Document:

EX-10.1 FIRST AMENDMENT DEFERRED COMPENSATION PLAN

 

Exhibit 10.1

FIRST AMENDMENT TO THE OXFORD INDUSTRIES, INC.

DEFERRED COMPENSATION PLAN

     Pursuant to § 10.12 of the Oxford Industries, Inc. Deferred Compensation Plan (the “Plan”),
Oxford Industries, Inc. (the “Company”) hereby amends the Plan as follows:

1.

     Exhibits B and D to the Plan are replaced in their entirety with new Exhibits B and D attached
hereto.

2.

     Except as specifically set forth herein, the terms of the Plan shall remain in full force and
effect.

     IN WITNESS WHEREOF, the Company has caused this First Amendment to the Oxford Industries, Inc.
Deferred Compensation Plan to be executed on the date set forth below.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	OXFORD INDUSTRIES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	   /s/ Thomas C. Chubb III	 	 
	 

	 	  
	 	 
	 

	 	 	Name: Thomas C. Chubb III	 	 
	 

	 	 	Title:   Executive Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	Date:
	 	August 3, 2006	 	 

 

EXHIBIT B

PRE-2005 OXFORD PLAN

SPECIAL RULES APPLICABLE TO 2005 COMPENSATION

          Notwithstanding any other provision of the Pre-2005 Oxford Plan to the contrary, the
provisions of this Exhibit B shall supersede all inconsistent provisions of the Pre-2005 Oxford
Plan with respect to amounts deferred in taxable years beginning after December 31, 2004 and before
January 1, 2006 (and earnings on such amounts). All other provisions of the Pre-2005 Oxford Plan
shall apply with respect to such deferrals to the extent not inconsistent with the provisions of
this Exhibit B or Section 409A of the Code, as determined by the Plan Administrator in its sole and
absolute discretion. This Exhibit B is intended to (a) satisfy the requirements of Section
409A(a)(2), (3) and (4) of the Code for deferrals made after December 31, 2004 and before January
1, 2006 and (b) not constitute a material modification of the Pre-2005 Oxford Plan with respect to
amounts deferred before January 1, 2005.

          1. Account(s). A separate bookkeeping account shall be established to account for
deferrals made in taxable years beginning after December 31, 2004 and before January 1, 2006 and
any earnings on such deferrals. The portion of any Account that was not fully vested on December
31, 2004 shall be treated as a deferral made in taxable years beginning after December 31, 2004.

          2. Participation. A Deferral Commitment shall only apply to defer a portion of
Compensation consisting of base salary, commissions and/or bonus compensation earned by a
Participant during the Deferral Period. The deadline for completion and submission of a Deferral
Commitment and Distribution Election Form is December 31, 2004.

          3. Change in Employment Status. The provisions of Section 3.6 of the Pre-2005 Oxford
Plan shall not apply.

          4. Hardship Distributions. The provisions of Sections 2.14 and 5.4 of the Pre-2005
Oxford Plan shall not apply, and Section 7.2(d) of the Plan shall apply as if incorporated in the
Pre-2005 Oxford Plan.

          5. Distribution of Retirement Account. In order for a termination of employment with
the Company to trigger a distribution, the termination of employment must qualify as a “separation
from service” within the meaning of Section 409A of the Code and the regulations thereunder.
Distribution upon termination of employment will be made in the form selected by the Participant,
unless the Participant terminates employment prior to Retirement, in which case the Retirement
Account shall be paid in the form of a lump sum payment, with no Committee discretion to pay in
another form. A distribution made as a result of the Participant’s termination of employment
(whether prior to or upon Retirement) will commence on the first regularly scheduled pay date that
coincides with or immediately follows the first day of the calendar month that is 6 months from the
date the Participant terminates employment.

          6. In-Service Account. A Participant may revise an in-service distribution election
to change the time of distribution; provided, however, that (1) the revision will not take effect
until 12 months after the date it is made, (2) the revision must be made at least 12 months before
the in-service distribution otherwise would commence, and (3) the in-service distribution will be
deferred for at least 5 years from the date the in-service distribution would have commenced in the
absence of the revision.

          7. Death. If distribution is made as a result of the Participant’s death under
Section 5.3 of the Pre-2005 Oxford Plan, distribution will commence on the first regularly
scheduled pay date that coincides with or immediately follows the first day of the calendar quarter
immediately following the quarter in which his or her death occurred.

          8. Withdrawal with Penalty. The provisions of Section 5.5 of the Pre-2005 Oxford Plan
shall not apply.

          9. Delay of Payments Under Certain Circumstances. Section 7.2(e) of the Plan shall
apply as if incorporated in the Pre-2005 Oxford Plan.

          10. Amendment and Complete Termination. The provisions of Sections 9.1 and
9.2(b) of the Pre-2005 Oxford Plan shall not apply, and Section 10.12 of the Plan shall apply as if
incorporated in the Pre-2005 Oxford Plan.

2

 

EXHIBIT D

TOMMY BAHAMA PLAN

SPECIAL RULES APPLICABLE TO 2005 COMPENSATION

          Notwithstanding any other provision of the Tommy Bahama Plan to the contrary, the provisions
of this Exhibit D shall supersede all inconsistent provisions of the Tommy Bahama Plan with respect
to amounts deferred in taxable years beginning after December 31, 2004 and before January 1, 2006
(and earnings on such amounts) and earnings in 2005 on deferrals made in taxable years before
January 1, 2005. All other provisions of the Tommy Bahama Plan shall apply with respect to such
deferrals to the extent not inconsistent with the provisions of this Exhibit D or Section 409A of
the Code, as determined by the Plan Administrator in its sole and absolute discretion. This
Exhibit D is intended to (a) satisfy the requirements of Section 409A(a)(2), (3) and (4) of the
Code for deferrals made after December 31, 2004 and before January 1, 2006 and (b) not constitute a
material modification of the Tommy Bahama Plan with respect to amounts deferred before January 1,
2005.

          1. Account(s). A separate bookkeeping account shall be established to account for
deferrals made in taxable years beginning after December 31, 2004 and before January 1, 2006 (and
any earnings on such deferrals) and earnings in 2005 on deferrals made in taxable years before
January 1, 2005. The portion of any Deferred Compensation Account that was not fully vested on
December 31, 2004 shall be treated as a deferral made in taxable years beginning after December 31,
2004.

          2. Deferral Elections. In no event may a Deferral Election be made later than the
last day of the Plan Year preceding the Plan Year in which the amount being deferred is earned by
the Participant, except that a Deferral Election with respect to Excess Contributions payable to
the Participant in 2005 may be made on or before December 31, 2004 in accordance with Q&A 21 of IRS
Notice 2005-1.

          3. Time and Method of Payment. In order for a termination of employment or
association with the Employers to qualify as a Distribution Event, the termination of employment or
association must qualify as a “separation from service” within the meaning of Section 409A of the
Code and the regulations thereunder. Section 5.1 of the Tommy Bahama Plan is amended to provide
that distributions shall be made in a single, lump sum payment and will commence on the first
regularly scheduled pay date that coincides with or immediately follows the first day of the
calendar month that is 6 months from the Participant’s Distribution Date.

          4. Disability or Death. If distribution is made as a result of the Participant’s
disability or death under Sections 5.2 or 5.3 of the Tommy Bahama Plan, distribution will commence
on the first regularly scheduled pay date that coincides with or immediately follows the first day
of the calendar quarter immediately following the quarter in which his or her disability or death
occurred.

          5. Unforeseeable Financial Emergency. The provisions of Sections 1.20, 3.2(c) and 5.5
of the Tommy Bahama Plan shall not apply, and Section 7.2(d) of the Plan shall apply as if
incorporated in the Tommy Bahama Plan.

          6. Delay of Payments Under Certain Circumstances. Section 7.2(e) of the Plan shall
apply as if incorporated in the Tommy Bahama Plan.

          7. Amendment and Termination. The provisions of Section 8 of the Tommy Bahama Plan
shall not apply, and Section 10.12 of the Plan shall apply as if incorporated in the Tommy Bahama
Plan.

3<PAGE>

                                                                    Exhibit 10.1

                               ACUITY BRANDS, INC.

