Document:

Exhibit 10.3 Ball Corporation 2005 Deferred Compensation Plan for Directors

    

      Exhibit 10.3

      

      

      

      

      

      

      

      

      

      

      

      

       

      

       

      Ball
        Corporation

       

      2005
        Deferred Compensation Plan

       

      For
        Directors

       

      

      Effective
        January 1, 2005

       

      

      

      

      
        
          
            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            Ball
              Corporation 2005 Deferred Compensation Plan For
              Directors

          

        

      

      

      
        	
                Article I

              	 
	
                Establishment
                  and Purpose

              	
                1

              
	 	 
	
                Article II

              	 
	
                Definitions 

              	
                1

              
	 	 
	
                Article III

              	 
	
                Eligibility
                  and Participation

              	
                8

              
	 	 
	
                Article IV

              	 
	
                Deferral
                  Elections

              	
                8

              
	 	 
	
                Article V

              	 
	
                Modifications
                  to Payment Schedules

              	
                11

              
	 	 
	
                Article VI

              	 
	
                Company
                  Awards

              	
                12

              
	 	 
	
                Article VII

              	 
	
                Valuation
                  of Account Balances; Investments

              	
                13

              
	 	 
	
                Article VIII

              	 
	
                Distributions
                  and Withdrawals

              	
                14

              
	 	 
	
                Article IX

              	 
	
                Administration

              	
                16

              
	 	 
	
                Article X

              	 
	
                Amendment
                  and Termination

              	
                18

              
	 	 
	
                Article XI

              	 
	
                Informal
                  Funding

              	
                20

              
	 	 
	
                Article XII

              	 
	
                Claims

              	
                20

              
	 	 
	
                Article XIII

              	 
	
                General
                  Conditions

              	
                23

              

      

      

      

      
        
          
            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            Ball
              Corporation 2005 Deferred Compensation Plan For Directors

            

            

          

        

      

      Article I

      Establishment
        and Purpose

      

      Ball
        Corporation (the “Company”) has maintained and will continue to maintain the
        Ball Corporation 2002 Deferred Compensation Plan for Directors and predecessor
        deferred compensation plans (the “Grandfathered Plans”).

      

      The
        Company hereby adopts the Ball Corporation 2005 Deferred Compensation Plan
        For
        Directors, restated as of April 26, 2006 (the “Plan”). The purpose of the
        Plan continues to be to attract and retain qualified Directors by providing
        such
        Directors the opportunity to defer receipt of the cash portion of annual
        incentive retainers, fees, and other specified cash compensation specified
        by
        the Human Resources Committee (the “HR Committee”) of the Board of
        Directors.

      

      In
        December, 2005, the Company adopted an interim document in response to proposed
        Treasury regulations published on October 4, 2005, that required the
        Company to adopt written amendments prior to December 31, 2005, with
        respect to items of transition relief described in Notice 2005-1 and that
        expired on December 31, 2005. The interim document was intended to satisfy
        the amendment requirements of the proposed regulations without the amendment
        constituting a “material modification” to the Grandfathered Plans, but subject
        to restatement in 2006 to reflect the requirements of Code Section 409A.
        Accordingly, the Company adopts this Plan document, as of the date set forth
        on
        the signature page below and effective as of the Effective Date, to comply
        with
        the requirements of Code Section 409A.

      

      The
        plan
        is intended to be an unfunded arrangement providing deferred compensation
        to
        eligible Directors in accordance with provisions of Code
        Section 409A.

      

      

      Article II

      Definitions

      

      
        	
                2.1

              	
                Account.
                  Account means a bookkeeping account maintained by the Plan Administrator
                  to record the Company’s payment obligation to a Participant as determined
                  under the terms of the Plan. The Plan Administrator may maintain
                  an
                  Account to record the total obligation to a Participant and component
                  Accounts to reflect amounts payable at different times and in different
                  forms pursuant to the terms of a Participant’s Deferral Election. Without
                  limiting the Plan Administrator’s authority to establish Accounts as it
                  deems necessary, Accounts may include, for each Participant,
                  (i) Separation Accounts, (ii) Specified Date Accounts, and/or
                  (iii) any other Account deemed necessary by the Plan Administrator to
                  properly administer the Plan. Reference to an Account means any
                  such
                  Account established by the Plan Administrator, as the context requires.
                  Accounts are intended to constitute unfunded obligations of the
                  Company
                  within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of
                  ERISA.

              

      

      

      
        
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            Corporation 2005 Deferred Compensation Plan For Directors

          

          

        

      

      
        	 	
                Accounts
                  under this Plan shall reflect only those amounts considered to
                  be
                  Deferrals as defined in this Plan. The provisions of this Plan
                  shall apply
                  only to such Accounts and shall not apply to any Grandfathered
                  Plan
                  accounts.

              

      

      

      
        	
                2.2

              	
                Account
                  Balance.
                  Account Balance means, with respect to any Account, the total amount
                  of
                  the Company’s payment obligation from such Account as of the most recent
                  Valuation Date.

              

      

      

      
        	
                2.3

              	
                Affiliate.
                  Affiliate means a corporation, trade or business that, together
                  with the
                  Company, is treated as a single employer under Code Section 414(b) or
                  (c).

              

      

      

      
        	
                2.4

              	
                Beneficiary.
                  Beneficiary means a natural person, estate, or trust designated
                  by a
                  Participant to receive benefits to which a Beneficiary is entitled
                  in
                  accordance with provisions of the Plan. The Participant’s spouse, if
                  living, otherwise the Participant’s estate, shall be the Beneficiary
                  if:

              

      

      

      
        	 	
                (a)

              	
                the
                  Participant has not designated a natural person or trust as Beneficiary,
                  or

              

      

      

      
        	 	
                (b)

              	
                all
                  designated Beneficiaries have predeceased the
                  Participant.

              

      

      

      
        	 	
                A
                  former spouse shall have no interest under the Plan, as Beneficiary
                  or
                  otherwise, unless (i) the Participant designates such person as a
                  Beneficiary after dissolution of the marriage or (ii) such interest
                  is ordered under a domestic relations order described in
                  Section 8.8.

              

      

      

      
        	
                2.5

              	
                Business
                  Day.
                  A
                  Business Day is each day on which the New York Stock Exchange is
                  open for
                  business.

              

      

      

      
        	
                2.6

              	
                Change
                  in Control.
                  Change in Control occurs on the date on which there is (i) a change
                  in the ownership of the Company, (ii) a change in the effective
                  control of the Company or (iii) a change in the ownership of a
                  substantial portion of the Company’s assets. For purposes of this Section,
                  a change in ownership of the Company occurs on the date on which
                  any one
                  person or more than one person acting as a group acquires ownership
                  of
                  stock of the Company that, together with stock held by such person
                  or
                  group constitutes more than 50% of the total fair market value
                  or total
                  voting power of the stock of the Company. A change in the effective
                  control of the Company occurs on the date on which either (i) a
                  person or more than one person acting as a group acquires ownership
                  of
                  stock of the Company possessing 35% or more of the total voting
                  power of
                  the stock of the Company or (ii) a majority of members of the
                  Company’s Board of Directors is replaced during any twelve (12)-month
                  period by directors whose appointment or election is not endorsed
                  by a
                  majority of the members of the Company’s Board of Directors prior to the
                  date of the appointment or election. A change in the ownership
                  of a
                  substantial portion of assets occurs on the date on which any one
                  person
                  or more than one person acting as a group acquires assets from
                  the Company
                  that have a total gross fair market value equal to or more than
                  40% of the
                  total gross fair market value of all of the assets of the Company
                  immediately prior to such acquisition or
                  acquisitions.

              

      

      
        
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            Corporation 2005 Deferred Compensation Plan For Directors

          

          

        

      

      

      
        	 	
                Reference
                  to the Company under this Section 2.6 also shall mean Affiliates for
                  whom a Participant is providing services at the time of a Change
                  in
                  Control affecting such Affiliate.

              

      

      

      
        	 	
                The
                  determination as to the occurrence of a Change in Control shall
                  be based
                  on objective facts and in accordance with the requirements of Code
                  Section 409A.

              

      

      

      
        	
                2.7

              	
                Claimant.
                  Claimant means a Participant or Beneficiary filing a claim under
                  Article XII of this Plan.

              

      

      

      
        	
                2.8

              	
                Code.
                  Code means the Internal Revenue Code of 1986, as amended from time
                  to
                  time.

              

      

      

      
        	
                2.9

              	
                Code
                  Section 409A.
                  Code Section 409A means Section 409A of the Code, and the
                  regulations and other guidance issued by the Treasury Department
                  and
                  Internal Revenue Service
                  thereunder.

              

      

      

      
        	
                2.10

              	
                Company.
                  Company means Ball Corporation.

              

      

      

      
        	
                2.11

              	
                Company
                  Award.
                  Company Award means a credit by the Company to a Participant’s Account(s)
                  in accordance with the provisions of Article VI of the Plan. Except
                  as otherwise provided in Article VI, Company Awards are credited at
                  the sole discretion of the Company and the fact that a Company
                  Award is
                  credited in one year shall not obligate the Company to continue
                  to make
                  such Company Award in subsequent
                  years.

              

      

      

      
        	
                2.12

              	
                Compensation.
                  Compensation means the non-equity portion of annual incentive retainers
                  and other remuneration for fees and services performed as a Director
                  as
                  determined by the HR Committee of the Board of Directors. Compensation
                  shall not include any compensation that has been previously deferred
                  under
                  this Plan or any other arrangement subject to Code Section 409A, or
                  accounts maintained under the Grandfathered
                  Plans.

