Document:

<PAGE>   1
                                                                     Exhibit 4.6

                              LC ACCOUNT AGREEMENT

         THIS LC ACCOUNT AGREEMENT (this "Agreement") is dated as of November
13, 2000, and made by and among THE WACKENHUT CORPORATION, a Florida
corporation, (the "Pledgor"), and BANK OF AMERICA, N.A., as the agent for the
Lenders party to that certain Credit Agreement (as defined below) (in such
capacity herein and together with any successors in such capacity, the "Agent").

                                    RECITALS

         WHEREAS, the Pledgor, the Lenders party thereto from time to time (the
"Lenders") and the Agent have entered into a Credit Agreement dated as of the
date hereof (said Credit Agreement as it may hereafter be amended, amended and
restated, supplemented or otherwise modified from time to time in accordance
with the terms thereof and in effect, hereinafter referred to as the "Credit
Agreement");

         WHEREAS, as a condition precedent to the Lenders' obligations to make
the Loans or of the Issuing Banks to issue Letters of Credit, the Pledgor is
required to execute and deliver to the Agent a copy of this Agreement on or
before the Closing Date;

         NOW, THEREFORE, in consideration of the foregoing and the agreements,
provisions and covenants contained herein, the Pledgor and the Agent hereby
agree as follows:

         Section 1. Capitalized terms used in this Agreement shall have the
following meanings:

         "COLLATERAL" means (a) all funds from time to time on deposit in the LC
Account; (b) all Investments and all certificates and instruments from time to
time representing or evidencing such Investments; (c) all notes, certificates of
deposit, checks and other instruments from time to time hereafter delivered to
or otherwise possessed by the Agent for or on behalf of the Pledgor in
substitution for or in addition to any or all of the Collateral described in
clause (a) or (b) above; (d) all interest, dividends, cash, instruments and
other property from time to time received, receivable or otherwise distributed
in respect of or in exchange for any or all of the Collateral described in
clause (a), (b) or (c) above; and (e) to the extent not covered by clauses (a)
through (d) above, all proceeds of any or all of the foregoing Collateral.

         "INVESTMENTS" means those investments, if any, made by the Agent
pursuant to Section 5 hereof.

         "LC ACCOUNT" means the cash collateral account established and
maintained pursuant to Section 2 hereof.

         "SECURED OBLIGATIONS" means (i) all obligations of the Pledgor now
existing or hereafter arising under or in respect of the Credit Agreement or the
Notes (including, without limitation, the Pledgor's obligations to pay principal
and interest and all other charges, fees, expenses, commissions, reimbursements,
indemnities and other payments related to or in respect of the

                                       1

<PAGE>   2

obligations contained in the Credit Agreement or the Notes) or any documents or
agreement related to the Credit Agreement or the Notes; and (ii) without
duplication, all obligations of the Pledgor now or hereafter existing under or
in respect of this Agreement, including, without limitation, all charges, fees,
expenses, commissions, reimbursements, indemnities and other payments related to
or in respect of the obligations contained in this Agreement.

         Capitalized terms used herein and not otherwise defined shall have the
meanings set forth in the Credit Agreement.

         Section 2. LC ACCOUNT; CASH COLLATERALIZATION OF LETTERS OF CREDIT.

                  (i) At the time of delivery of any amounts hereunder, the
         Agent shall establish and maintain at its offices at 101 North Tryon
         Street, NCI-001-15-04, Charlotte, North Carolina 28255, in the name of
         the Agent and under the sole dominion, discretion and control of the
         Agent, a cash collateral account designated as Bank of America/The
         Wackenhut Corporation Cash LC Account (the "LC Account").

                  (ii) In accordance with Article X of the Credit Agreement, in
         the event that an Event of Default has occurred and is continuing and
         the Pledgor is required to pay to the Agent an amount equal to the
         maximum amount remaining drawn or unpaid under the Letters of Credit,
         the Agent shall, upon receipt of any such amounts, exercise the
         remedies set forth in Section 12 hereof and shall apply the proceeds as
         provided in Article X of the Credit Agreement. Any such amounts
         received by the Agent pursuant to Section 10.1(B) of the Credit
         Agreement shall be deposited in the LC Account. Upon a drawing under
         the Letters of Credit in respect of which any amounts described above
         have been deposited in the LC Account, the Agent shall apply such
         amounts to reimburse the Issuing Banks, ratably for the amount of such
         drawing. In the event the Letters of Credit are canceled or expire or
         in the event of any reduction in the maximum amount available at any
         time for drawing under such Letters of Credit (the "Maximum Available
         Amount"), the Agent shall apply the amount then in the LC Account
         designated to reimburse the applicable Issuing Banks for any drawings
         under the Letters of Credit less the Maximum Available Amount
         immediately after such cancellation, expiration or reduction, if any,
         FIRST, to the cash collateralization of the Letters of Credit if the
         Pledgor failed to pay all or a portion of the maximum amounts described
         above and, SECOND, to the payment in full of the outstanding Secured
         Obligations.