                     2005 SUPPLEMENTAL DEFERRED SAVINGS PLAN

                        (Effective as of January 1, 2005)

<PAGE>

                               ACUITY BRANDS, INC.
                     2005 SUPPLEMENTAL DEFERRED SAVINGS PLAN

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                           <C>
ARTICLE I INTRODUCTION AND ESTABLISHMENT...................................    1

ARTICLE II DEFINITIONS.....................................................    2
   2.1  Account............................................................    2
   2.2  Annual Valuation Date..............................................    2
   2.3  Beneficiary........................................................    2
   2.4  Business Unit......................................................    2
   2.5  Change in Capitalization...........................................    2
   2.6  Change in Control..................................................    2
   2.7  Code...............................................................    3
   2.8  Company............................................................    3
   2.9  Compensation.......................................................    3
   2.10 Deferral Subaccount................................................    3
   2.11 Deferred Restricted Stock Subaccount...............................    4
   2.12 Effective Date.....................................................    4
   2.13 Election Form......................................................    4
   2.14 Employer...........................................................    4
   2.15 ERISA..............................................................    4
   2.16 Executive..........................................................    4
   2.17 Fair Market Value..................................................    4
   2.18 Financial Hardship.................................................    4
   2.19 Fiscal Year........................................................    4
   2.20 In-Service Account.................................................    4
   2.21 Matching Subaccount................................................    5
   2.22 Participant........................................................    5
   2.23 Performance-Based Plan.............................................    5
   2.24 Plan...............................................................    5
   2.25 Plan Administrator.................................................    5
   2.26 Plan Year..........................................................    5
   2.27 Prime Rate.........................................................    5
   2.28 Prior Plan.........................................................    5
   2.29 Prior Plan Transfer Account........................................    5
   2.30 Retirement.........................................................    5
   2.31 Retirement Account.................................................    5
   2.32 Section 409A.......................................................    5
   2.33 Shares.............................................................    5
   2.34 Subsidiary.........................................................    6
   2.35 Supplemental Subaccount............................................    6
   2.36 Termination for Cause..............................................    6
   2.37 Termination of Service.............................................    6
   2.38 Total and Permanent Disability.....................................    6
   2.39 Valuation Date.....................................................    6
</TABLE>

                                       -i-

<PAGE>

<TABLE>
<S>                                                                           <C>
   2.40 Year of Service....................................................    6

ARTICLE III PARTICIPATION; DEFERRAL ELECTION...............................    7
   3.1  Eligibility to Participate.........................................    7
   3.2  Deferral Election..................................................    7
   3.3  Deferral Subaccount................................................    8
   3.4  Deferred Restricted Stock Subaccount...............................    8

ARTICLE IV EMPLOYER CONTRIBUTION CREDITS; VESTING..........................    9
   4.1  Employer Contribution Credits......................................    9
   4.2  2005 and 2006 Deferral Elections And Prior Plan Transfer Accounts..   10
   4.3  Vesting of a Participant's Account.................................   10

ARTICLE V PAYMENT OF ACCOUNTS..............................................   12
   5.1  Timing and Form of Payment.........................................   12
   5.2  Payment at Termination of Service..................................   13
   5.3  Payment at Death...................................................   14
   5.4  Payment at Disability..............................................   14
   5.5  Financial Hardship Distribution....................................   14

ARTICLE VI PLAN ADMINISTRATOR..............................................   15
   6.1  Plan Administrator.................................................   15
   6.2  Right and Duties...................................................   15
   6.3  Compensation, Indemnity and Liability..............................   15
   6.4  Taxes..............................................................   16

ARTICLE VII CLAIMS PROCEDURE...............................................   17
   7.1  Claims for Benefits................................................   17
   7.2  Appeals............................................................   17

ARTICLE VIII AMENDMENT AND TERMINATION; CHANGE IN CONTROL..................   18
   8.1  Amendments.........................................................   18
   8.2  Termination of Plan................................................   18
   8.3  Change In Control Provisions.......................................   18

ARTICLE IX MISCELLANEOUS...................................................   20
   9.1  Limitation on Participant's Rights.................................   20
   9.2  Benefits Unfunded..................................................   20
   9.3  Other Plans........................................................   20
   9.4  Receipt or Release.................................................   20
   9.5  Governing Law......................................................   20
   9.6  Gender, Tense, and Headings........................................   20
   9.7  Successors and Assigns; Nonalienation of Benefits..................   21
   9.8  Combination With Other Plan........................................   21

APPENDIX A PENSION PLAN MAKE-UP CONTRIBUTION CREDIT........................    1

APPENDIX B SERP MAKE-UP CONTRIBUTION CREDIT................................    4
</TABLE>

                                      -ii-

<PAGE>

                                    ARTICLE I
                         INTRODUCTION AND ESTABLISHMENT

     Effective as of November 30, 2001, Acuity Brands, Inc. ("Company")
established the Acuity Brands, Inc. Supplemental Deferred Savings Plan ("Prior
Plan") for the benefit of eligible management and highly compensated employees
of the Company and its Subsidiaries and Business Units. The Plan was designed to
assist and encourage eligible employees to accumulate capital and to supplement
their retirement income.

     Because the law applicable to nonqualified deferred compensation plans was
significantly changed effective January 1, 2005, the Company has decided to
adopt a new deferred compensation plan, the 2005 Supplemental Deferred Savings
Plan (the "Plan") for deferrals and Company contribution credits occurring on or
after January 1, 2005, and for unvested amounts credited to participants under
the Prior Plan as of December 31, 2004. The vested amounts credited to
participants as of December 31, 2004 under the Prior Plan will remain credited
under the Prior Plan and subject to the terms and conditions of the Prior Plan.

                                       1

<PAGE>

                                   ARTICLE II
                                   DEFINITIONS

     When used in this Plan, the following terms shall have the meanings set
forth below unless a different meaning is plainly required by the context:

     2.1 "Account" means the records maintained by the Plan Administrator to
determine the Participant's deferrals and any Company contribution credits on
the Participant's behalf under this Plan. Such Account may be reflected as an
entry in the Company's (or Employer's) records, or as a separate account under a
trust, or as a combination of both. Each Participant's Account may consist of
the following subaccounts: a Deferral Subaccount to reflect his deferrals of
Compensation; a Matching Subaccount for Employer matching contribution credits;
a Supplemental Subaccount for any supplemental Employer contribution credits;
and a Deferred Restricted Stock Subaccount to reflect any deferrals of
Restricted Stock. The Plan Administrator may establish such additional
subaccounts as it deems necessary for the proper administration of the Plan.

     2.2 "Annual Valuation Date" means December 31 of each year while the Plan
is in effect.

     2.3 "Beneficiary" means the person or persons last designated in writing by
the Participant to receive the vested amount in his Account in the event of such
Participant's death; or if no designation shall be in effect at the time of a
Participant's death or if all designated Beneficiaries shall have predeceased
the Participant, then the Beneficiary shall be the Participant's estate or his
personal representative.

     2.4 "Business Unit" means any of the operating units or divisions of the
Company, or its Subsidiaries, designated as a Business Unit by the Plan
Administrator.

     2.5 "Change in Capitalization" means any increase or reduction in the
number of Shares, or any change (including, but not limited to, a change in
value) or exchange of Shares for a different number or kind of shares or other
securities of the Company, by reason of a reclassification, recapitalization,
merger, consolidation, reorganization, spin-off, split-up, issuance of warrants
or rights or debentures, stock dividend, stock split or reverse stock split,
cash dividend, property dividend, combination or exchange of shares, repurchase
of shares, public offering, private placement, change in corporate structure or
otherwise, which in the judgment of the Plan Administrator is material or
significant.

     2.6 "Change in Control" means any of the following events:

     (a) The acquisition (other than from the Company in an acquisition that is
approved by the Incumbent Board) by any "Person" (as the term person is used for
purposes of Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, as
amended (the "1934 Act")) of beneficial ownership (within the meaning of Rule
13d-3 promulgated under the 1934 Act) of twenty percent (20%) or more of the
combined voting power of the Company's then outstanding voting securities; or

                                       2

<PAGE>

     (b) The individuals who, as of January 1, 2005, are members of the Board
(the "Incumbent Board"), cease for any reason to constitute at least two-thirds
of the Board; provided, however, that if the election, or nomination for
election by the Company's stockholders, of any new director was approved by a
vote of at least two-thirds of the Incumbent Board, such new director shall, for
purposes of this Plan, be considered as a member of the Incumbent Board; or

     (c) Consummation of a merger or consolidation involving the Company if the
stockholders of the Company, immediately before such merger or consolidation do
not, as a result of such merger or consolidation, own, directly or indirectly,
more than sixty percent (60%) of the combined voting power of the then
outstanding voting securities of the corporation resulting from such merger or
consolidation in substantially the same proportion as their ownership of the
combined voting power of the voting securities of the Company outstanding
immediately before such merger or consolidation; or

     (d) A complete liquidation or dissolution of the Company or the sale or
other disposition of all or substantially all of the assets of the Company.

     Notwithstanding the foregoing, a Change in Control shall not be deemed to
occur pursuant to subsection (a) above, solely because twenty percent (20%) or
more of the combined voting power of the Company's then outstanding securities
is acquired by (i) a trustee or other fiduciary holding securities under one or
more employee benefit plans maintained by the Company or any of its
subsidiaries, or (ii) any corporation which, immediately prior to such
acquisition, is owned directly or indirectly by the stockholders of the Company
in the same proportion as their ownership of stock in the Company immediately
prior to such acquisition.

