Document:

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                                                                   EXHIBIT 10.21

                          STRATEGIC ALLIANCE AGREEMENT

THIS STRATEGIC ALLIANCE AGREEMENT (this "AGREEMENT"), is made and entered into
effective as of February 27, 2006 between BRIDGETECH HOLDINGS INTERNATIONAL,
INC., a company incorporated in the State of Delaware, the United States of
American, with its principal office at 402 W. Broadway, 26th Floor, San Diego,
California 92101, U.S.A., ("BRIDGETECH"), and THE WU JIEPING MEDICAL FOUNDATION,
a non-profit-making organization under the Ministry of Health of the People's
Republic of China, with its registered address at No. 33 Dong Chang An Jie,
D4304 Beijing Hotel, Beijing, the People's Public of China ("WJPF").

BRIDGETECH and WJPF are referred to hereinafter jointly as the "PARTIES" and
individually as a "PARTY".

                                   WITNESSETH

     WHEREAS, WJPF is a foundation whose mission is to unite all medical
professionals inside and outside of China who share an interest in the
development of medicine and health, and to promote healthcare education in
China. This mission is to be furthered by the distribution of the latest
available medical drugs and equipments thereby serving the needs and enhancing
the well-being of the citizens of the Peoples Republic of China (the "PRC"), and
the wider world community;

     WHEREAS, BRIDGETECH is introducing world-class medical diagnostic and
therapeutic technologies to China for the purpose of maximizing the transfer of
healthcare technology. These technologies represent the latest scientific
discoveries and advances in medicine in the United States and Europe;

     WHEREAS, BRIDGETECH and WJPF wish to form a strategic alliance for the
distribution of the latest medical drugs and medical equipment to the people and
medical professionals of the PRC;

     NOW THEREFORE, in consideration of the premises and of the mutual covenants
and agreements contained in this Agreement, and for other good and valuable
consideration, the receipt and adequate of which is hereby acknowledged, the
Parties agree as follows.

1.   OBJECTIVE OF THE AGREEMENT

     The Parties agree that they shall, on the terms and conditions set forth in
     this agreement, cooperate in distributing BRIDGETECH's products in the PRC
     by adopting either trading or profit-sharing structure.

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2.   TERM

     The Parties agree that this Agreement shall have a cooperation term of ten
     (10) years, commencing from the date of this Agreement (the "TERM"). Upon
     expiration, the Term may be extended for an additional five (5) years terms
     (all such renewal terms shall be considered part of the Term), unless
     either Party notifies the other Party no later than sixty (60) days before
     the expiration of the Term that it does not wish to extent the Term.

3.   POWERS AND RESPONSIBILITIES OF THE PARTIES

     The Parties agree that they have the following powers and responsibilities
     under this Agreement:

3.1  WJPF shall:

     (i)       form a 100% owned subsidiary, or identify a company under its
               control (the "DESIGNATED DISTRIBUTOR"), with the approved scope
               of business of distributing medical drugs and equipments and
               provide a copy of the Designated Distributor's business license
               to BRIDGETECH before the execution of the distribution agreement
               as stipulated in Article 7 below;

     (ii)      have the first right of refusal to select from the list of
               Products (as defined below) for distribution in the PRC;

     (iii)     negotiate, enter into, and cause the Designated Distributor to
               enter into, a distribution agreement with BRIDGETECH in
               connection with each Product it has selected in accordance with
               the terms of this Agreement; and

     (iv)      participate as a member of BRIDGETECH's Scientific Advisory
               Board.

3.2  BRIDGETECH shall:

     (i)       review the qualifications of the Designated Distributor and
               approve the Designated Distributor;

     (ii)      supply a list of Products to WJPF on an on-going basis for its
               selection to be distributed in the PRC by the Designated
               Distributor;

     (iii)     negotiate and enter into a distribution agreement with WJPF and
               the Designated Distributor in connection with each Product that
               has been selected by WJPF in accordance with the terms of this
               Agreement.

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4.   LIST OF PRODUCTS

     Within ten (10) working days after receipt from WJPF a written notice that
     the Designated Distributor has been properly established or identified,
     BRIDGETECH shall provide to WJPF a list of initial BRIDGETECH's products,
     as amended from time to time, that are available for selection by WJPF for
     distribution in the PRC (the "PRODUCTS").

5.   SELECTION OF PRODUCTS

     WJPF shall decide which of the Products it wishes to distribute through the
     Designated Distributor in the PRC pursuant to the specific distribution
     agreements to be concluded in accordance with this Agreement and notify
     BRIDGETECH the Products in writing. The above-mentioned notice shall, in
     addition to the specific Product or Products, include the structure (either
     trading or profit-sharing structure) that WJPF and the Designated
     Distributor will adopt in distributing the Product.

6.   PROPOSED TERM SHEET

6.1  BRIDGETECH shall, within ten  (10) working days after receipt of the notice
     from WJPF as set forth in Article 5 above, provide WJPF with a proposed
     term sheet for the proposed distribution agreement for negotiation by the
     Parties.

6.2  The proposed term sheet shall contain ordinary commercial terms that are
     normally included in a distribution agreement, including, in particular,

     (i)       the nature of the appointment (exclusive or non-exclusive);

     (ii)      a proposed trading discount if WJPF elects to purchase the
               Product from BRIDGETECH for distribution purpose in the PRC; and

     (iii)     a proposed profit-sharing ratio if WJPF elects to provide
               services to third parties in cooperation with BRIDGETECH.

7.   DISTRIBUTION AGREEMENT ON PRODUCT BY PRODUCT BASIS

     The Parties agree that they will negotiate a separate distribution
     agreement for each Product that is selected by WJPF on the basis of the
     proposed term sheet offered by BRIDGETECH and reach a consensus regarding
     the terms and conditions and enter into a final distribution agreement for
     each of the Product selected by WJPF.

