Document:

<PAGE>

                                                                   Exhibit 10.64
                              AMGEN INC. EXECUTIVE
                          NONQUALIFIED RETIREMENT PLAN

          WHEREAS, Amgen Inc., a Delaware corporation (the "Company") desires to
establish the Amgen Inc. Executive Nonqualified Retirement Plan to provide
supplemental retirement income benefits for a select group of management and
highly compensated employees through Company contributions, effective as of
January 1, 2001;

          NOW, THEREFORE, effective as of January 1, 2001, the Plan is hereby
adopted to read as follows:

                                   ARTICLE I.

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

     1.1  Title.
          ------

          This Plan shall be known as the Amgen Inc. Executive Nonqualified
Retirement Plan.

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

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

     (a)  "Beneficiary" or "Beneficiaries" shall mean the person or persons,
including a trustee, personal representative or other fiduciary, last designated
in writing by a Participant in accordance with the procedures established by the
Committee to receive the benefits specified hereunder in the event of the
Participant's death.  However, no designation of a Beneficiary other than the
Participant's spouse shall be valid unless consented in writing by such spouse.
No Beneficiary designation shall become effective until it is filed with the
Committee.  Any designation shall be revocable at any time through a written
instrument filed by the Participant with the Committee with or without the
consent of the previous Beneficiary, (unless such previous Beneficiary was the
Participant's spouse).  If there is no Beneficiary designation in effect, or the
designated Beneficiary does not survive the Participant, then the Participant's
spouse shall be the Beneficiary.  If there is no surviving spouse, the duly
appointed and currently acting personal representative of the Participant's
estate (which shall include either the Participant's probate estate or living
trust) shall be the Beneficiary.  In any case where there is no such personal
representative of the Participant's estate duly appointed and acting in that
capacity within 90 days after the Participant's death (or such extended period
as the Committee determines is reasonably necessary to allow such personal
representative to be appointed, but not to exceed 180 days after the
Participant's death), then Beneficiary shall mean the person or persons who can
verify by affidavit or court order to the satisfaction of the Committee that
they are legally entitled to receive the benefits specified hereunder.  In the
event any amount is payable under the Plan to a minor, payment shall not be made
to the minor, but instead be paid (a) to that person's living parent(s) to act
as custodian, (b) if that person's parents are then

<PAGE>

divorced, and one parent is the sole custodial parent, to such custodial parent,
or (c) if no parent of that person is then living, to a custodian selected by
the Committee to hold the funds for the minor under the Uniform Transfers or
Gifts to Minors Act in effect in the jurisdiction in which the minor resides. If
no parent is living and the Committee decides not to select another custodian to
hold the funds for the minor, then payment shall be made to the duly appointed
and currently acting guardian of the estate for the minor or, if no guardian of
the estate for the minor is duly appointed and currently acting within 60 days
after the date the amount becomes payable, payment shall be deposited with the
court having jurisdiction over the estate of the minor. Payment by the Company
pursuant to any unrevoked Beneficiary designation, or to the Participant's
estate if no such designation exists, of all benefits owed hereunder shall
terminate any and all liability of the Company.

     (b)  "Board of Directors" or "Board" shall mean the Board of Directors of
the Company.

     (c)  "Cause" shall mean (i) a Participant's conviction of a felony, (ii)
the engaging by Participant in conduct that constitutes willful gross neglect or
willful gross misconduct in carrying out his or her duties to the Company,
resulting, in either case, in material economic harm to the Company, unless the
Participant believed in good faith that such conduct was in, or not contrary to,
the best interests of the Company, (iii) the Participant's material breach of
any of the terms of his or her offer letter agreement or the Proprietary
Information and Inventions Agreement or (iv) the Participant's failure to follow
any lawful directive of Amgen Inc.'s Chief Executive Officer with respect to the
Participant's employment. For purposes hereof, no act, or failure to act, by
Participant shall be deemed "willful" unless done, or omitted to be done, by
Participant not in good faith.

     (d)  "Change of Control" shall be as defined under the Amgen Inc. Change of
Control Severance Plan.

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

     (f)  "Committee" shall mean the Compensation Committee of the Board.

     (g)  "Company" shall mean Amgen Inc., and any successor corporations.
Company shall also include affiliates and subsidiaries of Amgen Inc., and any
successor corporations, if the Committee provides that such corporation shall
participate in the Plan.

     (h)  "Company Discretionary Contributions" shall mean, for each
Participant, the discretionary amount that the Company allocates to a
Participant under this Plan as determined by the Committee. Such amount may
differ from Participant to Participant, including no contributions.

     (i)  "Crediting Date" shall mean the date, as determined by the Committee,
on which a Participant's Nonqualified Retirement Account is credited with the
Company Discretionary Amount.

     (j)  "Disability" shall mean a permanent and total disability that has been
certified by the Social Security Administration prior a Participant's
Termination of Employment.

<PAGE>

     (k)  "Disability Prorated Nonqualified Retirement Account Amount" shall
mean portion of the Nonqualified Retirement Account Amount based upon the ratio
of (x) the sum of the number of full months of the Participant's active
employment with the Company plus 24 months and (y) the number of months between
the Participant's first day of participation in the plan and the Crediting Date.

     (l)  "Effective Date" shall mean January 1, 2001.

     (m)  "Eligible Employee" shall mean individuals selected by the Committee,
in its sole discretion, from those staff members of the Company.

     (n)  "Nonqualified Retirement Account" shall mean the bookkeeping account
maintained by Company for each Participant that is credited with an amount equal
to the Company Discretionary Amount, if any, and any interest credited pursuant
to Article 4.

     (o)  "Participant" shall mean any Eligible Employee who is selected by the
Committee, in its sole discretion, to participate in the Plan.

     (p)  "Plan" shall mean the Amgen Inc. Executive Nonqualified Retirement
Plan set forth herein, now in effect, or as amended from time to time.

     (q)  "Plan Year" shall mean the initial period beginning on January 1, 2001
and ending on December 31, 2001 and thereafter the 12 consecutive month period
beginning on each January 1 and ending on each December 31.

     (r)  "Prorated Nonqualified Retirement Account Amount" shall mean a
prorated portion of the Nonqualified Retirement Account Amount based upon the
ratio of (i) the number of full months of the Participant's active employment
with the Company and (ii) the number of months between the Participant's first
day of participation in the Plan and the Crediting Date, provided, however, that
if such a Termination of Employment occurs within 2 years after a Change of
Control of the Company, as defined in the Amgen Inc. Change of Control Severance
Plan, the Participant shall be paid (i) the Prorated Nonqualified Retirement
Account Amount plus (ii) an amount equal to the Discretionary Company
               ----
Contribution minus the sum of (x) the Prorated Nonqualified Retirement Account
Amount and (y) an amount equal to the aggregate spread between the exercise
prices of the Participant's unvested Company stock options which are in the
money and the vesting of which is accelerated by the Change of Control and the
NASDAQ closing price of the Company stock, with such spread being determined as
of the date of the Change of Control. (See Appendix B for an example).

     (s)  "Retirement Date" shall mean the date upon which a Participant
completes 10 years of active employment with the Company and attains age sixty
(60).

     (t)  "Termination of Employment" shall mean the Participant ceasing to be
an employee of the Company.

<PAGE>

                                  ARTICLE II.

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

     2.1  An Eligible Employee shall become a Participant in the Plan if the
Committee designates such Eligible Employee, in writing, as a Participant. The
Committee shall also designate the date on which an Eligible Employee becomes a
Participant.

                                  ARTICLE III.

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

     3.1  Nonqualified Retirement Account.
          --------------------------------

     (a)  The Committee shall establish and maintain a Nonqualified Retirement
Account for each Participant under the Plan, which shall be credited the amount
of Company Discretionary Contributions, if any, contributed to the Plan on
behalf of such Participant.

     3.2  Trust Funding.
          -------------

          The Company shall pay all Plan benefits.  At its discretion, the
Committee may establish one or more trusts, with such trustees as the Board may
approve, for the purpose of providing for the payment of such benefits.

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

                                  ARTICLE IV.

                             CREDITING OF ACCOUNTS
                             ---------------------

     4.1  Crediting of Company Discretionary Contributions.  If the
          ------------------------------------------------
Participant is actively employed by the company on the Crediting Date, the
Company shall credit the Nonqualified Retirement Account with the Company
Discretionary Contributions.

     4.2  Termination of Employment before Crediting Date.  In the event that
          -----------------------------------------------
the Participant's active employment with the Company is terminated before the
Crediting Date for any reason, no credits will be made to the Nonqualified
Retirement Account and the Participant will not be paid any portion of the
Nonqualified Retirement Account, except as set forth below.

     (a)  If the Participant's employment is terminated by reason of the
Participant's Disability before the Crediting Date, on the second anniversary of
the date upon which the

<PAGE>

Participant last completes one week of active employment with the Company, the
Company shall pay the Participant a Disability Prorated Nonqualified Retirement
Account Amount. No interest shall be credited on any such payment.

     (b)  If the Participant's employment is terminated by the Company without
Cause before the Crediting Date, between January 2 and January 31 of the year
following the year in which the Participant's employment terminates, the Company
shall pay the Participant a Prorated Nonqualified Retirement Account Amount. No
interest shall be credited on any such payment.

     (c)  If the Participant's employment is terminated by reason of the
Participant's Disability before the Crediting Date, on the second anniversary of
the date upon which the Participant last completes one week of active employment
with the Company, the Company shall pay the Participant a Disability Prorated
Nonqualified Retirement Account Amount. No interest shall be credited on any
such payment.

     4.3  Interest.  No interest shall be credited to the Nonqualified
          --------
Retirement Account prior to the Crediting Date, in any event.  However, if the
Participant is actively employed by the Company on the Crediting Date, from and
after the Crediting Date the Company shall credit the Nonqualified Retirement
Account with interest as set forth below.

     (a)  Interest after Retirement Date.  If the Participant continues to be
          ------------------------------
actively employed by the Company until his or her Retirement Date, the Company
shall credit interest annually on the Nonqualified Retirement Account at a rate
equal to 125% of the 10-year moving average yield on 10-year U.S. Treasury
notes, adjusted annually and compounded annually, from the Crediting Date until
the date upon which the Nonqualified Retirement Account and accrued interest is
distributed.  In the event that the Participant elects to receive his or her
distribution in installments, as provided below in Section 5.1(b), interest will
be credited on the declining balance of the Nonqualified Retirement Account
until it is finally distributed.

     (b)  Interest before Retirement Date. If the Participant's employment with
          -------------------------------
the Company is terminated for any reason before his or her Retirement Date, the
Company shall credit interest annually on the Nonqualified Retirement Account at
a rate equal to 100% of the 10-year moving average yield on 10-year U.S.
Treasury notes, adjusted annually and compounded annually, from the Crediting
Date until the date upon which the Nonqualified Retirement Account, and accrued
interest is distributed to the Participant.

                                   ARTICLE V.

