Document:

Exhibit 10.2

 

CARLISLE COMPANIES INCORPORATED

 

NONQUALIFIED DEFERRED COMPENSATION PLAN

 

 

CARLISLE COMPANIES INCORPORATED

 

NONQUALIFIED DEFERRED COMPENSATION PLAN

 

Table of Contents

 

	
   

  	
  Page No.

  
	
   

  	
   

  
	
  SECTION 1
  Purpose and Administration

  	
  1

  
	
   

  	
   

  
	
  1.1

  	
  Name of Plan

  	
  1

  
	
  1.2

  	
  Effective Date

  	
  1

  
	
  1.4

  	
  Administration

  	
  1

  
	
   

  	
   

  	
   

  
	
  SECTION 2
  Definitions

  	
  2

  
	
   

  	
   

  
	
  2.1

  	
  Affiliate

  	
  2

  
	
  2.2

  	
  Associate

  	
  2

  
	
  2.3

  	
  Beneficial Owner

  	
  2

  
	
  2.4

  	
  Bonus

  	
  2

  
	
  2.5

  	
  Change in Control

  	
  3

  
	
  2.6

  	
  Change in Control Acceleration Event

  	
  3

  
	
  2.7

  	
  Code

  	
  3

  
	
  2.8

  	
  Company

  	
  3

  
	
  2.9

  	
  Company Stock

  	
  3

  
	
  2.10

  	
  Compensation

  	
  3

  
	
  2.11

  	
  Deferral Election

  	
  3

  
	
  2.12

  	
  Deferred Compensation Account

  	
  3

  
	
  2.13

  	
  Disabled

  	
  3

  
	
  2.14

  	
  Distribution Election

  	
  4

  
	
  2.15

  	
  Employee

  	
  4

  
	
  2.16

  	
  Employer

  	
  4

  
	
  2.17

  	
  ERISA

  	
  5

  
	
  2.18

  	
  Exchange Act

  	
  5

  
	
  2.19

  	
  Group

  	
  5

  
	
  2.20

  	
  In-Service Date

  	
  5

  
	
  2.21

  	
  Investment Options

  	
  5

  
	
  2.22

  	
  Normal Retirement Date

  	
  5

  
	
  2.23

  	
  Other Compensation

  	
  5

  
	
  2.24

  	
  Participant

  	
  5

  
	
  2.25

  	
  Participating Employer

  	
  5

  
	
  2.26

  	
  Person

  	
  5

  
	
  2.27

  	
  Plan

  	
  5

  
	
  2.28

  	
  Plan Administrator

  	
  5

  
	
  2.29

  	
  Plan Year

  	
  6

  
	
  2.30

  	
  Salary

  	
  6

  
	
  2.31

  	
  Separation from Service

  	
  6

  
	
  2.32

  	
  Subsequent Distribution Election

  	
  6

  
	
  2.33

  	
  Subsidiary

  	
  6

  
	
  2.34

  	
  Unforeseeable Emergency

  	
  6

  
	
  2.35

  	
  Valuation Date

  	
  6

  
	
   

  	
   

  	
   

  
	
  SECTION 3
  Eligibility, Participation, Deferral Elections, and Employer Contributions

  	
  7

  

 

 

	
  3.1

  	
  Eligibility and Participation

  	
  7

  
	
  3.2

  	
  Rules for Deferral and Distribution Elections

  	
  7

  
	
  3.3

  	
  Amounts Deferred

  	
  8

  
	
  3.4

  	
  Cancellation of Deferral Elections

  	
  8

  
	
   

  	
   

  	
   

  
	
  SECTION 4
  Deferred Compensation Accounts

  	
  8

  
	
   

  	
   

  	
   

  
	
  4.1

  	
  Deferred Compensation Accounts

  	
  8

  
	
  4.2

  	
  Deferral Account Adjustments and Hypothetical Investment
  Options

  	
  8

  
	
  4.3

  	
  Vesting

  	
  9

  
	
  4.4

  	
  Investment Options

  	
  9

  
	
  4.5

  	
  Special Rule for Company Stock Hypothetical Investment
  Option

  	
  9

  
	
   

  	
   

  	
   

  
	
  SECTION 5
  Payment of Benefits

  	
  9

  
	
   

  	
   

  	
   

  
	
  5.1

  	
  Time and Form of Payment

  	
  9

  
	
  5.2

  	
  Payment Upon Disability

  	
  10

  
	
  5.3

  	
  Payment Upon Death of a Participant

  	
  10

  
	
  5.4

  	
  Payment Upon Separation from Service within Twelve Months
  of Change in Control Acceleration Event

  	
  10

  
	
  5.5

  	
  Beneficiary

  	
  10

  
	
  5.6

  	
  Optional Distribution Alternative

  	
  11

  
	
  5.7

  	
  Changes in Time or Form of Distribution

  	
  11

  
	
  5.8

  	
  Effect of Early Taxation

  	
  11

  
	
  5.9

  	
  Permitted Delays

  	
  11

  
	
  5.10

  	
  Withholding of Taxes

  	
  12

  
	
   

  	
   

  	
   

  
	
  SECTION 6
  Miscellaneous

  	
  12

  
	
   

  	
   

  	
   

  
	
  6.1

  	
  Rights Unsecured

  	
  12

  
	
  6.2

  	
  No Enlargement of Rights

  	
  12

  
	
  6.3

  	
  Interests Not Transferable

  	
  12

  
	
  6.4

  	
  Domestic Relations Orders

  	
  12

  
	
  6.5

  	
  Forfeitures and Unclaimed Amounts

  	
  13

  
	
  6.6

  	
  Controlling Law

  	
  13

  
	
  6.7

  	
  Words and Headings

  	
  13

  
	
  6.8

  	
  Action by the Employers

  	
  13

  
	
  6.9

  	
  No Fiduciary Relationship

  	
  13

  
	
  6.10

  	
  Claims Procedures

  	
  14

  
	
  6.11

  	
  Disability Claims

  	
  15

  
	
  6.12

  	
  Notice

  	
  15

  
	
  6.13

  	
  No Guarantee of Benefits

  	
  16

  
	
  6.14

  	
  Incapacity of Recipient

  	
  16

  
	
  6.15

  	
  Corporate Successors

  	
  16

  
	
  6.16

  	
  Severability

  	
  16

  
	
  6.17

  	
  Indemnification

  	
  16

  
	
   

  	
   

  	
   

  
	
  SECTION 7
  Employer Participation

  	
  16

  
	
   

  	
   

  	
   

  
	
  7.1

  	
  Adoption of Plan

  	
  16

  
	
  7.2

  	
  Withdrawal from the Plan by Employer

  	
  16

  
	
   

  	
   

  	
   

  
	
  SECTION 8
  Amendment and Termination

  	
  16

  

 

 

	
  8.1

  	
  Amendment or Termination 

  	
  16

  
	
  8.2

  	
  Effect of Amendment or
  Termination

  	
  16

  

 

 

SECTION 1

Purpose and Administration

 

1.1                               Name of Plan. Carlisle
Companies Incorporated, located at 13925 Ballantyne Corporate Place, Suite 400,
Charlotte, NC  28277 and with employer
tax identification number 31-1168055, hereby adopts the Carlisle Companies
Incorporated Deferred Compensation Plan (the “Plan”), as set forth herein
including the variable provisions selected and agreed to by the Company.

 

1.2          Effective Date. The effective
date of this Plan is February 2, 2010.

 

1.3                               Purpose.  The Company has established the Plan
primarily for the purpose of providing deferred compensation to a select group
of management or highly compensated employees of the Employers.  The Plan is intended:

 

(1)           to comply with Code section 409A and
official guidance issued thereunder, and

 

(2)           to be “a plan which is unfunded and
is maintained by an employer primarily for the purpose of providing deferred
compensation for a select group of management or highly compensated employees”
within the meaning of sections 201(2), 301(a)(3) and 401(a)(1) of
ERISA.

 

Notwithstanding any other provision of this Plan, this Plan shall be
interpreted, operated and administered in a manner consistent with these
intentions.

 

The Company intends that the Plan (and each trust under the Plan as
described in Section 6.1) shall be treated as unfunded for tax purposes
and for purposes of Title I of ERISA. 
The Plan is not intended to qualify under Code section 401(a).  The Company’s obligations hereunder, if any,
to a Participant (or to a Participant’s beneficiary) shall be unsecured and
shall be a mere promise by the Company to make payments hereunder in the
future.  A Participant (or the Participant’s
beneficiary) shall be treated as a general unsecured creditor of the Company.

 

1.4                               Administration.

 

(a)                                  General.  The Plan shall be administered by the Plan
Administrator.

 

The Plan Administrator shall have the powers, rights and duties set
forth in the Plan and shall have the power, in the Plan Administrator’s sole
and absolute discretion, to determine all questions arising under the Plan,
including the determination of the rights of all persons with respect to the
Plan and to interpret the provisions of the Plan and remedy any ambiguities,
inconsistencies, or omissions.  Any
decisions of the Plan Administrator shall be final and binding on all persons
with respect to the Plan and the benefits provided under the Plan.  The Plan Administrator may delegate the Plan
Administrator’s authority under the Plan to one or more officers or directors
of the Company; provided, however, that (a) such delegation must be in
writing, and (b) the officers or directors of the Company to whom the Plan
Administrator is delegating authority must accept such delegation in writing.

