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    DREW
      INDUSTRIES INCORPORATED

    

    EXECUTIVE
      NON-QUALIFIED DEFERRED COMPENSATION PLAN

    

    (Effective
      December 1, 2006)

    

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    DREW
      INDUSTRIES INCORPORATED

    

    EXECUTIVE
      NON-QUALIFIED DEFERRED COMPENSATION PLAN

    

    

    THIS EXECUTIVE
      NON-QUALIFIED DEFERRED COMPENSATION PLAN
      (the
      "Plan")
      is
      adopted and enacted as of the 1st
      day of
      December, 2006,
      by Drew
      Industries Incorporated, a corporation organized and existing under the laws
      of
      the State of Delaware,
      hereinafter referred to as “Drew”
or
      the
“Plan
      Sponsor”.

    

    WHEREAS,
      effective as of December 1, 2006, the Plan Sponsor has adopted a non-tax
      qualified plan of deferred compensation for the benefit of a select group of
      its
      management and highly compensated employees to be evidenced by and to be in
      accordance with the terms of this Plan, and 

    

    WHEREAS,
      the
      Plan Sponsor intends that the Plan shall at all times be administered and
      interpreted in such a manner as to constitute a “Top-hat” unfunded nonqualified
      deferred compensation plan for tax purposes and for purposes of Title I of
      ERISA
      within the meaning of Regulation Section 2520.104-23 promulgated by the
      Department of Labor; confirms that the Plan is not intended to qualify for
      favorable tax treatment pursuant to Section 401(a) of the Code or any successor
      section or statute; and confirms that the Plan is intended to comply with the
      requirements of Section 409A of the Code, as added by The American Jobs Creation
      Act of 2004, and any Treasury Regulations and other applicable guidance
      thereunder issued by the Treasury Department or the Internal Revenue Service;
      and

    

    WHEREAS,
      pursuant to the Plan, payments to the Participants and every Beneficiary
      hereunder shall be made from assets which, for all purposes, shall be part
      of
      the general, unrestricted assets of the Employer, no person shall have any
      interest in any such asset by virtue of any provision of this Plan and the
      Employer’s obligation hereunder shall be an unfunded and unsecured promise to
      pay money in the future.

    

    NOW,
      THEREFORE,
      the
      Plan Sponsor hereby adopts the Plan, as set forth below.

    

    ARTICLE
      1

    Definitions

     

    For
      the
      purpose of this Plan, unless otherwise clearly apparent from the context, the
      following phrases or terms shall have the following indicated
      meanings:

     

    1.1 “Account
      or Accounts”
      shall
      mean a book account reflecting amounts credited to a Participant’s Separation
      From Service Account and/or Scheduled Withdrawal Account as adjusted for deemed
      investment performance and all distributions or withdrawals made by the
      Participant or his or her Beneficiary. To the extent that it is considered
      necessary or appropriate, the Plan Administrator shall maintain separate
      subaccounts for each source of contribution under this Plan or shall otherwise
      provide a means for determining that portion of an Account attributable to
      each
      contribution source. 

     

    1.2 “Affiliate”
      shall
      mean any business entity that is a member of a controlled group of corporations,
      within the meaning of Section 414(b) of the Code, of which the Plan Sponsor
      is a
      member; any other trade or business organization (whether or not incorporated)
      under common control, within the meaning of Section 414(c) of the Code, with
      the
      Plan Sponsor; and any service organization that is a member of an affiliated
      service group, within the meaning of Section 414(m) of the Code, of which the
      Plan Sponsor is a member; and any other organization that is required to be
      aggregated with the Plan Sponsor under Section 414(o) of the Code and whose
      Eligible Employees are authorized to participate in this Plan by the Plan
      Administrator.

     

    
      
         

      

      
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    1.3 “Annual
      Bonus”
      shall
      mean any compensation, in addition to Base Salary and Performance-Based
      Compensation relating to services performed during any Plan Year, whether or
      not
      paid in such Plan Year or included on the Federal Income Tax Form W-2 for such
      Plan Year, payable to a Participant as an employee under any of the Employer’s
      annual bonus or cash incentive plans, excluding stock options. Annual Bonus
      shall consist of any amount or portion of any amount that will be paid either
      regardless of performance or based on a level of performance that is
      substantially certain to be met. 

     

    1.4 “Annual
      Deferral Amount”
      shall
      mean that portion of a Participant’s Base Salary, Annual Bonus and/or
      Performance-Based Compensation that a Participant elects to defer for any one
      Plan Year.

     

    1.5 “Applicable
      Guidance”
      shall
      mean Section 409A of the Code and any Treasury Regulations and other applicable
      guidance thereunder issued by the Treasury Department or the Internal Revenue
      Service.

     

    1.6 “Base
      Salary”
      shall
      mean the annual cash compensation relating to services performed during any
      Plan
      Year (excluding bonuses, commissions, overtime, fringe benefits, incentive
      payments, non-monetary awards, relocation expenses, retainers, directors fees
      and other fees, severance allowances, pay in lieu of vacations, insurance
      premiums paid by the Employer, insurance benefits paid to the Participant or
      his
      or her Beneficiary, stock options and grants, and car allowances) paid to a
      Participant for services rendered to the Employer or an Affiliate. Base Salary
      shall be calculated before reduction for compensation voluntarily deferred
      or
      contributed by the Participant pursuant to all qualified or non-qualified plans
      of the Employer or an Affiliate and shall be calculated to include amounts
      not
      otherwise included in the Participant’s gross income under Sections 125,
      402(e)(3), 402(h), or 403(b) of the Code pursuant to plans established by the
      Employer or an Affiliate; provided, however, that all such amounts will be
      included in Compensation only to the extent that, had there been no such Plan,
      the amounts would have been payable in cash to the Participant.

     

    1.7 “Beneficiary”
      shall
      mean one or more persons, trusts, estates or other entities that are entitled
      to
      receive benefits under this Plan upon the death of the Participant.

     

    1.8 “Change
      of Control”
      shall
      mean the occurrence of the events described in any of Subparagraph (a), (b),
      or
      (c), below, or any combination of said event(s) as described within the meaning
      of Treasury Regulations 1.409A-3(g)(5):

     

    (a) Change
      of Ownership of the Employer.
      A change
      of ownership occurs on the date that any one person, or more than one person
      acting as a group, acquires ownership of the stock of the Employer that,
      together with stock held by such person or group, constitutes more than fifty
      percent (50%) of the total fair market value or total voting power of the stock
      of the Employer or of any corporation that owns at least fifty percent (50%)
      of
      the total fair market value and total voting power of the Employer, as such
      ownership is computed under the provisions of Applicable Guidance.

     

    
      
         

      

      
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    However,
      if any person, or more than one person acting as a group, is considered to
      own
      more than fifty percent (50%) of the total fair market value or total voting
      power of the stock of the Employer, the acquisition of additional stock by
      the
      same person or group of persons is not considered to cause a Change of Control.
      For this purpose, an increase in the percentage of stock owned by any one person
      or group, as a result of a transaction in which the Employer acquires its stock
      in exchange for property will be treated as an acquisition of stock. The rule
      set forth in the immediately preceding sentence applies only when there is
      a
      transfer of stock of the Employer (or issuance of stock of the Employer) and
      the
      stock of the Employer remains outstanding after the transaction.

     

    Persons
      will not be considered to be acting as a group solely because they purchase
      or
      own stock of the Employer at the same time or as a result of the same public
      offering. However, persons will be considered to be acting as a group if they
      are shareholders of a corporation that enters into a merger, consolidation,
      purchase or acquisition of stock or similar business transaction with the
      Employer. Persons will also be considered to be acting as a group to the extent
      set forth in Applicable Guidance. 

     

    (b) Effective
      Change of Control.
      Effective Change of Control shall occur on the date that any one person, or
      more
      than one person acting as a group, acquires (or has acquired during the twelve
      (12) month period ending on the date of the most recent acquisition by such
      person or persons) ownership of stock of the Employer possessing thirty-five
      percent (35%) or more of the total voting power of the stock of the Employer.
      or, a majority of the members of Employer’s Board of Directors is replaced
      during any twelve (12) month period by directors whose appointment or election
      is not endorsed by a majority of the members of Employer’s Board of Directors
      prior to the date of the appointment or election.”

     

    However,
      if any person, or more than one person acting as a group, is considered to
      effectively control a corporation, the acquisition of additional control of
      the
      corporation by the same person or group of persons will not be considered to
      cause a Change of Control.

     

    Persons
      will not be considered to be acting as a group solely because they purchase
      or
      own stock of the Employer at the same time or as a result of the same public
      offering. However, persons will be considered to be acting as a group if they
      are shareholders of a corporation that enters into a merger, consolidation,
      purchase or acquisition of stock or similar business transaction with the
      Employer. Persons will also be considered to be acting as a group to the extent
      set forth in Applicable Guidance.

     

    (c) Change
      in Ownership of Employer’s Assets.
      A
      change in the ownership of a substantial portion of the Employer’s assets occurs
      on the date that any one person, or more than one person acting as a group,
      acquires or has acquired during the twelve (12) month period ending on the
      date
      of the most recent acquisition by such person or persons of assets from the
      Employer that have a total fair market value equal to more than forty percent
      (40%) of the total gross fair market value of all of the assets of the Employer
      immediately prior to such initial acquisition or acquisitions. For this purpose,
      gross fair market value means the value of the assets of the Employer, or the
      value of the assets being disposed of, determined without regard to any
      liabilities associated with such assets.

     

    There
      will be no Change of Control under this Subparagraph (c) when there is a
      transfer to an entity that is controlled by the shareholders of the Employer
      immediately after the transfer. A transfer of assets by the Employer is not
      treated as a change in ownership of such assets if the assets are transferred
      to:

     

    (i) A
      shareholder of the Employer (immediately before the asset transfer) in exchange
      for or with respect to its stock;

     

    (ii) An
      entity, fifty percent (50%) or more of the total value or total voting power
      of
      the stock of which is owned directly or indirectly by the Employer;

     

    
      
         

      

      
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    (iii) A
      person,
      or more than one person acting as a group, that owns, directly or indirectly,
      fifty percent (50%) or more of the total value or total voting power of the
      stock of the Employer; or 

     

    (iv) An
      entity, at least fifty percent (50%) of the total value or total voting power
      of
      the Stock which is owned, directly or indirectly, by a person described in
      (iii)
      above.

     

    For
      purposes of the definition of Change of Control, Change of Control of the
      Employer shall include a Change of Control of any corporation that is considered
      to own more than 50% of the total fair market value and total voting power
      of
      the Employer.

    

    For
      purposes of determining whether a Change of Control has occurred ownership
      shall
      be determined in accordance with the rules set forth in Applicable
      Guidance.

    Notwithstanding
      the above, the definition of Change of Control shall in any event comply with
      Section 409A and Applicable Guidance.

    

    1.9 “Claimant”
      shall
      mean a person who believes that he or she is being denied a benefit to which
      he
      or she is entitled hereunder. 

     

    1.10 “Code”
      shall
      mean the Internal Revenue Code of 1986, as amended.

     

    1.11 “Compensation”
      shall
      mean the total cash remuneration, including Base Salary, Annual Bonus, and
      Performance-Based Compensation, paid by the Employer to an Eligible Employee
      with respect to his or her services performed for the Employer.

     

    1.12 “Deemed
      Investments”
      shall be
      defined as provided in Paragraph 5.2 below.

     

    1.13 “Deemed
      Investment Options”
      shall be
      defined as provided in Paragraph 5.1 below. 

     

    1.14 “Disability”
      shall
      mean a condition of the Participant whereby he or she either: (i) is unable
      to
      engage in any substantial gainful activity by reason of any medically
      determinable physical or mental impairment which can be expected to result
      in
      death or can be expected to last for a continuous period of not less than twelve
      (12) months, or (ii) is, by reason of any medically determinable physical or
      mental impairment which can be expected to result in death or can be expected
      to
      last for a continuous period of not less than twelve (12) months, receiving
      income replacement benefits for a period of not less than three (3) months
      under
      an accident and health plan covering employees of the Employer. The Plan
      Administrator will determine whether a Participant has incurred a Disability
      based on its own good faith determination and may require a Participant to
      submit to reasonable physical and mental examinations for this purpose. A
      Participant will also be deemed to have incurred a Disability if determined
      to
      be totally disabled by the Social Security Administration or in accordance
      with
      a disability insurance program, provided that the definition of disability
      applied under such disability insurance program complies with the requirements
      of Treasury Regulation 1.409A-3(g)(4) and Applicable Guidance.

