Document:

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                                                                    Exhibit 10.4

                                 EMC CORPORATION

                 2001 STOCK OPTION PLAN, AS AMENDED JUNE 7, 2002

1. PURPOSE.

     The purpose of the EMC Corporation 2001 Stock Option Plan is to enable EMC
Corporation to provide a special incentive to a limited number of key employees
of the Company and its Subsidiaries, if any, who are in a position to have a
significant effect upon the Company's business and earnings. In order to
accomplish this purpose, the Plan authorizes the grant to such key employees of
options to purchase Common Stock of the Company. Increased ownership of Common
Stock will provide such key employees with an additional incentive to take into
account the long-term interests of the Company.

2. DEFINITIONS.

     As used herein, the following words or terms have the meanings set forth
below. The masculine gender is used throughout the Plan but is intended to apply
to members of both sexes.

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

     2.2 "Code" means the Internal Revenue Code of 1986, as amended from time to
time, or any successor statute.

     2.3 "Committee" means the Committee appointed by the Board of Directors to
administer the Plan or the Board of Directors as a whole if no appointment is
made.

     2.4 "Common Stock" means the Common Stock of the Company.

     2.5 "Company" means EMC Corporation, a corporation established under the
laws of The Commonwealth of Massachusetts.

     2.6 "Fair Market Value" in the case of a share of Common Stock on a
particular day, means the fair market value as determined from time to time by
the Board of Directors or, where appropriate, by the Committee, taking into
account all information which the Board of Directors, or the Committee,
considers relevant.

     2.7 "Incentive Stock Option" means a stock option that satisfies the
requirements of Section 422 of the Code.

     2.8 "Participant" means an individual holding a stock option or stock
options granted to him under the Plan.

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     2.9 "Plan" means the EMC Corporation 2001 Stock Option Plan set forth
herein.

     2.10 "Subsidiary" or "Subsidiaries" means a corporation or corporations in
which the Company owns, directly or indirectly, stock possessing 50 percent or
more of the total combined voting power of all classes of stock.

     2.11 "Ten Percent Stockholder" means any person who, at the time an option
is granted, owns or is deemed to own stock (as determined in accordance with
Sections 422 and 424 of the Code) possessing more than ten percent (10%) of the
total combined voting power of all classes of stock of the Company or its parent
or a subsidiary.

3. ADMINISTRATION.

     3.1 The Plan shall be administered by the Committee and, to the extent
provided herein, the Board of Directors. A majority of the members of the
Committee shall constitute a quorum, and all determinations of the Committee
shall be made by a majority of its members. Any determination of the Committee
under the Plan may be made without notice or meeting of the Committee by a
writing signed by a majority of the Committee members.

     3.2 Subject to the provisions set forth herein, each of the Committee and
the Board of Directors shall have full authority to determine the provisions of
options to be granted under the Plan. Subject to the provisions set forth
herein, the Committee shall have full authority to interpret the terms of the
Plan and of options granted under the Plan, to adopt, amend and rescind rules
and guidelines for the administration of the Plan and for its own acts and
proceedings and to decide all questions and settle all controversies and
disputes which may arise in connection with the Plan; PROVIDED, HOWEVER, that
any change to the terms of an option granted hereunder shall be approved by the
Board of Directors to the extent such change would be deemed to be a new option
grant or such terms relate to a subsequent transaction that would not be exempt
from Section 16(b) of the Securities Exchange Act of 1934 in the absence of such
approval.

     3.3 The decision of the Committee or the Board of Directors, as applicable,
on any matter as to which the Committee or the Board of Directors, as
applicable, is given authority under subsection 3.2 shall be final and binding
on all persons concerned.

     3.4 Nothing in the Plan shall be deemed to give any officer or employee, or
his legal representatives or assigns, any right to participate in the Plan,
except to such extent, if any, as the Committee or the Board, as applicable, may
have determined or approved pursuant to the provisions of the Plan.

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4. SHARES SUBJECT TO THE PLAN.

     4.1 The maximum number of shares of Common Stock that may be delivered upon
the exercise of options granted under the Plan shall be 80,000,000, subject to
adjustment in accordance with the provisions of Section 8.

     4.2 If any option granted under the Plan terminates without having been
exercised in full (including an option which terminates by agreement between the
Company and the Participant), or if shares of Common Stock are reacquired by the
Company upon the rescission of an exercise of an option, the number of shares of
Common Stock as to which an option has not been exercised prior to termination,
or have been reacquired upon the rescission of an option, shall be available for
future grants within the limits set forth in subsection 4.1.

     4.3 Shares of Common Stock delivered upon the exercise of options shall
consist of shares of authorized and unissued Common Stock, except that the Board
of Directors may from time to time in its discretion determine in any case the
shares to be so delivered shall consist of shares of authorized and issued
Common Stock reacquired by the Company and held in its Treasury. No fractional
shares of Common Stock shall be delivered upon the exercise of an option.

5. ELIGIBILITY FOR OPTIONS.

     Employees eligible to receive options under the Plan shall be those key
employees of the Company and its Subsidiaries, if any, who, in the opinion of
the Committee, are in a position to have a significant effect upon the Company's
business and earnings. Members of the Board of Directors of the Company or a
Subsidiary who are not employed as regular salaried officers or employees of the
Company or a Subsidiary may not participate in the Plan.

6. GRANT OF OPTIONS.

     6.1 From time to time while the Plan is in effect, each of the Committee
and the Board of Directors may, in its absolute discretion, select from among
the persons eligible to receive options (including persons to whom options were
previously granted) those persons to whom options are to be granted.

     6.2 Each of the Committee and the Board of Directors shall, in its absolute
discretion, determine the number of shares of Common Stock to be subject to each
option granted by it under the Plan.

     6.3 No Incentive Stock Option may be granted under the Plan after May 9,
2011, but options theretofore granted may extend beyond that date.

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7. PROVISIONS OF OPTIONS.

     7.1 INCENTIVE STOCK OPTIONS OR OTHER OPTIONS. Options granted under the
Plan may be either Incentive Stock Options or options which do not qualify as
Incentive Stock Options, as the Committee or the Board of Directors shall
determine at the time of each grant of options hereunder.

     7.2 STOCK OPTION CERTIFICATES OR AGREEMENTS. Options granted under the Plan
shall be evidenced by certificates or agreements in such form as the Committee
shall from time to time approve. Such certificates or agreements shall comply
with the terms and conditions of the Plan and may contain such other provisions
not inconsistent with the terms and conditions of the Plan as the Committee
shall deem advisable. In the case of options intended to qualify as Incentive
Stock Options, the certificates or agreements shall contain such provisions
relating to exercise and other matters as are required of incentive stock
options under the Code.

     7.3 TERMS AND CONDITIONS. All options granted under the Plan shall be
subject to the following terms and conditions to the extent applicable and to
such other terms and conditions not inconsistent therewith as the Committee or
the Board of Directors shall determine:

          7.3.1 EXERCISE PRICE. The exercise price per share of Common Stock
     with respect to each option shall be as determined by the Committee but in
     the case of an Incentive Stock Option not less than 100% (110% in the case
     of an Incentive Stock Option granted to a Ten Percent Stockholder) of the
     Fair Market Value per share at the time the option is granted. In the case
     of an option which does not qualify as an Incentive Stock Option, the
     exercise price per share of Common Stock shall be not less than par value.

          7.3.2 VALUE OF SHARES OF COMMON STOCK SUBJECT TO INCENTIVE STOCK
     OPTIONS. Each eligible employee may be granted Incentive Stock Options only
     to the extent that, in the aggregate under this Plan and all incentive
     stock option plans of the Company and any related corporation, such
     Incentive Stock Options do not become exercisable for the first time by
     such employee during any calendar year in a manner which would entitle the
     employee to purchase more than $100,000 in fair market value (determined at
     the time the Incentive Stock Options were granted) of Common Stock in that
     year. Any options granted to an employee in excess of such amount will be
     granted as Non-Qualified Options.

          7.3.3 PERIOD OF OPTIONS. An option shall be exercisable during such
     period of time as the Committee or Board of Directors may specify (subject
     to subsection 7.4 below), but in the case of an Incentive Stock Option not
     after the expiration of ten years (five years in the case of an Incentive
     Stock Option granted to a Ten Percent Stockholder) from the date the option
     is granted.

