Document:

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                                                                    Exhibit 10.4

                             PRUDENTIAL SUPPLEMENTAL
                              EMPLOYEE SAVINGS PLAN

                        (effective as of January 1, 2001)

         The Prudential Supplemental Employee Savings Plan (the "Plan") has been
established by The Prudential Insurance Company of America, effective January 1,
2001 (the "Effective Date"), for the purpose of providing unfunded benefits for
certain eligible employees (and their beneficiaries) that are in excess of the
limits on contributions to the Prudential Employee Savings Plan ("PESP") imposed
by either Sections 401(a)(17) and 415(c)(1)(A) of the Internal Revenue Code of
1986, as amended (the "Code").

         The portion of the Plan that provides unfunded benefits in excess of
the limits imposed by Section 415(c)(1)(A) of the Code (the "Code Contribution
Limit," as hereafter defined) is intended to be, and shall be administered as,
an "excess benefit plan" within the meaning of Section 3(36) of the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"). The remainder of
the Plan is intended to be, and shall be administered as, an unfunded plan
maintained for the purpose of providing deferred compensation for a select group
of management or highly compensated employees within the meaning of Title I of
ERISA.

         This Plan is an amendment and restatement of The Prudential Insurance
Company of America Defined Contribution Excess Program, The Prudential Insurance
Company of America Non-Qualified Deferred Compensation Plan, and The Prudential
Insurance Company of America Supplemental Savings Program (also known as The
Prudential Insurance Company of America Supplemental Executive Savings Plan),
each as maintained by The Prudential Insurance Company of America prior to the
Effective Date (collectively, the "Prior Programs"). Amounts credited, but not
yet paid under the Prior Programs prior to the Effective Date shall be paid,
administered, and continue to accrue interest pursuant to the terms of this
Plan.

                                    ARTICLE I

                                   DEFINITIONS

         The following terms shall have the meanings hereinafter set forth.
Other terms that are capitalized in this Plan and that are not defined below
shall be defined in the same manner as they are defined in PESP.

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         1.1  "Account" means the recordkeeping account maintained for a
Participant under the Plan to credit a Participant with the amounts that he or
she may become entitled under the terms of Article III of the Plan. For internal
recordkeeping purposes only, each Participant's Account may be subdivided into
various subaccounts by the Company, in its discretion.

         1.2  "Board of Directors" means the Board of Directors of the Company.

         1.3  "Code" means the Internal Revenue Code of 1986, as amended.

         1.4  "Code Compensation Limit" means the requirement, set forth under
Code Section 401(a)(17), that the annual compensation of each employee taken
into account under a qualified profit sharing or retirement plan and trust for
any year cannot exceed $150,000 annually, adjusted for inflation.

         1.5  "Code Contribution Limit" means the requirement, set forth under
Code Section 415(c)(1)(A), that contributions made on behalf of any participant
under a qualified defined contribution plan and trust for any year cannot exceed
$30,000 annually, adjusted for inflation.

         1.6  "Committee" means the Administrative Committee described in PESP,
unless otherwise exercised or designated under the provisions of Section 6.1 (b)
of the Plan.

         1.7  "Company" means The Prudential Insurance Company of America.

         1.8  "Compensation" means "Earnings" as defined in PESP, except that
Compensation shall be computed without regard to the limits imposed by the Code
Compensation Limit.

         1.9  "Controlled Group" means the Company and (i) each corporation
which is a member of a controlled group of corporations (within the meaning of
Section 414(b) of the Code) which includes the Company, (ii) each trade or
business (whether or not incorporated) which is under common control with the
Company (within the meaning of Section 414(c) of the Code, (iii) each
organization included in the same affiliated service group (within the meaning
of Section 414(m) of the Code) as the Company, and (iv) each other entity
required to be aggregated with the Company pursuant to regulations promulgated
under Section 414(o) of the Code. Any such entity shall be treated as part of
the Controlled Group only for the period while it is a member of the controlled
group or considered to be in a common control group.

         1.10 "Earnings" shall have the meaning set forth in PESP.

         1.11 "Effective Date" means January 1, 2001.

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         1.12 "Eligible Employee" means an Employee who meets the eligibility
requirements of Section 2.1 of the Plan.

         1.13 "Employee" means an individual employed by any Employer
(including, for these purposes, any individual who is not a common law employee
of such Employer) who is also a participant, as of any relevant date, in PESP.

         1.14 "Employer" means the Company or an Affiliate participating in
PESP.

         1.15 "ERISA" means the Employee Retirement Income Security Act of 1974,
as amended.

         1.16 "401(a)(17) Deferral" means the amount credited to a Participant's
Account under the Plan pursuant to Section 3.4 herein, including amounts
credited under the Prior Program called The Prudential Insurance Company of
America Non-Qualified Deferred Compensation Plan and interest thereon.

         1.17 "401(a)(17) Matching Contribution" means the amount credited to a
Participant's Account under the Plan pursuant to Section 3.5 herein, including
contributions credited under the Prior Program called The Prudential Insurance
Company of America Supplemental Savings Program and interest thereon.

         1.18 "415 Crossover Matching Contribution" means the amount credited to
a Participant's Account under the Plan pursuant to Section 3.3 herein, including
contributions credited under the Prior Program called The Prudential Insurance
Company of America Defined Contribution Excess Program and interest thereon.

         1.19 "415 Deferral" means the amount credited to a Participant's
Account under the Plan pursuant to Section 3.1 herein, including contributions
credited under the Prior Program called The Prudential Insurance Company of
America Non-Qualified Deferred Compensation Plan and interest thereon.

         1.20 "415 Matching Contribution" means the amount credited to a
Participant's Account under the Plan pursuant to Section 3.2 herein, including
contributions credited under the Prior Program called The Prudential Insurance
Company of America Defined Contribution Excess Program and interest thereon.

         1.21 "Participant" means an Eligible Employee described in Article II
who is receiving credits to his or her Account under the Plan pursuant to
Article III. A Participant also includes an Eligible Employee who has previously
received credits under the Plan or one of the Prior Programs, but in each case
has not received full payment of his or her Account under the Plan or such Prior
Programs.

         1.22 "PESP" means the Prudential Employee Savings Plan, as established
and effective as of January 1, 1994 and most recently amended and restated
effective as of

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January 1, 2001, as the same may be in effect from time to time, including any
successor plan.

         1.23    "Plan" means this Prudential Supplemental Employee Savings
Plan, as amended from time to time.

         1.24    "Prior Programs" means The Prudential Insurance Company of
America Defined Contribution Excess Program, The Prudential Insurance Company of
America Non-Qualified Deferred Compensation Plan, and The Prudential Insurance
Company of America Supplemental Savings Program (also known as The Prudential
Insurance Company of America Supplemental Executive Savings Plan) as in effect
from time to time prior to the Effective Date.

         1.25    "Termination of Employment" means an individual's voluntary or
involuntary termination of employment with the Controlled Group for any reason,
including death. An individual who is receiving short-term disability benefits
under the Prudential Welfare Benefits Plan shall be deemed to have incurred a
Termination of Employment on the date such benefits are exhausted, unless such
individual has returned to work within the Controlled Group.

