Document:

<PAGE>

                                                                   Exhibit 10.26

                        LandAmerica Financial Group, Inc.
                         Outside Directors Deferral Plan

                                    Effective
                                  April 1, 1998

                              Amended and Restated
                                December 1, 1998
                                February 17, 1999
                                 January 1, 2002

<PAGE>

                                TABLE OF CONTENTS
                                -----------------
<TABLE>
<CAPTION>
                                                                                                        Page
<S>                                                                                                      <C>
ARTICLE I - Definition of Terms..........................................................................1
1.1      Account.........................................................................................1
1.2      Administrator...................................................................................1
1.3      Affiliate.......................................................................................1
1.4      Beneficiary.....................................................................................1
1.5      Benefit Commencement Date.......................................................................2
1.6      Board...........................................................................................2
1.7      Code............................................................................................2
1.8      Compensation....................................................................................2
1.9      Closing Price...................................................................................2
1.10     Corporation.....................................................................................2
1.11     Death Benefit...................................................................................2
1.12     Deferral Amount.................................................................................2
1.13     Deferral Benefit................................................................................2
1.14     Deferral Contributions..........................................................................3
1.15     Deferral Year...................................................................................3
1.16     Deferral Election...............................................................................3
1.17     Deferred Cash Account...........................................................................3
1.18     Deferred Stock Unit.............................................................................3
1.19     Deferred Stock Unit Account.....................................................................3
1.20     Director........................................................................................3
1.21     Effective Date..................................................................................3
1.22     Eligible Director...............................................................................4
1.23     Former Plan.....................................................................................4
1.24     Participant.....................................................................................4
1.25     Plan............................................................................................4
1.26     Plan Year.......................................................................................4
1.27     Rate of Return..................................................................................4
1.28     Short Plan Year.................................................................................4

ARTICLE II Eligibility and Participation.................................................................4
2.1      Eligibility.....................................................................................4
2.2      Notice and Election Regarding Active Participation..............................................4
2.3      Commencement of Active Participation............................................................5
2.4      Length of Participation.........................................................................5
</TABLE>

                                      -i-

<PAGE>

<TABLE>
<CAPTION>
                                                                                                       Page
<S>                                                                                                     <C>
ARTICLE III - Determination of Deferral..................................................................5
3.1      Deferral Benefit................................................................................5
3.2      Transition Credits..............................................................................5
3.3      Deferral Election...............................................................................6
3.4      Subtractions from Deferred Cash Account and Deferred Stock Unit
         Account.........................................................................................7
3.5      Crediting of Interest to Deferred Cash Account..................................................7
3.6      Equitable Adjustment in Case of Error or Omission...............................................7
3.7      Statement of Benefits...........................................................................8

ARTICLE IV Accounts and Investments......................................................................8
4.1      Accounts........................................................................................8
4.2      Deferred  Stock Units...........................................................................8
4.3      Hypothetical Nature of Accounts and Investments.................................................9

ARTICLE V Vesting........................................................................................9
5.1      Vesting.........................................................................................9

ARTICLE VI Death Benefits................................................................................9
6.1      Pre-Benefit Commencement Date Death Benefit.....................................................9
6.2      Post-Benefit Commencement Date Death Benefit...................................................10

ARTICLE VII Payment of Benefits.........................................................................10
7.1      Payment of Deferral Benefit....................................................................10
7.2      Payment of Death Benefit.......................................................................10
7.3      Form of Payment of Deferral Benefit............................................................10
7.4      Benefit Determination and Payment Procedure....................................................10
7.5      Payments to Minors and Incompetents............................................................11
7.6      Distribution of Benefit When Distributee Cannot Be Located.....................................11

ARTICLE VIII - Beneficiary Designation..................................................................11
8.1      Beneficiary Designation........................................................................11

ARTICLE IX - Withdrawals................................................................................12
9.1      No Withdrawals Permitted.......................................................................12
9.2      Hardship Exemption.............................................................................12
</TABLE>

                                      -ii-

<PAGE>

<TABLE>
<CAPTION>
                                                                                                       Page
<S>                                                                                                     <C>
ARTICLE X - Funding.....................................................................................13
10.1     Funding........................................................................................13

ARTICLE XI Change of Control............................................................................13
11.1     Change of Control..............................................................................13
11.2     Effect of Change of Control....................................................................15

ARTICLE XII - Plan Administration.......................................................................16
12.1     Appointment of Administrator...................................................................16
12.2     Duties and Responsibilities of Plan Administrator..............................................16

ARTICLE XIII - Amendment or Termination of Plan.........................................................16
13.1     Amendment or Termination of the Plan...........................................................16

ARTICLE XIV Miscellaneous...............................................................................17
14.1     Non-assignability..............................................................................17
14.2     Notices and Elections..........................................................................17
14.3     Delegation of Authority........................................................................17
14.4     Service of Process.............................................................................17
14.5     Governing Law..................................................................................17
14.6     Binding Effect.................................................................................17
14.7     Severability...................................................................................17
14.8     Gender and Number..............................................................................18
14.9     Titles and Captions............................................................................18
</TABLE>

                                     -iii-

<PAGE>

                        LandAmerica Financial Group, Inc.
                         Outside Directors Deferral Plan

     Effective January 1, 1995, the Board of Directors of Lawyers Title
Corporation adopted the Outside Directors Deferral Plan, under which
non-employee directors of Lawyers Title Corporation had the opportunity to defer
receipt of certain compensation until retirement or departure from the Board.

     The Board of Directors determined it to be in the best interests of the
Corporation to allow non-employee directors of the Corporation to continue to
have the opportunity to defer receipt of certain compensation until retirement
or departure from the Board provided that the deferred amounts are aligned with
the interests of the Corporation by being tied to the performance of the
Corporation's common stock. Therefore, effective April 1, 1998, the Board of
Directors adopted the LandAmerica Financial Group, Inc. Outside Directors
Deferral Plan. The Board of Directors has now determined it to be in the best
interest of the Corporation to make certain amendments to the Outside Directors
Deferral Plan adopted April 1, 1998 to align the benefits available to
non-employee directors under the Outside Directors Deferral Plan with the
benefits provided to participants in Corporation's Executive Voluntary Deferral
Plan.

     Pursuant to action taken by the Board of Directors, the following
LandAmerica Financial Group, Inc. Outside Directors Deferral Plan (the "Plan")
is hereby amended and restated as follows:

                                    ARTICLE I
                               Definition of Terms
                               -------------------

     The following words and terms as used in this Plan shall have the meaning
set forth below, unless a different meaning is clearly required by the context:

     1.1 "Account": A bookkeeping account established for a Participant under
Article IV hereof.

     1.2 "Administrator": The Compensation Committee of the Board is the Plan
Administrator unless responsibility is delegated as provided for in Article XII
hereof.

     1.3 "Affiliate": Any subsidiary, parent, affiliate, or other related
business entity to the Corporation.

     1.4 "Beneficiary": The person or persons designated by a Participant or
otherwise entitled pursuant to Section 8.1 to receive benefits under the Plan
attributable to such Participant after the death of such Participant.

                                      -1-

<PAGE>

     1.5 "Benefit Commencement Date": The date irrevocably elected by the
Participant pursuant to Section 3.3, which date may not be later than the
Participant's 70th birthday. The same Benefit Commencement Date shall be
required for all Deferral Contributions made and Deferral Benefits attributable
to a Deferral Year.

     1.6 "Board": The present and any succeeding Board of Directors of the
Corporation, unless such term is used with respect to a particular Affiliate and
its Directors, in which event it shall mean the present and any succeeding Board
of Directors of that Affiliate.

     1.7 "Code": The Internal Revenue Code of 1986, as the same may be amended
from time to time.

     1.8 "Compensation": Fees payable to a Participant for service as a member
of the Board, including (i) annual retainer fee ("Retainer") and (ii) meeting or
committee fees (collectively referred to as "Additional Fees") paid by the
Corporation to an Eligible Director, but excluding any such compensation
deferred from a prior period, expense reimbursement and allowances and benefits
not normally paid in cash to the Participant.

     1.9 "Closing Price": The closing price of a share of common stock of the
Corporation as reported on the New York Stock Exchange composite tape on such
day or, if the common stock of the Corporation was not traded on the New York
Stock Exchange on such day, then on the next preceding day that the common stock
of the Corporation was traded on such exchange, all as reported by such source
as the Administrator may select.

     1.10 "Corporation": LandAmerica Financial Group, Inc., or any successor
thereto.

     1.11 "Death Benefit": The benefit with respect to a Participant due a
Participant's Beneficiary, determined in accordance with Article VI hereof.

     1.12 "Deferral Amount": With respect to each Plan Year, the sum of the
Deferral Contributions of a Participant with respect to his Retainer and/or his
Additional Fees to be paid during the Plan Year.

     1.13 "Deferral Benefit": The balance in a Participant's Deferred Cash
Account and Deferred Stock Unit Account.

     1.14 "Deferral Contributions": That portion of a Participant's Compensation
which is deferred under the Plan or which has been deferred under the Former
Plan.

     1.15 "Deferral Year": The Plan Year with respect to which a Deferral
Contribution is made. For purposes hereof, a Deferral Contribution is considered
made with respect to the Plan Year in which the amount would otherwise have been
paid to the Participant.

                                      -2-

<PAGE>

     1.16 "Deferral Election": An irrevocable election of a Deferral Amount in
writing executed by the Eligible Director or Participant and timely filed with
the Administrator.

     1.17 "Deferred Cash Account": An unfunded, bookkeeping account maintained
on the books of the Corporation for a Participant which reflects his interest in
amounts attributable to his Deferred Contributions under the Former Plan. The
Deferred Cash Account of a Participant consists of his Deferral Contributions
made under the Former Plan with respect to Compensation earned after December
31, 1994 and before April 1, 1998. Separate subdivisions of the Deferred Cash
Account shall continue to be maintained to reflect Deferral Contributions made
and Deferral Benefits attributable with respect to each Deferral Year and within
each Deferral Year, the Deferral Contributions and Deferral Benefits
attributable to Deferral Contributions of Retainer and Deferral Contributions of
Additional Fees.

     1.18 "Deferred Stock Unit": A hypothetical share of the Corporation's
common stock.

     1.19 "Deferred Stock Unit Account": An unfunded, bookkeeping account
maintained on the books of the Corporation for a Participant which reflects his
interest in amounts attributable to his Deferred Contributions under the Plan.
The Deferred Stock Unit Account of a Participant consists of his Deferral
Contributions made under the Plan with respect to Compensation earned after
April 1, 1998. Separate subdivisions of the Deferred Stock Unit Account shall be
maintained to reflect Deferral Contributions made and Deferral Benefits
attributable with respect to each Deferral Year and within each Deferral Year,
the Deferral Contributions and Deferral Benefits attributable to Deferral
Contributions of Retainer and Deferral Contributions of Additional Fees.

     1.20 "Director": An individual who serves as a member of the Board.

     1.21 "Effective Date": The Effective Date of the Plan is April 1, 1998.

