Document:

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                                                                EXHIBIT 10.5 (i)

                              DIEBOLD, INCORPORATED

                     SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN I

                      AS AMENDED AND RESTATED JULY 1, 2002

                                      35
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                              DIEBOLD, INCORPORATED

                     SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN I

                     (AS AMENDED AND RESTATED JULY 1, 2002)

                                TABLE OF CONTENTS
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ARTICLE I PLAN...................................................................................................1
ARTICLE II PURPOSE OF THE PLAN...................................................................................1
ARTICLE III DEFINITIONS..........................................................................................1
       (1)      "Annual Compensation"............................................................................1
       (2)      "Beneficiary"....................................................................................1
       (3)      "Board"..........................................................................................1
       (4)      "Change in Control...............................................................................1
       (5)      "Change in Control Benefit"......................................................................1
       (6)      "Committee"......................................................................................1
       (7)      "Company"........................................................................................2
       (8)      "Company Service"................................................................................2
       (9)      "Disability Benefit".............................................................................2
       (10)     "Early Retirement Age"...........................................................................2
       (11)     "Early Retirement Date"..........................................................................2
       (12)     "Early Retirement Benefit........................................................................2
       (13)     "Employer".......................................................................................2
       (14)     "15-Year Service Benefit"........................................................................2
       (15)     "Final Average Monthly Compensation".............................................................2
       (16)     "Involuntary Termination Benefit"................................................................2
       (17)     "Normal Retirement Benefit"......................................................................2
       (18)     "Normal Retirement Date".........................................................................2
       (19)     "Participant"....................................................................................2
       (20)     "Plan"...........................................................................................2
       (21)     "Post-Retirement Death Benefit"..................................................................3
       (22)     "Pre-Retirement Death Benefit"...................................................................3
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       (23)     "Qualified Retirement Plan"......................................................................3
       (24)     "Service Fraction"...............................................................................3
       (25)     "Social Security Benefit"........................................................................3
       (26)     "Spouse".........................................................................................3
       (27)     "Supplemental Retirement Benefit"................................................................3
       (28)     "10-Year Service Benefit"........................................................................3
       (29)     "Terminated For Cause"...........................................................................3
       (30)     "Total Disability"...............................................................................3
ARTICLE IV ELIGIBILITY, PARTICIPATION AND VESTING................................................................4
       (a)      Eligibility for Plan; Disqualification...........................................................4
       (b)      Terminated for Cause.............................................................................4
       (c)      Eligibility for Benefits.........................................................................5
       (d)      Vesting..........................................................................................5
ARTICLE V NORMAL RETIREMENT BENEFITS.............................................................................5
       (a)      Qualification for Benefit........................................................................7
       (b)      Computation of Amount of Normal Retirement Benefit...............................................5
       (c)      Form and Duration of Payment.....................................................................6
ARTICLE VI EARLY RETIREMENT BENEFIT..............................................................................6
       (a)      Qualification for Benefit........................................................................6
       (b)      Computation of Amount of Early Retirement Benefit................................................6
       (c)      Form and Duration of Payment.....................................................................7
ARTICLE VII INVOLUNTARY TERMINATION BENEFIT......................................................................7
       (a)      Qualification for Benefit........................................................................7
       (b)      Computation of Amount of Involuntary Termination Benefit.........................................7
       (c)      Form and Duration of Payment.....................................................................8
ARTICLE VIII 10-YEAR SERVICE BENEFIT.............................................................................8
       (a)      Qualification for Benefit........................................................................8
       (b)      Computation of Amount of 10-Year Service Benefit.................................................8
       (c)      Form and Duration of Payment.....................................................................9
ARTICLE IX 15-YEAR SERVICE BENEFIT...............................................................................9
       (a)      Qualification for Benefit........................................................................9
       (b)      Computation of Amount of 15-Year Service Benefit.................................................9
       (c)      Form and Duration of Payment....................................................................10
ARTICLE X DISABILITY BENEFIT.....................................................................................9
       (a)      Qualified for Benefit...........................................................................10
       (b)      Computation of Amount of Disability Benefit.....................................................10

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       (c)      Form and Duration of Payment....................................................................10
ARTICLE XI BENEFIT UPON CHANGE IN CONTROL.......................................................................11
       (a)      Qualification for Benefit.......................................................................11
       (b)      Change in Control...............................................................................11
       (c)      Computation of Amount of Change in Control Benefit..............................................13
       (d)      Form and Duration of Payment....................................................................13
ARTICLE XII DEATH BENEFIT.......................................................................................14
       (a)      Pre-Retirement..................................................................................14
       (b)      Post-Retirement Death Benefit...................................................................14
       (c)      Minimum Death Benefit...........................................................................16
ARTICLE XIII PLAN ADMINISTRATION................................................................................17
ARTICLE XIV OPTIONAL FORMS OF PAYMENT...........................................................................17
       (a)      Annuity Options.................................................................................17
       (b)      Timing and Manner of Election...................................................................17
       (c)      Lump Sum Payments...............................................................................18
ARTICLE XV MISCELLANEOUS........................................................................................18
       (a)      Funding.........................................................................................18
       (b)      No Guaranty of Benefits.........................................................................19
       (c)      Assignments and Restrictions....................................................................27
       (d)      Headings........................................................................................19
       (e)      Employment......................................................................................19
       (f)      Applicable Law..................................................................................20
       (g)      Binding Effect on Employer, Participants, Spouses and Their Successors..........................20
       (h)      Amendment and Discontinuance....................................................................20
       (i)      Participant Information.........................................................................20
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                              DIEBOLD, INCORPORATED
                      SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN

                                    ARTICLE I
                                      PLAN

The Diebold, Incorporated Supplemental Employee Retirement Plan (the "Plan")
originally adopted effective January 1, 1990 is hereby amended and restated,
effective as of January 1, 2001. This Amended and Restated Plan applies to any
Participant who retires, is disabled or is deceased on or after July 1, 2002.
Any Participant who reaches any one of these events prior to July 1, 2002 would
be governed by the terms of the plan then in effect.

                                   ARTICLE II
                               PURPOSE OF THE PLAN

This Plan was created for the principal purpose of providing retirement income
for certain executive and highly compensated management employees of Diebold,
Incorporated and its subsidiary organizations. It is intended to supplement
benefits payable under the Diebold, Incorporated Retirement Plan for Salaried
Employees, as well as benefits payable under the Federal Social Security Act and
certain other deferred compensation arrangements.

                                   ARTICLE III
                                   DEFINITIONS

(a)      The following definitions shall apply with respect to this Plan:

         (1)      "Annual Compensation" shall mean a Participant's base pay from
                  an Employer for any Plan Year plus the Participant's Annual
                  Cash Bonus in the Plan Year in which it is accrued. Annual
                  Compensation shall also include amounts paid to individuals
                  who are citizens or residents of the United States and who are
                  employees of, or provide services to, a foreign affiliate of
                  the Company to which an agreement entered into by the Company
                  under Code Section 3121(l) applies.

         (2)      "Beneficiary" shall mean a person or entity selected by the
                  Participant or an eligible surviving Spouse that may receive
                  death benefits under this Plan, as are outlined in Article X.
                  A Beneficiary so designated will not generally be a Spouse.

         (3)      "Board" shall mean the Board of Directors of Diebold,
                  Incorporated.

         (4)      "Change in Control" shall have the meaning assigned to such
                  term in Article XI.

         (5)      "Change in Control Benefit" shall mean the benefit determined
                  in accordance with Article XI.

         (6)      "Committee" shall mean the Compensation Committee of the
                  Board, as such Committee may be constituted from time to time.

<PAGE>

         (7)      "Company" shall mean Diebold, Incorporated.

         (8)      "Company Service" shall mean years of employment (measured in
                  years and completed months) with an Employer.

         (9)      "Disability Benefit" shall mean the benefit determined in
                  accordance with Article X hereof.

         (10)     "Early Retirement Age" shall mean the 60th birthday of a
                  Participant.

         (11)     "Early Retirement Date" shall mean the first day of the month
                  coinciding with or next following the 60th birthday of a
                  Participant.

         (12)     "Early Retirement Benefit" shall mean the benefit determined
                  in accordance with Article VI hereof.

         (13)     "Employer" shall mean (a) the Company or its successors, and
                  (b) any affiliated corporation or other entity which may
                  specifically adopt this Plan with the consent of the Company,
                  or its successors.

         (14)     "15-Year Service Benefit" shall mean the benefit determined in
                  accordance with Article IX hereof.

         (15)     "Final Average Monthly Compensation" shall mean one-twelfth of
                  the average of the Participant's Annual Compensation for the
                  five complete consecutive calendar years during his last 10
                  calendar years of employment with the Employer during which
                  his compensation was the highest. In the event a Participant
                  has been employed for a period of less than five consecutive
                  calendar years, the Participant's Final Average Monthly
                  Compensation shall be the average of his monthly compensation
                  amounts in effect for all of the complete calendar months
                  during which he was employed by the Employer.

         (16)     "Involuntary Termination Benefit" shall mean the benefit
                  determined in accordance with Article VII.

         (17)     "Normal Retirement Benefit" shall mean the benefit determined
                  in accordance with Article V.

         (18)     "Normal Retirement Date" shall mean the first day of the month
                  coinciding with or next following the 62nd birthday of a
                  Participant.

         (19)     "Participant" shall mean any executive highly paid or
                  management employee of an Employer who is selected to
                  participate in this Plan pursuant to the provisions of Article
                  IV.

         (20)     "Plan" shall mean this Diebold, Incorporated Supplemental
                  Employee Retirement Plan, as in effect from time to time.

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         (21)     "Post-Retirement Death Benefit" shall mean the benefit
                  determined in accordance with Section (b) of Article XII.

         (22)     "Pre-Retirement Death Benefit" shall mean the benefit
                  determined in accordance with Section (a) of Article XII.

         (23)     "Qualified Retirement Plan" shall mean the Diebold,
                  Incorporated Retirement Plan for Salaried Employees, as
                  presently set forth and as it may subsequently be amended, or
                  its successor.

         (24)     "Service Fraction" shall mean, for any Participant, a
                  fraction, the numerator of which is the lesser of (A) the
                  Participant's years of Company Service, or (B) 15, and the
                  denominator of which is 15.

         (25)     "Social Security Benefit" shall mean the Primary Insurance
                  Amount under the Federal Social Security Act to which a
                  Participant would be entitled as of the later of his Normal
                  Retirement Date or the date of his actual retirement, computed
                  on the basis of the Participant's average wage history
                  (estimated or actual) for years before the date of
                  determination and, in the case of a Participant who terminates
                  employment with the Employer prior to his Normal Retirement
                  Date, by assuming that the Participant will earn wages after
                  his termination of employment and prior to his Normal
                  Retirement Date at a rate equal to the Participant's wage rate
                  at the time of his termination of employment. If a Participant
                  in this Plan is not eligible for full Social Security Benefits
                  (for example, an individual who has previously worked in the
                  military), for purposes of determining benefits under this
                  Plan, such Social Security Benefits would be imputed as if he
                  had been so eligible and had been covered by Social Security
                  for his entire working career.

         (26)     "Spouse" shall mean the surviving spouse of a Participant at
                  the time of his death, but only if the Participant and such
                  spouse were married at least one year prior to the earlier of
                  the Participant's death, retirement or other termination of
                  employment with the Employer.

         (27)     "Supplemental Retirement Benefit" shall mean the Change in
                  Control Benefit, Disability Benefit, Early Retirement Benefit,
                  10-Year Service Benefit, 15-Year Service Benefit, Involuntary
                  Termination Benefit, Normal Retirement Benefit, Pre-Retirement
                  Death Benefit or Post-Retirement Death Benefit for which a
                  Participant or his Spouse may qualify.

         (28)     "10-Year Service Benefit" shall mean the benefit determined in
                  accordance with Article VIII hereof.

         (29)     "Terminated For Cause" shall have the meaning assigned to such
                  term in Article IV.

         (30)     "Total Disability" shall mean a condition in which a
                  Participant is unable, by reason of sickness or accident, to
                  fulfill the duties of his employment by the
<PAGE>
                  Employer. The determination of Total Disability shall be made
                  by the Committee in accordance with the provisions of Article
                  X.

(b)      Throughout this Plan, and whenever appropriate, the masculine gender
         shall be deemed to include the feminine and neuter, the singular shall
         be deemed to include the plural and vice versa.

                                   ARTICLE IV
                     ELIGIBILITY, PARTICIPATION AND VESTING

(a)      ELIGIBILITY FOR PLAN; DISQUALIFICATION. The Committee, acting in its
         sole discretion, shall make recommendations to the Board as to which
         executive or highly paid management employees of the Employer shall
         become Participants in the Plan. The Board shall make the final
         decision as to those executive or highly paid management employees who
         shall become Participants in the Plan and at which time such employees
         become Participants; provided, however, that in the absence of a Change
         in Control or a finding of Total Disability, a Participant's
         participation shall cease and no benefits under this Plan shall be
         payable:

         (i)      to a Participant if the Participant:

                  (A)      voluntarily terminates employment before attaining
                           age 60 with less than 10 years of Company Service; or

                  (B)      fails to give an Employer six months written advance
                           notice of his pending termination of employment if he
                           is leaving Diebold prior to age 60 (or three months
                           written advance notice if he is leaving Diebold at
                           age 60 or later); or

                  (C)      is Terminated for Cause; or

         (ii)     to a Participant's Spouse, if the Participant:

                  (A)      dies prior to satisfying the requirements for a
                           Spouse's Pre-Retirement or Post-Retirement Death
                           Benefit under Article XII; or

                  (B)      is Terminated for Cause; or

         (iii)    to a Participant's Beneficiary or Estate, if the Participant:

                  (A)      dies prior to satisfying the requirements for a
                           Pre-Retirement or Post-Retirement Spouse's Death
                           Benefit under Article XII; or

                  (B)      is Terminated for Cause.