                                   ARTICLE II

                          ELIGIBILITY AND PARTICIPATION

         2.1     Eligibility.

             (a) Prior Programs: Each Employee whose (i) After-Tax or Before-Tax
Contributions (and any related Company Matching Contributions that may be
allocated on his or her behalf to PESP) could not be made by reason of the
limits on contributions contained in PESP for the purpose of satisfying the Code
Contribution Limit and/or (ii) Compensation for purposes of determining the
amount of After-Tax or Before-Tax Contributions (and any related Company
Matching Contributions that may be allocated on his or her behalf to PESP) was
limited by reason of the Code Compensation Limit shall be deemed to be an
"Eligible Employee" for purposes of participating in the Prior Programs.

             (b) Eligibility Requirements Effective for Plan Year 2001 and
Beyond: Each Employee whose

                 (i)  (A) Before-Tax or Company Matching Contributions to PESP
                      cannot be made by reason of the limits on contributions
                      contained in PESP for the purpose of satisfying the Code
                      Contribution Limit and/or (B) Compensation for purposes of
                      determining the amount of Before-Tax or Company Matching
                      Contributions that may be allocated on his or

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                      her behalf to PESP is limited by reason of the Code
                      Compensation Limit; and

                 (ii) as of the time that either the Code Compensation Limit or
                      Code Contribution Limit is reached, is either deferring
                      Earnings under PESP or has either (A) been precluded from
                      continuing to defer Earnings in any Plan Year under PESP
                      due to the operation of the limitation on contributions of
                      elective deferrals under Section 402(g) of the Code and/or
                      the Code nondiscrimination test on contributions of
                      elective deferrals under Code Section 401(k)(3) or (B)
                      been precluded from receiving Company Matching
                      Contribution under PESP in any Plan Year because of the
                      operation of the nondiscrimination test on Company
                      Matching Contributions under Code Section 401(m)(2);

shall be deemed to be an "Eligible Employee" for purposes of participating in
the Plan.

        2.2      Election to Participate in the Plan.

            (a)  General. Each Eligible Employee (and each individual
participating in PESP who could become an Eligible Employee during the following
Plan Year because of increases in Compensation or the application of the Code
Contribution Limit) may elect to participate in the Plan during the following
Plan Year, but only if such election is made in writing and received by the
Committee, or its designee, prior to the beginning of the following Plan Year.

            (b)  "Late" Elections. Notwithstanding the provisions of Section
2.2(a) above, each individual who (i) becomes eligible to participate in PESP or
otherwise becomes an Eligible Employee for the first time after the beginning of
a Plan Year, or (ii) who again becomes an Eligible Employee after a period of
ineligibility for any reason (but not within the same Plan Year), may elect to
participate in the Plan during the remainder of such Plan Year, but only if such
election is made in writing and received by the Committee, or its designee, no
later than 30 days after the date he or she first becomes an Eligible Employee.

            (c)  Election is Irrevocable. An election made under this Section
2.2 may not be revoked by the Participant once a Plan Year has commenced (or if
the election is made under Section 2.2(b), once the election form is received by
the Committee or its designee within such 30 day period) and shall remain in
force until the last day of the Plan Year (or, if earlier, the Participant's
Termination of Employment in such Plan Year).

            (d)  Annual Elections Required; Form of Election. A new election to
participate must be filed for each Plan Year, in a form and manner specified by
the Committee or its designee.

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         2.3      Date Participation Commences.  Effective for Plan Years
beginning on or after January 1, 2001, each Eligible Employee who has elected to
participate shall become a Participant and commence participation under Sections
3.1 through 3.5 of the Plan during the first payroll period during a Plan Year
at the earliest to occur of (a) the Eligible Employee's Compensation first
exceeds the limit imposed by the Code Compensation Limit or (b) the inability of
the Eligible Employee's Before-Tax or Company Matching Contributions to PESP to
be made by reason of the limits on contributions contained in PESP for the
purpose of satisfying the Code Contribution Limit; provided, however, that in
either case such Eligible Employee must have filed a valid payroll deduction
election under PESP related to such Plan Year in order for any amounts to be
credited to an Eligible Employee under the Plan. Once an Eligible Employee
commences participation in the Plan by reason of the Code Contribution Limit or
the Code Compensation Limit in a particular Plan Year, such Participant shall
have his benefits calculated under the Plan only by reference to such particular
Limit for such year.

                                   ARTICLE III

                                  CONTRIBUTIONS

         3.1      415 Deferral. Each Participant's Compensation for a Plan Year
shall be reduced on a pre-tax basis by the amount of 415 Deferral credited to
such Participant under the Plan for the Plan Year, determined as follows:

             (a)  Prior Programs. The amount of 415 Deferral credited to a
Participant's Account under the Prior Programs was equal to a percentage of the
Participant's Earnings (up to three percent (3%)) that would have been allocated
to PESP but for the application of the Code Contribution Limit for such Plan
Year.

             (b)  415 Deferral Requirements Effective Plan Year 2001. Effective
for Plan Years beginning on or after January 1, 2001, the amount of 415 Deferral
that may be credited to a Participant's Account will be equal to a percentage of
the Participant's Earnings that would have been allocated to PESP on the
Participant's behalf as Before-Tax Contributions but for the application of the
Code Contribution Limit for such Plan Year. Such percentage (up to four percent
(4%)) of Earnings shall be selected at the direction of the Participant (in a
form specified by the Committee or its designee).

         3.2      415 Matching Contribution. The amount of 415 Matching
Contribution that shall be credited to a Participant's Account for any Plan Year
shall be equal to the amount of 415 Deferral, if any, credited to his or her
Account for the same Plan Year under Section 3.1 herein; provided, however, that
if a Participant's Earnings are not reduced by 415 Deferral during the last
month of the Plan Year due to the Employer's failure to timely commence payroll
deductions, such Participant shall still be credited with 415 Matching
Contribution in the amount that would have been credited if such 415 Deferral
had been timely deducted from the Participant's paycheck.

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         3.3      415 Crossover Matching Contributions.  Each Participant shall
have credited to his or her Account for a Plan Year an amount, if any, equal to
the excess of (a) over (b) below:

         (a)    The amount of Company Matching Contributions that would have
                been allocated to the PESP Company Matching Contribution Account
                of the Participant for the Plan Year if such Company Matching
                Contributions had been computed without regard to the limits
                imposed by the Code Contribution Limit; less

         (b)    The amount of the Company Matching Contributions actually
                allocated to the PESP Company Matching Account of the
                Participant for the Plan Year;

provided, however, that in the event contributions cannot be made by the
Participant to PESP because of the Code Contribution Limit in a particular Plan
Year, no 415 Crossover Matching Contributions shall be credited to the
Participant's Account in respect of such contributions for a Plan Year under
this Section 3.3 (and may only be credited to the extent permitted under Section
3.2 above).

         3.4    401(a)(17) Deferral. Each Participant's Compensation for a Plan
Year shall be reduced on a pre-tax basis by the amount of the 401(a)(17)
Deferral credited to such Participant under the Plan for the Plan Year,
determined as follows:

            (a) Prior Programs. The amount of 401(a)(17) Deferral credited to a
Participant's Account for any Plan Year under the Prior Programs was equal to a
percentage of the Participant's Earnings (up to three percent (3%)) that would
have been allocated to PESP but for the application of the Code Compensation
Limit for such Plan Year.