     2.7 "Code" means the Internal Revenue Code of 1986, as amended.

     2.8 "Company" means Acuity Brands, Inc., a Delaware corporation, or its
successor or successors.

     2.9 "Compensation" means the annual cash compensation (salary plus bonuses
whether under a Performance-Based Plan or other annual bonuses) paid by the
Employer to the Participant for the Plan Year, provided that a bonus actually
paid during a subsequent Plan year based upon performance during the preceding
Plan Year shall be treated as Compensation for such preceding Plan Year. The
Participant's Compensation shall include amounts deferred by the Participant to
this Plan and any other deferred compensation plan of the Employer (whether or
not qualified), and any salary reduction amounts contributed to a welfare plan.
The term "Compensation" shall not include long-term incentive payments, income
from stock options, stock appreciation rights, restricted stock, restricted
stock units, performance awards or other stock awards, car allowances, non-cash
remuneration, such as health benefits, life insurance, and other fringe
benefits, moving expenses, relocation allowances, and payments from this Plan or
any other deferred compensation plan.

     2.10 "Deferral Subaccount" means the subaccount maintained to reflect the
Participant's deferrals of Compensation, including amounts previously credited
to a Participant's Deferral Subaccount in the Prior Plan that are transferred to
this Plan pursuant to Section 4.2, and any earnings thereon.

                                       3

<PAGE>

     2.11 "Deferred Restricted Stock Subaccount" means the subaccount maintained
to reflect the Participant's deferrals of Restricted Stock and related
dividends, including amounts previously credited to the Participant under the
Prior Plan that are transferred to the Plan pursuant to Section 4.2.

     2.12 "Effective Date" means the effective date of this Plan, January 1,
2005.

     2.13 "Election Form" means the form prescribed by the Plan Administrator on
which a Participant may specify the amount of his Compensation that is to be
deferred pursuant to the provisions of Article III, and the time and manner of
payment of his benefits. The Election Form may be accessed and completed through
telephonic or electronic means as determined by the Plan Administrator.

     2.14 "Employer" means the Company and any Subsidiary or related employer
designated by the Company to participate in the Plan.

     2.15 "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.

     2.16 "Executive" means an officer of the Company, a Subsidiary or one of
the Company's Business Units, and other key employees designated as eligible
pursuant to Section 3.1. Any dispute regarding any individual's classification
shall be determined by the Plan Administrator in its sole discretion.

     2.17 "Fair Market Value" means the fair market value of the Shares as
determined in good faith by the Plan Administrator; provided, however, that (a)
if the Shares are admitted to trading on a national securities exchange, Fair
Market Value on any date shall be the closing price reported for the Shares on
such exchange on such date or, if no sale was reported on such date, on the last
date preceding such date on which a sale was reported, (b) if the Shares are
admitted to quotation on the National Association of Securities Dealers
Automated Quotation System ("NASDAQ") or other comparable quotation system and
have been designated as a National Market System ("NMS") security, Fair Market
Value on any date shall be the last sale price reported for the Shares on such
system on such date or on the last day preceding such date on which a sale was
reported, or (c) if the Shares are admitted to Quotation on NASDAQ and have not
been designated a NMS Security, Fair Market Value on any date shall be the
average of the highest bid and lowest asked prices of the Shares on such system
on such date.

     2.18 "Financial Hardship" means the occurrence of an "unforeseeable
emergency" with respect to the Participant within the meaning of Section 409A.

     2.19 "Fiscal Year" means the Company's fiscal year commencing on September
1 and ending on August 31 of the following calendar year, or such other 12-month
period used by the Company for financial reporting purposes.

     2.20 "In-Service Account" means an account established by a Participant
which will be paid (or commence being paid) during employment on a date selected
by the Participant.

                                       4

<PAGE>

     2.21 "Matching Subaccount" means the subaccount maintained to reflect the
Employer's matching contribution credits, including amounts previously credited
to a Participant's Matching Subaccount in the Prior Plan that are transferred to
this Plan pursuant to Section 4.2, and any earnings thereon.

     2.22 "Participant" means an Eligible Executive as defined in Section 3.1
(or an individual who was an Eligible Executive, including individuals who were
participating in the Prior Plan that have amounts transferred to this Plan), a
portion of whose Compensation for any Plan Year has been deferred pursuant to
the Plan or who has received Employer contribution credits, and whose interest
in the Plan has not been wholly distributed.

     2.23 "Performance-Based Plan" means a plan (or part of a plan) that pays
compensation which qualifies as "Performance-based compensation" within the
meaning of Section 409A.

     2.24 "Plan" means the Acuity Brands, Inc. 2005 Supplemental Deferred
Savings Plan, as set forth herein and as it may be amended from time to time.

     2.25 "Plan Administrator" means the Company or, if applicable, a committee
appointed pursuant to Article VI to administer the Plan.

     2.26 "Plan Year" means January 1 through the next following December 31.

     2.27 "Prime Rate" means the rate of interest published in the Wall Street
Journal (or similar financial publication selected by the Plan Administrator) as
the prime rate on a particular date (or the next business day if such date is
not a business day), as determined by the Plan Administrator.

     2.28 "Prior Plan" means the Acuity Brands, Inc. Supplemental Deferred
Savings Plan, which became effective November 30, 2001, as amended.

     2.29 "Prior Plan Transfer Account" means the amount credited to a
Participant under the Prior Plan that is transferred to this Plan, which shall
be managed and distributed in accordance with the provisions of this Plan.

     2.30 "Retirement" means termination of the Participant's employment with
all Employers on or after attaining age 60, other than a Termination for Cause.

     2.31 "Retirement Account" means the account which is payable in the manner
elected by the Participant if the Participant terminates employment after
becoming eligible for Retirement.

     2.32 "Section 409A" means Section 409A of the Code, as it may be amended
from time to time, and the regulations and rulings thereunder.

     2.33 "Shares" means the common stock, par value $.01 per share, of the
Company (including any new, additional or different stock or securities
resulting from a Change in Capitalization).

                                       5

<PAGE>

     2.34 "Subsidiary" means any corporation in an unbroken chain of
corporations, beginning with the Company, if each of the corporations other than
the last corporation in the unbroken chain owns stock possessing 50% or more of
the total combined voting power of all classes of stock in one of the other
corporations in such chain. The term "Subsidiary" shall also include a
partnership or limited liability company in which the Company or a Subsidiary
owns 50% or more of the profits interest or capital interest.

     2.35 "Supplemental Subaccount" means the subaccount established to reflect
the Employer's supplemental contribution credits, including amounts previously
credited to a Participant's Supplemental Subaccount in the Prior Plan that are
transferred to this Plan pursuant to Section 4.2, and any earnings thereon.

     2.36 "Termination for Cause" means the Executive has terminated employment
and has been found by the Plan Administrator to be guilty of theft,
embezzlement, fraud or misappropriation of the Company's property or of any
action which, if the individual were an officer of the Company, would constitute
a breach of fiduciary duty. The final determination of whether a Participant has
incurred a Termination for Cause shall be made by the Plan Administrator.

     2.37 "Termination of Service" or similar expression means the termination
of the Participant's employment as an employee of the Company and all adopting
Employers. A Participant who is granted a temporary leave of absence, whether
with or without pay, shall not be deemed to have terminated his service. In the
event of a transfer of an Executive to a position in which he would no longer be
eligible to actively participate in this Plan, such transfer shall not
constitute a Termination of Service.

     2.38 "Total and Permanent Disability" means a physical or mental incapacity
which impairs the Participant's ability to substantially perform his usual
duties and services for the Employer for a period of one hundred eighty (180)
consecutive days. The determination as to whether Total and Permanent Disability
exists shall be made by the Plan Administrator based upon the information
provided to it and shall be made in a manner consistent with the requirements of
Section 409A.

     2.39 "Valuation Date" means the Annual Valuation Date, and any other
date(s) selected by the Plan Administrator as of which the Accounts of
Participants are valued.

     2.40 "Year of Service" means, subject to such Break in Service rules as the
Plan Administrator may establish, each Plan Year in which the Eligible Executive
is credited with 1,000 or more Hours of Service with the Employer, including all
Years of Service credited to the Eligible Executive under the Prior Plan. Hours
of Service and Break in Service shall be determined hereunder in accordance with
the Company's general rules for determining such matters under its tax-qualified
plans.

                                       6

<PAGE>

                                   ARTICLE III
                        PARTICIPATION; DEFERRAL ELECTION

     3.1 Eligibility to Participate. Prior to, or at the beginning of, each Plan
Year, the Company (or its designee) shall specify the Executives who are
eligible to make deferral elections under the Plan for the following Plan Year
and to receive Matching Subaccount and Supplemental Subaccount credits (an
"Eligible Executive"). Such eligibility designation may be made by establishing
a minimum compensation level for participation or by the use of such other
criteria as the Company (or its designee) deems appropriate from time to time.

