Document:

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                                                                  EXHIIBIT 10.14

                             ALLTRISTA CORPORATION

                        1993 DEFERRED COMPENSATION PLAN
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                             ALLTRISTA CORPORATION
                        1993 DEFERRED COMPENSATION PLAN
           (Amended and Restated in its Entirety, November 21, 1996
                   and Further Amended on February 1, 2001)

1.   Statement of Purpose

     The purpose of the 1993 Deferred Compensation Plan, as amended November
     1996 and February 2001, (the "Plan") is to aid Alltrista Corporation (the
     "Company") and its subsidiaries in attracting and retaining key employees
     by providing a non-qualified deferred compensation vehicle.

2.   Definitions

     2.1. Beneficiary - "Beneficiary" means the person or persons designated as
          -----------
          such in accordance with Section 8.

     2.2. Class Year - "Class Year" means the year in respect of which
          ----------
          compensation is deferred under the Plan.

     2.3. Committee - "Committee" (also referred to as the "Executive
          ---------
          Compensation Committee") means the committee appointed by the Board of
          Directors that will administer the Plan.

     2.4. Compensation - "Compensation" means the Participant's incentive
          ------------
          compensation for the Class Year.

     2.5. Declining Balance Installments - "Declining Balance Installments"
          ------------------------------
          means a series of annual payments such that each payment is determined
          by taking that portion of the Participant's Deferred Compensation
          Account in the Equity Index Account as of the Distribution Date and
          dividing by the number of years of distributions remaining.

     2.6. Deferral Amount - "Deferral Amount" means the amount of Elective
          ---------------
          Deferred Compensation deferred by the Participant for each Class Year.

     2.7. Deferred Compensation Account - "Deferred Compensation Account" means
          -----------------------------
          the account for each Class Year maintained by the Company for each
          Participant pursuant to Section 6 or the account that has been
          established pursuant to the Transfer and Consent Form.

     2.8. Disability - "Disability" means the Participant is receiving
          ----------
          disability benefits under the long term disability benefit plan
          sponsored by the Employer or one of its subsidiaries.

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     2.9. Distribution Date - "Distribution Date" means the date on which the
          -----------------
          Employer makes distributions from the Participant's Deferred
          Compensation Account.

    2.10. Effective Date - "Effective Date" means January 1, 1993, the date on
          --------------
          which the Plan commenced.

    2.11. Election Form - "Election Form" means the form or forms attached to
          -------------
          this Plan and filed with the Executive Compensation Committee of
          Alltrista Corporation, or in the event such Deferred Compensation
          Account was established pursuant to the Transfer and Consent Form,
          then the form filed with the Executive Compensation Committee of Ball
          Corporation by the Participant in order to participate in the 1989
          Ball Corporation Deferred Compensation Plan.  The terms and conditions
          specified in the Election Form(s) are incorporated by reference herein
          and form a part of the Plan.

    2.12. Elective Deferred Compensation - "Elective Deferred Compensation"
          ------------------------------
          means the amount elected to be deferred by an Eligible Employee in
          his/her Election Form.

    2.13. Eligible Employee - "Eligible Employee" means any employee of the
          -----------------
          Company who has been selected by the Executive Compensation Committee.

    2.14. Employer - "Employer" means Alltrista Corporation and any of its fifty
          --------
          percent (50%) or more owned subsidiaries.

    2.15. Equity Index Account - "Equity Index Account" means an investment
          --------------------
          option providing for a return based upon the hypothetical investment
          of the Deferral Amount, or a portion thereof, in the S&P 500 Index.

    2.16. Executive Compensation Committee - "Executive Compensation Committee"
          --------------------------------
          (also referred to as the "Committee") means the committee appointed by
          the Board of Directors that will administer the Plan.

    2.17. Fixed Account - "Fixed Account" means an investment option providing
          -------------
          for a stated amount of interest to be credited to the Deferral Amount,
          or a portion thereof, based on Moody's.

    2.18. Investment Allocation Change Form - "Investment Allocation Change
          ---------------------------------
          Form" means the form attached to this Plan and filed with the
          Committee by the Participant in order to request a change in the
          allocation of the Participant's Deferred Compensation Account(s)
          between the Fixed Account and the Equity Index Account. The terms and
          conditions specified in the Investment Allocation Change Form are
          incorporated by reference herein and form a part of the Plan.

    2.19. Moody's - "Moody's" means the annual average composite yield on
          -------
          Moody's Seasoned Corporate Bond Yield Index for the twelve (12) months
          ending the October 31st immediately preceding the Valuation Date, as
          determined from Moody's Bond Record published by Moody's Investors
          Service, Inc. (or any

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          successors thereto), or, if such yield is no longer published, a
          substantially similar average selected by the Company.

    2.20. Participant - "Participant" means an Eligible Employee participating
          -----------
          in the Plan in accordance with the provisions of Section 4.

    2.21. S&P 500 Investment Return - "S&P 500 Investment Return" means the
          -------------------------
          return used to determine the amount of gain or loss credited to that
          portion of a Participant's Deferred Compensation Account in the Equity
          Index Account under Sections 6.5 and 6.6. The return for a Class Year
          shall be determined by using a hypothetical investment in the Standard
          & Poor's 500 Composite Stock Index inclusive of reinvested dividends
          less management fees (currently 25 basis points a year, but may be
          changed by the Committee to no more than 50 basis points).

    2.22. Substantially Equal Installments - "Substantially Equal Installments"
          ---------------------------------
          means a series of annual payments such that equal payments over the
          remaining payment period would exactly amortize the Deferred
          Compensation Account balance in the Fixed Account as of the
          Distribution Date if the credited interest rate remained constant at
          the level credited as of the Valuation Date immediately preceding the
          Distribution Date for the remainder of the payment period.

    2.23. Termination of Employment - "Termination of Employment" means the
          -------------------------
          termination of a Participant's employment with the Employer for any
          reason other than Disability.

    2.24. Transfer and Consent Form - "Transfer and Consent Form" means the
          -------------------------
          Transfer and Consent Form attached to this Plan and filed with the
          Executive Compensation Committee of Alltrista Corporation.  The terms
          and conditions specified in the Transfer and Consent Form are
          incorporated by reference herein and form a part of the Plan.

    2.25. Valuation Date - "Valuation Date" means the date on which the value of
          --------------
          a Participant's Deferred Compensation Account for each Class Year is
          determined as provided in Section 6 hereof.  Unless and until changed
          by the Committee, the Valuation Date shall be the last day of each
          calendar year.

3.   Administration of the Plan

     The Executive Compensation Committee, by appointment of the Board of
     Directors of the Company, shall be the sole administrator of the Plan.  The
     Committee shall have full power to formulate additional details and
     regulations for carrying out this Plan.  The Committee also shall be
     empowered to make any and all of the determinations not authorized
     specifically herein that may be necessary or desirable for the effective

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     administration of the Plan.  Any decision or interpretation of any
     provision of this Plan adopted by the Committee shall be final and
     conclusive.

