Document:

EXHIBIT 10.3

Exhibit 10.3

2005 DIRECTORS DEFERRED COMPENSATION PLAN

OF

MARSHALL & ILSLEY CORPORATION

Recitals

The purpose of the Plan is to allow the Company’s directors to elect to defer their compensation for serving on the Company’s Board of Directors (including the deferral of gains on the exercise of stock options and vesting of restricted stock, to the extent allowable under Section 409A of the Code).  Such deferrals are deemed invested, at the directors’ elections, in either common stock of the Company (“Common Stock”) or Treasury Bills (with the exception of gains on the exercise of stock options and vesting of restricted stock which must be invested in Common Stock).  At retirement from the Board, deferrals are paid out over a period of time previously designated by each director, unless otherwise provided herein.

Article I

Definitions

“Account A” means a bookkeeping account being administered for the benefit of a Participant under Paragraph 3.1, below, and any sub-accounts thereof.

“Account B” means a bookkeeping account being administered for the benefit of a Participant under Paragraph 3.2, below, and any sub-accounts thereof.

“Account C” means a bookkeeping account being administered for the benefit of a Participant under Paragraph 3.3, below, and any sub-accounts thereof.

“Administrator” means the person or persons selected pursuant to Article VI, below, to control and manage the operation and administration of the Plan.

“Change of Control” has the same meaning as in the Marshall & Ilsley Corporation 2003 Executive Stock Option and Restricted Stock Plan.

“Code” means the Internal Revenue Code of 1986, as amended.

“Committee” means the Compensation and Human Resources Committee of the Board of Directors of the Company.

“Common Stock” means the authorized and issued or unissued $1.00 par value common stock of the Company.

“Company” means Marshall & Ilsley Corporation, a Wisconsin corporation, or any successor thereto.

“Companies” means Marshall & Ilsley Corporation, a Wisconsin corporation, or any successor thereto, and its direct and indirect subsidiaries, divisions or affiliated entities.

“Compensation” means the annual retainer fees, Board meeting fees and committee meeting fees payable by the Companies to a Participant for a Plan Year.

“Director” means any member of the Boards of Directors of the Companies who is not an employee of the Companies.

“Distribution Election” means the election by a Participant, from time to time, to choose the method of distribution of his deferrals, and any deemed investment increases or decreases attributable thereto. 

“Fair Market Value” means the closing sale price of the Common Stock on the New York Stock Exchange as reported in the Midwest Edition of the Wall Street Journal for the applicable date; provided that, if no sales of Common Stock were made on said exchange on that date, “Fair Market Value” shall mean the closing sale price of the Common Stock as reported for the next succeeding day on which sales of Common Stock are made on said exchange, or, failing any such sales, such other market price as the Committee may determine in conformity with pertinent law and regulations of the Treasury Department.

“Net Shares” means the difference between the number of shares of Common Stock subject to a stock option for which an election has been made pursuant to Paragraph 2.1 hereof, and the number of shares of Common Stock delivered, directly or by attestation, to satisfy the stock option exercise price.  The value of the Common Stock for purposes of determining the number of Net Shares shall be Fair Market Value.

“Participant” means each member of or Board of Directors of the Companies who elects to participate in the Plan for a Plan Year.

“Plan” means this 2005 Directors’ Deferred Compensation Plan of Marshall & Ilsley Corporation, as the same hereafter may be amended from time to time.

“Plan Year” means the 12-month period beginning on January 1 of any year and ending on December 31.

“Restricted Shares” means an award of stock under a Company plan, which may contain transferability or forfeiture provisions (including a requirement of future services), all as set forth in an award agreement.

“Restricted Units” means units held in a Participant’s Account C which are received upon surrender of Restricted Shares and have the same transferability or forfeiture provisions (including the requirement of future services) as the Restricted Shares surrendered in exchange therefor.  Each Restricted Unit represents one share of Common Stock.

“Trust” means the Company’s Deferred Compensation Trust III.

Article II

Participation and Election of Accounts

2.1.  Participation.  Each Director may elect, in accordance with the election procedures prescribed by the Committee from time to time, to become a Participant in the Plan for a Plan Year and to have all or a portion of his Compensation for such Plan deferred for his benefit under the Plan.  In no event may such deferral election be filed after the beginning of the Plan Year, except when a Director becomes eligible to participate in the Plan after the beginning of the Plan Year, in which event the Director will have thirty days from the date of eligibility to make an election for Compensation earned after such date.  Each Director may elect, in accordance with the election procedures prescribed by the Committee from time to time, to become a Participant in the Plan for a Plan Year and to have all or a portion of the Net Shares received from the exercise of a nonstatutory stock option, or Restricted Units, deferred for his benefit under the Plan, but only to the extent permissible under Section 409A of the Code.

2.2.  Election of Accounts.  At the time a Director elects to be a Participant for a Plan Year, he also may elect that any portion or all of his Compensation for the Plan Year which is deferred hereunder be allocated to his Account A or Account B.  If no such election is made, all of his Compensation deferred for the Plan Year shall be allocated to his Account B.  Net Shares deferred under this Plan and Restricted Units will be allocated to Account C.

2.3.  Manner of Election.  Any election pursuant to Paragraphs 2.1 or 2.2, above, shall be made in writing on such form or forms as the Committee shall prescribe from time to time.  If a Participant elects to have less than all of his Compensation for a Plan Year deferred or elects that portions of his deferred Compensation be allocated to different Accounts, the election shall set forth the method for determining the amount to be so deferred or allocated.  All elections shall be effective when filed with the Secretary of the Company.

Article III

Administration of Accounts

3.1.  Account A.  Amounts allocated to a Participant’s Account A shall be considered to be invested in Common Stock on a monthly basis, and such Participant’s Account A shall be credited with the equivalent number of shares of Common Stock (hereinafter referred to as “Credited Shares”) which the amount allocated would have purchased on a common investment date, which will typically be any of the first five business days of any month, determined in the sole discretion of an independent brokerage agent.  In addition, to the extent Credited Shares are held on the record date for any dividend, each Participant’s Account A shall be credited with a number of additional Credited Shares resulting from the reinvestment of dividends on a common investment date, which will typically be any of the first five business days after the payment of the dividend, determined in the sole discretion of an independent brokerage agent.   In the event of a stock dividend, stock split, or similar transaction, each Participant’s Account A shall be credited with a number of additional Credited Shares equal to the number of shares of Common Stock which would have been received on such date by a holder of a number of shares of Common Stock equal to the number of Credited Shares then held by a Participant.  In the event of any distribution with respect to Common Stock other than a cash dividend, stock split, stock dividend or similar transaction, each Participant’s Account A shall be credited with a number of additional Credited Shares or other consideration as determined by the Committee in its sole discretion.  In the event of a Change of Control, a Participant’s Account A shall be credited with the same amount and type of consideration which a shareholder of the Company would have received holding the same number of shares of Common Stock as are held in the Participant’s Account A at the time of the payment of the consideration.  If there is a shareholder election as to the type of consideration received in a Change of Control, a Participant’s Account A will be credited with consideration assuming that the Participant elected the maximum amount of stock which is available to electing shareholders, adjusted for any proration required because of over-subscription.  A Participant’s Account A shall be divided into the same number of sub-accounts as the number of alternatives contained in the Distribution Election from time to time.  Deferrals for a Plan Year, and any dividends or shares associated therewith, shall be deemed credited to a sub-account based on the Distribution Election for such Plan Year. 

