Document:

amendmentofdeferredcompplan.htm

                                                                                                                                EXHIBIT
10.5

    

     

    

     

    MOVADO
GROUP, INC.

     

    AMENDED
AND RESTATED

     

    DEFERRED
COMPENSATION PLAN FOR EXECUTIVES

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Effective
June 1, 1995

     

    Amended
and Restated Effective January 1, 1998

     

    Amended
and Restated Effective January 1, 2002

     

    Amended
and Restated Effective January 1, 2008

    
      
        
          
            	
                    NY717357.3

                    212281-10001

                  	 
      	 
      

          

          

        

         

      

      
         

        
          

        

      

      
         

      

    

    

     

    MOVADO
GROUP, INC.

     

    AMENDED
AND RESTATED

     

    DEFERRED
COMPENSATION PLAN FOR EXECUTIVES

     

    Table of
Contents

     

    Page

     

    ARTICLE
I

     

     

    Definitions

     

    
      	
              1.1

            	
              Account 

            	1

    

    
      	
              1.2

            	
              Administrator 

            	1

    

    
      	
              1.3

            	
              Affiliate 

            	1

    

    
      	
              1.4

            	
              Base
      Salary 

            	
              1

            

    

    
      	
              1.5

            	
              Base
      Salary Deferrals 

            	
              1

            

    

    
      	
              1.6

            	
              Bonus 

            	
              1

            

    

    
      	
              1.7

            	
              Bonus
      Deferrals 

            	
              1

            

    

    
      	
              1.8

            	
              Change
      in Control 

            	
              2

            

    

    
      	
              1.9

            	
              Class
      Year Account 

            	
              3

            

    

    
      	
              1.10

            	
              Code 

            	
              3

            

    

    
      	
              1.11

            	
              Company 

            	
              3

            

    

    
      	
              1.12

            	
              Company
      Stock 

            	
              3

            

    

    
      	
              1.13

            	
              Compensation 

            	
              3

            

    

    
      	
              1.14

            	
              Compensation
      Deferral Election 

            	
              3

            

    

    
      	
              1.15

            	
              Compensation
      Deferrals 

            	
              3

            

    

    
      	
              1.16

            	
              Effective
      Date 

            	
              4

            

    

    
      	
              1.17

            	
              Eligible
      Employee 

            	
              4

            

    

    
      	
              1.18

            	
              Employee 

            	
              4

            

    

    
      	
              1.19

            	
              Employers 

            	
              4

            

    

    
      	
              1.20

            	
              Employer
      Contribution 

            	
              4

            

    

    
      	
              1.21

            	
              ERISA 

            	
              4

            

    

    
      	
              1.22

            	
              Fair
      Market Value 

            	
              4

            

    

    
      	
              1.23

            	
              Group I
      Employee 

            	
              5

            

    

    
      	
              1.24

            	
              Group II
      Employee 

            	
              5

            

    

    
      	
              1.25

            	
              Matching
      Contribution 

            	
              5

            

    

    
      	
              1.26

            	
              Participant 

            	
              5

            

    

    
      	
              1.27

            	
              Plan 

            	
              5

            

    

    
      	
              1.28

            	
              Plan
      Year 

            	
              5

            

    

    
      	
              1.29

            	
              Total
      and Permanent Disability 

            	
              5

            

    

    
      	
              1.30

            	
              Trust 

            	
              5

            

    

    
      	
              1.31

            	
              Trustee 

            	
              5

            

    

    
      	
              1.32

            	
              Unforeseeable
      Emergency 

            	
              5

            

    

    
      	
              1.33

            	
              Year
      of Service 

            	
              6

            

    

     

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    ARTICLE
II

     

     

    Participation

     

    
      	
              2.1

            	
              Eligibility
      for Participation 

            	6

    

    
      	
              2.2

            	
              Commencement
      of Participation 

            	
              6

            

    

    
      	
              2.3

            	
              Benefits 

            	6

    

     

    ARTICLE
III

     

     

    Contributions

     

    
      	
              3.1

            	
              Compensation
      Deferrals 

            	
              7

            

    

    
      	
              3.2

            	
              Matching
      Contributions 

            	
              8

            

    

    
      	
              3.3

            	
              Company
      Stock 

            	
              8

            

    

    
      	
              3.4

            	
              Employer
      Contributions 

            	
              9

            

    

    
      	
              3.5

            	
              Time
      of Contributions 

            	
              9

            

    

    
      	
              3.6

            	
              Form
      of Contributions 

            	
              9

            

    

     

    ARTICLE
IV

     

     

    Vesting

     

    
      	
              4.1

            	
              Vesting 

            	
              10

            

    

     

    ARTICLE
V

     

     

    Accounts

     

    
      	
              5.1

            	
              Accounts 

            	
              11

            

    

    
      	
              5.2

            	
              Investments,
      Gains and Losses 

            	
              11

            

    

    
      	
              5.3

            	
              Forfeitures 

            	
              12

            

    

     

    ARTICLE
VI

     

     

    Distributions

     

    
      	
              6.1

            	
              Payment 

            	
              12

            

    

    
      	
              6.2

            	
              Commencement
      of Payment 

            	
              13

            

    

     

    ARTICLE
VII

     

     

    Beneficiaries

     

    
      	
              7.1

            	
              Beneficiaries 

            	
              14

            

    

    
      	
              7.2

            	
              Lost
      Beneficiary 

            	
              15

            

    

     

    ARTICLE
VIII

     

     

    Funding

     

    
      	
              8.1

            	
              Prohibition
      Against Funding 

            	
              15

            

    

    
      	
              8.2

            	
              Deposits
      in Trust 

            	
              16

            

    

    
      	
              8.3

            	
              Withholding
      of Employee Contributions 

            	
              16

            

    

     

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    ARTICLE
IX

     

     

    Claims
Procedure

     

    
      	
              9.1

            	
              General 

            	
              16

            

    

    
      	
              9.2

            	
              Claim
      Review 

            	
              16

            

    

    
      	
              9.3

            	
              Right
      of Appeal 

            	
              17

            

    

    
      	
              9.4

            	
              Review
      of Appeal 

            	
              17

            

    

    
      	
              9.5

            	
              Designation 

            	
              17

            

    

     

    ARTICLE
X

     

     

    Administration
of the Plan

     

    
      	
              10.1

            	
              Committee
      as Administrator 

            	
              17

            

    

    
      	
              10.2

            	
              Actions
      Taken by the Committee 

            	
              17

            

    

    
      	
              10.3

            	
              Bond
      and Compensation 

            	
              18

            

    

    
      	
              10.4

            	
              Duties
      of the Committee 

            	
              18

            

    

    
      	
              10.5

            	
              Employers
      to Furnish Information 

            	
              19

            

    

    
      	
              10.6

            	
              Expenses 

            	
              19

            

    

    
      	
              10.7

            	
              Indemnification 

            	
              19

            

    

     

    ARTICLE
XI

     

     

    General
Provisions

     

    
      	
              11.1

            	
              No
      Assignment 

            	
              19

            

    

    
      	
              11.2

            	
              No
      Employment Rights 

            	
              20

            

    

    
      	
              11.3

            	
              Incompetence 

            	
              20

            

    

    
      	
              11.4

            	
              Identity 

            	
              20

            

    

    
      	
              11.5

            	
              Amendment
      and Termination 

            	
              20

            

    

    
      	
              11.6

            	
              Employer
      Determinations 

            	
              21

            

    

    
      	
              11.7

            	
              Construction 

            	
              21

            

    

    
      	
              11.8

            	
              Governing
      Law 

            	
              21

            

    

    
      	
              11.9

            	
              Severability 

            	
              21

            

    

    
      	
              11.10

            	
              Headings

            	
              21

            

    

    
      	
              11.11

            	
              Terms

            	
              21

            

    

    
      	
              11.12

            	
              Top Hat Plan

            	
              21

            

    

    
      	
              11.13

            	
              Section 409A

            	
              21

            

    

     

    ARTICLE
XII

     

     

    Adoption

     

    
      	
              12.1

            	
              Execution 

            	
              22

            

    

    

    
      
        
          
            	
                    NY717357.3

                    212281-10001

                  	
                     

                  	 
      

          

          

        

         

      

      
        iii

        
          

        

      

      
         

      

    

    

     

    MOVADO
GROUP, INC.