     1.22 "Eligible Director": A Director who is not an employee of the
Corporation and who has not reached the age of 65 before the Deferral Year.

     1.23 "Former Plan": The Lawyers Title Corporation Outside Directors
Deferral Plan effective January 1, 1995.

     1.24 "Participant": An Eligible Director who elects to participate in the
Plan, and further differentiated as follows:

          (i) "Active Participant": A Participant who has an election to make
     Deferral Contributions to the Plan in effect at the time in question.

                                      -3-

<PAGE>

          (ii) "Inactive Participant": A Participant who does not have an
     election to make Deferral Contributions to the Plan in effect at the time
     in question.

     1.25 "Plan": This document, as contained herein or duly amended, which
shall be known as the "LandAmerica Financial Group, Inc. Outside Directors
Deferral Plan".

     1.26 "Plan Year": The calendar year or any Short Plan Year.

     1.27 "Rate of Return": Nine percent (9%) for the 1995 through 1999 Deferral
Years, and nine percent (9%) for Deferral Years after 1999 until, if ever,
increased by the Compensation Committee.

     1.28 "Short Plan Year": The remaining portion of the calendar year after
the Effective Date of this Plan.

                                   ARTICLE II
                          Eligibility and Participation
                          -----------------------------

     2.1 Eligibility. Each Eligible Director shall be eligible to participate in
         -----------
the Plan and to defer Compensation hereunder for such Plan Year.

     2.2 Notice and Election Regarding Active Participation.
         --------------------------------------------------

     (a) The Administrator shall notify each Eligible Director within a
reasonable period of time prior to the beginning of each Plan Year.

     (b) In order to become an Active Participant and to make Deferral
Contributions with respect to a Plan Year, an Eligible Director must file with
the Administrator a Deferral Election, as provided in Section 3.3 which is
effective as of the first day of the Plan Year, such election must be filed by
the date established by the Administrator, which date shall be no later than the
December 31 preceding such Plan Year or the last day before the commencement of
a Short Plan Year, whichever is applicable.

     (c) By executing and filing such election with the Administrator, an
Eligible Director consents and agrees to the following:

          (i) To execute such applications and take such physical examinations
     and to supply truthfully and completely such information as may be
     requested by any health questionnaire provided by the Administrator;

          (ii) To be bound by all terms and conditions of the Former Plan, the
     Plan and all amendments thereto.

                                      -4-

<PAGE>

     2.3 Commencement of Active Participation. An Eligible Director shall become
         ------------------------------------
an Active Participant with respect to a Plan Year only if he is expected to have
Compensation during such Plan Year, and he timely files and has in effect a
Deferral Election for such Plan Year.

     2.4 Length of Participation. An individual who is or becomes a Participant
         -----------------------
shall be or remain an Active Participant as long as he has a Deferral Election
in effect; and he shall be or remain an Inactive Participant as long as he is
entitled to future benefits under the terms of the Plan and is not considered an
Active Participant.

                                   ARTICLE III
                            Determination of Deferral
                            -------------------------

     3.1 Deferral Benefit. For purposes hereof, a Participant's Deferral Benefit
         ----------------
shall be the balance in his Deferred Cash Account and his Deferred Stock Unit
Account at the time in question.

     3.2 Transition Credits. Each Participant who has a balance standing to his
         ------------------
credit in the Former Plan as of April 1, 1998, shall be permitted a one-time
election, on or before April 1, 1998, to convert all or a portion of the balance
standing to his credit in the Former Plan to Deferred Stock Units as of April 1,
1998. A Participant who elects to convert all or a portion of his Deferral
Account (as defined in the Former Plan) in the Former Plan to Deferred Stock
Units shall be credited with the number of Deferred Stock Units determined by
dividing the portion of his Deferred Cash Account under the Former Plan on April
1, 1998 for which such election is made, by the Closing Price of the common
stock of the Corporation on the date of the Participant's election. If the
formula produces a fractional Deferred Stock Unit, then the fractional Deferred
Stock shall be rounded off to the nearest thousandth and credited to the
Participant. Once a Participant has made an election under this Section 3.2 to
convert some or all of his Deferred Cash Account to Deferred Stock Units of the
Corporation, the Corporation's rights and obligations, if any, with respect to
the Deferred Stock Units will be governed by this Plan.

     3.3 Deferral Election.
         -----------------

     (a) Subject to the restrictions and conditions hereinafter provided, a
Participant may irrevocably elect, as a Deferral Contribution with respect to a
Plan Year, to receive an amount of his Compensation which is specified by his
Deferral Election for such Plan Year in the form of Deferred Stock Units. Any
such election must be filed with the Administrator at the time required under
Section 2.2(b).

     (b) The following conditions apply:

          (i) The maximum Deferral Contribution of Retainer with respect to any
     Participant for a Plan Year shall be one hundred percent (100%) of his
     Retainer for such

                                      -5-

<PAGE>

     Plan Year and such election shall be made in whole dollar amounts. A
     Participant who elects to receive his Retainer in Deferred Stock Units
     shall have credited to his Deferred Stock Unit Account as of the first day
     of each calendar quarter the number of Deferred Stock Units determined by
     dividing that portion of his accrued, deferred Retainer for the quarter
     (determined by dividing the amount of such Retainer previously selected by
     the Participant to be applied to the purchase of Deferred Stock Units by
     four) by the Closing Price as of the first day of such calendar quarter.

          (ii) The maximum Deferral Contribution of Additional Fees with respect
     to any Participant for a Plan Year shall be one hundred percent (100%) of
     his Additional Fees for such Plan Year and such election shall be made in
     twenty-five percent (25%) increments. A Participant who elects to receive
     his Additional Fees in Deferred Stock Units shall have credited to his
     Deferred Stock Unit Account as of the day on which the Additional Fees are
     accrued the number of Deferred Stock Units determined by multiplying his
     accrued Additional Fees on said day by the percentage of such Additional
     Fees previously selected by the Participant to be applied to the purchase
     of Deferred Stock Units, and dividing the product thereof by the Closing
     Price as of the day on which the Additional Fees are accrued.

          (iii) A Participant who elects to defer one hundred percent (100%) of
     his Compensation shall receive additional Deferred Stock Units equal to
     twenty percent (20%) of said Participant's Compensation for the Plan Year.
     Such Deferred Stock Units shall be credited to the Participant in addition
     to the Deferred Stock Units received as a result of the election to defer
     the Retainer and Additional Fees in the manner provided by subsections (i)
     and (ii) above.

          (iv) A separate Deferral Election must be filed for each Plan Year.

          (v) Each Deferral Election shall be made on a form provided by the
     Administrator and shall specify the Deferral Amount and source of deferrals
     and such additional information as the Administrator may require.

          (vi) A Deferral Election must specify the period of payment. A
     Participant may elect to receive a lump sum payment or installment payments
     over periods of five, ten or fifteen years beginning on the January 1 after
     age 55, 60 or 65.

          (vii) A Participant shall have the option of postponing the elected
     Benefit Commencement Date of a Deferral Benefit specified in 3.3 (b) (vi)
     above by making an irrevocable election to roll over such Deferral Benefit
     at least one year before such Deferral Benefit is payable, provided that
     the Participant may not change his previous allocation of amounts to his
     Deferred Cash Account and Deferred Stock Unit Account at such time and
     provided that the Participant may not postpone the elected Benefit
     Commencement Date past the January 1

                                      -6-

<PAGE>

     following the Participant's 70th birthday. A Participant shall make such
     election on a form designated by the Administrator.

     3.4 Subtractions from Deferred Cash Account and Deferred Stock Unit
         ---------------------------------------------------------------
Account. All distributions from a Participant's Deferred Cash Account and
-------
Deferred Stock Unit Account shall be subtracted when such distributions are
made.

     3.5 Crediting of Interest to Deferred Cash Account. There shall be credited
         ----------------------------------------------
to each Participant's Deferred Cash Account an amount representing interest on
the balance of such account. Under the Former Plan, the interest was credited as
of the first day of the Deferral Year. Under this Plan, interest shall be
credited as earned. Such interest shall be based on the applicable Rate of
Return for the Deferral Year.

     3.6 Equitable Adjustment in Case of Error or Omission. If an error or
         -------------------------------------------------
omission is discovered in the Deferred Cash Account and Deferred Stock Unit
Account of a Participant, the Administrator shall make such equitable adjustment
as the Administrator deems appropriate.

     3.7 Statement of Benefits. Within a reasonable time after the end of the
         ---------------------
Plan Year and at the date a Participant's Deferral Benefit or Death Benefit
becomes payable under the Plan, the Administrator shall provide to each
Participant (or, if deceased, to his Beneficiary) a statement of the benefit
under the Plan.

                                   ARTICLE IV
                            Accounts and Investments
                            ------------------------

     4.1 Accounts. A separate Account under the Plan shall be established for
         --------
each Participant. Such Account shall be (a) credited with the amounts credited
in accordance with Sections 3.2 and 3.3, (b) credited (or charged, as the case
may be) with the investment results determined in accordance with Sections 4.2
and 4.3, and (c) charged with the amounts paid by the Plan to or on behalf of
the Participant in accordance with Article VII. With each Participant's Account,
separate subaccounts (including, as necessary, a Deferred Stock Unit Account and
a Deferred Cash Account) shall be maintained to the extent that the Board
determines them necessary or useful in the administration of the Plan.

     4.2 Deferred Stock Units. Except as provided below, a Participant's
         --------------------
Deferred Stock Unit Account shall be treated as if it were invested in Deferred
Stock Units that are equivalent in value to the fair market value of the shares
of the Corporation's common stock in accordance with the following rules:

     (a) Before the Benefit Commencement Date, the number of Deferred Stock
Units credited to a Participant's Deferred Stock Unit Account shall be increased
on each date on which a dividend is paid on the Corporation's common stock. The
number of additional Deferred Stock Units credited to a Participant's Deferred
Stock Unit Account as a result of such increase shall be

                                      -7-

<PAGE>

determined by (i) multiplying the total number of Deferred Stock Units (with
fractional Deferred Stock Units rounded off to the nearest thousandth) credited
to the Participant's Deferred Stock Unit Account immediately before such
increase by the amount of the dividend paid per share of the Corporation's
common stock on the dividend payment date, and (ii) dividing the product so
determined by the Closing Price on the dividend payment date.

     (b) The dollar value of the Deferred Stock Units credited to a
Participant's Deferred Stock Unit Account on any date shall be determined by
multiplying the number of Deferred Stock Units (including fractional Deferred
Stock Units) credited to the Participant's Deferred Stock Unit Account by the
Closing Price on that date.