 

If a Participant is serving as the Plan Administrator (either
individually or as a member of a committee), the Participant may not decide or
determine any matter or question concerning such Participant’s benefits under
the Plan that the Participant would not have the right to decide or determine
if the Participant were not serving as the Plan Administrator.

 

1

 

(b)                                 Upon Change in
Control.  Notwithstanding anything in
the Plan to the contrary, upon and after a Change in Control, the Plan
Administrator shall be (i) an independent third party selected by Wachovia
Bank, N.A., as trustee, which may be Wachovia Bank, N.A., and approved by the
individual who, immediately prior to such event, was the Company’s Chief
Executive Officer or, if not so identified, the Company’s highest ranking
officer (the “Ex-CEO”), or (ii) prior to the selection of an independent
third party following a Change in Control, the Plan Administrator, as
constituted prior to a Change in Control, shall continue to act as the Plan
Administrator of the Plan until the date on which the independent third party
is selected by Wachovia Bank, N.A., as trustee and approved by the Ex-CEO.  The Plan Administrator shall have the powers,
rights and duties set forth in Section 1.4(a); provided however, upon and
after the occurrence of a Change in Control, the Plan Administrator shall have
no power to direct the investment of, or select any investment manager or
custodial firm for, Company assets set aside in a grantor trust for purposes of
satisfying the obligations of the Company under the Plan.  Upon and after the occurrence of a Change in
Control, the Company must: (a) pay all reasonable administrative expenses
and fees of the Plan Administrator; (b) indemnify the Plan Administrator
against any costs, expenses and liabilities including, without limitation,
attorney’s fees and expenses arising in connection with the performance of the
Plan Administrator hereunder, except with respect to matters resulting from the
gross negligence or willful misconduct of the Plan Administrator or its
employees or agents; and (c) supply full and timely information to the
Plan Administrator on all matters relating to the Plan, the trust, the
Participants and their beneficiaries, the account balances of the Participant’s,
the date and circumstances of the Separation from Service or death of any
Participant, and such other pertinent information as the Plan Administrator may
reasonably require.  Upon and after a
Change in Control, the Plan Administrator may be terminated (and a replacement
appointed) by Wachovia Bank, N.A., as trustee only with the approval of the
Ex-CEO.  Upon and after a Change in
Control, the Plan Administrator may not be terminated by the Company.

 

SECTION 2

Definitions

 

For
purposes of the Plan, the following words and phrases shall have the meanings
set forth below, unless their context clearly requires a different meaning:

 

2.1                               Affiliate.  “Affiliate” has the meaning given such term
under Rule 12b-2 of the General Rules and Regulations under the
Exchange Act.

 

2.2                               Associate.  “Associate” has the meaning given such term
under Rule 12b-2 of the General Rules and Regulations under the
Exchange Act.

 

2.3                               Beneficial Owner.  “Beneficial Owner” has the meaning given such
term under Rule 13d-3 of the General Rules and Regulations under the
Exchange Act.

 

2.4                               Bonus.  “Bonus” means an amount payable to an
eligible Employee under an annual bonus or incentive compensation plan of the
Company or a Subsidiary.

 

2

 

2.5                               Change in Control.  “Change in Control” shall occur in the
event:  (i) any Person shall become
directly or indirectly the Beneficial Owner of securities of the Company
representing fifty percent (50%) or more of the combined voting power of the
Company’s then outstanding securities for the election of directors or fifty
percent (50%) or more of the Company’s then outstanding Common Shares, or (ii) any
Person completes a tender offer pursuant to Regulation 14D promulgated by
the Securities and Exchange Commission under the Exchange Act, or any successor
provision thereto, which results in such Person becoming the Beneficial Owner
of fifty percent (50%) or more of the combined voting power of the Company’s
then outstanding securities for the election of directors or fifty percent
(50%) or more of the Company’s then outstanding Company Stock.

 

2.6                               Change in Control
Acceleration Event.  “Change in Control
Acceleration Event” means a change in the ownership or effective control of the
Company or a change in the ownership of a substantial portion of the assets of
the Company under section 409A(2)(A)(v) of the Code.

 

2.7                               Code.  “Code” means the Internal Revenue Code of 1986,
as amended from time to time.  Any
reference to a section of the Code includes any comparable section or sections
of any future legislation that amends, supplements or supersedes that section.

 

2.8          Company.  “Company” means Carlisle Companies Incorporated,
a Delaware corporation.

 

2.9                               Company Stock.  “Company Stock” means the common stock, $1.00
par value per share, of the Company.

 

2.10        Compensation.  “Compensation” means (select all
options that apply):

 

x           Salary

 

x           Bonus

 

o            Excess Contributions

 

x                                  Other
Compensation:  Restricted and performance
shares awarded or earned under the Carlisle Companies Incorporated Executive
Incentive Program or its successor.

 

2.11                        Deferral Election.  “Deferral Election” means a written
irrevocable election filed by the Participant with the Employer specifying the
amount of Compensation to be deferred by the Participant for a Plan Year.

 

2.12                        Deferred Compensation
Account.  “Deferred
Compensation Account” means the bookkeeping account maintained under the Plan
in the Participant’s name to reflect amounts deferred under the Plan pursuant
to Section 3 (as adjusted under Section 4) and any Employer
Contributions made on behalf of the Participant pursuant to Section 3 (as
adjusted under Section 4).  The
Deferred Compensation Account shall be hypothetical in nature and shall be
maintained for bookkeeping purposes only. 
Neither the Plan nor the Deferred Compensation Account shall hold any
actual funds or assets.  The Deferred
Compensation Account shall consist of a Participant’s entire account balance.

 

2.13        Disabled.  A Participant shall be considered “Disabled”
if (select all options that apply):

 

o                                    The Participant
is unable to engage in any substantially gainful activity by reason of any
medically determined physical or mental impairment that can be expected to
result in death

 

3

 

or that has lasted or can be expected to last for a continuous period
of not less than twelve months.

 

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

 

2.14                        Distribution Election.  “Distribution Election” means a written irrevocable
election filed by the Participant with the Employer specifying the time and
form of payment for each type of Compensation deferred by the Participant
pursuant to a Deferral Election with respect to such deferred Compensation.  At the time a Participant completes his
Deferral Election, he may designate the time and form of payment of such
deferred Compensation (and earnings thereon) as follows.

 

(a)                                  Time.  A Participant may elect to have his Deferred
Compensation Account paid within 90 days following the earlier of:  (1) an In-Service Date designated by the
Participant, or (2) the date of the Participant’s Separation from Service;
provided, however, that payment upon a Participant’s Separation from Service
shall be distributed within 90 days following the first business day of the
seventh month following the Participant’s Separation from Service; and

 

(b)                                 Form.  For payments commencing as a result of a
Participant’s Separation from Service on or after the Participant’s Normal
Retirement Date, or an In-Service Date designated by the Participant, a
Participant may elect to have the portion of his Deferred Compensation Account
paid to the Participant in a lump sum payment or in annual installments (select all options that apply):

 

o            Over a period of three (3) years;

 

o            Over a period of five (5) years;

 

o            Over a period of ten (10) years;
or

 

x           Over a period of up to ten (10) years,

 

on
or commencing within 90 days following the In-Service Date (if applicable) or
the first business day of the seventh month following the Participant’s
Separation from Service.  The Deferred
Compensation Account of a Participant who has a Separation from Service prior
to the Participant’s Normal Retirement Date shall be paid to the Participant in
a lump sum payment within 90 days following the first business day of the
seventh month following the Participant’s Separation from Service.

 

2.15                        Employee.  “Employee” means an employee of an Employer
who meets the eligibility criteria set forth in Section 3.1 of the Plan
and who is a member of a select group of management or highly compensated
employees as defined under ERISA or the regulations thereunder.

 

2.16                        Employer.  “Employer” means, individually, the Company
and each Participating Employer.  The
Company and the Participating Employers are sometimes collectively referred to
herein as the “Employers.”

 

4

 

2.17                        ERISA.  “ERISA” means the Employee Retirement Income
Security Act of 1974, as amended from time to time.  Any reference to a section of ERISA includes
any comparable section or sections of any future legislation that amends,
supplements or supersedes that section.

 

2.18                        Exchange Act.  “Exchange Act” means the Securities Exchange
Act of 1934 and the rules and regulations thereunder, as such law, rules and
regulations may be amended from time to time.

 

2.19                        Group.  “Group” means persons and entities that act
in concert as described in section 14(d)(2) of the Exchange Act
(other than the Company or any Subsidiary thereof and other than any
profit-sharing, employee stock ownership or any other employee benefit plan of
the Company or such Subsidiary, or any trustee of or fiduciary with respect to
any such plan when acting in such capacity and other than any executive officer
of the Company).