            (b) 401(a)(17) Deferral Requirements Effective Plan Year 2001.
Effective for Plan Years beginning on or after January 1, 2001, the amount of
401(a)(17) Deferral that may be credited to a Participant's Account will be
equal to a percentage of the Participant's Earnings that would have been
allocated to PESP on the Participant's behalf as Before-Tax Contributions but
for the application of the Code Compensation Limit for such Plan Year. Such
percentage (up to four percent (4%) of Earnings shall be selected at the
direction of the Participant (in a form specified by the Committee or its
designee).

            3.5 401(a)(17) Matching Contribution. The amount of 401(a)(17)
Matching Contribution that shall be credited to a Participant's Account for any
Plan Year shall be equal to the amount of 401(a)(17) Deferral, if any, credited
to his or her Account for the same Plan Year under Section 3.4 herein; provided,
however, that if a Participant's Earnings are not reduced by 401(a)(17) Deferral
during the last month of the Plan Year due to the Employer's failure to timely
commence payroll deductions, such Participant shall still be credited with
401(a)(17) Matching Contribution in the amount that would

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have been credited if such 401(a)(17) Deferral had been timely deducted from the
Participant's paycheck.

         3.6      Vesting. A Participant shall be fully vested in all amounts
credited to his or her Account under the Plan (including, but not limited to,
amounts credited to his or her Account under the terms of the Prior Plans).

         3.7      No Impact on Other Benefits. Amounts credited to a
Participant's Account under this Article III shall not be included in a
Participant's Compensation for purposes of calculating benefits under any other
program, plan or arrangement sponsored by an Employer, unless such program, plan
or arrangement expressly provides that such amount credited to a Participant
under this Plan shall be included.

                                   ARTICLE IV

                     VALUATION AND INTEREST ON CONTRIBUTIONS

         4.1      Crediting of Contributions. 415 Deferral, 415 Matching
Contribution, 415 Crossover Matching Contributions, 401(a)(17) Deferral, and
401(a)(17) Matching Contribution shall be credited to a Participant's Account as
soon as practicable after the end of each payroll period, and at the same time
such amount would have been contributed to the Participant's respective PESP
Accounts.

         4.2      Interest. Amounts credited to a Participant's Account shall
begin to accrue interest on the date such amounts are credited under the Plan
and continue to accrue interest until the date such amounts are distributed to
the Participant. Interest shall be computed at a rate equal to the interest rate
credited to The Prudential Fixed Rate Fund under PESP. The Company reserves the
right to change the interest rate for future periods at any time by amendment to
the Plan.

         4.3      Valuation. A Participant's Account under the Plan shall be
valued (including the crediting of interest under section 4.2 herein) daily.

                                    ARTICLE V

                            PAYMENT OF PLAN BENEFITS

         5.1      General Provision. Except as provided in Section 5.2 herein, a
Participant's Account shall be paid to such Participant in a lump sum within
sixty (60) days following his or her Termination of Employment, or as soon as
practicable thereafter; provided that, upon the death of a Participant, such
Account shall to the extent remaining unpaid, be paid to such Participant's
Beneficiary as designated or otherwise

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determined under PESP in a lump sum within sixty (60) days following the
Participant's death, or as soon as practicable thereafter.

         5.2      Incapacity of Recipient. If a Participant or other
beneficiary entitled to a distribution under the Plan is living under
guardianship or conservatorship, distributions payable under the terms of the
Plan to such Participant or beneficiary shall be paid to the appointed guardian
or conservator and such payment shall be a complete discharge of any liability
of the Company or any other Employer under the Plan.

                                   ARTICLE VI

                           ADMINISTRATION OF THE PLAN

         6.1      Administration of the Plan.

              (a) The Plan shall be administered by the Committee. The Committee
shall maintain such procedures and records as will enable the Committee to
determine the Participants and their beneficiaries who are entitled to receive a
benefit under the Plan and the amounts thereof.

              (b) The Executive Vice President of Human Resources of the Company
may, in his or her sole discretion, (i) exercise the authority of the Committee
and act as the Committee in administering the Plan, or (ii) designate either the
Vice President - Total Compensation, or the Vice President - Employee Benefits
of the Company to exercise the authority of the Committee and act as the
Committee in administering the Plan on his or her behalf.

         6.2      General Powers of Administration.

              (a) The Committee or its designee shall have the exclusive right,
power and authority to interpret, in its sole discretion, any and all of the
provisions of the Plan; and to consider and decide conclusively any questions
(whether of fact or otherwise) arising in connection with the administration of
the Plan or any ultimate claim for benefits arising under the Plan. The Appeals
Committee (as defined under PESP) shall be responsible for the claims and
appeals procedures under this Plan, subject to the ultimate review of the
Committee or its designee. Any decision or action of the Committee shall be
conclusive, final and binding.

              (b) Provisions set forth in PESP with respect to the claims and
appeals procedures, and immunities of the Appeals Committee (as defined in
PESP), shall also be applicable with respect to the Plan.

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         6.3      Beneficiary Designation.  Any designation by a Participant of
a beneficiary under PESP, or determination of a beneficiary under PESP, shall
also apply for purposes of this Plan.

                                   ARTICLE VII

                            AMENDMENT AND TERMINATION

         7.1      Amendment and Termination.

              (a) The Company reserves the right to amend or terminate the Plan
in any respect and at any time, and may do so pursuant to a written resolution
of the Compensation Committee of the Board of Directors; provided, however, that
(i) no amendment or termination of the Plan shall directly or indirectly reduce
the amount credited to any Participant's Account under the Plan as of the
adoption of such amendment or termination of the Plan (or, if later, the
effective date of such amendment or termination of the Plan) and (ii) with
respect to any acceleration of payments from the Plan to Participants (or their
beneficiaries) that may be provided for by the Compensation Committee of the
Board of Directors in accordance with the provisions of Section 7.2, no such
acceleration of payments shall be deemed a direct or indirect reduction of
amounts credited to any Participant's Account for these purposes.

              (b) The Executive Vice President of Human Resources of the Company
may adopt minor amendments to the Plan without approval by the Compensation
Committee of the Board of Directors that (i) are necessary or advisable for
purposes of compliance with applicable laws and regulations, (ii) relate to
administrative practices, or (iii) have an insubstantial financial effect on
Plan benefits and expenses.

         7.2      Effect of Termination. Upon termination of the Plan,
distribution of each Participant's Account under the Plan shall be made to the
Participant (or his or her beneficiary) in the manner and at the time described
in Article [V] of the Plan unless the resolution of the Compensation Committee
of the Board of Directors specifies another time and manner of distribution. No
additional contributions shall be credited under the Plan, but interest shall
continue to be credited hereunder until the full amount has been distributed to
the Participant (or his or her beneficiary).

