Document:

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                                                                    Exhibit 10.1

                               CB BANCSHARES, INC.
                    EXECUTIVE DEFERRED COMPENSATION AGREEMENT
                              FOR RONALD K. MIGITA

                         (EFFECTIVE AS OF JUNE 1, 2002)

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                               CB BANCSHARES, INC.
                    EXECUTIVE DEFERRED COMPENSATION AGREEMENT
                              FOR RONALD K. MIGITA

               THIS AGREEMENT is adopted this 1st day of June 2002, by and
between CB Bancshares, Inc., a Hawaii corporation (the "Company"), and Ronald K.
Migita, President and Chief Executive Officer of CB Bancshares, Inc. (the
"Executive").

                                    RECITALS

               The Executive is a member of a select group of management or
highly compensated employees who contribute materially to the continued growth,
development, and future business success of the Company. In order to promote the
loyalty, diligence, and performance of the Executive and to support the economic
security of the Executive during retirement, the Company desires to provide to
the Executive a nonelective deferred compensation benefit.

               This Agreement is intended to be an unfunded nonqualified
deferred compensation arrangement for purposes of the Internal Revenue Code of
1986, as amended (the "Code"), and the Employee Retirement Income Security Act
of 1974, as amended ("ERISA"). This Agreement is intended to constitute a "top
hat" arrangement described in ERISA Section 201(2) and, therefore, exempt from
the coverage, funding, and fiduciary requirements of ERISA. All benefits payable
under this Agreement shall be paid out of the general assets of the Company.

                                    AGREEMENT

               That in consideration of the following agreements hereinafter
contained the Company and the Executive agree as follows:

                                    ARTICLE 1

                                   DEFINITIONS

               Whenever used in this Agreement, the following words and phrases
shall have the meanings specified:

        1.1 "Account" means the account described in Article 2.

        1.2 "Actuarial Equivalent" means a form of benefit different in time,
period, or manner of payment from a given form of benefit, but having the same
value as of a given date of determination based on a 7% interest assumption and
the IAM 1983 Mortality Table.

        1.3 "Beneficiary" means such term as described in Article 5.

        1.4 "Change of Control" shall mean any of the following: (a) any person
(as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as
amended from time to time ("Exchange Act") and as used in Sections 13(d) and
14(d) thereof), excluding the Company, any majority owned subsidiary of the
Company (a "Subsidiary"), and any employee benefit plan sponsored or maintained
by the Company or any Subsidiary (including any trustee of such plan acting as
trustee), but including a "group" as defined in

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Section 13(d)(3) of the Exchange Act (a "Person"), becomes the beneficial owner
of shares of the Company having at least 20% of the total number of votes that
may be cast for the election of directors of the Company (the "Voting Shares");
(b) the shareholders of the Company shall approve any merger, consolidation or
other business combination of the Company, sale of the Company's assets or
combination of the foregoing transactions (a "Transaction") other than a
Transaction involving only the Company and one or more of its Subsidiaries, or a
Transaction immediately following which the shareholders of the Company
immediately prior to the Transaction continue to have a majority of the voting
power in the resulting entity excluding for this purpose any shareholder owning
directly or indirectly more than 10% of the shares of the other company involved
in the merger; or (c) within any 24 month period beginning or after December,
1995, the persons who were directors of the Company immediately before the
beginning of such period (the "Incumbent Directors") shall cease (for any reason
other than death) to constitute at least a majority of the Board of Directors of
the Company or the board of directors of any successor to the Company, provided
that any director who was not a director as of December, 1995, shall be deemed
to be an Incumbent Director if such director was elected to the Board of
Directors by, or on the recommendation of or with the approval of, at least
two-thirds of the directors who then qualified as Incumbent Directors either
actually or by prior operation of this Section 1.4. Notwithstanding the
foregoing, no Change of Control shall be deemed to have occurred for the
purposes of this Agreement by reason of any actions or events in which the
Executive participates in a capacity other than in the capacity as Executive (or
as a director of the Company or a Subsidiary, where applicable.)

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

        1.6 "Disability" means the Executive's suffering a sickness, accident or
injury which has been determined by the carrier of any individual or group
disability insurance policy covering the Executive, or by the Social Security
Administration, to be a disability rendering the Executive totally and
permanently disabled. The Executive must submit proof to the Company of the
carrier's or Social Security Administration's determination upon the request of
the Company.

        1.7 "Early Termination Date" means the date on which the Executive
incurs a Termination of Employment which is prior to the Executive's Normal
Retirement Date and which is for reasons other than death, Disability,
Termination for Cause, or Termination for Good Reason following a Change of
Control.

        1.8 "Effective Date" means June 1, 2002.

        1.9 "Involuntary Termination" means that the Executive ceases to be
employed by the Company at the direction of the Company and without the written
consent of the Executive.

        1.10 "Normal Retirement Date" means the Executive's 65th birthday.

        1.11 "Plan Year" shall mean the Plan Year commencing June 1, 2002, and
ending May 31, 2003, and each 12-month period ending on May 31 thereafter.

        1.12 "Termination for Cause" means such term as described in Article 5.

        1.13 "Termination for Good Reason" means the Executive ceases to be
employed by the Company due to the occurrence of any of the following events
without the Executive's express written consent following a Change of Control:
(a) without the Executive's express written consent, the assignment to the
Executive of any duties inconsistent with his positions, duties,
responsibilities and status with the Company, or a change in the Executive's
reporting responsibilities, titles or offices, or any removal of the Executive
from or any failure to re-elect the Executive to any of such positions, except
in connection with the Executive's Termination for Cause, Disability, retirement
on or after his Normal Retirement Date, or as a result of his death; (b) a
reduction by the Company in the Executive's base

                                       2.

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salary as in effect on the date hereof or as the same may be increased from time
to time; (c) without the Executive's express written consent the failure by the
Company to continue any action which would adversely affect the Executive's
participation in or materially reduce the Executive's benefits under any of such
plans, or the failure by the Company to provide the Executive with the number of
paid vacation days to which the Executive is then entitled on the basis of years
of service with the Company in accordance with the Company's normal vacation
policy in effect on the date hereof; (d) the Company requiring the Executive to
be based anywhere other than in the community where the Executive is currently
based at the time of a Change of Control, except for required travel on Company
business to an extent substantially consistent with the Executive's present
business travel obligations, or in the event the Executive consents to a
proposed relocation, the failure by the Company to pay (or reimburse the
Executive) for all reasonable moving expenses incurred by the Executive relating
to a change of his or her principal residence in connection with such relocation
and to indemnify the Executive against any loss of the fair market value of such
residence as determined by a real estate appraiser designated by the Executive
and reasonably satisfactory to the Company realized on the sale of the
Executive's principal residence in connection with any such change of residence.

        1.14 "Termination of Employment" means that the Executive ceases to be
employed by the Company for any reason, voluntary or involuntary, other than by
reason of a leave of absence approved by the Company and the Executive.

                                    ARTICLE 2
                          DEFERRED COMPENSATION ACCOUNT

               A separate account on the books of the Company shall be
established and maintained on behalf of the Executive (the "Account"), which
shall reflect the balance of the principal amount credited to the Executive's
Account (the "Contribution Amount") plus interest as provided hereunder. For
each Plan Year, the amount equal to $130,000 shall be credited to the
Executive's Account ratably as of the last day of each month during the Plan
Year. In the event of the Executive's voluntary Termination of Employment on an
Early Termination Date prior to the last day of a Plan Year, the monthly
prorated portion of the $130,000 annual amount for the month in which the
Executive terminates employment shall be credited to the Executive's Account as
of the date of Termination of Employment, and the Executive shall not be
entitled to any monthly allocation thereafter for the remaining portion of the
Plan Year. In the event of the Executive's Termination of Employment prior to
the last day of a Plan Year for any other reason, the Contribution Amount for
the remaining portion of the Plan Year shall be credited to the Executive's
Account as of the date of Termination of Employment. Further, for purposes of
determining the value of the balance of the Account as of any date of
determination, the Account shall be credited with interest at an annual rate
equal to 7% compounded monthly through such date of determination. In the event
of the commencement of distribution of the Executive's Account, the Account
shall continue to be credited with the interest hereunder until the date as of
which the distribution commences. On or after the date as of which the
distribution commences, interest shall not be separately credited to the
Account, inasmuch as such interest is considered in determining the Actuarial
Equivalent form of any distribution option. The Company shall provide to the
Executive, within 60 days after the end of each Plan Year, a statement setting
forth the value of the Account as of the end of the Plan Year.

                                       3.

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                                    ARTICLE 3
                                LIFETIME BENEFITS

        3.1 Normal Retirement Benefit. Upon the Executive's Termination of
Employment on or after his Normal Retirement Date for reasons other than death,
the Company shall pay to the Executive the "Normal Retirement Benefit" described
in this Section 3.1 in lieu of any other benefit under this Agreement.

               3.1.1 Amount of Benefit. The Normal Retirement Benefit under this
        Section 3.1 is the balance of the Executive's Account as of the date of
        his Termination of Employment.

               3.1.2 Payment of Benefit. The Company shall pay the Normal
        Retirement Benefit to the Executive in the specified form of the
        distribution option elected by the Executive as of the date of this
        Agreement in accordance with the attached Exhibit 1. As reflected in
        Exhibit 1, prior to the commencement of any payment, the Executive may
        be allowed to elect an additional form of distribution option or modify
        a previously elected form of distribution option, but such election
        shall be allowed, if at all, only at the time and in the manner
        specifically approved by the Board of Directors at its complete
        discretion.