(b)      TERMINATED FOR CAUSE. As used in this Plan, "Terminated for Cause"
         shall mean termination of a Participant's employment by an Employer due
         to the Participant's:
<PAGE>

         (i)      intentional act of fraud, embezzlement or theft in connection
                  with his duties or in the course of his employment with the
                  Employer;

         (ii)     intentional wrongful damage to property of the Employer;

         (iii)    intentional wrongful disclosure of secret processes or
                  confidential information of the Employer; or

         (iv)     intentional wrongful engagement in any competitive activity
                  which would constitute a material breach of the duty of
                  loyalty to the Employer;

                  and any such act shall have been materially harmful to the
                  Employer.

         For purposes of the Plan, no act, or failure to act, on the part of the
         Participant shall be deemed "intentional" if it was due primarily to an
         error in judgement or negligence, but shall be deemed "intentional"
         only if done, or omitted to be done, by the Participant not in good
         faith and without reasonable belief that his action or omission was not
         in or opposed to the best interest of the Employer. Notwithstanding the
         foregoing, a Participant shall not be deemed to have been Terminated
         for Cause hereunder unless and until there shall have been delivered to
         the Participant a copy of a resolution duly adopted by the affirmative
         vote of not less than three-quarters of the Board then in office at a
         meeting of the Board called and held for such purpose, finding that, in
         the good faith opinion of the Board, the Participant had committed an
         act set forth above and specifying the particulars thereof in detail.
         The Participant shall receive reasonable notice and an opportunity for
         the Participant, together with his counsel, to be heard before the
         Board. Nothing herein shall limit the right of the Participant or his
         Beneficiaries to contest the validity or propriety of any such
         determination.

(c)      ELIGIBILITY FOR BENEFITS. A Participant shall be entitled to receive a
         Supplemental Retirement Benefit (or have a Supplemental Retirement
         Benefit provided for his surviving Spouse or Beneficiary) only if he
         satisfies the foregoing conditions of this Article IV and satisfies the
         requirements of one of the succeeding Articles of the Plan.

(d)      VESTING. A Participant shall be vested hereunder upon attaining 10
         years of Company Service or upon meeting the requirements for a Normal
         Retirement Benefit, Early Retirement Benefit, Disability Benefit,
         Involuntary Termination Benefit or Change in Control Benefit hereunder.

                                    ARTICLE V
                           NORMAL RETIREMENT BENEFITS

(a)      QUALIFICATION FOR BENEFIT. Subject to the provisions of Article IV, a
         Participant who attains age 62 while employed by an Employer shall be
         eligible, at any time after his said attainment of age 62, to retire
         and receive a Normal Retirement Benefit commencing at the time set
         forth in Section (b) of this Article.

(b)      COMPUTATION OF AMOUNT OF NORMAL RETIREMENT BENEFIT. A Participant who
         retires on or after his Normal Retirement Date shall be entitled to
         receive, commencing on the first

<PAGE>

         day of the month coincident with or following the later of his
         retirement or his application therefor, a monthly Supplemental
         Retirement Benefit equal to 65% of the Participant's Final Average
         Monthly Compensation multiplied by his Service Fraction, reduced by the
         sum of:

         (i)      50% of the monthly Social Security Benefit payable to the
                  Participant commencing on the first day of the month
                  coincident with or following his retirement or his application
                  for benefits, if later; and

         (ii)     the monthly benefit (expressed as a single life annuity, but
                  not including any temporary supplements) payable to the
                  Participant under the terms of the Qualified Retirement Plan
                  commencing on the first day of the month coincident with or
                  following his retirement or his application for benefits, if
                  later, assuming (i) for purposes of determining whether the
                  Participant had a vested benefit under the Qualified
                  Retirement Plan and when the Participant could elect
                  commencement of his benefit under the Qualified Retirement
                  Plan (but not for purposes of determining the amount thereof),
                  that the Participant had sufficient service under the
                  Qualified Retirement Plan to have a vested benefit under the
                  Qualified Retirement Plan and a right to commence receiving
                  such benefit on the first day of the month following his
                  retirement or his application for benefits hereunder, if
                  later, and (ii) that the Participant elected commencement of
                  such benefit on such date.

(c)      FORM AND DURATION OF PAYMENT. The form of a Participant's benefit under
         this Article shall be an annuity payable monthly for the Participant's
         lifetime (except as may be provided in Sections (b) or (c) of Article
         XII or as provided in Article XIV, as applicable).

                                   ARTICLE VI
                            EARLY RETIREMENT BENEFIT

(a)      QUALIFICATION FOR BENEFIT. Subject to the provisions of Article IV, a
         Participant who attains his Early Retirement Age while employed by an
         Employer shall be eligible, from the time he has reached his Early
         Retirement Age up to the time he reaches age 62, to retire and receive
         an Early Retirement Benefit commencing at the time set forth in Section
         (b) of this Article.

(b)      COMPUTATION OF AMOUNT OF EARLY RETIREMENT BENEFIT. A Participant who
         retires on or after his Early Retirement Date and before his Normal
         Retirement Date shall be entitled to receive, commencing on the later
         of his Normal Retirement Date or the first day of the month after his
         application therefor, a monthly Early Retirement Benefit equal to 65%
         of the Participant's Final Average Monthly Compensation multiplied by
         his Service Fraction reduced by the sum of:

         (i)      50% of the monthly Social Security Benefit payable to the
                  Participant commencing on this Normal Retirement Date; and

<PAGE>

         (ii)     the monthly benefit (expressed as a single life annuity, but
                  not including any temporary supplements) payable to the
                  Participant under the terms of the Qualified Retirement Plan
                  commencing on his Normal Retirement Date (as defined herein),
                  assuming (i) for purposes of determining whether the
                  Participant had a vested benefit under the Qualified
                  Retirement Plan and when the Participant could elect
                  commencement of his benefit under the Qualified Retirement
                  Plan (but not for purposes of determining the amount thereof),
                  that the Participant had sufficient service under the
                  Qualified Retirement Plan to have a vested benefit under the
                  Qualified Retirement Plan and a right to commence receiving
                  such benefit at his Normal Retirement Date, and (ii) that the
                  Participant elected commencement of such benefit at his Normal
                  Retirement Date.

         The Participant, at his election, may commence his benefits under this
         Article on the first day of any month after his date of retirement and
         before his Normal Retirement Date, but in that case his monthly benefit
         computed under the preceding sentence shall be reduced by .7% for each
         full month (up to 12) by which the date of commencement precedes the
         Participant's Normal Retirement Date, and .6833% for each additional
         full month (if any) by which the date of commencement precedes the
         Participant's Normal Retirement Date.

(c)      FORM AND DURATION OF PAYMENT. The form of a Participant's benefit under
         this Article shall be an annuity payable monthly for the Participant's
         lifetime (except as may be provided in Sections (b) or (c) of Article
         XII or as provided in Article XIV, as applicable).

                                   ARTICLE VII
                         INVOLUNTARY TERMINATION BENEFIT

(a)      QUALIFICATION FOR BENEFIT. Subject to the provisions of Article IV, a
         Participant whose employment with the Employer is involuntarily
         terminated before he reaches his Early Retirement Age shall be eligible
         to receive an Involuntary Termination Benefit commencing at the time
         set forth in Section (b) of this Article. The Committee, or its duly
         appointed representative for this purpose, shall have full discretion
         to determine whether the termination of a Participant's employment with
         the Employer is involuntary.

(b)      COMPUTATION OF AMOUNT OF INVOLUNTARY TERMINATION BENEFIT. A Participant
         who is eligible for an Involuntary Termination Benefit shall be
         entitled to receive, commencing on the later of his Normal Retirement
         Date or the first day of the month after his application therefor, a
         monthly Supplemental Retirement Benefit equal to 65% of the
         Participant's Final Average Monthly Compensation multiplied by his
         Service Fraction, reduced by the sum of:

         (i)      50% of the monthly Social Security Benefit payable to the
                  Participant commencing on his Normal Retirement Date; and

         (ii)     the monthly benefit (expressed as a single life annuity, but
                  not including any temporary supplements) payable to the
                  Participant under the terms of the Qualified Retirement Plan
                  commencing on his Normal Retirement Date (as herein

<PAGE>

                  defined), assuming (i) for purposes of determining whether
                  the Participant had a vested benefit under the Qualified
                  Retirement Plan and when the Participant could elect
                  commencement of his benefit under the Qualified Retirement
                  Plan (but not for purposes of determining the amount thereof),
                  that the Participant had sufficient service under the
                  Qualified Retirement Plan to have a vested benefit under the
                  Qualified Retirement Plan and a right to commence receiving
                  such benefit at his Normal Retirement Date, and (ii) that the
                  Participant elected commencement of such benefit at his Normal
                  Retirement Date.

         The Participant, at his election, may commence his benefits under this
         Article on the first day of any month after he attains age 60 and
         before his Normal Retirement Date, but in that case his benefit
         computed under the preceding sentence shall be reduced by .7% for each
         full month (up to 12) by which the date of commencement precedes the
         Participant's Normal Retirement Date, and .6833% for each additional
         full month (if any) by which the date of commencement precedes the
         Participant's Normal Retirement Date.

(c)      FORM AND DURATION OF PAYMENT. The form of a Participant's benefit under
         this Article shall be an annuity payable monthly for the Participant's
         lifetime (except as may be provided in Sections (b) or (c) of Article
         XII or as provided in Article XIV, as applicable).

                                  ARTICLE VIII
                             10-YEAR SERVICE BENEFIT

(a)      QUALIFICATION FOR BENEFIT. Subject to the provisions of Article IV, a
         Participant who terminates employment with the Employer with 10 or more
         years of Company Service but who is not then eligible for other
         benefits under this Plan shall be eligible to receive a 10-Year Service
         Benefit commencing at the time set forth in Section (b) of this
         Article.

(b)      COMPUTATION OF AMOUNT OF 10-YEAR SERVICE BENEFIT. A Participant who is
         eligible for a 10-Year Service Benefit shall be entitled to receive,
         commencing on the later of his Normal Retirement Date or the first day
         of the month after his application therefor, a monthly Supplemental
         Retirement Benefit equal to 55% of his Final Average Monthly
         Compensation, multiplied by his Service Fraction, reduced by the sum
         of:

         (i)      50% of the monthly Social Security Benefit payable to the
                  Participant commencing on his Normal Retirement Date; and

         (ii)     the monthly benefit (expressed as a single life annuity) but
                  not including any temporary supplements) payable to the
                  Participant under the terms of the Qualified Retirement Plan
                  at his Normal Retirement Date (as defined herein), assuming
                  (i) for purposes of determining when the Participant could
                  elect commencement of his benefit under the Qualified
                  Retirement Plan (but not for purposes of determining the
                  amount thereof) that the Participant had sufficient service
                  under the Qualified Retirement Plan to have a right to
                  commence his benefit under the Qualified Retirement Plan at
                  his Normal Retirement Date, and

<PAGE>

                  (ii) that the Participant elected commencement of such benefit
                  at his Normal Retirement Date.

         The Participant, at his election, may commence his benefits under this
         Article on the first day of any month after he attains age 60 and
         before his Normal Retirement Date, but in that case his benefit
         computed under the preceding sentence shall be reduced by .7% for each
         full month (up to 12) by which the date of commencement precedes the
         Participant's Normal Retirement Date, and .6833% for each additional
         full month (if any) by which the date of commencement precedes the
         Participant's Normal Retirement Date.

(c)      FORM AND DURATION OF PAYMENT. The form of a Participant's benefit under
         this Article shall be an annuity payable monthly for the Participant's
         lifetime (except as may be provided in Sections (b) or (c) of Article
         XII or as provided in Article XIV, as applicable).

                                   ARTICLE IX
                             15-YEAR SERVICE BENEFIT

(a)      QUALIFICATION FOR BENEFIT. Subject to the provisions of Article IV, a
         Participant who terminates employment with the Employer with 15 or more
         years of Company Service but who is not then eligible for other
         benefits under this Plan (other than the 10-year Service Benefit) shall
         be eligible to receive a 15-Year Service Benefit commencing at the time
         set forth in Section (b) of this Article.

(b)      COMPUTATION OF AMOUNT OF 15-YEAR SERVICE BENEFIT. A Participant who is
         eligible for a 15-Year Service Benefit shall be entitled to receive,
         commencing on the later of his Normal Retirement Date or the first day
         of the month after his application therefor, a monthly Supplemental
         Retirement Benefit equal to 55% of his Final Average Monthly
         Compensation, reduced by the sum of:

         (i)      50% of the monthly Social Security Benefit payable to the
                  Participant commencing on his Normal Retirement Date; and

         (ii)     the monthly benefit (expressed as a single life annuity, but
                  not including any temporary supplements) payable to the
                  Participant under the terms of the Qualified Retirement Plan
                  at his Normal Retirement Date (as defined herein), assuming
                  (i) for purposes of determining when the Participant could
                  elect commencement of his benefit under the Qualified
                  Retirement Plan (but not for purposes of determining the
                  amount thereof) that the Participant had sufficient service
                  under the Qualified Retirement Plan to have a right to
                  commence his benefit under the Qualified Retirement Plan at
                  his Normal Retirement Date, and (ii) that the Participant
                  elected commencement of such benefit at his Normal Retirement
                  Date.

         The Participant, at his election, may commence his benefits under this
         Article on the first day of any month after he attains age 60 and
         before his Normal Retirement Date, but in that case his benefit
         computed under the preceding sentence shall be reduced by .7% for each
         full month (up to 12) by which the date of commencement precedes the
         Participant's

<PAGE>

         Normal Retirement Date, and .6833% for each additional full month (if
         any) by which the date of commencement precedes the Participant's
         Normal Retirement Date.

(c)      FORM AND DURATION OF PAYMENT. The form of a Participant's benefit under
         this Article shall be an annuity payable monthly for the Participant's
         lifetime (except as may be provided in Sections (b) or (c) of Article
         XII or as provided in Article XIV, as applicable).

                                    ARTICLE X
                               DISABILITY BENEFIT

(a)      QUALIFIED FOR BENEFIT. Subject to the provisions of Article IV, if a
         Participant's employment with the Employer is terminated before he
         reaches his Early Retirement Age by reason of his Total Disability (to
         be determined solely in the discretion of the Committee based upon
         satisfactory medical evidence submitted to the Committee, including
         recognition of the Participant's receipt of disability benefits under
         the Social Security Act), such Participant shall be eligible to receive
         a Disability Benefit commencing at the time set forth in Section (b) of
         this Article.