              

      

      

      
        	
                2.13

              	
                Death
                  Benefit.
                  Death Benefit means payment to a Participant’s Beneficiary(ies) due to the
                  death of the Participant. Death Benefits will be paid in accordance
                  with
                  Section 8.3.

              

      

      

      
        	
                2.14

              	
                Deferral.
                  Deferral means the credits to a Participant’s Accounts attributable to
                  deferrals of Compensation described in Prop. Treas. Reg.
                  Section 1.409A-1(b)(1) and Earnings on such amounts as provided in
                  Prop. Treas. Reg. Section 1.409A-1(b)(2), except where the context of
                  the Plan clearly indicates
                  otherwise.

              

      

      

      
        	
                2.15

              	
                Deferral
                  Election.
                  Deferral Election means an agreement between a Participant and
                  the Company
                  specifying any or all of the following: (i) the amount of each
                  component of Compensation subject to the Deferral Election;
                  (ii) investment allocation described in Section 7.2; and
                  (iii) Payment Schedule. The Plan Administrator may permit different
                  deferral amounts for each component of Compensation and may establish
                  a
                  minimum or maximum deferral amount for each such
                  component.

              

      

      

      
        
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            Corporation 2005 Deferred Compensation Plan For Directors

          

          

        

      

      
        	 	
                A
                  Deferral Election must be submitted to the Company in accordance
                  with the
                  Plan and under procedures established by the Plan Administrator
                  from time
                  to time. A Deferral Election may be modified by a subsequent investment
                  reallocation described in Section 7.2, or payment modification
                  described in Article V submitted to the Company in accordance with
                  the terms of this Plan and procedures adopted by the Plan
                  Administrator.

              

      

      

      
        	 	
                The
                  Plan Administrator may reduce a Participant’s Deferral Election as
                  necessary to permit sufficient non-deferred Compensation from which
                  the
                  Company may satisfy a Participant’s obligations regarding welfare plans
                  and from which to satisfy tax withholding obligations, and/or to
                  conform
                  the Deferral Election and the Plan to applicable
                  law.

              

      

      

      
        	
                2.16

              	
                Director.
                  Director means a non-employee member of the Board of Directors
                  of the
                  Company.

              

      

      

      
        	
                2.17

              	
                Earnings.
                  Earnings means an adjustment to the value of an Account in accordance
                  with
                  Article VII.

              

      

      

      
        	
                2.18

              	
                Effective
                  Date.
                  Effective Date means January 1, 2005, with respect to Compensation
                  “deferred” on or after such date. Deferrals of Compensation that was
                  earned and vested as of December 31, 2004, and credited to a
                  Participant’s account under the Ball Corporation 2002 Deferred
                  Compensation Plan For Directors shall not be subject to this Plan,
                  even if
                  such deferrals were credited to a Participant after December 31,
                  2004.

              

      

      

      
        	
                2.19

              	
                ERISA.
                  ERISA means the Employee Retirement Income Security Act of 1974,
                  as
                  amended from time to time.

              

      

      

      
        	
                2.20

              	
                Participant.
                  Participant means a Director who has received notification of his
                  or her
                  eligibility to defer Compensation under the Plan under Section 3.1
                  and any other person with an Account Balance greater than zero,
                  regardless
                  of whether such individual continues to be a Director of the Company.
                  A
                  Participant’s continued participation in the Plan shall be governed by
                  Section 3.2 and Section 3.3 of the
                  Plan.

              

      

      

      
        	
                2.21

              	
                Payment
                  Schedule.
                  Payment Schedule means the date as of which payment under the Plan
                  will
                  commence and the form in which such payment will be
                  made.

              

      

      

      
        	 	
                (a)

              	
                Separation
                  Payments. A
                  Participant may elect a Deferral Election that establishes a Separation
                  Account the number of years following Separation from Service when
                  payment
                  will be made from the Account (e.g., “Third year following Separation from
                  Service”). Subject to the payment rules set forth below, payment under
                  such an election will be made on or after January 1 of the specified
                  year. If no payment year is specified, payment will be made in
                  the year
                  following the year in which the Participant’s Separation from Service
                  occurs.

              

      

      

      
        	 	 	
                The
                  following rules apply to any Payment Schedule commencing in the
                  year
                  following the year in which a Participant’s Separation from Service
                  occurs. If the 

              

      

      
        
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            Corporation 2005 Deferred Compensation Plan For Directors

          

          

        

      

      
        	 	 	
                Separation
                  from Service occurs prior to July 1, payment will be made on or after
                  January 1 of the following year. If the Separation from Service
                  occurs on or after July 1, payment will be made on or after
                  July 1 of the following year. Payments delayed to a date later than
                  the dates specified in the preceding sentence pursuant to the provisions
                  of Sections 8.5 and 8.9 will be treated as payments made as of such
                  specified dates.

              

      

      

      
        	 	 	
                Payment
                  will be made in a single lump sum unless the Participant specifies
                  an
                  alternative form of payment in the Deferral Election establishing
                  a
                  Separation Account. Alternative forms of payment include (i) a lump
                  sum payment between 0% and 100% of the Account Balance and (ii) any
                  remaining Account Balance payable in a series of substantially
                  equal
                  annual installments from two (2) to fifteen (15) years. For purposes
                  of
                  Article V, (i) each lump sum payment and (ii) each series
                  of substantially equal installments will be treated as separate
                  forms of
                  payment and any series of substantially equal annual installments
                  will be
                  treated as a single form of payment. If a partial lump sum is paid,
                  and
                  unless the Participant specifies an alternative commencement date
                  for the
                  installment payments or modifies the installments pursuant to
                  Article V, the payment commencement date for the installments will be
                  the first anniversary of the lump sum payment commencement
                  date.

              

      

      

      
        	 	
                (b)

              	
                Specified
                  Date Payments. Payment
                  from a Participant’s Specified Date Account will be made on or after
                  January 1 of the year specified under the elections described in
                  Section 4.5.

              

      

      

      
        	 	 	
                Payment
                  will be made in a single lump sum unless the Participant specifies
                  an
                  alternative form of payment in his first Deferral Election. Alternative
                  forms of payment include (i) a lump sum payment between 0% and 100%
                  of the Account Balance and (ii) any remaining Account Balance payable
                  in a series of substantially equal annual installments from two
                  (2) to
                  fifteen (15) years. For purposes of Article V, (i) each lump sum
                  payment and (ii) each series of substantially equal installments
                  elected by the Participant will be treated as separate forms of
                  payment
                  and any series of substantially equal installments will be treated
                  as a
                  single form of payment. If a partial lump sum is paid, and unless
                  the
                  Participant specifies an alternative commencement date for the
                  installment
                  payments or modifies the installments pursuant to Article V, the
                  payment commencement date for the installments will be the first
                  anniversary of the lump sum payment commencement
                  date.

              

      

      

      
        	 	
                (c)

              	
                Death
                  Payments.
                  Payment will be made from all Accounts according to the Payment
                  Schedule
                  in effect for each such Account, except that the commencement date
                  under
                  such Payment Schedules on or after January 1 of the year following
                  the year in which the Participant’s death
                  occurs.

              

      

      

      
        	
                2.22

              	
                Performance-Based
                  Compensation.
                  Performance-Based Compensation means Compensation where the amount
                  of, or
                  entitlement to, the Compensation is contingent on
                  

              

      

      
        
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            Corporation 2005 Deferred Compensation Plan For Directors

          

          

        

      

      
        	 	
                the
                  satisfaction of preestablished organizational or individual performance
                  criteria relating to a performance period of at least twelve (12)
                  consecutive months in which the Participant performs services for
                  the
                  Company. Organizational or individual performance criteria are
                  considered
                  preestablished if established not later than ninety (90) days after
                  the
                  commencement of the period of service to which the criteria relate,
                  provided that the outcome is substantially uncertain at the time
                  the
                  criteria are established. Performance-Based Compensation may include
                  payments based on performance criteria that are not approved by
                  the Board
                  of Directors, a committee of the Board or by the stockholders of
                  the
                  Company. Performance-Based Compensation does not include any amount
                  or
                  portion of any amount that will be paid either regardless of performance,
                  or based upon a level of performance that is substantially certain
                  to be
                  met at the time the criteria is established. Performance criteria
                  may be
                  subjective but must relate to the performance of the Participant,
                  a group
                  of Employees and/or Directors that includes the Participant or
                  a business
                  unit (which may include the Company) for which the Participant
                  provides
                  services. The determination that any subjective performance criteria
                  have
                  been met shall not be made by the Participant or by a family member
                  of the
                  Participant, or by a person under the supervision of the Participant
                  or a
                  Participant’s family members where any amount of the compensation of such
                  person is controlled in whole or in part by the Participant or
                  such family
                  member. Compensation based on Company stock performance may constitute
                  Performance-Based Compensation if it is based solely on an increase
                  in the
                  value of such stock after the date of grant or award. The determination
                  of
                  whether Compensation qualifies as “Performance-Based Compensation” will be
                  made in accordance with Prop. Treas. Reg. Section 1.409A-1(e) and
                  subsequent guidance.

              

      

      

      
        	
                2.23

              	
                Plan.
                  Plan means the Ball Corporation 2005 Deferred Compensation Plan
                  For
                  Directors, as amended from time to
                  time.

