Document:

EXHIBIT 10.2

                        THE POST-2004 VARIABLE DEFERRED

                        COMPENSATION PLAN FOR DIRECTORS

                                    ARTICLE 1

                                    PURPOSE

         1.1 Purpose. The purpose of The Post-2004 Variable Deferred
Compensation Plan for Directors (the "Plan") is to provide a means whereby AXA
Equitable Life Insurance Company (hereinafter referred to as the "Company"), and
Affiliates (as defined in Article 2) that adopt the Plan pursuant to Section
1.2, may allow certain members of their Board(s) of Directors to defer the
receipt of their compensation on a tax-favored basis.

         1.2 Adoption of the Plan. With the Company's consent, an Affiliate may
adopt and join the Plan as an Employer (as defined in Article 2) for the benefit
of its Directors (as defined in Article 2). Such Affiliate shall assume the sole
responsibility for the obligations of this Plan with respect to its Directors by
executing an adoption and joinder agreement satisfactory in its form and terms
to the Company (or in accordance with such other procedures as the Company may
from time to time permit). An Affiliate shall cease to be an Employer under the
Plan on a date specified by the Company pursuant to the terms of the adoption
and joinder agreement or, if no such date is so specified, on the date such
Employer has no remaining obligations to its Directors under the Plan. In the
event that an Affiliate shall cease to be an Employer, all obligations incurred
by such Affiliate with respect to its Directors under the Plan prior to the date
it ceases to be an Employer shall continue to be the sole responsibility of that
Affiliate.

<PAGE>

                                       2

                                    ARTICLE 2

                                   DEFINITIONS

         Affiliate. "Affiliate" means any firm, partnership or corporation that
directly or indirectly through one or more intermediaries, controls, is
controlled by, or is under common control with another firm, partnership or
corporation.

         Beneficiary. "Beneficiary" means the person or persons designated as
such in accordance with Section 9.2.

         Board. "Board" means, collectively, the Board of Directors of the
Company and the Board(s) of Directors of any Affiliate(s) that adopt and join
the Plan pursuant to Section 1.2, as constituted from time to time, provided,
however, that where the context otherwise requires, "Board" shall mean one or
the other of such entities.

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

         Committee. "Committee" means the Officers Committee on Benefit Plans,
as constituted from time to time, or such other committee as may be designated
from time to time by the Board of Directors of the Company.

         Company. "Company" means AXA Equitable Life Insurance Company.

         Director. "Director" means a member of the Board.

<PAGE>

                                       3

         Earnings Crediting Options. "Earnings Crediting Options" means the
options elected by the Participant from time to time pursuant to which earnings
are credited to the Participant's Retirement Distribution Account.

         Effective Date.  "Effective Date" means the effective date of the Plan
which is November 11, 2004.

         Eligible Director. "Eligible Director" means a Director who is not an
Employee, and shall not include a Director who (a) is employed by AXA, or an
affiliate thereof, and (b) does not receive compensation for services as a
Director.

         Employee. "Employee" means any person employed by the Company and/or
its Affiliates on a regular full-time salaried basis or who is an officer of the
Company and/or its Affiliates.

         Employer. "Employer" means each of the Company and any Affiliates that
adopt and join the Plan pursuant to Section 1.2.

         Enrollment Agreement. "Enrollment Agreement" means the authorization
form which an Eligible Director files with the Committee or its designee to
participate in the Plan.

         Fees. "Fees" means with respect to a Participant for any Plan Year the
total of all meeting fees payable in cash to such Participant in connection with
the Participant's Service as a Director during the Plan Year, before reduction
pursuant to this Plan or any other plan or agreement of an Employer whereby

<PAGE>

                                       4

such compensation is reduced to provide benefits to the Participant, and
excluding any other compensation, payments and/or reimbursements.

         Grandfathered Participant. "Grandfathered Participant" means a
Participant who was a Director on or before March 30, 2002.

         Participant. "Participant" means an Eligible Director who has filed a
completed and executed Enrollment Agreement with the Committee or its designee
and is participating in the Plan in accordance with the provisions of Article 4.

         Plan. "Plan" means The Post-2004 Variable Deferred Compensation Plan
for Directors, as amended from time to time.

         Plan Year. "Plan Year" means the calendar year provided, however, that
the 2004 Plan Year shall commence on the Effective Date and shall end on
December 31, 2004.

         Retainer. "Retainer" means with respect to a Participant for any Plan
Year the annual retainer payable in cash to such Participant in connection with
the Participant's Service as a Director during the Plan Year, before reduction
pursuant to this Plan or any other plan or agreement of an Employer whereby such
compensation is reduced to provide benefits to the Participant, and excluding
any other compensation, payments and/or reimbursements.

<PAGE>

                                       5

         Retirement. "Retirement" means with respect to a Participant the
termination of the Participant's Service on the Board for reasons other than
death.

         Retirement Distribution Account. "Retirement Distribution Account" or
"Account" means, with respect to a Participant, the account established pursuant
to Section 5.1.

         Service. "Service" means the period of time during which an individual
performs services as a Director.

         Termination Date.  "Termination Date" means the date of termination of
a Participant's Service.

                                    ARTICLE 3

                           ADMINISTRATION OF THE PLAN

         The Committee is hereby authorized to administer the Plan and
establish, adopt, or revise such rules and regulations as it may deem necessary
or advisable for the administration of the Plan. The Committee shall have
discretionary authority to construe and interpret the Plan and to determine the
rights, if any, of Participants and Beneficiaries under the Plan. The
Committee's resolution of any matter concerning the Plan shall be final and
binding upon any Participant and Beneficiary affected thereby.

<PAGE>

                                       6

                                    ARTICLE 4

                                  PARTICIPATION

         4.1. Election to Participate. Any Eligible Director may enroll in the
Plan effective as of the first day of a Plan Year by filing a completed and
fully executed Enrollment Agreement with the Committee or its designee prior to
the beginning of such Plan Year. Notwithstanding the foregoing, however, an
individual who first becomes an Eligible Director after the start of a Plan Year
may enroll in the Plan by filing a completed and fully executed Enrollment
Agreement with the Committee or its designee within 30 days following the date
on which such individual first becomes an Eligible Director, provided, however,
that any election to defer Retainer and/or Fees, made by an Eligible Director
pursuant to this sentence, shall apply only to such amounts as are earned by the
Eligible Director after the date on which such Enrollment Agreement is filed.
Pursuant to said Enrollment Agreement, the Eligible Director shall irrevocably
elect the percentages, in whole percentages up to and including 100 percent, but
not less than ten (10) percent, by which the Retainer and/or Fees payable to
such Eligible Director for the Plan Year will be reduced, and shall provide such
other information as the Committee or its designee shall require.