 

2.20                        In-Service Date.  “In-Service Date” means the first business
day of any month at least twelve (12) months after the end of the period in
which the deferred amount is earned.

 

2.21                        Investment Options.  The Plan Administrator will designate the hypothetical
“Investment Options” available for Participant selection from time to
time.  The Investment Options are
described in Appendix A.

 

2.22        Normal Retirement Date.  “Normal Retirement Date” means (select only one option):

 

x           The date the Participant attains 60
years of age.

 

o            The date the Participant attains
           years of age and
has completed at least          Years
of Service.

 

2.23                        Other Compensation.  “Other Compensation” means any type of compensation
(other than Salary and Bonus) which the Company in its sole discretion permits
to be deferred in the Plan.

 

2.24                        Participant.  “Participant” means an Employee who meets the
eligibility criteria set forth in Section 3.1 and who has made a Deferral
Election in accordance with the terms of the Plan or otherwise had amounts
credited to his Deferred Compensation Account.

 

2.25                        Participating Employer.  “Participating Employer” means any Subsidiary
of the Company that adopts the Plan in accordance with Section 7.1 (select one option):

 

x                                 Which includes
the Employers set forth on Appendix B.

 

o            None.

 

2.26                        Person.  “Person” means and includes any individual,
corporation, partnership or other person or entity and any Group and all
Affiliates and Associates of any such individual, corporation, partnership, or
other person or entity or Group.

 

2.27                        Plan.  “Plan” means the nonqualified deferred
compensation plan set forth herein and as amended from time to time.

 

2.28                        Plan Administrator.  The “Plan Administrator” means the Pension
and Insurance Committee of Carlisle Corporation.

 

5

 

2.29        Plan Year.  “Plan Year” means (select one
option):

 

x                                 the calendar year.  However, if the effective date of the Plan is
other than January 1 of a year, the initial Plan Year shall be a short
Plan Year, beginning on the effective date and ending on the following December 31.

 

o                                   the fiscal year
ending
                              .  However, if the effective date of the Plan is
other than the first day of the fiscal year, the initial Plan Year shall be a
short Plan Year, beginning on the effective date and ending on the following
fiscal year end.

 

2.30                        Salary.  “Salary” means the regular base salary paid
to an eligible Employee by the Company or a Subsidiary.

 

2.31                        Separation from Service.  “Separation from Service” or “Separates from
Service” means a “separation from service” within the meaning of Code section
409A.

 

2.32                        Subsequent Distribution
Election.  “Subsequent
Distribution Election” means an election to change the time or form of payment of
a Participant’s Deferred Compensation Account balance pursuant to Section 5.7.

 

2.33                        Subsidiary.  “Subsidiary” means any corporation,
partnership, joint venture, association or similar organization or entity (select one option):

 

x                                  In which the
Company owns, directly or indirectly, a majority of equity interests.

 

o                                    Which includes
the Participating Employers.

 

o            None.

 

2.34                        Unforeseeable Emergency.  “Unforeseeable Emergency” means a severe
financial hardship of the Participant resulting from:

 

(a)                                  A sudden and
unexpected illness or accident of the Participant, the Participant’s
beneficiary, the Participant’s spouse, or the Participant’s dependent (as
defined in Code section 152(a));

 

(b)                                 Loss of
Participant’s property due to casualty; or

 

(c)                                  Such other
similar extraordinary and unforeseeable circumstances resulting from events
beyond the control of the Participant.

 

Whether
a Participant has an Unforeseeable Emergency shall be determined in the sole
discretion of the Plan Administrator.

 

2.35                        Valuation Date.  “Valuation Date” means each business day the
financial markets and Wachovia Bank are open, unless the underlying investment
requires a less frequent valuation.

 

6

 

SECTION 3

Eligibility, Participation, Deferral Elections,
and Employer Contributions

 

3.1                               Eligibility and Participation. 
Subject to the conditions and limitations of the Plan, the following
persons are eligible to participate in the Plan (select and
complete options(s) after consultation with legal counsel):

 

o                                   All Employees with a rank of
                                      
(insert title) or above and with total
earnings of at least $135,000 for the 12 month period ending on the September 30th immediately prior to each Plan
Year.

 

o            The
following Employees of the Employers:

 

(Attach an addendum if necessary)

 

x                                 Such Employees as the Plan Administrator may
select from time to time, in its sole discretion.

 

Any
individuals specified above by an Employer may be changed by action of the
Employer for the following Plan Year.  An
Employee eligible to participate in the Plan shall become a Participant upon
the execution and filing with the Plan Administrator of a written election to
defer a portion of the Employee’s Compensation, in a form acceptable to the
Plan Administrator.  A Participant shall
remain a Participant until the entire balance of the Participant’s Deferred
Compensation Account has been distributed.

 

3.2                               Rules for Deferral and Distribution
Elections.  Any Employee identified in Section 3.1
may make a separate Deferral Election to defer receipt of each type of
Compensation selected in Section 2.10 in accordance with the rules set
forth below:

 

(a)                                  All Deferral Elections must be made in
writing on the form prescribed by the Plan Administrator and shall be
accompanied by a Distribution Election with respect to such Compensation (and
earnings thereon).  Each Deferral
Election will be effective only when filed with the Plan Administrator no later
than the date specified by the Plan Administrator.  Subject to the immediately succeeding
paragraph, in no event may a Deferral Election be made later than the last day
of the Plan Year preceding the Plan Year in which the Compensation being
deferred is earned.

 

Notwithstanding
the foregoing, (1) if the Plan Administrator determines that any
Compensation qualifies as “performance-based compensation” under Code section
409A, an eligible Employee may elect to defer a portion of such Compensation by
filing a Deferral Election at a later time up until the date six months before
the end of the performance period as permitted by the Plan Administrator, (2) in
the first year in which an Employee becomes eligible to participate in the
Plan, a Deferral Election may be made with respect to services to be performed
subsequent to the election within 30 days after the date the Employee becomes
eligible to participate in the Plan to the extent permitted under Code section
409A and (3) an election to defer Compensation attributable to restricted
shares awarded under the Carlisle Companies Incorporated Executive Incentive
Program (or its successor) may be made on of before the 30th date after such shares are
awarded and such deferral election shall be given effect only if the shares
become vested after the first anniversary of the date such shares are awarded.

 

7

 

Select one option (b) below:

 

(b)                                 x           With
respect to Plan Years following the Participant’s initial Plan Year of
participation in the Plan, failure to complete another Deferral Election for a
Plan Year shall constitute a waiver of the Participant’s right to participate
in the Plan for such Plan Year.

 

(b)                                 o            With
respect to Plan Years following the Participant’s initial Plan Year of participation
in the Plan, failure to complete another Deferral Election shall constitute a
waiver of the Participant’s right to elect a different amount of Compensation
to be deferred for each such Plan Year and shall be considered an affirmation
and ratification to continue the Participant’s existing Deferral Election and
corresponding Distribution Election. 
However, a Participant may, prior to the beginning of any Plan Year,
elect to increase or decrease the amount of Compensation to be deferred for the
next following Plan Year by filing another Deferral Election with the Plan
Administrator in accordance with paragraph (a) above.  The Participant may also file another
Distribution Election with the Plan Administrator with respect to such deferred
Compensation.

 

3.3                               Amounts Deferred. Commencing on the effective date, a
Participant may elect to:  (complete for each item of Compensation selected in Section 2.10):

 

x           Defer
up to 50% of Salary.

 

x           Defer
up to 90% of Bonus.

 

x                                                                                 Defer up to 100% of restricted and
performance shares from the Carlisle Companies Incorporated Executive Incentive
Program.

 

The amount of Compensation deferred by a Participant shall be credited
to the Participant’s Deferred Compensation Account as soon as administratively
practicable after the date the Compensation would be paid to the Participant
absent deferral.

 

3.4                               Cancellation of Deferral Elections.  If a Participant becomes Disabled
or obtains a distribution under 5.6 on account of an Unforeseeable Emergency
during a Plan Year, his Deferral Election for such Plan Year shall be
cancelled.

 

SECTION 4

Deferred Compensation Accounts

 

4.1                               Deferred Compensation Accounts.  All
amounts deferred pursuant to one or more Deferral Elections under the Plan
shall be credited to a Participant’s Deferred Compensation Account and shall be
adjusted under Section 4.2.

 

4.2                               Deferral Account Adjustments and Hypothetical
Investment Options.  As of each Valuation Date, the Plan
Administrator shall adjust amounts in a Participant’s Deferred Compensation
Account to reflect earnings (or losses) in the Investment Options attributable
to the Participant’s Deferred Compensation Account.  Earnings (or losses) on amounts in a
Participant’s Deferred Compensation Account shall accrue commencing on the date
the Deferred Compensation Account first has a positive balance and shall
continue to accrue until the entire balance in the Participant’s Deferred
Compensation Account has been distributed. 
Earnings (or losses) shall be credited to a Participant’s Deferred
Compensation Account based on the results that would have been achieved 

 

8

 

had amounts credited to the Deferred Compensation Account been invested
as soon as practicable after crediting into the Investment Options selected by
the Participant.  Nothing in this
Subsection 4.2 or otherwise in the Plan, however, will require the Company to
actually invest any amounts in such Investment Options or otherwise.

