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                                                                   EXHIBIT 10(I)

                               JOHNSON & JOHNSON

                         EXECUTIVE INCOME DEFERRAL PLAN

     The Johnson & Johnson Executive Income Deferral Plan (the "Plan") is
intended to permit a select group of executives to defer income which would
otherwise be immediately payable to them under various compensation and/or
incentive plans of Johnson & Johnson (the "Company").

     1. Administration.  The Plan is administered by the Compensation Committee
of the Company's Board of Directors. The Committee shall have responsibility for
determining which investments will from time to time be available under the Plan
and shall review the investment options at least once every three years. The
Committee shall make all decisions affecting the timing, price or amount of any
and all of the Deferred Awards (as hereinafter defined) of participants subject
to Section 16 of the Securities Exchange Act of 1934, as amended, but may
otherwise delegate any of its authority under the Plan.

     2. Eligibility.  Eligibility to defer income and other amounts under the
Plan will be initially limited to members of the Executive Committee of the
Company. The Committee may from time to time expand eligibility to defer
compensation under the Plan to other executives of the Company. The Committee,
however, has the authority to refuse to permit any executive to participate in
the Plan or elect to defer payments, if the Committee determines that such
participation would jeopardize the Plan's compliance with applicable law or the
Plan's status as a top hat plan under ERISA.

     3. Deferral into an Income Deferral Account or Estate Preservation
Plan.  Participants may elect to defer up to (i) fifty percent (50%) of annual
salary, (ii) one hundred percent (100%) of cash and/or stock awards under the
Company's Executive Incentive Plan, (iii) one hundred percent (100%) of dividend
equivalents paid under the Company's Certificate of Extra Compensation ("CEC")
Plan and (iv) one hundred percent (100%) of dividend equivalents paid on
deferred "gain" shares under the Company's Stock Option Gain Deferral Plan.
Amounts so deferred are known as "Deferred Awards" and will be directed, at the
election of a participant, to either an "Income Deferral Account" or the Estate
Preservation Plan (as described below). A participant's decision to defer under
the Plan must be made on or before September 30 of the year prior to the
commencement of the fiscal year as to which the compensation, bonus, incentive
payment or dividend equivalent monies to be deferred will be earned.
Notwithstanding the foregoing, the required notice period for elections made in
respect of amounts to be deferred under (iv) above shall be governed by the
notice and election provisions of the Stock Option Gain Deferral Plan. Any
election to defer pursuant to this Section 3 shall be effective only when timely
filed with Extra Compensation Services on the form utilized for such purpose. A
participant shall designate, in multiples of 1% of the Deferred Award, the
portion to be allocated to each investment option available under the Plan. A
participant may change the investment options for Deferred Awards not yet
credited to his or her Income Deferral Account not more than once each month,
such change to be effective as of the first day of the month following the month
in which a participant's request to change such allocation is filed with Extra
Compensation Services.

     In determining the maximum amounts which can be deferred by any participant
under the Plan, the Committee shall take into account (and include) any
commitment made by such participant under the Estate Preservation Plan. To the
extent that the amount of salary and/or cash award under the Company's Executive
Incentive Plan is insufficient to meet the prior deferral commitment made by a
participant under the Plan and the Estate Preservation Plan, then the deferral
commitment under the Plan shall be reduced accordingly so that the deferral
commitment under the Estate Preservation Plan is funded in full.

     Any elections to defer dividend equivalents under the Company's CEC Plan
will be applied such that elections will apply to the CEC contracts in the
reverse order of their issuance. Deferred Awards shall be held in one account
regardless of the form of compensation or plan under which they were earned.

