Document:

Exhibit 10.40

 

EIGHTH AMENDMENT TO

PURCHASE AGREEMENT AND ESCROW INSTRUCTIONS

 

THIS EIGHTH AMENDMENT TO
PURCHASE AGREEMENT AND ESCROW INSTRUCTIONS (“Amendment”) is entered into at San
Diego, California as of September 15, 2003, between H. G. FENTON
COMPANY, a California corporation which acquired title as H. G. Fenton Material
Company (“Seller”), and BIOSITE INCORPORATED, a Delaware corporation (“Buyer”),
with reference to the following

 

R E C I T A L S:

 

A.                                   Seller and Buyer are the parties to a
Purchase Agreement and Escrow Instructions dated as of December 7, 2001
and previously amended as of February 12, February 14, and
June 10, 2002, and as of January 24, April 25, May 27 and
June 16, 2003 (“Agreement”), relating to certain real property in the
Carroll Canyon area of San Diego, California as depicted on Exhibit A
to the Agreement (“Land”). Initially capitalized terms not otherwise defined in
this Amendment have the same meanings as in the Agreement, as previously
amended. Pursuant to the Agreement, the parties have established Escrow No.
51943-PM with Stewart Title of California, Inc. as Escrow Holder.

 

B.                                     The Fifth Amendment to the Agreement, dated
as of April 25, 2003 (“Fifth Amendment”), provided for Buyer to acquire
the Land in two stages. The First Closing (relating to Lots 7 & 8) has
already occurred, and the parties wish to fix the date for the Second Closing
(relating to Lot 9) for October 9, 2003.

 

THE PARTIES AGREE:

 

1.                                       Second Closing. Notwithstanding the date specified in
Paragraph 2(b) of the Fifth Amendment, the parties agree that the date for the
Second Closing shall be Thursday, October 9, 2003.

 

2.                                       Other Matters of Agreement.

 

(a)                                  This Amendment may be executed in any number
of counterparts, each of which will be deemed to be an original, but all of
which together will constitute one instrument.

 

(b)                                 Except to the extent modified hereby, all
provisions of the Agreement as previously amended shall remain in full force
and effect.

 

 

	
   

  	
  Seller:

  	
  Buyer:

  
	
   

  	
   

  	
   

  
	
   

  	
  H. G. FENTON COMPANY, a
  California

  corporation

  	
  BIOSITE INCORPORATED, a
  Delaware

  corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Michael P. Neal

  	
   

  	
  By

  	
  /s/ Christopher J. Twomey

  
	
   

  	
  Its

  	
  President and CEO

  	
  Its

  	
  V.P., Finance and CFO

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Allen Jones

  	
   

  	
  By

  	
   

  
	
   

  	
  Its

  	
  Vice President

  	
  ItsExhibit 10.41

 

NINTH AMENDMENT TO

PURCHASE AGREEMENT AND ESCROW INSTRUCTIONS

 

THIS NINTH AMENDMENT TO
PURCHASE AGREEMENT AND ESCROW INSTRUCTIONS (“Amendment”) is entered into at San
Diego, California as of October 9, 2003, between H. G. FENTON
COMPANY, a California corporation which acquired title as H. G. Fenton Material
Company (“Seller”), and BIOSITE INCORPORATED, a Delaware corporation (“Buyer”),
with reference to the following

 

R E C I T A L S:

 

A.                                   Seller and Buyer are the parties to a
Purchase Agreement and Escrow Instructions dated as of December 7, 2001
and previously amended as of February 12, February 14, and
June 10, 2002, and as of January 24, April 25, May 27,
June 16 and September 15, 2003 (“Agreement”), relating to certain
real property in the Carroll Canyon area of San Diego, California as depicted
on Exhibit A to the Agreement (“Land”). Initially capitalized terms
not otherwise defined in this Amendment have the same meanings as in the
Agreement, as previously amended. Pursuant to the Agreement, the parties have
established Escrow No. 51943-PM with Stewart Title of California, Inc. as
Escrow Holder.

 

B.                                     Seller has been in discussions, but has not
yet reached final agreement, with San Diego Gas & Electric Company
(“SDG&E”) regarding the grant of utility easements to serve the Land and
the other portions of the Business Park (“SDG&E Easements”). Seller
considered the scope of the easements originally requested by SDG&E to be
overly expansive, and has been seeking to ensure that the SDG&E Easements
that are ultimately granted minimize any interference with or disruption to the
future development and use of the Business Park. The parties acknowledge that
after the conveyance of the Land to Buyer, Buyer will have to join in granting
those SDG&E Easements that burden any portion of the Land. The parties wish
to provide for mutual post-Closing cooperation regarding the SDG&E
Easements.

 

THE PARTIES AGREE:

 

1.                                       SDG&E Easements. Following the Close of Escrow, Buyer and
Seller shall cooperate with each other in connection with the SDG&E
Easements. Without limiting the generality of the foregoing, each party agrees
to take such acts as are reasonably necessary to reach final agreement with
SDG&E regarding the scope of the SDG&E Easements, and thereafter to grant
the SDG&E Easements as to the party’s property; provided, however, that
neither party shall be required in the course of such cooperation (i) to incur
any material expense, (ii) to engage in litigation, or (iii) to take any other
action which would interfere with that party’s development plans for the Land
(in the case of Buyer) or the balance of the Business Park (in the case of
Seller).

 

2.                                       Other Matters of Agreement.

 

(a)                                  This Amendment may be executed in any number
of counterparts, each of which will be deemed to be an original, but all of
which together will constitute one instrument.

 

(b)                                 Except to the extent modified hereby, all
provisions of the Agreement as previously amended shall remain in full force
and effect.