                                  ARTICLE VIII

                               GENERAL PROVISIONS

         8.1      Participant's Rights Unsecured and Unfunded. This Plan is both
an "excess benefit Plan" (as defined under ERISA Section 3(36)) and an unfunded
plan maintained primarily to provide deferred compensation benefits for a select
group of management or highly-compensated employees within the meaning of
Sections 201,301

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and 401 of ERISA, and therefore is exempt from the provisions of Parts 2,3 and 4
of Title I of ERISA. Accordingly, no assets of the Company shall be segregated
or earmarked to represent the liability for accrued benefits under the Plan.
Amounts referenced in Participant Account statements are only recordkeeping
devices reflecting such liability for accrued benefits. The right of a
Participant (or his or her Beneficiary) to receive a payment hereunder shall be
an unsecured claim against the general assets of the Company. All payments under
the Plan shall be made from the general funds of the Company. The Company is not
required to set aside money or any other property to fund its obligations under
the Plan, and all amounts that may be set aside by the Company prior to the
distribution of Account balances under the terms of the Plan remain the property
of the Company.

         Notwithstanding the foregoing, nothing in this Section 8.1 shall
preclude the Company, in its sole discretion, after the Effective Date from
establishing a "rabbi trust" or other vehicle in connection with the operation
of this Plan, provided that no such action shall cause the Plan to fail to be an
unfunded plan designed to satisfy the requirements of ERISA Section 3(36) or
provide deferred compensation benefits for a select group of management or
highly-compensated employees for purposes within the meaning of Title I of
ERISA.

         8.2      No Guarantee of Benefits. Nothing contained in the Plan shall
constitute a guaranty by an Employer or any other person or entity that the
assets of the Company will be sufficient to pay any benefit hereunder.

         8.3      No Enlargement of Employee Rights. Participation in the Plan
shall not be construed to give any Participant the right to be retained in the
service of any Employer.

         8.4      Non-Alienation Provision. No interest of any person or entity
in, or right to receive a benefit or distribution under, the Plan shall be
subject in any manner to sale, transfer, assignment, pledge, attachment,
garnishment, or other alienation or encumbrance of any kind; nor may such
interest or right to receive a distribution be taken, either voluntarily or
involuntarily for the satisfaction of the debts of, or other obligations or
claims against, such person or entity, including claims for alimony, support,
separate maintenance and claims in bankruptcy proceedings.

         8.5      Applicable Law. The Plan shall be construed and administered
under the laws of the State of New Jersey, except to the extent that such laws
are preempted by ERISA.

         8.6      Taxes. To the extent required by law, amounts accrued under
the Plan shall be subject to federal social security and unemployment taxes
during the year the services giving rise to such amounts were performed (or, if
later, when the amounts are both determinable and not subject to a substantial
risk of forfeiture). The Company shall

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withhold from any payments made pursuant to the Plan such amounts as may be
required by federal, state or local law.

         8.7      Excess Payments. If the compensation, years of service, age,
or any other relevant fact relating to any person is found to have been
misstated, the Plan benefit payable by the Company to a Participant or
beneficiary shall be the Plan benefit which would have been provided on the
basis of the correct information. Any excess payments due to such misstatement,
or due to any other mistake of fact or law, shall be refunded to the Company or
withheld by it from any further amounts otherwise payable under the Plan.

         8.8      Data. Each Participant or beneficiary shall furnish the
Committee with all proofs of dates of birth and death and proofs of continued
existence necessary for the administration of the Plan, and the Company shall
not be liable for the fulfillment of any Plan benefits in any way dependent upon
such information unless and until the same shall have been received by the
Committee in form satisfactory to it.

         8.9      Usage of Terms and Headings. Words in the masculine gender
shall include the feminine and the singular shall include the plural, and vice
versa, unless qualified by the context. Any headings are included for ease of
reference only, and are not to be construed to alter the terms of the Plan.

         IN WITNESS WHEREOF, the undersigned, pursuant to the authorization
granted to her by the Compensation Committee of the Board of Directors on
January 9, 2001, hereby establishes the Prudential Supplemental Employee Savings
Plan, effective as of January 1, 2001.

                                       /s/ Michele S. Darling
                                       ------------------------
                                       Michele S. Darling
                                       Executive Vice President, Human Resources
                                       The Prudential Insurance Company
                                        of America

Date:  January 26, 2001

                                       12<PAGE>

                                                                    Exhibit 10.5

                 PRUDENTIAL SEVERANCE PLAN FOR SENIOR EXECUTIVES
                 (Amended and Restated as of February 12, 2002)

         The Prudential Severance Plan for Senior Executives (the "Plan") was
established by The Prudential Insurance Company of America (the "Company"),
effective as of June 16, 2000, and is hereby amended and restated as of February
12, 2002. The Plan is intended to be, and shall be administered as, an employee
welfare benefit plan as defined in Section 3(1) of the Employee Retirement
Income Security Act of 1974, as amended.

                               Section 1 - Purpose

         1.1 Except as otherwise provided in the Plan, this Plan does not
provide severance pay to any terminated Employee as a matter of right, and
neither the Company nor any Affiliated Company otherwise provides severance pay
to terminated Employees as a matter of right.

         1.2 Except as otherwise provided in the Plan, whether or not severance
pay, if any, is to be paid to a terminated Employee is a matter solely within
the discretion of the Company.

         1.3 The purpose of this Plan is to define those circumstances under
which the Company may pay severance to Eligible Employees.

                             Section 2 - Definitions

         2.1 "Affiliated Company" means any corporation which is a member of a
controlled group of corporations (within the meaning of Section 414(b) of the
Code) which includes the Company, any trade or business (whether or not
incorporated) which is under common control with the Company (within the meaning
of Section 414(c) of the Code), any organization included in the same affiliated
service group (within the meaning of Section 414(m) of the Code) as the Company,
and any other entity required to be aggregated with the Company pursuant to
regulations promulgated under Section 414(o) of the Code. Any such entity shall
be treated as an Affiliated Company only for the period while it is a member of
the controlled group or considered to be in such common control group.

         2.2 "Appeals Committee" means the committee composed of three or more
employees, one of whom shall be Chairperson, which shall review and make
decisions on all appeals on claims for benefits pursuant to Section 5.3(b) of
the Plan. The Executive Vice President of Human Resources of the Company (or
successor to the duties of that office) shall designate the individual who shall
be the Chairperson and the Chairperson shall designate the remaining members of
the Appeals Committee, provided that no one may be a member of the Appeals
Committee if he or she is also a member of the Claims Committee.

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         The Chairperson may resign by delivering his or her written resignation
to the Executive Vice President of Human Resources of the Company, and the
Executive Vice President of Human Resources of the Company may remove the
Chairperson at any time by written notice to the Chairperson. Any member of the
Appeals Committee, other than the Chairperson, may resign by delivering his or
her written resignation to the Chairperson, and the Chairperson may remove any
such member of the Appeals Committee at any time by written notice to such
member. Vacancies shall be filled promptly by the Executive Vice President of
Human Resources of the Company or the Chairperson, as applicable.

         2.3 "Base Pay" means Base Pay as defined in Section 2704(b) of the
Prudential Retirement Plan, as of the date of the Eligible Employee's Eligible
Termination.

         2.4 "Board" means the Board of Directors of the Company.