     

    1.15 “Drew”
shall
      mean Drew Industries Incorporated, a corporation organized and existing under
      the laws of the State of Delaware and the owner of 100% of the stock of the
      Plan
      Sponsor.

     

    1.16 “Drew
      2002 Plan”
      shall
      mean the Drew Industries Incorporated 2002 Equity Award and Incentive Plan
      as
      amended from time to time.

     

    
      
         

      

      
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    1.17 “Effective
      Date”
      shall
      mean December 1, 2006.

     

    1.18 “Election
      Form”
      shall
      mean the form or forms established from time to time by the Plan Administrator
      on which the Participant makes certain designations as required on that form
      and
      under the terms of this Plan.

     

    1.19 “Eligible Employee”
      shall
      mean for any Plan Year (or applicable portion of a Plan Year), a person who
      is
      determined by the Plan Sponsor, or its designee, to be a member of a select
      group of management or highly compensated employees of the Employer, and who
      is
      designated by the Plan Sponsor, or its designee, to be an Eligible Employee
      under the Plan. If the Plan Sponsor, or its designee, determines that an
      individual first becomes an Eligible Employee during a Plan Year, the Employer
      shall notify the individual of said determination and of the date during the
      Plan Year on which the individual shall first become an Eligible
      Employee.

     

    1.20 “Employer”
shall
      mean the person or entity receiving the services of the -Participant. The
      Employer may either be the Plan Sponsor or any of its wholly owned subsidiaries
      who adopt this Plan with the consent of the Plan Sponsor.

     

    1.21 “Entry
      Date”
      shall
      mean the first day of the pay period following the date on which an individual
      first becomes an Eligible Employee.

     

    1.22 “ERISA”
      shall
      mean the Employee Retirement Income Security Act of 1974, as it may be amended
      from time to time.

     

    1.23 “Participant”
      shall
      mean any (a) Eligible Employee (i) who is selected to participate in this Plan,
      (ii) who elects to participate in this Plan by signing a Participation
      Agreement, (iii) who completes and signs certain Election Form(s) required
      by
      the Plan Administrator, and (iv) whose signed Election Form(s) are accepted
      by
      the Plan Administrator or (b) former Eligible Employee who continues to be
      entitled to a benefit under this Plan. A spouse or former spouse of a
      Participant shall not be treated as a Participant in this Plan or have an
      Account balance under this Plan, even if he or she has an interest in the
      Participant’s benefits under this Plan as a result of applicable law or property
      settlements resulting from legal separation or marital dissolution or
      divorce.

     

    1.24 “Participation
      Agreement”
      shall
      mean the document executed by the Eligible Employee and Plan Administrator
      whereby the Eligible Employee agrees to participate in the Plan.

     

    1.25 “Performance-Based
      Compensation”
      shall
      mean that portion of a Participant’s Compensation that is contingent on the
      satisfaction of pre-established organizational or individual performance
      criteria relating to a performance period of at least twelve (12) consecutive
      months in which the Participant performs services. Organizational or individual
      performance criteria are considered pre-established if established in writing
      by
      no later than ninety (90) days after the commencement of the period of services
      to which the criteria relate, provided that the right to receive the contingent
      portion is substantially uncertain, or the amount of the contingent portion
      itself is not readily ascertainable, at the time the criteria are established,
      within the meaning of Treasury Regulation 1.409A-1(e) and Applicable
      Guidance.

     

    1.26 “Permissible
      Payment”
      shall
      mean a payment made to a Participant or his Beneficiary under the terms of
      this
      Plan upon the occurrence of one or more of the following six (6) events: (i)
      the
      Participant’s Separation from Service, (ii) the Participant’s death, (iii) the
      Participant’s Disability, (iv) a Change of Control, (v) the occurrence of an
      Unforeseeable Emergency, or (vi) a time (or pursuant to a fixed schedule)
      selected by the Participant in accordance with this Plan, within the meaning
      of
      Treasury Regulation 1.409A-3(a) and Applicable Guidance.

     

    
      
         

      

      
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    1.27 “Plan”
      shall
      mean the Drew Industries Incorporated Executive Non-Qualified Deferred
      Compensation Plan, which shall be evidenced by this instrument, as amended
      from
      time to time.

     

    1.28 “Plan
      Administrator” shall
      be
      a group consisting of the
      CEO,
      CFO and the Chief Legal Officer of Drew and their designees. A
      Participant in the Plan may not serve as a singular Plan Administrator. If
      a
      Participant is part of a group of persons designated as a committee or Plan
      Administrator, then the Participant may not participate in any activity or
      decision relating solely to his or her individual benefits under this Plan.
      Matters solely affecting the applicable Participant will be resolved by the
      remaining Plan Administrator members.

     

    1.29 “Plan
      Year”
      shall
      mean, for the first plan year, the period beginning on January 1, 2007 and
      ending December 31 of such calendar year, and thereafter, a twelve (12) month
      period beginning January 1 of each calendar year and continuing through December
      31 of such calendar year.

     

    1.30 “Scheduled
      Withdrawal Account”
      shall
      mean: (i) the sum of (A) the Participant’s Annual Deferral Amount that may be
      allocated in whole or in part by a Participant pursuant to his or her deferral
      election to the Scheduled Withdrawal Account for any Plan Year, plus (B) amounts
      credited (net of amounts debited, which may result in an aggregate negative
      number) from Deemed Investment Options, less (ii) the sum of (A) all
      distributions made to, and all withdrawals by, the Participant or his or her
      Beneficiary and (B) all tax withholding amounts which may have been deducted
      from the Participant’s Scheduled Withdrawal Account. At the time of the
      Participant’s deferral election for each Plan Year, the Participant shall
      specify the time and form in which payment shall be made to the Participant
      or
      his or her Beneficiary from this Account. The Participant may be permitted
      to
      change the time or form of payment subject to Paragraph 7.7 (Subsequent Changes
      in the Time or Form of Payment) below.

     

    1.31 “Section
      409A”
      shall
      mean Section 409A of the Code and the Treasury Regulations or other
      authoritative guidance issued under that Section.

     

    1.32 “Specified
      Employee”
      shall
      mean a key employee (as defined by Section 416(i) of the Code without regard
      to
      paragraph (5) thereof, and as further defined in Treasury Regulation
      1.409A-(1)(i)) of the Employer where the stock of the Employer (or the stock
      of
      any Affiliate) is publicly traded on an established securities market or
      otherwise within the meaning of Section 409A(2)(B)(i). Notwithstanding other
      provisions of this Plan to the contrary, distributions to Specified Employees
      (if any) may not be made or commence before the date which is six (6) months
      after the date of Separation From Service (or, if earlier, the date of death
      of
      the Specified Employee) within the meaning of Treasury Regulation
      1.409A-(3)(g)(2). A Participant meeting the definition of Specified Employee
      on
      any December 31 or during the 12 month period ending December 31 will be treated
      as a Specified Employee for the 12 month period commencing the following April
      1.

     

    1.33 “Separation
      From Service”
      shall
      mean a Participant’s termination of active employment, whether voluntary or
      involuntary, other than by death, Disability, or leave of absence with the
      Employer and any Affiliate, within the meaning of Section 409A(a)(2)(A)(i)
      of
      the Code, and Applicable Guidance.

     

    1.34 “Separation
      From Service Account”
      shall
      mean (i) the sum of (A) the Participant’s Annual Deferral Amount that may be
      allocated in whole or in part by a Participant pursuant to his or her deferral
      election to the Separation From Service Account for any Plan Year, plus (B)
      amounts credited (net of amounts debited, which may result in an aggregate
      negative number) from Deemed Investment Options, less (ii) the sum of (A) all
      distributions made to, and all withdrawals by, the Participant and his or her
      Beneficiary and (B) all tax withholding amounts which may have been deducted
      from the Participant’s Separation From Service Account. At the time of the
      Participant’s deferral election for each Plan Year, the Participant may specify
      the form in which payment shall be made to the Participant or his or her
      Beneficiary from this Account. The Participant may be permitted to change the
      form of payment subject to Paragraph 7.7 (Subsequent Changes in the Time or
      Form
      of Payment) below.

     

    
      
         

      

      
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    1.35 “Treasury
      Regulations”
      shall
      mean regulations
      promulgated by the Internal Revenue Service for the U.S. Department of the
      Treasury, either proposed, temporary or final, as they may be amended from
      time
      to time.

     

    1.36 “Trust”
      shall
      mean a trust that may be established in accordance with the terms of Article
      12
      of this Plan.

     

    1.37 “Unforeseeable
      Emergency” shall
      mean a severe financial hardship of the Participant or Beneficiary resulting
      from an illness or accident of the Participant or Beneficiary, the Participant’s
      or Beneficiary’s spouse, or the Participant’s or Beneficiary’s dependent(s) (as
      defined in Section 152(a) of the Code) or loss of the Participant’s or
      Beneficiary’s property due to casualty or other similar extraordinary and
      unforeseeable circumstances arising as a result of events beyond the control
      of
      the Participant or Beneficiary, within the meaning of Section 409A and Treasury
      Regulation 1.409A-3(g)(3).

     

    1.38 “Valuation
      Date”
      shall
      mean each day at the close of business (currently 4:00 p.m. Eastern Time) of
      the
      New York Stock Exchange (“NYSE”),
      on
      days that the NYSE is open for trading or any other day on which there is
      sufficient trading in securities of the applicable fund to materially affect
      the
      unit value of the fund and the corresponding unit value of the Participant’s
      Deemed Investment Options. If the NYSE extends its closing beyond 4:00 p.m.
      Eastern Time, and continues to value after the time of closing, the Plan
      Administrator reserves the right to treat communications received after 4:00
      p.m. Eastern Time as being received as of the beginning of the next
      day.

     

    1.39 “Year
      of Plan Participation”
      shall
      mean each twelve (12) month period during which the Participant is employed
      on a
      full-time basis by the Employer (determined without regard to whether deferrals
      have been made by a Participant for any Plan Year), inclusive of any approved
      leaves of absence, beginning on the Participant’s Entry Date.

     

    1.40 “Year
      of Service”
      shall
      mean each twelve (12) month period during which the Participant is employed
      on a
      full-time basis by the Employer, with a minimum of 1,000 hours of service,
      inclusive of any approved leaves of absence, beginning on the Participant’s date
      of hire.

     

    ARTICLE
      2

    Selection,
      Enrollment, Eligibility

     

    2.1 Selection
      by Plan Sponsor.
      Participation in this Plan shall be limited to a select group of management
      or
      highly compensated employees of the Employer, as determined by the Plan Sponsor
      in its sole and absolute discretion. The initial group of Eligible Employees
      shall become Participants on the Effective Date of this Plan. Any individual
      selected as an Eligible Employee after the Effective Date, shall become a
      Participant on the first Entry Date occurring on or after the date on which
      he
      or she becomes an Eligible Employee.

     

    
      
         

      

      
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    2.2 Re-Employment.
      If a
      Participant who incurs a Separation from Service is subsequently re-employed
      by
      the Employer, he or she may, at the sole and absolute discretion of the Plan
      Administrator, become a Participant in accordance with the provisions of this
      Plan.

     

    2.3 Enrollment
      Requirements.
      As a
      condition to participation in this Plan, each selected Eligible Employee shall
      complete, execute, and return to the Plan Administrator a Participation
      Agreement and Election Form within the time specified by the Plan Administrator
      in accordance with Article 3. In addition, the Plan Administrator shall
      establish such other enrollment requirements as it determines necessary or
      advisable. All elections to defer Compensation with respect to a Plan Year
      shall
      be irrevocable, except as permitted in the event of an Unforeseeable Emergency
      pursuant to Paragraph 3.2(d) below.

     

    2.4 Plan
      Aggregation Rules.
      This
      Plan shall constitute an “account balance plan” as defined in Treasury
      Regulation 31.3121(v)(2)-1(c)(1)(ii)(A). For purposes of Section 409A, all
      amounts deferred by or on behalf of a Participant under this Plan shall be
      aggregated with deferred amounts under other “account balance plans” currently
      maintained or adopted in the future by the Employer, as required by Applicable
      Guidance and all amounts shall be treated as deferred under the rules governing
      a single plan.

     

    ARTICLE
      3

    Contributions
      and Credits

     

    3.1 Annual
      Deferral Amount.

     

    (a) Minimum
      Deferrals.
      For
      each
      Plan Year, a Participant may elect to defer Compensation in fixed dollar amounts
      or percentages subject to the minimums (if any) set forth in his or her Election
      Form. If the election is made for less than the stated minimum amount, or if
      no
      election is made, the amount deferred shall be zero.