              

      

      

      
        	
                2.24

              	
                Plan
                  Administrator.
                  Plan Administrator means the Deferred Compensation Committee of
                  the
                  Company, acting pursuant to the powers and authority granted under
                  Section 9.1 of the Plan.

              

      

      

      
        	
                2.25

              	
                Plan
                  Year.
                  Plan Year means January 1 through
                  December 31.

              

      

      

      
        	
                2.26

              	
                Separation
                  Account.
                  Separation Account means an Account established under a Deferral
                  Election,
                  as described in Section 4.4 to record an amount payable to a
                  Participant due to his or her Separation from Service and the year
                  in
                  which payment from such Separation Account will be made. A Participant
                  may
                  establish and maintain at any one time no more than the maximum
                  number of
                  Separation Accounts specified by the Plan
                  Administrator.

              

      

      

      
        	
                2.27

              	
                Separation
                  from Service.
                  A
                  Director incurs a Separation from Service upon termination of service
                  with
                  the Board of Directors of the Company for any reason. The occurrence
                  of a
                  Separation from Service is determined by the Plan Administrator
                  under the
                  facts and circumstances and in accordance with Code Section 409A. A
                  former Director shall not be considered to have terminated service
                  with
                  the Board of Directors if he or she

              

      

      
        
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            Corporation 2005 Deferred Compensation Plan For Directors

          

          

        

      

      
        	 	
                continues
                  to provide more than “insignificant services” as defined in Prop. Treas.
                  Reg. Section 1.409A-1(h)(ii).

              

      

      

      
        	
                2.28

              	
                Specified
                  Date Account.
                  Specified Date Account means an Account established under a Deferral
                  Election, as described in Section 4.5 to record an amount payable to
                  a Participant in a year specified in such Deferral Election according
                  to
                  the Payment Schedule in effect for such Account. A Participant
                  may
                  establish and maintain at any one time no more than the maximum
                  number of
                  Separation Accounts specified by the Plan
                  Administrator.

              

      

      

      
        	
                2.29

              	
                Substantial
                  Risk of Forfeiture.
                  Substantial Risk of Forfeiture shall have the meaning specified
                  in Prop.
                  Treas. Reg.
                  Section 1.409A-1(d).

              

      

      

      
        	
                2.30

              	
                Unforeseeable
                  Emergency.
                  An Unforeseeable Emergency is a severe financial hardship of the
                  Participant or Beneficiary resulting from an illness or accident
                  of the
                  Participant or Beneficiary, the Participant’s or Beneficiary’s spouse, or
                  the Participant’s or Beneficiary’s dependent (as defined in Code
                  Section 152(a)); loss of the Participant’s or Beneficiary’s property
                  due to casualty (including the need to rebuild a home following
                  damage to
                  a home not otherwise covered by insurance, for example, not as
                  a result of
                  a natural disaster); or other similar extraordinary and unforeseeable
                  circumstances arising as a result of events beyond the control
                  of the
                  Participant or Beneficiary. For example, the imminent foreclosure
                  of or
                  eviction from the Participant’s or Beneficiary’s primary residence may
                  constitute an Unforeseeable Emergency. In addition, the need to
                  pay for
                  medical expenses, including nonrefundable deductibles, as well
                  as for the
                  costs of prescription drug medication, may constitute an Unforeseeable
                  Emergency. Finally, the need to pay for the funeral expenses of
                  a spouse
                  or a dependent (as defined in Code Section 152(a)) may also
                  constitute an Unforeseeable Emergency. Except as otherwise provided
                  in
                  this Section, the purchase of a home and the payment of college
                  tuition
                  are not Unforeseeable Emergencies. Whether a Participant or Beneficiary
                  is
                  faced with an Unforeseeable Emergency permitting a distribution
                  under
                  Section 8.4 of the Plan is to be determined by the Plan Administrator
                  based on the relevant facts and circumstances of each case, but,
                  in any
                  case, a distribution on account of Unforeseeable Emergency may
                  not be made
                  to the extent that such emergency is or may be reimbursed through
                  insurance or otherwise, by liquidation of the Participant’s assets, to the
                  extent the liquidation of such assets would not cause severe financial
                  hardship, or by cessation of deferrals under this
                  Plan.

              

      

      

      
        	
                2.31

              	
                Valuation
                  Date.
                  Valuation Date shall mean each Business Day selected by the Plan
                  Administrator, in its discretion, for determining the value of
                  Accounts.

              

      

      

      

      
        
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            Corporation 2005 Deferred Compensation Plan For Directors

          

          

        

      

      Article III

      Eligibility
        and Participation

      

      
        	
                3.1

              	
                Eligibility
                  and Participation.
                  A
                  Director becomes eligible to file a Deferral Election upon receipt
                  of
                  notification of eligibility from the Plan Administrator. Such Director
                  becomes a Participant upon the earlier to occur of (i) a credit of
                  Company Awards under Article VI or (ii) filing his or her
                  initial Deferral Election in accordance with
                  Article IV.

              

      

      

      
        	
                3.2

              	
                Duration.
                  A
                  Participant shall be eligible to defer Compensation and receive
                  allocations of Company Awards, subject to the terms of the Plan,
                  for as
                  long as such Participant is a Director. On and after a Separation
                  from
                  Service, a Participant shall remain a Participant as long as his
                  or her
                  Accounts are greater than zero and during such time may continue
                  to make
                  investment elections under Article VII. An individual shall cease
                  participation in the Plan when all benefits under the Plan to which
                  he or
                  she is entitled have been paid.

              

      

      

      
        	
                3.3

              	
                Revocation
                  of Future Participation.
                  Notwithstanding the provisions of Section 3.2, the Plan Administrator
                  may, in its discretion, revoke such Participant’s eligibility to make
                  future deferrals under this Plan. Such revocation will not affect
                  in any
                  manner a Participant’s Accounts or other terms of this
                  Plan.

              

      

      

      

      Article IV

      Deferral
        Elections

      

      
        	
                4.1

              	
                Deferral
                  Elections, Generally.
                  A
                  Director shall make a Deferral Election by completing and submitting
                  a
                  deferral agreement during the enrollment periods established by
                  the Plan
                  Administrator and in the manner specified by the Plan Administrator.
                  The
                  Deferral Election shall designate a dollar amount or whole percentage
                  of
                  Compensation to be deferred.

              

      

      

      
        	 	
                Deferral
                  Elections are considered to be effective on the date they become
                  irrevocable as of the dates set forth in Section 4.2 unless the form
                  of Deferral Agreement provided by the Plan Administrator specifies
                  an
                  earlier date. Notwithstanding the foregoing, a Deferral Election
                  may be
                  suspended in the event of an Unforeseeable Emergency (regardless
                  of
                  whether a payment is made to the Participant due to such Unforeseeable
                  Emergency). A Deferral Election that is not timely filed with respect
                  to a
                  service period or component of Compensation shall be considered
                  void and
                  shall have no effect with respect to such service period or
                  Compensation.

              

      

      

      
        	 	
                The
                  HR Committee of the Board of Directors, in its sole discretion,
                  may
                  specify the components of Compensation subject to deferral. The
                  Plan
                  Administrator may establish a minimum or maximum deferral amount
                  for each
                  component of Compensation and the timing of submission of Deferral
                  Elections with respect to such
                  Compensation.

              

      

      

      
        
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                4.2

              	
                Timing
                  Requirements for Deferral Elections.

              

      

      

      
        	 	
                (a)

              	
                First
                  Year of Eligibility.
                  A
                  Director may submit a Deferral Election within thirty (30) days
                  of receipt
                  of the notification of his or her eligible status under Section 3.1.
                  The Deferral Election described in this paragraph becomes irrevocable
                  on
                  the first day following such 30th day. A Director may file a Deferral
                  Election under this Section 4.2(a) only if he or she does not
                  participate in any other “account balance plan” as defined in Prop. Treas.
                  Reg. Section 1.409A-1(c)(i)(A) maintained by the Company or an
                  Affiliate,
                  other than as permitted in Prop. Treas. Reg.
                  Section 1.409A-1(c)(ii).

              

      

      

      
        	 	 	
                A
                  Deferral Election filed under this Section 4.2(a) applies to
                  Compensation earned on and after the date the Deferral Election
                  becomes
                  irrevocable. For Compensation that is earned based upon a specified
                  performance period (e.g., over a calendar year), where a Deferral
                  Election
                  is made in the first year of eligibility but after the beginning
                  of the
                  service period, the election will be deemed to apply to Compensation
                  paid
                  for services performed subsequent to the election if the election
                  applies
                  to the portion of the Compensation equal to the total amount of
                  the
                  Compensation for the service period multiplied by the ratio of
                  the number
                  of days remaining in the performance period after the Deferral
                  Election
                  becomes irrevocable over the total number of days in the service
                  period.

              

      

      

      
        	 	 	
                Eligibility
                  to submit a Deferral Election during the thirty (30)-day period
                  specified
                  in this Section 4.2(a) shall not preclude a Director from also filing
                  any Deferral Elections in accordance with Section 4.2(b) through (g)
                  during or after such thirty (30)-day
                  period.