(b)      COMPUTATION OF AMOUNT OF DISABILITY BENEFIT. A Participant who is
         eligible for a Disability Benefit shall be entitled to receive,
         commencing on the first day of the month following the later of the
         date of the Participant's termination of employment on account of total
         Disability or his application therefor, a monthly Supplemental
         Retirement Benefit equal to (1) 65% of the Participant's Final Average
         Monthly Compensation multiplied by his Service Fraction, reduced by (2)
         the sum of:

         (i)      50% of the monthly Social Security Benefit that would be
                  payable to the Participant on account of his Total Disability
                  if he were determined to be entitled to receive a Social
                  Security Benefit as a result of his Total Disability (whether
                  or not the Participant in fact qualifies for such Social
                  Security Benefit); and

         (ii)     the monthly benefit (expressed as a single life annuity, but
                  not including any temporary supplements) that would be payable
                  to the Participant under the terms of the Qualified Retirement
                  Plan on account of his Total Disability if he were determined
                  to be entitled to receive a monthly disability benefit under
                  the Qualified Retirement Plan as a result of his Total
                  Disability (whether or not the Participant in fact qualifies
                  for such monthly disability benefit), assuming, for purposes
                  of determining the Participant's eligibility for a disability
                  pension under the Qualified Retirement Plan (but not for
                  purposes of determining the amount thereof), that the
                  Participant had sufficient service under the Qualified
                  Retirement Plan to be eligible for a disability pension
                  thereunder;

                  the difference of (i) minus (ii) then being multiplied by
                  83.4%.

(c)      FORM AND DURATION OF PAYMENT. The form of a Participant's benefit under
         this Article shall be an annuity payable monthly until the earlier of
         the first day of the month for which the committee determines that the
         Participant no longer has a Total Disability, or the first day of the
         month in which occurs the Participant's death (except as may be

<PAGE>

         provided in Sections (b) or (c) of Article XII or as provided in
         Article XIV, as applicable). The Committee may, in its discretion, take
         such steps as it deems necessary to determine the continued existence
         of a Participant's Total Disability and may cease or reduce the
         Disability Benefit payable hereunder if it is established to the
         Committee's satisfaction (as determined under the same standards
         recognized at the time the Committee initially deemed the Participant
         as suffering a Total Disability) that such Total Disability no longer
         exists or Social Security Disability Benefits are no longer being paid.

                                   ARTICLE XI
                         BENEFIT UPON CHANGE IN CONTROL

(a)      QUALIFICATION FOR BENEFIT. A Participant who (1) terminates employment
         with the Employer following a Change in Control and (2) is not at the
         time of such termination of employment eligible for a Normal Retirement
         Benefit, an Early Retirement Benefit, an Involuntary Termination
         Benefit or a Disability Benefit, shall be eligible for a Change in
         Control Benefit commencing at the time set forth in Section (c) of this
         Article.

(b)      CHANGE IN CONTROL. For purposes of the Plan, a "change in control"
         shall have occurred if any of the events described in the following
         paragraphs (i) through (v) of this Section (b) occur and if none of the
         circumstances described in the succeeding unnumbered paragraphs of this
         Section (b) also exist or subsequently come into existence:

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

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

         (iii)    There is a report filed on Schedule 13D or Schedule 14D-1
                  (or any successor schedule, form or report), each as
                  promulgated pursuant to the Securities Exchange Act of 1934,
                  as amended (the "Exchange Act"), disclosing that any person
                  (as the term "person" is used in Section 13(d)(3) or Section
                  14(d)(2) of the Exchange Act) has become the beneficial owner
                  (as the term "beneficial owner" is defined under Rule 13d-3 or
                  any successor rule or regulation promulgated under the
                  Exchange Act) of securities representing 20% or more of the
                  combined voting power of the then-outstanding securities
                  entitled to vote generally in the election of directors of the
                  Company ("Voting Stock"); or

<PAGE>

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

         (v)      If during any period of two consecutive years individuals who,
                  at the beginning of any such period, constitute the Board
                  cease for any reason to constitute at least a majority
                  thereof, unless the election, or the nomination for election
                  by the Company's stockholders, of each director of the Company
                  first elected during such period was approved by a vote of at
                  least two-thirds of the Board then still in office who were
                  directors of the Company at the beginning of any such period.

         Notwithstanding the foregoing provisions of paragraph (iii) or (iv) of
         this Section (b), a "Change in Control" shall not be deemed to have
         occurred for purposes of the Plan either (i) solely because (A) the
         Company (B) an entity in which the Company directly or indirectly
         beneficially owns 50% or more of the voting securities, or (C) any
         Company-sponsored employee stock ownership plan or any other employee
         benefit plan of the Company, either files or becomes obligated to file
         a report or a proxy statement under or in response to Schedule 13D,
         Schedule 14D-1, Form 8-K or Schedule 14A (or any successor schedule,
         form or report or item therein) under the Exchange Act, disclosing
         beneficial ownership by it of shares of Voting Stock whether in excess
         of 20% or otherwise, or because the Company reports that a change in
         control of the Company has or may have occurred or will or may occur in
         the future by reason of such beneficial ownership or (ii) solely
         because of a change in control of any Subsidiary by which a Participant
         may be employed. Notwithstanding the foregoing provisions of paragraphs
         (i) through (iv) of this Section (b), if, prior to any event described
         in paragraphs (i) through (iv) of this Section (b) instituted by any
         person not an officer or director of the Company, or prior to any
         disclosed proposal instituted by any person not an officer or director
         of the Company which could lead to any such event, the management of
         the Company proposes any restructuring of the Company which ultimately
         leads to an event described in paragraphs (i) through (iv) of this
         Section (b) pursuant to such management proposal, then a "Change in
         Control" shall not be deemed to have occurred for purposes of this
         Plan.

         If (i) any agreement to merge, consolidate, reorganize or sell or
         otherwise transfer assets referred to in paragraph (i) or (ii) of this
         Section (b) is terminated without such merger, consolidation,
         reorganization or sale or transfer having been consummated, (ii) the
         person filing a Schedule 13D or Schedule 14D-1 referred to in paragraph
         (iii) of this Section (b) files an amendment to any such Schedule
         disclosing that it no longer is the beneficial owner of securities
         representing 20% or more of the Voting Stock of the Company, or (iii)
         the Company reports that the change of control which it reported in the
         filing referred to in paragraph (iv) of this Section (b) will not in
         fact occur, the Board may, by notice to Participants, declare that a
         Change in Control has not occurred for purposes of the Plan
         (notwithstanding the occurrence of the previous events referred to in
         paragraph (i), (ii), (iii) or (iv) of this Section (b)), provided that
         such declaration shall be without

<PAGE>

         prejudice to any exercise by Participants of rights under this Article
         XII that may have occurred prior to such declaration.

         As used in this Article XII, the term "Subsidiary" means a corporation,
         company, partnership, or other entity (i) more than 50% of the
         outstanding shares or securities (representing the right to vote for
         the election of directors or other managing authority) of which are, or
         (ii) which does not have outstanding shares or securities (as may be
         the case in a partnership, joint venture or unincorporated
         association), but more than 50 percent of whose ownership interest
         representing the right generally to make decisions for such other
         entity is, owned or controlled, directly or indirectly, by the Company,
         but such corporation, company, or other entity shall be deemed to be a
         Subsidiary only so long as such ownership or control exists.

(c)      COMPUTATION OF AMOUNT OF CHANGE IN CONTROL BENEFIT. A Participant who
         is eligible for a Change in Control Benefit shall be entitled to
         receive, commencing at the later of his Normal Retirement Date or the
         first day of the month after his application therefor, a monthly
         Supplemental Retirement Benefit equal to 65% of the Participant's Final
         Average Monthly Compensation multiplied by his Service Fraction,
         reduced by the sum of:

         (i)      50% of the monthly Social Security Benefit payable to the
                  Participant commencing on his Normal Retirement Date; and

         (ii)     the monthly benefit (expressed as a single life annuity not
                  including any temporary supplements) payable to the
                  Participant under the terms of the Qualified Retirement Plan
                  commencing on his Normal Retirement Date (as herein defined),
                  assuming (i) for purposes of determining whether the
                  Participant had a vested benefit under the Qualified
                  Retirement Plan and when the Participant could elect
                  commencement of his benefit under the Qualified Retirement
                  Plan (but not for purposes of determining the amount thereof),
                  that the Participant had sufficient service under the
                  Qualified Retirement Plan to have a vested benefit under the
                  Qualified Retirement Plan and a right to commence receiving
                  such benefit at his Normal Retirement Date, and (ii) that the
                  Participant elected commencement of such benefit at his Normal
                  Retirement Date.

         The Participant, at his election, may commence his benefits under this
         Article on the first day of any month after he attains age 60 and
         before his Normal Retirement Date, but in that case his benefit
         computed under the preceding sentence shall be reduced by .7% for each
         full month (up to 12) by which the date of commencement precedes the
         Participant's Normal Retirement Date, and .6833% for each additional
         full month (if any) by which the date of commencement precedes the
         Participant's Normal Retirement Date.

(d)      FORM AND DURATION OF PAYMENT. The form of a Participant's benefit under
         this Article shall be an annuity payable monthly for the Participant's
         lifetime (except as may be provided in Sections (b) or (c) of Article
         XII or as provided in Article XIV, as applicable).

<PAGE>

                                   ARTICLE XII
                                  DEATH BENEFIT

(a)      Pre-Retirement

         (i)      QUALIFICATION FOR BENEFIT. Subject to the provisions of
                  Article IV, if a Participant dies with five (5) years of
                  Company Service but before commencing to receive payment of a
                  Supplemental Retirement Benefit (other than a Disability
                  Benefit), the surviving Spouse of such deceased Participant
                  shall be eligible for a Pre-Retirement Death Benefit
                  commencing at the time set forth in paragraph (ii) of this
                  Section.

         (ii)     COMPUTATION OF AMOUNT OF PRE-RETIREMENT DEATH BENEFIT. The
                  Pre-Retirement Death Benefit shall be a monthly benefit,
                  commencing on the later of the Participant's Normal Retirement
                  Date (or, in the case of a Participant who dies after his
                  Normal Retirement Date, on the first day of the month
                  following the Participant's death) or the first day of the
                  month after the surviving Spouse's application therefor, equal
                  in amount to the monthly Supplemental Retirement Benefit to
                  which the deceased Participant would have been entitled
                  commencing on his Normal Retirement Date (or, in the case of a
                  Participant who dies after his Normal Retirement Date, on the
                  first day of the month following his death).

                  In the case of the surviving Spouse of a Participant who dies
                  before his Normal Retirement Date, the surviving Spouse, at
                  the surviving Spouse's election, may commence the
                  Pre-Retirement Death Benefit on the first day of any month
                  after the later of the date on which the Participant would
                  have reached age 60 had he not died or the date of the
                  Participant's death and before the Participant's Normal
                  Retirement Date, but in that case the Pre-Retirement Death
                  Benefit shall be reduced by .7% for each full month (up to 12)
                  by which the date of commencement precedes the Participant's
                  Normal Retirement Date, and .6833% for each additional full
                  month (if any) by which the date of commencement precedes the
                  Participant's Normal Retirement Date.

         (iii)    FORM AND DURATION OF PAYMENT. The Pre-Retirement Death Benefit
                  shall be a monthly benefit payable from the time of
                  commencement set forth in paragraph (ii) of this Section (a)
                  until the first day of the month coincident with the death of
                  the surviving Spouse.

(b)      POST-RETIREMENT DEATH BENEFIT

         (i)      For current Spouses of Participants in the Plan as of January
                  1, 2001:

                  (A)      QUALIFICATION FOR BENEFIT. Upon the death of a
                           Participant who is receiving Supplemental Retirement
                           Benefits (including Disability Benefits) or who has
                           qualified for a Disability Benefit, but who has not
                           yet commenced receiving such benefits, the surviving
                           Spouse of such deceased Participant

<PAGE>

                           shall be eligible for the Post-Retirement Death
                           Benefit described in paragraph (B) of this Section.

                  (B)      COMPUTATION OF AMOUNT OF ANNUAL BENEFIT. The
                           Post-Retirement Death Benefit shall be a monthly
                           benefit in an amount equal to the amount of the
                           Supplemental Retirement Benefit the deceased
                           Participant was receiving at the time of his death
                           (or, in the case of the death of a Participant
                           entitled to a Disability Benefit, would have been
                           receiving had he commenced receiving the benefit at
                           the time of his death).

                  (C)      COMMENCEMENT, FORM AND DURATION OF PAYMENT. The
                           Post-Retirement Death Benefit shall commence as of
                           the first day of the month immediately following the
                           date of the Participant's death, and shall continue
                           to be paid as of the first day of each month
                           thereafter until the first day of the month
                           coincident with the death of the surviving Spouse.

         (ii)     For future Spouses of Participants in the Plan as of January
                  1, 2001 or all Spouses of future Participants after January 1,
                  2001:

                  (A)      QUALIFICATION FOR BENEFIT. The Surviving Spouse of a
                           deceased Participant who has (a) died while receiving
                           Supplemental Retirement Benefits (including
                           Disability Benefits) under the Plan and whose
                           optional form of payment elected at retirement
                           provides for a survivor benefit, or (b) who has
                           qualified for a Disability Benefit but who has not
                           yet commenced receiving such benefits, shall be
                           eligible for the Post-Retirement Death Benefit
                           described in paragraph (B) of this Section.

                  (B)      COMPUTATION OF AMOUNT OF ANNUAL BENEFIT. The
                           Post-Retirement Death Benefit shall be a monthly
                           benefit in an amount equal to either (a) 100%, or (b)
                           50% (as elected by the Participant) of the reduced
                           Supplemental Retirement Benefit the deceased
                           Participant was receiving at the time of his death
                           (or, in the case of the death of a Participant
                           entitled to a Disability Benefit, would have been
                           receiving had he commenced receiving the benefit at
                           the time of his death).