                                    ARTICLE 5

                        RETIREMENT DISTRIBUTION ACCOUNTS

         5.1 Retirement Distribution Accounts. The Committee shall establish and
maintain a Retirement Distribution Account with respect to a Participant. The
amount by which a Participant's Retainer and/or Fees are reduced pursuant to
Section 4.1, net of any amounts otherwise deducted from such Retainer and/or

<PAGE>

                                       7

Fees to provide benefits to the Participant pursuant to any other plan or
agreement of an Employer, shall be credited to the Participant's Retirement
Distribution Account no later than the first day of the month following the
month in which such Retainer and/or Fees would otherwise have been paid. Any
amount once taken into account as Retainer and/or Fees for purposes of this Plan
shall not be taken into account thereafter. The Participant's Retirement
Distribution Account shall be reduced by the amount of any payments made to the
Participant or the Participant's Beneficiary pursuant to this Plan.

         5.2 Earnings on Retirement Distribution Accounts. A Participant's
Retirement Distribution Account shall be credited with earnings (positive or
negative) in accordance with the Earnings Crediting Options elected by the
Participant from time to time. A Participant may allocate his or her Retirement
Distribution Account among the Earnings Crediting Options available under the
Plan only in whole percentages of not less than five (5) percent. The rate of
return, positive or negative, credited under each Earnings Crediting Option is
based upon the actual performance of the corresponding investment portfolio of
the Equitable Advisors Trust, an open-end management investment Company under
the Investment Company Act of 1940, as amended from time to time, and/or such
other investment fund as the Company may designate from time to time, and shall
equal the total return of such investment fund net of asset based charges,
including, without limitation, money management fees, fund expenses and
mortality and expense risk insurance contract charges, but not 12b-1 fees, as
determined by the Company. Notwithstanding the foregoing, however, the Company
reserves the right, on a prospective basis, to add or delete Earnings Crediting
Options, or to disregard Participants' investment allocations and credit their
Retirement Distribution Accounts with a fixed rate of interest determined in

<PAGE>

                                       8

the Company's sole discretion, provided, however, that any such change in the
Earnings Crediting Options available under the Plan, including the crediting of
a fixed rate of interest in place of Participants' investment allocations, will
only affect the rate at which earnings will be credited to a Participant's
Retirement Distribution Account in the future, and will not affect the value of
a Participant's existing Retirement Distribution Account, including any earnings
credited under the Plan up to the date of such change.

         5.3 Earnings Crediting Options. Except as otherwise provided pursuant
to Section 5.2, the Earnings Crediting Options available under the Plan shall
consist of options which correspond to certain investment portfolios of the
Equitable Advisors Trust. The current list of such options is included in
Appendix A and may be amended from time to time by the Committee or its
designee.

         Notwithstanding that the rates of return (positive or negative)
credited to a Participant's Retirement Distribution Account under the Earnings
Crediting Options are based upon the actual performance of the corresponding
portfolios of the Equitable Advisors Trust, and/or such other investment funds
as the Company may designate, no Employer shall be obligated to invest any
Retainer and/or Fees deferred by Participants under this Plan, or any other
amounts, in such portfolios or in any other investment funds.

         5.4 Changes in Earnings Crediting Options. A Participant, or in the
case of the Participant's death, the Participant's Beneficiary, may change the
Earnings Crediting Options to which the Participant's Retirement Distribution
Account is allocated at any time. Each such change may include (a) reallocation
of the Participant's Account, and/or (b) change in investment allocation of
amounts to

<PAGE>

                                       9

be credited to the Participant's Account in the future, as the Participant or
Beneficiary may elect. Notwithstanding the foregoing, the Committee or its
designee may limit the Participant's or Beneficiary's ability to change the
Earnings Crediting Options to which the Participant's Retirement Distribution
Account is allocated if the Committee or its designee reasonably suspects that
the Participant or Beneficiary is engaged in market-timing type activity.

         5.5 Valuation of Accounts. The value of a Participant's Retirement
Distribution Account as of any date shall equal the amounts theretofore credited
to such Account, including any earnings (positive or negative) deemed to be
earned on such Account in accordance with Section 5.2 through the day preceding
such date, less the amounts theretofore deducted from such Account.

         5.6 Statement of Accounts. The Committee or its designee shall provide
to each Participant, not less frequently than semiannually, a statement in such
form as the Committee or its designee deems desirable setting forth the balance
standing to the credit of the Participant in the Participant's Retirement
Distribution Account.

         5.7 Distributions from Accounts. Any distribution made to or on behalf
of a Participant from a Retirement Distribution Account in an amount which is
less than the entire balance of any such Account shall be made pro rata from
each of the Earnings Crediting Options to which such Account is then allocated.

<PAGE>

                                       10

                                    ARTICLE 6

                            BENEFITS TO PARTICIPANTS

         6.1 Commencement of Benefits. Subject to Section 6.2, in the case of a
Participant whose Service terminates other than on account of his death,
distribution of the Participant's Retirement Distribution Account shall commence
in any January or July following the Participant's Termination Date, provided
that distributions must commence by either the first January or the first July
following the Participant's attainment of age 70 (72 in the case of a
Grandfathered Participant), as elected by the Participant in the Enrollment
Agreement pursuant to which such Retirement Distribution Account was established
or as subsequently elected by the Participant in accordance with Section 9.3.