              

      

      

      
        	 	
                (b)

              	
                Fees
                  and Other Non-Performance-Based Compensation.
                  A
                  Participant may defer Compensation (other than Performance-based
                  Compensation) by filing a Deferral Election no later than December 31
                  of the year prior to the year in which such Compensation is earned.
                  A
                  Deferral Election described in this paragraph shall become irrevocable
                  with respect to such Compensation as of January 1 of the year in
                  which such Compensation is earned.

              

      

      

      
        	 	
                (c)

              	
                Performance-Based
                  Compensation.
                  A
                  Deferral Election may be filed with respect to Performance-Based
                  Compensation, provided that:

              

      

      

      
        	 	
                (1)

              	
                the
                  Participant performs services continuously from a date no later
                  than the
                  date upon which the performance criteria for such Performance-Based
                  Compensation are established through a date no earlier than the
                  date upon
                  which the Participant submits a Deferral
                  Election;

              

      

      

      
        	 	
                (2)

              	
                the
                  Deferral Election is submitted at the times and in the manner established
                  by the Plan Administrator, but in no event later than the date
                  that is six
                  (6) months before the end of the performance period during which
                  such
                  Performance-Based Compensation is earned;
                  and

              

      

      
        
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                (3)

              	
                in
                  no event may an election to defer Performance-Based Compensation
                  be made
                  after such Performance-Based Compensation has become both substantially
                  certain to be paid and readily
                  ascertainable.

              

      

      

      
        	 	 	
                A
                  Deferral Election becomes irrevocable with respect to Performance-Based
                  Compensation as of the day immediately following the latest date
                  described
                  in paragraph (c)(2).

              

      

      

      
        	 	 	
                Nothing
                  in Section 4.2(a) shall preclude a Director from filing a Deferral
                  Election in his initial year of eligibility under this
                  Section 4.2(c), even if such election is made later than thirty (30)
                  days after notification of eligibility under
                  Section 3.1.

              

      

      

      
        	 	
                (d)

              	
                Short-Term
                  Deferrals.
                  Compensation that meets the definition of a “short-term deferral”
                  described in Prop. Treas. Reg. Section 1.409A-1(b)(4) may be deferred
                  under a Deferral Election filed not later than twelve (12) months
                  prior to
                  the date on which the substantial risk of forfeiture lapses. The
                  Payment
                  Schedule for such Deferral must specify a commencement date no
                  earlier
                  than five (5) years after the forfeiture restriction
                  lapses.

              

      

      

      
        	 	
                (e)

              	
                Deferral
                  Election With Respect to Certain Forfeitable
                  Rights.
                  With respect to a legally binding right to a payment in a subsequent
                  year
                  that is subject to a forfeiture condition requiring the Participant’s
                  continued services for a period of at least twelve (12) months
                  from the
                  date the Participant obtains the legally binding right, an election
                  to
                  defer such Compensation may be made on or before the 30th day after
                  the
                  Participant obtains the legally binding right to the Compensation,
                  provided that the election is made at least twelve (12) months
                  in advance
                  of the earliest date at which the forfeiture condition could lapse.
                  The
                  Deferral Election described in this paragraph becomes irrevocable
                  after
                  such 30th day.

              

      

      

      
        	 	
                (f)

              	
                Deferral
                  Under Non-Elective Arrangement.
                  An
                  arrangement satisfying the requirements of Prop. Treas. Reg.
                  Section 1.409A-2(a)(12) shall be treated as a valid Deferral Election
                  subject to the terms of the Plan if such agreement (i) incorporates
                  the provisions of this Plan document by reference or conduct, (ii) is
                  classified as an “individual account plan” under Code Section 409A,
                  and (iii) otherwise complies with Code
                  Section 409A.

              

      

      

      
        	 	
                (g)

              	
                2005
                  Elections.
                  The Plan Administrator has the authority, effective January 1, 2005
                  to allow any or all Participants to make or modify a Deferral Election
                  with respect to deferrals subject to Code Section 409A, which relate
                  all or in part to services performed prior to December 31, 2005. Such
                  election or modification must be filed with the Plan Administrator
                  no
                  later than March 15, 2005.

              

      

      

      
        	
                4.3

              	
                “Evergreen”
                  Deferral Elections.
                  The Plan Administrator may provide in the form of Deferral Election
                  that
                  such Deferral Election remain in effect until terminated or
                  

              

      

      
        
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                modified
                  by the Participant. Such “evergreen” Deferral Elections become effective
                  with respect to an item of Compensation on the date such election
                  becomes
                  irrevocable under Section 4.2. A Participant whose Deferral Election
                  is suspended due to an Unforeseeable Emergency will be required
                  to file a
                  new Deferral Election under this Article IV in order to continue
                  making Deferrals under the Plan.

              

      

      

      
        	
                4.4

              	
                Separation
                  Account Elections.
                  A
                  Participant’s Deferral Election may establish one or more Separation
                  Accounts (up to the maximum number of such Accounts established
                  by the
                  Plan Administrator) from which payment will be made due to a Participant’s
                  Separation from Service. The Deferral Election establishing a Separation
                  Account shall specify the Payment Schedule for such
                  Account.

              

      

      

      
        	
                4.5

              	
                Specified
                  Date Account Elections.
                  A
                  Participant’s Deferral Election may establish one or more Specified Date
                  Accounts (up to the maximum number of such Accounts established
                  by the
                  Plan Administrator). The Deferral Election establishing a Specified
                  Date
                  Account shall specify the Payment Schedule for such Account. A
                  Deferral
                  Election may allocate Deferrals to one or more Specified Date Accounts,
                  provided that the payment commencement date for such Accounts occurs
                  on or
                  after the first day of the third Plan Year after the Plan Year
                  to which
                  the Compensation subject to the Deferral Election is earned. If
                  a Deferral
                  Election would result in an allocation of Deferrals to a Specified
                  Date
                  Account with a payment date occurring earlier than the minimum
                  deferral
                  period, such allocation will be treated as an unallocated Deferral,
                  subject to the provisions of
                  Section 4.6.

              

      

      

      
        	
                4.6

              	
                Unspecified
                  Deferral Allocations.
                  Deferrals that are not allocated to a Separation Account or Specified
                  Date
                  Account under the terms of a Deferral Election will be allocated
                  to the
                  Separation Account with the earliest payment commencement
                  year.

              

      

      

      
        	 	
                If
                  a Separation Account has not been established, the Administrator
                  shall
                  establish a Separation Account to receive such Deferrals. Subject
                  to the
                  modification rules under Article V, such Account will be payable in a
                  single lump sum in the year following the year in which the Participant’s
                  Separation from Service occurs.

              

      

      

      
        	
                4.7

              	
                Deductions
                  from Pay.
                  The Plan Administrator has the authority to determine the payroll
                  practices under which any component of Compensation subject to
                  a Deferral
                  election will be deducted from a Participant’s
                  Compensation.

              

      

      

      

      Article V

      Modifications
        to Payment Schedules

      

      
        	
                5.1

              	
                Participant’s
                  Right to Modify.
                  Subject to Section 5.2, a Participant may modify the Payment Schedule
                  with respect to an Account, provided such modification complies
                  with the
                  requirements of Sections 5.1(a) and
                  (b).

              

      

      

      
        
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                (a)

              	
                Time
                  of Election. The
                  date on which a modification election is submitted to the Plan
                  Administrator must be at least twelve (12) months prior to the
                  January 1 or July 1 on which payment commences under the Payment
                  Schedule in effect prior to modification, and (ii) the date payments
                  commence under the modified Payment Schedule occurs no earlier
                  than five
                  (5) years after the January 1 or July 1 of the year the payment
                  would have commenced under the Payment Schedule in effect prior
                  to the
                  effective date of the modification. Under no circumstances may
                  a
                  modification election result in an acceleration of payments in
                  violation
                  of Code Section 409A.

              

      

      

      
        	 	
                (b)

              	
                Effective
                  Date. A
                  modification election described in Section 5.1(a) becomes effective
                  on the date that is twelve (12) months after the date the modification
                  is
                  filed with the Plan Administrator. Until such modification election
                  becomes effective, payment will be made in accordance with the
                  Payment
                  Schedule in effect prior to such
                  modification.

              

      

      

      
        	 	
                (c)

              	
                Effect
                  on Other Accounts. An
                  election to modify a Payment Schedule is specific to the Specified
                  Date or
                  Separation Account to which it applies, and shall not be construed
                  to
                  affect the Payment Schedules of any other
                  Accounts.

              

      

      

      
        	 	
                (d)

              	
                Effect
                  of Modification Election Upon Death or Unforeseeable
                  Emergency.
                  A
                  modification election described in this Section shall have no effect
                  on
                  the commencement date of payments due to death or Unforeseeable
                  Emergency.

              

      

      

      
        	
                5.2

              	
                Modifications
                  Authorized Under Notice 2005-1 and Proposed Regulations.
                  Notwithstanding any provision of this Plan to the contrary, during
                  calendar years 2005 and 2006, a Participant may modify any Payment
                  Schedule of any Account without regard to the requirements of
                  Section 5.1(a) and (b); provided, however, that any modification
                  election submitted during 2006 purporting to modify an Account
                  with a
                  Payment Schedule commencing during 2006 or which would cause the
                  commencement date of the Payment Schedule for an Account to be
                  accelerated
                  into 2006 shall be null and void to the extent such election is
                  inconsistent with this paragraph. The Plan Administrator has the
                  authority
                  to prescribe the time and manner under which such modifications
                  may be
                  made.