     

    AMENDED
AND RESTATED

     

    DEFERRED
COMPENSATION PLAN FOR EXECUTIVES

     

    Movado
Group, Inc., a New York corporationand Movado Retail Group, Inc. a New Jersey
corporation, hereby adopt this Amended and Restated Movado Group, Inc. Deferred
Compensation Plan for Executives.

     

    ARTICLE
I

     

     

    Definitions

     

     

    1.1 Account.  The
bookkeeping account established for each Participant as provided in Section 5.1
hereof.

     

    1.2 Administrator.  The
committee appointed pursuant to ARTICLE X.

     

    1.3 Affiliate.  Any
entity (i) that directly or indirectly is controlled by, controls or is under
common control with the Company, or (ii) in which the Company has a significant
equity interest, in either case as determined by the Board.

     

    1.4 Base
Salary. The basic salary payable to a Participant by the Employers
attributable to services performed in a Plan Year.  Base Salary shall
only include regularly scheduled salary payable throughout the year, as
determined by the Employers.

     

    1.5 Base
Salary Deferrals.  The portion of Base Salary that a
Participant elects to defer under the Plan as part of a Compensation Deferral
Election.

     

    1.6 Bonus.  The
annual incentive bonus, if any, payable by the Employers to a Participant who is
not classified by the Employer as a sales executive, upon the satisfaction of
certain specified performance goals.

     

    1.7 Bonus
Deferrals.  The portion of Bonus that a Participant who is not
classified by the Employer as a sales executive elects to defer under the Plan
as part of a Compensation Deferral Election.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    1.8 Change
in Control.  The occurrence of:

     

    (i) the
acquisition by any individual, entity or group (within the meaning of Section
13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act")) (a "Person") of beneficial ownership (within the meaning of
Rule 13d-3 promulgated under the Exchange Act) of 30% or more (on a fully
diluted basis) of (A) the then outstanding shares of common stock of the
Company, taking into account as outstanding for this purpose such common stock
issuable upon the exercise of options or warrants, the conversion of convertible
stock or debt, and the exercise of any similar right to acquire such common
stock (the "Outstanding Company Common Stock") and (B) the combined voting power
of the then outstanding voting securities of the Company entitled to vote
generally in the election of directors (the "Outstanding Company Voting
Securities"); provided, however, that for purposes of the Plan, the following
acquisitions shall not constitute a Change in Control: (I) any acquisition by
the Company or any Affiliate, (II) any acquisition by any employee benefit plan
sponsored or maintained by the Company or any Affiliate, (III) any acquisition
by a "Permitted Transferee," as defined in the Company’s Certificate of
Incorporation, (IV) any acquisition which complies with clauses (A), (B) and (C)
of clause (v) of this Section 1.8, or (V) with respect to the Plan benefit of a
particular Participant, any acquisition by such Participant or any group of
persons including such Participant (or any entity controlled by such Participant
or any group of persons including such Participant);

     

    (ii) individuals
who, on the date hereof, constitute the Board (the "Incumbent Directors") cease
for any reason during any 12-month period to constitute at least a majority of
the Board, provided that any person becoming a director subsequent to the date
hereof, whose election or nomination for election was approved by
a  vote of at least two-thirds of the Incumbent Directors then on the
Board (either by a specific vote or by approval of the proxy statement of the
Company in which such person is named as a nominee for director, without written
objection to such nomination) shall be an Incumbent Director; provided, however,
that no individual initially elected or nominated as a director of the Company
as a result of an actual or threatened election contest with respect to
directors or as a result of any other actual or threatened solicitation of
proxies or consents by or on behalf of any person other than the Board shall be
deemed to be an Incumbent Director;

     

    (iii) irrevocable
termination and liquidation of the Plan within 12 months of the dissolution of
the Company taxed under Section 331 of the Code, or with the approval of a
bankruptcy court pursuant to 11 U.S.C. Section 503(b)(1)(A);

     

    (iv) the sale
of all or substantially all of the business or assets of the Company;
or

     

    (v) the
consummation of a merger, consolidation, statutory share exchange or similar
form of corporate transaction involving the Company that requires the approval
of the Company’s stockholders, whether for such transaction or the issuance of
securities in the transaction (a "Business Combination"), unless immediately
following such Business Combination: (A) at least 50% of the total voting power
of (x) the corporation resulting from such Business Combination (the "Surviving
Company"), or (y) if applicable, the ultimate parent corporation that directly
or indirectly has beneficial ownership of sufficient voting 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

      securities
eligible to elect a majority of the directors of the Surviving Company (the
"Parent Company"), is represented by the Outstanding Company Voting Securities
that were outstanding immediately prior to such Business Combination (or, if
applicable, is represented by shares into which the Outstanding Company Voting
Securities were converted pursuant to such Business Combination), and such
voting power among the holders thereof is in substantially the same proportion
as the voting power of the Outstanding Company Voting Securities among the
holders thereof immediately prior to the Business Combination, (B) no Person
(other than any employee benefit plan sponsored or maintained by the Surviving
Company or the Parent Company or a "Permitted Transferee," as defined in the
Company’s Certificate of Incorporation), is or becomes the beneficial owner,
directly or indirectly, of 20% or more of the total voting power of the
outstanding voting securities eligible to elect directors of the Parent Company
(or, if there is no Parent Company, the Surviving Company) and (C) at least a
majority of the members of the board of directors of the Parent Company (or, if
there is no Parent Company, the Surviving Company) following the consummation of
the Business Combination were Board members at the time of the Board’s approval
of the execution of the initial agreement providing for such Business
Combination.

    

     

    1.9 Class
Year Account.  The bookkeeping subaccounts established for each
Participant as provided in Section 5.1.

     

    1.10 Code.  The
Internal Revenue Code of 1986, as amended.

     

    1.11 Company.  Movado
Group, Inc., a New York corporation.

     

    1.12 Company
Stock.  Common stock of the Company.

     

    1.13 Compensation.  For
a Participant who is not classified by the Employer as a sales executive, the
Participant’s Base Salary and Bonus, and for a Participant who is classified by
the Employer as a sales executive, the Participant’s Base Salary
only.

     

    1.14 Compensation
Deferral Election.  The written agreement submitted to the
Administrator, by which an Eligible Employee agrees to participate in the Plan
and make Base Salary Deferrals, and if the Eligible Employee is not classified
by the Employer as a sales executive, Bonus Deferrals or both, as applicable,
under the Plan in accordance with Section 3.1.