              6.2 Form of Benefits. In the case of a Participant whose Service
terminates other than on account of death, the Participant's Retirement
Distribution Account for any Distribution Option Period shall be distributed (a)
in a lump sum, or (b) annual installments over consecutive years, as elected by
the Participant in the Enrollment Agreement pursuant to which such Retirement
Distribution Account was established or as subsequently elected by the
Participant in accordance with Section 9.3. Any lump-sum benefit payable in
accordance with this paragraph shall be paid in an amount equal to the value of
such Retirement Distribution Account as of the last business day of the calendar
month immediately preceding the date of payment. Annual installment payments, if
any, shall be in an amount specified by the Participant in the Enrollment
Agreement pursuant to which such Account was established, or as subsequently
specified by the Participant in accordance with Section 9.3, and expressed as
either (i) a dollar amount or (ii) as a percentage of the value of the

<PAGE>

                                       11

Account provided, however, that (i) if the Participant specifies a dollar
amount, such installment will be limited to the lower of such amount and the
value of the Account as of the last business day of the month preceding the date
of payment and (ii) if the Participant specifies a percentage of the value of
the Account, the value of the Account will be measured as of the last business
day of the month preceding the date of payment. If the Participant does not
specify an annual installment amount, the annual installment shall be in an
amount equal to (i) the value of such Retirement Distribution Account as of the
last business day of the month preceding the date of payment divided by the
number of annual installments remaining.

                                    ARTICLE 7

                                SURVIVOR BENEFITS

         7.1 Death of Participant Prior to the Commencement of Benefits. In the
event of a Participant's death prior to the commencement of benefits in
accordance with Article 6, benefits shall be paid to the Participant's
Beneficiary, as determined under Section 9.2, pursuant to this Section, in lieu
of any benefits otherwise payable under the Plan to or on behalf of such
Participant.

         (a) Commencement of Survivor Benefits. In the case of a Participant who
dies prior to the commencement of benefits in accordance with Article 6 under
the Participant's Retirement Distribution Account, distribution of such
Retirement Distribution Account shall commence in any January or July following
the Participant's Termination Date, provided that distributions must commence by
either the first January or the first July following the date the Participant
would have attained age 70 (72 in the case of a Grandfathered Participant), had
the

<PAGE>

                                       12

Participant lived, as elected by the Participant in the Enrollment Agreement
pursuant to which such Account was established or as subsequently elected by the
Participant in accordance with Section 9.3.

         (b) Form of Survivor Benefits. In the case of a Participant who
dies prior to the commencement of distributions from the Participant's
Retirement Distribution Account, distribution of the Retirement Distribution
Account shall be made (i) in a lump sum, or (ii) in annual installments over
consecutive years, as elected by the Participant in the Enrollment Agreement
pursuant to which such Account was established or as subsequently elected by the
Participant in accordance with Section 9.3. The amount of any lump-sum benefit
payable in accordance with this Section shall equal the value of such Retirement
Distribution Account as of the last business day of the calendar month
immediately preceding the date on which such benefit is paid. The amount of any
annual installment benefit payable in accordance with this Section shall be in
an amount specified by the Participant in the Enrollment Agreement pursuant to
which such Account was established, or as subsequently specified by the
Participant in accordance with Section 9.3, and expressed as either (i) a dollar
amount or (ii) as a percentage of the value of the Account provided, however,
that (i) if the Participant specifies a dollar amount, such installment will be
limited to the lower of such amount and the value of the Account as of the last
business day of the month preceding the date of payment and (ii) if the
Participant specifies a percentage of the value of the Account, the value of the
Account will be measured as of the last business day of the month preceding the
date of payment. If the Participant does not specify an annual installment
amount, the annual installment shall be in an amount equal to (i) the value of
such Retirement Distribution Account as of the last business day of the month

<PAGE>

                                       13

preceding the date of payment divided by the number of annual installments
remaining.

         7.2 Death of Participant After Benefits Have Commenced. In the case of
a Participant who dies after the commencement of annual installment benefits
pursuant to Article 6 from the Participant's Retirement Distribution Account,
but before the entire balance of such Retirement Distribution Account has been
paid, any remaining installments shall continue to be paid to the Participant's
Beneficiary, as determined under Section 9.2, at such times and in such amounts
as they would have been paid to the Participant had the Participant survived.

                                    ARTICLE 8

                                   WITHDRAWALS

         8.1 Emergency Withdrawal. In the event that the Committee or its
designee, upon written request of a Participant, determines, in its sole
discretion, that the Participant has suffered an unforeseeable emergency as
defined in Code Section 409A(a)(2)(B)(ii), the Participant's Employer shall pay
to the Participant, as soon as practicable following such determination, an
amount necessary to meet the emergency, after deducting any and all taxes as may
be required pursuant to Section 9.9, after taking into account the extent to
which such hardship is or may be relieved through reimbursement or compensation
by insurance or otherwise or by liquidation of the Participant's assets (the
"Emergency Benefit"). Emergency Benefits shall be paid from the Participant's
Retirement Distribution Account, to the extent the balance of the Retirement
Distribution Account is sufficient to meet the emergency. With respect to that

<PAGE>

                                       14

portion of any Retirement Distribution Account which is distributed to a
Participant as an Emergency Benefit, in accordance with this Article, no further
benefits shall be payable to the Participant under the Plan. Notwithstanding
anything in this Plan to the contrary, a Participant who receives an Emergency
Benefit in any Plan Year shall not be entitled to make any further deferrals for
the remainder of such Plan Year.

                                    ARTICLE 9

                                  MISCELLANEOUS

         9.1 Amendment and Termination. The Plan may be amended, suspended,
discountinued or terminated at any time by the Board of Directors of The
Equitable Life Assurance Society of the United States or by any other entity
authorized by it, provided, however, that no such amendment, suspension,
discontinuance or termination shall reduce or in any manner adversely affect the
rights of any Participant with respect to benefits that are payable or may
become payable under the Plan based upon the balance of the Participant's
Account as of the effective date of such amendment, suspension, discontinuance
or termination.

         9.2 Designation of Beneficiary. Each Participant may designate a
Beneficiary or Beneficiaries (which Beneficiary may be an entity other than a
natural person) to receive any payments which may be made following the
Participant's death. Such designation may be changed or canceled at any time
without the consent of any such Beneficiary. Any such designation, change or
cancellation must be made in a form approved by the Committee or its designee
and shall not be effective until received by the Committee or its designee. If
no

<PAGE>

                                       15

Beneficiary has been named, or the designated Beneficiary or Beneficiaries
shall have predeceased the Participant, the Beneficiary shall be the
Participant's estate. If a Participant designates more than one Beneficiary, the
interests of such Beneficiaries shall be paid in equal shares, unless the
Participant has specifically designated otherwise.