        3.2 Early Termination Benefit. Upon the Executive's Termination of
Employment on an Early Termination Date, the Company shall pay to the Executive
the "Early Termination Benefit" described in this Section 3.2 in lieu of any
other benefit under this Agreement.

               3.2.1 Amount of Benefit. The Early Termination Benefit under this
        Section 3.2 shall be equal to the balance of the Executive's Account.

               3.2.2 Payment of Benefit. The Company shall pay the Early
        Retirement Benefit to the Executive in the Actuarial Equivalent form of
        equal monthly installments over a 216-month term commencing as of the
        first day of the month following the Executive's Normal Retirement Date.

        3.3 Disability Benefit. Upon the Executive's Termination of Employment
due to Disability prior to his Normal Retirement Date, the Company shall pay to
the Executive the "Disability Benefit" described in this Section 3.3 in lieu of
any other benefit under this Agreement.

               3.3.1 Amount of Benefit. The Disability Benefit under this
        Section 3.3 shall be equal to the balance of the Executive's Account.

               3.3.2 Payment of Benefit. The Company shall pay the Disability
        Benefit to the Executive in the Actuarial Equivalent form of equal
        monthly installments over a 216-month term commencing as of the first
        day of the month following the Executive's Normal Retirement Date.

        3.4 Change of Control Benefit. Upon the Executive's Involuntary
Termination of Employment or Termination for Good Reason prior to his Normal
Retirement Date and within 36 months following the occurrence of a Change of
Control, the Company shall pay to the Executive the "Change of Control Benefit"
described in this Section 3.4 in lieu of any other benefit under this Agreement.

               3.4.1 Amount of Benefit. The Change of Control Benefit under this
        Section 3.4 shall be equal to the Executive's "Projected Account
        Balance". For purposes of this Section 3.4.1, the term "Projected
        Account Balance" shall mean the balance that would accumulate under the
        Executive's Account as of his Normal Retirement Date if it is assumed
        that the Executive's Account continued to be credited with the
        Contribution Amount plus applicable interest through the Normal
        Retirement Date and, for this purpose, calculated as if the Executive
        has incurred a Termination of

                                       4.

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        Employment at his Normal Retirement Date. As such, the Change of Control
        Benefit shall be determined as the face amount of the Projected Account
        Balance, but commencing at the time described below in Section 3.4.2
        (i.e., commencing as of the first day of the month following Termination
        of Employment) without downward adjustment for the time value of money.
        Further, as of the date of the Executive's Termination of Employment,
        the Projected Account Balance shall be actually credited to and comprise
        the balance of the Executive's Account.

               3.4.2 Payment of Benefit. The Company shall pay the Normal
        Retirement Benefit to the Executive in the specified form of the
        distribution option elected by the Executive as of the date of this
        Agreement in accordance with the attached Exhibit 1. As reflected in
        Exhibit 1, prior to the commencement of any payment, the Executive may
        be allowed to elect an additional form of distribution option or modify
        a previously elected form of distribution option, but such election
        shall be allowed, if at all, only at the time and in the manner
        specifically approved by the Board of Directors at its complete
        discretion.

               3.4.3 Excess Parachute Payment. If any benefit payable under this
        Agreement would create an excise tax under the excess parachute rules of
        Code Sections 280G and 4999, the Company shall pay to the Executive an
        additional amount (the "Gross-up") equal to the excise penalty tax
        amount divided by the sum of one minus the sum of the penalty tax rate
        plus the executive's marginal income tax rate. The Gross-up shall be
        paid in a lump sum within 60 days of Termination of Employment following
        Change of Control.

                       In the event the Internal Revenue Service adjusts the
        excise tax computation of the Company, as provided in this Section 3.4.3
        herein, such that the Executive is liable for the payment of a greater
        excise tax under Code Sections 280G and 4999, or such that the Executive
        does not receive the full benefit that he would have received, the
        Company shall reimburse the Executive for the full amount necessary to
        make the Executive whole, including the value of the excise tax and all
        corresponding interest and penalties due to the Internal Revenue
        Service.

                                    ARTICLE 4
                                 DEATH BENEFITS

        4.1 Death During Active Service. If the Executive dies while in the
active service of the Company, the Company shall pay to the Executive's
Beneficiary the "Preretirement Death Benefit" described in this Section 4.1 in
lieu of any other benefit under this Agreement. The Company shall not pay any
Preretirement Death Benefit under this Section 4.1 if the Executive has received
any lifetime benefit payment provided under Article 3.

                                       5.

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               4.1.1 Amount of Benefit. The Preretirement Death Benefit under
        this Section 4.1 shall be equal to the Executive's "Projected Account
        Balance". For purposes of this Section 4.1.1, the term Projected Account
        Balance shall mean the balance that would accumulate under the
        Executive's Account as of his Normal Retirement Date if it is assumed
        that the Executive's Account continued to be credited with the
        Contribution Amount plus applicable interest through the Normal
        Retirement Date and that is payable commencing as of the first day of
        the month following his Normal Retirement Date.

               4.1.2 Payment of Benefit. Upon the Executive's Death, the Company
        shall pay the Preretirement Death Benefit to the Executive's Beneficiary
        in the form of the Actuarial Equivalent form of equal monthly
        installments over a 20-year term commencing as of the first day of the
        month following date of the Executive's Death.

        4.2 Death During Payment of a Lifetime Benefit. If the Executive dies
after any lifetime benefit payments have commenced under Article 3 but before
receiving all such payments, the Company shall pay the remaining benefit
payments to the Executive's Beneficiary at the same time and in the same amounts
they would have been paid to the Executive had the Executive survived. However,
only the benefit payments required under the Executive's form of distribution
option shall be paid (e.g., no payment to the Executive's Beneficiary if the
Executive had elected a life annuity form of distribution).

        4.3 Death After Termination of Employment But Before Payment of a
Lifetime Benefit Commences. If the Executive is entitled to the commencement of
any lifetime benefit payments under Article 3, but dies prior to the
commencement of such benefit payments, the Company shall pay the same benefit
payments to the Executive's Beneficiary that the Executive was entitled to prior
to death. However, only the benefit payments required under the Executive's form
of distribution option shall be paid (e.g., no payment to the Executive's
Beneficiary if the Executive had elected a life annuity form of distribution).

                                    ARTICLE 5
                                  BENEFICIARIES

        The Executive shall designate a Beneficiary by filing a written
designation with the Company in a manner similar to the attached Exhibit 2. The
Executive may revoke or modify the designation at any time by filing a new
designation. However, a designation shall only be effective if signed by the
Executive and received by the Company during the Executive's lifetime. The
Executive's Beneficiary designation shall be deemed automatically revoked if the
Beneficiary predeceases the Executive, or if the Executive names a spouse as
Beneficiary and the marriage is subsequently dissolved. If the Executive dies
without a valid beneficiary designation, all payments shall be made to the
personal representative of the Executive's estate.

                                    ARTICLE 6
                                     VESTING

        6.1 Vesting. The Executive shall maintain a 100% vested and
nonforfeitable interest in all benefits provided under this Agreement, and such
benefits shall not be conditioned on the performance of future service.

                                       6.

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        6.2 Termination for Cause. However, notwithstanding the above Section
6.1 or any other provision of this Agreement to the contrary, the Company shall
not pay, and the Executive shall not be entitled to, any benefit under this
Agreement if the Company terminates the Executive's employment for cause as
follows: (a) an act or acts of dishonesty or gross misconduct on the Executive's
part which result or are intended to result in material damage to the Company's
business or reputation or (b) repeated material violations by the Executive of
the Executive's obligations under Section 4 of the Change of Control Agreement,
currently in effect as of the Effective Date between the Company and the
Executive ("COC Agreement"), which violations are demonstrably willful and
deliberate on the Executive's part and which result in material damage to the
Company's business or reputation.

        6.3 Suicide or Misstatement. However, notwithstanding the above Section
6.1 or any other provision of this Agreement to the contrary, the Company shall
not pay, and the Executive shall not be entitled to, any benefit under this
Agreement if the Executive commits suicide within three years after the date of
this Agreement. In addition, the Company shall not pay, and the Executive shall
not be entitled to, any benefit under this Agreement if the Executive has made
any material misstatement of fact on any application for any benefits provided
by the Company to the Executive.

        6.4 Competition After Termination of Employment. However,
notwithstanding the above Section 6.1 or any other provision of this Agreement
to the contrary, the Company shall not pay, and the Executive shall not be
entitled to, any benefit under this Agreement if the Executive within three
years from Termination of Employment and without the prior written consent of
the Company, engages in, becomes interested in, directly or indirectly, as a
sole proprietor, as a partner in a partnership, or as a substantial shareholder
in a corporation, or becomes associated with, in the capacity of employee,
director, officer, principal, agent, trustee or in any other capacity
whatsoever, in any enterprise in the State of Hawaii which enterprise is, or may
be deemed to be, competitive with any business carried on by the Company as of
the date of Termination of Employment. This section shall not apply following a
Change of Control.

                                    ARTICLE 7
                                 ADMINISTRATION

        7.1 Authority of Board. The Board of Directors shall maintain the
authority and discretion to control and manage the operation and administration
of the Agreement. In its discretion, the Board of Directors shall make such
rules, interpretations, and computations and take such other actions to
administer the Agreement, as it may deem appropriate. The rules,
interpretations, computations, and other actions of the Board of Directors shall
be binding and conclusive on all persons. In administering the Agreement, the
Board of Directors shall have the authority to: (a) require, as a condition to
receiving benefits under the Agreement, such information as it may reasonably
require for the proper administration of the Agreement; (b) make and enforce
such rules and regulations as it deems to be necessary for the administration of
the Agreement; (c) interpret the Agreement; (d) determine the amount and timing
of benefits payable to any person in accordance with the provisions of the
Agreement; and (e) direct all payments to be made pursuant to the Agreement.