     

    1.15 Compensation
Deferrals.  A Participant’s Base Salary Deferrals, and if the
Eligible Employee is not classified by the Employer as a sales executive, Bonus
Deferrals or both as applicable.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    1.16 Effective
Date.  The Plan was originally effective on June 1,
1995.  This amendment and restatement of the Plan is effective
January 1, 2008, following good-faith operational compliance with the
applicable requirements of Section 409A of the Code since January 1,
2005.

     

    1.17 Eligible
Employee.  An Employee of an Employer who is a "management or
highly compensated" Employee within the meaning of Sections 201(2), 301(a)(3)
and 401(a)(1) of ERISA.

     

    1.18 Employee.  Any
person employed by an Employer.

     

    1.19 Employers.  Movado
Group, Inc., a New York corporation and Movado Retail Group, Inc., a New Jersey
corporation.

     

    1.20 Employer
Contribution.  A discretionary contribution made by the
Employers to the Trust that is credited to one or more Participant’s Accounts in
accordance with Section 3.3.

     

    1.21 ERISA.  The
Employee Retirement Income Security Act of 1974, as amended.

     

    1.22 Fair
Market Value.  On a given date means (i) if the Company Stock
is listed on a national securities exchange, the closing sale price reported as
having occurred on the primary exchange with which the Company Stock is listed
and traded on that date, or, if there is no such sale on that date, then on the
last preceding date on which such a sale was reported; (ii) if the Company Stock
is not listed on any national securities exchange but is quoted in the National
Market System of the National Association of Securities Dealers Automated
Quotation System ("NASDAQ") on a last sale basis, the last sale price reported
on that date, or, if there is no such sale on that date, then on the last
preceding date on which a sale was reported; or (iii) if the Company Stock is
not listed on a national securities exchange nor quoted in NASDAQ on a last sale
basis, the amount determined by the Administrator to be the fair market value
based upon a good faith attempt to value the Company Stock accurately and
computed in accordance with applicable regulations of the Internal Revenue
Service

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    1.23 Group I
Employee.  An Employee who is designated as a Group I
Employee by an Employer on Schedule A attached hereto, as such Schedule A
may be amended by the Employer from time to time.

     

    1.24 Group II
Employee.  An Employee who is designated as a Group II
Employee by an Employer on Schedule A attached hereto, as such Schedule A
may be amended by the Employer from time to time.

     

    1.25 Matching
Contribution.  A contribution made by the Employers to the
Trust that is credited to one or more Participant’s Accounts in accordance with
Section 3.2.

     

    1.26 Participant.  An
Eligible Employee who has become a Participant as provided in Section 2.1 and
whose Account has not been fully distributed.

     

    1.27 Plan.  This
Amended and Restated Movado Group, Inc. Deferred Compensation Plan for
Executives.

     

    1.28 Plan
Year.  The twelve (12) month period commencing each January 1
and ending each December 31.

     

    1.29 Total
and Permanent Disability.  Any medically determinable physical
or mental disorder that renders a Participant incapable of continuing in the
employment of an Employer and which is expected to continue for the remainder of
a Participant’s life, as determined by the Administrator in its sole
discretion.

     

    1.30 Trust.  The
trust under the Plan, which trust shall at all times constitute a "rabbi
trust".

     

    1.31 Trustee.  The
trustee under the Trust and any successor Trustee appointed pursuant to the
Trust.

     

    1.32 Unforeseeable
Emergency.                                                                A
severe financial hardship to a Participant resulting from (i) an illness or
accident of the Participant, the Participant's spouse, the Participant's
beneficiary, or the Participant's dependent (as defined in Section 152 of the
Code, without regard to Section 152(b)(1), 152(b)(2) and 152(d)(1)(B)); (ii)
loss of the Participant's 

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

      property
due to casualty (including the need to rebuild a home following damage to a home
which is not otherwise covered by insurance); or (iii) other similar
extraordinary and unforeseeable circumstances arising as a result of events
beyond the Participant's control, including (a) the imminent foreclosure of or
eviction from the Participant's primary residence, (b) the need to pay for
medical expenses, including non-refundable deductibles, as well as for the costs
of prescription drug medication, or (c) to pay for the funeral expenses of the
Participant's spouse, beneficiary or dependent (as defined in Section 152 of the
Code, without regard to Section 152(b)(1), 152(b)(2) and
152(d)(1)(B)).

    

     

    1.33 Year
of Service.  A Participant’s twelve (12) month period of
employment with an Employer beginning on the Participant’s first day of
employment with the Employer.  Periods of employment of less than
twelve (12) full months shall not constitute a Year of Service.

     

    ARTICLE
II

     

     

    Participation

     

     

    2.1 Eligibility
for Participation.

    (a) The
Employers shall determine which Eligible Employees shall become Participants and
the category of benefits, under Section 2.3, to which they will
be  entitled.  The Employers’ determination under this
Section 2.1 and under Section 2.3 shall be set forth in Schedule A,
attached hereto.

    (b) An
Employer may determine that a Participant shall cease being a Participant as of
any date specified by it; provided, however, that the
Employer may not reduce the Account of any such Participant as of the date such
determination is made.  Any such determination shall be specified in
Schedule B, attached hereto.

     

    2.2 Commencement
of Participation.

    (a) Each
Eligible Employee selected to become a Participant (pursuant to Section 2.1)
shall become a Participant as of the date specified by an Employer.

    (b) Notwithstanding
Section 2.2(a), a Compensation Deferral Election with respect to a Plan Year
shall not be effective except to the extent it complies with Section
3.1.

     

    2.3 Benefits.  The
Employers shall determine, from time to time, whether a Participant is to be
treated as a Group I or Group II Employee.  An Employer may
change the 

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

       

      classification
of any Participant as of any date specified by it; provided, however, that the
Account of any such Participant shall not be reduced by such change of
classification.  The classification of any Participant shall be set
forth in Schedule A, attached hereto.  Participants shall cease
to contribute hereunder after they cease to be employed by any of the
Employers.

    

     

    ARTICLE
III

     

     

    Contributions

     

     

    3.1 Compensation
Deferrals.

    (a) The
Employers shall credit to the Account of a Participant an amount equal to the
amount designated in the Participant’s Compensation Deferral Election for each
Plan Year.  Such amounts shall not be made available to such
Participant, except as provided in ARTICLE VI, and shall reduce such
Participant’s Compensation from an Employer in accordance with the provisions of
the applicable Compensation Deferral Election; provided, however, that all
such amounts shall be subject to the rights of the general creditors of each of
the Employers as provided in ARTICLE VIII.

    (b) Each
Eligible Employee shall deliver a Compensation Deferral Election to his or her
Employer before any Compensation Deferrals become effective.  Such
Compensation Deferral Election shall be void with respect to any Compensation
Deferral unless submitted before the beginning of the calendar year during which
the amount to be deferred will be earned; provided, however, that in the
year in which an Employee is first eligible to participate in this Plan or in
any other individual account nonqualified deferred compensation plan maintained
by any of the Employers, such Compensation Deferral Election may be filed within
thirty (30) days of the date on which the Employee is first eligible to so
participate, respectively, with respect to Compensation earned during the
remainder of the calendar year, and, provided further, that a Bonus
Deferral Election may be submitted as late as by the end of the sixth month of
the applicable Bonus performance period.