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

     5.1  Distribution of Accounts.  If the Participant is actively employed
          ------------------------
by the Company on the Crediting Date, from and after the Crediting Date, the
Company shall make distributions from the Nonqualified Retirement Account as set
forth below.

     (a)  Distribution upon Termination of Employment before Retirement Date. If
           ------------------------------------------------------------------
the Participant's employment with the Company is terminated for any reason
before the Participant's Retirement Date, the amount credited to the
Participant's Nonqualified Retirement Account, plus interest credited to the
date of termination, shall be distributed to the Participant in a lump sum

<PAGE>

between January 2 and January 31 of the year following the year in which the
Participant's employment terminates.

     (b)  Distribution upon Termination of Employment after Retirement Date. If
          ------------------------------------------------------------------
the Participant's employment with the Company is terminated for any reason on
or after the Participant's Retirement Date, the amount credited to the
Participant's Nonqualified Retirement Account shall be distributed to the
Participant in a lump sum between January 2 and January 31 of the year following
the year in which the Participant's employment terminates, unless the
Participant elects to be paid in ten or less substantially equal annual
installments, beginning between January 2 and January 31 of the year following
the year in which the Participant's employment terminates. The Participant must
make any election to receive his or her payments in annual installments at least
13 months prior to the date upon which the Participant's employment terminates.

  (c) Distribution upon Death.  In the event of the Participant's death, any
      -----------------------
unpaid amounts with respect to the Nonqualified Retirement Account shall be paid
to the Participant's named Beneficiaries in a lump sum, or the Participant's
estate if the Participant does not designate any Beneficiaries, between January
2 and January 31 of the year following the year of the Participant's death.

                                  ARTICLE VI.

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

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

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

               (1)  To construe and interpret the terms and provisions of the
Plan and to remedy any inconsistencies or ambiguities hereunder;

               (2)  To select employees eligible to participate in the Plan;

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

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

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

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

<PAGE>

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

               (8)  To take all actions necessary for the administration of the
Plan.

     6.2  Construction and Interpretation.
          --------------------------------

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

     6.3  Information.
          ------------

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

     6.4  Compensation, Expenses and Indemnity.
          -------------------------------------

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

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

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

     6.5  Annual Statements.
          ------------------

          Under procedures established by the Committee, a Participant shall
receive a statement with respect to such Participant's Accounts on an annual
basis as of each December 31.

     6.6  Disputes.
          ---------

<PAGE>

     (a)  Claim.
          -----

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

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

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

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

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

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

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

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

<PAGE>

                                  ARTICLE VII.

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

     7.1  Unsecured General Creditor.
          ---------------------------

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

     7.2  Restriction Against Assignment.
          -------------------------------

          The Company shall pay all amounts payable hereunder only to the person
or persons designated by the Plan and not to any other person or corporation.

     (a)  No right, title or interest in the Plan or in any account may be sold,
pledged, assigned or transferred in any manner other than by will or the laws of
descent and distribution.  No right, title or interest in the Plan or in any
Account shall be liable for the debts, contracts or engagements of the
Participant or his successors in interest or shall be subject to disposition by
transfer, alienation, anticipation, pledge, encumbrance, assignment or any other
means whether such disposition be voluntary or involuntary or by operation of
law by judgment, levy, attachment, garnishment or any other legal or equitable
proceedings (including bankruptcy), and any attempted disposition thereof shall
be null and void and of no effect, except to the extent that such disposition is
permitted by the preceding sentence.

     (b)  Notwithstanding the provisions of a subsection, a Participant's
interest in his Account may be transferred by the Participant pursuant to a
domestic relations order that constitutes a "qualified domestic relations order"
as defined by the Code or Title 1 of ERISA.

     7.3  Withholding.
          ------------

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

<PAGE>

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

           The Committee may amend, modify, suspend or terminate the Plan in
whole or in part, except that no amendment, modification, suspension or
termination shall have any retroactive effect to reduce any amounts allocated to
a Participant's Accounts.  In the event that this Plan is terminated, the
amounts allocated to a Participant's Accounts shall be distributed to the
Participant or, in the event of his or her death, his or her Beneficiary in a
lump sum within thirty (30) days following the date of termination.

     7.5   Governing Law.
           --------------

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

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

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

     7.7   Limitation of Rights and Employment Relationship
           ------------------------------------------------

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

     7.8   Exempt ERISA Plan
           -----------------

           The Plan is intended to be an unfunded plan maintained primarily to
provide nonqualified retirement benefits for a select group of management or
highly compensated employees within the meaning of Sections 201, 301 and 401 of
ERISA and therefore to be exempt from Parts 2, 3 and 4 of Title I of ERISA.

     7.9   Notice
           ------

           Any notice or filing required or permitted to be given to the
Committee under the Plan shall be sufficient if in writing and hand delivered,
or sent by registered or certified mail, to the principal office of the Company,
directed to the attention of the General Counsel and Secretary of the Company.
Such notice shall be deemed given as of the date of delivery or, if delivery is
made by mail, as of the date shown on the postmark on the receipt for
registration or certification.

     7.10  Errors and Misstatements
           ------------------------

<PAGE>

           In the event of any misstatement or omission of fact by a Participant
to the Committee or any clerical error resulting in payment of benefits in an
incorrect amount, the Committee shall promptly cause the amount of future
payments to be corrected upon discovery of the facts and shall pay or, if
applicable, cause the Trustee to pay, the Participant or any other person
entitled to payment under the Plan any underpayment in a lump sum or to recoup
any overpayment from future payments to the participant or any other person
entitled to payment under the Plan in such amounts as the Committee shall direct
or to proceed against the Participant or any other person entitled to payment
under the Plan for recovery of any such overpayment.

     7.11  Pronouns and Plurality
           ----------------------

           The masculine pronoun shall include the feminine pronoun, and the
singular the plural where the context so indicates.

     7.12   Severability
            ------------

            In the event that any provision of the Plan shall be declared
unenforceable or invalid for any reason, such unenforceability or invalidity
shall not affect the remaining provisions of the Plan but shall be fully
severable, and the Plan shall be construed and enforced as if such unenforceable
or invalid provision had never been included herein.

     7.13  Status
           ------

          The establishment and maintenance of, or allocations and credits to,
the Account of any Participant shall not vest in any Participant any right,
title or interest in and to any Plan assets or benefits except at the time or
times and upon the terms and conditions and to the extent expressly set forth in
the Plan and in accordance with the terms of the trust, if applicable.

     7.14  Headings.
           ---------

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

           IN WITNESS WHEREOF, the Company has caused this document to be
executed by its duly authorized officer on this 1st day of February, 2002.
                                                ---        --------

                              By:  /s/ Brian M. McNamee
                                   --------------------

                              Its:  Senior Vice President, Human Resources
                                    --------------------------------------

<PAGE>

                                   APPENDIX A

<TABLE>
<CAPTION>
Name of Participant     Date of Participation       Crediting Date        Discretionary Company
-------------------     ---------------------       --------------             Contribution
                                                                               ------------
<S>                     <C>                         <C>                   <C>
Roger Perlmutter           January 16, 2001        September 16, 2007          $10,000,000

George Morrow              January 19, 2001         January 19, 2006           $15,000,000
</TABLE>

<PAGE>

                                  APPENDIX B

                         Other Participating Companies
                         -----------------------------

Amgen USA Inc., effective January 1, 2002

<PAGE>

                                   APPENDIX C

For example:

<TABLE>
<CAPTION>
Name of Participant     Date of Participation       Crediting Date        Discretionary Company
-------------------     ---------------------       --------------        ---------------------
                                                                               Contribution
                                                                               ------------
<S>                     <C>                         <C>                   <C>
Participant A              January 1, 2001          January 1, 2007              $1,000,000
</TABLE>

If the Company were to terminate the Participant's employment without Cause on
July 31, 2003, the Participant would be paid $430,555 ($1,000,000 x 31/72).  If,
however, such a termination were to occur within 2 years after a Change of
Control of the Company and on the date of the Change of Control the Participant
hold unvested options for 10,000 shares of the Company stock and if each of such
options has an exercise price of $80 and the NASDAQ closing price of the Company
stock on the date of the Change of Control were $120, the Participant would be
paid $600,000:  ($430,555 + ($1,000,000 -  ($430,555 + (($120 - $80) x
10,000)))).<PAGE>

                                                                   Exhibit 10.65

[LOGO]
Amgen Nonqualified Deferred Compensation Plan
Plan Document
================================================================================

                    Nonqualified Deferred Compensation Plan

                           Effective January 1, 2002

                               Copyright (C) 2001
           By Clark/Bardes Consulting -- Compensation Resource Group
                              All Rights Reserved

<PAGE>

                              TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                      Page
                                                                                                      ----
<S>                                                                                                   <C>
Purpose.............................................................................................    1

ARTICLE 1   Definitions.............................................................................    1

ARTICLE 2   Selection/Enrollment/Eligibility........................................................    5

      2.1   Selection by Committee..................................................................    6
      2.2   Enrollment Requirements.................................................................    6
      2.3   Eligibility/Commencement of Participation...............................................    6
      2.4   Termination of Participation and/or Deferrals...........................................    6

ARTICLE 3   Deferral Commitments/Company Matching/Crediting/Taxes...................................    6

      3.1   Minimum Deferrals.......................................................................    6
      3.2   Maximum Deferrals.......................................................................    7
      3.3   Election to Defer/Effect of Election Form...............................................    7
      3.4   Withholding of Annual Deferral Amounts..................................................    8
      3.5   Annual Company Contribution Amount......................................................    8
      3.6   Vesting.................................................................................    8
      3.7   Crediting/Debiting of Account Balances..................................................    9
      3.8   Distribution............................................................................   10

ARTICLE 4   Short-Term Payout/Unforeseeable Financial Emergencies/Withdrawal Election...............   11

      4.1   Short-Term Payout.......................................................................   11
      4.2   Other Benefits Take Precedence Over Short-Term..........................................   11
      4.3   Withdrawal Payout/Suspensions for Unforeseeable Financial Emergencies...................   11
      4.4   Withdrawal Election.....................................................................   12

ARTICLE 5   Retirement Benefit......................................................................   12

      5.1   Retirement Benefit......................................................................   12
      5.2   Payment of Retirement Benefit...........................................................   12
      5.3   Death Prior to Completion of Retirement Benefit.........................................   13

ARTICLE 6   Pre-Retirement Survivor Benefit.........................................................   13

      6.1   Pre-Retirement Survivor Benefit.........................................................   13
      6.2   Payment of Pre-Retirement Survivor Benefit..............................................   13
</TABLE>

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                                       i

<PAGE>

<TABLE>
<S>                                                                                                    <C>
ARTICLE 7    Termination Benefit.....................................................................  14

      7.1    Termination Benefit.....................................................................  14
      7.2    Payment of Termination Benefit..........................................................  14

ARTICLE 8    Disability Waiver and Benefit...........................................................  14

      8.1    Disability Waiver.......................................................................  14
      8.2    Continued Eligibility/Disability Benefit................................................  14

ARTICLE 9    Beneficiary Designation.................................................................  15