               The Board of Directors is granted the authority to name an
individual or individuals from time to time to carry out one or more of the
duties described above. The expenses of the Board of Directors, or the
individual or individuals described in the preceding sentence, shall be paid
directly by the Company.

                                       7.

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        7.2 Incapacity. If a benefit is payable to a minor, to a person declared
incompetent, or to a person incapable of handling the disposition of his or her
property, the Company may pay such benefit to the guardian, legal
representative, or person having the care or custody of such minor, incompetent
person, or incapable person. The Company may require proof of incompetence,
minority, or guardianship as it may deem appropriate prior to distribution of
the benefit. Such distribution shall completely discharge the Company from all
liability with respect to such benefit.

        7.3 Change of Control Agreement. In accordance with Section 8 of the COC
Agreement, the benefits provided under this Agreement shall not be prevented or
limited by the provisions of the COC Agreement, and shall only be enhanced or
improved to the extent provided under such COC Agreement. Further, this
Agreement shall not prevent or limit any payment or benefit to the Executive
that may apply under the COC Agreement.

                                    ARTICLE 8
                                     FUNDING

        8.1 Unfunded Plan. All amounts payable in accordance with this Agreement
shall be paid in cash from the general funds of the Company and no special or
separate fund apart from such general funds, other than a "rabbi trust"
established pursuant to Section 8.2 below, shall be established, and no other
segregation of assets shall be made to assure the payment of any amounts payable
in accordance with the Agreement. The Executive shall have no right, title, or
interest whatsoever in or to any investment that the Company may make to aid it
in meeting its obligations hereunder, including, but not limited to, deemed
investments. Nothing contained in the Agreement, 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 and the Executive or any other
person. To the extent that any person acquires a right to receive payments from
the Company hereunder, such right shall be no greater than the right of an
unsecured creditor.

        8.2 Rabbi Trust Allowed. The Company may, for administrative reasons,
establish a "rabbi trust" for the benefit of Executive under the Agreement. If
such a trust is established, its assets shall be used exclusively for the
purposes set forth in the Agreement and the applicable trust agreement, subject
to the following conditions:

               (a) The creation of said trust shall not cause the Agreement to
be other than "unfunded" for purposes of Title I of ERISA;

               (b) The Company shall be treated as the "grantor" of said trust
for purposes of Code Section 677; and

               (c) The trust agreement shall provide that its assets may be used
to satisfy claims of the Company's general creditors in the event of insolvency,
and the rights of such general creditors in such circumstances are enforceable
by them under federal and state law.

               It is intended that such a trust be consistent with tax law
requirements preventing inclusion in income for income tax purposes prior to
actual payment of benefits under the Agreement. If such a trust is established,
then prior to the payment of benefits to the Executive, there shall be no actual
transfer of assets to the Executive under the Agreement and trust, and the
Agreement and trust shall confer no current benefit that would be immediately
taxable to the Executive under the constructive receipt rule or economic benefit
doctrine under the tax laws.

                                       8.

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                                    ARTICLE 9
                            AMENDMENT AND TERMINATION

        9.1 Amendment or Termination. This Agreement may be amended or
terminated only by written mutual agreement between the Company and the
Executive.

        9.2 Reorganization of the Company. The Company shall not merge or
consolidate into or with another company, or reorganize, or sell substantially
all of its assets to another company, firm, or person unless such succeeding or
continuing company, firm, or person agrees to assume and discharge the
obligations of the Company under this Agreement. Upon the occurrence of such
event, the term "Company" as used in this Agreement shall be deemed to refer to
the successor or survivor company.

                                   ARTICLE 10
                          CLAIMS AND REVIEW PROCEDURES

        10.1 Claims Procedure. An Executive or Beneficiary (the "Claimant") who
has not received benefits under the Agreement that he or she believes should be
paid may make a claim for such benefits as follows:

               10.1.1 Initiation -- Written Claim. The Claimant may initiate a
        claim by submitting to the Company a written claim for benefits.

               10.1.2 Timing of Company Response. The Company shall respond to
        such Claimant within 90 days after receiving the claim. If the Company
        determines that special circumstances require additional time for
        processing the claim, the Company may extend the response period by an
        additional 90 days by notifying the Claimant in writing, prior to the
        end of the initial 90-day period, that an additional period is required.
        The notice of extension shall set forth the special circumstances and
        the date by which the Company expects to render its decision.

               10.1.3 Notice of Decision. If the Company denies part or all of
        the claim, the Company shall notify the Claimant in writing of such
        denial. The Company shall write the notification in a manner calculated
        to be understood by the Claimant. The notification shall set forth: (a)
        the specific reasons for the denial; (b) a reference to the specific
        provisions of the Agreement on which the denial is based; (c)
        description of any additional information or material necessary for the
        Claimant to perfect the claim and an explanation of why it is needed;
        (d) an explanation of the Agreement's review procedures and the time
        limits applicable to such procedures; (e) and a statement of the
        claimant's right to bring a civil action under ERISA Section 502(a)
        following an adverse benefit determination on review.

        10.2 Review Procedure. If the Company denies part or all of the claim,
the Claimant shall have the opportunity for a full and fair review by the
Company of the denial, as follows:

               10.2.1 Initiation -- Written Request. In order to initiate the
        review, the Claimant, within 60 days after receiving the Company's
        notice of denial, may file with the Company a written request for
        review.

                                       9.

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               10.2.2 Additional Submissions -- Information Access. The Claimant
        shall then have the opportunity to submit written comments, documents,
        records, and other information relating to the claim. The Company shall
        also provide the Claimant, upon request and free of charge, reasonable
        access to, and copies of, all documents, records and other information
        relevant (as defined in applicable ERISA regulations) to the Claimant's
        claim for benefits.

               10.2.3 Considerations on Review. In considering the review, the
        Company shall take into account all materials and information the
        Claimant submits relating to the claim, without regard to whether such
        information was submitted or considered in the initial benefit
        determination.

               10.2.4 Timing of Company Response. The Company shall respond in
        writing to such claimant within 60 days after receiving the request for
        review. If the Company determines that special circumstances require
        additional time for processing the claim, the Company can extend the
        response period by an additional 60 days by notifying the claimant in
        writing, prior to the end of the initial 60-day period, that an
        additional period is required. The notice of extension must set forth
        the special circumstances and the date by which the Company expects to
        render its decision.

               10.2.5 Notice of Decision. The Company shall notify the Claimant
        in writing of its decision on review. The Company shall write the
        notification in a manner calculated to be understood by the Claimant.
        The notification shall set forth: (a) the specific reasons for the
        denial; (b) a reference to the specific provisions of the Agreement on
        which the denial is based; (c) a statement that the Claimant is entitled
        to receive, upon request and free of charge, reasonable access to, and
        copies of, all documents, records and other information relevant (as
        defined in applicable ERISA regulations) to the Claimant's claim for
        benefits; and (d) a statement of the Claimant's right to bring a civil
        action under ERISA Section 502(a).

                                   ARTICLE 11
                                  LEGAL STATUS

        This Agreement is intended to constitute a nonqualified deferred
compensation agreement which is not subject to the qualification requirements of
Code Section 401(a). Further, this Agreement is intended to constitute an "top
hat" arrangement within the meaning of ERISA 201(2) and is not subject to the
coverage, funding, and fiduciary requirements of ERISA. Finally, until the
occurrence of a distribution event and the actual payment to the Executive of a
benefit hereunder, it is intended that there has been no transfer of any benefit
to the Executive under Code Section 83 and no benefit is subject to inclusion
for income tax purposes.

                                   ARTICLE 12
                                  MISCELLANEOUS

        12.1 Binding Effect. This Agreement shall bind the Executive and the
Company, and their beneficiaries, survivors, executors, successors,
administrators and transferees.

        12.2 No Guarantee of Employment. This Agreement is not an employment
policy or contract. It does not give the Executive the right to remain an
employee of the Company, nor does it interfere with the Company's right to
discharge the Executive. It also does not require the Executive to remain an
employee nor interfere with the Executive's right to terminate employment at any
time.

                                      10.

<PAGE>
        12.3 Nontransferability. Benefits under this Agreement cannot be sold,
transferred, assigned, pledged, attached, or encumbered in any manner.

        12.4 Notice. Any notice, consent, or demand required or permitted to be
given under the provisions of this Agreement by one party to another shall be in
writing, shall be signed by the party giving or making the same, and may be
given either by delivering the same to such other party personally, or by
mailing the same, by United States certified mail, postage prepaid, to such
party, addressed to their last known address as shown on the records of the
Company. The date of such mailing shall be deemed the date of such mailed
notice, consent, or demand.

        12.5 Tax Withholding. The Company shall withhold any taxes that are
required to be withheld from the benefits provided under this Agreement.

        12.6 Applicable Law. The Agreement and all rights hereunder shall be
governed by the laws of the State of Hawaii, except to the extent preempted by
the laws of the United States of America.

        12.7 Entire Agreement. This Agreement constitutes the entire agreement
between the Company and the Executive as to the subject matter hereof. No rights
are granted to the Executive by virtue of this Agreement other than those
specifically set forth herein.

        12.8 Named Fiduciary. The Company shall be the named fiduciary and plan
administrator under this Agreement. It may delegate to others certain aspects of
the management and operational responsibilities including the employment of
advisors and the delegation of ministerial duties to qualified individuals.