                                                                               3
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8.   DISTRIBUTION OF COMPETITIVE PRODUCTS

     WJPF agrees that for those Products that WJPF and the Designated
     Distributor has entered into distribution agreements with BRIDGETECH, WJPF
     and the Designated Distributor shall not distribute any competitive
     product(s) for any third parties in the PRC.

9.   CONFIDENTIALITY

9.1  Prior to and during the process of finalizing this Agreement, each Party
     has disclosed or may disclosed confidential and proprietary information to
     the other Party. Each of the Parties receiving such information shall,
     during the Term and for three (3) years thereafter,

     (i)       maintain the confidentiality of such information; and

     (ii)      not disclose it to any person or entity, except to their
               employees who need to know such information to perform their
               responsibility.

9.2  The provisions of Article 9.1 above shall not apply to information that:

     (i)       can be shown to be known by the receiving Party's written records
               made prior to disclosure by the disclosing Party;

     (ii)      is or becomes public knowledge otherwise than through the
               receiving Party's breach of this Agreement; or

     (iii)     was obtained by the receiving Party from a third party having no
               obligations of confidentiality with respect to such information.

9.3  Each Party shall advise its directors, officers and other employees
     receiving such information of the existence of and the importance of
     complying with the obligations set forth in this Article 9.

9.4  Each of the Parties shall formulate rules and regulations to cause its
     directors, officers and other employees and those of their affiliates, also
     to company with the confidentiality obligation set forth in this Article 9.

9.5  Unless otherwise mutually agreed in writing by the Parties, this Article
     and the obligations and benefits hereunder shall survive for three (3)
     years after the expiration or early termination of this Agreement,
     notwithstanding the termination or rescission of this Agreement.

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10.  PRESS RELEASE AND ANNOUNCEMENTS

     BRIDGETECH and WJPF agree that no public release or announcement concerning
     this Agreement shall be issued or made by or on behalf of any Party without
     the prior consent of the other Party, except that either Party may, as
     required by the respective local law and policy, make announcements that
     such Party reasonably may determine are necessary to comply with applicable
     law. WJPF acknowledges and agrees that BRIDGETECH may be required to
     announce the terms of this Agreement and make publicly available this
     Agreement and that no breach of this Article 10 shall be deemed to result
     therefrom. Notwithstanding the foregoing, BRIDGETECH and WJPF shall
     cooperate to prepare a joint press release to be issued in connection with
     the entering into this Agreement.

11.  DISPUTE RESOLUTION.

11.1 In the event a dispute arises between the Parties in connection with the
     interpretation, implementation, performance, observance, breach or
     violation of the terms, provisions and conditions of this Agreement, the
     Parties shall attempt in the first instance to resolve such dispute through
     friendly consultations.

11.2 If the dispute is not resolved in this manner within thirty (30) days after
     one Party has served written notice on the other Party requesting
     commencement of such consultations, then either Party may submit the
     dispute to China International Economic and Trade Arbitration Commission
     ("CIETAC") in Beijing, the PRC for binding arbitration, which shall be
     conducted in accordance with CIETAC's arbitration rules in effect at the
     time of such submission for arbitration.

11.3 There shall be three (3) arbitrators.  The Parties agree that WJPF shall
     select one (1) arbitrator, BRIDGETECH shall select one (1) arbitrator and
     CIETAC shall select a person to be the third arbitrator.

11.4 The arbitration proceedings shall take place and be recorded in both
     English and Chinese.

11.5 The arbitration decision shall be final and binding on the Parties and the
     Parties agree to be bound thereby and to act accordingly.

11.6 The costs of the arbitration shall be borne by the Parties as decided in
     the arbitration award.

12.  MISCELLANEOUS PROVISIONS

12.1 This Agreement shall be binding on and inure to the benefit of the Parties
     and their respective successors and permitted assigns.

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12.2 This Agreement shall not be assigned in whole or in party by either Party
     without the prior written consent of the other Party.

     The provisions on assignment set forth in this Article 12.2, Paragraph 1
     shall not apply to any assignment by BRIDGETECH of its interest in this
     Agreement to any of its subsidiaries in China.

12.3 Each notice, communication and delivery under this Agreement (i) shall be
     made in writing signed by the Party making the same, (ii) shall specify the
     Article of this Agreement pursuant to which it is given, (iii) shall be
     given either in person or by telecopier, effective upon such delivery or
     the confirmed transmission and (iv) if not given in person, shall be sent
     to the applicable Party at the address set forth below (or at such other
     address as the applicable Party may furnish to the other Party pursuant to
     this subsection) by international courier delivery service, effective upon
     the second business day after such notice is deposited, delivery charges
     pre-paid, with such international courier delivery service. Each Party's
     notice information is as follows:

     BRIDGETECH:

     Bridgetech Holdings International, Inc.
     402 W. Broadway, 26th Floor
     San Diego, California 92101 USA
     Attn:  Thomas C. Kuhn III
     Phone:  678-428-3507
     Fax:  619-342-7497

     WITH A COPY TO:

     Sutherland Asbill & Brennan LLP
     999 Peachtree Street, NE
     Atlanta, Georgia 30309 USA
     Attn:  B. Knox Dobbins
     Phone:  404-853-8053
     Fax:  404-853-8806

     WJPF:

     The Wu Jieping Medical Foundation
     No. 33 Dong Chang An Jie
     D4304 Beijing Hotel
     Beijing, China 100004
     Attn: Dr. Fang Jun
     Phone:  010-65136624-85110136
     Fax:  010-85110192

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     Either Party may modify any information specified in this Article 12.3 by
     giving written notice to the other Party.

     All written communications made as provided in Article 12.3 shall be deemed
     given upon receipt by the Party to which it is addressed, which, in the
     case of facsimile, shall be deemed to occur by the close of the business
     day in the place of receipt on which the same is transmitted or such
     earlier time as is confirmed by the receiving Party.

12.4 The invalidity of any provision of this Agreement shall not affect the
     validity of any other provisions of this Agreement.