              

      

      

      

      Article VI

      Company
        Awards

      

      
        	
                6.1

              	
                Company
                  Awards.
                  The HR Committee of the Board of Directors or the Plan Administrator,
                  if
                  such authority is delegated, may, in its sole and absolute discretion,
                  authorize Company Awards to one, some, or all of the Participant(s)
                  in an
                  amount determined in its sole and absolute discretion. A Company
                  Award may
                  be made at any time during the calendar year and may consist of
“matching”
                  contributions. The HR Committee of the Board of Directors or its
                  delegate
                  shall be under no obligation to make

              

      

      
        
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                contributions
                  to the Plan unless the Company has entered into a separate agreement
                  (such
                  as an employment agreement) to make such
                  contributions.

              

      

      

      
        	
                6.2

              	
                Vesting.
                  Company Awards and the Earnings thereon, shall vest in accordance
                  with the
                  vesting schedule(s) established by the Plan Administrator at the
                  time that
                  the Company Award is made. The unvested portion shall be forfeited
                  upon
                  Separation from Service. The Plan Administrator may, at any time,
                  in its
                  sole discretion, increase a Participant’s vested interest in a Company
                  Award or restore any forfeiture. Notwithstanding the foregoing,
                  any
                  decision to accelerate vesting with respect to a Participant subject
                  to
                  SEC Rule 16b shall be approved by the HR Committee of the Board
                  of
                  Directors.

              

      

      

      

      Article VII

      Valuation
        of Account Balances; Investments

      

      
        	
                7.1

              	
                Valuation.
                  Deferrals shall be credited to appropriate Accounts on the date
                  such
                  Compensation would have been paid to the Participant absent the
                  Deferral
                  election. Company Awards shall be credited accordance with the
                  provisions
                  of Article VI, as determined by the Plan Administrator. Account
                  Balances will be adjusted as of each subsequent Valuation Date
                  to reflect
                  Earnings and payments since the previous Valuation Date. Valuation
                  of
                  Accounts shall be performed under procedures approved by the Plan
                  Administrator.

              

      

      

      
        	
                7.2

              	
                Earnings
                  Credit.
                  Subject to the Plan Administrator’s procedures for valuing payments from
                  the Plan, each Account will be credited with earnings on each Business
                  Day, based upon the Participant’s allocation of Deferrals among a menu of
                  investment options selected in advance by the Plan
                  Administrator.

              

      

      

      
        	 	
                (a)

              	
                Investment
                  Options.
                  Investment options will consist of actual investments, which may
                  include
                  stocks, bonds, mutual fund shares and other investments. The Plan
                  Administrator, in its sole discretion, shall be permitted to add
                  or remove
                  Investment Funds from the Plan menu from time to time provided
                  that any
                  such additions or removals of Investment Funds shall not be effective
                  with
                  respect to any period prior to the effective date of such
                  change.

              

      

      

      
        	 	 	
                A
                  Participant’s investment allocation constitutes a deemed, not actual,
                  investment among the investment options comprising the investment
                  menu. At
                  no time shall a Participant have any real or beneficial ownership
                  in any
                  investment option included in the investment menu, nor shall the
                  Company
                  or any trustee acting on its behalf have any obligation to purchase
                  actual
                  securities as a result of a Participant’s investment allocation. A
                  Participant’s investment allocation shall be used solely for purposes of
                  adjusting the value of a Participant’s Account Balances and the amount of
                  the Company’s corresponding payment obligation under the terms of the
                  Plan.

              

      

      

      
        
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                (b)

              	
                Participant
                  Allocations.
                  A
                  Participant’s Deferral Election shall specify the manner in which future
                  Deferrals credited to each Account will be invested. Deferrals
                  may be
                  allocated among the investment options in increments of 1%. The
                  Participant’s investment allocation will become effective on the same
                  Business Day or, in the case of investment allocations received
                  after a
                  time specified by the Plan Administrator, the next Business Day.
                  The
                  investment allocation will remain in effect until the Participant
                  modifies
                  the investment allocation in accordance with procedures adopted
                  by the
                  Plan Administrator.

              

      

      

      
        	 	 	
                Participants
                  may reallocate current Account Balances among the investment options
                  in
                  increments of 1% by filing a new allocation election at the time
                  and in
                  the form specified by the Plan Administrator. The Participant’s investment
                  allocation will become effective on the same Business Day or, in
                  the case
                  of asset allocations received after a time specified by the Plan
                  Administrator, the next Business Day. The allocation election shall
                  apply
                  prospectively to the Account or Accounts identified in the
                  election.

              

      

      

      
        	 	
                (c)

              	
                Unallocated
                  Deferrals and Accounts.
                  If any portion of a Deferral or Account Balance has not been allocated
                  to
                  an investment option, such portion shall be invested in an option,
                  the
                  primary objective of which is the preservation of
                  capital.

              

      

      

      

      Article VIII

      Distributions
        and Withdrawals

      

      
        	
                8.1

              	
                Separation
                  Account Payments.
                  Payments will be made from all Separation Accounts according to
                  the
                  Payment Schedule specified in Section 2.21(a). The amount of the
                  payments will be based on the Separation Account Balance and will
                  be paid
                  in accordance with the provisions of
                  Section 8.6.

              

      

      

      
        	
                8.2

              	
                Specified
                  Date Account Payments.
                  The Account Balance of each Specified Date Account will be paid
                  in
                  accordance with the Payment Schedule in effect for such Account
                  and the
                  provisions of Section 8.6.

              

      

      

      
        	
                8.3

              	
                Death
                  Benefit.
                  If payments have commenced from a Participant’s Accounts as of the time of
                  the Participant’s death, the Beneficiary(ies) will continue to receive the
                  remaining payments under the Payment Schedule in effect for such
                  Account.
                  If payments have not commenced from an Account, payment will be
                  made in
                  accordance with the Payment Schedule for a death benefit described
                  in
                  Section 2.21(c).

              

      

      

      
        	
                8.4

              	
                Unforeseeable
                  Emergency.
                  A
                  Participant may submit a written request to the Plan Administrator
                  to
                  receive a distribution from his or her Account Balance(s) if the
                  Participant experiences an Unforeseeable Emergency. Distributions
                  of
                  amounts in the event of an Unforeseeable Emergency are limited to the
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                satisfy
                  the emergency need which cannot be met with other resources of
                  the
                  Participant. The amount of such distribution shall be subtracted
                  first
                  from the Participant’s Separation Account with the latest payment
                  commencement date until depleted and then from the next latest
                  Separation
                  Accounts and then Specified Date
                  Accounts.

              

      

      

      
        	 	
                A
                  withdrawal by a Participant who is a “16b Officer” must be approved by the
                  HR Committee of the Board of
                  Directors.

              

      

      

      
        	
                8.5

              	
                Valuation
                  and Payment.
                  Payment of benefits under the Plan will be based on the valuation
                  of the
                  applicable Account Balance as of the Valuation Date specified by
                  the Plan
                  Administrator in its discretion.

              

      

      

      
        	 	
                Payment
                  is treated as made upon the payment commencement date under the
                  applicable
                  Payment Schedule if the payment is made on or after such date in
                  the same
                  calendar year or, if later, by the 15th day of the third calendar
                  month
                  following the date specified under the arrangement. If a calculation
                  of
                  the amount of the payment is not administratively practical due
                  to events
                  beyond the control of the Participant, the payment will be treated
                  as made
                  upon the date specified under the Payment Schedule if the payment
                  is made
                  during the first calendar year in which the payment becomes
                  administratively practicable.

              

      

      

      
        	
                8.6

              	
                Installments;
                  Declining Balance Calculation.
                  If a Payment Schedule specifies installment payments, annual payments
                  will
                  be made beginning as of the payment commencement date for such
                  installments and shall continue on each anniversary thereof until
                  the
                  number of installment payments specified in the Payment Schedule
                  has been
                  paid. The amount of each installment payment shall be determined
                  by
                  dividing (a) by (b):

              

      

      

      
        	 	
                (a)

              	
                equals
                  the Account Balance as of the Valuation Date
                  and

              

      

      

      
        	 	
                (b)

              	
                equals
                  the remaining number of installment
                  payments.

              

      

      

      
        	
                8.7

              	
                “De
                  Minimis Account” Balance.
                  Any provision in this Plan to the contrary notwithstanding, payment
                  to a
                  Participant or Beneficiary will be made in a single lump sum, provided
                  (i) the payment accompanies the entirety of the Participant’s
                  interest in the Plan and all similar arrangements that constitute
                  a
                  nonqualified deferred compensation arrangement under Prop. Treas.
                  Reg.
                  Section 1.409A-1(c); (ii) the payment is made on or before the
                  later of December 31 of the calendar year in which occurs the
                  Participant’s Separation from Service, or the 15th day of the third month
                  following the Participant’s Separation from Service; (iii) the
                  payment is not greater than $25,000. Any Payment Schedule contrary
                  to the
                  provisions of this Section 8.7 shall be null and
                  void.

              

      

      

      
        	
                8.8

              	
                Domestic
                  Relations Order.
                  Notwithstanding any benefit, Payment Schedule or other provision
                  of this
                  Plan regarding the time and form of payment, the Plan Administrator
                  may
                  pay all or a portion of a Participant’s Accounts to an “alternate payee”
                  as specified under the terms of a domestic relations order (defined
                  in
                  Code Section 414(p)(1)(B)). If a time or form of payment is not
                  specified in such order, payment will be made to such alternate
                  payee(s)
                  in a single lump sum as soon as is administratively practical following
                  

              

      

      
        
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                the
                  Plan Administrator’s determination that the order meets the requirements
                  of this Section 8.8.