4.   Participation

     Participation in the Plan shall be limited to Eligible Employees who elect
     to participate in the Plan by filing an Election Form with the Committee
     prior to the commencement of the Class Year to which the Election Form
     applies, or at such earlier time as determined by the Committee.
     Notwithstanding the foregoing, an employee who first becomes an Eligible
     Employee during any Class Year may elect to participate in the Plan for
     such Class Year by filing an Election Form within thirty (30) days after
     becoming an Eligible Employee.

     The minimum annual deferral shall be $1,000, and the maximum deferral shall
     be one hundred percent (100%) of the Participant's Compensation.

     An Eligible Employee, who also has elected to defer incentive compensation
     attributable to prior years under the Ball Corporation 1989 Deferred
     Compensation Plan, may elect to transfer, the December 31 of the calendar
     year preceding the year in which the Participant becomes an Eligible
     Employee, to this Plan the dollar value, including any interest thereon, of
     all his/her deferred compensation account as of December 31 of the calendar
     year preceding the year in which the Participant becomes an Eligible
     Employee.  Such amounts, including interest, shall be deemed to be Deferral
     Amounts under this Plan as of the close of business on December 31 of the
     calendar year preceding the year in which the Participant becomes an
     Eligible Employee, and no interest shall be earned for that calendar year.

5.   Vesting of Deferred Compensation Account

     A Participant's interest in his/her Deferred Compensation Account and
     interest credited thereto shall vest immediately.

6.   Accounts and Valuations

     6.1. Deferred Compensation Accounts.  The Committee shall establish and
          ------------------------------
          maintain a separate Deferred Compensation Account for each Participant
          for each Class Year.  Elective Deferred Compensation, except for
          transfers from the Ball Corporation 1989 Deferred Compensation Plan as
          described in Section 4, shall be deemed credited to the Deferred
          Compensation Account as of the close of business on December 31 of the
          Class Year, and no interest or gain/loss shall be earned for that
          calendar year.

     6.2. Investment Allocation of Deferred Compensation Account.  The
          -------------------------------------------------------
          Participant's Deferral Amount shall be deemed to be invested in either
          the Fixed Account or the Equity Index Account in accordance with the
          Participant's election.

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     6.3. Interest Rate Credited.  That portion of the Participant's Deferred
          ----------------------
          Compensation Account in the Fixed Account shall be credited with
          interest on each Valuation Date, as provided hereinafter, at an annual
          rate equal to Moody's.

     6.4. Timing of Crediting of Interest.  That portion of the Participant's
          -------------------------------
          Deferred Compensation Account in the Fixed Account shall be revalued
          and credited with interest as of each Valuation Date.  As of each
          Valuation Date, the value of that portion of the Participant's
          Deferred Compensation Account in the Fixed Account shall consist of
          the balance of such Deferred Compensation Account as of the
          immediately preceding Valuation Date plus the amount of any Elective
          Deferred Compensation credited to the Fixed Account and any transfers
          from the Equity Index Account, if any, made to such Deferred
          Compensation Account since the preceding Valuation Date, minus the
          amount of all distributions and transfers to the Equity Index Account,
          if any, made from such Deferred Compensation Account since the
          preceding Valuation Date.  As of each Valuation Date, interest shall
          be credited on that portion of the Participant's Deferred Compensation
          Account in the Fixed Account since the immediately preceding Valuation
          Date after adjustment for any additions thereto or distributions or
          transfers therefrom.  Normal benefit distributions (under Section 7.1)
          from the Fixed Account made on or before February 15 of the year of
          payment will be considered to have been made from the account and
          deducted from the account balance as of January 1 of such year for the
          purpose of crediting interest under this Section 6.4.  Interest on
          Hardship Benefits distributed from the Fixed Account will be prorated
          to the date of distribution for the purpose of crediting interest
          under this Section 6.4.

     6.5. Investment Return Credited. That portion of the Participant's Deferred
          --------------------------
          Compensation Account in the Equity Index Account shall be credited
          annually with an investment return at a rate equal to the S&P 500
          Investment Return

     6.6. Timing of Crediting of Investment Return.  That portion of the
          -----------------------------------------
          Participant's Deferred Compensation Account in the Equity Index
          Account shall be revalued and credited with investment return as of
          each Valuation Date.  As of each Valuation Date, the value of that
          portion of the Participant's Deferred Compensation Account in the
          Equity Index Account shall consist of the balance of such Equity Index
          Account as of the immediately preceding Valuation Date, plus any
          Elective Deferred Compensation credited to the Equity Index Account
          and any transfers from the Fixed Account since the preceding Valuation
          Date, minus the amount of all distributions and transfers to the Fixed
          Account, if any, made from such Equity Index Account since the
          preceding Valuation Date.  As of each Valuation Date, the investment
          return shall be credited on that portion of the Participant's Deferred
          Compensation Account in the Equity Index Account since the immediately
          preceding Valuation Date after adjustment for any additions thereto or
          distributions or transfers therefrom.  Benefit distributions (under
          Section 7) from the Equity Index Account made on or before February 15
          of the year of payment will be considered to have been made and
          deducted from the account balance as of January 1 of such year for the
          purpose of crediting investment return under this Section 6.6.  The
          investment return on Hardship

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          Benefits distributed from the Equity Index Account will be calculated
          to the date of distribution for the purpose of crediting the
          investment return under this Section 6.6.

     6.7. Change of Investment Allocation by a Participant.  A Participant may
          -------------------------------------------------
          make different investment allocations for each Class Year, and may
          change a Class Year's investment allocation once a year.  Any change
          will be effective as of January 1 of the next year if the Participant
          submits an Investment Allocation Change Form to the Committee by
          December 15 of any Plan year.

7.   Benefits

     7.1. Normal Benefit
          --------------

          a.   A Participant's Deferred Compensation Account shall be paid to
               the Participant as requested in his/her Election Form, subject to
               the terms and conditions set forth in the Plan, including the
               Election Form.  If a Participant elects to receive payment of
               his/her Deferred Compensation Account in the Fixed Account in
               installments, payments shall be made in Substantially Equal
               Installments.  If a Participant elects to receive payment of
               his/her Deferred Compensation Account in the Equity Index Account
               in installments, payments shall be made in Declining Balance
               Installments.  Unless the Executive Compensation Committee
               determines otherwise, and subject to the provisions of Section
               7.4. as to when payments shall commence, distribution payments,
               whether lump sum or installment, shall be made on or before the
               fifteenth (15th) day of February of each year.  A Participant may
               elect different payment schedules for different Class Year
               Deferred Compensation Accounts.

          b.   If a Participant dies before receiving his/her total Deferred
               Compensation Account balances, whether distributions have
               commenced earlier or not, his/her Beneficiary shall be entitled
               to the remaining account balances in accordance with the payment
               elections in the Election Form, except that such payments, if not
               already commenced, shall commence on or before February 15 next
               following the date of the Participant's death.

     7.2. Hardship Benefit.  In the event that the Executive Compensation
          ----------------
          Committee, upon written request of a Participant or Beneficiary of a
          deceased Participant, determines in its sole discretion, that such
          person has suffered an unforeseeable financial emergency, the Company
          shall pay to such person, from the Deferred Compensation Account
          designated by the Participant or Beneficiary, as soon as practicable
          following such determination, an amount necessary to meet the
          emergency, not in excess of the amount of the Deferred Compensation
          Account.  The Deferred Compensation Account of the Participant shall
          thereafter be reduced to reflect the payment as of the date paid of a
          Hardship Benefit.