         2.5 "Cause" means the following (as determined by the Company it its
sole discretion): dishonesty, fraud or misrepresentation; inability to obtain or
retain appropriate licenses; violation of any rule or regulation of any
regulatory agency or self-regulatory agency; violation of any policy or rule of
the Company or any Affiliated Company; commission of a crime; or any act or
omission detrimental to the conduct of the business of the Company or any
Affiliated Company.

         2.6 "Claims Committee" means the committee composed of three or more
employees, one of whom shall be Chairperson, which shall review and make
decisions on all claims for benefits pursuant to Section 5.3(a) of the Plan. The
Executive Vice President of Human Resources of the Company (or successor to the
duties of that office) shall designate the individual who shall be the
Chairperson and the Chairperson shall designate the remaining members of the
Claims Committee, provided that no one may be a member of the Claims Committee
if he or she is also a member of the Appeals Committee.

         The Chairperson may resign by delivering his or her written resignation
to the Executive Vice President of Human Resources of the Company, and the
Executive Vice President of Human Resources of the Company may remove the
Chairperson at any time by written notice to the Chairperson. Any member of the
Claims Committee, other than the Chairperson, may resign by delivering his or
her written resignation to the Chairperson, and the Chairperson may remove any
such member of the Claims Committee at any time by written notice to such
member. Vacancies shall be filled promptly by the Executive Vice President of
Human Resources of the Company or the Chairperson, as applicable.

         2.7 "Code" means the Internal Revenue Code of 1986, as amended.

         2.8 "Company" means The Prudential Insurance Company of America.

                                        2

<PAGE>

         2.9  "Eligible Compensation" means the sum of the following for the
Eligible Employee as of the date of the Eligible Termination:

              (i)   Base Pay;

              (ii)  the total of the most recent three years' annual incentive
payments, if any, made to the Eligible Employee under The Prudential Annual
Incentive Plan, as amended (or the equivalent thereof as determined by the
Company in its sole discretion), divided by three; provided, however, that if
the Eligible Employee has been eligible for only one or two such payments during
such recent three-year period, the total of such payments shall be divided by
one or two, respectively, instead of three; and provided further, however, that
if, in any of such years being considered, the Eligible Employee has been
eligible to be considered for the payment of such an amount and such amount is
determined to be zero under such plan, such zero amount will be counted for the
purpose of this calculation; and

              (iii) the amount, if any, that would be payable to the Eligible
Employee at plan under the Prudential Long-Term Performance Unit Plan that is
payable immediately after the date of the Eligible Employee's Eligible
Termination.

         2.10 "Eligible Employee" means an Employee of a Participating Company
who at the time he or she incurs an Eligible Termination is an Employee
performing services in the United States for a Participating Company.

         2.11 "Eligible Termination" means an Employee's involuntary termination
of employment with a Participating Company due to (i) the closing of an office
or business location, (ii) a reduction in force, (iii) a downsizing, (iv) the
restructuring, reorganization or reengineering of a business group, unit or
department, or (v) a job elimination; provided, however, that a termination of
employment with a Participating Company for any of the following reasons shall
not constitute an Eligible Termination:

         (A)  transfer of any Employee to any (1) Affiliated Company, or (2)
entity which is controlled by the Company through the ownership of a majority of
its voting stock (or other equivalent ownership interest), either directly or
indirectly through one or more intermediaries;

         (B)  voluntary termination of employment, unless the termination
results from:

              (1)   the Employee's participation in a voluntary separation
                    program of a business group, unit or department; or

              (2)   the Employee's rejection of an offer of a new job with the
                    Company, an Affiliated Company or an entity which is
                    controlled by the Company through the ownership of a
                    majority of its voting stock (or other equivalent ownership
                    interest), either directly or indirectly through one or more
                    intermediaries, under circumstances where his or her current
                    job is no longer available (such as, the job was eliminated,

                                        3

<PAGE>

                    the job or its scope was changed significantly, or the
                    business location of the job has changed), where

                      (a)   the new position has base salary plus

                              (I)   annual bonus at par if this position has a
                                    level number or
                              (II)  50% of the incentive opportunity range for
                                    the annual bonus if this position has a
                                    grade number

                      (or the equivalent thereof) of less than 80% of the base
                      salary plus

                              (X)   annual bonus at par if his or her job has a
                                    level number or
                              (Y)   50% of the incentive opportunity range for
                                    the annual bonus if his or her job has a
                                    grade number

                      (or the equivalent thereof) of the current job, or

                      (b)   the following conditions are met: (I) the commuting
                            distance from the center of the Employee's town of
                            residence to the center of town of the new job's
                            location is more than 49 miles, and (II) such
                            commuting distance as determined under Section
                            (B)(2)(b)(I) of the Plan is more than (x) 25 miles
                            farther than the commuting distance from the center
                            of the Employee's town of residence to the center of
                            town of the current job's location or (y) 99 miles,

                  as determined by the Company in its sole discretion;

         (C)  voluntary retirement;
         (D)  death;
         (E)  Cause;
         (F)  inability to perform the basic requirements of his or her position
with or without reasonable accommodation due to physical or mental incapacity
and after the Employee's short-term disability benefits have expired under the
terms of The Prudential Welfare Benefits Plan; or
         (G)  failure to return from an approved leave of absence.

Except as otherwise provided in Appendix B of the Plan, Eligible Termination
also shall not include an Employee's termination of employment with a
Participating Company as a result of a court decree, outsourcing, sale (whether
in whole or in part, of stock or assets), merger or other combination, spin-off,
reorganization, or liquidation, dissolution or other winding up involving any
Participating Company if such Employee receives a job offer

                                        4

<PAGE>

from any employer that is involved in such outsourcing, sale, merger or other
combination, spin-off, reorganization, or liquidation, dissolution or other
winding up.

         2.12 "Employee" means any individual who is compensated by the Company
or an Affiliated Company for services actually rendered as a regular full-time
or regular part-time (but not a temporary) common law employee and who, at the
time of the Eligible Termination, has attained one of the following levels or
grades at the Company (or the equivalent of such level or grade as determined by
the Company in its sole discretion): a level 82 or a grade 5, a level 84 or a
grade 4, or a level 86 or a grade 3 or 2; provided, however, that:

         (i)   any such employee (A) who is a sales employee covered by the
               terms of a collective bargaining agreement, (B) who is a
               non-management sales force employee employed in Individual
               Financial Services Retail and/or Prudential Property and Casualty
               Insurance Company and/or its affiliates (or in any successor
               organizations thereto) and who (I) is in training,
               pre-production, or (II) has been appointed to sell Company
               products, (C) who is a marketing assistant employed in Individual
               Financial Services Retail and/or Prudential Property and Casualty
               Insurance Company and/or its affiliates (or in any successor
               organizations thereto), or (D) whose level or grade at the
               Company or at an Affiliated Company is more senior than level 86
               or grade 2 at the Company (or its equivalent as determined by the
               Company in its sole discretion);
         (ii)  any individual who performs services for the Company or an
               Affiliated Company but is not treated by the Company or the
               Affiliated Company, as the case may be, at the time of
               performance of services as an employee for federal tax purposes
               (regardless of any subsequent recharacterization); and
         (iii) any statutory employee of the Company or an Affiliated Company
               under Code Section 3121(d)(3);

shall not be an Employee (or eligible for benefits) under the Plan.