3.2.  Account B. Amounts allocated to a Participant’s Account B shall be considered to be invested in U.S. Treasury Bills having a maturity of 13 weeks.  Each Participant’s Account B shall be credited on the last day of each calendar quarter with the amount of interest which would have been earned if the balance in a Participant’s Account B, as of the last day of the previous calendar quarter (including interest credited hereunder for the previous calendar quarter) plus one-half of the applicable deferrals made during the subject calendar quarter were invested in U.S. Treasury Bills with a maturity of 13 weeks.  The rate of interest applied will be determined by the Committee or its designees from time to time in accordance with guidelines disclosed to the Participants. A Participant’s Account B shall be divided into the same number of sub-accounts as the number of alternatives contained in the Distribution Election from time to time.  Deferrals for a Plan Year, and any earnings associated therewith, shall be deemed credited to a sub-account based on the Distribution Election for such Plan Year.

3.3  Account C.  Net Shares and Restricted Units deferred pursuant to a Participant’s timely-filed election shall be allocated to a Participant’s Account C and shall be considered to be invested in Credited Shares.  In addition, to the extent Credited Shares are held on the record date for any dividend, each Participant’s Account C shall be credited with a number of additional Credited Shares resulting from the reinvestment of dividends on a common investment date, which will typically be any of the first five business days after the payment of the dividend, determined in the sole discretion of an independent brokerage agent.  In the event of any distribution with respect to Common Stock other than a cash dividend, stock split, stock dividend or similar transaction, each Participant’s Account C shall be credited with a number of additional Credited Shares or other consideration as determined by the Committee in its sole discretion.  In the event of a Change of Control, a Participant’s Account C shall be credited with the same amount and type of consideration which a shareholder of the Company would have received holding the same number of shares of Common Stock as are held in the Participant’s Account C at the time of the payment of the consideration.  If there is a shareholder election as to the type of consideration received in a Change of Control, a Participant’s Account C will be credited with consideration assuming that the Participant elected the maximum amount of stock which is available to electing shareholders, adjusted for any proration required because of over-subscription.  A Participant’s Account C shall be divided into the same number of sub-accounts as the number of alternatives contained in the Distribution Election from time to time.  Deferrals for a Plan Year, and any dividends or shares associated therewith, shall be deemed credited to a sub-account based on the Distribution Election for such Plan Year.

3.4.  Change of Accounts.  Once amounts have been allocated to Account A, Account B or Account C, these amounts must remain in Account A, B or C until such amounts are distributed to the Participant pursuant to Article IV hereof.

3.5.  Nature of Account.  The accounts established for each Participant hereunder and assets, if any, acquired by the Company to measure a Participant’s benefits hereunder, shall not constitute or be treated for any reason as a trust for, property of or a security interest for the benefit of, a Participant, his beneficiaries or any other person.  Participant and the Company acknowledge that the Plan constitutes a promise by the Company to pay benefits to the Participants or their beneficiaries, that Participants’ rights hereunder (by electing to defer Compensation hereunder) are limited to those of general unsecured creditors of the Company and that the establishment of the Plan, acquisition of assets to measure Participant’s benefits hereunder or deferral of all or any portion of a Participants’ Compensation hereunder does not prevent any property of the Company from being subject to the right of all the Company’s creditors.  The Company shall contribute all contributions hereunder to the Trust which will comply with the requirements of the Internal Revenue Service’s model trust, as described in Revenue Procedure 92-64, or any successor thereto.  

Article IV

Distributions

4.1.  Ordinary Course Distributions. Except as otherwise expressly provided herein, all distributions of the Accounts shall be made in accordance with the Distribution Elections which relate to deferrals made for each Plan Year.  A Participant may make separate Deferral Elections for the sub-accounts of Accounts A, B and C.  Distributions from the sub-accounts of Account A and C shall be in Common Stock and distributions from the sub-accounts of Account B shall be in cash.  Distribution Elections are irrevocable, and may not be modified, unless allowed under . Section 409A of the Code, any guidance promulgated thereunder, or any successor thereto.  If a Participant does not timely file a Form of Distribution Election, he will be deemed to have elected payment in five (5) annual installments.  If a Participant files only one Distribution Election for any Plan Year, it will be deemed to cover the deferrals into Accounts A, B and C for such Plan Year (and any earnings thereon), unless the Participant otherwise designates.

4.2.  Distribution After Death of a Participant.  If a Participant ceases to be a Director by reason of his death or if he dies after he is no longer a Director, but prior to the distribution to him of all amounts payable to him under the Plan, the amounts that would otherwise be distributable to him, if living, shall be distributed to his designated beneficiary or beneficiaries and any reference to a Participant in Paragraph 4.1, above, shall be deemed to include a reference to his designated beneficiary or beneficiaries unless the Participant otherwise elects on forms provided by the Committee.  All beneficiary designations shall be made in such form and manner as from time to time may be prescribed by the Committee.  A Participant from time to time may revoke or change any beneficiary designation on file with the Committee.  If there is no effective beneficiary designation on file with the Committee at the time of the Participant’s death, distribution of amounts otherwise payable to the deceased Participant under this Plan shall be made to his Estate.  If a beneficiary designated by a Participant to receive his benefit shall survive the Participant but die before receiving all distributions hereunder, the balance thereof shall be paid to such deceased beneficiaries’ Estate, unless the deceased Participant’s beneficiary designation provides otherwise.

4.3.  Accounts Less than $25,000.  Notwithstanding anything herein contained to the contrary, if the sum of the Fair Market Value of the shares of Common Stock in a Participant’s Accounts A and C and the dollar amount in a Participant’s Account B is less than $25,000 in total at the end of any Plan Year after he ceases to be a Director, the Accounts shall be distributed in a lump sum no later than the February 15 following the year in which this occurs, unless such accelerated distribution would violate Section 409A of the Internal Revenue Code, any guidance promulgated thereunder, or any successor thereto, in which event no acceleration shall occur.