 

	
   

  	
  Seller:

  	
  Buyer:

  
	
   

  	
   

  	
   

  
	
   

  	
  H. G. FENTON COMPANY, a
  California

  corporation

  	
  BIOSITE INCORPORATED, a
  Delaware

  corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Michael P. Neal

  	
   

  	
  By

  	
  /s/ Christopher J. Twomey

  
	
   

  	
  Its

  	
  President and CEO

  	
  Its

  	
  V.P., Finance and CFO

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Henry F. Hunte

  	
   

  	
  By

  	
   

  
	
   

  	
  Its

  	
  Chairman

  	
  ItsExhibit 10.42

 

BIOSITE, INCORPORATED
NONQUALIFIED DEFERRED COMPENSATION PLAN

 

 

EFFECTIVE DATE:  JUNE 1, 2002  

 

 

TABLE OF CONTENTS

 

	
  ARTICLE 1 DEFINITIONS

  
	
   

  
	
  ARTICLE 2 ELIGIBILITY
  AND PARTICIPATION

  
	
   

  
	
  ARTICLE 3 CONTRIBUTIONS
  AND CREDITS

  
	
   

  
	
  ARTICLE 4 ALLOCATION
  OF FUNDS

  
	
   

  
	
  ARTICLE 5
  ENTITLEMENT TO BENEFITS

  
	
   

  
	
  ARTICLE 6 DISTRIBUTION
  OF BENEFITS

  
	
   

  
	
  ARTICLE 7
  BENEFICIARIES; PARTICIPANT DATA

  
	
   

  
	
  ARTICLE 8 ADMINISTRATION

  
	
   

  
	
  ARTICLE 9 AMENDMENT

  
	
   

  
	
  ARTICLE 10
  TERMINATION

  
	
   

  
	
  ARTICLE 11 THE
  TRUST

  
	
   

  
	
  ARTICLE 12
  MISCELLANEOUS

  

 

i

 

BIOSITE, INCORPORATED

NONQUALIFIED DEFERRED COMPENSATION PLAN

 

Effective as of June 1, 2002

 

RECITALS

 

This BIOSITE,
INCORPORATED Nonqualified Deferred Compensation Plan (the “Plan”) is adopted by
BIOSITE, INCORPORATED, a Delaware Corporation (the “Employer”) for certain of
its eligible employees.  The purpose of
the Plan is to offer those employees an opportunity to elect to defer the
receipt of compensation in order to provide post-employment and related benefits.  The Plan is intended to be a “top-hat” plan
(i.e., an unfunded deferred compensation plan maintained for a select group of
management or highly-compensated employees) under sections 201(2), 301(a)(3)
and 401(a)(1) of the Employee Retirement Income Security Act of 1974 (“ERISA”),
and accordingly, is also intended to be exempt from the requirements of Parts
II, III, and IV of Title I of ERISA.

 

ARTICLE 1

DEFINITIONS

 

1.1                                 ACCOUNT
means the balance credited to a Participant’s or Beneficiary’s Plan account,
including amounts credited under the Compensation Deferral Account and deemed
income, gains and losses (as determined by the Employer, in its sole
discretion) credited thereto.  A
Participant’s or Beneficiary’s Account shall be determined as of the date of
reference.

 

1.2                                 BENEFICIARY
means any person or persons so designated in accordance with the provisions of
Article 7.

 

1.3                                 BOARD
means the Board of Directors of BIOSITE, INCORPORATED, a Delaware corporation,
and its successors and assigns, or any other corporation or business
organization which, with the consent of BIOSITE, INCORPORATED, or its
successors or assigns, assumes the obligations of BIOSITE, INCORPORATED,
hereunder.

 

1.3                                 CODE
means the Internal Revenue Code of 1986 and the regulations thereunder, as
amended from time to time.

 

1.4                                 COMPENSATION
means the total current cash remuneration, including regular salary, bonus
payments, commissions, and such other compensation as may be determined by the
Committee and paid by the Employer to an Eligible Employee with respect to his
or her service for the Employer (as determined by the Employer, in its sole
discretion).

 

1.5                                 COMPENSATION
DEFERRAL ACCOUNT is defined in Article 3.1(b).

 

1.6                                 COMPENSATION
DEFERRALS are defined in Article 3.1(a).

 

1.7                                 COMMITTEE
refers to the committee as appointed by the Board to assist in the
administration of the Plan as described in Article 8.

 

1.8                                 DESIGNATION
DATE means the date or dates as of which a designation of deemed investment
directions by an individual pursuant to Article 4.5, or any change in a
prior designation of deemed investment directions by an individual pursuant to
Article 4.5, shall become effective. 
The Designation Dates in any Plan Year shall only occur on business days
when the New York Stock Exchange and the Nasdaq National Market are open for
trading.

 

2

 

1.9                                 EFFECTIVE
DATE means the effective date of the Plan, which shall be June 1, 2002

 

1.10                           ELIGIBLE
EMPLOYEE means, for any Plan Year (or applicable portion thereof), a person
employed by the Employer where compensation is paid on a United States payroll,
who is determined by the Committee in its sole discretion to be a member of a
select group of management or highly compensated employees eligible to
participate in the Plan.  By each December 1
(or before the Effective Date for the Plan’s first Plan Year), the Committee
shall notify those individuals, if any, who will be Eligible Employees for the
next Plan Year.  If the Committee
determines that an individual first becomes an Eligible Employee during a Plan
Year, the Committee shall notify such individual of its determination and of
the date during the Plan Year on which the individual shall first become an
Eligible Employee.

 

1.11                           EMPLOYER
means BIOSITE, INCORPORATED, a Delaware corporation, and its successors and
assigns unless otherwise herein provided, or any other corporation or business
organization which, with the consent of BIOSITE, INCORPORATED, or its
successors or assigns, assumes the Employer’s obligations hereunder, and any other
corporation or business organization which agrees, with the consent of BIOSITE,
INCORPORATED, to become a party to the Plan.

 

1.12                           ENTRY
DATE with respect to an individual means 30 days following the date on
which the individual first becomes an Eligible Employee.

 

1.13                           ENROLLMENT
FORM means the form or forms on which a Participant elects to defer
Compensation hereunder and on which the Participant makes certain other
designations as required thereon and on which a Participant elects the form and
timing of the Participant’s Plan benefit.

 

1.14                           PARTICIPANT
means any person so designated in accordance with the provisions of
Article 2, including, where appropriate according to the context of the
Plan, any former employee who is or may become eligible to receive a benefit
under the Plan.

 

1.15                           PLAN
means this BIOSITE, INCORPORATED Nonqualified Deferred Compensation Plan set
forth herein, as amended from time to time.

 

1.16                           PLAN
YEAR means the twelve (12) month period ending on December 31 of each
year during which the Plan is in effect.

 

1.17                           RETIREMENT
AGE with respect to any Participant means the date on which the sum of (a)
such Participant’s age plus (b) his or her completed calendar years of
employment with the Employer equals or exceeds 55.

 

1.18                           TOTAL
AND PERMANENT DISABILITY means the inability of a Participant to perform
the material duties of his or her regular occupation by reason of any medically
determinable physical or mental impairment that may be expected to result in
death or which has lasted or can be expected to last for a continuous period of
not less than 12 months.  The permanence
and degree of such impairment shall be supported by medical evidence.  Disability will be determined to exist if
the Participant is receiving disability benefits under the Social Security Act
or Railroad Retirement Act.