     Upon ceasing to be an employee of the Company, each participant (or in the
event of a participant's death, the named beneficiary or his/her estate) shall
be entitled to receive in cash in lump sum the value of
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his/her Income Deferral Account as of the date of such termination, unless such
participant has elected, pursuant to the provisions of Section 7 below, to
further defer payment of his/her Income Deferral Account beyond retirement.
Notwithstanding the above, if a participant is in any fiscal year a "named
executive officer" for proxy statement reporting purposes by reason of his/her
being the chief executive officer of the Company or one of the four highest
compensated officers (other than the chief executive officer), any payment from
an Income Deferral Account otherwise due to be made in such year shall be
postponed to a date which is on or about the 15th day of January of the
following fiscal year.

     4. Investment of Income Deferral Accounts.  At the election of each
participant, amounts in an Income Deferral Account may be invested utilizing the
investment options set forth below. Amounts to be deferred in any month
(including any stock award) will be valued and credited to a participant's
Income Deferral Account on the last day of each month. Amounts to be deferred
into the Estate Preservation Plan are separate and distinct from the amounts
deferred into Income Deferral Accounts.

     (a) Common Stock Equivalent Units.  All amounts elected to be deferred
under this investment option shall be converted into equivalent units of the
Company's Common Stock ("Common Stock") as if the compensation deferred had been
invested in Common Stock ("Common Stock Equivalent Units"). The number of Common
Stock Equivalent Units shall be determined by dividing the amount of
compensation or dividend equivalents to be deferred by the average of the high
and low prices of the Common Stock on the last trading day of each month as
reported in The Wall Street Journal. The Company shall credit the participant's
Income Deferral Account with the number of full and partial shares of the
Company's Common Stock so determined. However, at no time shall any shares of
the Company's Common Stock actually be purchased or earmarked for such Income
Deferral Account. No participant shall have any of the rights of a shareowner
with respect to any shares credited to his or her Income Deferral Account. The
number of Common Stock Equivalent Units included in a participant's Income
Deferral Account shall be adjusted to reflect payment of dividends and increases
or decreases in market value which would have resulted had funds equal to such
deferred amount actually been invested in Common Stock.

     The value of the Company's Common Stock for purposes of investment
redesignation (as described in Section 5) shall be the closing price of the
Company's Common Stock on the last trading day of the month in which the
participant's redesignation request is received by Extra Compensation Services,
as reported in The Wall Street Journal.

     Distributions in cash of the value of equivalent shares of the Company's
Common Stock will be valued at the closing price of the Company's Common Stock
on the last trading date preceding the distribution date, as reported in The
Wall Street Journal.

     In the event of a reorganization, stock split, stock dividend, combination
of shares, merger, consolidation, rights offering or any other change in the
corporate structure or shares of the Company the Committee shall make such
adjustment, if any, as it may deem appropriate in the number and kind of shares
of the Company's Common Stock credited to participants' Income Deferral
Accounts.

     (b) Balanced Fund.  All amounts elected to be deferred under this option
shall be deemed to be invested in and credited with the investment rate of
return earned under the Balanced Fund option under the Company's Savings Plan or
any such successor fund. However, no Balanced Fund shares shall be purchased or
earmarked for a participant's Account.

     (c) One Year Treasury Bill Rate.  All amounts elected to be deferred under
this option shall be deemed to be invested in an interest bearing account which
bears interest at the One Year Treasury Bill Rate, compounded monthly. For
purposes of the Plan, the One Year Treasury Bill Rate shall be the interest rate
for One Year Treasury Bills quoted in the Wall Street Journal on the last
trading day of the preceding calendar year. Such rate shall be adjusted
annually. No Treasury Bills will be actually purchased or earmarked for a
participant's Account.

     5. Redesignation of Investment Options Within an Income Deferral
Account.  A participant may redesignate amounts previously credited to an Income
Deferral Account among the investment options available under the Plan.
Participants who wish to redesignate out of a particular investment option may
not at
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the same time redesignate into the same investment option. No redesignation of
investments may take place during the 30 days prior to a scheduled distribution
under the Plan. The following additional rules shall apply with respect to the
redesignation of any such previously credited amounts:

          (a) Permitted Frequency -- Redesignation by a participant may be made
     not more than once during any consecutive twelve month period.