      9.1    Beneficiary.............................................................................  15
      9.2    Beneficiary Designation Change/Spousal Consent..........................................  15
      9.3    Acknowledgement.........................................................................  15
      9.4    No Beneficiary Designation..............................................................  15
      9.5    Doubt as to Beneficiary.................................................................  15
      9.6    Discharge of Obligations................................................................  16

ARTICLE 10   Leave of Absence........................................................................  16

      10.1   Paid Leave of Absence...................................................................  16
      10.2   Unpaid Leave of Absence.................................................................  16

ARTICLE 11   Termination/Amendment or Modification...................................................  16

      11.1   Termination.............................................................................  16
      11.2   Amendment...............................................................................  17
      11.3   Plan Agreement..........................................................................  17
      11.4   Effect of Payment.......................................................................  17

ARTICLE 12   Administration..........................................................................  17

      12.1   Committee Duties........................................................................  17
      12.2   Administration Upon Change In Control...................................................  18
      12.3   Agents..................................................................................  18
      12.4   Binding Effect of Decisions.............................................................  18
      12.5   Indemnity of Committee..................................................................  18
      12.6   Employer Information....................................................................  19

ARTICLE 13   Other Benefits and Agreements...........................................................  19

      13.1   Coordination with Other Benefits........................................................  19
</TABLE>

--------------------------------------------------------------------------------

                                      ii

<PAGE>

<TABLE>
<S>                                                                                                    <C>
ARTICLE 14   Claims Procedures.......................................................................  19

      14.1   Presentation of Claim...................................................................  19
      14.2   Notification of Decision................................................................  19
      14.3   Review of a Denied Claim................................................................  20
      14.4   Decision on Review......................................................................  20
      14.5   Legal Action............................................................................  20

ARTICLE 15   Trust...................................................................................  21

      15.1   Establishment of the Trust..............................................................  21
      15.2   Interrelationship of the Plan and the Trust.............................................  21
      15.3   Distributions From the Trust............................................................  21
      3.10   Investment of Trust Assets..............................................................  21

ARTICLE 16   Miscellaneous...........................................................................  21

      16.1   Status of Plan..........................................................................  21
      16.2   Unsecured General Creditor..............................................................  22
      16.3   Employer's Liability....................................................................  22
      16.4   Nonassignability........................................................................  22
      16.5   Not a Contract of Employment............................................................  22
      16.6   Furnishing Information..................................................................  22
      16.7   Terms ..................................................................................  23
      16.8   Captions................................................................................  23
      16.9   Governing Law...........................................................................  23
      16.10  Notice..................................................................................  23
      16.11  Successors..............................................................................  23
      16.12  Spouse's Interest.......................................................................  23
      16.13  Validity................................................................................  24
      16.14  Incompetent.............................................................................  24
      16.15  Court Order.............................................................................  24
      16.16  Distribution in the Event of Taxation...................................................  24
      16.17  Insurance...............................................................................  24
      16.18  Legal Fees To Enforce Rights After Change in Control....................................  25
</TABLE>

--------------------------------------------------------------------------------

                                      iii

<PAGE>

                 AMGEN NONQUALIFIED DEFERRED COMPENSATION PLAN

                           Effective January 1, 2002

                                    Purpose
                                    -------

     The purpose of this Plan is to provide specified benefits to a select group
of management or highly compensated Employees and Directors who contribute
materially to the continued growth, development and future business success of
Amgen, Inc., a Delaware corporation, and its subsidiaries, if any, that sponsor
this Plan.  This Plan shall be unfunded for tax purposes and for purposes of
Title I of ERISA.

                                   ARTICLE 1
                                  Definitions
                                  -----------

     For purposes of this Plan, unless otherwise clearly apparent from the
context, the following phrases or terms shall have the following indicated
meanings:

1.1  "Account Balance" shall mean, with respect to a Participant, a credit on
     the records of the Employer equal to the sum of (i) the Deferral Account
     balance and (ii) the vested Company Contribution Account balance.  The
     Account Balance, and each other specified account balance, shall be a
     bookkeeping entry only and shall be utilized solely as a device for the
     measurement and determination of the amounts to be paid to a Participant,
     or his or her designated Beneficiary, pursuant to this Plan.

1.2  "Annual Base Salary" shall mean the wages, salaries, fees for professional
     services, and other amounts received (without regard to whether or not an
     amount is paid in cash) for personal services actually rendered in the
     course of employment with any Employer to the extent that the amounts are
     includable in gross income (including, but not limited to, commissions paid
     to salespersons, compensation for services on the basis of a percentage of
     profits, commissions on reimbursements or other expense allowances under a
     nonaccountable plan (as described in Treasury Regulation Section 1.62-
     2(c)), but excluding any "goods and services allowance" provided to certain
     expatriate staff members.  Notwithstanding anything else in the Plan to the
     contrary, Annual Base Salary shall not include the Annual Bonus.  Annual
     Base Salary shall be computed without regard to any election to reduce or
     defer salary under the Amgen, Inc. Retirement and Savings Plan or any other
     employee benefit plan, including the cafeteria plan under Section 125 of
     the Code.  Annual Base Salary shall not include:  (a) any Company
     contributions to the Amgen, Inc. Retirement and Savings Plan or any other
     employee benefit plan for or on account of the Employee, except as
     otherwise provided in the preceding sentence or (b) the items described in
     Treasury Regulation Section 1.415-2(d)(3), which, among other items, would
     exclude from compensation amounts realized from the exercise of a
     nonqualified stock option (or when restricted stock (or property) held by
     an Employee either becomes freely transferable or is no longer subject to a
     substantial risk of forfeiture under Section 83 of the

--------------------------------------------------------------------------------

                                       1

<PAGE>

     Code) and amounts realized from the sale, exchange or other disposition of
     stock acquired under a qualified stock option.

1.3  "Annual Bonus" shall mean the wages, salaries, fees for professional
     services, and other amounts received (without regard to whether or not an
     amount is paid in cash) for personal services actually rendered in the
     course of employment with any Employer to the extent that the amounts are
     includable in gross income and are paid pursuant to the Management
     Incentive Plan (MIP).

1.4  "Annual Company Contribution Amount" shall mean, for any one Plan Year, the
     amount determined in accordance with Section 3.5.

1.5  "Annual Deferral Amount" shall mean that portion of a Participant's Annual
     Base Salary Annual Bonus and/or Director Fees, as applicable, that a
     Participant elects to have, and is deferred, in accordance with Article 3,
     for any one Plan Year.

1.6  "Annual Installment Method" shall be an annual installment payment over the
     number of years selected by the Participant in accordance with this Plan,
     calculated as follows: The Account Balance of the Participant shall be
     calculated as of the most recent Valuation Date.  The annual installment
     shall be calculated by multiplying this balance by a fraction, the
     numerator of which is one, and the denominator of which is the remaining
     number of annual payments due the Participant.  By way of example, if the
     Participant elects a 10-year Annual Installment Method, the first payment
     shall be 1/10 of the Account Balance as of the most recent Valuation Date.
     The following year, the payment shall be 1/9 of the Account Balance as of
     the most recent Valuation Date.  Each annual installment shall be paid on
     or as soon as practicable after the amount is calculated.

1.7  "Beneficiary" shall mean one or more persons, trusts, estates or other
     entities, designated in accordance with Article 9, or entitled under
     Article 9 in the absence of a designation, that are entitled to receive
     benefits under this Plan upon the death of a Participant.

1.8  "Beneficiary Designation Form" shall mean the form established from time to
     time by the Committee that a Participant completes, signs and returns to
     the Committee to designate one or more Beneficiaries.

1.9  "Board" shall mean the board of directors of the Company.

1.10 "Change in Control" shall have the meaning set forth in the Amgen, Inc.
     Change In Control Severance Plan, as it may be amended from time to time.

1.11 "Claimant" shall have the meaning set forth in Section 14.1.

1.12 "Code" shall mean the Internal Revenue Code of 1986, as it may be amended
     from time to time.

--------------------------------------------------------------------------------

                                       2

<PAGE>

1.13 "Committee" shall mean the committee described in Article 12.

1.14 "Company" shall mean Amgen, Inc., and any successor to all or substantially
     all of the Company's assets or business.

1.15 "Company Contribution Account" shall mean (i) the sum of the Participant's
     Annual Company Contribution Amounts, plus (ii) amounts credited (net of
     amounts debited) in accordance with all the applicable crediting provisions
     of this Plan that relate to the Participant's Company Contribution Account,
     less (iii) all distributions made to the Participant or his or her
     Beneficiary pursuant to this Plan that relate to the Participant's Company
     Contribution Account.

1.16 "Deduction Limitation" shall mean the following described limitation on a
     benefit that may otherwise be distributable pursuant to the provisions of
     this Plan.  Except as otherwise provided, this limitation shall be applied
     to all distributions that are "subject to the Deduction Limitation" under
     this Plan.  If an Employer determines in good faith prior to a Change in
     Control that there is a reasonable likelihood that any compensation paid to
     a Participant for a taxable year of the Employer would not be deductible by
     the Employer solely by reason of the limitation under Code Section 162(m),
     then to the extent deemed necessary by the Employer to ensure that the
     entire amount of any distribution to the Participant pursuant to this Plan
     prior to the Change in Control is deductible, the Employer may defer all or
     any portion of a distribution under this Plan.  Any amounts deferred
     pursuant to this limitation shall continue to be credited and debited with
     additional amounts in accordance with Section 3.13 below, even if such
     amount is being paid out in installments. The amounts so deferred and
     amounts credited (net of amounts debited) thereon shall be distributed to
     the Participant or his or her Beneficiary (in the event of the
     Participant's death) at the earliest possible date, as determined by the
     Employer in good faith, on which the deductibility of compensation paid or
     payable to the Participant for the taxable year of the Employer during
     which the distribution is made will not be limited by Section 162(m), or if
     earlier, the effective date of a Change in Control.  Notwithstanding
     anything to the contrary in this Plan, the Deduction Limitation shall not
     apply to any distributions made after a Change in Control.

1.17 "Deferral Account" shall mean (i) the sum of all of a Participant's Annual
     Deferral Amounts, plus (ii) amounts credited (net of amounts debited) in
     accordance with all the applicable provisions of this Plan that relate to
     the Participant's Deferral Account, less (iii) all distributions made to
     the Participant or his or her Beneficiary pursuant to this Plan that relate
     to his or her Deferral Account.

1.18 "Director" shall mean any member of the Board.

1.19 "Director Fees" shall mean the annual fees paid by any Employer, including
     retainer fees and meeting fees, as compensation for serving on the Board.

--------------------------------------------------------------------------------

                                       3

<PAGE>

1.20   "Disability" shall mean that the Participant is determined under Title II
       or XVI of the Social Security Act, to have been disabled. The Participant
       must submit evidence to the Committee of the Social Security
       Administration's determination of disability before a person is to be
       deemed Disabled under this Plan.

1.21   "Disability Benefit" shall mean the benefit set forth in Article 8.

1.22   "Election Form" shall mean the form established from time to time by the
       Committee that a Participant completes, signs and returns to the
       Committee to make an election under the Plan.