              

      

      

      
        	
                8.9

              	
                Permissible
                  Payment Delays.
                  The Company may delay any payment to a Participant upon the Plan
                  Administrator’s reasonable anticipation of one or more of the
                  following:

              

      

      

      
        	 	
                (a)

              	
                The
                  Company’s income tax deduction with respect to such payment would be
                  limited or eliminated by application of Code Section 162(m);
                  or

              

      

      

      
        	 	
                (b)

              	
                Making
                  such payment would violate a term of a loan agreement to which
                  the Company
                  or an Affiliate is a party, or other similar contract to which
                  the
                  Company, or an Affiliate, is a party, and such violation would
                  cause
                  material harm to the Company or an Affiliate;
                  or

              

      

      

      
        	 	
                (c)

              	
                Making
                  such payment would violate federal securities laws or other applicable
                  law.

              

      

      

      

      Article IX

      Administration

      

      
        	
                9.1

              	
                Plan
                  Administration.
                  This Plan shall be administered by the Deferred Compensation Committee
                  of
                  the Company which shall act as the Plan Administrator. The Plan
                  Administrator shall have discretionary authority to make, amend,
                  interpret
                  and enforce all appropriate rules and regulations for the administration
                  of this Plan and to utilize its discretion to decide or resolve
                  any and
                  all questions, including but not limited to eligibility for benefits
                  and
                  interpretations of this Plan and its terms, as may arise in connection
                  with the Plan. Claims for benefits shall be filed with the Plan
                  Administrator and resolved in accordance with the claims procedures
                  in
                  Article XII. The Plan Administrator may exercise such additional
                  powers and authority as may be delegated to the Plan Administrator
                  by the
                  HR Committee of the Board of Directors and such powers as are conferred
                  under the terms of the Plan.

              

      

      

      
        	
                9.2

              	
                Administration
                  Upon Change in Control.
                  Upon a Change in Control the members of the HR Committee of the
                  Board of
                  Directors, as constituted immediately prior to such Change in Control,
                  shall act as the Plan
                  Administrator.

              

      

      

      
        	 	
                Upon
                  such Change in Control, the management of the successor to the
                  Company may
                  not act, directly or indirectly, remove the Plan Administrator,
                  unless
                  2/3rds of the members of the Board of Directors of the Company
                  and a
                  majority of Participants and Beneficiaries with Account Balances
                  consent
                  to the removal and replacement of the Plan Administrator. The individual
                  who was the Chief Executive Officer of the Company (or if such
                  person is
                  unable or unwilling to act, the next highest ranking officer) prior
                  to the
                  Change in Control shall have the authority (but shall not be obligated)
                  to
                  appoint an independent third party to act as the Plan Administrator
                  in
                  lieu of the members of the HR 

              

      

      
        
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                Committee
                  of the Board of Directors. Notwithstanding the foregoing, neither
                  the
                  members of the HR Committee of the Board of Directors nor the officer
                  described above shall have authority to direct investment of trust
                  assets
                  under any rabbi trust described in
                  Section 11.2.

              

      

      

      
        	 	
                The
                  members of the HR Committee of the Board of Directors, acting as
                  the Plan
                  Administrator, shall have the exclusive authority to interpret
                  the terms
                  of the Plan and resolve claims under the claims procedure (except
                  appeals
                  brought by a Participant or
                  Beneficiary).

              

      

      

      
        	 	
                The
                  successor organization to the Company shall, with respect to the
                  individuals acting as the Plan Administrator identified under this
                  Section, (i) pay all reasonable expenses and fees of the Plan
                  Administrator, (ii) indemnify the Plan Administrator (including
                  individual members of the HR Committee of the Board of Directors)
                  against
                  any costs, expenses and liabilities including, without limitation,
                  attorneys’ fees and expenses arising in connection with the performance of
                  the Plan Administrator here under, except with respect to matters
                  resulting from the Plan Administrator’s gross negligence or willful
                  misconduct and (iii) supply full and timely information to the Plan
                  Administrator on all matters related to the Plan, any rabbi trust,
                  Participants, Beneficiary(ies) and Accounts as the Plan Administrator
                  may
                  reasonably require.

              

      

      

      
        	
                9.3

              	
                Withholding.
                  The Company shall have the right to withhold from any payment due
                  under
                  the Plan (or any amount deferred into the Plan) any taxes required
                  by law
                  to be withheld in respect of such payment (or
                  Deferral).

              

      

      

      
        	
                9.4

              	
                Indemnification.
                  The Company shall indemnify and hold harmless each employee, officer,
                  Director, agent or organization, to whom or to which it delegated
                  duties,
                  responsibilities, and authority under the Plan or otherwise with
                  respect
                  to administration of the Plan, including, without limitation, the
                  Plan
                  Administrator, the HR Committee of the Board of Directors and their
                  agents, against all claims, liabilities, fines and penalties, and
                  all
                  expenses reasonably incurred by or imposed upon him or it (including
                  but
                  not limited to reasonable attorney fees) which arise as a result
                  of his or
                  its actions or failure to act in connection with the operation
                  and
                  administration of the Plan to the extent lawfully allowable and
                  to the
                  extent that such claim, liability, fine, penalty, or expense is
                  not paid
                  for by liability insurance purchased or paid for by the Company.
                  Notwithstanding the foregoing, the Company shall not indemnify
                  any person
                  or organization if his or its actions or failure to act are due
                  to gross
                  negligence or willful misconduct or for any such amount incurred
                  through
                  any settlement or compromise of any action unless the Company consents
                  in
                  writing to such settlement or
                  compromise.

              

      

      

      
        	
                9.5

              	
                Expenses.
                  The direct out of pocket expenses of administering the Plan shall
                  be paid
                  by the Company.

              

      

      

      
        	
                9.6

              	
                Delegation
                  of Authority.
                  In the administration of this Plan, the Plan Administrator may,
                  from time
                  to time, employ agents and delegate to them such administrative
                  duties as
                  it 

              

      

      
        
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                sees
                  fit, and may from time to time consult with legal counsel who shall
                  be
                  legal counsel to the Company.

              

      

      

      
        	
                9.7

              	
                Binding
                  Decisions or Actions.
                  The decision or action of the Plan Administrator in respect of
                  any
                  question arising out of or in connection with the administration,
                  interpretation and application of the Plan and the rules and regulations
                  thereunder shall be final and conclusive and binding upon all persons
                  having any interest in the Plan.

              

      

      

      

      Article X

      Amendment
        and Termination

      

      
        	
                10.1

              	
                Amendment
                  and Termination.
                  The Plan is intended to be permanent, but the HR Committee of the
                  Board of
                  Directors of the Company may at any time and from time to time
                  amend the
                  Plan or may terminate the Plan as provided in this
                  Section 10.1

              

      

      

      
        	 	
                (a)

              	
                Amendments.
                  The Company, by action taken by the HR Committee of the Board of
                  Directors, may amend the Plan at any time, provided that any such
                  amendment shall not reduce the vested Account Balances of any Participant
                  accrued as of the date of any such amendment or restatement (as
                  if the
                  Participant had incurred a voluntary Separation from Service on
                  such date)
                  or reduce any rights of a Participant under the Plan or other Plan
                  features with respect to vested Deferrals made prior to the date
                  of any
                  such amendment or restatement without the consent of the Participant.
                  The
                  HR Committee of the Board of Directors of the Company may delegate
                  to the
                  Plan Administrator the authority to amend the Plan without the
                  consent of
                  the Board of Directors of the Company for the purpose of
                  (i) conforming the Plan to the requirements of law, (ii) to
                  facilitate administration, (iii) to clarify provisions based on the
                  Plan Administrator’s interpretation of the document and (iv) to make
                  such other amendments as the Board may
                  authorize.

              

      

      

      
        	 	
                (b)

              	
                Termination.
                  The Company, by action taken by the HR Committee of the Board of
                  Directors, may terminate the Plan and pay Participants and Beneficiaries
                  their Account Balances in a single lump sum under the following
                  conditions:

              

      

      

      
        	 	
                (1)

              	
                Company’s
                  Discretion.
                  The Company may terminate the Plan in its discretion, provided
                  that
                  (i) all arrangements sponsored by the Company that would be
                  aggregated with any terminated arrangement under Prop. Treas. Reg.
                  Section 1.409A-1(c) if the same Participant participated in all of
                  the arrangements, are terminated; (ii) no payments other than
                  payments that would be payable under the terms of the arrangements
                  if the
                  termination had not occurred are made within twelve (12) months
                  of the
                  termination of the arrangements; (iii) all payments are made within
                  twenty-four (24) months of the termination of the arrangements;
                  and
                  (iv) the Company or its Affiliates do not adopt a new arrangement
                  that would be aggregated with any terminated arrangement under
                  Prop.
                  Treas. 

              

      

      
        
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                Reg.
                  Section 1.409A-1(c) if the same Participant participated in both
                  arrangements, at any time within five years following the date
                  of
                  termination of the arrangement.