          (b) Amount and Extent of Redesignation -- Redesignation for any
     participant must be in 1% multiples of the investment from which
     redesignation is being made.

          (c) Timing -- Redesignation shall take place as of the first day of
     the month following the month in which a participant's written
     redesignation is received by Extra Compensation Services. The value of the
     Company's Common Stock for purposes of investment redesignation shall be
     the average of the high and low trading price of the Common Stock as
     reported in The Wall Street Journal for the last trading day of such prior
     month.

          (d) Special rules for Redesignation Into or Out of Common Stock
     Equivalent Units previously credited to an Income Deferral Account:

             (i) Material, Nonpublic Information -- The Committee in its sole
        discretion and with advice of counsel at any time may rescind a
        redesignation into or out of Common Stock Equivalent Units if such
        redesignation was made by a participant who, a) at the time of the
        redesignation was in the possession of material, nonpublic information
        with respect to the Company; and b) in the Committee's estimation
        benefited from such information in the timing of his or her
        redesignation. The Committee's determination shall be final and binding.
        In the event of such rescission, the participant's Income Deferral
        Account shall be returned to a status as though such redesignation had
        not occurred. Notwithstanding the above, the Committee shall not rescind
        a redesignation if the facts were reviewed by the participant with the
        General Counsel of the Company or a designee prior to the redesignation
        and if the General Counsel or designee had concluded that such
        participant was not in possession of material, nonpublic information.

             (ii) A participant subject to Section 16(b) of the Securities
        Exchange Act of 1934 may redesignate his or her Income Deferral Account
        into or out of Common Stock Equivalent Units only during the applicable
        "window period" with respect to the release of any quarterly or annual
        statements of sales and earnings by the Company.

             (iii) No redesignation of amounts in an Income Deferral Account
        shall be made into or out of Common Stock Equivalent Units within six
        (6) months of a discretionary "opposite way transaction" into or out of
        Common Stock held by the participant in the Company's Savings Plan.

          (e) Estate Preservation Plan -- Participants may transfer amounts from
     their Income Deferral Account balance to the Estate Preservation Plan, in
     accordance with the terms of the Estate Preservation Plan. However, once
     transferred into the Estate Preservation Plan, such amounts may not be
     transferred back into an Income Deferral Account.

     6. Distribution of Income Deferral Accounts.  If a participant's employment
is terminated for any reason (including death or disability), and such
participant is not eligible to retire from active service under the Company's
pension plan, then his or her Income Deferral Account will be automatically paid
in a lump sum as soon as administratively feasible in the month following his or
her termination of employment. Distributions in cash of the value of equivalent
shares of the Company's Common Stock will be valued at the average of the high
and low trading prices of the Common Stock as reported in The Wall Street
Journal for the last trading day of the month in which employment was
terminated.

     7. Post Retirement Deferrals.  At the further election of each participant,
to be made as provided for below, the payment of any sum otherwise due to a
participant upon his/her retirement may be further deferred and paid in either a
single lump sum or in installments. A lump sum payment may be deferred for up to
ten taxable years following the participant's retirement date. If installment
payments are elected, the first installment payment may be made immediately upon
retirement or be deferred for up to ten taxable years.
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Installment payments will be made annually (in the manner described below) and
in approximately equal installment amounts (i.e., the value of the balance of
the Income Deferral Account, plus accrued interest, divided by the number of
remaining installments). The minimum number of annual installments is two (2)
and the maximum number is fifteen (15). An participant may elect to defer up to
100% of the value of his/her total Income Deferral Account at retirement; or,
any percentage increment less than that. The payment of any amounts from an
Income Deferral Account pursuant to this Section 7 shall be subject to the
provisions of the last sentence of Section 3 above. The following additional
rules shall apply with respect to all payments:

          (a) Immediate Lump Sum Payment -- The participant will receive the
     full value of his or her Income Deferral Account in the calendar month of
     his or her retirement effective date. Participants retiring prior to the
     determination of a prior years incentive plan award will receive 75% of the
     estimated value with the remainder paid shortly after the final value is
     determined.