         9.3 Changes of Elections. Participants may change their elections under
Sections 6.1, 6.2 and 7.1 at any time prior to the commencement of payments from
their Account by filing with the Committee or its designee a fully executed
Enrollment Agreement or other form approved by the Committee or its designee
(hereinafter, collectively referred to as the "Change Form") requesting the
change in election. Notwithstanding the foregoing, (i) any change of election
will take effect only for payments due a Participant more than twelve months
from the date the Change Form is filed with the Committee or its designee, (ii)
a change in election may not accelerate the time or schedule of any payment
under the Plan, (iii) in the case of an election not related to a distribution
due to disability, death or an unforeseeable emergency, any change to such
election must provide that the first payment with respect to which the election
was made will be deferred for a period of not less than 5 years from the date
such payment would otherwise have been made and (iv) in the case of an election
related to a distribution based on a specified date (or pursuant to a fixed
schedule) specified under the Plan at the date of the deferral of the
compensation, any change to such election may not be made less than 12 months
prior to the date of the first scheduled payment under such election.

         9.4. Limitation of Participant's Right. Nothing in this Plan shall be
construed as conferring upon any Participant any right to continue in Service as

<PAGE>

                                       16

a Director, nor shall it interfere with the rights of an Employer to terminate
the Service of any Participant on the Board and/or to take any other action
affecting any Participant without regard to the effect which such action may
have upon such Participant as a recipient or prospective recipient of benefits
under the Plan.

         9.5 No Limitation on Corporation Actions. Nothing contained in the Plan
shall be construed to prevent an Employer and/or its Affiliates from taking any
corporate action which is deemed by them to be appropriate or in their best
interest. No Participant, Beneficiary or other person shall have any claim
against an Employer and/or its Affiliates as a result of any such action.

         9.6 Obligations to an Employer and its Affiliates. If a Participant
becomes entitled to a distribution of benefits under the Plan, and if at such
time the Participant has outstanding any debt, obligation, or other liability
representing an amount owing to an Employer and/or its Affiliates, then the
Participant's Employer may offset such amount owed to it and/or its Affiliates
against the amount of benefits otherwise distributable. Such determination shall
be made by the Committee or its designee.

         9.7 Nonalienation of Benefits. Except as expressly provided herein, no
Participant or Beneficiary shall have the power or right to transfer (otherwise
than by will or the laws of descent and distribution), alienate, or otherwise
encumber the Participant's interest under the Plan. An Employer's obligations
under this Plan are not assignable or transferable except to (a) a corporation
which acquires all or substantially all of the Employer's assets or (b) any
corporation into which the Employer may be merged or consolidated. The
provisions of the

<PAGE>

                                       17

Plan shall inure to the benefit of each Participant and the Participant's
Beneficiaries, heirs, executors, administrators or successors in interest.

         9.8 Protective Provisions. Each Participant shall cooperate by
furnishing any and all information requested in order to facilitate the payment
of benefits hereunder, taking such physical examinations as the Committee or its
designee may deem necessary and taking such other relevant action as may be
requested. If a Participant refuses to cooperate, the Participant's Employer
shall have no further obligation to the Participant under the Plan, other than
payment to such Participant of the then current balance of the Participant's
Retirement Distribution Account.

         9.9 Withholding Taxes. An Employer may make such provisions and take
such action as it may deem necessary or appropriate for the withholding of any
taxes which the Employer is required by any law or regulation of any
governmental authority, whether Federal, state or local, to withhold in
connection with any benefits under the Plan, including, but not limited to, the
withholding of appropriate sums from any amount otherwise payable to the
Participant (or the Participant's Beneficiary). Each Participant, however, shall
be responsible for the payment of all individual tax liabilities relating to any
such benefits.

         9.10 Unfunded Status of Plan. The Plan is intended to constitute an
"unfunded" plan of deferred compensation for Participants. Benefits payable to a
Participant hereunder shall be payable out of the general assets of the
Participant's Employer, and no segregation of any assets whatsoever for such
benefits shall be made. With respect to any payments not yet made to a

<PAGE>

                                       18

Participant, nothing contained herein shall give any such Participant any rights
that are greater than those of a general creditor of the Participant's Employer.

         9.11 Severability. If any provision of this Plan is held unenforceable,
the remainder of the Plan shall continue in full force and effect without regard
to such unenforceable provision and shall be applied as though the unenforceable
provision were not contained in the Plan.

         9.12 Governing Law. The Plan shall be construed in accordance with and
governed by the laws of the State of New York, without reference to the
principles of conflict of laws.

         9.13 Headings. Headings are inserted in this Plan for convenience of
reference only and are to be ignored in the construction of the provisions of
the Plan.

         9.14 Gender, Singular & Plural. All pronouns and any variations thereof
shall be deemed to refer to the masculine, feminine, or neuter, as the identity
of the person or persons may require. As the context may require, the singular
may be read as the plural and the plural as the singular.

         9.15 Notice. Any notice or filing required or permitted to be given to
the Committee or its designee under the Plan shall be sufficient if in writing
and hand delivered, or sent by registered or certified mail.

         9.16 Code Section 409A. This Plan is intended to comply with the
requirements of Code Section 409A(a)(2), (a)(3) and (a)(4) and no term of this

<PAGE>

                                       19

Plan shall be interpreted, amended or altered, nor shall any discretion or
authority granted under the Plan be so exercised so as to cause the Plan to fail
to comply with such requirements.

                                   ARTICLE 10

                                    SIGNATURE

         This Plan is adopted and approved to be effective as of November 11,
2004.

