participant nor any other person shall have
any legal or equitable right against the Company, an Affiliate, the Boards of
Directors thereof, the Committee or any officer or employee of the Company or an
Affiliate other than the right against the Company to receive such payments from
the Company provided herein.

       (d) The Company shall bear all expenses incurred by it in administering
this Plan.

       (e) The Company shall have the right to deduct from any other payments to
be made by the Company to the Participant, any Federal, state or local taxes
required by law to be withheld. To the extent that the Company is required to
withhold any taxes or other amounts from the employee's deferred wages pursuant
to any Federal, state or local law, such amounts shall be taken out of the
portion of the Participant's compensation which is paid currently.

                                       8

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