Document:

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                                                              EXHIBIT (10)(q)

                          CHANGE IN CONTROl AGREEMENT
                          ---------------------------

                                MANAGEMENT FORM

     This CHANGE IN CONTROL AGREEMENT is entered into as of the 12/th/ day
of November, 1999 (this "Agreement"), by and between THE FIRST AMERICAN
                         ---------
FINANCIAL CORPORATION, a California corporation (the "Company"), and __________
                                                      -------
(the "Executive").
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                             W I T N E S S E T H:
                             -------------------

     WHEREAS, the Compensation Committee (the "Committee") of the Board of
                                               ---------
Directors (the "Board") of the Company has determined that it is in the best
interests of the Company, its subsidiaries and the Company's shareholders to
assure that the Company and its subsidiaries will have the continued dedication
of the Executive, notwithstanding the possibility, threat or occurrence of a
Change in Control (as defined below) of the Company;

     WHEREAS, the Committee believes it is imperative to diminish the
inevitable distraction of the Executive by virtue of the personal uncertainties
and risks created by a pending or threatened Change in Control and to encourage
the Executive's full attention and dedication to the Company and its
subsidiaries currently and in the event of any threatened or pending Change in
Control, and to provide the Executive with compensation and benefits
arrangements upon a Change in Control which ensure that the compensation and
benefits expectations of the Executive will be satisfied and which are
competitive with those of other corporations; and

     WHEREAS, the Company and the Executive accordingly desire to enter into
this Agreement on the terms and conditions set forth below;

     NOW, THEREFORE, in consideration of the premises and mutual covenants set
forth herein, it is hereby agreed by and between the parties as follows:

     1.   Term of Agreement.  This Agreement shall commence on the date
          -----------------
hereof and shall continue through December 31, 2002 (the "Original Term");
                                                          -------------
provided, however, that on such date and on each December 31 thereafter, the
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Original Term of this Agreement shall automatically be extended for one
additional year (each, an "Extended Term") unless, not later than the preceding
                           -------------
January 1 either party shall have given notice that such party does not wish to
extend the term of this Agreement beyond the Original Term and any Extended
Term; and provided, further, that if a Change in Control (as defined in
          --------  -------
paragraph 3 below) shall have occurred during the Original Term or any Extended
Term of this Agreement, the term of this Agreement shall continue for a period
of thirty-six calendar months beyond the calendar month in which such Change in
Control occurs (the Original Term, each Extended Term, if any, and such thirty-
six month period, collectively, the "Term").
                                     ----

     2.   Employment After a Change in Control.  If the Executive is in the
          ------------------------------------
employ of the Company (which for this purpose shall also include any subsidiary
of the Company) on the date of a Change in Control, the Company hereby agrees to
continue the Executive in its employ (and/or, in the case of any subsidiary of
the Company, the employ of such subsidiary) for the period commencing on the
date of the Change in Control and ending on the last day of the Term
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of this Agreement. During the period of employment described in the foregoing
provision of this paragraph 2 (the "Employment Period"), the Executive shall
                                    -----------------
hold such position with the Company (which for this purpose shall also include
any subsidiary of the Company) and exercise such authority and perform such
executive duties as are commensurate with the Executive's position, authority
and duties immediately prior to the Change in Control. The Executive agrees that
during the Employment Period the Executive shall devote full business time
exclusively to the executive duties described herein and perform such duties
faithfully and efficiently; provided, however, that nothing in this Agreement
                            --------  -------
shall prevent the Executive from voluntarily resigning from employment upon 60
days' written notice to the Company under circumstances which do not constitute
a Termination (as defined below in paragraph 5).

          3.  Change in Control.  For purposes of this Agreement, a "Change in
              -----------------                                      ---------
Control" means the happening of any of the following:
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              (a) The consummation of a merger or consolidation of the Company
          with or into another entity or any other corporate reorganization, if
          50% or more of the combined voting power of the continuing or
          surviving entity's securities outstanding immediately after such
          merger, consolidation or other reorganization is owned by persons who
          were not shareholders of the Company immediately prior to such merger,
          consolidation or other reorganization.

              (b) The sale, transfer or other disposition of all or
          substantially all of the Company's assets or the complete liquidation
          or dissolution of the Company.

              (c) A change in the composition of the Board occurring within a
          two-year period, as a result of which fewer than a majority of the
          directors are Incumbent Directors. "Incumbent Directors" shall mean
                                              -------------------
          directors who either (i) are directors of the Company as of the date
          of this Agreement, or (ii) are elected, or nominated for election, to
          the Board with the affirmative votes of at least a majority of the
          Incumbent Directors at the time of such election or nomination (but
          shall not include an individual not otherwise an Incumbent Director
          whose election or nomination is in connection with an actual or
          threatened proxy contest relating to the election of directors to the
          Company).

              (d) Any transaction as a result of which any person or group is or
          becomes the "beneficial owner" (as defined in Rule 13d-3 under the
                       ----------------
     Securities Exchange Act of 1934), directly or indirectly, of securities of
     the Company representing at least 25% of the total voting power of the
     Company's then outstanding voting securities. For purposes of this
     paragraph, the term "person" shall have the same meaning as when used in
                          ------
     sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but shall
     exclude (i) a trustee or other fiduciary holding securities under an
     employee benefit plan of the Company or of a subsidiary of the Company;
     (ii) so long as a person does not thereafter increase such person's
     beneficial ownership of the total voting power represented by the Company's
     then outstanding voting securities, a person whose beneficial ownership of
     the total voting power represented by the Company's then outstanding voting
     securities increases to 25% or more as a result of the acquisition of
     voting securities of the Company by the Company which reduces the number of
     such voting securities then outstanding; or (iii) so

                                      -2-
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     long as a person does not thereafter increase such person's beneficial
     ownership of the total voting power represented by the Company's then
     outstanding voting securities, a person that acquires directly from the
     Company securities of the Company representing at least 25% of the total
     voting power represented by the Company's then outstanding voting
     securities.

A transaction shall not constitute a Change in Control if its sole purpose is to
change the state of the Company's incorporation or to create a holding company
that will be owned in substantially the same proportions by the persons who held
the Company's securities immediately before such transaction.

          4.  Compensation During the Employment Period.  During the Employment
              -----------------------------------------
Period, the Executive shall be compensated as follows:

              (a) the Executive shall receive an annual salary which is not less
          than his or her annual salary immediately prior to the Employment
          Period and shall be eligible to receive an increase in annual salary
          which is not materially less favorable to the Executive than increases
          in salary granted by the Company for executives with comparable
          duties;

              (b) the Executive shall be eligible to participate in short-term
          and long-term cash-based incentive compensation plans which, in the
          aggregate, provide bonus opportunities which are not materially less
          favorable to the Executive than the greater of (i) the opportunities
          provided by the Company for executives with comparable duties; and
          (ii) the opportunities provided to the Executive under all such plans
          in which the Executive was participating prior to the Employment
          Period;

              (c) the Executive shall be eligible to participate in stock
          option, performance awards, restricted stock and other equity-based
          incentive compensation plans on a basis not materially less favorable
          to the Executive than that applicable (i) to the Executive immediately
          prior to the Employment Period or (ii) to other executives of the
          Company with comparable duties; and

              (d) the Executive shall be eligible to receive employee benefits
          (including, but not limited to, tax-qualified and nonqualified savings
          plan benefits, medical insurance, disability income protection, life
          insurance coverage and death benefits) and perquisites (including,
          without limitation, a Company vehicle and Company paid or assisted
          membership dues) which are not materially less favorable to the
          Executive than (i) the employee benefits and perquisites provided by
          the Company to executives with comparable duties or (ii) the employee
          benefits and perquisites to which the Executive would be entitled
          under the Company's employee benefit plans and perquisites as in
          effect immediately prior to the Employment Period.

          5.  Termination.   For purposes of this Agreement, the term
              -----------
"Termination" shall mean: (a) termination of the employment of the Executive
 -----------
during the Employment Period by the Company for any reason other than death,
Disability (as defined below) or Cause (as defined

                                      -3-
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below); (b) termination of the employment of the Executive during the Window
Period by the Executive for any reason whatsoever; or (c) termination of the
employment of the Executive during the Employment Period (other than during the
Window Period) by the Executive for Good Reason (as defined below).

     Notwithstanding anything in this Agreement to the contrary, if (i) the
Executive's employment is terminated prior to the actual occurrence of a Change
in Control for reasons that would constitute a Termination if they had occurred
following a Change in Control; (ii) the Executive reasonably demonstrates that
such termination (or Good Reason event) was at the request of a third party who
had indicated an intention or had taken steps reasonably calculated to effect a
Change in Control; and (iii) a Change in Control involving such third party (or
a party competing with such third party to effectuate a Change in Control) does
occur, then for purposes of this Agreement, the date immediately prior to the
date of such termination of employment or event constituting Good Reason shall
be treated as a Change in Control and such termination shall be treated as a
Termination. For purposes of determining the timing of payments and benefits to
the Executive under this Agreement as a result of this paragraph, the date of
the actual Change in Control shall be treated as the Executive's date of
Termination.

     Except as provided in the last sentence of the immediately preceding
paragraph, the date of the Executive's Termination under this paragraph 5 shall
be the date specified by the Executive or the Company, as the case may be, in a
written notice to the other party complying with the requirements of paragraph
11 below.

