Document:

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                                                                  Exhibit 10.8.1

RPM, INC.
Deferred Compensation Plan
Master Plan Document
================================================================================

                             EFFECTIVE MAY 31, 2002

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RPM, INC.
Deferred Compensation Plan
Master Plan Document
================================================================================

                               TABLE OF CONTENTS
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                                                                                                                  PAGE
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<S>        <C>                                                                                                  <C>
ARTICLE 1 DEFINITIONS..............................................................................................1

ARTICLE 2 SELECTION, ENROLLMENT, ELIGIBILITY.......................................................................8

           2.1      SELECTION BY COMMITTEE.........................................................................8
           2.2      ENROLLMENT REQUIREMENTS........................................................................8
           2.3      ELIGIBILITY; COMMENCEMENT OF PARTICIPATION.....................................................9
           2.4      TERMINATION OF PARTICIPATION AND/OR DEFERRALS..................................................9

ARTICLE 3 DEFERRAL COMMITMENTS/COMPANY CONTRIBUTION AMOUNTS/COMPANY RESTORATION
                    MATCHING AMOUNTS/RESTRICTED STOCK AMOUNTS/VESTING/CREDITING/TAXES..............................9

           3.1      MINIMUM DEFERRALS..............................................................................9
           3.2      MAXIMUM DEFERRAL..............................................................................10
           3.3      ELECTION TO DEFER; EFFECT OF ELECTION FORM....................................................11
           3.4      WITHHOLDING AND CREDITING OF ANNUAL DEFERRAL AMOUNTS..........................................11
           3.5      ROLLOVER AMOUNT...............................................................................11
           3.6      ANNUAL STOCK DIVIDEND AMOUNT..................................................................12
           3.7      ANNUAL COMPANY CONTRIBUTION AMOUNT............................................................12
           3.8      ANNUAL COMPANY RESTORATION MATCHING AMOUNT....................................................13
           3.9      ANNUAL RESTRICTED STOCK AMOUNT................................................................13
           3.10     VESTING.......................................................................................13
           3.11     CREDITING/DEBITING OF ACCOUNT BALANCES AND MERGER ACCOUNTS....................................14
           3.12     FICA AND OTHER TAXES..........................................................................17

ARTICLE 4 DEDUCTION LIMITATION....................................................................................18

           4.1      DEDUCTION LIMITATION ON BENEFIT PAYMENTS......................................................18

ARTICLE 5 SHORT-TERM PAYOUT; UNFORESEEABLE FINANCIAL EMERGENCIES; WITHDRAWAL
                    ELECTION......................................................................................18

           5.1      SHORT-TERM PAYOUT.............................................................................18
           5.2      OTHER BENEFITS TAKE PRECEDENCE OVER SHORT-TERM................................................19
           5.3      WITHDRAWAL PAYOUT/SUSPENSIONS FOR UNFORESEEABLE FINANCIAL EMERGENCIES.........................19
           5.4      WITHDRAWAL ELECTION...........................................................................19

ARTICLE 6 MERGER ACCOUNT..........................................................................................20

           6.1      MERGER ACCOUNT................................................................................20
           6.2      VESTING OF MERGER ACCOUNT.....................................................................20
           6.3      PAYMENT OF MERGER ACCOUNT.....................................................................21
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RPM, INC.
Deferred Compensation Plan
Master Plan Document
================================================================================

<TABLE>

<S>        <C>                                                                                                    <C>
ARTICLE 7 RETIREMENT BENEFIT FROM ACCOUNT BALANCE.................................................................21

           7.1      RETIREMENT BENEFIT............................................................................21
           7.2      PAYMENT OF RETIREMENT BENEFIT.................................................................21

 ARTICLE 8 TERMINATION BENEFIT FROM ACCOUNT BALANCE...............................................................22

           8.1      TERMINATION BENEFIT...........................................................................22
           8.2      PAYMENT OF TERMINATION BENEFIT................................................................22

 ARTICLE 9 DISABILITY WAIVER AND BENEFIT FROM ACCOUNT BALANCE.....................................................22

           9.1      DISABILITY WAIVER.............................................................................22
           9.2      CONTINUED ELIGIBILITY; DISABILITY BENEFIT.....................................................22

 ARTICLE 10 SURVIVOR BENEFIT FROM ACCOUNT BALANCE.................................................................23

          10.1      SURVIVOR BENEFIT..............................................................................23
          10.2      PAYMENT OF SURVIVOR BENEFIT...................................................................23

 ARTICLE 11  BENEFICIARY DESIGNATION..............................................................................23

          11.1      BENEFICIARY...................................................................................23
          11.2      BENEFICIARY DESIGNATION; CHANGE; SPOUSAL CONSENT..............................................23
          11.3      ACKNOWLEDGEMENT...............................................................................23
          11.4      NO BENEFICIARY DESIGNATION....................................................................23
          11.5      DOUBT AS TO BENEFICIARY.......................................................................24
          11.6      DISCHARGE OF OBLIGATIONS......................................................................24

 ARTICLE 12 LEAVE OF ABSENCE......................................................................................24

          12.1      PAID LEAVE OF ABSENCE.........................................................................24
          12.2      UNPAID LEAVE OF ABSENCE.......................................................................24

 ARTICLE 13 TERMINATION, AMENDMENT OR MODIFICATION................................................................24

          13.1      TERMINATION...................................................................................24
          13.2      AMENDMENT.....................................................................................25
          13.3      PARTICIPATION BY SUBSIDIARIES.................................................................25
          13.4      PLAN AGREEMENT................................................................................25
          13.5      EFFECT OF PAYMENT.............................................................................26

 ARTICLE 14 ADMINISTRATION........................................................................................26

          14.1      COMMITTEE DUTIES..............................................................................26
          14.2      ADMINISTRATION UPON CHANGE IN CONTROL.........................................................26
          14.3      AGENTS........................................................................................27
          14.4      BINDING EFFECT OF DECISIONS...................................................................27
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RPM, INC.
Deferred Compensation Plan
Master Plan Document
================================================================================
<TABLE>

<S>       <C>                                                                                                     <C>
          14.5      INDEMNITY OF COMMITTEE AND BENEFITS REVIEW COMMITTEE..........................................27
          14.6      EMPLOYER INFORMATION..........................................................................28

ARTICLE 15 OTHER BENEFITS AND AGREEMENTS..........................................................................28

          15.1      COORDINATION WITH OTHER BENEFITS..............................................................28

ARTICLE 16 CLAIMS PROCEDURES......................................................................................28

          16.1      PRESENTATION OF CLAIM.........................................................................28
          16.2      NOTIFICATION OF DECISION......................................................................28
          16.3      REVIEW OF A DENIED CLAIM......................................................................29
          16.4      DECISION ON REVIEW............................................................................30
          16.5      LEGAL ACTION..................................................................................30

 ARTICLE 17 TRUST.................................................................................................30

          17.1      ESTABLISHMENT OF THE TRUST....................................................................30
          17.2      INTERRELATIONSHIP OF THE PLAN AND THE TRUST...................................................30
          17.3      DISTRIBUTIONS FROM THE TRUST..................................................................31

 ARTICLE 18 MISCELLANEOUS.........................................................................................31

          18.1      STATUS OF PLAN................................................................................31
          18.2      UNSECURED GENERAL CREDITOR....................................................................31
          18.3      EMPLOYER'S LIABILITY..........................................................................31
          18.4      NONASSIGNABILITY..............................................................................31
          18.5      NOT A CONTRACT OF EMPLOYMENT..................................................................31
          18.6      FURNISHING INFORMATION........................................................................32
          18.7      TERMS.........................................................................................32
          18.8      CAPTIONS......................................................................................32
          18.9      GOVERNING LAW.................................................................................32
          18.10     NOTICE........................................................................................32
          18.11     SUCCESSORS....................................................................................32
          18.12     SPOUSE'S INTEREST.............................................................................32
          18.13     VALIDITY......................................................................................32
          18.14     INCOMPETENT...................................................................................33
          18.15     COURT ORDER...................................................................................33
          18.16     DISTRIBUTION IN THE EVENT OF TAXATION.........................................................33
          18.17     INSURANCE.....................................................................................33
          18.18     LEGAL FEES TO ENFORCE RIGHTS AFTER CHANGE IN CONTROL..........................................34
</TABLE>

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RPM, INC.
Deferred Compensation Plan
Master Plan Document
================================================================================

                                    RPM, INC.
                           DEFERRED COMPENSATION PLAN
                            Effective May 31, 2002

                                     PURPOSE

         The purpose of this Plan is to provide specified benefits to a select
group of management or highly compensated Employees and Directors who contribute
materially to the continued growth, development and future business success of
RPM, Inc., an Ohio corporation, and its subsidiaries, if any, that sponsor this
Plan. This Plan shall be unfunded for tax purposes and for purposes of Title I
of ERISA. This Deferred Compensation Plan supersedes in its entirety the RPM,
Inc. Deferred Compensation Plan (hereinafter, the "Predecessor Plan") for any
and all participants in the Predecessor Plan as of the Effective Date of this
Plan. Any and all balances accrued by participants under the Predecessor Plan
shall be subject to the terms and conditions of this Plan and shall be referred
to as the "Rollover Amount."

                                    ARTICLE 1
                                   DEFINITIONS

         For the 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 Balance" shall mean, with respect to a Participant, a credit
         on the records of the Employer equal to the sum of (i) the Deferral
         Account balance, (ii) the Company Contribution Account balance, (iii)
         the Company Restoration Matching Account balance, (iv) the Restricted
         Stock Account balance, and (v) the Stock Dividend Account balance. The
         Account Balance shall be a bookkeeping entry only and shall be utilized
         solely as a device for the measurement and determination of the amounts
         to be paid to a Participant, or his or her designated Beneficiary,
         pursuant to this Plan. The Account Balance shall not include a
         Participant's Merger Account.

1.2      "Additional Contributions" shall mean the contributions previously made
         by DAP Products Inc. to the DAP Plan on behalf of those Participants
         whose benefits under any tax-qualified or non-qualified retirement or
         deferred compensation plan maintained by DAP Products Inc. were
         decreased due to the Participant's Deferral Contributions under the
         DAP Plan and credited to the Merger Account.

1.3      "Annual Bonus" shall mean any compensation, in addition to Base Annual
         Salary, Special Incentive Plan Amounts, commissions and other incentive
         plan amounts, payable to a Participant during a Plan Year under any
         Employer's annual bonus plans, excluding stock options.

1.4      "Annual Company Contribution Amount" shall mean, for any one Plan Year,
         the amount determined in accordance with Section 3.7.

1.5      "Annual Company Restoration Matching Amount" for any one Plan Year
         shall be the amount determined in accordance with Section 3.8.

1.6      "Annual Deferral Amount" shall mean that portion of a Participant's
         Base Annual Salary, Annual Bonus, Special Incentive Plan Amounts and
         Director Fees that a Participant defers in accordance with Article 3
         for any one Plan Year. In the event of a Participant's Retirement,
         Disability (if

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RPM, INC.
Deferred Compensation Plan
Master Plan Document
================================================================================

         deferrals cease in accordance with Section 9.1), death or a
         Termination of Employment prior to the end of a Plan Year, such year's
         Annual Deferral Amount shall be the actual amount withheld prior to
         such event.

1.7      "Annual Installment Method" shall be an annual installment payment over
         the number of years selected by the Participant in accordance with this
         Plan, calculated as follows: (i) for the first annual installment, the
         vested Account Balance of the Participant shall be calculated as of the
         close of business on or around the date on which the Participant
         Retires, as determined by the Committee in its sole discretion, and
         (ii) for remaining annual installments, the vested Account Balance of
         the Participant shall be calculated on every applicable anniversary of
         the date on which the Participant Retires. Each annual installment
         shall be calculated by multiplying this balance by a fraction, the
         numerator of which is one and the denominator of which is the remaining
         number of annual payments due the Participant. By way of example, if
         the Participant elects a ten (10) year Annual Installment Method, the
         first payment shall be 1/10 of the vested Account Balance, calculated
         as described in this definition. The following year, the payment shall
         be 1/9 of the vested Account Balance, calculated as described in this
         definition. Shares of Stock that shall be distributable from the
         Restricted Stock Account shall be distributable in shares of actual
         Stock in the same manner previously described. However, the Committee
         may, in its sole discretion, adjust the annual installments in order to
         distribute whole shares of actual Stock.

1.8      "Annual Restricted Stock Amount" shall mean, with respect to a
         Participant for any one Plan Year, the amount of Restricted Stock
         deferred in accordance with Section 3.9 of this Plan, calculated using
         the closing price of Stock at the end of the business day closest to
         the date such Restricted Stock would otherwise vest, but for the
         election to defer. In the event of a Participant's Retirement,
         Disability (if deferrals cease in accordance with Section 9.1), death
         or a Termination of Employment prior to the end of a Plan Year, such
         year's Annual Restricted Stock Amount shall be the actual amount
         withheld prior to such event.

1.9      "Annual Stock Dividend Amount" shall mean, for any one Plan Year, the
         amount determined in accordance with Section 3.6.

1.10     "Base Annual Salary" shall mean the annual cash compensation relating
         to services performed during any Plan Year, excluding bonuses,
         commissions, overtime, fringe benefits, stock options, relocation
         expenses, incentive payments, non-monetary awards, director fees and
         other fees, and automobile and other allowances paid to a Participant
         for employment services rendered (whether or not such allowances are
         included in the Employee's gross income). Base Annual Salary shall be
         calculated before reduction for compensation voluntarily deferred or
         contributed by the Participant pursuant to all qualified or
         non-qualified plans of any Employer and shall be calculated to include
         amounts not otherwise included in the Participant's gross income under
         Code Sections 125, 402(e)(3), 402(h), or 403(b) pursuant to plans
         established by any Employer; provided, however, that all such amounts
         will be included in compensation only to the extent that had there been
         no such plan, the amount would have been payable in cash to the
         Employee.

1.11     "Beneficiary" shall mean one or more persons, trusts, estates or other
         entities, designated in accordance with Article 11, that are entitled
         to receive benefits under this Plan upon the death of a Participant.

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RPM, INC.
Deferred Compensation Plan
Master Plan Document
================================================================================

1.12     "Beneficiary Designation Form" shall mean the form established from
         time to time by the Committee that a Participant completes, signs and
         returns to the Committee to designate one or more Beneficiaries.

1.13     "Board" shall mean the board of directors of the Company.

1.14     "Change in Control" shall mean the occurrence, at any time, of any of
         the following events:

         (a)      The Company is merged or consolidated or reorganized into or
                  with another corporation or other legal person or entity, and
                  as a result of such merger, consolidation or reorganization
                  less than a majority of the combined voting power of the
                  then-outstanding securities of such corporation, person or
                  entity immediately after such transaction are held in the
                  aggregate by the holders of Voting Stock immediately prior to
                  such transaction;

         (b)      The Company sells or otherwise transfers all or substantially
                  all of its assets to any other corporation or other legal
                  person or entity, and less than a majority of the combined
                  voting power of the then-outstanding securities of such
                  corporation, person or entity immediately after such sale or
                  transfer is held in the aggregate by the holders of Voting
                  Stock immediately prior to such sale or transfer;

         (c)      There is a report filed on Schedule 13D or Schedule TO (or any
                  successor schedule, form or report), each as promulgated
                  pursuant to the Exchange Act, disclosing that any person (as
                  the term "person" is used in Section 13(d)(3) or Section
                  14(d)(2) of the Exchange Act) has become the beneficial owner
                  (as the term "beneficial owner" is defined under Rule l3d-3 or
                  any successor rule or regulation promulgated under the
                  Exchange Act) of securities representing 15% or more of the
                  Voting Power;

         (d)      The Company files a report or proxy statement with the
                  Securities and Exchange Commission pursuant to the Exchange
                  Act disclosing in response to Form 8-K or Schedule 14A (or any
                  successor schedule, form or report or item therein) that a
                  change in control of the Company has or may have occurred or
                  will or may occur in the future pursuant to any then-existing
                  contract or transaction; or

         (e)      If during any period of two consecutive years, individuals,
                  who at the beginning of any such period, constitute the
                  Directors cease for any reason to constitute at least a
                  majority thereof, unless the nomination for election by the
                  Company's shareholders of each new Director was approved by a
                  vote of at least two-thirds of the Directors then in office
                  who were Directors at the beginning of any such period.

         Notwithstanding the foregoing provisions of Sections 1.14(c) and (d)
         above, a Change in Control shall not be deemed to have occurred for
         purposes of this Agreement (i) solely because (A) the Company, (B) a
         Subsidiary, or (C) any Company-sponsored employee stock ownership plan
         or other employee benefit plan of the Company or any Subsidiary, or any
         entity holding shares of Voting Stock for or pursuant to the terms of
         any such plan, either files or becomes obligated to file a report or
         proxy statement under or in response to Schedule 13D, Schedule TO,
         Form 8-K or Schedule 14A (or any successor schedule, form or report or
         item therein) under the Exchange Act, disclosing beneficial ownership
         by it of shares of Voting Stock or because the Company reports that a
         change in control of the Company has or may have occurred or will or
         may occur in the future by reason of such beneficial ownership, (ii)
         solely because any other person or

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RPM, INC.
Deferred Compensation Plan
Master Plan Document
================================================================================

         entity either files or becomes obligated to file a report on Schedule
         13D or Schedule TO (or any successor schedule, form or report) under
         the Exchange Act, disclosing beneficial ownership by it of shares of
         Voting Stock, but only if both (A) the transaction giving rise to such
         filing or obligation is approved in advance of consummation thereof by
         the Company's Board of Directors and (B) at least a majority of the
         Voting Power immediately after such transaction is held in the
         aggregate by the holders of Voting Stock immediately prior to such
         transaction, or (iii) solely because of a change in control of any
         Subsidiary.

Solely for purposes of this definition of Change of Control, the capitalized
terms shall have the following meanings:

         "Director" means a member of the Board of Directors of the Company.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended,
         and the rules and regulations thereunder, as such law, rules and
         regulations may be amended from time to time.

         "Subsidiary" means a corporation, company or other entity (a) more than
         50 percent of whose outstanding shares or securities (representing the
         right to vote for the election of directors or other managing
         authority) are, or (b) which does not have outstanding shares or
         securities (as may be the case in a partnership, joint venture or
         unincorporated association), but more than 50 percent of whose
         ownership interest representing the right generally to make decisions
         for such other entity is, now or hereafter, owned or controlled,
         directly or indirectly, by the Company.

         " Voting Power" means, at any time, the total votes relating to the
         then-outstanding securities entitled to vote generally in the election
         of Directors.

         " Voting Stock" means, at any time, the then-outstanding securities
         entitled to vote generally in the election of Directors.

1.15     "Claimant" shall have the meaning set forth in Section 16.1.

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

1.17     "Committee" shall mean the committee described in Article 14.

1.18     "Company" shall mean RPM, Inc., an Ohio corporation, and any successor
         to all or substantially all of the Company's assets or business.

1.19     "Company Contribution Account" shall mean (i) the sum of the
         Participant's Annual Company Contribution Amounts, plus (ii) amounts
         credited as a result of the cancellation of Restricted Stock under the
         RPM, Inc. 1997 Restricted Stock Plan where such amounts are to be
         credited to the Company Contribution Account pursuant to the terms of
         the RPM, Inc. 1997 Restricted Stock Plan, plus (iii) 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 (iv) all distributions made to the
         Participant or his or her Beneficiary pursuant to this Plan that relate
         to the Participant's Company Contribution Account.

1.20     "Company Restoration Matching Account" shall mean (i) the sum of all of
         a Participant's Annual Company Restoration Matching Amounts, plus (ii)
         amounts credited in accordance with all the applicable crediting and
         debiting provisions of this Plan that relate to the Participant's
         Company

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RPM, INC.
Deferred Compensation Plan
Master Plan Document
================================================================================

         Restoration Matching 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 Restoration Matching Account.

1.21     "DAP Plan" shall mean the DAP Products, Inc. Supplemental Executive
         Retirement Plan and Deferred Compensation Plan.

1.22     "Deduction Limitation" shall mean the limitation on a benefit that may
         otherwise be distributable pursuant to the provisions of this Plan, as
         set forth in Article 4.

1.23     "Deferral Account" shall mean (i) that portion of a Participant's
         Rollover Amount which is represented by the Participant's aggregate
         deferral contributions described in Section 6.1 of the Predecessor
         Plan, as well as any appreciation (or depreciation) specifically
         attributable to such deferral contributions accumulated under the
         Predecessor Plan, plus (ii) the sum of all of a Participant's Annual
         Deferral Amounts, plus (iii) amounts credited in accordance with all
         the applicable crediting and debiting provisions of this Plan that
         relate to the Participant's Deferral Account, less (iv) all
         distributions made to the Participant or his or her Beneficiary
         pursuant to this Plan that relate to his or her Deferral Account.

1.24     "Deferral Contributions" shall mean that portion of a Participant's
         compensation, as defined in the DAP Plan, that a Participant previously
         deferred in accordance with the terms and provisions of the DAP Plan
         and credited to the Merger Account.

1.25     "Director" shall mean any member of the board of directors of any
         Employer.

1.26     "Director Fees" shall mean the fees paid by any Employer, including
         retainer fees and meetings fees, as compensation for serving on the
         board of directors.

1.27     "Disability" shall mean (i) a period of disability during which a
         Participant qualifies for permanent disability benefits under the
         Participant's Employer's long-term disability plan, or (ii) if a
         Participant does not participate in such a plan, or if the
         Participant's Employer does not sponsor such a plan or discontinues its
         sponsorship of such a plan, a period of disability during which the
         Participant is determined to be totally and permanently disabled by the
         Social Security Administration.

1.28     "Disability Benefit" shall mean the benefit set forth in Article 9.

1.29     "Effective Date" shall mean, for purposes of this Plan, May 31, 2002.

1.30     "Election Form" shall mean the form established from time to time by
         the Committee that a Participant completes, signs and returns to the
         Committee to make an election under the Plan.

1.31     "Employee" shall mean a person who is an employee of any Employer.

1.32     "Employer(s)" shall mean the Company and/or any of its subsidiaries
         (now in existence or hereafter formed or acquired) that have been
         selected by the Board to participate in the Plan and have adopted the
         Plan as a sponsor.

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

1.34     "401(k) Plan" shall mean the RPM, Inc. 401(k) Trust and Plan, adopted
         by the Company.

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Deferred Compensation Plan
Master Plan Document
================================================================================

1.35     "Merger Account" shall mean the Merger Account accumulated by a
         Participant under the Predecessor Plan as more fully described in
         Article 6. The Merger Account shall be a bookkeeping entry only and
         shall be utilized solely as a device for the measurement and
         determination of the amounts to be paid to a Participant, or his or her
         designated Beneficiary, pursuant to this Plan.