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     7.3. Request to Committee for Delay in Payment.  A Participant shall have
          ------------------------------------------
          no right to modify in any way the schedule for the distribution of
          amounts from his/her Deferred Compensation Account that he/she has
          specified in his/her Election Form.  However, upon a written request
          submitted by the Participant to the Committee, the Committee may, in
          its sole discretion, for each Class Year:

          .    Postpone one time the date on which payment shall commence, but
               not beyond the year in which he/she will attain age seventy-one
               (71); and

          .    At the same time, increase the number of installments to a number
               not to exceed fifteen (15).

          Any such request(s) must be made prior to the earlier of (a) the
          beginning of the year that the Participant has elected for
          distributions to commence, or (b) the Termination of Employment.

     7.4. Date of Payments.  Except as otherwise provided in this plan,
          ----------------
          payments under this Plan shall begin on or before the fifteenth (15th)
          day of February of the calendar year following receipt of notice by
          the Executive Compensation Committee of an event that entitles a
          Participant (or Beneficiary) to payments under the Plan, or at such
          earlier date after receipt of such notice as may be determined by the
          Executive Compensation Committee.

     7.5. Termination of Employment Before Age 55.  In the event that a
          ----------------------------------------
          Participant has a Termination of Employment prior to his/her attaining
          age fifty-five (55) (other than by death, for which benefits and/or
          accounts will be paid in accordance with Section 7.1.b.), then,
          whether or not distributions have earlier commenced, the Participant's
          Deferred Compensation Account will be paid to him/her in a lump sum on
          or before the fifteenth (15th) day of February in the year following
          the year in which the Termination of Employment occurred, unless
          otherwise determined by the Committee. Upon written request of the
          Participant made within thirty (30) days following Termination of
          Employment, the Committee may, in its sole discretion, determine that,
          in lieu of a lump sum, payments shall be made to the Participant in
          not more than five (5) Substantially Equal Installments, commencing on
          or before such next fifteenth (15th) day of February following the
          date of Termination of Employment. The interest or investment return
          credited to the Participant's Deferred Compensation Account on the
          Valuation Date next following the Termination of Employment shall be
          as provided in Section 6., above. If payments are to be made in
          installments, all Class Years including both Fixed and Equity Index
          Accounts will be combined into one amount that will be the
          Participant's Deferred Compensation Account going forward and the
          interest rate credited to the Participant's Deferred Compensation
          Account on all Valuation Dates subsequent to the Valuation Date next
          following Termination of Employment (and to be considered as the
          interest rate on such Valuation Date next following Termination of
          Employment for the sole purpose of calculation Substantially Equal
          Installments under Section 2.22.,

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          above) shall be limited to the daily weighted average borrowing rate
          paid by the Company during the then calendar year for total borrowing.

     7.6. Taxes: Withholding.  To the extent required by law, the Company shall
          ------------------
          withhold from payments made hereunder any amount required to be
          withheld by the federal government, or any state or local government.

     7.7. Liquidating Distributions.  Notwithstanding any provisions of the
          -------------------------
          Plan or the Participant's Election Form to the contrary, upon written
          request for a Liquidating Distribution submitted by the Participant
          (or Beneficiary) to the Executive Compensation Committee, the
          Committee may, in its sole discretion, (or, following a Change in
          Control, the Committee must) pay to the Participant (or Beneficiary
          following the death of Participant) the Participant's (or
          Beneficiary's) Liquidating Distribution Account Balance in a lump sum
          as soon as practicable, but no later than 60 days, following the
          request.

          "Liquidating Distribution" shall mean a distribution requested by the
          Participant (or Beneficiary) in writing directed to the Committee and
          specifically referencing this section.  If the Participant requesting
          the Liquidating Distribution is, at the time of the request, an active
          employee of the Employer, "Liquidating Distribution Account Balance"
          shall mean all of the Deferred Compensation Accounts under the Plan in
          which the Participant has an undistributed balance, increased by
          interest credited or investment return credited or debited on the
          account(s) to the date of distribution from the preceding Valuation
          Date, and decreased by a forfeiture penalty equal to six percent (6%)
          of the value of the Participant's Deferred Compensation Account(s) as
          of the date of distribution.  If the Participant requesting the
          Liquidating Distribution is, at the time of the request, no longer an
          active employee of the Employer, or in the case of a request made by a
          Participant's Beneficiary, "Liquidating Distribution Account Balance"
          shall mean all of the Deferred Compensation Accounts under the Plan in
          which the Participant (or Beneficiary) has an undistributed balance
          and all of the Deferred Compensation Accounts under any Comparable
          Plans maintained by the Employer in which the Participant (or
          Beneficiary) has an undistributed balance, increased by interest
          credited or investment return credited or debited on the account(s) to
          the date of distribution from the preceding Valuation Date, and
          decreased by a forfeiture penalty equal to six percent (6%) of the
          value of the Participant's (or Beneficiary's) Deferred Compensation
          Account(s) as of the date of distribution.  "Comparable Plans" shall
          mean the Alltrista Corporation 1993 Deferred Compensation Plan, the
          Alltrista Corporation 1993 Deferred Compensation Plan for Selected Key
          Employees, and any comparable successor plans so designated by the
          Committee.

          Notwithstanding any provisions of the Plan to the contrary, if a
          Participant requests a Liquidating Distribution within sixty (60) days
          following the effective date of a Change in Control, the Liquidating
          Distribution Account Balance shall be paid as set forth above except
          that the forfeiture penalty of six percent (6%) of

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          the value of the Participant's (or Beneficiary's) Deferred
          Compensation Account(s) as of the date of distribution shall not be
          applied.

          Notwithstanding any provisions of the Plan or the Participant's
          Election Form to the contrary, if the Participant requesting the
          Liquidating Distribution is, at the time of the request, an active
          employee of the Employer, then the Participant shall, for a period of
          two (2) Class Years beginning with the Class Year during which the
          request for Liquidating Distribution is made, be ineligible to
          participate in the Plan or any Comparable Plans with respect to any
          Compensation not yet deferred.