1.23   "Employee" shall mean a person whom an Employer classifies as an
       employee.

1.24   "Employer" shall mean the Company or any of its subsidiaries or
       affiliates (now in existence or hereafter formed or acquired) that have
       been selected by the Board to participate in the Plan and have adopted
       the Plan by permitting their Employees to participate in the Plan.

1.25   "ERISA" shall mean the Employee Retirement Income Security Act of 1974,
       as it may be amended from time to time.

1.26   "401(k) Plan" shall be that certain Amgen Inc. Retirement and Savings
       Plan adopted by the Company, as it may be amended from time to time.

1.27   "Participant" shall mean any Employee (i) who is selected by the
       Committee from among the highly compensated or management employees of
       the Employer to participate in the Plan, (ii) who elects to participate
       in the Plan, (iii) who signs a Plan Agreement, an Election Form and a
       Beneficiary Designation Form, (iv) whose signed Plan Agreement, Election
       Form and Beneficiary Designation Form are accepted by the Committee, (v)
       who commences participation in the Plan, and (vi) whose Plan Agreement
       has not terminated. A spouse or former spouse of a Participant shall not
       be treated as a Participant in the Plan or have an account balance under
       the Plan, even if he or she has an interest in the Participant's benefits
       under the Plan as a result of applicable law or property settlements
       resulting from legal separation or divorce.

1.28   "Plan" shall mean the AMGEN NONQUALIFIED DEFERRED COMPENSATION PLAN,
       effective January 1, 2002, which shall be evidenced by this instrument
       and by each Plan Agreement, as they may be amended from time to time.

1.29   "Plan Agreement" shall mean a written agreement, as may be amended from
       time to time, which is entered into by and between an Employer and a
       Participant. Each Plan Agreement executed by a Participant and the
       Participant's Employer shall provide for the entire benefit to which such
       Participant is entitled under the Plan; should there be more than one
       Plan Agreement, the Plan Agreement bearing the latest date of acceptance
       by the Employer shall supersede all previous Plan Agreements in their
       entirety and shall govern such entitlement. The terms of any Plan
       Agreement may be different for any Participant, and any Plan

--------------------------------------------------------------------------------

                                       4

<PAGE>

       Agreement may provide additional benefits not set forth in the Plan or
       limit the benefits otherwise provided under the Plan; provided, however,
       that any such additional benefits or benefit limitations must be agreed
       to by both the Employer and the Participant.

1.30   "Plan Year" shall mean a period beginning on January 1 of each calendar
       year (beginning January 1, 2002), and continuing through December 31 of
       such calendar year.

1.31   "Pre-Retirement Survivor Benefit" shall mean the benefit set forth in
       Article 6.

1.32   "Retirement", "Retire(s)" or "Retired" shall mean, with respect to an
       Employee, severance from employment from all Employers for any reason
       other than death or Disability at such time as the Employee is at least
       sixty (60) years old.

1.33   "Retirement Benefit" shall mean the benefit set forth in Article 5.

1.34   "Short-Term Payout" shall mean the payout set forth in Section 4.1.

1.35   "Termination Benefit" shall mean the benefit set forth in Article 7.

1.36   "Termination " shall mean the severing of employment with all Employers,
       voluntarily or involuntarily, for any reason other than Retirement,
       Disability or death. Termination of Employment shall not be deemed to
       occur, however, upon the transfer of a Participant from the employ of the
       Company or another Employer to the employ of any subsidiary or affiliate,
       regardless of whether that subsidiary or affiliate is an Employer under
       the Plan.

1.37   "Trust" shall mean one or more trusts established pursuant to that
       certain Trust Agreement, dated as of _____ 1, 2002 between the Company
       and the trustee named therein, as amended from time to time.

1.38   "Unforeseeable Financial Emergency" shall mean an unanticipated emergency
       that is caused by an event beyond the control of the Participant that
       would result in severe financial hardship to the Participant resulting
       from (i) a sudden and unexpected illness or accident of the Participant
       or a dependent of the Participant, (ii) a loss of the Participant's
       property due to casualty, or (iii) another extraordinary and
       unforeseeable circumstance arising as a result of events beyond the
       control of the Participant, all as determined in the sole discretion of
       the Committee.

1.39   "Valuation Date" shall mean the last day of each Plan Year or any other
       date as of which the Committee, in its sole discretion, designates as a
       Valuation Date.

1.40   "Years of Service" shall mean each Plan Year or portion thereof during
       which an Employee is credited with at least 1000 hours of service.

                                   ARTICLE 2
                       Selection/Enrollment/Eligibility
                        --------------------------------
--------------------------------------------------------------------------------

                                       5

<PAGE>

2.1   Selection by Committee.  Participation in the Plan shall be limited to a
      ----------------------
      select group of Employees and Directors of the Employers, each of whom is
      a member of management or is highly compensated. From the group of
      Employees who are management or highly compensated, the Committee shall
      select, in its sole discretion, Employees and Directors to participate in
      the Plan.

2.2   Enrollment Requirements.  As a condition to participation, each selected
      -----------------------
      Employee shall complete, execute and return to the Committee a Plan
      Agreement, an Election Form and a Beneficiary Designation Form, all within
      the number of days specified by the Committee after he or she is selected
      to participate in the Plan. In addition, the Committee may establish from
      time to time such other enrollment requirements as it determines in its
      sole discretion are necessary.

2.3   Eligibility/Commencement of Participation.  Provided an Employee selected
      -----------------------------------------
      to participate in the Plan has met all enrollment requirements set forth
      in this Plan and required by the Committee, including returning all
      required documents to the Committee within the specified time period, that
      Employee shall commence participation in the Plan on the first day of the
      month following the month in which the Employee completes all enrollment
      requirements or such other date specified by the Committee.

2.4   Termination of Participation and/or Deferrals. If the Committee determines
      ---------------------------------------------
      in good faith that a Participant no longer qualifies as a member of a
      select group of management or highly compensated employees, as membership
      in such group is determined in accordance with Sections 201(2), 301(a)(3)
      and 401(a)(1) of ERISA, the Committee shall have the right, in its sole
      discretion, to (i) terminate any deferral election the Participant has
      made for the remainder of the Plan Year in which the Participant's
      membership status changes, and (ii) prevent the Participant from making
      future deferral elections or, in the Committee's discretion, may also
      (iii) immediately distribute the Participant's then Account Balance as a
      Termination Benefit and terminate the Participant's participation in the
      Plan.

                                   ARTICLE 3
             Deferral Commitments/Company Matching/Crediting/Taxes
             -----------------------------------------------------

3.1   Minimum Deferrals.
      -----------------

      (a)   Annual Base Salary and Annual Bonus.  For each Plan Year, a
            -----------------------------------
            Participant may elect to defer, as his or her Annual Deferral
            Amount, Annual Base Salary or Annual Bonus, or both, in the
            following minimum amounts for each deferral elected:

                 ---------------------------------------------
                          Deferral             Minimum Amount
                 ---------------------------------------------
                  Annual Base Salary and/or
                        Annual Bonus               $2,000
                 ---------------------------------------------

--------------------------------------------------------------------------------

                                       6

<PAGE>

            If an election is made for less than stated minimum amounts, or if
            no election is made, the amount deferred shall be zero.

      (b)   Short Plan Year. Notwithstanding the foregoing, if a Participant
            ---------------
            first becomes a Participant after the first day of a Plan Year, the
            minimum Annual Base Salary deferral shall be an amount equal to the
            minimum set forth above, multiplied by a fraction, the numerator of
            which is the number of complete months remaining in the Plan Year
            and the denominator of which is 12.

3.1   Maximum Deferrals.
      -----------------

      (a)   Annual Base Salary Annual Bonus and Director Fees. For each Plan
            -------------------------------------------------
            Year, a Participant may elect to defer, as his or her Annual
            Deferral Amount, Annual Base Salary and Annual Bonus up to the
            following maximum percentages for each deferral elected:

                  ----------------------------------------
                         Deferral                Maximum
                                               Percentage
                  ----------------------------------------
                   Annual Base Salary              50%
                  ----------------------------------------
                   Annual Bonus                   100%
                  ----------------------------------------
                   Director Fees                  100%
                  ----------------------------------------

      (b)   Notwithstanding the foregoing, if a Participant first becomes a
            Participant after the first day of a Plan Year, the maximum Annual
            Deferral Amount, with respect to Annual Base Salary and Annual Bonus
            shall be based on the amount of compensation not yet earned by the
            Participant as of the date the Participant submits a Plan Agreement
            and an Election Form to the Committee for acceptance.

3.3   Election to Defer/Effect of Election Form.
      -----------------------------------------

      (a)   First Plan Year of Participation. Within thirty (30) days after
            --------------------------------
            being designated by the Committee for participation in the Plan, the
            Participant shall make an irrevocable deferral election for the Plan
            Year in which the Participant commences participation, along with
            such other elections as the Committee deems necessary or desirable
            under the Plan. For these elections to be valid, the Election Form
            must be completed and signed by the Participant, timely delivered to
            the Committee (in accordance with Section 2.2 above) and accepted by
            the Committee.

      (b)   Subsequent Plan Years. For each succeeding Plan Year, an irrevocable
            ---------------------
            deferral election for that Plan Year, and such other elections as
            the Committee deems necessary or desirable under the Plan, shall be
            made by timely delivering to the Committee, in accordance with its
            rules and procedures, before the end of the Plan Year preceding the

--------------------------------------------------------------------------------

                                       7

<PAGE>

            Plan Year for which the election is made, a new Election Form. If no
            such Election Form is timely delivered for a Plan Year, the Annual
            Deferral Amount shall be zero for that Plan Year.

3.4   Withholding of Annual Deferral Amounts.  For each Plan Year, for each
      --------------------------------------
      Participant, the Annual Base Salary portion of the Annual Deferral Amount
      shall be withheld on a ratable basis, to the extent possible, from each
      regularly scheduled Annual Base Salary payroll. The Annual Bonus portion
      of the Annual Deferral Amount shall be withheld, to the extent possible,
      at the time the Annual Bonus is or otherwise would be paid to the
      Participant, whether or not this occurs during the Plan Year itself.

3.5   Annual Company Contribution Amount. For each Plan Year, an Employer, in
      ----------------------------------
      its sole discretion, may, but is not required to, credit any amount it
      desires to any Participant's Company Contribution Account under this Plan,
      which amount shall be for that Participant the Annual Company Contribution
      Amount for that Plan Year. The amount so credited to a Participant may be
      smaller or larger than the amount credited to any other Participant, and
      the amount credited to any Participant for a Plan Year may be zero, even
      though one or more other Participants receive an Annual Company
      Contribution Amount for that Plan Year. The Annual Company Contribution
      Amount, if any, shall be credited as of the date determined by the
      Committee in its sole discretion. If a Participant is not employed by an
      Employer as of the last day of a Plan Year for a reason other than his or
      her Retirement or death while employed, the Annual Company Contribution
      Amount for that Plan Year shall be zero.