1.36     "Participant" shall mean any Employee or Director (i) who is selected
         to participate in the Plan in accordance with Section 2.1, (ii) who
         elects to participate in the Plan, (iii) who signs a Plan Agreement, an
         Election Form and a Beneficiary Designation Form, (iv) whose signed
         Plan Agreement, Election Form and Beneficiary Designation Form are
         accepted by the Committee, (v) who commences participation in the Plan,
         and (vi) whose Plan Agreement has not terminated. A spouse or former
         spouse of a Participant shall not be treated as a Participant in the
         Plan or have an account balance under the Plan, even if he or she has
         an interest in the Participant's benefits under the Plan as a result of
         applicable law or property settlements resulting from legal separation
         or divorce.

1.37     "Plan" shall mean the RPM, Inc. Deferred Compensation Plan, which shall
         be evidenced by this instrument and by each Plan Agreement, as they may
         be amended from time to time.

1.38     "Plan Agreement" shall mean a written agreement, as may be amended from
         time to time, which is entered into by and between an Employer and a
         Participant. Each Plan Agreement executed by a Participant and the
         Participant's Employer shall provide for the entire benefit to which
         such Participant is entitled under the Plan; should there be more than
         one Plan Agreement, the Plan Agreement bearing the latest date of
         acceptance by the Employer shall supersede all previous Plan Agreements
         in their entirety and shall govern such entitlement. The terms of any
         Plan Agreement may be different for any Participant, and any Plan
         Agreement may provide additional benefits not set forth in the Plan or
         limit the benefits otherwise provided under the Plan; provided,
         however, that any such additional benefits or benefit limitations must
         be agreed to by both the Employer and the Participant.

1.39     "Plan Year" shall mean a period beginning on each June 1 and continuing
         through May 31; however, the initial Plan Year shall begin on May 31
         in order to facilitate the transition from the Predecessor Plan.

1.40     "Related Employment" shall mean the employment of a Participant by an
         Employer which is not the Company, provided (i) such employment is
         undertaken by the Participant at the request of the Company; (ii)
         immediately prior to undertaking such employment the Participant was an
         officer or Employee of the Company, or was engaged in Related
         Employment as herein defined; and (iii) such employment is recognized
         by the Committee, in its sole discretion, as Related Employment.

1.41     "Restricted Stock" shall mean rights to receive unvested shares of
         restricted stock selected by the Committee in its sole discretion and
         awarded to the Participant under the RPM, Inc. 1997 Restricted Stock
         Plan or any other similar stock incentive plan sponsored by the
         Company.

1.42     "Restricted Stock Account" shall mean the aggregate value, measured on
         any given date, of (i) the number of shares of Restricted Stock
         deferred by a Participant as a result of all Annual Restricted Stock
         Amounts, plus (ii) the number of shares of Restricted Stock cancelled
         under the RPM, Inc. 1997 Restricted Stock Plan where a corresponding
         number of shares is to be credited to the Restricted Stock Account
         pursuant to the terms of the RPM, Inc. 1997 Restricted Stock

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RPM, INC.
Deferred Compensation Plan
Master Plan Document

         Plan, plus (iii) the number of additional shares credited as a result
         of deemed reinvestment of dividends in accordance with all the
         applicable crediting provisions of the RPM, Inc. Stock Unit Fund I that
         relate to the Participant's Restricted Stock Account, less (iv) the
         number of shares of Restricted Stock previously distributed to the
         Participant or his or her Beneficiary pursuant to this Plan. This
         portion of the Participant's Account Balance shall only be
         distributable in actual shares of Stock.

1.43     "Retirement", "Retire(s)" or "Retired" shall mean, with respect to an
         Employee, severance from employment from all Employers for any reason
         other than a leave of absence, death or Disability on or after the
         earlier of the attainment of (a) age sixty-five (65) or (b) age
         fifty-five (55) with five (5) Years of Service; and shall mean with
         respect to a Director who is not an Employee, severance of his or her
         directorships with all Employers on or after the later of (y) the
         attainment of age seventy (70), or (z) in the sole discretion of the
         Committee, an age later than age seventy (70). If a Participant is both
         an Employee and a Director, Retirement shall not occur until he or she
         Retires as both an Employee and a Director, which Retirement shall be
         deemed to be a Retirement as a Director; provided, however, that such a
         Participant may elect, at least thirteen (13) months prior to
         Retirement and in accordance with the policies and procedures
         established by the Committee, to Retire for purposes of this Plan at
         the time he or she Retires as an Employee, which Retirement shall be
         deemed to be a Retirement as an Employee. Notwithstanding the above,
         the Committee may, in its sole discretion, deem a Participant, who has
         experienced a Termination of Employment, to have Retired for purposes
         of this Plan.

1.44     "Retirement Benefit" shall mean the benefit set forth in Article 7.

1.45     "Rollover Amount" shall mean the amount determined in accordance with
         Section 3.5.

1.46     "Short-Term Payout" shall mean the payout set forth in Section 5.1.

1.47     "Special Incentive Plan Amounts" shall mean any amounts payable to a
         Participant during a Plan Year under any Employer's cash incentive
         plans, which have been designated by the Committee for deferral under
         this Plan.

1.48     "Stock" shall mean RPM, Inc. authorized common shares (without par
         value) or any other equity securities of the Company designated by the
         Committee.

1.49     "Supplemental Contributions" shall mean those contributions previously
         made by DAP Products, Inc. to the DAP Plan on behalf of certain
         Participants for purposes of funding an expected target benefit less
         offsets as provided in the DAP Plan and credited to the Merger Account.

1.50     "Stock Dividend Account" shall mean (i) that portion of a Participant's
         Rollover Amount, which is represented by the Participant's aggregate
         dividends declared on Restricted Stock granted to a Participant and
         automatically deferred under the terms of the Predecessor Plan, as well
         as any appreciation (or depreciation) specifically attributable to such
         dividends, plus (ii) the sum of all of a Participant's Annual Stock
         Dividend Amounts plus (iii) amounts credited in accordance with all the
         applicable crediting and debiting provisions of this Plan that relate
         to the Participant's Stock Dividend Account, less (iv) all
         distributions made to the Participant or his or her Beneficiary
         pursuant to this Plan that relate to the Participant's Stock Dividend
         Account.

1.51     "Survivor Benefit" shall mean the benefit set forth in Article 10.

1.52     "Termination Benefit" shall mean the benefit set forth in Article 8.

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1.53     "Termination of Employment" shall mean the severing of employment with
         all Employers, or service as a Director of all Employers, voluntarily
         or involuntarily, for any reason other than Retirement, Disability,
         death or an authorized leave of absence. If a Participant is both an
         Employee and a Director, a Termination of Employment shall occur only
         upon the termination of the last position held; provided, however, that
         such a Participant may elect, at least thirteen (13) months before
         Termination of Employment and in accordance with the policies and
         procedures established by the Committee, to be treated for purposes of
         this Plan as having experienced a Termination of Employment at the time
         he or she ceases employment with an Employer as an Employee.

1.54     "Trust" shall mean one or more trusts established pursuant to that
         certain Master Trust Agreement for RPM, Inc. Deferred Compensation
         Plan(s), between the Company and the trustee named therein, as amended
         from time to time.

1.55     "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 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.

1.56     "Years of Service" shall mean the total number of full years in which a
         Participant has been (i) employed by one or more Employers or (ii)
         employed in Related Employment. For purposes of this definition, a year
         of employment shall be a 365 day period (or 366 day period in the case
         of a leap year) that, for the first year of employment, commences on
         the Employee's date of hiring and that, for any subsequent year,
         commences on an anniversary of that hiring date. The Committee shall
         make a determination as to whether any partial year of employment shall
         be counted as a Year of Service.

                                    ARTICLE 2
                       SELECTION, ENROLLMENT, ELIGIBILITY

2.1      SELECTION BY COMMITTEE. Participation in the Plan shall be limited to
         (i) a select group of management and highly compensated Employees and
         Directors of the Employer, as determined by the Committee in its sole
         discretion and/or (ii) any individual who was in a select group of
         management or highly compensated Employees and/or Directors of the
         Employer and who accumulated an account balance under the Predecessor
         Plan. From that group, the Committee shall select, in its sole
         discretion, Employees and Directors to participate in the Plan.

2.2      ENROLLMENT REQUIREMENTS. As a condition to participation, each selected
         Participant shall complete, execute and return to the Committee a Plan
         Agreement, an Election Form and a Beneficiary Designation Form, all
         within thirty (30) days after he or she is selected to participate in
         the Plan. In addition, the Committee shall establish from time to time
         such other enrollment requirements as it determines in its sole
         discretion are necessary.

2.3      ELIGIBILITY; COMMENCEMENT OF PARTICIPATION. Provided a Participant
         selected to participate in the Plan has met all enrollment requirements
         set forth in this Plan and required by the Committee, including
         returning all required documents to the Committee within the specified

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         time period, that Participant shall commence participation in the Plan
         on the first day of the month following the month in which the
         Participant completes all enrollment requirements; or, at the
         discretion of the Committee, the first day eligible. If a Participant
         fails to meet all such requirements within the period required, in
         accordance with Section 2.2, that Participant shall not be eligible to
         participate in the Plan until the first day of the Plan Year following
         the delivery to and acceptance by the Committee of the required
         documents.

2.4      TERMINATION OF PARTICIPATION AND/OR DEFERRALS. The Committee may reduce
         any individual's level of participation including termination of any
         individual as a Participant of this Plan, with or without cause, at any
         time. In connection with such action, the Committee shall have the
         right, in its sole discretion, to (i) terminate any deferral election
         the Participant has made for the remainder of the Plan Year in which
         the Participant's membership status changes, (ii) prevent the
         Participant from making future deferral elections (iii) immediately
         distribute the Participant's then vested Account Balance as a
         Termination Benefit and terminate the Participant's participation in
         the Plan and/or (iv) take such other action as it deems appropriate to
         attain the desired level of participation for an individual.

                                    ARTICLE 3
 DEFERRAL COMMITMENTS/COMPANY CONTRIBUTION AMOUNTS/COMPANY RESTORATION MATCHING
            AMOUNTS/RESTRICTED STOCK AMOUNTS/VESTING/CREDITING/TAXES

3.1      MINIMUM DEFERRALS.

         (a)      BASE ANNUAL SALARY, ANNUAL BONUS, SPECIAL INCENTIVE PLAN
                  AMOUNTS AND DIRECTOR FEES. For each Plan Year, a Participant
                  may elect to defer, as his or her Annual Deferral Amount, Base
                  Annual Salary, Annual Bonus, Special Incentive Plan Amounts
                  and/or Director Fees in the following minimum amounts for each
                  deferral elected:

                              Base Annual Salary,            $5,000 aggregate
                              Annual Bonus, Special
                              Incentive Plan
                              Amounts

                              Director Fees                        $0

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

         (b)      ANNUAL RESTRICTED STOCK AMOUNT. For each grant of Restricted
                  Stock, a Participant may elect to defer, as his or her Annual
                  Restricted Stock Amount, Restricted Stock in the following
                  minimum amount:

                              Restricted Stock                      0%

                  If no election is made, the amount deferred shall be zero.

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         (c)      SHORT PLAN YEAR. Notwithstanding the foregoing, if a
                  Participant first becomes a Participant after the first day of
                  a Plan Year, the minimum Annual Deferral Amount shall be an
                  amount equal to the minimum set forth above, multiplied by a
                  fraction, the numerator of which is the number of complete
                  months remaining in the Plan Year and the denominator of which
                  is 12.

 3.2     MAXIMUM DEFERRAL.

         (a)      BASE ANNUAL SALARY, ANNUAL BONUS, SPECIAL INCENTIVE PLAN
                  AMOUNTS AND DIRECTOR FEES. For each Plan Year, a Participant
                  may elect to defer, as his or her Annual Deferral Amount, Base
                  Annual Salary, Annual Bonus, Special Incentive Plan Amounts
                  and/or Director Fees up to the following maximum percentages
                  for each deferral elected:

                                Base Annual Salary          90%
                                Annual Bonus                90%
                                Special Incentive Plan      90%
                                Amounts
                                Director Fees              100%

         (b)      ANNUAL RESTRICTED STOCK AMOUNT. For each Plan Year, a
                  Participant may elect to defer, as his or her Annual
                  Restricted Stock Amount, Restricted Stock in the following
                  maximum percentage:

                                Restricted Stock           100%

         (c)      SHORT PLAN YEAR. Notwithstanding the foregoing, if a
                  Participant first becomes a Participant after the first day of
                  a Plan Year, the maximum Annual Deferral Amount (i) with
                  respect to Base Annual Salary and Director Fees shall be
                  limited to the amount of compensation not yet earned by the
                  Participant as of the date the Participant submits a Plan
                  Agreement and Election Form to the Committee for acceptance,
                  and (ii) with respect to Annual Bonus and Special Incentive
                  Plan Amounts shall be limited to those amounts deemed eligible
                  for deferral, in the sole discretion of the Committee.

3.3      ELECTION TO DEFER; EFFECT OF ELECTION FORM.

         (a)      FIRST PLAN YEAR. In connection with a Participant's
                  commencement of participation in the Plan, the Participant
                  shall make an irrevocable deferral election for the Plan Year
                  in which the Participant commences participation in the Plan,
                  along with such other elections as the Committee deems
                  necessary or desirable under the Plan. For these elections to
                  be valid, the Election Form must be completed and signed by
                  the Participant, timely delivered to the Committee (in
                  accordance with Section 2.2 above) and accepted by the
                  Committee.

         (b)      SUBSEQUENT PLAN YEARS. For each succeeding Plan Year, an
                  irrevocable deferral election for that Plan Year, and such
                  other elections as the Committee deems necessary or desirable
                  under the Plan, shall be made by timely delivering to the
                  Committee, in

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                  accordance with its rules and procedures, before the end of
                  the Plan Year preceding the Plan Year for which the election
                  is made, a new Election Form. If no such Election Form is
                  timely delivered for a Plan Year, the Annual Deferral Amount
                  shall be zero for that Plan Year.

         (c)      RESTRICTED STOCK DEFERRAL. Notwithstanding paragraphs (a) and
                  (b), for an election to defer Restricted Stock to be valid:
                  (i) a separate irrevocable Election Form must be completed and
                  signed by the Participant, with respect to such Restricted
                  Stock; and (ii) such Election Form must be timely delivered to
                  and accepted by the Committee in accordance with the
                  following: (i) for the first Plan Year, a Participant's
                  Election Form with respect to such Restricted Stock must be
                  delivered to and accepted by the Committee in accordance with
                  the deadlines established by the Committee; and (ii) for each
                  succeeding Plan year, a Participant's Election Form with
                  respect to Restricted Stock must be timely delivered to and
                  accepted by the Committee at least six (6) months prior to the
                  date such Restricted Stock vests under the terms of the RPM,
                  Inc. 1997 Restricted Stock plan, or any similar stock
                  incentive plan sponsored by the Company.

3.4      WITHHOLDING AND CREDITING OF ANNUAL DEFERRAL AMOUNTS. For each Plan
         Year, the Base Annual Salary portion of the Annual Deferral Amount
         shall be withheld from each regularly scheduled Base Annual Salary
         payroll in equal amounts (or the total equivalent if necessary to make
         adjustments for administrative purposes), as adjusted from time to time
         for increases and decreases in Base Annual Salary. The Annual Bonus,
         Special Incentive Plan Amounts and/or Director Fees portion of the
         Annual Deferral Amount shall be withheld at the time the Annual Bonus,
         Special Incentive Plan Amounts or Director Fees are or otherwise would
         be paid to the Participant, whether or not this occurs during the Plan
         Year itself. Annual Deferral Amounts, if any, shall be credited to a
         Participant's Deferral Account at the time such amounts would otherwise
         have been paid to the Participant.

 3.5     ROLLOVER AMOUNT. With respect to Participants who participated in the
         Predecessor Plan, an amount equal to their "account" as set forth in
         such Predecessor Plan, valued as of the Effective Date of this Plan,
         shall be the Rollover Amount. The Rollover Amount shall be comprised of
         (i) elective deferrals accumulated pursuant to Section 6.1 of the
         Predecessor Plan, (ii) a Participant's Merger Account accumulated
         pursuant to Section 2.15A of the Predecessor Plan, and (iii) any
         dividends declared on Restricted Stock granted to a Participant and
         automatically deferred under the Predecessor Plan. The portion of a
         Participant's Rollover Amount that is attributable to elective
         deferrals (i) shall be credited to the Participant's Deferral Account
         on the Effective Date of this Plan, and (ii) shall be subject to the
         terms and conditions of this Plan. The portion of a Participant's
         Rollover Amount that is attributable to a Participant's Merger Account
         (i) shall be credited to the Participant's Merger Account on the
         Effective Date of this Plan and (ii) shall be subject to the terms and
         conditions of this Plan. The portion of a Participant's Rollover Amount
         that is attributable to dividends declared on Restricted Stock granted
         to a Participant and automatically deferred under the Predecessor Plan
         (i) shall be credited to a Participant's Stock Dividend Account on the
         Effective Date of this Plan and (ii) shall be subject to the terms and
         conditions of this Plan. Any Participant with a Rollover Amount shall
         have no right to demand distribution of such amounts other than as
         specifically provided for herein; provided, however, that any
         "in-service distribution" elections made by the Participant under the
         Predecessor Plan shall apply to the Rollover Amount under this Plan.

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 3.6     ANNUAL STOCK DIVIDEND AMOUNT. For each Plan Year in which a dividend is
         declared and paid on Stock, an Employer shall automatically credit a
         Participant's Stock Dividend Account with any stock dividends, cash
         dividends or other non-cash dividends that would have been payable on a
         Participant's shares of Restricted Stock which have not been deferred
         under any plan. The amount so credited to a Participant pursuant to
         this Section 3.6 (i) shall be for that Participant the Annual Stock
         Dividend Amount, (ii) shall automatically be deemed to be invested in
         the RPM, Inc. Stock Unit Fund II Measurement Fund, and (iii) shall be
         credited to the Participant's Stock Dividend Account on a date or dates
         to be determined by the Committee, in its sole discretion. The amount
         credited to the Participant for a particular cash dividend or other
         non-cash dividend shall be equal to the fair market value of the
         dividend. Dividends payable on shares of Restricted Stock deferred by a
         Participant under this Plan shall be credited to the Participant's
         Restricted Stock Account in accordance with Section 3.11(c).

 3.7     ANNUAL COMPANY CONTRIBUTION AMOUNT.

         (a)      For each Plan Year, an Employer may be required to credit
                  amounts to a Participant's Company Contribution Account in
                  accordance with the RPM, Inc. 1997 Restricted Stock Plan,
                  employment agreements, or other plans and agreements providing
                  for contributions to the Annual Company Contribution Account.
                  Such amounts shall be credited on the date or dates prescribed
                  by such agreements.

         (b)      For each Plan Year, an Employer, in its sole discretion, may,
                  but is not required to, credit any amount it desires to any
                  Participant's Company Contribution Account under this Plan,
                  which amount shall be for that Participant the Annual Company
                  Contribution Amount for that Plan Year. The amount so credited
                  to a Participant may be smaller or larger than the amount
                  credited to any other Participant, and the amount credited to
                  any Participant for a Plan Year may be zero, even though one
                  or more other Participants receive an Annual Company
                  Contribution Amount for that Plan Year. The Annual Company
                  Contribution Amount described in this Section 3.7(b), if any,
                  shall be credited as of the last day of the Plan Year or as
                  otherwise provided. If a Participant is not employed by an
                  Employer as of the last day of a Plan Year other than by
                  reason of his or her Retirement, Disability or death while
                  employed, the Annual Company Contribution Amount for that Plan
                  Year shall be zero or as otherwise provided.

 3.8     ANNUAL COMPANY RESTORATION MATCHING AMOUNT. A Participant's Annual
         Company Restoration Matching Amount for any Plan Year shall be equal to
         (i) the "match" provided in the 401(k) Plan that the Company would have
         credited to the Participant on the amount of Base Annual Salary and
         Annual Bonus deferred into this Plan for such Plan Year had such Base
         Annual Salary and Annual Bonus deferral been contributed to the 401(k)
         Plan, to the extent allowable under the limitations applicable to the
         401(k) Plan, reduced by (ii) the amount of the "match" the Company
         makes to the Participant during such Plan Year under the 401(k) Plan.
         The amount so credited to a Participant under this Plan shall be for
         that Participant the Annual Company Restoration Matching Amount for
         that Plan Year and shall be credited to the Participant's Company
         Restoration Matching Account on a date or dates to be determined by the
         Committee, in its sole discretion.

3.9      ANNUAL RESTRICTED STOCK AMOUNT. Subject to Section 3.3(c) and any terms
         and conditions imposed by the Committee, Participants may elect to
         defer, under the Plan, Restricted Stock,

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Master Plan Document
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         which amount shall be for that Participant the Annual Restricted Stock
         Amount for that Plan Year. The portion of any Restricted Stock deferred
         shall, at the time all forfeiture restrictions with respect to
         Restricted Stock would otherwise lapse under the terms of the RPM, Inc.
         1997 Restricted Stock Plan or any other similar stock incentive plan
         sponsored by the Company, but for the election to defer, be reflected
         on the books of the Company as an unfunded, unsecured promise to
         deliver to the Participant a specific number of actual shares of Stock
         in the future.

3.10     VESTING.

         (a)      A Participant shall at all times be 100% vested in his or her
                  Deferral Account and Stock Dividend Account.

         (b)      A Participant shall be vested in his or her Merger Account
                  only to the extent that the Participant would be vested in
                  such amounts under the provisions of the Predecessor Plan, as
                  determined by the Committee in its sole discretion, and shall
                  continue to vest in accordance with the provisions of the
                  Predecessor Plan, as more fully described in Section 6.2.

         (c)      A Participant shall be vested in his or her Company
                  Contribution Account and Restricted Stock Account or any
                  Supplemental Contributions in accordance with the vesting
                  schedule(s) set forth in his or her Plan Agreement, employment
                  agreement, or any other agreement entered into between the
                  Participant and his or her Employer. However, amounts credited
                  to the Company Contribution Account and shares credited to the
                  Restricted Stock Account as a result of cancellation or
                  surrender of shares of Restricted Stock granted under the RPM,
                  Inc. 1997 Restricted Stock Plan shall be fully vested when the
                  restrictions with respect to the stock cancelled or
                  surrendered would have otherwise lapsed. If not addressed in
                  such agreements or plan, a Participant shall vest in his or
                  her Company Contribution Account in accordance with the
                  schedule declared by the Committee in its sole discretion.