     3.2 Deferral Election. For any Plan Year in which an Eligible Executive is
eligible to participate, such Eligible Executive may elect on an Election Form
to have a portion of the Compensation to be received by the Executive for such
Plan Year deferred in accordance with the terms and conditions of the Plan. The
Plan Administrator may provide for a separate election with respect to salary
and annual bonus.

     An Executive desiring to exercise such election shall, prior to the
beginning of each Plan Year (or within 30 days after the date of the Eligible
Executive's initial eligibility for the Plan as determined by the Plan
Administrator, if such eligibility commences other than at the beginning of a
Plan Year), complete an Election Form indicating the percentage or amount of his
Compensation for such Plan Year that he elects to have deferred, provided that
the Plan Administrator may extend the date for electing to defer an annual bonus
under a Performance-Based Plan to the extent permitted by Section 409A. If the
Eligible Executive's election would result in a deferral greater than the
maximum established by the Plan Administrator, any deferred amount shall be
reduced to the maximum limit.

     An election to defer Compensation must be filed with the Plan Administrator
within the time period prescribed by the Plan Administrator. If a Participant
fails to file a properly completed and duly executed Election Form with the Plan
Administrator by the prescribed time, he will be deemed to have elected not to
defer any Compensation under this Plan for the Plan Year, except to the extent
the Plan Administrator in its sole discretion permits an extension of the
election period. An Eligible Executive may not, after the applicable election
date change (increase or decrease) the percentage or amount of Compensation he
has elected to defer for a Plan Year.

     At the time a Participant elects to defer Compensation, the Participant
shall elect with respect to such deferral the time and manner in which the
amount deferred (and any earnings thereon) will be distributed to the
Participant. The Plan Administrator may provide that such election is a
continuing election with respect to all amounts credited (and to be credited) to
the Participant's Account. The distribution elections, and any changes to such
elections, shall be made in accordance with Article V.

     The Plan Administrator may establish a maximum deferral limitation for a
Plan Year for each group or class of Eligible Executives (which may be a dollar
amount, a percentage of Compensation or some other limit) and may change such
limitation from year to year, provided an Eligible Executive shall not be
permitted to reduce his Compensation below the amount necessary to make required
or elected contributions to employee benefit plans, required federal,

                                       7

<PAGE>

state and local tax withholdings, and any other withholdings deemed necessary by
the Plan Administrator or required by law.

     The Eligible Executive may designate on the Election Form (or on a separate
form provided by the Plan Administrator) a Beneficiary (or Beneficiaries) to
receive payment of amounts in his Account in the event of his death. Any proper
designation of a Beneficiary under the Prior Plan which has not been changed or
revoked shall continue under this Plan.

     3.3 Deferral Subaccount. The Company shall establish a Deferral Subaccount
for each Participant under the Plan. The initial amount credited to the
Participant's Deferral Subaccount under the Plan shall be the amount credited to
the Participant's Deferral Subaccount in the Prior Plan that is transferred to
this Plan as provided in Section 4.2 below. Each Participant's Deferral
Subaccount shall thereafter be credited with the amounts of Compensation
deferred by the Participant under this Plan. The timing and manner in which
amounts are credited to a Participant's Deferral Subaccount under this Plan
shall be determined by the Plan Administrator in its discretion, but the
deferral election shall be applied to each pay period in which the Participant
has Compensation during his period of participation in the Plan. The
Participant's Deferral Subaccount shall be credited with interest at the Prime
Rate, or the earnings under such other investment options that the Plan
Administrator may establish, on each Annual Valuation Date based upon the amount
credited to such Subaccount as of the preceding Annual Valuation Date, and at
such other times, if any, as may be determined by the Plan Administrator.

     3.4 Deferred Restricted Stock Subaccount. The Company shall establish a
Deferred Restricted Stock Subaccount for each Participant under the Plan who has
Deferred Vested Value Subaccount credits in the Prior Plan Transfer Account
being transferred from the Prior Plan. The initial amount credited to the
Participant's Deferred Restricted Stock Subaccount under the Plan shall be the
number of shares credited to the Participant's Deferred Vested Value Subaccount
in the Prior Plan that is transferred to this Plan as provided in Section 4.2
below and related dividends. No further deferrals will be allowed to the
Deferred Restricted Stock Subaccount by the Participant under this Plan, unless
the Plan administrator determines otherwise. The Deferred Restricted Stock
Subaccount will be adjusted on each Annual Valuation Date (and at such other
dates, if any, as may be determined by the Plan Administrator) as if it were
invested in Shares to reflect any distributions, stock dividends, stock splits
or similar actions with respect to the Shares since the preceding Annual
Valuation Date (or such other date). The Participant's Deferrred Restricted
Stock Subaccount will be adjusted on each Annual Valuation Date (and at such
other dates, if any, as may be determined by the Plan Administrator) to reflect
the cash equivalent of any dividends with respect to the Shares since the
preceding Annual Valuation Date (or such other date). The amounts credited to a
Participant's Deferred Restricted Stock Subaccount shall be distributed and
subject to a further deferral election as provided in Section 5.1(g) below.

                                       8

<PAGE>

                                   ARTICLE IV
                     EMPLOYER CONTRIBUTION CREDITS; VESTING

     4.1 Employer Contribution Credits.

     (a) Matching Subaccount. The Company shall establish a Matching Subaccount
for each Participant under the Plan. The initial amount credited to the
Participant's Matching Subaccount under the Plan shall be the amount credited to
the Participant's Matching Subaccount in the Prior Plan that is transferred to
this Plan as provided in Section 4.2 below. Thereafter, unless the Board
otherwise determines, as of the end of each Plan Year (or as of such other date
as the Board may determine), there shall be credited to the Matching Subaccount
of each Participant who is employed on the last day of the Plan Year an amount
equal to 25% of the amount of the Participant's deferrals for such Plan Year,
provided that the maximum amount credited to a Participant's Matching Subaccount
for a Plan Year shall not exceed five percent (5%) of the Participant's
Compensation for such Plan Year. Unless the Company otherwise determines for a
designated Eligible Executive (other than an Executive Officer of the Company),
an Eligible Executive who is covered by a defined benefit supplemental executive
retirement plan maintained by the Employer shall not be eligible to receive
Employer matching contribution credits under the Plan. The amounts credited to
the Participant's Matching Subaccount shall automatically be credited to the
Participant's Retirement Account.

     Unless the Company otherwise determines, the amount credited to a
Participant's Matching Subaccount shall be credited with interest at the Prime
Rate, or the earnings under such other investment options that the Plan
Administrator may establish, on each Annual Valuation Date based upon the amount
credited to such subaccount as of the preceding Annual Valuation Date.

     (b) Supplemental Subaccount. The Company shall establish a Supplemental
Subaccount for each Participant under the Plan. The initial amount credited to
the Participant's Supplemental Subaccount under the Plan shall be the amount
credited to the Participant's Supplemental Subaccount in the Prior Plan that is
transferred to this Plan as provided in Section 4.2 below. Thereafter, unless
the Board otherwise determines, as of the end of each Plan Year (or as of such
other date as the Board may determine), there shall be credited to the
Supplemental Subaccount of each Eligible Executive who is employed on the last
day of the Plan Year and who has a Year of Service for such Plan Year an amount
equal to three percent (3%) of the Eligible Executive's Compensation for such
Plan Year. Unless the Company determines otherwise for a designated Eligible
Executive, an Eligible Executive who is covered by a defined benefit
supplemental executive retirement plan maintained by the Employer shall not be
eligible to receive Employer supplemental contribution credits under the Plan.
The amounts credited to the Participant's Supplemental Subaccount shall
automatically be credited to the Participant's Retirement Account.

     Unless the Company otherwise determines, the amount credited to an Eligible
Executive's Supplemental Subaccount shall be credited with interest at the Prime
Rate, or the earnings under such other investment options that the Plan
Administrator may establish, on each Annual Valuation Date based upon the amount
credited to such subaccount as of the preceding Annual Valuation Date.

                                       9

<PAGE>

     (c) Additional Employer Contribution Credits. Certain Participants are
eligible to receive additional Employer contribution credits under the Plan,
which additional amounts are described on an Appendix attached hereto and made a
part hereof. The amount of any such additional Employer contribution credits
shall automatically be credited to the Participant's Retirement Account and
shall be payable in accordance with Article V.

     (d) Investment Options. The Plan Administrator may in its discretion
establish additional investment options in which a Participant's Account is
deemed to be invested and provide the Participant the right to elect among such
investment options. The investment options may include the right to invest in
Shares and, in such event, the Plan Administrator may provide for distributions
from the Plan in Shares.