    (c) The
Compensation Deferral Election shall designate the amount of Compensation
deferred by each Participant and such other items as the Administrator may
prescribe.  A new Compensation Deferral Election shall be required for
purposes of each Bonus Deferral.  With respect to Base Salary
Deferrals, once the applicable Compensation Deferral Election has been made, the
Participant's Base Salary Deferrals shall remain in effect until revoked by the
Participant by his or her effecting a new Compensation Deferral Election with

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

      respect
to Base Salary Deferrals, which revocation shall be effective as of the next
Plan Year following the filing of the New Compensation Deferral
Election.  There shall be no maximum limit on the Compensation
Deferrals permitted for each Participant.

    

     

    3.2 Matching
Contributions.

    (a) For each
Plan Year, each Employer shall credit to the Account of each Participant who (i)
is employed thereby, (ii) is a Group I Employee and (iii) has made
Compensation Deferrals for such Plan Year, a Matching Contribution in an amount
equal to one hundred percent (100%) of the amount of such Participant’s
Compensation Deferrals for such Plan Year, up to a maximum annual amount equal
to ten percent (10%) of the amount of such Participant’s Base Salary in effect
as of the last day of such Plan Year.

    (b) Each
Employer shall credit to the Account of each Participant who (i) is employed
thereby, (ii) is a Group II Employee and (iii) has made Compensation Deferrals
for such Plan Year, a Matching Contribution in an amount equal to one hundred
percent (100%) of the amount of such Participant’s Compensation Deferrals for
such Plan Year, up to a maximum annual amount equal to five percent (5%) of the
amount of such Participant’s Base Salary in effect as of the last day of such
Plan Year.

    (c) Matching
Contributions for a Plan Year will be credited to the Account of a Participant
under this Section 3.2 only if the Participant is an Employee on the last day of
such Plan Year; provided, however, that this
requirement shall be waived in the event of: (i) the death of a Participant
during such Plan Year, (ii) the termination of the Participant’s employment
with the Employers during such Plan Year after having incurred a Total and
Permanent Disability, or (iii) the termination of the Participant’s
employment with the Employers during such Plan Year after having attained the
age of sixty-five (65).

    (d) Twenty
percent (20%) of the amount of each Matching Contribution made for a Participant
shall be made in rights to receive shares of Company Stock under Section
3.3.

     

    3.3 Company
Stock.

    (a) Matching
Contributions for a Participant in the form of rights to receive shares of
Company Stock shall consist of bookkeeping credits to the Accounts and Class
Year Accounts for such Participant.  Such credits will initially be
determined by crediting to such Participant’s Accounts and Class Year Accounts
the number of shares (including fractional 

     

    
      
        
        

      

      
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      shares)
of Company Stock that such Matching Contribution could purchase based upon the
Fair Market Value of the Company Stock on the date on which such Matching
Contribution is so credited.

    

    (b) Dividends
declared on Company Stock shall not be credited to the Accounts and Class Year
Accounts of any Participant in connection with any rights to receive bookkeeping
credits for Company Stock pursuant to Section 3.3(a).

    (c) When a
Participant or Beneficiary is entitled to a lump sum distribution pursuant to
ARTICLE VI, the Company shall issue to the Participant or Beneficiary the number
of shares of Company Stock that equal the number of full shares then credited to
such Participant’s Account.  If payment to the Participant or
Beneficiary is being made in installments, each installment shall include a
proportionate portion of the aggregate number of shares then credited to such
Participant’s Account. In all cases, the Company shall pay any fractional shares
in cash.

     

    3.4 Employer
Contributions.  The Employers reserve the right to make
discretionary contributions to Participants’ Accounts in such amount and in such
manner as may be determined by the Employers.

     

    3.5 Time
of Contributions.

    (a) Compensation
Deferrals shall be transferred to the Trust as soon as administratively feasible
following each payroll period.  Matching Contributions (other than
rights to receive shares of Company Stock) shall be transferred to the Trust no
later than thirty (30) days following the last day of the Plan
Year.  The Employers shall also transmit at the same time any
necessary instructions regarding the allocation of such amounts among the
Accounts of Participants.

    (b) Employer
Contributions shall be transferred to the Trust at such times as the Employers
shall determine.  The Employers shall also transmit at those times any
necessary instructions regarding the allocation of such amounts among the
Accounts of Participants.

     

    3.6 Form
of Contributions.  All Compensation Deferrals, Matching
Contributions and Employer Contributions to the Trust shall be made in the form
of cash or cash equivalents of United States currency, except as otherwise
provided herein.  Notwithstanding the foregoing, 

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

       

      Compensation
Deferrals may be made in the form of rights to receive shares of Company Stock
if the Participant would otherwise be entitled to receive Company Stock as
Compensation.

    

     

    ARTICLE
IV

     

     

    Vesting

     

     

    4.1 Vesting.

    (a) Except as
otherwise provided in this Section 4.1, a Participant shall have a
nonforfeitable right to the vested portion of his or her Class Year Accounts;
provided, however, that all
such amounts shall be subject to the rights of the general creditors of the
Employers as provided in ARTICLE VII.

    (b) Except as
otherwise provided in this Section 4.1, each Class Year Account of a Participant
will vest twenty percent (20%) if the Participant is still an Employee on the
last day of each Plan Year beginning with the Plan Year of such Class Year
Account.  Thereafter, such Class Year Account shall vest an additional
twenty percent (20%) on the last day of each Plan Year provided that the
Participant continues to be an Employee, and therefore shall be fully vested on
the last day of the fourth Plan Year following the first Plan Year of such Class
Year Account provided that the Participant continues to be an
Employee.  Further vesting shall cease once a Participant is no longer
an Employee.

    (c) The
portion of a Participant’s Class Year Accounts attributable to Compensation
Deferrals, and earnings thereon, shall be fully vested at all
times.

    (d) A
Participant who attains the age of sixty-five (65) shall thereupon become fully
vested in all the amounts credited to his or her Account.

    (e) A
Participant whose employment with the Employers is terminated following such
Participant’s Total and Permanent Disability shall thereupon become fully vested
in all the amounts credited to his or her Account.

    (f) If a
Change in Control occurs, all amounts attributable to Matching Contributions and
Employer Contributions shall thereupon become fully vested as of the date of
such Change in Control.

    (g) Any
amounts credited to a Participant’s Account that are not vested at the time of
his or her termination of employment with the Employers shall be forfeited upon
such termination of employment.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    ARTICLE
V

     

     

    Accounts

     

     

    5.1 Accounts.

    (a) (1)           The
Administrator shall establish and maintain an Account in the name of
each  Participant.  Unless otherwise directed by the
Employers, the Trustee shall also maintain and invest separate omnibus accounts
that correspond to each Participant’s Account.

    (2) The
Administrator may also establish any subaccounts that it deems to be
appropriate.  The Administrator shall also establish and maintain
subaccounts in each Participant’s Account that shall be denominated as Class
Year Accounts.  The Administrator shall also establish and maintain
subaccounts in each Participant’s Account for rights to receive Company
Stock.

    (b) (1)           Each
Participant’s Account shall be credited with Compensation Deferrals, any
Matching Contributions allocable thereto, any Employer Contributions, and any
investment earnings, gains and/or losses on the foregoing.  Each
Participant’s Account shall be reduced by any distributions made plus any
federal and state tax withholding and any social security withholding tax as may
be required by law.