 

4.3                               Vesting.  A
Participant shall be fully vested in the amounts credited to the Participant’s
Deferred Compensation Account attributable to the Participant’s Deferral
Elections.

 

4.4                               Investment Options.  The
Plan Administrator shall specify procedures to allow Participants to make
elections as to the deemed investment of amounts newly credited to their
Deferred Compensation Accounts, as well as the deemed investment of amounts
previously credited to their Deferred Compensation Accounts.  Participant fund selections must be made to
the Plan Administrator or designated agent. 
Fund selections will be effective within a reasonable period of time as
determined by the means used to communicate such selections and generally
accepted business practices.

 

The Plan Administrator or its designated agent may take investment
instructions from a Participant as of any business day regarding Investment
Options.  Investment elections and/or
transfer instructions may be accepted in a manner determined by the Plan
Administrator.

 

The Plan Administrator shall designate the Investment Options available
for selection under this Section 4.4. 
Investment Options are selected solely for purposes of determining
hypothetical gains and/or losses to a Participant’s bookkeeping account.  Neither the Plan nor any of the Deferred
Compensation Accounts shall hold any actual funds or assets.  The Plan Administrator may change Investment
Options at its discretion.

 

4.5                               Special Rule for Company Stock
Hypothetical Investment Option.  Notwithstanding any provision
of this Plan that may be construed to the contrary, (a) shares of Company
Stock deferred under the Plan shall remain allocated to the Company Stock
Investment Option, (b) the portion of any Participant’s Deferred
Compensation Account that is allocated to the Company Stock Investment Option
shall at all times prior to distribution be allocated to the Company Stock
Investment Option, and (c) the full balance of the Participant’s Deferred
Compensation Account that is allocated to the Company Stock Investment Option
shall be distributed in the form of Company Stock.

 

SECTION 5

Payment of Benefits

 

5.1                               Time and Form of Payment.

 

(a)                                  Deferred Compensation Account. 
Payment of a Participant’s Deferred Compensation Account shall be made
in accordance with the Participant’s Distribution Election(s).  If no Distribution
Election was made, then payment of such Deferred Compensation Account shall be
distributed in a lump sum within 90 days following the first business day of
the seventh month following the Participant’s Separation from Service.

 

(b)                                 Small Benefit Cashout. 
Notwithstanding any Distribution Elections made by a Participant, if the
Participant’s Deferred Compensation Account balance is less than $25,000 at the
time any installment payment is to be made to the Participant, the entire
remaining Deferred Compensation Account balance shall be distributed to the
Participant in a lump sum.

 

9

 

5.2                               Payment Upon Disability. 
Notwithstanding anything in the Plan or any Distribution Election to the
contrary, in the event a Participant becomes Disabled while the Participant is
employed by or associated with an Employer, payment of the Participant’s
Deferred Compensation Account shall be made in a lump sum payment within 90
days following the date on which the Participant becomes Disabled.  Whether a Participant is Disabled for
purposes of the Plan shall be determined by the Plan Administrator, and in
making such determination, the Plan Administrator may rely on the opinion of a
physician(s) selected by the Plan Administrator for such purpose.

 

5.3                               Payment Upon Death of a Participant. 
Notwithstanding anything in the Plan or any Distribution Election to the
contrary, a Participant’s Deferred Compensation Account shall be paid to the
Participant’s beneficiary (designated in accordance with Section 5.5) in a
lump sum payment within 90 days following the date of the Participant’s death.

 

5.4                               Payment Upon Separation from Service within
Twelve Months of Change in Control Acceleration Event. 
Notwithstanding anything in the Plan or any Distribution Election to the
contrary, a Participant’s Deferred Compensation Account shall be paid to the
Participant in a lump sum payment following the first business day of the
seventh month following the Participant’s Separation from Service, if such
Separation from Service occurs within 12 months after a Change in Control
Acceleration Event.

 

5.5                               Beneficiary.  The
Participant may name a beneficiary or beneficiaries to receive the balance of
the Participant’s vested Deferred Compensation Account in the event of the
Participant’s death prior to the payment of the Participant’s vested Deferred
Compensation Account.  To be effective,
any beneficiary designation must be filed in writing with the Plan
Administrator in accordance with rules and procedures adopted by the Plan
Administrator for that purpose.  A
Participant may revoke an existing beneficiary designation by filing another
written beneficiary designation with the Plan Administrator.  The latest beneficiary designation received
by the Plan Administrator shall be controlling. 
If no beneficiary is named by a Participant, or if the Participant
survives all of the Participant’s named beneficiaries and does not designate
another beneficiary, the Participant’s Deferred Compensation Account shall be
paid in the following order of precedence:

 

(a)           The Participant’s spouse;

 

(b)           The Participant’s estate.

 

If (i) a Participant who is married designates the Participant’s
spouse as the Participant’s beneficiary or (ii) a Participant who is
registered as a domestic partner or has obtained a civil union license with
another individual (in either event, such individual is hereafter referred to
as the Participant’s “Domestic Partner”) designates the Participant’s Domestic
Partner as the Participant’s beneficiary, and subsequent to such designation
the Participant and the Participant’s spouse are divorced or the relationship between
the Participant and the Participant’s Domestic Partner is legally dissolved,
the designation of the Participant’s spouse or Domestic Partner as the
Participant’s beneficiary (as the case may be) shall become void and shall have
no further legal force or effect from and after such divorce or
dissolution.  Should the Participant wish
to designate a former spouse or Domestic Partner as his beneficiary, he must
affirmatively do so by completing a new beneficiary designation form, after the
date of his divorce or dissolution, naming his former spouse or Domestic
Partner as his beneficiary.

 

10

 

5.6          Optional
Distribution Alternative.  (select if
applicable)

 

x           Unforeseeable Emergency. 
Notwithstanding anything in the Plan or any Distribution Election to the
contrary, if the Plan Administrator determines that a Participant has incurred
an Unforeseeable Emergency, the Participant shall receive in a lump sum payment
all or any portion of the Participant’s Deferred Compensation Account needed to
satisfy the Unforeseeable Emergency plus amounts necessary to pay taxes
reasonably anticipated as a result of the distribution, but only if the
Unforeseeable Emergency may not be relieved (a) through reimbursement or
compensation by insurance or otherwise; (b) by liquidation of the
Participant’s assets to the extent the liquidation of such assets would not
itself cause severe financial hardship; or (c) by cessation of deferrals
under the Plan.  A payment on account of
an Unforeseeable Emergency shall not be in excess of the amount needed to
relieve such Unforeseeable Emergency and shall be made within 90 days  following the date of such Unforeseeable Emergency.

 

5.7                               Changes in Time or Form of Distribution.  (select one option)

 

o                                    The Plan does not permit Subsequent
Distribution Elections.

 

x                                  The Plan permits Subsequent Distribution
Elections solely with respect to distributions under Section 5.1(a).

 

If applicable, the Plan Administrator may establish procedures for
making a Subsequent Distribution Election in accordance with the requirements
of Code section 409A.  In addition to the
requirements the Plan Administrator may establish, a Participant may make a
Subsequent Distribution Election by filing an irrevocable written form with the
Plan Administrator, but only if the following conditions are satisfied:

 

(a)                                  The Subsequent Distribution Election may not
take effect until at least twelve (12) months after the date on which the
election is made;

 

(b)                                 A distribution may not be made earlier than
at least five (5) years from the date the distribution would have
otherwise been made; and

 

(c)                                  In the case of an election to change the time
or form of a distribution related to a payment at a specified time, the
Subsequent Distribution Election must be made at least twelve (12) months
before the date of the first scheduled distribution.

 

5.8                               Effect of Early Taxation. 
Notwithstanding anything in the Plan or any Distribution Election to the
contrary, if a Participant’s benefits under the Plan are includible in income
pursuant to Code section 409A, such benefits shall be distributed immediately
to the Participant.

 

5.9                               Permitted Delays. 
Notwithstanding anything in the Plan to the contrary, any payment to a
Participant under the Plan shall be delayed upon the Plan Administrator’s
reasonable anticipation of one or more of the following events:

 

(a)                                  The Company’s deduction with respect to such
payment would be eliminated by application of Code section 162(m); or

 

(b)                                 The making of the payment would violate
Federal securities laws or other applicable law;

 

provided, that any payment delayed pursuant to this Section 5.9
shall be paid in accordance with Code section 409A.

 

11

 

5.10                        Withholding of Taxes.  In
connection with the Plan, the Employers, or a properly designated agent, may
withhold any applicable Federal, state or local income tax and employment
taxes, including Social Security taxes, at such time and in such amounts from a
benefit payment under the Plan or a Participant’s wages or reduce a Participant’s
Deferred Compensation Account as is necessary to comply with applicable laws
and regulations.  The Employers, or a
properly designated agent, shall report Plan payments and other Plan-related information
to the appropriate governmental agencies as required under applicable laws.