     For purposes of this Agreement, "Disability" means such physical or
                                      ----------
mental disability or infirmity of the Executive which, in the opinion of a
competent physician, renders the Executive unable to perform properly his or her
duties set forth in paragraph 2 of this Agreement, and as a result of which, the
Executive is unable to perform such duties for 6 consecutive calendar months or
for shorter periods aggregating 180 business days in any 12 month period.  For
purposes of this paragraph a competent physician shall be a physician mutually
agreed upon by the Executive and the Board.  If a mutual agreement cannot be
reached, the Executive shall designate a physician and the Board shall designate
a physician and these two physicians shall select a third physician who shall be
the "competent physician."

     For purposes of this Agreement, the term "Cause" means (i) the willful and
                                               -----
continued failure by the Executive to substantially perform the Executive's
duties with the Company (which for purposes of this paragraph shall also include
subsidiaries of the Company) after written notification by the Board, (ii) the
willful engaging by the Executive in conduct which is demonstrably injurious to
the Company, monetarily or otherwise, or (iii) the engaging by the Executive in
egregious misconduct involving serious moral turpitude. For purposes of this
Agreement, no act, or failure to act, on the Executive's part shall be deemed
"willful" unless done, or omitted to be done, by the Executive not in good faith
and without reasonable belief that such action was in the best interest of the
Company.

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     For purposes of this Agreement, the term "Window Period" means the period
                                               -------------
commencing on the first anniversary of the Change in Control and ending at 5:00
p.m., Los Angeles time, on the thirtieth day thereafter.

     For purposes of this Agreement, the term "Good Reason" means, without the
                                               -----------
Executive's express written consent, the occurrence after a Change in Control of
any of the following circumstances:

              (i)   the assignment to the Executive by the Company of duties
          which, in the reasonable determination of the Executive, are a
          significant adverse alteration in the nature or status of the
          Executive's position, responsibilities, duties or conditions of
          employment from those in effect immediately prior to the occurrence of
          the Change in Control; or any other action by the Company that, in the
          reasonable determination of the Executive, results in a material
          diminution in the Executive's position, authority, duties or
          responsibilities from those in effect immediately prior to the
          occurrence of the Change in Control;

              (ii)  a reduction in the Executive's annual base compensation as
          in effect on the occurrence of the Change in Control;

              (iii) the relocation of the Company's offices at which the
          Executive is principally employed immediately prior to the Change in
          Control (the "Principal Location") to a location more than 50 miles
                        -------------------
          from such location or the Company's requiring the Executive to be
          based anywhere other than the Principal Location, except for required
          travel on the Company's business to an extent substantially consistent
          with the Executive's business travel obligations prior to the Change
          in Control;

              (iv)  the Company's failure to pay to the Executive any portion of
          the Executive's compensation or to pay to the Executive any portion of
          an installment of deferred compensation under any deferred
          compensation program of the Company within ten days of the date such
          compensation is due; or

              (v)   the Company's failure to continue in effect any material
          compensation or benefit plan or practice in which the Executive is
          eligible to participate on the occurrence of the Change in Control,
          unless an equitable arrangement (embodied in an ongoing substitute or
          alternative plan) has been made with respect to such plan or practice,
          or the Company's failure to continue the Executive's participation
          therein (or in such substitute or alternative plan) on a basis not
          materially less favorable, both in terms of the amount of benefits
          provided and the level of the Executive's participation relative to
          other participants, as existed at the time of the Change in Control.

          6.  Severance Payments and Benefits.  Subject to the provisions of
              -------------------------------
paragraph 8 below, in the event of a Termination, in lieu of the amount
otherwise payable under paragraph 4 above, the Company shall:

                                      -5-
<PAGE>

          (a) pay the Executive a lump sum payment in cash no later than ten
     business days after the date of Termination equal to the sum of:

               (i)   the sum of (A) the Executive's base salary through and
          including the date of Termination and any bonus amounts which have
          become payable, to the extent not theretofore paid, (B) a pro rata
          portion of the Executive's annual bonus for the fiscal year in which
          the date of Termination occurs in an amount equal to (1) the
          Executive's Bonus Amount (as defined below), multiplied by (2) a
          fraction, the numerator of which is the number of days in the fiscal
          year in which the date of Termination occurs through and including the
          date of Termination, and the denominator of which is 365, (C) any
          compensation previously deferred by the Executive other than pursuant
          to a tax-qualified plan (together with any interest and earnings
          thereon), (D) accrued and unpaid vacation pay through and including
          the date of Termination and (E) unreimbursed business expenses through
          and including the date of Termination;

               (ii)  an amount equal to the product of the Applicable Multiple
          (as defined below) and the Executive's annual salary in effect
          immediately prior to the date of Termination; and

               (iii) an amount equal to the product of the Applicable Multiple
          and the Executive's Bonus Amount; and

          (b) continue to provide the Executive (and, if applicable, the
     Executive's dependent's), for a 24 month period following the date of
     Termination, with the same level of benefits described in paragraph 4(d) of
     this Agreement upon substantially the same terms and conditions (including
     contributions required by the Executive for such benefits) as existed
     immediately prior to the date of Termination (or, if more favorable to the
     Executive, as such benefits and terms and conditions existed immediately
     prior to the Change of Control), provided, that, if the Executive cannot
                                      --------
     continue to participate in the Company plans providing such benefits, the
     Company shall otherwise provide such benefits on the same after-tax basis
     as if continued participation had been permitted.  Notwithstanding the
     foregoing provisions of this paragraph, in the event the Executive becomes
     reemployed with another employer and becomes eligible to receive welfare
     benefits from such employer, the welfare benefits described in this
     Agreement shall be secondary to such benefits during the period of the
     Executive's eligibility, but only to the extent that the Company reimburses
     the Executive for any increased cost and provides any additional benefits
     necessary to give the Executive the benefits provided hereunder.

     For purposes of this Agreement, the term "Applicable Multiple" means
                                               -------------------
(i) in the case of termination of the employment of the Executive during the
Window Period by the Executive for any reason whatsoever, one or (ii) in the
case of (x) termination of the employment of the Executive during the Employment
Period by the Company for any reason other than death, Disability or Cause and
(y) termination of the employment of the Executive during the

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<PAGE>

Employment Period (other than during the Window Period) by the Executive for
Good Reason, two.

          For purposes of this Agreement, the term "Bonus Amount" means the
                                                    ------------
greater of (x) the highest annual discretionary incentive bonus (including cash
bonuses and stock bonuses) earned by the Executive from the Company and its
subsidiaries during the last 4 completed fiscal years of the Company immediately
preceding the date of Termination (annualized in the event the Executive was not
employed by the Company and/or any of its subsidiaries for the whole of any such
fiscal year) and (y) the Executive's anticipated bonus for the fiscal year of
the Company which includes the date of Termination.

          7.   Make-Whole Payments.
               -------------------

          (a)  Anything in this Agreement to the contrary notwithstanding, in
the event it shall be determined that any payments and/or benefits to or for the
benefit of the Executive (whether paid or payable or distributed or
distributable pursuant to the terms of this Agreement or any other plan,
arrangement or agreement with (i) the Company, (ii) any person whose actions
result in a change in ownership or effective control, or in the ownership of a
substantial portion of the assets, of the Company, covered by Section 280G(b)(2)
of the Code or (iii) any person affiliated with the Company or any such person)
as a result of such change (collectively, the "Payments") would be subject to
                                               --------
the excise tax imposed by Section 4999 of the Code and/or any similar tax that
may hereafter be imposed under any successor provision or by any taxing
authority (collectively, the "Excise Tax"), the Company shall pay the Executive
                              ----------
an additional amount (a "Gross-Up Payment") such that after payment by the
                         ----------------
Executive of all taxes (including any interest or penalties imposed with respect
to such taxes), including, without limitation, any income taxes (and any
interest and penalties imposed with respect thereto) and Excise Tax imposed upon
the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment
equal to the Excise Tax imposed upon the Payments.