              

      

      

      
        	 	
                (2)

              	
                Change
                  in Control.
                  The Company may terminate the Plan within the thirty (30) days
                  preceding
                  or the twelve (12) months following a Change in Control (as defined
                  in
                  Prop. Treas. Reg. Section 1.409A-2(g)(4)(i)). For purposes of this
                  paragraph, a Change in Control shall be defined as provided in
                  Prop.
                  Treas. Reg. Section 1.409A-2(g)(4)(i). The Plan is considered
                  terminated under this paragraph only if all substantially similar
                  arrangements are terminated, and all participants under such arrangements
                  are required to receive all amounts of compensation deferred under
                  the
                  terminated arrangements within twelve (12) months of the termination
                  of
                  such arrangements.

              

      

      

      
        	 	
                (3)

              	
                Dissolution;
                  Bankruptcy Court Order.
                  The Company may terminate the Plan within twelve (12) months of
                  a
                  corporate dissolution taxed under Code Section 331, or with the
                  approval of a bankruptcy court pursuant to 11 U.S.C.
                  Section 403(b)(1)(A), provided that the vested Account Balances are
                  included in Participants’ gross incomes in the latest of (i) the
                  calendar year in which the Plan terminates; (ii) the calendar year in
                  which the amount is no longer subject to a substantial risk of
                  forfeiture;
                  or (iii) the first calendar year in which the payment is
                  administratively practicable.

              

      

      

      
        	
                10.2

              	
                Accounts
                  Taxable Under Code Section 409A.
                  The Plan is intended to constitute a plan of deferred compensation
                  that
                  meets the requirements for deferral of income taxation under Code
                  Section 409A. The Plan Administrator, pursuant to its authority to
                  interpret the Plan, may sever from the Plan or any Deferral Election
                  any
                  provision or exercise of a right that otherwise would result in
                  a
                  violation of Code Section 409A. If, after application of the
                  preceding sentence, the Plan Administrator determines that a Participant’s
                  Accounts are taxable or if such Participant receives a notice of
                  deficiency from the Internal Revenue Service due to a violation
                  of Code
                  Section 409A, such Participant will receive payment from his or her
                  Accounts in a single lump sum. The amount of the payment shall
                  not exceed
                  the lesser of (i) the Participant’s Account Balance or (ii) an
                  amount equal to the amount of income included in taxable income
                  as a
                  result of such violation, plus an additional amount, to the extent
                  permissible under Treasury Department regulations, for penalties
                  under
                  Code Section 409A, other taxes and interest or other costs. Payment
                  under this Section 10.2, including the amount of any taxes,
                  penalties, interest or other costs, shall be applied against the
                  Participant’s Accounts and shall constitute fulfillment of the Company’s
                  payment obligation to such Participant under the Plan to the extent
                  of any
                  such payments.

              

      

      

      

      
        
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      Article XI

      Informal
        Funding

      

      
        	
                11.1

              	
                General
                  Assets.
                  Obligations established under the terms of the Plan may be satisfied
                  from
                  the general funds of the Company, an Affiliate, or a trust described
                  in
                  Section 11.2. No Participant, spouse or Beneficiary shall have any
                  right, title or interest whatever in assets of the Company or an
                  Affiliate. Nothing contained in this Plan, and no action taken
                  pursuant to
                  its provisions, shall create or be construed to create a trust
                  of any
                  kind, or a fiduciary relationship, between the Company or its Affiliates
                  and any Employee, Director, spouse, or Beneficiary. To the extent
                  that any
                  person acquires a right to receive payments from the Company hereunder,
                  such rights are no greater than the right of an unsecured general
                  creditor
                  of the Company.

              

      

      

      
        	
                11.2

              	
                Rabbi
                  Trust.
                  The Company or an Affiliate may, at its sole discretion, establish
                  a
                  grantor trust, commonly known as a rabbi trust, as a vehicle for
                  accumulating assets to pay benefits under the Plan. Payments under
                  the
                  Plan may be paid from the general assets of the Company or from
                  the assets
                  of any such rabbi trust. Payment from any such source shall reduce
                  the
                  Company’s obligation to the Participant or Beneficiary under the
                  Plan.

              

      

      

      

      Article XII

      Claims

      

      
        	
                12.1

              	
                Filing
                  a Claim.
                  Any controversy or claim arising out of or relating to the Plan
                  shall be
                  filed in writing with the Plan Administrator which shall make all
                  determinations concerning such claim. Any claim filed with the
                  Plan
                  Administrator and any decision by the Plan Administrator denying
                  such
                  claim shall be in writing and shall be delivered to the Participant
                  or
                  Beneficiary filing the claim
                  (Claimant).

              

      

      

      
        	
                12.2

              	
                In
                  General.
                  Notice of a denial of benefits will be provided within ninety (90)
                  days of
                  the Plan Administrator’s receipt of the Claimant’s claim for benefits. If
                  the Plan Administrator determines that it needs additional time
                  to review
                  the claim, the Plan Administrator will provide the Claimant with
                  a notice
                  of the extension before the end of the initial ninety (90)-day
                  period. The
                  extension will not be more than ninety (90) days from the end of
                  the
                  initial ninety (90)-day period and the notice of extension will
                  explain
                  the special circumstances that require the extension and the date
                  by which
                  the Plan Administrator expects to make a
                  decision.

              

      

      

      
        	
                12.3

              	
                Contents
                  of Notice.
                  If a claim for benefits is completely or partially denied, notice
                  of such
                  denial shall be in writing and shall set forth the reasons for
                  denial in
                  plain language. The notice shall (i) cite the pertinent provisions of
                  the Plan document and (ii) explain, where appropriate, how the
                  Claimant can perfect the claim, including a description of any
                  additional
                  material or information necessary to complete the claim and why
                  such
                  material or information is necessary. The claim denial also shall
                  include
                  an explanation of the claims review procedures and the time limits
                  applicable to such procedures, including a

              

      

      
        
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                statement
                  of the Claimant’s right to bring a civil action under Section 502(a)
                  of ERISA following an adverse decision on
                  review.

              

      

      

      
        	
                12.4

              	
                Appeal
                  of Denied Claims.
                  A
                  Claimant whose claim has been completely or partially denied shall
                  be
                  entitled to appeal the claim denial by filing a written appeal
                  with the
                  Plan Administrator. A Claimant who timely requests a review of
                  the denied
                  claim (or his or her authorized representative) may review, upon
                  request
                  and free of charge, copies of all documents, records and other
                  information
                  relevant to the denial and may submit written comments, documents,
                  records
                  and other information relevant to the claim to the Plan Administrator.
                  All
                  written comments, documents, records, and other information shall
                  be
                  considered “relevant” if the information (i) was relied upon in
                  making a benefits determination, (ii) was submitted, considered or
                  generated in the course of making a benefits decision regardless
                  of
                  whether it was relied upon to make the decision, or
                  (iii) demonstrates compliance with administrative processes and
                  safeguards established for making benefit decisions. The Plan
                  Administrator may, in its sole discretion and if it deems appropriate
                  or
                  necessary, decide to hold a hearing with respect to the claim
                  appeal.

              

      

      

      
        	 	
                (a)

              	
                In
                  General.
                  Appeal of a denied benefits claim must be filed in writing with
                  the Plan
                  Administrator no later than sixty (60) days after receipt of the
                  written
                  notification of such claim denial. The Plan Administrator shall
                  make its
                  decision regarding the merits of the denied claim within sixty
                  (60) days
                  following receipt of the appeal (or within one hundred and twenty
                  (120)
                  days after such receipt, in a case where there are special circumstances
                  requiring extension of time for reviewing the appealed claim).
                  If an
                  extension of time for reviewing the appeal is required because
                  of special
                  circumstances, written notice of the extension shall be furnished
                  to the
                  Claimant prior to the commencement of the extension. The notice
                  will
                  indicate the special circumstances requiring the extension of time
                  and the
                  date by which the Plan Administrator expects to render the determination
                  on review. The review will take into account comments, documents,
                  records
                  and other information submitted by the Claimant relating to the
                  claim
                  without regard to whether such information was submitted or considered
                  in
                  the initial benefit determination.

              

      

      

      
        	 	
                (b)

              	
                Contents
                  of Notice.
                  If
                  a benefits claim is completely or partially denied on review, notice
                  of
                  such denial shall be in writing and shall set forth the reasons
                  for denial
                  in plain language. The decision on review shall set forth (i) the
                  specific reason or reasons for the denial, (ii) specific references
                  to the pertinent Plan provisions on which the denial is based,
                  (iii) a statement that the Claimant is entitled to receive, upon
                  request and free of charge, reasonable access to and copies of
                  all
                  documents, records, or other information relevant (as defined above)
                  to
                  the Claimant’s claim, and (iv) a statement describing any voluntary
                  appeal procedures offered by the plan and a statement of the Claimant’s
                  right to bring an action under Section 502(a) of
                  ERISA.

              

      

      

      
        
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                (c)

              	
                Claims
                  Appeals Upon Change in Control.
                  Upon a Change in Control, the members of the Deferred Compensation
                  Committee, as constituted immediately prior to such Change in Control,
                  shall continue to act as the Plan
                  Administrator.

              

      

      

      
        	 	 	
                Upon
                  such Change in Control, the Company may not remove any member of
                  the
                  Deferred Compensation Committee, but may replace resigning members
                  if
                  2/3rds of the members of the Board of Directors of the Company
                  and a
                  majority of Participants and Beneficiaries with Account Balances
                  consent
                  to the replacement.

              

      

      

      
        	 	 	
                The
                  Plan Administrator shall have the exclusive authority at the appeals
                  stage
                  to interpret the terms of the Plan and resolve appeals under the
                  Claims
                  Procedure.