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          7.3.4 EXERCISE OF OPTIONS.

               7.3.4.1 Each option shall be made exercisable at such time or
          times as the Committee or the Board of Directors shall determine. In
          the case of an option made exercisable in installments, the Committee
          or the Board of Directors may later determine to accelerate the time
          at which one or more of such installments may be exercised.

               7.3.4.2 Any exercise of an option shall be in writing signed by
          the proper person and delivered or mailed to the office of Stock
          Option Administration of the Company, accompanied by an option
          exercise notice and payment in full for the number of shares in
          respect to which the option is exercised.

               7.3.4.3 In the event an option is exercised by the executor or
          administrator of a deceased Participant, or by the person or persons
          to whom the option has been transferred by the Participant's will or
          the applicable laws of descent and distribution, the Company shall be
          under no obligation to deliver stock thereunder until the Company is
          satisfied that the person or persons exercising the option is or are
          the duly appointed executor or administrator of the deceased
          Participant or the person or persons to whom the option has been
          transferred by the Participant's will or by the applicable laws of
          descent and distribution.

               7.3.4.4 The Committee or the Board of Directors may at the time
          of grant condition the exercise of an option upon agreement by the
          Participant to subject the Common Stock to any restrictions on
          transfer or repurchase rights in effect on the date of exercise, upon
          representations of continued employment and upon other terms not
          inconsistent with this Plan. Any such conditions shall be set forth in
          the option certificate or other document evidencing the option.

               7.3.4.5 In the case of an option that is not an Incentive Stock
          Option, the Committee shall have the right to require the individual
          exercising the option to remit to the Company an amount sufficient to
          satisfy any federal, state, or local withholding tax requirements (or
          to make other arrangements satisfactory to the Company with regard to
          such taxes) prior to the delivery of any Common Stock pursuant to the
          exercise of the option. In the case of an Incentive Stock Option, if
          at the time the Incentive Stock Option is exercised the Committee
          determines that under applicable law and regulations the Company could
          be liable for the withholding of any federal or state tax with respect
          to a disposition of the Common Stock received upon exercise, the
          Committee may require as a condition of exercise that the individual
          exercising the Incentive Stock Option agree (i) to inform the Company
          promptly of any disposition (within the meaning of Section 422(a)(1)
          of the Code and the regulations thereunder) of Common Stock received
          upon exercise, and (ii) to give such security as the Committee deems
          adequate to meet the potential liability of the Company for the
          withholding of tax, and to augment such security from time to time in
          any amount reasonably deemed necessary by the Committee to preserve
          the adequacy of such security.

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               7.3.4.6 In the case of an option that is exercised by an
          individual that is subject to taxation in a foreign jurisdiction, the
          Committee shall have the right to require the individual exercising
          the option to remit to the Company an amount sufficient to satisfy any
          federal or withholding requirement of that foreign jurisdiction (or to
          make other arrangements satisfactory to the Company with regard to
          such taxes prior to the delivery of any Common Stock pursuant to the
          exercise of the option).

          7.3.5 PAYMENT FOR AND DELIVERY OF STOCK. The shares of stock purchased
     on any exercise of an option granted hereunder shall be paid for in full in
     cash or, if expressly permitted by the terms of the option, in shares of
     unrestricted Common Stock at the time of such exercise or, if so permitted,
     a combination of such cash and Common Stock. A Participant shall not have
     the rights of a stockholder with respect to awards under the Plan except as
     to stock actually issued to him.

          7.3.6 LISTING OF STOCK, WITHHOLDING AND OTHER LEGAL REQUIREMENTS. The
     Company shall not be obligated to deliver any stock until all federal,
     state and international laws and regulations which the Company may deem
     applicable have been complied with, nor, in the event the outstanding
     Common Stock is at the time listed upon any stock exchange, until the stock
     to be delivered has been listed or authorized to be added to the list upon
     official notice of issuance to such exchange. In addition, if the shares of
     stock subject to any option have not been registered in accordance with the
     Securities Act of 1933, as amended, the Company may require the person or
     persons who wishes or wish to exercise such option to make such
     representation or agreement with respect to the sale of stock acquired on
     exercise of the option as will be sufficient, in the opinion of the
     Company's counsel, to avoid violation of said Act, and may also require
     that the certificates evidencing said stock bear an appropriate restrictive
     legend.

          7.3.7 NON-TRANSFERABILITY OF OPTIONS. No option may be transferred by
     the Participant otherwise than by will, by the laws of descent and
     distribution or pursuant to a qualified domestic relations order, and
     during the Participant's lifetime the option may be exercised only by him
     or her; PROVIDED, HOWEVER, that the Board of Directors or the Committee, as
     applicable, in its discretion, may allow for transferability of
     non-qualified stock options by the Participant to "Immediate Family
     Members." Immediate Family Members means children, grandchildren, spouse or
     common law spouse, siblings or parents of the Participant or to bona fide
     trusts, partnerships or other entities controlled by and of which the
     beneficiaries are Immediate Family Members of the Participant. Any option
     grants that are transferable are further conditioned on the Participant and
     Immediate Family Members agreeing to abide by the Company's then current
     stock option transfer guidelines.

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          7.3.8 DEATH, DISABILITY OR RETIREMENT OF A PARTICIPANT.

               7.3.8.1 If a Participant's employment terminates by reason of
          death, all options held by the Participant, to the extent exercisable
          on the date of his death, may be exercised by his executor or
          administrator or the person or persons to whom the option is
          transferred by will or the applicable laws of descent and distribution
          at any time or times within three years after the date of the
          Participant's death. The options shall expire at the end of such
          three-year period.

               7.3.8.2 If a Participant's employment terminates by reason of
          "Disability" (as defined below), all options held by the Participant,
          to the extent exercisable on the date of termination by reason of
          Disability (the "Disability Date"), may be exercised by the
          Participant at any time or times within three years after the
          Disability Date. The options shall expire at the end of such
          three-year period. Notwithstanding the foregoing, in the event the
          Participant fails to exercise an Incentive Stock Option within twelve
          months after the Disability Date, such option will be treated as an
          option which does not qualify as an Incentive Stock Option. Disability
          means the disability of the Participant within the meaning of Section
          22(e)(3) of the Code.

               7.3.8.3 If a Participant's employment terminates by reason of
          "Retirement" (as defined below), all options held by the Participant,
          to the extent exercisable on the date of termination by reason of
          Retirement (the "Retirement Date"), may be exercised by the
          Participant at any time or times within three years after the
          Retirement Date, The options shall expire at the end of such
          three-year period. Notwithstanding the foregoing, in the event the
          Participant fails to exercise an Incentive Stock Option within three
          months after the Retirement Date, such option will be treated as an
          option which does not qualify as an Incentive Stock Option. Retirement
          means the voluntary retirement by a Participant from service with the
          Company or any of its Subsidiaries (i) after the Participant has
          attained at least fifty-five years of age and at least five years of
          continuous service with the Company or any of its Subsidiaries or (ii)
          after the Participant has attained at least twenty years of continuous
          service with the Company or any of its Subsidiaries.

               7.3.8.4 The provisions of this Section 7.3.8 shall not apply to
          options held by a Participant who engages or has engaged in
          Detrimental Activity (as defined in Section 7.3.10).

               7.3.8.5 Notwithstanding anything in this Section 7.3.8 to the
          contrary, (i) no option granted under the Plan may be exercised beyond
          the date on which such option would otherwise expire pursuant to the
          terms thereof, and (ii) no Incentive Stock Option granted under the
          Plan may be exercised after the expiration of ten years (five years in
          the case of an Incentive Stock Option granted to a Ten Percent
          Stockholder) from the date the Incentive Stock Option was granted.