        12.9 Construction. The headings of the Articles in this Agreement is
provided for convenience only and will not affect its construction or
interpretation. All references to "Article" or "Articles" refer to the
corresponding Article or Articles of this Agreement. Wherever any words are used
under the Agreement in the masculine, feminine, or neuter gender, they shall be
construed as though they were also used in another gender in all cases where
they would so apply.

                                      11.

<PAGE>
        IN WITNESS WHEREOF, the Company and the Executive have signed this
Agreement on the date first written above.

COMPANY:

CB BANCSHARES, INC.                      EXECUTIVE:

BY     /s/ Dean K. Hirata                /s/ Ronald K. Migita
       --------------------------------  ------------------------------------
TITLE: Senior Vice President and Chief   President and Chief Executive Officer
       Financial Officer
       --------------------------------

                                      12.

<PAGE>
                                    EXHIBIT 1
                               CB BANCSHARES, INC.
                    EXECUTIVE DEFERRED COMPENSATION AGREEMENT
                              FOR RONALD K. MIGITA

                            FORM OF BENEFIT ELECTION

        As the Executive under the above-named agreement ("Agreement"), and in
accordance with Sections 3.1 and 3.4 of the Agreement, I understand that I am
required to elect the Actuarial Equivalent form of distribution of my Normal
Retirement Benefit and Change of Control Benefit, respectively, as of the date
of the Agreement. I understand that this election is irrevocable and that I am
not entitled to change the form of distribution hereby elected. However, I
understand that, prior to the commencement of the distribution of my benefit,
the Company shall allow me to file a petition with the Company which may request
a change in the form of distribution, and the Board of Directors, in its sole
and complete discretion, may accept or reject such a request. I hereby elect the
form of distribution as indicated below (check appropriate boxes):

        SECTION 3.1 OF THE AGREEMENT -- NORMAL RETIREMENT BENEFIT

        [X]     Equal monthly installments over a period of 18 years commencing
                as of the first day of the month following termination of
                employment.

        [ ]     Equal monthly installments over a period of 10 years commencing
                as of the first day of the month following termination of
                employment.

        [ ]     Equal monthly installments over a period of 15 years commencing
                as of the first day of the month following termination of
                employment.

        [ ]     Single lump sum payment within 30 days following termination of
                employment.

        [ ]     Joint and 50% survivor annuity commencing as of the first day of
                the month following termination of employment.

        [ ]     Joint and 100% survivor annuity commencing as of the first day
                of the month following termination of employment.

        SECTION 3.4. OF THE AGREEMENT -- CHANGE OF CONTROL BENEFIT

        [ ]     Equal monthly installments over a period of 20 years commencing
                as of the first day of the month following termination of
                employment.

        [X]     Single lump sum payment within 30 days following termination of
                employment.

Dated   August 6, 2002                Signature   /s/ Ronald K. Migita
      -----------------------                     -----------------------

                                                   RECEIPT ACKNOWLEDGED:
                                                   CB BANCSHARES, INC.

Dated   August 7, 2002                By    /s/ Dean K. Hirata
      -----------------------             -------------------------------
                                               Its

                                      13.

<PAGE>
                                    EXHIBIT 2
                               CB BANCSHARES, INC.
                    EXECUTIVE DEFERRED COMPENSATION AGREEMENT
                              FOR RONALD K. MIGITA

                          BENEFICIARY DESIGNATION FORM

Executive's Name   RONALD K. MIGITA
                ----------------------------------------------------------------

Address  98-868 Naukewai Place, Aiea, HI  96701-2783
       -------------------------------------------------------------------------

Social Security  ###-##-####                  Birth Date  June 9, 1941
               --------------------------                -----------------------

        As the Executive under the above-named agreement ("Agreement"), I hereby
acknowledge that, in accordance with the right granted to me under the Agreement
to designate and redesignate the beneficiary or beneficiaries to receive my
benefit under the Agreement in the event of my death following my termination of
employment and prior to the complete distribution of my retirement benefit, I
hereby designate the following beneficiaries to receive such benefit in the
order of priority as indicated:

        Primary Beneficiary:

        Full name: Lella Etsuko Migita
                  --------------------------------------------------------------

        Street address:       98-868 Naukewai Place
                       ---------------------------------------------------------

        City/State/Zip code:       Aiea, HI  96701-2783
                             ---------------------------------------------------

        Social Security Number:    ###-##-####
                               -------------------------------------------------

        Relationship to me:   Spouse
                           -----------------------------------------------------

        Contingent Beneficiary (i.e., my designated beneficiary in the event my
        primary beneficiary predeceases me):

                      Ronald K. Migita and Lella E. Migita, as Co-Trustees
        Full name:    of the Ronald K. Migita Trust dated October 26, 1992
                  --------------------------------------------------------------
        Street address:      98-868 Naukewai Place
                       ---------------------------------------------------------

        City/State/Zip code:        Aiea, HI 96701-2783
                            ----------------------------------------------------

        Social Security Number:
                               -------------------------------------------------

        Relationship to me:
                           -----------------------------------------------------

I understand that I may change these beneficiary designations by filing a new
written designation with the Company. I further understand that the designations
will be automatically revoked if the beneficiary predeceases me, or, if I have
named my spouse as beneficiary and our marriage is subsequently dissolved. I
understand that any beneficiary designation is not valid unless received by the
Company prior to my death.

Dated    August 6, 2002             Signature  /s/ Ronald K. Migita
     ----------------------                   ----------------------------------

                                               RECEIPT ACKNOWLEDGED:
                                               CB BANCSHARES, INC.

Dated    August 7, 2002             By    /s/ Dean K. Hirata
     ----------------------           ------------------------------------------
                                                  Its

                                      14.<PAGE>

                                                                    EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

                    AMENDED AND RESTATED AS OF JULY 15, 2002

         THIS AGREEMENT, originally dated as of January 19, 2000 and originally
effective as of June 16, 2000, first amended and restated effective as of
January 26, 2001, and amended and restated hereunder effective July 15, 2002
(the "Effective Date") is made by and between Dayton Superior Corporation, an
Ohio corporation (the "Company"), and John A. Ciccarelli (the "Executive").

                                    RECITALS:

         WHEREAS, the Company and the Executive previously entered into this
Agreement as of January 19, 2000, originally effective as of June 16, 2000 and
first amended and restated as of January 26, 2001; and

         WHEREAS, pursuant to Section 18 of this Agreement, the Company and the
Executive have reserved the right to amend this Agreement by an instrument in
writing, signed by both the Executive and the Chairman of the Compensation
Committee of the Company's Board of Directors; and

         WHEREAS, the Company and the Executive now consider it desirable to
amend this Agreement in certain respects;

         NOW, THEREFORE, in consideration of the foregoing and of the respective
covenants and agreements set forth below, the parties hereto do hereby agree
that, effective as of the Effective Date this Agreement is hereby amended and
restated in its entirety, as follows:

1.       CERTAIN DEFINITIONS.

         (a) "ANNUAL BASE SALARY" shall have the meaning set forth in Section
4(a).

         (b) "BOARD" shall mean the Board of Directors of the Company.

         (c) The Company shall have "CAUSE" to terminate the Executive's
employment and/or service as non-executive Chairman hereunder upon the
Executive's:

             (i) willful or gross misconduct or material failure in the
         performance of his duties and responsibilities hereunder, other than
         any such failure resulting from the Executive's Disability, which
         misconduct or failure continues beyond 14 days after the company
         notifies the Executive, in writing, of the Company's finding of such
         misconduct or failure; or

             (ii) conviction of or plea of guilty or nolo contendre to, a
         felony, or a crime involving moral turpitude; or

<PAGE>

             (iii) fraud or personal dishonesty involving the Company's assets.

         (d) "CHANGE IN CONTROL" shall mean a change in ownership or control of
the Company effected through a transaction or series of transactions (other than
an offering of Common Stock to the general public through a registration
statement filed with the Securities and Exchange Commission) whereby any
"person" or related "group" of "persons" (as such terms are used in Sections
13(d) and 14(d)(2) of the Exchange Act) (other than the Company, any of its
subsidiaries, an employee benefit plan maintained by the Company or any of its
subsidiaries, a Principal Stockholder or a "person" that, prior to such
transaction, directly or indirectly controls, is controlled by, or is under
common control with, the Company or a Principal Stockholder) directly or
indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under
the Exchange Act) of securities of the Company possessing more than fifty
percent (50%) of the total combined voting power of the Company's securities
outstanding immediately after such acquisition.

         (e) "COMMON STOCK" shall mean the common shares of the Company, without
par value.

         (f) "COMPANY" shall have the meaning set forth in the preamble hereto.

         (g) "COMPENSATION COMMITTEE" shall mean the Compensation Committee of
the Board whose members shall be appointed by the Board from time to time and
shall initially include William Hopkins, as Chairman, Stephen Berger, Douglas
Rotatori and Joshua Cascade.

         (h) "DATE OF TERMINATION" shall mean (i) if the Executive's employment
is terminated by reason of his death, the date of his death, and (ii) if the
Executive's employment is terminated pursuant to Sections 5(a)(ii) - (vi), the
date specified in the Notice of Termination.

         (i) "DISABILITY" shall mean the inability of the Executive to perform
his duties and responsibilities as an officer or employee of the Company or any
of its subsidiaries on a full-time basis for more than six months within any
12-month period because of a physical, mental or emotional incapacity resulting
from injury, sickness or disease.