 

SECTION 6

Miscellaneous

 

6.1                               Rights Unsecured.  Any
payments by a trust of benefits provided to a Participant under the Plan shall
be considered payment by the Company and shall discharge the Company from any
further liability under the Plan for such payments.  Any funds set aside by the Company for the
purpose of meeting its obligations under the Plan, including any amounts held
by Wachovia Bank, N.A. (or any successor), as trustee, shall continue for all
purposes to be part of the general assets of the Company and shall be available
to its general creditors in the event of the Company’s bankruptcy or
insolvency.  The Company’s obligation
under this Plan shall be that of an unfunded and unsecured promise to pay money
in the future.

 

The
Company shall establish and maintain one or more grantor trust(s) to hold
assets to be used for payment of benefits under the Plan.

 

6.2                               No Enlargement of Rights. 
Establishment of the Plan shall not be construed to give any Employee
the right to be retained by the Employers or to any benefits not specifically
provided by the Plan.  Any liability of
the Company to any Participant, former Participant, or Participant’s
beneficiary with respect to a right to payment under the Plan shall be based
solely upon contractual obligations created by the Plan.

 

6.3                               Interests Not Transferable. 
Except as to withholding of any tax under the laws of the United States
or any state or locality and the provisions of Section 5.10, no benefit
payable at any time under the Plan shall be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, or any other
encumbrance of any kind or to any attachment, garnishment, or other legal
process of any kind.  Any attempt by a
person (including a Participant or a Participant’s beneficiary) to anticipate,
alienate, sell, transfer, assign, pledge, or otherwise encumber any benefits
under the Plan, whether currently or thereafter payable, shall be void.  If any person shall attempt to, or shall
alienate, sell, transfer, assign, pledge or otherwise encumber such person’s
benefits under the Plan, or if by any reasons of such person’s bankruptcy or
other event happening at any time, such benefits would devolve upon any other
person or would not be enjoyed by the person entitled thereto under the Plan,
then the Plan Administrator, in the Plan Administrator’s sole discretion, may
terminate the interest in any such benefits of the person otherwise entitled thereto
under the Plan and may hold or apply such benefits in such manner as the Plan
Administrator may deem proper.

 

6.4          Domestic
Relations Orders.

 

If applicable and
notwithstanding Section 6.3, all or a portion of a Participant’s Deferred
Compensation Account balance may be paid to another person as specified in a
domestic relations order that the Company determines is qualified (a “Qualified
Domestic Relations Order”).  For this 

 

12

 

purpose, a Qualified Domestic
Relations Order means a judgment, decree, or order (including the approval of a
settlement agreement) which:

 

(a)                                  is issued pursuant to a State’s domestic
relations law;

 

(b)                                 relates to the provision of child support,
alimony payments or marital property rights to a spouse, former spouse, child
or other dependent of the Participant;

 

(c)                                  creates or recognizes the right of a spouse,
former spouse, child or other dependent of the Participant to receive all or a
portion of the Participant’s benefits under the Plan;

 

(d)                                 provides for an immediate lump sum payment as
soon as administratively possible after the Company determines that a Qualified
Domestic Relations Order exists; and

 

(e)                                  meets such other requirements established by
the Company.

 

The
Plan Administrator shall determine whether any document received by it is a
Qualified Domestic Relations Order.  In
making this determination, the Company may consider the rules applicable
to “domestic relations orders” under Code section 414(p) and ERISA section
206(d), and such other rules and procedures as it deems relevant.  If an order is determined to be a Qualified
Domestic Relations Order, the amount to which the other person is entitled
under such order shall be paid in a lump sum payment as soon as administratively
possible after such determination, but in no event later than 90 days following
such date.

 

6.5                               Forfeitures and Unclaimed Amounts. 
Unclaimed amounts shall consist of the amounts in the Deferred
Compensation Account of a Participant that cannot be distributed because of the
Plan Administrator’s inability, after a reasonable search, to locate a
Participant or the Participant’s beneficiary, as applicable, within a period of
two years after the distribution date upon which the payment of benefits became
due.  Unclaimed amounts shall be
forfeited at the end of such two-year period. 
If a valid claim is subsequently made for the forfeited amount, such
amount shall be restored (less any income tax withholdings and without
adjustment for interim earnings or losses) as if there had been no forfeiture.

 

6.6                               Controlling Law.  The
law of the state of North Carolina shall be controlling in all matters relating
to the Plan to the extent not preempted by Federal Law.

 

6.7                               Words and Headings. 
Words in the masculine gender shall include the feminine and the
singular shall include the plural, and vice versa, unless qualified by the
context.  Any headings used herein are
included for ease of reference only, and are not to be construed so as to alter
the terms hereof.

 

6.8                               Action by the Employers. 
Except as otherwise specifically provided herein, any action required of
or permitted to be taken by an Employer under the Plan shall be by resolution
of its Board of Directors or by resolution of a duly authorized committee of
its Board of Directors or by action of a person or persons authorized by
resolution of such Board of Directors or such committee.

 

6.9                               No Fiduciary Relationship. 
Nothing contained in this Plan, and no action taken pursuant to its
provisions by either the Employers or the Participants shall create, or be
construed to create a fiduciary relationship between the Employer and the
Participant, a designated beneficiary, other beneficiaries of the Participant,
or any other person.

 

13

 

6.10        Claims
Procedures.

 

(a)                                  Initial Review.  Any
person (hereinafter referred to as a “Claimant”) who believes that he or she is
being denied a benefit to which he or she may be entitled under the Plan may
file a written request for such benefit with the Plan Administrator.  Such written request must set forth the
Claimant’s claim and must be addressed to the Plan Administrator, at the
Company’s principal place of business. 
Upon receipt of a claim, the Plan Administrator shall advise the
Claimant that a reply will be forthcoming within ninety days and shall deliver
a reply within ninety days.  If special
circumstances (such as for a hearing) require a longer period, the Plan
Administrator may extend the reply period for an additional ninety days so long
as the Plan Administrator notifies the Claimant in writing, prior to the
expiration of the ninety day period, of the reasons for an extension of
time.  If the claim is denied in whole or
in part, the Plan Administrator shall issue a written determination, using
language calculated to be understood by the Claimant, setting forth:

 

(1)                                  The specific reason or reasons for such
denial;

 

(2)                                  The specific reference to pertinent
provisions of the Plan upon which such denial is based;

 

(3)                                  A description of any additional material or
information necessary for the Claimant to perfect the Claimant’s claim and an
explanation why such material or such information is necessary; and

 

(4)                                  Appropriate information as to the steps to be
taken if the Claimant wishes to submit the claim for review, including the time
limits for requesting such a review and the Claimant’s right to bring a civil
action under ERISA section 502(a) following an adverse benefit
determination on review.

 

(b)                                 Review of Denial.  Within
sixty days after the receipt by the Claimant of the written determination
described above, the Claimant may request in writing, that the Plan
Administrator review the initial claim determination.  The request must be addressed to the Plan
Administrator, at the Company’s principal place of business.  The Claimant or the Claimant’s duly
authorized representative will have, upon request and free of charge,
reasonable access to, and copies of, all documents, records, and other
information relevant to the Claimant’s claims for benefits and may submit
issues and comments in writing for consideration by the Plan
Administrator.  The review will take into
account all comments, documents, records, and other information submitted by
the claimant relating to the claim, without regard to whether such information
was submitted or considered in the initial benefit determination.

 

If
the claimant does not request a review of the Plan Administrator’s
determination within such sixty day period, the Claimant shall be barred and
estopped from challenging the Plan Administrator’s determination.  If the Claimant does file a request for
review, his request must include a description of the issues and evidence he
deems relevant.  Failure to raise issues
or present evidence on review will preclude those issues or evidence from being
presented in any subsequent proceeding or judicial review of the claim.

 

Within
sixty days after the Plan Administrator’s receipt of a request for review, the
Plan Administrator will render a decision. 
After considering all materials presented by the 

 

14

 

Claimant,
the Plan Administrator will render a written determination, written in a manner
calculated to be understood by the Claimant setting forth:

 

(1)                                  The specific reasons for the adverse
determination;

 

(2)                                  The specific references to the pertinent
provisions of the Plan on which the decision is based;

 

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

 

(4)                                  A statement describing any voluntary appeal
procedures offered by the Plan and the Claimant’s right to obtain the information
about such procedures, as well as a statement of the Claimant’s right to bring
an action under ERISA section 502(a).

 

If
special circumstances require that the sixty day time period be extended, the
Plan Administrator will so notify the Claimant in writing before the end of the
sixty day period and will render the decision as soon as practicable, but no
later than one hundred twenty days after receipt of the request for review.

 

(c)                                  Finality of Determinations; Exhaustion of
Remedies. To the extent
permitted by law, decisions reached under the claims procedures set forth in
this Section 6.10 shall be final and binding on all parties. No legal
action for benefits under the Plan shall be brought unless and until the
Claimant has exhausted his remedies under this Section 6.10.  In any such legal action, the Claimant may
only present evidence and theories which the Claimant presented during the
claims procedure. Any claims which the Claimant does not in good faith pursue
through the review stage of the procedure shall be treated as having been
irrevocably waived.  Judicial review of a
Claimant’s denied claim shall be limited to a determination of whether the
denial was an abuse of discretion based on the evidence and theories the
Claimant presented during the claims procedure.