12.5 This Agreement shall only be amended upon the written agreement of each
     Party hereto. Failure or delay on the party of either Party hereto to
     exercise a right, power or privilege under this Agreement shall operate as
     a waiver thereof; nor shall any single or partial exercise of a right,
     power or privilege preclude any other future exercise thereof.

12.6 Except to the extent contemplated by this Agreement, nothing in this
     Agreement shall create or be deemed to create a partnership or STRATEGIC
     ALLIANCE between the Parties and except to the extent expressly specified
     in this Agreement no Party will or is entitled to act as agent for any
     other Party.

12.7 This Agreement shall be governed by the laws of the PRC which are published
     and publicly available, but in the event that there is no published and
     publicly available law in the PRC governing a particular matter relating to
     this Agreement, reference shall be made to general international commercial
     practices.

12.8 This Agreement shall be executed by the Parties in both English and
     Chinese.  Both versions shall be equally valid.

                            (Signature page follows.)

                                                                               7
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IN WITNESS WHEREOF, the Parties have executed this Agreement on the date first
above written.

                                 BRIDGETECH HOLDINGS INTERNATIONAL, INC.

                                 By:

                                  /s/ Thomas C. Kuhn III
                                 -----------------------------------------------
                                 Name:        Thomas C. Kuhn III
                                 Position:    President and COO

                                 THE WU JIEPING MEDICAL FOUNDATION

                                 By:

                                   /s/ Fang  Jun
                                 -----------------------------------------------
                                 Name:        Fang Jun
                                 Position:    Secretary General

                                                                               8EX-10.(P) EMPLOYEE STOCK OWNERSHIP BENEFIT PLAN

 

Exhibit 10(p)

COMPASS BANCSHARES, INC.

EMPLOYEE STOCK OWNERSHIP BENEFIT RESTORATION PLAN

AS AMENDED AND RESTATED AS OF JANUARY 1, 2003

ARTICLE I

Purpose and Adoption of Plan

     1.1 Adoption: Compass Bancshares, Inc. (the “Company”) hereby adopts and establishes
the Compass Bancshares, Inc. Employee Stock Ownership Benefit Restoration Plan (the “Plan”)
effective as of May 1, 1997. The Plan shall be an unfunded deferred compensation arrangement whose
benefits shall be paid solely from the general assets of the Company.

     1.2 Purpose: The Plan is designed to permit a select group of management or highly
compensated employees to elect to defer a portion of their Compensation until their death,
disability, retirement, or termination of employment with an Employing Company and to provide
benefits equal to the employer matching contributions that would have been made for such employees
under the Compass Bancshares, Inc. Employee Stock Ownership Plan (the “Compass Bancshares ESOP”),
but for limitations imposed by the federal income tax laws.

     1.3 Purpose of Amendment and Restatement: The purposes of the amendment and
restatement are to incorporate prior amendments to the Plan in a single document, to clarify how
employer matching contributions are made and to provide that they are subject to vesting, and to
provide for installment payments in the event of the death of a Participant.

ARTICLE II

Definitions

     For purposes of the Plan the following terms shall have the following meanings unless a
different meaning is plainly required by the context:

     2.1 “Account” shall mean the account or accounts established and maintained by the Company for
bookkeeping purposes to reflect the interest of a Participant in the Plan resulting from a
Participant’s deferred Compensation, Employer Contributions made on behalf of a Participant, and
adjustments thereto to reflect income, gains, losses, and other credits or charges less any
distributions. This Account shall be a bookkeeping entry only and shall be utilized solely as a
device for the measurement and determination of the amounts to be paid to a Participant under the
Plan.

     2.2 “Administrative Committee” shall mean the Compensation Committee of the Board of
Directors.

     2.3 “Beneficiary” shall mean any person, estate, trust, or organization entitled to receive
any payment under the Plan upon the death of a Participant. The Participant shall designate his
Beneficiary on a form provided by the Administrative Committee.

 

 

     2.4 “Code” shall mean the Internal Revenue Code of 1986, as amended, including any successor
statute.

     2.5 “Board of Directors” shall mean the Board of Directors of the Company.

     2.6 “Company” shall mean Compass Bancshares, Inc.

     2.7 “Compensation” shall mean the Employee’s base wages or salary, including amounts
contributed by the Company to the Compass Bancshares ESOP as salary deferral contributions pursuant
to the Employee’s exercise of his deferral option made in accordance with Section 401(k) of the
Code, and amounts contributed by the Company to the Compass Bancshares, Inc. Cafeteria Plan on
behalf of the Employee pursuant to his salary reduction election under such plan, and in accordance
with Section 125 of the Code and amounts contributed to a qualified parking plan under Section
132(f) of the Code; provided, however, solely in the case of Participants specified on Exhibit A
the term “Compensation” shall also include bonuses and other forms of incentive pay paid in cash.

     2.8 “Deferral Election” shall mean the Participant’s written election to defer a portion of
his Compensation pursuant to Article III.

     2.9 “Effective Date” shall mean the first day of the first payroll period the Administrative
Committee shall permit a Participant to defer Compensation under the Plan.

     2.10 “Employee” shall mean any person who is currently employed by an Employing Company.

     2.11 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended.

     2.12 “Employer Contributions” shall mean the amounts credited a Participant’s Account under
Article VI of the Plan.

     2.13 “Employing Company” shall mean the Company or any affiliate or subsidiary (direct or
indirect) of the Company.

     2.14 “Enrollment Date” shall mean the Effective Date, January 1, of each Plan Year, except it
shall mean May 1, 1997 of the first Plan Year and such other dates as may be determined from time
to time by the Administrative Committee.

     2.15 “Investment Request” shall mean the Participant’s written request to have his Account
invested pursuant to Section 8.1 or Section 8.2.

     2.16 “Participant” shall mean an Employee or former Employee of the Company who is eligible to
receive benefits under the Plan.

2

 

     2.17 “Plan” shall mean Compass Bancshares, Inc. Employee Stock Ownership Benefit Restoration
Plan as amended from time to time.