         (d)      A Participant shall be vested in his or her Company
                  Restoration Matching Account only to the extent that the
                  Participant would be vested in such amounts under the
                  provisions of the 401(k) Plan, as determined by the Committee
                  in its sole discretion.

         (e)      Notwithstanding anything to the contrary contained in this
                  Section 3.10, in the event of a Change in Control, or upon
                  a Participant's Retirement, death while employed by an
                  Employer, or Disability, a Participant's Company Contribution
                  Account and Company Restoration Matching Account shall
                  immediately become 100% vested (if it is not already vested in
                  accordance with the above vesting schedules).

         (f)      Notwithstanding subsection 3.10(e) above, the vesting
                  schedule for a Participant's Company Contribution Account and
                  Company Restoration Matching Account shall not be accelerated
                  to the extent that the Committee determines that such
                  acceleration would cause the deduction limitations of Section
                  280G of the Code to become effective. In the event that all of
                  a Participant's Company Contribution Account and/or Company
                  Restoration Matching Account is not vested pursuant to such a
                  determination, the Participant may request independent
                  verification of the Committee's calculations with respect to
                  the application of Section 280G. In such case, the Committee
                  must provide to the Participant within 15 business days of
                  such a request an opinion from a nationally recognized
                  accounting firm selected by the Participant (the "Accounting
                  Firm"). The

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                  opinion shall state the Accounting Firm's opinion that any
                  limitation in the vested percentage hereunder is necessary to
                  avoid the limits of Section 280G and contain supporting
                  calculations. The cost of such opinion shall be paid for by
                  the Company.

         (g)      Section 3.10(f) shall not prevent the acceleration of the
                  vesting schedule applicable to a Participant's Company
                  Contribution Account and Company Restoration Matching Account
                  for any Participant who is entitled to a "gross-up" payment,
                  to eliminate the effect of the Code section 4999 excise tax,
                  pursuant to an employment agreement or other agreement entered
                  into between the Participant and the Employer.

3.11     CREDITING/DEBITING OF ACCOUNT BALANCES AND MERGER ACCOUNTS. In
         accordance with, and subject to, the rules and procedures that are
         established from time to time by the Committee, in its sole discretion,
         amounts shall be credited or debited to a Participant's Account Balance
         and/or Merger Account balance in accordance with the following rules:

         (a)      MEASUREMENT FUNDS. Subject to the restrictions found in
                  Section 3.11(c) below, the Participant may elect one or more
                  of the measurement funds selected by the Committee, in its
                  sole discretion, which are based on certain mutual funds (the
                  "Measurement Funds"), for the purpose of crediting or debiting
                  additional amounts to his or her Account Balance and/or Merger
                  Account balance. As necessary, the Committee may, in its sole
                  discretion, discontinue, substitute or add a Measurement Fund.
                  Each such action will take effect as of the first day of the
                  first calendar quarter that begins at least thirty (30) days
                  after the day on which the Committee gives Participants
                  advance written notice of such change.

         (b)      ELECTION OF MEASUREMENT FUNDS. Subject to the restrictions
                  found in Section 3.11(c) below, a Participant, in connection
                  with his or her initial deferral election in accordance with
                  Section 3.3(a) above, shall elect, on the Election Form, one
                  or more Measurement Fund(s) (as described in Section 3.11(a)
                  above) to be used to determine the amounts to be credited
                  or debited to his or her Account Balance and/or Merger Account
                  balance. If a Participant does not elect any of the
                  Measurement Funds as described in the previous sentence, the
                  Participant's Account Balance and/or Merger Account balance
                  shall automatically be allocated into the lowest-risk
                  Measurement Fund, as determined by the Committee, in its sole
                  discretion. Subject to the restrictions found in Section
                  3.11(c) below, the Participant may (but is not required to)
                  elect, by submitting an Election Form to the Committee that is
                  accepted by the Committee, to add or delete one or more
                  Measurement Fund(s) to be used to determine the amounts to be
                  credited or debited to his or her Account Balance and/or
                  Merger Account balance, or to change the portion of his or her
                  Account Balance and/or Merger Account balance allocated to
                  each previously or newly elected Measurement Fund. If an
                  election is made in accordance with the previous sentence, it
                  shall apply as of the first business day deemed reasonably
                  practicable by the Committee, in its sole discretion, and
                  shall continue thereafter for each subsequent day in which the
                  Participant participates in the Plan, unless changed in
                  accordance with the previous sentence.

         (c)      RPM, INC. STOCK UNIT FUND I.

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Master Plan Document
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         (i)   A Participant's Restricted Stock Account will be automatically
               allocated to the RPM, Inc. Stock Unit Fund I Measurement Fund.
               Participants may not select any other Measurement Fund to be used
               to determine the amounts to be credited or debited to their
               Restricted Stock Account. Furthermore, no other portion of the
               Participant's Account Balance can be either initially allocated
               or re-allocated to the RPM, Inc. Stock Unit Fund I. Amounts
               allocated to the RPM, Inc. Stock Unit Fund I shall only be
               distributable in actual shares of Stock.

         (ii)  Any stock dividends, cash dividends or other non-cash dividends
               that would have been payable on the Stock credited to a
               Participant's Restricted Stock Account shall be credited to the
               Participant's Restricted Stock Account balance in the form of
               additional shares of Stock and shall automatically and
               irrevocably be deemed to be re-invested in the RPM, Inc. Stock
               Unit Fund I until such amounts are distributed to the
               Participant. The number of shares credited to the Participant for
               a particular stock dividend shall be equal to (a) the number of
               shares of Stock credited to the Participant's Restricted Stock
               Account as of the payment date for such dividend in respect of
               each share of Stock, multiplied by (b) the number of additional
               shares of Stock actually paid as a dividend in respect of each
               share of Stock. The number of shares credited to the Participant
               for a particular cash dividend or other non-cash dividend shall
               be equal to (a) the number of shares of Stock credited to the
               Participant's Restricted Stock Account as of the payment date for
               such dividend in respect of each share of Stock, multiplied by
               (b) the fair market value of the dividend, divided by (c) the
               "fair market value" of the Stock on the payment date for such
               dividend.

         (iii) The number of shares of Stock credited to the Participant's
               Restricted Stock Account balance may be adjusted by the
               Committee, in its sole discretion, to prevent dilution or
               enlargement of a Participant's rights in the event of any
               reorganization, reclassification, stock split, or other unusual
               corporate transaction or event which affects the value of the
               Stock, provided that any such adjustment shall be made taking
               into account any crediting of shares of Stock to the Participant
               under Section 3.11(c)(ii) above in connection with such
               transaction or event.

         (iv)  For purposes of this Section 3.11(c), "fair market value" shall
               mean for any day the closing price of the stock or, in the event
               that no trading takes place on such day, the average of the
               reported closing bid and asked prices, in either case as reported
               on the principal national securities exchange on which the Stock
               is listed or admitted to trading.

     (d)  RPM, INC. STOCK UNIT FUND II.

          (i)  Subject to the restrictions found in Section 3.11(c), above, a
               Participant may allocate or re-allocate any portion of his or her
               Account Balance and/or Merger Account balance to the RPM, Inc.
               Stock Unit Fund II. In all events, new contributions to the
               Participant's Stock Dividend Account shall automatically be
               allocated to the RPM, Inc. Stock Unit Fund II. Participants may
               re-allocate any

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               portion of their Account Balance and/or Merger Account balance
               from the RPM, Inc. Stock Unit Fund II to any other Measurement
               Fund, at any time.

         (ii)  The value of a Participant's Account Balance and/or Merger
               Account balance that has been allocated to the RPM, Inc. Stock
               Unit Fund II may be adjusted by the Committee, in its sole
               discretion, to prevent dilution or enlargement of a Participant's
               rights in the event of any reorganization, reclassification,
               stock split, or other unusual corporate transaction or event
               which affects the value of the Stock.

     (e)  PROPORTIONATE ALLOCATION. In making any election described in Sections
          3.11(b) and (d) above, the Participant shall specify on the Election
          Form, in increments of one percent (1%), the percentage of his or her
          Account Balance and/or Merger Account balance to be allocated to a
          Measurement Fund (as if the Participant was making an investment in
          that Measurement Fund with that portion of his or her Account Balance
          and/or Merger Account balance).

     (f)  CREDITING OR DEBITING METHOD. The performance of each elected
          Measurement Fund (either positive or negative) will be determined by
          the Committee, in its reasonable discretion, based on the performance
          of the Measurement Funds themselves. A Participant's Account Balance
          and/or Merger Account balance shall be credited or debited on a daily
          basis based on the performance of each Measurement Fund selected by
          the Participant, SUCH PERFORMANCE BEING DETERMINED BY THE COMMITTEE IN
          ITS SOLE DISCRETION.

     (g)  NO ACTUAL INVESTMENT. Notwithstanding any other provision of this Plan
          that may be interpreted to the contrary, the Measurement Funds are to
          be used for measurement purposes only, and a Participant's election of
          any such Measurement Fund, the allocation to his or her Account
          Balance and/or Merger Account balance thereto, the calculation of
          additional amounts and the crediting or debiting of such amounts to a
          Participant's Account Balance and/or Merger Account balance SHALL NOT
          be considered or construed in any manner as an actual investment of
          his or her Account Balance and/or Merger Account balance in any such
          Measurement Fund. In the event that the Company or the Trustee (as
          that term is defined in the Trust), in its own discretion, decides to
          invest funds in any or all of the investments on which the Measurement
          Funds are based, no Participant shall have any rights in or to such
          investments themselves. Without limiting the foregoing, a
          Participant's Account Balance and/or Merger Account balance shall at
          all times be a bookkeeping 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.

3.12 FICA AND OTHER TAXES.

     (a)  ANNUAL DEFERRAL AMOUNTS. For each plan year in which an Annual
          Deferral Amount is being withheld from a Participant, the
          Participant's Employer(s) shall withhold from that portion of the
          Participant's Base Annual Salary, Annual Bonus and/or Special
          Incentive Plan Amounts that are not being deferred, in a manner
          determined by the Employer(s), the Participant's share of FICA and
          other employment taxes on such Annual Deferral

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          Amount. If necessary, the Committee may reduce the Annual Deferral
          Amount in order to comply with this Section 3.12.

     (b)  COMPANY RESTORATION MATCHING ACCOUNT, COMPANY CONTRIBUTION ACCOUNT AND
          MERGER ACCOUNT. When a participant becomes vested in a portion of his
          or her Company Restoration Matching Account, Company Contribution
          Account or Merger Account, the Participant's Employer(s) shall
          withhold from the Participant's Base Annual Salary, Annual Bonus
          and/or Special Incentive Plan Amounts that are not deferred, in a
          manner determined by the Employer(s), the Participant's share of FICA
          and other employment taxes. If necessary, the Committee may reduce the
          vested portion of the Participant's Company Restoration Matching
          Account, Company Contribution Account or Merger Account, as
          applicable, in order to comply with this Section 3.12.

     (c)  ANNUAL STOCK DIVIDEND AMOUNTS. When the Participant's Employer credits
          an Annual Stock Dividend Amount to a Participant's Stock Dividend
          Account, the Participant's Employer shall withhold from the
          Participant's Base Annual Salary, Annual Bonus and/or Special
          Incentive Plan Amounts that are not deferred, in a manner determined
          by the Employer, the Participant's share of FICA and other employment
          taxes. If necessary, the Committee may reduce the Participant's Annual
          Stock Dividend Amount in order to comply with this Section 3.10.

     (d)  ANNUAL RESTRICTED STOCK AMOUNTS. When an Annual Restricted Stock
          Amount is withheld from a Participant, the Participant's Employer(s)
          shall withhold from that portion of the Participant's Base Annual
          Salary, Annual Bonus, Special Incentive Plan Amounts and Restricted
          Stock that are not being deferred, in a manner determined by the
          Employer(s), the Participant's share of FICA and other employment
          taxes on such Annual Restricted Stock Amount. If necessary, the
          Committee may reduce the Annual Restricted Stock Amount in order to
          comply with this Section 3.12.

     (e)  DISTRIBUTIONS. The Participant's Employer(s), or in the event that
          payments are being made directly by the trustee of the Trust, the
          trustee of the Trust, 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 Employer(s),
          or in the event that payments are being made directly by the trustee
          of the Trust, the trustee of the Trust, in connection with such
          payments, in amounts and in a manner to be determined in the sole
          discretion of the Employer(s) and the trustee of the Trust.

                                    ARTICLE 4

                              DEDUCTION LIMITATION

4.1  DEDUCTION LIMITATION ON BENEFIT PAYMENTS. If an Employer determines in
     good faith that there is a reasonable likelihood that any compensation paid
     to a Participant for a taxable year of the Employer would not be deductible
     by the Employer solely by reason of the limitation under Code Section
     162(m), then to the extent deemed necessary by the Employer to ensure that
     the entire amount of any distribution to the Participant pursuant to this
     Plan is deductible, the Employer may defer all or any portion of a
     distribution under this Plan. Any amounts deferred pursuant to this
     limitation shall continue to be credited/debited with additional amounts in
     accordance with Section 3.11 above, even if such amount is being paid out
     in installments. The

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     amounts so deferred and amounts credited thereon shall be distributed to
     the Participant or his or her Beneficiary (in the event of the
     Participant's death) at the earliest possible date, as determined by the
     Employer in good faith, on which the deductibility of compensation paid or
     payable to the Participant for the taxable year of the Employer during
     which the distribution is made will not be limited by Section 162(m), or if
     earlier, the effective date of a Change in Control. Notwithstanding
     anything to the contrary in this Plan, the Deduction Limitation shall not
     apply to any distributions made after a Change in Control.

                                    ARTICLE 5
             SHORT-TERM PAYOUT; UNFORESEEABLE FINANCIAL EMERGENCIES;
                               WITHDRAWAL ELECTION

5.1  SHORT-TERM PAYOUT. In connection with each election to defer an Annual
     Deferral Amount, a Participant may irrevocably elect to receive a future
     "Short-Term Payout" from the Plan with respect to all or a portion of such
     Annual Deferral Amount. The Short-Term Payout shall be a lump sum payment
     in an amount that is equal to the portion of the Annual Deferral Amount the
     Participant elected to have distributed as a Short-Term Payout plus amounts
     credited or debited in the manner provided in Section 3.11 above on that
     amount, calculated as of the close of business on or around the date on
     which that the Short-Term Payout becomes payable, as determined by the
     Committee in its sole discretion. Subject to the other terms and conditions
     of this Plan, each Short-Term Payout elected shall be paid out during a
     sixty (60) day period commencing immediately after the first day of any
     Plan Year designated by the Participant. The Plan Year designated by the
     Participant must be at least three Plan Years after the end of the Plan
     Year in which the Annual Deferral Amount is actually deferred. By way of
     example, if a three year Short-Term Payout is elected for Annual Deferral
     Amounts that are deferred in the Plan Year commencing June 1, 2002, the
     three year Short-Term Payout would become payable during a sixty (60) day
     period commencing June 1, 2006.

     In addition, subject to the terms and conditions of this Section 5.1,
     Section 5.2 and all other provisions of this Plan, any similar elections
     made pursuant to the terms of the Predecessor Plan, shall be deemed to
     remain in effect under this Plan. The distribution date selected by a
     Participant in connection with such election(s) under the Predecessor Plan
     shall remain binding on the parties. The Committee shall, in its
     discretion, determine how any amounts deferred under the Predecessor Plan
     shall be treated pursuant to the language of Article 5 and the Plan.

5.2  OTHER BENEFITS TAKE PRECEDENCE OVER SHORT-TERM. Should an event occur that
     triggers a benefit under Article 7, 8, 9 or 10, any Annual Deferral Amount,
     plus amounts credited or debited thereon, that is subject to a Short-Term
     Payout election under Section 5.1 shall not be paid in accordance with
     Section 5.1 but shall be paid in accordance with the other applicable
     Article.

5.3  WITHDRAWAL PAYOUT/SUSPENSIONS FOR UNFORESEEABLE FINANCIAL EMERGENCIES. If
     the Participant experiences an Unforeseeable Financial Emergency, the
     Participant may petition the Committee (i) to suspend any deferrals
     required to be made by such Participant or (ii) to suspend any deferrals
     required to be made by such Participant and receive a partial or full
     payout from the Plan. The payout shall not exceed the lesser of the
     Participant's vested Account Balance and vested Merger Account balance,
     excluding the portion of the Account Balance attributable to the

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     Restricted Stock Account, calculated as if such Participant were receiving
     a Termination Benefit, or the amount reasonably needed to satisfy the
     Unforeseeable Financial Emergency. A Participant may not receive a payout
     from the Plan to the extent that the Unforeseeable Financial Emergency is
     or may be relieved (i) through reimbursement or compensation by insurance
     or otherwise, (ii) by liquidation of the Participant's assets, to the
     extent the liquidation of such assets would not itself cause severe
     financial hardship or (iii) by suspension of deferrals under this Plan. If
     the Committee, in its sole discretion, approves a Participant's petition
     for suspension, the Participant's deferrals under this Plan shall be
     suspended as of the date of such approval. If the Committee, in its sole
     discretion, approves a Participant's petition for suspension and payout,
     the Participant's deferrals under this Plan shall be suspended as of the
     date of such approval and the Participant shall receive a payout from the
     Plan within sixty (60) days of the date of such approval.

5.4  WITHDRAWAL ELECTION. A Participant may elect, at any time, to withdraw all
     or a portion of his or her vested Account Balance, excluding the portion of
     the Account Balance attributable to the Restricted Stock Account. For
     purposes of this Section 5.4, the value of a Participant's vested Account
     Balance shall be calculated as of the close of business on or around the
     date on which receipt of the Participant's election is acknowledged by the
     Committee, as determined by the Committee in its sole discretion, less a
     withdrawal penalty equal to 10% of the amount withdrawn (the net amount
     shall be referred to as the "Withdrawal Amount"). This election can be made
     at any time, before or after Retirement or Disability, and whether or not
     the Participant is in the process of being paid pursuant to an installment
     payment schedule. The Participant shall make this election by giving the
     Committee advance written notice of the election in a form determined from
     time to time by the Committee. 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 6
                                 MERGER ACCOUNT

6.1  MERGER ACCOUNT. With respect to a Participant who participated in the
     Predecessor Plan and who maintained a Merger Account under the Predecessor
     Plan, an amount equal to his or her Merger Account as set forth in such
     Predecessor Plan, valued as of the Effective Date of this Plan, shall be
     credited to such Participant's Merger Account under this Plan. The Merger
     Account shall be comprised of Deferral Contributions, Additional
     Contributions and Supplemental Contributions accumulated under the
     Predecessor Plan pursuant to Section 5.2 of such Predecessor Plan.

6.2  VESTING OF MERGER ACCOUNT.

     (a)  DEFERRAL CONTRIBUTIONS. A Participant shall at all times be 100%
          vested in that portion of his or her Merger Account that is
          attributable to his or her Deferral Contributions.

     (b)  ADDITIONAL CONTRIBUTIONS. A Participant shall vest in that portion of
          his or her Merger Account that is attributable to his or her
          Additional Contributions upon the Participant's completion of five (5)
          Years of Vesting Service.

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     (c)  SUPPLEMENTAL CONTRIBUTIONS. A Participant shall vest in that portion
          of his or her Merger Account that is attributable to his or her
          Supplemental Contributions upon the Participant's completion of five
          (5) Years of Vesting Service.

     (d)  YEARS OF VESTING SERVICE. For purposes of this Section 6.2, "Years of
          Vesting Service" shall mean whole years of service resulting from (i)
          service credited to a Participant for purposes of vesting under the
          DAP Plan as of December 31, 1999 and (ii) service earned by a
          Participant with the Company including service in Related Employment.
          In combining service under the DAP Plan and service with the Company,
          twelve (12) months of service are required for a Year of Vesting
          Service and any resulting number of months less than twelve (12) shall
          be disregarded and shall not be used in determining the vested portion
          of a Participant's Merger Account.

          A Participant shall earn a month of service for each calendar month in
          which he or she performs an hour of service for the Company or in
          Related Employment. In addition, if, within twelve (12) months from
          the date on which a Participant Retires or experiences a Termination
          of Employment, a Participant performs an hour of service for the
          Company or in Related Employment, such Participant shall receive a
          month of service for each month following the Participant's Retirement
          or Termination of Employment through the date of service. Furthermore,
          if, following a leave of absence of twelve (12) months or less, a
          Participant Retires or experiences a Termination of Employment, and
          within twelve (12) months from the date on which the Participant's
          leave of absence first commenced such Participant performs an hour of
          service, the Participant shall receive a month of service for each
          month during the Participant's leave of absence. A Participant shall
          earn a Year of Vesting Service for each twelve (12) months of service
          earned by the Participant.

     (e)  SERVICE UNDER DAP PLAN. Each Participant who maintains a Merger
          Account together with the Years of Vesting Service and months of
          vesting service credited to such Participant under the DAP Plan as of
          December 31, 1999 is listed at Appendix A.

     (f)  ACCELERATED VESTING. Notwithstanding anything to the contrary, upon a
          Participant's termination on or after the attainment of age sixty-five
          (65), the portion of a Participant's Merger Account that is
          attributable to his or her Additional Contributions or Supplemental
          Contributions shall immediately become 100% vested (if it is not
          already vested in accordance with the above vesting schedule).

6.3  PAYMENT OF MERGER ACCOUNT. A Participant's vested Merger Account,
     calculated as of the close of business on or around the date on which the
     vested Merger Account becomes payable, as determined by the Committee in
     its sole discretion, shall be distributed pursuant to the terms of the
     Participant's form executed in accordance with the terms of the DAP Plan
     unless a subsequent distribution election is made under this Plan. A lump
     sum payment shall be made, or installment payments shall commence, no later
     than sixty (60) days after the date on which a Participant's Merger Account
     becomes payable. If a Participant's vested Merger Account is less than
     $40,000 at the time when such Merger Account becomes payable or if a
     Participant is required to take a lump sum distribution under the RPM, Inc.
     Retirement Plan or the RPM, Inc. 401(k) Plan, such Participant's vested
     Merger Account shall be paid in a lump sum regardless of such Participant's
     election.

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                                    ARTICLE 7
                     RETIREMENT BENEFIT FROM ACCOUNT BALANCE

7.1  RETIREMENT BENEFIT. A Participant who Retires shall receive, as a
     Retirement Benefit, his or her vested Account Balance, calculated as of the
     close of business on or around the date on which the Participant Retires,
     as determined by the Committee in its sole discretion.