         (j) "EBITDA" with respect to any period of determination shall mean the
sum of the following (without duplication): (i) consolidated net income (or
loss) of the Company and, if applicable, its subsidiaries for such period
(exclusive of the effect of extraordinary items), as determined by the Company's
independent certified public accountants in accordance with generally accepted
accounting principles consistently applied, as such principles are in effect at
the date hereof, plus (ii) amounts deducted from net revenues in determining
such net income (or loss) on account of (w) depreciation and amortization, (x)
interest expense (net of interest income), (y) all taxes on income and (z) any
management or acquisition fee charged to the Company by the Principal
Stockholder.

         (k) "EFFECTIVE DATE" shall have the meaning set forth in the recitals
hereto.

         (l) "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934, as
amended.

                                       2
<PAGE>

         (m) "EXECUTIVE" shall have the meaning set forth in the preamble
hereto.

         (n) "EXERCISABLE OPTIONS" as of any date of determination, shall mean
those Options (or portions thereof) held by the Executive that are then vested
and exercisable.

         (o) "FAIR MARKET VALUE" shall have the meaning ascribed to such term
under the Management Stockholders' Agreement.

         (p) "GOOD REASON" shall mean the occurrence of either (i) a material
diminution in the Executive's title, or (ii) a material reduction of the
Executive's aggregate cash compensation (including, for the fiscal year ending
December 31, 2002, any bonus opportunities), benefits and perquisites, in either
case without his prior written consent and following written notice from the
Executive to the Company and a reasonable opportunity to cure.

         (q) "MANAGEMENT STOCKHOLDERS' AGREEMENT" shall mean that certain
Management Stockholders' Agreement to be entered into by and among the Company,
Odyssey Investment Partners Fund, LP, the Executive and the other employee
stockholders party thereto, effective as of June 16, 2000, as amended from time
to time.

         (r) "NOTICE OF TERMINATION" shall have the meaning set forth in Section
5(b).

         (s) "OPTION AGREEMENTS" shall mean the written agreements between the
Company and the Executive pursuant to which the Executive holds or is granted
options to purchase Common Stock, including, without limitation, agreements
evidencing options granted under the Option Plan and agreements governing the
terms of "Roll-Over Options" (as defined in the Management Stockholders'
Agreement). For purposes of that certain Option Agreement Amended and Restated
as of May 13, 2002, as it may be amended from time to time, between the Company
and Executive (the "Ciccarelli Option Agreement"), upon the Effective Date (i)
the Executive shall be deemed to commence the "Non-Executive Term" and his
service as "Non-Executive Chairman" and (ii) any provisions of the Ciccarelli
Option Agreement that require the Executive to remain employed as Chief
Executive Officer through June 16, 2003 shall be deemed satisfied
notwithstanding that the Executive shall not have remained employed as Chief
Executive Officer of the Company through June 16, 2003.

         (t) "OPTION PLAN" shall mean the 2000 Stock Option Plan of Dayton
Superior Corporation, as amended from time to time.

         (u) "OPTIONS" as of any date of determination shall mean options held
by the Executive as of such date to purchase Common Stock of the Company.

         (v) "PRINCIPAL STOCKHOLDER" shall mean Odyssey Investment Partners
Fund, LP and any of its Permitted Assignees (as such term is defined in the
Management Stockholders' Agreement).

         (w) "PROHIBITED COMPETITION" shall have the meaning set forth in
Section 8(b).

         (x) "TERM" shall have the meaning set forth in Section 2.

                                       3
<PAGE>

2.       EMPLOYMENT.

         The Company shall continue to employ the Executive and the Executive
shall remain in the employ of the Company, for the period set forth in this
Section 2, in the position set forth in Section 3 and upon the other terms and
conditions herein provided. The term of employment under this Agreement (the
"Term") shall begin on the Effective Date and end on the earlier of (a) the Date
of Termination and (b) December 31, 2004.

3.       POSITION AND DUTIES.

         (a) During the Term, the Executive shall serve as the Chairman of the
Board, with such customary responsibilities, duties and authority commensurate
with such position including, without limitation, the attendance at all duly
convened meetings of the Board or of any Committee of the Board of which the
Executive is a member.

         (b) During the Term, the Board shall propose the Executive for
re-election to the Board and the Principal Stockholders shall vote all of their
shares of Common Stock in favor of such re-election.

4.       COMPENSATION AND RELATED MATTERS.

         (a) ANNUAL BASE SALARY. During the Term, the Executive shall receive a
base salary at the rate of $390,000 per annum (the "Annual Base Salary"),
payable in accordance with the Company's normal payroll practices.

         (b) BONUS. During the Term, for the fiscal year ending December 31,
2002, the Executive shall be eligible to participate in the Company's annual
cash bonus plan in accordance with terms and provisions which shall be
consistent with the Company's executive bonus policy in effect as of the
Effective Date. The Executive shall not be eligible to receive any cash bonus
for any fiscal year ending after January 1, 2003.

         (c) LONG TERM INCENTIVE COMPENSATION. During the Term, the Executive
shall be entitled to participate in the Option Plan or any successor plan
thereto.

         (d) BENEFITS. During the Term, the Executive shall be entitled to
participate in the employee benefit plans, programs and arrangements of the
Company which are applicable to the senior officers of the Company generally,
subject to and on a basis consistent with the terms, conditions and overall
administration thereof.

         (e) EXPENSES. During the Term, pursuant to the Company's customary
policies in force at the time of payment, the Executive shall be reimbursed for
all expenses properly incurred by the Executive on the Company's behalf in the
performance of the Executive's duties hereunder.

         (f) AUTOMOBILE. During the Term, the Company shall provide the
Executive with an annual automobile allowance at a rate not less than that in
effect as of the Effective Date.

                                       4
<PAGE>

         (g) CLUB MEMBERSHIP. During the Term, the Company shall pay on behalf
of the Executive, or reimburse the Executive for, annual membership fees payable
in connection with the Executive's membership in two country, alumni, or social
clubs of the Executive's choice.

         (h) TAX AND FINANCIAL PLANNING ASSISTANCE. During the Term, the Company
shall, upon submission of proper documentation, pay on behalf of the Executive,
or reimburse the Executive for, reasonable expenses incurred for professional
assistance in planning and preparing his tax returns and managing his financial
affairs, consistent with the Company's practices as in effect on the date of
execution of this Agreement.

         (i) LOAN TO PURCHASE SHARES OF COMMON STOCK. In the event that during
the Term the Executive elects to purchase shares of Common Stock pursuant to the
Management Stockholders' Agreement, the Company shall, or shall cause one of its
affiliates to, lend to the Executive up to $500,000 in the aggregate (or such
greater amount as determined by the Compensation Committee in its discretion) as
payment for such shares pursuant to the terms of a secured, recourse promissory
note or notes bearing interest of the lowest rate specified pursuant to Section
1274 of the Internal Revenue Code so as to avoid imputed interest, and the
parties shall enter into security agreement(s) under which the Executive shall
pledge such shares to the Company (or affiliate thereof, as applicable) as
security for repayment of such loan(s). Any interest due on such loan shall be
converted into principal and shall not be payable currently as it is accrued,
but rather shall be payable when the underlying shares are sold. Any such note
and security agreement shall have terms consistent with the forgoing and shall
be in a form acceptable to the Company's (or its affiliate's) lenders under the
terms of the Financing Documents (as such term is defined in the Management
Stockholders' Agreement).

         (j) RIGHT OF THE EXECUTIVE TO SELL COMMON STOCK TO THE COMPANY.

             (i) For purposes of the Management Stockholders' Agreement, (A) the
         date on which the Executive ceases to serve as Chairman of the Board
         for any reason shall be deemed to be the date of his termination of
         employment for purposes of the Management Stockholders' Agreement, and
         (B) notwithstanding anything to the contrary in the Management
         Stockholders' Agreement, (I) unless he is removed from such position
         for Cause, or resigns from such position without Good Reason for
         purposes of the Management Stockholders' Agreement, the Executive shall
         be deemed to have terminated employment by reason of "Retirement" and
         (II) if he shall have been removed from such position for Cause, or
         resigns from such position without Good Reason for purposes of the
         Management Stockholders' Agreement, the Executive shall be deemed to
         have terminated employment by reason of termination by the Company for
         Cause.

             (ii) During the period beginning on the Effective Date and ending
         on earlier of (A) the fifth anniversary of the Effective Date and (B)
         the date the Executive's employment hereunder is terminated for Cause
         or due to the Executive's resignation without Good Reason, (the "Put
         Period"), the Executive (or his beneficiary in the event of his death)
         shall have the right (the "Executive Put") to sell to the Company, and
         the Company shall have the obligation to purchase from the Executive,
         at the Fair Market Value per share, that number of shares of Common
         Stock not to exceed in the aggregate

                                       5
<PAGE>

         80% of the sum of (A) the number of shares of Common Stock held by the
         Executive as of either (X) June 16, 2003 or (Y) if the Executive Put is
         exercised prior to June 16, 2003, the date the Executive Put is
         exercised and (B) the number of shares of Common Stock that could be
         acquired by the Executive upon the exercise of Exercisable Options as
         of such date (the "Aggregate Stock"), in accordance with the provisions
         of this Section 4(j)(ii). The Executive shall have the right to
         exercise the Executive Put at any time during the Put Period as of
         which EBITDA for the four consecutive fiscal quarters immediately
         preceding the Executive Put equals or exceeds $83.6 million (subject to
         adjustment pursuant to Section 4(j)(iii) below); PROVIDED, HOWEVER,
         that (x) the Executive may not exercise the Executive Put within six
         months following a prior exercise of the Executive Put; (y) the
         Executive Put may not be exercised for less than 10% of the Aggregate
         Stock and (z) the Executive Put may only be exercised with respect to
         shares which the Executive has held for at least six months. If the
         Executive desires to exercise the Executive Put pursuant to this
         Section 4(j)(ii), he shall notify the Company in writing, specifying
         the number of shares to be sold pursuant to the exercise of the
         Executive Put hereunder. Subject to the Management Stockholders'
         Agreement, payment for shares of Common Stock sold by the Executive
         pursuant to this Section 4(j)(ii) shall be made on or prior to the date
         60 days (or the first business day thereafter if the 60th day is not a
         business day) following the date of the receipt by the Company of the
         Executive's notice described herein; PROVIDED, HOWEVER, that if such
         payment is being made on or after the first day of the seventh month of
         any fiscal year, then such payment shall be made on or prior to the
         date that is 60 days (or the first business day thereafter if the 60th
         day is not a business day) following the date of the determination of
         Fair Market Value in a manner consistent with the provisions of the
         Management Stockholders' Agreement.