4.4.  Change of Control. Notwithstanding anything contained herein or in the Distribution Elections, a Participant’s Accounts shall be distributed in a lump sum after the termination of the Participant’s service on the Board, but only if such termination of service occurs on the date when, or within a year after, a Change of Control takes place.  Such distributions shall be made no later than forty-five days after termination of service. 

Article V

Rights, Privileges and Duties of Participants

5.1.  Rights of Participant.  No Participant or any other person shall have any interest in any fund or in any specific asset or assets of the Company by reason of any amounts credited to any Account hereunder, nor any right to exercise any of the rights or privileges of a stockholder with respect to any securities hypothetically credited to a Participant’s Account A or Account C under the Plan, nor any right to receive any distributions under the Plan except as and to the extent expressly provided in the Plan.

5.2.  Copy of Plan.  Each Participant shall be entitled, upon his request to the Secretary of the Company, to receive the most current version of the Plan.

5.3.  No Alienation.  To the extent permitted by law, the right of any Participant or any beneficiary to receive any payment hereunder shall not be subject to alienation, transfer, sale, assignment, pledge, attachment, garnishment or encumbrance of any kind.  Any attempt to alienate, sell, transfer, assign, pledge or otherwise encumber any such payments whether presently or thereafter payable shall be void.  Any payment due hereunder shall not in any manner be subject to debts or liabilities of any Participant or his beneficiary.

5.4.  Costs of Disputes.  If any Participant shall bring any legal or equitable action against the Company by reason of being a Participant under this Plan or if it is necessary for the Company to bring any legal or equitable action under this Plan against any Participant or any person claiming an interest by or through such Participant, the results of which shall be adverse to the Participant or the person claiming an interest by or through such Participant, the cost of defending or bringing such action, including attorneys’ fees, shall be charged first, to the extent possible, directly to the account(s) of the Participant.

5.5.  Mental Competence.  Every person receiving or claiming payments or rights under the Plan shall be conclusively presumed to be mentally competent until the date on which the Committee receives a written notice in a form and manner acceptable to the Committee that such person is incompetent and that a guardian, conservator or other person legally vested with the interest of his estate has been appointed.  In the event a guardian or conservator of the estate of any person receiving or claiming payments under the Plan shall be appointed by a court of competent jurisdiction, payments under this Plan may be made to such guardian or conservator provided that proper proof of appointment and continuing qualification is furnished in a form and manner acceptable to the Committee.  Any such payments so made shall be a complete discharge of any liability therefor.

5.6.  Provision of Information.  Each person, whether a Participant, a duly designated beneficiary of a Participant, a guardian or any other person entitled to receive a payment under this Plan shall provide the Committee with such information as it may from time to time deem necessary or in its best interests in administering the Plan.  Any such person shall also furnish the Committee with such documents, evidence, data or other information as the Committee may from time to time deem necessary or advisable

Article VI

Administration of the Plan

6.1.  Appointment of Separate Administrator.  The Committee may, in writing, appoint a separate Administrator.  Any person including, but not limited to, an employee of the Company, shall be eligible to serve as Administrator.  Two or more persons may form a committee to serve as Administrator.  Persons serving as Administrator may resign by written notice to the Committee and the Committee may appoint or remove such persons.  An Administrator consisting of more than one person shall act by a majority of its members at the time in office.  An Administrator consisting of more than one person may authorize any one or more of its members to execute any document or documents on behalf of the Administrator, in which event the Administrator shall notify the Committee of the member or members so designated.  The Committee shall accept and rely upon any document executed by such member or members as written revocation of such designation.  No person serving as Administrator shall vote or decide upon any matter relating solely to himself or solely to any of his rights or benefits pursuant to the Plan.

6.2.  Powers and Duties.  The Administrator shall administer the Plan in accordance with its terms.  The Administrator shall have full and complete authority and control with respect to Plan operations and administration unless the Administrator allocates and delegates such authority or control pursuant to the procedures stated in subsection b. or c. below.  Any decisions of the Administrator or its delegate shall be final and binding upon all persons dealing with the Plan or claiming any benefit under the Plan.  The Administrator shall have all powers which are necessary to manage and control Plan operations and administration including, but not limited to, the following:

a.

To employ such accountants, counsel or other persons as it deems necessary or desirable in connection with Plan administration.  The Company shall bear the costs of such services and other administrative expenses.

b.

To designate in writing persons other than the Administrator to perform any of its powers and duties hereunder.

c.

The discretionary authority to construe and interpret the Plan, including the power to construe disputed provisions.  

d.

To resolve all questions arising in the administration, interpretation and application of the Plan including, but not limited to, questions as to the eligibility or the right of any person to a benefit.

e.

To adopt such rules, regulations, forms and procedures from time to time as it deems advisable and appropriate in the proper administration of the Plan.

f.

To prescribe procedures to be followed by any person in applying for distributions pursuant to the Plan and to designate the forms or documents, evidence and such other information as the Administrator may reasonably deem necessary, desirable or convenient to support an application for such distribution.

6.3.  Records and Notices.  The Administrator shall maintain all books of accounts, records and other data as may be necessary for proper plan administration.

6.4.  Compensation and Expenses.  The expenses incurred by the Administrator in the proper administration of the Plan shall be paid by the Company.  An Administrator who is an employee shall not receive any additional fee or compensation for services rendered as an Administrator.

6.5.  Limitation of Authority.  The Administrator shall not add to, subtract from or modify any of the terms of the Plan, change or add to any benefits prescribed by the Plan, or waive or fail to apply any Plan requirement for benefit eligibility.

6.6  Claims Procedures.  A Participant or a Participant’s beneficiary shall be entitled to make a request for any benefits to which he or she believes are entitled under the Plan.  Any such request must be made in writing, and it should be made to the Company.  A request for benefits will be considered a claim, and it will be subject to a full and fair review.  If a Participant’s claim is wholly or partially denied, the Company shall furnish the Participant or the Participant’s beneficiary (the “Claimant”) or the Claimant’s authorized representative with a written or electronic notice of the denial within a reasonable period of time, which sets forth, in an understandable manner the reasons for denial.

Article VII

Amendment or Termination

The Board of Directors of the Company hereby reserves the right to amend, modify, terminate, or discontinue the Plan at any time; provided, however, no such action shall (i) reduce the amount then credited to any account of any Participant, (ii) change the time and manner of payment of such amount, or (iii) after a Change of Control, reduce the amounts to be credited to a Participant’s account(s) being administered hereunder, without the consent of a majority of the holders of account balances hereunder. Notwithstanding the foregoing, the Board of Directors of the Company may make any amendment necessary in order to avoid penalties under Section 409A of the Code, even if such amendments are detrimental to Participants.

Article VIII

Miscellaneous

8.1.  Construction.  Wherever the context so requires, words in the masculine include the feminine and words in the feminine include the masculine and the definition of any term in the singular may include the plural.