     2.18 “Plan Year” shall mean the twelve (12) month period commencing January 1st and ending on
the last day of December next following, except the first Plan Year shall be May 1, 1997 through
December 31, 1997.

     The words in the masculine gender shall include the feminine and neuter genders and words in
the singular shall include the plural and words in the plural shall include the singular.

ARTICLE III

Administration of Plan

     3.1 The Administrative Committee shall be responsible for the general administration of the
Plan. The Administrative Committee may select a chairman and may select a secretary (who may, but
need not, be a member of the Administrative Committee) to keep its records or to assist it in the
discharge of its duties. A majority of the members of the Administrative Committee shall
constitute a quorum for the transaction of business at any meeting. Any determination or action of
the Administrative Committee may be made or taken by a majority of the members present at any
meeting thereof, or without a meeting by resolution or written memorandum concurred in by a
majority of the members.

     3.2 No member of the Administrative Committee shall receive any compensation from the Plan
for his service.

     3.3 The Administrative Committee shall administer the Plan in accordance with its terms and
shall have all powers necessary to carry out the provisions of the Plan more particularly set forth
herein. It shall interpret the Plan and shall determine all questions arising in the
administration, interpretation and application of the Plan. Any such determination by it shall be
conclusive and binding on all persons. It may adopt such regulations as it deems desirable for the
conduct of its affairs. It may appoint such accountants, counsel, actuaries, specialists and other
persons as it deems necessary or desirable in connection with the administration of this Plan, and
shall be the agent for the service of process.

     3.4 The Administrative Committee shall be reimbursed by the Company for all reasonable
expenses incurred by it in the fulfillment of its duties. Such expenses shall include any expenses
incident to its functioning, including, but not limited to, fees of accountants, counsel,
actuaries, and other specialists, and other costs of administering the Plan.

     3.5 (a) The Administrative Committee is responsible for the daily administration of the Plan.
It may appoint other persons or entities to perform any of its fiduciary functions. The
Administrative Committee and any such appointee may employ advisors and other persons necessary or
convenient to help it carry out its duties, including its fiduciary duties. The Administrative
Committee shall review the work and performance of each such appointee, and

3

 

shall have the right to remove any such appointee from his position. Any person, group of persons or entity may serve in
more than one fiduciary capacity.

          (b) The Administrative Committee shall maintain accurate and detailed records and accounts of
Participants and of their rights under the Plan and of all receipts, disbursements, transfers and
other transactions concerning the Plan. Such accounts, books and records relating thereto shall be
open at all reasonable times to inspection and audit by the Board of Directors and by persons
designated thereby.

          (c) The Administrative Committee shall take all steps necessary to ensure that the Plan
complies with the law at all times. These steps shall include such items as the preparation and
filing of all documents and forms required by any governmental agency; maintaining of adequate
Participants’ records; withholding of applicable taxes and filing of all required tax forms and
returns; recording and transmission of all notices required to be given to Participants and their
Beneficiaries; the receipt and dissemination, if required, of all reports and information received
from an Employing Company; and doing such other acts necessary for the proper administration of the
Plan. The Administrative Committee shall keep a record of all of its proceedings and acts, and
shall keep all such books of account, records and other data as may be necessary for proper
administration of the Plan. The Administrative Committee shall notify the Company upon its request
of any action taken by it, and when required, shall notify any other interested person or persons.

     3.6 In the event that the claim of any person to all or any part of any payment or benefit
under this Plan shall be denied, the Administrative Committee shall notify the applicant in writing
of such decision with respect to his claim within ninety (90) days after the applicant’s submission
of such claim. The notice shall be written in a manner calculated to be understood by the
applicant and shall include:

          (a) The specific reasons for the denial;

          (b) Specific references to the pertinent Plan provisions on which the denial is based;

          (c) A description of any additional material or information necessary for the applicant to
perfect the claim and an explanation of why such material or information is necessary; and

          (d) An explanation of the Plan’s claim review procedures.

          If specific circumstances require an extension of time for processing the initial claim, a
written notice of the extension and the reason therefor shall be furnished to the claimant before
the end of the ninety (90)-day period. In no event shall such extension exceed ninety (90) days.

          In the event a claim for benefits is denied or if the applicant has received no response to
such claim within ninety (90) days of its submission (in which case the claim for benefits shall be
deemed to have been denied), the applicant or his duly authorized

4

 

representative, at the applicant’s sole expense, may appeal the denial to the Administrative Committee within sixty (60)
days of the receipt of written notice of the denial or sixty (60) days from the date such claim is
deemed to be denied. In pursuing such appeal the applicant or his duly authorized representative:

          (a) may request in writing that the Administrative Committee review the denial;

          (b) may review pertinent documents; or

          (c) may submit issues and comments in writing.

          The decision on review shall be made within sixty (60) days of receipt of the request to
review, unless special circumstances require an extension of time for processing, in which case a
decision shall be rendered as soon as possible, but not later than one hundred twenty (120) days
after receipt of the request for review. If such an extension of time is required, written notice
of the extension shall be furnished to the claimant before the end of the original sixty (60) day
period. The decision on review shall be made in writing, shall be written in a manner calculated
to be understood by the claimant, and shall include specific references to the provisions of the
Plan on which the denial is based. If the decision on review is not furnished within the time
specified above, the claim shall be deemed denied on review.

ARTICLE IV

Arbitration

     4.1 Any controversy relating to a claim arising out of or relating to this Plan, including,
but not limited to claims for benefits due under this Plan, claims for the enforcement of ERISA,
claims based on the federal common law of ERISA, claims alleging discriminatory discharge under
ERISA, claims based on state law, and assigned claims relating to this Plan shall be settled by
arbitration in accordance with the then current Employee Benefit Claims Arbitration Rules of the
American Arbitration Association (AAA) or any successor rules which are hereby incorporated into
the Plan by this reference; provided, however, both the Company and the Participant shall have the
right at any time to seek equitable relief in court without submitting the issue to arbitration.