          (b) Deferred Lump Sum Payment -- The participant will receive the full
     value of his or her Income Deferral Account, plus any accrued interest, on
     or about January 15 of the year he or she elects to receive payment in.

          (c) Immediate Commencement of Installments -- The participant will
     receive the first installment in the calendar month of his/her retirement
     effective date, subject to the provisions of the last sentence of Section 3
     above. All subsequent installments, plus any accrued interest, will be paid
     on or about January 15 of each year.

          (d) Deferred Commencement of Installments -- The participant will
     receive the first and all subsequent installments, plus any accrued
     interest, on or about January 15 of each year.

     With respect to any amounts which are deferred and/or paid in installments,
interest shall be paid by the Company from the effective date of retirement to
the date of any such payment. The interest rate for all deferred and/or
installment payments to an participant shall be fixed at the date of retirement
and shall be the rate (rounded to 1 decimal place) offered, as reported in the
Wall Street Journal on the effective retirement date, on a United States
Treasury Instrument for the period comparable to the length of the period of the
deferral and/or installment payments. The interest shall be compounded
semi-annually on the last calendar day of June and December of each year. If
more than one instrument is quoted, the average of such rates shall be utilized.
By way of example, if an election is made to receive installments over eight (8)
years, the comparable eight (8) year U.S. Treasury Rate shall be utilized; if an
election is made to defer the commencement of installments for two (2) years
with installments paid out over ten (10) years, the comparable twelve (12) year
U.S. Treasury Rate shall be utilized. Once established, the interest rate shall
remain fixed for the period of the deferral and/or installments.

     In the event of death of a participant following retirement, the Company
will make payment in full of the balance of his/her Income Deferral Account,
plus any accrued interest, as soon as administratively practical in a single
lump sum payment to the designated beneficiary, subject to the provisions of the
last sentence of Section 3 above.

     In the event no deferral or installment election is made under this Section
7, the total amount of the Income Deferral Account will be paid in accordance
with the provisions of Section 3 in a lump sum payment as soon as practical
following an participant's retirement effective date.

     An election by a participant to defer payment or elect installments of all
or a part of his/her Account beyond his/her effective retirement date must be
made a minimum of twelve (12) months prior to the date of such retirement date.
Any such election may be revised or revoked up to twelve (12) months prior to
such retirement date. For the twelve month period prior to such retirement date,
any election is irrevocable and thus may not be revoked or otherwise revised.

     Notwithstanding the above, at the Plan's inception, an exception has been
made for participants who have a retirement effective date between January 1,
1997 and December 31, 1997. For participants having a retirement effective date
prior to June 30, 1997, the deferral and/or installment election must be made a
minimum of three (3) months and in the calendar year prior to the retirement
date. For such participants having a retirement date between July 1, 1997 and
December 31, 1997, such election must be made at least
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six (6) months prior to the retirement date. For example, a participant who
retires on April 1, 1997, must make the deferral and/or installment election no
later than December 31, 1996; if the retirement date is August 1, 1997, such
election must be made not later than January 31, 1997. Any such election to
defer and/or receive installment payments may only be revised or revoked prior
to the last permissible date for making such election. After such time the
election may not be revoked or otherwise revised.

     An election to defer payment and/or be paid in installments is effective
only when timely filed with Extra Compensation Services on the form utilized for
such purpose. Any election made after the required deadline shall be
disregarded.