     (c) In the event of a transaction or event described in this subsection
(c), the number of Deferred Stock Units credited to a Participant's Deferred
Stock Unit Account shall be adjusted in such manner as the Board, in its sole
discretion, deems equitable. A transaction or event is described in this
subsection (c) if (i) it is a dividend (other than regular quarterly dividends)
or other distribution (whether in the form of cash, shares, other securities, or
other property), extraordinary cash dividend, recapitalization, stock split,
reverse stock split, reorganization, merger, consolidation, split-up, spin-off,
repurchase, or exchange of shares or other securities, the issuance or
exercisability of stock purchase rights, the issuance of warrants or other
rights to purchase shares or other securities, or other similar corporate
transaction or event and (ii) the Board determines that such transaction or
event affects the shares of the Corporation's common stock, such that an
adjustment pursuant to this paragraph (c) is appropriate to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available
under the Plan.

     (d) A Participant who elects to receive distribution of his Accounts in
quarterly installments will not have his or her Deferred Stock Unit Account
credited with Deferred Stock Units on or after the Benefit Commencement Date.

     (e) On the Benefit Commencement Date, the Deferred Stock Unit Account of a
Participant who has elected to receive his Deferral Benefit in quarterly
installments shall be converted to a Deferred Cash Account which shall accrue
annual interest at the Rate of Return.

     4.3 Hypothetical Nature of Accounts and Investments. Each Account
         -----------------------------------------------
established under this Article IV shall be maintained for bookkeeping purposes
only. Neither the Plan nor any of the Accounts established under the Plan shall
hold any actual funds or assets. The Deferred Stock Units established hereunder
shall be used solely to determine the amounts to be paid hereunder, shall not
represent an equity security of the Corporation, shall not be convertible into
or otherwise entitle a Participant to acquire an equity security of the
Corporation and shall not carry any voting or dividend rights.

                                      -8-

<PAGE>

                                    ARTICLE V
                                     Vesting
                                     -------

     5.1 Vesting. A Participant's Deferred Cash Account and Deferred Stock Unit
         -------
Account shall be fully vested and non-forfeitable at all times.

                                   ARTICLE VI
                                 Death Benefits
                                 --------------

     6.1 Pre-Benefit Commencement Date Death Benefit. In the event that a
         -------------------------------------------
Participant dies prior to his Benefit Commencement Date, then the Participant's
Deferred Stock Unit Account shall be converted to a Deferred Cash Account as of
the first of January following the Participant's date of death, which Deferred
Cash Account shall accrue annual interest thereafter at the Rate of Return to
the extent not paid out in a lump sum pursuant to the Participant's election
form. The Beneficiary of such Participant shall be entitled to receive as a
Death Benefit an amount equal to the Deferral Benefit as of the Benefit
Commencement Date that the Participant would have received had the Participant
lived to received the full Deferral Benefit. This Death Benefit shall be paid
pursuant to the Participant's election form except that the payment shall be
made, or begin, on the first of January after the Participant's date of death.

     6.2 Post-Benefit Commencement Date Death Benefit. In the event that a
         --------------------------------------------
Participant dies after his Benefit Commencement Date, then the Beneficiary of
such participant shall be entitled to receive as a Death Benefit a continuation
of the payment of the Deferral Benefit in the same manner and in the same amount
that the Participant would have received had the Participant lived to receive
the Deferral Benefit.

                                   ARTICLE VII
                               Payment of Benefits
                               -------------------

     7.1 Payment of Deferral Benefit. A Participant's Deferral Benefit, if any,
         ---------------------------
shall become payable to the Participant as of the Benefit Commencement Date
specified in his Deferral Election or as soon thereafter as is administratively
practical. If the Participant has elected to receive the Deferral Benefit in
quarterly installments, each of the Participant's quarterly installment payments
shall be comprised of accrued interest, if any, and that portion of the
Participant's Deferral Benefit equal to the balance in the Participant's
Deferred Cash Account divided by the number of remaining installment payments to
be made to the Participant.

     7.2 Payment of Death Benefit. A Participant's pre-commencement Death
         ------------------------
Benefit shall be payable to his Beneficiary as set forth in Article VI. A
Participant's post-commencement Death Benefit shall be paid in installments
payable quarterly over the period irrevocably elected by the Participant
pursuant to his Deferral Election.

                                      -9-

<PAGE>

     7.3 Form of Payment of Deferral Benefit. A Participant shall be paid his
         -----------------------------------
Deferral Benefit beginning at the Benefit Commencement Date in a lump sum or in
periodic installment payments payable quarterly over a period of five, ten, or
fifteen years as irrevocably elected by the Participant pursuant to Section 3.3.

     7.4 Benefit Determination and Payment Procedure. The Administrator shall
         -------------------------------------------
make all determinations concerning eligibility for benefits under the Plan, the
time or terms of payment, and the form or manner of payment to the Participant
or the Participant's Beneficiary, in the event of the death of the Participant.
The Administrator shall promptly notify the Corporation of each such
determination that benefit payments are due and provide to the Corporation all
other information necessary to allow the Corporation to carry out said
determination, whereupon the Corporation shall pay such benefits in accordance
with the Administrator's determination.

     7.5 Payments to Minors and Incompetents. If a Participant or Beneficiary
         -----------------------------------
entitled to receive any benefits hereunder is a minor or is adjudged to be
legally incapable of giving valid receipt and discharge for such benefits, or is
deemed so by the Administrator, benefits will be paid to such person as the
Administrator may designate for the benefit of such Participant or Beneficiary.
Such payments shall be considered a payment to such Participant or Beneficiary
and shall, to the extent made, be deemed a complete discharge of any liability
for such payments under the Plan.

     7.6 Distribution of Benefit When Distributee Cannot Be Located. The
         ----------------------------------------------------------
Administrator shall make all reasonable attempts to determine the identity
and/or whereabouts of a Participant or a Participant's Beneficiary entitled to
benefits under the Plan, including the mailing by certified mail of a notice to
the last known address shown on the Corporation's or the Administrator's
records. If the Administrator is unable to locate such a person entitled to
benefits hereunder, or if there has been no claim made for such benefits, the
Corporation shall continue to hold the benefit due such person, subject to any
applicable statute of escheats.

                                  ARTICLE VIII
                             Beneficiary Designation
                             -----------------------

     8.1 Beneficiary Designation.
         -----------------------

     (a) A Participant may designate a Beneficiary. Any Beneficiary designation
made hereunder shall be effective only if properly signed and dated by the
Participant and delivered to the Administrator prior to the time of the
Participant's death. The most recent Beneficiary designation received by the
Administrator shall be the effective Beneficiary designation for all Plan Years
and shall supercede all prior Beneficiary designations unless specifically
designated otherwise. Any Beneficiary designation hereunder shall remain
effective until changed or revoked hereunder.

                                      -10-

<PAGE>

     (b) A Beneficiary designation may be changed by the Participant at any
time, or from time to time, by filing a new designation in writing with the
Administrator.

     (c) If the Participant dies without having designated a Beneficiary, or if
the Beneficiary so designated has predeceased him, then his estate shall be
deemed to be his Beneficiary.

     (d) If a Beneficiary of the Participant shall survive the Participant but
shall die before the Participant's entire benefit under the Plan has been
distributed, then the unpaid balance thereof shall be distributed to any other
beneficiary named by the deceased Beneficiary to receive his interest or, if
none, to the estate of the deceased Beneficiary.

                                   ARTICLE IX
                                   Withdrawals
                                   -----------

     9.1 No Withdrawals Permitted. No withdrawals or other distributions shall
         ------------------------
be permitted from the Deferred Cash Account and Deferred Stock Unit Account
except as provided in Article VII.

     9.2 Hardship Exemption.
         ------------------

     (a) A distribution of a portion of the Participant's Deferral Account
because of an Unforeseeable Emergency will be permitted only to the extent
required by the Participant to satisfy the emergency need. Whether an
Unforeseeable Emergency has occurred will be determined solely by the
Administrator. Distributions in the event of an Unforeseeable Emergency may be
made by and with the approval of the Administrator upon written request by a
Participant.

     (b) An "Unforeseeable Emergency" is defined as a severe financial hardship
to the Participant resulting from a sudden and unexpected illness or accident of
the Participant or of a dependent of the Participant, loss of the Participant's
property due to casualty, or other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the Participant's control.
The circumstances that will constitute an Unforeseeable Emergency will depend
upon the facts of each case, but, in any event, any distribution under this
Section 9.2 shall not exceed the remaining amount required by the Participant to
resolve the hardship after (i) reimbursement or compensation through insurance
or otherwise, (ii) obtaining liquidation of the Participant's assets, to the
extent such liquidation would not itself cause a severe financial hardship, or
(iii) suspension of deferrals under the Plan.

                                      -11-

<PAGE>

                                    ARTICLE X
                                     Funding
                                     -------

     10.1 Funding.
          -------

     (a) All Plan Participants and Beneficiaries are general unsecured creditors
of the Corporation with respect to the benefits due hereunder and the Plan
constitutes a mere promise by the Corporation to make benefit payments in the
future. It is the intention of the Corporation that the Plan be considered
unfunded for tax purposes.

     (b) The Corporation may, but is not required to, purchase life insurance in
amounts sufficient to provide some or all of the benefits provided under this
Plan or may otherwise segregate assets for such purpose.

     (c) The Corporation may, but is not required to, establish a grantor trust
which may be used to hold assets of the Corporation which are maintained as
reserves against the Corporation's unfunded, unsecured obligations hereunder.
Such reserves shall at all times be subject to the claims of the Corporation's
creditors. To the extent such trust or other vehicle is established, and assets
contributed, for the purpose of fulfilling the Corporation's obligation
hereunder, then such obligation of the Corporation shall be reduced to the
extent such assets are utilized to meet its obligations hereunder. Any such
trust and the assets held thereunder are intended to conform in substance to the
terms of the model trust described in Revenue Procedure 92-64.