8.2.  Expenses.  All expenses of administering the Plan shall be paid by the Company except as expressly provided herein to the contrary.

8.3.  Governing Law.  The Plan shall be construed, administered and governed in all respects under and by the laws of the State of Wisconsin, without giving effect to its conflicts of law provisions.

8.4.  Tenure Not Guaranteed by Plan.  The establishment of this Plan and the designation of a Director as a Participant, shall not give any Participant the right to continued as a Director or limit the right of any of the Companies to dismiss the Director or fail to nominate the Director for reelection.

8.5.  Notice.  Any and all notices, designations or reports provided for herein shall be in writing and delivered personally or by certified mail, return receipt requested, addressed, in the case of the Company to the Corporate Secretary at 770 North Water Street, Milwaukee, Wisconsin  53202 and, in the case of a Participant or Beneficiary, to his home address as shown on the records of the Company.  The addresses referenced herein may be changed by a notice delivered in accordance with the requirement of this Paragraph 8.5.

8.6.  Indemnification.  The Company shall indemnify the Administrator and any employee, officer or director of the Company against all liabilities arising by reason of any act or failure to act unless such act or failure to act is due to such person’s own gross negligence or willful misconduct or lack of good faith in the performance of his duties to the Plan or the trust established pursuant to the Plan.  Such indemnification shall include, but not be limited to, expenses reasonably incurred in the defense of any claim, including reasonable attorney and legal fees, and amounts paid in any settlement or compromise; provided, however, that indemnification shall not occur to the extent that it is not permitted by applicable law.  Indemnification shall not be deemed the exclusive remedy of any person entitled to indemnification pursuant to this section.  The indemnification provided hereunder shall continue as to a person who has ceased acting as a director, officer, member, agent or employee of the Administrator or as an officer, director or employee of the Company and such person’s rights shall inure to the benefit of his heirs and representatives.

8.7.  Effective Date.  This Plan is effective as of December 16, 2004.EXHIBIT 10.4

Exhibit 10.4

MARSHALL & ILSLEY CORPORATION

2005 EXECUTIVE DEFERRED COMPENSATION PLAN

ARTICLE I

Establishment of Plan and Purpose

1.01.  Establishment of Plan.  Marshall & Ilsley Corporation has established the 2005 Marshall & Ilsley Executive Deferred Compensation Plan, effective as of December 16, 2004 (the “Plan”).

1.02.  Purpose of Plan.  The Plan shall permit a select group of senior management and highly compensated employees to enhance the security of themselves and their beneficiaries following the termination of their employment with the Companies (as defined herein) by deferring until that time a portion of the compensation which may otherwise be payable to them at an earlier date (including the deferral of receipt of restricted stock).  By allowing key management employees to participate in the Plan, the Company expects the Plan to benefit it in attracting and retaining the most capable individuals to fill its executive positions in the Companies.

The parties intend that the arrangements described herein be unfunded for purposes of Title I in the Employee Retirement Income Security Act as amended from time to time.

ARTICLE II

Definitions and Construction

As used herein, the following words shall have the following meanings:

2.01.  Definitions.

(a)

Accounts. The accounts (including the sub-accounts) maintained for each Participant pursuant to Article V, below.

(b)

Administrator.  The person or persons selected pursuant to Article VIII below to control and manage the operation and administration of the Plan.

(c)

Beneficiaries.  Those persons designated by a Participant to receive benefits hereunder or, failing such a designation, the spouse or, if none, the Estate of a Participant.

(d)

Change of Control.  Change of Control shall have the same meaning as in the Marshall & Ilsley Corporation 2003 Executive Stock Option and Restricted Stock Plan.

(e)

Code.  The Internal Revenue Code of 1986, as amended.

(f)

Committee.  The Compensation and Human Resources Committee of the Board of Directors of the Company.

(g)

Common Stock.  The authorized and issued or unissued $1.00 par value common stock of the Company.

(h)

Companies.  Marshall & Ilsley Corporation and any subsidiary thereof now or hereinafter created.

(i)

Company.  Marshall & Ilsley Corporation, a Wisconsin corporation, or a successor thereof.

(j)

Company Contributions.  The amount contributed or credited by the Company to the account of the Participant pursuant to Section 4.05 hereof.

(k)

Compensation.  The total of the Participant’s base salary, commissions, bonuses, and incentive pay which shall include amounts deferred by the Participant under this Plan or any other employee benefit plan of the Company.  In all cases, Compensation shall include only compensation paid while an employee is a Participant in the Plan.  Compensation shall not include any severance or salary continuation payments.

(l)

Distribution Election.  The election by a Participant, from time to time, to choose the method of distribution of his deferrals, and any deemed investment increases or decreases attributable thereto.  The forms of Distribution Election for deferrals made in 2005 are attached hereto as Exhibit D.

(m)

Disability.  A Participant shall be considered to be suffering from a Disability if the Participant is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Participant’s employer.

(n)

Employee.  An employee of any one or more of the Companies.

(o)

Employment.  Employment with any one or more of the Companies.

(p)

Fair Market Value.  The closing sale price of the Common Stock on the New York Stock Exchange as reported in the Midwest Edition of the Wall Street Journal for the applicable date; provided that, if no sales of Common Stock were made on said exchange on that date, “Fair Market Value” shall mean the closing sale price of the Common Stock as reported for the next succeeding day on which sales of Common Stock are made on said exchange, or, failing any such sales, such other market price as the Committee may determine in conformity with pertinent law and regulations of the Treasury Department.

(q)

Investment Election.  The form filed by the Participant from time to time, substantially in the form of Exhibit A hereto, which designates the Participant’s investment choices.

(r)

Net Shares.  Net Shares means the difference between the number of shares of Common Stock subject to a stock option for which an election has been made pursuant to Section 4.02 hereof, and the number of shares of Common Stock delivered, directly or by attestation, to satisfy the stock option exercise price.  The value of the Common Stock for purposes of determining the number of Net Shares shall be Fair Market Value.

(s)

Participants.  Such senior management and highly compensated Employees whom the Administrator has identified as eligible to defer Compensation hereunder and who elect to participate by deferring Compensation.

(t)

Plan.  The Marshall & Ilsley Corporation 205 Executive Deferred Compensation Plan, as stated herein and as amended from time to time.

(u)

Plan Year.  The period beginning on January 1, 2005 and ending on December 31, 2005, and each 12-month period ending on each subsequent December 31.

(v)

Restricted Shares.  An award of stock under a plan of the Company, which may contain transferability or forfeiture provisions (including a requirement of future services), all as set forth in an award agreement.

(w)

Restricted Units.  Units held in a Participant’s Account B which are received upon surrender of Restricted Shares and have the same transferability or forfeiture provisions (including the requirement of future services) as the Restricted Shares surrendered in exchange therefor.  Each Restricted Unit represents one share of Common Stock.

