Document:

<PAGE>   1

                                                                EXHIBIT 10.(b)

                             AMENDMENT TO AGREEMENT

         THIS AMENDMENT TO AGREEMENT, dated as of August 1, 1999, amends the
Agreement dated January 30, 1998 (the "Agreement") made by and between Florida
Progress Corporation, having its principal offices at One Progress Plaza, St.
Petersburg, Florida 33701 (the "Corporation"), and Richard Korpan, residing at
4993 Turtle Creek Trail, Oldsmar, Florida (the "Executive") for the purpose of
replacing Section 6.1(c) thereof in its entirety.

         NOW THEREFORE, in consideration of the premises and the mutual
covenants contained in the Agreement, the Corporation and the Executive hereby
agree that the following language shall replace Section 6.1(c) in its entirety:

         6.1(c) LTIP. Performance shares granted to the Executive under the
LTIP for performance cycles commencing after a Change in Control has occurred
and remaining uncompleted will be deemed earned as of the Date of Termination
to the extent of two hundred percent (200%) of target under each award
agreement, and the value of each such award will be paid out to the Executive
in a lump-sum cash payment.

         Performance shares granted to the Executive under the LTIP for
performance cycles which commenced after a Change in Control occurred and were
completed before the Date of Termination will be paid out to the extent earned,
and the value of such award will be paid out in a lump-sum cash payment.

         If any of the Executive's LTIP award agreements were paid out as a
result of the occurrence of a Change in Control at less than 200% of target,
then the difference between (i) 200% of the target value of the award earned
thereunder and (ii) the award that was paid out as a result of the occurrence
of the Change in Control, shall be paid out to the Executive and the value of
such difference (calculated as of the same date that the Change in Control
payout was calculated) will be paid out to the Executive in a lump-sum cash
payment.

         All other provisions of the Agreement shall remain in full force and
effect.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
Agreement to be executed as of the date first above written.

                                     FLORIDA PROGRESS CORPORATION

                                     By: /s/ William G. Kelley
                                       ----------------------------------------
                                             William G. Kelley, Vice President

                                         /s/ Richard Korpan
                                       ----------------------------------------
                                             Executive<PAGE>   1

                                                                 EXHIBIT 10.(c)

                             AMENDMENT TO AGREEMENT

         THIS AMENDMENT TO AGREEMENT, dated as of August 1, 1999, amends the
Agreement dated January 30, 1998 (the "Agreement") made by and between Florida
Progress Corporation, having its principal offices at One Progress Plaza, St.
Petersburg, Florida 33701 (the "Corporation"), and Joseph H. Richardson,
residing at 343 Brightwaters Boulevard, N.E., St. Petersburg, Florida (the
"Executive") for the purpose of replacing Section 6.1(c) thereof in its
entirety.

         NOW THEREFORE, in consideration of the premises and the mutual
covenants contained in the Agreement, the Corporation and the Executive hereby
agree that the following language shall replace Section 6.1(c) in its entirety:

         6.1(c) LTIP. Performance shares granted to the Executive under the
LTIP for performance cycles commencing after a Change in Control has occurred
and remaining uncompleted will be deemed earned as of the Date of Termination
to the extent of two hundred seventy-five percent (275%) of target under each
award agreement, and the value of each such award will be paid out to the
Executive in a lump-sum cash payment.

         Performance shares granted to the Executive under the LTIP for
performance cycles which commenced after a Change in Control occurred and were
completed before the Date of Termination will be paid out to the extent earned,
and the value of such award will be paid out in a lump-sum cash payment.

         If any of the Executive's LTIP award agreements were paid out as a
result of the occurrence of a Change in Control at less than 275% of target,
then the difference between (i) 275% of the target value of the award earned
thereunder and (ii) the award that was paid out as a result of the occurrence
of the Change in Control, shall be paid out to the Executive and the value of
such difference (calculated as of the same date that the Change in Control
payout was calculated) will be paid out to the Executive in a lump-sum cash
payment.

         All other provisions of the Agreement shall remain in full force and
effect.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
Agreement to be executed as of the date first above written.

                                    FLORIDA PROGRESS CORPORATION

                                    By: /s/ Richard Korpan
                                       ----------------------------------------
                                            Richard Korpan, Chairman, President
                                            and Chief Executive Officer

                                        /s/ Joseph H. Richardson
                                       ----------------------------------------
         `                                  Executive<PAGE>   1

                                                                 EXHIBIT 10.(d)

                       AMENDMENT TO EMPLOYMENT AGREEMENT

         THIS AMENDMENT TO EMPLOYMENT AGREEMENT, dated as of August 1, 1999,
amends the Employment Agreement entered as of the 1st day of March, 1998 (the
"Employment Agreement") by and between Florida Progress Corporation (the
"Company"), and Richard Korpan (the "Employee") for the purpose of establishing
minimum pension benefits in the event Employee shall cease to be employed as a
result of a change in control.

         NOW THEREFORE, in consideration of the premises and the mutual
covenants contained in the Employment Agreement, the Company and the Employee
hereby agree that the following language shall be inserted in its entirety as
Section 5.(c)(iii) to the Employment Agreement:

         5.(c)(iii) if the Term of Employment ends prior to age 62 by virtue of
a Change in Control as that term is defined in the SERP, Employee's annual
retirement benefits to be paid to Employee or his current spouse from the SERP,
the Employees' Retirement Plan of Florida Progress Corporation and the Florida
Progress Corporation Retirement Benefit Non-discrimination Plan for Excess
Benefits shall not be less than $755,000.

         All other provisions of the Employment Agreement shall remain in full
force and effect.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
Employment Agreement to be executed as of the date first above written.

     WITNESSES:                      FLORIDA PROGRESS CORPORATION

/s/ Penelope A. Waters
----------------------
Penelope A. Waters                   By: /s/ Richard A. Nunis
                                        ---------------------------------------
/s/ William G. Kelley                        Richard A. Nunis, Chairman,
----------------------                       Compensation Committee
William G. Kelley

/s/ Carole L. Porter                   /s/ Richard Korpan
----------------------                 ----------------------------------------
Carole L. Porter                           Richard Korpan

/s/ Becky Jo Browne
----------------------
Becky Jo Browne

===============================================================================<PAGE>   1

                                                                 Exhibit 10.(e)

                          FLORIDA PROGRESS CORPORATION

                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

              As Amended and Restated, Effective December 17, 1997

<PAGE>   2

                               TABLE OF CONTENTS
<TABLE>
<CAPTION>

                                                                         PAGE
                                                                         ----
<S>                                                                      <C>

ARTICLE I-ESTABLISHMENT AND PURPOSE........................................1

    1.1 Restatement .......................................................1
    1.2 Purpose ...........................................................1

ARTICLE 2-DEFINITIONS

    2.1 Definitions........................................................1
    2.2 Gender and Number..................................................8

ARTICLE 3-PARTICIPATION....................................................8

    3.1 Eligibility for Participation .....................................8
    3.2 Dare of Participation .............................................8
    3.31 Duration .........................................................9
    3.4 Vesting ...........................................................9

ARTICLE 4-REGULAR BENEFITS ................................................9

    4.1 Normal Retirement Benefit .........................................9
    4.2 Early Retirement Benefit .........................................10
    4.3 Disability Retirement Benefit ....................................11
    4.4 Vested Termination Benefit .......................................12
    4.5 Change in Control ................................................13
    4.6 Form of Benefit Payment ..........................................15
    4.7 Survivor Benefit .................................................16

ARTICLE 5-SPECIAL BENEFIT PROVISIONS .....................................17

    5.1 General Principles ...............................................17
    5.2 Optional Accelerated Distribution ................................17

ARTICLE 6-BENEFICIARY DESIGNATION ........................................17

    6.1 Beneficiary Designation ..........................................17
    6.2 Amendments .......................................................18
    6.3 No Beneficiary Designation-Post-Benefit Commencement .............18
    6.4 Community Property ...............................................18
    6.5 Effect of Payment ................................................18

ARTICLE 7-FINANCING.......................................................19

    7.1 Financing.........................................................19
    7.2 No Trust Created .................................................19
    7.3 Unsecured Interest................................................19
    7.4 Rabbi-Trust.......................................................19
    7.5 Divested Subsidiary Employee Participants.........................19

</TABLE>

<PAGE>   3

<TABLE>
<S>                                                                       <C>

ARTICLE 8-ADMINISTRATION..................................................19

    8.1 Administration ...................................................19
    8.2 Administrative Committee .........................................20
    8.3 Liability of Committee and Board; Indemnification ................20
    8.4 Expenses .........................................................20
    8.5 Tax Withholding...................................................20

ARTICLE 9-MISCELLANEOUS ..................................................20

    9.1 Nontransferability ...............................................20
    9.2 Amendment or Termination..........................................21
    9.3 Forfeiture of Benefits............................................21
    9.4 Applicable Law ...................................................22

</TABLE>

<PAGE>   4

                          FLORIDA PROGRESS CORPORATION

                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

               Amended and Restated, Effective December 17, 1997

                      ARTICLE I-ESTABLISHMENT AND PURPOSE

1.1      Restatement

         Florida Progress Corporation hereby amends and restates, effective as
         of December 17, 1997, an unfunded plan of deferred compensation for
         certain officers and other management personnel of the Company and its
         subsidiaries and their beneficiaries as described herein, which plan
         shall be known as the "Florida Progress Corporation Supplemental
         Executive Retirement Plan (the "Plan").