184771/Nov. 2004

<PAGE>

APPENDIX A

AXA Premier VIP Core Bond
EQ/Alliance Quality Bond
EQ/Alliance Intermediate Government Securities
AXA Premier VIP High Yield
EQ/Money Market
EQ/J.P. Morgan Core Bond
AXA Premier VIP Aggressive Equity
EQ/Alliance Common Stock
EQ/Alliance Growth and Income
EQ/Alliance Premier Growth
EQ/Bernstein Diversified Value
EQ/Capital Guardian Research
EQ/Capital Guardian U.S. Equity
EQ/Equity 500 Index
AXA Premier VIP Large Cap Core Equity
AXA Premier VIP Large Cap Growth
AXA Premier VIP Large Cap Value
EQ/Janus Large Cap Growth
EQ/Marsico Focus
EQ/Mercury Basic Value Equity
EQ/MFS Emerging Growth Companies
EQ/MFS Investors Trust
EQ/Putnam Growth & Income Value
AXA Premier VIP Small/Mid Cap Growth
AXA Premier VIP Small/Mid Cap Value
EQ/Alliance Small Cap Growth
EQ/FI Mid Cap
EQ/FI Small/Mid Cap Value
EQ/Lazard Small Cap Value
EQ/Alliance International
EQ/Emerging Markets Equity
EQ/Mercury International Value
AXA Moderate Allocation
AXA Premier VIP TechnologySEVERANCE AGREEMENT

     THIS SEVERANCE AGREEMENT (this "Agreement") is made as of November 12, 2004
between KinderCare Learning Centers, Inc. (the "Company"), and Dan Jackson (the
"Executive").

                                    RECITALS

     A. The Company considers it essential to the best interests of its
stockholders to foster the continuous employment of key management personnel. In
connection with this, the Company's Board of Directors (the "Board") recognizes
that, as is the case with many publicly held corporations, the possibility of a
change in control of the Company may exist and that such possibility, and the
uncertainty and questions that it may raise among management, could result in
the departure or distraction of management personnel to the detriment of the
Company and its stockholders.

     B. The Executive possesses an intimate knowledge of the Company and the
Board believes that it is desirable that the Company be able to call on and rely
upon the counsel and advice of the Executive during a prospective change in
control of the Company.

     C. In order to induce the Executive to remain in the Company's employ and
to enhance the Company's ability to call on and rely on the Executive's counsel
and advice in the event of a possible change in control of the Company, the
Board desires to have the Company enter into this Agreement with the Executive.

     D. In consideration of the mutual promises and covenants made herein and
other good and valuable consideration, the receipt and adequacy of which is
hereby acknowledged, the parties agree as follows:

                                    AGREEMENT

1. DEFINITIONS. Capitalized terms used in this Agreement shall have the meanings
assigned to them in the attached Appendix I or as otherwise defined herein.

2. OPERATION OF AGREEMENT.

     (a) Approval by Board of Directors. This Agreement has been approved by the
Board and is effective as of the date set forth above.

     (b) Effectiveness of Certain Provisions. The provisions of Paragraphs 3 and
4 of this Agreement shall not become effective unless and until (i) there is a
Change of Control Event and (ii) the Executive is employed by the Company at the
time of such Change of Control Event.

     (c) No Restriction on the Company. Nothing in this Agreement restricts the
Company's right to terminate the Executive's employment with the Company at any
time before or after a Change of Control Event for any reason with or without
Cause and with or without notice or requires the Company to make any payments to
the Executive in connection with any termination of the Executive's employment
before a Change of Control Event.

     (d) Term and Termination of Agreement. This Agreement shall terminate on
the first to occur of the following:

          (i) Twenty-four (24) months after a Change of Control Event; or

          (ii) The termination of the Executive's employment with the Company
prior to a Change of Control Event; or

          (iii) The termination of the Executive's employment with the Company
following a Change of Control Event due to any of the following reasons: (a)
termination by the Company for Cause, (b) death of the Executive, or (c)
Permanent Disability of the Executive.

     If no Change of Control Event has occurred on or before March 31, 2006,
this Agreement will terminate on April 1, 2006.

3. PAYMENTS AND BENEFITS UPON TERMINATION. Subject to Paragraph 2 and contingent
upon the Executive's execution of the Release of Claims in the form of Appendix
II and the expiration of the seven day revocation period provided by the Older
Workers Benefit Protection Act without revocation of the release by the
Executive, the Company shall make the following payments to the Executive
following a Termination and with respect to a Change of Control Event:

     (a) Accrued Compensation. The Company shall pay to the Executive the
following amounts when they are due, but in no event later than ten days after
the date of Termination: (i) the Executive's unpaid salary and car allowance
through the date of the Termination at the rate in effect at the date of
Termination, (ii) any unpaid bonuses due the Executive under the Company's
Management Bonus Plan with respect to any prior year of such plan and (iii) a
bonus under the Company's Management Bonus Plan or bonus plan then in effect for
the plan year in which the Termination occurs, pro rated through the date of
Termination based on (x) the number of days on which the Executive was employed
by the Company during the plan year prior to the date of Termination, (y) with
respect to the Company performance portion, the estimated formula payout for the
plan year based on the actual results through the date of Termination compared
to the year-to-date budget and (z) the individual objective portion of such
bonus being the greater of the target amount for the year or the amount of the
individual objective portion of the Executive's bonus for the prior plan year.
In addition, the Company shall pay the Executive all other amounts to which the
Executive is entitled under any Company plan, agreement or policy, other than
the Company's severance pay plans, at the time such payments are due.

     (b) Termination Payment. The Company shall pay the Executive within ten
days after the date of a Termination an amount equal to the product of x the sum
of (i) the Executive's annual base salary in effect immediately prior to the
date of Termination and targeted incentive bonus under the Company's Management
Bonus Plan for the plan year in which the Change of Control Event takes place
and (ii) 25% of the amount of such base salary as a benefits allowance,
multiplied by y 2.5. An example of the calculation of the Executive's
Termination Payment is set forth in the attached Appendix III.