                  (iii) Interest received in respect of Investments made by the
         Pledgor of any amounts deposited in the LC Account pursuant to clause
         (ii) of this Section 2 shall be delivered by the Agent to the Pledgor
         on the last Business Day of each calendar month or, if earlier, upon
         cancellation or expiration of or drawing of the Maximum Available
         Amount for drawing under the Letters of Credit, as the case may be, in
         respect of which such amounts were so deposited; PROVIDED, HOWEVER,
         that the Agent shall not deliver to the Pledgor any such interest
         received in respect of Investments of any amounts deposited in the LC
         Account pursuant to this Section 2 if an Event of Default has occurred
         and is continuing or unless all outstanding Secured Obligations have
         been indefeasibly paid in full in cash.

                                       2

<PAGE>   3

         The Pledgor shall have no obligation to deposit funds into the LC
Account except upon the occurrence of an Event of Default as provided in this
Section 2.

         Section 3. PLEDGE; SECURITY FOR SECURED OBLIGATIONS. The Pledgor hereby
absolutely and unconditionally pledges to the Agent (for itself and on behalf of
the Lenders and Issuing Banks) a first priority lien and security interest in,
the Collateral, as collateral security for the prompt payment in full when due,
whether at stated maturity, by acceleration or otherwise (including, without
limitation, the payment of interest and other amounts which would accrue and
become due but for the filing of a petition in bankruptcy or the operation of
the automatic stay under Section 362(a) of the Bankruptcy Code), of all Secured
Obligations.

         Section 4. DELIVERY OF COLLATERAL. All certificates or instruments, if
any, representing or evidencing the Collateral shall be delivered to and held by
the Agent pursuant hereto and shall be in suitable form for transfer by
delivery, or shall be accompanied by duly executed instruments of transfer or
assignment in blank, all in form and substance reasonably satisfactory to the
Agent. In the event any Collateral is not evidenced by a certificate reflecting
title in the name of the Agent or a filing evidencing the security interest of
the Agent, a notation shall be made in the records of the issuer of such
Collateral or in such other appropriate records as the Agent may require, all in
form and substance reasonably satisfactory to the Agent. The Agent shall have
the right, at any time and without notice to the Pledgor, to transfer to or to
register in the name of the Agent or any of its nominees any or all of the
Collateral. In addition, the Agent shall have the right at any time to exchange
certificates or instruments representing or evidencing Collateral for
certificates or instruments of smaller or larger denominations.

         Section 5. INVESTING OF AMOUNTS IN THE LC ACCOUNT; AMOUNTS HELD BY THE
AGENT. Cash held by the Agent in the LC Account shall not be invested or
reinvested except as provided in this Section 5.

                  (i) Except as otherwise provided in Section 12 hereof, any
         funds on deposit in the LC Account shall be invested by the Agent so
         long as no Default or Event of Default shall have occurred and be
         continuing, in cash equivalents.

                  (ii) The Agent is hereby authorized to sell, and shall sell,
         all or any designated part of the Collateral (A) so long as no Default
         or Event of Default shall have occurred and be continuing, upon the
         receipt of appropriate written instructions from the Pledgor or (B) in
         any event if such sale is necessary to permit the Agent to perform its
         duties hereunder or under the Credit Agreement. The Agent shall have no
         responsibility for any loss in the value of the Collateral resulting
         from a fluctuation in interest rates or otherwise. Any interest on
         securities constituting part of the Collateral and the net proceeds of
         the sale or payment of any such securities shall be held in the LC
         Account by the Agent.

         Section 6. REPRESENTATIONS AND WARRANTIES. In addition to its
representations and warranties made pursuant to Article VIII of the Credit
Agreement, the Pledgor represents and warrants to the Agent (for itself and as
agent on behalf of the Lenders and Issuing Banks), that the following statements
are true, correct and complete:

                                       3

<PAGE>   4

                  (i) The Pledgor will be the legal and beneficial owner of the
         Collateral free and clear of any Lien except for the lien and security
         interest created by this Agreement;

                  (ii) The pledge and assignment of the Collateral pursuant to
         this Agreement creates a valid and perfected first priority security
         interest in the Collateral, securing the payment of the Secured
         Obligations.