         2.13 "ERISA" means the Employee Retirement Income Security Act of 1974,
as amended.

         2.14 "Participating Company" means (a) the Company, (b) any U.S.
Affiliated Company that (i) participates in The Prudential Retirement Plan, or
(ii) adopts the Plan by action of its own board of directors (or if the
Affiliated Company does not have a board of directors, by other appropriate
action), with the consent of the Company, and (c) The WMF Group, Ltd. or its
successor that is a U.S. Affiliated Company.

         2.15 "Plan" means this Prudential Severance Plan for Senior Executives,
as from time to time amended.

         2.16 "Prudential Retirement Plan" means The Prudential Retirement Plan
Document, a component of The Prudential Merged Retirement Plan, as amended, but
not

                                        5

<PAGE>

including the Prudential Securities Incorporated Cash Balance Pension Plan
Document, a component of The Prudential Merged Retirement Plan.

         2.17 "Agreement and General Release" means a written document that
includes a release of rights and claims from an Eligible Employee in a form that
is satisfactory to, and approved by, the Company.

         2.18 "Severance Pay" means the amount, if any, payable under Section 4
of the Plan to an Eligible Employee.

         2.19 "Week of Eligible Compensation" means one fifty-second (1/52) of
the Eligible Employee's Eligible Compensation.

                       Section 3 - Grant of Severance Pay

         3.1  As to each Eligible Employee who has an Eligible Termination,
Severance Pay will be granted to such Eligible Employee in an amount determined
in accordance with Section 4.1 or Section 4.2 of the Plan, as the case may be.

         3.2  As to each Eligible Employee who has an Eligible Termination, the
determination of whether Severance Pay in addition to that provided under
Section 4.2(i) of the Plan will be granted to any Eligible Employee (or category
or group of Eligible Employees as defined by the Company) shall be made in the
sole discretion of the Company; provided, however, that as to an Eligible
Employee who is a level 82 or a grade 5, or a level 84 or a grade 4 at the
Company (or the equivalent of each such level or grade as determined by the
Company in its sole discretion) at the time of the Eligible Termination, in the
event that the Compensation Committee of the Board has reserved this discretion
to itself by means of a written resolution in accordance with the requirements
of the Company's by-laws and the Plan, such determination shall be made in the
sole discretion of the Compensation Committee of the Board; and provided
further, however, that as to an Eligible Employee who is a level 86 or a grade 3
or 2 at the Company (or the equivalent of such level or grade as determined by
the Company in its sole discretion) at the time of the Eligible Termination, in
the event that the Board has reserved this discretion to itself by means of a
written resolution, such determination shall be made in the sole discretion of
the Board.

         3.3  Agreement and General Release. Any Severance Pay payable to an
Eligible Employee under the Plan shall be conditioned upon the Eligible Employee
signing an Agreement and General Release and not exercising his or her right of
revocation under the Agreement and General Release. Any grant of Severance Pay
shall be null and void upon an Eligible Employee's failure to sign, or
subsequent revocation of, such Agreement and General Release. Any breach by an
Eligible Employee of an Agreement and General Release upon which any grant of
Severance Pay has been conditioned shall give the Company the right to terminate
any payment otherwise due

                                        6

<PAGE>

and/or to the return of such Severance Pay, in addition to any other remedy
the Company may have.

              Section 4 - Determination of Amount of Severance Pay

         4.1  Amount of Severance Pay from Schedule. Except as otherwise
provided in Section 4.2 and/or Section 4.3 of the Plan, as to each Eligible
Employee who has an Eligible Termination, Severance Pay will be granted to such
Eligible Employee in an amount equal to the product of the Eligible Employee's
Week of Eligible Compensation and the number of weeks determined in accordance
with the schedule in Appendix A of the Plan (with the result rounded up to the
next higher $100 increment, unless the result is already a multiple of $100).

         4.2  Minimum Amount of Severance Pay. Except as otherwise provided in
Section 4.3 of the Plan, if the total amount of Severance Pay determined under
Section 4.2(i) and Section 4.2(ii) of the Plan exceeds the amount of Severance
Pay otherwise determined under Section 4.1 of the Plan, such greater amount
shall be payable to the Eligible Employee.

         (i)  Under the Schedule. As to each Eligible Employee who has an
Eligible Termination, Severance Pay will be granted to such Eligible Employee in
an amount equal to the product of the Eligible Employee's Week of Eligible
Compensation and the number of weeks determined in accordance with the following
schedule (with the result rounded up to the next higher $100 increment, unless
the result is already a multiple of $100):

     ---------------------------------------------------------------------
           LEVEL OR GRADE AT THE
                  COMPANY
            (OR ITS EQUIVALENT)                  NUMBER OF WEEKS
     ---------------------------------------------------------------------
            Level 82 or Grade 5                         52
     ---------------------------------------------------------------------
            Level 84 or Grade 4                         52
     ---------------------------------------------------------------------
          Level 86 or Grade 3 or 2                      52
     ---------------------------------------------------------------------

         (ii) Discretionary Amount. As to each Eligible Employee who has an
Eligible Termination, the Company shall determine, in its sole discretion, the
amount of Severance Pay, if any, in addition to that provided under Section
4.2(i) of the Plan that shall be granted to an Eligible Employee, subject to the
following limitation: such additional Severance Pay shall not exceed the product
of the Eligible Employee's Week of Eligible Compensation and 26; provided,
however, that as to an Eligible Employee who is a level 82 or a grade 5, or a
level 84 or a grade 4 at the Company (or the equivalent of each such level or
grade as determined by the Company in its sole discretion) at the time of the
Eligible Termination, in the event that the Compensation Committee of the Board
has reserved this discretion to itself by means of a written resolution in
accordance with the requirements of the Company's by-laws and the Plan, such
determination shall be made in the sole discretion of the Compensation Committee

                                        7

<PAGE>

of the Board; and provided further, however, that as to an Eligible Employee who
is a level 86 or a grade 3 or 2 at the Company (or the equivalent of such level
or grade as determined by the Company in its sole discretion) at the time of the
Eligible Termination, in the event that the Board has reserved this discretion
to itself by means of a written resolution, such determination shall be made in
the sole discretion of the Board.

         4.3 Offsets and Maximum Amount of Severance Pay. Any Severance Pay
payable under Section 4.1 or Section 4.2 of the Plan, as the case may be, shall
be reduced by the following (with the result rounded up to the next higher $100
increment, unless the result is already a multiple of $100):

             (i)    as to any Eligible Employee who has attained eligibility for
                    an Additional Retirement Benefit under Article XXVII of the
                    Prudential Retirement Plan, the Base Amount of such
                    Additional Retirement Benefit as defined in Section 2704(a)
                    under the Prudential Retirement Plan;

             (ii)   any severance payment under the Prudential Severance Plan
                    and/or the Prudential Severance Plan for Executives;

             (iii)  as to any Eligible Employee who is employed in the
                    Alternative Dispute Resolution area of the Policyowner
                    Relations Division of Operations and Systems and has
                    received a completion bonus, the amount of such completion
                    bonus; and

             (iv)   any separation or other similar benefits of any kind from
                    the Company or any Affiliated Company or any plan or program
                    sponsored by the Company or any Affiliated Company
                    (including, but not limited to, any separation provisions
                    under an employment agreement and/or an offer letter);

for the same or a previous termination of employment, as determined by the
Company in its sole discretion; provided, however, that any such reduction will
not be made more than once under the Plan and under any other separation or
other similar benefits of any kind from the Company or any Affiliated Company or
any plan or program sponsored by the Company or any Affiliated Company
(including, but not limited to, the Prudential Severance Plan, the Prudential
Severance Plan for Executives and any separation provisions under an employment
agreement and/or an offer letter), as determined by the Company in its sole
discretion.