          (b)  For purposes of determining whether any of the Payments and the
Gross-Up Payment (collectively the "Total Payments") will be subject to the
                                    --------------
Excise Tax and the amount of such Excise Tax, (i) the Total Payments shall be
treated as "parachute payments" within the meaning of Section 280G(b)(2) of the
Code, and all "parachute payments" in excess of the "base amount" (as defined
under Section 280G(b)(3) of the Code) shall be treated as subject to the Excise
Tax, unless and except to the extent that, in the opinion of tax counsel
selected by the Executive and approved by the Company (which approval shall not
be unreasonably withheld) ("Tax Counsel") such Total Payments (in whole or in
                            -----------
part) either do not constitute "parachute payments," represent reasonable
compensation for services actually rendered before the change referred to in
subparagraph (a) of this paragraph 7, within the meaning of Section 280G(b)(4)
of the Code, in excess of the "base amount," or are otherwise not subject to the
Excise Tax, and (ii) the value of any non-cash benefits or any deferred payment
or benefit shall be determined by an internationally-recognized firm of
independent public accountants selected by the Executive and approved by the
Company (which approval shall not be unreasonably withheld) (the "Accountants")
                                                                  -----------
in accordance with the principles of Section 280G of the Code.  For purposes of
determining the amount of the Gross-Up Payment, the Executive shall be deemed to
pay U.S. Federal income taxes at the highest marginal rate of U.S. Federal
income taxation in the calendar

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<PAGE>

year in which the Gross-Up Payment is to be made and state and local income
taxes at the highest marginal rate of taxation in the state and locality of the
Executive's residence for the calendar year in which the Payments are to be
made, net of the maximum reduction in U.S. Federal income taxes which could be
obtained from deduction of such state and local taxes if paid in such year. All
determinations required to be made under this paragraph 7 shall be made by Tax
Counsel and, if determined by Tax Counsel, the Accountants, which shall provide
detailed supporting calculations both to the Company and the Executive within 15
business days of the receipt by the Company of notice from the Executive that
there has been a Payment, or such earlier time as is requested by the Company.
All fees and expenses of Tax Counsel and the Accountants shall be borne solely
by the Company. Any Gross-Up Payment, as determined pursuant to this paragraph
7, shall be paid by the Company to the Executive within 5 days of the receipt of
Tax Counsel's determination; provided, however, that if the amount of such Gross
Up Payment or portion thereof cannot be finally determined on or before such
day, the Company shall pay to the Executive on such day an estimate, as
determined in good faith by Tax Counsel or the Accountant, of the minimum amount
of such payments and shall pay the remainder of such payments (together with
interest at the rate provided in Section 1274(b)(2)(B) of the Code), subject to
further payments pursuant to subparagraph (d) of this paragraph 7, promptly
following such time as the amount thereof can be determined. In the event that
the amount of the estimated payments exceeds the amount subsequently determined
to have been due, such excess shall constitute a loan by the Company to the
Executive, payable on the fifth day after demand by the Company (together with
interest at the rate provided in Section 1274(b)(2)(B) of the Code). Any
determination hereunder by Tax Counsel or the Accountants shall be binding upon
the Company and the Executive .

          (c)  The Executive shall notify the Company in writing of any claim by
the Internal Revenue Service that, if successful, would require the payment by
the Company of the Gross-Up Payment. Such notification shall be given as soon as
practicable but no later than 10 business days after the Executive is informed
in writing of such claim and shall apprise the Company of the nature of such
claim and the date on which such claim is requested to be paid.  The Executive
shall not pay such claim prior to the expiration of the 30-day period following
the date on which it gives such notice to the Company (or such shorter period
ending on the date that any payment of taxes with respect to such claim is due).
If the Company notifies the Executive in writing prior to the expiration of such
period that it desires to contest such claim, the Executive shall:

               (i)   give the Company any information reasonably requested by
          the Company relating to such claim,

               (ii)  take such action in connection with contesting such claim
          as the Company shall reasonably request in writing from time to time,
          including, without limitation, accepting legal representation with
          respect to such claim by an attorney reasonably selected by the
          Company, which may be Tax Counsel,

               (iii) cooperate with the Company in good faith in order
          effectively to contest such claim, and

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<PAGE>
          (iv) permit the Company to participate in any proceedings relating to
     such claim;

provided, however, that the Company shall bear and pay directly all costs and
--------  -------
expenses (including additional interest and penalties), incurred in connection
with such contest and shall indemnify and hold the Executive harmless, on an
after-tax basis, for any Excise Tax or income tax (including interest and
penalties with respect thereto) imposed as a result of such representation and
payment of costs and expenses.

          Without limitation on the foregoing provisions of this paragraph 7(c),
the Company shall control all proceedings taken in connection with such contest
and, at its sole option, may pursue or forgo any and all administrative appeals,
proceedings, hearings and conferences with the taxing authority in respect of
such claim and may, at its sole option, either direct the Executive to pay the
tax claimed and sue for a refund or contest the claim in any permissible manner,
and the Executive agrees to prosecute such contest to a determination before any
administrative tribunal, in a court of initial jurisdiction and in one or more
appellate courts, as the Company shall determine; provided, however, that if the
                                                  --------  -------
Company directs the Executive to pay such claim and sue for a refund, the
Company shall advance the amount of such payment to the Executive, on an
interest-free basis and shall indemnify and hold the Executive harmless, on an
after-tax basis, from any Excise Tax or income tax (including interest or
penalties with respect thereto) imposed with respect to such advance or with
respect to any imputed income with respect to such advance; and further provided
that any extension of the statute of limitations relating to payment of taxes
for the taxable year of the Executive with respect to which such contested
amount is claimed to be due is limited solely to such contested amount.
Furthermore, the Company's control of the contest shall be limited to issues
with respect to which a Gross-Up Payment would be payable hereunder and the
Executive shall be entitled to settle or contest, as the case may be, any other
issue raised by the Internal Revenue Service or any other taxing authority.

          (d) In the event that the Excise Tax is subsequently determined by the
Accountants or Tax Counsel to be less than the amount taken into account
hereunder at the time the Gross-Up Payment is made, the Executive shall repay to
the Company, at the time that the amount of such reduction in Excise Tax is
finally determined, the portion of the prior Gross-Up Payment attributable to
such reduction (plus the portion of the Gross-Up Payment attributable to the
Excise Tax and the U.S. Federal, state and local income tax imposed on the
portion of the Gross-Up Payment being repaid by the Executive if such repayment
results in a reduction in Excise Tax or a U.S. Federal, state and local income
tax deduction), plus interest on the amount of such repayment at the rate
provided in Section 1274(b)(2)(B) of the Code.  Notwithstanding the foregoing,
in the event any portion of the Gross-Up Payment to be refunded to the Company
has been paid to any U.S. Federal, state or local tax authority, repayment
thereof (and related amounts) shall not be required until actual refund or
credit of such portion has been made to the Executive, and interest payable to
the Company shall not exceed the interest received or credited to the Executive
by such tax authority for the period it held such portion.  The Executive and
the Company shall mutually agree upon the course of action to be pursued (and
the method of allocating the expense thereof) if the Executive's claim for
refund or credit is denied.  In the event that the Excise Tax is later
determined by the Accountants or Tax Counsel or the Internal Revenue Service to
exceed the amount taken into account hereunder at the time the Gross-Up

                                      -9-
<PAGE>

Payment is made (including by reason of any payment the existence or amount of
which cannot be determined at the time of the Gross-Up Payment), the Company
shall make an additional Gross-Up Payment in respect of such excess (plus any
interest or penalties payable with respect to such excess) at the time that the
amount of such excess is finally determined.

          8.  Withholding.  All payments to the Executive under this Agreement
              -----------
will be subject to all applicable withholding of state and federal taxes.

          9.  Arbitration of All Disputes.   Any controversy or claim arising
              ---------------------------
out of or relating to this Agreement or the breach thereof shall be settled by
arbitration in Santa Ana, California, in accordance with the laws of the State
of California, by three arbitrators appointed by the parties. If the parties
cannot agree on the appointment of the arbitrators, one shall be appointed by
the Company and one by the Executive and the third shall be appointed by the
first two arbitrators. The arbitration shall be conducted in accordance with the
rules of the American Arbitration Association, except with respect to the
selection of arbitrators which shall be as provided in this paragraph 9.
Judgment upon the award rendered by the arbitrators may be entered in any court
having jurisdiction thereof. In the event that it shall be necessary or
desirable, as determined by the Executive in his or her sole discretion, for the
Executive to retain legal counsel or incur other costs and expenses in
connection with interpretation or enforcement of his or her rights under this
Agreement, the Company shall pay (or the Executive shall be entitled to recover
from the Company, as the case may be) his or her reasonable attorneys' fees and
costs and expenses in connection with interpretation or enforcement of his or
her rights (including the enforcement of any arbitration award in court).
Payments shall be made to the Executive at the time such fees, costs and
expenses are incurred. If, however, the arbitrators shall determine that, under
the circumstances, payment by the Company of all or a part of any such fees and
costs and expenses would be unjust, the Executive shall repay such amounts to
the Company in accordance with the order of the arbitrators. Any award of the
arbitrators shall include interest at a rate or rates considered just under the
circumstances by the arbitrators.

          10. Mitigation and Set-Off.  The Executive shall not be required to
              ----------------------
mitigate the amount of any payment provided for in this Agreement by seeking
other employment or otherwise. The Company shall not be entitled to set off
against the amounts payable to the Executive under this Agreement any amounts
owed to the Company by the Executive, any amounts earned by the Executive in
other employment after termination of his employment with the Company, or any
amounts which might have been earned by the Executive in other employment had he
or she sought such other employment.

          11. Notices.  Any notice of Termination of the Executive's employment
              -------
by the Company or the Executive for any reason shall be upon no less than 10
days' and no greater than 30 days' advance written notice to the other party.
Any notices, requests, demands and other communications provided for by this
Agreement shall be sufficient if in writing and if sent by registered or
certified mail to the Executive at the last address he has filed in writing with
the Company or, in the case of the Company, to the attention of the Secretary of
the Company, at its principal executive offices.

                                      -10-
<PAGE>
          12.  Non-Alienation.  The Executive shall not have any right to
               --------------
pledge, hypothecate, anticipate or in any way create a lien upon any amounts
provided under this Agreement; and no benefits payable hereunder shall be
assignable in anticipation of payment either by voluntary or involuntary acts,
or by operation of law. Nothing in this paragraph shall limit the Executive's
rights or powers to dispose of his property by will or limit any rights or
powers which his or her executor or administrator would otherwise have.