 

1.19                           TRUST
means the Trust described in Article 11.

 

1.20                           TRUSTEE
means the trustee of the Trust described in Article 11.

 

1.21                           VALUATION
DATE means the last day of each Plan Year and any other date that the
Committee, in its sole discretion, designates as a Valuation Date.

 

3

 

ARTICLE 2

ELIGIBILITY AND PARTICIPATION

 

2.1                                 REQUIREMENTS.  Every Eligible Employee on the Effective
Date shall be eligible to become a Participant on the Effective Date.  Every other Eligible Employee shall be
eligible to become a Participant on the Entry Date occurring on or after the
date on which he or she becomes an Eligible Employee.  No individual shall become a Participant, however, if he or she
is not an Eligible Employee on the date his or her participation is to begin.

 

2.2                                 RE-EMPLOYMENT.  If a Participant whose employment with the
Employer is terminated and who is then subsequently re-employed, he or she
shall become a Participant in accordance with the provisions of
Article 2.1.

 

2.3                                 CHANGE
OF EMPLOYMENT CATEGORY.  During any
period in which a Participant remains in the employ of the Employer but ceases
to be an Eligible Employee, he or she shall not be eligible to make
Compensation Deferrals hereunder. 
Notwithstanding the foregoing, the Committee in its sole and absolute
discretion may terminate a Participant’s eligibility to make Compensation
Deferrals under the Plan at any time. 
Such termination shall not affect the payment of benefits due the
Participant under the Plan.

 

2.4                                 DURATION
OF PARTICIPATION.  Once an Eligible
Employee is a Participant in the Plan, such a Participant may continue to make
Compensation Deferrals under the Plan until the earlier of:

 

(a)                                  The
date on which the Participant’s status as an Eligible Employee ends;

 

(b)                                 The
date as of which eligibility to participate is terminated by the Committee; or

 

(c)                                  The
date on which the Participant (or Beneficiary) receives a complete distribution
of benefits under the Plan.

 

ARTICLE 3

CONTRIBUTIONS AND CREDITS

 

3.1                                 PARTICIPANT
CONTRIBUTIONS AND CREDITS.

 

(a)                                  Compensation
Deferrals.  In accordance with rules
established by the Committee, a Participant may elect to defer Compensation
which would otherwise be payable to the Participant for services performed in
the future and which would otherwise be paid to the Participant in the future,
as a percentage of Compensation, in such lump sum or in any fixed periodic
dollar amount designated by the Participant. 
Amounts so deferred will be considered a Participant’s “Compensation
Deferral.”  Prior to December 31 of
each Plan Year, each Eligible Employee shall make such an election with respect
to the following Plan Year (or during such other period as may be established
by the Committee) by completing and delivering to the Committee a Deferral
Election Form in a form prescribed by the Committee.

 

In the case of
an Eligible Employee who initially becomes eligible to participate in the Plan
during the middle of a Plan Year, the Eligible Employee shall be entitled,
within thirty (30) days of such person’s initial eligibility, to elect to make
Compensation Deferrals on Compensation not yet earned, for the remainder of the
Plan Year.  This paragraph shall apply
to Compensation Deferrals for the initial Plan Year.

 

Compensation
Deferrals shall be made through regular payroll deductions or through an
election by the Participant to defer the payment of any Compensation not yet
payable to him or her at the time of the election, which election shall be set
forth on such Participant’s Enrollment Form. 
Compensation deferrals will be limited to the extent necessary to
satisfy applicable tax withholding or benefit plan contribution requirements.  The Committee may place limits on the amount
of Compensation Deferrals that may be deferred under the Plan.

 

Participant’s
Compensation Deferrals shall be irrevocable throughout the Plan Year for which
it was made.  Participant’s may change
his or her Compensation Deferral amount for any subsequent Plan Year as of,

 

4

 

and by written notice delivered
to the Committee by December 31 of the Plan Year preceding the Plan Year
for which such change applies. 
Notwithstanding anything to the contrary in the Plan, any election to
defer Compensation shall apply only to Compensation earned after the effective
date of such election.  The Committee
may prescribe such rules and procedures as it deems necessary or appropriate
regarding the Deferral election under this Article 3.

 

Once delivered
to the Committee, an Enrollment Form with respect to a payroll deduction
election shall continue in force indefinitely, until changed as provided
above.  An Enrollment Form with respect
to specific deferrals of bonuses, commissions, and other compensation payments
shall continue in force only for the Plan Year for which the Enrollment Form is
first effective.  Participant’s must
execute and provide to the Committee a new Enrollment Form with respect to
specific deferrals of bonuses, commissions, and other compensation payments, as
applicable, for each subsequent Plan Year. 
Compensation Deferrals shall be deducted by the Employer from the pay of
a Participant and shall be credited to the Compensation Deferral Account maintained
for the benefit of the Participant.

 

(b)                                 The
Participant’s Compensation Deferral 
Account.  There shall be
established and maintained by the Employer a separate Compensation Deferral
Account, which shall be an unfounded bookkeeping account maintained in the name
of each Participant to which shall be credited or debited, as applicable:  (a) amounts equal to the Participant’s
Compensation Deferrals; (b) amounts equal to any earnings or losses
attributable or allocable thereto; and (c) any withdrawals or distributions
therefrom.

 

(c)                                  Vesting.    A Participant shall at all
times be 100% vested in amounts credited to his or her Compensation Deferral
Account.

 

3.2                                 CONTRIBUTIONS
TO THE TRUST.  An amount shall be
contributed by the Employer to the Trust, maintained under Article 11.1,
equal to the amount(s) required to be credited to the Participant’s Account
under Article 3.1.  The Employer
shall, no later than fifteen days (15) after the end of each calendar month,
contribute to the Trust an amount equal to the Compensation Deferrals made by
each Participant for the previous month.