(x)

Retirement.  As to each Participant, the termination of his employment on or after attaining age 55, other than by reason of death or Disability, with at least 10 years of Service.

(y)

Service.  As to each Participant, the period during which he has been employed by one or more of the Companies, including such period of time that he was employed by a predecessor in interest to one of the Companies.

(z)

Unforeseeable Emergency.  An Unforeseeable Emergency means a severe financial hardship to a Participant resulting from an illness or accident of the Participant, the Participant’s spouse or a dependent (as defined in Section 152(a) of the Code) of the Participant,  loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.

2.02.  Construction.   The laws of the State of Wisconsin, as amended from time to time, without giving effect to their conflict of laws provisions, shall govern the construction and application of this Agreement, unless Employee Retirement Income Security Act  (“ERISA”) supersedes Wisconsin law.  Words used in the masculine gender shall include the feminine and words used in the singular shall include the plural, as appropriate.  The words “hereof,” “herein,” “hereunder” and other similar compounds of the word “here” shall refer to the entire Agreement, not to a particular section.  All references to statutory sections shall include the section so identified as amended from time to time or any other statute of similar import.  If any provisions of the Internal Revenue Code, ERISA or other statutes or regulations render any provisions of this Plan unenforceable, such provision shall be of no force and effect only to the minimum extent required by such law.  

ARTICLE III

Eligibility

3.01.  Conditions of Eligibility.  The Administrator shall, from time to time, specify the senior management and highly compensated Employees eligible to participate herein.  Eligibility to participate in the Plan for one Plan Year does not guarantee eligibility for a subsequent Plan Year.

3.02.  Commencement of Participation.  An individual identified as eligible to participate in the Plan for that Plan Year shall commence participation, by either (a) electing a deferral of Compensation, (b) electing a deferral of Net Shares, or (c) surrendering Restricted Shares for Restricted Units, on the applicable form provided by the Administrator, in accordance with the procedures established by this Plan and the Administrator.

3.03.  Termination of Participation.  An individual’s right to (a) defer Compensation, (b) defer Net Shares (including exercise of the associated option) or (c) surrender Restricted Shares for Restricted Units hereunder shall cease as of the earlier of the (i) the termination of his Employment or (ii) failure of the Administrator to designate him as an Employee eligible to participate herein.

3.04.

Deferrals of Net Shares.  Notwithstanding the foregoing, no Participant shall be entitled to defer Net Shares hereunder until the Administrator determines that a deferral of Net Shares is permissible under Section 409A of the Code without penalty, and determines whether the bases on which such deferral is permissible are administratively practicable and consistent with the purposes of the Plan.  Any provisions of the Plan which govern Net Shares shall not apply to Participants until the Administrator determines to allow such deferrals.

ARTICLE IV

Deferrals and Company Contributions

4.01.  Amount and Manner of Deferral of Compensation.  A Participant must sign and return the Deferral Election, substantially in the form of Exhibit B hereto, to the Company, no later than the date specified by the Company, indicating the amount of the Participant’s salary or other Compensation for such Plan Year which he elects to defer hereunder, which election shall become irrevocable immediately upon commencement of such Plan Year.  A Participant may defer (i) any portion not to exceed eighty percent (80%) of his base salary or (ii) up to 100% of his incentive or (iii) both, provided, however, that (a) the Participant may not defer less than $5,000 in a Plan Year and (b) the Participant’s deferral election for a Plan Year shall relate to Compensation earned by him during such Plan Year whether or not paid during that Plan Year.

If a Participant elects to defer a portion of his salary, the Company shall reduce the Participant’s regular salary by an equal amount in each pay period during the Plan Year of deferral.  If a Participant elects to defer all or a portion of his incentive, the Company shall reduce each such Compensation payment by the percentage or dollar amount elected by the Participant.

4.02.  Amount and Manner of Deferral of Net Shares.  A Participant must sign and return an Election to Defer Stock Option Gains, substantially in the form provided to Participants, to the Company, no later than the date specified by the Company, containing the information requested, which election shall become irrevocable immediately upon return to the Company.

4.03.  Amount and Manner of Deferral of Restricted Stock Units.  A Participant must return a Restricted Stock Unit Agreement, substantially in the form of Exhibit C hereto, to the Company, no later than the date specified by the Company, containing the information requested, which agreement shall become irrevocable immediately upon return to the Company.

4.04.  Cessation of Deferral.  In the event of an Unforeseeable Emergency, a Participant may request in writing that deferrals of Compensation elected by that Participant hereunder cease for the then current Plan Year.  If the Administrator determines that such an Unforeseeable Emergency exists, and that the cessation of the deferrals is consistent with the requirements of Section 409A of the Code, the deferrals of Compensation for such Plan Year shall cease as to the Participant.  If the Administrator determines that no such emergency exists, the deferrals shall continue as originally elected.  If a Participant, consistent with this paragraph, ceases deferrals in a Plan Year, the Participant may not resume deferrals of Compensation hereunder (if otherwise eligible therefore) until the second Plan Year following the Plan Year in which such cessation occurred.

4.05. Other Contributions.  In the event that deferrals made by a Participant pursuant to this Plan cause a reduction in the contributions by the Company for the benefit of that Participant to any other qualified or nonqualified retirement plan maintained by the Company, and such reduction is not contributed or credited to any other nonqualified retirement plan, the Company shall credit to the Participant’s account under this Plan an amount equal to such net reductions in benefits.  If, as a result of limitations contained in Sections 401(a)(17) and/or 415 of the Code, or as a result of amounts deferred under the Plan, the contributions made to the profit sharing component of the retirement program of the Company on behalf of a person eligible to participate in the Plan are reduced, the Company shall credit an amount equal to such reduction to an account established for such person (the “SERP Account”).  The SERP Account shall be a separate bookkeeping account and shall vest once the person has five years of vesting service as determined under the profit sharing component of the retirement program of the Company, taking into account service prior to the date hereof.  Aside from the vesting requirement, the SERP Account shall be treated for all purposes of the Plan in the same manner as the Participant’s Account A, including division into sub-accounts consistent with the Distribution Election made for the Plan Year to which the Company contribution relates.  In addition, to the extent any amounts owing to a Participant under any incentive compensation plan are in excess of amounts which would be deductible by the Company under Section 162(m) of the Internal Revenue Code of 1986, as amended, and the Committee requires that such excess amounts be deferred, such amounts shall be credited to the relevant sub-account of Participant's Account A or Account B, as provided below in Section 5.01, consistent with the Distribution Election for such Plan Year.