 

(d)                                 Limitations Period.  Any
suit or legal action initiated by a Claimant under the Plan must be brought by
the Claimant no later than one year following a final decision on the claim for
benefits by the Plan Administrator.  The
one-year limitation on suits for benefits will apply in any forum where a
Claimant initiates such suit or legal action.

 

6.11                        Disability Claims. 
Claims for disability benefits shall be determined under DOL Regulation
section 2560.503-1 which is hereby incorporated by reference.

 

6.12                        Notice.  Any
notice required or permitted to be given under the provisions of the Plan shall
be in writing, and shall be signed by the party giving or making the same.  If such notice, consent or demand is mailed
to a party hereto, it shall be sent by United States certified mail, postage
prepaid, addressed to such party’s last known address as shown on the records
of the Employers.  Notices to the Plan
Administrator should be sent in care of the Company at the Company’s principal
place of business.  The date of such
mailing shall be deemed the date of notice. 
Either party may change the address to which notice is to be sent by
giving notice of the change of address in the manner set forth above.

 

15

 

6.13                        No Guarantee of Benefits. 
Nothing contained in the Plan shall constitute a guarantee by the
Company or any other person or entity that the assets of the Company will be
sufficient to pay any benefits hereunder.

 

6.14                        Incapacity of Recipient.  If
any person entitled to a distribution under the Plan is deemed by the Plan
Administrator to be incapable of personally receiving and giving a valid
receipt for such payment, then, unless and until a claim for such payment shall
have been made by a duly appointed guardian or other legal representative of
such person, the Plan Administrator may provide for such payment or any part
thereof to be made to any other person or institution then contributing toward
or providing for the care and maintenance of such person.  Any such payment shall be a payment for the
account of such person and a complete discharge of any liability of the Company
and the Plan with respect to the payment.

 

6.15                        Corporate Successors.  The
Plan and the obligations of the Company under the Plan shall become the
responsibility of any successor to the Company by reason of a transfer or sale
of substantially all of the assets of the Company or by the merger or
consolidation of the Company into or with any other corporation or other entity.

 

6.16                        Severability.  In
the event any provision of the Plan shall be held invalid or illegal for any
reason, any illegality or invalidity shall not affect the remaining parts of
the Plan, but the Plan shall be construed and enforced as if the illegal or
invalid provision had never been inserted.

 

6.17                        Indemnification.  To
the extent not covered by insurance, the Company shall indemnify the Plan
Administrator, each employee, officer, director, and agent of the Company, and
all persons formerly serving in such capacities, against any and all
liabilities or expenses, including all legal fees relating thereto, arising in
connection with the exercise of their duties and responsibilities with respect
to the Plan, provided however that the Company shall not indemnify any person
for liabilities or expenses due to that person’s own gross negligence or
willful misconduct.

 

SECTION 7

Employer Participation

 

7.1                               Adoption of Plan.  Any
Subsidiary of the Company may, with the approval of the Company, adopt the Plan
by filing with the Company a resolution of its board of directors to that
effect.

 

7.2                               Withdrawal from the Plan by Employer.  Any
Participating Employer shall have the right, at any time, upon the approval of,
and under such conditions as may be provided by the Plan Administrator, to
withdraw from the Plan in accordance with the requirements under Code section
409A by delivering to the Plan Administrator written notice of its election so
to withdraw.

 

SECTION 8

Amendment and Termination

 

8.1                               Amendment or Termination.  The
Company intends the Plan to be permanent, but reserves the right to modify,
amend or terminate the Plan when, in the sole discretion of the Company, such
amendment or termination is advisable.

 

8.2                               Effect of Amendment or Termination.  No
amendment or termination of the Plan shall reduce or eliminate any vested
balance in a Participant’s Deferred Compensation Account accrued through the
date of such amendment or termination. 
However, an amendment may freeze or limit future 

 

16

 

deferrals
or credits of benefits under the Plan on and after the date of such
amendment.  Upon termination of the Plan,
distribution of Plan benefits shall be made to Participants and beneficiaries
in the manner and at the time described in Section 5, unless the Company
determines in its sole discretion that all such amounts shall be distributed
upon termination in accordance with the requirements under Code section
409A.  Upon termination of the Plan, no
further deferrals of Compensation shall be permitted; provided, however,
earnings, gains and losses shall continue to be credited to each Participant’s
Deferred Compensation Account balance in accordance with Section 4 until
the vested Deferred Compensation Account balances are fully distributed.

 

IN WITNESS WHEREOF, the Company has caused this Plan to be executed by
its duly authorized officers on this 2nd day of February, 2010.

 

	
   

  	
  CARLISLE COMPANIES INCORPORATED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
     /s/
  Steven J. Ford

  
	
   

  	
   

  
	
   

  	
  Name:

  	
     Steven
  J. Ford

  
	
   

  	
   

  
	
   

  	
  Title:

  	
     Vice
  President and Chief Financial Officer

  
					

 

17

 

Appendix B

 

Investment Options

 

	
  1.

  	
   

  	
  Company Stock—a fund
  invested solely in shares of Company Stock.

  
	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Fixed
  Income—a fund that credits interest for a Plan Year equal to the yield on
  ten-year U.S. Treasury notes for the month of November immediately
  preceding the beginning of the Plan Year plus 200 bps.

  
	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  [Add
  others: mutual fund selections from 401(k) Plan investment options.]

  

 

 

Appendix B

 

Participating Employers

 

Carlisle
Management Company

Carlisle
Construction Materials Incorporated

Carlisle
Engineered Transportation Solutions, Inc.

Carlisle
Industrial Brake & Friction, Inc.

Carlyle, Inc.
d/b/a Carlisle Interconnect Technologies

Tensolite,
LLC d/b/a Carlisle Interconnect Technologies

Carlisle
Interconnect Technologies

Carlisle
FoodService Products, Incorporated

Trail
King Industries, Inc.Exhibit 10.3

 

CARLISLE COMPANIES INCORPORATED

NONQUALIFIED BENEFIT PLAN TRUST

 

 

CARLISLE COMPANIES INCORPORATED

NONQUALIFIED BENEFIT PLAN TRUST

 

	
  SECTION 1.

  	
  Establishment of the Trust

  	
  1

  
	
   

  	
   

  	
   

  
	
  SECTION 2.

  	
  Payments
  to Participants and Their Beneficiaries

  	
  2

  
	
   

  	
   

  	
   

  
	
  SECTION 3.

  	
  Trustee
  Responsibility Regarding Payments if the Company Is Insolvent

  	
  3

  
	
   

  	
   

  	
   

  
	
  SECTION 4.

  	
  Payments
  When a Short-Fall of Trust Assets Occurs

  	
  4

  
	
   

  	
   

  	
   

  
	
  SECTION 5.

  	
  Payments
  to the Company

  	
  5

  
	
   

  	
   

  	
   

  
	
  SECTION 6.

  	
  Investment
  Authority

  	
  5

  
	
   

  	
   

  	
   

  
	
  SECTION 7.

  	
  Insurance
  Contracts

  	
  9

  
	
   

  	
   

  	
   

  
	
  SECTION 8.

  	
  Disposition
  of Income

  	
  9

  
	
   

  	
   

  	
   

  
	
  SECTION 9.

  	
  Accounting
  by the Trustee

  	
  9

  
	
   

  	
   

  	
   

  
	
  SECTION 10.

  	
  Responsibility
  of the Trustee

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION 11.

  	
  Compensation
  and Expenses of the Trustee

  	
  11

  
	
   

  	
   

  	
   

  
	
  SECTION 12.

  	
  Resignation
  and Removal of the Trustee

  	
  11

  
	
   

  	
   

  	
   

  
	
  SECTION 13.

  	
  Appointment
  of Successor

  	
  11

  
	
   

  	
   

  	
   

  
	
  SECTION 14.

  	
  Amendment
  or Termination

  	
  12

  
	
   

  	
   

  	
   

  
	
  SECTION 15.

  	
  Change
  in Control

  	
  12

  
	
   

  	
   

  	
   

  
	
  SECTION 16.

  	
  Confidentiality

  	
  13

  
	
   

  	
   

  	
   

  
	
  SECTION 17.

  	
  Miscellaneous

  	
  13

  

 

 

CARLISLE COMPANIES INCORPORATED

NONQUALIFIED BENEFIT PLAN TRUST

 

THIS TRUST AGREEMENT (this “Trust Agreement”) is made and entered into
as of February 2, 2010, by and between CARLISLE COMPANIES INCORPORATED, a
Delaware corporation, (the “Company”) and WACHOVIA BANK, NATIONAL ASSOCIATION
(the “Trustee”).