     4.2 2005 and 2006 Deferral Elections And Prior Plan Transfer Accounts

     (a) With respect to Eligible Executives who participated in the Prior Plan
prior to January 1, 2005, and who have made deferral elections under the Prior
Plan for 2005 and 2006 with respect to Compensation which becomes payable on or
after January 1, 2005, the Company hereby transfers all rights with respect to
such deferral elections to the Plan and the Plan hereby assumes all obligations
with respect to such deferral elections. Such deferral elections shall be
maintained and administered in accordance with the Plan, including the payment
rules of Article V. The Plan Administrator may permit changes to such deferral
elections and payment elections in accordance with Section 409A.

     (b) The Accounts (or portion of Accounts) of Participants in the Prior Plan
that were not vested as of December 31, 2004 are hereby transferred to the Plan
and the Plan hereby assumes all obligations with respect to the unvested amounts
credited to such Accounts. The unvested amounts credited to such accounts shall
be maintained and administered in accordance with the Plan, including the
vesting schedule of Section 4.3 and the payment rules of Article V. The Plan
Administrator may permit changes to such payment elections in accordance with
Section 409A.

     (c) The Plan Administrator shall provide such additional payment elections
to Participants with respect to amounts credited to the Plan pursuant to this
Section 4.2 as are consistent with Section 409A, including the transitional
rules.

     4.3 Vesting of a Participant's Account.

     (a) Deferral Subaccount. Except as provided in the next sentence, a
Participant's interest in the amount credited to his Deferral Subaccount shall
at all times be 100% vested and nonforfeitable. If a Participant incurs a
Termination for Cause, he shall forfeit all earnings credited on all amounts
deferred to his Deferral Subaccount that have not yet been fully distributed to
him under Article V.

     (b) Matching and Supplemental Accounts.

          (i) Except in the event of a Termination for Cause (as defined in
     Section 2.36), a Participant's interest in the amount credited to his
     Matching Subaccount and Supplemental Subaccount shall become (A) 100%
     vested and nonforfeitable upon his

                                       10

<PAGE>

     death, Total and Permanent Disability, Retirement, or completion of 10 or
     more Years of Service and attainment of age 55 while actively employed, and
     (B) 50% vested upon completion of 5 Years of Service and attainment of age
     55 while actively employed, with such vesting increasing 10% per year for
     each additional Year of Service up to 10 years.

          (ii) Subject to Article VIII, if the Participant incurs a Termination
     for Cause (regardless of whether he is otherwise vested) or if the
     Participant's employment is terminated prior to the time specified for any
     vesting above, his entire Matching and Supplemental Subaccounts shall be
     forfeited.

     (c) Deferred Restricted Stock Subaccount. A Participant's interest in the
amount credited to his Deferred Restricted Stock Subaccount shall vest in
accordance with the terms of the underlying award agreement for such Restricted
Stock.

                                       11

<PAGE>

                                    ARTICLE V
                               PAYMENT OF ACCOUNTS

     5.1 Timing and Form of Payment.

     (a) Subject to subsection (h) below, on the Election Form, the Participant
shall make an election as to the timing and form of payment for any Participant
deferrals for such Plan Year and the form of payment for any Employer
contribution credits for such Plan Year pursuant to Section 4.1 (such
contributions are automatically credited to the Participant's Retirement
Account) from among the options set forth below for the Participant's Retirement
Account and for any In-Service Account. Once the Participant elects a form of
payment for the Retirement Account, and the time and form of payment for any
In-Service Account, those elections may only be changed once and only in
accordance with subsection (e) below.

     (b) The Participant may elect that the vested amount of his Retirement
Account be distributed in a lump sum, or in annual payments for a period of up
to ten (10) years, provided that if the balance of the Participant's Account is
less than $15,000, the Participant's Account will automatically be paid in a
lump sum. For example, under the 10-year annual payment method, the first year's
payment will equal one tenth (1/10) of the total Account, the second year will
equal one ninth (1/9) of the remaining Account, and so forth. Payment of the
Retirement Account shall be made (or shall commence) in the January following
the Participant's Retirement.

     (c) The Participant may elect to have an In-Service Account payable (or
commence to be paid) during January of the year selected by the Participant on
the Election Form (which initial payment date may not be earlier than two years
after the date amounts are first credited to such Account), in a lump sum or in
annual payments over a period of up to ten (10) years, in the manner provided in
(a) above, as applicable; provided, that any subsequent deferrals to such
designated In-Service Account must be made at least 24 months prior to such
initial payment date; provided, further, that a Participant may only establish
such number of In-Service Accounts for his Account as may be permitted by the
Plan Administrator (or his designee) and the Plan Administrator may increase the
minimum deferral period for In-Service Accounts. Notwithstanding the
Participant's elections under this Section 5.1(c), in the event of the
Participant's Retirement or occurrence of an event specified in subsection (f)
below, the remaining balance of the Participant's Account shall be payable in
accordance with the provisions for payment at Retirement or the events specified
in subsection (f) below (whether or not the In-Service Account was in payment
status at such time).

     (d) The Participant will designate each Plan Year which portion of the
Participant's deferrals for such Plan Year shall be credited to the
Participant's Retirement Account and any In-Service Accounts he has established.
If a Participant's Account is distributed in installments, the Account shall
continue to be credited with deemed earnings, gains and losses in accordance
with Article IV until the entire amount of the Account is distributed.

     (e) A Participant may, not less than twelve (12) months prior to the
payment dates of any In-Service Accounts he has established under subsection (c)
above, and with the approval of the Plan Administrator, defer the date on which
payment of any In-Service Account shall

                                       12

<PAGE>

commence and/or change the method of payment of such In-Service Account,
provided that, (i) after the initial election under subsection (c), a
Participant may only make one election change with respect to a particular
In-Service Account (after such election change, the election shall become
irrevocable); (ii) except as otherwise permitted by Section 409A, the first
in-service payment with respect to such changed election must be deferred at
least 5 years from the date such payment would otherwise have been made, (iii)
except as otherwise permitted by Section 409A, the election shall not become
effective for 12 months.

     A Participant may, not less than twelve (12) months prior to Retirement,
elect to change the method of payment of the Participant's Retirement Account,
provided that (i) only one such change is permitted and after such election
change, the election is irrevocable; (ii) the payment date for the Participant's
Retirement Account will be deferred for 5 years, and (iii) the election shall
not become effective for 12 months.

     The change of election shall be made on a form provided by the Plan
Administrator.

     (f) Notwithstanding the Participant's elections under subsections (b) and
(c) above, the payment of a Participant's Account will be accelerated upon the
events provided below in Payment at Certain Terminations of Service (Section
5.2), Payment at Death (Section 5.3), or Payment at Disability (Section 5.4).

     (g) Unless the Participant elects otherwise as provided below, the amounts
credited to his Deferred Restricted Stock Subaccount shall automatically be paid
in a single payment in the January next following the vesting of such amounts.
The Participant may elect on such form as may be provided by the Plan
Administrator to receive payment (or commence to receive payment) on the earlier
of (i) the Participant's Termination of Service, or (ii) during January of the
year selected by the Participant for payment of an In-Service Account. The
Participant's payment options for Termination of Service and for the In-Service
Account shall be the same as those otherwise provided in this Article V. The
Participant may elect to change the form and/or time of payment, but such
election may only be changed once and only in accordance with the provisions of
subsection (e) above.

          The amounts credited to the Participant's Deferred Restricted Stock
Subaccount shall be subject to the Financial Hardship distribution rules of
Section 5.5. The amounts credited to the Deferred Restricted Stock Subaccount
that are treated as invested in Shares shall be paid in Shares.

     (h) Notwithstanding the other provisions of this Article V, in the event a
Participant who is a "key employee" (as determined by the Plan Administrator in
accordance with rules established by the Plan Administrator under Section 409A)
becomes entitled to payments upon Retirement or Termination of Service, payments
shall not commence until 6 months after such Participant separates from service
and on such date the payments that would have been made during such six-month
period shall be made.

     5.2 Payment at Certain Terminations of Service.

                                       13

<PAGE>

     Subject to Section 5.1(h) above, the vested amount of the Participant's
Account (including any unpaid amounts) will be paid in a lump sum as soon as
practical after the end of the month following the date on which the Participant
has a Termination of Service and the elections under Section 5.1 shall not be
recognized, unless the Participant has completed 5 Years of Service and attained
age 55 at the time of such Termination of Service or the Participant qualifies
for Retirement or a Disability under the terms of this Plan.

     5.3 Payment at Death.

     In the event a Participant dies prior to Retirement or other Termination of
Service, the entire amount of the Participant's Account will become fully vested
and will be paid as if the Participant Retired on the date of death and except
as provided in the next sentence, the elections under Section 5.1 shall not be
recognized. The form of payment to the Beneficiary shall be in accordance with
the Participant's election on the Election Form for payments at Retirement and,
in the absence of such election, payment will be made in a lump sum. In the
event of death subsequent to Retirement, the remaining amount of the
Participant's Account, if any, will be distributed to the Participant's
designated Beneficiaries in the form and at the time that payments would have
been made had the Participant survived.