     (c) Plan Benefits. Upon a Termination, the Executive's active participation
in the KinderCare Savings and Investment Plan (the "Savings Plan") and
Nonqualified Deferred Compensation Plan (the "Deferred Compensation Plan")
(collectively, the "Plans") shall terminate in accordance with the provisions of
the applicable Plan and the Executive's benefits with respect to the Plans shall
be paid in accordance with the terms of the applicable Plan, provided, however,
that the Executive shall be fully vested in the Executive's accounts in each of
the Plans as of the date of the Termination. The Termination Payment made
pursuant to Paragraph 3(b) above shall not affect the calculation of benefits
under the Plans and therefore shall not in any way increase or reduce the amount
payable to the Executive under the Plans. To the extent that the Executive's
account under the Savings Plan cannot be fully vested without adversely
affecting the qualified status of the Savings Plan under the Internal Revenue
Code of 1986, as amended (the "Code"), the Company shall pay the Executive an
additional benefit under the Deferred Compensation Plan at the time the
Executive's Deferred Compensation Plan benefits are payable in an amount equal
to the unvested portion of the Executive's account in the Savings Plan.

     (d) INTENTIONALLY OMITTED.

     (e) Taxes With Respect To Payments. In connection with a Change of Control
Event, the Company's accountants, Deloitte & Touche LLP, shall promptly
determine whether any payments, distributions or benefits (or the acceleration
of the right to receive any payments, distributions or benefits) received or to
be received by the Executive from the Company or any affiliate of the Company
under this Agreement or under any other agreement, plan or otherwise
("Payments") are subject to the excise tax imposed by Section 4999 of the Code
(the "Excise Tax"). Deloitte & Touche LLP shall make this determination without
applying the exemption for small business corporations contained in Section
280G(b)(5) of the Code unless Deloitte & Touche LLP delivers a written opinion
reasonably satisfactory to the Executive that the exemption does apply. If
Deloitte & Touche LLP determines that Payments are subject to the Excise Tax,
then the Company shall pay to the Executive an additional payment (the "Excise
Tax Gross-Up Payment") at the time such Payments are made to the Executive. The
amount of the Excise Tax Gross-Up Payment shall be the amount as determined by
Deloitte & Touche LLP necessary to put the Executive in the same after-tax
financial position that the Executive would have occupied if the Payments were
not subject to the Excise Tax, assuming for this purpose that the Executive is
subject to federal and state income tax at the highest marginal rates applicable
to individuals in the state in which the Executive resides in the year in which
any Excise Tax Gross-Up Payment is made. If, after Payments and any related
Excise Tax Gross-Up Payment are made to an Executive, there is a determination,
within the meaning of Section 1313 of the Code, that Excise Tax is owed by the
Executive in an amount greater than the amount originally determined by Deloitte
& Touche LLP, then the Company shall pay an additional Excise Tax Gross-Up
Payment to the Executive with respect to the additional Excise Tax. Any Excise
Tax Gross-Up Payment required pursuant to this Agreement shall be paid to the
Executive less applicable withholding. The Executive shall promptly inform the
Company of, and shall permit participation by the Company in, any investigation,
audit or other proceeding by or with the Internal Revenue Service or any other
taxing authority with respect to Excise Tax, and shall not consent to a
settlement or final determination with respect to Excise Tax without the prior
written consent of the Company, which shall not be withheld unreasonably.

     (f) No Mitigation. All payments and benefits to which the Executive is
entitled under this Agreement shall be made and provided without offset,
deduction or mitigation on account of income the Executive may receive from
other employment, and the Executive shall have no duty to mitigate by seeking
other employment or by becoming self-employed.

     (g) Death of the Executive. In the event of the Executive's death
subsequent to a Termination, all payments and benefits required by this
Agreement shall be paid to the Executive's designated beneficiary or
beneficiaries or, if the Executive has not designated a beneficiary or
beneficiaries, to the Executive's estate.

     (h) Exclusive Remedy. In the event the Executive accepts the payments and
benefits called for pursuant to this Agreement, such payments and benefits shall
be the sole and exclusive remedy for any alleged injury or other damages arising
out of the cessation of the employment relationship between the Executive and
the Company. Except as expressly set forth herein, the Executive shall be
entitled to no other compensation, benefits, or other payments from the Company
as a result of the termination of the Executive's employment.

4. OUTPLACEMENT SERVICES. Outplacement services will be provided at the expense
of the Company under a preferred client contract with Drake, Beam, Morin, Inc.
of Portland, Oregon. These services will consist of the Senior Executive Program
provided by such firm at an approximate cost of $12,000 per person and will be
available for six (6) months following the date of Termination.

5. CONFLICT IN BENEFITS. This Agreement shall supersede all prior arrangements
and understandings between the Executive and the Company with respect to any
compensation or benefits payable to the Executive upon a Termination or in
connection with a Change of Control Event. Notwithstanding the forgoing, this
Agreement shall not supersede or affect any rights the Executive may have under
the following plans and agreements:

     (a) Management Bonus Plan,

     (b) Nonqualified Option Agreement and 1997 Stock Purchase and Option Plan
for Key Employees of the Company and Subsidiaries,

     (c) Management Stockholder's Agreement,

     (d) Savings Plan, and

     (e) Deferred Compensation Plan.

6. MISCELLANEOUS.

     (a) Legal Expenses. The Company shall pay all costs and expenses, including
attorney's fees and disbursements, of the Company and, at least monthly, the
Executive, in connection with any proceeding whether instituted by the Company
or the Executive relating to the interpretation or enforcement of any provision
of this Agreement (including in any action seeking to obtain or enforce any
right or benefit provided by this Agreement or in connection with any tax audit
or proceeding relating to the application of Section 4999 of the Code to any
payment or benefit provided by the Company or any appellate proceeding). The
Company also agrees to pay prejudgment interest on any money judgment obtained
by the Executive as a result of such proceeding, from the date that payment
should have been made to the Executive under this Agreement at the prime rate as
announced from time to time by Bank of America.

     (b) Notices. Any notice or other communication provided for in this
Agreement or contemplated hereby shall be sufficiently given if given in writing
and personally delivered or delivered by certified mail, return receipt
requested, and addressed, in the case of the Company, to the Company at:

                           KinderCare Learning Centers, Inc.
                           650 NE Holladay Street, Suite 1400
                           Portland, OR 97232
                           Attn:  General Counsel

and, in the case of the Executive, to the Executive at:

                           Dan Jackson
                           2709 NW 133rd Circle
                           Vancouver, WA 98685

Either party may designate a different address by giving written notice of
change of address in the manner provided above.