             (iii) In the event that, after the Effective Date, the Compensation
         Committee determines, in its sole discretion, that any acquisition or
         any divestiture of any business by the Company or any dividend or other
         distribution (whether in the form of cash, Common Stock, other
         securities, or other property), recapitalization, reclassification,
         stock split, reverse stock split, reorganization, merger,
         consolidation, split-up, spin-off, combination, repurchase, or exchange
         of Common Stock or other securities of the Company, issuance of
         warrants or other rights to purchase Common Stock or other securities
         of the Company, or the financial statements of the Company, or change
         in applicable laws, regulations, or accounting principles occurs such
         that an adjustment is determined by the Compensation Committee to be
         appropriate in order to prevent dilution or enlargement of the benefits
         or potential benefits intended to be made available with respect to the
         Executive Put, then the Compensation Committee shall adjust the EBITDA
         target set forth in Section (j)(ii) to reflect the projected effect of
         such transaction(s) or event(s) on such target. Without limiting the
         generality of the foregoing, in the event the Company acquires any
         business: (a) with respect to such acquired business, EBITDA with
         respect to the fiscal year in which such acquisition occurs shall be
         calculated pro-rata from the date of such acquisition, and (b) in the
         event the Compensation Committee determines that an adjustment to the
         target set forth in Section (j)(ii) is appropriate, such adjustment
         shall be made from the date of such acquisition and shall be made pro
         rata with respect to the fiscal year in which such acquisition occurs.

                                       6
<PAGE>

             (iv) If the Executive holds Exercisable Options as of the date he
         notifies the Company of the exercise of the Executive Put pursuant to
         Section 4(j)(ii) and together with such notice notifies the Company
         that he desires to exercise a specified portion of such Exercisable
         Options (the "Specified Options"), the Company shall, or shall cause an
         affiliate of the Company to, lend to the Executive within 30 days after
         the Company's receipt of such notice from the Executive an amount equal
         to the aggregate exercise price payable with respect to the Specified
         Options and the aggregate federal, state and local income tax
         liability, including any alternative minimum tax obligations, that will
         actually be incurred by the Executive as a result of his exercise of
         the Specified Options in accordance with such notice. Any such loan
         pursuant to this Section 4(j)(iv) shall be pursuant to the terms of a
         secured, recourse promissory note or notes which (i) shall be payable
         in full no later than the earliest of (A) the date on which the
         Executive receives any payment from the Company for the repurchase of
         the shares acquired upon exercise of the Specified Options, (B) the
         date on which the Executive transfers any such shares and (C) the first
         date following the expiration of the Put Period, (ii) shall bear
         interest at the applicable federal mid-term rate determined pursuant to
         Section 1274(d) of the Internal Revenue Code of 1986, as amended, (iii)
         shall provide that any interest due on such loan shall be converted
         into principal and shall not be payable currently as it is accrued, but
         rather shall be payable when the principal amount is due and (iv) shall
         be in a form acceptable to the Company's (or its affiliate's) lenders
         under the terms of the Financing Documents. The parties hereto agree
         that to the extent any of the foregoing provisions of this Section
         4(j)(iv) result in adverse accounting consequences to the Company, such
         provisions shall be modified in a manner mutually acceptable to the
         parties hereto.

             (v) VOTING AGREEMENT AND IRREVOCABLE PROXY.

                 (A) IRREVOCABLE PROXY. The Executive hereby grants to the
             Principal Stockholder the Executive's proxy, and appoints the
             Principal Stockholder as the Executive's attorney-in-fact (with
             full power of substitution), to vote or act by written consent with
             respect to the Common Stock now or hereafter owned by the Executive
             in connection with any and all matters, including, without
             limitation, matters set forth hereunder as to which any vote or
             actions may be requested or required. This proxy is coupled with an
             interest and shall be irrevocable, and the Executive will take such
             further action or execute such other instruments as may be
             reasonably necessary to effectuate the intent of this proxy and,
             effective as of the Effective Date, hereby revokes any proxy
             previously granted by him with respect to his Common Stock.

                 (B) REPRESENTATIONS AND WARRANTIES OF THE EXECUTIVE. The
             Executive hereby severally and not jointly represents and warrants
             to the Principal Stockholder that:

                     (1) DUE AUTHORIZATION. All corporate, partnership or trust
                 action, if applicable, on the part of the Executive necessary
                 for the authorization, execution and delivery of this Agreement
                 has been taken

                                       7
<PAGE>

                 and this Agreement constitutes the valid and legally binding
                 obligation of the Executive enforceable against the Executive
                 in accordance with its terms, subject to applicable
                 bankruptcy, insolvency, and other similar laws affecting
                 creditors' rights, and rules of law governing specific
                 performance.

                     (2) OWNERSHIP OF SECURITIES. Upon exercise of any Options
                 held by the Executive, the Executive will be the record and
                 beneficial owner of the shares of Common Stock subject thereto.
                 The Executive has or will have sole voting power and sole power
                 to issue instructions with respect to the voting of all shares
                 of Common Stock issued upon exercise of Options or otherwise
                 acquired or held by the Executive, sole power of disposition,
                 sole power of exercise or conversion and the sole power to
                 demand appraisal rights, in each case with respect to all of
                 the shares of Common Stock issued upon exercise of Options or
                 otherwise acquired or held by the Executive, except as limited
                 hereby.

                 (C) COVENANTS OF THE EXECUTIVE. The Executive hereby covenants
             severally and not jointly to not, directly or indirectly, take any
             action that would make any representation or warranty contained
             herein untrue or incorrect or have the effect of preventing or
             disabling the Executive from performing his obligations under this
             Section 4(j).

                 (D) SPECIFIC PERFORMANCE. The Executive hereby acknowledges
             that damages would be an inadequate remedy for any breach of the
             provisions of this Section 4(j) and agrees that the obligations of
             the Executive shall be specifically enforceable and the Principal
             Stockholder shall be entitled to injunctive or other equitable
             relief upon such a breach by the Executive. This provision is
             without prejudice to any other rights that the Principal
             Stockholder may have against the Executive for any failure to
             perform the Executive's obligations under this Agreement or
             otherwise.

                 (E) EFFECTIVE TIME. The proxy and power of attorney granted
             pursuant to Section (A) hereof by the Executive with respect to
             each share of Common Stock shall become effective upon the
             Effective Date and shall terminate upon the expiration of the Put
             Period.

         (k) COMPANY'S RIGHTS TO PURCHASE COMMON STOCK AND CANCEL OPTIONS.

         The Company's rights to purchase the Executive's Common Stock and
cancel the Executive's Options, as set forth in the Management Stockholders'
Agreement, shall be modified as follows with respect to the Executive:

             (i) The Company's rights set forth in Section 3.1 of the Management
         Stockholders' Agreement may not be exercised during the Put Period;

                                       8
<PAGE>

             (ii) The Company's rights set forth in Section 3.1 of the
         Management Stockholders' Agreement may be exercised during the period
         beginning on the first day following the last day of the Put Period and
         ending on the first day following the fifth anniversary of the last day
         of the Put Period; and

             (iii) Except as explicitly set forth in (i ) or (ii) above, the
         Company's rights with respect to purchases of the Executive's Common
         Stock and cancellation of the Executive's Options shall continue to
         apply as set forth in the Management Stockholders' Agreement.

5.       TERMINATION.

         (a) The Executive's employment hereunder may be terminated by the
Company or the Executive, as applicable, without any breach of this Agreement
only under the following circumstances and in accordance with subsection (b):

             (i) DEATH. The Executive's employment hereunder shall terminate
         upon his death.

             (ii) DISABILITY. If the Company determines in good faith that the
         Executive has incurred a Disability, the Company may give the Executive
         written notice of its intention to terminate the Executive's
         employment. In such event, the Executive's employment with the Company
         shall terminate effective on the 30th day after receipt of such Notice
         of Termination by the Executive, provided that within such 30 day
         period the Executive shall not have returned to full-time performance
         of his duties.

             (iii) TERMINATION FOR CAUSE. The Company may terminate the
         Executive's employment hereunder for Cause.

             (iv) RESIGNATION FOR GOOD REASON. The Executive may terminate his
         employment hereunder for Good Reason.

             (v) TERMINATION WITHOUT CAUSE. The Company may terminate the
         Executive's employment hereunder without Cause.

             (vi) RESIGNATION WITHOUT GOOD REASON. The Executive may resign his
         employment hereunder without Good Reason. For purposes of this
         Agreement, the Executive's retirement from service with the Company
         prior to December 31, 2004 shall be deemed to be a "Resignation without
         Good Reason" hereunder.