          For purposes of this Section, a "Change in Control" shall be deemed to
          have occurred if:

               (a)  any "Person", which shall mean a "person" as such term is
          used in Section 13(d) and 14(d) of the Securities Exchange Act of
          1934, as amended (the "Exchange Act"), other than the Company, any
          trustee or other fiduciary holding securities under an employee
          benefit plan of the Company, or any company owned, directly or
          indirectly, by the shareholders of the Company in substantially the
          same proportions as their ownership of stock of the Company, is or
          becomes the "beneficial owner" (as defined in Rule 13d-3 under the
          Exchange Act), directly or indirectly, of securities of the Company
          representing 30 percent or more of the combined voting power of the
          Company's then outstanding securities;

               (b)  at any time during any period of two consecutive years,
          individuals, who at the beginning of such period constitute the Board,
          and any new director (other than a director designated by a Person who
          has entered into an agreement with the Company to effect a transaction
          described in clause (a), (c) or (d) of this Section) whose election by
          the Board or nomination for election by the Company's shareholders was
          approved by a vote of at least two-thirds of the directors at the
          beginning of the period or whose election or nomination for election
          was previously so approved, cease for any reason to constitute at
          least a majority thereof;

               (c)  the shareholders of the Company approved a merger or
          consolidation of the Company with any other company, other than (i) a
          merger or consolidation that would result in the voting securities of
          the Company outstanding immediately prior thereto continuing to
          represent (either by remaining outstanding or by being converted into
          voting securities of the surviving entity) more than 50 percent of the
          combined voting power of the voting securities of the Company, or such
          surviving entity outstanding immediately after such merger or
          consolidation, or (ii) a merger or consolidation effected to implement
          a recapitalization of the Company (or similar transaction) in which no
          Person acquired 50 percent or more of the combined voting power of the
          Company's then outstanding securities; or

                                       10
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               (d)  the shareholders of the Company approve a plan of complete
          liquidation of the Company or an agreement for the sale or disposition
          by the Company of all or substantially all of the Company's assets.

8.   Beneficiary Designation

     With respect to those Participants who have filed a Transfer and Consent
     form with the Executive Compensation Committee of Alltrista Corporation,
     their Beneficiary or Beneficiaries (both principal and contingent) shall be
     as designated under the terms of the 1989 Ball Corporation Deferred
     Compensation Plan, unless or until a new Beneficiary designation form is
     filed with the Committee, or the then existing Beneficiary is revoked by
     divorce.

     A Participant shall have the right at any time, and from time to time, to
     designate and/or change or cancel any person, persons, or entity as his/her
     Beneficiary or Beneficiaries (both principal and contingent) to whom
     payment under this Plan shall be paid in the event of his/her death prior
     to complete distribution to Participant of the benefits due him/her under
     the Plan.  Each beneficiary change or cancellation shall become effective
     only when filed in writing with the Executive Compensation Committee during
     the Participant's lifetime on a form provided by the Committee.

     The filing of a new Beneficiary designation form will cancel all
     Beneficiary designations previously filed.  Any finalized divorce of a
     Participant subsequent to the date of filing of a Beneficiary designation
     form shall revoke such designation if it was for the spouse Participant
     subsequently divorced.  The spouse of a married Participant domiciled in a
     community property jurisdiction shall be required to join in any
     designation of Beneficiary or Beneficiaries other than the spouse in order
     for the Beneficiary designation to be effective.

     If a Participant fails to designate a Beneficiary as provided above, or if
     his/her beneficiary designation is revoked by divorce, or otherwise,
     without execution of a new designation, or if all designated Beneficiaries
     predecease the Participant, then the distribution of such benefits shall be
     made in a lump sum to the Participant's estate.

     If any installment distribution has commenced to a Beneficiary and the
     Beneficiary dies before receiving all installments, any remaining
     installments shall be paid in a lump sum to the estate of the Beneficiary.

                                       11
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9.   Amendment and Termination of Plan

     9.1. Amendment.  The Board of Directors at any time may amend the Plan in
          ---------
          whole or in part, provided, however, that no amendment shall be
          effective to reduce the value of any Participant's Deferred
          Compensation Account or to affect the Participant's vested right
          therein, and, except as provided in 9.2. or 9.3., no amendment shall
          be effective to decrease the future benefits under the Plan payable to
          any Participant or Beneficiary with respect to any Elective Deferred
          Compensation that was deferred prior to the date of the amendment.
          Written notice of any amendments shall be given promptly to each
          Participant.

     9.2. Termination of Plan
          -------------------

          a.   Employer's Right to Terminate.  The Board of Directors at any
               -----------------------------
               time may terminate the Plan as to prospective contributions and
               credits of interest or investment return, if it determines in
               good faith that the economic acceptability of the Plan has been
               substantially impaired and that the resulting cost to the Company
               is substantially and unacceptably greater than the cost
               anticipated at the Effective Date.  No such termination of the
               Plan shall reduce the balance in a Participant's Deferred
               Compensation Account or affect the Participant's vested right
               therein.

          b.   Payments Upon Termination of Plan.  Upon termination of the Plan
               ---------------------------------
               under this Section 9.2., Compensation for additional Class Years
               shall not be deferred under the Plan.  With respect to then-
               existing Deferred Compensation Accounts, the Employer will,
               depending upon the Participant's election at that time:  (i) pay
               to the Participant, in a lump sum, the value of each of his/her
               Deferred Compensation Accounts; (ii) continue to defer the
               Compensation under the Plan, but with only the Fixed Account
               option and with the interest rate credited on all future
               Valuation Dates to be equal to the daily average of the best
               interest rate available to the Company during the then calendar
               year for short-term borrowings; or (iii) make such other
               arrangement as the Committee determines appropriate.

     9.3. Successors and Mergers, Consolidations or Change in Control. The
          -----------------------------------------------------------
          terms and conditions of this Plan and Election Form shall inure to the
          benefit of and bind the Company, the Participants, their successors,
          assigns, and personal representatives.  If substantially all of the
          stock or assets of the Company are acquired by another corporation or
          entity, or if the Company is merged into, or consolidated with,
          another corporation or entity, then the obligations created hereunder
          shall be obligations of the acquirer or successor corporation or
          entity.

                                       12
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10.  Miscellaneous

     10.1. Unsecured General Creditor.  Participants and their beneficiaries,
           --------------------------
           heirs, successors and assigns shall have no legal or equitable
           rights, interests, or other claims in any property or assets of the
           Employer, nor shall they be beneficiaries of, or have any rights,
           claims, or interests in any life insurance policies, annuity
           contracts, or the policies therefrom owned or that may be acquired by
           the Company ("Policies"). Such Policies or other assets shall not be
           held under any trust for the benefit of Participants, their
           beneficiaries, heirs, successors, or assigns, or held in any way as
           collateral security for the fulfilling of the obligations of the
           Company under this Plan. Any and all of such assets and policies
           shall be and remain general, unpledged, unrestricted assets of the
           Employer. The Company's obligation under the Plan shall be that of an
           unfunded and unsecured promise to pay money in the future.

     10.2. Obligations to the Employer.  If a Participant becomes entitled to a
           --------------------------
           distribution of benefits under the Plan, and if at such time the
           Participant has outstanding any debt, obligation, or other liability
           representing an amount owed to the Employer, then the Employer may
           offset such amounts owing it or an affiliate against the amount of
           benefits otherwise distributable. Such determination shall be made by
           the Committee.

     10.3. Non-Assignability.  Neither a Participant nor any other person shall
           -----------------
           have any right to commute, sell, assign, transfer, pledge,
           anticipate, mortgage, or otherwise encumber, transfer, hypothecate or
           convey in advance of actual receipt, the amounts, if any, payable
           hereunder, or any part thereof, that are, and all rights to which are
           expressly declared to be unassignable and nontransferable. No part of
           the amounts payable shall, prior to actual payment, be subject to
           seizure or sequestration for the payment of any debts, judgments,
           alimony or separate maintenance owed by a Participant or any other
           person, nor be transferable by operation of law in the event of a
           Participant's or any other person's bankruptcy or insolvency.