 

Recitals

 

WHEREAS, the Company has adopted the nonqualified deferred compensation
plans and agreements (the “Arrangements”) listed in Appendix A;

 

WHEREAS, the Company has incurred or expects to incur liability under
the terms of the Arrangements to the individuals participating in the
Arrangements (the “Participants and Beneficiaries”);

 

WHEREAS, the Company hereby establishes a Trust (the “Trust”) and shall
contribute to the Trust assets that shall be held therein, subject to the
claims of the Company’s creditors in the event of the Company’s Insolvency, as
herein defined, until paid to the Participants and their Beneficiaries in such
manner and at such times as specified in the Arrangements and in this Trust
Agreement;

 

WHEREAS, it is the intention of the parties that this Trust shall
constitute an unfunded arrangement and shall not affect the status of the
Arrangements as unfunded plans maintained for the purpose of providing deferred
compensation for a select group of management or highly compensated employees
for purposes of Title I of the Employee Retirement Income Security Act of 1974,
as amended (“ERISA”); and

 

WHEREAS, it is the intention of the Company to make contributions to
the Trust to provide itself with a source of funds (the “Fund”) to assist it in
satisfying its liabilities under the Arrangements.

 

NOW, THEREFORE, the parties do hereby establish the Trust and agree
that the Trust shall be comprised, held and disposed of as follows:

 

SECTION 1.                            Establishment of the Trust

 

(a)           The Trust is intended to be
a grantor trust, of which the Company is the grantor, within the meaning of Section 671
et seq. of the Internal Revenue Code of
1986, as amended (the “Code”), and shall be construed accordingly.

 

(b)           The Company
shall be considered the grantor for the purposes of the Trust.

 

(c)           Subject to Section 1(h),
the Trust is irrevocable.

 

(d)           The Company
hereby deposits with the Trustee in the Trust one-thousand dollars and zero
cents ($1,000.00) which shall become the principal of the Trust to be held,
administered and disposed of by the Trustee as provided in this Trust
Agreement.

 

(e)           The principal
of the Trust, and any earnings thereon shall be held separate and apart from
other funds of the Company and shall be used exclusively for the uses and
purposes of the Participants and Beneficiaries and general creditors as herein
set forth.  The Participants and
Beneficiaries shall have no preferred claim on, or any beneficial ownership
interest in, any assets of the Trust. 
Any rights created under the Arrangements and this Trust Agreement shall
be unsecured contractual rights of the Participants and Beneficiaries against
the Company.  Any assets held by the
Trust will be subject 

 

1

 

to the claims of the general creditors of the Company under federal and
state law in the event the Company is Insolvent, as defined in Section 3(a).

 

(f)            The Company, in
its sole discretion, may at any time, or from time to time, make additional
deposits of cash or other property acceptable to the Trustee in the Trust to
augment the principal to be held, administered and disposed of by the Trustee
as provided in this Trust Agreement. 
Prior to a Change in Control, neither the Trustee nor any Participant or
Beneficiary shall have any right to compel additional deposits.

 

(g)           In addition to
the initial contribution, the Company shall make such other contributions as
shall from time to time be authorized by due corporate action.  Any such payments made by the Company may be
in cash, by letter of credit or, prior to the date as of which a Change in
Control occurs, in such property (including, without limitation, securities
issued by the Company) as the Company may determine.  The Company shall keep accurate books and
records with respect to the interest of each Participant and Beneficiary in any
Arrangement and shall provide copies of such books and records to the Trustee
at any time as the Trustee shall request. 
Upon a Change in Control, as defined herein, the Company shall, as soon
as possible, but in no event longer than thirty (30) days following the
occurrence of a Change in Control, make a contribution to the Trust in an
amount that is sufficient (taking into account the Trust assets, if any,
resulting from prior contributions) to fund the Trust in an amount equal to no
less than 100% but no more than 120% of the Required Funding and Expense
Reserve.  The Required Funding shall be
equal to the amount necessary to pay each Participant or Beneficiary the
benefits to which he would be entitled pursuant to the terms of the
Arrangements as of the date on which the Change in Control occurred.  The Expense Reserve shall be equal to the
lesser of: (i) the estimated trustee and record-keeper expenses and fees
for one year or (ii)  seventy-five thousand dollars ($75,000).  Annually, the Company shall recalculate the
Required Funding and Expense Reserve as of December 31 of the preceding
year and, if the assets of the Trust are less than the sum of the Required
Funding and Expense Reserve, the Company shall make a contribution to the Trust
in an amount equal to no less than 100% but no more than 120% of the Required
Funding and Expense Reserve.

 

SECTION 2. Payments to Participants and Their Beneficiaries

 

(a)           Prior to a
Change in Control, distributions from the Trust shall be made by the Trustee to
the Participants and Beneficiaries at the direction of the Company.  Prior to a Change in Control, the entitlement
of the Participants or Beneficiaries to benefits under the Arrangements shall
be determined by the Plan Administrator under the Arrangements, and any claim
for such benefits shall be considered and reviewed under the procedures set out
in the Arrangements.

 

(b)           The Company may make payment
of benefits directly to the Participants and Beneficiaries as they become due
under the terms of the Arrangements.  The
Company shall notify the Trustee of its decision to make payment of benefits
directly prior to the time amounts are payable to the Participants and
Beneficiaries.  Before a Change in
Control, the Company may direct the Trustee in writing to reimburse the Company
from the Trust assets, and debit the account or other interest of each
Participant and Beneficiary, for amounts paid directly to the Participant or
their Beneficiaries by the Company.  The
Trustee shall reimburse the Company for such payments promptly after receipt by
the Trustee of satisfactory evidence that the Company has made the direct
payments.  No such reimbursement shall be
allowed upon or after Change in Control that would result in Trust assets
equaling less than 100% of the Required Funding and Expense Reserve.

 

2

 

In
addition, if the principal of the Trust, and any earnings thereon, are not
sufficient to make payments of benefits in accordance with the terms of the
Arrangements, the Company shall make the balance of each such payment as it
falls due in accordance with the Arrangements. 
The Trustee shall notify the Company where principal and earnings are
not sufficient.  Nothing in this
Agreement shall relieve the Company of its liabilities to pay benefits due
under the Arrangements except to the extent such liabilities are met by
application of assets of the Trust.

 

(c)           The Company shall deliver to
the Trustee a schedule of benefits, to include state and federal tax
withholding requirements, due under the Arrangements on an annual basis.  Immediately after a Change in Control, the
Company shall deliver to the Trustee an updated schedule of benefits due under
the Arrangements.  After a Change in
Control, the Trustee shall pay benefits due in accordance with such
schedule.  After a Change in Control, the
Plan Administrator shall continue to make the determination of benefits due to
the Participants and Beneficiaries and shall provide the Trustee with an
updated schedule, to include state and federal tax withholding requirements, of
benefits due; provided however, a Participant or Beneficiary may make
application to the Trustee for an independent decision as to the amount or form
of benefits due under the Arrangements. 
In making any determination required or permitted to be made by the
Trustee under this Section, the Trustee shall, in each such case, reach its own
independent determination, in its absolute and sole discretion, as to the
Participant’s or Beneficiary’s entitlement to a payment hereunder.  In making its determination, the Trustee may
consult with and make such inquiries of such persons, including the Participant
or Beneficiary, the Company, legal counsel, actuaries or other persons, as the
Trustee may reasonably deem necessary. 
Any reasonable costs incurred by the Trustee in arriving at its
determination shall be reimbursed by the Company and, to the extent not paid by
the Company within a reasonable time, shall be charged to the Trust.  The Company waives any right to contest any
amount paid over by the Trustee hereunder pursuant to a good faith
determination made by the Trustee notwithstanding any claim by or on behalf of
the Company (absent a manifest abuse of discretion by the Trustee) that such
payments should not be made.

 

(d)           The Trustee agrees that it
will not itself institute any action at law or at equity, whether in the nature
of an accounting, interpleading action, request for a declaratory judgment or
otherwise, requesting a court or administrative or quasi-judicial body to make
the determination required to be made by the Trustee under this Section 2
in the place and stead of the Trustee. 
The Trustee may (and, if necessary or appropriate, shall) institute an
action to collect a contribution due the Trust following a Change in Control or
in the event that the Trust should ever experience a short-fall in the amount
of assets necessary to make payments pursuant to the terms of the Arrangements.

 

SECTION 3. Trustee Responsibility Regarding Payments if the Company Is Insolvent

 

(a)           The Trustee
shall cease payment of benefits to the Participants and Beneficiaries if the
Company is Insolvent.  The Company shall
be considered “Insolvent” for purposes of this Trust Agreement if (i) the
Company is unable to pay its debts as they become due or (ii) the Company
is subject to a pending proceeding as a debtor under the United States
Bankruptcy Code.

 

(b)           At all times
during the continuance of this Trust, the principal and income of the Trust
shall be subject to claims of general creditors of the Company under federal
and state law as set forth below.

 

(1)           The Chief Executive Officer
and Chief Financial Officer of the Company shall have the duty to inform the
Trustee in writing that the Company is Insolvent.  If a person claiming to be a creditor of the
Company alleges in writing to the Trustee that the Company has become
Insolvent, the Trustee shall determine whether the Company

 

3

 

is Insolvent and, pending such determination, the Trustee shall
discontinue payment of benefits to the Participants and Beneficiaries.

