Document:

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                                                                   EXHIBIT 10.64

                               LEVI STRAUSS & CO.
                  DEFERRED COMPENSATION PLAN FOR EXECUTIVES AND
                                OUTSIDE DIRECTORS
                              MASTER PLAN DOCUMENT

                            EFFECTIVE JANUARY 1, 2003

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                               LEVI STRAUSS & CO.
         DEFERRED COMPENSATION PLAN FOR EXECUTIVES AND OUTSIDE DIRECTORS

                                TABLE OF CONTENTS
                                -----------------

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ARTICLE 1  DEFINITIONS............................................................................................      1
         1.1      "ACCOUNT".......................................................................................      1
         1.2      "ANNUAL BONUS"..................................................................................      1
         1.3      "ANNUAL COMPANY CONTRIBUTION"...................................................................      1
         1.4      "ANNUAL INSTALLMENT METHOD".....................................................................      1
         1.5      "BASE ANNUAL SALARY"............................................................................      2
         1.6      "BENEFICIARY" OR "BENEFICIARIES"................................................................      2
         1.7      "BOARD".........................................................................................      2
         1.8      "BRP"...........................................................................................      2
         1.9      "CODE"..........................................................................................      2
         1.10     "COMMITTEE".....................................................................................      2
         1.11     "COMPANY".......................................................................................      2
         1.12     "COMPANY CONTRIBUTION ACCOUNT"..................................................................      2
         1.13     "DIRECTOR"......................................................................................      3
         1.14     "DIRECTOR FEES".................................................................................      3
         1.15     "DISABILITY"....................................................................................      3
         1.16     "EIP MAKE-UP ACCOUNT"...........................................................................      3
         1.17     "EIP MAKE-UP CONTRIBUTION"......................................................................      3
         1.18     "ELECTIVE DEFERRAL".............................................................................      3
         1.19     "ELECTIVE DEFERRAL ACCOUNT".....................................................................      3
         1.20     "EMPLOYEE"......................................................................................      3
         1.21     "ERISA".........................................................................................      3
         1.22     "HOPP"..........................................................................................      3
         1.23     "IN-SERVICE DISTRIBUTION".......................................................................      3
         1.24     "LS&CO. PERFORMANCE TRACKINGVEHICLE.............................................................      4
         1.25     "MEASUREMENT VEHICLES"..........................................................................      4
         1.26     "PARTICIPANT"...................................................................................      4
         1.27     "PENSION MAKE-UP CONTRIBUTION"..................................................................      4
         1.28     "PLAN"..........................................................................................      4
         1.29     "PLAN YEAR".....................................................................................      4
         1.30     "RETIREMENT," "RETIRE(S)" OR "RETIRED"..........................................................      4
         1.31     "RETIREMENT DATE"...............................................................................      4
         1.32     "TERMINATION BENEFIT"...........................................................................      5
         1.33     "TERMINATION OF EMPLOYMENT".....................................................................      5
         1.34     "TRUST".........................................................................................      5
         1.35     "TRUSTEE".......................................................................................      5
         1.36     "UNFORESEEABLE FINANCIAL EMERGENCY".............................................................      5

ARTICLE 2  ELIGIBILITY AND PARTICIPATION..........................................................................      5
         2.1      ELIGIBILITY.....................................................................................      5
         2.2      ENROLLMENT......................................................................................      5
         2.3      TERMINATION OF PARTICIPATION AND/OR DEFERRALS...................................................      5

ARTICLE 3  DEFERRALS AND ACCOUNTS.................................................................................      5
         3.1      MINIMUM AND MAXIMUM DEFERRALS...................................................................      5
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                               LEVI STRAUSS & CO.
         DEFERRED COMPENSATION PLAN FOR EXECUTIVES AND OUTSIDE DIRECTORS

                                TABLE OF CONTENTS
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                                   (CONTINUED)
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         3.2      WITHHOLDING AND CREDITING OF ELECTIVE DEFERRALS.................................................      6
         3.3      COMPANY CONTRIBUTION............................................................................      6
         3.4      PENSION MAKE-UP CONTRIBUTION....................................................................      6
         3.5      VESTING.........................................................................................      6
         3.6      CREDITING/DEBITING OF ACCOUNTS..................................................................      7
         3.7      FICA AND OTHER TAXES............................................................................      8

ARTICLE 4  IN-SERVICE DISTRIBUTION; UNFORESEEABLE FINANCIAL EMERGENCIES; WITHDRAWAL ELECTION......................      8
         4.1      IN-SERVICE DISTRIBUTION.........................................................................      8
         4.2      OTHER BENEFITS TAKE PRECEDENCE OVER IN-SERVICE DISTRIBUTION.....................................      9
         4.3      WITHDRAWAL PAYOUT/SUSPENSIONS FOR UNFORESEEABLE FINANCIAL EMERGENCIES...........................      9
         4.4      WITHDRAWAL ELECTION.............................................................................      9

ARTICLE 5  RETIREMENT BENEFIT.....................................................................................      9
         5.1      RETIREMENT BENEFIT..............................................................................      9
         5.2      PAYMENT OF RETIREMENT BENEFIT...................................................................      9
         5.3      DEATH PRIOR TO COMPLETION OF RETIREMENT BENEFIT.................................................     10

ARTICLE 6  TERMINATION BENEFIT...................................................................................      10

ARTICLE 7  DISABILITY WAIVER AND BENEFIT.........................................................................      10
         7.1      DISABILITY WAIVER..............................................................................      10
         7.2      CONTINUED ELIGIBILITY; DISABILITY BENEFIT......................................................      10

ARTICLE 8  PRE-RETIREMENT SURVIVOR BENEFIT.......................................................................      10

ARTICLE 9  BENEFICIARY DESIGNATION...............................................................................      11
         9.1      BENEFICIARY....................................................................................      11
         9.2      NO BENEFICIARY DESIGNATION.....................................................................      11
         9.3      DOUBT AS TO BENEFICIARY........................................................................      11
         9.4      DISCHARGE OF OBLIGATIONS.......................................................................      11

ARTICLE 10  LEAVE OF ABSENCE.....................................................................................      11
         10.1     PAID LEAVE OF ABSENCE..........................................................................      11
         10.2     UNPAID LEAVE OF ABSENCE........................................................................      11

ARTICLE 11  TERMINATION, AMENDMENT OR MODIFICATION...............................................................      12
         11.1     TERMINATION....................................................................................      12
         11.2     AMENDMENT......................................................................................      12
         11.3     EFFECT OF PAYMENT..............................................................................      13

ARTICLE 12  ADMINISTRATION.......................................................................................      13
         12.1     COMMITTEE DUTIES...............................................................................      13
         12.2     AGENTS.........................................................................................      13
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                               LEVI STRAUSS & CO.
         DEFERRED COMPENSATION PLAN FOR EXECUTIVES AND OUTSIDE DIRECTORS

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         12.3     BINDING EFFECT OF DECISIONS....................................................................      13
         12.4     INDEMNITY OF COMMITTEE.........................................................................      13

ARTICLE 13  CLAIMS PROCEDURES....................................................................................      13
         13.1     PRESENTATION OF CLAIM..........................................................................      13
         13.2     NOTIFICATION OF DECISION.......................................................................      13
         13.3     REVIEW OF A DENIED CLAIM.......................................................................      14
         13.4     DECISION ON REVIEW.............................................................................      14
         13.5     LEGAL ACTION...................................................................................      15

ARTICLE 14  TRUST................................................................................................      15
         14.1     ESTABLISHMENT OF THE TRUST.....................................................................      15
         14.2     INTERRELATIONSHIP OF THE PLAN AND THE TRUST....................................................      15
         14.3     DISTRIBUTIONS FROM THE TRUST...................................................................      15

ARTICLE 15  MISCELLANEOUS PROVISIONS.............................................................................      15
         15.1     STATUS OF PLAN.................................................................................      15
         15.2     UNSECURED GENERAL CREDITOR.....................................................................      15
         15.3     NONASSIGNABILITY...............................................................................      15
         15.4     NOT A CONTRACT OF EMPLOYMENT...................................................................      16
         15.5     GOVERNING LAW..................................................................................      16
         15.6     NOTICE.........................................................................................      16
         15.7     SUCCESSORS.....................................................................................      16
         15.8     SPOUSE'S INTEREST..............................................................................      16
         15.9     VALIDITY.......................................................................................      16
         15.10    INCOMPETENT....................................................................................      16
         15.11    DISTRIBUTION IN THE EVENT OF TAXATION..........................................................      17
         15.12    INSURANCE......................................................................................      17
         15.13    EFFECT ON OTHER PLANS..........................................................................      17

</TABLE>

                                       iii

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                               LEVI STRAUSS & CO.
                           DEFERRED COMPENSATION PLAN
                                       FOR
                        EXECUTIVES AND OUTSIDE DIRECTORS
                           (Effective January 1, 2003)

                                     PURPOSE
                                     -------

The purpose of this Plan is to provide a means by which a select group of
management or highly compensated employees and directors, who contribute
materially to the continued growth, development and future business success of
Levi Strauss & Co. and its participating subsidiaries, may elect to defer
receipt of all or a portion of their compensation or bonuses to save for
retirement. As described in the State Taxation of Pension Income Act of 1995,
this Plan is maintained solely for the purpose of providing retirement benefits
for Participants in excess of certain statutory limitations. This Plan shall be
unfunded for tax purposes and for purposes of Title I of ERISA.

                                    Article 1
                                   DEFINITIONS
                                   -----------

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

1.1     "Account" shall mean the Participant's Elective Deferral Account,
        Company Contribution Account and EIP Make-Up Account. The Account shall
        be a bookkeeping entry only and shall be utilized solely as a device
        for the measurement and determination of the benefits to be paid to a
        Participant, or his or her designated Beneficiary, pursuant to this
        Plan.

1.2     "Annual  Bonus" shall  mean any of the following  bonuses payable by
        the Company during a Plan Year to a Participant  while an Employee or
        Director and a Participant during that Plan Year:

        (a) Payments under the Levi Strauss & Co. Annual Incentive Plan;

        (b) Payments under the Leadership Shares Plan of Levi Strauss & Co.;

        (c) Payments under Levi Strauss & Co. Sales Incentive Program;

        (d) Payments under any regularly paid bonus program of Levi Strauss &
            Co.;

        (e) Any sign-on bonus payable at a specified future date following an
            Employee's commencement of employment;

        (f) Any retention bonus payable to an Employee; or

        (g) Any non-recurring special bonus that the Committee designates, in
            writing, as eligible for deferral under this Plan.

1.3     "Annual Company Contribution" shall mean, for any one Plan Year, the
        amount determined in accordance with Section 3.3.

1.4     "Annual Installment Method" shall be an annual installment payment
        commencing as soon as administratively practicable on or after a
        Participant's Retirement Date, as predetermined by the Committee, and
        payable over the number of years selected by the Participant in
        accordance with this Plan. Each annual installment shall be calculated
        by multiplying the applicable vested Account by a fraction, the
        numerator of which is one (1) and the denominator of which is the
        remaining number of annual payments due the Participant; provided that
        the first installment may

<PAGE>

        be further reduced to account for a partial-year payment, if applicable.
        For the first installment, the vested Account balance of the Participant
        shall be calculated as of the close of business on, or as soon as
        practicable after, the Participant's Retirement Date. Remaining annual
        installments shall be calculated as of the December 31st immediately
        preceding the Plan Year in which the installment is payable.

1.5     "Base Annual Salary" shall mean the annual cash compensation payable by
        the Company during a Plan Year to a Participant for services rendered
        while an Employee and a Participant during that Plan Year, excluding
        bonuses, commissions, overtime, fringe benefits, stock options,
        relocation expenses, incentive payments, non-monetary awards, directors
        fees and other fees, and automobile and other allowances paid to a
        Participant for services rendered (whether or not such allowances are
        included in the Employee's gross income). Base Annual Salary shall be
        calculated before reduction for amounts deferred or contributed by the
        Participant pursuant to all qualified or non-qualified plans of the
        Company, but shall be calculated to include amounts not otherwise
        included in the Participant's gross income under Code Sections 125,
        132(f), 402(e)(3), 402(h), or 403(b).

1.6     "Beneficiary" or "Beneficiaries" shall mean one or more persons,
        trusts, estates or other entities, designated in accordance with
        Article 9, that are entitled to receive benefits under this Plan upon
        the death of a Participant.