     5.4 Payment at Disability.

     In the event of the Participant's Total and Permanent Disability (as
defined in Section 2.38), the entire amount of the Participant's Account will
become fully vested and payment will be made as if the Participant had Retired
on the date that he or she became disabled and the elections under Section 5.1
shall not be recognized (except the form of payment will be that elected for
Retirement). Once payment has commenced, payments will continue as elected
regardless of any future change in the Participant's disability status.

     5.5 Financial Hardship Distribution.

     Subject to approval by the Plan Administrator, the Participant may apply to
withdraw, upon a showing of Financial Hardship, part or all of his vested
Account. If the Plan Administrator determines that a distribution should be made
on account of Financial Hardship, distribution from the Participant's Account
shall be made as soon as administratively practical. Such distribution shall not
exceed the dollar amount necessary to satisfy the Financial Hardship plus
amounts necessary to pay taxes reasonably anticipated as a result of the
distribution, after taking into account the extent to which the Financial
Hardship is or may be relieved through reimbursement or compensation by
insurance or otherwise or by liquidation of the Participant's assets (to the
extent the liquidation of such assets would not itself cause Financial
Hardship).

                                       14

<PAGE>

                                   ARTICLE VI
                               PLAN ADMINISTRATOR

     6.1 Plan Administrator. The Plan Administrator shall be the Company or such
committee as may be designated by the Company to administer and manage the Plan.
Members of any committee shall not be required to be employees of the Company or
Participants. Action of the Plan Administrator may be taken with or without a
meeting of committee members. If a member of the committee is a Participant in
the Plan, he shall not participate in any decision which solely affects his own
Account.

     6.2 Right and Duties. The Plan Administrator shall have the discretionary
authority to administer and manage the Plan and shall have all powers necessary
to accomplish that purpose, including (but not limited to) the following:

     (a) To construe, interpret, and administer this Plan;

     (b) To make allocations and determinations required by this Plan, and to
maintain records relating to Participants' Accounts;

     (c) To compute and certify to the Company the amount and kinds of benefits
payable to Participants or their beneficiaries, and to determine the time and
manner in which such benefits are to be paid;

     (d) To authorize all disbursements by the Company pursuant to this Plan;

     (e) To maintain (or cause to be maintained) all the necessary records of
the administration of this Plan;

     (f) To make and publish such rules for the regulation of this Plan as are
not inconsistent with the terms hereof;

     (g) To delegate to other individuals or entities from time to time the
performance of any of its duties or responsibilities hereunder; and

     (h) To hire agents, accountants, actuaries, consultants and legal counsel
to assist in operating and administering the Plan.

     The Plan Administrator shall have the exclusive discretionary authority to
construe and to interpret the Plan, to decide all questions of eligibility for
benefits and to determine the amount and manner of payment of such benefits, and
its decisions on such matters shall be final and conclusive on all parties.

     6.3 Compensation, Indemnity and Liability. The Plan Administrator shall
serve as such without bond and without compensation for services hereunder. All
expenses of the Plan and the Plan Administrator shall be paid by the Company. If
the Plan Administrator is a committee, no member of the committee shall be
liable for any act or omission of any other member of the committee, nor for any
act or omission on his own part, excepting his own willful misconduct. The
Company shall indemnify and hold harmless the Plan Administrator and each

                                       15

<PAGE>

member of the committee against any and all expenses and liabilities, including
reasonable legal fees and expenses, arising out of his membership on the
committee, excepting only expenses and liabilities arising out of his own
willful misconduct.

     6.4 Taxes. If the whole or any part of any Participant's Account shall
become liable for the payment of any estate, inheritance, income, or other tax
which the Company shall be required to pay or withhold, the Company shall have
the full power and authority to withhold and pay such tax out of any monies or
other property in its hand for the account of the Participant whose interests
hereunder are so liable. The Company shall provide notice of any such
withholding. Prior to making any payment, the Company may require such releases
or other documents from any lawful taxing authority as it shall deem necessary.

                                       16

<PAGE>

                                   ARTICLE VII
                                CLAIMS PROCEDURE

     7.1 Claims for Benefits. If a Participant or beneficiary (hereafter,
"Claimant") does not receive timely payment of any benefits which he believes
are due and payable under the Plan, he may make a claim for benefits to the Plan
Administrator. The claim for benefits must be in writing and addressed to the
Plan Administrator or to the Company. If the claim for benefits is denied, the
Plan Administrator shall notify the Claimant in writing within 90 days after the
Plan Administrator initially received the benefit claim. However, if special
circumstances require an extension of time for processing the claim, the Plan
Administrator shall furnish notice of the extension to the Claimant prior to the
termination of the initial 90-day period and such extension shall not exceed one
additional, consecutive 90-day period. Any notice of a denial of benefits shall
advise the Claimant of the basis for the denial, any additional material or
information necessary for the Claimant to perfect his claim, and the steps which
the Claimant must take to have his claim for benefits reviewed.

     7.2 Appeals. Each Claimant whose claim for benefits has been denied may
file a written request for a review of his claim by the Plan Administrator. The
request for review must be filed by the Claimant within 60 days after he
received the written notice denying his claim. The decision of the Plan
Administrator will be made within 60 days after receipt of a request for review
and shall be communicated in writing to the Claimant. Such written notice shall
set forth the basis for the Plan Administrator's decision. If there are special
circumstances which require an extension of time for completing the review, the
Plan Administrator's decision shall be rendered not later than 120 days after
receipt of a request for review.

                                       17

<PAGE>

                                  ARTICLE VIII
                  AMENDMENT AND TERMINATION; CHANGE IN CONTROL

     8.1 Amendments. Subject to Section 8.3, the Company (or its designee) shall
have the right in its sole discretion to amend this Plan in any manner at any
time; provided, however, that no such amendment shall reduce the Participant's
vested interest in his Account under Section 4.3 at that time. Any amendment
shall be in writing and executed by a duly authorized officer of the Company.
All Participants shall be bound by such amendment.

     8.2 Termination of Plan. The Company expects to continue this Plan, but
does not obligate itself to do so. Subject to Section 8.3, the Company reserves
the right to discontinue and terminate the Plan at any time, in whole or in
part, for any reason (including a change, or an impending change, in the tax
laws of the United States or any State). If the Plan is terminated, the Plan
Administrator shall be notified of such action in a writing executed by a duly
authorized officer of the Company, and the Plan shall be terminated at the time
therein set forth. The amounts credited to the Participants' Accounts upon such
termination shall become fully vested and shall be paid in a lump sum, provided
that (i) the Company terminates at the same time any other arrangement that
would be aggregated with the Plan under Section 409A; (ii) the Company does not
adopt any other arrangement that would be aggregated with the Plan under Section
409A for five years; (iii) the payments upon such termination shall not commence
until 12 months after the date of termination; and (iv) such other requirements
as may be imposed by Section 409A are satisfied. The termination of this Plan
shall not result in the reduction of the amount credited to the Participant's
Account as of the date of such termination.

     8.3 Change In Control Provisions.

     (a) Amendment or Termination. Notwithstanding anything contained in this
Article VIII or the Plan to the contrary, for a period of two (2) years
following a Change in Control, this Plan shall not be terminated or amended to
reduce, suspend or eliminate any Eligible Executive's or Participant's benefits
or participation (or right to participate) provided under this Plan, including,
without limitation, the benefits provided in Articles III and IV. Any amendment
or termination of this Plan which a Participant reasonably demonstrates (i) was
at the request of a third party who has indicated an intention or taken steps
reasonably calculated to effect a Change in Control, or (ii) otherwise arose in
connection with or in anticipation of a Change in Control, and which was not
consented to in writing by the Participant shall be null and void, and shall
have no effect whatsoever with respect to the Participant.

     (b) Termination of Employment. Notwithstanding anything contained in this
Plan to the contrary, if a Participant's employment is terminated by the Company
(other than for "Cause" as defined in (c) below) or by the Participant for any
reason within two (2) years following a Change in Control, the Participant's
Account shall become fully vested and the Company shall, within five (5) days,
pay to the Participant a lump sum cash payment of the full amount credited to
his Account with earnings determined under Sections 3.3 and 4.1 credited thereto
to the date of payment. If a Participant's employment is terminated (i) for
Cause (as defined in (c) below) within two (2) years following a Change in
Control or (ii) for any reason

                                       18

<PAGE>

more than two (2) years after a Change in Control, the provisions of Article IV
shall apply to the distribution of the Participant's Account.