         Section 7. FURTHER ASSURANCES. The Pledgor agrees that at any time and
from time to time, at its expense, it will promptly execute and deliver to the
Agent any further instruments and documents, and take any further actions, that
may be necessary or that the Agent may reasonably request, in order to perfect
and protect any security interest granted or purported to be granted hereby or
to enable the Agent to exercise and enforce its rights and remedies hereunder
with respect to any Collateral.

         Section 8. TRANSFERS AND OTHER LIENS. The Pledgor agrees that it will
not (a) sell or otherwise dispose of any of the Collateral, or (b) create or
permit to exist any Lien upon or with respect to any of the Collateral, except
for the lien and security interest created by this Agreement.

         Section 9. THE AGENT APPOINTED ATTORNEY-IN-FACT. The Pledgor hereby
appoints the Agent as its attorney-in-fact, with full authority in the place and
stead of the Pledgor and in the name of the Pledgor or otherwise, from time to
time in the Agent's reasonable discretion to take any action and to execute any
instrument which the Agent may reasonably deem necessary or advisable to
accomplish the purposes of this Agreement, including, without limitation, to
receive, endorse and collect all instruments made payable to the Pledgor
representing any payment, dividend, or other distribution in respect of the
Collateral or any part thereof and to give full discharge for the same. In
performing its functions and duties under this Agreement, the Agent shall act
solely for itself and as the agent of the Lenders and Issuing Banks, and the
Agent has not assumed nor shall be deemed to have assumed any obligation towards
or relationship of agency or trust with or for the Pledgor.

         Section 10. THE AGENT MAY PERFORM. If the Pledgor fails to perform any
agreement contained herein, after notice to the Pledgor, the Agent may itself
perform, or cause performance of, such agreement, and the expenses of the Agent
incurred in connection therewith shall be payable by the Pledgor under Section
13 hereof.

         Section 11. STANDARD OF CARE; NO RESPONSIBILITY FOR CERTAIN MATTERS. In
dealing with the Collateral in its possession, the Agent shall exercise the same
care which it would exercise in dealing with its own property of a similar
nature, but it shall not be responsible for (a) ascertaining or taking action
with respect to calls, conversions, exchanges, maturities, tenders or other
matters relative to any Collateral, whether or not the Agent has or is deemed to
have knowledge of such matters, (b) taking any steps to preserve rights against
any parties with respect to any Collateral (other than steps taken in accordance
with the standard of care set forth above to maintain possession of the
Collateral), (c) the collection of any proceeds, (d) any loss resulting from
Investments made pursuant to Section 5 hereof, or (e) determining (x) the
correctness of any statement or calculation made by the Pledgor in any written
or telex (tested or otherwise) instructions, or (y) whether any deposit in the
LC Account is proper.

                                       4

<PAGE>   5

         Section 12. REMEDIES UPON DEFAULT; APPLICATION OF PROCEEDS. If any
Event of Default shall have occurred and be continuing:

                  (i) The Agent may exercise in respect of the Collateral, in
         addition to other rights and remedies provided for herein otherwise
         available to it, all the rights and remedies of a secured party on
         default under the Uniform Commercial Code (the "Code") as in effect at
         that time in the State of Florida or in any other State where any
         portion of the Collateral may be located, and the Agent may, without
         notice except as specified below, sell the Collateral or any part
         thereof in one or more parcels at public or private sale, at any
         exchange or broker's board or at any of the Agent's offices or
         elsewhere, for cash, on credit or for future delivery, and at such
         price or prices, and upon such other terms as the Agent may deem
         commercially reasonable. The Pledgor agrees that, to the extent notice
         of sale shall be required by law, at least ten (10) days' written
         notice to the Pledgor of the time and place of any public sale or the
         time after which any private sale is to be made shall constitute
         reasonable notification. The Agent shall not be obligated to make any
         sale of the Collateral regardless of notice of sale having been given.
         The Agent may adjourn any public or private sale from time to time by
         announcement at the time and place fixed therefor, and such sale may,
         without further notice, be made at the time and place to which it was
         so adjourned.

                  (ii) Subject to the provisions of Section 2.(ii) hereof, any
         cash held by the Agent as Collateral and all cash proceeds received by
         the Agent in respect of any sale of, collection from, or other
         realization upon all or part of the Collateral shall be applied (after
         payment of any amounts payable to the Agent pursuant to Section 13
         hereof) by the Agent to pay the Secured Obligations. Any surplus of
         such cash or cash proceeds held by the Agent and remaining after
         payment in full of all Secured Obligations shall be paid over to the
         Pledgor or to whomsoever may be lawfully entitled to receive such
         surplus.