     

    (b) Maximum
      Deferrals.
      For
      each
      Plan Year, a Participant may elect to defer Compensation in fixed dollar amounts
      or percentages subject to the maximums (if any) set forth in his or her Election
      Form. If the election is made for more than the stated maximum amount, then
      the
      amount deferred shall default to the maximum amount.

     

    3.2 Election
      to Defer Compensation.

     

    (a) Deferral
      Election Rules.
      A
      Participant shall make an election to defer Compensation for each Plan Year
      on
      the Election Form provided by the Plan Sponsor. For the election to be
      effective, the Election Form must be delivered to the Plan Administrator during
      the Participant’s taxable year before the Plan Year in which the services are
      performed. If no Election Form is timely delivered for a Plan Year, the Annual
      Deferral Amount shall be zero for that Plan Year. An election to defer
      Compensation shall include an election as to both the time and form of
      payment.

     

    (b) Short
      Plan Year.
      If an
      Eligible Employee becomes a Participant after the beginning of a Plan Year,
      he
      or she may make an initial deferral election within thirty (30) days after
      the
      date he or she first becomes an Eligible Employee with respect to Compensation
      paid for services to be performed subsequent to the election. In the event
      an
      election of deferral is made with respect to an Annual Bonus in the first year
      of eligibility but after the beginning of a performance period, the deferral
      election will apply to the portion of the Annual Bonus paid for services
      performed subsequent to the election and will be calculated based on the total
      Annual Bonus for the performance period multiplied by a fraction whose numerator
      is the number of days remaining in the performance period after the election
      and
      whose denominator is the total number of days in the performance period.

     

    
      
         

      

      
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    (c) Bonus
      Qualifying as Performance-Based Compensation.
      Notwithstanding anything in Paragraph 3.2(a) or (b) above to the contrary,
      to
      the extent that the Employer determines that an Eligible Employee’s bonus
      constitutes Performance-Based Compensation, within the meaning of Section
      409A(a)(4)(B)(iii) of the Code, based on services performed over a period of
      at
      least twelve (12) months, an election to defer Performance-Based Compensation
      with respect to a performance period shall be made on or before the day which
      is
      six (6) months before the end of the performance period. In no event may an
      election to defer Performance-Based Compensation be made after such has become
      both substantially certain to be paid and readily ascertainable, within the
      meaning of Treasury Regulations 1.409A-2(a)(7). 

     

    (d) Terminations
      of Deferral Elections Following an Unforeseeable
      Emergency.
      If a
      Participant receives a payment upon an Unforeseeable Emergency under this Plan,
      the deferral election for that Plan Year shall terminate upon payment from
      his
      or her Account to the Participant. A Participant may again elect to defer
      Compensation for any succeeding Plan Year, in accordance with the terms of
      this
      Plan. 

     

    3.3 Withholding
      and Crediting of Annual Deferral Amounts.
      For each
      Plan Year, the Base Salary portion of the Annual Deferral Amount shall be
      withheld from each regularly scheduled payroll in approximately equal amounts
      (or as otherwise specified by the Plan Administrator), as adjusted from time
      to
      time for increases and decreases in Base Salary if the Annual Deferral Amount
      with respect to Base Salary is expressed as a percentage. The Annual Bonus
      and/or Performance-Based Compensation portion of the Annual Deferral Amount
      shall be withheld at the time such Compensation otherwise would be paid to
      the
      Participant. Annual Deferral Amounts shall be credited to a Participant’s
      Separation From Service Account and/or Scheduled Withdrawal Account at the
      time
      such amounts would otherwise have been paid to a Participant.

     

    ARTICLE
      4

    Account
      Allocation Elections

     

    4.1 Scheduled
      Withdrawal Account and Separation From Service Account
      Allocation.
      In
      connection with a Participant’s election to defer Compensation for any one Plan
      Year, a Participant may irrevocably elect to allocate all or a portion of the
      Annual Deferral Amount for that Plan Year to his or her Scheduled Withdrawal
      Account and/or his or her Separation From Service Account.

     

    ARTICLE
      5

    Earnings
      or Losses on Account(s)

     

    5.1 Deemed
      Investment Options.
      The Plan
      Administrator shall select from time to time certain mutual funds, insurance
      company separate accounts, indexed rates or other methods (the “Deemed
      Investment Options”)
      for
      purposes of crediting or debiting additional amounts to each Participant’s
      Account(s). The Plan Administrator may discontinue, substitute or add Deemed
      Investment Options. Any discontinuance, substitution, or addition of a Deemed
      Investment Option will take effect as soon as administratively
      practical.

     

    5.2 Allocation
      of Deemed Earnings
      or Losses on Accounts.
      Subject
      to Paragraph 5.3 below, each Participant shall have the right to direct the
      Plan
      Administrator as to how the Participant’s Annual Deferral Amounts shall be
      deemed to be invested, (“Deemed
      Investments”),
      subject to any operating rules and procedures imposed from time to time by
      the
      Plan Administrator. As of each Valuation Date, the Participant’s Account(s) will
      be credited or debited to reflect the Participant’s Deemed
      Investments.

     

    
      
         

      

      
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    5.3 Deemed
      Investment Directions of Participants.
      A
      Participant’s Deemed Investment directions for his or her Separation From
      Service Account and/or Scheduled Withdrawal Account shall be subject to the
      following rules:

     

    (a) Any
      initial or subsequent Deemed Investment direction shall be in writing, on a
      form
      supplied by and filed with the Plan Administrator (or made in any other manner
      specified by the Plan Administrator), and shall be effective on such date as
      specified by the Plan Administrator.

     

    (b) All
      Deemed Investment directions shall continue indefinitely until changed by the
      Participant in the manner permitted by the Plan Administrator.

     

    (c) If
      the
      Plan Administrator receives an initial or revised Deemed Investment direction
      which it determines to be incomplete, unclear or improper, the Participant’s
      Deemed 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 a date
      so
      designated by the Plan Administrator in its sole and absolute discretion, unless
      the Plan Administrator provides for, and permits the application of, corrective
      action prior to that date.

     

    (d) Each
      Participant, as a condition of his or her participation in the Plan, agrees
      to
      indemnify and hold harmless the Plan Sponsor, his or her Employer and the Plan
      Administrator from any losses or damages of any kind relating to the Deemed
      Investment of the Participant’s Account(s).

     

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

     

    (f) In
      making
      any election described in this Article, the Participant shall specify on the
      deemed investment Election Form (or in any other manner specified by the Plan
      Administrator), in increments of at least one full percent (1.0%), the
      percentage of the Participant’s Account(s) to be allocated to a Deemed
      Investment Option. A Participant’s election must total one hundred percent
      (100%). If the Plan Administrator possesses (or is deemed to possess, as
      provided in Paragraph 5.3(c) above) at any time Deemed Investment directions
      of
      less than 100% of a Participant’s Separation From Service Account, or Scheduled
      Withdrawal Account, the Participant shall be deemed to have directed that the
      undesignated portion of the said Account(s) be deemed to be invested in a money
      market, fixed income, or similar fund made available under this Plan as
      determined by the Plan Administrator.

     

    (g) The
      Deemed Investment Options are to be used for measurement purposes only, and
      a
      Participant’s election of any such Deemed Investments, the allocation of such
      Deemed Investments to his or her Account(s), the calculation of additional
      amounts and the crediting or debiting of such amounts to a Participant’s
      Account(s) shall not
      be considered or construed in any manner as an actual investment of his or
      her
      Account balance in any such Deemed Investments. In the event that the Plan
      Sponsor, the Employer or the trustee of the Trust, in its own discretion,
      decides to invest funds in any or all of the investments on which any of the
      Deemed Investments are based, no Participant (or Beneficiary) shall have any
      rights in or to such investments themselves. Without limiting the foregoing,
      a
      Participant’s Account(s) shall at all times be a bookkeeping entry only and
      shall not represent any investment made on his or her behalf by the Plan Sponsor
      or the Trust. The Participant (or Beneficiary) shall at all times remain an
      unsecured creditor of the Employer. Any liability of the Employer to any
      Participant, former Participant, or Beneficiary with respect to a right to
      payment shall be based solely upon contractual obligations created by this
      Plan.

     

    
      
         

      

      
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    ARTICLE
      6

    Vesting
      and Taxes

     

    6.1 Vesting
      of Benefits.
      A
      Participant shall at all times be 100% vested in his or her Separation From
      Service Account and Scheduled Withdrawal Account.

     

    6.2 FICA,
      Withholding and Other Taxes.

     

    (a) Annual
      Deferral Amounts.
      For each
      Plan Year in which an Annual Deferral Amount is being withheld from a
      Participant, the Employer shall withhold from that portion of the Participant’s
      Base Salary, Annual Bonus, and Performance-Based Compensation that is not being
      deferred, in a manner determined in the sole discretion of the Employer, the
      Participant’s share of FICA and other employment taxes on such Annual Deferral
      Amount. If necessary, the Employer may reduce all or a portion of the Annual
      Deferral Amount in order to comply with this Paragraph 6.2.

     

    (b) Distributions.
      The
      Employer, or trustee of the Trust, shall withhold from any payments made to
      a
      Participant or Beneficiary under this Plan all federal, state and local income,
      employment and other taxes required to be withheld by the Employer in a manner
      elected by the Participant or Beneficiary (or in the absence of such an
      election, in a manner determined in the sole and absolute discretion of the
      Employer or the trustee of the Trust), provided that such manner complies with
      applicable tax withholding requirements.

     

    ARTICLE
      7

    Permissible
      Payments, Changes in Time and Form of Payments, Method of
      Payments

     

    7.1 Payment
      Following Separation From Service.
      A
      Participant shall be paid his or her Account balance with payments being made
      on
      the 90th
      day
      following the Participant’s Separation From Service. Notwithstanding the above,
      if the Participant is a Specified Employee, such payment shall instead be made
      or commence six (6) months after the Participant’s Separation From Service.

     

    7.2 Payment
      Following Disability.
      In the
      event of a Participant’s Disability, the Participant shall be paid his or her
      Account balance with payment or payments being made or commencing on the
      90th
      day
      following the determination of a Participant’s Disability.

     

    7.3 Payment
      Following Death.
      In the
      event of the Participant’s death, the Participant’s Beneficiary shall be paid
      the Participant’s Account balance with payment or payments being made or
      commencing on the 90th
      day
      following the date of death of the Participant (without regard to whether the
      Participant was treated as a Specified Employee). 

     

    7.4 Payment
      at a Specified Time. In
      connection with each Plan Year election to defer Compensation, a Participant
      may
      irrevocably elect to allocate some or all of the Annual Deferral Amount for
      that
      Plan Year to a Scheduled Withdrawal Account. The Scheduled Withdrawal Account
      shall be adjusted for amounts credited or debited in the manner provided for
      in
      Article 5. The Participant will select a specific date for payment (or
      commencement of payment) of his or her Scheduled Withdrawal Account. The Plan
      Sponsor, in its sole discretion, may require the specified date of payment
      (or
      commencement of payment) to be no earlier than a stated number of years
      subsequent to the deferral election Plan Year. A Scheduled Withdrawal Account
      shall be paid (or commence to be paid) on the 60th
      day
      after the selected scheduled withdrawal date. 

     

    
      
         

      

      
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    7.5 Payment
      Following Change in Control. A
      Participant shall be paid his or her vested Account balance following a Change
      in Control with payments being made or commencing on the 90th
      day
      following the Change in Control, but only to the extent such payment(s) complies
      with Applicable Guidance.

     

    7.6 Payment
      in the Event of an Unforeseeable Emergency.
      If the
      Participant experiences an Unforeseeable Emergency, the Participant may petition
      the Plan Administrator for payment of an amount that shall not exceed the lesser
      of: (i) the Participant’s Account(s), or (ii) the amount reasonably needed to
      satisfy the Unforeseeable Emergency plus amounts necessary to pay taxes
      reasonably anticipated as a result of the payment. A Participant may not receive
      such a payment to the extent that the Unforeseeable Emergency is or may be
      relieved: (a) through reimbursement or compensation by insurance or otherwise,
      or (b) by liquidation of the Participant’s assets, to the extent the liquidation
      of such assets would not itself cause severe financial hardship. If the Plan
      Administrator approves a Participant’s petition for such a payment, then the
      Participant shall receive said payment, in a lump sum, as soon as
      administratively feasible after such approval.