                                   ARTICLE XI
                                Change of Control
                                -----------------

     11.1 Change of Control.
          -----------------

          A "Change of Control" shall mean

     (a) The acquisition by any individual, entity or group (within the meaning
of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as
amended (the "Exchange Act")) (a "Person") of beneficial ownership (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of
either (i) the then outstanding shares of common stock of the Corporation (the
"Outstanding Corporation Common Stock") or (ii) the combined voting power of the
then outstanding voting securities of the Corporation entitled to vote generally
in the election of directors (the "Outstanding Corporation Voting Securities");
provided, however, that for purposes of this subsection (a), the following
acquisitions shall not constitute a Change of Control: (i) any acquisition
directly from the Corporation, (ii) any acquisition by the Corporation, (iii)
any acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Corporation or any corporation controlled by the Corporation
or (iv) any acquisition by any

                                      -12-

<PAGE>

corporation pursuant to a transaction which complies with clauses (i), (ii) and
(iii) of subsection (c) of this Section; or

     (b) Individuals who, as of the date hereof, constitute the Board "Incumbent
Board") cease for any reason to constitute at least a majority of the Board;
provided, however, that any individual becoming a director subsequent to the
date hereof whose election, or nomination for election by the Corporation's
shareholders, was approved by a vote of at least a majority of the directors
then comprising the Incumbent Board shall be considered as though such
individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office occurs as a
result of an actual or threatened election contest with respect to the election
or removal of directors or other actual or threatened solicitation of proxies or
consents by or on behalf of a Person other than the Board; or

     (c) Consummation of a reorganization, merger or consolidation or sale or
other disposition of all or substantially all of the assets of the Corporation
(a "Business Combination"), in each case, unless, following such Business
Combination, (i) all or substantially all of the individuals and entities who
were the beneficial owners, respectively, of the Outstanding Corporation Common
Stock and Outstanding Corporation Voting Securities immediately prior to such
Business Combination beneficially own, directly or indirectly, more than 50% of,
respectively, the then outstanding shares of common stock and the combined
voting power of the then outstanding voting securities entitled to vote
generally in the election of directors, as the case may be, of the corporation
resulting from such Business Combination (including, without limitation a
corporation which as a result of such transaction owns the Corporation or all or
substantially all of the Corporation's assets either directly or through one or
more subsidiaries) in substantially the same proportions as their ownership,
immediately prior to such Business Combination of the Outstanding Corporation
Common Stock and Outstanding Corporation Voting Securities, as the case may be,
(ii) no Person (excluding any corporation resulting from such Business
Combination or any employee benefit plan (or related trust) of the Corporation
or such corporation resulting from such Business Combination) beneficially owns,
directly or indirectly, 20% or more of, respectively, the then outstanding
shares of common stock of the corporation resulting from such Business
Combination or the combined voting power of the then outstanding voting
securities of such corporation except to the extent that such ownership existed
prior to the Business Combination and (iii) at least a majority of the members
of the board of directors of the corporation resulting from such Business
Combination were members of the Incumbent Board at the time of the execution of
the initial agreement, or of the action of the Board, providing for such
Business Combination; or

     (d) Approval by the shareholders of the Corporation of a complete
liquidation or dissolution of the Corporation.

     Notwithstanding the foregoing, for purposes of subsection (a) of this
Section, a Change of Control shall not be deemed to have taken place if, as a
result of an acquisition by the Corporation which reduces the Outstanding
Corporation Common Stock or the Outstanding

                                      -13-

<PAGE>

Corporation Voting Securities, the beneficial ownership of a Person increases to
20% or more of the Outstanding Corporation Common Stock or the Outstanding
Corporation Voting Securities; provided, however, that if a Person shall become
the beneficial owner of 20% or more of the Outstanding Corporation Common Stock
or the Outstanding Corporation Voting Securities by reason of share purchases by
the Corporation and, after such share purchases by the Corporation, such Person
becomes the beneficial owner of any additional shares of the Outstanding
Corporation Common Stock or the Outstanding Corporation Voting Stock, for
purposes of subsection (a) of this Section, a Change of Control shall be deemed
to have taken place.

     11.2 Effect of Change of Control.
          ---------------------------

     (a) Upon a Change of Control, the Corporation shall establish, if one has
not been established, a grantor trust, as described in Section 10.1(c) and shall
contribute to such trust within seven (7) days of the Change of Control and
within thirty (30) days of the end of each Plan Year thereafter, a lump sum
payment equal to the difference between the aggregate value of all Participants'
Accounts and the value of the assets of the trust on the date of the Change of
Control or end of the Plan Year.

     (b) Notwithstanding any other provision in any other Article of this Plan
to the contrary, in the event Participant ceases to serve as a Director of the
Corporation (or as a Director of any publicly held acquiring parent corporation
in the event the Corporation is not the surviving publicly held parent
corporation in the Change of Control transaction) within three (3) years
following a Change of Control, (i) the value of all amounts deferred by a
Participant which have not yet been credited to the Participant's Account and
(ii) the value of such Participant's Account shall be paid to the Participant in
a lump-sum payment no later than thirty (30) days after the date of the
Participant's separation from service.

     (c) Upon a Change of Control, each Participant's Stock Unit Account shall
be adjusted as provided in Section 4.1(c). The amount of such adjustment shall
be determined by the Board (which, for this purpose, shall be comprised of
employee members of the Board prior to the Change of Control) so as to reflect
fairly and equitably appropriate circumstances as the Board deems appropriate,
including, without limitation, the recent price of shares of the Corporation's
common stock. For purposes of adjustments under this Section 11.2(c), the value
of a Participant's Deferred Stock Unit Account shall be adjusted to the greater
of (1) the Closing Price on or nearest the date on which the Change of Control
is deemed to occur, or (2) the highest per share price for shares of the
Corporation's common stock actually paid in connection with the Change of
Control. In the event the consideration received in the Change of Control
transaction by the holders of the Corporation's common stock includes shares of
stock of another corporation (an "Acquiring Corporation"), the adjustment under
this Section 11.2(c) shall include converting each Deferred Stock Unit into
units of stock of the Acquiring Corporation of the same class as the shares
received by the holders of the Corporation's common stock in the Change of
Control transaction using the same exchange ratio as the exchange ratio used in
the Change of Control transaction and such units shall be deemed to be
equivalent in value to the fair market

                                      -14-

<PAGE>

value of such shares of the Acquiring Corporation. Such units shall thereafter
be deemed to be Deferred Stock Units within the meaning of this Plan and
accounted for and adjusted accordingly. Any other adjustment made to a Deferred
Stock Unit Account, including an adjustment relating to other consideration
received in the Change of Control transaction by the holders of the
Corporation's common stock, shall be credited to the Participant's Deferred Cash
Account.

                                   ARTICLE XII
                               Plan Administrator
                               ------------------

     12.1 Appointment of Administrator. Compensation Committee may appoint one
          ----------------------------
or more persons to serve as the Plan Administrator (the "Administrator") for the
purpose of administering the Plan. In the event more than one person is
appointed, the persons shall form a committee for the purpose of functioning as
the Administrator of the Plan. The person or committeemen serving as
Administrator shall serve for indefinite terms at the pleasure of the
Compensation Committee, and may, by thirty (30) days prior written notice to the
Compensation Committee, terminate such appointment.

     12.2 Duties and Responsibilities of Plan Administrator.
          -------------------------------------------------

     (a) The Administrator shall maintain and retain necessary records regarding
its administration of the Plan.

     (b) The Administrator is empowered to settle claims against the Plan and to
make such equitable adjustments in a Participant's or Beneficiary's rights or
entitlements under the Plan as it deems appropriate in the event an error or
omission is discovered or claimed in the operation or administration of the
Plan.

     (c) The Administrator may construe the Plan, correct defects, supply
omissions or reconcile inconsistencies to the extent necessary to effectuate the
Plan, and such action shall be conclusive.

                                  ARTICLE XIII
                        Amendment or Termination of Plan
                        --------------------------------

     13.1 Amendment or Termination of the Plan. The Plan may be terminated or
          ------------------------------------
amended at any time by the Board, effective as of any date specified. Any such
action taken by the Board shall be evidenced by a resolution and shall be
communicated to Participants and Beneficiaries prior to the effective date
thereof. No amendment or termination shall decrease a Participant's Deferral
Benefit accrued prior to the effective date of the amendment or termination. The
Board reserves the right to unilaterally shorten the deferral period of any
Participant hereunder in its sole discretion if, in its sole discretion, it
determines that to do so will be fair and equitable to the Participant.

                                      -15-

<PAGE>

                                   ARTICLE XIV
                                  Miscellaneous
                                  -------------

     14.1 Non-assignability. The interests of each Participant under the Plan
          -----------------
are not subject to claims of the Participant's creditors; and neither the
Participant nor his Beneficiary shall have any right to sell, assign, transfer
or otherwise convey the right to receive any payments hereunder or any interest
under the Plan, which payments and interest are expressly declared to be
non-assignable and non-transferable.

     14.2 Notices and Elections. All notices required to be given in writing and
          ---------------------
all elections required to be made in writing under any provision of the Plan
shall be invalid unless made on such forms as may be provided or approved by the
Administrator and, in the case of a notice or election by a Participant or
Beneficiary, unless executed by the Participant or Beneficiary giving such
notice or making such election. Notices and elections shall be deemed given or
made when received by any member of the committee that serves as Administrator.

     14.3 Delegation of Authority. Whenever the Corporation is permitted or
          -----------------------
required to perform any act, such act may be performed by its Chief Executive
Officer or President or other person duly authorized by its Chief Executive
Officer or President or its Board.

     14.4 Service of Process. The Administrator shall be the agent for service
          ------------------
of process on the Plan.

     14.5 Governing Law. The Plan shall be construed, enforced and administered
          -------------
in accordance with the laws of the Commonwealth of Virginia.

     14.6 Binding Effect. The Plan shall be binding upon and inure to the
          --------------
benefit of the Corporation, its successors and assigns, and the Participant and
his heirs, executors, administrators and legal representatives.

     14.7 Severability. If any provision of the Plan should for any reason be
          ------------
declared invalid or unenforceable by a court of competent jurisdiction, the
remaining provisions shall nevertheless remain in full force and effect.

     14.8 Gender and Number. In the construction of the Plan, the masculine
          -----------------
shall include the feminine or neuter and the singular shall include the plural
and vice-versa in all cases where such meanings would be appropriate.

     14.9 Titles and Captions. Titles and captions and headings herein have been
          -------------------
inserted for convenience of reference only and are to be ignored in any
construction of the provisions hereof.

                                      -16-<PAGE>

                                                                   Exhibit 10.27

                        LandAmerica Financial Group, Inc.
                        Executive Voluntary Deferral Plan

                                    Effective
                                December 1, 1998

                         Amended and Restated Effective
                                 January 1, 2002

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                       Page
                                                                                                       ----
<S>                                                                                                      <C>
ARTICLE I Definition of Terms............................................................................1
1.1      Account.........................................................................................1
1.2      Administrator...................................................................................1
1.3      Affiliate.......................................................................................1
1.4      Annual Bonus Date...............................................................................1
1.5      Beneficiary.....................................................................................1
1.6      Benefit Commencement Date.......................................................................1
1.7      Board...........................................................................................1
1.8      Bonus...........................................................................................2
1.9      Closing Price...................................................................................2
1.10     Code............................................................................................2
1.11     Committee.......................................................................................2
1.12     Corporation.....................................................................................2
1.13     Death Benefit...................................................................................2
1.14     Deferral Amount.................................................................................2
1.15     Deferral Benefit................................................................................2
1.16     Deferral Contribution...........................................................................2
1.17     Deferral Contribution...........................................................................2
1.18     Deferral Election...............................................................................2
1.19     Deferral Premium................................................................................2
1.20     Deferred Cash Account...........................................................................3
1.21     Deferred Stock Unit.............................................................................3
1.22     Deferred Stock Unit Account.....................................................................3
1.23     Disabled and Disability.........................................................................3
1.24     Effective Date..................................................................................3
1.25     Eligible Executive..............................................................................3
1.26     First Plan Year.................................................................................3
1.27     Participant.....................................................................................3
1.28     Plan............................................................................................3
1.29     Plan Year.......................................................................................4
1.30     Rate of Return..................................................................................4
1.31     Retirement......................................................................................4

ARTICLE II Eligibility and Participation.................................................................4
2.1      Eligibility.....................................................................................4
2.2      Participation...................................................................................4
2.3      Commencement of Active Participation............................................................4
2.4      Length of Participation.........................................................................5