         This amendment and restatement is only applicable to active
         Participants as of December 17, 1997 and those who enter the Plan
         thereafter. For all Participants (including Spouses of such
         Participants) who have retired or terminated before December 17, 1997,
         the prior document shall govern.

1.2      Purpose

         The purpose of this Plan is to provide additional retirement benefits
         to a select group of officers and other management personnel with the
         goal of helping to attract and retain senior officers and other
         management personnel.

                             ARTICLE 2-DEFINITIONS

2.1      Definitions

         Whenever used hereinafter, the following terms shall have the meanings
         set forth below:

         (a)      "ACCRUED BENEFIT" means, at any particular date, a
                  Participant's Target Benefit, but calculated on the basis of
                  the number of years and months of Deemed Credited Service of
                  the Participant and the Final Average Earnings of the
                  Participant as of such date rather than as of his or her
                  Normal Retirement Date.

         (b)      "ACTUARIAL EQUIVALENT" means, with respect to determining the
                  amount of a benefit of equivalent value to the benefit that
                  would otherwise have been provided to the Participant,
                  determined on the basis of the actuarial assumptions in
                  effect under the Retirement Plan except for the discount or
                  interest rate which shall be one hundred twenty percent
                  (120%) of the applicable long-term federal rate as determined
                  under Section 1274(d) of the Code as of the date such value
                  is computed.

         (c)      "ADMINISTRATIVE COMMITTEE" means the Committee responsible
                  for day to day administration of the Plan pursuant to Article
                  8.2.

                                       1
<PAGE>   5

         (d)      "BENEFICIARY" means the person or entity entitled under
                  Article 6 to receive any Plan benefits payable after a
                  Participant's death.

         (e)      "BOARD" means the Board of Directors of the Company.

         (f)      "CALCULATED UNDER THIS PLAN" means a calculation made as
                  otherwise indicated but without regard to any cost-of-living
                  adjustments occurring after retirement or other termination
                  of employment, and calculated as a straight-life annuity
                  without regard to the actual form of payment under the
                  Retirement Plan or the Nondiscrimination Plan.

         (g)      "CHANGE IN CONTROL" shall mean and be deemed to have occurred
                  if:

                  (1)      Any Person is or becomes the Beneficial Owner (as
                           that term is defined in Rule 13d-3 under the
                           Securities Exchange Act of 1934 (the "Exchange
                           Act")), directly or indirectly, of securities of the
                           Company (not including in the securities
                           beneficially owned by such Person any securities
                           acquired directly from the Company) representing
                           twenty-five percent (25%) or more of the combined
                           voting power or the Company's then outstanding
                           securities; or

                  (2)      During any period of twenty-four (24) consecutive
                           months (not including any period prior to January 1,
                           1998), individuals who at the beginning of such
                           period constitute the Board and any new director
                           (other than a director designated by a Person who
                           has entered into an agreement with the Company to
                           effect a transaction described in clause (1), (3) or
                           (4) of this definition or any such individual whose
                           initial assumption of office occurs as a result of
                           either an actual or threatened election contest (as
                           such terms are used in Rule 14a-11 of Regulation 14A
                           promulgated under the Exchange Act) or other actual
                           or threatened solicitation of proxies or consents)
                           whose election by the Board or nomination for
                           election by the Company's stockholders was approved
                           by a vote of at least two-thirds (2/3) or the
                           directors then still in office who either were
                           directors at the beginning of such period or whose
                           election or nomination for election was previously
                           so approved, cease for any reason to constitute a
                           majority of the Board; or

                  (3)      The shareholders of the Company approve a
                           reorganization, merger or consolidation, other than
                           a reorganization, merger or consolidation with
                           respect to which all or substantially all of the
                           individuals and entities who were Beneficial Owners,
                           immediately prior to such reorganization, merger or
                           consolidation, of the combined voting power of the
                           Company's then outstanding securities beneficially
                           own, directly or indirectly, immediately after such
                           reorganization, merger or consolidation, more than
                           seventy-five percent (75 %) of the combined voting
                           power of the securities of the Company resulting
                           from such reorganization, merger or consolidation in
                           substantially the same proportions as their
                           respective ownership, Immediately prior to such
                           reorganization, merger or consolidation, of the
                           combined voting power of the Company's securities:
                           or

                  (4)      The shareholders of the Company approve (i) the sale
                           or disposition by the Company (other than to a
                           subsidiary of the Company) of all or substantially
                           all of the assets of the Company (or any Such sale
                           or disposition is effected through condemnation
                           proceedings), or (ii) a complete liquidation or
                           dissolution of the Company.

                                       2
<PAGE>   6

                           Notwithstanding the foregoing, a Change in Control
                           shall not include any event, circumstance or
                           transaction which results from the action (excluding
                           the Participant's employment activities with the
                           Company, Florida Power Corporation or any of their
                           respective subsidiaries) of any Person or group of
                           Persons which includes, is directly affiliated with
                           or is wholly or partly controlled by one (1) or more
                           executive officers of the Company or its
                           subsidiaries and in which the Participant actively
                           participates.

         (h)      "CODE" means the Internal Revenue Code of 1986, as it may be
                  amended from time to time, or any successor statute.
                  Reference to a specific section of the Code shall include a
                  reference to any successor provision.

         (i)      "COMMITTEE" means the Compensation Committee of the Board.

         (j)      "COMPANY" means Florida Progress Corporation, or any
                  successor entity.

         (k)      "CONTROL DATE" means the date on which Change in Control
                  occurs.

         (l)      "CREDITED SERVICE" shall have the same meaning in this Plan
                  as is found in the Retirement Plan; provided, that if a
                  Participant incurs a Disability, such Disability terminates,
                  the Participant returns to work with an Employer and the
                  Committee determines that such person shall continue as an
                  active Participant in this Plan upon such return to work,
                  such Participant's Credited Service shall be increased by the
                  time he or she had a Disability (but only to the extent such
                  time is not otherwise included in his or her Credited
                  Service); and provided further, that if a Participant is
                  employed by an Employer that is not a participating employer
                  in the Retirement Plan, "Credited Service" for such
                  Participant means the number of years and months equal to the
                  number of years and months of Credited Service the
                  Participant would have had if his or her employer had been a
                  participating employer in the Retirement Plan during the
                  entire time of the Employer's affiliation with the Company.

         (m)      "DEEMED CREDITED SERVICE" means, with respect to a
                  Participant, the sum of the following:

                  (1)      Such Participant's Credited Service; plus

                  (2)      With respect to a person who becomes eligible to
                           participate under Article 3, the additional years
                           and months of Credited Service, if any, awarded to
                           the Participant by the Committee. However, in
                           calculating the Target Percentage, any such
                           additional years of service granted before December
                           17, 1997, shall be multiplied by 0.48 before being
                           added to (1) above.

                  In awarding Deemed Credited Service under the standards set
                  forth in this subsection (m), the Committee may establish
                  conditions on when the additional years shall be considered
                  to be earned and thus become effective (e.g., only upon the
                  Participant reaching a specified age or completing a
                  specified number of years of actual service, only on a
                  graduated basis pursuant to a schedule approved by the
                  Committee, etc.); and in any such event, for all purposes of
                  this Plan, Participant shall be considered at any time only
                  to have those years of additional service previously awarded
                  that then have been earned under the conditions established
                  by the Committee.

                                       3
<PAGE>   7

         (n)      "DISABILITY" means the total and permanent disability of a
                  Participant by reason of sickness or injury to perform all of
                  the duties assigned to the Participant by his or her
                  Employer, with the existence of a Disability to be determined
                  by the Committee in its sole discretion.