     

    7.7 Subsequent
      Changes in the Time or Form of Payment. If
      permitted by the Plan Sponsor, but subject to limitations below, a Participant
      may elect to change the time or form of payment to him or her, by submitting
      a
      new Election Form to the Plan Administrator, provided the following conditions
      are met:

     

    (i) Such
      change will not take effect until at least twelve (12) months after the date
      on
      which the new election is made and approved by the Plan
      Administrator;

     

    (ii) With
      respect to an election related to payments made at a specified time or on a
      fixed schedule, such change cannot be made less than twelve (12) months before
      the date of the first scheduled original payment; and

     

    (iii) In
      the
      case of an election related to a payment other than a payment on account of
      death, Disability, or Unforeseeable Emergency,
      the
      first
      payment with respect to which the change is made must be deferred for a period
      of not less than five (5) years from the date such payment would otherwise
      have
      been made.

     

    7.8 Effect
      of Other Permissible Payment Events.
      In
      the
      event a Participant is receiving distributions under this Plan as a result
      of
      the occurrence of an event set forth in either Paragraph 7.1 or 7.4 above,
      and a
      subsequent event (“Subsequent
      Event”)
      occurs
      with respect to such Participant that would have triggered distributions to
      him
      or her under any of Paragraphs 7.1, 7.2, 7.3, or 7.5, any Account balances
      then
      being distributed to the Participant shall be paid to him or her in accordance
      with the provisions of the stated Paragraph triggered by the occurrence of
      the
      Subsequent Event, but only to the extent allowed by Applicable Guidance.
      Notwithstanding any of the foregoing, in the event of the death of a Participant
      after installment payments have commenced as a result of the occurrence of
      any
      other Permissible Payment event, the remaining balance in all of his or her
      Accounts will be paid in a lump sum to the Beneficiary in accordance with
      Paragraph 7.3.

     

    7.9 Method
      of Payment.

     

    (a) Cash
      Payments.
      All
      Permissible Payments made under the Plan shall be made in cash.

     

    (b) Definition
      of Payment.
      Except
      as otherwise provided in Paragraph 7.9(c), each "payment" for purposes of
      applying Paragraph 7.7 is each separately identified amount that is to be paid
      to a Participant pursuant to this Plan on a determinable date and includes
      amounts paid for the benefit of the Participant. An amount is "separately
      identified" only if the Employer can objectively determine the amount. A payment
      includes the provision of any taxable benefit, including payment in
      cash.

     

    
      
         

      

      
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    (c) Installment
      Payments and Life Annuities.
      A
      life
      annuity is treated as a single payment. For purposes of this Paragraph, a "life
      annuity” is a series of substantially equal periodic payments, payable not less
      frequently than annually, for the life (or life expectancy) of the Participant,
      or the joint lives (or life expectancies) of the Participant and his/her
      Beneficiary. A change in the form of payment from one type of life annuity
      to
      another before any payment has been made is not subject to the change payment
      election requirements provided that the annuities are actuarially equivalent,
      applying reasonable actuarial assumptions. A series of installment payments
      which is not a life annuity shall be treated as a series of separate payments.
      For purposes of this Paragraph, a series of installment payments means payment
      of a series of substantially equal periodic amounts to be paid over a
      predetermined number of years, except to the extent that any increase in the
      payment amounts reflects reasonable earnings through the date of
      payment.

     

    (d) Form
      of Payment.
      If
      permitted by the Plan Sponsor, a Participant, in connection with his or her
      commencement of participation in the Plan, may elect the form (method) of
      payment for the applicable Permissible Payment event. Upon the occurrence of
      a
      Permissible Payment event, the Account(s) shall be calculated as of the
      Valuation Date of said event. If a Participant has failed to select a payment
      form, his or her Account(s) shall be paid in a lump sum. Installment payments
      (if applicable) made after the first payment shall be paid on each applicable
      anniversary of the first payment date until all required installments have
      been
      paid. The amount of each payment shall be determined by dividing the value
      of
      the Account(s) immediately prior to such payment by the number of payments
      remaining to be paid. Any unpaid Account Balance shall continue to be deemed
      to
      be invested pursuant to Article 5, in which case any deemed income, gains,
      losses, or expenses shall be reflected in the actual payments. The final
      installment payment shall be equal to the balance of the Account(s), calculated
      as of the applicable anniversary.

     

    (e) Lump
      Sum Payment of Minimum Account Balances.
      Notwithstanding anything else contained herein to the contrary, if a Participant
      or Beneficiary is to receive a Permissible Payment in the form of installments,
      and if the Account balances for a Participant at the due date of the first
      installment is Fifty Thousand Dollars ($50,000.00) or less, payment of the
      Account(s) shall be made instead in a lump sum, and no installment payments
      shall be available.

     

    7.10 No
      Accelerations.
      Notwithstanding anything in this Plan to the contrary, neither the Plan Sponsor,
      the Employer nor a Participant may accelerate the time of any payment or amount
      scheduled to be paid under this Plan, except as otherwise permitted by
      Applicable Guidance. The Plan Sponsor shall deny any change made to an election
      if the Plan Sponsor determines that the change violates the requirements of
      Applicable Guidance. The Plan Sponsor may, however, accelerate
      certain distributions under this Plan to the extent permitted under Applicable
      Guidance as follows:

     

    (a) Domestic
      Relations Order.
      Direct
      payment of a Participant’s vested Account Balance may be made to an individual
      other than a Participant as necessary to fulfill a domestic relations order,
      as
      defined in Section 414(p)(1)(B) of the Code.

     

    (b) Conflicts
      of Interest.
      Acceleration of the time of payment under this Plan may be made as may be
      necessary to comply with a “certificate of divestiture.”

     

    
      
         

      

      
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    (c) De
      Minimis and Specified Amounts.
      The
      time of payment to a Participant may be accelerated, provided that: (i) the
      payment accompanies the termination in the entirety of the Participant’s
      interest in this Plan and all similar plans; (ii) the payment is made on or
      before the later of: (A) December 31 of the calendar year in which occurs the
      Participant’s Separation From Service,
      and (B)
      the date which is 2 1⁄2 months after the Participant’s Separation From Service;
      and (iii) the payment is not greater than $10,000.

     

    (d) Payment
      of Employment Taxes.
      The
      time of a payment to pay the Federal Insurance Contributions Act (FICA) tax
      imposed on Compensation deferred by a Participant under this Plan (the
“FICA
      amount”)
      may be
      accelerated. Additionally, the acceleration of the time a payment to pay the
      income tax on wages imposed as a result of the payment of the FICA amount,
      and
      to pay the additional income tax on wages attributable to the pyramiding of
      wages and taxes also is permissible. However, the total payment under this
      acceleration provision may not exceed the aggregate of the FICA amount plus
      the
      income tax required to be withheld with respect to such FICA
      amount.

     

    (e) Payment
      upon Income Inclusion under Section 409A.
      The
      time of a payment to a Participant may be accelerated at any time this Plan
      fails to meet the requirements of Section 409A and related Treasury Regulations.
      However, such payment may not exceed the amount required to be included in
      income as a result of the failure to comply with the requirements of Section
      409A and Applicable Guidance.

     

    7.11 Unsecured
      General Creditor Status of Participant.

     

    (a) Every
      payment to a Participant or Beneficiary hereunder shall be made from assets
      which shall continue, for all purposes, to be part of the general, unrestricted
      assets of the Employer and no person shall have any interest in any such asset
      by virtue of any provision of this Plan. The Employer’s obligation hereunder
      shall be an unfunded and unsecured promise to pay money in the future. To the
      extent that any person acquires a right to receive payments from the Employer
      under the provisions hereof, such right shall be no greater than the right
      of
      any unsecured general creditor of the Employer and no such person shall have
      or
      acquire any legal or equitable right, interest or claim in or to any property
      or
      assets of the Employer.

     

    (b) In
      the
      event that the Employer purchases an insurance policy or policies insuring
      the
      life of a Participant, to allow the Employer to recover or meet the cost of
      providing benefits, in whole or in part, hereunder, no Participant or
      Beneficiary shall have any rights whatsoever in said policy or the proceeds
      therefrom, but all
      of
      such policies and the proceeds therefrom shall be subject to the claims of
      the
      creditors of the Employer.
      The
      Employer, or the Trustee of the Trust, shall be the owner and beneficiary of
      any
      such insurance policy and shall possess and may exercise all incidents of
      ownership therein.

     

    (c) If
      the
      Employer chooses to obtain insurance on the life of a Participant in connection
      with its obligations under this Plan, the Participant hereby agrees to take
      such
      physical examinations and to truthfully and completely supply such information
      as may be required by the Employer or the insurance company designated by the
      Employer.

     

    7.12 Facility
      of Payment.
      If a
      distribution is to be made to a minor, or to a person who is otherwise
      incompetent, then the Plan Administrator may make such distribution: (i) to
      the legal guardian, or if none, to a parent of a minor payee with whom the
      payee
      maintains his or her residence, or (ii) to the conservator or administrator
      or, if none, to the person having custody of an incompetent payee or as a court
      of competent jurisdiction should otherwise direct. Any such distribution shall
      fully discharge the Plan Sponsor and the Plan Administrator from further
      liability on account thereof. 

     

    
      
         

      

      
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    7.13 Delay
      in Payment by Employer. 
      In the case of payments by the Employer to a Participant or Beneficiary, the
      deduction for which would be limited or eliminated by the application of Section
      162(m) of the Code, payments that would otherwise violate securities laws,
      or
      payments that would violate loan covenants or other contractual terms to which
      the Employer is a party, and where such a violation would result in material
      harm to the Employer, said payments may be delayed. In the case of deduction
      limitations imposed by Section 162(m) of the Code, payment will be deferred
      either to any date in the first calendar year in which the Employer reasonably
      anticipates that a payment of such amount would not result in a limitation
      under
      Section 162(m) or in the year in which the Participant experiences Separation
      From Service. Payments delayed for other permissible reasons must be made in
      the
      first calendar year in which the Employer reasonably anticipates that the
      payment would not violate the applicable loan covenants or other terms, the
      violation would not result in material harm to the Employer, and the payment
      would not result in a violation of Federal securities laws or other applicable
      laws.

     

    7.14 Treatment
      of Payment as Made on Designated Payment Date.
      Each payment under this Plan is deemed made on the required payment date even
      if
      the payment is made after such date, provided the payment is made by the later
      of: (i) in case the Plan Administrator cannot calculate the payment amount
      on
      account of administrative impracticality which is beyond the Participant's
      control (or the control of the Participant's estate), in the first calendar
      year
      in which payment is practicable; and (ii) in case the Employer does not have
      sufficient funds to make the payment without jeopardizing the Employer’s
      solvency, in the first calendar year in which the Employer’s funds are
      sufficient to make the payment without jeopardizing the Employer’s solvency.

     

    ARTICLE
      8

    Beneficiary
      Designation

     

    8.1 Designation
      of Beneficiaries.

     

    (a) Each
      Participant may designate any person or persons (who may be named contingently
      or successively) to receive any benefits payable under this Plan upon the
      Participant’s death, and the 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 the form prescribed by the
      Plan Administrator, and shall be effective only when filed in writing with
      the
      Plan Administrator during the Participant’s lifetime.

     

    (b) 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 benefit payment shall be made to the Participant’s spouse,
      if then living, and if the spouse is not then living to the Participant’s then
      living descendants, if any, per stripes, and if there are no living descendants,
      to the Participant’s estate. In determining the existence or identity of anyone
      entitled to a benefit payment, the Plan Administrator may rely conclusively
      upon
      information supplied by the Participant’s personal representative, executor or
      administrator.

     

    
      
         

      

      
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    (c) If
      a
      question arises as to the existence or identity of anyone entitled to receive
      a
      death benefit payment under this Plan, or if a dispute arises with respect
      to
      any death benefit payment under this Plan, the payment may be made to the
      Participant’s estate without liability for any tax or other consequences and the
      Plan Administrator and the Employer may take any other action which they deem
      to
      be appropriate.

     

    8.2 Information
      to be Furnished by Participants and Beneficiaries; 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 Plan
      Administrator’s records shall be binding on the Participant or Beneficiary for
      all purposes of this Plan. Neither the Plan Administrator nor the Employer
      shall
      be obligated to search for any Participant or Beneficiary beyond the sending
      of
      a letter to the last known address in accordance with the provisions of
      Paragraph 13.6 below.