          13.  Governing Law.  THE PROVISIONS OF THIS AGREEMENT SHALL BE
               -------------
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT
APPLICATION OF CONFLICT OF LAWS PROVISIONS THEREUNDER.

          14.  Amendment.  This Agreement may not be amended, modified, waived
               ---------
or terminated except by mutual agreement of the parties in writing.

          15.  Heirs of the Executive.  This Agreement shall inure to the
               ----------------------
benefit of and be enforceable by the Executive's personal and legal
representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees. If the Executive should die while any amounts are still
payable to the Executive hereunder, all such amounts, unless otherwise provided
herein, shall be paid in accordance with the terms of this Agreement to the
Executive's devisee, legatee, or other designee or, if there be no such
designee, to the Executive's estate.

          16.  Successors to the Company.  This Agreement shall be binding upon
               -------------------------
and inure to the benefit of the Company and any successor of the Company.  The
Company shall require (a) any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of the Company to expressly assume and agree to perform
this Agreement in the same manner and to the same extent that the Company would
be required to perform it if no such succession had taken place and (b) the
parent entity of any successor in such business combination to guarantee the
performance of such successor hereunder. Failure of the Company to obtain such
assumption and agreement (and, if applicable, such guarantee) prior to the
effectiveness of any such succession shall be a breach of this Agreement and
shall entitle the Executive to receive compensation from the Company in the same
amount and on the same terms to which the Executive would be entitled hereunder
if the Executive terminated the Executive's employment for Good Reason following
a Change in Control, except that for purposes of implementing the foregoing, the
date on which any such succession becomes effective shall be deemed the date of
Termination. Unless expressly provided otherwise, the term "Company" as used
                                                            -------
herein shall mean the Company as defined in this Agreement and any successor to
its business and/or assets as aforesaid.

          17.  Employment Status.  Nothing herein contained shall be deemed to
               -----------------
create an employment agreement between the Company and the Executive, providing
for the employment of the Executive by the Company for any fixed period of time.
The Executive's employment with the Company is terminable at will by the Company
or the Executive and each shall have the right to terminate the Executive's
employment with the Company at any time, with or without Cause, subject to (i)
the notice provisions of paragraphs 2, 5 and 11, and (ii) the Company's
obligation to provide severance payments as required by paragraph 6.  Except as
otherwise provided in

                                      -11-
<PAGE>
paragraph 5 of this Agreement, upon a termination of the Executive's employment
prior to the date of a Change in Control, there shall be no further rights under
this Agreement.

          18.  Severability.  In the event that any provision or portion of this
               ------------
Agreement shall be determined to be invalid or unenforceable for any reason, the
remaining provisions of this Agreement shall be unaffected thereby and shall
remain in full force and effect.

          19.  Counterparts.  This Agreement may be executed in two or more
               ------------
counterparts, any one of which shall be deemed the original without reference to
the others.

                                      -12-
<PAGE>
          IN WITNESS WHEREOF, the Executive has hereunto set his or her hand
and, pursuant to the authorization from the Committee, the Company has caused
these presents to be executed in its name and on its behalf, all as of the day
and year first above written.

                                  "Executive"

                                  ____________________________________

                                  THE FIRST AMERICAN FINANCIAL CORPORATION

                                  /s/ Parker S. Kennedy

                                  PARKER S. KENNEDY
                                  PRESIDENT

                                      -13-<PAGE>

                                                                 Exhibit (10)(v)

                   THE FIRST AMERICAN FINANCIAL CORPORATION
                          DEFERRED COMPENSATION PLAN
<PAGE>

                               TABLE OF CONTENTS
                               -----------------

<TABLE>
<CAPTION>
                                                                                               Page
                                                                                               ----
<S>                                                                                            <C>
ARTICLE I        TITLE AND DEFINITIONS........................................................    1

    1.1   Title...............................................................................    1

    1.2   Definitions.........................................................................    1

ARTICLE II       PARTICIPATION................................................................    4

ARTICLE III      DEFERRAL ELECTIONS...........................................................    4

    3.1   Elections to Defer Compensation.....................................................    4

    3.2   Investment Elections................................................................    5

ARTICLE IV       DEFERRAL ACCOUNTS AND TRUST FUNDING..........................................    6

    4.1   Deferral Accounts...................................................................    6

    4.2   Trust Funding.......................................................................    7

ARTICLE V        VESTING......................................................................    7

ARTICLE VI       DISTRIBUTIONS................................................................    7

    6.1   Distribution of Deferred Compensation and Discretionary Company Contributions.......    7

    6.2   Early Distributions.................................................................   10

    6.3   Inability to Locate Participant.....................................................   11

    6.4   Payment of Policy Premiums..........................................................   11

ARTICLE VII      ADMINISTRATION...............................................................   11

    7.1   Committee...........................................................................   11

    7.2   Committee Action....................................................................   11

    7.3   Powers and Duties of the Committee..................................................   12

    7.4   Construction and Interpretation.....................................................   12

    7.5   Information.........................................................................   13

    7.6   Compensation, Expenses and Indemnity................................................   13
</TABLE>

                                      (i)
<PAGE>

<TABLE>
<CAPTION>
                                                                                               Page
                                                                                               ----
<S>                                                                                            <C>
    7.7   Quarterly Statements.................................................................  13

    7.8   Disputes.............................................................................  13

ARTICLE VIII     PROCEDURE FOR ADOPTION AND WITHDRAWAL BY PARTICIPATING EMPLOYERS..............  14

    8.1   Adoption of the Plan.................................................................  14

    8.2   Withdrawal From the Plan.............................................................  15

    8.3   Cessation of Guture Contributions....................................................  15

ARTICLE IX       MISCELLANEOUS.................................................................  15

    9.1   Unsecured General Creditor...........................................................  15

    9.2   Restriction Against Assignment.......................................................  15

    9.3   Withholding..........................................................................  16

    9.4   Amendment, Modification, Suspension or Termination...................................  16

    9.5   Governing Law........................................................................  16

    9.6   Receipt or Release...................................................................  16

    9.7   Payments on Behalf of Persons Under Incapacity.......................................  16

    9.8   Limitation of Rights and Employment Relationship.....................................  16

    9.9   Headings.............................................................................  17
</TABLE>

                                     (ii)
<PAGE>

                   THE FIRST AMERICAN FINANCIAL CORPORATION
                          DEFERRED COMPENSATION PLAN

     WHEREAS, The First American Financial Corporation (the "Company") has
previously desires to established The First American Financial Corporation
Deferred Compensation Plan (the "Plan") to provide supplemental retirement
income benefits for a select group of management and or highly compensated
employees through deferrals of salary, commissions and bonuses effective as of
January 1, 1998; and

     WHEREAS, Company desires to amend and restate in its entirety the Plan to
provide for the participation of a select group of management and highly
compensated employees of entities of which Company has a greater than fifty
percent (50%) but less than eighty percent (80%) ownership interest.

     NOW, THEREFORE, effective as of January 11, 2000, the Plan is hereby
amended adopted to read as follows:

                                  ARTICLE I

                             TITLE AND DEFINITIONS
                             ---------------------

     1.1     Title.
             -----

     This Plan shall be known as The First American Financial Corporation
Deferred Compensation Plan.

     1.2     Definitions.
             -----------

     Whenever the following words and phrases are used in this Plan, with the
first letter capitalized, they shall have the meanings specified below.

             (a) "Account" or "Accounts" shall mean a Participant's Deferral Ac
                 count.

             (b) "Base Salary" shall mean a Participant's annual base salary,
excluding bonus, incentive and all other remuneration for services rendered to
Participating Company and prior to reduction for any salary contributions to a
plan established pursuant to Section 125 of the Code or qualified pursuant to
Section 401(k) of the Code.

             (c) "Beneficiary" or "Beneficiaries" shall mean the person or
persons, including a trustee, personal representative or other fiduciary, last
designated in writing by a Participant in accordance with procedures established
by the Committee to receive the benefits specified hereunder in the event of the
Participant's death (other than the death benefits described in Section
6.1(b)(1) unless such person is designated as a beneficiary under the Policy
described therein). No beneficiary designation shall become effective until it
is filed with the Committee. Any designation shall be revocable at any time
through a written instrument filed by the Participant with the Committee with or
without the consent of the previous Beneficiary. If there is no Beneficiary
designation in effect, then the person designated to receive the death benefit
<PAGE>

specified in Section 6.1(c)(1) shall be the Beneficiary. However, no designation
of a Beneficiary other than the Participant's spouse shall be valid unless
consented to in writing by such spouse. If there is no such designation or if
there is no surviving designated Beneficiary, then the Participant's surviving
spouse shall be the Beneficiary. If there is no surviving spouse to receive any
benefits payable in accordance with the preceding sentence, the duly appointed
and currently acting personal representative of the Participant's estate (which
shall include either the Participant's probate estate or living trust) shall be
the Beneficiary. In any case where there is no such personal representative of
the Participant's estate duly appointed and acting in that capacity within 90
days after the Participant's death (or such extended period as the Committee
determines is reasonably necessary to allow such personal representative to be
appointed, but not to exceed 180 days after the Participant's death), then
Beneficiary shall mean the person or persons who can verify by affidavit or
court order to the satisfaction of the Committee that they are legally entitled
to receive the benefits specified hereunder. In the event any amount is payable
under the Plan to a minor, payment shall not be made to the minor, but instead
be paid (a) to that person's living parent(s) to act as custodian, (b) if that
person's parents are then divorced, and one parent is the sole custodial parent,
to such custodial parent, or (c) if no parent of that person is then living, to
a custodian selected by the Committee to hold the funds for the minor under the
Uniform Transfers or Gifts to Minors Act in effect in the jurisdiction in which
the minor resides. If no parent is living and the Committee decides not to
select another custodian to hold the funds for the minor, then payment shall be
made to the duly appointed and currently acting guardian of the estate for the
minor or, if no guardian of the estate for the minor is duly appointed and
currently acting within 60 days after the date the amount becomes payable,
payment shall be deposited with the court having jurisdiction over the estate of
the minor. Payment by Company pursuant to any unrevoked Beneficiary designation,
or to the Participant's estate if no such designation exists, of all benefits
owed hereunder shall terminate any and all liability of Company.