7.2  PAYMENT OF RETIREMENT BENEFIT. A Participant, in connection with his or her
     commencement of participation in the Plan, shall elect on an Election Form
     to receive the Retirement Benefit in a lump sum or pursuant to an Annual
     Installment Method of up to 10 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
     submitted to and accepted by the Committee in its sole discretion at least
     thirteen (13) months prior to the Participant's Retirement. The Election
     Form most recently accepted by the Committee shall govern the payout of the
     Retirement Benefit. If a Participant does not make any election with
     respect to the payment of the Retirement Benefit or if the Participant's
     vested Account Balance is less than $50,000 at the time of his or her
     Retirement, then such benefit shall be payable in a lump sum. The lump sum
     payment shall be made, or installment payments shall commence, no later
     than sixty (60) days after the date on which the Participant Retires.
     Remaining installments, if any, shall be paid no later than sixty (60) days
     after each anniversary of the date on which the Participant Retires.

                                    ARTICLE 8
                    TERMINATION BENEFIT FROM ACCOUNT BALANCE

8.1  TERMINATION BENEFIT. A Participant who experiences a Termination of
     Employment shall receive a Termination Benefit, which shall be equal to the
     Participant's vested Account Balance, calculated as of the close of
     business on or around the date on which the Participant experiences a
     Termination of Employment, as determined by the Committee in its sole
     discretion.

8.2  PAYMENT OF TERMINATION BENEFIT. The Termination Benefit shall be paid to
     the Participant in a lump sum payment no later than sixty (60) days after
     the date on which the Participant experiences the Termination of
     Employment.

                                    ARTICLE 9
               DISABILITY WAIVER AND BENEFIT FROM ACCOUNT BALANCE

9.1  DISABILITY WAIVER.

     (a)  WAIVER OF DEFERRAL. A Participant who is determined to be suffering
          from a Disability shall be (i) excused from fulfilling that portion of
          the Annual Deferral Amount commitment that would otherwise have been
          withheld from a Participant's Base Annual Salary, Annual Bonus,
          Special Incentive Plan Amounts and/or Director Fees for the Plan Year
          during which the Participant first suffers a Disability, and (ii)
          excused from fulfilling any existing unvested Restricted Stock
          commitments. 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.

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     (b)  DEFERRAL FOLLOWING DISABILITY. If a Participant returns to employment,
          or service as a Director, with an Employer after a Disability ceases,
          the Participant may elect to defer an Annual Deferral Amount and
          Annual Restricted Stock Amount for the Plan Year following his or her
          return to employment or service and for every Plan Year thereafter
          while a Participant in the Plan; provided such deferral elections are
          otherwise allowed and an Election Form is delivered to and accepted by
          the Committee for each such election in accordance with Section 3.3
          above.

9.2  CONTINUED ELIGIBILITY; DISABILITY BENEFIT. A Participant suffering a
     Disability shall, for benefit purposes under this Plan, continue to be
     considered to be employed, or in the service of an Employer as a Director,
     and shall be eligible for (i) an Annual Company Contribution Amount, if
     any, credited to such Participant's Company Contribution Account in
     accordance with Section 3.7(b), and (ii) the benefits provided for in
     Articles 5, 6, 7, 8 or 10 in accordance with the provisions of those
     Articles. Notwithstanding the above, the Committee shall have the right to,
     in its sole and absolute discretion and for purposes of this Plan only,
     deem the Participant to have experienced a Termination of Employment, at
     any time after such Participant 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 Balance in
     accordance with Article 8. In the case of a Participant who is otherwise
     eligible to Retire, the Committee must deem the Participant to have Retired
     for purposes of this Plan only, as soon as practicable after the
     Participant 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 Balance, in accordance with
     Article 7.

                                   ARTICLE 10
                      SURVIVOR BENEFIT FROM ACCOUNT BALANCE

10.1 SURVIVOR BENEFIT. The Participant's Beneficiary(ies) shall receive a
     Survivor Benefit upon the Participant's death which will be equal to (i)
     the Participant's vested Account Balance, calculated as of the close of
     business on or around the date of the Participant's death, as selected by
     the Committee in its sole discretion, if the Participant dies prior to his
     or her Retirement, Termination of Employment or Disability, or (ii) the
     Participant's unpaid Retirement Benefit, calculated as of the close of
     business on or around the date of the Participant's death, as selected by
     the Committee in its sole discretion, if the Participant dies before his or
     her Retirement Benefit is paid in full.

10.2 PAYMENT OF SURVIVOR BENEFIT. The Survivor Benefit shall be paid to the
     Participant's Beneficiary(ies) in a lump sum payment no later than sixty
     (60) days after the date on which the Committee is provided with proof that
     is satisfactory to the Committee of the Participant's death.

                                   ARTICLE 11
                             BENEFICIARY DESIGNATION

11.1 BENEFICIARY. Each Participant shall have the right, at any time, to
     designate his or her Beneficiary(ies) (both primary as well as contingent)
     to receive any benefits payable under the Plan to a beneficiary upon the
     death of a Participant. The Beneficiary designated under this Plan

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     may be the same as or different from the Beneficiary designation under any
     other plan of an Employer in which the Participant participates.

11.2 BENEFICIARY DESIGNATION; CHANGE; SPOUSAL CONSENT. A Participant shall
     designate his or her Beneficiary by completing and signing the Beneficiary
     Designation Form, and returning it to the Committee or its designated
     agent. A Participant shall have the right to change a Beneficiary by
     completing, signing and otherwise complying with the terms of the
     Beneficiary Designation Form and the Committee's rules and procedures, as
     in effect from time to time. Upon the acceptance by the Committee of a new
     Beneficiary Designation Form, all Beneficiary designations previously filed
     shall be canceled. The Committee shall be entitled to rely on the last
     Beneficiary Designation Form filed by the Participant and accepted by the
     Committee prior to his or her death.

11.3 ACKNOWLEDGMENT. No designation or change in designation of a beneficiary
     shall be effective until received and acknowledged in writing by the
     Committee or its designated agent.

11.4 NO BENEFICIARY DESIGNATION. If a Participant fails to designate a
     Beneficiary as provided in Sections 11.1, 11.2 and 11.3 above or, if all
     designated Beneficiaries predecease the Participant or die prior to
     complete distribution of the Participant's benefits, then the Participant's
     designated Beneficiary shall be deemed to be his or her surviving spouse.
     If the Participant has no surviving spouse, the benefits remaining under
     the Plan to be paid to a Beneficiary shall be payable to the executor or
     personal representative of the Participant's estate.

11.5 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 Participant's
     Employer to withhold such payments until this matter is resolved to the
     Committee's satisfaction.

11.6 DISCHARGE OF OBLIGATIONS. The payment of benefits under the Plan to a
     Beneficiary shall fully and completely discharge all Employers and the
     Committee from all further obligations under this Plan with respect to the
     Participant, and that Participant's Plan Agreement shall terminate upon
     such full payment of benefits.

                                   ARTICLE 12
                                LEAVE OF ABSENCE

12.1 PAID LEAVE OF ABSENCE. If a Participant is authorized by the Participant's
     Employer for any reason to take a paid leave of absence from the employment
     of the Employer, the Participant shall continue to be considered employed
     by the Employer and the Annual Deferral Amount and Annual Restricted Stock
     Amount shall continue to be withheld during such paid leave of absence in
     accordance with Section 3.3.

12.2 UNPAID LEAVE OF ABSENCE. If a Participant is authorized by the
     Participant's Employer for any reason to take an unpaid leave of absence
     from the employment of the Employer, the Participant shall continue to be
     considered employed by the Employer and the Participant shall be excused
     from making deferrals until the earlier of the date the leave of absence
     expires or the Participant returns to a paid employment status. Upon such
     expiration or return, deferrals shall resume for the remaining portion of
     the Plan Year in which the expiration or return occurs, based on the

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         deferral election, if any, made for that Plan Year. If no election was
         made for that Plan Year, no deferral shall be withheld.

                                   ARTICLE 13
                     TERMINATION, AMENDMENT OR MODIFICATION

13.1     Termination. Each Employer 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 and Directors, by
         action of its board of directors. Upon the termination of the Plan with
         respect to any Employer, the Plan Agreements of the affected
         Participants who are employed by that Employer, or in the service of
         that Employer as Directors, shall terminate and their vested Account
         Balances shall be determined (i) as if they had experienced a
         Termination of Employment on the date of Plan termination; or (ii) if
         Plan termination occurs after the date upon which a Participant was
         eligible to Retire, then with respect to that Participant as if he or
         she had Retired on the date of Plan termination. Such benefits shall be
         paid to the Participants as follows: (i) prior to a Change in Control,
         if the Plan is terminated with respect to all of its Participants, an
         Employer shall have the right, in its sole discretion, and
         notwithstanding any elections made by the Participant, to pay such
         benefits in a lump sum or pursuant to an Annual Installment Method of
         up to 10 years, with amounts credited and debited during the
         installment period as provided herein; or (ii) prior to a Change in
         Control, if the Plan is terminated with respect to less than all of its
         Participants, an Employer shall be required to pay such benefits in a
         lump sum; or (iii) after a Change in Control, if the Plan is terminated
         with respect to some or all of its Participants, the Employer shall be
         required to pay such benefits in a lump sum. The termination of the
         Plan shall not adversely affect any Participant or Beneficiary who has
         become entitled to the payment of any benefits under the Plan as of the
         date of termination; provided however, that the Employer shall have the
         right to accelerate installment payments without a premium or
         prepayment penalty by paying the vested Account Balance in a lump sum
         or pursuant to an Annual Installment Method using fewer years.

13.2     AMENDMENT. Any Employer may, at any time, amend or modify the Plan
         in whole or in part with respect to that Employer by the action of its
         board of directors or by an individual to whom the Board has delegated
         authority to amend this Plan provided, however, that: (i) no amendment
         or modification shall be effective to decrease or restrict the value of
         a Participant's vested Account Balance in existence at the time the
         amendment or modification is made, calculated as if the Participant had
         experienced a Termination of Employment as of the effective date of the
         amendment or modification or, if the amendment or modification occurs
         after the date upon which the Participant was eligible to Retire, the
         Participant had Retired as of the effective date of the amendment or
         modification, (ii) no amendment or modification of this Section 13.2 or
         Section 14.1 of the Plan shall be effective, and (iii) no amendment or
         modification shall be effective to change the form or timing of the
         payment of a Participant's Merger Account. 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; provided,
         however, that the Employer shall have the right to accelerate
         installment payments by paying the vested Account Balance in a lump sum
         or pursuant to an Annual Installment Method using fewer years.

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13.3     PARTICIPATION BY SUBSIDIARIES. Any subsidiary may adopt this Plan
         with the consent of the Company. A subsidiary that adopts this Plan
         shall be liable for the payment of any benefit of a Participant under
         this Plan that relates to employment or services provided to the
         subsidiary by the Participant, and neither the Company nor any other
         subsidiary shall have any liability for such benefit. Each subsidiary,
         by electing to participate in this Plan, appoints the Company as its
         agent and fully empowers the Company to act on its behalf as it may
         deem appropriate in maintaining or terminating the Plan. The adoption
         by the Company of any amendment to the Plan or the termination of all
         or any part of the Plan will constitute and represent, without further
         action by any subsidiary, the approval, adoption, ratification, or
         confirmation by each subsidiary of such amendment or termination and
         each subsidiary shall be bound by such amendment or termination. A
         subsidiary may cease participation only upon approval by the Company
         and only in accordance with such terms and conditions that may be
         required by the Company.

13.4     PLAN AGREEMENT. Despite the provisions of Sections 13.1 and 13.2
         above, if a Participant's Plan Agreement contains benefits or
         limitations that are not in this Plan document, the Employer may only
         amend or terminate such provisions as set forth in the Plan Agreement
         and, if not set forth in the Plan Agreement, then only with the consent
         of the Participant.

13.5     EFFECT OF PAYMENT. The full payment of the Participant's vested Account
         Balance and/or vested Merger Account under Articles 5, 6, 7, 8, 9 or 10
         of the Plan shall completely discharge all obligations to a Participant
         and his or her designated Beneficiaries under this Plan and the
         Participant's Plan Agreement shall terminate.

                                   ARTICLE 14
                                 ADMINISTRATION

14.1     COMMITTEE DUTIES. Except as otherwise provided in this Article 14,
         this Plan shall be administered by a Committee which shall consist of
         the Board, or such committee as the Board shall appoint. Members of the
         Committee may be Participants under this Plan. The Committee shall also
         have the discretion and authority to (i) make, amend, interpret, and
         enforce all appropriate rules and regulations for the administration of
         this Plan and (ii) decide or resolve any and all questions including
         interpretations of this Plan, as may arise in connection with the 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.

14.2     ADMINISTRATION UPON CHANGE IN CONTROL.

         (a)      COMMITTEE. For purposes of this Plan, the Committee shall be
                  the "Administrator" at all times prior to the occurrence of a
                  Change in Control. Upon and after the occurrence of a Change
                  in Control, the "Administrator" shall be an independent third
                  party selected by the individual who, immediately prior to
                  such event, was the Company's Chief Executive Officer or, if
                  not so identified, the Company's highest ranking officer (the
                  "Ex-CEO"); provided, however, the Committee, as constituted
                  immediately prior to a Change in Control, shall continue to
                  act as the Administrator of this Plan until the date on which
                  the independent third party selected by the Ex-CEO accepts the
                  responsibilities of Administrator under this Plan. Upon and
                  after a Change in Control, the Administrator shall have the
                  discretionary power to determine all questions arising in
                  connection with

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================================================================================
                  the administration of the Plan and the interpretation of the
                  Plan and Trust except benefit entitlement determinations upon
                  appeal; provided, however, upon and after the occurrence of a
                  Change in Control, the Administrator shall have no power to
                  direct the investment of Plan or Trust assets or select any
                  investment manager or custodial firm for the Plan or Trust.
                  Upon and after the occurrence of a Change in Control, the
                  Company must: (1) pay all reasonable administrative expenses
                  and fees of the Administrator; (2) indemnify the Administrator
                  against any costs, expenses and liabilities including, without
                  limitation, attorney's fees and expenses arising in
                  connection with the performance of the Administrator
                  hereunder, except with respect to matters resulting from the
                  gross negligence or willful misconduct of the Administrator or
                  its employees or agents; and (3) supply full and timely
                  information to the Administrator on all matters relating to
                  the Plan, the Trust, the Participants and their Beneficiaries,
                  the Account Balances of the Participants, the Participants'
                  Merger Account balances, the date and circumstances of the
                  Retirement, Disability, death or Termination of Employment of
                  the Participants, and such other pertinent information as the
                  Administrator may reasonably require. Upon and after a Change
                  in Control, the Administrator may only be terminated (and a
                  replacement appointed) by the Ex-CEO. Upon and after a Change
                  in Control, the Administrator may not be terminated by the
                  Company.

         (b)      BENEFIT REVIEW COMMITTEE. Upon and after the occurrence of
                  a Change in Control, the Benefits Review Committee, as
                  constituted immediately prior to a Change in Control, shall
                  continue to review denied claims as provided in Section 16.3
                  of this Plan. In the event any member of the Benefits Review
                  Committee resigns or is unable to perform the duties of a
                  member of the Benefits Review Committee, successors to such
                  members shall be selected by the Ex-CEO. Upon and after a
                  Change in Control, the Benefits Review Committee shall have
                  the discretionary power and authority to determine all
                  questions arising in connection with the review of a denied
                  claim as provided in Section 16.3. Upon and after the
                  occurrence of a Change in Control, the Company must: (1) pay
                  all reasonable administrative expenses and fees of the
                  Benefits Review Committee; (2) indemnify the Benefits Review
                  Committee against any costs, expenses and liabilities
                  including, without limitation, attorney's fees and expenses
                  arising in connection with the performance of the Benefits
                  Review Committee hereunder, except with respect to matters
                  resulting from the gross negligence or willful misconduct of
                  the Benefits Review Committee or its employees or agents; and
                  (3) supply full and timely information to the Benefits Review
                  Committee on all matters relating to the Plan, the Trust, the
                  Participants and their Beneficiaries, the Account Balances of
                  the Participants, the Participants' Merger Account balances,
                  the date and circumstances of the Retirement, Disability,
                  death or Termination of Employment of the Participants, and
                  such other pertinent information as the Benefits Review
                  Committee may reasonably require. Upon and after a Change in
                  Control, a member of the Benefits Review Committee may not be
                  removed by the Company but may only be removed (and a
                  replacement appointed) by the Ex-CEO.

14.3     AGENTS. In the administration of this Plan, the Committee and the
         Benefits Review Committee may, from time to time, employ agents 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 any Employer.

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================================================================================
14.4     BINDING EFFECT OF DECISIONS. Unless appealed to the Benefits Review
         Committee, the decision or action of the Committee or Administrator
         with respect to any question arising out of or in connection with the
         administration, interpretation and application of the Plan and the
         rules and regulations promulgated hereunder shall be final and
         conclusive and binding upon all persons having any interest in the
         Plan. If such decision or action is appealed under the provisions of
         this Plan, then the decision or action of the Benefits Review Committee
         shall be final and conclusive and binding upon all persons having any
         interest in the Plan.

14.5     INDEMNITY OF COMMITTEE AND BENEFITS REVIEW COMMITTEE. All employers
         shall indemnify and hold harmless the members of the Committee and the
         Benefits Review Committee, any Employee to whom the duties of the
         Committee or Benefits Review Committee may be delegated, and the
         Administrator against any and all claims, losses, damages, expenses or
         liabilities arising from any action or failure to act with respect to
         this Plan, except in the case of willful misconduct by the Committee,
         the Benefits Review Committee any of the members of the Committee or
         Benefits Review Committee, any such Employee or the Administrator.

14.6     EMPLOYER INFORMATION. To enable the Committee, the Benefits Review
         Committee and/or Administrator to perform its functions, the Company
         and each Employer shall supply full and timely information to the
         Committee, the Benefits Review Committee and/or Administrator, as the
         case may be, on all matters relating to the compensation of its
         Participants, the date and circumstances of the Retirement, Disability,
         death or Termination of Employment of its Participants, and such other
         pertinent information as the Committee or Administrator may reasonably
         require.

                                   ARTICLE 15
                          OTHER BENEFITS AND AGREEMENTS

15.1     COORDINATION WITH OTHER BENEFITS. 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 Participant's Employer. The
         Plan shall supplement and shall not supersede, modify or amend any
         other such plan or program except as may otherwise be expressly
         provided.

                                   ARTICLE 16
                                CLAIMS PROCEDURES

16.1     PRESENTATION OF CLAIM. Any Participant or Beneficiary of a deceased
         Participant (such Participant or Beneficiary being referred to below as
         a "Claimant") may deliver to the Committee a written claim for a
         determination with respect to the amounts distributable to such
         Claimant from the Plan. If such a claim relates to the contents of a
         notice received by the Claimant, the claim must be made within sixty
         (60) days after such notice was received by the Claimant. All other
         claims must be made within 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 Claimant.

16.2     NOTIFICATION OF DECISION. The Committee shall consider a Claimant's
         claim within a reasonable time, but no later than ninety (90) days
         after receiving the claim. If the Committee determines

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Master Plan Document
================================================================================
         that special circumstances require an extension of time for processing
         the claim, written notice of the extension shall be furnished to the
         Claimant 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 period. The extension notice shall
         indicate the special circumstances requiring an extension of time and
         the date by which the Committee expects to render the benefit
         determination. The Committee shall notify the Claimant in writing:

         (a)      that the Claimant'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 Claimant's requested determination, and
                  such notice must set forth in a manner calculated to be
                  understood by the Claimant:

                  (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 Claimant 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 16.3 below; and

                  (v)      a statement of the Claimant's right to bring a civil
                           action under ERISA Section 502(a) following an
                           adverse benefit determination on review.

16.3     REVIEW OF A DENIED CLAIM. The Board shall appoint the members of a
         Benefits Review Committee which shall consist of three (3) or more
         members. The Benefits Review Committee shall decide appeals of
         application denials as provided in this Section, have such other
         discretionary powers and authorities as provided by this Section, and
         shall have such other discretionary powers and duties as shall from
         time to time be assigned to the Benefits Review Committee by the
         Company. Prior to a Change in Control the members of the Benefits
         Review Committee shall remain in office at the will of the Board, and
         the Board may remove any of said members, from time to time, with or
         without cause. A member of the Benefits Review Committee may resign
         upon written notice to the remaining member or members of the Benefits
         Review Committee and to the Company respectively. The fact that a
         person is a prospective Participant, a Participant or a former
         Participant shall not disqualify him from acting as a member of the
         Benefits Review Committee. In case of the death, resignation or removal
         of any member of the Benefits Review Committee, the remaining members
         shall act until a successor-member is appointed. Upon request, the
         Company shall notify the Committee in writing of the names of the
         original members of the Benefits Review Committee, of any and all
         changes in the membership of the Benefits Review Committee, of the
         member designated as Chairman and the member designated as Secretary,
         and of any changes in either office. Until notified of a change, the
         Committee shall be protected in assuming that there has been no change
         in the membership of the Benefits Review Committee or the designation
         of Chairman or of Secretary since the last notification was filed with
         it. The Committee shall be under no obligation at any time to inquire
         into the membership of the Benefits Review Committee or its officers.
         All communications to the Benefits Review Committee shall be addressed
         to its Secretary at the address of the

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Master Plan Document
================================================================================
         Company. 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 Claimant
         (or the Claimant's duly authorized representative) may file with the
         Benefits Review Committee a written request for a review of the denial
         of the claim. The Claimant (or the Claimant's duly authorized
         representative):

         (a)      may, upon request and free of charge, have reasonable access
                  to, and copies of, all documents, records and other
                  information relevant to the claim for benefits;

         (b)      may submit written comments or other documents; and/or

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

16.4     DECISION ON REVIEW. The Benefits Review Committee shall render its
         decision on review promptly, and no later than sixty (60) days after
         the Benefits Review Committee receives the Claimant's written request
         for a review of the denial of the claim. If the Benefits Review
         Committee determines that special circumstances require an extension of
         time for processing the claim, written notice of the extension shall be
         furnished to the Claimant 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 period. The extension
         notice shall indicate the special circumstances requiring an extension
         of time and the date by which the Benefits Review Committee expects to
         render the benefit determination. In rendering its decision, the
         Benefits Review Committee shall take into account all comments,
         documents, records and other information submitted by the Claimant
         relating to the claim, without regard to whether such information was
         submitted or considered in the initial benefit determination. The
         decision must be written in a manner calculated to be understood by the
         Claimant, and it must 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 Claimant 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 Claimant's
                  claim for benefits; and

         (d)      a statement of the Claimant's right to bring a civil action
                  under ERISA Section 502(a).