     10.4. Employment or Future Eligibility to Participant Not Guaranteed.
           --------------------------------------------------------------
           Nothing contained in this Plan, nor any action taken hereunder, shall
           be construed as a contract of employment or as giving an Eligible
           Employee any right to be retained in the employ of the Employer.
           Designation as an Eligible Employee may be revoked at anytime by the
           Executive Compensation Committee with respect to any Compensation not
           yet deferred.

     10.5. Gender Singular and Plural. All pronouns and any variations
           ---------------------------
           thereof shall be deemed to refer to the masculine, feminine, or
           neuter, as the identity of the person or persons may require. As the
           context may require, the singular may be read as the plural and the
           plural as the singular.

                                       13
<PAGE>

     10.6. Captions.  The captions to 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.

     10.7. Protective Provisions.  A Participant will cooperate with the
           ---------------------
           Company by furnishing any and all information requested by the
           Company in order to facilitate the payment of benefits hereunder,
           including taking such physical examinations as the Company reasonably
           may deem necessary and taking such other relevant action as may be
           requested by the Company. If a Participant refuses to cooperate, the
           Company shall have no further obligation to the Participant under the
           Plan. If, during the two-year period beginning on the first day of a
           Plan Cycle, the Participant commits suicide, or dies after providing
           any material misstatement of information or nondisclosure or medical
           history with regard to a Cycle, then no benefits shall be payable to
           such Participant or his/her Beneficiary from such Cycle other than a
           return of the Participant's Deferral Amount.

     10.8. Applicable Law.  This Plan shall be governed and construed in
           --------------
           accordance with the laws of the State of Indiana.

     10.9. Validity.  In the event any provision of this Plan is held invalid,
           --------
           void, or unenforceable, the same shall not affect, in any respect
           whatsoever, the validity of any other provision of this Plan.

    10.10. Notice.  Any notice or filing required or permitted to be given to
           ------
           the Executive Compensation Committee shall be sufficient if in
           writing and hand delivered, or sent by registered or certified mail,
           to the principal office of the Company, directed to the attention of
           the President of the Company. 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.

                                       14<PAGE>

                                                                   Exhibit 10.15

                             ALLTRISTA CORPORATION

                 1997 DEFERRED COMPENSATION PLAN FOR DIRECTORS
<PAGE>

                             ALLTRISTA CORPORATION
                 1997 DEFERRED COMPENSATION PLAN FOR DIRECTORS
                         (Amended on February 1, 2001)

1.   Statement of Purpose

     The purpose of the 1997 Deferred Compensation Plan for Directors (the
     "Plan") is to establish an alternative method of compensating those
     directors of Alltrista Corporation (the "Company") who do not receive
     compensation as employees of the Company ("Directors") in order to aid the
     Company in attracting and retaining as Directors persons whose abilities,
     experience and judgment can contribute to the continued progress of the
     Company.

2.   Definitions

     2.1.  Beneficiary - "Beneficiary" means the person or persons designated as
           -----------
           such in accordance with Section 8.

     2.2.  Class Year - "Class Year" means the year in respect of which
           ----------
           compensation is deferred under the Plan.

     2.3.  Committee - "Committee" (also referred to as the "Executive
           ---------
           Compensation Committee") means the committee appointed by the Board
           of Directors that will administer the Plan.

     2.4.  Director - "Director" means a Director of the Company who is not an
           --------
           employee of the Company or an affiliate.

     2.5.  Director's Fees - "Director's Fees" means any compensation payable to
           ---------------
           a Director for services rendered as a Director for the Class Year,
           including retainer fees, meeting fees, committee fees, chairmanship
           fees and special assignment fees, but not including director's
           reimbursable expenses.

     2.6.  Declining Balance Installments - "Declining Balance Installments"
           ------------------------------
           means a series of annual payments such that each payment is
           determined by taking that portion of the Participant's Deferred
           Compensation Account in the Equity Index Account as of the
           Distribution Date and dividing by the number of years of
           distributions remaining.

     2.7.  Deferral Amount - "Deferral Amount" means the amount of Elective
           ---------------
           Deferred Compensation deferred by the Participant for each Class
           Year.

     2.8.  Deferred Compensation Account - "Deferred Compensation Account" means
           -----------------------------
           the account for each Class Year maintained by the Company for each
           Participant pursuant to Section 6.

                                       1
<PAGE>

     2.9.   Distribution Date - "Distribution Date" means the date on which the
            -----------------
            Company makes distributions from the Participant's Deferred
            Compensation Account.

     2.10.  Effective Date - "Effective Date" means January 1, 1997, the date on
            --------------
            which the Plan commenced as approved by the Board of Directors on
            November 21, 1996.

     2.11.  Election Form - "Election Form" means the form or forms attached to
            -------------
            this Plan and filed with the Executive Compensation Committee by the
            Participant in order to participate in the Plan. The terms and
            conditions specified in the Election Form(s) are incorporated by
            reference herein and form a part of the Plan.

     2.12.  Elective Deferred Compensation - "Elective Deferred Compensation"
            ------------------------------
            means the amount elected to be deferred by a Director in his/her
            Election Form.

     2.13.  Equity Index Account - "Equity Index Account" means an investment
            --------------------
            option providing for a return based upon the hypothetical investment
            of the Deferral Amount, or a portion thereof, in the S&P 500 Index.

     2.14.  Executive Compensation Committee - "Executive Compensation
            --------------------------------
            Committee" (also referred to as the "Committee") means the committee
            appointed by the Board of Directors that will administer the Plan.

     2.15.  Fixed Account - "Fixed Account" means an investment option providing
            -------------
            for a stated amount of interest to be credited to the Deferral
            Amount, or a portion thereof, based on Moody's.

     2.16.  Investment Allocation Change Form - "Investment Allocation Change
            ---------------------------------
            Form" means the form attached to this Plan and filed with the
            Committee by the Participant in order to request a change in the
            allocation of the Participant's Deferred Compensation Account(s)
            between the Fixed Account and the Equity Index Account. The terms
            and conditions specified in the Investment Allocation Change Form
            are incorporated by reference herein and form a part of the Plan.

     2.17.  Moody's - "Moody's" means the annual average composite yield on
            -------
            Moody's Seasoned Corporate Bond Yield Index for the twelve (12)
            months ending the October 31st immediately preceding the Valuation
            Date, as determined from Moody's Bond Record published by Moody's
            Investors Service, Inc. (or any successors thereto), or, if such
            yield is no longer published, a substantially similar average
            selected by the Company.

     2.18.  Participant - "Participant" means a Director participating in the
            -----------
            Plan in accordance with the provisions of Section 4.

                                       2
<PAGE>

     2.19.  S&P 500 Investment Return - "S&P 500 Investment Return" means the
            -------------------------
            return used to determine the amount of gain or loss credited to that
            portion of a Participant's Deferred Compensation Account in the
            Equity Index Account under Sections 6.5 and 6.6. The return for a
            Class Year shall be determined by using a hypothetical investment in
            the Standard & Poor's 500 Composite Stock Index inclusive of
            reinvested dividends less management fees (currently 25 basis points
            a year, but may be changed by the Committee to no more than 50 basis
            points).