     (c) Cause. For purposes of Section 8.3(b), a termination for "Cause" is a
termination of the Executive evidenced by a resolution adopted in good faith by
the Company (or in the case of executive officers of the Company, by two-thirds
of the Board of Directors of the Company) that the Participant (i) intentionally
and continually failed to substantially perform his duties with the Company
(other than a failure resulting from the Participant's incapacity due to
physical or mental illness) which failure continued for a period of at least
thirty (30) days after a written notice of demand for substantial performance
has been delivered to the Participant specifying the manner in which the
Participant has failed to substantially perform, or (ii) intentionally engaged
in conduct which is demonstrably and materially injurious to the Company,
monetarily or otherwise; provided, however, that no termination of the
Participant's employment shall be for Cause as set forth in clause (ii) above
until (x) there shall have been delivered to the Participant a copy of a written
notice setting forth that the Participant was guilty of the conduct set forth in
clause (ii) and specifying the particulars thereof in detail, and (y) the
Participant shall have been provided an opportunity to be heard by the Board
(with the assistance of the Participant's counsel if the Participant so
desires). No act, nor failure to act, on the Participant's part, shall be
considered "intentional" unless he has acted or failed to act, with an absence
of good faith and without a reasonable belief that his action or failure to act
was in the best interest of the Company. Notwithstanding anything contained in
this Agreement to the contrary, in the case of any Participant who is a party to
a Change in Control Agreement, no failure to perform by the Participant after a
Notice of Termination (as defined in the Participant's Change in Control
Agreement) is given by the Participant shall constitute Cause for purposes of
this Plan.

                                       19

<PAGE>

                                   ARTICLE IX
                                  MISCELLANEOUS

     9.1 Limitation on Participant's Rights. Participation in this Plan shall
not give any Participant the right to be retained in the Company's employ or the
employ of any Employer, or any right or interest in this Plan or any assets of
the Company other than as herein provided. The Company reserves the right to
terminate the employment of any Participant without any liability for any claim
against the Company under this Plan, except to the extent provided herein.

     9.2 Benefits Unfunded. The benefits provided by this Plan shall be
unfunded. All amounts payable under this Plan to Participants shall be paid from
the general assets of the Company, and nothing contained in this Plan shall
require the Company to set aside or hold in trust any amounts or assets for the
purpose of paying benefits to Participants. This Plan shall create only a
contractual obligation on the part of the Company, and Participants shall have
the status of general unsecured creditors of the Company under the Plan with
respect to amounts of Compensation they defer hereunder or any other obligation
of the Company to pay benefits pursuant hereto. Any funds of the Company
available to pay benefits pursuant to the Plan shall be subject to the claims of
general creditors of the Company, and may be used for any purpose by the
Company.

          Notwithstanding the preceding paragraph, the Company may at any time
transfer assets, including Shares, to a trust for purposes of paying all or any
part of its obligations under this Plan. However, to the extent provided in the
trust only, such transferred amounts shall remain subject to the claims of
general creditors of the Company. To the extent that assets are held in a trust
when a Participant's benefits under the Plan become payable, the Plan
Administrator shall direct the trustee to pay such benefits to the Participant
from the assets of the trust.

     9.3 Other Plans. This Plan shall not affect the right of any Executive or
Participant to participate in and receive benefits under and in accordance with
the provisions of any other employee benefit plans which are now or hereafter
maintained by the Company, unless the terms of such other employee benefit plan
or plans specifically provide otherwise.

     9.4 Receipt or Release. Any payment to a Participant in accordance with the
provisions of this Plan shall, to the extent thereof, be in full satisfaction of
all claims against the Plan Administrator, the Company and any Employer, and the
Plan Administrator may require such Participant, as a condition precedent to
such payment, to execute a receipt and release to such effect.

     9.5 Governing Law. This Plan shall be construed, administered, and governed
in all respects in accordance with applicable federal law and, to the extent not
preempted by federal law, in accordance with the laws of the State of Georgia.
If any provisions of this instrument shall be held by a court of competent
jurisdiction to be invalid or unenforceable, the remaining provisions hereof
shall continue to be fully effective.

     9.6 Gender, Tense, and Headings. In this Plan, whenever the context so
indicates, the singular or plural number and the masculine, feminine, or neuter
gender shall be deemed to

                                       20

<PAGE>

include the other. Headings and subheadings in this Plan are inserted for
convenience of reference only and are not considered in the construction of the
provisions hereof.

     9.7 Successors and Assigns; Nonalienation of Benefits. This Plan shall
inure to the benefit of and be binding upon the parties hereto and their
successors and assigns; provided, however, that the amounts credited to the
Account of a Participant shall not (except as provided in Section 6.4) be
subject in any manner to anticipation, alienation, sale, transfer, assignment,
pledge, encumbrance, charge, garnishment, execution or levy of any kind, either
voluntary or involuntary, and any attempt to anticipate, alienate, sell,
transfer, assign, pledge, encumber, charge or otherwise dispose of any right to
any benefits payable hereunder, including, without limitation, any assignment or
alienation in connection with a separation, divorce, child support or similar
arrangement, shall be null and void and not binding on the Plan or the Company.
In addition to any obligations imposed by law upon any successor to the Company,
the Company will require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to substantially all of the business or
assets of the Company to expressly agree to assume and perform this Agreement in
the same manner that the Company would be required to perform it.

     9.8 Combination With Other Plan. The Plan may be combined or merged with
other deferred compensation plans of the Company and the Plan Administrator
shall establish the terms and conditions relating to any such merger.

                            [Execution page follows]

                                       21

<PAGE>

     IN WITNESS WHEREOF, the Company has caused this Plan to be executed by its
duly authorized officers as of the _____ day of ____________ 2006, to be
effective on the Effective Date.

                                        ACUITY BRANDS, INC.

                                        By:
                                            ------------------------------------

                                       22

<PAGE>

                                   APPENDIX A
                    PENSION PLAN MAKE-UP CONTRIBUTION CREDIT

     (a)  In General - Commencing January 1, 2005 (except where such amounts
          have already been credited under the Prior Plan), the Company shall
          for each Plan Year during the Make-Up Contribution Period (as defined
          in subsection (b) below) for each Pension Plan Participant (as defined
          in subsection (d) below) make a Make-Up Contribution credit
          (determined in accordance with subsection (b) below) for the benefit
          of such Pension Plan Participant. The Make-Up Contribution for each
          Plan Year shall be credited to the Pension Plan Participant's Make-Up
          Contribution Subaccount. The Make-Up Contribution Subaccount shall
          become vested in accordance with the following schedule:

<TABLE>
<CAPTION>
Completed Years of Service   Vested Participants   Forfeited Percentage
--------------------------   -------------------   --------------------
<S>                          <C>                   <C>
     Less than 5 years                 0                   100%
      5 or more years                100%                    0%
</TABLE>

          The Make-Up Contribution Subaccount shall be credited with interest at
          the Prime Rate on each Annual Valuation Date based upon the amount
          credited to such Subaccount as of the preceding Annual Valuation Date
          and at such other times, if any, as may be determined by the Plan
          Administrator. The vested Make-up Contribution Subaccount shall be
          credited to the Retirement Account and shall be distributed as
          provided in Article V. The Make-Up Contribution for each Plan Year
          shall be credited on the last day of the Plan Year, unless the
          Employer elects to make such credit on an earlier date. In order to be
          eligible to receive the Make-Up Contribution credit for the Plan Year,
          the Pension Plan Participant must be actively employed on the last day
          of the Plan Year and complete a Year of Service for such year. Any
          forfeiture of the credits to a Pension Plan Participant's Make-Up
          Contribution Account shall be used to reduce future make-up
          contribution credits.

     (b)  Amount of Make-Up Contribution Credit - The Make-Up Contribution
          credit for a Pension Plan Participant for the Plan Year shall be equal
          to the Present Value determined as of January 1, 2003 of the Annual
          Benefit Loss of the Pension Plan Participant divided by the number of
          years in the Make-Up Contribution Period, adjusted by the Discount
          Percentage. The Annual Benefit Loss for a Pension Plan Participant is
          the difference between (A) the aggregate annual retirement benefit
          (based upon the assumptions in subsection (b)(ii) below) the Pension
          Plan Participant was projected to receive at age 62 assuming that the
          Pension Plan and the 401(k) Plan (as defined in subsection (d) below)
          continued in operation in accordance with their terms as in effect on
          December 31, 2002, and (B) the aggregate annual retirement benefit
          (based upon the assumptions in subsection (b)(ii) below) the Pension
          Plan Participant was projected to receive at age 62 assuming that the
          Pension Plan is frozen at January 1, 2003 and the 401(k) Plan was
          amended effective January 1, 2003 to provide for a match of 60% on
          Elective Deferrals up to 6% of the Participant's Annual Compensation.
          The Pension Plan

<PAGE>

          Participant's Make-Up Contribution Period is the period commencing
          January 1, 2003 and ending on the last day of the Plan Year in which
          the Pension Plan Participant attains age 62. The Present Value of the
          Annual Benefit Loss shall be determined by taking the amount of the
          Annual Benefit Loss on the date the Pension Plan Participant attains
          age 62 and discounting such amount to January 1, 2003 using an
          interest rate of 5.12% per year and the mortality table prescribed by
          the IRS in Rev. Rul. 95-6.