             (d) "Board of Directors" or "Board" shall mean the Board of
Directors of The First American Financial Corporation.

             (e) "Bonuses" shall mean such additional amounts of income as
Participating Company may determine to pay to an employee, as determined in the
sole and absolute discretion of Participating Company.

             (f) "Code" shall mean the Internal Revenue Code of 1986, as
amended.

             (g) "Commitee" shall mean the Committee appointed by the Board to
administer the Plan in accordance with Article VII.

             (h) "Commissions" shall mean a Participant's remuneration earned
from Participating Company which is dependent on sales activity and is not
related to Base Salary or Bonuses.

             (i) "Company" shall mean The First American Financial Corporation
and any successor corporations.

                                      -2-
<PAGE>

             (j) "Compensation" shall mean Base Salary, Commissions and Bonuses
that the Participant is entitled to receive for services rendered to the
Participating Company.

             (k) "Deferral Account" shall mean the bookkeeping account
maintained by the Committee for each Participant that is credited with amounts
equal to (1) the portion of the Participant's Compensation that he or she elects
to defer, and (2) interest pursuant to Section 4.1.

             (l) "Distributable Amount" shall mean the balance in the
Participant's Deferral Account.

             (m) "Early Distribution" shall mean an election by a Participant in
accordance with Section 6.2 to receive a withdrawal of amounts from his or her
Deferral Account prior to the time in which such Participant would otherwise be
entitled to such amounts.

             (n) "Effective Date" and "Amended Effective Date" shall mean
January 1, 1998 and January 1, 1999.

             (o) "Eligible Employee" shall mean such management and highly
compensated employees as are designated by the Participating Company for
participation in this Plan.

             (p) "Fund" or "Funds" shall mean one or more of the investment
funds selected by the Committee pursuant to Section 3.2(b).

             (q) "Initial Election Period" for an Eligible Employee shall mean
the 30-day period immediately prior to November 14, 1997 or the 30-day period
following the time an employee shall be designated by the Company as an Eligible
Employee.

             (r) "Interest Rate" shall mean, for each Fund, an amount equal to
the net rate of gain or loss on the assets of such Fund during each month.

             (s) "Participant" shall mean any Eligible Employee who becomes a
Participant in accordance with Section 2.1.

             (t) "Participating Company" shall mean Company and (i) each
corporation or other entity which is a member of a controlled group of
corporations or other entities (within the meaning of Sections 414(b) and 414(c)
of the Code of which Company is a component member and (ii) such other entities
which are not part of a controlled group of corporations or other entities,
where Company has a fifty percent (50%) or more, but less than eighty percent
(80%) ownership interest, provided that the Board of Directors of Company or its
designee authorizes such entity's participation in this Plan and such entity's
governing body requests participation in this Plan.

             (u) "Payment Date" shall mean the time as soon as practicable after
the earlier of (1) the first day of the month following the end of the calendar
quarter in which the Participant's employment terminates for any reason, or (2)
the Scheduled Withdrawal Date.

                                      -3-
<PAGE>

             (v) "Plan" shall mean The First American Financial Corporation
Deferred Compensation Plan set forth herein, now in effect, or as amended from
time to time.

             (w) "Plan Year" shall mean the 12 consecutive month period
beginning on each January 1 and ending on December 31.

             (x) "Policy" shall mean an insurance policy purchased in accordance
with the terms of this Plan.

             (y) "Scheduled Withdrawal Date" shall mean the distribution date
elected by the Participant for an in-service withdrawal of all amounts of
Compensation deferred in a given Plan Year, and earnings and losses attributable
thereto, as set forth on the election form for such Plan Year.

             (z) "Sponsoring Company" shall mean Company.

             (aa) "Trust" shall mean The First American Financial Corporation
Deferred Compensation Plan Trust.

                                  ARTICLE II

                                 PARTICIPATION
                                 -------------

     An Eligible Employee shall become a Participant in the Plan by (1) electing
to defer a portion of his or her Compensation in accordance with Section 3.1,
(2) filing a life insurance application form along with his or her deferral
election form, and (3) complying with such medical underwriting requirements as
determined by the life insurance carrier selected by the Company.  An Eligible
Employee who completes the requirements of the preceding sentence shall commence
participation in this Plan as of the first day of the month in which
Compensation is deferred.  In the event it is determined by the Committee, that
the proposed life insurance policy cannot be obtained in a cost efficient manner
after medical underwriting requirements have been met, the Participant shall not
be eligible to receive death benefits in accordance with Section 6.1(c) of the
Plan.  Notwithstanding any provision to the contrary, if it is determined or
reasonably believed, based on a judicial or administrative determination or an
opinion of Company's legal counsel that a Plan Participant is not a management
or highly compensated employee, such individual shall cease to be a Participant
and his Distributable Amount shall be paid to him in a lump sum as soon as
practicable after the determination is made that he is not a management or
highly compensated employee.

                                  ARTICLE III

                              DEFERRAL ELECTIONS
                              ------------------

     3.1     Elections to Defer Compensation.  A Participant who has elected to
             -------------------------------
suspend his deferrals of or Base Salary or Commissions may make deferrals in
future Plan Years in accordance with this Section 3.1.

                                      -4-
<PAGE>

             (a)  Initial Election Period. Subject to the provisions of Article
                  -----------------------
II, each Eligible Employee may elect to defer Base Salary, Bonuses and/or
Commissions by filing with the Committee an election that conforms to the
requirements of this Section 3.1, on a form provided by the Committee, no later
than the last day of his or her Initial Election Period.

             (b)  General Rule. The amount of Compensation which an Eligible
                  ------------
Employee may elect to defer is such Compensation earned on or after the time at
which the Eligible Employee elects to defer in accordance with Sections 1.2(q)
and 3.1(a) and shall be a flat dollar amount or percentage which shall not
exceed 100% of the Eligible Employee's Base Salary, Bonuses and Commissions,
provided that the total amount deferred by a Participant shall be limited in any
calendar year, if necessary, to satisfy Social Security tax (including
Medicare), income tax and employee benefit plan withholding requirements as
determined in the sole and absolute discretion of the Committee. The minimum
contribution which may be made in any Plan Year by an Eligible Employee shall
not be less than $5,000, provided such minimum contribution can be satisfied
from either Base Salary and/or Bonus and/or Commission deferrals.

             (c)  Duration of Compensation Deferral Election. An Eligible
                  ------------------------------------------
Employee's initial election to defer Base Salary, Bonuses and Commissions must
be filed on or before each November 1, 14, 1997 and is to be effective on the
first day of the next following Plan Year.January 1, 1998. A Participant may
elect to suspend his election to defer Base Salary or Commissions once during
any Plan Year with respect to amounts of Base Salary or Commissions which have
not been paid, provided said Participant gives the Company 20 days prior written
notice of his election. A Participant may increase, decrease or terminate a
deferral election with respect to Base Salary or Commissions for any subsequent
Plan Year by filing a new election on or before November 1, which election shall
be effective on the first day of the next following Plan Year. An Eligible
Employee may make an An Eligible Employee's Initial Election to defer Bonuses
must be filed by November 14, 1997. Any subsequent election with respect to
Bonuses which must be filed by November 1 of the year prior to the year that the
Bonus is earned. Bonuses are deemed earned at such time as Company communicates
its determination of Bonuses to the affected Eligible Employee. All elections
with respect to Bonuses are for one Plan Year. In the case of an employee who
becomes an Eligible Employee after any November 1, 1997, such Eligible Employee
shall have 30 days from the date he or she has become an Eligible Employee to
make an Initial Election with respect to Base Salary, Bonuses and/or
Commissions. Such election shall be for the remainder of the Plan Year, in the
event the Plan Year has commenced.

             (d)  Elections other than Elections during the Initial Election
                  ----------------------------------------------------------
Period. Subject to the limitations of Section 3.1(b) above, any Eligible
------
Employee who fails to elect to defer Compensation during his or her Initial
Election Period may subsequently become a Participant, and any Eligible Employee
who has terminated a prior Compensation deferral election may elect to again
defer Compensation, by filing an election, on a form provided by the Committee,
to defer Compensation as described in Sections 3.1(b) and 3.1(c) above. An
election to defer Compensation must be filed in a timely manner in accordance
with Section 3.1(c).