16.5     LEGAL ACTION. A Claimant's compliance with the foregoing provisions of
         this Article 16 is a mandatory prerequisite to a Claimant's right to
         commence any legal action with respect to any claim for benefits under
         this Plan.

                                   ARTICLE 17
                                      TRUST

17.1     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 each Employer may, in its
         discretion, contribute cash or other property, including securities
         issued by the Company, to provide for the benefit payments under the
         Plan.

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Master Plan Document
================================================================================
17.2     INTERRELATIONSHIP OF THE PLAN AND THE TRUST. The provisions of the
         Plan and the Plan Agreement shall govern the rights of a Participant to
         receive distributions pursuant to the Plan. The provisions of the Trust
         shall govern the rights of the Employers, Participants and the
         creditors of the Employers to the assets transferred to the Trust. Each
         Employer shall at all times remain liable to carry out its obligations
         under the Plan.

17.3     DISTRIBUTIONS FROM THE TRUST. Each employer'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
         Employer's obligations under this Plan.

                                   ARTICLE 18
                                  MISCELLANEOUS

18.1     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
         to the extent possible in a manner consistent with that intent.

18.2     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 an Employer. For
         purposes of the payment of benefits under this Plan, any and all of an
         Employer's assets shall be, and remain, the general, unpledged
         unrestricted assets of the Employer. An Employer's obligation under the
         Plan shall be merely that of an unfunded and unsecured promise to pay
         money in the future.

18.3     EMPLOYER'S LIABILITY. An Employer's liability for the payment of
         benefits shall be defined only by the Plan and the Plan Agreement, as
         entered into between the Employer and a Participant. An Employer shall
         have no obligation to a Participant under the Plan except as expressly
         provided in the Plan and his or her Plan Agreement.

18.4     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, the amounts, if any, payable
         hereunder, or any part thereof, which are, and all rights to which are
         expressly declared to be, unassignable and non-transferable. No part of
         the amounts payable shall, prior to actual payment, be subject to
         seizure, attachment, garnishment or sequestration for the payment of
         any debts, judgments, alimony or separate maintenance owed by a
         Participant or any other person, be transferable by operation of law in
         the event of a Participant's or any other person's bankruptcy or
         insolvency or be transferable to a spouse as a result of a property
         settlement or otherwise.

18.5     NOT A CONTRACT OF EMPLOYMENT. The terms and conditions of this Plan
         shall not be deemed to constitute a contract of employment between any
         Employer and the Participant. Such employment is hereby acknowledged to
         be an "at will" employment relationship that can be terminated at any
         time for any reason, or no reason, with or without cause, and with or
         without notice, unless expressly provided in a written employment
         agreement. Nothing in this Plan shall be deemed to give a Participant
         the right to be retained in the service of any Employer, either as

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Master Plan Document
================================================================================
         an Employee or a Director, or to interfere with the right of any
         Employer to discipline or discharge the Participant at any time.

18.6     FURNISHING INFORMATION. A Participant or his or her Beneficiary will
         cooperate with the Committee by furnishing any and all information
         requested by the Committee and take such other actions as may be
         requested in order to facilitate the administration of the Plan and the
         payments of benefits hereunder, including but not limited to taking
         such physical examinations as the Committee may deem necessary.

18.7     TERMS. Whenever any words are used herein in the masculine, they shall
         be construed as though they were in the feminine in all cases where
         they would so apply; and whenever any words are used herein in the
         singular or in the plural, they shall be construed as though they were
         used in the plural or the singular, as the case may be, in all cases
         where they would so apply.

18.8     CAPTIONS. The captions of the articles, sections and paragraphs of this
         Plan are for convenience only and shall not control or affect the
         meaning or construction of any of its provisions.

18.9     GOVERNING LAW. Subject to ERISA, the provisions of this Plan shall be
         construed and interpreted according to the internal laws of the State
         of Ohio without regard to its conflicts of laws principles.

18.10    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 registered or certified mail, to the address
         below:

                           Janeen B. Kastner
                           Director of Human Resources & Administration
                           RPM, Inc.
                           2628 Pearl Rd.
                           P.O. Box 777
                           Medina, OH 44258

         Such notice shall be deemed given as of the date of delivery or, if
         delivery is made by mail, as of the date shown on the postmark on the
         receipt for registration or certification.

         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, to the last known address of the Participant.

18.11    SUCCESSORS. The provisions of this Plan shall bind and inure to the
         benefit of the Participant's Employer and its successors and assigns
         and the Participant and the Participant's designated Beneficiaries.

18.12    SPOUSE'S INTEREST. The interest in the benefits hereunder of a spouse
         of a Participant who has predeceased the Participant shall
         automatically pass to the Participant and shall not be transferable 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.

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

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18.14    INCOMPETENT. If the Committee determines in its discretion that a
         benefit under this Plan is to be paid to a minor, a person declared
         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.

18.15    COURT ORDER. Upon receipt of a court order in any action in which the
         Plan or the Committee has been named as a party, the Committee shall
         provide the affected Participant with notice of such court order as
         soon as is reasonably practicable. Notwithstanding the notice
         requirement set forth in the previous sentence, the Committee is
         authorized to make any payments directed by such court order. In
         addition, if a court determines that a spouse or former spouse of a
         Participant has an interest in the Participant's benefits under the
         Plan in connection with a property settlement or otherwise, the
         Committee, in its sole discretion, shall have the right,
         notwithstanding any election made by a Participant, to immediately
         distribute the spouse's or former spouse's interest in the
         Participant's benefits under the Plan to that spouse or former spouse.

18.16    DISTRIBUTION IN THE EVENT OF TAXATION.

         (a)      IN GENERAL. 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 before a Change in Control, or the trustee of the
                  Trust after a Change in Control, 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 (and, after a Change in Control, shall
                  be granted), a Participant's Employer 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 Balance under
                  the Plan). If the petition is granted, the tax liability
                  distribution shall be made within 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. If,
                  for any reason, all or any portion of a Participant's benefits
                  under this Plan becomes taxable to the Participant prior to
                  receipt, such occurrence will not impact the tax status of any
                  other benefits under the Plan.

         (b)     TRUST. If the Trust terminates in accordance with its terms and
                 benefits are distributed from the Trust to a Participant in
                 accordance therewith, the Participant's benefits under this
                 Plan shall be reduced to the extent of such distributions.

18.17    INSURANCE. The Employers, on their own behalf or on behalf of the
         trustee of the Trust, and, in their 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 Employers or the trustee of
         the Trust, 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
         Employers shall submit to medical examinations and supply such
         information and execute

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Master Plan Document
===============================================================================
         such documents as may be required by the insurance company or companies
         to whom the Employers have applied for insurance.

18.18    LEGAL FEES TO ENFORCE RIGHTS AFTER CHANGE IN CONTROL. The Company and
         each Employer is aware that upon the occurrence of a Change in Control,
         the Board or the board of directors of a Participant's Employer (which
         might then be composed of new members) or a shareholder of the Company
         or the Participant's Employer, or of any successor corporation might
         then cause or attempt to cause the Company, the Participant's Employer
         or such successor to refuse to comply with its obligations under the
         Plan and might cause or attempt to cause the Company or the
         Participant's Employer to institute, or may institute, litigation
         seeking to deny Participants the benefits intended under the Plan. In
         these circumstances, the purpose of the Plan could be frustrated.
         Accordingly, if, following a Change in Control, it should appear to any
         Participant that the Company, the Participant's Employer or any
         successor corporation has failed to comply with any of its obligations
         under the Plan or any agreement thereunder or, if the Company, such
         Employer or any other person takes any action to declare the Plan void
         or unenforceable or institutes any litigation or other legal action
         designed to deny, diminish or to recover from any Participant the
         benefits intended to be provided, then the Company and the
         Participant's Employer irrevocably authorize such Participant to retain
         counsel of his or her choice at the expense of the Company and the
         Participant's Employer (who shall be jointly and severally liable) to
         represent such Participant in connection with the initiation or defense
         of any litigation or other legal action, whether by or against the
         Company, the Participant's Employer or any director, officer,
         shareholder or other person affiliated with the Company, the
         Participant's Employer or any successor thereto in any jurisdiction.

IN WITNESS WHEREOF, the Company has signed this Plan document as of May 30,
2002.

                                    "Company"
                                    RPM, Inc., an Ohio corporation

                                    By: /s/ Ronald A. Rice
                                        --------------------------------
                                    Title: Vice President Administration
                                           -----------------------------

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Master Plan Document
===============================================================================
                                   APPENDIX A

             YEARS OF VESTING SERVICE AND MONTHS OF VESTING SERVICE
                     UNDER DAP PLAN AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
 -------------------------------------------------------------------------------------------------------------------------
     Social Security                    Name                  Date of       Years of Vesting        Months of Vesting
          Number                                                Hire             Service                 Service
 -------------------------------------------------------------------------------------------------------------------------
<S>                       <C>                                 <C>                   <C>                       <C>
 ###-##-####              John J. McLaughlin                  03/24/86                    13                        9
 -------------------------------------------------------------------------------------------------------------------------
 ###-##-####              Eric B. Tanner                      09/01/97                     2                        4
 -------------------------------------------------------------------------------------------------------------------------
 ###-##-####              Timothy Jordan                      02/25/98                     1                       10
 -------------------------------------------------------------------------------------------------------------------------
 ###-##-####              Robert W. Bailey                    01/19/98                     1                       11
 -------------------------------------------------------------------------------------------------------------------------
 ###-##-####              Rita A. Mayor                       07/20/81                    18                        5
 -------------------------------------------------------------------------------------------------------------------------
 ###-##-####              Julien A. Hecht                     03/02/98                     1                        9
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 ###-##-####              David F. Fuller                     05/14/79                    20                        7
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 ###-##-####              Robert W. Pokelwaldt                06/15/98                     1                        6
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 ###-##-####              Dave Carberry                       01/22/96                     3                       11
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 ###-##-####              Dave G. Schweon                     02/09/98                     1                       10
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 ###-##-####              Kent R. Barnes                      02/15/96                     3                       10
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 ###-##-####              Douglas A. Spitler                  05/12/86                    13                        7
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 ###-##-####              Ronald W. Mosier                    04/07/97                     2                        8
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 ###-##-####              Jeffrey S. Sayre                    11/15/88                    11                        1
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 ###-##-####              Kevin D. Daniels                    05/28/96                     3                        7
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 ###-##-####              Shreerang Nabar                     05/03/99                     0                        7
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</TABLE>

-------------------------------------------------------------------------------

                                      A-1<PAGE>

                                                                 Exhibit 10.8.2

                           MASTER TRUST AGREEMENT FOR

                                   RPM, INC.

                         DEFERRED COMPENSATION PLAN(S)

<PAGE>
MASTER TRUST AGREEMENT FOR RPM, INC.
DEFERRED COMPENSATION PLAN(S)
================================================================================

                             MASTER TRUST AGREEMENT

                               TABLE OF CONTENTS

ARTICLE                                                            PAGE
-------                                                            ----

ARTICLE 1                                                             1
---------

Name, Intentions, Irrevocability, Deposit and Definitions             1
---------------------------------------------------------
   1.1 NAME.                                                          1
   1.2 INTENTIONS.                                                    1
   1.3 IRREVOCABILITY; CREDITOR CLAIMS.                               1
   1.4 INITIAL DEPOSIT.                                               2
   1.5 ADDITIONAL DEFINITIONS.                                        2
   1.6 GRANTOR TRUST.                                                 5

ARTICLE 2                                                             5
---------

General Administration                                                5
----------------------
   2.1 COMMITTEE DIRECTIONS AND ADMINISTRATION BEFORE
       CHANGE IN CONTROL.                                             5
   2.2 ADMINISTRATION UPON CHANGE IN CONTROL.                         6
   2.3 CONTRIBUTIONS.                                                 6
   2.4 COMPANY CONTRIBUTIONS TO MEET SUBSIDIARY OBLIGATIONS.          6
   2.5 TRUST FUND.                                                    7
   2.6 RECAPTURE OF TRUST FUND.                                       7

ARTICLE 3                                                            10
---------

Powers and Duties of Trustee                                         10
----------------------------
   3.1 INVESTMENT DIRECTIONS.                                        10
   3.2 INVESTMENT UPON CHANGE IN CONTROL.                            10
   3.3 MANAGEMENT OF INVESTMENTS.                                    10
   3.4 SECURITIES.                                                   13
   3.5 SUBSTITUTION.                                                 13
   3.6 DISTRIBUTIONS.                                                13
   3.7 TRUSTEE RESPONSIBILITY REGARDING PAYMENTS ON INSOLVENCY       17
   3.8 COSTS OF ADMINISTRATION.                                      19
   3.9 TRUSTEE COMPENSATION AND EXPENSES.                            19
   3.10 PROFESSIONAL ADVICE.                                         19
   3.11 PAYMENT ON COURT ORDER.                                      20
   3.12 PROTECTIVE PROVISIONS.                                       20
   3.13 INDEMNIFICATIONS.                                            20

                                       i
<PAGE>
MASTER TRUST AGREEMENT FOR RPM, INC.
DEFERRED COMPENSATION PLAN(S)
================================================================================

ARTICLE 4                                                            21
---------

Insurance Contracts                                                  21
-------------------
   4.1 TYPES OF CONTRACTS.                                           21
   4.2 OWNERSHIP.                                                    22
   4.3 RESTRICTIONS ON TRUSTEE'S RIGHTS.                             22

ARTICLE 5                                                            22
---------

Trustee's Accounts                                                   22
------------------
   5.1 RECORDS.                                                      22
   5.2 ANNUAL ACCOUNTING; FINAL ACCOUNTING.                          22
   5.3 VALUATION.                                                    23
   5.4 DELEGATION OF DUTIES.                                         23

ARTICLE 6                                                            24
---------

Resignation or Removal of Trustee                                    24
---------------------------------
   6.1 RESIGNATION; REMOVAL.                                         24
   6.2 SUCCESSOR TRUSTEE.                                            24
   6.3 SETTLEMENT OF ACCOUNTS.                                       24

ARTICLE 7                                                            24
---------

Controversies, Legal Actions and Counsel                             24
----------------------------------------
   7.1 CONTROVERSY.                                                  24
   7.2 JOINDER OF PARTIES.                                           25
   7.3 EMPLOYMENT OF COUNSEL.                                        25

ARTICLE 8                                                            25
---------

Insurers                                                             25
--------
   8.1 INSURER NOT A PARTY.                                          25
   8.2 AUTHORITY OF TRUSTEE.                                         25
   8.3 CONTRACT OWNERSHIP.                                           25
   8.4 LIMITATION OF LIABILITY.                                      25
   8.5 CHANGE OF TRUSTEE.                                            25

ARTICLE 9                                                            26
---------

Amendment and Termination                                            26
-------------------------
   9.1 AMENDMENT.                                                    26
   9.2 MERGER.                                                       27
   9.3 FINAL TERMINATION.                                            27

                                      ii
<PAGE>

MASTER TRUST AGREEMENT FOR RPM, INC.
DEFERRED COMPENSATION PLAN(S)
================================================================================

ARTICLE 10                                                           28
----------

Miscellaneous                                                        28
-------------
   10.1 DIRECTIONS FOLLOWING CHANGE IN CONTROL.                      28
   10.2 TAXES.                                                       28
   10.3 THIRD PERSONS.                                               28
   10.4 NONASSIGNABILITY; NONALIENATION.                             28
   10.5 APPLICABLE LAW.                                              29
   10.6 NOTICES AND DIRECTIONS.                                      29
   10.7 SUCCESSORS AND ASSIGNS.                                      29
   10.8 GENDER AND NUMBER.                                           29
   10.9 HEADINGS.                                                    29
   10.10 COUNTERPARTS.                                               29
   10.11 BENEFICIAL INTEREST.                                        29
   10.12 THE TRUST AND PLANS.                                        29
   10.13 EFFECTIVE DATE.                                             30

                                      iii
<PAGE>

                           MASTER TRUST AGREEMENT FOR
                                   RPM, INC.
                         DEFERRED COMPENSATION PLAN(S)

         THIS MASTER TRUST AGREEMENT ("Master Trust Agreement") is made and
entered into as of __________, 2002, between RPM, Inc., an Ohio corporation and
KeyBank National Association, a national banking association, to evidence the
master trust (the "Trust") to be established, pursuant to those executive
deferral plans or other arrangements of the Company listed in Exhibit A (the
"Plans") now or hereafter existing that provide for the establishment of a
trust, for the benefit of a select group of management or highly compensated
employees and/or Directors who contribute materially to the continued growth,
development and business success of the Company and those subsidiaries of the
Company, if any, that participate in the Plans (collectively, "Subsidiaries,"
or singularly, "Subsidiary").

                                   ARTICLE 1
           NAME, INTENTIONS, IRREVOCABILITY, DEPOSIT AND DEFINITIONS

1.1      NAME. The name of the Trust created by this Agreement (the "Trust")
         shall be:

                           MASTER TRUST AGREEMENT FOR
                                   RPM, INC.
                         DEFERRED COMPENSATION PLAN(S)

1.2      INTENTIONS. The Company wishes to establish the Trust and to contribute
         to the Trust assets that shall be held therein, subject to the claims
         of the Company's and the Subsidiaries' creditors in the event of their
         Insolvency (as defined below) until paid to Participants and their
         Beneficiaries in such manner and at such times as specified in the
         Plans. It is the intention of the parties that this Trust shall
         constitute an unfunded arrangement and shall not affect the status of
         the Plans as unfunded plans maintained for the purpose of providing
         supplemental compensation for a select group of management or highly
         compensated employees and/or Directors for purposes of Title I of ERISA
         (as defined below). In addition, it is the intention of the Company and
         the Subsidiaries to make contributions to the Trust to provide
         themselves with a source of funds to assist them in the meeting of
         their liabilities under the Plans.

1.3      IRREVOCABILITY; CREDITOR CLAIMS. The Trust hereby established shall be
         irrevocable. Except as otherwise provided in Sections 2.6 and 9.3, the
         principal of the Trust, and any earnings thereon, shall be held
         separate and apart from other funds of the Company and the Subsidiaries
         and shall be used exclusively for the uses and purposes of the
         Participants and the general creditors of the Company and the
         Subsidiaries as herein set forth. The Participants and their
         Beneficiaries shall have no preferred claim on, or any beneficial
         ownership interest in, any assets of the Trust. Any rights created
         under the Plans and this Master Trust Agreement shall be mere unsecured
         contractual rights of the Participants and their Beneficiaries against
         the Company and the Subsidiaries. Any assets held by the Trust will be
         subject to the claims of the Company's and the Subsidiaries' general
         creditors under federal and state law as provided in Section 3.7(b).

<PAGE>
MASTER TRUST AGREEMENT FOR RPM, INC.
DEFERRED COMPENSATION PLAN(S)
================================================================================

1.4      INITIAL DEPOSIT. The Company hereby deposits with the Trustee in trust
         $100, which shall become the principal of the Trust to be held,
         administered and disposed of by the Trustee as provided in this Master
         Trust Agreement.

1.5      ADDITIONAL DEFINITIONS. In addition to the definitions set forth above,
         for purposes hereof, unless otherwise clearly apparent from the
         context, the following terms have the following indicated meanings:

         (a)      "Administrator" shall mean the Administrator appointed
                  pursuant to Section 3.6(i).

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

         (c)      "Board" shall mean the board of directors of the Company.

         (d)      "Change in Control" shall mean the occurrence, at any time, of
                  any of the following events:

                  (i)      The Company is merged, consolidated or reorganized
                           into or with another corporation or other legal
                           person or entity (other than Parent or any Subsidiary
                           of Parent), and as a result of such merger,
                           consolidation or reorganization less than a majority
                           of the combined voting power of the then outstanding
                           securities of such corporation, person or entity
                           immediately after such transaction are held in the
                           aggregate by the holders of Voting Stock immediately
                           prior to such transaction;

                  (ii)     The Company sells or otherwise transfers all or
                           substantially all of its assets to any other
                           corporation or other legal person or entity (other
                           than Parent or any Subsidiary of Parent), and less
                           than a majority of the combined voting power of the
                           then outstanding securities of such corporation,
                           person or entity immediately after such sale or
                           transfer is held in the aggregate by the holders of
                           Voting Stock immediately prior to such sale or
                           transfer;

                  (iii)    There is a report filed on Schedule 13D or Schedule
                           TO (or any successor schedule, form or report), each
                           as promulgated pursuant to the Exchange Act,
                           disclosing that any person (as the term "person" is
                           used in Section 13(d)(3) or Section 14(d)(2) of the
                           Exchange Act but excluding Parent or any Subsidiary
                           of Parent) has become the beneficial owner (as the
                           term "beneficial owner" is defined under Rule l3d-3
                           or any successor rule or regulation promulgated under
                           the Exchange Act) of securities representing 15% or
                           more of the Voting Power;

                                       2
<PAGE>
MASTER TRUST AGREEMENT FOR RPM, INC.
DEFERRED COMPENSATION PLAN(S)
================================================================================

                  (iv)     The Company files a report or proxy statement with
                           the Securities and Exchange Commission pursuant to
                           the Exchange Act disclosing in response to Form 8 K
                           or Schedule 14A (or any successor schedule, form or
                           report or item therein) that a change in control of
                           the Company has or may have occurred or will or may
                           occur in the future pursuant to any then-existing
                           contract or transaction (excluding any change in
                           control in favor of Parent or any Subsidiary of
                           Parent);

                  (v)      If during any period of two consecutive years,
                           individuals, who at the beginning of any such period,
                           constitute the Directors cease for any reason to
                           constitute at least a majority thereof, unless the
                           nomination for election by the Company's shareholders
                           of each new Director was approved by a vote of at
                           least two-thirds of the Directors then in office who
                           were Directors at the beginning of any such period;
                           or

                  (vi)     Such event as the Board, in the good faith exercise
                           of its discretion, shall determine to be a "Change in
                           Control."