1.7     "Board" shall mean the board of directors of Levi Strauss & Co. The
        Board may delegate to any committee, subcommittee or any of its
        members, or to any agent, its authority to perform any act under the
        Plan, including without limitation those matters involving the exercise
        of discretion. Any such delegation of discretion will be subject to
        revocation at any time at the discretion of the Board. Any reference in
        this Plan document to the Board with respect to such delegated
        authority will be deemed a reference to its delegate or delegates.

1.8     "BRP" shall mean the Levi Strauss & Co. Excess Benefit Restoration Plan
        or the Levi Strauss & Co. Supplemental Benefit Restoration Plan, as
        each is amended from time to time, or any successor plan, to the extent
        that benefits payable thereunder result from Code limitations
        applicable to the HOPP.

1.9     "Code" shall mean the Internal Revenue Code of 1986, as it may be
        amended from time to time.

1.10    "Committee" shall mean the Administrative Committee for Retirement
        Plans, as described in Article 12.

1.11    "Company" shall mean, depending on the context, either Levi Strauss &
        Co., a Delaware corporation, any successor to all or substantially all
        of the Company's assets or business, or any of the Company's
        subsidiaries (now in existence or hereafter formed or acquired) that
        have adopted the Plan with the written consent of the Board, or all
        such entities in the aggregate.

1.12    "Company Contribution Account" shall mean (i) the sum of the
        Participant's Company Contributions, plus (ii) amounts credited or
        debited in accordance with all the applicable crediting and debiting
        provisions of this Plan that relate to the Participant's Company
        Contribution Account, less (iii) all distributions made to the
        Participant or his or her Beneficiary pursuant to this Plan that relate
        to the Participant's Company Contribution Account.

                                       2

<PAGE>

1.13    "Director" shall  mean an  individual  who receives  remuneration  while
        serving as a member of the board of directors of the Company, provided
        he or she is also not an Employee while serving in such capacity.

1.14    "Director Fees" shall mean the annual fees payable by the Company
        during a Plan Year to a Participant, including retainer fees and
        meeting fees, for services performed while a Director and a Participant
        during that Plan Year.

1.15    "Disability" shall mean an Employee qualifies for permanent disability
        benefits under the Company's long-term disability plan.

1.16    "EIP Make-Up Account" shall mean (i) the sum of all of a Participant's
        EIP Make-Up Contributions, plus (ii) amounts credited or debited in
        accordance with all the applicable crediting or debiting provisions of
        this Plan that related to the Participant's EIP Make-Up Account, less
        (iii) all distributions made to the Participant or his or her
        Beneficiary pursuant to this Plan that relate to the Participant's EIP
        Make-Up Account.

1.17    "EIP Make-Up Contribution" shall mean, for any fiscal year of the
        Company, the amount of Company matching contributions under the
        Employee Investment Plan of Levi Strauss & Co. ("EIP") that would have
        been payable to or for an Employee while a participant in EIP but for
        the deferral of Base Annual Salary or Annual Bonus under the Plan,
        without regard to any limitation in EIP with respect to such Employee's
        compensation or contributions.

1.18    "Elective Deferral" shall mean that portion of a Participant's Base
        Annual Salary, Annual Bonus and Director Fees that a Participant elects
        to defer in accordance with Article 3 for any one Plan Year. In the
        event of a Participant's Retirement, Disability, death or a Termination
        of Employment prior to the end of a Plan Year, such year's Elective
        Deferral shall be the actual amount withheld prior to such event.

1.19    "Elective Deferral Account" shall mean (i) the sum of all of a
        Participant's Elective Deferrals, plus (ii) amounts credited or debited
        in accordance with all the applicable crediting and debiting provisions
        of this Plan that relate to the Participant's Elective Deferral
        Account, less (iii) all distributions made to the Participant or his or
        her Beneficiary pursuant to this Plan that relate to his or her
        Elective Deferral Account.

1.20    "Employee" shall mean any individual whose remuneration for services
        rendered to the Company, as recognized by the Company, is reported on
        Federal Income Tax Form W-2. An individual's status as an "Employee"
        will be determined by the Committee and such determination will be
        conclusive and binding on all persons notwithstanding any contrary
        determination of Employee status by any court or governmental agency,
        including, but not limited to, the Internal Revenue Service.

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

1.22    "HOPP" shall  mean the Revised Home Office  Pension Plan of Levi Strauss
        & Co., as it may be amended from time to time, or any successor plan.

1.23    "In-Service Distribution" shall mean a lump sum payment in an amount
        that is equal to all or a portion of the Elective Deferral the
        Participant elects to have distributed as an In-Service Distribution
        under Section 4.1, credited and debited in the manner provided in
        Section 3.6, and

                                       3

<PAGE>

        calculated as of the close of business on a date determined by the
        Committee which precedes the payment date.

1.24    "LS&CO. Performance Tracking Vehicle" shall mean a Measurement Vehicle
        in which the assumed rate of return shall be dependent upon LS&CO.'s
        cumulative EBITDA (earnings before interest, taxes, depreciation and
        amortization) over a specified period or other time-limited financial
        measure as determined by the Board (the "Performance Period").

        The rate of return shall be an annual rate. There shall be a minimum
        guaranteed rate of return and up to a maximum rate of return, as
        determined by the Board, based on LS&CO.'s future cumulative EBITDA or
        other financial measure over the Performance Period. To the extent
        that any amounts in an Account do not remain allocated to the LS&CO.
        Performance Tracking Vehicle through the end of a specified Plan Year
        period (the "Mandatory Deferral Period"), the minimum rate shall apply
        to such amounts. The Board shall have sole discretion in determining
        whether to offer the LS&CO. Performance Tracking Vehicle under the
        Plan during any Plan Year.

1.25    "Measurement Vehicles" shall mean the investment vehicles designated by
        the Committee, in its sole discretion, and selected by a Participant
        for purposes of crediting and debiting such Participant's Account, as
        described in Section 3.6.

1.26    "Participant" shall mean any Employee or Director (i) who is selected
        by the Committee to participate in the Plan, (ii) who elects to
        participate in the Plan by signing an election form in accordance with
        the terms of the Plan, and (iii) whose signed election form is accepted
        by the Committee.

1.27    "Pension Make-Up Contribution" shall mean the amount equal to the
        difference between (i) the amount of benefits that would have been
        payable to or for an Employee under the HOPP or the BRP but for the
        deferral of Base Annual Salary or Annual Bonus under the Plan, and (ii)
        the amount of benefits actually payable to or for the Employee under
        the HOPP or the BRP.

1.28    "Plan" shall mean this Levi Strauss & Co. Deferred Compensation Plan for
        Executives and Outside Directors, as it may be amended from time to
        time.

1.29    "Plan  Year" shall mean a period beginning on January 1 of each calendar
        year and continuing through December 31 of such calendar year.

1.30    "Retirement," "Retire(s)" or "Retired" shall mean:

        (a)     In the case of an Employee, a severance of an Employee's
                employment with the Company with the right either to an
                immediate early retirement, normal retirement, or deferred
                retirement benefit payable under the HOPP. If an Employee is not
                a participant in the HOPP at the time of his or her severance
                from employment with the Company, the determination as to
                whether such Employee is Retired for purposes of this Section
                1.30 shall be determined as if the Employee had been a
                participant in the HOPP at such time and was eligible for a
                pension benefit thereunder.

        (b)     In the case of a Director, the Director's cessation of service
                as a member of the Board, voluntary or involuntary, for a reason
                other than death.

1.31    "Retirement Date" shall mean the first day of the month coincident with
        or next following the date a Participant Retires.

                                       4

<PAGE>

1.32    "Termination Benefit" shall mean the benefit set forth in Article 6.

1.33    "Termination of Employment" shall mean an Employee's severance from
        employment with the Company, voluntarily or involuntarily, for a reason
        other than Retirement, Disability or death.

1.34    "Trust" shall mean one or more trusts established by the Company in its
        sole discretion.

1.35    "Trustee" shall  mean the individuals or corporation appointed by the
        Committee under Section 14.1 to administer the Trust in accordance with
        the terms of the Plan and trust agreement.

1.36    "Unforeseeable Financial Emergency" shall mean an unanticipated
        emergency that is caused by an event beyond the control of the
        Participant that would result in severe financial hardship to the
        Participant resulting from (i) a sudden and unexpected illness or
        accident of the Participant or a dependent (as defined in section 152(a)
        of the Code) of the Participant, (ii) a loss of the Participant's
        property due to casualty, or (iii) such other extraordinary and
        unforeseeable circumstances arising as a result of events beyond the
        control of the Participant, all as determined in the sole discretion of
        the Committee. The circumstances that will constitute an "Unforeseeable
        Financial Emergency" will depend upon the facts of each case, but, in
        any case, payment may not be made to the extent that such hardship is or
        may be relieved (x) through reimbursement or compensation by insurance
        or otherwise, (y) by liquidation of the Participant's assets, to the
        extent the liquidation of such assets would not itself cause severe
        financial hardship, or (z) by cessation of deferrals under the Plan.

                                   Article 2
                          ELIGIBILITY AND PARTICIPATION
                          -----------------------------

2.1     Eligibility. Participation in the Plan shall be limited to a select
        -----------
        group of management or highly compensated Employees and Directors of
        the Company, as determined by the Committee in its sole discretion.

2.2     Enrollment. To participate initially, an Employee or Director must
        ----------
        submit an election form within the time designated by the Committee.
        For each Plan Year after the first year of participation, an
        irrevocable deferral election for that Plan Year is made by submitting
        a completed and executed election form to the Committee before the end
        of the Plan Year preceding the Plan Year to which the election applies.
        If no election form is timely delivered for a Plan Year, the Elective
        Deferral shall be zero for that Plan Year.

2.3     Termination of Participation and/or Deferrals. A Participant's
        ---------------------------------------------
        participation in the Plan will terminate when his or her Account has
        been distributed or on the date of his or her death, which ever occurs
        first. If the Committee determines that a Participant no longer
        qualifies as a member of a select group of management or highly
        compensated employees under Sections 201(2), 301(a)(3) and 401(a)(1) of
        ERISA, the Committee shall have the right, in its discretion, to (i)
        terminate any deferral election the Participant has made for the
        remainder of the current Plan Year and/or (ii) prevent the Participant
        from making future deferral elections.

                                   Article 3
                             DEFERRALS AND ACCOUNTS
                             ----------------------

3.1     Minimum and Maximum Deferrals. For each Plan Year, a Participant may
        -----------------------------
        make an irrevocable Elective Deferral as a percentage of Base Annual
        Salary, Annual Bonus, and/or Director Fees subject to the following
        parameters:

                                       5

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<TABLE>
<CAPTION>
         ----------------------------------- ------------------------------- -------------------------------
         DEFERRAL TYPE                               MINIMUM AMOUNT                  MAXIMUM AMOUNT
         ----------------------------------- ------------------------------- -------------------------------
         <S>                                 <C>                             <C>
         Base Annual Salary                                5%                             100%
         ----------------------------------- ------------------------------- -------------------------------

         Annual Bonus                                      1%                             100%
         ----------------------------------- ------------------------------- -------------------------------

         Director Fees                                     5%                             100%
         ----------------------------------- ------------------------------- -------------------------------
</TABLE>

        If an election is made for less than the stated minimum amounts, or if
        no election is made, the amount deferred shall be deemed to be zero.

        Notwithstanding the foregoing, if a Participant first becomes eligible
        after the first day of a Plan Year, the maximum Elective Deferral (i)
        with respect to Base Annual Salary or Director Fees shall be limited to
        compensation or fees not yet earned as of the date the Participant
        submits his or her election form, and (ii) with respect to Annual Bonus
        shall be limited to those amounts deemed eligible for deferral, in the
        sole discretion of the Committee.

3.2     Withholding and Crediting of Elective Deferrals. The Base Annual Salary
        -----------------------------------------------
        portion of the Elective Deferral shall be withheld from payroll
        according to the Participant's election. The Annual Bonus and/or
        Director Fees portion of the Elective Deferral shall be withheld at the
        time the Annual Bonus and/or Director Fees are, or otherwise would be,
        paid to the Participant. Elective Deferrals shall be credited to a
        Participant's Elective Deferral Account at the time such amounts would
        otherwise have been paid to the Participant, or as soon as practicable
        thereafter.