         (o)      "EARLY RETIREMENT DATE" means the first (1st) day of the
                  calendar month next following the day on which the
                  Participant has attained age fifty-five (55).

         (p)      "EARNINGS" means a Participant's regular basic compensation
                  (base salary), plus any lump sum pay increases from his or
                  her Employer, prior to any reduction in compensation pursuant
                  to a plan established under the authority of Section 125 or
                  Section 401 (k) of the Code and prior to any reduction for
                  amounts deferred under a deferred compensation plan or
                  arrangement. Any amounts deferred under a deferred
                  compensation plan or arrangement and thus included in
                  Earnings when earned shall not be included in Earnings when
                  actually received.

         (q)      "EMPLOYER" means the Company or any subsidiary thereof.

         (r)      "FINAL AVERAGE EARNINGS" means the following:

                  (1)      For Grandfathered Participants, on any particular
                           date, the greater of (a) the sum of (1) the amount
                           determined by dividing the sum of a Participant's
                           Earnings in the highest thirty-six (36) consecutive
                           months out of the last sixty (60) months prior to
                           the Participant's termination of employment or other
                           applicable date, by thirty-six (36), plus (2) the
                           amount determined by dividing the sum of the
                           Participant's three (3) highest MICP Awards paid or
                           deferred during the last sixty (60) months prior to
                           the Participant's termination of employment or other
                           applicable date by thirty-six (36) or (b) the sum of
                           (1) the amount determined by dividing the sum of the
                           highest three (3) calendar years of a Participant's
                           Earnings, which do not have to be consecutive, by
                           thirty-six (36), plus (2) the amount determined by
                           dividing the sum of the Participant's three (3)
                           highest MICP Awards, which do not have to be
                           consecutive, throughout the Participant's entire
                           career, by thirty-six (36). However, in no event
                           shall the Final Average Earnings of any Participant
                           decrease after such Participant's Normal Retirement
                           Date.

                  (2)      For Participants who are not Grandfathered, the sum
                           of (1) the amount determined by dividing the sum of
                           a Participant's Earnings in the highest thirty-six
                           (36) consecutive months out of the last sixty (60)
                           months prior to the Participant's termination of
                           employment or other applicable date, by thirty-six
                           (36), plus (2) the amount determined by dividing the
                           sum of the Participant's three (3) highest
                           consecutive MICP Awards paid or deferred during the
                           last sixty (60) months prior to the Participant's
                           termination of employment or other applicable date
                           by thirty-six (36).

                  Appropriate adjustments will be made in determining Final
                  Average Earnings (or any Participant who was not in active
                  service for the sixty (60) months preceding his or her most
                  recent termination of employment or ocher applicable date.
                  For Participants with less than thirty-six (36) months of
                  service, Final Average Earnings shall then be calculated
                  based on Earnings and MICP Awards for all the months during
                  which the Participant was in active service.

                                       4
<PAGE>   8

         (s)      "FINAL EARNINGS" means, on any particular date, the sum of
                  (1) the amount determined by dividing the Participant's
                  Earnings in the last twelve (12) months, prior to
                  termination, by twelve (12), plus (2) the amount determined
                  by dividing the sum of the Participant's three (3) highest
                  MICP Awards paid or deferred during the last sixty (60)
                  months prior to the Participant's termination of employment
                  by thirty-six (36). For Grandfather Participants these
                  highest MICP Awards do not have to be consecutive; for all
                  others the awards must be consecutive. In calculating the
                  highest three (3) MICP Awards for Grandfathered Participants,
                  the awards shall be the higher of target or actual MICP Award
                  paid or deferred. Appropriate adjustments will be made in
                  determining Final Earnings for any Participant who was not in
                  active service for the sixty (60) months preceding his or her
                  most recent termination of employment. Final Earnings shall
                  then be calculated based on MICP Awards for all the months
                  during which the Participant was in active service; Final
                  Earnings shall equal the average determined by dividing the
                  sum of Earnings attributed to the thirty-six (36) consecutive
                  such months that will produce the highest such average by
                  thirty-six (36), and for a Participant with fewer than
                  thirty-six (36) months of service, such average shall be
                  taken over those months in which he or she was in service. If
                  the Participant has not earned a MICP Award due to lack of
                  service, then the Participant's target MICP, as adjusted for
                  short service shall be used in determining Final Earnings.

         (t)      "GRANDFATHERED PARTICIPANT" means a Participant of the Plan
                  on December 17, 1997, or who was approved to become a
                  Participant of the Plan before December 17, 1997, even if
                  such individual was not yet an employee of the Employer on
                  December 17, 1997.

         (u)      "GRANDFATHERED TARGET AMOUNT" means the monthly normal
                  retirement income payable to a Participant under Section
                  4.01(a) of the Retirement Plan and Article IV of the
                  Nondiscrimination Plan, but calculated under this Plan, and
                  further calculated on the basis of the number of years and
                  months of Deemed Credited Service (without regard to the
                  actual number of years and months of Credited Service and not
                  to exceed thirty-five (35) years) of the Participant and the
                  Final Average Earnings (as defined in this Plan and not as
                  defined in the Retirement Plan) of the Participant.

         (v)      "INCENTIVE PLAN" means any annual nonstock management
                  incentive plan paid in cash or that would have been paid in
                  cash if not voluntarily deferred by the Participant and
                  approved by the Committee.

         (w)      "INVOLUNTARY TERMINATION" shall mean the occurrence (without
                  the Participant's express written consent) of any one (1) of
                  the following acts, or failures to act, unless, in the case
                  of any act or failure to act described in clauses (1), (4) or
                  (5) below, such act or failure to act is corrected by the
                  Company prior to the date of termination specified in the
                  Notice of Termination given by the Participant in respect
                  thereof not later than six (6) months after the occurrence of
                  the event that serves as the basis for the Notice of
                  Termination:

                  (1)      The assignment to the Participant of any duties or
                           responsibilities inconsistent with the Participant's
                           position(s) or status (including. without
                           limitation, offices, titles, and reporting
                           relationships) as an executive officer of the
                           Company and/or its primary subsidiaries or a
                           substantial or a substantial adverse alteration in
                           the nature of the Participant's authorities, duties,
                           responsibilities, position(s) below or otherwise:

                                       5
<PAGE>   9

                  (2)      A reduction in the Participant's Annual Base Salary
                           or annual bonus opportunity as in effect on the
                           Control Date;

                  (3)      The relocation of the Company's principal executive
                           offices to a location more than thirty (30) miles
                           from its location on the Control Date or the
                           Company's requiring the Participant to be based
                           anywhere other than the Company's principal Florida
                           executive offices, except for required travel on the
                           Company's business to an extent substantially
                           consistent with the Participant's business travel
                           obligations as of the Control Date;

                  (4)      The failure by the Company or a subsidiary to
                           continue in effect any pension benefit or deferred
                           compensation plan in which the Participant
                           participates immediately prior to any Potential
                           Change in Control which is material to the
                           Participant's total compensation, unless an
                           equitable arrangement (embodied in an ongoing
                           substitute or alternative plan or arrangement) has
                           been made with respect to such plan, or the failure
                           by the Company or subsidiary to continue the
                           Participant's participation therein (or in such
                           substitute or alternative plan or arrangement) on a
                           basis not materially less favorable, both in terms
                           of the amount or benefits provided and the level of
                           the Participant's participation relative to other
                           Participants, as existed at the time of the
                           Potential Change in Control;

                  (5)      The failure by the Company or a subsidiary to
                           continue to provide the Participant with health and
                           welfare benefits substantially similar to those
                           enjoyed by the Participant under any retirement,
                           life insurance, medical, health and accident, or
                           disability or similar plan of the Company or a
                           subsidiary in which the Participant was
                           participating at the time of any Potential Change in
                           Control, the taking of any action by the Company or
                           a subsidiary which would directly or indirectly
                           materially reduce any of such benefits or deprive
                           the Participant of any material fringe benefit
                           enjoyed by the Participant at the time of the
                           Potential Change in Control, or the failure by the
                           Company or a subsidiary to provide the Participant
                           with the greater number of paid vacation days to
                           which the Participant is entitled pursuant to the
                           terms of the Participant's employment agreement or
                           in accordance with the Company's or a subsidiary's
                           normal vacation policy, in either case, as in effect
                           at the time of the Potential Change in Control;

                  (6)      Termination of the Participant by the Company or a
                           subsidiary.