     4.2 Neither the Participant (or his beneficiary) nor the Plan may be required to submit any
such claim or controversy to arbitration until the Participant (or his beneficiary) has first
exhausted the Plan’s internal appeals procedures set forth in Section 3.6. However, if the
Participant (or his beneficiary) and the Company agree to do so, they may submit the claim or
controversy to arbitration at any point during the processing of the dispute.

     4.3 The Company will bear all costs of an arbitration, except that the Participant will pay
the filing fee set by the AAA and the arbitrator shall have the power to apportion among the
parties expenses such as pre-hearing discovery, travel, experts’ fees, accountants’ fees, and
attorney’s fees and except as otherwise provided herein. The decision of the arbitrator shall be

5

 

final and binding on all parties, and judgment on the arbitrator’s award may be entered in any
court of competent jurisdiction.

     4.4 If there is a dispute as to whether a claim is subject to arbitration, the arbitrator
shall decide that issue. The claim must be filed with the AAA within the applicable statute of
limitations period. The arbitrator shall issue a written determination sufficient to ensure
consistent application of the Plan in the future.

     4.5 Any arbitration will be conducted in accordance with the following provisions, not
withstanding the Rules of the AAA. The arbitration will take place in a neutral location within
the metropolitan area in which the Participant was or is employed by an Employing Company. The
arbitrator will be selected from the attorney members of the Commercial Panel of the AAA who reside
in the metropolitan area where the arbitration will take place and have at least 5 years of ERISA
experience. If an arbitrator meeting such qualifications is unavailable, the arbitrator will be
selected from the attorney members of the National Panel of Employee Benefit Claims Arbitrators
established by the AAA.

     4.6 In any such arbitration, each party shall be entitled to discovery of any other party as
provided by the Federal Rules of Civil Procedure then in effect; provided, however, that discovery
shall be limited to a period of 60 days. The arbitrator may make orders and issue subpoenas as
necessary. The arbitrator shall apply ERISA, as construed in the federal Circuit in which the
arbitration takes place, to the interpretation of the Plan and the Federal Arbitration Act to the
interpretation of this arbitration provision. To the extent that state law is not preempted by
ERISA, then the law of Alabama applies.

     4.7 Any party has the right to arrange for a stenographic record to be made of the
proceedings, which stenographic record shall be the official record. Either party may make an
offer of judgment at any time in accordance with the procedures of Rule 68 (or its successor) of
the Federal Rules of Civil Procedure. The existence of such an offer is not admissible in any
proceeding. If the monetary award of the arbitrator to a party is less than any monetary offer to
that party plus 20 percent of such offer, then that party receiving such award shall pay the other
party his reasonable attorneys’ fees, experts’ fees, accountants’ fees and other costs incurred
with respect to the arbitration following the date of the offer of judgment. Such amount is to be
deducted from the award prior to payment. Arbitration is the exclusive remedy for any dispute
between the parties other than equitable relief which either party may seek through the court
system.

ARTICLE V

Eligibility

     5.1 Any Employee who is a member of a select group of management or highly compensated
Employees, is eligible to participate in the Compass Bancshares ESOP, and is selected for
participation in the Plan by the Administrative Committee in its sole discretion, shall be eligible
to participate in the Plan. An Employee who is selected to participate shall be designated on
Exhibit B hereto. An Employee shall become a Participant by agreeing to be bound by the terms of
this Plan, including the non-competition provisions of Article X.

6

 

     5.2 Notwithstanding the above, the Administrative Committee shall be authorized to modify the
eligibility requirements and rescind the eligibility of any Participant if necessary to insure that
the Plan is maintained primarily for the purpose of providing deferred compensation to a select
group of management or highly compensated employees under ERISA.

ARTICLE VI

Election for Deferral of Payment

     6.1 A Participant may elect to defer payment of a portion of his Compensation in excess of the
compensation limitation of Section 401(a)(17) for the Plan Year otherwise payable to him during
each payroll period of the next succeeding Plan Year by any percentage (whole or fractional) of his
Compensation, such amount to be credited to his Account under the Plan.

     6.2 An Account shall be established for each Participant by the Company as of the effective
date of such Participant’s initial Deferral Election.

     6.3 The Deferral Election shall be made in writing on a form prescribed by the Company and
said Deferral Election shall state:

          (a) That the Participant wishes to make an election to defer the
receipt of a portion of his Compensation, and

          (b) The percentage of such Compensation to be deferred.

     6.4 The initial Deferral Election of a new Participant shall be made by written notice signed
by the Participant and delivered to the Company not later than thirty (30) days after the later of
the Plan’s effective date or when the Employee first becomes eligible to participate in the Plan.
Any modification or revocation of the most recent Deferral Election shall be made by written notice
signed by the Participant and delivered to the Company not later than the first (1st) day of the
month prior to the next succeeding Plan Year (or such later date as the Administrative Committee
may determine) and shall be effective on the first day of such succeeding Plan Year. A Deferral
Election with respect to the deferral of future Compensation shall be an annual election for each
Plan Year unless otherwise modified or revoked as provided herein. The termination of
participation in the Plan shall not affect Compensation previously deferred by a Participant under
the Plan. At the time of the initial election, the Participant shall elect the form of payment to
be received upon his retirement or termination of employment, such form to be either (a) a lump
sum, or (b) monthly, quarterly, or annual installments over a period not to exceed fifteen (15)
years.

     6.5 Notwithstanding the provisions of Section 6.4 of the Plan, the Administrative Committee,
in its sole discretion upon written application by a Participant, may authorize the suspension of a
Participant’s Deferral Election in the event of an unforeseeable
emergency upon receiving a written request to the Administrative Committee accompanied by evidence to demonstrate that the
circumstances qualify as an unforeseeable emergency. An unforeseeable

7

 

emergency is an unanticipated emergency that is caused by an event beyond the control of the Participant and that
would result in severe financial hardship if suspension was not permitted. Any suspension
authorized by the Administrative Committee shall become effective as of the first payroll period
beginning thirty (30) days after receipt by the Company of the suspension application, or as soon
as practicable after the receipt of such application. Such suspension shall be effective for the
remainder of the Plan Year and shall be deemed an annual election for each succeeding Plan Year
unless modified under Section 6.4 of the Plan.