                  Notwithstanding the foregoing provisions of Sections
                  1.5(d)(iii) and 1.5(d)(iv) above, a Change in Control shall
                  not be deemed to have occurred for purposes of this Agreement
                  (i) solely because (A) the Company, (B) a Subsidiary, or (C)
                  any Company sponsored employee stock ownership plan or other
                  employee benefit plan of the Company or any Subsidiary, or any
                  entity holding shares of Voting Stock for or pursuant to the
                  terms of any such plan, either files or becomes obligated to
                  file a report or proxy statement under or in response to
                  Schedule 13D, Schedule TO, Form 8 K or Schedule 14A (or any
                  successor schedule, form or report or item therein) under the
                  Exchange Act, disclosing beneficial ownership by it of shares
                  of Voting Stock or because the Company reports that a change
                  in control of the Company has or may have occurred or will or
                  may occur in the future by reason of such beneficial
                  ownership, (ii) solely because any other person or entity
                  either files or becomes obligated to file a report on Schedule
                  13D or Schedule TO (or any successor schedule, form or report)
                  under the Exchange Act, disclosing beneficial ownership by it
                  of shares of Voting Stock, but only if both (A) the
                  transaction giving rise to such filing or obligation is
                  approved in advance of consummation thereof by the Company's
                  Board of Directors and (B) at least a majority of the Voting
                  Power immediately after such transaction is held in the
                  aggregate by the holders of Voting Stock immediately prior to
                  such transaction, or (iii) solely because of a change in
                  control of any Subsidiary.

                  Solely for purposes of this definition of Change of Control,
                  the capitalized terms shall have the following meanings:

                           "Director" means a member of the Board of Directors
                           of the Company.

                                       3
<PAGE>
MASTER TRUST AGREEMENT FOR RPM, INC.
DEFERRED COMPENSATION PLAN(S)
================================================================================

                           "Exchange Act" means the Securities Exchange Act of
                           1934, as amended, and the rules and regulations
                           thereunder, as such law, rules and regulations may
                           be amended from time to time.

                           "Subsidiary" means a corporation, company or other
                           entity (a) more than 50 percent of whose outstanding
                           shares or securities (representing the right to vote
                           for the election of directors or other managing
                           authority) are, or (b) which does not have
                           outstanding shares or securities (as may be the case
                           in a partnership, joint venture or unincorporated
                           association), but more than 50 percent of whose
                           ownership interest representing the right generally
                           to make decisions for such other entity is, now or
                           hereafter, owned or controlled, directly or
                           indirectly, by the Company.

                           "Voting Power" means, at any time, the total votes
                           relating to the then outstanding securities entitled
                           to vote generally in the election of Directors.

                           "Voting Stock" means, at any time, the then
                           outstanding securities entitled to vote generally in
                           the election of Directors.

         (e)      "Committee" shall mean the administrative committee appointed
                  by the Board to administer this Trust.

         (f)      "Company" shall mean RPM, Inc., an Ohio corporation. If and
                  when Parent acquires all of the outstanding voting stock of
                  all classes of RPM, Inc., however, Company shall mean the
                  Parent.

         (g)      "Director" shall mean any member of the Board or of the board
                  of directors of any Subsidiary.

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

         (i)      "Fiscal Year" shall mean the Fiscal Year chosen for this
                  Master Trust Agreement by the Board.

         (j)      "Insolvent" shall have the meaning set forth in Section 3.7(a)
                  below.

         (k)      "Insolvent Entity" shall have the meaning set forth in Section
                  3.7(a) below.

         (l)      "IRS" shall mean the Internal Revenue Service.

         (m)      "Parent" shall mean any publicly-held corporation, limited
                  liability company or partnership that (a) is formed for the
                  sole purpose of acquiring, directly or indirectly (whether by
                  distribution or otherwise), substantially all of the

                                       4
<PAGE>
MASTER TRUST AGREEMENT FOR RPM, INC.
DEFERRED COMPENSATION PLAN(S)
================================================================================

                  outstanding voting stock of all classes of RPM, Inc., (b) is
                  owned immediately after the acquisition described in clause
                  (a) of this definition by the same shareholders as were
                  shareholders of RPM, Inc. immediately prior to the acquisition
                  described in clause (a) of this definition, and (c) hereafter
                  owns, directly or indirectly, all of the outstanding voting
                  stock of all classes of RPM, Inc.

         (n)      "Participant" shall mean a person who is a participant in one
                  or more of the Plans in accordance with their terms and
                  conditions.

         (o)      "Payment Schedule" shall have the meaning set forth in Section
                  3.6(b) below.

         (p)      "Plan(s)" shall mean those executive deferral plans or other
                  arrangements of the Company listed in Exhibit A.

         (q)      "Trustee" shall mean KeyBank National Association or such
                  successor trustee as appointed pursuant to Section 6.2.

         (r)      "Trust Fund" shall mean the assets held by the Trustee
                  pursuant to the terms of this Master Trust Agreement and for
                  the purposes of the Plans.

1.6      GRANTOR TRUST. The Trust is intended to be a "grantor trust," of which
         the Company and the Subsidiaries are the grantors, within the meaning
         of subpart E, part I, subchapter J, chapter 1, subtitle A of the
         Internal Revenue Code of 1986, as amended, and the Trust shall be
         construed accordingly.

                                   ARTICLE 2
                             GENERAL ADMINISTRATION

2.1      COMMITTEE DIRECTIONS AND ADMINISTRATION BEFORE CHANGE IN CONTROL.
         Until a Change in Control has occurred, this Section 2.1 shall be
         effective and the Committee shall direct the Trustee as to the
         administration of the Trust in accordance with the following
         provisions:

         (a)      The Committee shall be identified to the Trustee by a copy of
                  the resolution of the Board appointing the Committee. In the
                  absence thereof, the Board shall be the Committee. The
                  Committee may delegate its authorities and discretions.
                  Persons authorized to give directions to the Trustee on behalf
                  of the Committee shall be identified to the Trustee by written
                  notice from the Committee, and such notice shall contain
                  specimens of the authorized signatures. The Trustee shall be
                  entitled to rely on such written notice as evidence of the
                  identity and authority of the persons appointed until a
                  written cancellation of the appointment, or the written
                  appointment of a successor, is received by the Trustee.

                                       5
<PAGE>
MASTER TRUST AGREEMENT FOR RPM, INC.
DEFERRED COMPENSATION PLAN(S)
================================================================================

         (b)      Directions by the Committee, or its delegate, to the Trustee
                  shall be in writing and signed by the Committee or persons
                  authorized by the Committee, or may be made by such other
                  method as is acceptable to the Trustee.

         (c)      The Trustee may conclusively rely upon directions from the
                  Committee in taking any action with respect to this Master
                  Trust Agreement, including the making of payments from the
                  Trust Fund and the investment of the Trust Fund pursuant to
                  this Master Trust Agreement. The Trustee shall have no
                  liability for actions taken, or for failure to act, on the
                  direction of the Committee. The Trustee shall have no
                  liability for failure to act in the absence of proper written
                  directions.

         (d)      The Trustee may request instructions from the Committee and
                  shall have no duty to act or liability for failure to act if
                  such instructions are not forthcoming from the Committee. If
                  requested instructions are not received within a reasonable
                  time, the Trustee may, but is under no duty to, act on its own
                  discretion to carry out the provisions of this Master Trust
                  Agreement in accordance with this Master Trust Agreement and
                  the Plans.

2.2      ADMINISTRATION UPON CHANGE IN CONTROL. In the event of a Change in
         Control, the authority of the Committee, its delegate, and any person
         authorized by the Committee to administer the Trust and direct the
         Trustee, as set forth in Section 2.1 above, shall cease, and the
         Administrator shall have complete authority to administer the Trust.

2.3      CONTRIBUTIONS. Except as provided in any Plan, the Company and the
         Subsidiaries, in their sole discretion, may at any time, or from time
         to time, make additional deposits of cash or other property acceptable
         to the Trustee in trust with the Trustee to augment the principal to
         be held, administered and disposed of by the Trustee as provided in
         this Master Trust Agreement. Neither the Trustee nor any Participant
         or Beneficiary shall have any right to compel such additional
         deposits. The Trustee shall have no duty to collect or enforce payment
         to it of any contributions or to require that any contributions be
         made, and shall have no duty to compute any amount to be paid to it
         nor to determine whether amounts paid comply with the terms of the
         Plans. Following a Change in Control, the Administrator shall have the
         right and duty to compel and collect contributions from the Company to
         make-up for any shortfall between (i) the anticipated benefit
         obligations and administrative expenses that are to be paid under the
         Plans and Trust and (ii) the assets of the Trust Fund, unless it
         determines that it is not in the best interests of the Participants
         and Beneficiaries to do so.

2.4      COMPANY CONTRIBUTIONS TO MEET SUBSIDIARY OBLIGATIONS. In the event the
         Company makes any contributions which may be used to assist a
         Subsidiary in meeting the Subsidiary's obligations to its employees or
         directors under any Plan, such contributions and any earnings thereon
         shall be subject to the claims of the creditors of the Company and the
         Subsidiary. Any such contributions and earnings thereon not
         transferred to the

                                       6
<PAGE>
MASTER TRUST AGREEMENT FOR RPM, INC.
DEFERRED COMPENSATION PLAN(S)
================================================================================

         Subsidiary's employees or directors shall revert to the Company upon
         termination of this Trust.

2.5      TRUST FUND. The contributions received by the Trustee from the Company
         and the Subsidiaries shall be held and administered pursuant to the
         terms of this Master Trust Agreement without distinction between
         income and principal and without liability for the payment of interest
         thereon except as expressly provided in this Master Trust Agreement.
         During the term of this Trust, all income received by the Trust, net
         of expenses and taxes, shall be accumulated and reinvested. Except as
         hereinafter provided, the assets held for the payment of benefits of
         Participants and Beneficiaries of each Plan and payable by the Company
         and separate Subsidiaries under the provisions of a Plan shall be
         commingled. However, the Trustee shall maintain a separate account
         that will show the equitable share of the assets available to pay
         benefits owed by the Company and each Subsidiary under the provisions
         of each Plan and the income gains and losses of the Trust Fund's
         assets so held shall be allocated proportionately among the accounts.
         The Trustee, however, shall establish a separate sub-account
         ("Subtrust") to hold assets contributed by the Company to meet the
         obligations of a Subsidiary under any Plan and such other Subtrusts as
         directed by the Committee in writing. Assets held in a Subtrust shall
         be commingled and the Trustee shall maintain a separate account that
         will show the equitable share of the assets available to pay benefits
         owed by the Company and each Subsidiary under the provisions of each
         Plan and the income gains and losses of the Subtrust's assets so held
         shall be allocated proportionately among the accounts. In the event
         Parent acquires all of the outstanding voting stock of all classes of
         RPM, Inc., any separate account evidencing an equitable share for RPM,
         Inc. or any Subtrust holding assets contributed by RPM, Inc. shall
         continue to be so maintained and held and shall be transferred to the
         Parent only upon and to the extent such interest is assigned to Parent
         by RPM, Inc.

2.6      RECAPTURE OF TRUST FUND. The Company shall have no right or power to
         direct the Trustee to return to the Company or any Subsidiary, or to
         divert to others any portion of the Trust Fund except upon occurrence
         of the following events:

         (a)      Final Termination. In the event of final termination of the
                  Trust as provided in Section 9.3, the assets of the Trust or
                  of each Subtrust shall be returned to the Company or
                  Subsidiary that made contributions to the Trust or Subtrust in
                  accordance with the instructions of the Company;

         (b)      An Insolvency occurs. In the event of Insolvency, assets of
                  the Trust shall be paid and administered in accordance with
                  Section 3.7;

         (c)      Benefits become insured or guaranteed. If benefits of a
                  Participant or Beneficiary that have become payable under the
                  terms of a Plan become insured or guaranteed pursuant to a
                  contract with an insurance company, guaranty company or
                  similar organization irrespective of whether such contract has
                  been purchased by the Company, Participant or other person,
                  the Company or Subsidiary shall be

                                       7
<PAGE>
MASTER TRUST AGREEMENT FOR RPM, INC.
DEFERRED COMPENSATION PLAN(S)
================================================================================

                  entitled to demand from the Trustee a repayment from the Trust
                  Fund in an amount which does not exceed the actuarial present
                  value of the benefits that are so insured or guaranteed, to
                  the extent that such benefits would be payable by the Company
                  or Subsidiary in accordance with the terms of the Plan; and if
                  all of the benefit payments due under the Plan with respect to
                  the Company or Subsidiary are so insured or guaranteed, the
                  Company or Subsidiary may also demand repayment of any portion
                  of the Trust Fund an amount that does not exceed the actuarial
                  present value of such benefits insured or guaranteed. The
                  Company shall determine such amount and provide a written
                  demand therefore from the Trustee. The Trustee shall have no
                  liability to any person for making such payment in such
                  amount;

         (d)      The Company or Subsidiary pays the Participant's benefit. If,
                  pursuant to Section 3.6(d), the Company makes payment directly
                  to a Participant or Beneficiary (in lieu of such payment being
                  made directly by the Trustee), the Company may request the
                  Trustee to provide it or the Subsidiary reimbursement for the
                  amount paid by the Company or the Subsidiary; and such
                  reimbursement shall be paid by the Trustee from the Trust
                  Fund;

         (e)      The Participant incurs a forfeiture or penalty. If a
                  Participant or Beneficiary forfeits all or a portion of his
                  benefit, incurs a penalty for an accelerated distribution
                  under the terms of the Plan, or makes a voluntary written
                  election to forego and relinquish amounts payable to him
                  pursuant to the Plan, the Company may demand that the Trustee
                  return the present value of the benefit to the Company or
                  Subsidiary that would be obligated to make payment of the
                  benefit had the forfeiture, penalty or relinquishment not
                  occurred, or direct that the amounts be used to pay fees or
                  expenses of the Trust or Plan;

         (f)      The maintenance of the Trust is not warranted by expense.
                  Prior to a Change in Control, if the value of the assets
                  comprising the Trust is such that the continuation of the
                  Trust is not warranted by its administrative expenses, the
                  Committee may direct that the Trust be terminated and assets
                  shall be distributed in accordance with Subsection (a) of this
                  Section 2.6; or

         (g)      The Trust has Excess Assets. In the event the Trust holds
                  Excess Assets, the Trustee, at the direction of the Committee
                  prior to a Change in Control, or the Administrator upon and
                  after a Change in Control, shall distribute to the Company and
                  the Subsidiaries such excess portion of the Trust Fund.

                  (i)      "Excess Assets" are assets of the Trust exceeding the
                           sum of: one hundred twenty-five percent (125%) of the
                           anticipated benefit obligations and administrative
                           obligations that are to be paid under the Plans.

                                       8
<PAGE>
MASTER TRUST AGREEMENT FOR RPM, INC.
DEFERRED COMPENSATION PLAN(S)
================================================================================

                  (ii)     Unless otherwise directed by the Committee or the
                           Administrator after a Change in Control, Excess
                           Assets shall be returned to the Company or a
                           Subsidiary in the following order of priority:

                                    (A)      Cash and cash equivalents;

                                    (B)      All taxable investments of the
                                             Trust (other than cash and cash
                                             equivalents, securities and
                                             obligations issued by the Company
                                             or Subsidiaries and Contracts with
                                             insurers), in such order as the
                                             Committee may request;

                                    (C)      All nontaxable investments of the
                                             Trust (other than cash and cash
                                             equivalents, securities and
                                             obligations issued by the Company
                                             or Subsidiaries and Contracts with
                                             insurers), in such order as the
                                             Committee may request;

                                    (D)      Securities and obligations issued
                                             by the Company or Subsidiaries in
                                             such order as the Committee may
                                             request; and

                                    (E)      Contracts with insurers, proceeding
                                             in order of Contracts on insureds
                                             from the youngest to the oldest
                                             ages based on the insured's
                                             attained age on the date of return
                                             of Excess Assets.

                           Notwithstanding the foregoing, Excess Assets may be
                           returned in any other order of priority directed by
                           the Committee prior to a Change in Control.

                  (iii)    If any Subtrust holds Excess Assets, the Committee
                           may direct the Trustee to transfer such Excess Assets
                           to other Subtrusts, either ratably in proportion to
                           the unfunded liabilities to Participants for Plan
                           benefits of all other Subtrusts or first to the other
                           Subtrust(s) with the largest percentage of such
                           unfunded liabilities except that any excess assets of
                           a Subtrust holding assets resulting from
                           contributions by the Company to pay benefits
                           attributable solely to services rendered by a
                           Participant for the Company may only be transferred
                           to a Subtrust holding assets for such purposes, any
                           excess assets of a Subtrust holding assets resulting
                           from contributions by a Subsidiary to pay benefits
                           attributable solely to services rendered by a
                           Participant for the Subsidiary may only be
                           transferred to a Subtrust holding assets for such
                           purposes, and any excess assets of a Subtrust to
                           which the Company made contributions and which holds
                           assets

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                           to pay benefits attributable solely to services
                           rendered by a Participant for a Subsidiary may only
                           be transferred to a Subtrust established to receive
                           assets from the Company for such purposes. After a
                           Change in Control, the Administrator may also direct
                           a transfer of Excess Assets of a Subtrust to other
                           Subtrusts upon its own initiative in such amounts as
                           it may determine in its sole discretion. Excess
                           Assets of a Subtrust for a Plan shall be determined
                           in the same manner as Excess Assets of the Trust are
                           determined.

                                   ARTICLE 3
                          POWERS AND DUTIES OF TRUSTEE

3.1      INVESTMENT DIRECTIONS. Except as provided in this Section and Section
         3.2 below, the Committee shall provide the Trustee with all investment
         instructions. The Trustee shall neither affect nor change investments
         of the Trust Fund, except as directed in writing by the Committee;
         provided, that the Trustee may (i) deposit cash on hand from time to
         time in any bank savings account, certificate of deposit, or other
         instrument creating a deposit liability for a bank, including the
         Trustee's own banking department, if the Trustee is a bank, without
         such prior direction, or (ii) invest in government securities, bonds
         with specific ratings, equities, or mutual funds composed of such
         investments, all within broad investment guidelines established by the
         Committee from time to time. The Trustee shall have no right, duty or
         responsibility to recommend investments or investment changes. The
         Trustee shall not be liable in any manner for any reason for any loss
         or other unfavorable investment results arising from its compliance
         with the investment instructions of the Committee and shall not
         indemnify the Company or any Subsidiaries for any damages, costs or
         attorney's fees arising from or attributable to any investment
         directed by the Committee prior to a Change in Control.

3.2      INVESTMENT UPON CHANGE IN CONTROL. In the event of a Change in
         Control, the authority of the Committee, its delegate and any person
         authorized by the Committee to direct investments of the Trust Fund
         shall cease and the Trustee shall have complete authority to direct
         investments of the Trust Fund. The president of the Company shall
         notify the Trustee in writing when a Change in Control has occurred.
         The Trustee has no duty to inquire whether a Change in Control has
         occurred and may rely on notification by the president of the Company
         of a Change in Control; provided, however, that if any officer, former
         officer, director or former director of the Company or any Subsidiary
         (other than the president of the Company), or any Participant notifies
         the Trustee that there has been or there may be a Change in Control,
         the Trustee shall have the duty to satisfy itself as to whether a
         Change in Control has in fact occurred. The Company shall indemnify
         and hold harmless the Trustee for any damages or costs (including
         attorneys' fees) that may be incurred because of reliance on the
         president's notice or lack thereof or because of actions taken to
         determine whether a Change in Control has occurred. The Trustee shall
         indemnify and hold harmless the Company and the Subsidiaries for any
         damages or costs (including attorney's fees) that may be incurred in
         the event that the

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         Trustee fails to timely perform its duties as required by this Master
         Trust Agreement upon receipt of the President's notice.

3.3      MANAGEMENT OF INVESTMENTS. Subject to Section 3.1 above, the Trustee
         shall have, without exclusion, all powers conferred on the Trustee by
         applicable law, unless expressly provided otherwise herein, and all
         rights associated with assets of the Trust shall be exercised by the
         Trustee or the person designated by the Trustee. The Trustee shall
         have full power and authority to invest and reinvest the Trust Fund in
         any investment permitted by law, exercising the judgment and care that
         persons of prudence, discretion and intelligence would exercise under
         the circumstances then prevailing, considering the probable income and
         safety of their capital, including, without limiting the generality of
         the foregoing, the power:

         (a)      To invest and reinvest the Trust Fund, together with the
                  income therefrom, in common stock, preferred stock,
                  convertible preferred stock, mutual funds (including, without
                  limitation, mutual funds for which the Trustee or its
                  affiliates receive fees for acting as investment advisor or
                  providing other services), bonds, debentures, convertible
                  debentures and bonds, mortgages, notes, time certificates of
                  deposit, commercial paper and other evidences of indebtedness
                  (including those issued by the Trustee or any of its
                  affiliates), other securities (including stock, rights to
                  acquire stock or obligations issued by the Company or a
                  Subsidiary), policies of life insurance, annuity contracts,
                  options to buy or sell securities or other assets, and other
                  property of any kind (personal, real, or mixed, and tangible
                  or intangible);

         (b)      To deposit or invest all or any part of the assets of the
                  Trust Fund in savings accounts or certificates of deposit or
                  other deposits which bear a reasonable interest rate in a
                  bank, including the commercial department of the Trustee, if
                  such bank is supervised by the United States or any State;

         (c)      To hold, manage, improve, repair and control all property,
                  real or personal, forming part of the Trust Fund and to sell,
                  convey, transfer, exchange, partition, lease for any term,
                  even extending beyond the duration of this Trust, and
                  otherwise dispose of the same from time to time in such
                  manner, for such consideration, and upon such terms and
                  conditions as the Trustee shall determine;

         (d)      To have, respecting securities, all the rights, powers and
                  privileges of an owner, including the power to give proxies,
                  pay assessments and other sums deemed by the Trustee to be
                  necessary for the protection of the Trust Fund, to vote any
                  corporate stock either in person or by proxy, with or without
                  power of substitution, for any purpose; to participate in
                  voting trusts, pooling agreements, foreclosures,
                  reorganizations, consolidations, mergers and liquidations, and
                  in connection therewith to deposit securities with and
                  transfer title to any protective or other committee under such
                  terms as the Trustee may deem advisable; to

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                  exercise or sell stock subscriptions or conversion rights;
                  and, regardless of any limitation elsewhere in this instrument
                  relative to investment by the Trustee, to accept and retain as
                  an investment any securities or other property received
                  through the exercise of any of the foregoing powers;

         (e)      To hold in cash, without liability for interest, such portion
                  of the Trust Fund which, in its discretion, shall be
                  reasonable under the circumstances, pending investments, or
                  payment of expenses, or the distribution of benefits;

         (f)      To take such actions as may be necessary or desirable to
                  protect the Trust Fund from loss due to the default on
                  mortgages held in the Trust including the appointment of
                  agents or trustees in such other jurisdictions as may seem
                  desirable, to transfer property to such agents or trustees, to
                  grant such powers as are necessary or desirable to protect the
                  Trust or its assets, to direct such agents or trustees, or to
                  delegate such power to direct, and to remove such agents or
                  trustees;

         (g)      To employ such agents including custodians and counsel as may
                  be reasonably necessary and to pay them reasonable
                  compensation; to settle, compromise or abandon all claims and
                  demands in favor of or against the Trust assets;

         (h)      To cause title to property of the Trust to be issued, held or
                  registered in the individual name of the Trustee, or in the
                  name of its nominee(s) or agents, or in such form that title
                  will pass by delivery;

         (i)      To exercise all of the further rights, powers, options and
                  privileges granted, provided for, or vested in trustees
                  generally under the laws of the State whose laws are
                  applicable to this Master Trust Agreement, as provided in
                  Section 10.5 below, so that the powers conferred upon the
                  Trustee herein shall not be in limitation of any authority
                  conferred by law, but shall be in addition thereto;

         (j)      To borrow money from any source (including the Trustee) and to
                  execute promissory notes, mortgages or other obligations and
                  to pledge or mortgage any Trust assets as security;

         (k)      To lend certificates representing stocks, bonds, or other
                  securities to any brokerage or other firm selected by the
                  Trustee;

         (l)      To institute, compromise and defend actions and proceedings;
                  to pay or contest any claim; to settle a claim of or against
                  the Trust by compromise, arbitration, or otherwise; to
                  release, in whole or in part, any claim belonging to the Trust
                  to the extent that the claim is uncollectible;

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         (m)      To use securities depositories or custodians and to allow such
                  securities as may be held by a depository or custodian to be
                  registered in the name of such depository or its nominee or in
                  the name of such custodian or its nominee;

         (n)      To invest the Trust Fund from time to time in one or more
                  investment funds, which funds shall be registered under the
                  Investment Company Act of 1940; and

         (o)      To do all other acts necessary or desirable for the proper
                  administration of the Trust Fund, as if the Trustee were the
                  absolute owner thereof.