         Section 13. EXPENSES. In addition to any payments of expenses of Agent
pursuant to the Credit Agreement, the Pledgor agrees to pay promptly to the
Agent all the reasonable costs and expenses which the Agent may incur in
connection with (a) the custody or preservation of, or the sale of, collection
from, or other realization upon, any of the Collateral, (b) the exercise or
enforcement of any of the rights of the Agent hereunder, or (c) the failure by
the Pledgor to perform or observe any of the provisions hereof.

         Section 14. NO DELAYS; WAIVER, ETC. No delay or failure on the part of
the Agent in exercising, and no course of dealing with respect to, any power or
right hereunder shall operate as a waiver thereof; nor shall any single or
partial exercise by the Agent of any power or right hereunder preclude other or
further exercise thereof or the exercise of any other power or right. The
remedies herein provided are to the fullest extent permitted by law cumulative
and are not exclusive of any remedies provided by law.

         Section 15. AMENDMENTS, ETC. No amendment, modification, termination or
waiver of any provision of this Agreement, or consent to any departure by the
Pledgor therefrom, shall in any event be effective without the written
concurrence of the Agent.

                                       5

<PAGE>   6

         Section 16. NOTICES. Except as otherwise specifically provided herein,
all notices which are to be sent to the Pledgor or Agent shall be given in
accordance with the Credit Agreement.

         Section 17. CONTINUING SECURITY INTEREST; TERMINATION. This Agreement
shall create a continuing security interest in the Collateral and shall (a)
remain in full force and effect until all Secured Obligations (other than
Secured Obligations in the nature of continuing indemnities or expense
reimbursement obligations not yet due and payable) shall have been indefeasibly
paid in full in cash, the Revolving Credit Commitments, the Letter of Credit
Commitments or any other obligations of the Agent or any Lender to make any
Loans or of the Issuing Banks to issue any Letters of Credit under the Credit
Agreement shall have expired and the Letters of Credit shall have expired, (b)
be binding upon the Pledgor, its respective successors and assigns, and (c)
inure to the benefit of the Agent, the Lenders, the Issuing Banks and their
respective successors, transferees and assigns. Without limiting the generality
of the foregoing clause (c) and subject to the provisions of the Credit
Agreement, any Lender or Issuing Bank may assign or otherwise transfer any Note
held by it to any other person or entity, and such other person or entity shall
thereupon become vested with all the benefits in respect thereof granted to such
Lender or Issuing Bank herein or otherwise. Upon the indefeasible payment in
full in cash of the Secured Obligations (other than Secured Obligations in the
nature of continuing indemnities or expense reimbursement obligations not yet
due and payable) and the cancellation or expiration of the Letters of Credit and
termination or expiration of all Revolving Credit Commitments, all Letter of
Credit Commitments and any other obligations of the Agent and any Lender to make
any Loan or of the Issuing Banks to issue any Letter of Credit, the Pledgor
shall be entitled to the return, upon its request and at its expense, of such of
the Collateral as shall not have been sold or otherwise applied pursuant to the
terms hereof.

         Section 18. GOVERNING LAW; CONSENT TO JURISDICTION. THIS AGREEMENT
SHALL BE DEEMED TO BE A CONTRACT MADE UNDER, AND FOR ALL PURPOSES SHALL BE
CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS AND JUDICIAL DECISIONS OF THE
STATE OF FLORIDA, EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF THE
SECURITY INTEREST HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR
COLLATERAL ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF
FLORIDA. THE PLEDGOR HEREBY SUBMITS TO THE JURISDICTION AND VENUE OF THE STATE
AND FEDERAL COURTS OF FLORIDA FOR THE PURPOSES OF RESOLVING DISPUTES HEREUNDER
OR FOR THE PURPOSES OF COLLECTION. UNLESS OTHERWISE DEFINED HEREIN OR IN THE
CREDIT AGREEMENT, TERMS DEFINED IN ARTICLE 9 OF THE CODE ARE USED HEREIN AS
THEREIN DEFINED.

         Section 19. SUCCESSORS AND ASSIGNS. Whenever in this Agreement any of
the parties hereto is referred to, such reference shall be deemed to include the
successors and assigns of such party and all covenants, promises, and agreements
by or on behalf of the Pledgor or by and on behalf of the Agent shall bind and
inure to the benefit of the successors and assigns of the Pledgor, the Agent,
the Lenders and the Issuing Banks.

         Section 20. EXECUTION IN COUNTERPARTS. This Agreement may be executed
in any number of counterparts and by the different parties on separate
counterparts and each such counterpart

                                       6

<PAGE>   7

shall for all purposes be deemed an original, but all such counterparts shall
together constitute but one and the same Agreement. The Pledgor and the Agent
hereby acknowledge receipt of a true, correct, and complete counterpart of this
Agreement.