3.6   Vesting.
      -------

      (a)   A Participant shall at all times be 100% vested in his or her
            Deferral Account.

      (b)   A Participant shall be vested in his or her Company Contribution
            Account in accordance with the vesting schedules established by the
            Committee, in its sole and absolute discretion, for each Annual
            Company Contribution Amount (and amounts credited or debited
            thereon) at the time each such Annual Company Contribution Amount is
            first credited to the Participant's Account Balance under the Plan.
            The vesting schedules established by the Committee for each Annual
            Company Contribution Amount may be different for different
            Participants.

      (c)   Notwithstanding anything in this Section to the contrary, except as
            provided in subsection (d) below, in the event of a Change in
            Control, a Participant's Company Contribution Account shall
            immediately become 100% vested (without regard to whether it is
            already vested in accordance with the above vesting schedules).

      (d)   Except as otherwise provided by written agreement between a
            Participant and his/her Employer, notwithstanding anything in this
            Section or the Plan to the contrary, the vesting schedule for a
            Participant's Company Contribution Account shall not be accelerated
            to the extent that the Committee determines that such acceleration
            would

--------------------------------------------------------------------------------

                                       8

<PAGE>

            cause the deduction limitations of Section 280G of the Code to
            become effective. In the event that any portion of a Participant's
            Company Contribution Account is not vested pursuant to such a
            determination, the Participant may request independent verification
            of the Committee's calculations with respect to the application of
            Section 280G. In such case, the Committee must provide to the
            Participant within 15 business days of such a request an opinion
            from a nationally recognized accounting firm selected by the
            Participant (the "Accounting Firm"), to the effect that, in the
            Accounting Firm's opinion that any limitation in the vested
            percentage hereunder is necessary to avoid the limits of Section
            280G, and containing supporting calculations, or, in the absence of
            such an opinion, shall cause the relevant portion of the
            Participant's Company Contribution Account to become vested. The
            cost of such opinion shall be paid for by the Company.

3.7   Crediting/Debiting of Account Balances. In accordance with, and subject
      --------------------------------------
      to, the rules and procedures that are established from time to time by the
      Committee, in its sole discretion, amounts shall be credited or debited to
      a Participant's Account Balance in accordance with the following rules:

      (a)   Election of Measurement Funds. A Participant, in connection with his
            -----------------------------
            or her initial deferral election in accordance with Section 3.3(a)
            above, shall elect, on the Election Form, one or more Measurement
            Fund(s) to be used to determine the additional amounts to be
            credited to his or her Account Balance for the first business day in
            which the Participant commences participation in the Plan and
            continuing thereafter for each subsequent day in which the
            Participant participates in the Plan, unless changed in accordance
            with the next sentence. Commencing with the first business day that
            follows the Participant's commencement of participation in the Plan
            and continuing thereafter for each subsequent day in which the
            Participant participates in the Plan, the Participant may (but is
            not required to) elect, by submitting an Election Form to the
            Committee that is accepted by the Committee, to add or delete one or
            more Measurement Fund(s) to be used to determine the additional
            amounts to be credited to his or her Account Balance, or to change
            the portion of his or her Account Balance allocated to each
            previously or newly elected Measurement Fund. If an election is made
            in accordance with the previous sentence, it shall apply to the next
            business day and continue thereafter for each subsequent day in
            which the Participant participates in the Plan, unless changed in
            accordance with the previous sentence.

      (b)   Proportionate Allocation. In making any election described in
            ------------------------
            Section 3.7(a) above, the Participant shall specify on the Election
            Form, in increments of five percentage points (5%), the percentage
            of his or her Account Balance to have gains and losses measured by a
            Measurement Fund.

      (c)   Measurement Funds.  From time to time, the Committee in its sole
            -----------------
            discretion shall select and announce to Participants its selection
            of mutual funds, insurance company separate accounts, indexed rates
            or other methods (each, a "Measurement Fund"), for the purpose of
            providing the basis on which gains and losses shall be attributed to

--------------------------------------------------------------------------------

                                       9

<PAGE>

            Account Balances under the Plan. The Committee may, in its sole
            discretion, discontinue, substitute or add a Measurement Fund at any
            time. Each such action will take effect as of the first day of the
            calendar quarter that follows by thirty (30) days the day on which
            the Committee gives Participants advance written notice of such
            change.

      (d)   Crediting or Debiting Method.  The performance of each elected
            ----------------------------
            Measurement Fund (either positive or negative) will be determined by
            the Committee, in its reasonable discretion, based on available
            reports of the performance of the Measurement Funds. A Participant's
            Account Balance shall be credited or debited on a daily basis based
            on the performance of each Measurement Fund selected by the
            Participant, as determined by the Committee in its sole discretion,
            as though (i) a Participant's Account Balance were invested in the
            Measurement Fund(s) selected by the Participant, in the percentages
            applicable to such day, as of the close of business on such day, at
            the closing price on such date; (ii) the portion of the Annual
            Deferral Amount that was actually deferred during any day were
            invested in the Measurement Fund(s) selected by the Participant, in
            the percentages applicable to such day, no later than the close of
            business on the first business day after the day on which such
            amounts are actually deferred from the Participant's Annual Base
            Salary through reductions in his or her payroll and from the
            Participant's Annual Bonus, at the closing price on such date; and
            (iii) any distribution made to a Participant that decreases such
            Participant's Account Balance ceased being invested in the
            Measurement Fund(s), in the percentages applicable to such day, no
            later than one business day prior to the distribution, at the
            closing price on such date.

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

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

--------------------------------------------------------------------------------

                                      10

<PAGE>

     and in a manner to be determined by the sole discretion of the Employer(s)
     and the trustee of the Trust, respectively (whichever is making the
     payment).

3.9  Adjustment of Annual Deferral Amount. The Committee shall have the
     ------------------------------------
     authority to reduce, without the Participant's consent, the Annual Deferral
     Amount and/or the Annual Company Contribution Amount, to the extent
     necessary to comply with applicable tax withholding obligations,
     garnishments or court-mandated payments, or Participant-authorized
     deferrals payments or contributions.

                                   ARTICLE 4
            Short-Term Payout/Unforeseeable Financial Emergencies/
            ------------------------------------------------------
                              Withdrawal Election
                              -------------------

4.1  Short-Term Payout. In connection with each election to defer an Annual
     -----------------
     Deferral Amount, a Participant may irrevocably elect to receive a future
     "Short-Term Payout" from the Plan with respect to such Annual Deferral
     Amount. Subject to the Deduction Limitation, the Short-Term Payout shall be
     a lump sum payment in an amount that is equal to the Annual Deferral (or a
     specified portion thereof) plus amounts credited or debited in the manner
     provided in Section 3.7 above on that amount, determined at the time that
     the Short-Term Payout becomes payable (rather than the date of a
     Termination of Employment) or, alternatively if so elected by the
     Participant, a fixed stated sum, up to the total Account. Subject to the
     Deduction Limitation and the other terms and conditions of this Plan, each
     Short-Term Payout elected shall be paid out during a 60 day period
     commencing immediately after the last day of any Plan Year designated by
     the Participant that is at least three Plan Years after the Plan Year in
     which the Annual Deferral Amount is actually deferred.

4.2  Other Benefits Take Precedence Over Short-Term Payout. Should an event
     -----------------------------------------------------
     occur that triggers a benefit under Article 5, 6, 7 or 8, any Annual
     Deferral Amount, plus amounts credited or debited thereon, that is subject
     to a Short-Term Payout election under Section 4.1 shall not be paid in
     accordance with Section 4.1 but shall be paid in accordance with the other
     applicable Article.

4.3  Withdrawal Payout/Suspensions for Unforeseeable Financial Emergencies. If
     ---------------------------------------------------------------------
     the Participant experiences an Unforeseeable Financial Emergency, the
     Participant may petition the Committee to (i) suspend any deferrals
     required to be made by a Participant or (ii) receive a partial or full
     payout from the Plan. The payout shall not exceed the lesser of the
     Participant's Account Balance, calculated as if such Participant were
     receiving a Termination Benefit, or the amount reasonably needed to satisfy
     the Unforeseeable Financial Emergency. If, subject to the sole discretion
     of the Committee, the petition for a suspension and/or payout is approved,
     suspension shall take effect upon the date of approval and any payout shall
     be made within 60 days of the date of approval. The payment of any amount
     under this Section 4.3 shall not be subject to the Deduction Limitation.

--------------------------------------------------------------------------------

                                      11

<PAGE>

4.4  Withdrawal Election. A Participant (or, after a Participant's death, his or
     -------------------
     her Beneficiary) may elect, at any time, to withdraw a portion or all of
     his or her Account Balance, calculated as if there had occurred a
     Termination of Employment as of the day of the election, less a withdrawal
     penalty equal to 10% of the amount withdrawn (the net amount shall be
     referred to as the "Withdrawal Amount"). Notwithstanding anything in this
     Section or the Plan to the contrary, to the extent a Participant elects to
     withdraw a portion or all of his or her Account Balance pursuant to this
     Section, the Participant may not defer any of his or her Annual Salary
     Annual Bonus or Director Fees for the remainder of the Plan Year in which
     the withdrawal is taken and for the next full Plan Year. This election can
     be made at any time, before or after Retirement, Disability, death or
     Termination of Employment, and whether or not the Participant (or
     Beneficiary) is in the process of being paid pursuant to an installment
     payment schedule. If made before Retirement, Disability or death, a
     Participant's Withdrawal Amount shall be based on his or her Account
     Balance calculated as if there had occurred a Termination of Employment as
     of the day of the election. Notwithstanding anything in this Section or the
     Plan to the contrary, a Participant may not elect a Withdrawal Amount less
     than $5,000. The Participant (or his or her Beneficiary) shall make this
     election by giving the Committee advance written notice of the election in
     a form determined from time to time by the Committee. The Participant (or
     his or her Beneficiary) shall be paid the Withdrawal Amount within 60 days
     of his or her election and the Participant's Account shall concurrently be
     reduced by the Withdrawal Amount plus the 10% penalty. The payment of this
     Withdrawal Amount shall not be subject to the Deduction Limitation.

                                   ARTICLE 5
                              Retirement Benefit
                              ------------------

5.1  Retirement Benefit. Subject to the Deduction Limitation, a Participant who
     ------------------
     Retires shall receive, as a Retirement Benefit, his or her Account Balance.

5.2  Payment of Retirement Benefit. A Participant, in connection with his or her
     -----------------------------
     commencement of participation in the Plan, shall elect on an Election Form
     the form in which the Retirement Benefit will be paid, if that benefit
     becomes payable under the terms of the Plan, which form shall be a lump sum
     or an Annual Installment Method of not more than ten (10) years. The
     Participant may change his or her election to an allowable alternative
     payout period by submitting a new Election Form to the Committee; provided,
     however, the last Election Form that is submitted at least 1 year prior to
     the Participant's Retirement and is accepted by the Committee in its sole
     discretion shall be the governing Election Form as to this matter. If a
     Participant does not make any election with respect to the payment of the
     Retirement Benefit, then such benefit shall be payable in a lump sum. The
     lump sum payment shall be made, or installment payments shall commence, no
     later than 60 days after the Participant Retires. Any payment made shall be
     subject to the Deduction Limitation. Notwithstanding anything in this
     Section or the Plan to the contrary, but subject to the Deduction
     Limitation, the Retirement Benefit paid pursuant to a Participant's elected
     Annual Installment Method shall be paid in the

--------------------------------------------------------------------------------

                                      12

<PAGE>

     number of annual installments elected by the Participant; provided,
     however, the annual installments shall not exceed the lesser of the
     Participant's Years of Service or ten (10) years.