3.3     Company Contribution. During any Plan Year, the Company may, in its
        --------------------
        discretion, credit an amount to a Participant's Company Contribution
        Account. The Company Contribution, if any, shall be credited as of the
        last working day of the Plan Year, or as soon as practicable
        thereafter. If a Participant is not employed or in service with the
        Company as of the last working day of a Plan Year (other than due to
        Retirement, layoff, as determined by the Committee, or death) the
        Participant shall not be eligible for an Company Contribution for that
        Plan Year.

3.4     Pension Make-Up Contribution. The Pension Make-Up Contribution shall be
        ----------------------------
        paid under the BRP at the time and in the form described thereunder.
        Although the method for calculating the Pension Make-Up Contribution is
        described in this Plan, such amount is not an accrued benefit
        hereunder; rather, the Pension Make-Up Pension Amount shall be an
        accrued benefit under the BRP.

3.5      Vesting.  Subject to Section 15.2:
         -------

        (a)     A Participant shall at all times be 100% vested in his or her
                Elective Deferral Account and EIP Make-Up Account;

        (b)     A Participant shall be vested in his or her Company Contribution
                Account in accordance with the vesting schedule(s) set forth in
                his or her employment agreement or any other agreement entered
                into between the Participant and the Company. If not addressed
                in such an agreement, a Participant shall vest in his or her
                Company Contribution Account in accordance with a schedule
                established by the Company;

        (c)     A Participant shall be vested in his or her Pension Make-Up
                Contribution only to the extent that the Participant would be
                vested in such amounts under the provisions of the HOPP or the
                BRP; and

                                       6

<PAGE>
        (d)     Notwithstanding anything to the contrary contained in this
                Section, upon Retirement a Participant's Company Contribution
                Account and Pension Make-Up Contribution shall immediately
                become 100% vested.

3.6     Crediting/Debiting of Accounts. A Participant shall be permitted to
        ------------------------------
        allocate his or her Account among Measurement Vehicles. The Committee
        may discontinue, substitute or add a Measurement Vehicle as of the
        first day of a calendar quarter. The Committee, or its delegate shall
        give the Participant ample advance notice of such a change. The
        Measurement Vehicles are used solely to credit or debit amounts to a
        Participant's Account.

        (a)     Election of Measurement Vehicles. The Participant shall specify
                --------------------------------
                on the election form the percentage of his or her Account to be
                allocated to a Measurement Vehicle in one percent (1%)
                increments. A Participant may change the percentage allocation
                among Measurement Vehicles by submitting a new election form.
                Any change will take effect as soon as reasonably practicable
                after the Form is submitted. Pension Make-Up Contributions shall
                                             -----------------------------------
                not be eligible for the crediting of income, gain or loss, under
                ----------------------------------------------------------------
                this Section.
                ------------

        (b)     LS&CO. Performance Tracking Vehicle. A Participant other than a
                -----------------------------------
                Director may make a special one-time election to allocate a
                portion of his or her Elective Deferrals during a Plan Year to
                the LS&CO. Performance Tracking Vehicle; provided that, at the
                sole discretion of the Board, the LS&CO. Performance Tracking
                Vehicle is offered under the Plan during such Plan Year. This
                allocation election must be made in accordance with procedures
                established by the Committee, as may be amended from time to
                time. Amounts allocated to this Vehicle are subject to the
                following rules:

                (i)     Except in the case of a lump sum distribution from the
                        Account due to the Participant's Termination of
                        Employment, Retirement, Disability, death, or
                        Unforeseeable Financial Emergency, the allocation will
                        remain in effect through the end of the Mandatory
                        Deferral Period set forth in Section 1.24.

                (ii)    After the expiration of the applicable Mandatory
                        Deferral Period set forth in Section 1.24, the
                        Participant must elect another Measurement Vehicle for
                        amounts that were allocated to the LS&CO. Performance
                        Tracking Vehicle, or the default Measurement Vehicle
                        will apply to those amounts.

        (c)     Failure to Elect Measurement Vehicles. If a Participant fails to
                -------------------------------------
                make an election to allocate his or her Account under this
                Section 3.6, the Committee will apply a default Measurement
                Vehicle until the Participant submits an election form selecting
                one or more Measurement Vehicle(s).

        (d)     Crediting or Debiting Method. A Participant's Account shall be
                ----------------------------
                credited or debited on a daily basis based on the performance
                of each Measurement Vehicle selected by the Participant. The
                performance of each elected Measurement Vehicle (either
                positive or negative) will be based on the performance of the
                underlying measurement standard (e.g., underlying mutual fund
                or the Company's performance).

        (e)     No Actual Investment. The Measurement Vehicles are to be used
                --------------------
                for measurement purposes only, and the crediting or debiting of
                such amounts to a articipant's Account shall not be construed as
                                                       ----- ---
                an actual investment of the Account in any investment vehicle
                underlying such Measurement Vehicle. In the event that the
                Company or the Trustee, in its own discretion, decides to invest
                funds in any or all of the investment vehicles underlying any
                Measurement Vehicles, no Participant shall have any rights in or
                to such investments themselves. A Participant's Account shall at
                all times be a bookkeeping

                                       7

<PAGE>

                entry only and shall not represent any investment made on his or
                her behalf by the Company or the Trust; the Participant shall at
                all times remain an  unsecured creditor of the Company as to his
                or her Account balance.

        (f)     Distributions. Upon distribution, the Committee shall determine
                -------------
                the value of the Participant's Account based on the applicable
                Measurement Vehicle(s). If the Participant elected to receive
                his or her benefit in the Annual Installment Method and the
                Account is allocated among two or more Measurement Vehicles, the
                Committee shall reduce the balance of each Measurement Vehicle
                on a pro-rata basis to make each installment payment.

3.7     FICA and Other Taxes.
        --------------------

        (a)     Elective Deferrals. The Company shall withhold the Participant's
                ------------------
                share of FICA and other employment taxes that apply to the
                Elective Deferral from that portion of the Participant's Base
                Annual Salary and/or Annual Bonus that is not deferred
                hereunder. If necessary, the Committee may reduce the Elective
                Deferral in order to comply with this Section.

        (b)     EIP Make-Up Contributions. The Company shall withhold the
                -------------------------
                Participant's share of FICA and other employment taxes that
                apply to the EIP Make-Up Contribution from such EIP Make-Up
                Contribution. If necessary, the Committee may reduce the
                Participant's Base Annual Salary and/or Annual Bonus that is not
                deferred hereunder in order to comply with this Section.

        (c)     Company Contribution Account. When a Participant becomes vested
                ----------------------------
                in a portion of his or her Company Contribution Account, the
                Company shall withhold from the Participant's Base Annual Salary
                and/or Annual Bonus that is not deferred, in a manner determined
                by the Company, the Participant's share of FICA and other
                employment taxes. If necessary, the Committee may reduce the
                vested portion of the Participant's Company Contribution Account
                in order to comply with this Section 3.7.

        (d)     Distributions. The Company, or the Trustee, shall withhold from
                -------------
                any payments made to a Participant under this Plan all federal,
                state and local income, employment and other taxes required to
                be withheld by the Company, or the Trustee, in connection with
                such payments, in amounts and in a manner to be determined in
                the sole discretion of the Company and the Trustee.

                                   Article 4
          IN-SERVICE DISTRIBUTION; UNFORESEEABLE FINANCIAL EMERGENCIES;
          -------------------------------------------------------------
                               WITHDRAWAL ELECTION
                               -------------------

4.1     In-Service Distribution. A Participant may irrevocably elect to receive
        -----------------------
        all or a portion of an Elective Deferral in the form of a future
        In-Service Distribution while an Employee or a Director. Subject to the
        other terms and conditions of this Plan, each In-Service Distribution
        shall be paid out during the first sixty (60) days of any Plan Year
        designated by the Participant that is at least three Plan Years after
        the Plan Year in which the Elective Deferral was deferred. For example,
        if a three-year In-Service Distribution is elected for Elective
        Deferrals that are deferred in the Plan Year commencing January 1,
        2003, the In-Service Distribution would become payable during a sixty
        (60) day period commencing January 1, 2007. A Participant may submit a
        written request to the Committee to postpone (up to two (2) times with
        respect to each In-Service Distribution election) his or her In-Service
        Distribution election up to a minimum of three (3) additional years,
        provided that such request is received by the Committee at least one
        year prior to the date on

                                       8

<PAGE>

        which the particular In-Service Distribution would have commenced.
        Notwithstanding the foregoing limitations, a Participant who Retires may
        request to change his or her election to receive a future In-Service
        Distribution to the Annual Installment Method by submitting a new
        election form to the Committee in accordance with Article 5.

4.2     Other Benefits Take Precedence Over In-Service Distribution. Should an
        -----------------------------------------------------------
        event occur that triggers a benefit under Article 5, 6, 7 or 8, any
        Elective Deferral, subject to credits or debits, as applicable, that is
        subject to an In-Service Distribution election under Section 4.1 shall
        not be paid in accordance with Section 4.1 but shall be paid in
        accordance with the other applicable Article.

4.3     Withdrawal Payout/Suspensions for Unforeseeable Financial Emergencies.
        ---------------------------------------------------------------------
        A Participant who experiences an Unforeseeable Financial Emergency
        while an Employee or Director may petition the Committee to (i) suspend
        any deferrals elected by him or her and/or (ii) receive a partial or
        full payout from the Plan. The payout shall not exceed the lesser of
        (i) the sum of the Participant's Elective Deferral Account, EIP-Make Up
        Account, plus the vested portion of his or her Company Contribution
        Account, calculated as if such Participant were receiving a Termination
        Benefit, or (ii) the amount reasonably needed to satisfy the
        Unforeseeable Financial Emergency. If the petition for a suspension
        and/or payout is approved by the Committee suspension shall take effect
        on, or as soon as practicable after, the date of approval and any
        payout shall be made within sixty (60) days of the date of approval.

4.4     Withdrawal Election. A Participant may elect at any time while an
        -------------------
        Employee or Director to withdraw all or a portion of his or her vested
        Account, with the exception of deferrals allocated to the LS&CO.
        Performance Tracking Vehicle. The Participant shall make this election
        by giving the Committee advance written notice of the election in a
        form prescribed by the Committee. The value of a Participant's vested
        Account shall be calculated as soon as practicable after the Committee
        receives the Participant's election. A withdrawal penalty equal to 10%
        of such amount (the net amount shall be referred to as the "Withdrawal
        Amount") shall apply. The Participant shall be paid the Withdrawal
        Amount within sixty (60) days of his or her election. Once the
        Withdrawal Amount is paid, the Participant's participation in the Plan
        shall be suspended for the remainder of the Plan Year in which the
        withdrawal is elected and for one (1) full Plan Year thereafter.

                                   Article 5
                               RETIREMENT BENEFIT
                               ------------------

5.1     Retirement Benefit.  A Participant who Retires shall receive his or her
        ------------------
        vested  Account  calculated  as of the close of business on, or as soon
        as practicable after, his or her Retirement Date.

5.2     Payment of Retirement Benefit. On the Participant's election form he or
        -----------------------------
        she shall elect to receive the retirement benefit as a lump sum or an
        Annual Installment Method of 5, 10, 15, or 20 years. The Participant
        may change his or her election to an allowable alternative payout
        period by submitting a new election form to the Committee, provided
        that any such election form is received on or before December 1 of the
        Plan Year preceding the Plan Year in which the Participant Retires. If
        a Participant does not make a retirement benefit election the benefit
        will be paid in a lump sum. If a Participant elects to receive the
        retirement benefit in an Annual Installment Method, but the Account
        balance is not at least $25,000 on the Retirement Date, the retirement
        benefit shall be paid as a lump sum. The lump sum payment shall be
        made, or installment payments shall commence, no later than sixty (60)
        days after the Participant's

                                       9

<PAGE>

        Retirement Date. Remaining installments, if any, shall be paid during
        each January following his or her Retirement Date.

5.3     Death Prior to Completion of Retirement Benefit. If a Participant dies
        -----------------------------------------------
        after Retirement but before the retirement benefit is paid in full, the
        Participant's Beneficiary shall receive a lump sum payment that is
        equal to the Participant's unpaid remaining vested Account calculated
        as soon as practicable after the Participant's death. The lump sum
        payment shall be made no later than sixty (60) days after the Committee
        is provided with proof that is satisfactory to the Committee of the
        Participant's death.