         Section 21. SEVERABILITY. Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such provision and
such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions of this Agreement
or affecting the validity or enforceability of such provision in any other
jurisdiction.

         Section 22. ENTIRE AGREEMENT. This Agreement constitutes the entire
agreement between the parties with respect to the subject matter hereof and
supersedes all previous proposals, negotiations, representations, commitments
and other communications between or among the parties, both oral and written,
with respect thereto.

         Section 23. HEADINGS. This section headings in this Agreement are
inserted for convenience of reference and shall not be considered a part of this
Agreement or used in its interpretation.

                  [Remainder of Page Intentionally Left Blank)

                                       7

<PAGE>   8

         IN WITNESS WHEREOF, the Pledgor and the Agent have caused this
Agreement to be duly executed and delivered by their respective officers
thereunto duly authorized as of the date first above written.

                                   THE WACKENHUT CORPORATION

                                   By: /s/ Ann Svoboda
                                       -----------------------------------------
                                   Name: Ann Svoboda
                                   Title: Assistant Treasurer

                                   BANK OF AMERICA, N.A., as Agent

                                   By: /s/ Robert Mauriello
                                       -----------------------------------------
                                   Name: Robert Mauriello
                                   Title: Vice President

                                       8<PAGE>   1
                                                                    EXHIBIT 10.3

================================================================================

                                     [LOGO]

                            THE WACKENHUT CORPORATION

                            EXECUTIVE RETIREMENT PLAN

                            (EFFECTIVE MARCH 1, 1989)

                    As Amended and Revised December 27, 1989
                and As Further Amended and Revised April 24, 1993

================================================================================
<PAGE>   2

                                TABLE OF CONTENTS

                                                                        PAGE
                                                                        ----

INTRODUCTION                                                             ii

ARTICLE I               DEFINITIONS                                      1
ARTICLE II              PARTICIPANT ELIGIBILITY                          2
ARTICLE III             BENEFITS                                         3
ARTICLE IV              WHEN BENEFITS ARE PAYABLE                        4
ARTICLE V               ADMINISTRATION                                   6
ARTICLE VI              AMENDMENT, TERMINATION AND EXCEPTIONS            7
ARTICLE VII             MISCELLANEOUS                                    8

                                       i

<PAGE>   3

                                    ARTICLE I

                                   DEFINITIONS

1.0 DEFINITIONS. The following terms when used in this Plan shall have the
following meanings unless a different meaning is clearly required by the
context.

1.1 TWC. The Wackenhut Corporation.

1.2 EMPLOYER. TWC and any of its subsidiary corporations.

1.3 BENEFICIARY. The beneficiary or beneficiaries of a Participant in accordance
with Section 4.7. If more than one beneficiary survives the Participant,
payments shall be made equally to the surviving beneficiaries, unless otherwise
provided. Nothing herein shall prevent the Participant from designating primary
and contingent beneficiaries.

1.4 COMMITTEE. The Administrative Committee appointed to administer the Plan
pursuant to Article V.

1.5 DISABILITY. A Participant's inability to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment
that can be expected to result in death or be of long continued and indefinite
duration. Disability is determined and approved by the Committee based on
medical evidence submitted by the Participant's physician or a physician
approved by the Committee. A determination by the United States Social Security
Administration that a Participant is disabled for Social Security purposes shall
be conclusive and binding upon the Committee.

1.6 EMPLOYEE. An Employee of an Employer.

1.7 PARTICIPANT. Any Employee who participates in this Plan in accordance with
Article II.

1.8 PERIOD OF SERVICE. The period of time during which an Employee is employed
by an Employer.

1.9 PLAN. The Wackenhut Corporation Executive Retirement Plan as it may from
time to time be amended.

1.10 RETIREMENT. The first date upon which the Participant shall separate from
service and attain Normal Retirement Age.

                                       1
<PAGE>   4

1.11 SEPARATION FROM SERVICE. Severance of the Participant's employment with the
Employer. A Participant shall be deemed to have severed his employment with the
Employer for purposes of this Plan when, in accordance with the established
practices of the Employer, the employment relationship is considered to have
actually terminated.

1.12     NORMAL RETIREMENT AGE.  Age 65.

1.13 FAS. The average salary of a Participant earned during his or her last five
(5) years of employment with an Employer. Such salary does not include any
bonuses, but does include any deferred salary which is included in the year in
which it is earned, not in the year of payment.

1.14 LONG TERM DISABILITY (LTD) BENEFITS. LTD benefits are those payable by The
Wackenhut Corporation Long Term Disability plan in effect from time to time and
normally offered to Employees under the TWC "005" plan.