5.3  Death Prior to Completion of Retirement Benefit. If a Participant dies
     -----------------------------------------------
     after Retirement but before the Retirement Benefit is paid in full, the
     Participant's unpaid Retirement Benefit payments shall continue and shall
     be paid to the Participant's Beneficiary (a) over the remaining number of
     years and in the same amounts as that benefit would have been paid to the
     Participant had the Participant survived, or (b) in a lump sum, if
     requested by the Beneficiary and allowed in the sole discretion of the
     Committee, that is equal to the Participant's unpaid remaining Account
     Balance.

                                   ARTICLE 6
                        Pre-Retirement Survivor Benefit
                        -------------------------------

6.1  Pre-Retirement Survivor Benefit. Subject to the Deduction Limitation, the
     -------------------------------
     Participant's Beneficiary shall receive a Pre-Retirement Survivor Benefit
     equal to the Participant's Account Balance if the Participant dies before
     he or she Retires, experiences a Termination of Employment or suffers a
     Disability.

6.2  Payment of Pre-Retirement Survivor Benefit.  A Participant, in connection
     ------------------------------------------
     with his or her commencement of participation in the Plan, shall elect on
     an Election Form whether the Pre-Retirement Survivor Benefit shall be
     received by his or her Beneficiary in a lump sum or pursuant to an Annual
     Installment Method of up to ten (10) years.  The Participant may annually
     change this election to an allowable alternative payout period by
     submitting a new Election Form to the Committee, which form must be
     accepted by the Committee in its sole discretion.  The Election Form most
     recently accepted by the Committee prior to the Participant's death shall
     govern the payout of the Participant's Pre-Retirement Survivor Benefit.  If
     a Participant does not make any election with respect to the payment of the
     Pre-Retirement Survivor Benefit, then such benefit shall be paid in a lump
     sum.  Notwithstanding the foregoing, if the Participant's Account Balance
     at the time of his or her death is less than $25,000, payment of the Pre-
     Retirement Survivor Benefit may be made, in the sole discretion of the
     Committee, in a lump sum or pursuant to an Annual Installment Method of not
     more than 5 years.  The lump sum payment shall be made, or installment
     payments shall commence, no later than 60 days after the Committee is
     provided with proof that is satisfactory to the Committee of the
     Participant's death.

--------------------------------------------------------------------------------

                                      13

<PAGE>

                                   ARTICLE 7
                              Termination Benefit
                              -------------------

7.1  Termination Benefit. Subject to the Deduction Limitation, the Participant
     -------------------
     shall receive a Termination Benefit, which shall be equal to the
     Participant's Account Balance if a Participant experiences a Termination of
     Employment prior to his or her Retirement, death or Disability.

7.2  Payment of Termination Benefit. The Termination Benefit shall be paid to
     ------------------------------
     the Participant in a lump sum. Notwithstanding anything in this Section or
     the Plan to the contrary, a Participant may request that the Company pay
     the lump sum payment or commence the installment payments 60 days after the
     end of the Plan Year in which the Participant terminates his or her
     employment. The Committee may, in its sole discretion, accept or reject
     such a request from a Participant.

                                   ARTICLE 8
                         Disability Waiver and Benefit
                         -----------------------------

8.1  Disability Waiver.
     -----------------

     (a)  Waiver of Deferral.  A Participant who is determined by the Committee
          ------------------
          to be suffering from a Disability shall (i) have no further deferrals
          of the Annual Deferral Amount that would otherwise have been withheld
          from a Participant's Annual Base Salary Annual Bonus or Director Fees
          for the Plan Year during which the Participant first suffers a
          Disability.  During the period of Disability, the Participant shall
          not be allowed to make any additional deferral elections, but will
          continue to be considered a Participant for all other purposes of this
          Plan.

     (b)  Return to Work.  If a Participant returns to employment with an
          --------------
          Employer, after a Disability ceases, the Participant may elect to
          defer an Annual Deferral Amount for the Plan Year following his or her
          return to employment or service and for every Plan Year thereafter
          while a Participant in the Plan; provided such deferral elections are
          otherwise allowed and an Election Form is delivered to and accepted by
          the Committee for each such election in accordance with Section 3.3
          above.

8.2  Continued Eligibility/Disability Benefit.  A Participant suffering a
     ----------------------------------------
     Disability shall, for benefit purposes under this Plan, continue to be
     considered to be employed and shall be eligible for the benefits provided
     for in Articles 4, 5, 6 or 7 in accordance with the provisions of those
     Articles. Notwithstanding the foregoing, the Committee shall have the right
     to, in its sole and absolute discretion, deem the Participant to have
     experienced a Termination of Employment, or in the case of a Participant
     who is eligible to Retire, to have Retired, at any time after such
     Participant is determined to be suffering a Disability, in which case the
     Participant shall receive a Disability Benefit equal to his or her Account
     Balance at the time of the Committee's determination; provided, however,
     that should the Participant otherwise have been eligible to Retire, he or
     she shall be paid in accordance with Article 5 as though the Participant
     Retired.

--------------------------------------------------------------------------------

                                      14

<PAGE>

     The Disability Benefit shall be paid in a lump sum within 60 days of the
     Committee's exercise of such right. Any payment made shall be subject to
     the Deduction Limitation.

                                   ARTICLE 9
                                   ---------
                            Beneficiary Designation
                            -----------------------

9.1  Beneficiary. Each Participant shall have the right, at any time, to
     -----------
     designate his or her Beneficiary(ies) (both primary and contingent) to
     receive any benefits payable under the Plan to a beneficiary upon the death
     of a Participant. The Beneficiary designated under this Plan may be the
     same as or different from the Beneficiary designation under any other plan
     of an Employer in which the Participant participates.

9.2  Beneficiary Designation Change/Spousal Consent. A Participant shall
     ----------------------------------------------
     designate his or her Beneficiary by completing and signing the Beneficiary
     Designation Form, and returning it to the Committee or its designated
     agent. A Participant shall have the right to change a Beneficiary by
     completing, signing and otherwise complying with the terms of the
     Beneficiary Designation Form and the Committee's rules and procedures, as
     in effect from time to time. A Participant may name someone other than his
     or her spouse as a Beneficiary only if a spousal consent, in the form
     designated by the Committee, is signed by that Participant's spouse and
     returned to the Committee. Upon the acceptance by the Committee of a new
     Beneficiary Designation Form, all Beneficiary designations previously filed
     shall be canceled. The Committee shall be entitled to rely on the last
     Beneficiary Designation Form filed by the Participant and accepted by the
     Committee prior to his or her death. Notwithstanding anything in this
     Section or the Plan to the contrary, a Participant's designation of a
     spouse as a Beneficiary shall automatically be cancelled and revoked on the
     date a Participant's divorce from that spouse becomes final.

9.3  Acknowledgment. No designation or change in designation of a Beneficiary
     --------------
     shall be effective until received and acknowledged in writing by the
     Committee or its designated agent.

9.4  No Beneficiary Designation. If a Participant fails to designate a
     --------------------------
     Beneficiary as provided in Sections 9.1, 9.2 and 9.3 above or, if all
     designated Beneficiaries predecease the Participant or die prior to
     complete distribution of the Participant's benefits, then the Participant's
     designated Beneficiary shall be deemed to be his or her surviving spouse.
     If the Participant has no surviving spouse, the Participant's designated
     Beneficiary shall be deemed to be the Participant's estate.

9.5  Doubt as to Beneficiary.  If the Committee has any doubt as to the proper
     -----------------------
     Beneficiary to receive payments pursuant to this Plan, the Committee shall
     have the right, exercisable in its discretion, to cause the Company to
     withhold such payments until this matter is resolved to the Committee's
     satisfaction.

--------------------------------------------------------------------------------

                                      15

<PAGE>

9.6  Discharge of Obligations.  The payment of benefits under the Plan to a
     ------------------------
     Beneficiary shall fully and completely discharge all Employers and the
     Committee from all further obligations under this Plan with respect to the
     Participant, and that Participant's Plan Agreement shall terminate upon
     such full payment of benefits.

                                  ARTICLE 10
                               Leave of Absence
                               ----------------

10.1 Paid Leave of Absence.  If a Participant is authorized by the Participant's
     ---------------------
     Employer for any reason to take a paid leave of absence from the employment
     of the Employer, the Participant shall continue to be considered employed
     by the Employer and the Annual Deferral Amount shall continue to be
     withheld during such paid leave of absence in accordance with Article 3.

10.2 Unpaid Leave of Absence. If a Participant is authorized by the
     -----------------------
     Participant's Employer for any reason to take an unpaid leave of absence
     from the employment of the Employer, the Participant shall continue to be
     considered employed by the Employer and deferrals shall not be made, in the
     absence of compensation. Upon such expiration of the unpaid leave and
     resumption of entitlement to compensation, deferrals shall resume for the
     remaining portion of the Plan Year in which the return occurs, based on the
     deferral election, if any, made for that Plan Year. If no election was made
     for that Plan Year, no deferral shall be withheld.

                                  ARTICLE 11
                     Termination/Amendment or Modification
                     -------------------------------------

11.1 Termination. Although the Company anticipates that it will continue the
     -----------
     Plan for an indefinite period of time, there is no guarantee that the
     Company will continue the Plan or will not terminate the Plan at any time
     in the future. Accordingly, the Company reserves the right to discontinue
     its sponsorship of the Plan and to terminate the Plan at any time with
     respect to any or all of its participating Employees and Directors, by
     action of its Board of Directors. Upon the termination of the Plan, the
     Plan Agreements of the affected Participants shall terminate and their
     Account Balances, determined as if they had experienced a Termination of
     Employment on the date of Plan termination or, if Plan termination occurs
     after the date upon which a Participant was eligible to Retire, then with
     respect to that Participant as if he or she had Retired on the date of Plan
     termination, shall be paid to the Participants as follows: Prior to a
     Change in Control, if the Plan is terminated with respect to all of its
     Participants, the Company shall have the right, in its sole discretion, and
     notwithstanding any elections made by the Participant, to pay such benefits
     in a lump sum or pursuant to an Annual Installment Method of up to ten (10)
     years, with amounts credited and debited during the installment period as
     provided herein. Prior to a Change in Control, if the Plan is terminated
     with respect to less than all of its Participants, the Company shall be
     required to pay such benefits in a lump sum. After a Change in Control, the
     Company shall be required to pay such benefits in a lump sum. The
     termination of the Plan shall not adversely affect any Participant or
     Beneficiary who has become entitled to the payment of any benefits under
     the Plan as of the date of termination; provided however, that the Company
     shall have the right to accelerate installment payments

--------------------------------------------------------------------------------

                                      16

<PAGE>

      without a premium or prepayment penalty by paying the Account Balance in a
      lump sum or pursuant to an Annual Installment Method using fewer years.