                  (C)      COMMENCEMENT, FORM AND DURATION OF PAYMENT. The
                           Post-Retirement Death Benefit shall commence as of
                           the first day of the month immediately following the
                           date of the Participant's death, and shall continue
                           to be paid as of the first day of each month
                           thereafter until the first day of the month
                           coincident with the death of the surviving Spouse.

<PAGE>

(c)      MINIMUM DEATH BENEFIT

         (i)      PRE-RETIREMENT SURVIVING SPOUSE BENEFIT. As provided in
                  Section (a) hereof, at the death of a Participant who
                  satisfies the requirements, monthly death benefits are payable
                  to an eligible surviving Spouse for her remaining lifetime. If
                  the surviving Spouse has not received at least five years of
                  monthly benefit payments at her death, the remainder of the
                  five years of monthly benefit payments, if any, will be made
                  monthly to the Beneficiary named by the surviving Spouse. If
                  no Beneficiary is so named, the remaining payments, if any,
                  will be made to the Spouse's estate. If it is determined by
                  the Board of Directors (in its sole discretion) that the
                  remaining benefits shall be paid in a single sum, this amount
                  will be computed as noted in subsection (iv) below.

         (ii)     POST-RETIREMENT SURVIVING SPOUSE BENEFIT. If, at the death of
                  the Participant and the surviving Spouse, five years of
                  benefit payments have not been paid to them totally, the
                  remainder, if any, of the five year period, will be paid
                  monthly to the named Beneficiary of the last to survive. If no
                  such Beneficiary is named, the remaining payments, if any,
                  will be made to the Estate of the Participant or last
                  survivor, as the case may be. If it is determined by the Board
                  of Directors (in its sole discretion) that the remaining
                  benefits shall be paid in a single sum, this amount will be
                  computed as noted in subsection (iv) below.

         (iii)    PRE-RETIREMENT BENEFIT WITH NO SPOUSE. Notwithstanding the
                  other sections of Article XI, a death benefit will be payable
                  at the death of a Participant who is otherwise eligible under
                  Sections (a) above, but has no surviving Spouse (or has no
                  eligible surviving Spouse) at his death. The monthly death
                  benefit will be determined and start as if the Participant has
                  a surviving Spouse and will be paid to a Beneficiary, named by
                  the Participant, as provided in Section (a) above. For
                  purposes of the Pre-Retirement Death Benefit only, a minimum
                  of five years of monthly payments will be made to the
                  Participant and/or the named Beneficiary under this provision.
                  If no Beneficiary is named at the death of the Participant,
                  any payments under this Section will be payable to the
                  Participant's estate. The Board of Directors (in its sole
                  discretion) shall determine if the remaining payments shall be
                  payable in a single sum amount. This amount would be computed
                  as noted in subsection (iv) below.

         (iv)     DETERMINATION OF SINGLE SUM DEATH BENEFIT VALUE. If decided by
                  the Board of Directors (in its sole discretion) that a single
                  sum amount shall be payable under the five year minimum
                  payments provisions of (c)(i) or (c)(ii) above, it will have
                  the single sum amount determined actuarially, based on the
                  circumstances of the benefits. Where appropriate, the GAM83
                  Mortality Table, 7-1/2% interest, ages of the Participant
                  and/or Spouse, and the timing of the payment of benefits will
                  be used. The single sum value will be equal to the present
                  value of the immediate or deferred payment recognizing the
                  remainder of any five year number of payments due. The Board
                  of Directors (in its sole discretion) does have the option of
                  changing these assumptions, if they are deemed inappropriate
                  and unreasonable at the time the single sum amount is
                  determined.

<PAGE>

                                  ARTICLE XIII
                               PLAN ADMINISTRATION

The Company shall be responsible for the general administration of the Plan and
for carrying out the provisions hereof. The Company shall have any and all power
and authority (including discretion with respect to the exercise of that power
and authority) which shall be necessary, advisable, desirable or convenient to
enable it to carry out its duties under the Plan, including the powers: to
resolve all questions arising under the Plan, such as questions of construction
and interpretation; to adopt such rules and regulations as the Company may deem
necessary or appropriate to provide for the administration of the Plan; to
delegate such of its responsibilities and authorities hereunder to such
individuals, committees or entities as the Company shall deem appropriate; and
to take such further actions as the Company shall deem advisable in the
administration of the Plan. The decision of the Company on any question
concerning the interpretation or administration of this Plan shall be final and
conclusive and nothing in the Plan shall be deemed to give a Participant, his
surviving Spouse or other beneficiaries, or his or their legal representatives,
any right to payments except to such extent, if any, as the Company may have
determined subject to all the terms and conditions of the Plan. No member of the
Board or the Committee, nor any individual, committee or entity to which any of
the responsibilities or authority of the Committee or the Company hereunder are
delegated, shall be liable for any act or determination made, in good faith, in
regard to this Plan.

                                   ARTICLE XIV
                            OPTIONAL FORMS OF PAYMENT

(a)      ANNUITY OPTIONS. Any Participant in the Plan as of January 1, 2001 who
         marries a Spouse at any time after January 1, 2001 and any future
         Participants in the Plan after January 1, 2001, may, in lieu of the
         automatic single life annuity form of payment, elect to receive his
         benefit in any of the following optional forms of payment:

         OPTION 1: 50% JOINT AND SURVIVOR ANNUITY. A reduced monthly
         Supplemental Retirement Benefit which is actuarially equivalent to the
         single life annuity under the Plan and is payable to the Participant
         for his life, with continuance of monthly payments of 50% of such
         reduced amount after his death to his surviving Spouse until the first
         day of the month coincident with the death of the surviving Spouse.

         OPTION 2: 100% JOINT AND SURVIVOR ANNUITY. A reduced monthly Retirement
         Benefit which is actuarially equivalent to the single life annuity
         under the Plan and is payable to the Participant for his life, with
         continuance of monthly payments in such reduced amount after his death
         to his surviving Spouse until the first day of the month coincident
         with the death of the surviving Spouse.

(b)      TIMING AND MANNER OF ELECTION. Any Participant for whom Section (a)
         applies, shall make such election to waive the automatic single life
         annuity benefit and in lieu thereof, to receive an alternative annuity
         form of payment allowed hereunder (or a lump sum pursuant to Section
         (c) below) in writing on a form provided by the Company, which form
         shall be filed with the Company prior to the Participant's termination
         of employment for any reason.

<PAGE>

(c)      LUMP SUM PAYMENTS. Notwithstanding any other provision of the Plan, but
         subject to the approval of the Committee as described below, any
         Participant under the Plan may elect to receive the benefits payable to
         him under the Plan, other than benefits payable pursuant to Article X,
         in the form of a single lump sum payment. The lump sum payment
         described in the preceding sentence shall be calculated by converting
         the benefits otherwise payable to the Participant at the time such
         benefits are to commence into a lump sum amount of equivalent actuarial
         value when computed using the actuarial factors described in Section
         (c)(iv) of Article XII of the Plan. A Participant who elects to receive
         a single lump sum payment pursuant to the second preceding sentence may
         further elect that, in the event that the Participant dies while
         employed, benefits payable as a result of the Participant's death,
         other than benefits payable pursuant to Section (c)(i) or (c)(ii) of
         Article XII of the Plan, shall be paid to the Participant's Spouse
         without taking into account the election made under the second
         preceding sentence. Any election by a Participant to receive benefits
         under the Plan in the form of a single lump sum payment shall be in
         writing on a form provided by the Company, which form shall be filed
         with the Company (a) prior to the Participant's termination of
         employment with the Employers because of involuntary termination of
         employment (including by reason of disability) or death or (b) at least
         180 days prior to the Participant's voluntary termination of employment
         with the Employers. Subject to the approval of the Committee, any such
         election may be changed or revoked by the Participant at any time and
         from time to time by the filing of a later written election with the
         Company; provided, that any election made less than 180 days prior to a
         Participant's voluntary termination of employment shall not be valid,
         and in such case, payment shall be made in accordance with the latest
         valid election of the Participant. The payment by the Employers of a
         lump sum amount to a Participant (or his Spouse, Beneficiary or estate)
         pursuant to this Section shall discharge all obligations of the
         Employers to such Participant (or his Spouse, Beneficiary or estate)
         under the Plan. Payment of benefits in the form of a single lump sum
         payment pursuant to the election of a Participant under this Article is
         subject to the approval of the Committee, which may, in its sole and
         absolute discretion, approve or withdraw its prior approval of such
         election at any time prior to the date the lump sum payment is actually
         paid to the Participant and instead require that benefits be paid in
         such other form as is permitted by the Plan.

                                   ARTICLE XV
                                  MISCELLANEOUS

(a)      FUNDING. The obligation of the Employers to pay Supplemental Retirement
         Benefits under the Plan constitutes the unsecured promise of the
         Employers to make payments from their general assets, and no
         Participant, Spouse or Beneficiary shall have any interest in, or a
         lien or prior claim upon, any property of the Employers. With respect
         to the Supplemental Retirement Benefits under the Plan, each
         Participant, Spouse or Beneficiary shall have the status of a general
         unsecured creditor of the Participant's Employer. The Company shall
         establish a so-called "rabbi trust" to hold funds, stock or other
         securities to be used in payment of the obligations of the Employers
         under the Plan, and may fund such trust; provided, however, that any
         funds contained therein shall remain subject to the claims of the
         general creditors of the Company or any other Employer for which the
         Participant performs services. It is the intention of the

<PAGE>

         Employers that the Plan be unfunded for tax purposes and for purposes
         of Title I of ERISA. No liability for the payment of benefits under the
         Plan shall be imposed upon any officer, director, employee or
         stockholder of the Company or any other Employer, or upon the Board,
         the Committee or any member thereof.

(b)      NO GUARANTY OF BENEFITS. Nothing contained in this Plan shall
         constitute a guaranty by any Employer, the Committee or the Board that
         the assets of any Employer will be sufficient to pay any benefit
         hereunder.

(c)      ASSIGNMENTS AND RESTRICTIONS. To the extent permitted by law, and
         except as otherwise provided in this Section (c), no right or interest
         of a Participant or Spouse under this Plan shall be transferable or
         assignable (either at law or in equity), nor shall any such right or
         interest be subject to alienation, anticipation, encumbrance,
         attachment, garnishment, levy, execution or other legal or equitable
         process of any kind, voluntary or involuntary, or in any manner be
         liable for or subject to the debts of any Participant or Spouse. If a
         Participant shall attempt to or shall transfer, assign, alienate,
         anticipate, sell, pledge or otherwise encumber his benefits hereunder
         or any part thereof, or if by reason of his bankruptcy or other event
         happening at any time such benefits would devolve upon anyone else or
         would not be enjoyed by him, then the Company, in its discretion, may
         terminate his interest in any such benefit to the extent the Company
         considers necessary or advisable to prevent or limit the effects of
         such occurrence. Termination shall be effected by filing a "termination
         declaration" with the Committee and making reasonable efforts to
         deliver a copy to the Participant (the "Terminated Participant") whose
         interest is affected thereby. As long as the Terminated Participant is
         alive, any benefits affected by the termination shall be retained by
         the Company and, in the Company's sole and absolute judgement, may be
         paid to or expended for the benefit of the Terminated Participant, his
         spouse, his children or any other person or persons in fact dependent
         upon him in such a manner as the Company shall deem proper. Upon the
         death of the Terminated Participant, all benefits withheld from him and
         not paid to others in accordance with the preceding sentence shall be
         paid to the Terminated Participant's surviving Spouse or, if none, to
         the Terminated Participant's then living descendants, including adopted
         children, per stirpes.

         Notwithstanding the foregoing, amounts payable under this Plan may be
         withheld by the Company as they become due to the extent necessary to
         cover any debts or other obligations owed to the Company by the
         Participant, but only if such debts or other obligations are
         acknowledged as such in writing by the Participant or are confirmed as
         such by a final, nonappealable order of a court of competent
         jurisdiction.

(d)      HEADINGS. The various headings used in this Plan are for convenience
         only and shall not be used in interpreting the text of the Article,
         Section, paragraph or subparagraph in which they appear.

(e)      EMPLOYMENT. The establishment of this Plan shall not be construed to
         give any Participant the right to be retained in the service of the
         Employer.

<PAGE>

(f)      APPLICABLE LAW. The validity, interpretation, construction and
         performance of this Plan shall be governed by the internal substantive
         laws of the State of Ohio, without giving effect to the principles of
         conflict of laws of such State.

(g)      BINDING EFFECT ON EMPLOYER, PARTICIPANTS, SPOUSES AND THEIR SUCCESSORS.
         This Plan shall be binding and inure to the benefit of any Employer or
         its successors and assigns, and the Participants, Spouses and their
         heirs, legatees, distributees, executors, administrators or other legal
         representatives.

(h)      AMENDMENT AND DISCONTINUANCE. The Company reserves the right in its
         sole discretion to amend or terminate this Plan at any time with regard
         to itself or any Employer, provided that no such amendment or
         termination shall affect any benefits then being paid to Participants
         or Spouses under the Plan as of the date of such termination and the
         rights of or with respect to all other Participants at the time of any
         such termination to immediate or deferred Supplemental Retirement
         Benefits shall be determined as if the employment of each such
         Participant had been involuntarily terminated, but not Terminated for
         Cause, on the date of such termination. After any termination of the
         Plan, each Employer shall remain obligated to pay those benefits
         described in the preceding sentence in accordance with the terms of the
         Plan in effect immediately before such termination.

(i)      PARTICIPANT INFORMATION. Each Participant shall keep the Committee
         informed of his current address and the current address of his Spouse,
         if applicable. The Participant shall furnish to the Committee any and
         all information deemed by the Committee to be necessary or desirable
         for the proper administration of the Plan.

IN WITNESS WHEREOF, this Diebold, Incorporated Supplemental Employee Retirement
Plan has been executed this 15 day of July, 2002, effective as of July 1, 2002.