     8. Estate Preservation Plan.

     (a) As described in Section 5 above, a participant may elect to transfer
all or any portion of the balance of his or her Income Deferral Account to the
Estate Preservation Plan, in accordance with the terms of the Estate
Preservation Plan. In the event of such election, the participant's Income
Deferral Account shall be reduced, as directed by the participant, as of
December 31 of the year in which the transfer is to occur. Transfers from an
Income Deferral Account to the Estate Preservation Plan shall only be made
effective as of December 31 in any year. Any such transfer shall be irrevocable
when made, pursuant to the terms of a split dollar life insurance agreement, as
designated by the Compensation Committee, and otherwise upon the terms and
conditions set by the Compensation Committee. Upon the election of any
participant to so transfer amounts from his or her Income Deferral Account to
the Estate Preservation Plan, such participant shall be deemed to have waived
irrevocably any and all rights to benefits which might be due under the Plan
with respect to those amounts so transferred.

     (b) In addition to the terms set forth in paragraph (a) above, amounts from
a participant's Income Deferral Account may have to be transferred to the Estate
Preservation Plan in order to satisfy a prior obligation of such participant in
connection with the Estate Preservation Plan. Any such transfer shall be made
solely upon the direction of the Compensation Committee, upon the determination
of the Compensation Committee that such transfer is necessary, and shall be
effected under the same terms and conditions as a voluntary transfer under
paragraph (a) above. If it is determined by the Committee that such a transfer
is necessary, the participant's Income Deferral Account shall be reduced by the
requisite amount as of December 31st in the year as directed by the Compensation
Committee. Upon the determination of the Compensation Committee and the
subsequent transfer of amounts into the Estate Preservation Plan, such
participant shall be deemed to have waived irrevocably any and all rights to
benefits which might be due under the Plan with respect to those amounts so
transferred.

     9. Deductions From Distributions.  The Company will deduct from each
distribution amounts required to be withheld for income, Social Security and
other tax purposes. Such withholding will be done on a pro rata basis per
investment. The Company may also deduct any amounts the participant owes the
Company for any reason.

     10. Beneficiary Designations.  A participant may designate one or more
beneficiaries to receive the value of his/her Income Deferral Account upon
death. Should a beneficiary predecease the participant, or should a beneficiary
not be named, the amount designated for such beneficiary or the participant's
balance, as the case may be, will be distributed to the participant's estate.
Beneficiary designations may be made or revised at any time by submitting a
Beneficiary Designation Form to Extra Compensation Services.

     11. Amendments.  The Committee may amend the Plan at any time. However,
such amendment shall not without the consent of a participant, materially
adversely affect any right or obligation with respect to any Deferred Award made
theretofore.

     12. Miscellaneous.  The Company does not fund the obligations created by
the participant's participation in the Plan. Rather, the Company makes an
unsecured promise to pay these obligations out of general corporate assets. This
applies to obligations for both active and retired participants.

     In the first quarter of each calendar year, statements will be sent to
active participants participating in the Plan as well as to retirees with
Deferral Accounts. The statement will also include previously made deferral
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elections and beneficiary designations. The report for retirees will provide the
deferred payout balance plus interest, as well as the deferred and/or
installment election and beneficiary designations.

     The Plan shall be administered by the Extra Compensation Services
Department at the Corporate Headquarters of Company. Questions in regard to the
administration of the Plan should be addressed to it.

AN ELECTION TO DEFER AND/OR BE PAID IN INSTALLMENTS SHOULD ONLY BE MADE IN
CONSULTATION WITH A PARTICIPANT'S TAX AND/OR FINANCIAL ADVISOR.<PAGE>   1

                                                                   EXHIBIT 10(M)

                               JOHNSON & JOHNSON

                        STOCK OPTION GAIN DEFERRAL PLAN

     The Johnson & Johnson Stock Option Gain Deferral Plan (the "Plan") is
intended to permit a select group of executives to defer tax recognition on
gains from non-qualified stock options (NQSOs) granted by Johnson & Johnson (the
"Company") through the delayed receipt of exercised option "gain shares".