    (2) Separate
Class Year Accounts for a Participant shall consist of the Participant’s
Compensation Deferrals, allocable Matching Contributions and Employer
Contributions that are made with respect to a given Plan Year, and any
investment earnings or losses on such amounts.  Class Year Accounts
shall be separately maintained for Participants for each Plan Year until such
Class Year Accounts are fully vested (as provided in ARTICLE IV), at which time
such fully vested Class Year Accounts shall be merged.

     

    5.2 Investments,
Gains and Losses.

    (a) (1)           By
written investment directions to the Administrator from time to time, each
Participant may request the investment funds (or a change thereof), and the
relative portions of each if more than one investment fund is desired, to be
used to credit investment earnings, gains and losses with respect to his or her
Account (other than the subaccount for rights to receive Company Stock) among
the investment funds available under the Plan.

    (2) The
Administrator and the Trustee shall take each Participant’s request under
Section 5.2(a)(1) into account in making its determination as to how to invest
the amounts credited to the Participant’s Account among the investment funds
available for purposes 

     

    
      
        
        

      

      
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      of the
Plan.  Where a Participant has no written request under Section
5.2(a)(1) on file with the Administrator, the Administrator may direct the
Trustee to invest such amount in a money market fund selected by the
Administrator.

    

    (3) The
Employers, or the Trustee if an Employer so directs, shall, from time to time,
establish the investment funds available for purposes of the Plan.

    (b) The
Administrator shall adjust the amounts credited to each Participant’s Account to
reflect Compensation Deferrals, Matching Contributions, Employer
Contribu­tions, investment experience, distributions and any other
appropriate adjustments.  Such adjustments shall be made as frequently
as is administratively feasible.

     

    5.3 Forfeitures.  Any
forfeitures from a Participant’s Account shall continue to be held in the Trust,
shall be separately invested and shall be used to reduce succeeding Matching
Contributions and Employer Contributions until such forfeitures have been
entirely so applied.  As of the time it is determined that no further
Matching Contributions or Employee Contributions will be made under the Plan,
such forfeitures shall be returned to the Employer which employed the forfeiting
Participant.

     

    ARTICLE
VI

     

     

    Distributions

     

     

    6.1 Payment.

    (a) A
Participant may elect to receive his or her Account balance in a single lump sum
or in ten (10) annual installments.  If a Participant elects to
receive his Accrued Benefit in the form of ten (10) annual installments, each
payment shall be equal to the Participant’s Account balance as of the payment
date, divided by the number of then remaining installment
payments.  Distributions shall be made to the Participant or, if the
Participant is deceased, to the Participant’s Beneficiary.  The method
of distribution must be elected as part of the Participant’s initial Deferral of
Compensation Election.

    (b) A
Participant’s subsequent election to delay a payment under the Plan or to change
the form of a payment under the Plan shall be permitted only if (i) the new
payment election does not take effect until at least twelve (12) months after
the date on which the new payment election is made, and (ii) the new payment
election delays payment for at least five (5) 

     

    
      
        
        

      

      
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      years
from the date that payment would otherwise have been met, absent the new payment
election.

    

     

    (c) Payment
shall be made in Company Stock to the extent the Participant’s Account has been
denominated in Company Stock (under Section 3.3 or
otherwise).  Otherwise, payment shall be made in cash.

     

    6.2 Commencement
of Payment.

    (a) Except as
otherwise provided herein, payments to a Participant shall commence within
ninety (90) days of the date of the Participant’s "separation from service"
(within the  meaning of Section 409A of the Code) with the
Employers.

    (b) Notwithstanding
Section 6.2(a), and except as provided in the next succeeding sentence, all
payments to a Participant in connection with the Participant's "separation from
service" (within the meaning of Section 409A of the Code) with the Employers,
shall be delayed for six (6) months from the date of the Participant's
separation from service with the Employers, and the aggregate of all such
delayed payments shall be paid to the Participant in a lump sum on the first day
following the last day of the sixth (6th) complete calendar month following the
date of the Participant's separation from service with the
Employers.  No delay shall be required pursuant to the immediately
preceding sentence to the extent that the Participant's Plan payments (i) are
payable to the Participant during the short-term deferral period set forth in
Treasury Regulation Section 1.409A-1(b)(4), and/or (ii) do not exceed an amount
equivalent to two hundred percent (200%) of the lesser of (A) the Participant's
annualized compensation from the Employer for the Participant's taxable year
immediately preceding his or her taxable year in which the Participant's
separation from service with the Employers occurs, or (B) the maximum amount of
compensation that may be taken into account under a tax-qualified retirement
plan pursuant to Section 401(a)(17) of the Code, for the calendar year in which
the Participant's separation from service with the Employers
occurs.

    (c) Upon the
death of a Participant, all amounts credited to his or her Account shall be
fully vested and shall be paid to his or her beneficiary or beneficiaries, as
determined under ARTICLE VII, in a lump sum within ninety (90) days of the date
of the Participant’s death.

    (d) (1)           A
Participant who has experienced an Unforeseeable Emergency, as determined by the
Administrator on the basis of the applicable facts and circumstances, in its

     

    
      
        
        

      

      
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      sole
discretion, shall be permitted to receive, in a lump-sum payment, a distribution
of up to fifty percent (50%) of the vested portion of his or her Account,
exclusive of the subaccount for Company Stock, subject to the remaining
provisions of this Section 6.2(d).

    

    (2) A
Participant who receives an Unforeseeable Emergency distribution under Section
6.2(d)(1) shall not receive any Matching Contributions or Employer Contributions
and shall not be permitted to make any further Compensation Deferrals for the
balance of the Plan Year and for the following Plan Year.

    (3) A
distribution on account of an Unforeseeable Emergency under Section 6.2(d)(1)
may not be made to the extent that such Unforeseeable Emergency is or may be
relieved through reimbursement or compensation from insurance or otherwise, by
liquidation of the Participant's assets, to the extent the liquidation of such
assets would not cause severe financial hardship, or by cessation of
Compensation Deferrals under the Plan.  Such distributions shall
further be limited to the amount reasonably necessary to satisfy the
Unforeseeable Emergency need (which includes amounts necessary to pay any
federal, state, local or foreign income taxes or penalties reasonably
anticipated to result from the distribution).  For purposes of the
immediately preceding sentence, the determination of the amounts reasonably
necessary to satisfy an Unforeseeable Emergency need shall take into account any
additional Compensation that will be available to the Participant in connection
with the requirement to discontinue the Participant's Compensation Deferrals
pursuant to Section 6.2(d)(2).

    (4) A
Participant shall not be permitted to receive more than two (2) hardship
distributions under Section 6.2(d)(1).