                                   Article 6
                               TERMINATION BENEFIT
                               -------------------

        If a Participant experiences a Termination of Employment, the
        Participant shall receive a lump sum Termination Benefit, which shall
        be equal to the Participant's vested Account calculated as of the close
        of business on, or as soon as practicable after, the date the
        Participant experiences a Termination of Employment. The lump sum
        payment shall be made no later than sixty (60) days after the date on
        which the Participant experiences a Termination of Employment.

                                   Article 7
                          DISABILITY WAIVER AND BENEFIT
                          -----------------------------

7.1     Disability Waiver.
        -----------------

        (a)     Waiver of Deferral. If a Participant is determined to be
                ------------------
                suffering from a Disability, that portion of his or her
                Elective Deferral commitment that would otherwise have been
                withheld from such Participant's Base Annual Salary and/or
                Annual Bonus for the remainder of the Plan Year in which the
                Participant first suffers a Disability shall cease. During the
                period of Disability, the Participant shall not be allowed to
                make any additional deferral elections, but will continue to
                be considered a Participant for all other purposes of this
                Plan.

        (b)     Deferral Following Disability. If a Participant returns to
                -----------------------------
                employment as an Employee with the Company after a Disability
                ceases, the Participant may make a new Elective Deferral for
                the Plan Year following his or her return to employment and
                for every Plan Year thereafter according to the Plan.

7.2     Continued Eligibility; Disability Benefit. A Participant who is
        -----------------------------------------
        suffering from a Disability shall, for benefit purposes under this
        Plan, continue to be considered to be employed as an Employee and may
        be eligible for the benefits provided under Article 4, 5, 6 or 8.
        However, the Committee retains the right to deem such Participant as
        having experienced a Termination of Employment or Retirement, as
        appropriate, at any time after he or she is determined to be suffering
        a Disability. If the Committee elects to exercise such right, the
        Participant shall receive a Disability Benefit equal to his or her
        vested Account described in Article 5 or 6, as appropriate, calculated
        as soon as practicable after his or her deemed Termination of
        Employment or Retirement Date. The Disability benefit shall be paid (or
        shall commence in the case of installments) within sixty (60) days of
        the Participant's deemed Termination of Employment or Retirement Date.

                                   Article 8
                         PRE-RETIREMENT SURVIVOR BENEFIT
                         -------------------------------

        If the Participant dies before he or she Retires, experiences a
        Termination of Employment, or suffers a Disability, the Participant's
        Beneficiary shall receive a lump sum pre-retirement

                                       10

<PAGE>

        survivor benefit, which shall be equal to the Participant's vested
        Account calculated as soon as practicable after the Participant's death.
        The lump sum payment shall be made no later than sixty (60) days after
        the Committee is provided with proof that is satisfactory to the
        Committee of the Participant's death.

                                   Article 9
                             BENEFICIARY DESIGNATION
                             -----------------------

9.1     Beneficiary. Each Participant shall have the right, at any time, to
        -----------
        designate a Beneficiary(ies) (both primary and contingent) to receive
        his or her vested Account upon death. A Participant may designate or
        change a Beneficiary by completing and signing a Beneficiary
        designation form. Upon the Committee's receipt of a Participant's new
        Beneficiary designation form, all prior Beneficiary designations filed
        by that Participant shall be canceled. The Committee shall be entitled
        to rely on the last Beneficiary designation form filed by the
        Participant and received by the Committee prior to his or her death.

9.2     No Beneficiary Designation. If a Participant fails to designate a
        --------------------------
        Beneficiary or if all designated Beneficiaries predecease the
        Participant, then payment of a Participant's vested Account shall be
        made in the following order:

        (a)     To the Participant's surviving spouse, if any;

        (b)     If the Participant has no surviving spouse, then to his or her
                living children;

        (c)     If the Participant has no living children, then to his or her
                living parents;

        (d)     If the Participant has no living parents, then to his or her
                living brothers and sisters; or

        (e)     If the Participant has no living brothers or sisters, then to
                his or her estate.

9.3     Doubt as to Beneficiary. If the Committee has any doubt as to the
        -----------------------
        proper Beneficiary to receive payments pursuant to this Plan, the
        Committee shall have the right, exercisable in its discretion, to cause
        the Company to either withhold such payments until this matter is
        resolved to the Committee's satisfaction, or pay such amount into any
        court of appropriate jurisdiction, with such court ordered payment
        completely discharging the liability of the Plan, the Company, and the
        Committee.

9.4     Discharge of Obligations. The payment of benefits under the Plan to a
        ------------------------
        Beneficiary shall fully and completely discharge the Plan, the Company
        and the Committee from all further obligations under this Plan with
        respect to that Beneficiary.

                                   Article 10
                                LEAVE OF ABSENCE
                                ----------------

10.1    Paid Leave of Absence. According to the Company's general employment
        ---------------------
        policies and procedures, if a Participant is authorized by the Company
        for any reason to take a paid leave of absence from employment with the
        Company, such Participant shall continue to be considered employed or
        in service with the Company and the Elective Deferral shall continue to
        be withheld during such paid leave of absence.

10.2    Unpaid Leave of Absence. According to the Company's general employment
        -----------------------
        policies and procedures, if a Participant is authorized by the Company
        for any reason to take an unpaid leave of absence from employment with
        the Company, such Participant shall continue to be considered employed
        or in service with the Company and the Participant shall be excused
        from making

                                       11

<PAGE>

        deferrals until the earlier of the date the leave of absence expires or
        the date the Participant returns to paid status. Deferrals shall resume
        for the remaining portion of the Plan Year in which the expiration or
        return occurs, as appropriate, based on the deferral election, if any,
        made for that Plan Year. If no election was made for that Plan Year, no
        deferral shall be withheld.

                                   Article 11
                     TERMINATION, AMENDMENT OR MODIFICATION
                     --------------------------------------

11.1    Termination. Although the Company anticipates that it will continue the
        -----------
        Plan for an indefinite period of time, the Company reserves the right
        to discontinue its sponsorship of the Plan and/or to terminate the Plan
        at any time with respect to any or all of its participating Employees,
        Directors, and adopting subsidiaries, regardless of any resulting
        income tax or other consequences to Participants and their
        Beneficiaries. The deferral elections of the affected Participants
        shall terminate upon termination of the Plan. Benefits upon Plan
        termination shall be paid to the Participants as follows:

        (a)     If the Plan is terminated with respect to all of its
                Participants, the Company shall have the right, in its sole
                discretion, to pay all benefits in a lump sum or pursuant to
                an Annual Installment Method (in the case of a Participant who
                is not otherwise eligible to Retire as of the date the Plan is
                terminated, such Participant's vested Account for purposes of
                calculating his or her first annual installment shall be
                determined as of the close of business on, or as soon as
                practicable after, the effective date of the Plan termination)
                of up to 15 years, with amounts continuing to be credited and
                debited during the installment period; or

        (b)     If the Plan is terminated with respect to less than all of its
                Participants, the Company shall be required to pay such benefits
                in a lump sum.

        The termination of the Plan shall not decrease or restrict the value of
        a Participant's vested Account in existence as of the effective date of
        Plan termination. However, the Company has the right to accelerate
        installment payments without a premium or prepayment penalty by paying
        the vested Account in a lump sum or pursuant to an Annual Installment
        Method using fewer years. In any case, the present value of all
        payments that will have been received by a Participant at any given
        point of time under the different payment schedule shall equal or
        exceed the present value of all payments that would have been received
        at that point in time under the original payment schedule.

11.2    Amendment. The Company reserves the right, at any time, to amend or
        ---------
        modify the Plan in whole or in part, regardless of any resulting income
        tax or other consequences to Participants and their Beneficiaries.
        However, no amendment or modification shall decrease or restrict the
        value of a Participant's vested Account in existence at the time the
        amendment or modification is made, calculated as if the Participant had
        Retired or experienced a Termination of Employment, as appropriate, as
        of the effective date of the amendment or modification. The amendment
        or modification of the Plan shall not affect any Participant or
        Beneficiary who has become entitled to the payment of benefits under
        the Plan as of the date of the amendment or modification. However, the
        Company shall have the right to accelerate installment payments by
        paying the vested Account in a lump sum or pursuant to an Annual
        Installment Method using fewer years (provided that the present value
        of all payments that will have been received by a Participant at any
        given point of time under the different payment schedule shall equal or
        exceed the present value of all payments that would have been received
        at that point in time under the original payment schedule).

                                       12

<PAGE>

11.3    Effect of Payment. The full payment of a Participant's benefit under
        -----------------
        the Plan shall completely discharge all obligations to a Participant
        and his or her designated Beneficiaries.

                                   Article 12
                                 ADMINISTRATION
                                 --------------

12.1    Committee Duties. Except as otherwise provided in this Article 12, this
        ----------------
        Plan shall be administered by the Committee. Members of the Committee
        may be Participants under this Plan. The Committee shall also have the
        discretion and authority to establish, amend, interpret, and enforce
        all appropriate rules and procedures for the administration of the Plan
        and to resolve any and all questions including interpretations of this
        Plan. Any individual serving on the Committee who is a Participant
        shall not vote or act on any matter relating solely to himself or
        herself. When making a determination or calculation, the Committee
        shall be entitled to rely on information furnished by a Participant or
        the Company.

12.2    Agents. In the administration of this Plan, the Committee may, from
        ------
        time to time, employ agents, including Employees, and delegate to them
        such administrative duties as it sees fit (including acting through a
        duly appointed representative) and may from time to time consult with
        counsel who may be counsel to the Company. Any such delegation will be
        subject to revocation at any time at the discretion of the Committee.
        Any reference in this Plan document to the Committee with respect to
        such delegated authority will be deemed a reference to its delegate or
        delegates.

12.3    Binding Effect of Decisions. Any decision or action of the Committee
        ---------------------------
        with respect to any question arising out of or in connection with the
        administration, interpretation and application of the Plan and the
        rules and procedures established hereunder shall be final and
        conclusive and binding upon all persons having any interest in the
        Plan.

12.4    Indemnity of Committee. The Company shall indemnify and hold harmless
        ----------------------
        the Committee, the members of the Committee, and any Employee to whom
        the duties of the Committee may be delegated, against any and all
        claims, losses, damages, expenses or liabilities incurred by that
        Company arising from any action or failure to act with respect to this
        Plan, except in the case of willful misconduct by the Committee, any of
        its members, or any such Employee.

                                   Article 13
                                CLAIMS PROCEDURES
                                -----------------

13.1    Presentation of Claim. Any Participant may submit to the Committee a
        ---------------------
        written claim for a determination with respect to the amounts
        distributable to him or her from the Plan. If such claim relates to the
        contents of a notice received by the Participant, the claim must be
        made within sixty (60) days after such notice was received by the
        Participant. All other claims must be made within one-hundred eight
        (180) days of the date on which the event that caused the claim to
        arise occurred. The claim must state with particularity the
        determination desired by the Participant.

13.2    Notification of Decision. The Committee shall consider a Participant's
        ------------------------
        claim within ninety (90) days of receiving the claim; provided that if
        the Committee determines that special circumstances require an
        extension of time for processing the claim, written notice of the
        extension shall be furnished to the Participant prior to the
        termination of the initial ninety (90) day period. In no event shall
        such extension exceed a period of ninety (90) days from the end of the
        initial ninety (90) day period. The extension notice shall indicate the
        special circumstances requiring an extension of time. The Committee
        shall notify the Participant in writing:

                                       13

<PAGE>

        (a)     That the Participant's requested determination has been made,
                and that the claim has been allowed in full; or

        (b)     That the Committee has reached a conclusion contrary, in whole
                or in part, to the Participant's requested determination. In
                such case, the notice shall set forth in a manner calculated to
                be understood by the Participant:

                (i)     The specific reason(s) for the denial of the claim, or
                        any part of it;

                (ii)    Specific reference(s) to pertinent provisions of the
                        Plan upon which such denial was based;

                (iii)   A description of any additional material or information
                        necessary for the Participant to perfect the claim, and
                        an explanation of why such material or information is
                        necessary;

                (iv)    An explanation of the claim review procedure set forth
                        in Section 13.3 below; and

                (v)     A statement of the Participant's right to bring a civil
                        action under ERISA following an adverse benefit
                        determination on review.