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          7.3.9 TERMINATION OF EMPLOYMENT. If the employment of a Participant
     terminates for any reason other than his death, Disability or Retirement,
     all options held by the Participant shall thereupon expire at 5 p.m. United
     States eastern time on the date of termination unless the option by its
     terms, or the Committee or the Board of Directors by resolution, shall
     expressly allow the Participant to exercise any or all of the options held
     by him after termination; provided, that notwithstanding any such express
     allowance, any such option which is an Incentive Stock Option shall in any
     event expire no later than three months after such termination of
     employment, or after the expiration of ten years (five years in the case of
     an Incentive Stock Option granted to a Ten Percent Stockholder) from the
     date the Incentive Stock Option was granted, whichever occurs first. The
     Company shall have the sole discretion to set the date of termination for
     purposes of the Plan, without regard to any notice period or other
     obligation under the labor laws of the jurisdiction where the Participant
     is employed. If the Committee or the Board of Directors so decides, an
     option may provide that a leave of absence granted by the Company or
     Subsidiary is not a termination of employment for the purpose of this
     subsection 7.3.9, and in the absence of such a provision the Committee may
     in any particular case determine that such a leave of absence is not a
     termination of employment for such purpose. The Committee shall also
     determine all matters relating to continuous employment.

          7.3.10 CANCELLATION AND RESCISSION OF OPTIONS. The following
     provisions of this Section 7.3.10 shall apply to options granted to (i)
     Participants who are classified by the Company or a Subsidiary as an
     executive officer, senior officer, or officer (collectively, an "Officer")
     of the Company or a Subsidiary; and (ii) certain other Participants
     designated by the Committee or the Board of Directors to be subject to the
     terms of this Section 7.3.10 (such designated Participants together with
     Officers referred to collectively as "Senior Participants"). The Committee
     or the Board of Directors may cancel, rescind, suspend or otherwise limit
     or restrict any unexpired option at any time if the Senior Participant
     engages in "Detrimental Activity" (as defined below). Furthermore, in the
     event a Senior Participant engages in Detrimental Activity at any time
     prior to or during the six months after any exercise of an option, such
     exercise may be rescinded until the later of (i) two years after such
     exercise or (ii) two years after such Detrimental Activity. Upon such
     rescission, the Company at its sole option may require the Senior
     Participant to (i) deliver and transfer to the Company the shares of Common
     Stock received by the Senior Participant upon such exercise, (ii) pay to
     the Company an amount equal to any realized gain received by the Senior
     Participant from such exercise, or (iii) pay to the Company an amount equal
     to the market price (as of the exercise date) of the Common Stock acquired
     upon such exercise minus the respective exercise price. The Company shall
     be entitled to set-off any such amount owed to the Company against any
     amount owed to the Senior Participant by the Company. Further, if the
     Company commences an action against such Senior Participant (by way of
     claim or counterclaim and including declaratory claims), in which it is
     preliminarily or finally determined that such Senior Participant engaged in
     Detrimental Activity or otherwise violated this Section 7.3.10, the Senior
     Participant shall reimburse the Company for all costs and fees incurred in
     such action, including but not limited to, the Company's

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     reasonable attorneys' fees. As used in this subsection 7.3.10, "Detrimental
     Activity" shall include: (i) the failure to comply with the terms of the
     Plan or certificate or agreement evidencing the option; (ii) the failure to
     comply with any term set forth in the Company's Key Employee Agreement
     (irrespective of whether the Senior Participant is a party to the Key
     Employee Agreement); (iii) any activity that results in termination of the
     Senior Participant's employment for cause; (iv) a violation of any rule,
     policy, procedure or guideline of the Company; or (v) the Senior
     Participant being convicted of, or entering a guilty plea with respect to a
     crime whether or not connected with the Company.

          7.3.11 JURISDICTION AND GOVERNING LAW. The parties submit to the
     exclusive jurisdiction and venue of the federal or state courts of the
     Commonwealth of Massachusetts to resolve issues that may arise out of or
     relate to the Plan or the same subject matter. The Plan shall be governed
     by the laws of the Commonwealth of Massachusetts, excluding its conflicts
     or choice of law rules or principles that might otherwise refer
     construction or interpretation of this Plan to the substantive law of
     another jurisdiction.

     7.4 AUTHORITY OF THE COMMITTEE. The Committee shall have the authority,
either generally or in particular instances, to waive compliance by a
Participant with any obligation to be performed by him under an option and to
waive any condition or provision of an option, except that the Committee may not
(i) increase the total number of shares covered by any Incentive Stock Option
(except in accordance with Section 8), (ii) reduce the option price per share of
any Incentive Stock Option (except in accordance with Section 8) or (iii) extend
the term of any Incentive Stock Option to more than ten years, subject, however,
to the provisions of Section 10.

8. CHANGES IN STOCK.

     In the event of a stock dividend, stock split or other change in corporate
structure or capitalization affecting the Common Stock that becomes effective
after the adoption of the Plan by the Board of Directors, the Committee shall
make appropriate adjustments in (i) the number and kind of shares of stock on
which options may thereafter be granted hereunder, (ii) the number and kind of
shares of stock remaining subject to each option outstanding at the time of such
change and (iii) the option price. The Committee's determination shall be
binding on all persons concerned. Subject to any required action by the
stockholders, if the Company shall be the surviving corporation in any merger or
consolidation (other than a merger or consolidation in which the Company
survives but in which a majority of its outstanding shares are converted into
securities of another corporation or are exchanged for other consideration), any
option granted hereunder shall pertain and apply to the securities which a
holder of the number of shares of stock of the Company then subject to the
option would have been entitled to receive, but a dissolution or liquidation of
the Company or a merger or consolidation in which the Company is not the
surviving corporation or in which a majority of its outstanding shares are so
converted or exchanged shall cause every option hereunder to terminate; provided
that if any such

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dissolution, liquidation, merger or consolidation is contemplated, the
Company shall either arrange for any corporation succeeding to the business
and assets of the Company to issue to the Participants replacement options
(which, in the case of Incentive Stock Options, satisfy, in the determination
of the Committee, the requirements of Section 424 of the Code) on such
corporation's stock which will to the extent possible preserve the value of
the outstanding options or shall make the outstanding options fully
exercisable at least 20 days before the effective date of any such
dissolution, liquidation, merger or consolidation. The existence of the Plan
shall not prevent any such change or other transaction and no Participant
thereunder shall have any right except as herein expressly set forth.

9. EMPLOYMENT RIGHTS.

     Neither the adoption of the Plan nor any grant of options confers upon any
employee of the Company or a Subsidiary any right to continued employment with
the Company or a Subsidiary, as the case may be, nor does it interfere in any
way with the right of the Company or a Subsidiary to terminate the employment of
any of its employees at any time.

10. DISCONTINUANCE, CANCELLATION, AMENDMENT AND TERMINATION.

     The Committee or the Board of Directors may at any time discontinue
granting options under the Plan and, with the consent of the Participant, may at
any time cancel an existing option in whole or in part and grant another option
to the Participant for such number of shares as the Committee or the Board of
Directors specifies. The Board of Directors may at any time or times amend the
Plan for the purpose of satisfying the requirements of any changes in applicable
laws or regulations or for any other purpose which may at the time be permitted
by law or may at any time terminate the Plan as to any further grants of
options, provided that no such amendment shall without the approval of the
stockholders of the Company (a) increase the maximum number of shares available
under the Plan, (b) change the group of employees eligible to receive options
under the Plan, (c) reduce the exercise price of outstanding incentive options
or reduce the price at which incentive options may be granted, (d) extend the
time within which options may be granted, (e) alter the Plan in such a way that
incentive options granted or to be granted hereunder would not be considered
incentive stock options under Section 422 of the Code, or (f) amend the
provisions of this Section 10, and no such amendment shall adversely affect the
rights of any employee (without his consent) under any option previously
granted.

11. EFFECTIVE DATE.

     The Plan will become effective immediately upon its approval by the
stockholders of the Company at the Annual Meeting on May 9, 2001.

                                       10<Page>

                                                                  Exhibit 10.5

                                 EMC CORPORATION

                 EXECUTIVE DEFERRED COMPENSATION RETIREMENT PLAN,
                             AS AMENDED JUNE 7, 2002

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                                 EMC CORPORATION
                 EXECUTIVE DEFERRED COMPENSATION RETIREMENT PLAN,
                             AS AMENDED JUNE 7, 2002

ARTICLE 1. INTRODUCTION

     1.1. ADOPTION OF PLAN. The EMC Corporation Executive Deferred Compensation
Retirement Plan has been adopted effective as of January 1, 2001. The Plan has
been amended effective as of June 7, 2002.