                                            DIEBOLD, INCORPORATED

                                            By: /s/ Charles B. Scheurer
                                                -------------------------------
                                                Vice President, Human Resources<PAGE>
                                                               EXHIBIT 10.5 (ii)

                              DIEBOLD, INCORPORATED
                    SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN II

                      AS AMENDED AND RESTATED JULY 1, 2002

                                      36
<PAGE>

                              DIEBOLD, INCORPORATED
                    SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN II

                     (AS AMENDED AND RESTATED JULY 1, 2002)

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                PAGE

<S>                                                                                                             <C>
ARTICLE I PLAN....................................................................................................1
ARTICLE II PURPOSE OF THE PLAN....................................................................................1
ARTICLE III DEFINITIONS...........................................................................................1
       (1)    "Actuarial Equivalent"..............................................................................1
       (2)    "Annual Compensation"...............................................................................1
       (3)    "Beneficiary".......................................................................................1
       (4)    "Board".............................................................................................1
       (5)    "Change in Control".................................................................................1
       (6)    "Change in Control Benefit".........................................................................1
       (7)    "Committee".........................................................................................1
       (8)    "Company"...........................................................................................2
       (9)    "Company Service"...................................................................................2
       (10)   "Disability Benefit"................................................................................2
       (11)   "Early Retirement Age"..............................................................................2
       (12)   "Early Retirement Date".............................................................................2
       (13)   "Early Retirement Benefit"..........................................................................2
       (14)   "Employer"..........................................................................................2
       (15)   "15-Year Service Benefit"...........................................................................2
       (16)   "Final Average Monthly Compensation"................................................................2
       (17)   "Involuntary Termination Benefit"...................................................................2
       (18)   "Normal Retirement Benefit".........................................................................2
       (19)   "Normal Retirement Date"............................................................................2
       (20)   "Participant".......................................................................................2
       (21)   "Plan"..............................................................................................2
       (22)   "Post-Retirement Death Benefit".....................................................................2
       (23)   "Pre-Retirement Death Benefit"......................................................................2
       (24)   "50% Joint and Survivor Annuity"....................................................................2
       (25)   "Qualified Retirement Plan".........................................................................3
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
<S>                                                                                                             <C>
       (26)   "Service Fraction"..................................................................................3
       (27)   "Social Security Benefit"...........................................................................3
       (28)   "Spouse"............................................................................................3
       (29)   "Supplemental Retirement Benefit"...................................................................3
       (30)   "10-Year Service Benefit"...........................................................................3
       (31)   "Terminated For Cause"..............................................................................3
       (32)   "Total Disability"..................................................................................3
ARTICLE IV ELIGIBILITY,  PARTICIPATION AND VESTING................................................................3
       (a)    Eligibility for Plan; Disqualification..............................................................3
       (b)    Terminated for Cause................................................................................4
       (c)    Eligibility for Benefits............................................................................5
       (d)    Vesting.............................................................................................5
ARTICLE V NORMAL RETIREMENT BENEFITS..............................................................................5
       (a)    Qualification for Benefit...........................................................................5
       (b)    Computation of Amount of Normal Retirement Benefit..................................................5
       (c)    Form and Duration of Payment........................................................................5
ARTICLE VI EARLY RETIREMENT BENEFIT...............................................................................6
       (a)    Qualification for Benefit...........................................................................6
       (b)    Computation of Amount of Early Retirement Benefit...................................................6
       (c)    Form and Duration of Payment........................................................................6
ARTICLE VII INVOLUNTARY TERMINATION BENEFIT.......................................................................7
       (a)    Qualification for Benefit...........................................................................7
       (b)    Computation of Amount of Involuntary Termination Benefit............................................7
       (c)    Form and Duration of Payment........................................................................7
ARTICLE VIII 10-YEAR SERVICE BENEFIT..............................................................................8
       (a)    Qualification for Benefit...........................................................................8
       (b)    Computation of Amount of 15-Year Service Benefit....................................................8
       (c)    Form and Duration of Payment........................................................................8
ARTICLE IX 15-YEAR SERVICE BENEFIT................................................................................8
       (a)    Qualification for Benefit...........................................................................8
       (b)    Computation of Amount of 15-Year Service Benefit....................................................9
       (c)    Form and Duration of Payment........................................................................9
ARTICLE X DISABILITY BENEFIT......................................................................................9
       (a)    Qualified for Benefit...............................................................................9
       (b)    Computation of Amount of Disability Benefit.........................................................9
       (c)    Form and Duration of Payment.......................................................................10

</TABLE>
<PAGE>

<TABLE>
<CAPTION>
<S>                                                                                                             <C>
ARTICLE XI BENEFIT UPON CHANGE IN CONTROL........................................................................10
       (a)    Qualification for Benefit..........................................................................10
       (b)    Change in Control..................................................................................10
       (c)    Computation of Amount of Change in Control Benefit.................................................12
       (d)    Form and Duration of Payment.......................................................................13
ARTICLE XII DEATH BENEFIT........................................................................................13
       (a)    Pre-Retirement.....................................................................................13
       (b)    Post-Retirement Death Benefit......................................................................14
       (c)    Minimum Death Benefit..............................................................................14
ARTICLE XIII PLAN ADMINISTRATION.................................................................................15
ARTICLE XIV OPTIONAL FORMS OF PAYMENT............................................................................16
       (a)    Annuity Options....................................................................................16
       (b)    Timing and Manner of Election......................................................................16
       (c)    Lump Sum Payments..................................................................................16
ARTICLE XV MISCELLANEOUS.........................................................................................17
       (a)    Funding............................................................................................17
       (b)    No Guaranty of Benefits............................................................................17
       (c)    Assignments and Restrictions.......................................................................17
       (d)    Headings...........................................................................................18
       (e)    Employment.........................................................................................18
       (f)    Applicable Law.....................................................................................18
       (g)    Binding Effect on Employer, Participants, Spouses and Their Successors.............................18
       (h)    Amendment and Discontinuance.......................................................................18
       (i)    Participant Information............................................................................18
</TABLE>

<PAGE>

                              DIEBOLD, INCORPORATED
                    SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN II

                                    ARTICLE I
                                      PLAN

The Diebold, Incorporated Supplemental Employee Retirement Plan II (the "Plan")
originally adopted effective as of January 1, 2001 is hereby amended and
restated, effective as of July 1, 2002. This Amended and Restated Plan applies
to any Participant who retires, is disabled or is deceased on or after July 1,
2002. Any Participant who reaches any one of those events prior to July 1, 2002
would be governed by the terms of the plan then in effect.

                                   ARTICLE II
                               PURPOSE OF THE PLAN

This Plan was created for the principal purpose of providing retirement income
for certain executive and highly compensated management employees of Diebold,
Incorporated and its subsidiary organizations. It is intended to supplement
benefits payable under the Diebold, Incorporated Retirement Plan for Salaried
Employees, as well as benefits payable under the Federal Social Security Act and
certain other deferred compensation arrangements.

                                   ARTICLE III
                                   DEFINITIONS

(a)      The following definitions shall apply with respect to this Plan:
         (1)      "Actuarial Equivalent" shall mean, except where otherwise
                  indicated, a benefit of equivalent value to the benefit it
                  replaces calculated on the basis of the UP-1984 Mortality
                  Table and a six and one-half percent (6-1/2%) interest rate
                  per annum, compounded annually.
         (2)      "Annual Compensation" shall mean a Participant's base pay from
                  an Employer for any Plan Year plus the Participant's Annual
                  Incentive Plan in the Plan Year in which it is accrued. Annual
                  Compensation shall also include amounts paid to individuals
                  who are citizens or residents of the United States and who are
                  employees of, or provide services to, a foreign affiliate of
                  the Company to which an agreement entered into by the Company
                  under Code Section 3121(l) applies.
         (3)      "Beneficiary" shall mean a person or entity selected by the
                  Participant or an eligible surviving Spouse that may receive
                  death benefits under this Plan, as are outlined in Article
                  XII. A Beneficiary so designated will not generally be a
                  Spouse.
         (4)      "Board" shall mean the Board of Directors of Diebold,
                  Incorporated.
         (5)      "Change in Control" shall have the meaning assigned to such
                  term in Article XI.
         (6)      "Change in Control Benefit" shall mean the benefit determined
                  in accordance with Article XI.
         (7)      "Committee" shall mean the Compensation Committee of the
                  Board, as such Committee may be constituted from time to time.
<PAGE>

         (8)      "Company" shall mean Diebold, Incorporated.
         (9)      "Company Service" shall mean years of employment (measured in
                  years and completed months) with an Employer.
         (10)     "Disability Benefit" shall mean the benefit determined in
                  accordance with Article X hereof.
         (11)     "Early Retirement Age" shall mean the 60th birthday of a
                  Participant.
         (12)     "Early Retirement Date" shall mean the first day of the month
                  coinciding with or next following the 60th birthday of a
                  Participant.

         (13)     "Early Retirement Benefit" shall mean the benefit determined
                  in accordance with Article VI hereof.
         (14)     "Employer" shall mean (a) the Company or its successors, and
                  (b) any affiliated corporation or other entity which may
                  specifically adopt this Plan with the consent of the Company,
                  or its successors.
         (15)     "15-Year Service Benefit" shall mean the benefit determined in
                  accordance with Article IX hereof.
         (16)     "Final Average Monthly Compensation" shall mean one-twelfth of
                  the average of the Participant's Annual Compensation for the
                  five complete consecutive calendar years during his last 10
                  calendar years of employment with the Employer during which
                  his compensation was the highest. In the event a Participant
                  has been employed for a period of less than five consecutive
                  calendar years, the Participant's Final Average Monthly
                  Compensation shall be the average of his monthly compensation
                  amounts in effect for all of the complete calendar months
                  during which he was employed by the Employer.
         (17)     "Involuntary Termination Benefit" shall mean the benefit
                  determined in accordance with Article VII.
         (18)     "Normal Retirement Benefit" shall mean the benefit determined
                  in accordance with Article V.
         (19)     "Normal Retirement Date" shall mean the first day of the month
                  coinciding with or next following the 65th birthday of a
                  Participant.
         (20)     "Participant" shall mean any executive highly paid or
                  management employee of an Employer who is selected to
                  participate in this Plan pursuant to the provisions of Article
                  IV.
         (21)     "Plan" shall mean this Diebold, Incorporated Supplemental
                  Employee Retirement Plan, as in effect from time to time.

         (22)     "Post-Retirement Death Benefit" shall mean the benefit
                  determined in accordance with Section (b) of Article XII.

         (23)     "Pre-Retirement Death Benefit" shall mean the benefit
                  determined in accordance with Section (a) of Article XII.

         (24)     "50% Joint and Survivor Annuity" shall mean a reduced monthly
                  Supplemental Retirement Benefit which is Actuarially
                  Equivalent to the single life annuity under the Plan and is
                  payable to the Participant for his life, with continuance of
                  monthly payments of 50% of such reduced amount after his death
                  to his surviving Spouse until the first day of the month in
                  which occurs the surviving Spouse's death.
<PAGE>

         (25)     "Qualified Retirement Plan" shall mean the Diebold,
                  Incorporated Retirement Plan for Salaried Employees, as
                  presently set forth and as it may subsequently be amended, or
                  its successor.
         (26)     "Service Fraction" shall mean, for any Participant, a
                  fraction, the numerator of which is the lesser of (A) the
                  Participant's years of Company Service, or (B) 30, and the
                  denominator of which is 30.
         (27)     "Social Security Benefit" shall mean the Primary Insurance
                  Amount under the Federal Social Security Act to which a
                  Participant would be entitled as of the later of his Normal
                  Retirement Date or the date of his actual retirement, computed
                  on the basis of the Participant's average wage history
                  (estimated or actual) for years before the date of
                  determination and, in the case of a Participant who terminates
                  employment with the Employer prior to his Normal Retirement
                  Date, by assuming that the Participant will earn wages after
                  his termination of employment and prior to his Normal
                  Retirement Date at a rate equal to the Participant's wage rate
                  at the time of his termination of employment. If a Participant
                  in this Plan is not eligible for full Social Security Benefits
                  (for example, an individual who has previously worked in the
                  military), for purposes of determining benefits under this
                  Plan, such Social Security Benefits would be imputed as if he
                  had been so eligible and had been covered by Social Security
                  for his entire working career.
         (28)     "Spouse" shall mean the surviving spouse of a Participant at
                  the time of his death, but only if the Participant and such
                  spouse were married at least one year prior to the earlier of
                  the Participant's death, retirement or other termination of
                  employment with the Employer.
         (29)     "Supplemental Retirement Benefit" shall mean the Change in
                  Control Benefit, Disability Benefit, Early Retirement Benefit,
                  10-Year Service Benefit, 15-Year Service Benefit, Involuntary
                  Termination Benefit, Normal Retirement Benefit, Pre-Retirement
                  Death Benefit or Post-Retirement Death Benefit for which a
                  Participant or his Spouse may qualify.
         (30)     "10-Year Service Benefit" shall mean the benefit determined in
                  accordance with Article VIII hereof.
         (31)     "Terminated For Cause" shall have the meaning assigned to such
                  term in Article IV.
         (32)     "Total Disability" shall mean a condition in which a
                  Participant is unable, by reason of sickness or accident, to
                  fulfill the duties of his employment by the Employer. The
                  determination of Total Disability shall be made by the
                  Committee in accordance with the provisions of Article X.

(b)      Throughout this Plan, and whenever appropriate, the masculine gender
         shall be deemed to include the feminine and neuter, the singular shall
         be deemed to include the plural and vice versa.