ARTICLE VII

Employer Contributions

     7.1 Subject to compliance with the provisions of Article IX, the Company shall contribute as
follows:

          (a) At the time of each deferral of Compensation hereunder, the amount per Participant
resulting from the application of the percentage of the Employer Matching Contribution (as such
term is used in the Compass Bancshares ESOP) made as of each payroll period (and as of the time of
any bonus or other incentive payment in the case of Participants identified on Exhibit A) to the
ratable portion of the Participant’s Compensation, in excess of the compensation limitation of
Section 401(a)(17) for the Plan Year.

          (b) At the time any additional Employer Matching Contribution is made by the Company for a
Plan Year to the Compass Bancshares ESOP, an amount per Participant resulting from the application
of the additional percentage of Compensation contributed as an additional Employer Matching
Contribution to the ratable portion of the Participant’s Compensation deferred hereunder for the
Plan Year.

               7.2 The amount determined under Section 7.1 above shall be calculated without regard to any
limitations under Section 415 of the Code, Section 402(g) of the Code, Section 401(a)(17) of the
Code, or other federal tax law provisions that would limit salary deferral contributions, employee
compensation amounts, and/or employer matching and discretionary contributions under the Compass
Bancshares ESOP.

     7.3 The amount credited under Section 7.1 shall be subject to vesting under the same vesting
schedule and subject to the same terms and conditions applicable to the vesting of Employer
Matching Contributions under the ESOP.

ARTICLE VIII

Investment of Accounts

     8.1 The Account of each Participant attributable to the Participant’s Deferral Election shall
be credited as of the last day of each calendar quarter with investment earnings based upon the
assets in the Account or on such more frequent basis as determined by the Administrative Committee.
A Participant may request how his Account attributable to his Deferral Election is to

8

 

be invested. The investment request shall be made in writing on a form prescribed by the Company and shall be
delivered to the Company at least ten (10) days prior to the Enrollment Date of the next succeeding
Plan Year, as appropriate, and shall be effective on such Enrollment Date or the first day of such
succeeding Plan Year. The Investment Request made in accordance with this Article VIII shall
continue from Plan Year to Plan Year unless the Participant changes the Investment Request by
submitting a written request to the Company on a form prescribed by the Company not later than the
tenth (10th) day prior to the next succeeding Plan Year. Any such change shall become effective as
of the first day of the Plan Year next following the Plan Year in which such request is submitted
to the Company. The Administrative Committee shall be authorized to permit more frequent changes
in investment options to be effective on such dates as it shall specify, including on a daily basis
if a daily valuation system is available. The Administrative Committee shall consider the
Investment Request, but is not obligated to follow such requests.

     8.2 Participants shall be permitted to request such investment options as the Administrative
Committee may permit and can allocate their deferred Compensation among such options for the Plan
Year. Dividends, interest and other distributions received with respect to any Investment Request
shall be reinvested in the same investment option.

     8.3 The Account of each Participant attributable to Employer Contributions pursuant to Article
VII shall be deemed to be invested in common stock of Compass Bancshares, Inc. and shall be
credited with dividends, and such dividends shall be deemed to be reinvested in such common stock
in the same manner and with the same frequency as employer matching contributions are so invested
in the Compass Bancshares ESOP.

     8.4 At the end of each Plan Year (or on a more frequent basis as determined by the
Administrative Committee), a report shall be issued to each Participant who has an Account and said
report will set forth the value in such Account.

ARTICLE IX

Distribution of Accounts

     9.1 Subject to compliance with the provisions of Article X, when a Participant retires or
terminates his employment with an Employing Company, said Participant shall be entitled to receive
the balance of his Account. Such distribution shall be made in cash in a lump sum or in equal
monthly, quarterly or annual installments not to exceed a fifteen (15) year period as specified on
the Participant’s election form; provided, however, if the value of a Participant’s Account at the
time distribution is to commence is $10,000 or less, the Account shall be distributed in a lump
sum. If a Participant fails to specify a form of payment, his Account shall be distributed in a
lump sum. Payment shall be made or commence as soon as reasonably feasible following retirement or
termination of employment. The amount distributed from a Company stock fund shall be equal to the
market value of any shares of Common Stock reported in a Participant’s Account, based on the
Closing Price of such Common Stock during the day on which the distribution is processed
immediately preceding a lump sum distribution. No portion of a Participant’s Account shall be
distributed in Common Stock. The portion of an Account

9

 

attributable to investments other than
Common Stock shall be valued on the date a distribution is processed. The transfer by a
Participant between Employing Companies shall not be deemed to be a termination of employment with
an Employing Company.

          With the approval of the Administrative Committee, a Participant may amend a prior election on
a form provided by the Administrative Committee, in order to change the form of distribution of his
Account in accordance with the terms of the Plan. Any amendment to a prior election as to the form
of distribution of his Account shall be contingent upon the Participant’s completion of a one-year
term of employment after the date he executes a new payment election form, except in the event of
the Participant’s death or total and permanent disability as determined by the Social Security
Administration or the Company’s insurance carrier under its Long Term Disability Plan.