     2.20.  Substantially Equal Installments - "Substantially Equal
            --------------------------------
            Installments" means a series of annual payments such that equal
            payments over the remaining payment period would exactly amortize
            the Deferred Compensation Account balance in the Fixed Account as of
            the Distribution Date if the credited interest rate remained
            constant at the level credited as of the Valuation Date immediately
            preceding the Distribution Date for the remainder of the payment
            period.

     2.21.  Valuation Date - "Valuation Date" means the date on which the value
            --------------
            of a Participant's Deferred Compensation Account for each Class Year
            is determined as provided in Section 6 hereof. Unless and until
            changed by the Committee, the Valuation Date shall be the last day
            of each calendar year.

3.   Administration of the Plan

     The Executive Compensation Committee, by appointment of the Board of
     Directors of the Company, shall be the sole administrator of the Plan.
     Members of the Committee may be Participants under this Plan.  The
     Committee shall have full power to formulate additional details and
     regulations for carrying out this Plan.  The Committee shall also be
     empowered to make any and all of the determinations not herein specifically
     authorized which may be necessary or desirable for the effective
     administration of the Plan.  Any decision or interpretation of any
     provision of this Plan adopted by the Committee shall be final and
     conclusive.

4.   Participation

     Participation in the Plan shall be limited to Directors who elect to
     participate in the Plan by filing an Election Form prior to the beginning
     of the Class Year in which the Participant's Director's Fees are earned.
     Notwithstanding the foregoing, an individual who first becomes a Director
     during any Class Year may elect to participate in the Plan for such Class
     Year with respect to any Director's Fees not yet earned by filing an
     Election Form within thirty (30) days after becoming a Director.

     Such election shall be irrevocable and shall remain in effect with respect
     to Director's Fees earned for each Class Year thereafter until such
     election is terminated or amended, or until the Participant ceases to be a
     Director, whichever shall first occur.  Any such election may be
     terminated, or amended by a new election having specifications different
     from the election then in effect for the Participant, but any such
     termination or amendment shall be effective only with respect to Director's
     Fees for Class Years beginning after the date such termination or amendment
     is filed.

                                       3
<PAGE>

5.   Vesting of Deferred Compensation Account

     A Participant's interest in his/her Deferred Compensation Account and
     interest credited thereto shall vest immediately.

6.   Accounts and Valuations

     6.1.  Deferred Compensation Accounts.  The Committee shall establish and
           ------------------------------
           maintain a separate Deferred Compensation Account for each
           Participant for each Class Year. Deferred Director's Fees shall be
           credited to the Deferred Compensation Account when otherwise payable
           and prior to the last day of each calendar quarter in which such fees
           are earned.

     6.2.  Investment Allocation of Deferred Compensation Account.  The
           -------------------------------------------------------
           Participant's Deferral Amount shall be deemed to be invested in
           either the Fixed Account or the Equity Index Account in accordance
           with the Participant's election.

     6.3.  Interest Rate Credited.  That portion of the Participant's Deferred
           ----------------------
           Compensation Account in the Fixed Account shall be credited with
           interest on each Valuation Date, as provided hereinafter, at an
           annual rate equal to Moody's.

     6.4.  Timing of Crediting of Interest.  That portion of the Participant's
           -------------------------------
           Deferred Compensation Account in the Fixed Account shall be revalued
           and credited with interest as of each Valuation Date. As of each
           Valuation Date, the value of that portion of the Participant's
           Deferred Compensation Account in the Fixed Account shall consist of
           the balance of such Deferred Compensation Account as of the
           immediately preceding Valuation Date, plus the amount of any Elective
           Deferred Compensation credited to the Fixed Account and any transfers
           from the Equity Index Account, if any, made to such Deferred
           Compensation Account since the preceding Valuation Date, minus the
           amount of all distributions and transfers to the Equity Index
           Account, if any, made from such Deferred Compensation Account since
           the preceding Valuation Date. As of each Valuation Date, interest
           shall be credited on that portion of the Participant's Deferred
           Compensation Account in the Fixed Account since the immediately
           preceding Valuation Date after adjustment for any additions thereto
           or distributions or transfer therefrom. Normal benefit distributions
           (under Section 7.1) from the Fixed Account made on or before February
           15 of the year of payment will be considered to have been made from
           the account and deducted from the account balance as of January 1 of
           such year for the purpose of crediting interest under this Section
           6.4. Interest on Hardship Benefits distributed from the Fixed Account
           will be prorated to the date of distribution for the purpose of
           crediting interest under this Section 6.4.

     6.5.  Investment Return Credited. That portion of the Participant's
           --------------------------
           Deferred Compensation Account in the Equity Index Account shall be
           credited annually with an investment return at a rate equal to the
           S&P 500 Investment Return.

                                       4
<PAGE>

     6.6.  Timing of Crediting of Investment Return.  That portion of the
           ----------------------------------------
           Participant's Deferred Compensation Account in the Equity Index
           Account shall be revalued and credited with investment return as of
           each Valuation Date. As of each Valuation Date, the value of that
           portion of the Participant's Deferred Compensation Account in the
           Equity Index Account shall consist of the balance of such Equity
           Index Account as of the immediately preceding Valuation Date, plus
           any Elective Deferred Compensation credited to the Equity Index
           Account and any transfers from the Fixed Account since the preceding
           Valuation Date, minus the amount of all distributions and transfers
           to the Fixed Account, if any, made from such Equity Index Account
           since the preceding Valuation Date. As of each Valuation Date, the
           investment return shall be credited on that portion of the
           Participant's Deferred Compensation Account in the Equity Index
           Account since the immediately preceding Valuation Date after
           adjustment for any additions thereto or distributions or transfers
           therefrom. Benefit distributions (under Section 7) from the Equity
           Index Account made on or before February 15 of the year of payment
           will be considered to have been made and deducted from the account
           balance as of January 1 of such year for the purpose of crediting
           investment return under this Section 6.6. The investment return on
           Hardship Benefits distributed from the Equity Index Account will be
           calculated to the date of distribution for the purpose of crediting
           the investment return under this Section 6.6.

     6.7.  Change of Investment Allocation by a Participant.  A Participant may
           -------------------------------------------------
           make different investment allocations for each Class Year, and may
           change a Class Year's investment allocation once a year. Any change
           will be effective as of January 1 of the next year if the Participant
           submits an Investment Allocation Change Form to the Committee by
           December 15 of any Plan year.

7.   Benefits

     7.1.  Normal Benefit
           --------------

           a.   A Participant's Deferred Compensation Account shall be paid to
                the Participant as requested in his/her Election Form, subject
                to the terms and conditions set forth in the Plan, including the
                Election Form. If a Participant elects to receive payment of
                his/her Deferred Compensation Account in the Fixed Account in
                installments, payments shall be made in Substantially Equal
                Installments. If a Participant elects to receive payment of
                his/her Deferred Compensation Account in the Equity Index
                Account in installments, payments shall be made in Declining
                Balance Installments. Unless the Executive Compensation
                Committee determines otherwise, and subject to the provisions of
                Section 7.4. as to when payments shall commence, distribution
                payments, whether lump sum or installment, shall be made on or
                before the fifteenth (15th) day of February of each year. A
                Participant may elect different payment schedules for different
                Class Year Deferred Compensation Accounts.