     1.2. PURPOSE OF PLAN. The Company (as defined below) has adopted the Plan
(as defined below) to provide a competitive level of retirement benefits to
certain designated employees and directors of the Company or any of its
Subsidiaries by allowing them to defer receipt of designated percentages of
their Compensation (as defined below) and to provide, in the sole discretion of
the Company, Company Credits (as defined below).

     1.3. STATUS OF PLAN. The Plan is intended to be "a plan which is unfunded
and is maintained by an employer primarily for the purpose of providing deferred
compensation for a select group of management or highly compensated employees"
within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA (as
defined below), and shall be interpreted and administered to the fullest extent
possible in a manner consistent with that intent.

ARTICLE 2. DEFINITIONS

     Wherever used herein, the following terms shall have the meanings set forth
below, unless a different meaning is clearly required by the context:

     2.1. "ACCOUNT" means, for each Participant, the account established for his
or her benefit under Section 5.1.

     2.2. "ADMINISTRATOR" means initially the Executive Compensation and Stock
Option Committee of the Board (as defined below) as it may be constituted from
time to time, or otherwise means a committee comprised of such members of the
Board or executive officers of the Company as may be appointed by the Board or
the Company's President or Chief Executive Officer from time to time.

     2.3. "BOARD" means the Board of Directors of the Company, as it may be
constituted from time to time.

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     2.4. "CHANGE OF CONTROL" means the determination by the Administrator, in
its sole discretion, that any of the following shall have occurred: (a) a
reorganization, consolidation or merger of the Company in which the Company is
not the continuing or surviving corporation or pursuant to which the Company's
common stock, par value $.01 per share (the "Common Stock") is converted into
cash, securities or other property, in either case other than a reorganization,
consolidation or merger of the Company in which the holders of Common Stock
immediately prior to the reorganization, consolidation or merger hold, directly
or indirectly, at least a majority of the voting stock of the continuing or
surviving corporation immediately after such reorganization, consolidation or
merger; or (b) the sale, lease, exchange or other transfer (in one transaction
or a series of related transactions) of all, or substantially all, of the assets
of the Company.

     2.5. "CODE" means the Internal Revenue Code of 1986, as amended from time
to time. Reference to any section or subsection of the Code includes reference
to any comparable or succeeding provisions of any legislation which amends,
supplements or replaces such section or subsection.

     2.6. "COMPANY" means EMC Corporation, a corporation formed under the laws
of The Commonwealth of Massachusetts.

     2.7. "COMPANY CREDIT" means any credit from the Company which is received
by a Participant under Section 4.2.

     2.8. "COMPANY CREDIT SUBACCOUNT" means the subaccount within the
Participant's Account to which Company Credits and allocable earnings credits,
if any, are credited.

     2.9 "COMPANY CREDIT ELIGIBLE EMPLOYEE" means an employee of the Company or
any of its Subsidiaries selected by the Administrator as eligible for Company
Credits under Section 4.2 from among the group of highly compensated or
managerial employees of the Company or any of its Subsidiaries.

     2.10. "COMPANY STOCK" means the Company's common stock, par value $.01 per
share.

     2.11. "COMPENSATION" means any cash bonuses and directors' fees payable
from time to time by the Company or any of its Subsidiaries to a Participant and
a Participant's income from exercised vested stock options to purchase Company
Stock; provided, however, that with respect to each Participant, the
Administrator in its sole discretion may determine which specific types of
Compensation may be deferred under the Plan by such Participant; provided
further, however, that the Administrator may, in its sole discretion, amend this
Section 2.11 to cover other types of compensation payable from time to time by
the Company or any of its Subsidiaries to a Participant, including, without
limitation, cash commissions and salary.

                                       2
<PAGE>

     2.12. "ELECTIVE DEFERRAL" means the portion of Compensation which is
deferred by a Participant under Section 4.1.

     2.13. "ELECTIVE DEFERRAL SUBACCOUNT" means the subaccount within the
Participant's Account to which Elective Deferrals and allocable earnings credits
are credited.

     2.14. "ELECTIVE DEFERRAL ELIGIBLE EMPLOYEE" means an employee of the
Company or any of its Subsidiaries selected by the Administrator as eligible for
Elective Deferrals under Section 4.1 from among the group of highly compensated
or managerial employees of the Company or any of its Subsidiaries.

     2.15 "ELIGIBLE EMPLOYEE" means an employee of the Company or any of its
Subsidiaries who is a Company Credit Eligible Employee, an Elective Deferral
Eligible Employee, or both.

     2.16 "ELIGIBLE DIRECTOR" means any member of the Board.

     2.17. "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended from time to time. Reference to any section or subsection of ERISA
includes reference to any comparable or succeeding provisions of any legislation
which amends, supplements or replaces such section or subsection.

     2.18. "PARTICIPANT" means any individual who participates in the Plan in
accordance with Article 3.

     2.19. "PLAN" means the EMC Corporation Executive Deferred Compensation
Retirement Plan as set forth herein and all subsequent amendments hereto.

     2.20. "PLAN YEAR" means in the case of the first Plan Year, the period
beginning January 1, 2001 and ending on December 31, 2001, and thereafter, the
12-month period ending each December 31.

     2.21. "RESIGNATION OF SERVICE" means the voluntary resignation from service
for the Company by an Eligible Director.

     2.22. "RETIREMENT" means the voluntary retirement by a Participant from
service with the Company (a) after such Participant has attained 55 years of age
and five years of service with the Company or (b) after such Participant has
attained twenty years of service with the Company or any of its Subsidiaries;
provided, in each such case, that such Participant complies with the terms set
forth in the Company's form of Key Employee Agreement (which agreement (i) shall
be deemed to apply to such Participant whether or not such Participant is a
party to a Key

                                       3
<PAGE>

Employee Agreement and (ii) is expressly incorporated by reference herein and
made a part of the Plan).

     2.23. "SUBSIDIARY" OR "SUBSIDIARIES" means a corporation or corporations in
which the Company owns, directly or indirectly, stock possessing fifty percent
(50%) or more of the total combined voting power of all classes of stock.

ARTICLE 3. PARTICIPATION

     3.1. COMMENCEMENT OF PARTICIPATION. Any individual who is an Eligible
Employee or an Eligible Director and who has elected to defer part of his or her
Compensation for the Plan Year in accordance with Section 4.1, or who has been
selected by the Company in its sole discretion to receive a Company Credit in
accordance with Section 4.2, shall become a Participant on the date such
election or credit is made.

     3.2. CONTINUED PARTICIPATION. Subject to Section 3.3, an individual who has
become a Participant in the Plan shall continue to be a Participant so long as
any amount remains credited to his or her Account.

     3.3. TERMINATION OF PARTICIPATION. The Administrator may terminate a
Participant's participation in the Plan prospectively or retroactively for any
reason, including but not limited to the Administrator's determination that such
termination is necessary in order to maintain the Plan as a "plan which is
unfunded and is maintained by an employer primarily for the purpose of providing
deferred compensation for a select group of management or highly compensated
employees" within the meaning of sections 201(2), 301(a)(3) and 401(a)(1) of
ERISA. Upon termination of a Participant's participation in the Plan, amounts
credited to a Participant's Account, if any, shall be paid to a Participant in a
single lump sum payment comprised of cash and (in the case of any portion of an
Elective Deferral Subaccount attributable to deferrals of stock option gain
Compensation) Company Stock.

ARTICLE 4. DEFERRALS AND CREDITS

     4.1. ELECTIVE DEFERRALS

          (a) IN GENERAL. An Elective Deferral Eligible Employee or Eligible
     Director may elect to defer a designated portion of his or her Compensation
     to be earned or payable during a Plan Year, by filing a written election
     with the Administrator prior to the first day of the Plan Year in which
     such Compensation is to be earned or by such other date as may be
     determined by the Administrator in its sole discretion; provided, however,
     that with respect to each Participant, the Administrator in its sole
     discretion may determine which specific types of Compensation may be
     deferred under the Plan by such Participant. An individual who first
     becomes an Elective Deferral Eligible Employee or

                                       4
<PAGE>

     Eligible Director on or after the first day of any Plan Year may elect to
     defer a designated portion of his or her Compensation to be earned during
     the Plan Year by filing a written election with the Administrator by such
     date as may be determined by the Administrator in its sole discretion.