     (c) Waiver. No waiver or modification in whole or in part of this
Agreement, or any term or condition hereof, shall be effective against any party
unless in writing and duly signed by the party sought to be bound and expressing
the intent of the parties to waive or modify this Agreement. Any waiver of any
breach of any provision hereof or any right or power by any party on one
occasion shall not be construed as a waiver of, or a bar to, the exercise of
such right or power on any other occasion or as a waiver of any subsequent
breach.

     (d) Binding Effect; Successors. This Agreement shall be binding upon, inure
to the benefit of and be enforceable by the Company and the Executive and their
respective heirs, legal representatives, successors and assigns. For purposes of
the foregoing, the successors to the Company shall include, without limitation,
successors (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the assets of the Company (a "Company
Successor"). If the Company shall be merged into or consolidated with another
entity, the provisions of this Agreement shall be binding upon and inure to the
benefit of the entity surviving such merger or resulting from such
consolidation. The provisions of this Paragraph 7(d) shall continue to apply to
each subsequent employer of the Executive hereunder in the event of any
subsequent merger, consolidation or transfer of assets of such subsequent
employer.

     (e) Severability. Any provision of this Agreement which is unenforceable or
invalid in any respect in any jurisdiction shall be ineffective in such
jurisdiction to the extent that it is unenforceable or invalid without affecting
the remaining provisions hereof, which shall continue in full force and effect.
The unenforceability or invalidity of a provision of this Agreement in one
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

     (f) Controlling Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Oregon applicable to contracts made and
to be performed therein.

     (g) No Employment Right Created. Nothing in this Agreement shall confer on
the Executive any right to continue in the employ of the Company or shall
interfere with or restrict in any way the rights of the Company, which are
hereby expressly reserved, to discharge the Executive at any time for any reason
whatsoever, with or without Cause, except as may be otherwise provided in any
written employment agreement between the Executive and the Company. This
Agreement shall not constitute an agreement for employment.

<PAGE>
         IN WITNESS WHEREOF, the Company and the Executive have executed this
Agreement as of the day and year first above written.

COMPANY:                               Executive:

KinderCare Learning Centers, Inc.

By: /s/ EDWARD BREWINGTON              /s/ DAN JACKSON
    ------------------------------     -----------------------------------------
Title: Senior Vice President,          Dan Jackson
       Human Resources & Education

<PAGE>
                                   APPENDIX I

     Definitions. As used in this Agreement, and unless the context requires a
different meaning, the following terms have the meanings indicated.

     (i) "Cause" means (i) the Executive's willful and continued failure to
perform Executive's duties with respect to the Company or its subsidiaries which
continues beyond ten days after a written demand for substantial performance is
delivered to the Executive by the Company and which could reasonably result in
demonstrable and substantial injury to the Company or (ii) misconduct by
Executive (x) involving dishonesty or breach of trust in connection with
Executive's employment, (y) which would be a reasonable basis for an indictment
of Executive for a felony or for a misdemeanor involving moral turpitude, or (z)
which results in demonstrable and substantial injury to the Company.

     (ii) "Change of Control Event" means any one of the following: (a) the
consummation of a sale, lease, transfer, conveyance or other disposition (other
than by way of merger or consolidation), in one or a series of related
transactions, of all or substantially all of the assets of the Company and its
subsidiaries, taken as a whole, to any person except a person in which the
stockholders of the Company own, directly or indirectly, a majority of the
voting power of such person's outstanding equity securities immediately
following such transaction; (b) the consummation of any transaction which
results in another person or group (other than KLC Associates, L.P., KLC
Associates II, L.P. or any of their affiliates, partners or partners'
affiliates) becoming the "beneficial owner" (as defined in Rules l3d-3 and l3d-5
of the Securities Exchange Act of 1934) directly or indirectly, of 25% or more
of aggregate total voting power of the outstanding equity securities of the
Company if after such transaction KLC Associates, L.P, KLC Associates II, L.P.
and any of their partners, affiliates and partners' affiliates as a group, are
the beneficial owners, directly or indirectly, of less of the aggregate total
voting power of the outstanding equity securities of the Company than such
acquiring person or group; or (c) the Company consolidates with, or merges with
or into, another person, unless immediately after giving effect to such
transaction, the stockholders of the Company immediately prior to such
transaction own, directly or indirectly, and in the same proportion as
immediately prior to the transaction, a majority of the voting power of the
outstanding equity securities of the person surviving or created in such merger
or consolidation or of the person which owns a majority of the voting power of
such surviving or created person's equity securities immediately following such
transaction.

     (iii) INTENTIONALLY OMITTED

     (iv) "Permanent Disability" means, as applied to the Executive, that (a)
the Executive has been totally incapacitated by bodily injury or disease so as
to be prevented thereby from engaging in any occupation or employment for
remuneration or profit, (b) such total incapacity shall have continued for a
period of six consecutive months and (c) such total incapacity will, in the
opinion of a qualified physician approved by the Executive and Company, be
permanent and continuous during the remainder of the Executive's life.

     (v) "Termination" means any termination of the employment of the Executive
following the occurrence of any Change of Control Event, by the Company except
for Cause or by the Executive for any reason; provided, however, that
"Termination" shall not include any termination of the employment of the
Executive (a) by the Company as a result of the Permanent Disability of the
Executive, or (b) as a result of the death of the Executive.

<PAGE>
                                   APPENDIX II
                                RELEASE OF CLAIMS

1. Parties.

     The parties to Release of Claims (hereinafter "Release") are Dan Jackson
and KinderCare Learning Centers, Inc., a Delaware corporation, as hereinafter
defined.

     1.1 Executive.

     For the purposes of this Release, "Executive" means Dan Jackson and his or
her attorneys, heirs, executors, administrators, assigns, and spouse.

     1.2 The Company.

     For purposes of this Release "Company" means KinderCare Learning Centers,
Inc., a Delaware corporation, its predecessors and successors, corporate
affiliates, and all of each corporation's officers, directors, employees,
insurers, agents, or assigns, in their individual and representative capacities.

2. Background And Purpose.

     Executive was employed by Company. Executive's employment is ending
effective __________ under the conditions described in Section 3 of the
Severance Agreement dated November 12, 2004 between Company and Executive
("Agreement").