13.3    Review of a Denied Claim. On or before sixty (60) days after receiving
        ------------------------
        a notice from the Committee that a claim has been denied, in whole or
        in part, a Participant (or the Participant's duly authorized
        representative) may file with the Committee a written request for a
        review of the denial of the claim. The Participant (or the
        Participant's duly authorized representative) may:

        (a)     Upon request and free of charge, have reasonable access to, and
                copies of, all documents, records and other information relevant
                (as defined in applicable ERISA regulations) to the
                Participant's claim for benefits;

        (b)     Submit written comments or other documents; and/or

        (c)     Request a hearing, which the Committee, in its sole discretion,
                may grant.

13.4    Decision on Review. The Committee shall render its decision on review
        ------------------
        no later than sixty (60) days after the Committee receives the
        Participant's written request for a review of the denial of the claim;
        provided that if the Committee determines that special circumstances
        require an extension of time for processing the claim, written notice
        of the extension shall be furnished to the Participant prior to the
        termination of the initial sixty (60) day period. In no event shall
        such extension exceed a period of sixty (60) days from the end of the
        initial sixty (60) day period. The extension notice shall indicate the
        special circumstances requiring an extension of time. In rendering its
        decision, the Committee shall take into account all comments,
        documents, records and other information submitted by the Participant
        relating to the claim, without regard to whether such information was
        submitted or considered in the initial benefit determination. The
        decision shall be written in a manner calculated to be understood by
        the Participant, and shall contain:

        (a)     Specific reasons for the decision;

        (b)     Specific reference(s) to the pertinent Plan provisions upon
                which the decision was based;

        (c)     A statement that the Participant is entitled to receive, upon
                request and free of charge, reasonable access to and copies
                of, all documents, records and other information relevant (as
                defined in applicable ERISA regulations) to the Participant's
                claim for benefits; and

                                       14

<PAGE>

        (d)     A statement of the Participant's right to bring a civil action
                under ERISA.

13.5    Legal Action. A Participant's compliance with the foregoing provisions
        ------------
        of this Article 13 is a mandatory prerequisite to a Participant's right
        to commence any legal or equitable action with respect to any claim for
        benefits under this Plan.

                                   Article 14
                                      TRUST
                                      -----

14.1    Establishment of the Trust. In order to provide assets from which to
        --------------------------
        fulfill the obligations of the Participants and their Beneficiaries
        under the Plan, the Company may establish a Trust by a trust agreement
        with a third party, the Trustee, to which the Company may, in its
        discretion, contribute cash or other property, including securities
        issued by the Company. The Trustee shall be authorized, upon written
        instructions received from the Committee or investment manager
        appointed by the Committee, to invest and reinvest the assets of the
        Trust in accordance with the applicable trust agreement, including the
        disposition of Trust assets and reinvestment of the proceeds in one or
        more investment vehicles designated by the Committee or investment
        manager appointed by the Committee.

14.2    Interrelationship of the Plan and the Trust. The provisions of the Plan
        -------------------------------------------
        shall govern the rights of a Participant or Beneficiary to receive
        distributions pursuant to the Plan. The provisions of the Trust shall
        govern the rights of the Company, Participants, Beneficiaries and the
        creditors of the Company to the assets transferred to the Trust.

14.3    Distributions From the Trust. The Company's obligations under the Plan
        ----------------------------
        may be satisfied with Trust assets distributed pursuant to the terms of
        the Trust, and any such distribution shall reduce the Company's
        obligations under this Plan.

                                   Article 15
                            MISCELLANEOUS PROVISIONS
                            ------------------------

15.1    Status of Plan. The Plan is intended to be a plan that is not qualified
        --------------
        within the meaning of Code Section 401(a) and that "is unfunded and is
        maintained by an employer primarily for the purpose of providing
        deferred compensation for a select group of management or highly
        compensated employees" within the meaning of ERISA Sections 201(2),
        301(a)(3) and 401(a)(1). The Plan shall be administered and interpreted
        in a manner consistent with that intent.

15.2    Unsecured General Creditor. Participants and their Beneficiaries,
        --------------------------
        heirs, successors and assigns shall have no legal or equitable rights,
        interests or claims in any property or assets of the Company. For
        purposes of the payment of benefits under this Plan, any and all of the
        Company's assets shall be, and remain, the general assets of the
        Company. The Company's obligation under the Plan shall be merely that
        of an unfunded and unsecured promise to pay money in the future.

15.3    Nonassignability. Neither a Participant nor any other person shall have
        ----------------
        any right to commute, sell, assign, transfer, pledge, anticipate,
        mortgage or otherwise encumber, transfer, hypothecate, alienate or
        convey in advance of actual receipt, any amounts payable hereunder, or
        any part thereof, which are, and all rights to which are expressly
        declared to be, non-assignable and non-transferable. No part of the
        amounts payable shall, prior to actual payment, be subject to seizure,
        attachment, garnishment or sequestration for the payment of any debts,
        judgments, alimony or separate maintenance owed by a Participant or any
        other person, be transferable by operation of law, including, but not
        limited to, a Participant's or any other person's bankruptcy or
        insolvency.

                                       15

<PAGE>

15.4    Not a Contract of Employment. Nothing contained in the Plan will give
        ----------------------------
        any Employee or Director the right to be retained in the employment of
        the Company or affect the right of the Company to dismiss any Employee
        or Director. The adoption and maintenance of the Plan will neither
        constitute a contract between the Company and any Employee or Director
        nor consideration for, or an inducement to or condition of, the
        employment or services of any Employee or Director.

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

15.6    Notice. Any notice or filing required or permitted to be given to the
        ------
        Committee under this Plan shall be sufficient if in writing and
        hand-delivered, or sent by mail or private delivery service to the
        following address: Administrative Committee, c/o U.S. Retirement
        Benefits, Manager, Human Resources, Levi Strauss & Co., P.O. Box 7215,
        San Francisco, CA 94120.

        Alternatively, any notice or filing required or permitted to be given
        to the Committee under this Plan may be given in writing by facsimile
        or other electronic media, as determined to be acceptable by the
        Committee. Notice to the Committee shall be deemed given as of the date
        of actual receipt by the Committee.

        Any notice or filing required or permitted to be given to a Participant
        under this Plan shall be sufficient if in writing and hand-delivered,
        or sent by mail or private delivery service to the last known address
        of such Participant appearing on the records of the Company, or sent by
        facsimile or other electronic media, as determined to be acceptable by
        the Committee. Notice to a Participant shall be deemed given when
        personally delivered, when sent by mail or private delivery service, or
        when successfully transmitted using facsimile or other electronic
        means.

15.7    Successors. The provisions of this Plan shall bind and inure to the
        ----------
        benefit of the Company and its successors and assigns and the
        Participant and the Participant's designated Beneficiaries.

15.8    Spouse's Interest. The interest in the benefits hereunder of a
        -----------------
        Participant's spouse who has predeceased the Participant shall
        automatically pass to the Participant and shall not be transferable
        prior to or upon death by such spouse in any manner, including but not
        limited to such spouse's will, nor shall such interest pass under the
        laws of intestate succession.

15.9    Validity. In case any provision of this Plan shall be illegal or
        --------
        invalid for any reason, such illegality or invalidity shall not affect
        the remaining parts hereof, but this Plan shall be construed and
        enforced as if such illegal or invalid provision had never been
        inserted herein.

15.10   Incompetent. If the Committee determines in its discretion that a
        -----------
        benefit under this Plan is to be paid to a minor, a person declared
        legally incompetent or to a person incapable of handling the
        disposition of that person's property, the Committee may direct payment
        of such benefit to the guardian, legal representative or person having
        the care and custody of such minor, incompetent or incapable person.
        The Committee may require proof of minority, incompetence, incapacity
        or guardianship, as it may deem appropriate prior to distribution of
        the benefit. Any payment of a benefit shall be a payment for the
        account of the Participant and the Participant's Beneficiary, as the
        case may be, and shall be a complete discharge of any liability under
        the Plan for such payment amount.

                                       16

<PAGE>

15.11   Distribution in the Event of Taxation. If, for any reason, all or any
        -------------------------------------
        portion of a Participant's benefits under this Plan becomes taxable to
        the Participant prior to receipt, a Participant may petition the
        Committee or Trustee for a distribution of that portion of his or her
        benefit that has become taxable. Upon the grant of such a petition,
        which grant shall not be unreasonably withheld, the Company shall
        distribute to the Participant immediately available funds in an amount
        equal to the taxable portion of his or her benefit (which amount shall
        not exceed a Participant's unpaid vested Account under the Plan). If
        the petition is granted, the tax liability distribution shall be made
        within ninety (90) days of the date when the Participant's petition is
        granted. Such a distribution shall affect and reduce the benefits to be
        paid under this Plan.

15.12   Insurance. The Company, on its own behalf or on behalf of the Trustee,
        ---------
        and, in its sole discretion, may apply for and procure insurance on the
        life of the Participant, in such amounts and in such forms as the Trust
        may choose. The Company or the Trustee, as the case may be, shall be
        the sole owner and beneficiary of any such insurance. The Participant
        shall have no interest whatsoever in any such policy or policies, and
        at the request of the Company shall submit to medical examinations and
        supply such information and execute such documents as may be required
        by the insurance company or companies to whom the Company has applied
        for insurance.

15.13   Effect on Other Plans. The benefits provided for a Participant and
        ---------------------
        Participant's Beneficiary under the Plan are in addition to any other
        benefits available to such Participant under any other plan or program
        for employees of the Company. The Plan shall supplement and shall not
        supersede, modify or amend any other such plan or program except as may
        otherwise be expressly provided.

                                      * * *

IN WITNESS WHEREOF, the Company has signed this Plan document as of __________,
2002.

                                 LEVI STRAUSS & CO.

                                 By:    ______________________________________

                                 Title: ______________________________________

                                       17<PAGE>

                                                                   Exhibit 10.65

                              RABBI TRUST AGREEMENT

                                 by and between

                               LEVI STRAUSS & CO.

                                       and

                      BOSTON SAFE DEPOSIT AND TRUST COMPANY

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
SECTION                                                                                              PAGE
-------                                                                                              ----
<S>                                                                                                  <C>
1.  ESTABLISHMENT OF TRUST .........................................................................    1

2.  TRUST FUNDING REQUIREMENT ......................................................................    2

3.  PAYMENTS TO PLAN PARTICIPANTS AND THEIR BENEFICIARIES ..........................................    3

4.  TRUSTEE RESPONSIBILITY REGARDING PAYMENTS TO TRUST BENEFICIARY WHEN COMPANY IS INSOLVENT .......    4

5.  PAYMENTS TO COMPANY ............................................................................    5

6.  INVESTMENT AND ADMINISTRATIVE AUTHORITY ........................................................    6

7.  CONTRACTUAL SETTLEMENT AND INCOME; MARKET PRACTICE SETTLEMENTS .................................    8

8.  DISPOSITION OF INCOME ..........................................................................    9

9.  ACCOUNTING BY TRUSTEE ..........................................................................    9

10. RESPONSIBILITY OF TRUSTEE ......................................................................    9

11. COMPENSATION AND EXPENSES OF TRUSTEE ...........................................................   11

12. CHANGE OF CONTROL ..............................................................................   12

13. RESIGNATION AND REMOVAL OF TRUSTEE .............................................................   12

14. APPOINTMENT OF SUCCESSOR .......................................................................   13

15. AMENDMENT OR TERMINATION .......................................................................   13

16. MISCELLANEOUS ..................................................................................   14

17. RELIANCE OF REPRESENTATIONS ....................................................................   15
</TABLE>

                                       i

<PAGE>

                                                                   Exhibit 10.65

                              RABBI TRUST AGREEMENT

         THIS RABBI TRUST AGREEMENT is effective this 1st day of January 1,
2003, by and between LEVI STRAUSS & CO. ("Company") and BOSTON SAFE DEPOSIT AND
TRUST COMPANY ("Trustee").