          (b) NATURE OF ELECTION. Each election under this Section 4.1 for a
     Plan Year (or the balance of a Plan Year) shall be made on a form
     prescribed or approved by the Administrator, shall be irrevocable by the
     Participant for the applicable Plan Year, and shall apply only to
     Compensation earned after the date the election form is completed and filed
     with the Administrator. The election form shall specify the whole
     percentage or flat dollar amount of each type of Compensation that is to be
     deferred for the applicable Plan Year. In accordance with Article 6, each
     Participant shall indicate on the election form when the amount that is to
     be deferred for the applicable Plan Year is to be paid (e.g., upon
     Retirement or Resignation of Service, upon a fixed distribution date
     pursuant to Section 6.6, or upon a Change of Control) and the method of
     payment (e.g., in a single lump sum payment, in a number of annual
     installments or in any other method approved by the Administrator). The
     deferred amounts shall be credited to the Participant's Elective Deferral
     Subaccount as of the date such Compensation would otherwise have been paid
     to the Participant.

     4.2. COMPANY CREDITS. Notwithstanding any other provisions of the Plan, the
Company shall not be obligated to credit a Company Credit to the Company Credit
Subaccount of a Company Credit Eligible Employee. The Company may determine from
time to time, in its sole discretion, to credit a Company Credit, in an amount
the Company may determine in its sole discretion, to the Company Credit
Subaccount of a Company Credit Eligible Employee.

ARTICLE 5. ACCOUNTS; INTEREST

     5.1. ACCOUNTS. The Administrator shall establish an Account for each
Participant consisting of an Elective Deferral Subaccount and Company Credit
Subaccount, reflecting Elective Deferrals and Company Credits, respectively, and
any adjustments hereunder. As soon as reasonably practical after the end of each
Plan Year, the Administrator shall provide the Participant with a statement of
his or her Account.

     5.2. EARNINGS MEASUREMENT. The Administrator shall identify one or more
funds (such as mutual funds or bank collective funds) from time to time for the
purpose of measuring earnings credits to Participants' Accounts. Each
Participant may specify which one or more of such funds he or she wishes to be
used as a measuring vehicle for designated percentages of his or her Account, in
such form and manner, and with such notice, as the Administrator may prescribe,
provided that such directions may be given on a prospective basis only, and
further provided that any deferrals of stock option gain Compensation shall be
invested exclusively and permanently in Company Stock. Changes in Participant
directions hereunder may be made by a

                                       5
<PAGE>

Participant no more than once every thirty (30) days or at such other times or
as frequently as the Administrator may prescribe. Each Participant's Account
shall be adjusted from time to time (at least quarterly) to reflect the fair
market value that would be ascribed to the Account if the amounts credited to
the Account were actually invested in the funds as directed by the Participant.
For purposes of Company Credits, earnings credits (if any) shall begin to accrue
as of the actual date of contribution and investment by the Company of such
funds into a grantor trust pursuant to Section 9.1.

     5.3. PAYMENTS. Each Participant's Account shall be reduced by the amount of
any payment made to or on behalf of the Participant under Article 6 as of the
date such payment is made.

     5.4. VESTING. A Participant will at all times be 100% vested in his or her
Elective Deferral Subaccount. A Participant will earn an interest to be vested
in his or her Company Credit Subaccount according to any vesting schedule(s)
adopted by the Company in its sole discretion; provided, however, that in the
event (a) that a Participant becomes totally and permanently disabled as
determined in the sole discretion of the Company or (b) of a Change of Control a
Participant will become 100% vested in his or her Company Credit Subaccount.

5.5 DETRIMENTAL ACTIVITY.

     (a) Notwithstanding any other provisions of the Plan, in the event that a
Participant engages in "Detrimental Activity" (as defined below) at any time,
the Administrator may in its sole discretion (i) direct the Company to pay the
balance of the Participant's Account in the form of a single lump sum payment
comprised of cash and (in the case of any portion of an Elective Deferral
Subaccount attributable to deferrals of stock option gain Compensation) Company
Stock; and (ii) cancel, rescind, suspend or otherwise limit or restrict at any
time all amounts, if any, credited to such Participant's Company Credit
subaccount, whether or not fully vested. Furthermore, in the event that a
Participant engages in Detrimental Activity at any time during the twelve (12)
months after the termination of his or her employment with the Company or any of
its Subsidiaries for any reason or termination of service as a director of the
Company for any reason, as the case may be, the Company may require such
Participant at any time until the later of (A) two years after such
Participant's termination of employment for any reason or termination of service
as a director of the Company for any reason, as the case may be, or (B) two
years after such Participant engaged in Detrimental Activity to pay to the
Company (1) an amount equal to any distributions previously made by the Company
to such Participant from such Participant's Company Credit Account and (2), if
the Company commences an action against such Participant (by way of a claim or
counterclaim and including declaratory claims), in which it is preliminarily or
finally determined that such Participant engaged in Detrimental Activity or
otherwise violated this Section 5.5, an amount equal to the Company's costs and
fees incurred in such action, including but not limited to, the Company's
reasonable attorneys' fees. The Company shall be entitled to set off any such
amounts owed to the Company against any amounts owed to such

                                       6
<PAGE>

Participant by the Company, including without limitation, any amounts to be
distributed from such Participant's Elective Deferral Subaccount. For this
purpose "Detrimental Activity" means, in the Company's sole determination, that
the Participant has, directly or indirectly, (a) become associated in any
capacity with any enterprise that is, or may be deemed to be, in competition
with any business of the Company or any of its Subsidiaries, (b) solicited,
induced or attempted to induce, in any enterprise that is competitive with the
Company or any of its Subsidiaries, any customers or employees of the Company to
curtail or discontinue their relationship with the Company or any of its
Subsidiaries, (c) disclosed, communicated or misused, to the detriment of the
Company or any of its Subsidiaries, any confidential or proprietary information
relating to the Company or any of its Subsidiaries to any person or entity not
associated with the Company or any of its Subsidiaries, (d) failed to comply
with the terms of the Plan, (e) failed to comply with any term set forth in the
Company's Key Employee Agreement (irrespective of whether the Participant is a
party to the Key Employee Agreement), (f) engaged in any activity that results
in termination of the Participant's employment for cause, (g) violated any rule,
policy, procedure or guideline of the Company or any of its Subsidiaries, or (h)
been convicted of, or has entered a guilty plea with respect to, a crime whether
or not connected with the Company or any of its Subsidiaries.

     (b) Notwithstanding anything herein to the contrary, this Section 5.5 shall
not in any way amend, modify or affect any other plan, agreement, instrument or
understanding, including without limitation, any of the Company's stock option
plans, or any of the rights of the Company or any of its Subsidiaries thereunder
with respect to any Detrimental Activity or similar activity committed by a
Participant. The Company expressly reserves all of its rights under any such
other plan, agreement, instrument or understanding and this Section 5.5 shall
not be construed in any way as a waiver of any such rights.

ARTICLE 6. - PAYMENTS

     6.1 PAYMENT UPON RETIREMENT OR RESIGNATION OF SERVICE. In the event a
Participant's employment with the Company or any of its Subsidiaries is
terminated due to the Participant's Retirement, or in the event that a
Participant's service as a director of the Company is terminated due to the
Participant's Resignation of Service, then as soon as administratively
practicable thereafter, payments will be made to the Participant as follows:

          (a) With respect to the Participant's Elective Deferral Subaccount,
     unless the Participant elects an alternative form of payment as described
     in Section 6.1(c) either in the initial Elective Deferral election
     described in Section 4.1 or at least 13 months prior to Retirement or
     Resignation of Service, payments to be made upon Retirement or Resignation
     of Service will be made in a single lump sum payment comprised of cash and
     (in the case of any portion of an Elective Deferral Subaccount attributable
     to deferrals of stock option gain Compensation) Company Stock.