ARTICLE V

Accounts and Sub-Accounts

5.01.  Establishment of Accounts; Sub-Accounts.  Only for the purpose of measuring payments due Participants hereunder, the Company shall maintain on behalf of each Participant two Accounts:  Account A and Account B, which shall each be divided into four sub-accounts reflecting the four distribution options available for cash and Common Stock distributions as set forth in the Distribution Election.  If the Company increases the number of distribution options available, the number of sub-accounts shall likewise be increased.  All amounts deferred pursuant to Sections 4.01 and 4.05 shall be credited to the relevant sub-accounts of Account A, which shall be denominated in cash.  All amounts deferred pursuant to Sections 4.02 and 4.03 shall be credited to the relevant sub-accounts of Account B, which shall be denominated in shares of Common Stock.

5.02.  Nature of Accounts; Sub-Accounts.  The Accounts and sub-accounts hereunder, and assets, if any, acquired by the Company to measure a Participant’s benefits hereunder, shall not constitute or be treated for any reason as a trust for, property of or a security interest for the benefit of, a Participant, his Beneficiaries or any other person.  Participant and the Company acknowledge that the Plan constitutes a promise by the Company to pay benefits to the Participants or their Beneficiaries, that Participants’ rights hereunder (by electing to defer Compensation, Net Shares or Restricted Units hereunder) are limited to those of general unsecured creditors of the Company and that the establishment of the Plan, acquisition of assets to measure Participant’s benefits hereunder or deferral of all or any portion of a Participants’ Compensation, Net Shares or Restricted Units hereunder does not prevent any property of the Company from being subject to the right of all the Company’s creditors.  The Company shall contribute all contributions hereunder to a trust created by the Company which will conform in all material respects to the terms of the Internal Revenue Service’s model trust, as described in Revenue Procedure 92-64, or any successor thereto.

5.03.  Maintenance of Account A.

a.

Accounts shall be reconciled on a quarterly basis.  The Company shall increase the relevant sub-account of Account A of each Participant by (i) the amount, if any, of his Compensation deferred during any calendar quarter based on the Distribution Election for such Plan Year, (ii) the amount, if any, contributed by the Company pursuant to Section 4.05 hereof during such Plan Year and (iii) any income or gains resulting as if the sub-account, computed in accordance with subsection b, below, were invested pursuant to the timely-filed Investment Election in effect for such quarter and decrease each Participant’s sub-account by (iv) any withdrawals or distributions from the relevant sub-account of Account A during any calendar quarter and (v) any losses resulting as if the sub-account, computed in accordance with subsection b, below, were invested pursuant to the timely-filed Investment Election in effect for such calendar quarter.

b.

For purposes of computing the investment return on any sub-account of Account A for any quarter, the principal balance as of the first day of the relevant quarter shall equal the balance as of the end of the preceding quarter, increased by 50% of the Participant’s and the Company’s contributions, if any, made to the relevant sub-account of Account A during the quarter pursuant to Sections 4.01 and 4.05 hereof, and decreased by any distributions made to the Participant or his Beneficiaries from the relevant sub-account during the quarter.

5.04.  Maintenance of Account B.

a.

Accounts shall be reconciled on a quarterly basis.  The Company shall increase the relevant sub-account of Account B of each Participant by (i) the amount, if any, of the Net Shares deferred upon the exercise of a nonstatutory stock option by the Participant, (ii) the amount, if any, of the Restricted Units deferred by the Participant (Net Shares and Restricted Units being hereafter referred to as “Credited Shares”), and (iii) to the extent Credited Shares are held on the record date for any dividend, a number of additional Credited Shares resulting from the reinvestment of dividends on a common investment date, which will typically be any of the first five business days after the payment of the dividend, determined in the sole discretion of an independent brokerage agent.  Dividends shall be assigned to the sub-account which contains the shares of Common Stock generating the applicable dividends.  The Company shall decrease each Participant’s sub-account of Account B by (iv) any withdrawals or distributions from the such sub-account of Account B during any calendar quarter and (v) any Restricted Units which fail to vest because the Participant forfeits the Restricted Units.  Consistent with the treatment of Restricted Stock, any dividends credited as regards Restricted Units shall not be forfeited, even if the Participant later forfeits the Restricted Units.  In the event of any distribution with respect to Common Stock other than a cash dividend, stock split, stock dividend or similar transaction, the relevant sub-account of the Participant’s Account B shall be credited with a number of additional shares or other consideration as determined by the Committee in its sole discretion.  In the event of a Change of Control, a the relevant sub-account of a Participant’s Account B shall be credited with the same amount and type of consideration which a shareholder of the Company would have received holding the same number of shares of Common Stock as are held in the relevant sub-account of a Participant’s Account B at the time of the payment of the consideration.  If there is a shareholder election as to the type of consideration received in a Change of Control, the relevant sub-accounts of a Participant’s Account B will be credited with consideration assuming that the Participant elected the maximum amount of stock which is available to electing shareholders, adjusted for any proration required because of over-subscription.

5.05.  Investment Elections for Account A.

a.

A Participant may file an Investment Election setting forth his investment preferences used to value his Account A.  The initial investment options available to Participants are (i) the Moody’s A Long-Term Corporate Bond Rate (the “fixed rate investment option”) adjusted annually to equal the average yield for the month of September of the previous year and (ii) the total return of the Standard & Poor’s 500 Index for the applicable quarter.  All investment elections must be in increments of 10%.  If a Participant does not file an Investment Election, the Account shall be deemed to be invested in the fixed rate investment option.  The Participant may change his investment preferences as of January 1 or July 1 in any year by delivering to the Company a new Investment Election at least 15 days prior to such effective date.

b.

A Participant’s Account shall reflect only the performance of such investment indices and the Participant shall have no property right or security interest in the actual investment performance of any assets invested by the Company to provide for the payment of benefits under this Plan.  

c.

Upon a Change of Control, the Company, the Administrator or any successor thereto, may not change the investment choices available to Participants hereunder without the consent of a majority of the holders of Account balances under the Plan.

5.06.  Change of Accounts.  Once amounts have been allocated to the relevant sub-accounts of Account A or Account B, these amounts must remain in the referenced sub-accounts Account A or B until such amounts are distributed to the Participant pursuant to Article VII hereof.

ARTICLE VI

Vesting

Subject to the rights of the Company’s creditors as set forth in Section 5.01 above, the Account of a Participant, including all earnings accrued thereto, shall at all times be fully vested.  Notwithstanding the foregoing, Restricted Units will not become vested until all forfeiture provisions (including the requirement of future services) have been met.  If such forfeiture provisions are not met, the Restricted Units shall be forfeited and shall be subtracted from the applicable Account.

ARTICLE VII

Distributions

7.01.  Distributions After Termination of Employment.  Except as otherwise expressly provided herein, all distributions of the Accounts shall be made in accordance with the Distribution Elections which relate to deferrals made for each Plan Year.  A Participant may make separate Deferral Elections for the sub-accounts of Account A and Account B.  Distributions from the sub-accounts of Account A shall be in cash and distributions from the sub-accounts of Account B shall be in Common Stock.