         (x)      "MICP AWARD" means an award paid to a Participant under the
                  Incentive Plan. For all purposes of this Plan, an MICP Award
                  shall be deemed to be paid at the time and in the amount as
                  initially provided, without regard to any deferral of payment
                  in whole or in part, whether the deferral is a voluntary
                  deferral by the Participant or is mandatory under the terms
                  of the applicable plan. Any portion of an award that is
                  deferred and thus included as part of an MICP Award as
                  initially provided shall not be taken into account when
                  actually received.

         (y)      "NONDISCRIMINATION PLAN" means the Florida Progress
                  Corporation Retirement Benefit Nondiscrimination Plan for
                  Excess Benefits, as it may be amended from time to time.

                                       6
<PAGE>   10

         (z)      "NORMAL RETIREMENT DATE" means the first (1st) day of the
                  calendar month next following the day on which the
                  Participant attains age sixty-five (65).

         (aa)     "NOTICE OF TERMINATION" means, after a Change in Control, a
                  notice given by the Participant which shall indicate the
                  specific termination provisions under 2.1 (w) relied upon and
                  shall set forth in reasonable detail the facts and
                  circumstances claimed to provide a basis for termination of
                  the Participant's employment under the provision so
                  indicated. This notice shall be given not less than fifteen
                  (15) days nor more than sixty (60) days before the
                  termination date.

         (bb)     "PARTICIPANT" means any officer or other management employee
                  of an Employer who meets the eligibility requirements of the
                  Plan, as set forth in Article 3, to be and become a
                  Participant, and who continues to meet such requirements.

         (cc)     "PERSON" shall have the meaning ascribed thereto in Section
                  3(a)(9) of the Exchange Act, as modified, applied and used in
                  Sections 13(d) and 14(d) thereof; provided, however, that a
                  Person shall not include (i) the Company or any of its
                  subsidiaries, (ii) a trustee or other fiduciary holding
                  securities under an employee benefit plan of the Company or
                  any of its subsidiaries (in its capacity as such), (iii) an
                  underwriter temporarily holding securities pursuant to an
                  offering of such securities, or (iv) a company owned,
                  directly or indirectly, by the stockholders of the Company in
                  substantially the same character and proportions as their
                  ownership of stock of the Company.

         (dd)     "PLAN" means the Florida Progress Corporation Supplemental
                  Executive Retirement Plan, as it is set forth herein and as
                  it may be amended from time to time.

         (ee)     "POTENTIAL CHANGE IN CONTROL" shall mean and be deemed to
                  have occurred if:

                  (1)      The Company enters into an agreement, the
                           consummation of which would result in the occurrence
                           of a Change in Control;

                  (2)      The Company or any Person publicly announces an
                           intention to take actions which, if consummated,
                           would constitute a Change in Control; and/or

                  (3)      Any Person becomes the Beneficial Owner, directly or
                           indirectly, of securities of the Company
                           representing fifteen percent (15%) or more of the
                           combined voting power of the Company's then
                           outstanding securities, or any person increases such
                           Person's beneficial ownership of such securities by
                           ten (10) percentage points or more over the
                           percentage so owned by such Person on December 31,
                           1997.

                  (4)      The Executive Committee of the Board adopts a
                           resolution to the effect that, for purposes of this
                           Plan, a Potential Change in Control has occurred.

         (ff)     "RETIREMENT PLAN" means before January 1, 1998 the Employees'
                  Retirement Plan or Florida Progress Corporation, and after
                  January 1, 1998 the Retirement Plan for Exempt and Nonexempt
                  Employees of Florida Progress Corporation, as may be amended
                  from time to time.

         (gg)     "SOCIAL SECURITY" means estimated Social Security benefits:
                  if the Participant's termination of employment occurs before
                  the Participant attains age fifty-five (55), the
                  Participant's future earnings are assumed to continue until
                  his or her Normal Retirement Date at the same rate as they
                  were

                                       7
<PAGE>   11

                  immediately prior to the termination, and if the
                  Participant's termination of employment occurs at or after
                  the time the Participant attains age fifty-five (55), the
                  Participant's future earnings are assumed to be zero (0).

         (hh)     "SPOUSE" means the person to whom a Participant is legally
                  married at the time his or her benefits commence.

         (ii)     "TARGET AMOUNT" means the product of the Participant's Final
                  Average Earnings multiplied by the Target Percentage.

         (jj)     "TARGET BENEFIT" means the greater of the Target Amount or
                  the Grandfathered Target Amount.

         (kk)     "TARGET PERCENTAGE" shall be equal to the following:

                  (1)      For Grandfathered Participants, three and three
                           quarters percent (3.75%) times the Participant's
                           years and months of Deemed Credited Service, not to
                           exceed sixty percent (60%), and

                  (2)      For all Participants who are not Grandfathered,
                           three percent (3%) times the Participant's years and
                           months of Deemed Credited Service, not to exceed
                           sixty percent (60%).

         (ll)     "YEARS OF PARTICIPATION" means the number of twelve (12)
                  month periods from the date the Participant is designated as
                  eligible to participate by the Committee under Section 3.1.

2.2      Gender and Number

         Except when otherwise indicated by the context, any masculine
         terminology when used in the Plan shall also include the feminine
         gender, and the definition of any term herein in the singular shall
         also include the plural.

                            ARTICLE 3-PARTICIPATION

3.1      Eligibility for Participation

         The Committee shall have the exclusive right to designate which
         officers or other management employees of an Employer shall be
         eligible to participate in this Plan. Participation shall be limited
         to a select group of management or highly compensated employees and is
         subject to change by the Committee from time to time.

3.2      Date of Participation

         Each retired or active officer or other management employee who was a
         Participant in this Plan shall remain as a Participant. Thereafter,
         each officer or other management employee who becomes eligible to
         participate in this Plan under Section 3.1 shall become a Participant
         on such date as may be designated by the Committee.

                                       8
<PAGE>   12

3.3      Duration

         An officer or other management employee who becomes a Participant
         shall continue to be a Participant until the earlier of (a) the date
         he or she is no longer employed by an Employer, or (b) the effective
         date of a determination by the Committee that he or she shall not
         accrue additional benefits under this Plan; provided, in either case,
         that if a Participant is then vested in benefits under the Plan, he or
         she shall continue as a Participant (even though not accruing
         additional benefits) for the purpose of receiving his or her then
         accrued vested benefits pursuant to the provisions of this Plan.

3.4      Vesting

         All Grandfathered Participants shall be one hundred percent (100%)
         vested in their Accrued Benefits. All other Participants shall be
         vested based on the Years of Participation as set out below:

<TABLE>
<CAPTION>

                  YEARS OF PARTICIPATION            VESTED PERCENTAGE
                  ----------------------            -----------------

                  <S>                               <C>
                  1 BUT LESS THAN 2                          20%
                  2 BUT LESS THAN 3                          40
                  3 BUT LESS THAN 4                          60
                  4 BUT LESS THAN 5                          80
                  5 OR MORE                                 100

</TABLE>

         Notwithstanding the foregoing, a Participant shall also become one
         hundred percent (100%) vested in his or her Accrued Benefit, even if
         the foregoing conditions have not been satisfied, at the time of the
         Participant's termination of employment by reason of Disability or
         death; the occurrence of a Change in Control; or the termination of
         this Plan.

                           ARTICLE 4-REGULAR BENEFITS

4.1      Normal Retirement Benefit

         (a)      ELIGIBILITY. A Participant whose employment with his or her
                  Employer terminates at or after attaining age sixty-five (65)
                  shall be eligible for a normal retirement benefit under this
                  Section 4.1.

         (b)      AMOUNT. A Participant who is eligible for a benefit under
                  subsection (a) above shall be entitled to receive a monthly
                  normal retirement benefit for his or her life equal to the
                  amount by which (1) below exceeds (2) below:

                  (1)      This amount equals the Participant's vested Accrued
                           Benefit as of the date of his or her retirement,
                           with no increase for payment beginning after the
                           Participant's Normal Retirement Date.

                  (2)      This amount equals the sum of (i) the monthly normal
                           retirement income payable to the Participant under
                           the Retirement Plan and the Nondiscrimination Plan
                           (adjusted as provided for in Section 5.1 (c)),
                           without regard to any post-retirement increases in
                           such benefit, plus (ii) the monthly amount equal to
                           Fifty percent (50%) of the Participant's primary
                           Social Security benefit, without regard to any
                           subsequent increases in such benefit.

                                       9
<PAGE>   13

         (c)      COMMENCEMENT OF PAYMENT. Monthly normal retirement benefit
                  payments shall commence on the first (1st) of the month
                  following the Participant's date of termination and shall
                  continue to be paid for the life of the Participant.