                                       7
<PAGE>

          (b) With respect to the vested portion, if any, of the Participant's
     Company Credit Subaccount, unless the Participant elects an alternative
     form of payment as described in Section 6.1(c) at least 13 months prior to
     Retirement, payments to be made upon Retirement will be made in a single
     lump sum cash payment. The unvested portion, if any, of the Participant's
     Company Credit Subaccount shall be forfeited automatically upon Retirement.

          (c) A Participant may elect, either in the initial Elective Deferral
     election described in Section 4.1 or at least 13 months prior to the
     Participant's Retirement or Resignation of Service, to receive the balance
     of the Participant's Account in payments of five, ten or fifteen annual
     installment payments comprised of cash and (in the case of any portion of
     an Elective Deferral Subaccount attributable to deferrals of stock option
     gain Compensation) Company Stock. A Participant shall elect, either in the
     initial Elective Deferral election described in Section 4.1 or at least 13
     months prior to the Participant's Retirement or Resignation of Service, the
     date upon which the first installment shall be made following Retirement or
     Resignation of Service and succeeding installments shall be made on the
     next four anniversaries of the date of Retirement or Resignation of Service
     (for a total of five installments), on the next nine anniversaries of the
     date of Retirement or Resignation of Service (for a total of ten
     installments), or on the next fourteen anniversaries of the date of
     Retirement or Resignation of Service (for a total of fifteen installments).
     If a Participant shall fail to elect the date upon which the first
     installment shall be made following Retirement or Resignation of Service,
     then the first installment shall be made as soon as administratively
     practicable following Retirement or Resignation of Service and succeeding
     installments shall be made on the next four anniversaries of the date of
     Retirement or Resignation of Service (for a total of five installments), on
     the next nine anniversaries of the date of Retirement or Resignation of
     Service (for a total of ten installments), or on the next fourteen
     anniversaries of the date of Retirement or Resignation of Service (for a
     total of fifteen installments). The amount of each installment shall be
     determined by dividing the Participant's applicable Account balance
     (adjusted through the day before the installment is paid) by the number of
     installments remaining. Notwithstanding the foregoing, subject to the prior
     approval of the Administrator in its sole discretion, a Participant make
     elect, either in the initial Elective Deferral election described in
     Section 4.1 or at least 13 months prior to the Participant's Retirement or
     Resignation of Service, to receive the balance of the Participant's Account
     in such amounts and at such times as the Participant shall describe in such
     election. Any election made under this Section 6.1(c) shall be made in
     writing on a form prescribed or approved by the Administrator, and may be
     revoked in writing on a form prescribed or approved by the Administrator at
     any time if such revocation is made at least 13 months prior to the
     Participant's Retirement or Resignation of Service.

Notwithstanding the foregoing, the Administrator may, in its sole discretion, at
any time after the Participant's Retirement or Resignation of Service, direct
the Company to pay the balance of the

                                       8
<PAGE>

Participant's Account in the form of a single lump sum payment comprised of cash
and (in the case of any portion of an Elective Deferral Subaccount attributable
to deferrals of stock option gain Compensation) Company Stock.

     6.2 PAYMENT UPON TERMINATION OF EMPLOYMENT OR SERVICE AS A DIRECTOR DUE TO
DISABILITY. In the event a Participant's employment with the Company or any of
its Subsidiaries or service as a director of the Company is terminated due to
the Participant's disability as determined by the Administrator in its sole
discretion ("Disability"), then as soon as administratively practicable
thereafter, payments will be made to the Participant as follows:

          (a) With respect to the Participant's Elective Deferral Subaccount,
     payments will made at the same time and in the same manner as if the
     Participant's employment had terminated due to his or her Retirement or as
     if the Participant's service as a director of the Company had terminated
     due to his or her Resignation of Service.

          (b) With respect to the vested portion (after any acceleration of
     vesting pursuant to Section 5.4, if applicable), if any, of the
     Participant's Company Credit Subaccount, payments will made at the same
     time and in the same manner as if the Participant's employment had
     terminated due to his or her Retirement. The unvested portion, if any, of
     the Participant's Company Credit Subaccount shall be forfeited
     automatically upon termination of the Participant's employment with the
     Company of any of its Subsidiaries due to Disability.

Notwithstanding the foregoing, the Administrator may, in its sole discretion, at
any time after the termination of the Participant's employment with the Company
or any of its Subsidiaries or service as a director of the Company due to
Disability, direct the Company to pay the balance of the Participant's Account
in the form of a single lump sum payment comprised of cash and (in the case of
any portion of an Elective Deferral Subaccount attributable to deferrals of
stock option gain Compensation) Company Stock.

     6.3 PAYMENT UPON TERMINATION OF EMPLOYMENT OR SERVICE AS A DIRECTOR DUE TO
DEATH. In the event a Participant's employment with the Company or any of its
Subsidiaries or service as a director of the Company is terminated due to the
Participant's death, then as soon as administratively practicable thereafter,
payments will be made to the Participant's beneficiary or estate, in accordance
with Section 6.3(c), as follows:

          (a) With respect to the Participant's Elective Deferral Subaccount,
     payments will be made at the same time and in the same manner as if the
     Participant's employment had terminated due to his or her Retirement or as
     if the Participant's service as a director of the Company had terminated
     due to his or her Resignation of Service.

                                       9
<PAGE>

          (b) With respect to the vested portion of the Participant's Company
     Credit Subaccount, payments, if any, will made at the same time and in the
     same manner as if the Participant's employment had terminated due to his or
     her Retirement. The unvested portion of the Participant's Company Credit
     Subaccount shall be forfeited automatically upon termination of the
     Participant's employment with the Company or any of its Subsidiaries due to
     death.

          (c) A Participant shall designate his or her beneficiary or
     beneficiaries who, in the event of the Participant's death, shall be
     entitled to receive the balance of the Participant's Account. Such
     designation shall be made in writing on a form prescribed or approved by
     the Administrator, and may be revoked in writing on a form prescribed or
     approved by the Administrator at any time prior to the Participant's death.
     If a Participant fails to designate a beneficiary or no designated
     beneficiary survives the Participant, then payments hereunder shall be made
     to the Participant's estate.

Notwithstanding the foregoing, the Administrator may, in its sole discretion, at
any time after the Participant's death, direct the Company to pay the balance of
the Participant's Account to the Participant's beneficiary or estate, as the
case may be, in the form of a single lump sum payment comprised of cash and (in
the case of any portion of an Elective Deferral Subaccount attributable to
deferrals of stock option gain Compensation) Company Stock.

     6.4 PAYMENT UPON TERMINATION OF EMPLOYMENT OR SERVICE AS A DIRECTOR FOR ANY
OTHER REASON. In the event a Participant's employment with the Company or any of
its Subsidiaries or service as a director of the Company is terminated for any
reason other than Retirement, Resignation of Service, Disability or death, then
as soon as administratively practicable thereafter, payments will be made to the
Participant as follows:

          (a) With respect to the Participant's Elective Deferral Subaccount,
     payment will be made in a single lump sum payment comprised of cash and (in
     the case of any portion of an Elective Deferral Subaccount attributable to
     deferrals of stock option gain Compensation) Company Stock.

          (b) With respect to the vested portion, if any, of the Participant's
     Company Credit Subaccount, payment will be made in a single lump sum cash
     payment. The unvested portion of the Participant's Company Credit
     Subaccount shall be forfeited automatically upon the termination of the
     Participant's employment with the Company or any of its Subsidiaries for
     any reason other than Retirement, Disability or death.

Notwithstanding the foregoing, the Administrator may, in its sole discretion, at
any time after the termination of the Participant's employment with the Company
or any of its Subsidiaries for any reason other than Retirement, Disability or
death, direct the Company to pay the balance of the Participant's Account as if
the Participant's employment had terminated due to his or her

                                       10
<PAGE>

Retirement or as if the Participant's service as a director of the Company had
terminated due to his or her Resignation of Service.