11.2  Amendment. The Company may, at any time, amend or modify the Plan in whole
      ---------
      or in part by the action of the Committee ; provided, however, that: (i)
      no amendment or modification shall be effective to decrease or restrict
      the value of a Participant's Account Balance in existence at the time the
      amendment or modification is made, calculated as if the Participant had
      experienced a Termination of Employment as of the effective date of the
      amendment or modification or, if the amendment or modification occurs
      after the date upon which the Participant was eligible to Retire, the
      Participant had Retired as of the effective date of the amendment or
      modification, (ii) no adverse amendment or modification shall be effective
      upon or after a Change in Control without the prior written consent of a
      majority of the Participants, and (iii) no amendment or modification of
      this Section 11.2 or Section 12.2 of the Plan shall be effective. The
      amendment or modification of the Plan shall not affect any Participant or
      Beneficiary who has become entitled to the payment of benefits under the
      Plan as of the date of the amendment or modification; provided, however,
      that the Employer shall have the right to accelerate installment payments
      by paying the Account Balance in a lump sum or pursuant to an Annual
      Installment Method using fewer years (provided that the present value of
      all payments that will have been received by a Participant at any given
      point of time under the different payment schedule shall equal or exceed
      the present value of all payments that would have been received at that
      point in time under the original payment schedule).

11.3  Plan Agreement. Despite the provisions of Sections 11.1 and 11.2 above, if
      --------------
      a Participant's Plan Agreement contains benefits or limitations that are
      not in this Plan document, the Company may only amend or terminate such
      provisions with the consent of the Participant.

11.4  Effect of Payment. The full payment of the applicable benefit under
      -----------------
      Articles 4, 5, 6, 7 or 8 of the Plan shall completely discharge all
      obligations to a Participant and his or her designated Beneficiaries under
      this Plan and the Participant's Plan Agreement shall terminate.

                                  ARTICLE 12
                                Administration
                                --------------

12.1  Committee Duties. Except as otherwise provided in this Article 12, this
      ----------------
      Plan shall be administered by the Compensation Committee of the Board, or
      such committee of delegates as the Compensation Committee of the Board
      shall appoint. The Committee shall also have the discretion and authority
      to (i) make, amend, interpret, and enforce all appropriate laws, rules and
      regulations for the administration of this Plan and (ii) decide or resolve
      any and all questions including interpretations of this Plan, as may arise
      in connection with the Plan. Any individual serving on the Committee who
      is a Participant shall not vote or act on any matter relating solely to
      himself or herself. When making a determination or calculation, the

--------------------------------------------------------------------------------

                                      17

<PAGE>

      Committee shall be entitled to rely on information furnished by a
      Participant, the Company or any Employer.

12.2  Administration Upon Change In Control. For purposes of this Plan, the
      -------------------------------------
      Company, acting through the Committee, shall be the "Administrator" at all
      times prior to the occurrence of a Change in Control. Upon and after the
      occurrence of a Change in Control, the "Administrator" shall be an
      independent third party selected by the Trustee and approved by the
      individual who, immediately prior to such event, was the Company's Chief
      Executive Officer or, if not so identified, the Company's highest ranking
      officer (the "Ex-CEO"). The Administrator shall have the discretionary
      power to determine all questions arising in connection with the
      administration of the Plan and the interpretation of the Plan and Trust
      including, but not limited to benefit entitlement determinations;
      provided, however, upon and after the occurrence of a Change in Control,
      the Administrator shall have no power to direct the investment of Plan or
      Trust assets or select any investment manager or custodial firm for the
      Plan or Trust. Upon and after the occurrence of a Change in Control, the
      Company must: (1) pay all reasonable administrative expenses and fees of
      the Administrator; (2) pursuant to Section 12.5, indemnify the
      Administrator against any costs, expenses and liabilities including,
      without limitation, attorney's fees and expenses arising in connection
      with the performance of the Administrator hereunder, except with respect
      to matters resulting from the gross negligence or willful misconduct of
      the Administrator or its employees or agents; and (3) pursuant to Section
      12.6, supply full and timely information to the Administrator or all
      matters relating to the Plan, the Trust, the Participants and their
      Beneficiaries, the Account Balances of the Participants, the date of
      circumstances of the Retirement, Disability, death or Termination of
      Employment of the Participants, and such other pertinent information as
      the Administrator may reasonably require. Upon and after a Change in
      Control, the Administrator may be terminated (and a replacement appointed)
      by the Trustee only with the approval of the Ex-CEO. Upon and after a
      Change in Control, the Administrator may not be terminated by the Company.

12.3  Agents. In the administration of this Plan, the Committee and the
      ------
      Administrator may, from time to time, employ agents and delegate to them
      such of their respective administrative duties as they see fit (including
      acting through a duly appointed representative) and may from time to time
      consult with counsel who may be counsel to any Employer.

12.4  Binding Effect of Decisions. The decisions or actions of the Committee,
      ---------------------------
      the Administrator and/or their respective delegates, with respect to any
      question arising out of or in connection with the administration,
      interpretation and application of the Plan and the rules and regulations
      promulgated hereunder shall be final and conclusive and binding upon all
      persons having any interest in the Plan.

12.5  Indemnity of Committee. All Employers shall indemnify and hold harmless
      ----------------------
      the members of the Committee, and any Employee to whom the duties of the
      Committee may be delegated, and the Administrator against any and all
      claims, losses, damages, expenses or liabilities arising

--------------------------------------------------------------------------------

                                      18

<PAGE>

      from any action or failure to act with respect to this Plan, except in the
      case of willful misconduct by the Committee, any of its members, any such
      Employee or the Administrator.

12.6  Employer Information. To enable the Committee and Administrator to perform
      --------------------
      their respective functions, the Company and each Employer shall supply
      full and timely information to the Committee or Administrator, as the case
      may be, on all matters relating to the compensation of its Participants,
      the date and circumstances of the Retirement, Disability, death or
      Termination of Employment of its Participants, and such other pertinent
      information as the Committee or Administrator may reasonably require.

                                  ARTICLE 13
                                  ----------
                         Other Benefits and Agreements
                         -----------------------------

13.1  Coordination with Other Benefits. The benefits provided for a Participant
      --------------------------------
      and Participant's Beneficiary under the Plan are in addition to any other
      benefits available to such Participant under any other plan or program for
      employees of the Participant's Employer. The Plan shall supplement and
      shall not supersede, modify or amend any other such plan or program except
      as may otherwise be expressly provided.

                                  ARTICLE 14
                               Claims Procedures
                               -----------------

14.1  Presentation of Claim. Any Participant or Beneficiary of a deceased
      ---------------------
      Participant (such Participant or Beneficiary being referred to below as a
      "Claimant") may deliver to the Committee a written claim for a
      determination with respect to the amounts distributable to such Claimant
      from the Plan. If such a claim relates to the contents of a notice
      received by the Claimant, the claim must be made within 60 days after such
      notice was received by the Claimant. All other claims must be made within
      180 days of the date on which the event that caused the claim to arise
      occurred. The claim must state with particularity the determination
      desired by the Claimant.

14.2  Notification of Decision. The Committee shall consider a Claimant's claim
      ------------------------
      within a reasonable time, and shall notify the Claimant in writing:

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

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

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                                      19

<PAGE>

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

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

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

            (iv)  an explanation of the claim review procedure set forth in
                  Section 14.3 below.

14.3   Review of a Denied Claim. Within 60 days after receiving a notice from
       ------------------------
       the Committee that a claim has been denied, in whole or in part, a
       Claimant (or the Claimant's duly authorized representative) may file with
       the Committee a written request for a review of the denial of the claim.
       Thereafter, but not later than 30 days after the review procedure began,
       the Claimant (or the Claimant's duly authorized representative):

       (a)  may review pertinent documents;

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

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

14.4   Decision on Review. The Committee shall render its decision on review
       ------------------
       promptly, using an abuse of discretion standard of review, and shall
       render its decision not later than 60 days after the filing of a written
       request for review of the denial, unless a hearing is held or other
       special circumstances require additional time, in which case the
       Committee's decision must be rendered within 120 days after such date.
       Such decision must be written in a manner calculated to be understood by
       the Claimant, and it must contain:

       (a)  specific reasons for the decision;

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

       (c)  such other matters as the Committee deems relevant.

14.5   Legal Action. A Claimant's compliance with the foregoing provisions of
       ------------
       this Article 14 is a mandatory prerequisite to a Claimant's right to
       commence any legal action with respect to any claim for benefits under
       this Plan.

--------------------------------------------------------------------------------

                                      20

<PAGE>

                                  ARTICLE 15
                                     Trust
                                     -----

15.1   Establishment of the Trust. The Company may establish the Trust, and each
       --------------------------
       Employer may transfer over to the Trust such assets as the Employer
       determines, in its sole discretion, to provide for its respective future
       liabilities created with respect to the Annual Deferral Amounts and
       Annual Company Contribution Amounts, for such Employer's Participants for
       all periods prior to the transfer, as well as any debits and credits to
       the Participants' Account Balances for all periods prior to the transfer,
       taking into consideration the value of the assets in the trust at the
       time of the transfer.

15.2   Interrelationship of the Plan and the Trust. The provisions of the Plan
       -------------------------------------------
       and the Plan Agreement shall govern the rights of a Participant to
       receive distributions pursuant to the Plan. The provisions of the Trust
       shall govern the rights of the Employers, Participants and the other
       creditors of the Employers to the assets transferred to the Trust. Each
       Employer shall at all times remain liable to carry out its obligations
       under the Plan.

15.3   Distributions From the Trust. Each Employer's obligations under the Plan
       ----------------------------
       may be satisfied with Trust assets distributed pursuant to the terms of
       the Trust, and any such distribution shall reduce the Employer's
       obligations under this Plan.