         (b) NOTICE OF TERMINATION. Any termination of the Executive's
employment by the Company or by the Executive under this Section 5 (other than
termination pursuant to subsection (a)(i)) shall be communicated by a written
notice from the Board or the Executive to the other, indicating the specific
termination provision in this Agreement relied upon, setting forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination of
the Executive's employment under the provision so indicated, and specifying a
Date of Termination (a "Notice of Termination"). For purposes of this Agreement,
the "Date of Termination" shall be

                                       9
<PAGE>

(i) with respect to any termination by reason of the Executive's Disability, 30
days following the receipt of the notice described in Section 5(a)(ii); (ii)
with respect to the Executive's termination for Cause, the date of the Notice of
Termination, and (iii) with respect to the Executive's termination of employment
for any other reason, at least 30 days following the date of the Notice of
Termination. The Executive shall continue to receive his Annual Base Salary,
annual bonus and all other compensation and perquisites referenced in Section 4
through the Date of Termination.

6.       SEVERANCE PAYMENTS.

         (a) TERMINATION FOR ANY REASON. In the event the Executive's employment
with the Company is terminated for any reason, the Company shall pay the
Executive (or his beneficiary in the event of his death) any unpaid Annual Base
Salary that has accrued as of the Date of Termination, any unreimbursed expenses
due to the Executive. The Executive shall also be entitled to accrued, vested
benefits under the Company's benefit plans and programs as provided therein. The
Executive shall be entitled to the additional payments and benefits described
below only as set forth herein.

         (b) TERMINATION WITHOUT CAUSE, RESIGNATION FOR GOOD REASON OR
TERMINATION BY REASON OF DEATH OR DISABILITY. In the event of the Executive's
Termination without Cause (pursuant to Section 5(a)(v)), Resignation for Good
Reason (pursuant to Section 5(a)(iv)) or termination by reason of Death or
Disability (pursuant to Section 5(a)(i) or (ii), respectively), the Company
shall pay to the Executive the amounts described in subsection (a), and, subject
to (A) the Executive's compliance with Sections 8 and 9 hereof and (B) the
execution of a general waiver and release of claims agreement effective as of
the Date of Termination in the Company's customary form:

             (i) Pay to the Executive (or his beneficiary in the event of his
         death), for the period beginning on the Date of Termination and ending
         on December 31, 2004, in accordance with its regular payroll practice,
         his Annual Base Salary as in effect on the Date of Termination;

             (ii) If the Date of Termination occurs during the fiscal year
         ending December 31, 2002, pay to the Executive (or his beneficiary in
         the event of his death) a bonus based on the Company's executive annual
         bonus plan as in effect at that time, which bonus calculation shall
         give the Executive credit for service through the end of December 31,
         2002;

             (iii) For the period beginning of the Date of Termination and
         ending on (A) December 31, 2004, (with respect to the Executive) and
         (B) June 30, 2007 (with respect to Mr. Ciccarelli's spouse on the
         Effective Date ("Mary Ciccarelli"), provide coverage to the Executive
         and Mary Ciccarelli under medical and dental plans and programs
         substantially similar to those Company plans and programs in which the
         Executive and Mary Ciccarelli were entitled to participate immediately
         prior to the Date of Termination (or, if the Company amends, replaces
         or terminates any such plan or program following such Date of
         Termination, the Company medical and dental plans provided to employees

                                       10
<PAGE>

         similarly situated to Executive), as if the Executive were an active
         employee during such time, subject to standard employee contributions
         by the Executive as are required under such plans, and further subject
         to the Executive's election of "COBRA" continuation coverage during
         such period. All post-employment coverage under such plans shall be
         co-extensive with COBRA continuation coverage required by federal (and
         where applicable by state) law, and shall cease if the Executive or
         Mary Ciccarelli, if applicable, becomes eligible for coverage under
         another employer's plans; and

             (iv) For the period beginning of the Date of Termination and ending
         on December 31, 2004, continue the Executive's participation in the
         plans, programs and perquisites set forth in Sections 4(c) through 4(i)
         hereof, provided that the Executive's continued participation in the
         Company's medical and dental plans shall be subject to Section (iii)
         above.

7.       OTHER TERMINATION PROVISIONS.

         (a) Notwithstanding any provision of this Agreement or the Management
Stockholders' Agreement to the contrary, in the event that as a consequence of a
termination of the Executive's employment for any reason, the Executive is
compelled to exercise any Options in order to prevent such Options from expiring
in accordance with their terms and the Company is unable to repurchase the
Executive's stock at such time, the Company shall either (i) provide the
Executive with an interest-free recourse loan equal to the actual aggregate
federal, state and local income tax liability (including alternative minimum tax
obligations) incurred as a consequence of the Option exercise, which loan shall
(A) be secured by a pledge of the shares acquired upon exercise of such Options,
(B) be payable in full, with respect to each Option (or portion) so exercised,
upon the earliest of (I) the tenth anniversary of the date of grant of such
Option, (II) five days after the date on which the Executive sells, transfers or
otherwise disposes or conveys for consideration the shares acquired upon
exercise of such Option, and (III) the date specified in the Management
Stockholders' Agreement for the expiration of certain provisions thereof, (ii)
permit the Executive to extend the post-termination exercise period of such
Options (but not beyond the tenth anniversary of the date of Option grant) until
such time as the Company is able to repurchase the underlying shares of Common
Stock, or (iii) devise such other method that is reasonably acceptable to the
Executive so as to prevent the Executive from incurring tax liability upon
Option exercise at a time when he is not able to receive payment from the
Company (or a third party) for the shares acquired upon such exercise.

         (b) CERTAIN MATTERS PERTAINING TO OPTIONS.

             (i) Unless the Company terminates the Executive's employment
         hereunder for Cause or the Executive resigns from his employment
         hereunder without Good Reason, then, on the earlier of (A) the
         Executive's Date of Termination or (B) December 31, 2004 (each of the
         events described in (A) and (B), a "Term Expiration Event"), the
         Principal Stockholder shall, in its sole discretion, either (x) cause
         the Company to continue to employ the Executive upon reasonable terms
         and conditions mutually agreed to by the Executive and the Company, or
         (y) vote all of its shares of Common Stock in favor of the Executive's
         re-election to the Board (as a non-employee member of the

                                       11
<PAGE>

         Board) and amend the Ciccarelli Option Agreement as necessary or
         appropriate to provide that any portion of the Executive's Option (or,
         at the Company's election, a new option effective as of the Term
         Expiration Event with terms and conditions similar to such Option),
         which is not then an Exercisable Option, shall be eligible to vest
         pursuant to the Ciccarelli Option Agreement during the period of the
         Executive's services as a non-employee member of the Board as if the
         Executive had remained an employee of the Company during such period,
         or (z) take such other action as the Principal Stockholder may
         determine is necessary or appropriate to continue to treat any portion
         of the Executive's Option (or, at the Company's election, a new option
         effective as of the Term Expiration Event with terms and conditions
         similar to such Option), which is not then an Exercisable Option, as
         being eligible to vest pursuant to the Ciccarelli Option Agreement as
         if the Executive had remained an employee of the Company following the
         Term Expiration Event.

             (ii) Without limiting the generality of Section (b)(i) above, the
         Company's obligations to commence and continue any course of action
         under this Section 7(b) shall be subject to (A) the Executive's
         compliance with Sections 8 and 9 hereof and (B) the execution of a
         general waiver and release of claims agreement effective as of the Term
         Expiration Event in the Company's customary form.

             (iii) This Section 7(b) shall not be deemed to affect or modify the
         terms of any Options which are Exercisable Options at the time of the
         Term Expiration Event including, without limitation, any terms
         pertaining to expiration thereof.

8.       COMPETITION.

         (a) The Executive shall not engage in any Prohibited Competition (as
defined below in Section 8(b)) at any time during the Term and for a period of
two years after the later of (1) the last day of the Term and (2) December 31,
2004.

         (b) For purposes of this Agreement, the Executive shall be considered
to engage in prohibited competition ("Prohibited Competition") if the Executive
shall: directly or indirectly, engage in or own, manage, join, operate or
control, or participate in the ownership, management, operation or control of,
or be connected as a director, officer, employee, partner, consultant or
otherwise with, or permit his name to be used by or in connection with, any
business or organization which produces, designs, conducts research on,
provides, sells, leases, distributes or markets accessories, chemicals, forming
and related products used in concrete and masonry construction (the "Business")
which, directly or indirectly, competes with the Business conducted by Company
and its subsidiaries in North America, South America and Europe, it being
understood that the foregoing shall not limit the Executive from making passive
investments of less than 5% of the outstanding equity securities in any entity
listed for trading on a national stock exchange or quoted on any recognized
automatic quotation system.

         (c) In the event any the terms of this Section 8 shall be determined by
any court of competent jurisdiction to be unenforceable by reason of extending
for too great a period of time or over too great a geographical area or by
reason of being too extensive in any other respect, it

                                       12
<PAGE>

will be interpreted to extend only over the maximum period of time for which it
may be enforceable, and/or over the maximum geographical area as to which it may
be enforceable and/or to the maximum extent in all other respects as to which it
may be enforceable, all as determined by such court in such action.