              

      

      

      
        	 	 	
                The
                  Company shall, with respect to the Plan Administrator identified
                  under
                  this Section, (i) pay all reasonable expenses and fees of the Plan
                  Administrator, (ii) indemnify the Plan Administrator (including
                  individual committee members) against any costs, expenses and liabilities
                  including, without limitation, attorneys’ fees and expenses arising in
                  connection with the performance of the Plan Administrator hereunder,
                  except with respect to matters resulting from the Plan Administrator’s
                  gross negligence or willful misconduct, and (iii) supply full and
                  timely information to the Plan Administrator on all matters related
                  to the
                  Plan, any rabbi trust, Participants, Beneficiaries and Accounts
                  as the
                  Plan Administrator may reasonably
                  require.

              

      

      

      
        	
                12.5

              	
                Legal
                  Action.
                  A
                  Claimant may not bring any legal action, including commencement
                  of any
                  arbitration, relating to a claim for benefits under the Plan unless
                  and
                  until the Claimant has followed the claims procedures under the
                  Plan and
                  exhausted his or her administrative remedies under such claims
                  procedures.

              

      

      

      
        	 	
                If
                  a Participant or Beneficiary prevails in a legal proceeding brought
                  under
                  the Plan to enforce the rights of such Participant or any other
                  similarly
                  situated Participant or Beneficiary, in whole or in part, the Company
                  shall reimburse such Participant or Beneficiary for all legal costs,
                  expenses, attorneys’ fees and such other liabilities incurred as a result
                  of such proceedings. If the legal proceeding is brought in connection
                  with
                  a Change in Control, or a “change in control” as defined in a rabbi trust
                  described in Section 11.2, the Participant or Beneficiary may file a
                  claim directly with the trustees for reimbursement of such costs,
                  expenses
                  and fees. For purposes of the preceding sentence, the amount of
                  the claim
                  shall be treated as if it were an addition to the Participant’s or
                  Beneficiary’s Account Balance and will be in included in determining the
                  Company’s trust funding obligation under
                  Section 11.2.

              

      

      

      
        	
                12.6

              	
                Discretion
                  of Plan Administrator.
                  All interpretations, determinations and decisions of the Plan
                  Administrator with respect to any claim shall be made in its sole
                  discretion, and shall be final and
                  conclusive.

              

      

      

      

      
        
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      Article XIII

      General
        Conditions

      

      
        	
                13.1

              	
                Anti-Assignment
                  Rule.
                  No interest of any Participant, spouse or Beneficiary under this
                  Plan and
                  no benefit payable hereunder shall be assigned as security for
                  a loan, and
                  any such purported assignment shall be null, void and of no effect,
                  nor
                  shall any such interest or any such benefit be subject in any manner,
                  either voluntarily or involuntarily, to anticipation, sale, transfer,
                  assignment or encumbrance by or through any Participant, spouse
                  or
                  Beneficiary.

              

      

      

      
        	
                13.2

              	
                No
                  Legal or Equitable Rights or Interest.
                  No Participant or other person shall have any legal or equitable
                  rights or
                  interest in this Plan that are not expressly granted in this Plan.
                  Participation in this Plan does not give any person any right to
                  be
                  retained in the service of the Company or any of its subsidiaries
                  or
                  affiliated companies. The right and power of the Company to dismiss
                  or
                  discharge a Director is expressly reserved. Notwithstanding the
                  provisions
                  of Section 10.2, the Company makes no representations or warranties
                  as to the tax consequences to a Participant or a Participant’s
                  beneficiary(ies) resulting from a deferral of income pursuant to
                  the
                  Plan.

              

      

      

      
        	
                13.3

              	
                No
                  Employment Contract.
                  Nothing contained herein shall be construed to constitute a contract
                  of
                  employment between a Director and the Company or any of its subsidiaries
                  or affiliated companies.

              

      

      

      
        	
                13.4

              	
                Notice.
                  Any notice or filing required or permitted to be delivered to the
                  Plan
                  Administrator under this Plan shall be delivered in writing, in
                  person, or
                  through such electronic means as is established by the Plan Administrator.
                  Notice shall be deemed given as of the date of delivery or, if
                  delivery is
                  made by mail, as of the date shown on the postmark on the receipt
                  for
                  registration or certification. Written transmission shall be sent
                  by
                  certified mail to:

              

      

      

      Ball
        Corporation

      10
        Longs Peak Drive

      Broomfield,
        CO 80021

      Attn:
        Deferred Compensation Plan Administrator

      

      
        	 	
                Any
                  notice or filing required or permitted to be given to a Participant
                  under
                  this Plan shall be sufficient if in writing or hand-delivered,
                  or sent by
                  mail to the last known address of the
                  Participant.

              

      

      

      
        	
                13.5

              	
                Headings.
                  The headings of Sections are included solely for convenience of
                  reference,
                  and if there is any conflict between such headings and the text
                  of this
                  Plan, the text shall control.

              

      

      

      
        	
                13.6

              	
                Invalid
                  or Unenforceable Provisions.
                  If any provision of this Plan shall be held invalid or unenforceable,
                  such
                  invalidity or unenforceability shall not affect any other provisions
                  

              

      

      
        
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                hereof
                  and the Plan Administrator may elect in its sole discretion to
                  construe
                  such invalid or unenforceable provisions in a manner that conforms
                  to
                  applicable law or as if such provisions, to the extent invalid
                  or
                  unenforceable, had not been
                  included.

              

      

      

      
        	
                13.7

              	
                Governing
                  Law.
                  To the extent not preempted by ERISA, the laws of the State of
                  Indiana
                  shall govern the construction and administration of the
                  Plan.

              

      

      

      

      
        IN
          WITNESS WHEREOF,
          the undersigned executed this Plan as of the 26th day of April, 2006 to
          be
          effective as of the Effective Date.

        

        

        Ball
          Corporation

        

        By: David
          A. Westerlund (Print Name)

        

        Its:
          Executive Vice President, Administration, and Corporate
          Secretary (Title)

        

        

         /s/
          David A. Westerlund (Signature)

 

       

       

      
        
          
            Page
              24 of
              24SF 750-1 Page 3 of 3                        [OBJECT OMITTED]
                                                ENHANCED DEATH BENEFIT RIDER

This rider is part of Your contract. All definitions, provisions, and exceptions
of the contract apply to this rider unless specifically changed by this rider.
The rider effective date is shown on the Data Page. In the case of a conflict
with any provision in the contract, the provisions of this rider will control.
The charge for this rider is shown on the Data Page.

RIDER BENEFIT

This rider provides you with the greater of the enhanced death benefit amount or
the death benefit described in the contract.

DEFINITION

LOCK-IN DATE is the Contract Anniversary following the oldest Owner's 75th
birthday or five years after this rider's effective date, whichever is later.

ENHANCED DEATH BENEFIT

Prior to the  Annuitization  Date, this rider provides an enhanced death benefit
equal to the greater of a. or b.  where:  a. is: 1. the total  premium  payments
made since the rider effective date increased at a 5% effective  annual interest
rate;  minus  2.  an  adjustment  for  each  partial  surrender  and/or  partial
annuitization  made since the rider  effective  date increased at a 5% effective
annual  interest  rate;  and b. is:  1.  the  highest  accumulated  value on any
Contract  Anniversary  since the rider effective date; plus 2. premium  payments
received  since  that  Contract  Anniversary;  minus 3. an  adjustment  for each
partial  surrender  and/or  partial   annuitization  made  since  that  Contract
Anniversary.

On and after the Lock-In Date, the amounts determined in a. and b. above will
only be increased by any premium payments made since the Lock-In Date, and
decreased by an adjustment for each partial surrender and/or partial
annuitization made since the Lock-In Date.

The lock-in does not prevent the death benefit from increasing in accordance
with the Death Benefit provision of the contract.

ADJUSTMENT FOR PARTIAL SURRENDERS AND/OR PARTIAL ANNUITIZATIONS

The adjustment for partial surrenders and/or partial annuitizations as described
in a. and b. above will reduce the death  benefit.  The  adjustment  for partial
surrenders and/or partial  annuitizations is computed as follows:  1. the amount
of the partial  surrender plus any  applicable  charges and/or the amount of the
partial annuitization;  divided by 2. the accumulated value immediately prior to
the partial surrender and/or partial annuitization; multiplied by 3. the amounts
determined in a. or b. above  immediately  prior to the partial surrender and/or
partial annuitization.

The charge for this rider is shown on the Data Page. The charge is a percent of
the average quarterly accumulated value and is deducted from the accumulated
value at the end of each calendar quarter. If this rider is purchased after the
beginning of a quarter, then the charge is pro-rated according to the number of
days it is in effect during the quarter.

If the rider is terminated, a pro-rated rider charge is deducted for the period
of time the rider was in effect until the date the rider terminates.

<PAGE>

TERMINATION

This rider terminates on the earliest of the following:
1.       the date the contract Owner is changed; or
2.       the death of the Owner; or
3.       the date the contract terminates; or
4.   after the Lock-In Date, the date the death benefit described in the
     contract equals the enhanced death benefit under this rider; or
5.   the date We receive your request to cancel it in Our office.

REINSTATEMENT

If this rider terminates, it may not be reinstated.

[OBJECT OMITTED]

Principal Life Insurance Company
Des Moines, Iowa  50392-0001

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]