         WHEREAS, the Company has adopted the nonqualified deferred compensation
Plan listed in Appendix A (the "Plan" or, if additional plans are added,
collectively referred to as the "Plan");

         WHEREAS, the Company has incurred or expects to incur liability under
the terms of such Plan with respect to the individuals participating in such
Plan (individually a "Participant" and collectively the "Participants");

         WHEREAS, the Company wishes to establish a trust (the "Trust") and to
contribute to the Trust the assets that shall be held therein, subject to the
claims of the Company's creditors in the event of the Company's Insolvency, as
defined in Section 4, until paid to Participants and their beneficiaries in such
manner and at such times as specified in the Plan and this Rabbi Trust
Agreement;

         WHEREAS, it is the intention of the parties that this Trust shall
constitute an unfunded arrangement and shall not affect the status of the Plan
as an unfunded plan maintained for the purpose of providing deferred
compensation for a select group of management or highly compensated employees
for purposes of Title I of the Employee Retirement Income Security Act of 1974,
as amended, ("ERISA") and benefits under an excess benefit plan as that term is
defined in Section 3(36) of ERISA to certain employees in excess of the
limitations on contributions and benefits imposed by ss.415 of the Internal
Revenue Code of 1986, as amended,; and;

         WHEREAS, it is the intention of the Company to make contributions to
the Trust to provide a source of funds to meet its liabilities under the Plan.

         NOW THEREFORE, the parties do hereby establish the Trust and agree that
the Trust shall be comprised, held and disposed of as follows:

Section 1.     Establishment of Trust.

         (a)   The Company hereby establishes the Trust with the Trustee,
               consisting of such sums of money and other property acceptable to
               the Trustee as from time to time shall be paid and delivered to
               and accepted by the Trustee from the Company (the "Trust Fund").
               The Trustee shall have no duty to determine or collect
               contributions under the Plan and shall have no responsibility for
               any property until it is received and accepted by the Trustee.
               The Company shall have the sole duty and responsibility for the
               determination of the accuracy or sufficiency of the contributions
               to be made under the Plan.

                                        1

<PAGE>

               All such money and other property paid or delivered to and
               accepted by the Trustee shall become the principal of the Trust
               to be held, administered and disposed of by the Trustee as
               provided in this Rabbi Trust Agreement.

         (b)   The Trust hereby established shall be irrevocable;
               notwithstanding the fact that the Trust is irrevocable, the
               Company may terminate the Plan (or any of them) at any time.

         (c)   The Trust is intended to be a grantor trust, of which the Company
               is the grantor, within the meaning of subpart E, part I,
               subchapter J, chapter 1, subtitle A of the Internal Revenue Code
               of 1986, as amended, and shall be construed accordingly. The
               Company represents and warrants to the Trustee that: (i) the Plan
               for which benefits are or may become payable under this Trust is
               not subject to Part 4 of Title I of ERISA; and (ii) the Plan
               covers, and will cover, only (x) a select group of management or
               highly compensated employees as contemplated by Section 401(a) of
               ERISA and interpretations, opinions, and rulings of the
               Department of Labor thereunder or (y) participants in an excess
               benefit plan as defined in Section 3(36) of ERISA.

         (d)   The principal of the Trust, and any earnings thereon shall be
               held separate and apart from other funds of the Company and shall
               be used exclusively for the purposes of paying Participants under
               the Plan, expenses of the Trust and, in the event of Insolvency,
               obligations of the Company to its general creditors as herein set
               forth. The Participants and their beneficiaries shall have no
               preferred claim on, nor any beneficial ownership interest in, any
               assets of the Trust. Any rights created under the Plan and this
               Rabbi Trust Agreement shall be unsecured contractual rights of
               the Participants and their beneficiaries against the Company. Any
               assets held by the Trust will be subject to the claims of the
               Company's general creditors under federal and state law in the
               event of Insolvency, as defined in Section 4(a) herein.

         (e)   In addition to the contributions necessary to meet the Trust
               Funding Requirement (as defined in Section 2), the Company, in
               its sole discretion, may at any time, or from time to time, make
               additional deposits of cash or other property in trust with the
               Trustee to augment the principal to be held, administered and
               disposed of by the Trustee as provided in this Rabbi Trust
               Agreement. Neither the Trustee nor any Participant or beneficiary
               shall have any right to compel such additional deposits.

Section 2.     Trust Funding Requirement

               From time to time but in no event less than annually, the Company
               shall determine the amount that would be needed to pay
               Participants and their beneficiaries the benefit which they have
               accrued pursuant to the terms of the Plan (as certified to the
               Trustee by the Company) as of the date of the valuation. For

                                       2

<PAGE>

               purposes of this valuation, the Company shall disregard the total
               amount credited to the LS&CO. Performance Tracking Vehicle Fund
               (as defined in the Plan) as of such valuation date. The remaining
               amount is referred to herein as the "Trust Funding Requirement."
               In the event that the fair market value of the Trust assets as of
               any valuation date before a Change of Control is less than 90% of
               the Trust Funding Requirement on such date , the Company shall
               make an additional contribution to the Trust in an amount
               sufficient to bring the fair market value of the assets in the
               Trust up to 90% of the Trust Funding Requirement as of the
               valuation date. Further, the Company shall establish the Trust
               Funding Requirement as of the date of any Change of Control. If
               the fair market value of the Trust Fund as of the valuation date
               is less than the Trust Funding Requirement on such date, the
               Company shall make an additional contribution so the value of
               trust assets equals the Trust Funding Requirement as of the
               valuation date. After a Change of Control, the Company shall
               establish the Trust Funding Requirement on a semi-annual basis
               and make additional contributions as necessary to bring the value
               of the Trust Fund up to the Trust Funding Requirement as of the
               valuation date. Contributions under this Section 2, if any, shall
               be made as soon as reasonably practicable after the Trust Funding
               Requirement is established for a valuation date.

               When computing the Trust Funding Requirement, the Company may
               exclude the benefits attributable to any participant if
               contributions to the Trust Fund on behalf of the participant
               could cause the participant to incur income tax liability on
               account of the contribution.

Section 3.     Payments to Plan Participants and Their Beneficiaries.

         (a)   The Company shall deliver to the Trustee a schedule (the "Payment
               Schedule") that indicates the amounts payable in respect of each
               Participant (and his or her beneficiaries), and that provides a
               formula or other instructions acceptable to the Trustee for
               determining the amounts so payable, the form in which such amount
               is to be paid (as provided for or available under the Plan), and
               the time of commencement for payment of such amounts. The Company
               shall be responsible for notifying the Trustee of any change in
               the information on the Payment Schedule. Except as otherwise
               provided herein, the Trustee shall make payments to the
               Participants and their beneficiaries in accordance with such
               Payment Schedule.

               It is the intent of the Company and the Trustee that the Company
               shall be responsible for determining and effecting all federal,
               state and local tax aspects of the Plan and the Trust Fund,
               including without limitation income taxes payable on the Trust
               Fund's income, if any, any required withholding of income or
               other payroll taxes in connection with the payment of benefits
               from the Trust Fund pursuant to the Plan, and all reporting
               required in connection with any such taxes. To the extent that
               the Company is required by applicable law to pay or withhold such
               taxes or to file such reports, such obligation shall be a
               responsibility

                                       3

<PAGE>

               allocated to the Company, as the case may be, hereunder. To the
               extent the Trustee is required by applicable law to pay or
               withhold such taxes or to file such reports, the Company shall
               inform the Trustee of such obligation, shall direct the Trustee
               with respect to the performance of such obligations and shall
               provide the Trustee with all information required by the Trustee
               to meet such obligations. Notwithstanding the foregoing, the
               Company may elect to pay any applicable taxes directly. In the
               event the Company pays taxes directly, such amounts may be
               reimbursed from Trust assets by the Trustee, provided that the
               Company certifies the amount of taxes paid directly and instructs
               the Trustee to remit a reimbursement of such taxes to the
               Company.

         (b)   The entitlement of a Participant or his or her beneficiaries to
               benefits under the Plan shall be determined by the Company or
               such party as it shall designate under the Plan, and any claim
               for such benefits shall be considered and reviewed under the
               procedures set out in the Plan. The Company shall notify the
               Trustee of such determination and shall direct commencement of
               payments of such benefits.

         (c)   The Company may make payment of benefits directly to the
               Participants or their beneficiaries as they become due under the
               terms of the Plan. The Company shall notify the Trustee of its
               decision to make payment of benefits directly prior to the time
               amounts are payable to Participants or their beneficiaries. If
               requested by the Company, the Trustee shall reimburse the Company
               for any benefits under the Plan and Trust which are paid by the
               Company or otherwise satisfied. In addition, if the principal of
               the Trust, together with any earnings thereon, are not sufficient
               to make payment of benefits in accordance with the terms of the
               Plan, the Company shall immediately make up the balance of each
               such payment as it falls due. The Trustee shall notify the
               Company when principal and earnings are not sufficient.

Section 4.     Trustee Responsibility  regarding Payments to Trust Beneficiary
               When Company Is or Is Alleged to Be Insolvent.

         (a)   The Trustee shall cease payment of benefits to the Participants
               and their beneficiaries if the Company is Insolvent. The Company
               shall be considered "Insolvent" for purposes of this Rabbi Trust
               Agreement if (i) the Company is unable to pay its debts as they
               become due, or (ii) the Company is subject to a pending
               proceeding as a debtor under the United States Bankruptcy Code. A
               determination of Insolvency under the terms of this Rabbi Trust
               Agreement does not constitute an admission of insolvency by the
               Company for any other purpose.

         (b)   At all times during the continuance of this Trust, as provided in
               Section 1(d) hereof, the principal and income of the Trust shall
               be subject to claims of general creditors of the Company under
               federal and state law as set forth below.

               (1) The Board of Directors and the Chief Executive Officer of the
                   Company shall have the duty to inform the Trustee in writing
                   of the Company's

                                       4

<PAGE>

                   Insolvency. If a person claiming to be a creditor of the
                   Company alleges in writing to the Trustee that the Company
                   has become Insolvent, the Trustee shall determine whether the
                   Company is Insolvent and, pending such determination, the
                   Trustee shall discontinue payment of benefits to the
                   Participants or their beneficiaries. In all cases, the
                   Trustee shall be entitled to conclusively rely upon the
                   written certification of the Board of Directors or the Chief
                   Executive Officer of the Company when determining whether the
                   Company is Insolvent.

               (2) Unless the Trustee has received notice from the Company or a
                   person claiming to be a creditor alleging that the Company is
                   Insolvent, the Trustee shall have no duty to inquire whether
                   the Company is Insolvent. The Trustee may in all events rely
                   on such evidence concerning the Company's solvency as may be
                   furnished to the Trustee and that provides the Trustee with a
                   reasonable basis for making a determination concerning the
                   Company's solvency.

               (3) If at any time the Trustee has determined that the Company is
                   Insolvent, the Trustee shall discontinue payments to the
                   Participants or their beneficiaries and shall hold the assets
                   of the Trust for the benefit of the Company's general
                   creditors except that the Trustee's fees and expenses may
                   continue to be paid pursuant to Section 11 subject to any
                   applicable bankruptcy rules. Nothing in this Rabbi Trust
                   Agreement shall in any way diminish any rights of the
                   Participants or their beneficiaries to pursue their rights as
                   general creditors of the Company with respect to benefits due
                   under the Plan or otherwise.

               (4) The Trustee shall resume the payment of benefits to the
                   Participants or their beneficiaries in accordance with
                   Section 3 of this Rabbi Trust Agreement only after the
                   Trustee has determined that the Company is not Insolvent (or
                   is no longer Insolvent).

         (c)   Provided that there are sufficient assets if the Trustee
               discontinues the payment of benefits from the Trust pursuant to
               Section 4(b) hereof and subsequently resumes such payments, the
               first payment following such discontinuance shall include the
               aggregate amount of all payments due to the Participants or their
               beneficiaries under the terms of the Plan (as certified to the
               Trustee by the Company) for the period of such discontinuance
               less the aggregate amount of any payments made to the
               Participants or their beneficiaries by the Company in lieu of the
               payments provided for hereunder during any such period of
               discontinuance.

Section 5.     Payments to Company.