4.2      Early Retirement Benefit

         (a)      ELIGIBILITY. A Participant whose employment with his or her
                  Employer terminates (for reasons other than Normal
                  Retirement, death or Disability) at or after his or her Early
                  Retirement Date shall be eligible for an early retirement
                  benefit under this Section 4.2.

         (b)      AMOUNT. A Participant who is eligible for a benefit under
                  subsection (a) above shall be entitled to receive a monthly
                  early retirement benefit for his or her life equal to the
                  amount by which (1) below exceeds (2) below:

                  (1)      This amount equals the Participant's vested Accrued
                           Benefit as of the date of his or her retirement,
                           reduced for early payment as provided in Section
                           4.2(c).

                  (2)      This amount equals the sum of (i) the monthly early
                           retirement income payable to the Participant under
                           the Retirement Plan and the Nondiscrimination Plan
                           (adjusted as provided for in Section 5. 1 (c)),
                           without regard to any post-retirement increases in
                           such benefit, plus (ii) fifty percent (50%) of the
                           Participant's monthly primary Social Security
                           benefit, assuming such payments begin at the
                           earliest date Social Security is allowed or, if
                           later, the date of the Participant's early
                           retirement benefit commencement (without regard to
                           any subsequent increases in such benefit). For
                           Grandfathered Participants, the Social Security
                           offset under this subsection (b)(2)(ii) shall not be
                           applied until the Participant is eligible for Social
                           Security, and for all other Participants the offset
                           shall be made regardless of Participant's
                           eligibility for Social Security.

         (c)      Reduction for Early Payment. The amount of the Participant's
                  Accrued Benefit determined under Section 4.2(b)(1) shall be
                  reduced to the extent payment of the Participant's early
                  retirement benefit begins before the Participant's Normal
                  Retirement Dare. Such reduced amount shall be computed by
                  multiplying the Participant's Accrued Benefit as so
                  determined by the factor set forth below based on the
                  Participant's years and months of age and service at the time
                  payment begins and the date when the Participant entered the
                  Plan:

                                      10
<PAGE>   14

<TABLE>
<CAPTION>

               AGE WHEN              FACTOR FOR             FACTOR FOR
            PAYMENT BEGINS          PARTICIPANTS           PARTICIPANTS
                                   GRANDFATHERED         NOT GRANDFATHERED
         --------------------   -------------------   -----------------------
         <S>                    <C>                   <C>

                  64                    1.00                   1.00
                  63                    1.00                   1.00
                  62                    1.00                   1.00
                  61                    1.00                   1.00
                  60                    1.00                   1.00
                  59                     .97                   .95
                  58                     .94                   .90
                  57                     .91                   .85
                  56                     .88                   .80
                  55                     .85                   .75
         ====================   ===================   =======================

</TABLE>

         If the Participant has thirty-five (35) years of actual Credited
         Service at termination or retirement, the early reduction factor above
         shall be one (1).

         (d)      COMMENCEMENT OF PAYMENT. Monthly early retirement benefit
                  payments shall commence on the first (1st) day of the
                  calendar month following the Participant's Normal Retirement
                  Date under this Plan unless the Participant elects an
                  alternative earlier commencement date. Such election must be
                  made at least six (6) months prior to the elected benefit
                  commencement date.

4.3      Disability Retirement Benefit

         (a)      ELIGIBILITY. A Participant whose employment with his or her
                  Employer terminates due to a Disability prior to his or her
                  Normal Retirement Date shall be eligible for a disability
                  retirement benefit under this Section 4.3; provided, however,
                  that a Participant shall not be entitled to receive and/or to
                  continue receiving any Disability benefits under this Plan
                  unless the Committee has determined in its sole discretion
                  that a Disability exists and continues. To this end, the
                  Committee may require the Participant to submit to a medical
                  examination or a series of medical examinations at any time
                  and from time to time to determine his or her eligibility
                  and/or continued eligibility for a disability benefit. The
                  failure of the Participant to submit to any such examination
                  shall be sufficient grounds for the denial of a disability
                  benefit and/or the continuation thereof.

         (b)      AMOUNT. A Participant who is eligible for a benefit under
                  subsection (a) above shall be entitled to receive a monthly
                  disability retirement benefit for his or her life (or if his
                  or her Disability terminates prior to the Participant's
                  Normal Retirement Date, until his or her Disability
                  terminates) equal to the amount by which (1) below exceeds
                  (2) below:

                  (1)      This amount equals the Participant's Final Earnings
                           as of the date of the termination of his or her
                           employment by reason of Disability times seventy
                           percent (70%).

                  (2)      This amount equals the sum of (i) the monthly income
                           payable to the Participant under the Retirement Plan
                           and the Nondiscrimination Plan (adjusted as provided
                           for in Section 5. 1 (c)), without regard to any
                           post-termination increases in such benefit, plus
                           (ii) the monthly amount that would be payable to the
                           Participant under any long-term disability plan
                           sponsored by his or her Employer if the Participant
                           had elected the maximum benefit option thereunder
                           available

                                      11
<PAGE>   15

                           to the Participant, without regard to the actual
                           election, if any, made by the Participant, plus
                           (iii) fifty percent (50%) of the monthly amount
                           payable to the Participant as his or her Social
                           Security disability benefit if he or she is then
                           eligible for such a benefit, or if he or she is not
                           then eligible for a Social Security disability
                           benefit, fifty percent (50%) of the Participant's
                           monthly primary Social Security benefit, assuming
                           such payments begin at the earliest date Social
                           Security is allowed or, if later, the date of the
                           Participant's termination of employment by reason of
                           Disability (without regard to any subsequent
                           increases in such benefit); provided, however, that
                           if the Participant is not eligible for a Social
                           Security benefit, any Social Security offset under
                           this subsection (b)(2)(iii) shall not be applied
                           until the Participant becomes eligible for a Social
                           Security benefit. For purposes of (ii) above, the
                           maximum benefit option available to a Participant is
                           the maximum benefit option that may be elected by a
                           Participant (the seventy percent (70%) option) in
                           the absence of an adverse determination by the
                           insurance carrier, or, in the case of such an
                           adverse determination, is the maximum benefit
                           allowed by the insurance carrier.

         (c)      COMMENCEMENT OF PAYMENT. Monthly disability retirement
                  benefit payments shall commence on the first (1st) day of the
                  calendar month following the date of the termination of the
                  Participant's employment by reason of Disability and shall
                  continue to be paid for the life of the Participant or, if
                  his or her Disability terminates prior to his or her Normal
                  Retirement Date, until the Participant's Disability
                  terminates. If a Participant's Disability continues through
                  the life of the Participant, the Spouse of such Participant
                  shall be eligible for a benefit under Section 4.7(a)(1).

         (d)      TERMINATION OF DISABILITY. If the Participant's Disability
                  ends before his or her Normal Retirement Date and either the
                  Participant does not return to work for an Employer, or the
                  Participant returns to work for an Employer but the Committee
                  does not determine that such person shall continue as an
                  active Participant in the Plan upon such return to work, the
                  Participant shall be entitled to receive an early retirement
                  benefit under Section 4.2 (if he or she was eligible for such
                  a benefit on the dare his or her employment terminated by
                  reason of Disability) or a vested termination benefit under
                  Section 4.4,and in any such case, the benefit shall be
                  calculated as of the date the Participant's employment
                  terminated by reason of Disability. Any early retirement
                  benefit or vested termination benefit referred EO in the
                  first sentence of this subsection (d) shall begin on the
                  first (1st) day of the calendar month immediately following
                  the later of the Participant's termination (if applicable,
                  after the Participant's Disability ends) or Normal Retirement
                  Date. The Participant may elect an earlier commencement
                  pursuant to Section 4.2(d) or 4.4(c), but in no case shall
                  benefits commence before the First (1st) day of the calendar
                  month immediately following the later of the Participant's
                  termination of employment or fifty-fifth (55th) birthday.

4.4      Vested Termination Benefit

         (a)      ELIGIBILITY. A Participant whose employment with his or her
                  Employer terminates at or after the time he or she has a
                  vested Accrued Benefit under this Article 4, but who is not
                  otherwise entitled to a benefit under this Article 4, shall
                  be eligible for a vested termination benefit under this
                  Section 4.4.

                                      12
<PAGE>   16

         (b)      AMOUNT. A Participant who is eligible for a benefit under
                  subsection (a) above shall be entitled to receive a monthly
                  vested termination benefit for his or her life equal to the
                  amount by which (1) below exceeds (2) below:

                  (1)      This amount equals the Participant's vested Accrued
                           Benefit as of the date of his or her termination of
                           employment.