     6.5 SEVERE FINANCIAL HARDSHIP DISTRIBUTION. At any time, a Participant who
believes he or she is suffering a severe financial hardship may apply to the
Administrator for a distribution under the Plan in order to alleviate such
hardship. The Administrator, in its sole discretion (but after taking into
account, among other factors, the nature and foreseeability of the alleged
hardship, the Participant's other resources, and the effect of making a
distribution on the intended tax status of the deferrals made under the Plan),
may direct the Company to pay to the Participant an amount which it determines
is necessary or appropriate, not to exceed the Participant's Elective Deferral
Subaccount balance, if any, and the Company shall pay such amount to the
Participant in a single lump sum distribution to be paid in cash and (in the
case of any portion of an Elective Deferral Subaccount attributable to deferrals
of stock option gain Compensation) Company Stock.

     6.6 IN-SERVICE DISTRIBUTION. In connection with his or her election to
defer Compensation pursuant to Section 4.1, a Participant may specify a fixed
distribution date for the commencement of payment of his or her Elective
Deferral Subaccount which may be prior to termination of employment or
termination of service as a director of the Company, which shall be payable in a
single lump sum distribution or in five annual installments commencing on the
fixed distribution date; provided, however, that such fixed distribution date
shall not be earlier than the third anniversary of the last day of the Plan Year
in which such Compensation was deferred. Any lump sum or installment
distributions shall be paid in cash and (in the case of any portion of an
Elective Deferral Subaccount attributable to deferrals of stock option gain
Compensation) Company Stock. Such distribution dates may be extended to later
dates so long as elections to extend are made at least 13 months prior to the
fixed distribution date. If such distribution is to be paid in five annual
installments, then the first installment shall be made on the fixed distribution
date and succeeding installments shall be made on the next four anniversaries of
the fixed distribution date (for a total of five installments). The amount of
each installment shall be determined by dividing the Participant's applicable
Account balance (adjusted through the day before the installment is paid) by the
number of installments remaining. Any election made under this Section 6.6 shall
be made in writing on a form prescribed or approved by the Administrator and may
be revoked in writing on a form prescribed or approved by the Administrator at
any time if such revocation is made at least 13 months prior to the fixed
distribution date.

     In the event the Participant's employment with the Company or any of its
Subsidiaries or service as a director of the Company is terminated prior to the
fixed distribution date, then no payments shall be made pursuant to this Section
6.6 and, instead, the balance of the Participant's Elective Deferral Subaccount
shall be paid based on the Participant's termination of employment by reason of
Retirement, Disability, death or otherwise, or termination of service as a
director of the Company by reason of Resignation of Service, Disability, death
or otherwise, as the case may

                                       11
<PAGE>

be. In the event the Participant's employment with the Company or any of its
Subsidiaries is terminated by reason of Retirement, Disability or death or the
Participant's service as a director of the Company is terminated by reason of
Resignation of Service, Disability or death, as the case may be, after the fixed
distribution date has occurred and the Participant had elected to receive such
distribution under this Section 6.6 in five annual installments, then payments
shall be made at the same time and in the same manner as elected by the
Participant under this Section 6.6. In the event the Participant's employment
with the Company or any of its Subsidiaries is terminated for any reason other
than Retirement, Disability or death or the Participant's service as a director
of the Company is terminated for any reason other than Resignation of Service,
Disability or death after the fixed distribution date has occurred and the
Participant had elected to receive such distribution under this Section 6.6 in
five annual installments, then notwithstanding such election, the remaining
portion of the distribution shall be made in a single lump sum payment to the
Participant as soon as administratively practicable after the Participant's
employment with the Company or any of its Subsidiaries is terminated for any
reason other than Retirement, Disability or death or the Participant's service
as a director of the Company is terminated for any reason other than Resignation
of Service, Disability or death. Notwithstanding the foregoing, the
Administrator may, in its sole discretion, at any time after the termination of
the Participant's employment for any reason or the termination of the
Participant's service as a director of the Company for any reason, direct the
Company to pay the balance of the Participant's Account in the form of a single
lump sum payment. Any lump sum or installment distributions shall be paid in
cash and (in the case of any portion of an Elective Deferral Subaccount
attributable to deferrals of stock option gain Compensation) Company Stock.

     6.7 IMMEDIATE DISTRIBUTION. At any time, a Participant may elect to have
all or any portion of the balance of the Participant's Elective Deferral
Subaccount distributed in a single lump sum distribution payable in cash and (in
the case of any portion of an Elective Deferral Subaccount attributable to
deferrals of stock option gain Compensation) Company Stock. Such distribution
shall be made as soon as administratively practicable following the
Administrator's receipt of the Participant's election. Any election made under
this Section 6.7 shall be made in writing on a form prescribed or approved by
the Administrator. The actual amount to be distributed to the Participant
hereunder shall equal ninety percent (90%) of the elected distribution amount
and the remaining ten percent (10%) of the elected distribution amount shall be
forfeited to the Company. The Participant shall not be eligible to make any
elective deferrals into the Plan at any time during the twelve month period
immediately following the date of such distribution.

     6.8 PAYMENT UPON A CHANGE OF CONTROL. In connection with his or her
election to defer Compensation pursuant to Section 4.1, a Participant may elect
to receive the balance of the Participant's Account in a single lump sum
distribution payable in cash and (in the case of any portion of an Elective
Deferral Subaccount attributable to deferrals of stock option gain Compensation)
Company Stock upon a Change of Control. Any election made under this Section 6.8
shall be made in writing on a form prescribed or approved by the Administrator
and

                                       12
<PAGE>

may be revoked in writing on a form prescribed or approved by the Administrator
at any time if such revocation is made at least 13 months prior to the Change of
Control.

     6.9. PAYMENTS TO A PARTICIPANT WHO IS AN ELIGIBLE DIRECTOR AND AN ELIGIBLE
EMPLOYEE. Notwithstanding anything in this Article 6 to the contrary, in the
event that payments are to be made from a Participant's Account pursuant to this
Article 6 and such Participant is or was both an Eligible Director and an
Eligible Employee, then, subject to the discretion of the Administrator, the
payments shall be made such that the portion of the balance of the Participant's
Account attributable to Compensation earned by the Participant as an employee of
the Company or any of its Subsidiaries shall be paid in accordance with the
applicable provisions of this Article 6 relating to the termination of such
Participant's employment by reason of Retirement, Disability, death or
otherwise, as the case may be, and the portion of the balance of the
Participant's Account attributable to Compensation earned by the Participant for
his or her service as a director of the Company shall be paid in accordance with
the applicable provisions of this Article 6 relating to the termination of such
Participant's service as a director by reason of Resignation of Service,
Disability, death or otherwise, as the case may be.

ARTICLE 7. ADMINISTRATOR

     7.1. PLAN ADMINISTRATION AND INTERPRETATION. The Administrator shall
oversee the administration of the Plan. The Administrator shall have complete
discretionary control and authority to administer all aspects of the Plan and to
determine the rights and benefits and all claims, demands and actions arising
out of the provisions of the Plan of any Participant, beneficiary, deceased
Participant, or any other person having or claiming to have any interest under
the Plan. The Administrator shall have the exclusive discretionary power to
interpret the Plan and to decide all matters under the Plan. The Administrator
also shall have the exclusive discretionary power to adopt, amend and rescind
rules and guidelines for the administration of the Plan and for its own acts and
proceedings. Such interpretation and decision shall be final, conclusive and
binding on all Participants and any person claiming under or through any
Participant, in the absence of clear and convincing evidence that the
Administrator acted arbitrarily and capriciously. Any individual serving as
Administrator, or on a committee acting as Administrator, who is a Participant,
shall not vote or act on any matter relating solely to himself or herself. When
making a determination or calculation, the Administrator shall be entitled to
conclusively rely on information furnished by a Participant, a beneficiary, or
any other person or entity. The Administrator shall be deemed to be the Plan
administrator with responsibility for complying with any reporting and
disclosure requirements of ERISA.

     The Administrator may employ such counsel, agents and advisers, and obtain
such administrative, clerical and other services, as it may deem necessary or
appropriate in carrying out the provisions of the Plan and its duties hereunder.

                                       13
<PAGE>

7.2. CLAIMS PROCEDURE.

          (a) IN GENERAL. If any person believes he or she has been denied any
     rights or benefits under the Plan, such person may file a claim in writing
     with the Administrator. If any such claim is wholly or partially denied,
     the Administrator will notify such person of its decision in writing. Such
     notification will be given within 90 days after the claim is received by
     the Administrator (or within 180 days, if special circumstances require an
     extension of time for processing the claim, and if written notice of such
     extension and circumstances is given to such person within the initial 90
     day period). Notwithstanding the foregoing, if such notification is not
     given within such 90 or 180 day period, the claim will be considered denied
     as of the last day of such period and such person may request a review of
     his or her claim in accordance with Section 7.2(b).