                                   ARTICLE IV
                     ELIGIBILITY, PARTICIPATION AND VESTING

(a)      ELIGIBILITY FOR PLAN; DISQUALIFICATION. The Committee, acting in its
         sole discretion, shall make recommendations to the Board as to which
         executive or highly paid management

<PAGE>

         employees of the Employer shall become Participants in the Plan. The
         Board shall make the final decision as to those executive or highly
         paid management employees who shall become Participants in the Plan and
         at which time such employees become Participants; provided, however,
         that in the absence of a Change in Control or a finding of Total
         Disability, a Participant's participation shall cease and no benefits
         under this Plan shall be payable:

         (i)    to a Participant if the Participant:
                (A) voluntarily terminates employment before attaining age 60
                    with less than 10 years of Company Service; or
                (B) fails to give an Employer six months written advance notice
                    of his pending termination of employment if he is leaving
                    Diebold prior to age 60 (or three months written advance
                    notice if he is leaving Diebold at age 60 or later); or
                (C) is Terminated for Cause; or
         (ii)   to a Participant's Spouse, if the Participant:
                (A) dies prior to satisfying the requirements for a Spouse's
                    Pre-Retirement or Post-Retirement Death Benefit under
                    Article XII; or
                (B) is Terminated for Cause; or
         (iii)  to a Participant's Beneficiary or Estate, if the Participant:
                (A) dies prior to satisfying the requirements for a
                    Pre-Retirement or Post-Retirement Spouse's Death Benefit
                    under Article XII; or
                (B) is Terminated for Cause.

(b)      TERMINATED FOR CAUSE. As used in this Plan, "Terminated for Cause"
         shall mean termination of a Participant's employment by an Employer due
         to the Participant's:
         (i)      intentional act of fraud, embezzlement or theft in connection
                  with his duties or in the course of his employment with the
                  Employer;
         (ii)     intentional wrongful damage to property of the Employer;
         (iii)    intentional wrongful disclosure of secret processes or
                  confidential information of the Employer; or
         (iv)     intentional wrongful engagement in any competitive activity
                  which would constitute a material breach of the duty of
                  loyalty to the Employer; and any such act shall have been
                  materially harmful to the Employer.

         For purposes of the Plan, no act, or failure to act, on the part of the
         Participant shall be deemed "intentional" if it was due primarily to an
         error in judgement or negligence, but shall be deemed "intentional"
         only if done, or omitted to be done, by the Participant not in good
         faith and without reasonable belief that his action or omission was not
         in or opposed to the best interest of the Employer. Notwithstanding the
         foregoing, a Participant shall not be deemed to have been Terminated
         for Cause hereunder unless and until there shall have been delivered to
         the Participant a copy of a resolution duly adopted by the affirmative
         vote of not less than three-quarters of the Board then in office at a
         meeting of the Board called and held for such purpose, finding that, in
         the good faith opinion of the Board, the Participant had committed an
         act set forth above and specifying the particulars thereof in detail.
         The Participant shall receive reasonable notice and an opportunity for
         the Participant, together with his counsel, to be heard before the
         Board.

<PAGE>

         Nothing herein shall limit the right of the Participant or his
         Beneficiaries to contest the validity or propriety of any such
         determination.

(c)      ELIGIBILITY FOR BENEFITS. A Participant shall be entitled to receive a
         Supplemental Retirement Benefit (or have a Supplemental Retirement
         Benefit provided for his surviving Spouse or Beneficiary) only if he
         satisfies the foregoing conditions of this Article IV and satisfies the
         requirements of one of the succeeding Articles of the Plan.

(d)      VESTING. A Participant shall be vested hereunder upon attaining 10
         years of Company Service or upon meeting the requirements for a Normal
         Retirement Benefit, Early Retirement Benefit, Disability Benefit,
         Involuntary Termination Benefit or Change in Control Benefit hereunder.

                                    ARTICLE V
                           NORMAL RETIREMENT BENEFITS

(a)      QUALIFICATION FOR BENEFIT. Subject to the provisions of Article IV, a
         Participant who attains age 65 while employed by an Employer shall be
         eligible, at any time after his said attainment of age 65, to retire
         and receive a Normal Retirement Benefit commencing at the time set
         forth in Section (b) of this Article.

(b)      COMPUTATION OF AMOUNT OF NORMAL RETIREMENT BENEFIT. A Participant who
         retires on or after his Normal Retirement Date shall be entitled to
         receive, commencing on the first day of the month coincident with or
         following the later of his retirement or his application therefor, a
         monthly Supplemental Retirement Benefit equal to 50% of the
         Participant's Final Average Monthly Compensation multiplied by his
         Service Fraction, reduced by the sum of:
         (i)      50% of the monthly Social Security Benefit payable to the
                  Participant commencing on the first day of the month
                  coincident with or following his retirement or his application
                  for benefits, if later; and
         (ii)     the monthly benefit (expressed as a single life annuity, but
                  not including any temporary supplements) payable to the
                  Participant under the terms of the Qualified Retirement Plan
                  commencing on the first day of the month coincident with or
                  following his retirement or his application for benefits, if
                  later, assuming (i) for purposes of determining whether the
                  Participant had a vested benefit under the Qualified
                  Retirement Plan and when the Participant could elect
                  commencement of his benefit under the Qualified Retirement
                  Plan (but not for purposes of determining the amount thereof),
                  that the Participant had sufficient service under the
                  Qualified Retirement Plan to have a vested benefit under the
                  Qualified Retirement Plan and a right to commence receiving
                  such benefit on the first day of the month following his
                  retirement or his application for benefits hereunder, if
                  later, and (ii) that the Participant elected commencement of
                  such benefit on such date.

(c)      FORM AND DURATION OF PAYMENT. The form of a Participant's benefit under
         this Article shall be the same form as determined under the terms of
         the Qualified Retirement Plan

<PAGE>

         (single life annuity for an unmarried Participant or 50% Joint and
         Survivor Annuity for a married Participant), except as may be provided
         in Article XIV, as applicable.

                                   ARTICLE VI
                            EARLY RETIREMENT BENEFIT

(a)      QUALIFICATION FOR BENEFIT. Subject to the provisions of Article IV, a
         Participant who attains his Early Retirement Age while employed by an
         Employer shall be eligible, from the time he has reached his Early
         Retirement Age up to the time he reaches age 65, to retire and receive
         an Early Retirement Benefit commencing at the time set forth in Section
         (b) of this Article.

(b)      COMPUTATION OF AMOUNT OF EARLY RETIREMENT BENEFIT. A Participant who
         retires on or after his Early Retirement Date and before his Normal
         Retirement Date shall be entitled to receive, commencing on the later
         of his Normal Retirement Date or the first day of the month after his
         application therefor, a monthly Early Retirement Benefit equal to 50%
         of the Participant's Final Average Monthly Compensation multiplied by
         his Service Fraction reduced by the sum of:
         (i)      50% of the monthly Social Security Benefit payable to the
                  Participant commencing on this Normal Retirement Date; and
         (ii)     the monthly benefit (expressed as a single life annuity, but
                  not including any temporary supplements) payable to the
                  Participant under the terms of the Qualified Retirement Plan
                  commencing on his Normal Retirement Date (as defined herein),
                  assuming (i) for purposes of determining whether the
                  Participant had a vested benefit under the Qualified
                  Retirement Plan and when the Participant could elect
                  commencement of his benefit under the Qualified Retirement
                  Plan (but not for purposes of determining the amount thereof),
                  that the Participant had sufficient service under the
                  Qualified Retirement Plan to have a vested benefit under the
                  Qualified Retirement Plan and a right to commence receiving
                  such benefit at his Normal Retirement Date, and (ii) that the
                  Participant elected commencement of such benefit at his Normal
                  Retirement Date.
         The Participant, at his election, may commence his benefits under this
         Article on the first day of any month after his date of retirement and
         before his Normal Retirement Date, but in that case his monthly benefit
         computed under the preceding sentence shall be actuarially reduced
         using the assumptions identified in Article III(a)(1) for each full
         month by which the date of commencement precedes the Participant's
         Normal Retirement Date.

(c)      FORM AND DURATION OF PAYMENT. The form of a Participant's benefit under
         this Article shall be the same form as determined under the terms of
         the Qualified Retirement Plan (single life annuity for an unmarried
         Participant or 50% Joint and Survivor Annuity for a married
         Participant), except as may be provided in Article XIV, as applicable.

<PAGE>

                                   ARTICLE VII
                         INVOLUNTARY TERMINATION BENEFIT

(a)      QUALIFICATION FOR BENEFIT. Subject to the provisions of Article IV, a
         Participant whose employment with the Employer is involuntarily
         terminated before he reaches his Early Retirement Age shall be eligible
         to receive an Involuntary Termination Benefit commencing at the time
         set forth in Section (b) of this Article. The Committee, or its duly
         appointed representative for this purpose, shall have full discretion
         to determine whether the termination of a Participant's employment with
         the Employer is involuntary.

(b)      COMPUTATION OF AMOUNT OF INVOLUNTARY TERMINATION BENEFIT. A Participant
         who is eligible for an Involuntary Termination Benefit shall be
         entitled to receive, commencing on the later of his Normal Retirement
         Date or the first day of the month after his application therefor, a
         monthly Supplemental Retirement Benefit equal to 50% of the
         Participant's Final Average Monthly Compensation multiplied by his
         Service Fraction, reduced by the sum of:
         (i)      50% of the monthly Social Security Benefit payable to the
                  Participant commencing on his Normal Retirement Date; and
         (ii)     the monthly benefit (expressed as a single life annuity, but
                  not including any temporary supplements) payable to the
                  Participant under the terms of the Qualified Retirement Plan
                  commencing on his Normal Retirement Date (as herein defined),
                  assuming (i) for purposes of determining whether the
                  Participant had a vested benefit under the Qualified
                  Retirement Plan and when the Participant could elect
                  commencement of his benefit under the Qualified Retirement
                  Plan (but not for purposes of determining the amount thereof),
                  that the Participant had sufficient service under the
                  Qualified Retirement Plan to have a vested benefit under the
                  Qualified Retirement Plan and a right to commence receiving
                  such benefit at his Normal Retirement Date, and (ii) that the
                  Participant elected commencement of such benefit at his Normal
                  Retirement Date.
         The Participant, at his election, may commence his benefits under this
         Article on the first day of any month after his date of retirement and
         before his Normal Retirement Date, but in that case his monthly benefit
         computed under the preceding sentence shall be actuarially reduced
         using the assumptions identified in Article III(a)(1) for each full
         month by which the date of commencement precedes the Participant's
         Normal Retirement Date.

(c)      FORM AND DURATION OF PAYMENT. The form of a Participant's benefit under
         this Article shall be the same form as determined under the terms of
         the Qualified Retirement Plan (single life annuity for an unmarried
         Participant or 50% Joint and Survivor Annuity for a married
         Participant), except as may be provided in Article XIV, as applicable.

<PAGE>

                                  ARTICLE VIII
                             10-YEAR SERVICE BENEFIT

(a)      QUALIFICATION FOR BENEFIT. Subject to the provisions of Article IV, a
         Participant who terminates employment with the Employer with 10 or more
         years of Company Service but who is not then eligible for other
         benefits under this Plan shall be eligible to receive a 10-Year Service
         Benefit commencing at the time set forth in Section (b) of this
         Article.

(b)      COMPUTATION OF AMOUNT OF 10-YEAR SERVICE BENEFIT. A Participant who is
         eligible for a 10-Year Service Benefit shall be entitled to receive,
         commencing on the later of his Normal Retirement Date or the first day
         of the month after his application therefore, a monthly Supplemental
         Retirement Benefit equal to the excess, if any, of:
         (i)      the monthly benefit (expressed as a single life annuity, but
                  not including any temporary supplements) payable to the
                  Participant under the terms of the Qualified Retirement Plan
                  at his Normal Retirement Date but calculated without regard to
                  any statutory limits under Code Sections 401(a)(7) or 415(b),
                  minus
         (ii)     the monthly benefit (expressed as a single life annuity, but
                  not including any temporary supplements) payable to the
                  Participant under the terms of the Qualified Retirement Plan
                  at his Normal Retirement Date (as defined herein), assuming
                  (i) for purposes of determining when the Participant could
                  elect commencement of his benefit under the Qualified
                  Retirement Plan (but not for purposes of determining the
                  amount thereof) that the Participant had sufficient service
                  under the Qualified Retirement Plan to have a right to
                  commence his benefit under the Qualified Retirement Plan at
                  his Normal Retirement Date, and (ii) that the Participant
                  elected commencement of such benefit at his Normal Retirement
                  Date;
         The Participant, at his election, may commence his benefits under this
         Article on the first day of any month after his date of retirement and
         before his Normal Retirement Date, but in that case his monthly benefit
         computed under the preceding sentence shall be actuarially reduced
         using the assumptions identified in Article III(a)(1) for each full
         month by which the date of commencement precedes the Participant's
         Normal Retirement Date.

(c)      FORM AND DURATION OF PAYMENT. The form of a Participant's benefit under
         this Article shall be the same form as determined under the terms of
         the Qualified Retirement Plan (single life annuity for an unmarried
         Participant or 50% Joint and Survivor Annuity for a married
         Participant), except as may be provided in Article XIV, as applicable.

                                   ARTICLE IX
                             15-YEAR SERVICE BENEFIT

(a)      QUALIFICATION FOR BENEFIT. Subject to the provisions of Article IV, a
         Participant who terminates employment with the Employer with 15 or more
         years of Company Service but who is not then eligible for other
         benefits under this Plan (other than the 10-year Service Benefit) shall
         be eligible to receive a 15-Year Service Benefit commencing at the time
         set forth in Section (b) of this Article.
<PAGE>

(b)      COMPUTATION OF AMOUNT OF 15-YEAR SERVICE BENEFIT. A Participant who is
         eligible for a 15-Year Service Benefit shall be entitled to receive,
         commencing on the later of his Normal Retirement Date or the first day
         of the month after his application therefor, a monthly Supplemental
         Retirement Benefit equal to the excess, if any, of:
         (i)      the monthly benefit (expressed as a single life annuity, but
                  not including any temporary supplements) payable to the
                  Participant under the terms of the Qualified Retirement Plan
                  at his Normal Retirement Date but calculated without regard to
                  any statutory limits under Code Sections 401(a)(7) or 415(b),
                  minus
         (ii)     the monthly benefit (expressed as a single life annuity, but
                  not including any temporary supplements) payable to the
                  Participant under the terms of the Qualified Retirement Plan
                  at his Normal Retirement Date (as defined herein), assuming
                  (i) for purposes of determining when the Participant could
                  elect commencement of his benefit under the Qualified
                  Retirement Plan (but not for purposes of determining the
                  amount thereof) that the Participant had sufficient service
                  under the Qualified Retirement Plan to have a right to
                  commence his benefit under the Qualified Retirement Plan at
                  his Normal Retirement Date, and (ii) that the Participant
                  elected commencement of such benefit at his Normal Retirement
                  Date.
         The Participant, at his election, may commence his benefits under this
         Article on the first day of any month after his date of retirement and
         before his Normal Retirement Date, but in that case his monthly benefit
         computed under the preceding sentence shall be actuarially reduced
         using the assumptions identified in Article III(a)(1) for each full
         month by which the date of commencement precedes the Participant's
         Normal Retirement Date.