                                   ARTICLE II
                             PARTICIPANT ELIGIBLITY

2.1 INITIAL ELIGIBLE EMPLOYEES. The attached list of individuals are those
Employees who have been approved for participation at the inception of the Plan.
See Exhibit A. Participants shown on Exhibit A who are age 55 or over at
inception of the Plan shall not be eligible for Early Retirement pursuant to
Section 4.2 of the Plan.

2.2 OTHER ELIGIBLE EMPLOYEES. (as amended April 24, 1993). In addition to those
initially eligible, employees holding the following positions with applicable
time periods may be selected to participate in the Plan.

            POSITION                            TIME PERIOD
            --------                            -----------

   Any Officer of TWC                  After having been an Officer of TWC for
                                       two years

   President of a major                After two years of service
   Business Unit of Employer
   (excluding WATCI, WMSI
   and WASI)

   Sr. Vice President at               After having been in position for two
   Group Level                         years

   Sr. Vice President at               After ten years of service and having
   Division Level                      been in position for two years

   Vice President at Division          After ten years of service and having
   Level                               been in position for two years

                                       2
<PAGE>   5

Such key executives shall be suggested by the Corporate Retirement Committee,
and be finally approved for participation in the Plan by the Nominating and
Compensation Committee of the Board of Directors of TWC.

2.3 EXCLUDED EMPLOYEES. No Senior Vice President, Executive Vice President,
President, or Chairman of the Board of TWC shall be selected for participation
in the Plan if such officer has elected coverage under an individual Deferred
Compensation Agreement (the Senior Plan) between himself and TWC. Any such
officer may elect to be included under this Plan and not the Senior Plan at the
time he or she becomes eligible for the Senior Plan.

                                   ARTICLE III
                                    BENEFITS

3.1 BENEFIT COMPUTATION. The basic Benefit Formula is a product of forty-five
percent (45%) of the FAS of a Participant at Normal Retirement Age after
twenty-five (25) years of service, reduced by one hundred percent (100%) of any
social security benefits for which the Participant is eligible at the time of
his or her retirement.

3.2 YEARS OF SERVICE COUNTED. All years of service with the Employer, including
years of service prior to participation in the Plan, are includible for purposes
of the Benefit Computation in Section 3.1 above. Years of service in excess of
twenty-five (25) years are not considered for purposes of the Benefit
Computation. No benefits will be payable to any participant with less than ten
(10) years of service with TWC or its subsidiaries. Years of service after a
Participant reaches age 65 will be counted to allow a Participant to reach the
maximum of 25 years of service.

3.3 BENEFITS WITH LESS THAN 25 YEARS OF SERVICE. For years of service with TWC
and its subsidiaries in excess of ten (10) years, but less than twenty-five (25)
years, the Benefit Computation in Section 3.1 above shall be 1.8% times the
number of years of service to arrive at the Benefit Formula to be applied. Thus,
a Participant who had twenty (20) years of service at the time of his or her
entitlement to Benefits under this Plan would have a Benefit Formula of
thirty-six percent (36%) of FAS reduced by one hundred percent (100%) of any
social security benefits for which the Participant is eligible at the time of
his or her retirement.

                                       3
<PAGE>   6

                                   ARTICLE IV
                            WHEN BENEFITS ARE PAYABLE

4.1 RETIREMENT. Upon retiring at Normal Retirement Age, a Participant shall be
paid monthly 1/12th of the annual amount determined under the applicable Benefit
Formula provided in either Section 3.1 or 3.3 either for the rest of his or her
life or under the two optional forms of payment indicated in 4.1.1 and 4.1.2
below. Such payments shall begin the first day of the month following such
retirement. The following is an example of the Benefit Computation.

         An Executive retires at age 65 with twenty-five (25) years of service.
The FAS is $80,000 and the social security entitlement is $10,700 annually at
the time of his or her retirement.

         45% x $80,000                      =        $36,000
         Less Annual Social Security                 -10,700
                                                     -------

         Plan pays annually for life                 $25,300
                                                     -------

         Monthly payment for life                    $ 2,109
                                                     -------

         4.1.1 LIFE WITH TEN YEARS CERTAIN. A Participant may elect the
actuarially determined equivalent of the payments for life to be paid for his or
her life with ten (10) years of such determined payment to be made in any event
either to the retired Participant or to his designated Beneficiary.

         4.1.2 JOINT AND SURVIVOR OPTIONS. A Participant may elect the
actuarially determined equivalent of the payments for life to be paid for the
lives of the Participant and another person.

4.2 EARLY RETIREMENT. If a Participant is at least age 55 and has at least
twenty (20) years of service with the Employer, he or she may elect to retire at
any time before age 65, but the amount of the Benefits otherwise payable to the
Participant shall be reduced by a factor of 4% for each year (or fraction
thereof) that the Participant is under Normal Retirement Age. The Benefit
Calculation provided in Sections 3.1 or 3.3 would be made using an estimated
amount of social security which would be payable to the Participant at age 65.
The following is an example of the Benefit Computation.