 

ARTICLE 4

ALLOCATION OF FUNDS

 

4.1                                 ALLOCATION
OF DEEMED EARNINGS OR LOSSES ON ACCOUNTS. 
Subject to Article 4.5 and such limitations as may from time to
time be required by law, imposed by the Employer or the Trustee or contained
elsewhere in the Plan, and subject to such operating rules and procedures as
may be imposed from time to time by the Committee prior to the date on which a
direction will become effective, the Participant shall have the right to direct
the Employer as to how amounts in his or her Account shall be deemed to be
invested.  These deemed investments
shall be such investment alternatives authorized by the Committee which are used
to calculate the deemed earnings and losses attributable to a Participant’s
Account balance under the Plan.  The
Committee may designate as these deemed investments any kind of property, real,
personal, mixed, and every kind of investment, specifically including, but not
limited to: corporate obligations of every kind; preferred or common stocks;
shares of investment trusts, investment companies, and mutual funds; mortgage
participations; real estate syndications or real estate partnerships; and any
common trust fund administered by a corporate trustee.  [The
current deemed investments are specified mutual funds sponsored by or available
through BROKER.]  The
Committee may at any time in its sole and absolute discretion change the deemed
investment alternatives.  The Committee
shall notify Participants of any change in the deemed investment
alternatives.  Nothing herein shall be
deemed to require the Employer to offer any particular kind or number of
investment options.

 

The value of
the Participant’s Account shall be equal to the value of the Account maintained
under the Trust on behalf of the Participant. As of each Valuation Date of the
Trust, the Participant’s Account will be credited or debited to reflect the
Participant’s deemed investments of the Trust. 
The Participant’s Account will be credited or debited with the increase
or decrease in the realizable net asset value or credited interest, as
applicable, of the designated deemed investments, as follows: As of each
Valuation Date, an amount equal to the net increase or decrease in realizable
net asset value or credited interest, as applicable (as determined by the
Trustee), of each deemed investment option within the Account since the
preceding Valuation Date shall be allocated among all

 

5

 

Participants’ Accounts deemed
to be invested in that investment option in accordance with the ratio which the
portion of the Account of each Participant which is deemed to be invested
within that investment option, determined as provided herein, bears to the
aggregate of all amounts deemed to be invested within that investment
option.  If an investment option is an
interest-bearing account, then in lieu of the foregoing, the Committee may
direct that each Participant’s Account may be credited with interest from the
date the interest begins to accrue on each deemed investment until the
Valuation Date.

 

4.2                                 ACCOUNTING
FOR DISTRIBUTIONS.  As of the date
of any distribution hereunder, the distribution made hereunder to the
Participant or his or her Beneficiary or Beneficiaries shall be charged to such
Participant’s Account.  Such amounts
shall be charged on a pro rata basis against the investments of the Trust in
which the Participant’s Account is deemed to be invested or under other
equitable procedures established by the Committee.

 

4.3                                 SEPARATE
ACCOUNTS.  A separate bookkeeping
account under the Plan shall be established and maintained by the Employer to
reflect the Account for each Participant. Each such bookkeeping account will
separately account for the credits and debits described in Article 3 and
Article 4.2.

 

4.4                                 INTERIM
VALUATIONS.  If it is determined by
the Employer that the value of a Participant’s Account as of any date on which
distributions are to be made differs materially from the value of the Participant’s
Account on the prior Valuation Date upon which the distribution is to be based,
the Employer, in its sole discretion, shall have the right to designate any
date in the interim as a Valuation Date for the purpose of revaluing the
Participant’s Account so that the Account will, prior to the distribution,
reflect its share of such material difference in value.

 

4.5                                 DEEMED
INVESTMENT DIRECTIONS OF PARTICIPANTS. 
Subject to such limitations as may from time to time be required by law,
imposed by the Employer or the Trustee or contained elsewhere in the Plan, and
subject to such operating rules and procedures as may be imposed from time to
time by the Committee prior to and effective for each Designation Date, each
Participant may communicate to the Employer a direction as to how his or her
Account should be deemed to be invested among such categories of deemed
investments as may be made available by the Employer hereunder.  Such direction shall designate the portion
(in any whole percent multiples or whole dollar amounts eligible) of each
portion of the Participant’s Account which is requested to be deemed to be
invested in such categories of deemed investments, and shall be subject to the
following rules:

 

(a)                                  Any
deemed investment direction shall be in writing, on a form supplied by and
filed with the Committee, in a manner specified by the Committee.  A designation shall be effective as of the
Designation Date following the date the direction is received and accepted by
the Committee on which it would be reasonably practicable for the Committee to
effect the designation.

 

(b)                                 All
amounts credited to the Participant’s Account shall be deemed to be invested in
accordance with the then effective deemed investment direction, and as of the
Designation Date with respect to any new deemed investment direction, all or a
portion of the Participant’s Account at that date shall be reallocated among
the designated deemed investment funds according to the new deemed investment
direction unless and until a subsequent deemed investment direction shall be
filed and become effective.  An election
concerning deemed investment choices shall continue indefinitely as provided in
the Participant’s most recent investment direction form provided by and filed
with the Employer.

 

(c)                                  If
the Employer receives a deemed investment direction which it deems to be
incomplete, unclear or improper, the Participant’s investment direction then in
effect shall remain in effect (or, in the case of a deficiency in an initial
deemed investment direction, the Participant shall be deemed to have filed no
deemed investment direction) until the next Designation Date, unless the
Employer provides for, and permits the application of, corrective action prior
thereto.

 

(d)                                 If
the Employer possesses (or is deemed to possess as provided in (c), above) at
any time directions as to the deemed investment of less than all of a
Participant’s Account, the Participant shall be deemed to have directed that
the undesignated portion of the Account be deemed to be invested in a money
market, fixed income or similar fund made available under the Plan as
determined by the Employer in its sole discretion.

 

6

 

(e)                                  The
deemed investment options shall be for the sole purpose of determining the
amount to be credited or debited to reflect the Participant’s deemed
investments of the Trust and neither the Trustee nor the Employer shall have
any obligation to invest the Participant’s Account in the deemed investment
options or in any other investment.  The
sole purpose of the selection of a deemed investment alternative by a
Participant is to provide the Plan with a method for crediting earnings and
charging losses against the Participant’s Account.

 

(f)                                    Each
reference in this Article to a Participant shall be deemed to include,
where applicable, a reference to a Beneficiary.

 

4.6                                 EXPENSES
AND TAXES.  Expenses associated with
the administration or operation of the Plan including Trustee fees, shall be
paid by the Employer from its general assets. 
Any distribution or withdrawal from the Plan shall be subject to all
applicable withholding requirements for state and federal income taxes and to
any other federal, state or local taxes that may be applicable to such
payments.