ARTICLE III Determination of Deferral....................................................................5
3.1      Deferral Benefit................................................................................5
</TABLE>

                                      -ii-

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                       Page
                                                                                                       ----
<S>                                                                                                     <C>
3.2      Deferral Election...............................................................................5
3.3      Subtractions from Deferred Cash Account and Deferred Stock Unit Account.........................7
3.4      Crediting of Interest to Deferred Cash Account..................................................7
3.5      Equitable Adjustment in Case of Error or Omission...............................................7
3.6      Statement of Benefits...........................................................................7

ARTICLE IV Accounts and Investments......................................................................7
4.1      Accounts........................................................................................7
4.2      Deferred  Stock Units...........................................................................7
4.3      Hypothetical Nature of Accounts and Investments.................................................8

ARTICLE V Vesting........................................................................................9

ARTICLE VI Death Benefits................................................................................9
6.1      Pre-Benefit Commencement Date Death Benefit.....................................................9
6.2      Post-Benefit Commencement Date Death Benefit....................................................9

ARTICLE VII Payment of Benefits..........................................................................9
7.1      Payment of Deferral Benefit.....................................................................9
7.2      Payment of Death Benefit.......................................................................10
7.3      Form of Payment of Deferral Benefit............................................................10
7.4      Benefit Determination and Payment Procedure....................................................10
7.5      Payments to Minors and Incompetents............................................................10
7.6      Distribution of Benefit When Distributee Cannot Be Located.....................................10
7.7      Deferral Benefit Upon Disability or Retirement.................................................10

ARTICLE VIII Beneficiary Designation....................................................................11
8.1      Beneficiary Designation........................................................................11

ARTICLE IX Withdrawals..................................................................................11
9.1      No Withdrawals Permitted.......................................................................11
9.2      Hardship Exemption.............................................................................11

ARTICLE X Funding.......................................................................................12
10.1     Funding........................................................................................12

ARTICLE XI Change of Control............................................................................13
11.1     Change of Control..............................................................................13
</TABLE>

                                     -iii-

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                       Page
                                                                                                       ----
<S>                                                                                                     <C>
11.2     Effect of Change of Control....................................................................14

ARTICLE XII Plan Adminstrator...........................................................................15
12.1     Appointment of Administrator...................................................................15
12.2     Duties and Responsibilities of Plan Administrator..............................................15
12.3     Claims Procedures..............................................................................16

ARTICLE XIII Amendment or Termination of Plan...........................................................17
13.1     Amendment or Termination of the Plan...........................................................17

ARTICLE XIV Miscellaneous...............................................................................17
14.1     Non-assignability..............................................................................17
14.2     Notices and Elections..........................................................................17
14.3     Delegation of Authority........................................................................17
14.4     Service of Process.............................................................................18
14.5     Governing Law..................................................................................18
14.6     Binding Effect.................................................................................18
14.7     Severability...................................................................................18
14.8     Gender and Number..............................................................................18
14.9     Titles and Captions............................................................................18
</TABLE>

                                      -iv-

<PAGE>

                        LandAmerica Financial Group, Inc.
                        Executive Voluntary Deferral Plan

     The Board of Directors is of the opinion that it is in the best interests
of LandAmerica Financial Group, Inc. (the "Corporation") to provide certain key
executives an opportunity to defer receipt of bonus payments as well as an
opportunity for such key executives to align their interests with the
Corporation by being tied to the performance of the Corporation's common stock.

     Pursuant to action taken by the Board of Directors, the following
LandAmerica Financial Group, Inc. Executive Voluntary Deferral Plan (the "Plan")
is hereby adopted.

                                    ARTICLE I
                               Definition of Terms
                               -------------------

     The following words and terms as used in this Plan shall have the meaning
set forth below, unless a different meaning is clearly required by the context:

     1.1 "Account": A bookkeeping account established for a Participant under
Article IV hereof.

     1.2 "Administrator": The Committee or its designee is the Plan
Administrator.

     1.3 "Affiliate": Any subsidiary, parent, affiliate, or other related
business entity to the Corporation.

     1.4 "Annual Bonus Date:" The date in a particular year on which the Bonus
awarded to those Participants who receive solely one Bonus award per year
becomes payable or would otherwise become payable, but for a Participant's
Deferral Election.

     1.5 "Beneficiary": The person or persons designated by a Participant or
otherwise entitled pursuant to Section 8.1 to receive benefits under the Plan
attributable to such Participant after the death of such Participant.

     1.6 "Benefit Commencement Date": The date irrevocably elected by the
Participant pursuant to Section 3.2, which date may not be later than the
Participant's 70th birthday. The same Benefit Commencement Date shall be
required for all Deferral Contributions made and Deferral Benefits attributable
to a Plan Year.

     1.7 "Board": The present and any succeeding Board of Directors of the
Corporation, unless such term is used with respect to a particular Affiliate and
its Directors, in which event it shall mean the present and any succeeding Board
of Directors of that Affiliate.

     1.8 "Bonus": Compensation paid to a Participant for services rendered to
the Corporation, which is designated as a "bonus" by the Committee and which
shall include without limitation any pre-tax or sub-goal bonuses.

<PAGE>

     1.9 "Closing Price": The closing price of a share of common stock of the
Corporation as reported on the New York Stock Exchange composite tape on such
day or, if the common stock of the Corporation was not traded on the New York
Stock Exchange on such day, then on the next preceding day that the common stock
of the Corporation was traded on such exchange, all as reported by such source
as the Administrator may select.

     1.10 "Code": The Internal Revenue Code of 1986, as the same may be amended
from time to time.

     1.11 "Committee": The Compensation Committee of the Board.

     1.12 "Corporation": LandAmerica Financial Group, Inc., or any successor
thereto.

     1.13 "Death Benefit": The benefit with respect to a Participant due a
Participant's Beneficiary, determined in accordance with Article VI hereof.

     1.14 "Deferral Amount": With respect to each Plan Year, the sum of the
Deferral Contributions of a Participant with respect to his Bonus to be paid
during the Plan Year.

     1.15 "Deferral Benefit": The balance in a Participant's Deferred Cash
Account and Deferred Stock Unit Account.

     1.16 "Deferral Contribution": The portion of a Participant's Bonus, which
is deferred under the Plan.

     1.17 "Deferral Contribution Date": The Annual Bonus Date on which a
Deferral Contribution is credited to a Participant's Deferred Cash Account or
Deferred Stock Unit Account in accordance with Section 3.2.

     1.18 "Deferral Election": An irrevocable election of a Deferral Amount in
writing executed by the Eligible Executive or Participant and timely filed with
the Administrator.

     1.19 "Deferral Premium": Additional Deferred Stock Units awarded to a
Participant who elects to defer his Bonus into the Deferred Stock Unit Account
equal to twenty percent (20%) of the Participant's Deferral Contribution into
the Deferred Stock Unit Account for a given Plan Year.

     1.20 "Deferred Cash Account": An unfunded, bookkeeping account maintained
on the books of the Corporation for a Participant, which reflects the
Participant's Deferral Contributions made under the Plan. Separate subdivisions
of the Deferred Cash Account shall continue to be maintained to reflect Deferral
Contributions made and Deferral Benefits attributable with respect to each Plan
Year.

     1.21 "Deferred Stock Unit": A hypothetical share of the Corporation's
common stock.

                                      -2-

<PAGE>

     1.22 "Deferred Stock Unit Account": An unfunded, bookkeeping account
maintained on the books of the Corporation for a Participant, which reflects his
interest in amounts attributable to his Deferred Contributions under the Plan.
Separate subdivisions of the Deferred Stock Unit Account shall be maintained to
reflect Deferral Contributions made and Deferral Benefits attributable with
respect to each Plan Year and within each Plan Year, the Deferral Contributions
and Deferral Benefits attributable to Deferral Contributions of Bonus and
Deferral Premiums.

     1.23 "Disabled" and "Disability" shall have the meanings assigned to such
terms in the Company's Long-Term Disability Plan.

     1.24 "Effective Date": The Effective Date of the Plan is December 1, 1998.

     1.25 "Eligible Executive": An executive who has the rank of Senior
Vice-President of the Company, or higher.

     1.26 "First Plan Year": The Plan Year commencing January 1, 1998.

     1.27 "Participant": An Eligible Executive who elects to participate in the
Plan, and further differentiated as follows:

          (i) "Active Participant": A Participant who has an election to make
     Deferral Contributions to the Plan in effect at the time in question.

          (ii) "Inactive Participant": A Participant who does not have an
     election to make Deferral Contributions to the Plan in effect at the time
     in question.

     1.28 "Plan": This document, as contained herein or duly amended, which
shall be known as the "LandAmerica Financial Group, Inc. Executive Voluntary
Deferral Plan".

     1.29 "Plan Year": The calendar year during which a Participant's Bonus is
earned.

     1.30 "Rate of Return": Eight percent (8%) for the First Plan Year, and
eight percent (8%) for subsequent Plan Years until, if ever, increased by the
Compensation Committee.

     1.31 "Retirement": A Participant's termination of employment with the
Company at or after age 65.

                                   ARTICLE II
                          Eligibility and Participation
                          -----------------------------

     2.1 Eligibility. Each Eligible Executive shall be eligible to participate
         -----------
in the Plan and to defer Bonus for such Plan Year as provided in this Plan. Any
questions as to whether an executive of the Company is employed at the level of
Senior Vice-President of the Company, or

                                      -3-

<PAGE>

higher, shall be determined by the Administrator, in its sole discretion, in
accordance with Company policy, if any, on such matters.

     2.2 Participation.
         -------------

     (a) In order to become an Active Participant and to make Deferral
Contributions with respect to a Plan Year, an Eligible Executive must file with
the Administrator a Deferral Election, in accordance with the terms and
conditions set forth in Section 3.2. For the First Plan Year, such Deferral
Election must be filed no later than December 31, 1998. With respect to all Plan
Years other than the First Plan Year, such Deferral Election must be filed no
later than the December 31 preceding such Plan Year or at such earlier time as
may be set by the Committee in its sole discretion.

     (b) By executing and filing such election with the Administrator, an
Eligible Executive consents and agrees to the following:

          (i) To execute such applications and take such physical examinations
     and to supply truthfully and completely such information as may be
     requested by any health questionnaire provided by the Administrator;

          (ii) To be bound by all terms and conditions of the Plan and all
     amendments thereto.

     2.3 Commencement of Active Participation. An Eligible Executive shall
         ------------------------------------
become an Active Participant with respect to a Plan Year only if he is expected
to have Bonus during such Plan Year, and he timely files and has in effect a
Deferral Election for such Plan Year.

     2.4 Length of Participation. An individual who is or becomes a Participant
         -----------------------
shall be or remain an Active Participant as long as he has a Deferral Election
in effect; and he shall be or remain an Inactive Participant as long as he is
entitled to future benefits under the terms of the Plan and is not considered an
Active Participant.