9.       NONDISCLOSURE OF PROPRIETARY INFORMATION.

         (a) Except as required in the faithful performance of the Executive's
duties hereunder or pursuant to subsection (c), the Executive shall, in
perpetuity, maintain in confidence and shall not directly, indirectly or
otherwise, use, disseminate, disclose or publish, or use for his benefit or the
benefit of any person, firm, corporation or other entity any confidential or
proprietary information or trade secrets, and any other information that would
be protected under the Uniform Trade Secrets Act in Ohio, of or relating to the
Company, including, without limitation, information with respect to the
Company's operations, processes, products, inventions, business practices,
business strategy, business development, finances, principals, vendors,
distributors, suppliers, customers, potential customers, manufacturing methods,
sales methods, marketing methods, costs, prices, contractual relationships,
information systems, regulatory status, compensation paid to employees or other
terms of employment, or deliver to any person, firm, corporation or other entity
any document, record, notebook, computer program or similar repository of or
containing any such confidential or proprietary information or trade secrets.
The parties hereby stipulate and agree that as between them the foregoing
matters are important, material and confidential proprietary information and
trade secrets and affect the successful conduct of the businesses of the Company
(and any successor or assignee of the Company). The parties hereto agree that
"confidential or proprietary information" shall not include information that (i)
is a matter of public knowledge (other than by act of the Executive in violation
hereof); (ii) was provided to the Executive (without breach of any obligation of
confidence owed to the Company) by a third party which is not an affiliate of
the Company or (iii) is required to be disclosed by law or judicial or
administrative process.

         (b) Upon termination of the Executive's employment with Company for any
reason and upon the Company's request, the Executive will promptly deliver to
the Company all correspondence, drawings, manuals, letters, notes, notebooks,
reports, programs, plans, proposals, financial documents, or any other documents
concerning, without limitation, the Company's operations, processes, products,
inventions, business practices, business strategy, business development,
finances, principals, vendors, distributors, suppliers, customers, potential
customers, manufacturing methods, sales methods, marketing methods, costs,
prices, contractual relationships, information systems, regulatory status,
compensation paid to employees or other terms of employment and/or which contain
proprietary information or trade secrets.

         (c) The Executive may respond to a lawful and valid subpoena or other
legal process but shall give the Company the earliest possible notice thereof,
shall, as much in advance of the return date as possible, make available to the
Company and its counsel the documents and other information sought and shall
assist such counsel in resisting or otherwise responding to such process.

                                       13
<PAGE>

10.      INJUNCTIVE RELIEF.

         It is recognized and acknowledged by the Executive that a breach of the
covenants contained in Sections 8 and 9 will cause irreparable damage to the
Company and its goodwill, the exact amount of which will be difficult or
impossible to ascertain, and that the remedies at law for any such breach will
be inadequate. Accordingly, the Executive agrees that in the event of a breach
of any of the covenants contained in Sections 8 and 9, in addition to any other
remedy which may be available at law or in equity, the Company shall be entitled
to specific performance and injunctive relief.

11.      SURVIVAL.

         The expiration or termination of the Term shall not impair the rights
or obligations of any party hereto which shall have accrued hereunder prior to
such expiration.

12.      BINDING ON SUCCESSORS.

         This Agreement shall be binding upon and inure to the benefit of the
Company, the Executive and their respective successors, assigns, personnel and
legal representatives, executors, administrators, heirs, distributees, devisees,
and legatees, as applicable.

13.      GOVERNING LAW.

         This Agreement shall be governed, construed, interpreted and enforced
in accordance with the substantive laws of the State of Ohio.

14.      VALIDITY.

         The invalidity or unenforceability of any provision or provisions of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.

15.      NOTICES.

         Any notice, request, claim, demand, document or other communication
hereunder to any party shall be effective upon receipt (or refusal of receipt)
and shall be in writing and delivered personally or sent by telex, telecopy, or
certified or registered mail, postage prepaid, as follows:

         (a) If to the Company, to:

         Dayton Superior Corporation
         7777 Washington Village Drive, Suite 130
         Dayton, OH  45459
         Attention: Corporate Secretary
         Phone:  (937) 428-6360
         Fax:  (937) 428-9115

                                       14
<PAGE>

with copies to:

         Odyssey Investment Partners Fund, LP
         280 Park Avenue
         West Tower, 38th Floor
         New York, New York 10017
         Attention: William Hopkins
         Phone:  (212) 351-7900
         Fax:  (212) 351-7925

and

         Latham & Watkins
         885 Third Avenue
         New York, New York 10022
         Attention: Bradd L. Williamson, Esq.
         Phone:  (212) 906-1200
         Fax:  (212) 751-4864

         (b) If to the Executive, to him at the address set forth below under
his signature, with a copy to:

         Squire, Sanders & Dempsey L.L.P.
         4900 Key Tower
         127 Public Square
         Cleveland, OH 44144-1304
         Attention:  Mary Ann Jorgenson
         Phone:  (216) 479-8654
         Fax:  (216) 479-8776

or at any other address as any party shall have specified by notice in writing
to the other party in accordance with this Section 15.

16.      COUNTERPARTS.

         This Agreement may be executed in several counterparts, each of which
shall be deemed to be an original, but all of which together shall constitute
one and the same Agreement.

17.      ENTIRE AGREEMENT.

         The terms of this Agreement, together with the Management Stockholders'
Agreement, the Option Plan and the Option Agreements, are intended by the
parties to be the final expression of their agreement with respect to the
employment of the Executive by the Company and may not be contradicted by
evidence of any prior or contemporaneous agreement. The parties further intend
that this Agreement, and the aforementioned contemporaneous documents, shall
constitute the complete and exclusive statement of its terms and that no
extrinsic evidence whatsoever may

                                       15
<PAGE>

be introduced in any judicial, administrative, or other legal proceeding to vary
the terms of this Agreement. Notwithstanding any of the foregoing to the
contrary, in the event of a conflict between the terms of this Agreement and the
Management Stockholders' Agreement, the terms of this Agreement shall govern.

18.      AMENDMENTS; WAIVERS.

         This Agreement may not be modified, amended, or terminated except by an
instrument in writing, signed by the Executive and the Chairman of the
Compensation Committee. By an instrument in writing similarly executed, the
Executive or the Company may waive compliance by the other party or parties with
any provision of this Agreement that such other party was or is obligated to
comply with or perform; PROVIDED, HOWEVER, that such waiver shall not operate as
a waiver of, or estoppel with respect to, any other or subsequent failure. No
failure to exercise and no delay in exercising any right, remedy or power
hereunder shall preclude any other or further exercise of any other right,
remedy or power provided herein or by law or in equity.

19.      NO INCONSISTENT ACTIONS.

         The parties hereto shall not voluntarily undertake or fail to undertake
any action or course of action inconsistent with the provisions or essential
intent of this Agreement. Furthermore, it is the intent of the parties hereto to
act in a fair and reasonable manner with respect to the interpretation and
application of the provisions of this Agreement.

20.      ARBITRATION.

         Any dispute or controversy arising under or in connection with this
Agreement shall be settled exclusively by arbitration, conducted before a panel
of three arbitrators in Cleveland, Ohio, in accordance with the rules of the
American Arbitration Association then in effect. Judgment may be entered on the
arbitrator's award in any court having jurisdiction; PROVIDED, HOWEVER, that the
Company shall be entitled to seek a restraining order or injunction in any court
of competent jurisdiction to prevent any continuation of any violation of the
provisions of Section 8 or 9 of this Agreement and the Executive hereby consents
that such restraining order or injunction may be granted without the necessity
of the Company's posting any bond; and PROVIDED FURTHER, that the Executive
shall be entitled to seek specific performance of his right to be paid until the
Date of Termination during the pendency of any dispute or controversy arising
under or in connection with this Agreement. Each of the parties hereto shall
bear its share of the fees and expenses of any arbitration hereunder.

21.      INDEMNIFICATION AND INSURANCE; LEGAL EXPENSES.

         During the Term and so long as the Executive has not breached any of
his obligations set forth in Sections 8 and 9, the Company shall indemnify the
Executive to the fullest extent permitted by the laws of the State of Delaware,
as in effect at the time of the subject act or omission, and shall advance to
the Executive reasonable attorneys' fees and expenses as such fees and expenses
are incurred (subject to an undertaking from the Executive to repay such
advances if it shall be finally determined by a judicial decision which is not
subject to further appeal that the Executive was not entitled to the
reimbursement of such fees and expenses) and

                                       16
<PAGE>

he shall be entitled to the protection of any insurance policies the Company
shall elect to maintain generally for the benefit of its directors and officers
("Directors and Officers Insurance") against all costs, charges and expenses
incurred or sustained by him in connection with any action, suit or proceeding
to which he may be made a party by reason of his being or having been a
director, officer or employee of the Company or any of its subsidiaries or his
serving or having served any other enterprise as a director, officer or employee
at the request of the Company (other than any dispute, claim or controversy
arising under or relating to this Agreement). The Company covenants to maintain
during the Term for the benefit of the Executive (in his capacity as an officer
and director of the Company) Directors and Officers Insurance providing
customary benefits to the Executive.

                            [signature page follows]

                                       17
<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Agreement, as
amended and restated, as of the Effective Date.

         DAYTON SUPERIOR CORPORATION

         By:/s/Alan F. McIlroy
            -----------------------------------------------------------
              Name:  Alan F. McIlroy
              Title:  Vice President and Chief Financial Officer

         EXECUTIVE

         /s/ John A. Ciccarelli
         --------------------------------------------------------------
         John A. Ciccarelli
         2626 Indian Wells Trail
         --------------------------------------------------------------
         Xenia, OH 45385
         --------------------------------------------------------------

              Address

         Upon the Effective Date, accepted and agreed to for purposes of Section
         3(b)

         ODYSSEY INVESTMENT PARTNERS FUND, LP

         By:      ODYSSEY CAPITAL PARTNERS, LLC,
                  its general partner

         By:/s/ William F. Hopkins
            -----------------------------------------
         Name:  William F. Hopkins
         Title:   Managing Principal

         Date: July 30, 2002
               --------------------------------------

                                       18

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