     

    ARTICLE
VII

     

     

    Beneficiaries

     

     

    7.1 Beneficiaries.  Each
Participant may from time to time designate one or more persons (who may be any
one or more members of such Participant’s family or other persons,
administrators, trusts, foundations or other entities) as his or her beneficiary
under the Plan.  Such designation shall be made on a form prescribed
by the Administrator.  Each Participant may at any time and from time
to time, change any previous beneficiary designation, without notice to or
consent of any previously designated beneficiary, by amending his or her
previous designation on a form prescribed by the Administrator.  If
the beneficiary does not survive the Participant (or is otherwise unavailable to
receive payment), or if no beneficiary is validly 

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

       

      designated,
then the amounts payable under the Plan shall be paid to the Participant’s
surviving spouse, if any, and, if none, to the Participant’s estate, and such
person shall be deemed to be the Participant’s beneficiary
hereunder.  If more than one person is the beneficiary of a deceased
Participant, each such person shall receive a pro rata share of any death
benefit payable unless otherwise designated on the applicable
form.  If a beneficiary who is receiving benefits dies, all benefits
that were payable to such beneficiary shall then be payable to the estate of
that beneficiary.

    

     

    7.2 Lost
Beneficiary.

    (a) All
Participants and beneficiaries shall have the obligation to keep the
Administrator informed of their current address until such time as all benefits
due under the Plan have been fully paid.

    (b) If a
Participant or beneficiary cannot be located by the Administrator after it has
exercised reasonable diligence for a period of three (3) years, then, in its
sole discretion, the Administrator may presume that the Participant or
beneficiary is deceased for purposes of this Plan and all unpaid amounts owed to
the Participant or beneficiary shall be paid accordingly or, if a beneficiary
cannot be so located, then such amounts shall be forfeited and returned to the
Employer which employed the forfeiting Participant.

     

    ARTICLE
VIII

     

     

    Funding

     

     

    8.1 Prohibition
Against Funding.  Should any investment be acquired in
connection with the liabilities assumed under this Plan, it is expressly
understood and agreed that the Participants and beneficiaries shall not have any
right with respect to, or claim against, such assets nor shall any such purchase
be construed to create a fiduciary relationship between the Employers and the
Participants, their beneficiaries or any other person.  Any such
assets (including any amounts deferred by a Participant or contributed by the
Employers pursuant to ARTICLE III) shall be and shall remain a part of the
general, unpledged, unrestricted assets of the Employers, subject to the claims
of their general creditors.  It is the express intention of the
Employers that the Plan shall be unfunded for tax purposes and for purposes of
Title I of ERISA.  Each Participant and beneficiary shall be
required to look to the provisions of the Plan and to the Employers themselves
for enforcement of any and all benefits due under the Plan, and to the

     

    
      
        
        

      

      
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      extent
any such person  acquires a right to receive payment under the Plan,
such right shall be no greater than the right of any unsecured general creditor
of the Employers.  The Employers or the Trust shall be designated as
the owner and beneficiary of each and every investment acquired in connection
with any obligations under the Plan.

    

     

    8.2 Deposits
in Trust.  Notwithstanding Section 8.1, or any other provision
of this Plan to the contrary, the Employers may deposit into the Trust any
amounts they deem appropriate to pay the benefits under this
Plan.  The amounts so deposited may include contributions made
pursuant to Compensation Deferrals, Employer Contributions and Matching
Contributions.

     

    8.3 Withholding
of Employee Contributions.  The Administrator is authorized to
make any and all necessary arrangements with the Employers in order to withhold
Participants’ Compensation Deferrals under Section 3.1 from their
Compensation.

     

    ARTICLE
IX

     

     

    Claims
Procedure

     

     

    9.1 General.  In
the event that a Participant or his or her beneficiary does not receive any Plan
benefit that is claimed, such Participant or beneficiary shall be entitled to
consideration and review as provided in this ARTICLE IX.

     

    9.2 Claim
Review.  Upon receipt of any written claim for a benefit under
the Plan, the Administrator shall be notified and shall give due consideration
to the claim presented.  If the claim is denied to any extent by the
Administrator, the Administrator shall furnish the claimant, within ninety (90)
days of its receipt of the claim, with a written notice setting forth (in a
manner calculated to be understood by the claimant):

    (a) the
specific reason or reasons for denial of the claim;

    (b) a
specific reference to the Plan provisions upon which the denial is
based;

    (c) 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

    (d) an
explanation of the provisions of this ARTICLE IX.

     

    
      
        
        

      

      
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    9.3 Right
of Appeal.  A claimant who has a claim denied under Section 9.2
may appeal to the Administrator for reconsideration of that claim.  A
request for reconsideration under this Section 9.3 must be filed by written
notice within sixty (60) days after receipt by the claimant of the notice of
denial under Section 9.2.

     

    9.4 Review
of Appeal.  Upon receipt of an appeal, the Administrator shall
promptly take action to give due consideration to the appeal.  Such
consideration may include a hearing of the parties involved, if the
Administrator feels such a hearing is necessary.  In preparing for the
appeal, the claimant shall be given the right to review pertinent documents and
the right to submit in writing a statement of issues and
comments.  After consideration of the merits of the appeal, the
Administrator shall issue a written decision which shall be binding on all
parties.  The decision shall be written in a manner calculated to be
understood by the claimant and shall specifically state its reasons and
pertinent Plan provisions on which it relies.  The Administrator’s
decision shall be issued within sixty (60) days after the appeal is filed,
except that if a hearing is held the decision may be issued within one hundred
twenty (120) days after the appeal is filed.

     

    9.5 Designation.  The
Administrator may designate one or more of its members or any other person of
its choosing to make any determination otherwise required under this ARTICLE
IX.

     

    ARTICLE
X

     

     

    Administration of the
Plan

     

     

    10.1 Committee
as Administrator.  The committee designated in this Section
10.1 shall be the Administrator.  The name of the committee shall be
the "Deferred Compensation Committee" and shall consist of such individuals,
corporations or other entities as the Employers shall from time to time
appoint.  Until otherwise designated by the Employers, the members of
the Deferred Compensation Committee shall be those persons holding the following
positions (or their nearest equivalent) at the Company:  Chief
Financial Officer; Treasurer; President and Chief Operating Officer; and Vice
President, Human Resources.

     

    10.2 Actions
Taken by the Committee.  All resolutions or other actions taken
by the Deferred Compensation Committee at a meeting shall be by the affirmative
vote of a majority 

     

    
      
        
        

      

      
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      of those
present at the meeting.  More than half of the members must be present
to constitute a quorum for a meeting.  Any member of the Deferred
Compensation Committee may sign any document or instrument requiring the
signature of the Deferred Compensation Committee or otherwise act
on  behalf of the Deferred Compensation Committee, unless otherwise
directed by the Deferred Compensation Committee.  The Deferred
Compensation Committee may adopt such additional rules of procedures and conduct
as it deems appropriate.

    

     

    10.3 Bond
and Compensation.  The members of the Deferred Compensation
Committee shall serve without bond, except as otherwise required by law, and
without remuneration for their services as such.

     

    10.4 Duties
of the Committee.  The Deferred Compensation Committee shall
undertake all duties assigned to it under the Plan and Trust and shall undertake
all actions, express or implied, necessary for the proper administration of the
Plan.  All actions and decisions of the Deferred Compensation
Committee shall be made in its sole discretion, unless expressly otherwise
provided in the Plan.  The Deferred Compensation Committee’s duties
and responsibilities include, but are not limited to, the
following:

    (a) adopting
and enforcing such rules and regulations that it deems necessary or appropriate
for the administration of the Plan in accordance with applicable
law;

    (b) interpreting
the Plan, in its sole discretion, with its good faith interpretation thereof to
be final and conclusive on any Employee, former Employee, Participant, former
Participant, beneficiary or other party;

    (c) deciding
all questions concerning the Plan, including the eligibility of any person to
participate in the Plan in accordance with the Plan’s provisions;

    (d) computing
the amounts to be distributed to any Participant, former Participant or
beneficiary in accordance with the provisions of the Plan, determining the
person or persons to whom such amounts will be distributed and determining when
such amounts will be distributed;

    (e) authorizing
the payment of distributions;

    (f) keeping
such records and submitting such filings, elections, applications, returns or
other documents or forms as may be required under the Code and applicable
regulations, or under other federal, state or local law and regulations;
and

     

    
      
        
        

      

      
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    (g) appointing
such agents, counsel, accountants and consultants as may be required to assist
in administering the Plan.