     

    ARTICLE
      9

    Termination

     

    9.1 Plan
      Termination.
      The
      Plan Sponsor reserves the right to terminate this Plan in accordance with one
      of
      the following, subject to the restrictions imposed by Section 409A and
      Applicable Guidance: 

     

    (a) Corporate
      Dissolution or Bankruptcy.
      This
      Plan may be terminated within twelve (12) months of a corporate dissolution
      taxed under Section 331 of the Code, or with the approval of a bankruptcy court
      pursuant to 11 U.S.C. Section 503(b)(1)(A), and distributions may then be made
      to Participants provided that the amounts deferred under this Plan are included
      in the Participants’ gross income in the latest of:

     

    (i) the
      calendar year in which the Plan termination occurs;

     

    (ii) the
      calendar year in which the amount is no longer subject to a substantial risk
      of
      forfeiture; or

     

    (iii) the
      first
      calendar year in which the payment is administratively practicable.

     

    (b) Change
      of Control.
      This
      Plan may be terminated within the thirty (30) days preceding or the twelve
      (12)
      months following a Change of Control. This Plan will then be treated as
      terminated only if all substantially similar arrangements sponsored by the
      Employer or any of its Affiliates are terminated so that all participants in
      all
      similar arrangements are required to receive all amounts of Compensation
      deferred under the terminated arrangements within twelve (12) months of the
      date
      of termination of the arrangements.

     

    (c) Discretionary
      Termination.
      The
      Plan Sponsor may also terminate this Plan and make distributions provided
      that:

     

    (i) All
      plans
      sponsored by the Plan Sponsor or its Affiliates that would be aggregated with
      any terminated arrangements under Treasury Regulations 1.409A-1(c) if the same
      Participants participated in both arrangements are terminated;

     

    (ii) No
      payments other than payments that would be payable under the terms of this
      Plan
      if the termination had not occurred are made within twelve (12) months of this
      Plan’s termination date;

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    (iii) All
      payments are made within twenty-four (24) months of this Plan’s termination
      date; and

     

    (iv) Neither
      the Plan Sponsor nor any of its Affiliates adopts a new plan that would be
      aggregated with any terminated plan if the same Participant participated in
      both
      arrangements, at any time within five years following the date of termination
      of
      this Plan.

     

    9.2 Plan
      Suspension.
      Each
      Employer reserves the right to suspend the operation of this Plan, but only
      for
      itself, for a fixed or indeterminate period of time.

     

    ARTICLE
      10

    Administration

     

    10.1 Plan
      Administrator Duties.
      The Plan
      Administrator shall be responsible for the management, operation and
      administration of the Plan. The Plan Administrator shall act at meetings by
      affirmative vote of a majority of its members. Any action permitted to be taken
      at a meeting may be taken without a meeting if, prior to such action, a
      unanimous written consent to the action is signed by all members and such
      written consent is filed with the minutes of the proceedings of the Plan
      Administrator, provided, however, that no member may vote or act upon any matter
      which relates solely to himself or herself as a Participant. The Chair or any
      other member or members of the Plan Administrator designated by the Chair may
      execute any certificate or other written direction on behalf of the Plan
      Administrator. When making a determination or calculation, the Plan
      Administrator shall be entitled to rely on information furnished by a
      Participant or the Employer. No provision of this Plan shall be construed as
      imposing on the Plan Administrator any fiduciary duty under ERISA or other
      law,
      or any duty similar to any fiduciary duty under ERISA or other law.

     

    10.2 Plan
      Administrator Authority.
      The Plan
      Administrator shall enforce this Plan in accordance with its terms, shall be
      charged with the general administration of this Plan, and shall have all powers
      necessary to accomplish its purposes, including, but not by way of limitation,
      the following:

     

    (a) to
      select
      the Deemed Investment Options available from time to time;

     

    (b) to
      construe and interpret the terms and provisions of this Plan;

     

    (c) to
      compute and certify the amount and kind of benefits payable to Participants
      and
      their Beneficiaries; to determine the time and manner in which such benefits
      are
      paid; and to determine the amount of any withholding taxes to be
      deducted;

     

    (d) to
      maintain all records that may be necessary for the administration of this
      Plan;

     

    (e) to
      provide for the disclosure of all information and the filing or provision of
      all
      reports and statements to Participants, Beneficiaries and governmental agencies
      as shall be required by law;

     

    (f) to
      make
      and publish such rules for the regulation of this Plan and procedures for the
      administration of this Plan as are not inconsistent with the terms
      hereof;

     

    (g) to
      administer this Plan’s claims procedures;

     

    (h) to
      approve election forms and procedures for use under this Plan; and

     

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    (i) to
      appoint a Plan record keeper or any other agent, and to delegate to them such
      powers and duties in connection with the administration of this Plan as the
      Plan
      Administrator may from time to time prescribe.

     

    10.3 Binding
      Effect of Decision.
      The
      decision or action of the Plan Administrator with respect to any question
      arising out of or in connection with the administration, interpretation and
      application of this Plan and the rules and regulations promulgated hereunder
      shall be final and conclusive and binding upon all persons having any interest
      in this Plan.

     

    10.4 Compensation
      and Expenses.
      The Plan
      Administrator shall serve without compensation for services rendered hereunder.
      The Plan Administrator is authorized at the expense of the Employer to employ
      such legal counsel and/or Plan record keeper as it may deem advisable to assist
      in the performance of its duties hereunder. Expense and fees in connection
      with
      the administration of this Plan shall be paid by the Plan Sponsor.

     

    10.5 Employer
      Information.
      To
      enable the Plan Administrator to perform its functions, the Employer shall
      supply full and timely information to the Plan Administrator on all matters
      relating to the Compensation of its employees who are Participants, the date
      and
      circumstances of the Disability, death, or Separation From Service of its
      employees who are Participants, and such other pertinent information as the
      Plan
      Administrator may reasonably require.

     

    10.6 Periodic
      Statements.
      Under
      procedures established by the Plan Administrator, a Participant shall be
      provided a statement of account on an annual basis (or more frequently as the
      Plan Administrator shall determine) with respect to such Participant’s
      Accounts.

     

    ARTICLE
      11

     

    Claims
      Procedures

     

    11.1 Claims
      Procedure.
      This
      Article is based on final regulations issued by the Department of Labor and
      published in the Federal Register on November 21, 2000 and codified in Section
      2560.503-1 of the Department of Labor Regulations. If any provision of this
      Article conflicts with the requirements of those regulations, as the same may
      be
      modified from time to time, the requirements of those regulations will
      prevail.

     

    (a) Claim.
      A
      Participant or Beneficiary (hereinafter referred to as a “Claimant”)
      who
      believes he or she is entitled to any Plan benefit under this Plan may file
      a
      claim with his or her Employer. The Employer shall review the claim itself
      or
      appoint an individual or entity to review the claim.

     

    (b) Claim
      Decision.
      The
      Claimant shall be notified within ninety (90) days after the claim is filed
      whether the claim is allowed or denied, unless the Claimant receives written
      notice from his or her Employer or appointee of the Employer prior to the end
      of
      the ninety (90) day period stating that special circumstances require an
      extension of the time for decision. Such extension is not to extend beyond
      the
      day which is one hundred eighty (180) days after the day the claim is filed.
      If
      the Employer denies the claim, it must provide to the Claimant, in writing
      or by
      electronic communication:

     

    (i) the
      specific reasons for such denial;

     

    (ii) specific
      reference to pertinent provisions of this Plan on which such denial is
      based;

     

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    (iii) a
      description of any additional material or information necessary for the Claimant
      to perfect his or her claim and an explanation why such material or such
      information is necessary; and

     

    (iv) a
      description of the Plan’s appeal procedures and the time limits applicable to
      such procedures, including a statement of the Claimant’s right to bring a civil
      action under Section 502(a) of ERISA following a denial of the appeal of the
      denial of the benefits claim.

     

    (c) Review
      Procedures.
      A
      request for review of a denied claim must be made in writing to the Employer
      within sixty (60) days after receiving notice of denial. The decision upon
      review will be made within sixty (60) days after the Employer’s receipt of a
      request for review, unless special circumstances require an extension of time
      for processing, in which case a decision will be rendered not later than one
      hundred twenty (120) days after receipt of a request for review. A notice of
      such an extension must be provided to the Claimant within the initial sixty
      (60)
      day period and must explain the special circumstances and provide an expected
      date of decision. The reviewer shall afford the Claimant an opportunity to
      review and receive, without charge, all relevant documents, information and
      records and to submit issues and comments in writing to the Employer. The
      reviewer shall take into account all comments, documents, records and other
      information submitted by the Claimant relating to the claim regardless of
      whether the information was submitted or considered in the benefit
      determination. Upon completion of its review of an adverse initial claim
      determination, the Employer will give the Claimant, in writing or by electronic
      notification, a notice containing:

     

    (i) its
      decision;

     

    (ii) the
      specific reasons for the decision;

     

    (iii) the
      relevant Plan provisions on which its decision is based;

     

    (iv) a
      statement that the Claimant is entitled to receive, upon request and without
      charge, reasonable access to, and copies of, all documents, records and other
      information in the Plan’s files which is relevant to the Claimant’s claim for
      benefit;

     

    (v) a
      statement describing the Claimant’s right to bring an action for judicial review
      under Section 502(a) of ERISA; and

     

    (vi) if
      an
      internal rule, guideline, protocol, or other similar criterion was relied upon
      in making the adverse determination on review, a statement that a copy of the
      rule, guideline, protocol or other similar criterion will be provided without
      charge to the Claimant upon request.

     

    (d) Calculation
      of Time Periods.
      For
      purposes of the time periods specified in this Article, the period of time
      during which a benefit determination is required to be made begins at the time
      a
      claim is filed in accordance with this Plan’s procedures without regard to
      whether all the information necessary to make a decision accompanies the claim.
      If a period of time is extended due to a Claimant’s failure to submit all
      information necessary, the period for making the determination shall be tolled
      from the date the notification is sent to the Claimant until the date the
      Claimant responds.

     

    (e) Failure
      of Plan to Follow Procedures.
      If the
      Employer fails to follow the claims procedure required by this Article, a
      Claimant shall be deemed to have exhausted the administrative remedies available
      under this Plan and shall be entitled to pursue any available remedy under
      Section 502(a) of ERISA on the basis that this Plan has failed to provide a
      reasonable claims procedure that would yield a decision on the merits of the
      claim.

     

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    (f) Failure
      of Claimant to Follow Procedures.
      A
      Claimant’s compliance with the foregoing provisions of this Article is a
      mandatory prerequisite to the Claimant’s right to commence any legal action with
      respect to any claim for benefits under the Plan.

     

    11.2 Arbitration
      of Claims.
      All
      claims or controversies arising out of or in connection with this Plan shall,
      subject to the initial review provided for in the foregoing provisions of this
      Article, be resolved through arbitration as provided in this Paragraph 11.2.
      Except as otherwise agreed mutually by the parties, any arbitration shall be
      administered under and by the Judicial Arbitration & Mediation Services,
      Inc. (“JAMS”),
      in
      accordance with the JAMS procedure then in effect. The arbitration shall be
      held
      in the JAMS office nearest to where the Claimant is or was last employed by
      the
      Employer or at a mutually agreeable location. The prevailing party in the
      arbitration shall have the right to recover its reasonable attorney’s fees,
      disbursements and costs of the arbitration (including enforcement of the
      arbitration decision), subject to any contrary determination by the
      arbitrator.

     

    ARTICLE
      12

    The
      Trust

     

    12.1 Establishment
      of Trust.
      Each
      Employer may establish for itself a grantor trust, of which the Employer is
      the
      grantor, within the meaning of subpart E, part I, subchapter J, subtitle A
      of
      the Code, to pay benefits under this Plan (the “Trust”).
      If
      the
      Employer establishes the Trust, all benefits payable under this Plan to a
      Participant shall be paid directly by the Employer from the Trust. To the extent
      such benefits are not paid from the Trust, the benefits shall be paid from
      the
      general assets of the Employer. The Trust, if any, shall be an irrevocable
      grantor trust which conforms to the terms of the model trust as described in
      IRS
      Revenue Procedure 92-64, I.R.B. 1992-33, as same may be amended or modified
      from
      time to time. If the Employer establishes a Trust, the assets of the Trust
      will
      be subject to the claims of the Employer’s creditors in the event of its
      insolvency as set forth in applicable Revenue Procedures. Except as may
      otherwise be provided under the Trust, the Employer shall not be obligated
      to
      set aside, earmark or escrow any funds or other assets to satisfy its
      obligations under this Plan, and the Participant and/or his or her designated
      Beneficiaries shall not have any property interest in any specific assets of
      the
      Employer other than the unsecured right to receive payments from the Employer,
      as provided in this Plan.