     1. Administration.  This Plan is administered by the Compensation Committee
of the Company's Board of Directors. The Committee shall have responsibility for
determining terms and conditions of the plan and eligibility criteria for
participation. The Committee may otherwise delegate any of its authority under
this Plan.

     2. Eligibility.  Eligibility to defer under this Plan will be initially
limited to members of the Executive Committee of the Company. The Committee may
from time to time expand eligibility to defer receipt of option "gain shares"
under this Plan to other executives of the Company. The Committee, however, has
the authority to refuse to permit an participant to participate in this Plan or
elect to defer receipt of "gain shares", if the Committee determines that such
participation would jeopardize the Plan's compliance with applicable law or the
Plan's status as a top hat plan under ERISA.

     3. Deferral of Option "Gain Shares".  Participants may elect to defer
receipt of the "gain shares" that would otherwise be due upon exercise of a
non-qualified stock option (NQSO). The election must be made a minimum of ninety
days prior to the exercise of a non-qualified stock option (NQSO) and no later
than six months prior to the last date on which the option can be exercised by
the executive.

     Any election to defer pursuant to this Section 3 shall be effective only
when timely filed with Extra Compensation Services on the form utilized for such
purpose. Each election must specify a.) option grant(s) and number of shares to
be exercised; b.) deferral period (from one tax year to post-retirement); and,
c.) Form of distribution (lump sum or installments). The participant elects the
period of deferral from the date of exercise. The distribution of the deferred
"gain shares" will be made as of the last trading day of the month so
determined. The exercise date is not elected at the time of the deferral
election. In addition, in order to be able to defer the "gain shares", the
option must be exercised while the participant is actively employed.

     A participant may extend the "deferred-to" date specified in election form,
provided such election is made at least 12 months prior to the date on which the
shares would otherwise have been distributed. Only one such extension shall be
permitted, per deferral election.

     Upon ceasing to be an employee of the Company, each participant (or in the
event of a participant's death, the named beneficiary or his/her estate) shall
be entitled to receive the "gain shares" that have deferred.

     Participants must use a "stock-for-stock" exercise, and must tender mature
shares (owned for more than six months) for the option grant price. Options can
be exercised on any date that is at least ninety days after the election to
defer has been made (and prior to option expiration) and at least one year
before the distribution date which has been elected.

     FICA and Medicare taxes are due on exercise of option and will be paid for
with a portion of the "gain shares" resulting from the exercise. Participants
are responsible for any additional tax liability generated by the use of "gain
shares" to cover FICA and Medicare taxes. In the process of reducing the option
gain for FICA and Medicare taxes, if a fractional share amount results, the
number of deferred "gain shares" will be rounded down to the nearest whole share
amount.

     The Company will credit the participant with the number of deferred "gain
shares" (the option gain, reduced for FICA and Medicare taxes, divided by the
market price at exercise).
<PAGE>   2

     4. Dividend Equivalents.  Upon the introduction of this deferred gain plan,
the Company will require that dividend equivalents on the deferred shares be
deferred under the "Executive Income Deferral Plan", and subject to the
provisions of that Plan. The Company may, at a future point, choose to permit
participants to make an election to receive dividend equivalents from deferred
"gain shares" currently as a cash payment or to defer them to a future date.

     5. Distribution of Option "Gain Shares".  Distributions of "gain shares"
from a Stock Option Gain Deferral will be made in J&J stock. Distribution of
deferred "gain shares" may be made as follows:

     While Actively Employed:  The deferred "gain shares" from an exercise may
be distributed to an participant while he/she is actively employed. The
distribution will be for the full number of shares attributed to the exercise
that resulted in their deferral (as reduced for FICA and Medicare taxes),
adjusted for stock splits.