     

    10.5 Employers
to Furnish Information.  To enable the Deferred Compensation
Committee to perform its functions, the Employers shall supply full and timely
information to the Deferred Compensation Committee on all matters relating to
the remuneration of all Participants, their retirement, death or other cause of
separation from service, and such other pertinent facts as the Deferred
Compensation Committee may require.

     

    10.6 Expenses.  All
expenses of Plan administration and operation, including the fees of any agents
or counsel employed and including any expenses attributable to a termination of
the Plan, shall be paid by the Employers.  To the extent that the
Employers may be liable for social security or other withholding tax, the
Administrator, in its sole discretion, may charge such expenses to the benefits
due to the applicable Participant or Beneficiary.

     

    10.7 Indemnification.  The
Employers hereby agree to indemnify each and every member of the Deferred
Compensation Committee or Employee acting on behalf of the Deferred Compensation
Committee for any expenses or liabilities (other than those due to willful
misconduct) actually incurred in or arising out of the performance of their
duties under the Plan, including, but not limited to, litigation expenses and
attorneys’ fees.

     

    ARTICLE
XI

     

     

    General
Provisions

     

     

    11.1 No Assignment.  Benefits
or payments under the Plan shall not be subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or
garnishment by creditors of any Participant or any Participant’s beneficiary,
whether voluntary or involuntary, and any attempt to so anticipate, alienate,
sell, transfer, assign, pledge, encumber, attach or garnish the same shall not
be valid, nor shall any such benefit or payment be in any way liable for or
subject to the debts, contracts, liabilities, engagement or torts of any
Participant or beneficiary, or any other person entitled to such benefit or
payment pursuant to the terms of the Plan, except to such extent as may be
required by law.  If any Participant or beneficiary or any other
person entitled to a benefit or payment pursuant to the terms of the Plan
becomes bankrupt or attempts to anticipate, alienate, sell, transfer, assign,
pledge, encumber, 

     

    
      
        
        

      

      
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      attach or
garnish any benefit or payment under the Plan, in whole or in part, or if any
attempt is made to subject any such benefit or payment, in whole or in part, to
the debts, contracts, liabilities, engagements or torts of any Participant or
beneficiary or any other person entitled to any such benefit or payment pursuant
to the terms of the Plan, then such benefit or payment, in the discretion of the
Administrator, shall cease and terminate with respect to such Participant or
beneficiary, or any other such person.

    

     

    11.2 No
Employment Rights.  Participation in the Plan shall not be
construed to confer upon any Participant the legal right to be retained in the
employ of the Employers, or to give a Participant or beneficiary, or any other
person, any right to any payment whatsoever, except to the extent of the
benefits provided for hereunder.  Each Participant shall remain
subject to discharge by the Employers to the same extent as if the Plan had
never been adopted.

     

    11.3 Incompetence.  If
the Administrator determines that any person to whom a benefit is payable under
the Plan is incompetent by reason of physical or mental disability, the
Administrator shall have the power to cause the payments becoming due to such
person to be made to another for his or her benefit without responsibility of
the Administrator or the Employers to see to the application of such
payments.  Any payment made pursuant to such power shall, as to such
payment, operate as a complete discharge of the Employers, the Administrator and
the Trustee.

     

    11.4 Identity.  If,
at any time, any doubt exists as to the identity of any person entitled to any
payment hereunder or as to the amount or time of any such payment,
the  Administrator shall be entitled to hold such sum until such
identity or amount or time is determined or until an order of a court of
competent jurisdiction is obtained in regard thereto.  The
Administrator shall also be entitled to pay such sum into court in accordance
with the appropriate rules of law.

     

    11.5 Amendment
and Termination.  The Employers shall have the sole authority
to modify, amend or terminate the Plan; provided, however, that any
modification or termination of the Plan shall not reduce, alter or impair,
without the consent of the Participant, such Participant’s right to any amounts
already credited to his or her Account on the day before the effective date of
such modification or termination.

     

    
      
        
        

      

      
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    11.6 Employer
Determinations.  Any determinations, actions or decisions of
the Employers (including but not limited to, Plan amendments and Plan
termination) shall be made by the boards of directors of the Employers in
accordance with their established procedures or by such other individuals,
groups or organizations that have been properly delegated by such boards of
directors to make such determination or decision.

     

    11.7 Construction.  All
questions of interpretation, construction or application arising under or
concerning the terms of this Plan shall be decided by the Administrator, in its
sole and final discretion, the decision of which shall be final, binding and
conclusive upon all persons.

     

    11.8 Governing
Law.  The Plan shall be governed by, construed and administered
in accordance with the laws of the State of New York, other than its laws
respecting choice of law.

     

    11.9 Severability.  If
any provision of the Plan is held invalid or unenforceable, its invalidity or
unenforceability shall not affect any other provision of the Plan and the Plan
shall be construed and enforced as if such provision had not been included
therein.

     

    11.10 Headings.  The
headings contained herein are inserted only as a matter of convenience and for
reference and in no way define, limit, enlarge or describe the scope or intent
of the Plan nor in any way shall they affect the Plan or the construction of any
provision hereof.

     

    11.11 Terms.  Capitalized
terms shall have the meanings as defined herein.  Singular nouns shall
be read as plural, masculine pronouns shall be read as feminine, and vice versa,
as appropriate.

     

    11.12 Top
Hat Plan. The
Plan is intended to constitute a "top-hat plan" which is unfunded and maintained
"primarily for the purpose of providing deferred compensation for a select group
of management or highly compensated employees" for purposes of
ERISA.

     

    11.13 Section
409A. The
Plan and all Compensation Deferral Elections are intended to comply with the
applicable requirements of Section 409A of the Code, and shall be so interpreted
and construed.  Any provision of the Plan that is determined to
violate any applicable requirement of Section 409A of the Code shall be void and
without effect.  Neither the Company nor any Participant, individually
or in combination, may accelerate any payment under the Plan, 

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

       

      except in
compliance with Section 409A of the Code, and no amount shall be paid under the
Plan prior to the earliest date on which it is permitted to be paid under
Section 409A of the Code.  Notwithstanding anything to the contrary
contained in Section 11.5, no amendment or termination of the Plan will be
permitted if it would cause the Plan or any payment to be made under the Plan to
not be in compliance with any applicable requirement of Section 409A of the
Code.

    

     

    ARTICLE
XII

     

     

    Adoption

     

     

    12.1 Execution.  To
record the adoption of this Amendment and Restatement of the Plan by the
Employers, the Employers have caused this instrument to be executed this 18 day
of  June, 2008.

    
      	 
      	 
      	 
      
	
              Attest:

            	 
      	
              MOVADO
      GROUP, INC.