         However, nothing in this section shall be construed to mean the
         Trustee assumes any responsibility for the performance of any
         investment made by the Trustee in its capacity as trustee under the
         operations of this Master Trust Agreement. Notwithstanding any powers
         granted to the Trustee pursuant to this Master 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 of 1986, as amended.

3.4      SECURITIES. Voting or other rights in securities shall be exercised by
         the person or entity responsible for directing such investments, and
         the Trustee shall have no duty to exercise voting or proxy or other
         rights relating to any investment managed or directed by the
         Committee. In no event shall any voting or other rights in securities
         be exercised by or rest with Participants or Beneficiaries. If any
         foreign securities are purchased pursuant to the direction of the
         Committee, it shall be the responsibility of the person or entity
         responsible for directing such investments to advise the Trustee in
         writing of any laws or regulations, either foreign or domestic, that
         apply to such foreign securities or to the receipt of dividends or
         interest on such securities.

3.5      SUBSTITUTION. Notwithstanding any provision of any Plan or the Trust
         to the contrary, the Company and/or any Subsidiary shall at all times
         have the power to reacquire the Trust Fund by substituting readily
         marketable securities (other than stock, a debt obligation or other
         security issued by the Company or any Subsidiary) and/or cash of an
         equivalent value and such other property shall, following such
         substitution, constitute the Trust Fund. Notwithstanding the
         foregoing, after a Change in Control, any such substitution shall be
         subject to the approval of the Trustee.

3.6      DISTRIBUTIONS.

         (a)      The establishment of the Trust and the payment or delivery to
                  the Trustee of money or other property shall not vest in any
                  Participant or Beneficiary any right, title, or interest in
                  and to any assets of the Trust. To the extent that any
                  Participant or Beneficiary acquires the right to receive
                  payments under any of the Plans, such right shall be no
                  greater than the right of an unsecured general creditor

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                  of the Company and the Subsidiaries and such Participant or
                  Beneficiary shall have only the unsecured promise of the
                  Company and the Subsidiaries that such payments shall be made.

         (b)      Concurrent with the establishment of this Trust, 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) on a Plan by
                  Plan basis, provides a formula or formulas or other
                  instructions acceptable to the Trustee for determining the
                  amounts so payable, specifies the form in which such amount is
                  to be paid (as provided for or available under the applicable
                  Plans), and the time of commencement for payment of such
                  amounts. If, during a Fiscal Year, there is a new Participant,
                  the Company shall deliver a Payment Schedule with respect to
                  the new Participant within sixty (60) days of the last day of
                  the Fiscal Year. The Company shall provide a modified Payment
                  Schedule when the Committee directs that a distribution be
                  made to a Participant or Beneficiary, upon a Change in
                  Control, and within sixty (60) days of the last day of each
                  Fiscal Year ending after a Change in Control. After a Change
                  in Control, the Company shall also provide a Payment Schedule
                  or modified payment Schedule for any or all Plans upon request
                  by the Trustee at any time. Except as otherwise provided
                  herein, prior to a Change in Control, the Trustee shall make
                  payments to the Participants and their Beneficiaries in
                  accordance with such Payment Schedule. Despite the foregoing,
                  after a Change in Control, the Trustee shall make payments in
                  accordance with the terms and provisions of each of the Plans
                  and related plan agreements as directed by the Administrator.
                  The Trustee, at the direction of the Committee or, after a
                  Change in Control, as directed by the Administrator, may make
                  any distribution required to be made by it hereunder by
                  delivering:

                  (i)      Its check payable to the person to whom such
                           distribution is to be made, to the person, or, if
                           prior to a Change in Control, to the Company for
                           redelivery to such person; provided that before a
                           Change in Control, the Committee may direct the
                           Trustee to deliver one or more lump sum checks
                           payable to the Company, and the Company shall prepare
                           and deliver individual checks for each Participant or
                           Beneficiary; or

                  (ii)     Its check payable to an insurer for the benefit of
                           such person, to the insurer, or, if prior to a Change
                           in Control, to the Company for redelivery to the
                           insurer; or

                  (iii)    Contracts held on the life of the Participant to whom
                           or with respect to whom the distribution is being
                           made, to the Participant or Beneficiary, or, if prior
                           to a Change in Control, to the Company for redelivery
                           to the person to whom such distribution is to be
                           made; or

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                  (iv)     If a distribution is being made, in whole or in part,
                           of other assets, assignments or other appropriate
                           documents or certificates necessary to effect a
                           transfer of title, to the Participant or Beneficiary,
                           or, if prior to a Change in Control, to the Company
                           for redelivery to such person.

         (c)      If the principal of the Trust, and any earnings thereon, are
                  not sufficient, determined on a Plan by Plan basis, to make
                  payments of benefits in accordance with the terms of the
                  Plans, the Company and the Subsidiaries shall make the balance
                  of each such payment as it falls due. If the Trustee knows
                  that principal and earnings are not sufficient to make
                  payments of benefits in accordance with the terms of the
                  Plans, the Trustee shall notify the Company and the
                  Subsidiaries of the insufficiency. To the extent that the
                  total Trust assets available to make benefit payments to
                  Participants or Beneficiaries who are currently entitled to
                  payment are less than the liabilities of the Plans, the
                  Trustee shall make benefit payments proportionate to the ratio
                  of assets available to pay benefits to the total values of the
                  liabilities.

         (d)      The Company and the Subsidiaries may make payment of benefits
                  directly to Participants or their Beneficiaries as they become
                  due under the terms of the Plans. The Company and the
                  Subsidiaries shall notify the Trustee of their decisions to
                  make payment of benefits directly prior to the time amounts
                  are payable to Participants or their Beneficiaries.

         (e)      Notwithstanding anything contained in this Master Trust
                  Agreement to the contrary, if at any time the Trust is finally
                  determined by the IRS not to be a "grantor trust" with the
                  result that the income of the Trust Fund is not treated as
                  income of the Company or the Subsidiaries pursuant to Sections
                  671 through 679 of the Internal Revenue Code of 1986, as
                  amended, or if a tax is finally determined by the IRS to be
                  payable by one or more Participants or Beneficiaries with
                  respect to any interest in the Plans or the Trust Fund prior
                  to payment of such interest to any such Participant or
                  Beneficiary, the Committee shall immediately determine each
                  Participant's share of the Trust Fund in accordance with the
                  Plans, and the Trustee shall immediately distribute such share
                  in a lump sum to each Participant or Beneficiary entitled
                  thereto, regardless of whether such Participant's employment
                  has terminated (provided such Participant has a vested
                  interest in his or her accrued benefits under the Plans) and
                  regardless of form and time of payments specified in or
                  pursuant to the Plans. Any remaining assets (less any expenses
                  or costs due under Sections 3.8 and 3.9 of this Master Trust
                  Agreement) shall then be paid by the Trustee to the Company
                  and the Subsidiaries in such amounts, and in the manner
                  instructed by the Committee. If the value of the Trust Fund is
                  less than the benefit obligations under the Plans, the
                  foregoing described distributions will be limited to a
                  Participant's share of the Trust Fund, determined by
                  allocating assets to the Participant based on the ratio of the
                  Participant's benefit obligations under the Plans to the total
                  benefit obligations

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                  under the Plans. The Trustee shall rely solely on the
                  directions of the Committee prior to a Change in Control, and
                  on the directions of the Administrator upon and after a Change
                  in Control, with respect to the occurrence of the foregoing
                  events and the resulting distributions to be made, and the
                  Trustee shall not be responsible for any failure to act in the
                  absence of such direction.

         (f)      The Company or the Subsidiary obligated to pay a benefit
                  pursuant to the terms of a Plan, shall make provision for the
                  reporting and withholding of any federal, state or local taxes
                  that may be required to be withheld with respect to the
                  payment of the benefit made to Participants and Beneficiaries
                  and shall pay amounts withheld to the appropriate taxing
                  authorities, or shall designate and appoint another party to
                  perform such responsibilities. The Trustee shall deliver any
                  withholding amount to the Company or Subsidiary as provided in
                  instructions from the Company.

         (g)      Prior to a Change in Control, payments by the Trustee shall be
                  delivered or mailed to addresses supplied by the Committee and
                  the Trustee's obligation to make such payments shall be
                  satisfied upon such delivery or mailing. Prior to a Change in
                  Control, the Trustee shall have no obligation to determine the
                  identity of persons entitled to benefits or their mailing
                  addresses. After a Change in Control, the Administrator shall
                  have such obligations.

         (h)      Prior to a Change in Control, the entitlement of a Participant
                  or his or her Beneficiaries to benefits under the Plans shall
                  be determined by the Committee or such party as designated
                  under the Plans, and any claim for such benefits shall be
                  considered and reviewed under the procedures set out in the
                  Plans.

         (i)      Upon and after the occurrence of a Change in Control, this
                  Trust shall be administered by an independent third party (the
                  "Administrator") selected by the individual who, immediately
                  prior to such event, was the Company's Chief Executive Officer
                  or, if not so identified, the Company's highest ranking
                  officer (the "Ex-CEO"). In the event the Chief Executive
                  Officer or highest ranking officer is not able to perform the
                  duties and responsibilities of the Ex-CEO, the next highest
                  ranking officer of the Company able to perform such duties and
                  responsibilities shall act as the Ex-CEO. Until the date on
                  which the independent third party that is selected by the
                  Ex-CEO accepts the responsibilities of Administrator under
                  this Master Trust Agreement, the Committee as constituted
                  immediately prior to a Change in Control shall be the
                  Administrator and shall have the powers, duties and
                  discretionary authority of the Administrator. The
                  Administrator shall have the discretionary power to determine
                  all questions arising in connection with the administration of
                  the Trust and the interpretation of the Trust; provided,
                  however, upon and after the occurrence of a Change in Control,
                  the Administrator shall have no power to direct the investment
                  of Plan or Trust assets or select any investment manager or
                  custodial firm for the Plan or

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                  Trust, which powers shall be held and exercised solely by the
                  Trustee. With respect to any power held by the Administrator,
                  the Trustee shall act only in accordance with the
                  Administrator's written directions and shall take no action in
                  the absence of such directions. Upon and after the occurrence
                  of a Change in Control, the Company shall: (1) pay all
                  reasonable administrative expenses and fees of the
                  Administrator; (2) indemnify the Administrator against any
                  costs, expenses and liabilities including, without limitation,
                  attorney's fees and expenses arising in connection with the
                  performance of the Administrator hereunder, except with
                  respect to matters resulting from the negligence or willful
                  misconduct of the Administrator or its employees or agents;
                  and (3) supply full and timely information to the
                  Administrator or all matters relating to the Plan, the Trust,
                  the Participants and their Beneficiaries, the Account Balances
                  of the Participants, the date of circumstances of the
                  Retirement, Disability, death or Termination of Employment of
                  the Participants, and such other pertinent information as the
                  Administrator may reasonably require. Upon and after a Change
                  in Control, the Administrator may be terminated (and a
                  replacement appointed) by the Ex-CEO. Upon and after a Change
                  in Control, the Administrator may not be terminated by the
                  Company.

3.7      TRUSTEE RESPONSIBILITY REGARDING PAYMENTS ON INSOLVENCY.

         (a)      If the Company, or any Subsidiary is Insolvent (the "Insolvent
                  Entity"), the Trustee shall cease payments of benefits to
                  Participants and Beneficiaries otherwise entitled to payment
                  by the Insolvent Entity under the provisions of any Plan as
                  provided in this Section 3.7. The Company or Subsidiary shall
                  be considered "Insolvent" for purposes of this Master Trust
                  Agreement if:

                  (i)      the entity is unable to pay its debts as they become
                           due, or

                  (ii)     the entity is subject to a pending proceeding as a
                           debtor under the United States Bankruptcy Code.

         (b)      At all times during the continuance of this Trust, as provided
                  in Section 1.3 above, the principal and income of the Trust
                  shall be subject to claims of the general creditors of the
                  Company and its Subsidiaries under federal and state law as
                  set forth below:

                  (i)      The Board and the president of the Company shall have
                           the duty to inform the Trustee in writing of the
                           Company's or any Subsidiary's Insolvency. If a person
                           claiming to be a creditor of the Company or any
                           Subsidiary alleges in writing to the Trustee that the
                           Company or any Subsidiary has become Insolvent, the
                           Trustee shall determine whether the Company or any
                           Subsidiary is Insolvent and, pending such
                           determination, the Trustee shall discontinue payment
                           of benefits to the Insolvent Entity's Participants

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                           or their Beneficiaries. Prior to a Change in Control,
                           the Trustee may conclusively rely on any
                           determination it receives from the Board or the
                           president of the Company with respect to the
                           Insolvency of the Company or any Subsidiary.

                  (ii)     Unless the Trustee has actual knowledge of the
                           Company's or a Subsidiary's Insolvency, or has
                           received notice from the Company, a Subsidiary, or a
                           person claiming to be a creditor alleging that the
                           Company or a Subsidiary is Insolvent, the Trustee
                           shall have no duty to inquire whether the Company or
                           any Subsidiary is Insolvent. The Trustee may in all
                           events rely on such evidence concerning the Company's
                           or any Subsidiary'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 or any Subsidiary's
                           solvency. In this regard, the Trustee may rely upon a
                           letter from the Company's or a Subsidiary's auditors
                           as to the Company's or any Subsidiary's financial
                           status. In determining whether the Company or any
                           Subsidiary is Insolvent for purposes of this Section
                           3.7, the Trustee may engage the services of legal,
                           accounting, financial and other advisors which may be
                           advisors to the Company or any Subsidiary, to assist
                           it in the determination. The Company and each
                           Subsidiary agree to cooperate fully with any
                           reasonable inquiry of the Trustee or such advisor in
                           making the determination of whether the Company or
                           any Subsidiary is Insolvent. To the extent that the
                           Trustee engages the services of an advisor to the
                           Company or any Subsidiary, the Trustee may rely,
                           without further inquiry, on the written determination
                           of that advisor as to whether or not the Company or
                           the Subsidiary is Insolvent. All costs which are
                           reasonably incurred by the Trustee in making the
                           determination of whether the Company or any
                           Subsidiary is Insolvent shall be reimbursed to the
                           Trustee by the Company and the Subsidiary, and if not
                           so reimbursed, shall be chargeable against the Trust
                           Fund.

                  (iii)    If at any time the Trustee determines that the
                           Company or any Subsidiary is Insolvent, the Trustee
                           shall discontinue payments to Participants and
                           Beneficiaries otherwise entitled to payment by the
                           Insolvent Entity under the provisions of any Plan,
                           and shall hold the portion of the assets of the Trust
                           allocable to the Insolvent Entity or otherwise held
                           for the benefit of the Insolvent Entity's
                           Participants and Beneficiaries for the benefit of the
                           Insolvent Entity's general creditors. Nothing in this
                           Master Trust Agreement shall in any way diminish any
                           rights of Participants or their Beneficiaries to
                           pursue their rights as general creditors of the
                           Insolvent Entity with respect to benefits due under
                           the Plans or otherwise.

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                  (iv)     The Trustee shall resume the payment of benefits to
                           Participants or their Beneficiaries in accordance
                           with this Article 3 of this Master Trust Agreement
                           only after the Trustee has determined that the
                           alleged Insolvent Entity 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 3.7(b) hereof and subsequently resumes such
                  payments, the first payment following such discontinuance
                  shall include the aggregate amount of all payments due to
                  Participants or their Beneficiaries under the terms of the
                  Plans for the period of such discontinuance, less the
                  aggregate amount of any payments made to Participants or their
                  Beneficiaries by the Company or any Subsidiary in lieu of the
                  payments provided for hereunder during any such period of
                  discontinuance. Prior to a Change in Control, the Committee
                  shall instruct the Trustee as to such amounts, and after a
                  Change in Control, the Administrator shall determine such
                  amounts in accordance with the terms and provisions of the
                  Plans.

3.8      COSTS OF ADMINISTRATION. The Trustee is authorized to incur reasonable
         obligations in connection with the administration of the Trust,
         including attorneys' fees, Administrator fees, other administrative
         fees and appraisal fees. Such obligations shall be paid by the Company
         and the Subsidiaries. The Trustee is authorized to pay such amounts
         from the Trust Fund if the Company or the Subsidiaries fail to pay them
         within sixty (60) days of presentation of a statement of the amounts
         due and is authorized to pay amounts incurred in connection with the
         administration of the Plans if such amount is approved by the Committee
         prior to a Change in Control or by the Administrator upon and after a
         Change in Control.

3.9      TRUSTEE COMPENSATION AND EXPENSES. The Trustee shall be entitled to
         reasonable compensation for its services as from time to time agreed
         upon between the Trustee and the Company. Any amount received by the
         Trustee or any affiliate of the Trustee from any mutual fund or other
         investment vehicle, or any distributor or sponsor of any mutual fund
         or other investment vehicle including investment advisory fees, 12b-1
         fees, and sub-transfer agent fees shall be applied toward the payment
         of such reasonable compensation and shall reduce, on a
         dollar-for-dollar basis, the amount owed for the performance of
         services under this Master Trust Agreement. If the Trustee and the
         Company fail to agree upon a compensation, or following a Change in
         Control, the Trustee shall be entitled to compensation at a rate equal
         to the rate charged by the Trustee for similar services rendered by it
         during the current fiscal year for other trusts similar to this Trust.
         The Trustee shall be entitled to reimbursement for reasonable expenses
         incurred by it in the performance of its duties as the Trustee,
         including reasonable fees for legal counsel, accountants and financial
         advisors. The Trustee's compensation and expenses shall be paid by the
         Company and the Subsidiaries. The Trustee is authorized to withdraw
         such amounts from the Trust Fund if the Company or the Subsidiaries
         fail to pay them within sixty (60) days of presentation of a statement
         of the amounts due.

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3.10     PROFESSIONAL ADVICE. The Company and the Subsidiaries specifically
         acknowledge that the Trustee and/or the Administrator may find it
         desirable or expedient to retain legal counsel (who, prior to a Change
         in Control, but not upon or after a Change in Control, may also be
         legal counsel for the Company or any Subsidiary) or other professional
         advisors to advise it in connection with the exercise of any duty
         under this Master Trust Agreement, including, but not limited to, any
         matter relating to or following a Change in Control or the Insolvency
         of the Company or any Subsidiary. The Trustee and/or Administrator
         shall be fully protected with respect to any action taken or omitted
         by either in good faith pursuant to the professional advice.

3.11     PAYMENT ON COURT ORDER. To the extent permitted by law, the Trustee is
         authorized to make any payments directed by court order in any action
         in which the Trustee in its capacity as trustee of this Trust has been
         named as a party. The Trustee is not obligated to defend actions in
         which the Trustee is so named, but shall notify the Company or
         Committee of any such action and may tender defense of the action to
         the Company, Committee, Participant or Beneficiary whose interest is
         affected. The Trustee may in its discretion defend any action in which
         the Trustee in its capacity as trustee of this Trust is named, and any
         expenses incurred by the Trustee shall be paid by the Company and the
         Subsidiaries. The Trustee is authorized to pay such amounts from the
         Trust Fund if the Company or the Subsidiaries fail to pay them within
         sixty (60) days of presentation of a statement of the amounts due.
         This Section 3.11 shall have no application to any action in which the
         Trustee is named other than in its capacity as trustee of this Trust.

3.12     PROTECTIVE PROVISIONS. Notwithstanding any other provision contained
         in this Master Trust Agreement to the contrary, the Trustee shall have
         no obligation to (i) determine the existence of any conversion,
         redemption, exchange, subscription or other right relating to any
         securities purchased of which notice was given prior to the purchase
         of such securities and shall have no obligation to exercise any such
         right unless the Trustee is advised in writing by the Committee both
         of the existence of the right and the desired exercise thereof within
         a reasonable time prior to the expiration of the right to exercise, or
         (ii) advance any funds to the Trust. Furthermore, the Trustee is not a
         party to the Plans.

3.13     INDEMNIFICATIONS.

         (a)      The Company shall indemnify and hold the Trustee harmless from
                  and against all loss or liability (including expenses and
                  reasonable attorneys' fees) to which it may be subject by
                  reason of its execution of its duties under this Trust, or by
                  reason of any acts taken in good faith in accordance with any
                  directions, or acts omitted in good faith due to absence of
                  directions, from the Company, the Committee, a delegate of the
                  Committee, any person authorized by the Committee to
                  administer the Trust or direct the Trustee or the
                  Administrator unless such loss or liability is due to the
                  Trustee's negligence or willful misconduct. The indemnity
                  described herein shall be provided by the Company. In
                  addition, the Company shall protect, defend, indemnify and
                  hold the Trustee harmless from

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                  any loss, liability or expense including reasonable attorney
                  fees in connection with any allegation, suit, or cause of
                  action claiming that any computer software programs or
                  tutorials used by the Company and the Subsidiaries in
                  connection with this Master Trust Agreement infringe upon any
                  United States patent, copyright, trade secret, or other
                  proprietary right of a third party and the Company further
                  agrees that it will use its best efforts to require the
                  Administrator to provide the same indemnification protection
                  to the Trustee with respect to any such programs or tutorials
                  used by the Administrator.