                                   ARTICLE III
                            Determination of Deferral
                            -------------------------

     3.1 Deferral Benefit. For purposes hereof, a Participant's Deferral Benefit
         ----------------
shall be the balance in his Deferred Cash Account and his Deferred Stock Unit
Account at the time in question.

     3.2 Deferral Election.
         -----------------

     (a) Subject to the restrictions and conditions hereinafter provided, a
Participant may irrevocably elect, as a Deferral Contribution with respect to a
Plan Year, to defer part or all of the Participant's Bonus for a given Plan
Year, which is specified in his Deferral Election for such

                                      -4-

<PAGE>

Plan Year in accordance with the conditions set forth in this Section 3.2. Any
such Deferral Election must be filed with the Administrator at the time required
under Section 2.2(a).

     (b) The following conditions apply:

          (i) The maximum Deferral Contribution with respect to any Participant
     for a Plan Year shall be one hundred percent (100%) of his Bonus for such
     Plan Year, and such election shall be expressed by the Participant's
     indication of (x) the excess of a dollar level, (y) a stated percentage, or
     (z) a stated percentage of the excess of a dollar level of the
     Participant's Bonus for a given Plan Year.

          (ii) On such election form, the Participant shall indicate how the
     Deferral Contribution is to be allocated between the Participant's Deferred
     Cash Account and the Participant's Deferred Stock Unit Account. To the
     extent that a Participant elects to defer amounts into his Deferred Cash
     Account, the Participant's Deferred Cash Account shall be credited with the
     dollar amount of the Deferral Contribution allocated to such Account either
     (i) as of the day on which the Bonus would otherwise be paid to the
     Participant if such day is an Annual Bonus Date; or (ii) if such day on
     which the Bonus would otherwise be paid is not an Annual Bonus Date, then
     as of the next occurring Annual Bonus Date. To the extent that a
     Participant elects to defer amounts into his Deferred Stock Unit Account,
     the Participant's Deferred Stock Unit Account shall be credited with that
     number of Deferred Stock Units determined by dividing the dollar amount of
     the Participant's Deferral Contribution to the Deferred Stock Unit Account
     by the Closing Price either (i) as of the day on which the Bonus would
     otherwise be paid to the Participant if such day is an Annual Bonus Date;
     or (ii) if such day on which the Bonus would otherwise be paid is not an
     Annual Bonus Date, then as of the next occurring Annual Bonus Date. The
     Annual Bonus Date on which a Participant's Deferred Cash Account or
     Deferred Stock Unit Account is credited in accordance with this Section 3.2
     shall be referred to as the Deferral Contribution Date.

          (iii) A Participant who makes a Deferral Contribution for a given Plan
     Year into the Participant's Deferred Stock Unit Account shall receive a
     Deferral Premium of additional Deferred Stock Units equal to twenty percent
     (20%) of the Participant's Deferral Contribution to his Deferred Stock Unit
     Account for such Plan Year. The Deferral Premium shall be credited to the
     Participant's Deferred Stock Unit Account in addition to the Deferred Stock
     Units received as a result of the election to defer the Participant's Bonus
     in the manner provided in this Section 3.2, although such Deferral Premium
     shall be subject to certain vesting requirements set forth in (ix) below.

          (iv) A separate Deferral Election must be filed for each Plan Year.

          (v) Each Deferral Election shall be made on a form provided by the
     Administrator and shall specify any such information as the Administrator
     may require.

                                      -5-

<PAGE>

          (vi) A Deferral Election must specify the manner of payment and the
     period of payment. A Participant may elect to receive a lump sum payment or
     quarterly installment payments over a term of years of up to fifteen years.

          (vii) A Deferral Election must specify the Benefit Commencement Date.
     A Participant may elect to receive payments on a date which is at least two
     (2) years from the Deferral Contribution Date for such election but in no
     event later than the Participant's 70th birthday or on a date which is the
     later of two (2) years from the Deferral Contribution Date for such
     election but in no event later than the Participant's 70th birthday or the
     Participant's termination of employment with the Corporation. The Benefit
     Commencement Date specified in the Participant's Deferral Election may be
     accelerated upon the Participant's death, Disability, Retirement or upon a
     Change of Control as further provided in this Plan.

          (viii) A Participant shall have the option of postponing the elected
     Benefit Commencement Date of a Deferral Benefit whether from the
     Participant's Deferred Cash Account or Deferred Stock Unit Account by
     making an irrevocable election to roll over such Deferral Benefit at least
     one year before such Deferral Benefit is payable, provided that the
     Participant may not change his previous allocation of amounts to his
     Deferred Cash Account and Deferred Stock Unit Account at such time and
     provided that a Participant may not postpone the elected Benefit
     Commencement Date past the Participant's 70th birthday. A Participant shall
     make such election on a form designated by the Administrator.

          (ix) The Participant shall forfeit a Deferral Premium (and any
     dividends credited to the Participant's Deferred Stock Unit Account as a
     result of such Deferral Premium) if the Participant separates from service
     to the Corporation before the second anniversary of the date on which the
     Deferral Premium was awarded for any reason other than (1) on account of
     the Participant's death, Disability or Retirement or (2) following a Change
     of Control with respect to Deferral Premiums awarded before the Change of
     Control.

     3.3 Subtractions from Deferred Cash Account and Deferred Stock Unit
         ---------------------------------------------------------------
Account. All distributions from a Participant's Deferred Cash Account and
-------
Deferred Stock Unit Account shall be subtracted when such distributions are
made.

     3.4 Crediting of Interest to Deferred Cash Account. There shall be credited
         ----------------------------------------------
to each Participant's Deferred Cash Account an amount representing interest on
the balance of such account. Interest shall be credited as earned. Such interest
shall be based on the applicable Rate of Return for the Plan Year.

     3.5 Equitable Adjustment in Case of Error or Omission. If an error or
         -------------------------------------------------
omission is discovered in the Deferred Cash Account and Deferred Stock Unit
Account of a Participant, the Administrator shall make such equitable
adjustments as the Administrator deems appropriate.

                                      -6-

<PAGE>

     3.6 Statement of Benefits. Within a reasonable time after the end of the
         ---------------------
Plan Year and at the date a Participant's Deferral Benefit or Death Benefit
becomes payable under the Plan, the Administrator shall provide to each
Participant (or, if deceased, to his Beneficiary) a statement of the benefit
under the Plan.

                                   ARTICLE IV
                            Accounts and Investments
                            ------------------------

     4.1 Accounts. A separate Account under the Plan shall be established for
         --------
each Participant. Such Account shall be (a) credited with the amounts credited
in accordance with Section 3.2, (b) credited (or charged, as the case may be)
with the investment results determined in accordance with Section 4.2, and (c)
charged with the amounts paid by the Plan to or on behalf of the Participant in
accordance with Article VII. With each Participant's Account, separate
subaccounts including a Deferred Stock Unit Account and a Deferred Cash Account
shall be maintained.

     4.2 Deferred Stock Units. Except as provided below, a Participant's
         --------------------
Deferred Stock Unit Account shall be treated as if it were invested in Deferred
Stock Units that are equivalent in value to the fair market value of the shares
of the Corporation's common stock in accordance with the following rules:

     (a) Before the Benefit Commencement Date, the number of Deferred Stock
Units credited to a Participant's Deferred Stock Unit Account shall be increased
on each date on which a dividend is paid on the Corporation's common stock. The
number of additional Deferred Stock Units credited to a Participant's Deferred
Stock Unit Account as a result of such increase shall be determined by (i)
multiplying the total number of Deferred Stock Units (with fractional Deferred
Stock Units rounded off to the nearest thousandth) credited to the Participant's
Deferred Stock Unit Account immediately before such increase by the amount of
the dividend paid per share of the Corporation's common stock on the dividend
payment date, and (ii) dividing the product so determined by the Closing Price
on the dividend payment date.

     (b) The dollar value of the Deferred Stock Units credited to a
Participant's Deferred Stock Unit Account on any date shall be determined by
multiplying the number of Deferred Stock Units (including fractional Deferred
Stock Units) credited to the Participant's Deferred Stock Unit Account by the
Closing Price on that date.

     (c) In the event of a transaction or event described in this subsection
(c), the number of Deferred Stock Units credited to a Participant's Deferred
Stock Unit Account shall be adjusted in such manner as the Board, in its sole
discretion, deems equitable. A transaction or event is described in this
subsection (c) if (i) it is a dividend (other than regular quarterly dividends)
or other distribution (whether in the form of cash, shares, other securities, or
other property), extraordinary cash dividend, recapitalization, stock split,
reverse stock split, reorganization, merger, consolidation, split-up, spin-off,
repurchase, or exchange of shares or other securities, the issuance or
exercisability of stock purchase rights, the issuance of warrants or other
rights to purchase shares or other securities, or other similar corporate
transaction or event and (ii) the

                                      -7-

<PAGE>

Board determines that such transaction or event affects the shares of the
Corporation's common stock, such that an adjustment pursuant to this paragraph
(c) is appropriate to prevent dilution or enlargement of the benefits or
potential benefits intended to be made available under the Plan.

     (d) A Participant who elects to receive distribution of his Accounts in
quarterly installments will not have his or her Deferred Stock Unit Account
credited with Deferred Stock Units on or after the Benefit Commencement Date.

     (e)On the Benefit Commencement Date, the Deferred Stock Unit Account of a
Participant who has elected to receive his Deferral Benefit in quarterly
installments shall be converted to a Deferred Cash Account which shall be
combined with the Participant's existing Deferred Cash Account. The Deferred
Cash Account shall continue to accrue interest at the Rate of Return.

     4.3 Hypothetical Nature of Accounts and Investments. Each Account
         -----------------------------------------------
established under this Article IV shall be maintained for bookkeeping purposes
only. Neither the Plan nor any of the Accounts established under the Plan shall
hold any actual funds or assets. The Deferred Stock Units established hereunder
shall be used solely to determine the amounts to be paid hereunder, shall not
represent an equity security of the Corporation, shall not be convertible into
or otherwise entitle a Participant to acquire an equity security of the
Corporation and shall not carry any voting or dividend rights.

                                    ARTICLE V
                                     Vesting
                                     -------

     5.1 Vesting. A Participant's Deferred Cash Account and Deferred Stock Unit
         -------
Account shall be fully vested and non-forfeitable at all times, except that
Deferral Premiums and any dividends credited to the Participant's Deferred Stock
Unit Account as a result of such Deferral Premiums shall vest as provided in
Section 3.2 (ix).

                                   ARTICLE VI
                                 Death Benefits
                                 --------------

     6.1 Pre-Benefit Commencement Date Death Benefit. In the event that a
         -------------------------------------------
Participant dies prior to his Benefit Commencement Date, then the Participant's
Deferred Stock Unit Account shall be converted to a Deferred Cash Account as of
the first day of the month following the Participant's date of death, which
Deferred Cash Account shall accrue annual interest thereafter at the Rate of
Return to the extent not paid out in a lump sum pursuant to the Participant's
election form. The Beneficiary of such Participant shall be entitled to receive
as a Death Benefit an amount equal to the Deferral Benefit as of the Benefit
Commencement that the Participant would have received had the Participant lived
to receive the full Deferral Benefit. This Death Benefit shall be paid pursuant
to the Participant's election form except that the payment shall be made, or
begin, no more than ninety (90) days after the Participant's date of death.