Notwithstanding anything to the contrary in the Plan, in no event, however, may
the Severance Pay granted to any Eligible Employee under the Plan (and under any
other plan or program of the Company and/or a Participating Company that
provides severance benefits, including, but not limited to, the Prudential
Severance Plan and/or the Prudential Severance Plan for Executives, as
determined by the Company in its sole discretion) for a given Eligible
Termination exceed the maximum permitted for employee welfare benefit

                                        8

<PAGE>

plans such as the Plan under Section 2510.3-2(b)(1)(ii) of Title 29 of the Code
of Federal Regulations (or any successor thereto).

         4.4 Reductions of Severance Pay. Any Severance Pay which the Company
may grant to an Eligible Employee may, in the sole discretion of the Company, be
reduced by any amounts owed by the Eligible Employee to the Company or the
Participating Company. The Eligible Employee's right to receive such Severance
Pay is conditioned upon his or her agreement to execute any documents deemed
necessary or appropriate by the Company to reduce the Severance Pay by any such
amounts owed.

         4.5 Repayment of Severance Pay upon Rehire. If an Eligible Employee who
has incurred an Eligible Termination and been granted Severance Pay is rehired
by any Participating Company or Affiliated Company, the payment of Severance Pay
shall terminate immediately on the date of such rehire, and the Company may, in
its sole discretion, require the Eligible Employee to return any or all amounts
of Severance Pay that have been paid to the Eligible Employee.

         4.6 Form of Payment of Severance Pay, and Taxes. Payment of any
Severance Pay will be made in a lump sum as soon as practicable after the date
of the Eligible Employee's Eligible Termination, but not sooner than after
receipt by the Company of a fully executed Agreement and General Release and the
exhaustion of any revocation period thereunder. The Participating Company shall
withhold from any payments made pursuant to the Plan such amounts as may be
required by federal, state or local law.

                  Section 5 - Interpretation and Administration

         5.1 The Claims Committee shall administer the Plan (except as otherwise
provided in the Plan). The Company and/or the Claims Committee, as the case may
be, shall maintain such procedures and records as each deems necessary or
appropriate. The plan year for keeping the records of the Plan shall be the
calendar year. Notwithstanding anything in the Plan to the contrary, whenever
the Company takes any action under the Plan, it shall do so as an exercise of a
settlor function and shall not be acting as a fiduciary.

         5.2 The Claims Committee, which shall be the Plan administrator, shall
have the exclusive right, power and authority to interpret, in its sole
discretion, any and all provisions of the Plan; and to consider and decide
conclusively any questions (whether of fact or otherwise) arising in connection
with the administration of the Plan or any claim for Severance Pay arising under
the Plan. Any decision or action of the Company or the Claims Committee, as the
case may be, shall be conclusive and binding.

         5.3 (a) Claims. All inquiries and claims respecting the Plan shall be
in writing directed to the Claims Committee at such address as may be specified
from time to time. In accordance with Section 5.4 of the Plan, the Claims
Committee may appoint itself, one or more of its number, or any employee in the
Human Resources Department

                                        9

<PAGE>

of the Company to hear claims for benefits. In the case of a claim respecting
benefits paid or payable to an Eligible Employee, a written determination
granting or denying the claim shall be furnished to the claimant within 90 days
of the date on which the claim is filed. If special circumstances, including,
but not limited to, the advisability of a hearing, require a longer period, the
claimant will be notified in writing, prior to the expiration of the 90-day
period, of the reasons for an extension of time; provided, however, that no
extensions will be permitted beyond 90 days after expiration of the initial
90-day period. A denial or partial denial of a claim shall be dated and signed
by the Claims Committee and shall clearly set forth the following information:

         (i)   the specific reason or reasons for the denial;
         (ii)  specific reference to pertinent Plan provisions on which the
denial is based;
         (iii) a description of any additional material or information necessary
for the claimant to perfect the claim and an explanation of why such material or
information is necessary; and
         (iv)  an explanation of the review procedure set forth in Section
5.3(b) of the Plan.

If no written determination is furnished to the claimant, then the claim shall
be deemed denied and the review procedure described in Section 5.3(b) of the
Plan will become available to the claimant.

         (b)   Appeals. A claimant may obtain review of an adverse benefit
determination by filing a written notice of appeal with the Appeals Committee
within sixty (60) days after the determination date or, if later, within sixty
(60) days after the receipt of a written notice denying the claim. Thereupon the
Appeals Committee shall appoint one or more persons in accordance with Section
5.4 of the Plan who shall conduct a full and fair review, which shall include
the appellant's right:

         (i)   to be represented by a spokesman;
         (ii)  to present a written statement of facts and of the appellant's
interpretation of any pertinent document, statute or regulation; and
         (iii) to receive a prompt written decision clearly setting forth
findings of fact and the specific reasons for the decision written in a manner
calculated to be understood by the appellant and containing specific references
to pertinent Plan provisions on which the decision is based.

A decision shall be rendered no more than sixty (60) days after receipt of the
request for review, except that such period may be extended for an additional
sixty (60) days if the person or persons reviewing the appeal determine that
special circumstances, including, but not limited to, the advisability of a
hearing, require such extension. The Appeals Committee may appoint itself, one
or more of its number, or any other person or persons whether or not connected
with the Company to review an appeal, in accordance with Section 5.4 of the
Plan.

                                       10

<PAGE>

         (c) Claimants must follow the claims procedures described in Sections
5.3(a) and 5.3(b) of the Plan before taking action in any other forum regarding
a claim for benefits under the Plan. Any suit or legal action initiated by a
claimant under the Plan must be brought by the claimant no later than one year
following a final decision on the claim for benefits by the Claims Committee
(including the decision on any appeal of the claim by the Appeals Committee).
This one-year statute of limitations on suits for benefits shall apply in any
forum where a claimant initiates such suit or legal action.

         5.4 The Company pursuant to action by the Executive Vice President of
Human Resources of the Company (or successor thereto), the Claims Committee and
the Appeals Committee shall each have the power to delegate their respective
responsibilities under the Plan to one or more of its members or officers, as
the case may be, or to employees or to other individuals or organizations, as
the case may be, by notifying them as to the duties and responsibilities
delegated. Each person to whom responsibilities are so delegated shall serve at
the pleasure of the entity or person making the delegation and, if an Employee,
without payment of additional compensation for such services. Any such person
may resign by delivering a written resignation to the entity or person that made
the delegation. Vacancies created by resignation, death or other cause may be
filled by the entity or person that made the delegation or the assigned
responsibility may be reassumed or redelegated by such entity or person.