                                       5
<PAGE>

           b.   If a Participant dies before receiving his/her total Deferred
                Compensation Account balances, whether distributions have
                commenced earlier or not, his/her Beneficiary shall be entitled
                to the remaining account balances in accordance with the payment
                elections in the Election Form, except that such payments, if
                not already commenced, shall commence on or before February 15
                next following the date of the Participant's death.

     7.2.  Hardship Benefit.  In the event that the Executive Compensation
           ----------------
           Committee, upon written request of a Participant or Beneficiary of a
           deceased Participant, determines in its sole discretion, that such
           person has suffered an unforeseeable financial emergency, the Company
           shall pay to such person, from the Deferred Compensation Account
           designated by the Participant or Beneficiary, as soon as practicable
           following such determination, an amount necessary to meet the
           emergency, not in excess of the amount of the Deferred Compensation
           Account. The Deferred Compensation Account of the Participant shall
           thereafter be reduced to reflect the payment as of the date paid of a
           Hardship Benefit.

     7.3.  Request to Committee for Delay in Payment.  A Participant shall have
           -----------------------------------------
           no right to modify in any way the schedule for the distribution of
           amounts from his/her Deferred Compensation Account that he/she has
           specified in his/her Election Form. However, upon a written request
           submitted by the Participant to the Committee, the Committee may, in
           its sole discretion, for each Class Year:

           .  Postpone one time the date on which payment shall commence (not
              beyond the year in which the Participant will attain age seventy-
              one (71)); and

           .  Increase the number of installments (to a number not to exceed
              fifteen (15)).

           Any such request(s) must be made at least ninety (90) days prior to
           the earlier of (a) the beginning of the year which the Participant
           has elected for distributions to commence, or (b) when the
           Participant ceases to be a Director.

     7.4.  Date of Payments.  Except as otherwise provided in this plan,
           ----------------
           payments under this Plan shall begin on or before the fifteenth
           (15th) day of February of the calendar year following receipt of
           notice by the Executive Compensation Committee of an event that
           entitles a Participant (or Beneficiary) to payments under the Plan,
           or at such earlier date after receipt of such notice as may be
           determined by the Executive Compensation Committee.

     7.5.  Taxes: Withholding.  To the extent required by law, the Company shall
           ------------------
           withhold from payments made hereunder any amount required to be
           withheld by the federal government, or any state or local government.

     7.6.  Liquidating Distributions.  Notwithstanding any provisions of the
           -------------------------
           Plan or the Participant's Election Form to the contrary, upon written
           request for a Liquidating Distribution submitted by the Participant
           (or Beneficiary) to the Executive

                                       6
<PAGE>

           Compensation Committee, the Committee may, in its sole discretion,
           (or, following a Change in Control, the Committee must) pay to the
           Participant (or Beneficiary following the death of Participant) the
           Participant's (or Beneficiary's) Liquidating Distribution Account
           Balance in a lump sum as soon as practicable, but no later than 60
           days, following the request.

           "Liquidating Distribution" shall mean a distribution requested by the
           Participant (or Beneficiary) in writing directed to the Committee and
           specifically referencing this section. "Liquidating Distribution
           Account Balance" shall mean all of the Deferred Compensation Accounts
           under the Plan in which the Participant has an undistributed balance,
           increased by interest credited or investment return credited or
           debited on the account(s) to the date of distribution from the
           preceding Valuation Date, and decreased by a forfeiture penalty equal
           to six percent (6%) of the value of the Participant's Deferred
           Compensation Account(s) as of the date of distribution.

           Notwithstanding any provisions of the Plan to the contrary, if a
           Participant requests a Liquidating Distribution within sixty (60)
           days following the effective date of a Change in Control, the
           Liquidating Distribution Account Balance shall be paid as set forth
           above except that the forfeiture penalty of six percent (6%) of the
           value of the Participant's (or Beneficiary's) Deferred Compensation
           Account(s) as of the date of distribution shall not be applied.

           Notwithstanding any provisions of the Plan or the Participant's
           Election Form to the contrary, if the Participant requesting the
           Liquidating Distribution is, at the time of the request, an active
           Director of the Company, then the Participant shall, for a period of
           two (2) Class Years beginning with the Class Year during which the
           request for Liquidating Distribution is made, be ineligible to
           participate in the Plan or any Comparable Plans with respect to any
           Compensation not yet deferred.

           For purposes of this Section, a "Change in Control" shall be deemed
           to have occurred if:

           (a)   any "Person", which shall mean a "person" as such term is used
                 in Section 13(d) and 14(d) of the Securities Exchange Act of
                 1934, as amended (the "Exchange Act"), other than the Company,
                 any trustee or other fiduciary holding securities under an
                 employee benefit plan of the Company, or any company owned,
                 directly or indirectly, by the shareholders of the Company in
                 substantially the same proportions as their ownership of stock
                 of the Company, is or becomes the "beneficial owner" (as
                 defined in Rule 13d-3 under the Exchange Act), directly or
                 indirectly, of securities of the Company representing 30
                 percent or more of the combined voting power of the Company's
                 then outstanding securities;

           (b)   at any time during any period of two consecutive years,
                 individuals, who at the beginning of such period constitute the
                 Board, and any new director (other than a director designated
                 by a Person who has entered into an

                                       7
<PAGE>

                 agreement with the Company to effect a transaction described in
                 clause (a), (c) or (d) of this Section) whose election by the
                 Board or nomination for election by the Company's shareholders
                 was approved by a vote of at least two-thirds of the directors
                 at the beginning of the period or whose election or nomination
                 for election was previously so approved, cease for any reason
                 to constitute at least a majority thereof;

           (c)   the shareholders of the Company approved a merger or
                 consolidation of the Company with any other company, other than
                 (i) a merger or consolidation that would result in the voting
                 securities of the Company outstanding immediately prior thereto
                 continuing to represent (either by remaining outstanding or by
                 being converted into voting securities of the surviving entity)
                 more than 50 percent of the combined voting power of the voting
                 securities of the Company, or such surviving entity outstanding
                 immediately after such merger or consolidation, or (ii) a
                 merger or consolidation effected to implement a
                 recapitalization of the Company (or similar transaction) in
                 which no Person acquired 50 percent or more of the combined
                 voting power of the Company's then outstanding securities; or

           (d)   the shareholders of the Company approve a plan of complete
                 liquidation of the Company or an agreement for the sale or
                 disposition by the Company of all or substantially all of the
                 Company's assets.

     7.7.  Replacement of Committee Member.  In the event the Participant
           -------------------------------
           requesting a Hardship Benefit under Section 7.2., a delay in payment
           under the Section 7.3., or a Liquidating Distribution under Section
           7.6., is a member of the Executive Compensation Committee, he/she
           shall not participate in the Committee's decision and, for purposes
           of considering his/her request only, the Chief Executive Officer will
           replace the Participant as a member of the Executive Compensation
           Committee.