      3.2     Investment Elections.
              --------------------

              (a) At the time of making the deferral elections described in
Section 3.1, the Participant shall designate, on a form provided by the
Committee, the types of investment funds the Participant's Account will be
deemed to be invested in for purposes of determining the

                                      -5-
<PAGE>

amount of earnings to be credited to that Account. In making the designation
pursuant to this Section 3.2, the Participant may specify that all or any
multiple of his Deferral Account (equal to or greater than 10% in whole
percentage increments) be deemed to be invested in one or more of the types of
investment funds provided under the Plan as communicated from time to time by
the Committee. Effective as of the end of any calendar month, a Participant may
change the designation made under this Section 3.2 by filing an election, on a
form provided by the Committee, at least 30 days prior to the end of such month.
quarter. If a Participant fails to elect a type of fund under this Section 3.2,
he or she shall be deemed to have elected the Money Market type of investment
fund.

             (b)  Although the Participant may designate the type of
investments, , the Committee shall not be bound by such designation. The
Committee shall select from time to time, in its sole discretion, commercially
available investments of each of the types communicated by the Committee to the
Participant pursuant to Section 3.2(a) above to be the Funds. The Interest Rate
of each such commercially available investment fund shall be used to determine
the amount of earnings or losses to be credited to Participant's Account under
Article IV.

                                  ARTICLE IV

                      DEFERRAL ACCOUNTS AND TRUST FUNDING
                      -----------------------------------

     4.1     Deferral Accounts.
             -----------------

     The Committee shall establish and maintain a Deferral Account for each
Participant under the Plan.  Each Participant's Deferral Account shall be
further divided into separate subaccounts ("investment fund subaccounts"), each
of which corresponds to an investment fund elected by the Participant pursuant
to Section 3.2(a).  A Participant's Deferral Account shall be credited as
follows:

             (a)  As of the last day of each month, the Committee shall credit
the investment fund subaccounts of the Participant's Deferral Account with an
amount equal to Compensation deferred by the Participant during each pay period
ending in that month in accordance with the Participant's election under Section
3.2(a); that is, the portion of the Participant's deferred Compensation that the
Participant has elected to be deemed to be invested in a certain type of
investment fund shall be credited to the investment fund subaccount
corresponding to that investment fund;

             (b)  As of the last day of each month, each investment fund
subaccount of a Participant's Deferral Account shall be credited with earnings
or losses in an amount equal to that determined by multiplying the balance
credited to such investment fund subaccount as of the last day of the preceding
month by the Interest Rate for the corresponding fund selected by the Company
pursuant to Section 3.2(b).

             (c)  In the event that a Participant elects for a given Plan Year's
deferral of Compensation to have a Scheduled Withdrawal Date, all amounts
attributed to the deferral of Compensation for such Plan Year shall be accounted
for in a manner which allows separate

                                      -6-
<PAGE>

accounting for the deferral of Compensation and investment gains and losses
associated with such Plan Year's deferral of Compensation.

     4.2     Trust Funding.
             -------------

     Company has created a Trust with First American Trust Company serving as
initial trustee. The Company shall cause the Trust to be funded each year. Each
Participating The Company shall contribute to the Trust an amount equal to the
amount deferred by each Participant for the Plan Year. Each Participating The
Company may also contribute such additional amounts as it shall deem necessary
or appropriate.

     Although the principal of the Trust and any earnings thereon shall be held
separate and apart from other funds of Participating Company and shall be used
exclusively for the uses and purposes of Plan Participants and Beneficiaries as
set forth therein, neither the Participants nor their Beneficiaries shall have
any preferred claim on, or any beneficial ownership in, any assets of the Trust
prior to the time such assets are paid to the Participants or Beneficiaries as
benefits and all rights created under this Plan shall be unsecured contractual
rights of Plan Participants and Beneficiaries against the Participating Company.
Any assets held in the Trust will be subject to the claims of Participating
Company's general creditors under federal and state law in the event of
insolvency as defined in Section 4.2(a) of the Trust.

     The assets of the Plan and Trust shall never inure to the benefit of the
Participating Company and the same shall be held for the exclusive purpose of
providing benefits to Participants and their beneficiaries, deferring reasonable
expenses of administering the Plan and Trust.

                                   ARTICLE V

                                    VESTING
                                    -------

     A Participant's Deferral Account shall be 100% vested at all times.

                                  ARTICLE VI

                                 DISTRIBUTIONS
                                 -------------

     6.1     Distribution of Deferred Compensation and Discretionary Company
             ---------------------------------------------------------------
Contributions.
-------------

            (a)  Distribution Without Scheduled Withdrawal Date.  In the case of
                 ----------------------------------------------
a Participant who terminates employment with a Participating Company and has an
Account balance of $25,000 or more, the Distributable Amount shall be paid to
the Participant (and after his or her death to his or her Beneficiary) from
among the following optional forms of benefit as elected by the Participant on
the form provided by Participating Company during his or her Initial Election
Period:

                 (1) A lump sum distribution beginning on the Participant's
Payment Date.

                                      -7-
<PAGE>

        (2) Substantially equal quarterly installments over five (5) years
beginning on the Participant's Payment Date.

        (3) Substantially equal quarterly installments over ten (10) years
beginning on the Participant's Payment Date.

        (4) Substantially equal quarterly installments over fifteen (15) years
beginning on the Participant's Payment Date.

     A Participant may modify the optional form of benefit that he or she has
previously elected, provided such modification occurs at least one (1) year
before the Participant terminates employment with Participating Company.

     In the event a Participant fails to elect an optional form of benefit
during his or her Initial Election Period, the Participant's Distributable
Amount will be distributed in a lump sum beginning on his or her Payment Date.

     In the case of a Participant who terminates with Participating Company and
has an Account balance of less than $25,000, the Distributable Amount shall be
paid to the Participant (and after his or her death to his or her Beneficiary)
in a lump sum distribution on the Participant's Payment Date.

     The Participant's Account shall continue to be credited with earnings
pursuant to Section 4.1 of the Plan until all amounts credited to his or her
Account under the Plan have been distributed.

     (b) Distribution With Scheduled Withdrawal Date.  In the case of a
         -------------------------------------------
Participant who has elected a Scheduled Withdrawal Date for a distribution while
still in the employ of the Participating Company, such Participant shall receive
his or her Distributable Amount, but only with respect to those deferrals of
Compensation and earnings on such deferrals of Compensation as shall have been
elected by the Participant to be subject to the Scheduled Withdrawal Date in
accordance with Section 1.2(yx) of the Plan.  A Participant's Scheduled
Withdrawal Date with respect to amounts of Compensation deferred in a given Plan
Year can be no earlier than two years from the last day of the Plan Year for
which the deferrals of Compensation are made.  A Participant may extend the
Scheduled Withdrawal Date for the deferral of Compensation for any Plan Year,
provided such extension occurs at least one year before the Scheduled Withdrawal
Date and is for a period of not less than two years from the Scheduled
Withdrawal Date.  The Participant shall have the right to twice modify any
Scheduled Withdrawal Date, provided the second such modification shall only be
effective if consented to by Company.  In the event a Participant terminates
employment with Participating Company prior to a Scheduled Withdrawal Date,
other than by reason of death, the portion of the Participant's Account
associated with Scheduled Withdrawal Dates which have not occurred prior to such
termination shall be distributed in a lump sum.

     (c) Death Benefit.  In the case of a Participant who dies while employed by
         ------
a Participating the Company, the following benefits shall be provided:

                                      -8-
<PAGE>

     (1) that portion of the death benefit of any life insurance policy
purchased by the Trust Company to insure the life of the Participant and which
is subject to a "Split-Dollar Life Insurance Agreement" (as described therein)
(the "Policy") which is equal to the following amounts:

          (i) If a Participant elects during his first twelve months of Plan
Participation (whether or not such election occurs during more than one Plan
Year) to defer Base Salary only, such Participant's death benefit shall equal
his Base Salary deferrals annualized over the first twelve months of Plan
Participation multiplied by fifteen.  This amount shall constitute the
Participant's death benefit for the remainder of his participation in the Plan.

          (ii)   If a Participant elects during his first twelve months of Plan
Participation (whether or not such election occurs during more than one Plan
Year) to defer Bonuses and/or Commissions only, such Participant's death benefit
during the first twelve months of Plan Participation shall be $0. At the end of
the initial twelve month period (which may or may not span more than one Plan
Year) the amount of the Participant's deferral of Bonuses and/or Commissions
shall be aggregated and multiplied by fifteen, which amount shall constitute the
Participant's death benefit for the remainder of his or her participation in
this Plan.

          (iii)  If a Participant elects during his first twelve months
of Plan Participation (whether or not such election occurs during more than one
Plan Year) to defer Base Salary and Bonuses and/or Commissions, then the
Participant's death benefit during his first twelve months of Plan Participation
shall equal his Base Salary deferrals annualized over twelve months multiplied
by fifteen.  At the end of the initial twelve month period (which may or may not
span more than one Plan Year) the Participant's death benefit shall equal the
amount of Base Salary deferrals annualized during the first twelve months
multiplied by fifteen plus the aggregate amount of all deferrals of Bonuses
and/or Commissions which occurred during the first twelve months multiplied by
fifteen.  This amount shall constitute the Participant's death benefit for the
remainder of his participation in the Plan.