 

ARTICLE 5

ENTITLEMENT TO BENEFITS

 

5.1                                 FIXED
PAYMENT DATES; TERMINATION OF EMPLOYMENT. 
Each Participant shall complete an Enrollment Form which shall be
effective, unless changed in accordance with this Article 5.1, with
respect to any distributions occurring at least twenty-four (24) months after
the date of such Enrollment Form.  On
his or her Form and Timing of Payment Election Form, a Participant shall select
a fixed payment date for the payment of his or her Account (or the Participant
may select fixed payment dates (including obtaining Retirement Age) for the
payment of portions of his or her Account), which will be valued and payable
according to the provisions of Article 6. 
Such payment dates may be extended to later dates so long as elections
to so extend the payment dates are made by the Participant at least twelve (12)
months prior to the date on which the distribution is scheduled to be made. A
Participant may exercise the payment date extension only 2 times during his or
her participation in the Plan.  Such
payment dates may not be accelerated, except as provided in
Article 5.2.  A Participant may
elect on his or her Form and Timing of Payment Election an election each year
they are eligible to participate.

 

A Participant
who selects payment or commencement of payment of his or her Account (or
portions thereof) on a fixed date or dates shall receive payment of his or her
Account at the earlier of such fixed payment date or dates (as extended, if
applicable) or his or her termination of employment with the Employer.

 

If a
Participant’s employment with the Employer is terminated for any reason (other
than by reason of Total and Permanent Disability) prior to attainment of
Retirement Age or if a Participant does not make an election as provided above
for any particular amounts hereunder, the Participant’s Account at the date of
such termination shall be valued and payable at or commencing at such
termination according to the provisions of Article 6.

 

If a
Participant’s employment with the Employer is terminated for any reason after
attainment of Retirement Age, then the Participant may elect to receive payment
of his or her account in a lump sum or in substantially equal annual
installments over a period not to exceed 10 years.

 

5.2                                 EARLY
DISTRIBUTION ELECTION; TEN PERCENT PENALTY.  In addition to a Participant’s option to have payment or
commencement of payment of his or her Account occur on the fixed payment date
or on the Participant’s termination of employment as described in Article 5.1,
a Participant may elect in writing to have his or her Account (or a portion
thereof) paid in a single lump sum as soon as administratively feasible upon
his or her election.  For purposes of
this Article, the value of the Participant’s Account shall be determined as of
the date of the distribution.  Any
amount paid pursuant to this Article shall be subject to a ten percent
(10%) penalty, with the amount of the penalty permanently forfeited from the
Participant’s Account and returned to the Employer on or about the date of the
distribution.  Participants electing
such an early withdrawal distribution will be ineligible to continue making
Compensation Deferrals for the remainder of the Plan Year in which the early
withdrawal occurs and for the entire Plan Year thereafter.  A Participant shall be permitted to take a
maximum of two early withdrawals during the period of his or her Plan
participation.

 

7

 

Any
Participant wishing to elect an immediate distribution pursuant to this Article
must complete an Immediate Distribution Election Form and receive approval from
the Committee. The Committee shall have the right, in its sole discretion, to
approve such distribution, to direct a distribution of part of the amount
requested, or to refuse to allow any distribution.  The distribution shall occur or commence as soon as is
administratively feasible following the Employer’s receipt and approval of the
Immediate Distribution Election Form.

 

5.3                                 HARDSHIP
DISTRIBUTIONS.  In the event of a
sudden unforeseeable financial hardship of the Participant, as hereinafter
defined, the Participant may apply to the Committee for the distribution of all
or any part of his or her  Account. The
Committee shall consider the circumstances of each such case and the best
interests of the Participant, and shall have the right, in its sole discretion
to approve such distribution, or to direct a distribution of part of the amount
requested, or to refuse to allow any distribution.  Upon a finding of financial hardship, the Committee shall direct
the appropriate distribution to the Participant from amounts held by the Trust
in respect of the Participant’s 
Account. In no event shall the aggregate amount of the distribution
exceed either the full value of the Participant’s  Account or the amount determined by the Committee to be necessary
to alleviate the Participant’s financial hardship (which financial hardship may
be considered to include any taxes due as a result of the distribution), and
which is not reasonably available from other resources of the Participant. For
purposes of this Article, the value of the Participant’s  Account shall be determined as of the date
of the distribution.  “Financial
hardship” means (a) a severe financial hardship to the Participant resulting
from a sudden and unexpected illness or accident of the Participant or of a
dependent (as defined in Code section 152(a)) of the Participant, (b) loss
of the Participant’s property due to casualty, or (c) other similar
extraordinary and unforeseeable circumstances arising as a result of events
beyond the control of the Participant, each as determined to exist by the
Committee.  The Participant must certify
that the financial need cannot be relieved: (a) through reimbursement or
compensation by insurance or otherwise; (b) by reasonable liquidation of the
Participant’s assets, to the extent such liquidation would not itself cause an
immediate and heavy financial need; or (c) by borrowing from commercial sources
on reasonable commercial terms.  A
distribution may be made under this Article only with the consent of the
Committee.

 

5.4                                 RE-EMPLOYMENT
OF RECIPIENT.  If a Participant
receiving installment distributions pursuant to Article 6.2 is re-employed
by the Employer, the remaining distributions due to the Participant shall be
suspended until such time as the Participant (or his or her Beneficiary) once
again becomes eligible for benefits under Article 5.1 or 5.2, at which
time such distribution shall commence, subject to the limitations and
conditions contained in the Plan.

 

ARTICLE 6

DISTRIBUTION OF BENEFITS

 

6.1                                 AMOUNT.  A Participant (or his or her Beneficiary)
shall become entitled to receive, on or about the earlier of the Participant’s
termination of employment with the Employer or the date or dates selected by
the Participant on his or her Election Form (or, if no such selection is made,
on or about the date of the Participant’s termination of employment with the
Employer), a distribution in an aggregate amount equal to the Participant’s  Account. 
A Participant may alternatively elect to request to receive an immediate
distribution, subject to a ten percent (10%) penalty, of all or a portion of
his or her Account pursuant to Article 5.2.  Any payment due hereunder from the Trust, which is not paid by
the Trust for any reason, will be paid by the Employer from its general assets.

 

6.2                                 METHOD
OF PAYMENT.

 

(a)                                  Payments.  Subject to Article 6.2(d), payments
under the Plan shall be made as elected by the Participant and as permitted by
the Employer in its sole and absolute discretion and subject to restrictions on
transfer as may be legally or contractually applicable.