Distribution Elections are irrevocable, and may not be modified, unless allowed under . Section 409A of the Code, any guidance promulgated thereunder, or any successor thereto.  If a Participant does not timely file a Form of Distribution Election, he will be deemed to have elected payment in a lump sum option set forth in the Form of Distribution Election.  If a Participant files only one Distribution Election for any Plan Year, it will be deemed to cover both Account A and Account B, unless the Participant otherwise designates.

7.02.  Upon Death.

a.

Upon a Participant’s death, any balance remaining in his Accounts shall be paid by the Company in accordance with his Distribution Elections except that such payments shall be made to the Beneficiary or Beneficiaries specified by the Participant or, if none, to his surviving spouse or, if none, to his Estate.  Each Participant may designate a Beneficiary or Beneficiaries to receive the unpaid balance of his Accounts upon his death and may revoke or modify such designation at any time and from time to time by submitting to the Administrator a Beneficiary Designation substantially in the form attached hereto as Exhibit C.

b.

If a Participant’s death occurs prior to the payment of any amounts to him hereunder, other than payments for Unforeseeable Emergencies, the Participant’s Beneficiaries shall receive payments in accordance with Section 7.01 hereof.

c.

If a Participant designates multiple Beneficiaries as either primary or contingent Beneficiaries, and one of the Beneficiaries has predeceased the Participant, the deceased Beneficiary’s share shall go to the Beneficiary’s Estate.  For example, if a Participant designates his spouse as the sole primary beneficiary and his three children as equal contingent beneficiaries, and if the spouse and one child predecease the Participant, the two children would each get one-third of the distributions from the Accounts and the predeceased child’s one-third share would go to his Estate.  The spouse’s Estate would be entitled to nothing.

d.

If a Beneficiary survives a Participant but dies prior to receipt of the entire amount in the Accounts due him, the Company shall make payments to the Estate of the Beneficiary in accordance with the Distribution Elections.  For example, if the Participant’s spouse is his primary Beneficiary and his three children are his contingent Beneficiaries, and if the spouse survives the Participant such that she is receiving distributions pursuant to the terms of this Plan, but dies prior to the receipt of all distributions to which she is entitled, any remaining distributions shall be paid to the spouse’s Estate and not to the contingent beneficiaries.

7.03  Emergencies.  In the event of an Unforeseeable Emergency either before or after the commencement of payments hereunder, a Participant or Beneficiary may request in writing that all or any portion of the benefits due him under the Accounts be paid prior to the normal time for payment of such amount.  The Administrator shall, in its reasonable judgment, determine whether there is an Unforeseeable Emergency, and is so, shall distribute amounts which do not exceed the amounts necessary to satisfy such emergency, plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution.  In determining the amounts, the Administrator shall take into account the extent to which such 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 severe financial hardship).  The Administrator shall use its reasonable discretion to determine when the payments shall be made and shall immediately reduce the balance in the recipient’s Accounts by the amount of such payment.

7.04.  Upon a Change of Control.  Notwithstanding anything contained herein or in the Distribution Elections, a Participant’s Accounts shall be distributed in a lump sum after the termination of the Participant’s employment, but only if such termination of employment occurs when, or within a year after, a Change of Control takes place.  Such distributions shall be made no later than forty-five days after termination of employment, unless the requirements of Section 409A of the Code would mandate a later distribution date to avoid penalty, in which case the distributions will be made at such later date.  Notwithstanding the foregoing, if the deductibility of such amounts by the Company would be limited by Section 162(m) of the Code, such distribution shall occur on the first business day of the calendar year after the calendar year in which the Participant’s employment terminated, or such later time when the limitations of Section 162(m) would no longer apply.

ARTICLE VIII

Administration of the Plan

8.01.  Appointment of Separate Administrator.  The Committee shall, in writing, appoint a separate Administrator.  Any person including, but not limited to, an Employee, shall be eligible to serve as Administrator.  Two or more persons may form a committee to serve as Administrator.  Persons serving as Administrator may resign by written notice to the Committee and the Committee may appoint or remove such persons.  An Administrator consisting of more than one person shall act by a majority of its members at the time in office.  An Administrator consisting of more than one person may authorize any one or more of its members to execute any document or documents on behalf of the Administrator, in which event the Administrator shall notify the Committee of the member or members so designated.  The Committee shall accept and rely upon any document executed by such member or members as written revocation of such designation.  No person serving as Administrator shall vote or decide upon any matter relating solely to himself or solely to any of his rights or benefits pursuant to the Plan.

8.02.  Powers and Duties.  The Administrator shall administer the Plan in accordance with its terms.  The Administrator shall have full and complete authority and control with respect to Plan operations and administration unless the Administrator allocates and delegates such authority or control pursuant to the procedures stated in subsection b. or c. below.  Any decisions of the Administrator or its delegate shall be final and binding upon all persons dealing with the Plan or claiming any benefit under the Plan.  The Administrator shall have all powers which are necessary to manage and control Plan operations and administration including, but not limited to, the following:

a.

To employ such accountants, counsel or other persons as it deems necessary or desirable in connection with Plan administration.  The Company shall bear the costs of such services and other administrative expenses.

b.

To designate in writing persons other than the Administrator to perform any of its powers and duties hereunder.

c.

The discretionary authority to construe and interpret the Plan, including the power to construe disputed provisions.  

d.

To resolve all questions arising in the administration, interpretation and application of the Plan including, but not limited to, questions as to the eligibility or the right of any person to a benefit.

e.

To adopt such rules, regulations, forms and procedures from time to time as it deems advisable and appropriate in the proper administration of the Plan.

f.

To prescribe procedures to be followed by any person in applying for distributions pursuant to the Plan and to designate the forms or documents, evidence and such other information as the Administrator may reasonably deem necessary, desirable or convenient to support an application for such distribution.

8.03.  Records and Notices.  The Administrator shall maintain all books of accounts, records and other data as may be necessary for proper plan administration.

8.04.  Compensation and Expenses.  The expenses incurred by the Administrator in the proper administration of the Plan shall be paid by the Company.  An Administrator who is an Employee shall not receive any additional fee or compensation for services rendered as an Administrator.

8.05.  Limitation of Authority.  The Administrator shall not add to, subtract from or modify any of the terms of the Plan, change or add to any benefits prescribed by the Plan, or waive or fail to apply any Plan requirement for benefit eligibility.

8.06  Claims Procedures.  A Participant shall be entitled to make a request for any benefits to which the Participant believes he or she may be entitled.  Any such request must be made in writing, and it should be made to the Company.