         An Executive retires early at age 62 with twenty-two (22) years of
service. His FAS is $80,000 and his estimated social security entitlement at age
65 is $10,700 annually.

         1.8% x 22 x $80,000                         =        $31,680
         Less estimated Social Security                       -10,700
                                                              -------
         Benefit that is payable at age 65                    $20,980

         Early retirement factor 100%-3(4%)          =        x    88%

         Annual Benefit payable at age 62                     $18,462
                                                              -------

         Monthly payment for life                             $ 1,538
                                                              -------

                                       4
<PAGE>   7

4.3 PRE-RETIREMENT DEATH BENEFIT. In the event of the death of a Participant
prior to his or her retirement, a benefit shall be payable to his or her
designated Beneficiary for a period of ten (10) years. This death benefit shall
be computed by using the applicable Benefit Formula in either Section 3.1 or 3.3
as if the Participant had attained Normal Retirement Age, reduced by fifty
percent (50%), but without any reduction for social security benefits.

         4.3.1 TIME OF DISTRIBUTION. Distribution shall commence to be made as
soon as administratively practicable following the date on which the Committee
receives written notification of the Participant's death in the manner
prescribed by the Committee.

4.4 DISABILITY BENEFIT. In the event of the Disability of a Participant prior to
his or her retirement, a benefit shall be payable to such Participant commencing
at the time LTD benefits as defined in Section 1.14 cease. This disability
benefit shall be computed by using the applicable Benefit Formula in either
Section 3.1 or 3.3 based upon the years of service and compensation of the
Participant prior to his or her Disability. The benefit is computed as if the
Participant had attained Normal Retirement Age, and is payable as selected by
the Participant under Section 4.1 of this Plan. Any benefit payable under this
Section shall be computed as if the Participant were eligible to receive LTD
benefits for the period described in the LTD plan defined in Section 1.14,
whether the Participant is actually covered by such LTD plan or not.

4.5 DELAY IN PAYMENT. Notwithstanding any other provision of the Plan, if the
amount of a payment otherwise required to be made on any date under the Plan
cannot be ascertained by such date, or if the Participant (or Beneficiary, if
applicable) fails to provide proper written notification of his claim for a
benefit to the Committee, or if it is not possible to make such payment on such
date because the Committee cannot locate the Participant (or Beneficiary) after
making reasonable efforts to do so, such payment may be made no later than 60
days after the earliest date on which such payment can be ascertained or proper
notification is received or the Participant is located (whichever is
applicable).

4.6 PROOF OF DEATH. The Committee may require such proof of death and such
evidence of the right of any person to receive all or part of the death benefit
of a deceased Participant as the Committee may deem desirable.

4.7 DESIGNATION OF BENEFICIARY. Every Participant shall be furnished with a form
on which he may designate a Beneficiary to receive the benefits due him under
the Plan in the event of his death during employment, or before all payments due
are made.

         4.7.1 A Participant may change any such designation by signing and
filing with the Committee a new Designation of Beneficiary.

                                       5
<PAGE>   8

         4.7.2 If no Beneficiary is designated, or if the designated Beneficiary
has not survived the Participant, and if no alternative designation of
Beneficiary shall be effective, the Participant's Beneficiary shall be his
surviving spouse, or if no spouse survives the Participant, the estate of the
deceased Participant.

         4.7.3 If the Beneficiary cannot be located for a period of one year
following the Participant's death despite mailing to the Beneficiary's last
known address and if the Beneficiary has not made a written claim within such
period to the Committee, such Beneficiary shall be treated as having predeceased
the Participant.

4.8 PARTICIPANT'S RIGHTS UNSECURED. The right of the Participant or his
Beneficiary to receive a distribution hereunder shall be an unsecured claim
against the general assets of the Employer, and neither the Participant nor his
Beneficiary shall have any rights in or against any specific assets of the
Employer. Benefits may not be encumbered or assigned by a Participant or any
Beneficiary.

4.9 FORFEITURE OF BENEFITS. Notwithstanding any other provision of this Plan,
all benefits otherwise payable to a Participant may be forfeited if the
Committee determines that such Participant has become employed by a competitor
of the Employer either as an employee or a consultant.

                                    ARTICLE V
                                  ADMINSTRATION

5.1 THE COMMITTEE. The Plan will be administered by the Corporate Retirement
Committee (the Committee) comprised of the President, the Chief Financial
Officer, the Chief Legal Officer, and the Vice President, Human Resources of
TWC.