                                      -8-

<PAGE>

     6.2 Post-Benefit Commencement Date Death Benefit. In the event that a
         --------------------------------------------
Participant dies after his Benefit Commencement Date, then the Beneficiary of
such Participant shall be entitled to receive as a Death Benefit a continuation
of the payment of the Deferral Benefit in the same manner and in the same amount
that the Participant would have received had the Participant lived to receive
the Deferral Benefit.

                                   ARTICLE VII
                               Payment of Benefits
                               -------------------

     7.1 Payment of Deferral Benefit. A Participant's Deferral Benefit, if any,
         ---------------------------
shall become payable to the Participant as of the Benefit Commencement Date
specified in his Deferral Election or as soon thereafter as is administratively
practical. If the Participant has elected to receive the Deferral Benefit in
quarterly installments, each of the Participant's installment payments shall be
comprised of accrued interest, if any, and that portion of the Participant's
Deferral Benefit equal to the balance in the Participant's Deferred Cash Account
divided by the number of remaining annual installment payments to be made to the
Participant.

     7.2 Payment of Death Benefit. A Participant's Death Benefit shall be
         ------------------------
payable to his Beneficiary as set forth in Article VI.

     7.3 Form of Payment of Deferral Benefit. A Participant shall be paid his
         -----------------------------------
Deferral Benefit beginning at the Benefit Commencement Date in a lump sum or in
periodic installment payments payable quarterly for the term of years as
irrevocably elected by the Participant pursuant to Section 3.2.

     7.4 Benefit Determination and Payment Procedure. The Administrator has the
         -------------------------------------------
authority, in its sole discretion and judgment to make all determinations
concerning eligibility for benefits under the Plan, the time or terms of
payment, and the form or manner of payment to the Participant or the
Participant's Beneficiary, in the event of the death or Disability of the
Participant. The Administrator shall promptly notify the Corporation of each
such determination that benefit payments are due and provide to the Corporation
all other information necessary to allow the Corporation to carry out said
determination, whereupon the Corporation shall pay such benefits in accordance
with the Administrator's determination.

     7.5 Payments to Minors and Incompetents. If a Participant or Beneficiary
         -----------------------------------
entitled to receive any benefits hereunder is a minor or is adjudged to be
legally incapable of giving valid receipt and discharge for such benefits, or is
deemed so by the Administrator, benefits will be paid to such person as the
Administrator may designate for the benefit of such Participant or Beneficiary.
Such payments shall be considered a payment to such Participant or Beneficiary
and shall, to the extent made, be deemed a complete discharge of any liability
for such payments under the Plan.

     7.6 Distribution of Benefit When Distributee Cannot Be Located. The
         ----------------------------------------------------------
Administrator shall make all reasonable attempts to determine the identity
and/or whereabouts of a Participant or a Participant's Beneficiary entitled to
benefits under the Plan, including the

                                      -9-

<PAGE>

mailing by certified mail of a notice to the last known address shown on the
Corporation's or the Administrator's records. If the Administrator is unable to
locate such a person entitled to benefits hereunder, or if there has been no
claim made for such benefits, the Corporation shall continue to hold the benefit
due such person, subject to any applicable statute of escheats.

     7.7 Deferral Benefit Upon Disability or Retirement. In the event of the
         ----------------------------------------------
Participant's Disability or Retirement prior to his selected Benefit
Commencement Date, the Participant's Benefit Commencement Date shall be adjusted
to the first day of the month following the Participant's Retirement or
Disability. On such adjusted Benefit Commencement Date, the Deferred Stock Unit
Account of a Participant who has elected to receive his Deferral Benefit in
quarterly installments shall be converted to a Deferred Cash Account, which
shall be combined with the Participant's existing Deferred Cash Account. The
Deferred Cash Account shall continue to accrue interest at the Rate of Return.
The Participant's Deferral Benefit shall become payable on the first day of the
month following such event and shall be paid in the manner prescribed on the
Participant's election form, except with regard to the Participant's originally
selected Benefit Commencement Date.

                                  ARTICLE VIII
                             Beneficiary Designation
                             -----------------------

     8.1 Beneficiary Designation.
         -----------------------

     (a) A Participant may designate a Beneficiary and a contingent Beneficiary.
Any Beneficiary designation made hereunder shall be effective only if properly
signed and dated by the Participant and delivered to the Administrator prior to
the time of the Participant's death. The most recent Beneficiary designation
received by the Administrator shall be the effective Beneficiary designation for
all Plan Years and shall supercede all prior Beneficiary designations unless
specifically designated otherwise. Any Beneficiary designation hereunder shall
remain effective until changed or revoked hereunder.

     (b) A Beneficiary designation may be changed by the Participant at any
time, or from time to time, by filing a new designation in writing with the
Administrator.

     (c) If the Participant dies without having designated a Beneficiary or a
contingent Beneficiary or if the Participant dies and the Beneficiary and
contingent Beneficiary so named by the Participant have both predeceased the
Participant, then the Participant's estate shall be deemed to be his
Beneficiary. In the event that the Participant dies and the Beneficiary so named
by the Participant has predeceased the Participant, then the surviving
contingent Beneficiary, if any, shall be the Beneficiary.

     (d) If a Beneficiary of the Participant shall survive the Participant but
shall die before the Participant's entire benefit under the Plan has been
distributed, then the unpaid balance thereof shall be distributed to any other
beneficiary named by the deceased Beneficiary to receive his interest or, if
none, to the estate of the deceased Beneficiary.

                                      -10-

<PAGE>

                                   ARTICLE IX
                                   Withdrawals
                                   -----------

     9.1 No Withdrawals Permitted. No withdrawals or other distributions shall
         ------------------------
be permitted from the Deferred Cash Account and Deferred Stock Unit Account
except as specifically provided in Articles VII and IX.

     9.2 Hardship Exemption.
         ------------------

     (a) A distribution of a portion of the Participant's Deferral Account
because of an Unforeseeable Emergency will be permitted only to the extent
required by the Participant to satisfy the emergency need. Whether an
Unforeseeable Emergency has occurred will be determined solely by the
Administrator. Distributions in the event of an Unforeseeable Emergency may be
made by and with the approval of the Administrator upon written request by a
Participant.

     (b) An "Unforeseeable Emergency" is defined as a severe financial hardship
to the Participant resulting from a sudden and unexpected illness or accident of
the Participant or of a dependent of the Participant, loss of the Participant's
property due to casualty, or other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the Participant's control.
The circumstances that will constitute an Unforeseeable Emergency will depend
upon the facts of each case, but, in any event, any distribution under this
Section 9.2 shall not exceed the remaining amount required by the Participant to
resolve the hardship after (i) reimbursement or compensation through insurance
or otherwise, (ii) obtaining liquidation of the Participant's assets, to the
extent such liquidation would not itself cause a severe financial hardship, or
(iii) suspension of deferrals under the Plan.

                                    ARTICLE X
                                     Funding
                                     -------

     10.1 Funding.
          -------

     (a) All Plan Participants and Beneficiaries are general unsecured creditors
of the Corporation with respect to the benefits due hereunder and the Plan
constitutes a mere promise by the Corporation to make benefit payments in the
future. It is the intention of the Corporation that the Plan be considered
unfunded for tax purposes.

     (b) The Corporation may, but is not required to, purchase life insurance in
amounts sufficient to provide some or all of the benefits provided under this
Plan or may otherwise segregate assets for such purpose.

     (c) The Corporation may, but is not required to, establish a grantor trust
which may be used to hold assets of the Corporation which are maintained as
reserves against the Corporation's unfunded, unsecured obligations hereunder.
Such reserves shall at all times be subject to the claims of the Corporation's
creditors. To the extent such trust or other vehicle is

                                      -11-

<PAGE>

established, and assets contributed, for the purpose of fulfilling the
Corporation's obligation hereunder, then such obligation of the Corporation
shall be reduced to the extent such assets are utilized to meet its obligations
hereunder. Any such trust and the assets held thereunder are intended to conform
in substance to the terms of the model trust described in Revenue Procedure
92-64.

                                   ARTICLE XI
                                Change of Control
                                -----------------

     11.1 Change of Control.
          -----------------

          A "Change of Control" shall mean:

     (a) The acquisition by any individual, entity or group (within the meaning
of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as
amended (the "Exchange Act")) (a "Person") of beneficial ownership (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of
either (i) the then outstanding shares of common stock of the Corporation (the
"Outstanding Corporation Common Stock") or (ii) the combined voting power of the
then outstanding voting securities of the Corporation entitled to vote generally
in the election of directors (the "Outstanding Corporation Voting Securities");
provided, however, that for purposes of this subsection (a), the following
acquisitions shall not constitute a Change of Control: (i) any acquisition
directly from the Corporation, (ii) any acquisition by the Corporation, (iii)
any acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Corporation or any corporation controlled by the Corporation
or (iv) any acquisition by any corporation pursuant to a transaction which
complies with clauses (i), (ii) and (iii) of subsection (c) of this Section; or

     (b) Individuals who, as of the date hereof, constitute the Board (the
"Incumbent Board") cease for any reason to constitute at least a majority of the
Board; provided, however, that any individual becoming a director subsequent to
the date hereof whose election, or nomination for election by the Corporation's
shareholders, was approved by a vote of at least a majority of the directors
then comprising the Incumbent Board shall be considered as though such
individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office occurs as a
result of an actual or threatened election contest with respect to the election
or removal of directors or other actual or threatened solicitation of proxies or
consents by or on behalf of a Person other than the Board; or

     (c) Consummation of a reorganization, merger or consolidation or sale or
other disposition of all or substantially all of the assets of the Corporation
(a "Business Combination"), in each case, unless, following such Business
Combination, (i) all or substantially all of the individuals and entities who
were the beneficial owners, respectively, of the Outstanding Corporation Common
Stock and Outstanding Corporation Voting Securities immediately prior to such
Business Combination beneficially own, directly or indirectly, more than 50% of,
respectively, the then outstanding shares of common stock and the combined
voting power of the then outstanding voting securities entitled to vote
generally in the election of directors, as the case may be, of the corporation
resulting from such Business Combination (including, without

                                      -12-

<PAGE>

limitation a corporation which as a result of such transaction owns the
Corporation or all or substantially all of the Corporation's assets either
directly or through one or more subsidiaries) in substantially the same
proportions as their ownership, immediately prior to such Business Combination
of the Outstanding Corporation Common Stock and Outstanding Corporation Voting
Securities, as the case may be, (ii) no Person (excluding any corporation
resulting from such Business Combination or any employee benefit plan (or
related trust) of the Corporation or such corporation resulting from such
Business Combination) beneficially owns, directly or indirectly, 20% or more of,
respectively, the then outstanding shares of common stock of the corporation
resulting from such Business Combination or the combined voting power of the
then outstanding voting securities of such corporation except to the extent that
such ownership existed prior to the Business Combination and (iii) at least a
majority of the members of the board of directors of the corporation resulting
from such Business Combination were members of the Incumbent Board at the time
of the execution of the initial agreement, or of the action of the Board,
providing for such Business Combination; or

     (d) Approval by the shareholders of the Corporation of a complete
liquidation or dissolution of the Corporation.