          (b) APPEALS. Within 60 days after the date on which a person receives
     a written notice of a denied claim (or, if applicable, within 60 days after
     the date on which such denial is considered to have occurred) such person
     (or his or her duly authorized representative) may file a written request
     with the Administrator for a review of his or her denied claim. The
     Administrator will notify such person of its decision on review in writing.
     The decision on review will be made within 60 days after the request for
     review is received by the Administrator (or within 120 days, if special
     circumstances require an extension of time for processing the request, such
     as an election by the Administrator to hold a hearing, and if written
     notice of such extension and circumstances is given to such person within
     the initial 60 day period). Notwithstanding the foregoing, if the decision
     on review is not made within such 60 or 120 day period, the claim will be
     considered denied.

          The Administrator may, in its sole discretion amend or revise this
     Section 7.2, provided, that the claims procedure for the Plan pursuant to
     which persons may claim an interest in the Plan and appeal denials of such
     claims, as amended or changed, shall meet the minimum standards of Section
     503 of ERISA.

     7.3. INDEMNIFICATION OF ADMINISTRATOR. The Company shall indemnify and
defend to the fullest extent permitted by law any director, officer or employee
of the Company or its Subsidiaries who serves as the Administrator or as a
member of a committee appointed to serve as Administrator, or who assists the
Administrator in carrying out its duties (including any such individual who
formerly served in any such capacity) against any and all liabilities, damages,
costs and expenses (including attorneys' fees and amounts paid in settlement of
any claims approved in writing by the Company) arising out of or relating to any
act or omission to act in connection with the Plan, if such act or omission is
in good faith.

                                       14
<PAGE>

ARTICLE 8. AMENDMENT, TERMINATION AND ASSIGNMENT

     8.1. AMENDMENTS. Prior to a Change of Control, the Company shall have the
right to amend the Plan from time to time, subject to Section 8.3, by an
instrument in writing which has been executed on its behalf by the Administrator
or by vote of the Board. No amendment to the Plan with respect to any
Participant may be made after a Change of Control without the written consent of
such Participant (or beneficiary, if applicable).

     8.2. TERMINATION OF PLAN. The Company currently intends to continue the
Plan indefinitely. However, the Plan is voluntary on the part of the Company and
the Company expressly reserves the right to terminate the Plan at any time,
subject to Section 8.3, for any reason whatsoever. Subject to Section 8.1, the
Company from time to time may, by amendment to the Plan, suspend the Plan or
discontinue provisions thereof. The Company may terminate the Plan at any time
by an instrument in writing which has been executed on its behalf by the
Administrator or by vote of the Board.

     8.3. EXISTING RIGHTS. No amendment or termination of the Plan shall
adversely affect the rights of any Participant with respect to amounts credited
to his or her Account as of the date of such amendment or termination (subject
to future adjustments as a result of investment measurements).

     8.4. ASSIGNMENT. The rights and obligations of the Company shall inure to
the benefit of and shall be binding upon its successors and assigns.

ARTICLE 9. - MISCELLANEOUS

     9.1. GRANTOR TRUST. The Company may establish a trust of which the Company
is treated as the owner under Subpart E of Subchapter J, Chapter 1 of the Code
(a "grantor trust"), and may deposit with the trustee of the grantor trust an
amount of cash or marketable securities sufficient to cause the fair market
value of the assets held in the grantor trust to be not less than the sum of the
Account balances under the Plan. Notwithstanding the foregoing, nothing in this
Plan will be construed to create a trust or to obligate the Company, any of its
Subsidiaries or any other person or entity to segregate a fund, purchase an
insurance contract, or in any other way currently to fund the future payment of
any distributions or payments hereunder, nor will anything herein be construed
to give any employee or any other person any right to any specific assets of the
Company, any of its Subsidiaries or of any other person or entity. Any
distributions or payments which become payable hereunder that are not paid out
of the grantor trust shall be paid from the general assets of the Company.

     9.2. NATURE OF CLAIM FOR PAYMENT. Each Participant and beneficiary will be
an unsecured general creditor of the Company with respect to any distributions
or payments to be made under the Plan. Nothing in the Plan will be construed to
give any person any right to any specific assets of the Company, any of its
Subsidiaries or any other person or entity.

                                       15
<PAGE>

     9.3. NONALIENATION OF BENEFITS. No Participant, beneficiary or any other
person having any interest under the Plan shall alienate, anticipate, commute,
pledge, encumber, assign or otherwise transfer ("Alienate") any right or
interest under the Plan, including, without limitation, with respect to rights
to or interests in any payments, distributions, claims or other benefits which
he or she may expect to receive, contingently or otherwise, under this Plan
("Rights"). Any attempt to Alienate any Right shall be ineffective. No Right
shall be subject to any claim of, subject to attachment, execution, garnishment
or other legal process by, any creditor of such Participant, beneficiary or
other person.

     9.4. NO EMPLOYMENT OR SERVICE CONTINUATION RIGHTS. Neither the adoption or
the establishment and maintenance of the Plan, the participation in the Plan nor
any action of the Company, any Subsidiary or the Administrator, shall be held or
construed to confer upon any employee or director of the Company or any of its
Subsidiaries any right to continued employment or service with the Company or
any of its Subsidiaries, as the case may be, nor does it interfere in any way
with the right of the Company or any of its Subsidiaries to terminate the
services of any of its employees or directors at any time. Each of the Company
and its Subsidiaries expressly reserves the right to terminate or discharge any
of its employees or directors at any time.

     9.5. RECEIPT AND RELEASE. Any payment or distribution to any Participant or
beneficiary in accordance with the provisions of the Plan shall be, to the
extent thereof, in full satisfaction of all claims against the Company, its
Subsidiaries and the Administrator under the Plan, and the Administrator may
require such Participant or beneficiary, as a condition precedent to such
payment, to execute a receipt and release to such effect. If any Participant or
beneficiary is determined by the Administrator to be incompetent by reason of
physical or mental disability (including minority) to give a valid receipt and
release, the Administrator may cause the payment or payments becoming due to
such person to be made to another person for his or her benefit without
responsibility on the part of the Administrator or the Company to follow the
application of such funds.

     9.6. SEVERABILITY OF PROVISION. If any provision of the Plan shall be held
by a court of competent jurisdiction to be invalid or unenforceable, such
invalidity or unenforceability shall not affect any other provisions hereof, and
the Plan shall be construed and enforced to the fullest extent possible as if
such provision had not been included.

     9.7. GOVERNMENT REGULATIONS. It is intended that the Plan comply with all
applicable laws and government regulations. Neither the Company, any of its
Subsidiaries, nor the Administrator shall not be obligated to perform any
obligation hereunder in any case where, in the opinion of the Company's counsel,
such performance would result in the violation of any law or regulation.

                                       16
<PAGE>

     9.8. GOVERNING LAW; JURISDICTION. This Plan shall be construed,
administered, and governed in all respects under and by the laws of The
Commonwealth of Massachusetts without regard to the conflict of law provisions
thereof. The Company, the Administrator, the Participants and their
beneficiaries, and any persons having or claiming to have any interest under the
Plan submit to the exclusive jurisdiction and venue of the federal or state
courts of The Commonwealth of Massachusetts to resolve any and all issues that
may arise out of or relate to the Plan or the same subject matter.

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

     9.10 EXPENSES AND TAXES. Expenses, including fees and expenses associated
with the grantor trust, associated with the administration or operation of the
Plan shall be paid by the Company from its general assets unless, in the sole
discretion of the Administrator, the Administrator elects to charge such
expenses against the appropriate Participant's Account or Participants'
Accounts. Any taxes allocable to an Account (or subaccount or portion thereof)
maintained under the Plan which are payable prior to the distribution of the
Account (or subaccount or portion thereof), as determined by the Administrator
in its sole discretion, shall be charged against the appropriate Participant's
Account or Participants' Accounts.

                                       17

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