 

(b)                                 Timing
and Manner of Payment.  Except in
the case of payments upon a Total and Permanent Disability before termination
of employment with the Employer, or upon attainment of Retirement Age, all
payments shall be made as soon as administratively feasible or within such
other reasonable time period as set by the Committee and shall be paid in a
single lump sum.  Subject to
Article 6.2(d), in the case of distributions to a Participant or his or
her Beneficiary by virtue of an entitlement pursuant to Articles 5.1 for a
Total and Permanent Disability before terminating his or her employment with
the Employer, or upon attainment of Retirement Age, an aggregate amount equal
to the Participant’s Account will be paid in the manner selected by the
Participant as

 

8

 

provided in Article 5, as
soon as is administratively feasible, in a lump sum or, if elected by the
Participant, in substantially equal installments at such periodic intervals
made available by the Committee in its sole discretion, for a period not to
exceed ten (10) years (adjusted for gains and losses).  If a Participant fails to designate properly
the manner of payment of the Participant’s benefit under the Plan, such payment
will be in a lump sum.  Notwithstanding
the foregoing, the Committee may require that installment payments must exceed
specified minimum amount(s), otherwise the payment would be in a lump sum.

 

(c)                                  Installment
Distributions.  If the whole or any
part of a payment hereunder is to be in installments, the balance of the
Participant’s Account not yet distributed shall continue to be deemed to be
invested pursuant to Articles 4.1 and 4.5 under such procedures as the Employer
may establish, in which case any deemed income, gain, loss or expense or tax
allocable thereto (as determined by the Trustee, in its sole discretion) shall
be reflected in the installment payments in such equitable manner as the
Trustee shall determine.

 

(d)                                 Distributions
before Retirement.  Notwithstanding
anything herein to the contrary, a Participant who terminates employment with
the Employer (other than by reason of Total and Permanent Disability) prior to
attainment of Retirement Age shall receive his or her distribution in a single
lump sum, without regard to any contrary election made by the Participant
pursuant to Article 5.  The
Committee shall have sole discretion with regard to any determination whether a
Participant’s termination of employment precedes his or her attainment of
Retirement Age.

 

6.3                                 DEATH
OR DISABILITY BENEFITS.

 

(a)                                  Disability
Benefits.  If a Participant
experiences a Total and Permanent Disability before terminating his or her employment
with the Employer, then the entire value of the Participant’s Account shall be
paid to such Participant at the time(s) and in the manner selected by the
Participant under Article 5.1.

 

(b)                                 Death
Benefits.  If a Participant dies
before terminating his or her employment with the Employer the Beneficiary
shall receive the Participant’s Account Balance in a lump sum.

 

Upon the death
of a Participant after payments hereunder have begun but before he or she has
received all payments to which he or she is entitled under the Plan, the
remaining benefit payments shall be paid in a single lump sum to the
Beneficiary designated in accordance with Article 7.1.

 

ARTICLE 7

BENEFICIARIES; PARTICIPANT DATA

 

7.1                                 DESIGNATION
OF BENEFICIARIES.  Each Participant
from time to time may designate any person or persons (who may be named
contingently or successively) to receive such benefits as may be payable under
the Plan upon or after the Participant’s death, and such designation may be
changed from time to time by the Participant by filing a new designation.  Each designation will revoke all prior
designations by the same Participant, shall be in a form prescribed by the
Employer, and will be effective only when filed in writing with the Employer
during the Participant’s lifetime.

 

In the absence of a valid Beneficiary designation, or if, at the time
any benefit payment is due to a Beneficiary, there is no living Beneficiary
validly named by the Participant, the Employer shall pay any such benefit
payment in a lump sum to the Participant’s estate.  In determining the existence or identity of anyone entitled to a
benefit payment, the Employer may rely conclusively upon information supplied
by the Participant’s personal representative, executor or administrator.  If a question arises as to the existence or
identity of anyone entitled to receive a benefit payment as aforesaid, or if a
dispute arises with respect to any such payment, then, notwithstanding the
foregoing, the Employer, in its sole discretion, may distribute such payment to
the Participant’s estate without liability for any tax or other consequences
which might flow therefrom, or may take such other action as the Employer deems
to be appropriate.

 

7.2                                 INABILITY
TO LOCATE PARTICIPANTS OR BENEFICIARIES. 
Any communication, statement or notice addressed to a Participant or to
a Beneficiary at his or her last post office address as shown on the Employer’s
records shall be binding on the Participant or Beneficiary for all purposes of
the Plan.  The Employer

 

9

 

shall not be obliged to search
for any Participant or Beneficiary beyond the sending of a registered letter to
such last known address. If the Employer notifies any Participant or
Beneficiary that he or she is entitled to an amount under the Plan and the
Participant or Beneficiary fails to claim such amount or make his or her
location known to the Employer within three (3) years thereafter, then, except
as otherwise required by law, if the location of one or more of the next of kin
of the Participant is known to the Employer, the Employer in its sole
discretion may direct distribution of such amount to any one or more or all of
such next of kin, and in such proportions as the Employer determines.  If the Participant or Beneficiary is not
located within a reasonable time, the Employer shall have the right to direct
that the amount payable shall be deemed to be a forfeiture, except that the
dollar amount of the forfeiture, unadjusted for deemed gains or losses in the
interim, shall be paid by the Employer if a claim for the benefit subsequently
is made by the Participant or the Beneficiary to whom it was payable.  If a benefit payable to an unlocated
Participant or Beneficiary is subject to escheat pursuant to applicable state
law, the Employer shall not be liable to any person for any payment made in
accordance with such law.

 

ARTICLE 8

ADMINISTRATION

 

8.1                                 COMMITTEE.  Authority to control and manage the
operation and administration of the Plan shall be generally vested in the
Committee, to the extent not otherwise granted to the Board.  The Committee and/or the Board may appoint a
third-party administrator to assist in the operations of the Plan.  The Committee shall have one or more
members, all of whom shall be appointed by the Board of Directors and shall
hold office until resignation, death, or removal by the Board of
Directors.  However, if a member of the
Committee is an Employee, then upon the termination of such member’s status as
a Employee, his or her status as a member of the Committee shall also terminate
as of that date, except to the extent otherwise provided in resolutions of the
Board of Directors.  If a Committee
Member is also a Participant in the Plan, such member shall abstain from any
decisions concerning his or her own interest in the Plan.  In the event that at any time there are no
persons serving as Committee members, then the entire Board of Directors shall
serve as the Committee.