(c)      FORM AND DURATION OF PAYMENT. The form of a Participant's benefit under
         this Article shall be the same form as determined under the terms of
         the Qualified Retirement Plan (single life annuity for an unmarried
         Participant or 50% Joint and Survivor Annuity for a married
         Participant), except as may be provided in Article XIV, as applicable.

                                    ARTICLE X
                               DISABILITY BENEFIT

(a)      QUALIFIED FOR BENEFIT. Subject to the provisions of Article IV, if a
         Participant's employment with the Employer is terminated before he
         reaches his Early Retirement Age by reason of his Total Disability (to
         be determined solely in the discretion of the Committee based upon
         satisfactory medical evidence submitted to the Committee, including
         recognition of the Participant's receipt of disability benefits under
         the Social Security Act), such Participant shall be eligible to receive
         a Disability Benefit commencing at the time set forth in Section (b) of
         this Article.

(b)      COMPUTATION OF AMOUNT OF DISABILITY BENEFIT. A Participant who is
         eligible for a Disability Benefit shall be entitled to receive,
         commencing on the first day of the month following the later of the
         date of the Participant's termination of employment on account of total
         Disability or his application therefor, a monthly Supplemental
         Retirement Benefit

<PAGE>
         equal to (1) 50% of the Participant's Final Average Monthly
         Compensation multiplied by his Service Fraction, reduced by (2) the sum
         of:
         (i)      50% of the monthly Social Security Benefit that would be
                  payable to the Participant on account of his Total Disability
                  if he were determined to be entitled to receive a Social
                  Security Benefit as a result of his Total Disability (whether
                  or not the Participant in fact qualifies for such Social
                  Security Benefit); and
         (ii)     the monthly benefit (expressed as a single life annuity, but
                  not including any temporary supplements) that would be payable
                  to the Participant under the terms of the Qualified Retirement
                  Plan on account of his Total Disability if he were determined
                  to be entitled to receive a monthly disability benefit under
                  the Qualified Retirement Plan as a result of his Total
                  Disability (whether or not the Participant in fact qualifies
                  for such monthly disability benefit), assuming, for purposes
                  of determining the Participant's eligibility for a disability
                  pension under the Qualified Retirement Plan (but not for
                  purposes of determining the amount thereof), that the
                  Participant had sufficient service under the Qualified
                  Retirement Plan to be eligible for a disability pension
                  thereunder;
                  the difference of (i) minus (ii) then being multiplied by
                  83.4%.

(c)      FORM AND DURATION OF PAYMENT. The form of a Participant's benefit under
         this Article shall be the same form as determined under the terms of
         the Qualified Plan (single life annuity for an unmarried Participant or
         50% Joint and Survivor Annuity for a married Participant) paid monthly
         until the earlier of the first day of the month for which the committee
         determines that the Participant no longer has a Total Disability, or
         the first day of the month in which occurs the Participant's death
         (except as may be provided in Article XIV, as applicable). The
         Committee may, in its discretion, take such steps as it deems necessary
         to determine the continued existence of a Participant's Total
         Disability and may cease or reduce the Disability Benefit payable
         hereunder if it is established to the Committee's satisfaction (as
         determined under the same standards recognized at the time the
         Committee initially deemed the Participant as suffering a Total
         Disability) that such Total Disability no longer exists or Social
         Security Disability Benefits are no longer being paid.

                                   ARTICLE XI
                         BENEFIT UPON CHANGE IN CONTROL

(a)      QUALIFICATION FOR BENEFIT. A Participant who (1) terminates employment
         with the Employer following a Change in Control and (2) is not at the
         time of such termination of employment eligible for a Normal Retirement
         Benefit, an Early Retirement Benefit, an Involuntary Termination
         Benefit or a Disability Benefit, shall be eligible for a Change in
         Control Benefit commencing at the time set forth in Section (c) of this
         Article.

(b)      CHANGE IN CONTROL. For purposes of the Plan, a "change in control"
         shall have occurred if any of the events described in the following
         paragraphs (i) through (v) of this Section (b) occur and if none of the
         circumstances described in the succeeding unnumbered paragraphs of this
         Section (b) also exist or subsequently come into existence:
<PAGE>

         (i)      The Company is merged or consolidated or reorganized into or
                  with another corporation or other legal person, and as a
                  result of such merger, consolidation or reorganization less
                  than a majority of the combined voting power of the
                  then-outstanding securities of such corporation or person
                  immediately after such transaction is held in the aggregate by
                  the holders of Voting Stock (as that term is hereafter
                  defined) of the Company immediately prior to such transaction;
                  or
         (ii)     The Company sells or otherwise transfers all or substantially
                  all of its assets to any other corporation or other legal
                  person, and as a result of such sale or transfer less than a
                  majority of the combined voting power of the then-outstanding
                  securities of such corporation or person immediately after
                  such sale or transfer is held in the aggregate by the holders
                  of Voting Stock of the Company immediately prior to such sale
                  or transfer; or
         (iii)    There is a report filed on Schedule 13D or Schedule 14D-1 (or
                  any successor schedule, form or report), each as promulgated
                  pursuant to the Securities Exchange Act of 1934, as amended
                  (the "Exchange Act"), disclosing that any person (as the term
                  "person" is used in Section 13(d)(3) or Section 14(d)(2) of
                  the Exchange Act) has become the beneficial owner (as the term
                  "beneficial owner" is defined under Rule 13d-3 or any
                  successor rule or regulation promulgated under the Exchange
                  Act) of securities representing 20% or more of the combined
                  voting power of the then-outstanding securities entitled to
                  vote generally in the election of directors of the Company
                  ("Voting Stock"); or
         (iv)     The Company files a report or proxy statement with the
                  Securities and Exchange Commission pursuant to the Exchange
                  Act disclosing in response to Form 8-K or Schedule 14A (or any
                  successor schedule, form or report or item therein) that a
                  change in control of the Company has or may have occurred or
                  will or may occur in the future pursuant to any then-existing
                  contract or transaction; or
         (v)      If during any period of two consecutive years individuals who,
                  at the beginning of any such period, constitute the Board
                  cease for any reason to constitute at least a majority
                  thereof, unless the election, or the nomination for election
                  by the Company's stockholders, of each director of the Company
                  first elected during such period was approved by a vote of at
                  least two-thirds of the Board then still in office who were
                  directors of the Company at the beginning of any such period.

         Notwithstanding the foregoing provisions of paragraph (iii) or (iv) of
         this Section (b), a "Change in Control" shall not be deemed to have
         occurred for purposes of the Plan either (i) solely because (A) the
         Company (B) an entity in which the Company directly or indirectly
         beneficially owns 50% or more of the voting securities, or (C) any
         Company-sponsored employee stock ownership plan or any other employee
         benefit plan of the Company, either files or becomes obligated to file
         a report or a proxy statement under or in response to Schedule 13D,
         Schedule 14D-1, Form 8-K or Schedule 14A (or any successor schedule,
         form or report or item therein) under the Exchange Act, disclosing
         beneficial ownership by it of shares of Voting Stock whether in excess
         of 20% or otherwise, or because the Company reports that a change in
         control of the Company has or may have occurred or will or may occur in
         the future by reason of such beneficial ownership or (ii) solely
         because of a change in control of any Subsidiary by which a Participant
         may be employed. Notwithstanding the foregoing provisions of paragraphs

<PAGE>

         (i) through (iv) of this Section (b), if, prior to any event described
         in paragraphs (i) through (iv) of this Section (b) instituted by any
         person not an officer or director of the Company, or prior to any
         disclosed proposal instituted by any person not an officer or director
         of the Company which could lead to any such event, the management of
         the Company proposes any restructuring of the Company which ultimately
         leads to an event described in paragraphs (i) through (iv) of this
         Section (b) pursuant to such management proposal, then a "Change in
         Control" shall not be deemed to have occurred for purposes of this
         Plan.

         If (i) any agreement to merge, consolidate, reorganize or sell or
         otherwise transfer assets referred to in paragraph (i) or (ii) of this
         Section (b) is terminated without such merger, consolidation,
         reorganization or sale or transfer having been consummated, (ii) the
         person filing a Schedule 13D or Schedule 14D-1 referred to in paragraph
         (iii) of this Section (b) files an amendment to any such Schedule
         disclosing that it no longer is the beneficial owner of securities
         representing 20% or more of the Voting Stock of the Company, or (iii)
         the Company reports that the change of control which it reported in the
         filing referred to in paragraph (iv) of this Section (b) will not in
         fact occur, the Board may, by notice to Participants, declare that a
         Change in Control has not occurred for purposes of the Plan
         (notwithstanding the occurrence of the previous events referred to in
         paragraph (i), (ii), (iii) or (iv) of this Section (b)), provided that
         such declaration shall be without prejudice to any exercise by
         Participants of rights under this Article XII that may have occurred
         prior to such declaration.

         As used in this Article XII, the term "Subsidiary" means a corporation,
         company, partnership, or other entity (i) more than 50% of the
         outstanding shares or securities (representing the right to vote for
         the election of directors or other managing authority) of which are, or
         (ii) which does not have outstanding shares or securities (as may be
         the case in a partnership, joint venture or unincorporated
         association), but more than 50 percent of whose ownership interest
         representing the right generally to make decisions for such other
         entity is, owned or controlled, directly or indirectly, by the Company,
         but such corporation, company, or other entity shall be deemed to be a
         Subsidiary only so long as such ownership or control exists.

(c)      COMPUTATION OF AMOUNT OF CHANGE IN CONTROL BENEFIT. A Participant who
         is eligible for a Change in Control Benefit shall be entitled to
         receive, commencing at the later of his Normal Retirement Date or the
         first day of the month after his application therefor, a monthly
         Supplemental Retirement Benefit equal to 50% of the Participant's Final
         Average Monthly Compensation multiplied by his Service Fraction,
         reduced by the sum of:
         (i)      50% of the monthly Social Security Benefit payable to the
                  Participant commencing on his Normal Retirement Date; and
         (ii)     the monthly benefit (expressed as a single life annuity not
                  including any temporary supplements) payable to the
                  Participant under the terms of the Qualified Retirement Plan
                  commencing on his Normal Retirement Date (as herein defined),
                  assuming (i) for purposes of determining whether the
                  Participant had a vested benefit under the Qualified
                  Retirement Plan and when the Participant

<PAGE>

                  could elect commencement of his benefit under the Qualified
                  Retirement Plan (but not for purposes of determining the
                  amount thereof), that the Participant had sufficient service
                  under the Qualified Retirement Plan to have a vested benefit
                  under the Qualified Retirement Plan and a right to commence
                  receiving such benefit at his Normal Retirement Date, and (ii)
                  that the Participant elected commencement of such benefit at
                  his Normal Retirement Date.

         The Participant, at his election, may commence his benefits under this
         Article on the first day of any month after his date of retirement and
         before his Normal Retirement Date, but in that case his monthly benefit
         computed under the preceding sentence shall be actuarially reduced
         using the assumptions identified in Article III(a)(1) for each full
         month by which the date of commencement precedes the Participant's
         Normal Retirement Date.

(d)      FORM AND DURATION OF PAYMENT. The form of a Participant's benefit under
         this Article shall be the same form as determined under the terms of
         the Qualified Retirement Plan (single life annuity for an unmarried
         Participant or 50% Joint and Survivor Annuity for a married
         Participant), except as may be provided in Article XIV, as applicable.

                                   ARTICLE XII
                                  DEATH BENEFIT

(a)      Pre-Retirement

         (i)      QUALIFICATION FOR BENEFIT. Subject to the provisions of
                  Article IV, if a Participant dies with five (5) years of
                  Company Service but before commencing to receive payment of a
                  Supplemental Retirement Benefit (other than a Disability
                  Benefit), the surviving Spouse of such deceased Participant
                  shall be eligible for a Pre-Retirement Death Benefit
                  commencing at the time set forth in paragraph (ii) of this
                  Section.
         (ii)     COMPUTATION OF AMOUNT OF PRE-RETIREMENT DEATH BENEFIT. The
                  Pre-Retirement Death Benefit shall be a monthly benefit,
                  commencing on the later of the Participant's Normal Retirement
                  Date (or, in the case of a Participant who dies after his
                  Normal Retirement Date, on the first day of the month
                  following the Participant's death) or the first day of the
                  month after the surviving Spouse's application therefor, equal
                  in amount to the monthly Supplemental Retirement Benefit to
                  which the deceased Participant would have been entitled
                  commencing on his Normal Retirement Date (or, in the case of a
                  Participant who dies after his Normal Retirement Date, on the
                  first day of the month following his death).

                  In the case of the surviving Spouse of a Participant who dies
                  before his Normal Retirement Date, the surviving Spouse, at
                  the surviving Spouse's election, may commence the
                  Pre-Retirement Death Benefit on the first day of any month
                  after the later of the date on which the Participant would
                  have reached age 60 had he not died or the date of the
                  Participant's death and before the Participant's Normal
                  Retirement Date, but in that case the Pre-Retirement Death
                  Benefit shall be actuarially reduced using the assumptions
                  specified in Article III(a)(1) for each

<PAGE>

                  full month by which the date of commencement precedes the
                  Participant's Normal Retirement Date.

         (iii)    FORM AND DURATION OF PAYMENT. The Pre-Retirement Death Benefit
                  shall be a monthly benefit payable from the time of
                  commencement set forth in paragraph (ii) of this Section (a)
                  until the first day of the month coincident with the death of
                  the surviving Spouse.