15.4   Investment of Trust Assets. The Trustee of the Trust shall be authorized,
       --------------------------
       upon written instructions received from the Committee or investment
       manager appointed by the Committee, to invest and reinvest the assets of
       the Trust in accordance with the applicable Trust Agreement,

                                  ARTICLE 16
                                 Miscellaneous
                                 -------------

16.1   Status of Plan. The Plan is intended to be a plan that is not qualified
       --------------
       within the meaning of Code Section 401(a) and that "is unfunded and is
       maintained by an employer primarily for the purpose of providing deferred
       compensation for a select group of management or highly compensated
       employees" within the meaning of ERISA Sections 201(2), 301(a)(3) and
       401(a)(1). The Plan shall be administered and interpreted to the extent
       possible in a manner consistent with that intent. The Plan is an
       unfunded, nontax-qualified, individual account, profit sharing plan. Plan
       benefits shall only accrue immediately before they are paid and may be
       paid directly by the Company. A person entitled to benefits shall be
       entitled to receive distributions at the time otherwise provided under
       the Plan if he or she consents in writing to the distribution within 90
       days before it is made. Failing such consent, the distribution shall be
       delayed to such later date as the person elects. In this case, the
       amounts otherwise payable shall be deposited at the earliest time
       otherwise payable with the consent of the person, less taxes required to
       be withheld, in a brokerage house account for the benefit of that person,
       and

--------------------------------------------------------------------------------

                                      21

<PAGE>

       invested as the person directs. However, this account shall be owned
       by a trustee appointed by the Plan Administrator, who shall transfer
       ownership of the account to the person on or after his or her 60th
       birthday. By electing to contribute to this Plan, each Participant
       acknowledges that this Plan is subject to ERISA but exempted from all of
       ERISA's substantive requirements because it is a "top hat plan,"
       acknowledges that the Company would not have implemented or continued
       this Plan but for its good faith belief that it is a top hat plan, agrees
       that all Plan benefits shall be contingent on the Plan being a top hat
       plan and promises never to assert otherwise.

16.2   Unsecured General Creditor. Participants and their Beneficiaries, heirs,
       --------------------------
       successors and assigns shall have no legal or equitable rights, interests
       or claims in any property or assets of an Employer. For purposes of the
       payment of benefits under this Plan, the Employer's assets shall be, and
       remain, neither pledged nor restricted under or as a result of this Plan.
       An Employer's obligation under the Plan shall be merely that of an
       unfunded and unsecured promise to pay money in the future.

16.3   Employer's Liability. An Employer's liability for the payment of benefits
       --------------------
       shall be defined only by the Plan and the Plan Agreement, as entered into
       between the Employer and a Participant. An Employer shall have no
       obligation to a Participant under the Plan except as expressly provided
       in the Plan and his or her Plan Agreement.

16.4   Nonassignability. Neither a Participant nor any other person shall have
       ----------------
       any right to commute, sell, assign, transfer, pledge, anticipate,
       mortgage or otherwise encumber, transfer, hypothecate, alienate or convey
       in advance of actual receipt, the amounts, if any, payable hereunder, or
       any part thereof, which are, and all rights to which are expressly
       declared to be, unassignable and non-transferable. No part of the amounts
       payable shall, prior to actual payment, be subject to seizure,
       attachment, garnishment or sequestration for the payment of any debts,
       judgments, alimony or separate maintenance owed by a Participant or any
       other person, be transferable by operation of law in the event of a
       Participant's or any other person's bankruptcy or insolvency or be
       transferable to a spouse as a result of a property settlement or
       otherwise.

16.5   Not a Contract of Employment. The terms and conditions of this Plan shall
       ----------------------------
       not be deemed to constitute a contract of employment between any Employer
       and the Participant. Such employment is hereby acknowledged to be an "at
       will" employment relationship that can be terminated at any time for any
       reason, or no reason, with or without cause, and with or without notice,
       except to the extent expressly provided in a written employment
       agreement, if any. Nothing in this Plan shall be deemed to give a
       Participant the right to be retained in the service of any Employer or to
       interfere with the right of any Employer to discipline or discharge the
       Participant at any time.

16.6   Furnishing Information. A Participant or his or her Beneficiary, as a
       ----------------------
       condition to entitlement to benefits hereunder, shall cooperate with the
       Committee by furnishing any and all information requested by the
       Committee and take such other actions as may be requested in order to
       facilitate the administration of the Plan and the payments of benefits
       hereunder,

--------------------------------------------------------------------------------

                                      22

<PAGE>

       including but not limited to taking such physical examinations as the
       Committee may deem necessary.

16.7   Terms. Whenever any words are used herein in the masculine, they shall be
       -----
       construed as though they were in the feminine in all cases where they
       would so apply; and whenever any words are used herein in the singular or
       in the plural, they shall be construed as though they were used in the
       plural or the singular, as the case may be, in all cases where they would
       so apply.

16.8   Captions. The captions of the articles, sections and paragraphs of this
       --------
       Plan are for convenience only and shall not control or affect the meaning
       or construction of any of its provisions.

16.9   Governing Law. Subject to ERISA, the provisions of this Plan shall be
       -------------
       construed and interpreted according to the internal laws of the State of
       California without regard to its conflicts of laws principles.

16.10  Notice. Any notice or filing required or permitted to be given to the
       ------
       Committee under this Plan shall be sufficient if in writing and hand-
       delivered, or sent by registered or certified mail, to the address below:

                          Amgen Inc. Nonqualified
                          Deferred Compensation Plan
                          Committee
                          ----------------------------------
                          Amgen, Inc.
                          ----------------------------------
                          One Amgen Center Drive
                          ----------------------------------
                          Thousand Oaks, CA 91320-1799
                          ----------------------------------

       Such notice shall be deemed given as of the date of delivery or, if
       delivery is made by mail, as of the date shown on the postmark on the
       receipt for registration or certification.

       Any notice or filing required or permitted to be given to a Participant
       under this Plan shall be sufficient if in writing and hand-delivered, or
       sent by mail, to the last address of the Participant shown on the records
       of the Company.

16.11  Successors. The provisions of this Plan shall bind and inure to the
       ----------
       benefit of the Participant's Employer and its successors and assigns and
       the Participant and the Participant's designated Beneficiaries.

16.12  Spouse's Interest. The interest in the benefits hereunder of a spouse of
       -----------------
       a Participant who has predeceased the Participant shall automatically
       pass to the Participant and shall not be transferable by such spouse in
       any manner, including but not limited to such spouse's will, nor shall
       such interest pass under the laws of intestate succession.

--------------------------------------------------------------------------------

                                      23

<PAGE>

16.13  Validity. In case any provision of this Plan shall be illegal or invalid
       --------
       for any reason, said illegality or invalidity shall not affect the
       remaining parts hereof, but this Plan shall be construed and enforced as
       if such illegal or invalid provision had never been inserted herein.

16.14  Incompetent. If the Committee determines in its discretion that a benefit
       -----------
       under this Plan is to be paid to a minor, a person declared incompetent
       or to a person incapable of handling the disposition of that person's
       property, the Committee may direct payment of such benefit to the
       guardian, legal representative or person having the care and custody of
       such minor, incompetent or incapable person. The Committee may require
       proof of minority, incompetence, incapacity or guardianship, as it may
       deem appropriate prior to distribution of the benefit. Any payment of a
       benefit shall be a payment for the account of the Participant and the
       Participant's Beneficiary, as the case may be, and shall be a complete
       discharge of any liability under the Plan for such payment amount.

16.15  Court Order. The Committee is authorized to cause the Company or any
       -----------
       Employer to make any payments directed by court order in any action in
       which the Plan or the Committee has been named as a party. In addition,
       if a court determines that a spouse or former spouse of a Participant has
       an interest in the Participant's benefits under the Plan in connection
       with a property settlement or otherwise, the Committee, in its sole
       discretion, shall have the right, notwithstanding any election made by a
       Participant, to immediately cause the Company or any Employer to
       distribute the spouse's or former spouse's interest in the Participant's
       benefits under the Plan to that spouse or former spouse.

16.16  Distribution in the Event of Taxation.
       -------------------------------------

       (a)    In General. If, for any reason, all or any portion of a
              ----------
              Participant's benefits under this Plan becomes taxable to the
              Participant prior to receipt, a Participant may petition the
              Committee before a Change in Control, or the trustee of the Trust
              after a Change in Control, for a distribution of that portion of
              his or her benefit that has become taxable. Upon the grant of such
              a petition, which grant shall not be unreasonably withheld (and,
              after a Change in Control, shall be granted), a Participant's
              Employer shall distribute to the Participant immediately available
              funds in an amount equal to the taxable portion of his or her
              benefit (which amount shall not exceed a Participant's unpaid
              Account Balance under the Plan). If the petition is granted, the
              tax liability distribution shall be made within 90 days of the
              date when the Participant's petition is granted. Such a
              distribution shall affect and reduce the benefits to be paid under
              this Plan.

       (b)    Trust.  If the Trust terminates in accordance with its terms and
              -----
              benefits are distributed from the Trust to a Participant in
              accordance with that Section, the Participant's Account, and
              accordingly the benefits under this Plan, shall be reduced to the
              extent of such distributions.

16.17  Insurance. The Employers, on their own behalf or on behalf of the trustee
       ---------
       of the Trust, and, in their sole discretion, may apply for and procure
       insurance on the life of the Participants, in such

--------------------------------------------------------------------------------

                                      24

<PAGE>

       amounts and in such forms as the Trust may choose. The Employers or the
       trustee of the Trust, as the case may be, shall be the sole owner and
       beneficiary of any such insurance. The Participants shall have no
       interest whatsoever in any such policy or policies, and at the request of
       the Employers shall submit to medical examinations and supply such
       information and execute such documents as may be required by the
       insurance company or companies to whom the Employers have applied for
       insurance.

16.18  Legal Fees To Enforce Rights After Change in Control. The Company and
       ----------------------------------------------------
       each Employer is aware that upon the occurrence of a Change in Control,
       the Board or the board of directors of a Participant's Employer (which
       might then be composed of new members) or a shareholder of the Company or
       the Participant's Employer, or of any successor corporation might then
       cause or attempt to cause the Company, the Participant's Employer or such
       successor to refuse to comply with its obligations under the Plan and
       might cause or attempt to cause the Company or the Participant's Employer
       to institute, or may institute, litigation seeking to deny Participants
       the benefits intended under the Plan. In these circumstances, the purpose
       of the Plan could be frustrated. Accordingly, if, following a Change in
       Control, it should appear to any Participant that the Company, the
       Participant's Employer or any successor corporation has failed to comply
       with any of its obligations under the Plan or any agreement thereunder
       or, if the Company, such Employer or any other person takes any action to
       declare the Plan void or unenforceable or institutes any litigation or
       other legal action designed to deny, diminish or to recover from any
       Participant the benefits intended to be provided, then the Company and
       the Participant's Employer irrevocably authorize such Participant to
       retain counsel of his or her choice at the expense of the Company and the
       Participant's Employer (who shall be jointly and severally liable) to
       represent such Participant in connection with the initiation or defense
       of any litigation or other legal action, whether by or against the
       Company, the Participant's Employer or any director, officer, shareholder
       or other person affiliated with the Company, the Participant's Employer
       or any successor thereto in any jurisdiction. Notwithstanding anything in
       this Section or the Plan to the contrary, the Company and/or the
       Participant's Employer shall have no obligation under this Section to the
       extent there is a judicial determination or final arbitration decision
       that the litigation or other legal action brought by the Participant is
       frivolous.

       IN WITNESS WHEREOF, the Company has signed this Plan document as of
       02/01, 2002.
       -----

                              "Company"

                              Amgen Inc., a Delaware corporation

                              By:     /s/ Brian M. McNamee
                                      ---------------------

                              Title:  Sr. Vice President, Human Resources
                                      -----------------------------------

--------------------------------------------------------------------------------

                                      25

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