8.   Beneficiary Designation

     A Participant shall have the right at any time, and from time to time, to
     designate and/or change or cancel any person, persons, or entity as his/her
     Beneficiary or Beneficiaries (both principal and contingent) to whom
     payment under this Plan shall be paid in the event of his/her death prior
     to complete distribution to Participant of the benefits due him/her under
     the Plan.  Each beneficiary change or cancellation shall become effective
     only when filed in writing with the Executive Compensation Committee during
     the Participant's lifetime on a form provided by the Committee.

     The filing of a new Beneficiary designation form will cancel all
     Beneficiary designations previously filed.  Any finalized divorce of a
     Participant subsequent to the date of filing of a Beneficiary designation
     form shall revoke such designation if it was for the spouse Participant
     subsequently divorced.  The spouse of a married Participant domiciled in a
     community property jurisdiction shall be required to join in any
     designation of

                                       8
<PAGE>

     Beneficiary or Beneficiaries other than the spouse in order for the
     Beneficiary designation to be effective.

     If a Participant fails to designate a Beneficiary as provided above, or if
     his/her beneficiary designation is revoked by divorce, or otherwise,
     without execution of a new designation, or if all designated Beneficiaries
     predecease the Participant, then the distribution of such benefits shall be
     made in a lump sum to the Participant's estate.

     If any installment distribution has commenced to a Beneficiary and the
     Beneficiary dies before receiving all installments, any remaining
     installments shall be paid in a lump sum to the estate of the Beneficiary.

9.   Amendment and Termination of Plan

     9.1.  Amendment.  The Board of Directors may at any time may amend the
           ---------
           Plan in whole or in part, provided, however, that no amendment shall
           be effective to reduce the value of any Participant's Deferred
           Compensation Account or to affect the Participant's vested right
           therein, and, except as provided in 9.2. or 9.3., no amendment shall
           be effective to decrease the future benefits under the Plan payable
           to any Participant or Beneficiary with respect to any Elective
           Deferred Compensation which was deferred prior to the date of the
           amendment. Written notice of any amendments shall be given promptly
           to each Participant.

     9.2.  Termination of Plan
           -------------------

           a.   Company's Right to Terminate.  The Board of Directors may at any
                ----------------------------
                time terminate the Plan as to prospective contributions and
                credits of interest or investment return, if it determines in
                good faith that the economic acceptability of the Plan has been
                substantially impaired and that the resulting cost to the
                Company is substantially and unacceptably greater than the cost
                anticipated at the Effective Date. No such termination of the
                Plan shall reduce the balance in a Participant's Deferred
                Compensation Account or affect the Participant's vested right
                therein.

           b.   Payments Upon Termination of Plan.  Upon termination of the Plan
                ---------------------------------
                under this Section 9.2., Director's Fees not yet earned shall
                prospectively cease to be deferred. With respect to then-
                existing Deferred Compensation Accounts, the Company will,
                depending upon the Participant's election at that time: (i) pay
                to the Participant, in a lump sum, the value of each of his/her
                Deferred Compensation Accounts; (ii) continue to defer the
                Compensation under the Plan, but with only the Fixed Account
                option and with the interest rate credited on all future
                Valuation Dates to be equal to the daily average of the best
                interest rate available to the Company during the then calendar
                year for short-term borrowings; or (iii) make such other
                arrangement as the Committee determines appropriate.

                                       9
<PAGE>

     9.3.   Successors and Mergers, Consolidations or Change in Control. The
            -----------------------------------------------------------
            terms and conditions of this Plan and Election Form shall enure to
            the benefit of and bind the Company, the Participants, their
            successors, assigns, and personal representatives. If substantially
            all of the stock or assets of the Company are acquired by another
            corporation or entity or if the Company is merged into, or
            consolidated with, another corporation or entity, then the
            obligations created hereunder shall be obligations of the acquirer
            or successor corporation or entity.

10.  Miscellaneous

     10.1.  Unsecured General Creditor.  Participants and their beneficiaries,
            --------------------------
            heirs, successors and assigns shall have no legal or equitable
            rights, interests, or other claims in any property or assets of the
            Company, nor shall they be beneficiaries of, or have any rights,
            claims, or interests in any life insurance policies, annuity
            contracts, or the policies therefrom owned or that may be acquired
            by the Company ("Policies"). Such Policies or other assets shall not
            be held under any trust for the benefit of Participants, their
            beneficiaries, heirs, successors, or assigns, or held in any way as
            collateral security for the fulfilling of the obligations of the
            Company under this Plan. Any and all of such assets and policies
            shall be and remain general, unpledged, unrestricted assets of the
            Company. The Company's obligation under the Plan shall be that of an
            unfunded and unsecured promise to pay money in the future.

     10.2.  Obligations to the Company.  If a Participant becomes entitled to a
            --------------------------
            distribution of benefits under the Plan, and if at such time the
            Participant has outstanding any debt, obligation, or other liability
            representing an amount owed to the Company, then the Company may
            offset such amounts owing it or an affiliate against the amount of
            benefits otherwise distributable. Such determination shall be made
            by the Committee.

     10.3.  Non-Assignability.  Neither a Participant nor any other person shall
            -----------------
            have any right to commute, sell, assign, transfer, pledge,
            anticipate, mortgage, or otherwise encumber, transfer, hypothecate
            or convey in advance of actual receipt the amounts, if any, payable
            hereunder, or any part thereof, that are, and all rights to which
            are expressly declared to be unassignable and nontransferable. No
            part of the amounts payable shall, prior to actual payment, be
            subject to seizure or sequestration for the payment of any debts,
            judgments, alimony or separate maintenance owed by a Participant or
            any other person, nor be transferable by operation of law in the
            event of a Participant's or any other person's bankruptcy or
            insolvency.

     10.4.  Election to Board of Directors Not Guaranteed.  Participation in
            ---------------------------------------------
            this Plan shall not confer upon any Participant any right to be
            nominated for re-election to the Board of Directors, or to be re-
            elected to the Board of Directors.

                                       10
<PAGE>

     10.5.  Gender Singular and Plural. All pronouns and any variations thereof
            --------------------------
            shall be deemed to refer to the masculine, feminine, or neuter, as
            the identity of the person or persons may require. As the context
            may require, the singular may be read as the plural and the plural
            as the singular.

     10.6.  Captions.  The captions to 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.

     10.7.  Applicable Law.  This Plan shall be governed and construed in
            --------------
            accordance with the laws of the State of Indiana.

     10.8.  Validity.  In the event any provision of this Plan is held invalid,
            --------
            void, or unenforceable, the same shall not affect, in any respect
            whatsoever, the validity of any other provision of this Plan.

     10.9.  Notice.  Any notice or filing required or permitted to be given to
            ------
            the Executive Compensation Committee shall be sufficient if in
            writing and hand delivered, or sent by registered or certified mail,
            to the principal office of the Company, directed to the attention of
            the Chief Executive Officer. 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.

                                       11

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