     

    12.2 Interrelationship
      of the Plan and the Trust.
      The
      provisions of this Plan shall govern the rights of a Participant to receive
      distributions pursuant to this Plan. The provisions of the Trust (if
      established) shall govern the rights of the Participant and the creditors of
      the
      Employer to the assets transferred to the Trust. The Employer and each
      Participant shall at all times remain liable to carry out its obligations under
      this Plan. The Employer’s obligations under this Plan may be satisfied with
      Trust assets distributed pursuant to the terms of the Trust.

     

    12.3 Contribution
      to the Trust.
      Amounts
      may be contributed by the Employer to the Trust at the sole discretion of the
      Employer.

     

    ARTICLE
      13

    Miscellaneous

     

    13.1 Validity.
      In case
      any provision of this Plan shall be illegal or invalid for any reason, said
      illegality or invalidity shall not affect the remaining parts hereof, but this
      Plan shall be construed and enforced as if such illegal or invalid provision
      had
      never been inserted herein. To the extent any provision of this Plan is
      determined by the Plan Administrator (acting in good faith), the Internal
      Revenue Service, the United States Department of the Treasury or a court of
      competent jurisdiction to fail to comply with Section 409A of the Code or
      Applicable Guidance with respect to any Participant or Participants, such
      provision shall have no force or effect with respect to such Participant or
      Participants.

     

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

    13.2 Nonassignability.
      Neither
      any Participant nor any other person shall have any right to commute, sell,
      assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer,
      hypothecate, alienate or convey in advance of actual receipt, the amounts,
      if
      any, payable hereunder, or any part hereof, which are, and all rights to which
      are expressly declared to be, unassignable and non-transferable. No part of
      the
      amounts payable shall, prior to actual payment, be subject to seizure,
      attachment, garnishment (except to the extent the Employer may be required
      to
      garnish amounts from payments due under this Plan pursuant to applicable law)
      or
      sequestration for the payment of any debts, judgments, alimony or separate
      maintenance owed by a Participant or any other person, be transferable by
      operation of law in the event of a Participant’s or any other person’s
      bankruptcy or insolvency or be transferable to a spouse as a result of a
      property settlement or otherwise. If any Participant, Beneficiary or successor
      in interest is adjudicated bankrupt or purports to commute, sell, assign,
      transfer, pledge, anticipate, mortgage or otherwise encumber transfer,
      hypothecate, alienate or convey in advance of actual receipt, the amount, if
      any, payable hereunder, or any part thereof, the Plan Administrator, in its
      discretion, may cancel such distribution or payment (or any part thereof) to
      or
      for the benefit of such Participant, Beneficiary or successor in interest in
      such manner as the Plan Administrator shall direct.

     

    13.3 Not
      a Contract of Employment.
      The
      terms and conditions of this Plan shall not be deemed to constitute a contract
      of employment between the Employer and the Participant. Nothing in this Plan
      shall be deemed to give a Participant the right to be retained in the service
      of
      the Employer as an employee or otherwise or to interfere with the right of
      the
      Employer to discipline or discharge the Participant at any time.

     

    13.4 Unclaimed
      Benefits.
      In the
      case of a benefit payable on behalf of a Participant, if the Plan Administrator
      is unable to locate the Participant or Beneficiary to whom such benefit is
      payable, such Plan benefit may be forfeited to the Employer upon the Plan
      Administrator’s determination. Notwithstanding the foregoing, if, subsequent to
      any such forfeiture, the Participant or Beneficiary to whom such Plan benefit
      is
      payable makes a valid claim for such Plan benefit, such forfeited Plan benefit
      shall be paid by the Employer to the Participant or beneficiary, without
      interest from the date it would have otherwise been paid.

     

    13.5 Governing
      Law.
      Subject
      to ERISA, the provisions of this Plan shall be construed and interpreted
      according to the internal laws of the State of Delaware, without regard to
      its
      conflicts of laws principles.

     

    13.6 Notice.
      Any
      notice, consent or demand required or permitted to be given under the provisions
      of this Plan shall be in writing and shall be signed by the party giving or
      making the same. If such notice, consent or demand is (i) delivered personally,
      the date of such delivery shall be deemed the date of notice, consent or demand,
      (ii) mailed, either it shall be sent by United States certified mail, postage
      prepaid, addressed to the addressee’s last known address as shown on the records
      of the Employer, in which case the date which is five days after such mailing
      shall be deemed the date of notice, consent or demand, and (iii) sent by
      recognized overnight courier, the date which is the second business day after
      such sending shall be deemed the date of notice, consent or demand. Any person
      may change the address to which notice, consent or demand is to be sent by
      giving notice of the change of address in the manner aforesaid.

     

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

    13.7 Coordination
      with Other Benefits.
      The
      benefits provided for a Participant and Participant’s Beneficiary under this
      Plan are in addition to any other benefits available to such Participant under
      any other plan or program for employees of the Employer. This Plan shall
      supplement and shall not supersede, modify or amend any other such plan or
      program except as may otherwise be expressly provided herein.

     

    13.8 Compliance.
      A
      Participant shall have no right to receive payment with respect to the
      Participant’s Account balance until all legal and contractual obligations of the
      Plan Sponsor relating to establishment of the Plan and the making of such
      payments shall have been complied with in full.

     

    13.9 Amendment.
      The Plan
      Sponsor reserves the right to amend this Plan at any time to comply with Section
      §409A, Notice 2005-1, Prop. Treasury Regulations §1.409A and other Applicable
      Guidance or for any other purpose, provided that such amendment will not cause
      the Plan to violate the provisions of Section 409A. Except as this Plan and
      Applicable Guidance otherwise may require, the Plan Sponsor may make any such
      amendments effective immediately. Except to the extent necessary to bring this
      Plan into compliance with Section 409A: (i) no amendment or modification shall
      be effective to decrease the value or vested percentage of a Participant’s
      Account(s) in existence at the time an amendment or modification is made, and
      (ii) no amendment or modification shall materially and adversely affect the
      Participant’s rights to be credited with additional amounts on such Account(s),
      or otherwise materially and adversely affect the Participant’s rights with
      respect to such Account(s). A change in the Deemed Investment Options offered
      under this Plan shall not constitute an amendment or modification that is
      materially adverse to the Participant’s rights with respect to the Participant’s
      Account(s) for purposes of the preceding sentence.

     

    13.10 Drew
      2002 Plan.
      Subject
      to the provisions of Paragraph 13.11 below, this Plan shall be subject to the
      Drew 2002 Plan to the extent that the Drew 2002 Plan supplements but does not
      contradict, the Provisions of this Plan.

     

    13.11 Compliance
      with Section 409A and Applicable Guidance.
      Notwithstanding anything in this Plan to the contrary, all provisions of this
      Plan, including but not limited to, the definitions of terms, elections to
      defer, and distributions, shall be made in accordance with and shall comply
      with
      Section 409A and any Applicable Guidance. The Plan Sponsor will amend the terms
      of this Plan retroactively if necessary, to the extent required to comply with
      Section 409A and any Applicable Guidance. No provision of this Plan shall be
      followed to the extent that following such provision would result in a violation
      of Section 409A or the Applicable Guidance, and no election made by a
      Participant hereunder, and no change made by a Participant to a previous
      election, shall be accepted by the Plan Administrator if it determines that
      acceptance of such election or change could violate any of the requirements
      of
      Section 409A or the Applicable Guidance. This Plan and any accompanying forms
      shall be interpreted in accordance with, and incorporate the terms and
      conditions required by Section 409A and the Applicable Guidance, including,
      without limitation, any such Treasury Regulations or other guidance that may
      be
      issued after the date hereof.

     

    13.12 Good
      Faith.
      The
      Plan Sponsor will operate the Plan during the 2006 and 2007 taxable years in
      good faith compliance in accordance with: (i) Notice 2005-1; and (ii) Section
      §409A and any Applicable Guidance. The Plan Sponsor also may operate this Plan
      consistent with the Prop. Treasury Regulations § 1.409A before such Regulations
      become effective and may apply such Treasury Regulations to the extent that
      they
      are inconsistent with Notice 2005-1. The Plan Sponsor intends this Plan to
      comply with the provisions of Notice 2005-1 and of Prop. Treasury Regulations
§
1.409A. Therefore, the Plan Sponsor will not apply any Plan provision which
      is
      inconsistent therewith and, by the relevant date, will amend any such provision
      to comply therewith and with any other Applicable Guidance. Notwithstanding
      anything to the contrary set forth herein, neither the Employer, the Plan
      Sponsor, the Plan Administrator nor the Participants may exercise any discretion
      under this Plan in a manner that would violate Section 409A or any Applicable
      Guidance.

     

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF,
      the
      Plan Sponsor has signed this Plan document as of December 1, 2006.

     

     

    
      	ATTEST/WITNESS   	 	Drew Industries
              Incorporated 
	 	 	 
	___________________________________	 	By:_____________________________________ 
	(Signature)	 	(Signature) 
	 	 	 
	___________________________________ 	 	________________________________________
	(Print Name)  	 	(Print
              Name) 
	 	 	 
	 	 	___________________________________ 
	 	 	(Title) 

    

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

    

    

    

    

    PLAN
      ENROLLMENT KIT

    

    for
      the

    

    Drew
      Industries Incorporated

    

    

    

    EXECUTIVE
      NON-QUALIFIED DEFERRED COMPENSATION PLAN

    

    

    

    

    Contents:

    

    Participant
      Data

    

    Participation
      Agreement

    

    Plan
      Year
      Initial Enrollment Form

    

    Deemed
      Investment Election Form

    

    

    PLEASE
      COMPLETE EACH FORM INCLUDED IN THIS KIT. PLEASE PRINT IN INK. UPON COMPLETION
      OF
      THIS PLAN ENROLLMENT KIT, PLEASE REVIEW TO ENSURE THAT EACH FORM IS COMPLETELY
      FILLED OUT AND THAT YOU HAVE SIGNED WHERE APPLICABLE.

    

    RETURN
      ALL FORMS TO YOUR PLAN ADMINISTRATOR

    NO
      LATER THAN DECEMBER 15, 2006.

    

    DREW
      INDUSTRIES INCORPORATED

    

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

    EXECUTIVE
      NON-QUALIFIED DEFERRED COMPENSATION PLAN

    

    
      PARTICIPANT
        DATA

    

    

    

    

    

    INSTRUCTIONS:
      Please
      complete all information below.

    

    

    (Please
      print)

     

    
      	 	 	 
	Last Name 	First Name 	Middle Initial 
	 	 	 
	 	 	 
	Address 	City 	State 	Zip Code
	 	 	 
	 	 	 
	Date of Birth (mm/dd/yyyy) 	 	Date of Hire
              (mm/dd/yyyy) 
	 	 	 
	 	 	 
	Social Security Number 	 	Business E-mail
              Address 
	 	 	 
	 	 	 
	Daytime Phone 	 	Business Fax  

    

     

    

    
      
         

      

      
        26

        
          

        

      

      
         

      

    

    DREW
      INDUSTRIES INCORPORATED

    

    EXECUTIVE
      NON-QUALIFIED DEFERRED COMPENSATION PLAN

    
      PARTICIPATION
        AGREEMENT

    

    

     

    (Please
      Print)

     

    
      	
            	 	 
	Last Name 	First Name 	Middle Initial 
	 	 	 

    

    The
      Plan Sponsor and the Plan Administrator designate the above named Eligible
      Employee as a Plan Participant. In consideration of his or her designation
      as a
      Participant, the undersigned Eligible Employee hereby agrees and acknowledges
      as
      follows:

    

    1. I
      have received
      a copy
      of the Drew Industries Incorporated Executive Non-Qualified Deferred
      Compensation Plan, as currently in effect.

    

    2. I
      agree
      to be
      bound by all of the terms and conditions of the Plan and to perform any and
      all
      acts required by me thereunder.

     

    3. I
      have the right
      to elect
      to defer Compensation under the Plan, by completing and delivering to the Plan
      Administrator all Election Forms, at the time specified by the Plan
      Administrator in accordance with the Plan.

    

    4. I
      have the right
      to
      designate the Beneficiary or Beneficiaries, and thereafter to change the
      Beneficiary or Beneficiaries, of any death benefit payable under the Plan,
      by
      completing and delivering to the Plan Administrator a Beneficiary Designation
      Form.