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              /s/
      Timothy F. Michno

            	
              By:

            	
              /s/ Efraim
      Grinberg

            
	
              Secretary

            	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              MOVADO
      RETAIL GROUP, INC.

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By

            	
              /s/ David R.
      Phalen

            
	 
      	 
      	
              President

            

    

    
      
        
          
            	
                    NY717357.3

                    212281-10001

                  	 
      	 
      

          

          

        

         

      

      
        22

        
          

        

      

      
         

      

    

    

     

    SCHEDULE A

     

    Eligible
Employees

     

    Group I
Employees:

     

    Cohen,
J.

     

    Cote',
R

     

    Grinberg,
E

     

    Grinberg,
G

     

    Step,
J

     

    Group II
Employees:

    

     

    Addison,
J

     

    Alexander,R

     

    Buonocore,
R

     

    Burns,
J

     

    Calmas,
L

     

    Chinich,A

     

    Cohen,
B

     

    Cohen,
S

     

    Coopersmith,P

     

    D'Elia,
V

     

    DeMarsilis,S

     

    Diamond,S

     

    Driansky,
H

     

    Friedman,
K

     

    Gietl,
J

     

    Grinberg,
A

     

    Halpin,
J

     

    Horn,P

     

    James,C

     

    Kantra,
A

     

    Karpovich.
E

     

    Leach,
M

     

    Massa,
C

     

    Massaro,
J

     

    Michno,
T

     

    Milgrom,
M

     

    Morelli,
F

     

    Nici,J

     

    Novosel,
J

     

    Peterman,R

     

    Phalen,
D

     

    Porfido,
F

     

    Rashotsky,
E

     

    Samitt,
M

     

    Schneider,G

     

    Starry,K

     

    Stuart,R

     

    Torrente,
M

     

    Vuillet,
R

     

    Welch,R

     

    Youkelson,J

     

    Zanone,J

    
      
        
          
            	
                    NY717357.3

                    212281-10001stock_certificate1.htm

    EXHIBIT
4(c)

     

    NUMBER

     

    MM

     

    

     

     

     

    
      	
              [FAMILY

              GRAPHIC]

            	 
      	 
      	
              COMMON
      STOCK

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
              INCORPORATED
      UNDER THE LAWS

            	 
      	
              SHARES

            	 
      
	 
      	 
      	
              OF
      THE STATE OF DELAWARE

            	 
      	 
      	 
      
	 
      	 
      
	 
      	 
      	
              [SEASONS
      GRAPHIC]

            	 
      
	 
      	 
      	 
      	 
      
	
              The
      Toro Company

            	
              CUSIP
      891092 10 8

            	 
      
	 
      	 
      	 
      
	
              THIS
      CERTIFIES THAT

            	
              SEE
      REVERSE FOR

            
	 
      	
              CERTAIN DEFINITIONS

            
	 
      
	
              IS
      THE

              REGISTERED

              HOLDER OF

            	 
      

    

    

     

    FULLY
PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK PAR VALUE $1.00 EACH,
OF

     

     

    The
Toro Company transferable on the books of the Corporation by the holder hereof,
in person or by duly authorized attorney, upon surrender of this Certificate
properly endorsed. This Certificate and the shares represented hereby, are
issued and shall be held subject to all of the provisions of the Certificate of
Incorporation and By-Laws of the Corporation, and all amendments thereto, to all
of which the holder, by accepting this Certificate, assents. This Certificate is
not valid unless countersigned and registered by the Transfer Agent and
Registrar.

     

     

    In Witness Whereof, the Corporation
has caused this Certificate to be signed in facsimile by its duly authorized
officers, and a facsimile of its corporate seal to be hereunto
affixed.

     

    
      	
              Dated:

            	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              COUNTERSIGNED
      AND REGISTERED:

            	 
      	 
      	 
      	
              /s/
      Michael J. Hoffman

            
	
              WELLS
      FARGO BANK, N.A.

            	 
      	
              SEAL

            	 
      	
              CHAIRMAN,

            
	 
      	 
      	 
      	 
      	
              PRESIDENT
      AND CEO

            
	 
      	
              TRANSFER
      AGENT

            	 
      	 
      	 
      
	 
      	
              AND
      REGISTRAR

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              BY

            	
              /s/
      Todd J. May

            	 
      	 
      	 
      	 
      	
              /s/
      Timothy P. Dordell

            
	 
      	
              AUTHORIZED
      SIGNATURE

            	 
      	
              VICE
      PRESIDENT,

            
	 
      	 
      	 
      	 
      	
              SECRETARY
      AND GENERAL COUNSEL

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    THE
TORO COMPANY

     

     

    THE
SHARES ARE SUBJECT TO RIGHTS, PREFERENCES AND RESTRICTIONS. A FULL STATEMENT OF
THE RIGHTS, PREFERENCES AND RESTRICTIONS GRANTED TO OR IMPOSED UPON THE SHARES
OF ALL CLASSES OR SERIES, AND A STATEMENT OF THE AUTHORITY VESTED BY THE
CERTIFICATE OF INCORPORATION IN THE BOARD OF DIRECTORS UNDER SUBCHAPTER V,
SECTION 151, OF THE DELAWARE GENERAL CORPORATION LAW, TO FIX THE RIGHTS OF
SERIES OF SHARES THEN UNALLOTTED WILL BE FURNISHED TO ANY STOCKHOLDER WITHOUT
CHARGE AND UPON REQUEST MADE TO THE OFFICE OF THE SECRETARY OF THE
COMPANY.

     

     

    THE
FOLLOWING ABBREVIATIONS, WHEN USED IN THE INSCRIPTION ON THE FACE OF THIS
CERTIFICATE, SHALL BE CONSTRUED AS THOUGH THEY WERE WRITTEN OUT IN FULL
ACCORDING TO APPLICABLE LAWS OR REGULATIONS:

     

    
      	 
      	 
      	 
      
	
              TEN
      COM

            	
              —

            	
              as
      tenants in common

            
	
              TEN
      ENT

            	
              —

            	
              as
      tenants by the entireties

            
	
              JT
      TEN

            	
              —

            	
              as
      joint tenants with right of survivorship and not as tenants in
      common

            
	 
      	 
      	 
      	 
      	 
      
	
              UNIF
      GIFT MIN ACT —

            	 
      	
              Custodian

            	 
      
	 
      	
              (Cust)

            	 
      	
              (Minor)

            
	 
      	
              under
      Uniform Gifts to Minors Act

            	 
      
	 
      	 
      	 
      	 
      	
              (State)

            

    

    

     

     

    Additional
abbreviations may also be used though not in the above list.

     

    FOR VALUE
RECEIVED                                                                              hereby sell, assign
and transfer unto

     

    
      	
              (PLEASE
      INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF
      ASSIGNEE)

            	 
      
	 
      	 
      
	 
      	 
      

    

    

     

     

    (PLEASE
PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE)

     

     

    Shares of
Common Stock represented by the within Certificate, and do hereby irrevocably
constitute and appoint

     

     

    Attorney
to transfer the said shares on the books of the within-named
Corporation.

     

    Dated

     

    
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
              NOTICE:

            	
              THE
      SIGNATURE TO THIS ASSIGNMENT MUST

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	 
      	
              CORRESPOND
      WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY
      PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE
      WHATEVER.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}]]