               Except as otherwise specifically provided in this Rabbi Trust
               Agreement, the Company shall have no right or power to direct the
               Trustee to return to the Company or to divert to others any of
               the Trust assets before all payment of

                                       5

<PAGE>

               benefits has been made to the Participants and their
               beneficiaries pursuant to the terms of the Plan (as certified to
               the Trustee by the Company). Notwithstanding the above, in the
               event that the Company reasonably determines as of any valuation
               date that the fair market value of Trust assets exceeds 110% of
               the Trust Funding Requirement (the amount of such excess over
               110% referred to hereinafter as "Trust Surplus"), then the
               Company may direct the Trustee to transfer to the Company such
               assets as shall be designated by the Company in an amount not to
               exceed the Trust Surplus. The Trustee shall be entitled to rely
               solely on the Company's representation that the amounts directed
               to be returned to the Company do not exceed the applicable Trust
               Surplus and shall have no duty to review the Company's
               determination of the amount of the Trust Surplus. In addition,
               the Company may direct the Trustee to transfer to the Company
               Trust Fund assets in an amount necessary to avoid triggering
               taxable income to a Participant or beneficiary if such
               Participant or beneficiary would be required to recognize income
               tax on such funds if they remain in the Trust. The Trustee shall
               be entitled to rely solely on the Company's representation that
               the amount directed to be returned to the Company could become
               taxable to a Participant or beneficiary and shall have no duty to
               review the Company's determination of the amount.

Section 6.     Investment and Administrative Authority.

         (a)   Prior to a Change of Control the Company shall establish and
               maintain written investment guidelines (the "Investment
               Guidelines"), which may be revised by the Company from time to
               time, for the investment of the assets in the Trust Fund. The
               Trust Fund shall at all times be managed in accordance with the
               Investment Guidelines then in effect. The Company may appoint and
               remove one or more investment managers from time to time to
               manage specified portions of the Trust Fund. To the extent that
               assets of the Trust Fund are not so managed by an investment
               manager appointed by the Company, the Company shall manage all
               such assets. The Company and each investment manager shall
               designate in writing the persons who are authorized to represent
               such party in dealing with the Trustee. Except as provided in
               subsection (b) below, the Trustee shall have no investment duties
               for the Trust Fund. The Trustee shall have no duty to inquire
               whether investment directions received from the Company or an
               investment manager are in accordance with the Plan or the
               Investment Guidelines, or to review the assets purchased,
               retained or sold.

         (b)   After a Change of Control, the Trustee shall have and exercise
               sole investment discretion with respect to all of the Trust Fund
               in accordance with the Investment Guidelines in effect
               immediately prior to a Change of Control, a copy of which shall
               be provided prior to a Change of Control to the Trustee by the
               Company. The Trustee's sole responsibility with regard to
               investment discretion shall be to exercise such discretion in
               accordance with the Investment Guidelines. Thereafter, the
               Investment Guidelines may be changed from time to time by mutual
               agreement of the Trustee and the Company. The Trustee may, in its
               sole

                                       6

<PAGE>

               discretion, appoint, retain or terminate an investment manager
               (including any affiliate of the Trustee) to manage all or a
               portion of the Trust Fund in accordance with the current
               Investment Guidelines.

         (c)   The Company shall have the right at any time, and from time to
               time, in its sole discretion, to substitute assets of equal fair
               market value for any asset held by the Trust. This right is
               exercisable by Company in a non-fiduciary capacity without the
               approval or consent of any person in a fiduciary capacity.

         (d)   In addition to those powers conferred by law, the Trustee shall
               have the following powers:

               (1) The Trustee may invest and reinvest the principal and income
                   of the Trust and keep it invested, without distinction
                   between principal and income, in any security or property
                   pursuant to the direction of the Company or an investment
                   manager appointed by the Company prior to a Change of Control
                   and in the Trustee's sole discretion after a Change of
                   Control; provided, however, that in no event may the Trustee
                   invest in securities (including stock or rights to acquire
                   stock) or obligations issued by the Company, other than a de
                   minimis amount held in common investment vehicles in which
                   the Trustee invests. Also, in no event shall the Trust be
                   invested in real estate. For this purpose, "real estate"
                   includes, but is not limited to, real property, leaseholds,
                   mineral interests, and any form of assets which is secured by
                   any of the foregoing. All rights associated with assets of
                   the Trust shall be exercised by the Trustee or the person
                   designated by the Trustee, and shall in no event be
                   exercisable by or rest with the Participants.

               (2) The Trustee may collect and receive any and all money and
                   other property due the Trust and give full discharge
                   therefor.

               (3) The Trustee may deposit cash into interest  bearing accounts
                   in the banking department of the Trustee or an affiliated
                   banking organization;

               (4) The Trustee may purchase, enter, sell, hold, and generally
                   deal in any manner in and with contracts for the immediate or
                   future delivery of financial instruments of any issuer or of
                   any other property and may also grant, purchase, sell,
                   exercise, permit to expire, permit to be held in escrow, or
                   otherwise acquire, dispose of, hold and generally deal in any
                   manner with and in all forms of options or any combination
                   thereof pursuant to the direction of the Company or an
                   investment manager appointed by the Company prior to a Change
                   of Control, and in the Trustee's sole discretion after a
                   Change of Control provided that such investments are in
                   accordance with the Investment Guidelines.

                                       7

<PAGE>

               (5) The Trustee may settle, compromise or submit to arbitration
                   any claims, debt or damages due or owing to or from the
                   Trust; the Trustee may also commence or defend suits or legal
                   proceedings to protect any interest of the Trust, and may
                   represent the Trust in all suits or legal proceedings in any
                   court or before any other body or tribunal.

               (6) The Trustee may take all action necessary to pay for
                   authorized transactions, including the temporary advancement
                   of cash or securities to settle security purchases and/or
                   foreign exchange or contracts for foreign exchange and any
                   property at any time held in the Trust Fund shall be security
                   therefore to the extent of such advancement until it is
                   repaid.

               (7) The Trustee may appoint custodians, subcustodians or
                   subtrustees, domestic or foreign (including affiliates of the
                   Trustee), as to part or all of the Trust. The Trustee shall
                   not be responsible or liable for any losses or damages
                   suffered by the Company arising as a result of the insolvency
                   of any custodian, subcustodian or subtrustee, except to the
                   extent the Trustee was negligent in its selection or
                   continued retention of such custodian, subcustodian or
                   subtrustee. In no event shall Trustee be liable for the acts
                   or omissions of any custodian, subcustodian or subtrustee
                   appointed pursuant to the direction of the Company or an
                   investment manager.

               (8) The Trustee may hold property in nominee name, in bearer
                   form, or in book entry form, in a clearinghouse corporation
                   or in a depository (including an affiliate of the Trustee),
                   so long as the Trustee's records clearly indicate that the
                   assets held are a part of the Trust. The Trustee shall not be
                   responsible for any losses resulting from the deposit or
                   maintenance of securities or other property (in accordance
                   with market practice, custom, or regulation) with any
                   recognized foreign or domestic clearing facility, book-entry
                   system, centralized custodial depository, or similar
                   organization.

               (9) The Trustee may generally do all acts, whether or not
                   expressly authorized, which the Trustee may deem necessary or
                   desirable for the protection of the Trust.

Section 7.     Settlement and Income; Market Practice Settlements.

       (a)     In accordance with the Trustee's standard operating procedure,
               the Trustee shall credit the Trust Fund with income, which shall
               include interest, dividends and return of capital, and maturity
               proceeds on securities on contractual payment date net of any
               taxes or upon actual receipt. To the extent the Trustee credits
               income on contractual payment date, the Trustee may reverse such
               accounting entries to the contractual payment date if the Trustee
               reasonably believes that such amount will not be received.

                                       8

<PAGE>

       (b)     In accordance with the Trustee's standard operating procedure,
               the Trustee will attend to the settlement of securities
               transactions on the basis of either contractual settlement date
               accounting or actual settlement date accounting. To the extent
               the Trustee settles certain securities transactions on the basis
               of contractual settlement date accounting, the Trustee may
               reverse to the contractual settlement date any entry relating to
               such contractual settlement if the Trustee reasonably believes
               that such amount will not be received.

       (c)     Settlements of transactions may be effected in trading and
               processing practices customary in the jurisdiction or market
               where the transaction occurs. The Company acknowledges that this
               may, in certain circumstances, require the delivery of cash or
               securities (or other property) without the concurrent receipt of
               securities (or other property) or cash. In such circumstances,
               the Trustee shall have no responsibility for nonreceipt of
               payment (or late payment) or nondelivery of securities or other
               property (or late delivery) by the counterparty.

Section 8.     Disposition of Income.

               During the term of this Trust, all income received by the Trust,
               net of expenses and taxes, shall be accumulated and reinvested.

Section 9.     Accounting by Trustee.

               The Trustee shall keep accurate and detailed records of all
               investments, receipts, disbursements, and all other transactions
               required to be made, including such specific records as shall be
               agreed upon in writing between the Company and the Trustee.
               Within sixty (60) days following the close of each calendar year
               and within ninety (90) days after the removal or resignation of
               the Trustee, the Trustee shall deliver to the Company a written
               account of its administration of the Trust during such year or
               during the period from the close of the last preceding year to
               the date of such removal or resignation, setting forth all
               investments, receipts, disbursements and other transactions
               effected by it, including a description of all securities and
               investments purchased and sold with the cost or net proceeds of
               such purchases or sales (accrued interest paid or receivable
               being shown separately), and showing all cash, securities and
               other property held in the Trust at the end of such year or as of
               the date of such removal or resignation, as the case may be. If,
               within 120 days after the Trustee mails to the Company a
               statement with respect to the Trust, the Company has not given
               the Trustee written notice of any exception or objection thereto,
               the statement shall be deemed to have been approved, and in such
               case, the Trustee shall not be liable for any matters in such
               statements. The Company or its agent shall have the right at its
               own expense and with prior written notice to the Trustee to
               inspect the Trustee's books and records directly relating to the
               Trust Fund during normal business hours.

Section 10.    Responsibility of Trustee.

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<PAGE>

        (a)    The Trustee shall act with the care, skill, prudence and
               diligence under the circumstances then prevailing that a prudent
               person acting in like capacity and familiar with such matters
               would use in the conduct of an enterprise of a like characterand
               with like aims, provided, however, that the Trustee shall incur
               no liability to any person for any action taken pursuant to a
               direction, request or approval given by the Company which is
               contemplated by, and in conformity with, the terms of the Plan
               (as certified to the Trustee by the Company) or this Trust and is
               given in writing by the Company. In the event of a dispute
               between the Company and a third party, the Trustee may apply to a
               court of competent jurisdiction to resolve the dispute.

        (b)    The Trustee is not a party to and has no duties or
               responsibilities under the Plan other than those that may be
               expressly contained in this Rabbi Trust Agreement. In any case in
               which a provision of this Rabbi Trust Agreement conflicts with
               any provision in the Plan, this Rabbi Trust Agreement shall
               control.

        (c)    The Trustee shall not be responsible for the title, validity or
               genuineness of any property or evidence of title thereto received
               by it or delivered by it pursuant to this Rabbi Trust Agreement
               and shall be held harmless in acting upon any notice, request,
               direction, instruction, consent, certification or other
               instrument believed by it to be genuine and delivered by the
               proper party or parties.

        (d)    The Company agrees to indemnify and hold harmless the Trustee,
               its parent, subsidiaries and affiliates, and each of their
               respective officers, directors, employees and agents from and
               against all liability, loss and expense, including reasonable
               attorneys' fees and expenses incurred by the Trustee or any of
               the foregoing indemnitees arising out of or in connection with
               this Rabbi Trust Agreement, except as a result of the Trustee's
               own negligence, willful misconduct, bad faith or breach of this
               Agreement or of its fiduciary duties . The Trustee shall be fully
               indemnified by the Company for any action taken in accordance
               with, or any failure to act in the absence of, the Company's or
               an investment manager's directions. If the Trustee undertakes or
               defends any litigation arising in connection with this Trust, the
               Company agrees to indemnify the Trustee against the Trustee's
               costs, expenses and liabilities (including, without limitation,
               attorneys' fees and expenses) relating thereto and to be
               primarily liable for such payments except where the Trustee is
               determined to be liable due to its negligence, willful
               misconduct, bad faith, or breach of this Rabbi Trust Agreement or
               of its fiduciary duties. If the Company does not pay such costs,
               expenses and liabilities in a reasonably timely manner, the
               Trustee may obtain payment from the Trust. This Section 10(d)
               shall survive the termination of this Rabbi Agreement.