                  (2)      This amount equals the sum of (i) the monthly income
                           payable to the Participant under the Retirement Plan
                           and the Nondiscrimination Plan (adjusted as provided
                           for in Section 5. 1(c)), without regard to any
                           post-termination increases in such benefit, plus
                           (ii) fifty percent (50%) of the Participant's
                           monthly primary Social Security benefit, assuming
                           such payments begin at the earliest date Social
                           Security, is allowed or, if later, the date of the
                           Participant's benefit commencement (without regard
                           to any subsequent increases in such benefit). For
                           Grandfathered Participants, the Social Security
                           offset under this subsection (b)(2)(ii) shall not be
                           applied until the Participant is eligible for Social
                           Security, and for all other Participants the offset
                           shall be made regardless of Participant's
                           eligibility for Social Security.

         (c.)     COMMENCEMENT OF PAYMENT. Monthly vested termination benefit
                  payments shall commence on the first (1st) day of the
                  calendar month next following the day the Participant attains
                  his or her Normal Retirement Date or, if the termination of
                  employment occurs thereafter, on the first (1st) day of the
                  calendar month next following the date of such termination of
                  employment, and shall continue to be paid for the life of the
                  Participant. However, the Participant may elect an
                  alternative earlier commencement date as long as such
                  election is made six (6) months prior to the date benefits
                  commence. Such early payments shall be reduced by the factor
                  in Section 4.2(c).

4.5      Change in Control

         (a)      ELIGIBILITY. If any Participant is Involuntarily Terminated
                  within twenty-four (24) months of a Change in Control, or if
                  a Grandfathered Participant is Involuntarily Terminated
                  within thirty-six (36) months of a Change in Control, then
                  such Participant shall be eligible for a benefit under this
                  section. Grandfathered Participants who terminate in the
                  thirteenth (13th) month after consummation of a Change in
                  Control for any reason, shall also be eligible for a benefit
                  under this section.

         (b)      AMOUNT. The amount of the benefit shall be calculated
                  pursuant to Section 4.2(b) and (c) with the following
                  adjustments:

                  (1)      The Grandfathered Participant shall be granted Five
                           (5) additional years of Determined Credited Service,
                           all others shall be granted three (3) additional
                           years of Determined Credited Service.

                  (2)      The greater of Final Earnings or Final Average
                           Earnings shall used in determining the benefit.

                  (3)      The Social Security benefit offset in 4.2(b)(2)(ii)
                           shall be disregarded and not added to the benefits
                           in 4.2(b)(2)(i).

                                      13
<PAGE>   17

         (c)      COMMENCEMENT OF PAYMENT. Monthly retirement benefit payments
                  shall commence on the first (1st) day of the calendar month
                  next following the day the Participant attains age fifty-five
                  (55) or, if the termination of employment occurs thereafter,
                  on the first (Is:) day of the calendar month next following
                  the date of such termination of employment and shall continue
                  to be paid for the life of the Participant. However, the
                  Participant may delay the commencement of benefits under this
                  section if such election is made at least six (6) months
                  prior to when such benefits would have commenced without such
                  election.

         (d)      ADDITIONAL PAYMENT. A Participant who is eligible for a
                  benefit under subsection (a) above also shall be entitled to
                  receive the amount described below to the extent applicable
                  to payments from this Plan:

                  (1)      Notwithstanding any other provisions of this Plan,
                           in the event that any payment or benefit received or
                           to be received by the Participant in connection with
                           a Change in Control or the termination of the
                           Participant's employment (whether pursuant to the
                           terms of this Plan or any other plan, arrangement or
                           agreement with the Company or any of its
                           subsidiaries, any Person whose actions result in a
                           Change in Control or any Person affiliated with the
                           Company or such Person) (all such payments and
                           benefits, including the severance payments, being
                           hereinafter called "Total Payments") would subject
                           the Participant to the excise tax imposed under
                           Section 4999 of the Code or any successor section
                           thereto (the "Excise Tax"), the Company shall pay to
                           the Participant an additional amount (the "Gross-Up
                           Payment") such that the net amount retained by the
                           Participant, after deduction of any Excise Tax on
                           the Total Payments from this Plan and any federal,
                           state and local income tax and Excise Tax upon the
                           payment provided for by this Section 4.5(d) shall be
                           equal to the payments under Section 4.5(b) of this
                           Plan. It is anticipated that Participants will
                           receive Gross-Ups for payment from other sources and
                           that the Gross-Up under this Plan is only for those
                           taxes attributed to payments under Section 4.5 of
                           this Plan.

                  (2)      For purposes of determining whether any of the Total
                           Payments will be subject to the Excise Tax and the
                           amount of such Excise Tax, (i) the Total Payments
                           shall be treated as "parachute payments within the
                           meaning of Section 280G(b)(2) of the Code, and all
                           "excess parachute payments" within the meaning of
                           Section 280G(b)(1) of the Code shall be treated as
                           subject to the Excise Tax, unless, in the opinion of
                           tax counsel selected by the Company's general
                           counsel and reasonably acceptable to the
                           Participant, such Total Payments (in whole or in
                           part) do not constitute parachute payments,
                           including by reason of Section 280G(b)(4)(A) of the
                           Code, or such excess parachute payments (in whole or
                           in part) represent reasonable compensation for
                           services actually rendered, within the meaning of
                           Section 28OG(b)(4)(9) of the Code, in excess of the
                           Base Amount allocable to such reasonable
                           compensation, or are otherwise not subject to the
                           Excise Tax, and (ii) the value of any noncash
                           benefits or any deferred payment or benefit shall be
                           determined by the Company's independent auditors in
                           accordance with the principles of Sections
                           280G(d)(3) and (4) of the Code. For Purposes of
                           determining the amount of the Gross-Up Payment, the
                           Participant shall be deemed to pay federal income
                           taxes at the highest marginal rate of federal income
                           taxation in the calendar year in which the Gross-Up
                           Payment is to be made and applicable state and local
                           income taxes at the highest marginal rate of
                           taxation, net of the maximum reduction in federal
                           income taxes which could be obtained from

                                      14
<PAGE>   18

                           deduction of such state and local taxes. The
                           Gross-Up, if any, that is due as a result of such
                           determination shall be paid to the Participant in
                           cash at the later of January 1 of the year in which
                           the Excise Tax will be payable, or within thirty
                           (30) days of such computation.

                  (3)      In the event that the Excise Tax is subsequently
                           determined to be less than the amount taken into
                           account hereunder at the time of determination, the
                           Participant shall repay to the Company, at the time
                           that the amount of such reduction in Excise Tax is
                           finally determined, the portion of the Gross-Up
                           Payment attributable to such reduction plus interest
                           on the amount of such repayment at the rate provided
                           in Section 1274(b)(2)(B) of the Code. In the event
                           that the Excise Tax is determined to exceed the
                           amount taken into account hereunder at the time of
                           determination (including by reason of any payment
                           the existence or amount of which cannot be
                           determined at the time of the Gross-Up Payment), the
                           Company shall make an additional Gross-Up Payment in
                           respect of such excess (plus any interest, penalties
                           or additions payable by the Participant with respect
                           to such excess) at the time that the amount of such
                           excess is finally determined. The Participant and
                           the Company shall each reasonably cooperate with the
                           other in connection with any administrative or
                           judicial proceedings concerning the existence or
                           amount of any such subsequent liability for Excise
                           Tax with respect to the Total Payments.

4.6      Form of Benefit Payment

         The supplemental retirement benefit under Sections 4.1, 4.2. 4.4 and
         4.5(b) shall be paid in the Basic Form provided below unless the
         Participant elects an alternative form of benefit payment pursuant to
         the rules and procedures established by the Administrative Committee.
         Any alternative form shall be the actuarial equivalent of the Basic
         Form of benefit payment. The Basic and alternative forms of payment
         are as follows:

         (a)      BASIC FORM OF BENEFIT PAYMENT. For Participants who are
                  legally married on the date benefits commence, the basic form
                  ("Basic Form") shall be a fifty percent (50%) Joint and
                  Survivor Annuity. For all other Participants, the Basic Form
                  shall be a Life Annuity and the only alternative form
                  available to such Participants shall be the Ten (10) Year
                  Certain and Life.

         (b)      ALTERNATIVE FORMS OF BENEFIT PAYMENT. For Participants who
                  are legally married on the date benefits commence, the
                  alternative forms are as follows:

                  (1)      Sixty-six and two-thirds percent (66-2/3%) Joint
                           and Survivor.