                      Section 6 - Amendment and Termination

         6.1 The Company shall have the right to amend or terminate the Plan in
any respect and at any time without notice, and may do so pursuant to a written
resolution of the Compensation Committee of the Board.

         6.2 The Executive Vice President of Human Resources of the Company (or
successor thereto) or the Company's delegate or delegates appointed by such
officer in accordance with Section 5.4 of the Plan may, without approval of the
Compensation Committee of the Board, adopt the following: (a) minor amendments
to the Plan that (i) are necessary or advisable for purposes of compliance with
applicable laws and regulations, (ii) relate to administrative practices, or
(iii) have an insubstantial financial effect on Plan benefits and expenses; and
(b) amendments to the provisions of the Plan that relate to eligibility and
Eligible Terminations, provided that each such amendment is deemed by him or her
to be necessary or advisable based on a review of the relevant facts and
circumstances and is consistent with the purposes of the Plan.

                         Section 7 - General Provisions

         7.1 Eligible Employee's Rights Unsecured and Unfunded. The Plan at all
times shall be entirely unfunded. No assets of any Participating Company shall
be segregated or earmarked to represent the liability for benefits under the
Plan. The right of an Eligible Employee to receive a payment hereunder shall be
an unsecured claim against the general assets of the Participating Company that
was the employer of such Eligible

                                       11

<PAGE>

Employee. All payments under the Plan shall be made from the general
assets of the Participating Company that was the most recent employer of the
Eligible Employee.

         7.2 No Guarantee of Benefits. Nothing contained in the Plan shall
constitute a guarantee by a Participating Company or any other person or entity
that the assets of the Participating Company will be sufficient to pay any
benefit hereunder.

         7.3 No Enlargement of Employee Rights. The existence of this Plan or
any payment of Severance Pay under the Plan shall not be deemed to constitute a
contract of employment between the Company or an Affiliated Company and any
Eligible Employee, nor shall it constitute a right to remain in the employ of
the Company or an Affiliated Company. Employment with the Company or an
Affiliated Company is employment-at-will and either party may terminate the
Employee's employment at any time, for any reason, with or without cause or
notice.

         7.4 Non-Alienation Provision. Except as set forth in Section 4.4 of the
Plan, and subject to the provisions of applicable law, no interest of any person
or entity in, or right to receive a benefit or distribution under, the Plan
shall be subject in any manner to sale, transfer, assignment, pledge,
attachment, garnishment, or other alienation or encumbrance of any kind; nor may
such interest or right to receive a distribution be taken, either voluntarily or
involuntarily, for the satisfaction of the debts of, or other obligations or
claims against, such person or entity, including claims for alimony, support,
separate maintenance and claims in bankruptcy proceedings.

         7.5 Applicable Law. The Plan shall be construed and administered under
the laws of the State of New Jersey, except to the extent that such laws are
preempted by ERISA.

         7.6 Excess Payments. If compensation, years of service or any other
relevant fact relating to any person is found to have been misstated, the Plan
benefit payable by the Participating Company to an Eligible Employee shall be
the Plan benefit that would have been provided on the basis of the correct
information. Any excess payments due to such misstatement, or due to any other
mistake of fact or law, shall be refunded to the Participating Company or
withheld by it from any further amounts otherwise payable under the Plan.

         7.7 Impact on Other Benefits. Amounts paid under the Plan shall not be
included in an Eligible Employee's compensation for purposes of calculating
benefits under any other plan, program or arrangement sponsored by the Company
or a Participating Company, unless such plan, program or arrangement expressly
provides that amounts paid under the Plan shall be included.

         7.8 Usage of Terms and Headings. Words in the masculine gender shall
include the feminine and the singular shall include the plural, and vice versa,
unless

                                       12

<PAGE>

qualified by the context. Any headings are included for ease of reference only,
and are not to be construed to alter the terms of the Plan.

         7.9  Supersession. The Plan, along with the Prudential Severance Plan,
supersedes all statements, practices or policies, if any, with respect to
providing severance benefits to any Employee whose employment terminates on or
after June 16, 2000.

         7.10 Effective Date. The Plan shall be effective as to Eligible
Terminations that occur on or after June 16, 2000, and the Plan as amended and
restated shall be effective as to Eligible Terminations that occur on or after
February 12, 2002.

         IN WITNESS WHEREOF, The Prudential Insurance Company of America has
caused this restated Plan to be executed and adopted effective as of February
12, 2002.

                                 THE PRUDENTIAL INSURANCE COMPANY
                                 OF AMERICA

Dated:   August 9, 2002          By /s/ Sharon Taylor
                                    --------------------------------------------
                                          Sharon Taylor
                                          Senior Vice President, Human Resources

                                       13

<PAGE>

Appendix A - Schedule under Section 4.1 of the Prudential Severance Plan for
Senior Executives

    -------------------------------------------------------------------------
                 YEARS OF SERVICE*                      NUMBER OF WEEKS
    -------------------------------------------------------------------------
                     1 OR LESS                                 6
    -------------------------------------------------------------------------

                         2                                     6
    -------------------------------------------------------------------------

                         3                                     9
    -------------------------------------------------------------------------

                         4                                    12
    -------------------------------------------------------------------------

                         5                                    15
    -------------------------------------------------------------------------

                         6                                    18
    -------------------------------------------------------------------------

                         7                                    21
    -------------------------------------------------------------------------

                         8                                    24
    -------------------------------------------------------------------------

                         9                                    27
    -------------------------------------------------------------------------

                         10                                   30
    -------------------------------------------------------------------------

                         11                                   33
    -------------------------------------------------------------------------

                         12                                   36
    -------------------------------------------------------------------------

                         13                                   39
    -------------------------------------------------------------------------

                         14                                   42
    -------------------------------------------------------------------------

                         15                                   45
    -------------------------------------------------------------------------

                         16                                   48
    -------------------------------------------------------------------------

                         17                                   51
    -------------------------------------------------------------------------

                         18                                   54
    -------------------------------------------------------------------------

                         19                                   57
    -------------------------------------------------------------------------

                         20                                   60
    -------------------------------------------------------------------------

                         21                                   63
    -------------------------------------------------------------------------

                         22                                   66
    -------------------------------------------------------------------------

                         23                                   69
    -------------------------------------------------------------------------

                         24                                   72
    -------------------------------------------------------------------------

                         25                                   75
    -------------------------------------------------------------------------

                     26 OR MORE                               78
    -------------------------------------------------------------------------

 *Service is based on adjusted service date as defined in Section 402(e) of the
  Prudential Retirement Plan, and rounded up to the next full year of service.

                                       14

<PAGE>

     Appendix B - Special Rules Regarding Certain Terminations of Employment

         Outsourcing of Certain Human Resources Departments or Functions

         An Employee's involuntary termination of employment, effective in 2001,
         2002 or 2003, from the Human Resources Department or from other
         departments of a Participating Company as a result of the Exult
         outsourcing of such Human Resources departments or functions, shall
         constitute an Eligible Termination, provided that all other applicable
         provisions of Section 2.11 have been satisfied (including, but not
         limited to, Section 2.11(i) through (v) and Section 2.11(A) through
         (G)) as determined by the Company in its sole discretion.

                                       15

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