        (e)    The Trustee may consult with legal counsel (who may also be
               counsel for the Company generally) with respect to any of its
               duties or obligations hereunder and as a part of its reimbursable
               expenses under this Agreement, pay counsel's reasonable
               compensation and expenses. The Trustee shall be entitled to rely
               on

                                       10

<PAGE>

               and may act upon advice of counsel on all matters, and shall be
               without liability for any action reasonably taken or omitted
               pursuant to such advice.

        (f)    The Trustee may hire agents, accountants, actuaries, investment
               advisors, financial consultants or other professionals, including
               affiliates, to assist it in performing any of its duties or
               obligations hereunder.

        (g)    The Trustee shall have without exclusion, all powers conferred on
               Trustees by applicable law, unless expressly provided otherwise
               herein, provided, however, that if an insurance policy is held as
               an asset of the Trust, the Trustee shall have no power to name a
               beneficiary of the policy other than the Trust, to assign the
               policy (as distinct from conversion of the policy to a different
               form) other than to a successor Trustee, or to loan to any person
               the proceeds of any borrowing against such policy.

        (h)    Notwithstanding any powers granted to the Trustee pursuant to
               this Trust Agreement or to applicable law, the Trustee shall not
               have any power that could give this Trust the objective of
               carrying on a business and dividing the gains therefrom, within
               the meaning of Section 301.7701-2 of the Procedure and
               Administrative Regulations promulgated pursuant to the Internal
               Revenue Code.

        (i)    Notwithstanding anything in this Rabbi Trust Agreement to the
               contrary contained herein, the Trustee shall not be responsible
               or liable for any losses to the Trust resulting from any event
               beyond the reasonable control of the Trustee, its agents or
               custodians, including but not limited to nationalization,
               strikes, expropriation, devaluation, seizure, or similar action
               by any governmental authority, de facto or de jure; or enactment,
               promulgation, imposition or enforcement by any such governmental
               authority of currency restrictions, exchange controls, levies or
               other charges affecting the Trust's property; or the breakdown,
               failure or malfunction of any utilities or telecommunications
               systems; or any order or regulation of any banking or securities
               industry including changes in market rules and market conditions
               affecting the execution or settlement of transactions; or acts of
               war, terrorism, insurrection or revolution; or acts of God; or
               any other similar event. This Section shall survive the
               termination of this Rabbi Trust Agreement.

        (j)    The Trustee shall not be liable for any act or omission of any
               other person, except to the extent that such person is an agent
               of the Trustee (not appointed pursuant to the direction of the
               Company or an investment manager) or under the control of the
               Trustee, in carrying out any responsibility imposed upon such
               person and under no circumstances shall the Trustee be liable for
               any indirect, consequential, or special damages with respect to
               its role as Trustee.

Section 11.    Compensation and Expenses of Trustee.

               The Company shall pay all Trustee's fees and expenses necessary
               for the Trustee to fulfill its duties hereunder as mutually
               agreed between the parties. If not so

                                       11

<PAGE>

               paid within sixty (60) days after an invoice is sent to the
               Company, the fees and expenses shall be paid from the Trust. The
               Company acknowledges that as part of the Trustee's compensation,
               the Trustee may earn interest on balances including disbursement
               balances and balances arising from purchase and sale
               transactions. If the Trustee advances cash or securities to the
               Trust for any purpose, or in the event that the Trustee shall
               incur or be assessed taxes, interest, charges, expenses,
               assessments, or other liabilities in connection with the
               performance of this Rabbi Trust Agreement, except such as may
               arise from its own negligent failure to act or willful
               misconduct, any property at any time held in the Trust Fund shall
               be, to the extent of the advance, security therefor and the
               Trustee shall be entitled to collect from the Trust sufficient
               cash for reimbursement, and if such cash is insufficient, dispose
               of the assets of the Trust Fund to the extent necessary to obtain
               reimbursement. To the extent the Trustee advances funds to the
               Trust for disbursements or to effect the settlement of purchase
               transactions, the Trustee shall be entitled to collect from the
               Trust either (i) with respect to domestic assets, an amount equal
               to what would have been earned on the sums advanced (an amount
               approximating the "federal funds" interest rate) or (ii) with
               respect to non-domestic assets, the rate applicable to the
               appropriate foreign market.

Section 12.    Change of Control

        (a)    For purposes of this Rabbi Trust Agreement, the term "Change of
               Control" has the meaning given it in the U.S. Dollar Indenture,
               dated as of January 18, 2001, between the Company and Citibank,
               N.A. (the "Indenture"), as in effect on the date of this Rabbi
               Trust Agreement and without regard to any subsequent (i)
               amendment or termination of the Indenture or (ii) full payment or
               defeasance of the securities issued under, or other discharge of
               the Company's liabilities under, the Indenture.

        (b)    The Company shall have the duty to inform the Trustee in writing
               upon the occurrence of a Change of Control. The Trustee shall be
               entitled to conclusively rely upon such written certification of
               the Company and shall have no responsibility or liability for
               determining whether a Change of Control has occurred.

Section 13.    Resignation and Removal of Trustee.

        (a)    The Trustee may resign at any time by written notice to the
               Company, which shall be effective sixty (60) days after receipt
               of such notice unless the Company and the Trustee agree
               otherwise.

        (b)    The Trustee may be removed by the Company on sixty (60) days
               notice or upon shorter notice accepted by the Trustee, except
               that after a Change of Control as defined herein, the Trustee may
               not be removed by the Company for one year.

                                       12

<PAGE>

        (c)    Upon resignation or removal of the Trustee and appointment of a
               successor Trustee, all assets shall subsequently be transferred
               to the successor Trustee. The transfer shall be completed within
               ninety (90) days after receipt of the notice of resignation,
               removal or transfer, unless the Company extends the time limit.

        (d)    If the Trustee resigns or is removed, a successor shall be
               appointed in accordance with Section 14 hereof by the effective
               date of resignation or removal under paragraphs (a) or (b) of
               this Section. If no such appointment has been made, the Trustee
               may apply to a court of competent jurisdiction for appointment of
               a successor or for instructions. The Trustee shall continue to
               fulfill its duties hereunder and shall receive compensation
               pursuant to Section 11 until the successor's appointment is
               effective. All expenses of the Trustee in connection with the
               proceeding shall be allowed as administrative expenses of the
               Trust.

        (e)    If the Trustee resigns within one year of a Change of Control, as
               defined herein, the Trustee shall select a successor Trustee in
               accordance with the provisions of Section 14(c) hereof prior to
               the effective date of the Trustee's resignation.

Section 14.    Appointment of Successor.

        (a)    If the Trustee resigns or is removed in accordance with Section
               13 (a) or (b) hereof, the Company shall appoint any third party,
               such as a bank trust department or other party that may be
               granted corporate trustee powers under state law, as a successor
               to replace the Trustee upon such resignation or removal. The
               appointment shall be effective when accepted in writing by the
               new Trustee, who shall have all of the rights and powers of the
               former Trustee, including ownership rights in the Trust assets.
               The former Trustee shall execute any instrument necessary or
               reasonably requested by the Company or the successor Trustee to
               evidence the transfer.

        (b)    The successor Trustee need not examine the records and acts of
               any prior Trustee and shall not be responsible for and the
               Company shall indemnify and defend the successor Trustee from any
               claim or liability resulting from any action or inaction of any
               prior Trustee or from any other past event, or any condition
               existing at the time it becomes successor Trustee.

        (c)    If the Trustee resigns pursuant to the provisions of Section
               13(e) hereof and selects a successor Trustee, the Trustee may
               appoint any third party such as a bank trust department or other
               party that may be granted corporate trustee powers under state
               law. The appointment of a successor Trustee shall be effective
               when accepted in writing by the new Trustee. The new Trustee
               shall have all the rights and powers of the former Trustee,
               including ownership rights in Trust assets. The former Trustee
               shall execute any instrument necessary or reasonably requested by
               the successor Trustee to evidence the transfer.

Section 15.    Amendment or Termination.

                                       13

<PAGE>

        (a)    Subject to Section 15(c), this Rabbi Trust Agreement may be
               amended by a written instrument which is executed by the Trustee
               and Company and which recites that it is an amendment to this
               Rabbi Trust Agreement. Notwithstanding the foregoing, no such
               amendment shall conflict with the terms of the Plan (as certified
               to the Trustee by the Company) or shall make the Trust revocable.

        (b)    The Trust shall not terminate until the date on which the
               Participants and their beneficiaries are no longer entitled to
               benefits pursuant to the terms of the Plan (as certified to the
               Trustee by the Company). Upon termination of the Trust any assets
               remaining in the Trust shall be returned to the Company.

        (c)    Notwithstanding any other provision in this Rabbi Trust
               Agreement, this Rabbi Trust Agreement may not be amended within
               one year after the occurrence of a Change of Control, unless the
               Trustee determines, in its discretion, that such amendment is
               necessary for the administration of the trust and does not
               conflict with or alter the provisions of the Plan.

Section 16.    Miscellaneous.

        (a)    Neither the Company nor the Trustee may assign this Rabbi Trust
               Agreement without the prior written consent of the other, except
               that the Trustee may assign its rights and delegate its duties
               hereunder to any corporation or entity which directly or
               indirectly is controlled by, or is under common control with, the
               Trustee. This Rabbi Trust Agreement shall be binding upon, and
               inure to the benefit of, the Company and the Trustee and their
               respective successors and permitted assigns. Any entity which
               shall by merger, consolidation, purchase, or otherwise, succeed
               to substantially all the trust business of the Trustee shall,
               upon such succession and without any appointment or other action
               by the Company, be and become successor trustee hereunder, upon
               notification to the Company

        (b)    Any provision of this Rabbi Trust Agreement prohibited by law
               shall be ineffective to the extent of any such prohibition,
               without invalidating the remaining provisions hereof.

        (c)    Benefits payable to Participants and their beneficiaries under
               this Rabbi Trust Agreement may not be anticipated, assigned
               (either at law or in equity), alienated, pledged, encumbered or
               subjected to attachment, garnishment, levy, execution or other
               legal or equitable process.

        (d)    Notwithstanding anything to the contrary contained elsewhere in
               this Rabbi Trust Agreement, any reference to the Plan or Plan
               provisions which require knowledge or interpretation of the Plan
               shall impose a duty upon the Company to communicate such
               knowledge or interpretation to the Trustee. The Trustee shall
               have no obligation to know or interpret any portion of the Plan
               and shall in no way be liable for any proper action taken
               contrary to the Plan.

                                       14

<PAGE>

        (e)    This Rabbi Trust Agreement shall be governed by and construed in
               accordance with the laws of the Commonwealth of Massachusetts.
               The parties hereby expressly waive, to the full extent permitted
               by applicable law, any right to trial by jury with respect to any
               judicial proceeding arising from or related to this Rabbi Trust
               Agreement.

Section 17.    Reliance of Representations.

        (a)    The Company and the Trustee each acknowledge that the other will
               be relying, and shall be entitled to rely, on the
               representations, undertakings and acknowledgments of the other as
               set forth in this Rabbi Trust Agreement. The Company and the
               Trustee each agree to notify the other promptly if any of its
               representations, undertakings, or acknowledgments set forth in
               this Rabbi Trust Agreement ceases to be true.

        (b)    The Company and the Trustee hereby each represent and warrant to
               the other that it has full authority to enter into this Agreement
               upon the terms and conditions hereof and that the individual
               executing this Rabbi Trust Agreement on their behalf has the
               requisite authority to bind the Company and the Trustee to this.

The parties have executed this Rabbi Trust Agreement as of the dates set forth
below.

LEVI STRAUSS & CO.

By: _____________________________________________

Name: ___________________________________________

Title: __________________________________________

Date: ___________________________________________

BOSTON SAFE DEPOSIT AND TRUST COMPANY

By: _____________________________________________

Name: ___________________________________________

Title: __________________________________________

                                       15

<PAGE>

Date: ___________________________________________

                                       16

<PAGE>

                              RABBI TRUST AGREEMENT
      Between Levi Strauss & Co. and Boston Safe Deposit and Trust Company

                                   APPENDIX A

Name of Plan

The Levi Strauss & Co. Deferred Compensation Plan for Executives and Outside
----------------------------------------------------------------------------
Directors
---------

                                       17

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