     Notwithstanding the foregoing, for purposes of subsection (a) of this
Section, a Change of Control shall not be deemed to have taken place if, as a
result of an acquisition by the Corporation which reduces the Outstanding
Corporation Common Stock or the Outstanding Corporation Voting Securities, the
beneficial ownership of a Person increases to 20% or more of the Outstanding
Corporation Common Stock or the Outstanding Corporation Voting Securities;
provided, however, that if a Person shall become the beneficial owner of 20% or
more of the Outstanding Corporation Common Stock or the Outstanding Corporation
Voting Securities by reason of share purchases by the Corporation and, after
such share purchases by the Corporation, such Person becomes the beneficial
owner of any additional shares of the Outstanding Corporation Common Stock or
the Outstanding Corporation Voting Stock, for purposes of subsection (a) of this
Section, a Change of Control shall be deemed to have taken place.

     11.2 Effect of Change of Control.
          ---------------------------

     (a) Upon a Change of Control, the Corporation shall establish, if one has
not been established, a grantor trust, as described in Section 10.1(c) and shall
contribute to such trust within seven (7) days of the Change of Control and
within thirty (30) days of the end of each Plan Year thereafter, a lump sum
payment equal to the difference between the aggregate value of all Participants'
Accounts and the value of the assets of the trust on the date of the Change of
Control or end of the Plan Year.

     (b) Notwithstanding any other provision in any other Article of this Plan
to the contrary, in the event Participant separates from service to the
Corporation within three (3) years following a Change of Control, other than on
account of the Participant's death, Disability or Retirement, (i) the value of
all amounts deferred by a Participant which have not yet been credited to the
Participant's Account and (ii) the value of such Participant's Account shall be
paid to Participant in a lump-sum payment no later than thirty (30) days after
the date of the Participant's separation from service.

                                      -13-

<PAGE>

     (c) Upon a Change of Control, each Participant's Stock Unit Account shall
be adjusted as provided in Section 4.1(c). The amount of such adjustment shall
be determined by the Board (which, for this purpose, shall be comprised of
employee members of the Board prior to the Change of Control) so as to reflect
fairly and equitably appropriate circumstances as the Board deems appropriate,
including, without limitation, the recent price of shares of the Corporation's
common stock. For purposes of adjustments under this Section 11.2(c), the value
of a Participant's Deferred Stock Unit Account shall be adjusted to the greater
of (1) the Closing Price on or nearest the date on which the Change of Control
is deemed to occur, or (2) the highest per share price for shares of the
Corporation's common stock actually paid in connection with the Change of
Control. In the event the consideration received in the Change of Control
transaction by the holders of the Corporation's common stock includes shares of
stock of another corporation (an "Acquiring Corporation"), the adjustment under
this Section 11.2(c) shall include converting each Deferred Stock Unit into
units of stock of the Acquiring Corporation of the same class as the shares
received by the holders of the Corporation's common stock in the Change of
Control transaction using the same exchange ratio as the exchange ratio used in
the Change of Control transaction and such units shall be deemed to be
equivalent in value to the fair market value of such shares of the Acquiring
Corporation. Such units shall thereafter be deemed to be Deferred Stock Units
within the meaning of this Plan and accounted for and adjusted accordingly. Any
other adjustment made to a Deferred Stock Unit Account, including an adjustment
relating to other consideration received in the Change of Control transaction by
the holders of the Corporation's common stock, shall be credited to the
Participant's Deferred Cash Account.

                                   ARTICLE XII
                               Plan Administrator
                               ------------------

     12.1 Appointment of Administrator.
          ----------------------------

     (a) The Committee shall serve as the Administrator unless the Committee has
appointed one or more persons to serve as the Plan Administrator (the
"Administrator") for the purpose of administering the Plan. In the event more
than one person is appointed, the persons shall form a committee for the purpose
of functioning as the Administrator of the Plan. If the Committee has so
appointed an Administrator, the person or committeemen serving as Administrator
shall serve for indefinite terms at the pleasure of the Committee, and may, by
thirty (30) days prior written notice to the Committee, terminate such
appointment.

     12.2 Duties and Responsibilities of Plan Administrator.
          -------------------------------------------------

     (a) The Administrator shall maintain and retain necessary records regarding
its administration of the Plan.

     (b) The Administrator is empowered to settle claims against the Plan and to
make such equitable adjustments in a Participant's or Beneficiary's rights or
entitlements under the Plan

                                      -14-

<PAGE>

as it deems appropriate in the event an error or omission is discovered or
claimed in the operation or administration of the Plan as provided in Section
12.3.

     (c) The Administrator has the authority in its sole judgment and discretion
to construe the Plan, correct defects, supply omissions or reconcile
inconsistencies to the extent necessary to effectuate the Plan, and such action
shall be conclusive and binding on all Participants.

     12.3 Claims Procedures.
          -----------------

     (a) Any claim by a Participant or his or her Beneficiary (hereafter the
"Claimant") for benefits shall be submitted in writing to the Administrator. The
Administrator shall be responsible for deciding whether such claim is payable,
or the claimed relief otherwise is allowable, under the provisions and rules of
the Plan (a "Covered Claim"). The Administrator otherwise shall be responsible
for providing a full review of the Administrator's decision with regard to any
claim, upon a written request.

     (b) Each Claimant or other interested person shall file with the
Administrator such pertinent information as the Administrator may specify, and
in such manner and form as the Administrator may specify; and, such person shall
not have any rights or be entitled to any benefits, or further benefits,
hereunder, as the case may be, unless the required information is filed by the
Claimant or on behalf of the Claimant. Each Claimant shall supply, at such times
and in such manner as may be required, written proof that the benefit is covered
under the Plan. If it is determined that a Claimant has not incurred a Covered
Claim or if the Claimant shall fail to furnish such proof as is requested, no
benefits, or no further benefits, hereunder, as the case may be, shall be
payable to such Claimant.

     (c) Notice of any decision by the Administrator with respect to a Claim
generally shall be furnished to the Claimant within ninety (90) days following
the receipt of the claim by the Administrator (or within ninety (90) days
following the expiration of the initial ninety (90) day period in any case where
there are special circumstances requiring extension of time for processing the
claim). If special circumstances require an extension of time for processing the
claim, written notice of the extension shall be furnished by the Administrator
to the Claimant.

     (d) Commencement of benefit payments shall constitute notice of approval of
a claim to the extent of the amount of the approved benefit. If such claim shall
be wholly or partially denied, such notice shall be in writing. If the
Administrator fails to notify the Claimant of the decision regarding his or her
claim in accordance with the "Claims Procedure" provisions, the claim shall be
"deemed" denied; and, the Claimant then shall be permitted to proceed with the
claims review procedure provided for herein.

     (e) Within sixty (60) days following receipt by the Claimant of notice of
the claim denial, or within sixty (60) days following the date of a deemed
denial, the Claimant may appeal denial of the claim by filing a written
application for review with the Administrator. Following such request for
review, the Administrator shall fully review the decision denying the claim. The
decision of the Administrator then shall be made within sixty (60) days
following receipt by the Administrator of a timely request for review (or within
one hundred and twenty (120) days after

                                      -15-

<PAGE>

such receipt, in a case where there are special circumstances requiring an
extension of time for reviewing such denied claim). The Administrator shall
deliver its decision to the Claimant in writing. If the decision on review is
not furnished within the prescribed time, the claim shall be deemed denied on
review.

     (f) For all purposes under the Plan, the decision with respect to a claim
(if no review is requested) and the decision with respect to a claims review (if
requested), shall be final, binding and conclusive on all Participants,
Beneficiaries and other interested parties, as to all matters relating to the
Plan and Plan benefits. Further, each claims determination under the Plan shall
be made in the absolute and exclusive discretion and authority of the Committee.

                                  ARTICLE XIII
                        Amendment or Termination of Plan
                        --------------------------------

     13.1 Amendment or Termination of the Plan. The Plan may be terminated or
          ------------------------------------
amended at any time by the Board, effective as of any date specified. Any such
action taken by the Board shall be evidenced by a resolution and shall be
communicated to Participants and Beneficiaries prior to the effective date
thereof. No amendment or termination shall decrease a Participant's Deferral
Benefit accrued prior to the effective date of the amendment or termination. The
Board reserves the right to unilaterally shorten the Deferral Period of any
Participant hereunder in its sole discretion if, in its sole discretion, it
determines that to do so will be fair and equitable to the Participant.

                                   ARTICLE XIV
                                  Miscellaneous
                                  -------------

     14.1 Non-assignability. The interests of each Participant under the Plan
          -----------------
are not subject to claims of the Participant's creditors; and neither the
Participant nor his Beneficiary shall have any right to sell, assign, transfer
or otherwise convey the right to receive any payments hereunder or any interest
under the Plan, which payments and interest are expressly declared to be
non-assignable and non-transferable.

     14.2 Notices and Elections. All notices required to be given in writing and
          ---------------------
all elections required to be made in writing under any provision of the Plan
shall be invalid unless made on such forms as may be provided or approved by the
Administrator and, in the case of a notice or election by a Participant or
Beneficiary, unless executed by the Participant or Beneficiary giving such
notice or making such election. Notices and elections shall be deemed given or
made when received by any member of the committee that serves as Administrator.

     14.3 Delegation of Authority. Whenever the Corporation is permitted or
          -----------------------
required to perform any act, such act may be performed by its Chief Executive
Officer or President or other person duly authorized by its Chief Executive
Officer or President or its Board.

     14.4 Service of Process. The Administrator shall be the agent for service
          ------------------
of process on the Plan.

                                      -16-

<PAGE>

     14.5 Governing Law. The Plan shall be construed, enforced and administered
          -------------
in accordance with the laws of the Commonwealth of Virginia.

     14.6 Binding Effect. The Plan shall be binding upon and inure to the
          --------------
benefit of the Corporation, its successors and assigns, and the Participant and
his heirs, executors, administrators and legal representatives.

     14.7 Severability. If any provision of the Plan should for any reason be
          ------------
declared invalid or unenforceable by a court of competent jurisdiction, the
remaining provisions shall nevertheless remain in full force and effect.

     14.8 Gender and Number. In the construction of the Plan, the masculine
          -----------------
shall include the feminine or neuter and the singular shall include the plural
and vice-versa in all cases where such meanings would be appropriate.

     14.9 Titles and Captions. Titles and captions and headings herein have been
          -------------------
inserted for convenience of reference only and are to be ignored in any
construction of the provisions hereof.

                                      -17-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00036-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00036-of-00352.parquet"}]]