5.2 POWERS AND AUTHORITY OF COMMITTEE. Except as otherwise expressly provided in
the Plan, the Committee will have all powers necessary or helpful for the
carrying out of its duties and responsibilities under the Plan, and its
decisions or actions in good faith in respect of any matter hereunder will be
final, conclusive and binding upon all parties concerned.

5.3 LIABILITY LIMITED. Except as otherwise provided by law, no person who is a
member of the Committee or who is an employee, officer and/or director of the
Employer will incur any liability whatsoever on account of any matter connected
with or related to the Plan, unless such person has acted in bad faith, or has
willfully neglected his duties, in respect of the Plan.

5.4 RELIANCE ON INFORMATION. The members of the Committee, the Employer, and its
respective officers, directors and employees will be entitled to rely upon all

                                       6
<PAGE>   9

tables, valuations, certificates, opinions and reports furnished by any actuary,
accountant, insurance company, counsel, physician or other expert who is engaged
by the Committee. The members of the Committee, the Employer, and its respective
officers, directors, and employees will be fully protected in respect of any
action taken or suffered by them in good faith in reliance thereon, and all
action so taken or suffered shall be conclusive upon all persons affected
thereby.

5.5 GENUINENESS OF DOCUMENTS. The Committee, the Employer, and its respective
officers, directors and employees, will be entitled to rely upon any notice,
request, consent letter, telegram or other paper or document believed by them or
any of them, in good faith, to be genuine and to have been signed or sent by the
proper person.

5.6 PROPER PROOF. In any case in which the Committee or the Employer is required
under the Plan to take action upon the occurrence of any event, they will be
under no obligation to take such action unless and until proper and satisfactory
evidence of such occurrence has been received by them.

                                   ARTICLE VI
                      AMENDMENT, TERMINATION AND EXCEPTIONS

6.1 MODIFICATION OR AMENDMENT. The Board of Directors of TWC may at any time
amend this Plan; provided, however, that such amendment shall not affect the
rights of the participants or their Beneficiaries with respect to any benefits
accrued or payable before the date of any such amendment.

6.2 TERMINATION OF PLAN. The Board of Directors of TWC may, in its sole
discretion, terminate the Plan at any time; provided, however, such termination
shall not affect the rights of Participants or their Beneficiaries with respect
to any benefits accrued or payable before the date of such termination of this
Plan.

6.3 EXCEPTIONS. The Nominating and Compensation Committee of the Board of
Director of TWC may make individual exceptions to the Plan from time to time to
broaden the provisions of the Plan to be more favorable to a Participant than
the provisions of the Plan. No exceptions may be made by such Committee to
narrow the coverage of the Plan or to make exceptions which are less favorable
to a Participant.

                                       7
<PAGE>   10

                                   ARTICLE VII
                                  MISCELLANEOUS

7.1 NO IMPLIED RIGHTS. Neither the establishment of the Plan nor any
modification thereof, shall be construed as giving any Participant, Employee,
Beneficiary or other person any legal or equitable right unless such right shall
be specifically provided in the Plan or conferred by affirmative action of the
Committee or the Nominating and Compensation Committee of the Board of Directors
of TWC in accordance with the terms and provisions of the Plan.

7.2 STATUS OF EMPLOYMENT RELATIONS. Nothing in this Plan shall be deemed to:

         7.2.1    Give to any employee the right to be retained in the employ of
                  TWC;

         7.2.2    Affect the right of TWC to discipline or discharge any
                  employee at any time;

         7.2.3    Give TWC the right to require any employee to remain in its
                  employ; or

         7.2.4    Affect any employee's right to terminate his employment at any
                  time.

7.3 BINDING EFFECT. The provisions of the Plan shall be binding on the Employer,
the Committee and their successors and on all persons entitled to benefits under
the Plan and their respective heirs, legal representatives and successors in
interest.

7.4 GOVERNING LAWS. The Plan shall be construed and administered according to
the laws of the State of Florida to the extent that such laws are not preempted
by the laws of the United States of America.

7.5 USAGE. Whenever applicable, the masculine gender, when used in the Plan,
shall include the feminine and neuter genders, and the singular shall include
the plural.

7.6 CAPTIONS. The captions contained herein are inserted as a matter of
convenience and for reference only, and in no way define, limit, enlarge or
describe the scope or intent of the Plan nor in any way shall affect the Plan or
the construction of any provisions thereof.

7.7 RABBI TRUST. This plan shall be complemented by a "Rabbi" or "Springing
Trust" which shall make reference to this Plan and which shall provide some
measure of security for the otherwise unfunded benefits contemplated by this
Plan.

                                       8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}]]