         (b)      The Company shall indemnify and hold the Administrator
                  harmless from and against all loss or liability (including
                  expenses and reasonable attorneys' fees) to which it may be
                  subject by reason of its execution of its duties under this
                  Trust, or by reason of any acts taken in good faith in
                  accordance with any directions, or acts omitted in good faith
                  due to absence of directions, from the Company or the
                  Committee, unless such loss or liability is due to the
                  Administrator's negligence or willful misconduct. The
                  indemnity described herein shall be provided by the Company.

         (c)      The Trustee shall indemnify and hold harmless the Company and
                  all Subsidiaries from and against any loss, cost, damage,
                  expense or liability (including expenses and reasonable
                  attorneys' fees) which arises from or is based on the
                  negligence or a breach of trust by the Trustee, its
                  affiliates, and their respective subsidiaries, parents, and
                  employees. In addition, the Trustee shall protect, defend,
                  indemnify and hold the Company and all Subsidiaries harmless
                  from any loss, liability or expense including reasonable
                  attorneys' fees in connection with any allegation, suit, or
                  cause of action claiming that any computer software programs
                  or tutorials used by the Trustee to provide any services under
                  this Master Trust Agreement infringe upon any United States
                  patent, copyright, trade secret, or other proprietary right of
                  a third party. Upon request by the Company, the Trustee will
                  correct any error or omission made by the Trustee in
                  connection with services provided under this Master Trust
                  Agreement at no additional charge or fee unless such error or
                  omission is due to the negligence or willful misconduct of the
                  Company and the Subsidiaries in discharging their duties and
                  responsibilities under this Master Trust Agreement.

         (d)      All releases and indemnities provided in this Master Trust
                  Agreement shall survive the termination of this Master Trust
                  Agreement.

                                   ARTICLE 4
                               INSURANCE CONTRACTS

4.1      TYPES OF CONTRACTS. To the extent that the Trustee is directed by the
         Committee, its delegate or any person authorized by the Committee
         prior to a Change in Control to invest part or all of the Trust Fund
         in insurance contracts, the type and amount thereof

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         shall be specified in the direction. The Trustee shall be under no duty
         to make inquiry as to the propriety of the type or amount so specified.

4.2      OWNERSHIP. Each insurance contract issued shall provide that the
         Trustee shall be the owner thereof with the power to exercise all
         rights, privileges, options and elections granted by or permitted
         under such contract or under the rules of the insurer. The exercise by
         the Trustee of any incidents of ownership under any contract shall,
         prior to a Change in Control, be subject to the direction of the
         Committee or its delegate.

4.3      RESTRICTIONS ON TRUSTEE'S RIGHTS. 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. Despite the foregoing,
         the Trustee may (i) loan to the Company or any Subsidiary the proceeds
         of any borrowing against an insurance policy held in the Trust Fund or
         (ii) assign all, or any portion, of a policy to the Company or any
         Subsidiary if under other provisions of this Master Trust Agreement
         the Company or any Subsidiary is entitled to receive assets from the
         Trust.

                                   ARTICLE 5
                               TRUSTEE'S ACCOUNTS

5.1      RECORDS. The Trustee shall maintain accurate records and detailed
         accounts of all investments, receipts, disbursements and other
         transactions hereunder. Such records shall be available at all
         reasonable times for inspection by the Company, Subsidiaries, and the
         Administrator or their authorized representative. The Trustee shall
         maintain a disaster recovery plan and shall maintain copies of all
         records at an off-site location. The Trustee, at the direction of the
         Committee, shall submit to the Committee and to any insurer such
         valuations, reports or other information as the Committee may
         reasonably require and, in the absence of fraud or bad faith, the
         valuation of the Trust Fund by the Trustee shall be conclusive. The
         Trustee shall have no responsibility for maintaining any records
         relating to the interest of any Participant or Beneficiary in the
         Trust Fund.

5.2      ANNUAL ACCOUNTING; FINAL ACCOUNTING.

         (a)      Within 45 days following the end of each Fiscal Year and
                  within 60 days after the removal or resignation of the Trustee
                  or the termination of the Trust, the Trustee shall file with
                  the Committee or Administrator a written account setting forth
                  a description of all properties purchased and sold, all
                  receipts, disbursements and other transactions effected by it
                  during the Fiscal Year or, in the case of removal, resignation
                  or termination, since the close of the previous Fiscal Year,
                  and listing the properties held in the Trust Fund as of the
                  last day of the Fiscal Year or other period and indicating
                  their market values.

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         (b)      The Committee or Administrator may approve such account either
                  by written notice of approval delivered to the Trustee or by
                  its failure to express written objection to such account
                  delivered to the Trustee within one (1) year after the date of
                  which such account was delivered to the Committee.

         (c)      The approval by the Committee or Administrator of an
                  accounting shall be binding as to all matters embraced in such
                  accounting on all parties to this Master Trust Agreement and
                  on all Participants and Beneficiaries, to the same extent as
                  if such accounting had been settled by a judgment or decree of
                  a court of competent jurisdiction in which the Trustee, the
                  Committee, the Administrator, the Company, the Subsidiaries
                  and all persons having or claiming any interest in any Plan or
                  the Trust Fund were made parties.

         (d)      Despite the foregoing, nothing contained in this Master Trust
                  Agreement shall deprive the Trustee of the right to have an
                  accounting judicially settled, if the Trustee, in the
                  Trustee's sole discretion, desires such a settlement.

5.3      VALUATION. The assets of the Trust Fund shall be valued at their
         respective fair market values on the date of valuation, as determined
         by the Trustee based upon such sources of information as it may deem
         reliable, including, but not limited to, stock market quotations,
         statistical valuation services, newspapers of general circulation,
         financial publications, advice from investment counselors, brokerage
         firms or insurance companies, or any combination of sources. Prior to
         a Change in Control, the Committee shall instruct the Trustee as to
         the value of assets for which market values are not readily obtainable
         by the Trustee. If the Committee fails to provide such values, the
         Trustee may take whatever action it deems reasonable, including
         employment of attorneys, appraisers, life insurance companies or other
         professionals, the expense of which shall be an expense of
         administration of the Trust Fund and payable by the Company and the
         Subsidiaries. The Trustee may rely upon information from the Company
         and the Subsidiaries, the Committee, appraisers or other reasonable
         sources and shall be held harmless and shall not incur any liability
         for an inaccurate valuation based in good faith upon such information.

5.4      DELEGATION OF DUTIES. The Company, a Subsidiary, the Committee, and
         the Administrator may at any time employ the Trustee as their agent to
         perform any act, keep any records or accounts and make any
         computations that are required of the Company, any Subsidiary or the
         Committee by this Master Trust Agreement or the Plans. The Trustee may
         be compensated for such employment and such employment shall not be
         deemed to be contrary to the Trust. Nothing done by the Trustee as
         such agent shall change or increase its responsibility or liability as
         Trustee hereunder.

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                                   ARTICLE 6
                       RESIGNATION OR REMOVAL OF TRUSTEE

6.1      RESIGNATION; REMOVAL. 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. Prior to a Change in Control, the Trustee may be removed by
         the Company on sixty (60) days notice or upon shorter notice accepted
         by the Trustee. In the event of gross negligence or willful misconduct
         by the Trustee, however, the Company, prior to a Change in Control,
         may remove the Trustee immediately. Upon and after a Change in
         Control, the Trustee may be removed by a majority vote of the
         Participants, and if a Participant is dead, his or her Beneficiaries
         (who collectively shall have one vote among them and shall vote in
         place of such deceased Participant), on sixty (60) days notice or upon
         shorter notice accepted by the Trustee.

6.2      SUCCESSOR TRUSTEE. If the Trustee resigns or is removed, a successor
         shall be appointed by the Company, in accordance with this Section, by
         the effective date of the resignation or removal under Section 6.1
         above. The successor shall be a bank, trust company, or similar
         independent third party that is granted corporate trustee powers under
         state or federal law. Upon and after the occurrence of a Change in
         Control, a successor Trustee may not be appointed without the consent
         of a majority of the Participants. If no such appointment has been
         made within six (6) months, the Trustee may apply to a court of
         competent jurisdiction for appointment of a successor or for
         instructions. All expenses of the Trustee in connection with the
         proceeding shall be allowed as administrative expenses of the Trust.

6.3      SETTLEMENT OF ACCOUNTS. 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 notice of resignation,
         removal or transfer, unless the Company extends the time limit. Upon
         the transfer of the assets, the successor Trustee shall succeed to all
         of the powers and duties given to the Trustee in this Master Trust
         Agreement. The resigning or removed Trustee shall render to the
         Committee or Administrator an account in the form and manner and at
         the time prescribed in Section 5.2. The approval of such accounting
         and discharge of the Trustee shall be as provided in such Section.

                                   ARTICLE 7
                    CONTROVERSIES, LEGAL ACTIONS AND COUNSEL

7.1      CONTROVERSY. If any controversy arises with respect to the Trust, the
         Trustee shall take action as directed by the Committee or, in the
         absence of such direction or upon or after a Change in Control, as it
         deems advisable, whether by legal proceedings, compromise or
         otherwise. The Trustee may retain the funds or property involved
         without liability pending settlement of the controversy. The Trustee
         shall be under no obligation to take

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         any legal action of whatever nature unless there shall be sufficient
         property in the Trust to indemnify the Trustee with respect to any
         expenses or losses to which it may be subjected.

7.2      JOINDER OF PARTIES. In any action or other judicial proceedings
         affecting the Trust, it shall be necessary to join as parties the
         Trustee, the Committee, the Administrator, the Company and the
         Subsidiaries. No Participant or other person shall be entitled to any
         notice or service of process. Any judgment entered in such a
         proceeding or action shall be binding on all persons claiming under
         the Trust. Nothing in this Master Trust Agreement shall be construed
         as to deprive a Participant or Beneficiary of his or her right to seek
         adjudication of his or her rights by administrative process or by a
         court of competent jurisdiction.

7.3      EMPLOYMENT OF COUNSEL. The Trustee may consult with legal counsel
         (who, prior to a Change in Control, but not upon or after a Change in
         Control, may be counsel for the Company or any Subsidiary) and shall
         be fully protected with respect to any action taken or omitted by it
         in good faith pursuant to the advice of counsel.

                                   ARTICLE 8
                                    INSURERS

8.1      INSURER NOT A PARTY. No insurer shall be deemed to be a party to the
         Trust and an insurer's obligations shall be measured and determined
         solely by the terms of contracts and other agreements executed by it.

8.2      AUTHORITY OF TRUSTEE. An insurer shall accept the signature of the
         Trustee to any documents or papers executed in connection with such
         contracts. The signature of the Trustee shall be conclusive proof to
         the insurer that the person on whose life an application is being made
         is eligible to have a contract issued on his or her life and is
         eligible for a contract of the type and amount requested.

8.3      CONTRACT OWNERSHIP. An insurer shall deal with the Trustee as the sole
         and absolute owner of any insurance contracts and shall have no
         obligation to inquire whether any action or failure to act on the part
         of the Trustee is in accordance with or authorized by the terms of the
         Plans or this Master Trust Agreement.

8.4      LIMITATION OF LIABILITY. An insurer shall be fully discharged from any
         and all liability for any action taken or any amount paid in
         accordance with the direction of the Trustee and shall have no
         obligation to see to the proper application of the amounts so paid. An
         insurer shall have no liability for the operation of the Trust or the
         Plans, whether or not in accordance with their terms and provisions.

8.5      CHANGE OF TRUSTEE. An insurer shall be fully discharged from any and
         all liability for dealing with a party or parties indicated on its
         records to be the Trustee until such time as

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         it shall receive at its home office written notice of the appointment
         and qualification of a successor Trustee.

                                   ARTICLE 9
                           AMENDMENT AND TERMINATION

9.1      AMENDMENT. Subject to the limitations set forth in this Section 9.1,
         this Master Trust Agreement may be amended by a written instrument
         executed by the Trustee and the Company. Action to amend the Master
         Trust Agreement shall be taken by the Company either by resolution
         duly adopted by the Board or by an instrument in writing executed by
         an officer of the Company to whom authority to adopt or approve
         amendments to the Master Trust Agreement has been delegated pursuant
         to a resolution duly adopted by the Board. Notwithstanding the
         foregoing, no such amendment shall conflict with the terms of the
         Plans or shall make the Trust revocable. Any amendment, change or
         modification shall be subject to the following rules:

         (a)      GENERAL RULE. Subject to Sections 9.1(b), (c) and (d) below,
                  this Master Trust Agreement may be amended:

                  (i)      By the Company and the Trustee, provided, however,
                           that if an amendment would in any way adversely
                           affect the rights accrued under the Plans in the
                           Trust Fund by any Participant or Beneficiary, each
                           and every Participant and Beneficiary whose rights in
                           the Trust Fund would be adversely affected must
                           consent to the amendment before this Master Trust
                           Agreement may be so amended; and

                  (ii)     By the Company and the Trustee as may be necessary to
                           comply with laws which would otherwise render the
                           Trust void, voidable or invalid in whole or in part.

         (b)      LIMITATION. Notwithstanding that an amendment may be
                  permissible under Section 9.1(a) above, this Master Trust
                  Agreement shall not be amended by an amendment that would:

                  (i)      Cause any of the assets of the Trust to be used for
                           or diverted to purposes other than for the exclusive
                           benefit of Participants and Beneficiaries as set
                           forth in the Plans, or payment of expenses of the
                           Trust, except as is required to satisfy the claims of
                           the Company's or a Subsidiary's general creditors; or

                  (ii)     Be inconsistent with the terms of any Plan, including
                           the terms of any Plan regarding termination,
                           amendment or modification of the Plan.

         (c)      WRITING AND CONSENT. Any amendment to this Master Trust
                  Agreement shall be set forth in writing and signed by the
                  Company and the Trustee and, if consent of

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                  any Participant or Beneficiary is required under Section
                  9.1(a), the Participant or Beneficiary whose consent is
                  required. Any amendment may be current, retroactive or
                  prospective, in each case as provided therein.

         (d)      THE COMPANY AND TRUSTEE. In connection with the exercise of
                  the rights under this Section 9.1:

                  (i)      prior to a Change in Control, the Trustee shall have
                           no responsibility to determine whether any proposed
                           amendment complies with the terms and conditions set
                           forth in Sections 9.1(a) and (b) above and may
                           conclusively rely on the directions of the Committee
                           with respect thereto, unless the Trustee has
                           knowledge of a proposed transaction or transactions
                           that would result in a Change in Control; and

                  (ii)     upon and after a Change in Control, the power of the
                           Company to amend this Master Trust Agreement shall
                           cease, and the power to amend that was previously
                           held by the Company shall, instead, be exercised by a
                           majority of the Participants and, if a Participant is
                           dead, his or her Beneficiaries (who collectively
                           shall have one vote among them and shall vote in
                           place of such deceased Participant), provided that
                           such amendment otherwise complies with the
                           requirements of Sections 9.1(a), (b) and (c) above.
                           The eligibility to vote of any person claiming to be
                           a Participant or Beneficiary shall be determined by
                           the Administrator.

         (e)      Taxation. This Master Trust Agreement shall not be amended,
                  altered, changed or modified in a manner that would cause the
                  Participants and/or Beneficiaries under any Plan to be taxed
                  on the benefits under any Plan in a year other than the year
                  of actual receipt of benefits.

9.2      MERGER. The Company or any Subsidiary may merge into this Master Trust
         another trust of which the Company, a Subsidiary, or the Company and
         any Subsidiary or Subsidiaries are grantors under the Internal Revenue
         Code and which provides funds exclusively for the uses and purposes of
         Participants, Beneficiaries, and general creditors of the Company and
         Subsidiaries. The terms of this Master Trust Agreement shall be
         amended to reflect any protected interest of a Participant or
         Beneficiary of the trust so merged.

9.3      FINAL TERMINATION. The Trust shall not terminate until the date on
         which Participants and their Beneficiaries are no longer entitled to
         benefits pursuant to the terms of the Plans and all of the expenses of
         the Trust have been paid, and on such date the Trust shall terminate.
         Upon termination of the Trust, any assets remaining in the Trust shall
         be returned to the Company and the Subsidiaries that made
         contributions to the Trust. Such remaining assets shall be paid by the
         Trustee to the Company and the Subsidiaries in such amounts and in the
         manner instructed by the Company, whereupon the Trustee shall be
         released and discharged from all obligations hereunder. From and after
         the date of

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         termination and until final distribution of the Trust Fund, the Trustee
         shall continue to have all of the powers provided herein as are
         necessary or expedient for the orderly liquidation and distribution of
         the Trust Fund.

                                   ARTICLE 10
                                 MISCELLANEOUS

10.1     DIRECTIONS FOLLOWING CHANGE IN CONTROL. Despite any other provision of
         this Master Trust Agreement that may be construed to the contrary,
         following a Change in Control, all powers of the Committee, a delegate
         of the Committee, a Subsidiary, the Company, the Board and any person
         authorized by any of the foregoing to direct the Trustee under this
         Master Trust Agreement shall terminate. The Administrator shall have
         complete authority to administer the Trust and the Trustee shall act
         on its own discretion to invest the assets of the Trust Fund in
         accordance with the Plans and this Master Trust Agreement. The
         Trustee's discretion may be limited, however, in accordance with any
         investment guidelines that the Committee delivers to the Trustee prior
         to a Change in Control and which are approved and accepted by the
         Trustee in writing. The approval and acceptance of the Trustee shall
         not be unreasonably withheld.

10.2     TAXES. The Company and the Subsidiaries shall from time to time pay
         taxes of any and all kinds whatsoever that at any time are lawfully
         levied or assessed upon or become payable in respect of the Trust
         Fund, the income or any property forming a part thereof, or any
         security transaction pertaining thereto. To the extent that any taxes
         lawfully levied or assessed upon the Trust Fund are not paid by the
         Company and the Subsidiaries, the Trustee shall have the power to pay
         such taxes out of the Trust Fund and shall seek reimbursement from the
         Company and the Subsidiaries. Prior to making any payment, the Trustee
         may require such releases or other documents from any lawful taxing
         authority as it shall deem necessary. The Trustee shall contest the
         validity of taxes in any manner deemed appropriate by the Company or
         its counsel, but at the Company's and the Subsidiaries' expense, and
         only if it has received an indemnity bond or other security
         satisfactory to it to pay any such expenses. The Trustee shall not be
         liable for any nonpayment of tax when it distributes an interest
         hereunder on directions from the Committee. The Trustee shall have no
         obligation to prepare or file any tax return on behalf of the Trust
         Fund, any such return being the sole responsibility of the Company or
         its successors and assigns. The Trustee shall cooperate with the
         Company or its successors and assigns in connection with the
         preparation and filing of any such return.

10.3     THIRD PERSONS. All persons dealing with the Trustee are released from
         inquiring into the decisions or authority of the Trustee and from
         seeing to the application of any moneys, securities or other property
         paid or delivered to the Trustee.

10.4     NONASSIGNABILITY; NONALIENATION. Benefits payable to Participants and
         their Beneficiaries under this Master Trust Agreement may not be
         anticipated, assigned (either

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         at law or in equity), alienated, pledged, encumbered or subjected to
         attachment, garnishment, levy, execution or other legal or equitable
         process.

10.5     APPLICABLE LAW. Except to the extent, if any, preempted by ERISA, this
         Master Trust Agreement shall be governed by and construed in
         accordance with the internal laws of the State of Ohio. Any provision
         of this Master Trust Agreement prohibited by law shall be ineffective
         to the extent of any such prohibition, without invalidating the
         remaining provisions hereof.

10.6     NOTICES AND DIRECTIONS. Whenever a notice or direction is given by the
         Committee to the Trustee, it shall be in the form required by Section
         2.1. Actions by the Company shall be by the Board or a duly authorized
         officer, with such actions certified to the Trustee by an
         appropriately certified copy of the action taken. The Trustee shall be
         protected in acting upon any such notice, resolution, order,
         certificate or other communication believed by it to be genuine and to
         have been signed by the proper party or parties.

10.7     SUCCESSORS AND ASSIGNS. This Master Trust Agreement shall be binding
         upon and inure to the benefit of the Company, the Subsidiaries and the
         Trustee and their respective successors and assigns.

10.8     GENDER AND NUMBER. Words used in the masculine shall apply to the
         feminine where applicable, and when the context requires, the plural
         shall be read as the singular and the singular as the plural.

10.9     HEADINGS. Headings in this Master Trust Agreement are inserted for
         convenience of reference only and any conflict between such headings
         and the text shall be resolved in favor of the text.

10.10    COUNTERPARTS. This Master Trust Agreement may be executed in an
         original and any number of counterparts, each of which shall be deemed
         to be an original of one and the same instrument.

10.11    BENEFICIAL INTEREST. The Company and the Subsidiaries are the true
         beneficiaries hereunder in that the payment of benefits, directly or
         indirectly to or for a Participant or Beneficiary by the Trustee, is
         in satisfaction of the Company's and the Subsidiaries' liability
         therefore under the Plans. Nothing in this Master Trust Agreement
         shall establish any beneficial interest in any person other than the
         Company and the Subsidiaries.

10.12    THE TRUST AND PLANS. This Trust, the Plans and each Participant's Plan
         Agreement are part of and constitute a single, integrated employee
         benefit plan and trust, shall be construed together as the entire
         agreement between the Company, the Trustee, the Participants and the
         Beneficiaries with regard to the subject matter thereof, and shall
         supersede all previous negotiations, agreements and commitments with
         respect thereto.

                                       29
<PAGE>
MASTER TRUST AGREEMENT FOR RPM, INC.
DEFERRED COMPENSATION PLAN(S)
================================================================================

10.13    EFFECTIVE DATE. The effective date of this Master Trust Agreement shall
         be _________, 2002.

         IN WITNESS WHEREOF the Company and the Trustee have signed this Master
Trust Agreement as of the date first written above.

TRUSTEE:                                 THE COMPANY:
-------                                  -----------

KeyBank National Association             RPM, Inc.,
A National Banking Association,          An Ohio Corporation,

By:                                      By:  /s/ Ronald A. Rice
   ------------------------------           ------------------------------------

Title:                                   Title:  Vice President Administration
      ---------------------------              ---------------------------------

                                       30
<PAGE>
MASTER TRUST AGREEMENT FOR RPM, INC.
DEFERRED COMPENSATION PLAN(S)
================================================================================

                                   EXHIBIT A
                                     PLANS

1.       RPM, Inc. Deferred Compensation Plan
2.       RPM, Inc. Non-Employee Deferred Compensation Plan

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}]]