     Any such Policy shall be subject to certain conditions set forth in a
"split-dollar life insurance agreement" between the Participant, Trustee and the
Participating Company, pursuant to which the Participant may designate a
beneficiary with respect to the portion of the Policy proceeds described in this
Section 6.1(c)(1) in the event the Participant dies prior to terminating
employment with the Participating Company.  The Participant shall have the right
to designate and change such beneficiary (which need not be his or her
Beneficiary) at any time on a form provided by and filed with the insurance
company.  If no such form is on file with the insurance company, the insurance
proceeds designated in this paragraph (1) shall be paid to the Beneficiary.  The
benefit payable pursuant to this paragraph (1) shall only be paid if the
insurance company agrees that the Participant is insurable and shall be subject
to all conditions and exceptions set forth in the applicable insurance policy.
Notwithstanding the provision of this Plan or any other document to the
contrary, the Participating Company shall not have any obligation to pay the
Participant or his or her beneficiary any amounts described in Section
6.1(c)(1); all such amounts due pursuant to Section 6.1(c)(1) shall be payable
solely from the proceeds of the Policy, if any.  Furthermore, the Participating
Company is not obligated to maintain the Policy; no death benefit shall be
payable hereunder if the Company has

                                      -9-
<PAGE>

discontinued the Policy for the Participant. In addition, no Policy shall be
allocated to any Participating Account.

               (2)  The Account Balance in a lump sum or installments as
previously elected by the Participant.

          (d)  Death After Benefit Commencement. In the event a Participant dies
               --------------------------------
after he has retired from the employ of the Company and still has a balance in
his or her Account, the balance shall continue to be paid in quarterly
installments for the remainder of the period as elected by the Participant.

          (e)  Death Benefit Reduction. In the event a Participant elects an
               -----------------------
Early Distribution from his or her Deferral Account, the Participant's death
benefit as computed in accordance with Section 6.1(c)(1) of the Plan shall be
reduced by multiplying said death benefit by a fraction the numerator of which
shall be the sum of the Participant's Early Distributions and the denominator of
which shall be the Participant's Deferral Account, after plus Early
Distributions, plus Early Distributions. For purposes of calculating the
denominator of the fraction set forth above, a Participant's Early Distributions
shall be credited with earnings in accordance with Section 4.1 of the Plan.

     In the event a Participant suspends contributions of Base Salary during the
first twelve (12) months of Plan participation, then the Participant's death
benefit calculated in accordance with Sections 6.1(c)(1)(i) and (iii) shall be
determined by multiplying the actual amount of Base Salary deferred during the
initial twelve (12) month period multiplied by fifteen (15).

     6.2  Early Distributions.
          -------------------

     A Participant shall be permitted to elect an Early Distribution from his or
her Deferral Account prior to the Payment Date, subject to the following
restrictions:

          (a) The election to take an Early Distribution shall be made by filing
a form provided by and filed with the Committee prior to the end of any calendar
month.

          (b) The amount of the Early Distribution shall in all cases be an
amount not less than the greater of 50% of the Deferral Account as of the end of
the calendar month as of which the distribution is to be made, or $25,000.

          (c) The amount described in subsection (b) above shall be paid in a
single cash lump sum as soon as practicable after the end of the calendar month
in which the Early Distribution election is made.

          (d) If a Participant receives an Early Distribution of his entire
Deferral Account, the remaining balance of his or her Deferral Account (10% of
the Deferral Account) shall be permanently forfeited and the Company shall have
no obligation to the Participant or his Beneficiary with respect to such
forfeited amount. If a Participant receives an Early Distribution of 50% or more
of his Deferral Account, such Participant shall forfeit 10% of the gross amount
to be distributed from the Participant's Deferral Account.

                                      -10-
<PAGE>

          (e) If a Participant receives an Early Distribution of either all or a
part of his Deferral Account, the following rules will apply for the balance of
the Plan Year and for the following Plan Year: (i) the Participant will be
ineligible to participate in the Plan, and (ii) neither the Participant (nor his
Beneficiary or beneficiaries) shall be entitled to death benefits under Section
6.1(c)(1) or (2).

     6.3  Inability to Locate Participant.
          -------------------------------

     In the event that the Committee is unable to locate a Participant or
Beneficiary within three two years following the required Payment Date, the
amount allocated to the Participant's Deferral Account, shall be forfeited.  If,
after such forfeiture, the Participant or Beneficiary later claims, within three
years of the forfeiture, such benefit, such benefit shall be reinstated without
interest or earnings.

     6.4  Payment of Policy Premiums.
          --------------------------

     So long as the Participating Company Trust maintains a Policy for a
Participant, the Participating Company shall pay to the Trustee amounts
necessary to pay premiums on the Policy insuring the Participant's life from as
soon as practical after the end of each Plan Year, or such earlier time as the
Participating Company shall determine (but no later than the tax return due date
for the Participating Company for such year), in amounts equal to the amount
deferred by the Participant for the Plan Year.

                                  ARTICLE VII

                                ADMINISTRATION
                                --------------

     7.1  Committee.
          ---------

     A committee shall be appointed by, and serve at the pleasure of, the Board
of Directors.  The number of members comprising the Committee shall be
determined by the Board which may from time to time vary the number of members.
A member of the Committee may resign by delivering a written notice of
resignation to the Board.  The Board may remove any member by delivering a
certified copy of its resolution of removal to such member.  Vacancies in the
membership of the Committee shall be filled promptly by the Board.

     7.2  Committee Action.
          ----------------

     The Committee shall act at meetings by affirmative vote of a majority of
the members of the Committee.  Any action permitted to be taken at a meeting may
be taken without a meeting if, prior to such action, a written consent to the
action is signed by all members of the Committee and such written consent is
filed with the minutes of the proceedings of the Committee.  A member of the
Committee shall not vote or act upon any matter which relates solely to himself
or herself as a Participant.  The Chairman or any other member or members of the
Committee designated by the Chairman may execute any certificate or other
written direction on behalf of the Committee.

                                      -11-
<PAGE>

     7.3  Powers and Duties of the Committee.
          ----------------------------------

          (a)  The Committee, on behalf of the Participants and their
Beneficiaries, shall enforce the Plan in accordance with its terms, shall be
charged with the general administration of the Plan, and shall have all powers
necessary to accomplish its purposes, including, but not by way of limitation,
the following:

               (1) To select the Funds in accordance with Section 3.2(b) hereof;

               (2) To construe and interpret the terms and provisions of this
Plan;

               (3) To compute and certify to the amount and kind of benefits
payable to Participants and their Beneficiaries;

               (4) To maintain all records that may be necessary for the
administration of the Plan;

               (5) To provide for the disclosure of all information and the
filing or provision of all reports and statements to Participants, Beneficiaries
or governmental agencies as shall be required by law;

               (6) To make and publish such rules for the regulation of the Plan
and procedures for the administration of the Plan as are not inconsistent with
the terms hereof;

               (7) To appoint a plan administrator or any other agent, and to
delegate to them such powers and duties in connection with the administration of
the Plan as the Committee may from time to time prescribe;

               (8) To take all actions necessary for the administration of the
Plan, including determining whether to hold or discontinue the Policies; and

               (9) If a Policy is discontinued or a Participant has terminated
employment with the Company for a reason other than death, (A) to notify the
insurance company that no death benefits are payable to the beneficiaries of the
applicable Participant under the Policy (and that neither the Participant nor
his or her beneficiary has any rights under the Policy or to any benefits under
the Policy) and (B) to file a new beneficiary designation with the insurance
company naming the Participating Company as beneficiary or to cash in the
Policy.

     7.4  Construction and Interpretation.
          -------------------------------

     The Committee shall have full discretion to construe and interpret the
terms and provisions of this Plan, which interpretations or construction shall
be final and binding on all parties, including but not limited to the
Participating Company and any Participant or Beneficiary.  The Committee shall
administer such terms and provisions in a uniform and nondiscriminatory manner
and in full accordance with any and all laws applicable to the Plan.

                                      -12-
<PAGE>

     7.5  Information.
          -----------

     To enable the Committee to perform its functions, the Company shall supply
full and timely information to the Committee on all matters relating to the
Compensation of all Participants, their death or other events which cause
termination of their participation in this Plan, and such other pertinent facts
as the Committee may require.

     7.6  Compensation, Expenses and Indemnity.
          ------------------------------------

          (a) The members of the Committee shall serve without compensation for
their services hereunder.

          (b) The Committee is authorized at the expense of the Company to
employ such legal counsel as it may deem advisable to assist in the performance
of its duties hereunder. Expenses and fees in connection with the administration
of the Plan shall be paid by the Company. Company may allocate such expenses and
fees amongst Participating Companies.

          (c) To the extent permitted by applicable state law, the Company shall
indemnify and save harmless the Committee and each member thereof, the Board of
Directors and any delegate of the Committee who is an employee of the Company
against any and all expenses, liabilities and claims, including legal fees to
defend against such liabilities and claims arising out of their discharge in
good faith of responsibilities under or incident to the Plan, other than
expenses and liabilities arising out of willful misconduct.  This indemnity
shall not preclude such further indemnities as may be available under insurance
purchased by the Company or provided by the Company under any bylaw, agreement
or otherwise, as such indemnities are permitted under state law.