               (ii) The Annual Benefit Loss shall be calculated using the
          following factors and assumptions:

                    -    A Pension Plan Participant's service and compensation
                         under the Pension Plan are frozen as of December 31,
                         2002.

                    -    The rate of Matching Contributions under the 401(k)
                         Plan is increased effective January 1, 2003 to 60% on
                         Elective Contributions up to 6% of a Participant's
                         Annual Compensation and the Pension Plan Participant
                         will make sufficient Elective Deferrals to receive the
                         maximum Matching Contributions.

                    -    A Pension Plan Participant's Annual Compensation is his
                         or her Annual Compensation for 2000, with an increase
                         rate of 3% per year.

                    -    Pension Plan Participant's Matching Contribution
                         Account Balance in the 401(k) Plan as of December 31,
                         2001, will be projected to age 62 with earnings of 6%
                         per year.

                    -    401(k) Plan compensation limit of $200,000 applies for
                         2002 and prior years and will increase by 3% per year.

                    -    Annuity and lump sum conversions are based upon a 5.12%
                         annual interest rate and the mortality table prescribed
                         by the IRS in Rev. Rul. 95-6.

                    -    The annual retirement benefit from the 401(k) Plan is
                         based solely upon the Pension Plan Participant's
                         Matching Contribution Account (adjusted as provided
                         herein) and not the individual's other accounts under
                         Section 4.1 of the 401(k) Plan.

               (iii) The Make-Up Contribution to be credited to a Pension Plan
          Participant for a Plan Year shall be increased over the amount
          credited for the prior Plan Year by the Discount Percentage to account
          for the passage of a year and the related foregone interest earnings
          potential.

     (c)  Change of Eligible Status - If a Pension Plan Participant is treated
          as a Highly Compensated Employee under the 401(k) Plan for a Plan
          Year, the Pension Plan Participant shall be eligible to receive a
          Make-Up Contribution credit for such Plan Year. If the Pension Plan
          Participant who is a Highly Compensated Employee for a Plan Year
          ceases to be a Highly Compensated Employee for a subsequent Plan Year,
          then the Pension Plan Participant shall be ineligible to receive a
          Make-Up Contribution credit for such later Plan Year. If a Pension
          Plan

<PAGE>

          Participant ceases to be eligible to participate in the 401(k) Plan
          for a Plan Year, the Pension Plan Participant shall not be eligible to
          receive a Make-Up Contribution for such Plan Year.

     (d)  Definitions - The following definitions shall apply for purposes of
          this Appendix A:

          (i) Pension Plan - The Acuity Brands, Inc. Pension Plan, as amended
     through December 31, 2002.

          (ii) Pension Plan Participant - A participant in the Pension Plan on
     December 31, 2002 who (i) is an active Employee of an Employer on December
     31, 2002, (ii) will be considered a Highly Compensated Employee of the
     Employer for 2003 or in a subsequent Plan Year for which he would be
     eligible for a Make-Up Contribution, and (iii) is a Participant in the
     401(k) Plan for the Plan Year commencing on January 1, 2003 and any
     subsequent Plan Year for which a Make-Up Contribution credit is to be made.

          (iii) Discount Percentage - A percentage rate equal to 5.12% per year.

          (iv) 401(k) Plan - The Acuity Brands, Inc. 401(k) Plan for Corporate
     Employees as amended through December 31, 2002.

     (e)  Discretion of Company - The Company shall have the discretion to
          determine the amount of the Make-Up Contribution for Pension Plan
          Participants each Plan Year and the Company's determination of the
          Make-Up Contribution credit shall be final and binding upon all
          parties.

     (f)  Amendment - This Appendix A may be amended by the Company in
          accordance with the usual rules for amendment of the Plan in Section
          8.1.

<PAGE>

                                   APPENDIX B
                        SERP MAKE-UP CONTRIBUTION CREDIT

     (a)  In General - Commencing January 1, 2005 (except where such amounts
          have already been credited under the Prior Plan), the Company shall
          for each Plan Year during the SERP Make-Up Contribution Period (as
          defined in subsection (b) below) for each SERP Plan Participant (as
          defined in subsection (d) below) make a SERP Make-Up Contribution
          credit (determined in accordance with subsection (b) below) for the
          benefit of such SERP Plan Participant. The SERP Make-Up Contribution
          for each Plan Year shall be credited to the SERP Plan Participant's
          SERP Make-Up Contribution Subaccount. The SERP Make-Up Contribution
          Subaccount shall at all times be fully vested and nonforfeitable. The
          SERP Make-Up Contribution Subaccount shall be credited with interest
          at the Prime Rate on each Annual Valuation Date based upon the amount
          credited to such Subaccount as of the preceding Annual Valuation Date
          and at such other times, if any, as may be determined by the Plan
          Administrator. The SERP Make-up Contribution Subaccount shall be
          credited to the Retirement Account and shall be distributed as
          provided in Article V. The SERP Make-Up Contribution for each Plan
          Year shall be credited on the last day of the Plan Year, unless the
          Employer elects to make such credit on an earlier date. In order to be
          eligible to receive the SERP Make-Up Contribution credit for the Plan
          Year, the SERP Plan Participant must be actively employed on the last
          day of the Plan Year and complete a Year of Service for such year.

     (b)  Amount of SERP Make-Up Contribution Credit - The SERP Make-Up
          Contribution credit for a SERP Plan Participant for the Plan Year
          shall be equal to the Present Value determined as of January 1, 2003
          of the Annual Benefit Loss of the SERP Plan Participant divided by the
          number of years in the SERP Make-Up Contribution Period, adjusted by
          the Discount Percentage. The Annual Benefit Loss for a SERP Plan
          Participant is the difference between (A) the aggregate annual
          supplemental retirement benefit (based upon the assumptions in
          subsection (b)(ii) below) the SERP Plan Participant was projected to
          receive at age 60 assuming that the Pension Plan, the Current SERP (as
          defined in subsection (d) below) and the EDCP (as defined in
          subsection (d) below) continued in operation in accordance with their
          terms as in effect on August 31, 2002, and (B) the aggregate
          supplemental annual retirement benefit (based upon the assumptions in
          subsection (b)(ii) below) the SERP Plan Participant is projected to
          receive at age 60 from the New SERP. The Pension Plan Participant's
          SERP Make-Up Contribution Period is the period commencing January 1,
          2003 and ending on the last day of the Plan Year in which the SERP
          Plan Participant attains age 60. The Present Value of the Annual
          Benefit Loss shall be determined by taking the amount of the Annual
          Benefit Loss on the date the SERP Plan Participant attains age 60 and
          discounting such amount to January 1, 2003 using an interest rate of
          5.12% per year and the mortality table prescribed by the IRS in Rev.
          Rul. 95-6.

               (ii) The Annual Benefit Loss shall be calculated using the
          following factors and assumptions:

<PAGE>

                    -    A SERP Plan Participant's service and compensation
                         under the Pension Plan is frozen as of December 31,
                         2002.

                    -    A SERP Plan Participant's Annual Compensation is his or
                         her Annual Compensation for 2002, with an increase rate
                         of 3% per year.

               (iii) The SERP Make-Up Contribution to be credited to a SERP Plan
          Participant for a Plan Year shall be increased over the amount
          credited for the prior Plan Year by the Discount Percentage to account
          for the passage of a year and the related foregone interest earnings
          potential.

     (c)  Discretion of Company - The Company shall have the discretion to
          determine the amount of the SERP Make-Up Contribution for SERP Plan
          Participants each Plan Year and the Company's determination of the
          SERP Make-Up Contribution credit shall be final and binding upon all
          parties.

     (d)  Definitions - The following definitions shall apply for purposes of
          this Appendix B:

          (i)  Pension Plan - The Acuity Brands, Inc. Pension Plan, as amended
               through December 31, 2002.

          (ii) SERP Plan Participant - Kenyon W. Murphy, Joseph G. Parham, Jr.,
               and Vernon J. Nagel.

          (iii) Discount Percentage - A percentage rate equal to 5.12% per year.

          (iv) Current SERP - The Acuity Brands, Inc. Supplemental Retirement
               Plan for Executives as amended through December 31, 2002.

          (v)  New SERP - The Acuity Brands, Inc. 2002 Supplemental Executive
               Retirement Plan, which will be effective January 1, 2003.

          (vi) EDCP - The Acuity Brands, Inc. Executives' Deferred Compensation
               Plan as amended through August 31, 2002.

     (e)  Amendment - This Appendix B may be amended by the Company in
          accordance with the usual rules for amendment of the Plan in Section
          8.1.

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