     9.2 Subject to compliance with the provisions of Article X, upon the death of Participant or
former Participant prior to the payment of his Account, the balance of his Account shall be paid in
a lump sum or in equal monthly, quarterly or annual installments not to exceed a fifteen (15) year
period as specified on the Participant’s designation of beneficiary form to the designated
beneficiary of the Participant or former Participant with such payment to be made or payments to
commence in the case of installment distributions within sixty (60) days following the close of the
calendar quarter in which the Administrative Committee is provided evidence of the Participant’s
death (or as soon as reasonably practicable thereafter); provided, however, if the value of a
Participant’s Account at the time an installment distribution is to commence is $10,000 or less,
the Account shall be distributed in a lump sum. In the event a beneficiary designation is not on
file or the designated beneficiary is deceased or cannot be located, payment will be made to the
estate of the Participant or former Participant. If the Participant fails to specify a form of
payment, his vested Account balance shall be distributed in a lump sum. The market value of any
shares of Common Stock credited to a Participant’s Account shall be based on the Closing Price of
such Common Stock during the day on which the distribution is processed immediately preceding the
date of any lump sum or installment distribution. No portion of a Participant’s Account shall be
distributed in Common Stock. The portion of an Account attributable to investments other than
Common Stock shall be valued on the date a distribution is processed. In the event of the death of
a Participant subsequent to the commencement of installment payments but prior to the completion of
the payments, the installments shall continue and shall be paid to the beneficiary as if the
Participant had not died.

     9.3 The beneficiary designation may be changed by the Participant or former Participant at any
time without the consent of the prior beneficiary.

     9.4 A Participant may request a distribution due to an unforeseeable emergency by submitting a
written request to the Administrative Committee accompanied by evidence to demonstrate that the
circumstances being experienced qualify as an unforeseeable emergency. An unforeseeable emergency
is an unanticipated emergency that is caused by an event beyond the control of the Participant and
that would result in severe financial hardship if early withdrawal was not permitted. The
Administrative Committee shall have the authority to require such evidence as it deems necessary to
determine if a distribution is warranted. If an application

10

 

for a hardship distribution due to an
unforeseeable emergency is approved, the distribution is limited to an amount sufficient to meet
the emergency. The allowed distribution shall be payable in a method determined by the
Administrative Committee as soon as possible after approval of such distribution.

     9.5 Upon the Sale of the Company, and subject to Compliance with the provisions of Article X,
a Participant shall be entitled to receive the balance of his Account in a lump sum within sixty
(60) days following the close of the calendar quarter in which such event occurs if the Participant
shall have previously elected on his election form to be paid in a lump sum in the event of the
Sale of the Company. For purposes of this Section 9.5, a “Sale of the Company” shall mean, for
this purpose, (i) the acquisition by any individual, entity or group (within the meaning of Section
13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (a
“Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange
Act) of more than 50% of either the then outstanding shares of common stock of the Company (the
“Outstanding Common Stock”) or the combined voting power of the then outstanding voting securities
of the Company entitled to vote generally in the election of directors (the “Outstanding Voting
Securities”), or (ii) consummation by the Company of a reorganization, merger or consolidation, or
sale or other disposition of all or substantially all of the assets of the Company, unless,
following such acquisition of beneficial ownership or transaction, (a) more than 60% of the then
outstanding shares of common stock of the Person resulting from such reorganization, merger or
consolidation, or (b) more than 60% of the then outstanding shares of common stock of the Person
acquiring such beneficial ownership or assets, and the combined voting power of the then
Outstanding Voting Securities of such Person entitled to vote generally in the election of
directors of such Person, is then beneficially owned, directly or indirectly, by all or
substantially all of the individuals and entities who were the beneficial owners, respectively, of
Outstanding Common Stock and Outstanding Voting Securities immediately prior to such acquisition or
transaction, in substantially the same proportions as their ownership of Outstanding Common Stock
and Outstanding Voting Securities prior to such event.

ARTICLE X

Covenant Not to Compete, Non-Solicitation,

Non-Disclosure and Forfeiture

     10.1 As a condition of participation in the Plan, Employee agrees with the Company and his
Employing Company as follows:

          (a) While Employee is employed by any Employing Company, Employee will devote his or her
entire time, energy and skills to the service of the Employing Company. Such employment shall be
at the will and at the pleasure of the board of directors of each Employing Company.

          (b) Employee will not, during the term of his or her employment with an Employing Company, and
after termination for any reason of his or her employment with an Employing Company, directly or
indirectly, either individually or as a stockholder, director,

11

 

officer, consultant, independent contractor, employee, agent, member or otherwise of or through any corporation, partnership,
association, joint venture, firm, individual or otherwise (hereinafter “Firm”), or in any other
capacity:

               (i) Carry on or engage in a business like or similar to any business engaged in by the
Employing Company in any territory in which the Employing Company has been or is conducting
business;

               (ii) Solicit or do business with any customer of the Employing Company; or

               (iii) Solicit, directly or indirectly, any employee of any Employing Company to leave their
employment with the Employing Company for any reason. For purposes of this Agreement, the
Employing Company and Employee agree that Employee shall be deemed to have solicited an employee in
violation of this Agreement if such employee is hired by Employee or his or her Firm within six (6)
months of Employee’s last employment date with any Employing Company.

          (c) During the term of his or her employment with an Employing Company and thereafter,
Employee shall not divulge, or furnish or make accessible to any third party, company, corporation
or other organization (including, but not limited to, customers, competitors or governmental
agencies), without the Company’s prior written consent, any trade secrets, customer lists,
information regarding customers, or other confidential information concerning any Employing Company
or its business, including without limitation confidential methods of operation and organization,
trade secrets, confidential matters related to pricing, markups, commissions and customer lists.

     10.2 In the event of a breach by Employee of all or any part of the provisions of subdivisions
(b) or (c) of Section 10.1, the Employee shall immediately forfeit all rights to any benefits under
this Plan attributable to Employer Contributions and the Company shall be entitled to receive from
the Employee an amount equal to all benefits previously paid to Employee attributable to Employer
Contributions.

     10.3 In the event of a breach or threatened breach by Employee of all or any part of the
provisions of subdivisions (b) of Section 10.1 within the two-year period following his termination
of employment or (c) of this Section 10.1 at any time, the Company shall in addition to any
remedies that may be applicable under Section 10.2, be entitled to a preliminary and permanent
injunction restraining Employee from such breach without limiting any other rights or remedies
available to the Company for such breach or threatened breach. The two-year period during which
the Company shall be entitled to an injunction for a breach or threatened breach of subdivision (b)
of Section 10.1 shall be extended by any period of time during which Employee is in default of the
covenants contained in this Article X.