 

8.2                                 ADMINISTRATIVE
AUTHORITY.  Except as otherwise
specifically provided herein, the Committee shall have the sole responsibility
for and the sole discretion over the operation and administration of the Plan,
and shall have the power and authority to take all action and to make all
decisions and interpretations which may be necessary or appropriate in order to
administer and operate the Plan, including, without limiting the generality of
the foregoing, the power, duty, discretion and responsibility to:

 

(a)                                  Resolve
and determine all disputes or questions arising under the Plan, and to remedy
any ambiguities, inconsistencies or omissions in the Plan.

 

(b)                                 Adopt
such rules of procedure and regulations as in its opinion may be necessary for
the proper and efficient administration of the Plan and as are consistent with
the Plan.

 

(c)                                  Implement
the Plan in accordance with its terms and the rules and regulations adopted as
described above.

 

(d)                                 Make
determinations with respect to the eligibility of any Eligible Employee to be
or continue as a Participant and make determinations concerning the crediting
of Accounts.

 

(e)                                  Appoint
any persons or firms, or otherwise act to secure specialized advice or
assistance, as it deems necessary or desirable in connection with the
administration and operation of the Plan, and the Employer shall be entitled to
rely conclusively upon, and shall be fully protected in any action or omission
taken by it in good faith reliance upon, the advice or opinion of such firms or
persons.  The Employer shall have the
power and authority to delegate from time to time by written instrument all or
any part of its duties, powers or responsibilities under the Plan, both
ministerial and discretionary, as it deems appropriate, to any person or
committee, and in the same manner to revoke any such delegation of duties,
powers or responsibilities.  Any action
of such person or committee in the exercise of such delegated duties, powers or
responsibilities shall have the same force and effect for all purposes
hereunder as if such action had been taken by the Employer.  Further, the Employer may authorize one or
more persons to execute any certificate or document on behalf of the Employer,
in which event any person notified by the Employer of such authorization shall
be entitled to accept and conclusively rely upon any such

 

10

 

certificate or document
executed by such person as representing action by the Employer until such
notified person shall have been notified of the revocation of such authority.

 

8.3                                 LITIGATION.  Except as may be otherwise required by law,
in any action or judicial proceeding affecting the Plan, no Participant or
Beneficiary shall be entitled to any notice or service of process, and any
final judgment entered in such action shall be binding on all persons interested
in, or claiming under, the Plan.

 

8.4                                 CLAIMS
PROCEDURE.  Benefits shall be
provided from this Plan through procedures initiated by the Committee, and the
Participant need not file a claim. 
However, if a Participant or Beneficiary believes he or she is entitled
to a Benefit different from the one received, then the Participant or
Beneficiary may file a claim for the Benefit by writing a letter to the
Committee.  If any claim for Benefits
under the Plan is wholly or partially denied, the claimant shall be given
notice in writing of such denial within 90 days of the date the letter claiming
benefits is received by the Committee. 
If special circumstances require an extension of time, written notice of
the extension shall be furnished to the claimant within the initial 90-day
period.  Notice of the denial shall set
forth the following information:

 

(a)                                  The
specific reason or reasons for the denial;

 

(b)                                 Specific
reference to pertinent Plan provisions on which 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;

 

(d)                                 An
explanation that a full review by the Committee of the decision denying the
claim may be requested by the claimant or his or her authorized representative
by filing with the company, within 60 days after such notice has been received,
a written request for such review; and

 

(e)                                  If
such request is so filed, the claimant or his or her authorized representative
may review pertinent documents and submit issues and comments in writing within
the same 60 day period specified in the Article 8.4(d).

 

8.5                                 FINAL
DECISION.  The decision of the
Committee upon review shall be made promptly, and not later than 60 days after
the Committee’s receipt of the request for review, unless special circumstances
require an extension of time for processing, in which case the claimant shall
be so notified and a decision shall be rendered as soon as possible, but not
later than 120 days after receipt of the request for review.  If the claim is denied, wholly or in part,
the claimant shall be promptly given a copy of the decision.  The decision shall be in writing and shall
include specific reasons for the denial, specific references to the pertinent
Plan provisions on which the denial is based and shall be written in a manner
calculated to be understood by the claimant. 
No legal action may be filed claiming benefits under this Plan until the
claims procedure set forth in this Article 6 is completed.

 

ARTICLE 9

AMENDMENT

 

9.1                                 RIGHT
TO AMEND.  The Employer, by action
of the Committee, shall have the right to amend the Plan, at any time and with
respect to any provisions hereof, and all parties hereto or claiming any
interest hereunder shall be bound by such amendment; provided, however, that no
such amendment shall deprive a Participant or a Beneficiary of a right accrued
hereunder prior to the date of the amendment.

 

9.2                                 AMENDMENTS
TO ENSURE PROPER CHARACTERIZATION OF PLAN. 
Notwithstanding the provisions of Article 9.1, the Plan may be
amended by the Employer, by action of the Committee, at any time, retroactively
if required, if found necessary, in the opinion of the Committee, in order to
ensure that the Plan is characterized as “top-hat” plan of deferred
compensation maintained for a select group of management or highly compensated
employees as described under ERISA sections 201(2), 301(a)(3), and 401(a)(1),
and to conform the Plan to the provisions and requirements of any applicable law
(including ERISA and the Code).  No such
amendment shall be considered prejudicial to any interest of a Participant or a
Beneficiary hereunder.

 

11

 

ARTICLE 10

TERMINATION

 

10.1                           EMPLOYER’S
RIGHT TO TERMINATE OR SUSPEND PLAN. 
The Board reserves the right to terminate the Plan and/or its obligation
to make further credits to Plan Accounts, by action of the Committee.  The Board also reserves the right to suspend
the operation of the Plan for a fixed or indeterminate period of time, by
action of the Committee.

 

10.2                           AUTOMATIC
TERMINATION OF PLAN.  The Plan
automatically shall terminate upon the dissolution of the Employer, or upon its
merger into or consolidation with any other corporation or business organization
if there is a failure by the surviving corporation or business organization to
specifically adopt and agree to continue the Plan.

 

10.3                           SUSPENSION
OF DEFERRALS.  In the event of a
suspension of the Plan, the Employer shall continue all aspects of the Plan,
other than Compensation Deferrals, during the period of the suspension, in
which event payments hereunder will continue to be made during the period of
the suspension in accordance with Articles 5 and 6.