     The purpose of this Release is to settle, and the parties hereby settle,
fully and finally, any and all claims Executive may have against Company,
whether asserted or not, known or unknown, including, but not limited to, claims
arising out of or related to Executive's employment, any claim for reemployment,
or any other claims whether asserted or not, known or unknown, past or future,
that relate to Executive's employment, reemployment, or application for
reemployment.

3. Release.

     Except as provided in paragraph 3.1, Executive waives, acquits and forever
discharges Company from any obligations Company has and all claims Executive may
have including but not limited to obligations and/or claims arising from the
Agreement or any other document or oral agreement relating to employment
compensation, benefits, severance or post-employment issues. Executive hereby
releases Company from any and all claims, demands, actions, or causes of action,
whether known or unknown, arising from or related in any way to any employment
of or past or future failure or refusal to employ Executive by Company, or any
other past or future claim (except as reserved by this Release or where
expressly prohibited by law) that relates in any way to Executive's employment,
compensation, benefits, reemployment, or application for employment, with the
exception of any claim Executive may have against Company for enforcement of
this Release. This release includes any and all claims, direct or indirect,
which might otherwise be made under any applicable local, state or federal
authority, including but not limited to any claim arising under state statutes
dealing with employment, discrimination in employment, Title VII of the Civil
Rights Act of 1964, the Civil Rights Act of 1991, the Americans With
Disabilities Act, the Family and Medical Leave Act of 1993, the Equal Pay Act of
1963, Executive Order 11246, the Rehabilitation Act of 1973, the Uniformed
Services Employment and Reemployment Rights Act of 1994, the Age Discrimination
in Employment Act, Older Workers Benefit Protection Act ("OWBPA"), the Fair
Labor Standards Act, state wage and hour statutes, all as amended, any
regulations under such authorities, and any applicable contract, tort, or common
law theories.

     3.1 Reservations Of Rights.

     This Release shall not affect any rights which Executive may have under (i)
any employee benefit plans or programs, including, without limitation, under any
medical insurance, disability plan, workers' compensation, unemployment
compensation, indemnifications, company stock incentive plan(s) and related
agreements (including the Management Stockholder's Agreement between Company and
Executive), or the Savings and Investment Plan and Nonqualified Deferred
Compensation Plan maintained by the Company or (ii) any provision of the
Agreement that contains obligations of Company that continue after the payment
of benefits under Sections 3(a) and 3(b) of the Agreement, including without
limitation, Sections 3(c), 3(d), 3(e), 3(g), 4, 5 and 6.

     3.2 No Admission Of Liability.

     It is understood and agreed that the acts done and evidenced hereby and the
release granted hereunder is not an admission of liability on the part of
Executive or Company, by whom liability has been and is expressly denied.

4. Consideration To Executive.

     After receipt of this Release signed by Executive, and the expiration of
the seven-day revocation period provided by the OWBPA without Executive's
revocation, Company shall pay the Executive the severance benefits as provided
in the Agreement.

5. Scope Of Release.

     The provisions of this Release shall be deemed to obligate, extend to, and
inure to the benefit of the parties; Company's parents, subsidiaries,
affiliates, successors, predecessors, assigns, directors, officers, and
employees; and each parties insurers, transferees, grantees, legatees, agents
and heirs, including those who may assume any and all of the above-described
capacities subsequent to the execution and effective date of this Release.

6. Opportunity For Advice Of Counsel.

     Executive acknowledges that Executive has been encouraged to seek advice of
counsel with respect to this Release and has had the opportunity to do so.

7. Entire Release.

     This Release and the Agreement signed by Executive contain the entire
agreement and understanding between the parties and, except as reserved in
paragraph 3, supersede and replace all prior agreements, written or oral, prior
negotiations and proposed agreements, written or oral. Executive and Company
acknowledge that no other party, nor agent nor attorney of any other party, has
made any promise, representation, or warranty, express or implied, not contained
in this Release concerning the subject matter of this Release to induce this
Release, and Executive and Company acknowledge that they have not executed this
Release in reliance upon any such promise, representation, or warranty not
contained in this Release.

8. Severability.

     Every provision of this Release is intended to be severable. In the event
any term or provision of this Release is declared to be illegal or invalid for
any reason whatsoever by a court of competent jurisdiction or by final and
unappealed order of an administrative agency of competent jurisdiction, such
illegality or invalidity should not affect the balance of the terms and
provisions of this Release, which terms and provisions shall remain binding and
enforceable.

9. Parties May Enforce Release.

     Nothing in this Release shall operate to release or discharge any parties
to this Release or their successors, assigns, legatees, heirs, or personal
representatives from any rights, claims, or causes of action arising out of,
relating to, or connected with a breach of any obligation of any party contained
in this Release.

10. Costs And Attorney's Fees.

     In the event of any administrative or civil action to enforce the
provisions of this Release, Company shall pay Executive's reasonable attorneys'
fees through trial and/or on appeal.

11. Acknowledgment.

     Executive acknowledges that the Release provides severance pay and benefits
which Company would otherwise have no obligation to provide.

12. Revocation.

     As provided by the OWBPA, Executive is entitled to have 21 days [or 45 days
if required at the time by the OWBPA] to consider this Release. For a period of
7 days from execution of this Release, Executive may revoke this Release. Upon
receipt of Executive's signed Release and the end of the revocation period
without revocation by Executive, payment by Company as described in paragraph 4
above will be forwarded by mail in a timely manner as provided herein.

_______________________________________     Dated: _____________________________
Dan Jackson

STATE OF ________________)
                         ) ss.
County of _______________)

     Personally appeared the above named and acknowledged the foregoing
instrument to be his or her voluntary act and deed.

                           Before me:  _________________________________________
                                       Notary Public for _______________________
                                       My commission expires: __________________

COMPANY

By: ___________________________________     Dated: _____________________________
Its:___________________________________

<PAGE>
                                  APPENDIX III

Termination payment (assumes current base salary and target bonus):

    Base        Incentive        Benefits                      Termination
   Salary         Bonus         Allowance       Multiple         Payment
  --------     -----------     -----------     ----------     -------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}]]