     10.4 Employee specifically recognizes and affirms that each of the covenants contained in
subdivisions (b) and (c) of this Section 10.1 is a material and important term of this Plan which
has induced the Company to permit Employee to participate in this Plan, and

12

 

Employee further agrees that should all or any part or application of subdivisions (b) or (c) of Section 10.1 of this Plan
be held or found invalid or unenforceable for any reasons whatsoever by a court of competent
jurisdiction in an action between Employee and the Company, such invalidity or unenforceability
shall not affect any other provisions of the Plan, and the Company shall be entitled to rescind
(but not obligated to do so) all benefits attributable to Employer Contributions under Article VII
granted to Employee under this Plan. If Employee has been paid benefits under this Plan, the
Company shall be entitled to receive from Employee an amount equal to all benefits paid to Employee
attributable to Employer Contributions.

     10.5 Notwithstanding any provision to the contrary herein contained, Section 10.1(b) shall not
apply:

          (a) Upon the involuntary termination of the Employee’s employment by an Employing Company
other than for Cause within one (1) year following a Sale of the Company; or

          (b) Upon the voluntary termination of employment by the Employee for any reason within the
thirty (30) day period immediately after the one (1) year period following a Sale of the Company.

For purposes of this Agreement, “Cause” shall mean (i) a willful and material violation of
applicable banking laws and regulations, (ii) dishonesty, (iii) theft, (iv) fraud, (v)
embezzlement, (vi) commission of a felony or a crime involving moral turpitude, (vii) substantial
dependence or addiction to alcohol or any drug, (viii) conduct disloyal to an Employing Company or
its affiliates, or (ix) willful dereliction of duties or disregard of lawful instructions or
directions of the officers of directors of an Employing company or its affiliates relating to a
material matter.

For purposes of this Article, “Sale of the Company” shall have the meaning set forth in Section
9.6.

ARTICLE XI

Nature of Employer Obligation and Participant Interest

     11.1 A Participant, his beneficiary, and any other person or persons having or claiming a
right to payments under this Plan shall rely solely on the unsecured promise of the Company set
forth herein, and nothing in this Plan shall be construed to give a Participant, beneficiary, or
any other person or persons any right, title, interest, or claim in or to any specific assets,
fund, reserve, account, or property of any kind whatsoever owned by the Company or in which it may
have any right, title, or interest now or in the future; but a Participant shall have the right to
enforce his or her claim against the Company in the same manner as any unsecured creditor.

     11.2 All amounts paid under this Plan shall be paid in cash from the general assets of the
Company. Benefits shall be reflected on the accounting records of the Company but shall not be
construed to create, or require the creation of, a trust, custodial or escrow account. Nothing
contained in this Plan, and no action taken pursuant to its provisions, shall create or be
construed to create a trust or a fiduciary relationship of any kind between the Company and an
employee or

13

 

any other person. Neither the employee or a beneficiary of an employee shall acquire
any interest greater than that of an unsecured creditor.

     11.3 Any Benefits payable under this Plan shall be independent of, and in addition to, any
other benefits or compensation of any sort, payable to or on behalf of the Participant under or
pursuant to any other arrangement sponsored by the Company or any other agreement between the
Company and the Participant.

ARTICLE XII

Miscellaneous Provisions

     12.1 Neither the Participant, his beneficiary, nor his legal representative shall have any
rights to commute, sell, assign, transfer or otherwise convey the right to receive any payments
hereunder, which payments and the rights thereto are expressly declared to be nonassignable and
nontransferable. Any attempt to assign or transfer the right to payments of this Plan shall be
void and have no effect.

     12.2 The assets from which Participant’s benefits shall be paid shall at all times be subject
to the claims of the creditors of the Company and a Participant shall have no right, claim or
interest in any assets as to which account is deemed to be invested or credited under the Plan.

     12.3 The Plan may be amended, modified, or terminated by the Board of Directors of the Company
in its sole discretion at any time and from time to time; provided, however, that no such
amendment, modification, or termination shall impair any rights to benefits under the Plan prior to
such amendment, modification, or termination. The Plan may also be amended or modified by the
Administrative Committee if such amendment or modification does not involve a substantial increase
in cost to the Company.

     12.4 It is expressly understood and agreed that the payments made in accordance with the Plan
are in addition to any other benefits or compensation to which a Participant may be entitled or for
which he may be eligible, whether funded or unfunded, by reason of his employment by an Employing
Company.

     12.5 The Company shall deduct from each payment under the Plan the amount of any tax (whether
federal, state or local income taxes, Social Security taxes or Medicare taxes) required by any
governmental authority to be withheld and paid over by the Company to such governmental authority
for the account of the person entitled to such distribution.

     12.6 Any Compensation deferred by a Participant while employed by an Employing Company shall
not be considered Compensation earned currently for purposes of the Compass Bancshares ESOP and the
Compass Bancshares, Inc. Retirement Plan. Distributions from a Participant’s Account shall not be
considered wages, salaries or compensation under any other employee benefit plan.

14

 

     12.7 No provision of this Plan shall be construed to affect in any manner the existing rights
of an Employing Company to suspend, terminate, alter, modify, whether or not for cause, the
employment relationship of the Participant and an Employing Company.

     12.8 This Plan, and all its rights under it, shall be governed by and construed in accordance
with the laws of the State of Alabama.

     12.9 This Plan shall be binding upon the Company, its assigns, and any successor which shall
succeed to substantially all of its assets and business through merger, consolidation or
acquisition.

15

 

EXHIBIT A

D. Paul Jones, Jr.

Charles E. McMahen

A-1

 

EXHIBIT B

James D. Barri

George M. Boltwood

D. Steven Ferguson, Jr.

E. Lee Harris, Jr.

Garrett R. Hegel

D. Paul Jones, Jr.

William Helms

Charles E. McMahen

Clayton D. Pledger

Gilbert R. Stone

B-1

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