                  (2)      Seventy-five percent (75%) Joint and Survivor.

                  (3)      One hundred percent (100%) Joint and Survivor.

         (c)      ACTUARIAL EQUIVALENCE. Any alternative benefit shall be the
                  actuarial equivalent of the Basic Form based on assumptions
                  for actuarial equivalence in the Retirement Plan with any
                  appropriate adjustments as determined by the Administrative
                  Committee. For purposes of determining, the value of the
                  fifty percent (50%) Joint and Survivor basic benefit, the
                  Participant's Spouse shall be used, and the Spouse's life
                  shall be used to determine the period over which any survivor
                  benefit will be paid, regardless if his or her trust or
                  estate is selected by the Participant as the Beneficiary.

                                      15
<PAGE>   19

         (d)      For Participants who are legally married when benefits
                  commence, the Administrative Committee in its sole discretion
                  may actuarially adjust the benefit for any difference in age
                  between the Participant and Spouse.

4.7      Survivor Benefit

         (a)      PRE-BENEFIT COMMENCEMENT. In the event of the death of a
                  Participant who was currently employed by his or her Employer
                  and had Accrued Benefits under this Article 4 (whether or not
                  vested at the time of death), or if the Participant had
                  terminated or retired under this Article 4 but had not
                  commenced payment, and the Participant is survived by a
                  Spouse, such Spouse shall be eligible for a surviving spouse
                  benefit under this Section 4.7. In no other circumstances
                  shall the Spouse of a Participant or any other beneficiary of
                  a Participant under the Retirement Plan be entitled to any
                  benefit under this Article 4 in the event of the death of a
                  Participant hereunder, even if survivor benefits are
                  otherwise payable under the Retirement Plan. Also, without
                  limitation on the foregoing, and notwithstanding anything to
                  the contrary contained in this Section 4.7, no benefit shall
                  be payable to a Spouse of a deceased Participant or former
                  Participant who received during his or her lifetime a benefit
                  under any provision of this Article 4 in the optional lump
                  sum form in accordance with Section 5.2.

                  (1)      AMOUNT. A Spouse who is eligible for a benefit under
                           subsection (a) above shall be entitled to receive a
                           monthly surviving spouse benefit for his or her life
                           in an amount equal to the amount by which (i) below
                           exceeds (ii) below:

                           (i)      This amount equals fifty percent (50%) of
                                    the monthly amount the Participant was
                                    eligible to receive (even if only on a
                                    deferred basis) at the time of death under
                                    Section 4.1 (b)(1), 4.2(b)(1), 4.3(b)(1),
                                    4.4(b)(1) or 4.5(b), as the case may be,
                                    prior to the application of any applicable
                                    setoff, with no reduction for early payment.
                                    In the case of a participant who was still
                                    in the employment of his or her Employer at
                                    the time of death, this amount equals fifty
                                    percent (50%) of the Participant's Accrued
                                    Benefit as of the date of death, with no
                                    reduction for early payment.

                           (ii)     This amount equals the aggregate monthly
                                    income, if any, payable to the Spouse and
                                    to any other beneficiary of the Participant
                                    under the Retirement Plan and the
                                    Nondiscrimination Plan as a result of the
                                    death of the Participant.

                  (2)      COMMENCEMENT OF PAYMENT. Monthly surviving spouse
                           benefit payments shall be payable to the Beneficiary
                           for the life of the Spouse and shall commence the
                           first of the month following the Participant's
                           death.

         (b)      POST-BENEFIT COMMENCEMENT. If a Participant dies after
                  benefits have commenced, the benefit payable, if any, will be
                  based on the election made by the Participant in Section 4.6.

                                      16
<PAGE>   20

                      ARTICLE 5-SPECIAL BENEFIT PROVISIONS

5.1      General Principles

         (a)      GENERAL RULE FOR OFFSET. The amount of any offset under
                  Section 4.1 (b)(2), 4.2(b)(2), 4.3(b)(2), 4.4(b)(2), 4.5(b),
                  or 4.7(a)(1)(ii), as the case may be, shall be determined by
                  using, the amount payable to a Participant during the month
                  in question under the Retirement Plan, the Nondiscrimination
                  Plan and (if applicable) any long-term disability plan,
                  taking into account in general applicable adjustments, if
                  any, including without limitation those for deferred payment
                  or early payment, and preretirement survivorship charges, but
                  any such determination shall be subject to the provisions of
                  Section 5.1(c); provided, that no adjustments shall be made
                  for any cost-of-living or similar changes on a Participant's
                  benefits after the date that benefits begin to be paid to the
                  Participant. A benefit may not be payable under the
                  Retirement Plan, the Nondiscrimination Plan, and/or any
                  long-term disability plan for all months a benefit is to be
                  payable under this Plan. Thus, the amount of the offset may
                  vary from month to month.

         (b)      QUALIFIED DOMESTIC RELATIONS ORDER. If a Participant's Spouse
                  or former Spouse has received or is entitled to receive a
                  benefit under the Retirement Plan or the Nondiscrimination
                  Plan as a result of a Qualified Domestic Relations Order, the
                  amount of the offset applicable to the Participant shall
                  include the amount that is so paid or is payable to the
                  Spouse.

         (c)      SPECIAL ADJUSTMENT. In determining the amount payable during
                  the month in question under the Retirement Plan and the
                  Nondiscrimination Plan, the benefit shall be adjusted to the
                  form of payment elected under Section 4.6 of this Plan. In
                  addition, the amounts determined under Sections 4.1(b)(1),
                  4.2(b)(1) and 4.4(b)(1) shall be adjusted if the Participant
                  elects a form of payment other than the Basic Form. This
                  adjustment shall be the actuarial equivalence (as set out in
                  4.6(c)) of the difference between the Basic Form and the form
                  elected.

5.2      Optional Accelerated Distribution

         Notwithstanding any other provision of the Plan, at any time after
         termination a Participant shall be entitled to receive, upon written
         request to the Administrative Committee, a lump-sum distribution of
         the Actuarial Equivalent of the Participant's unpaid vested accrued
         benefits under Sections 4.1. 4.2, 4.4 and 4.5 of this Plan as of the
         date on which the Committee receives the written request. The
         accelerated distribution shall be subject to a penalty equal to ten
         percent (10%) of the amount that would otherwise be distributed, and
         that amount shall be forfeited by the Participant. The amount payable
         under this section shall be paid in a lump sum within sixty-five (65)
         days following the receipt of notice by the Administrative Committee
         from the Participant. No additional benefits shall be payable from
         this Plan to such Participant or his or her Beneficiary.

                       ARTICLE 6-BENEFICIARY DESIGNATION

6.1      Beneficiary Designation

         Subject to Section 6.4 a Participant who is legally married when
         benefits commence may only name their Spouse, trust or estate as the
         Beneficiary. All other Participants shall have the right to Designate
         one (1) or

                                      17
<PAGE>   21

         more persons or his or her trust or estate as Beneficiary (both
         primary as well as secondary) to whom benefits under this Plan shall
         be paid, if any, in the event of Participant's death after benefits
         commence. Each Beneficiary designation shall be in a written form
         prescribed by the Administrative Committee and shall be effective only
         when filed with the Administrative Committee during the Participant's
         lifetime.

6.2      Amendments

         Any Beneficiary designation may be changed by a Participant without
         the consent of any designated Beneficiary by the filing of a new
         Beneficiary designation with the Administrative Committee. The filing
         of a new Beneficiary designation form will cancel all Beneficiary
         designations previously filed. If a Participant's compensation is
         community property, any Beneficiary designation shall be valid or
         effective only as permitted under applicable law.

6.3      No Beneficiary Designation-Post-Benefit Commencement

         In the absence of an effective Beneficiary Designation for a deceased
         Participant whose Beneficiaries are owed a benefit under 4.7(b), the
         Participant's designated Beneficiary shall be deemed to be:

         (a)      The surviving Spouse, for Participants who were legally
                  married when benefits commenced.

         (b)      The Participant's estate, for all Participants who were not
                  married when benefits commenced and who elected an
                  alternative form of benefit.

6.4      Community Property

         If the Participant resides in a community property state, the
         following rules shall apply:

         (a)      Designation by a married Participant of a Beneficiary other
                  than the Participant's Spouse shall not be effective unless
                  the Spouse executes a written consent that acknowledges the
                  effect of the designation, or it is established the consent
                  cannot be obtained because the spouse cannot be located.