     Upon Retirement:  At retirement, the deferred "gain shares" may either be
distributed in a single lump sum or in installments, pursuant to the election
made by the participant. A lump sum distribution or the first installment
distribution may be deferred for up to ten taxable years following the
participant's retirement date. Installment payments will be made annually and in
approximately equal shares amounts (i.e., number of shares comprising the
balance due divided by the number of years payment is to be made). Minimum
number of annual installments is two (2) and the maximum number is fifteen (15).

     Upon Termination of Employment (other than retirement):  If an
participant's employment is terminated for any reason (including death or
disability), and such participant is not eligible to retire from active service
under the Company's pension plan, all of his/her deferred "gain shares" will
immediately be distributed, as soon as administratively feasible, following
termination of employment, regardless of any previously made election.

     In the event of death of a participant following retirement, the Company
will immediately distribute the full balance of deferred "gain shares" due as
soon as administratively feasible to the designated beneficiary. The beneficiary
designations elected by an participant under the "Participant Income Deferral
Plan" shall be the beneficiary designations under this plan, unless the
participant had notified the Extra Compensation Services department in writing
to the contrary.

     As an Early Withdrawal:  In the event an participant wishes to withdraw
his/her deferred option "gain shares" prior to the deferred payment date, an
early withdrawal will be allowed, subject to an assessment of a penalty equal to
10% of the shares being withdrawn.

     The following additional rules shall apply with respect to all payments:

          (a) Immediate Lump Sum Distribution -- The participant will receive
     the number of deferred "gain shares" in the calendar month of his/her
     retirement effective date.

          (b) Deferred Lump Sum Distribution -- The participant will receive the
     full value of his/her Income Deferral Account, plus any accrued interest,
     on or about January 15 of the year he/she elects to receive payment in.

          (c) Immediate Commencement of Installments -- The participant will
     receive the first installment in the calendar month of his/her retirement
     effective date, subject to the provisions of the last sentence of Section 3
     above. All subsequent installments, plus any accrued interest, will be paid
     on or about January 15 of each year.

          (d) Deferred Commencement of Installments -- The participant will
     receive the first and all subsequent installments on or about January 15 of
     each year.

     6. Deductions from Distributions.  The Company will deduct from each
distribution amounts required to be withheld for income, Social Security and
other tax purposes. Such withholding will be done on a pro rata basis per
investment. The Company may also deduct any amounts the participant owes the
Company for any reason.
<PAGE>   3

     7. Beneficiary Designations.  A participant may designate one or more
beneficiaries to receive the Deferred "Gain Shares" upon death. Should a
beneficiary predecease the participant, or should a beneficiary not be named,
the amount designated for such beneficiary or the participant's balance, as the
case may be, will be distributed to the participant's Estate. Beneficiary
designations may be made or revised at any time by submitting a Beneficiary
Designation Form to Extra Compensation Services.

     8. Amendments.  The Committee may amend this Plan at any time. However,
such amendment shall not without the consent of a participant, materially
adversely affect any right or obligation with respect to any Deferred "Gain
Shares" elected theretofore.

     9. Miscellaneous.  The Employer does not fund the obligations created by
the participant's participation in the Plan. Rather, the Employer makes an
unsecured promise to pay these obligations out of general corporate assets. This
applies to obligations for both active and retired participants.

     In the first quarter of each calendar year, statements will be sent to
active participants participating in this Plan as well as to retirees with
Deferral Accounts. The statement will also include previously made deferral
elections and beneficiary designations. The report for retirees will provide the
deferred "gain share" balance, as well as the payout/installment election and
beneficiary designations.

     This Plan is administered by the Extra Compensation Services Department at
the Corporate Headquarters of Employer. Questions in regard to the
administration of the Plan should be addressed to it.

     AN ELECTION TO DEFER AND/OR BE PAID IN INSTALLMENTS SHOULD ONLY BE MADE IN
CONSULTATION WITH AN PARTICIPANT'S TAX AND/OR FINANCIAL ADVISOR.

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