(b)      POST-RETIREMENT DEATH BENEFIT
         (i)      Qualification for Benefit. The surviving Spouse of a deceased
                  Participant who has (a) died while receiving Supplemental
                  Retirement Benefits (including Disability Benefits) under the
                  Plan and whose optional form of payment elected at retirement
                  provides for a survivor benefit, or (b) who has qualified for
                  a Disability Benefit but who has not yet commenced receiving
                  such benefits, shall be eligible for the Post-Retirement Death
                  Benefit described in paragraph (ii) of this Section.
         (ii)     COMPUTATION OF AMOUNT OF ANNUAL BENEFIT. The Post-Retirement
                  Death Benefit shall be a monthly benefit in an amount equal to
                  either (a) 100%, or (b) 50% (as elected by the Participant) of
                  the reduced Supplemental Retirement Benefit the deceased
                  Participant was receiving at the time of his death (or, in the
                  case of the death of a Participant entitled to a Disability
                  Benefit, would have been receiving had he commenced receiving
                  the benefit at the time of his death).
         (iii)    COMMENCEMENT, FORM AND DURATION OF PAYMENT. The
                  Post-Retirement Death Benefit shall commence as of the first
                  day of the month immediately following the date of the
                  Participant's death, and shall continue to be paid as of the
                  first day of each month thereafter until the first day of the
                  month coincident with the death of the surviving Spouse.

(c)      MINIMUM DEATH BENEFIT

         (i)      PRE-RETIREMENT SURVIVING SPOUSE BENEFIT. As provided in
                  Section (a) hereof, at the death of a Participant who
                  satisfies the requirements, monthly death benefits are payable
                  to an eligible surviving Spouse for her remaining lifetime. If
                  the surviving Spouse has not received at least five years of
                  monthly benefit payments at her death, the remainder of the
                  five years of monthly benefit payments, if any, will be made
                  monthly to the Beneficiary named by the surviving Spouse. If
                  no Beneficiary is so named, the remaining payments, if any,
                  will be made to the Spouse's estate. If it is determined by
                  the Board of Directors (in its sole discretion) that the
                  remaining benefits shall be paid in a single sum, this amount
                  will be computed as noted in subsection (iii) below

         (ii)     PRE-RETIREMENT BENEFIT WITH NO SPOUSE. Notwithstanding the
                  other sections of Article XII, a death benefit will be payable
                  at the death of a Participant who is otherwise eligible under
                  Sections (a) above, but has no surviving Spouse (or has no
                  eligible surviving Spouse) at his death. The monthly death
                  benefit will be determined and start as if the Participant has
                  a surviving Spouse and will be paid to a Beneficiary, named by
                  the Participant, as provided in Section (a) above. For
                  purposes of the Pre-Retirement Death Benefit only, a minimum
                  of five years of

<PAGE>

                  monthly payments will be made to the Participant and/or the
                  named Beneficiary under this provision. If no Beneficiary is
                  named at the death of the Participant, any payments under this
                  Section will be payable to the Participant's estate. The Board
                  of Directors (in its sole discretion) shall determine if the
                  remaining payments shall be payable in a single sum amount.
                  This amount would be computed as noted in subsection (iii)
                  below.

         (iii)    DETERMINATION OF SINGLE SUM DEATH BENEFIT VALUE. If decided by
                  the Board of Directors (in its sole discretion) that a single
                  sum amount shall be payable under the five year minimum
                  payments provisions of (c)(i) above, it will have the single
                  sum amount determined actuarially, based on the circumstances
                  of the benefits. Where appropriate, the GAM 83 Mortality
                  Table, 7-1/2% interest, ages of the Participant and/or Spouse,
                  and the timing of the payment of benefits will be used. The
                  single sum value will be equal to the present value of the
                  immediate or deferred payment recognizing the remainder of any
                  five year number of payments due. The Board of Directors (in
                  its sole discretion) does have the option of changing these
                  assumptions, if they are deemed inappropriate and unreasonable
                  at the time the single sum amount is determined.

                                  ARTICLE XIII
                               PLAN ADMINISTRATION

The Company shall be responsible for the general administration of the Plan and
for carrying out the provisions hereof. The Company shall have any and all power
and authority (including discretion with respect to the exercise of that power
and authority) which shall be necessary, advisable, desirable or convenient to
enable it to carry out its duties under the Plan, including the powers: to
resolve all questions arising under the Plan, such as questions of construction
and interpretation; to adopt such rules and regulations as the Company may deem
necessary or appropriate to provide for the administration of the Plan; to
delegate such of its responsibilities and authorities hereunder to such
individuals, committees or entities as the Company shall deem appropriate; and
to take such further actions as the Company shall deem advisable in the
administration of the Plan. The decision of the Company on any question
concerning the interpretation or administration of this Plan shall be final and
conclusive and nothing in the Plan shall be deemed to give a Participant, his
surviving Spouse or other beneficiaries, or his or their legal representatives,
any right to payments except to such extent, if any, as the Company may have
determined subject to all the terms and conditions of the Plan. No member of the
Board or the Committee, nor any individual, committee or entity to which any of
the responsibilities or authority of the Committee or the Company hereunder are
delegated, shall be liable for any act or determination made, in good faith, in
regard to this Plan.

<PAGE>

                                   ARTICLE XIV
                            OPTIONAL FORMS OF PAYMENT

(a)      ANNUITY OPTIONS. Any married Participant in the Plan, in lieu of the
         automatic 50% Joint and Survivor form of payment, may elect to receive
         his benefit in any of the following optional forms of payment:
         OPTION 1: 100% JOINT AND SURVIVOR ANNUITY. A reduced monthly Retirement
         Benefit which is Actuarially Equivalent to the single life annuity
         under the Plan and is payable to the Participant for his life, with
         continuance of monthly payments in such reduced amount after his death
         to his surviving Spouse until the first day of the month coincident
         with the death of the surviving Spouse.
         OPTION 2: SINGLE LIFE ANNUITY. A monthly Supplemental Retirement
         Benefit payable to the Participant for his life with no continuation of
         benefits after his death.

(b)      TIMING AND MANNER OF ELECTION. Any Participant for whom Section (a)
         applies, shall make such election to waive the automatic form of
         payment and in lieu thereof, to receive an alternative annuity form of
         payment allowed hereunder (or a lump sum pursuant to Section (c) below)
         in writing on a form provided by the Company, which form shall be filed
         with the Company prior to the Participant's termination of employment
         for any reason.

(c)      LUMP SUM PAYMENTS. Notwithstanding any other provision of the Plan, but
         subject to the approval of the Committee as described in Section (d) of
         this Article, any Participant under the Plan may elect to receive the
         benefits payable to him under the Plan, other than benefits payable
         pursuant to Article X, in the form of a single lump sum payment. The
         lump sum payment described in the preceding sentence shall be
         calculated by converting the benefits otherwise payable to the
         Participant at the time such benefits are to commence into a lump sum
         amount of equivalent actuarial value when computed using the actuarial
         factors described in Section (c)(ii) of Article X of the Plan. A
         Participant who elects to receive a single lump sum payment pursuant to
         the second preceding sentence may further elect that, in the event that
         the Participant dies while employed, benefits payable as a result of
         the Participant's death, other than benefits payable pursuant to
         Section (c)(i) of Article XII of the Plan, shall be paid to the
         Participant's Spouse without taking into account the election made
         under the second preceding sentence. Any election by a Participant to
         receive benefits under the Plan in the form of a single lump sum
         payment shall be in writing on a form provided by the Company, which
         form shall be filed with the Company (a) prior to the Participant's
         termination of employment with the Employers because of involuntary
         termination of employment (including by reason of disability) or death
         or (b) at least 180 days prior to the Participant's voluntary
         termination of employment with the Employers. Subject to the approval
         of the Committee, any such election may be changed or revoked by the
         Participant at any time and from time to time by the filing of a later
         written election with the Company; provided, that any election made
         less than 180 days prior to a Participant's voluntary termination of
         employment shall not be valid, and in such case, payment shall be made
         in accordance with the latest valid election of the Participant. The
         payment by the Employers of a lump sum amount to a Participant (or his
         Spouse, Beneficiary or

<PAGE>

         estate) pursuant to this Section shall discharge all obligations of the
         Employers to such Participant (or his Spouse, Beneficiary or estate)
         under the Plan. Payment of benefits in the form of a single lump sum
         payment pursuant to the election of a Participant under this Article is
         subject to the approval of the Committee, which may, in its sole and
         absolute discretion, approve or withdraw its prior approval of such
         election at any time prior to the date the lump sum payment is actually
         paid to the Participant and instead require that benefits be paid in
         such other form as is permitted by the Plan.

                                   ARTICLE XV
                                  MISCELLANEOUS

(a)      FUNDING. The obligation of the Employers to pay Supplemental Retirement
         Benefits under the Plan constitutes the unsecured promise of the
         Employers to make payments from their general assets, and no
         Participant, Spouse or Beneficiary shall have any interest in, or a
         lien or prior claim upon, any property of the Employers. With respect
         to the Supplemental Retirement Benefits under the Plan, each
         Participant, Spouse or Beneficiary shall have the status of a general
         unsecured creditor of the Participant's Employer. The Company may
         establish a so-called "rabbi trust" to hold funds, stock or other
         securities to be used in payment of the obligations of the Employers
         under the Plan, and may fund such trust; provided, however, that any
         funds contained therein shall remain subject to the claims of the
         general creditors of the Company or any other Employer for which the
         Participant performs services. It is the intention of the Employers
         that the Plan be unfunded for tax purposes and for purposes of Title I
         of ERISA. No liability for the payment of benefits under the Plan shall
         be imposed upon any officer, director, employee or stockholder of the
         Company or any other Employer, or upon the Board, the Committee or any
         member thereof.

(b)      NO GUARANTY OF BENEFITS. Nothing contained in this Plan shall
         constitute a guaranty by any Employer, the Committee or the Board that
         the assets of any Employer will be sufficient to pay any benefit
         hereunder.

(c)      ASSIGNMENTS AND RESTRICTIONS. To the extent permitted by law, and
         except as otherwise provided in this Section (c), no right or interest
         of a Participant or Spouse under this Plan shall be transferable or
         assignable (either at law or in equity), nor shall any such right or
         interest be subject to alienation, anticipation, encumbrance,
         attachment, garnishment, levy, execution or other legal or equitable
         process of any kind, voluntary or involuntary, or in any manner be
         liable for or subject to the debts of any Participant or Spouse. If a
         Participant shall attempt to or shall transfer, assign, alienate,
         anticipate, sell, pledge or otherwise encumber his benefits hereunder
         or any part thereof, or if by reason of his bankruptcy or other event
         happening at any time such benefits would devolve upon anyone else or
         would not be enjoyed by him, then the Company, in its discretion, may
         terminate his interest in any such benefit to the extent the Company
         considers necessary or advisable to prevent or limit the effects of
         such occurrence. Termination shall be effected by filing a "termination
         declaration" with the Committee and making reasonable efforts to
         deliver a copy to the Participant (the "Terminated Participant") whose
         interest is affected thereby. As long as the Terminated Participant is
         alive, any benefits affected

<PAGE>

         by the termination shall be retained by the Company and, in the
         Company's sole and absolute judgement, may be paid to or expended for
         the benefit of the Terminated Participant, his spouse, his children or
         any other person or persons in fact dependent upon him in such a manner
         as the Company shall deem proper. Upon the death of the Terminated
         Participant, all benefits withheld from him and not paid to others in
         accordance with the preceding sentence shall be paid to the Terminated
         Participant's surviving Spouse or, if none, to the Terminated
         Participant's then living descendants, including adopted children, PER
         STIRPES.

         Notwithstanding the foregoing, amounts payable under this Plan may be
         withheld by the Company as they become due to the extent necessary to
         cover any debts or other obligations owed to the Company by the
         Participant, but only if such debts or other obligations are
         acknowledged as such in writing by the Participant or are confirmed as
         such by a final, nonappealable order of a court of competent
         jurisdiction.

(d)      HEADINGS. The various headings used in this Plan are for convenience
         only and shall not be used in interpreting the text of the Article,
         Section, paragraph or subparagraph in which they appear.

(e)      EMPLOYMENT. The establishment of this Plan shall not be construed to
         give any Participant the right to be retained in the service of the
         Employer.

(f)      APPLICABLE LAW. The validity, interpretation, construction and
         performance of this Plan shall be governed by the internal substantive
         laws of the State of Ohio, without giving effect to the principles of
         conflict of laws of such State.

(g)      BINDING EFFECT ON EMPLOYER, PARTICIPANTS, SPOUSES AND THEIR SUCCESSORS.
         This Plan shall be binding and inure to the benefit of any Employer or
         its successors and assigns, and the Participants, Spouses and their
         heirs, legatees, distributees, executors, administrators or other legal
         representatives.

(h)      AMENDMENT AND DISCONTINUANCE. The Company reserves the right in its
         sole discretion to amend or terminate this Plan at any time with regard
         to itself or any Employer, provided that no such amendment or
         termination shall affect any benefits then being paid to Participants
         or Spouses under the Plan as of the date of such termination and the
         rights of or with respect to all other Participants at the time of any
         such termination to immediate or deferred Supplemental Retirement
         Benefits shall be determined as if the employment of each such
         Participant had been involuntarily terminated, but not Terminated for
         Cause, on the date of such termination. After any termination of the
         Plan, each Employer shall remain obligated to pay those benefits
         described in the preceding sentence in accordance with the terms of the
         Plan in effect immediately before such termination.

(i)      PARTICIPANT INFORMATION. Each Participant shall keep the Committee
         informed of his current address and the current address of his Spouse,
         if applicable. The Participant shall

<PAGE>

         furnish to the Committee any and all information deemed by the
         Committee to be necessary or desirable for the proper administration of
         the Plan.

IN WITNESS WHEREOF, this Diebold, Incorporated Supplemental Employee Retirement
Plan has been executed this 15 day of July, 2002, effective as of July 1, 2002.

                                            DIEBOLD, INCORPORATED

                                            By: /s/ Charles B. Scheurer
                                                --------------------------------
                                            Its: Vice President, Human Resources

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