    

    5. I
      understand
      that the
      Plan may have to be amended to comply with Section 409A of the Internal Revenue
      Code of 1986, as amended (the Code”) (together with any Department of Treasury
      Regulations and other interpretive guidance issued thereunder, including,
      without limitation, any such regulations or other guidance that may be issued
      after the date hereof (collectively, the “Applicable Guidance”). I hereby agree
      to execute any documents necessary to make such amendments. 

    

    6. I
      understand
      that my
      participation in the Plan can have tax and financial consequences for my
      beneficiaries and me. I have had the opportunity to consult with my own tax,
      financial and legal advisors before deciding to participate in the
      Plan.

    

    7. I
      understand
      that my
      Plan benefits are subject to the claims of my Employer should my Employer become
      bankrupt or insolvent

    

    8. I
      understand
      that for
      purposes of determining the earnings and losses credited to my Separation From
      Service Account and/or my Scheduled Withdrawal Account, I will be entitled
      to
      elect that my Accounts be deemed invested among various deemed investment
      alternatives as set forth in the Deemed Investment election form. I realize
      that
      none of the Plan Sponsor, my Employer, or the Plan Administrator is liable
      for
      any losses resulting from my selections. I also realize that there may be an
      administrative delay in processing any Deemed Investments directions or
      transfers. I also realize that Deemed Investment options are to be used for
      measurement purposes only and shall not be considered in any manner as an actual
      investment of my deferrals in any such Deemed Investment.

    

    9. I
      understand
      that the
      Plan and any accompanying forms shall be interpreted in accordance with, and
      incorporate the terms and conditions required by, Section 409A of the Code
      and
      Applicable Guidance. I
      further understand
      that the
      Plan Sponsor may, in its discretion, adopt such amendments to the Plan and
      any
      accompanying forms or adopt other policies and procedures (including amendments,
      policies and procedures with retroactive effect), or take any other actions,
      as
      the Plan Administrator determines are necessary or appropriate to comply with
      the requirements of Section 409A of the Code and Applicable Guidance. Finally,
      I
      further understand
      that the
      time or form of distributions that I may be allowed to elect (if any) may not
      be
      accelerated except as otherwise permitted by Section 409A of the Code and
      Applicable Guidance.

     

    10.. I
      understand and consent that
      my
      Employer may purchase an insurance policy or policies insuring my life (and
      the
      maximum face amount of such policies will be ________), to allow my Employer
      to
      recover or meet the cost of providing benefits, in whole or in part, hereunder.
      Any, such policy may continue after I terminate my employment with my Employer
      and neither I nor my Beneficiary shall have any rights whatsoever in said policy
      or the proceeds therefrom. The Employer, or the Trustee of the Trust, shall
      be
      the owner and beneficiary of any such insurance policy and shall possess and
      may
      exercise all incidents of ownership therein and shall receive all of the
      proceeds payable on my death or at any other time.

     

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

    AGREED
      AND ACCEPTED BY THE PARTICIPANT

     

    
      	 	 	 	
            	 
	Signature of Participant 	 	Date 	 
	 	 	 	 

    

     

    AGREED AND ACCEPTED BY THE PLAN
      SPONSOR 

     

    
      	 	 	 	
            	 
	For the Plan Sponsor 	 	Date 	 

    

    
      
         

      

       

      
        28

        
          

        

      

      
         

      

    

     

    
      
         

      

      
        29

        
          

        

      

      
         

      

    

     

    

    

    
      
         

      

      
        30

        
          

        

      

      
         

      

    

    DREW
      INDUSTRIES INCORPORATED

    

    EXECUTIVE
      NON-QUALIFIED DEFERRED COMPENSATION PLAN

    

    
       

    

    

    
      (Please
        Print)

      2007
        DEEMED INVESTMENT ELECTION FORM

      
        	
              	 	 
	Last Name 	First Name 	Middle Initial 
	 	 	 

      

       

    

    For
      purposes of determining the earnings and losses credited to my Separation From
      Service Account and/or my Scheduled Withdrawal Account, I elect that my Accounts
      be deemed invested among the following deemed investment alternatives set forth
      below, using 1% increments that total to 100% (all percentages must be in whole
      numbers). I understand that I can change my investment election only
once
      per month,
      with
      such advance notice as the Plan Administrator may specify. Such
      changes will be effective on the last business day of the month requested.
      If I
      fail to make an investment election for any portion of my Account(s), that
      portion will default to the Lincoln VIP Money Market Fund.

    

    
      	
              FUND
                NAME

            	
               

              SEPARATION
                FROM 

              SERVICE
                ACCOUNT

            	
               

              SCHEDULED
                WITHDRAWAL

              ACCOUNT

            
	
              AllianceBernstein
                VPS Global Technology Portfolio (Class A)

            	
              %

            	
              %

            
	
              AllianceBernstein
                VPS Growth & Income Portfolio (Class A)

            	
              %

            	
              %

            
	
              AllianceBernstein
                VPS International Value Portfolio (Class A)

            	
              %

            	
              %

            
	
              AllianceBernstein
                VPS International Value Portfolio (Class A)

            	
              %

            	
              %

            
	
              AllianceBernstein
                VPS Large Cap Growth Portfolio (Class A)

            	
              %

            	
              %

            
	
              AllianceBernstein
                VPS Small/Mid Cap Value Portfolio (Class A)

            	
              %

            	
              %

            
	
              American
                Century VP Inflation Protection Fund (Class I)

            	
              %

            	
              %

            
	
              American
                Funds Global Growth Fund (Class 2)

            	
              %

            	
              %

            
	
              American
                Funds Global Small Capitalization Fund (Class 2)

            	
              %

            	
              %

            
	
              American
                Funds Growth Fund (Class 2)

            	
              %

            	
              %

            
	
              American
                Funds International Fund (Class 2)

            	
              %

            	
              %

            
	
              Barron
                Capital Asset Fund

            	
              %

            	
              %

            
	
              Delaware
                VIP Capital Reserves Series

            	
              %

            	
              %

            
	
              Delaware
                VIP Diversified Income Series

            	
              %

            	
              %

            
	
              Delaware
                VIP Emerging Markets Series

            	
              %

            	
              %

            
	
              Delaware
                VIP High Yield Series

            	
              %

            	
              %

            
	
              Delaware
                VIP REIT Series

            	
              %

            	
              %

            
	
              Delaware
                VIP Small-Cap Value Series

            	
              %

            	
              %

            
	
              Delaware
                VIP Trend Series

            	
              %

            	
              %

            
	
              Delaware
                VIP U.S. Growth Series

            	
              %

            	
              %

            
	
              Delaware
                VIP Values Series

            	
              %

            	
              %

            
	
              DWS
                Equity 500 Index VIP (Class A)

            	
              %

            	
              %

            
	
              DWS
                Small Cap Index VIP (Class A)

            	
              %

            	
              %

            
	
              Fidelity
                VIP Contrafund Portfolio

            	
              %

            	
              %

            
	
              Fidelity
                VIP Equity-Income Portfolio

            	
              %

            	
              %

            
	
              Fidelity
                VIP Growth Portfolio

            	
              %

            	
              %

            
	
              Fidelity
                VIP Mid Cap Portfolio

            	
              %

            	
              %

            
	
              Fidelity
                VIP Overseas Portfolio

            	
              %

            	
              %

            

    

     

    
      
         

      

      
        31

        
          

        

      

      
         

      

    

    
      	
              FUND
                NAME

            	
               

              SEPARATION
                FROM 

              SERVICE
                ACCOUNT

            	
               

              SCHEDULED
                WITHDRAWAL

              ACCOUNT

            

    

    
      	
              FTVIPT
                Franklin Income Securities Fund (Class 1)

            	
              %

            	
              %

            
	
              FTVIPT
                Franklin Small-Mid Cap Growth Securities Fund (Class 1)

            	
              %

            	
              %

            
	
              FTVIPT
                Mutual Shares Securities Fund (Class 1)

            	
              %

            	
              %

            
	
              FTVIPT
                Templeton Global Income Securities (Class 1)

            	
              %

            	
              %

            
	
              FTVIPT
                Templeton Growth Securities Fund (Class 1)

            	
              %

            	
              %

            
	
              Janus
                Aspen Series Balanced Portfolio

            	
              %

            	
              %

            
	
              Janus
                Aspen Series Mid-Cap Growth Portfolio

            	
              %

            	
              %

            
	
              Lincoln
                VIP Aggressive Growth Fund

            	
              %

            	
              %

            
	
              Lincoln
                VIP Aggressive Portfolio

            	
              %

            	
              %

            
	
              Lincoln
                VIP Bond Fund

            	
              %

            	
              %

            
	
              Lincoln
                VIP Capital Appreciation Fund

            	
              %

            	
              %

            
	
              Lincoln
                VIP Conservative Portfolio

            	
              %

            	
              %

            
	
              Lincoln
                VIP Core Fund

            	
              %

            	
              %

            
	
              Lincoln
                VIP Equity-Income Fund

            	
              %

            	
              %

            
	
              Lincoln
                VIP Global Assets Allocation Fund

            	
              %

            	
              %

            
	
              Lincoln
                VIP Growth & Income Fund

            	
              %

            	
              %

            
	
              Lincoln
                VIP Growth Fund

            	
              %

            	
              %

            
	
              Lincoln
                VIP Growth Opportunities Fund

            	
              %

            	
              %

            
	
              Lincoln
                VIP International Fund

            	
              %

            	
              %

            
	
              Lincoln
                VIP Moderately Aggressive Portfolio

            	
              %

            	
              %

            
	
              Lincoln
                VIP Moderate Portfolio

            	
              %

            	
              %

            
	
              Lincoln
                VIP Money Market Fund

            	
              %

            	
              %

            
	
              Lincoln
                VIP Social Awareness Fund

            	
              %

            	
              %

            
	
              MFS
                VIT Capital Opportunities Series (Initial Class)

            	
              %

            	
              %

            
	
              MFS
                VIT Emerging Growth Series (Initial Class)

            	
              %

            	
              %

            
	
              MFS
                VIT Total Return Series (Initial Class)

            	
              %

            	
              %

            
	
              MFS
                VIT Utility Series (Initial Class)

            	
              %

            	
              %

            
	
              Neuberger
                Berman AMT Mid-Cap Growth Portfolio (I Class)

            	
              %

            	
              %

            
	
              Neuberger
                Berman AMT Regency Portfolio (I Class)

            	
              %

            	
              %

            
	
              TOTAL

            	
              100%

            	
              100%

            

    

    

    

    I
      REALIZE THAT NEITHER THE PLAN SPONSOR NOR THE PLAN ADMINISTRATOR IS LIABLE
      FOR
      ANY LOSSES RESULTING FROM MY SELECTIONS ABOVE. I ALSO REALIZE THAT THERE MAY
      BE
      AN ADMINISTRATIVE DELAY IN PROCESSING ANY DEEMED INVESTMENT DIRECTIONS OR
      TRANSFERS. I ACKNOWLEDGE THAT DEEMED INVESTMENT OPTIONS ARE TO BE USED FOR
      MEASUREMENT PURPOSES ONLY AND SHALL NOT BE CONSIDERED IN ANY MANNER AS AN ACTUAL
      INVESTMENT OF MY DEFERRALS IN ANY SUCH DEEMED
      INVESTMENT.

     

    
      	AGREED AND ACCEPTED BY THE
              PARTICIPANT  	 	
            
	 	 	 
	___________________________________	_______________ 	
            
	Signature of Participant	Date 	 
	 	 	 
	 	 	 
	AGREED AND ACCEPTED BY THE
              PLAN
              SPONSOR 	 	 
	 	 	 
	___________________________________ 	_______________ 	 
	For the Plan Sponsor	Date 	 
	 	 	 
	 	 	
            
	 	 	 

    

     

    
      
         

      

        32EXHIBIT
      10.1

     

     

    
      EMPLOYMENT
        TERMINATION AGREEMENT

       

      THIS
        EMPLOYMENT TERMINATION AGREEMENT,
        is
        entered into this 7th
        day of
        December, 2006, (this “Termination
        Agreement”)
        by and
        between The
        Centreville National Bank of Maryland
        (the
“Bank”)
        and
Shore
        Bancshares, Inc.
        (“SHBI”,
        and
        with the Bank, collectively, the “Companies”)
        and
Daniel
        T. Cannon
        (the
“Employee”).