 

10.4                           ALLOCATION
AND DISTRIBUTION.  This Article shall
become operative on a complete termination of the Plan.  The provisions of this Article also
shall become operative in the event of a partial termination of the Plan, as
determined by the Employer, but only with respect to that portion of the Plan attributable
to the Participants to whom the partial termination is applicable.  Upon the effective date of any such event,
notwithstanding any other provisions of the Plan, no persons who were not
theretofore Participants shall be eligible to become Participants, the value of
the interest of all Participants and Beneficiaries shall be paid to them as
soon as is practicable after such termination in a lump sum payment.

 

10.5                           SUCCESSOR
TO EMPLOYER.  Any corporation or
other business organization which is a successor to the Employer by reason of a
consolidation, merger or purchase of substantially all of the assets of the
Employer shall have the right to become a party to the Plan by adopting the
same by resolution of the entity’s board of directors or other appropriate
governing body.  If, within ninety (90)
days from the effective date of such consolidation, merger or sale of assets,
such new entity does not become a party hereto, as above provided, the Plan
shall be automatically terminated, and the provisions of Article 10.4
shall become operative.

 

ARTICLE 11

THE TRUST

 

The Employer
shall establish the Trust with the Trustee pursuant to such terms and
conditions as are set forth in the Trust agreement to be entered into between
the Employer and the Trustee, or the Employer shall cause to be maintained one
or more separate subaccounts in an existing Trust maintained with the Trustee
with respect to one or more other plans of the Employer, which subaccount or
subaccounts represent Participants’ interests in the Plan.  Any such Trust shall be intended to be
treated as a “grantor trust” under the Code and the establishment of the Trust
or the utilization of any existing Trust for Plan benefits, as applicable,
shall not be intended to cause any Participant to realize current income on
amounts contributed thereto, and the Trust shall be so interpreted.

 

ARTICLE 12

MISCELLANEOUS

 

12.1                            STATUS
OF PARTICIPANTS.

 

(a)                                  Employees,
Participants and Inactive Participants under this Plan shall have the status of
general unsecured creditors of the Employer;

 

(b)                                 This Plan constitutes
a mere promise by the Employer to make benefit payments in the future;

 

12

 

(c)                                  Any
trust to which this Plan refers (i.e. any trust created by the Employer and any
assets held by the trust to assist the Employer in meeting its obligations  under the Plan) shall be based on the terms
of the model trust described in Revenue Procedure 92-64; and

 

(d)                                 It
is the intention of the parties that the arrangements under this Plan shall be
unfunded for tax purposes and for purposes of Title I of ERISA.

 

12.2                           LIMITATIONS
ON LIABILITY OF EMPLOYER.  Neither
the establishment of the Plan nor any modification thereof, nor the creation of
any account under the Plan, nor the payment of any benefits under the Plan
shall be construed as giving to any Participant or other person any legal or
equitable right against the Employer, or any officer or employer thereof except
as provided by law or by any Plan provision. 
The Employer does not in any way guarantee any Participant’s Account
from loss or depreciation, whether caused by poor investment performance of a
deemed investment or the inability to realize upon an investment due to an
insolvency affecting an investment vehicle or any other reason.  In no event shall the Employer, or any
successor, employee, officer, director or stockholder of the Employer, be
liable to any person on account of any claim arising by reason of the
provisions of the Plan or of any instrument or instruments implementing its
provisions, or for the failure of any Participant, Beneficiary or other person
to be entitled to any particular tax consequences with respect to the Plan, or
any credit or distribution hereunder.

 

12.3                           CONSTRUCTION.  If any provision of the Plan is held to be
illegal or void, such illegality or invalidity shall not affect the remaining
provisions of the Plan, but shall be fully severable, and the Plan shall be
construed and enforced as if said illegal or invalid provision had never been
inserted herein.  For all purposes of
the Plan, where the context admits, the singular shall include the plural, and
the plural shall include the singular. 
Headings of Articles and Articles herein are inserted only for
convenience of reference and are not to be considered in the construction of
the Plan.  The laws of the State of
Delaware shall govern, control and determine all questions of law arising with
respect to the Plan and the interpretation and validity of its respective
provisions, except where those laws are preempted by the laws of the United
States.  Participation under the Plan
will not alter the Participant’s status as an (at will) employee nor give any
Participant the right to be retained in the service of the Employer nor any
right or claim to any benefit under the Plan unless such right or claim has
specifically accrued hereunder.

 

The Plan is
intended to be and at all times shall be interpreted and administered so as to
qualify as an unfunded deferred compensation plan, and no provision of the Plan
shall be interpreted so as to give any individual any right in any assets of
the Employer which right is greater than the rights of a general unsecured
creditor of the Employer.

 

12.4                           SPENDTHRIFT
PROVISION.  No amount payable to a
Participant or a Beneficiary under the Plan will, except as otherwise
specifically provided by law, be subject in any manner to anticipation,
alienation, attachment, garnishment, sale, transfer, assignment (either at law
or in equity), levy, execution, pledge, encumbrance, charge or any other legal
or equitable process, and any attempt to do so will be void; nor will any
benefit be in any manner liable for or subject to the debts, contracts,
liabilities, engagements or torts of the person entitled thereto. Further, (i)
the withholding of taxes from Plan benefit payments, (ii) the recovery under
the Plan of overpayments of benefits previously made to a Participant or
Beneficiary, (iii) if applicable, the transfer of benefit rights from the Plan
to another plan, or (iv) the direct deposit of benefit payments to an account
in a banking institution (if not actually part of an arrangement constituting
an assignment or alienation) shall not be construed as an assignment or
alienation.  In the event that any
Participant’s or Beneficiary’s benefits hereunder are garnished or attached by
order of any court, the Employer or Trustee may bring an action or a
declaratory judgment in a court of competent jurisdiction to determine the
proper recipient of the benefits to be paid under the Plan.  During the pendency of said action, any
benefits that become payable shall be held as credits to the Participant’s or
Beneficiary’s Account or, if the Employer or Trustee prefers, paid into the
court as they become payable, to be distributed by the court to the recipient
as the court deems proper at the close of said action.

 

 [Signature page follows]

 

13

 

IN WITNESS
WHEREOF, the Employer has caused the Plan to be executed effective as of the
1st day of June, 2002.

 

 

	
   

  	
  BIOSITE,
  INCORPORATED.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Christopher J. Twomey

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
    V.P., Finance and CFO

  	
   

  
	
   

  	
   

  
	
   

  	
  Date:

  	
   May 23,
  2002

  	
   

  
							

 

14

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