A request for benefits will be considered a claim, and it will be subject to a full and fair review.  If a Participant’s claim is wholly or partially denied, the Company shall furnish the Participant or the Participant’s beneficiary (the “Claimant”) or the Claimant’s authorized representative with a written or electronic notice of the denial within a reasonable period of time (generally, 90 days after the Company receives the claim or 180 days, if the Company determines that special circumstances require an extension of time for processing the claim and furnishes written notice of the extension to the Claimant or the Claimant’s authorized representative before the initial 90-day period ends), which sets forth, in an understandable manner, the following information:

a.

The specific reason(s) for the denial of the claim;

b.

Reference to the specific provisions of the Plan on which the denial is based;

c.

A description of any additional material or information necessary for the Claimant to perfect the claim and an explanation of why that material or information is necessary; and

d.

A description of the review procedures and the time limits applicable to those procedures, including a statement of the Claimant’s right to bring a civil action under ERISA Section 502(a) following a denial on review.

The Company’s written extension notice must indicate the special circumstances requiring an extension of time for processing the claim and the date by which the Company expects to render its decision on the claim.

The Claimant or the Claimant’s authorized representative may appeal the Company’s decision denying the claim within 60 days after the Claimant or the Claimant’s authorized representative receives the notice denying the claim.  The Claimant or the Claimant’s authorized representative may submit to the Company written comments, documents, records and other information relating to the claim.  The Claimant or the Claimant’s authorized representative shall be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim.  The Company’s review of the claim and of its denial of the claim shall take into account all comments, documents, records and other information submitted by the Claimant or the Claimant’s authorized representative relating to the claim, without regard to whether these materials were submitted or considered during the initial decision on the claim.

The Company’s decision on the appeal of a denied claim shall be made within a reasonable period of time (generally 60 days after the Company receives the claim or 120 days if the Company determines that special circumstances require an extension of time for processing the claim and furnishes written notice of the extension to the Claimant or the Claimant’s authorized representative before the initial 60-day period ends indicating the special circumstances requiring extension of time and the date by which the Company expects to render its decision on the claim).  The Company will furnish the Claimant or the Claimant’s authorized representative with written or electronic notice of its decision on appeal.  In the case of a decision on appeal upholding the Company’s initial denial of the claim, the Company’s notice of its decision on appeal shall set forth, in an understandable manner, the following information:

a.

The specific reason(s) for the decision on appeal; 

b.

Reference to the specific provisions in the Plan on which the decision on appeal is based; 

c.

A statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim for benefits; and

d.

A statement describing any voluntary appeal procedures (including voluntary arbitration or any other form of dispute resolution) offered and the Claimant’s right to obtain information sufficient to make an informed judgment about whether to submit a benefit dispute to the voluntary level of appeal, and a statement of the Claimant’s right to bring an action under ERISA Section 502(a).

ARTICLE IX

General Provisions

9.01.  Assignment and Rights of Participant.  No Participant or Beneficiary may sell, assign, transfer encumber or otherwise dispose of the right to receive payments hereunder.  A Participant’s rights to benefit payments under the Plan are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of a Participant or a Beneficiary.  No Participant or any other person shall have any interest in any fund or in any specific asset or assets of the Company by reason of any amounts credited to any Account hereunder, nor any right to exercise any of the rights or privileges of a stockholder with respect to any securities hypothetically credited to a Participant’s Account B under the Plan, nor any right to receive any distributions under the Plan except as and to the extent expressly provided in the Plan.

9.02.  Employment Not Guaranteed by Plan.  The establishment of this Plan and the designation of an Employee as a Participant, shall not give any Participant the right to continued Employment or limit the right of the Company to dismiss or impose penalties upon the Participant or modify the terms of Employment of any Participant.

9.03.  Termination and Amendment.  The Board of Directors of the Company may at any time terminate, suspend, alter or amend this Plan so long as such actions do not contravene the requirements of Section 409A of the Code.  No Participant or any other person shall have any right, title, interest or claim against the Company, its directors, officers or employees for any amounts, except that (i) the Participant shall be fully vested in his Accounts hereunder as of the date on which the Plan is terminated or suspended, except as to any unvested Restricted Units, (ii) no amendment shall eliminate the crediting of an investment return on the sub-accounts of Account A prior to the complete distribution thereof or provide for a distribution method which accelerates the timing of distributions hereunder without the consent of a Participant and (iii) subsequent to a Change of Control, unless a majority of the holders of Account balances agree to the contrary, the Company or the Administrator may not alter (a) the choice of investments in the Investment Election as in effect immediately before the Change of Control and (b) the payout options contained in the Distribution Elections as in effect immediately before the Change of Control.  Notwithstanding the foregoing, the Board of Directors of the Company may make any amendment necessary in order to avoid penalties under Section 409A of the Code, even if such amendments are detrimental to Participants.

9.04.  Notice.  Any and all notices, designations or reports provided for herein shall be in writing and delivered personally or by certified mail, return receipt requested, addressed, in the case of the Company to the Corporate Secretary at 770 North Water Street, Milwaukee, Wisconsin  53202 and, in the case of a Participant or Beneficiary, to his home address as shown on the records of the Company.  The addresses referenced herein may be changed by a notice delivered in accordance with the requirement of this Section 9.04.

9.05.  Limitation on Liability.  In no event shall the Company, Administrator or any employee, officer or director of the Company incur any liability for any act or failure to act unless such act or failure to act constitutes a lack of good faith, willful misconduct or gross negligence with respect to the Plan or the trust established in connection with the Plan.

9.06.  Indemnification.  The Company shall indemnify the Administrator and any employee, officer or director of the Company against all liabilities arising by reason of any act or failure to act unless such act or failure to act is due to such person’s own gross negligence or willful misconduct or lack of good faith in the performance of his duties to the Plan or the trust established pursuant to the Plan.  Such indemnification shall include, but not be limited to, expenses reasonably incurred in the defense of any claim, including reasonable attorney and legal fees, and amounts paid in any settlement or compromise; provided, however, that indemnification shall not occur to the extent that it is not permitted by applicable law.  Indemnification shall not be deemed the exclusive remedy of any person entitled to indemnification pursuant to this section.  The indemnification provided hereunder shall continue as to a person who has ceased acting as a director, officer, member, agent or employee of the Administrator or as an officer, director or employee of the Company and such person’s rights shall inure to the benefit of his heirs and representatives.

9.07.  Headings.  All articles and section headings in this Plan are intended merely for convenience and shall in no way be deemed to modify or supplement the actual terms and provisions stated thereunder.

9.08.  Severability.  Any provision of this Plan prohibited by law shall be ineffective to the extent of any such prohibition, without invalidating the remaining provisions hereof.  The illegal or invalid provisions shall be fully severable and this Plan shall be construed and enforced as if the illegal or invalid provisions had never been inserted in this Plan.

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