      

      WHEREAS,
        the
        Companies and Employee entered into a “Form of Employment Agreement”, dated
        November 30, 2000 (the “Employment
        Agreement”);
        and

      

      WHEREAS,
        Employee has announced his intention to retire on or before the expiration
        of
        the current term of the Employment Agreement, i.e. November 30, 2010; and
        

      

      WHEREAS,
        the
        Companies and Employee agree that it would be in their mutual best interests
        to
        terminate the employment relationship in a manner which provides for an orderly
        transition period recognizing that Employee, with more than 37 years of service,
        has been an integral part of the Bank; and

      

      WHEREAS,
        the
        parties hereto desire by writing to set forth their agreement to terminate
        the
        employment relationship upon the terms and conditions hereinafter
        provided.

      

      NOW,
        THEREFORE,
        in
        consideration of the mutual promises and covenants set forth herein, the
        receipt
        and sufficiency of which are hereby acknowledged, the parties hereto agree
        as
        follows:

      

      1.    Resignation
        - Employee
        hereby resigns/retires effective January 1, 2007, as the Executive Vice
        President of SHBI, as a Director of SHBI, and as the President and Chief
        Executive Officer of the Bank. Employee will retain his position as a Director
        of the Bank and assist in the transition, as hereinafter provided, to ensure
        that his successor(s) are positioned to best serve the Companies. The parties
        acknowledge that such resignation/retirement is intended to constitute a
        “separation from service” within the meaning of Section 409A(a)(2)(A)(i) of the
        Internal Revenue Code of 1986, as amended (the “Code”), and any related
        regulations or other guidance promulgated with respect to Section 409A of
        the
        Code (and any successor section or regulations).

      

      2.    Transition
        Services
        -
        Commencing on the execution day of this Termination Agreement, the parties
        will
        begin a transition period wherein a mutually agreed upon public announcement
        will be made regarding Employee’s resignation; provided, however, that the
        foregoing sentence shall not restrict the content or timing of any disclosure
        required by law. It is the intention of the parties to ensure that customer
        and
        employee relationships are transitioned smoothly to Employee’s successor(s).

      

      Employee
        will provide up to a total of twenty (20) hours per month of administrative
        and/or operational support, for a period of five (5) months following the
        date
        of his resignation, as and if requested by Companies. Thereafter, and continuing
        until December

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      31,
        2008,
        Employee will provide up to a total of ten (10) hours per month of
        administrative and/or operational support, as and if requested by Companies.
        Employee has purchased a home in Delaware. Accordingly, unless impractical,
        Employees support services may be provided via telephone, e-mail and/or in
        person, as Employee may elect.

      

      3.    Employee
        Severance Benefits
        -
        Employee will receive severance benefits, as follows:

      

      a.    Employee
        will receive his current salary and all employee benefits attributable to
        the
        positions held by him through December 31, 2006.

      

      b.    Accounting
        from January 1, 2007 and ending on December 31, 2008, the Companies agree
        to pay
        Employee his current annual salary of $205,000, payable not less frequently
        than
        twice monthly, through the Bank’s normal payroll processing procedures, with all
        appropriate statutory withholding, including FICA (matched by Bank), to be
        reported as wages.

      

      c.    Beginning
        January 1, 2007:

      

      
        	 	
                i.

              	
                Employee
                  shall not be eligible to make additional salary deferrals in the
                  Companies’ 401(k) Plan. Any matching funds due for the year ended December
                  31, 2006 will, however, be paid.

              

      

      

      
        	 	
                ii.

              	
                Employee
                  shall not be eligible to participate in additional discretionary
                  contributions made to the Companies’ Profit Sharing Plan. Any
                  contributions made for the year ended December 31, 2006 will be
                  paid on
                  behalf of Employee as if he were still
                  employed

              

      

      

      
        	 	
                iii.

              	
                Except
                  for Cobra coverage available at Employee’s expense, employer paid health
                  insurance benefits shall cease.

              

      

      

      
        
          d.    Employee
            is 100% vested in, and shall be entitled to receive, all current benefits
            and balances in the Companies 401(k) Plan and Profit Sharing
            Plan.

        

      

      

      e.    Notwithstanding
        any provision of this Agreement to the contrary, if the Employee is deemed
        to be
        a “key employee” (as defined in Section 416(i) of the Code (applied in
        accordance with Section 416 regulations and disregarding Section 416(i)(5)
        of
        the Code)) at any time during the 12-month period ending on December 31,
        2006,
        no distribution of any severance benefits under Section 3(c) or any other
        benefit contemplated by this Agreement that constitutes non-qualified deferred
        compensation within the meaning of Section 409A of the Code may be made to
        the
        Employee on account of his separation from service prior to July 1, 2007
        (i.e.,
        the sixth month following separation from service) or, if earlier, the date
        of
        the Employee’s death. Any payments delayed pursuant to this paragraph will be
        accumulated and paid during July 2007 (i.e., the seventh month following
        the
        month in which the separation occurred).

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      4.    Employee
        Retirement and Death Benefits
        -
        Employee and/or his beneficiary will receive the benefits specified in the
        following:

      

      a.    “Life
        Insurance Endorsement Method Split Dollar Plan Agreement”,
        dated
        April 1, 1997, by and between the Bank and Employee. This agreement governs
        distributions of Massachusetts Mutual Life Insurance Policy Number 6197329.
        The
        anticipated benefit is more particularly shown on the “Participant Plan Summary
        - Director” attached hereto as a part hereof marked “Exhibit A”.

      

      b.    “Director
        Indexed Fee Continuation Plan Agreement”,
        dated
        June 23, 1998, by and between Bank and Employee. For purposes of interpreting
        this agreement, Employee shall be deemed to have taken an “Early Retirement” as
        defined by Subparagraph I D. The anticipated benefit is more particularly
        shown
        on the “Participant Plan Summary - Director” attached hereto as a part hereof
        marked “Exhibit A”.

      

      c.    “Executive
        Supplement Retirement Plan Agreement”,
        dated
        January 1, 1999, by and between Bank and Employee, as amended by the “Amendment
        to the Executive Supplemental Retirement Plan Agreement dated January 1,
        1999
        and the Life Insurance Endorsement Method Split Dollar Agreement dated January
        1, 1999.” For the purpose of interpreting these agreements, Employee’s service
        shall be deemed to have terminated pursuant to the provisions of Subparagraph
        III C of the amendment. The anticipated benefit is more particularly shown
        on
        the “Participant Plan Summary - Executive” attached hereto as a part hereof
        marked “Exhibit B”. 

      

      d.    “Life
        Insurance Endorsement Method Split Dollar Plan Agreement”,
        dated
        January 1, 1999, by and between the Bank and Employee, as amended by the
        “Amendment to the Executive Supplemental Retirement Plan Agreement dated January
        1, 1999 and the Life Insurance Endorsement Method Split Dollar Agreement
        dated
        January 1, 1999.” This agreement governs distributions of Connecticut Mutual
        Life Insurance Company Policy Number 6,129,921. For the purpose of interpreting
        these agreements, the division of death benefits shall be governed by the
        provisions of Subparagraphs VI (A), (B) and (C) of the amendment. Bank shall
        continue to pay the premiums pursuant to Paragraph IV and Employee shall
        continue to be obligated for the taxable benefit pursuant to Paragraph V
        of the
        agreements. The anticipated benefit is more particularly shown on the
“Participant Plan Summary - Executive” attached hereto as a part hereof marked
“Exhibit B”. 

      

      e.    The
        parties hereby acknowledge that the agreements identified under Subparagraphs
        4
        b, c, and d above each provide that “... no sale, merger or consolidation of the
        Bank shall take place unless the new or surviving entity expressly acknowledges
        the obligations under this Agreement and agrees to abide by its
        terms.”

      

      f.    Companies
        acknowledge the validity and recognize the anticipated benefits of the
        agreements identified under Subparagraphs 4 a, b, c, and d above (the “Employee
        Retirement and Death Benefits”). The Companies shall not directly or indirectly
        take any action that would reduce or eliminate the Employee Retirement and
        Death
        Benefits. 

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      5.    Non-Compete
        Provision
        -
        Employee shall not be a director, officer, or employee of, or consultant
        to, any
        federal or state financial institution operating in Queen Anne’s, Kent,
        Caroline, Talbot, Dorchester or Anne Arundel Counties in the State of Maryland,
        or Kent County, Delaware, other than the Companies or their subsidiaries
        or
        affiliates. Such non- compete covenant shall terminate and be of no further
        force and effect three (3) years from the date of this Agreement.

      

      6.    Miscellaneous

      

      a.    Binding
        Effect; Benefit.
        This
        Agreement shall inure to the benefit of and be binding upon the parties hereto
        and their respective heirs, personal representatives, trustees, guardians,
        successors and assigns. Nothing in this Agreement, expressed or implied,
        is
        intended to confer upon any other person any rights, remedies, obligations
        or
        liabilities.

      

      b.    Entire
        Agreement.
        This
        Agreement (together with the other agreements referred to herein and the
        Exhibits attached hereto) constitutes the full, entire and integrated agreement
        between the parties hereto with respect to the subject matter hereof, and
        supersedes all prior negotiations, correspondence and understandings between
        the
        parties hereto respecting the subject matter hereof.

      

      c.    Severability.
        Any
        provision of this Agreement which is held by a court of competent jurisdiction
        to be prohibited or unenforceable shall be ineffective only to the extent
        of
        such prohibition or unenforceability, without invalidating or rendering
        unenforceable the remaining provisions of this Agreement.

      

      d.    Amendments;
        Waiver.
        No
        provision of this Agreement may be amended, waived or otherwise modified
        without
        the prior written consent of the parties; provided, however, that the Companies
        may amend this Agreement without the consent of the Employee as the Employer
        deems necessary or appropriate to ensure compliance with any law, rule,
        regulation or other regulatory pronouncement applicable to the Agreement,
        including, without limitation, Section 409A of the Code and any related
        regulations or other guidance promulgated with respect to Section 409A of
        the
        Code.

      

      e.    Counterparts.
        This
        Agreement may be executed in any number of counterparts, each of which shall
        be
        deemed to be an original and all of which together shall be deemed to be
        one and
        the same instrument.

      

      f.    Applicable
        Law.
        This
        Agreement was made in the State of Maryland and shall be governed by, construed,
        interpreted and enforced in accordance with the laws of the State of Maryland.
        

      

      g.    Further
        Assurances.
        The
        parties agree to execute, acknowledge, seal and deliver after the date hereof
        and without additional consideration such further assurances, instruments
        and
        documents and take such further actions, as the other party may reasonably
        request in order to fulfill the intent of this Agreement and the transactions
        contemplated hereby.

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      h.    Facsimile
        Signatures.
        The
        parties acknowledge that photocopies of this Agreement which have been executed
        by the parties hereto or their respective agents shall be binding upon the
        parties as if such photocopies were originals regardless of whether such
        photocopies of the Agreement have been delivered by personal service, regular
        mail, facsimile transmission or otherwise. Upon request from any party hereto,
        all other parties agree to execute an original Agreement upon presentation
        thereof if such Agreement has previously been executed and delivered in
        photocopy form by personal delivery, facsimile transmission, regular mail
        or
        otherwise. 

      

      IN
        WITNESS WHEREOF,
        the
        parties set their hands and seals as of the date first above
        written.

       

      
        
          	
                  ATTEST:

                	 	
                  The
                    Centreville National Bank of Maryland

                
	 	 	 
	
                  /s/
                    Lloyd L. Beatty

                	 	
                  /s/
                    Mark M. Freestate

                
	 	 	
                  Chairman

                
	 	 	 
	 	 	 
	
                  ATTEST:

                	 	
                  Shore
                    Bancshares, Inc.

                
	 	 	 
	
                  /s/
                    Lloyd L. Beatty

                	 	
                  /s/
                    Christopher F. Spurry

                
	 	 	
                  Chairman

                
	 	 	 
	 	 	 
	
                  ATTEST:

                	 	
                  Shore
                    Bancshares, Inc.

                
	 	 	 
	
                  /s/
                    Lloyd L. Beatty

                	 	
                  /s/
                    W. Moorhead Vermilye

                
	 	 	
                  Chief
                    Executive Officer

                
	 	 	 
	 	 	
                  “COMPANIES”

                
	 	 	 
	 	 	 
	
                  /s/
                    Jeffrey E. Thompson

                	 	
                  /s/
                    Daniel T. Cannon

                
	 	 	
                  Daniel
                    T. Cannon

                
	 	 	 
	 	 	
                  “EMPLOYEE”

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