         (b)      A married Participant's Beneficiary designation may be
                  changed by a Participant to his or her trust or estate with
                  the consent of the Participant's Spouse as provided for in
                  Section 6.4(a) by the filing of a new designation with the
                  Committee.

6.5      Effect of Payment

         The payment to the deemed Beneficiary shall completely discharge
         Company's obligations under this Plan.

                                      18
<PAGE>   22

                              ARTICLE 7-FINANCING

7.1      Financing

         The benefits under this Plan shall be paid out of the general assets
         of the Company or other Employer.

7.2      No Trust Created

         Nothing contained in this Plan, and no action taken pursuant to the
         provisions of this Plan, shall create or be construed to create a
         trust of any kind or a fiduciary relationship between any Employer and
         any Participant, his or her Spouse or any other person.

7.3      Unsecured Interest

         No Participant hereunder shall have any interest whatsoever in any
         specific asset of the Company or any other Employer. To the extent
         that any person acquires a right to receive payments under this Plan,
         such right shall be no greater than the right of any unsecured a
         general creditor of the Company or other Employer.

7.4      "Rabbi" Trust

         Notwithstanding the foregoing provisions of this Article 7, the
         Company and the other Employers reserve the right to create and
         contribute funds to a "Rabbi" trust for the purpose of paying some or
         all of the benefits provided under this Plan, but the existence of any
         such trust shall not in any way alter the relationship among the
         Company, any other Employer and a Participant as described in this
         Article 7.

7.5      Divested Subsidiary Employee Participants

         The liability for benefits under this Plan for any Participant, who is
         an employee of an Employer that is divested ("Divested Subsidiary
         Employee Participant") is and shall remain solely the obligation of
         that divested Employer. Any Divested Subsidiary Employee Participant
         will have no future claim to benefits under this Plan, or against
         assets of any related trust, if assets sufficient to fund that
         Divested Subsidiary Employee Participant's benefits are transferred to
         a plan or trust to be sponsored by the divested Employer, or if the
         Divested Subsidiary Employee Participant is compensated for any
         benefits accrued under this Plan.

                            ARTICLE 8-ADMINISTRATION

8.1      Administration

         The Committee shall have complete control over the administration of
         the Plan, with all powers necessary to enable it to carry out its
         duties in that respect. In connection with its administration of the
         Plan, the Committee shall be empowered to exercise discretion,
         including with respect to the interpretation of the terms of the Plan
         and in the determination of eligibility for benefits and the amounts
         thereof; such discretionary determinations and interpretations shall
         be binding upon all Participants and others hereunder. Without
         limitation on the foregoing, the Committee shall be authorized to
         construe and interpret all of the provisions of the Plan, to adopt
         rules and practices concerning the administration of the same, and to
         make an determination necessary hereunder, all of which shall be
         binding and conclusive on all parties.

                                      19
<PAGE>   23

8.2      Administrative Committee

         The Administrative Committee shall consist of the Company's Chief
         Financial Officer, the Vice President of Human Resources and the
         General Counsel unless the Compensation Committee of the Board
         designates otherwise. The Administrative Committee shall direct the
         day to day administration of the Plan and shall act as agent of the
         Committee in the operations of the Plan.

8.3      Liability of Committee and Board; Indemnification

         To the extent permitted by law, no member of the Administrative
         Committee, Committee or of the Board shall be liable to any person for
         any action taken or omitted in connection with the interpretation and
         administration of this Plan unless attributable to his or her own
         gross negligence, fraud or bad faith. The Company shall indemnify the
         members of the Administrative Committee, Committee and of the Board
         against any and all claims, losses, damages and expenses, including
         counsel fees incurred by them and any liability, including any amounts
         paid in settlement with their approval, arising from their action or
         failure to act, except when the same is determined to be attributable
         to their gross negligence, fraud or bad faith. The provisions of this
         Section 8.3 are not intended to be exclusive, and nothing, contained
         in this Section 8.3 shall in any way limit indemnification provided
         members of the Administrative Committee, Committee and/or members of
         the Board under the bylaws of the Company, by contract, by statute or
         otherwise.

8.4      Expenses

         The cost of payment from this Plan and the expenses of administering
         the Plan shall be borne by the Company and the other Employers.

8.5      Tax Withholding

         An Employer may withhold, or require the withholding of from any
         payment which it is required to make, any federal, state or local
         taxes required by law to be withheld with respect to such payment and
         such sum as the Employer may reasonably estimate as necessary to cover
         any taxes for which the Employer may be liable and which may be
         assessed with regard to such payment. Upon discharge or settlement of
         such tax liability, the Employer shall distribute the balance of such
         sum, if any, to the Participant from whose payment it was withheld, or
         if such Participant is then deceased, to the beneficiary of such
         Participant. Prior to making any payment hereunder, the Employer may
         require such documents from any taxing authority, or may require such
         indemnities or surety bond, as the Employer shall reasonably deem
         necessary for its protection.

                            ARTICLE 9-MISCELLANEOUS

9.1      Nontransferability

         In no event shall the Company or any Employer make any payment under
         this Plan to any assignee or creditor of a Participant or of a
         beneficiary. Prior to the time of a payment hereunder, a Participant
         or a beneficiary shall have no rights by way of anticipation or
         otherwise to assign (including without limitation in connection with a
         divorce) or otherwise dispose of any interest under this Plan nor
         shall rights be assigned or transferred by operation of law.

                                      20
<PAGE>   24

9.2      Amendment or Termination

         (a)      AMENDMENTS; TERMINATION. The Plan may be amended or
                  terminated at any time by the Committee, and, except as
                  provided to the contrary in subsection (b) below, no
                  Participant or beneficiary of a deceased Participant shall
                  have a right to receive benefits under the Plan at any time.
                  Notice of any such amendment or termination shall be given in
                  writing to each Participant and beneficiary of a deceased
                  Participant having an interest in the Plan.

         (b)      EFFECT ON BENEFITS. No amendment or termination of the Plan
                  may adversely affect the benefits then payable or that may be
                  payable in the future with respect to any Participant
                  (without giving effect to such Plan amendment or termination)
                  to the extent described below:

                  (1)      For a Participant whose employment with his or her
                           Employer has terminated prior to such Plan amendment
                           or termination, the benefits then payable or to be
                           payable to the Participant and his or her Spouse
                           shall not be altered;

                  (2)      For a Participant under Article 4 whose employment
                           with his or her Employer has not terminated prior to
                           such Plan amendment or termination, the amount of
                           the Accrued Benefit as of the date of the Plan
                           amendment or termination shall not be decreased;

                  (3)      During a Potential Change in Control and after a
                           Change in Control, any benefits payable or that
                           could be payable under Section 4.5 as a result of
                           such Change in Control shall not be altered.

9.3      Forfeiture of Benefits

         As a condition of receiving, benefits under this Plan, a Participant
         shall not, directly or indirectly, after the termination of his or her
         employment with an Employer:

         (a)      Use or disclose any financial or business information of the
                  Company and/or its subsidiaries obtained by the Participant
                  during the course of his or her employment, other than
                  information that has been previously made available to the
                  public through normal, authorized business channels, in a
                  manner that would be prejudicial to the interests of the
                  Company and its subsidiaries. Notwithstanding the preceding
                  requirements of this subsection (a), a Participant may
                  disclose information if required by legal process or if the
                  disclosure is protected by the Florida Whistle-blower's Act
                  of 1986, or any similar applicable federal or state statute;
                  or

         (b)      Render any services of an advisory nature or become employed
                  by or participant or engage in any business in competition
                  with the Company or any of its subsidiaries. Without the
                  prior written consent of his or her Employer. A Participant
                  shall be considered as engaging in a business if he or she is
                  a shareholder or other owner, or partner, director, officer,
                  or employee of, or consultant to, the business: provided,
                  that a Participant shall not be prohibited from owning
                  securities of a competitor if (1) the securities owned
                  constitute less than two percent (2%) of the competitor's
                  total outstanding securities of the same class, and (2) the
                  Participant does not have the power to control, direct or
                  substantially influence the competitor's management or
                  policies.

                                      21
<PAGE>   25

         Any breach of any of the foregoing conditions will result in complete
         forfeiture of any further benefits under the Plan for both the
         Participant and any surviving Spouse of the Participant. The
         immediately preceding sentence shall not require the forfeiture or the
         return of any benefit received or due prior to the breach of any of
         the specific conditions.

9.4      Applicable Law

         This instrument shall be construed in accordance with and governed by
         the laws of the State of Florida, to the extent not superseded by the
         laws of the United States.

                                      22

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