     7.7  Quarterly Statements.
          --------------------

     Under procedures established by the Committee, a Participant shall receive
a statement with respect to such Participant's Accounts on a quarterly basis as
of each March 31, June 30, September 30 and December 31.

     7.8  Disputes.
          --------

          (a)  Claim.
               -----

          A person who believes that he or she is being denied a benefit to
which he or she is entitled under this Agreement (hereinafter referred to as
"Claimant") must file a written request for such benefit with the Company,
setting forth his or her claim.  The request must be addressed to the President
of the Company at its then principal place of business.

          (b)  Claim Decision.
               --------------

          Upon receipt of a claim, the Company shall advise the Claimant that a
reply will be forthcoming within ninety (90) days and shall, in fact, deliver
such reply within such period.  The Company may, however, extend the reply
period for an additional ninety (90) days for special circumstances.

                                      -13-
<PAGE>

          If the claim is denied in whole or in part, the Company shall inform
the Claimant in writing, using language calculated to be understood by the
Claimant, setting forth:  (A) the specified reason or reasons for such denial;
(B) the specific reference to pertinent provisions of this Agreement on which
such denial is based; (C) a description of any additional material or
information necessary for the Claimant to perfect his or her claim and an
explanation of why such material or such information is necessary; (D)
appropriate information as to the steps to be taken if the Claimant wishes to
submit the claim for review; and (E) the time limits for requesting a review
under subsection (c).

          (c)  Request For Review.
               ------------------

          Within sixty (60) days after the receipt by the Claimant of the
written opinion described above, the Claimant may request in writing that the
Committee review the determination of the Company.  Such request must be
addressed to the Secretary of the Company, at its then principal place of
business.  The Claimant or his or her duly authorized representative may, but
need not, review the pertinent documents and submit issues and comments in
writing for consideration by the Committee.  If the Claimant does not request a
review within such sixty (60) day period, he or she shall be barred and estopped
from challenging the Company's determination.

          (d)  Review of Decision.
               ------------------

          Within sixty (60) days after the Committee's receipt of a request for
review, after considering all materials presented by the Claimant, the Committee
will inform the Participant in writing, in a manner calculated to be understood
by the Claimant, the decision setting forth the specific reasons for the
decision containing specific references to the pertinent provisions of this
Agreement on which the decision is based.  If special circumstances require that
the sixty (60) day time period be extended, the Committee will so notify the
Claimant and will render the decision as soon as possible, but no later than one
hundred twenty (120) days after receipt of the request for review.

                                 ARTICLE VIII

       PROCEDURE FOR ADOPTION AND WITHDRAWAL BY PARTICIPATING EMPLOYERS
       ----------------------------------------------------------------

     8.1  Adoption of the Plan.
          --------------------

     Any entity which is a subsidiary for which more than fifty percent (50%) of
the value of the stock or other interest of such entity is owned by the
Sponsoring Company may, with the consent and approval of the Sponsoring Company,
adopt this Plan as a Participating Company for a select group of management and
highly compensated employees.  The adoption of this Plan by a Participating
Company shall be effected by resolution of its board of directors or equivalent
governing body.  It shall not be necessary for any adopting Participating
Company to formally execute the Plan as then in effect.  As to the Participating
Company, the effective date of the Plan shall be stated in its resolutions, and
it shall assume all the rights, obligations and liabilities of a Participating
Company under the Plan.

                                      -14-
<PAGE>

     8.2  Withdrawal From the Plan.
          ------------------------

     A Participating Employer may by resolution of its board of directors or
equivalent governing body and approval by the Sponsoring Employer, withdraw from
participation under the Plan.  A Withdrawing Participating Employer may arrange
for the continuation by itself or its successor of this Plan in a separate form
for its own employees.  The Withdrawing Participating Employer may arrange for
continuation of the Plan by merger with an existing plan and request, subject to
the Sponsoring Employer's consent the transfer to such plan of all Plan Assets
representing the benefits of its employees.

     8.3  Cessation of Future Contributions.
          ---------------------------------

     A Participating Employer may by resolution of its board of directors or
equivalent governing body cease to allow Participants in its employ to continue
to make deferrals pursuant to Section 3.1 of the Plan.  In the event a
Participating Company makes the determination to cease Participant deferrals the
remaining provisions of this Plan shall continue to apply.

                                  ARTICLE IX

                                 MISCELLANEOUS
                                 -------------

     9.1  Unsecured General Creditor.
          --------------------------

     Participants and their Beneficiaries, heirs, successors, and assigns shall
have no legal or equitable rights, claims, or interest in any specific property
or assets of the Participating Company.  No assets of the Participating Company
shall be held in any way as collateral security for the fulfilling of the
obligations of the Participating Company under this Plan.  Any and all of the
Participating Company's assets shall be, and remain, the general unpledged,
unrestricted assets of the Participating Company.  The Participating Company's
obligation under the Plan shall be merely that of an unfunded and unsecured
promise of the Participating Company to pay money in the future, and the rights
of the Participants and Beneficiaries shall be no greater than those of
unsecured general creditors.  It is the intention of the Participating Company
that this Plan be unfunded for purposes of the Code and for purposes of Title 1
of ERISA.

     9.2  Restriction Against Assignment.
          ------------------------------

     The Participating Company shall pay all amounts payable hereunder only to
the person or persons designated by the Plan and not to any other person or
corporation.  No part of a Participant's Accounts shall be liable for the debts,
contracts, or engagements of any Participant, his or her Beneficiary, or
successors in interest, nor shall a Participant's Accounts be subject to
execution by levy, attachment, or garnishment or by any other legal or equitable
proceeding, nor shall any such person have any right to alienate, anticipate,
sell, transfer, commute, pledge, encumber, or assign any benefits or payments
hereunder in any manner whatsoever.  If any Participant, Beneficiary or
successor in interest is adjudicated bankrupt or purports to anticipate,
alienate, sell, transfer, commute, assign, pledge, encumber or charge any
distribution or payment from the Plan, voluntarily or involuntarily, the
Committee, in its discretion, may cancel such distribution or payment (or any
part thereof) to or for the benefit of such Participant, Beneficiary or
successor in interest in such manner as the Committee shall direct.

                                      -15-
<PAGE>

     9.3  Withholding.
          -----------

     There shall be deducted from each payment made under the Plan or any other
Compensation payable to the Participant (or Beneficiary) all taxes which are
required to be withheld by the Participating Company in respect to such payment
or this Plan.  The Participating Company shall have the right to reduce any
payment (or compensation) by the amount of cash sufficient to provide the amount
of said taxes.

     9.4  Amendment, Modification, Suspension or Termination.
          --------------------------------------------------

     The Committee may amend, modify, suspend or terminate the Plan in whole or
in part, except that no amendment, modification, suspension or termination shall
have any retroactive effect to reduce any amounts allocated to a Participant's
Accounts (neither the Policies themselves, nor the death benefit described in
Section 6.1(c)(1) shall be treated as allocated to Accounts).  In addition, the
Committee has the right to amend or terminate Section 6.1(c)(1).  In the event
that this Plan is terminated, the amounts allocated to a Participant's Accounts
shall be distributed to the Participant or, in the event of his or her death,
his or her Beneficiary in a lump sum within thirty (30) days following the date
of termination.

     9.5  Governing Law.
          -------------

     This Plan shall be construed, governed and administered in accordance with
the laws of the State of California.

     9.6  Receipt or Release.
          ------------------

     Any payment to a Participant or the Participant's Beneficiary in accordance
with the provisions of the Plan shall, to the extent thereof, be in full
satisfaction of all claims against the Committee and the Company.  The Committee
may require such Participant or Beneficiary, as a condition precedent to such
payment, to execute a receipt and release to such effect.

     9.7  Payments on Behalf of Persons Under Incapacity.
          ----------------------------------------------

     In the event that any amount becomes payable under the Plan to a person
who, in the sole judgment of the Committee, is considered by reason of physical
or mental condition to be unable to give a valid receipt therefore, the
Committee may direct that such payment be made to any person found by the
Committee, in its sole judgment, to have assumed the care of such person.  Any
payment made pursuant to such determination shall constitute a full release and
discharge of the Committee and the Company.

     9.8  Limitation of Rights and Employment Relationship.
          ------------------------------------------------

     Neither the establishment of the Plan and Trust nor any modification
thereof, nor the creating of any fund or account, nor the payment of any
benefits shall be construed as giving to any Participant or other person any
legal or equitable right against the Company or the trustee of the Trust except
as provided in the Plan and Trust; and in no event shall the terms of employment
of any Employee or Participant be modified or in any way be affected by the
provisions of the Plan and Trust.

                                      -16-
<PAGE>

     9.9  Headings.
          --------

     Headings and subheadings in this Plan are inserted for convenience of
reference only and are not to be considered in the construction of the
provisions hereof.

     IN WITNESS WHEREOF, the Company has caused this document to be executed by
its duly authorized officer on this 10th day of March, 2000.

                                   THE FIRST AMERICAN FINANCIAL
                                   CORPORATION

                                   By   /s/ Drew Cree
                                        Its: Vice President Human Resources

                                      -17-

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