 

(2)           Unless the Trustee has
actual knowledge that the Company is Insolvent, or has received notice from the
Company or a person claiming to be a creditor alleging that the Company is
Insolvent, the Trustee shall have no duty to inquire whether the Company is
Insolvent.  The Trustee may in all events
rely on such evidence concerning the Company’s solvency as may be furnished to
the Trustee and that provides the Trustee with a reasonable basis for making a
determination concerning the Company’s solvency.

 

(3)           If at any time the Trustee
has determined that the Company is Insolvent, the Trustee shall discontinue payments
to the Participants and Beneficiaries and shall hold the assets of the Trust
for the benefit of the Company’s general creditors.  Nothing in this Trust Agreement shall in any
way diminish any rights of the Participants and Beneficiaries to pursue their
rights as general creditors of the Company with respect to benefits due under
the Arrangements or otherwise.

 

(4)           The Trustee shall resume the
payment of benefits to the Participants and Beneficiaries in accordance with Section 2
of this Trust Agreement only after the Trustee has determined that the Company
is not Insolvent (or is no longer Insolvent).

 

(c)           Provided that
there are sufficient assets, if the Trustee discontinues the payment of
benefits from the Trust pursuant to Section 3(b) hereof and subsequently
resumes such payments, the first payment following such discontinuance shall
include the aggregate amount of all payments due to the Participants and
Beneficiaries under the terms of the Arrangements for the period of such
discontinuance, less the aggregate amount of any payments made to the
Participants and Beneficiaries by the Company in lieu of the payments provided
for hereunder during any such period of discontinuance.

 

SECTION 4. Payments When a Short-Fall of Trust Assets Occurs

 

(a)           If there are
not sufficient assets for the payment of current and expected future benefits
pursuant to Section 2 or Section 3(c) hereof and the Company
does not otherwise make such payments within a reasonable time after demand
from the Trustee, the Trustee shall allocate the Trust assets among the
Participants and Beneficiaries in the following order of priority:

 

(1)           vested Participants
(regardless of whether they are actively employed) and their Beneficiaries; and

 

(2)           non-vested Participants
(regardless of whether they are actively employed) and their Beneficiaries

 

(b)           Within each
category, assets shall be allocated pro-rata with respect to the total present
value of benefits expected for each Participant or Beneficiary within the
category, and payments to each Participant or Beneficiary shall be made to the
extent of the assets allocated to each Participant or Beneficiary.

 

(c)           Upon receipt of
a contribution from the Company necessary to make up for a short-fall in the
payments due, the Trustee shall resume payments to all the Participants and
Beneficiaries under the 

 

4

 

Arrangements.  Following a Change
in Control, the Trustee shall have the right and duty to compel a contribution
to the Trust from the Company to make-up for any short-fall.

 

SECTION 5.                            Payments to the Company

 

(a)           Except as
provided in Section 2(b), Section 3, Section 5(b), Section 8(a) and
Section 14(c), the Company shall have no right or power to direct the
Trustee to return to the Company or to divert to others any of the Trust assets
before all payment of benefits have been made to the Participants and
Beneficiaries pursuant to the terms of the Arrangements.

 

(b)           In the event
that the Company, prior to a Change in Control, or the Trustee in its sole and
absolute discretion, after a Change in Control, determines that the Trust
assets exceed one-hundred ten percent (110%) of the anticipated benefit
obligations and administrative expenses that are to be paid under the
Arrangements, the Trustee, at the written direction of the Company, prior to a
Change in Control, or the Trustee in its sole and absolute discretion, after a
Change in Control, shall distribute to the Company such excess portion of Trust
assets.

 

SECTION 6.                                    Investment Authority

 

(a)           The Trustee shall not be
liable in discharging its duties hereunder, including without limitation its
duty to invest and reinvest the Fund, if it acts for the exclusive benefit of
the Participants and Beneficiaries, in good faith and as a prudent person would
act in accomplishing a similar task and in accordance with the terms of this
Trust Agreement and any applicable federal or state laws, rules or
regulations.

 

(b)           Prior to a Change in
Control, the Company shall have the right, subject to this Section, to direct
the Trustee with respect to investments.

 

(1)           The Company may direct the Trustee to segregate all
or a portion of the Fund in a separate investment account or accounts and may
appoint one or more investment managers and/or an investment committee
established by the Company to direct the investment and reinvestment of each
such investment account or accounts.  In
such event, the Company shall notify the Trustee of the appointment of each
such investment manager and/or investment committee.  No such investment manager shall be related,
directly or indirectly, to the Company, but members of the investment committee
may be employees of the Company.

 

(2)           Thereafter, until a Change in Control, the Trustee
shall make every sale or investment with respect to such investment account as
directed in writing by the investment manager or investment committee.  It shall be the duty of the Trustee to act
strictly in accordance with each direction. 
The Trustee shall be under no duty to question any such direction of the
investment manager or investment committee, to review any securities or other
property held in such investment account or accounts acquired by it pursuant to
such directions or to make any recommendations to the investment managers or
investment committee with respect to such securities or other property.

 

(3)           Notwithstanding the foregoing, the Trustee, without
obtaining prior approval or direction from an investment manager or investment
committee, shall invest cash balances held by it from time to time in short
term cash equivalents including, but not limited to, through the medium of any
short term common, collective or commingled trust fund established 

 

5

 

and
maintained by the Trustee subject to the instrument establishing such trust
fund, U.S. Treasury Bills, commercial paper (including such forms of commercial
paper as may be available through the Trustee’s trust department), certificates
of deposit (including certificates issued by the Trustee in its separate
corporate capacity) and similar type securities, with a maturity not to exceed
one year; and, furthermore, sell such short term investments as may be
necessary to carry out the instructions of an investment manager or investment
committee regarding more permanent type investment and directed distributions.

 

(4)           The Trustee shall neither be liable nor responsible
for any loss resulting to the Fund by reason of any sale or purchase of an
investment directed by an investment manager or investment committee nor by
reason of the failure to take any action with respect to any investment which
was acquired pursuant to any such direction in the absence of further
directions of such investment manager or investment committee.

 

(5)           Notwithstanding anything in this Agreement to the
contrary, the Trustee shall be indemnified and saved harmless by the Company
from and against any and all personal liability to which the Trustee may be
subjected by carrying out any directions of an investment manager or investment
committee issued pursuant hereto or for failure to act in the absence of
directions of the investment manager or investment committee including all
expenses reasonably incurred in its defense in the event the Company fails to
provide such defense; provided, however, the Trustee shall not be so
indemnified if it participates knowingly in, or knowingly undertakes to
conceal, an act or omission of an investment manager or investment committee,
having actual knowledge that such act or omission is a breach of a fiduciary
duty; provided further, however, that the Trustee shall not be deemed to have
knowingly participated in or knowingly undertaken to conceal an act or omission
of an investment manager or investment committee with knowledge that such act
or omission was a breach of fiduciary duty by merely complying with directions
of an investment manager or investment committee or for failure to act in the
absence of directions of an investment manager or investment committee.  The Trustee may rely upon any order,
certificate, notice, direction or other documentary confirmation purporting to
have been issued by the investment manager or investment committee which the
Trustee believes to be genuine and to have been issued by the investment
manager or investment committee.  The
Trustee shall not be charged with knowledge of the termination of the
appointment of any investment manager or investment committee until it receives
written notice thereof from the Company.

 

(6)           The Company, prior to a Change in Control, may
direct the Trustee to invest in securities (including stock and the rights to
acquire stock) or obligations issued by the Company.

 

(7)           All rights associated with respect to any investment
held by the Trust, including but not limited to, exercising or voting of
proxies, in person or by general or limited proxy, shall be in accordance with
and as directed in writing by the Company or its authorized representative.

 

(c)           Subsequent to a Change in
Control, the Trustee shall have the power in investing and reinvesting the Fund
in its sole discretion:

 

(1)           To invest and reinvest in
any readily marketable common and preferred stocks (including any stock or
security of the Company), bonds, notes, debentures (including convertible
stocks and securities but not including any stock or security of the Trustee
other than a de 

 

6

 

minimus amount held in a
collective or mutual fund), certificates of deposit or demand or time deposits
(including any such deposits with the Trustee), limited partnerships or limited
liability companies, private placements and shares of investment companies, and
mutual funds, without being limited to the classes or property in which the
Trustees are authorized to invest by any law or any rule of court of any
state and without regard to the proportion any such property may bear to the
entire amount of the Fund.  Without
limitation, the Trustee may invest the Trust in any investment company
(including any investment company or companies for which the Trustee. or an
affiliated company acts as the investment advisor) or, any insurance contract
or contracts issued by an insurance company or companies in each case as the
Trustee may determine provided that the Trustee may in its sole discretion keep
such portion of the Trust in cash or cash balances for such reasonable periods
as may from time to time be deemed advisable pending investment or in order to
meet contemplated payments of benefits;

 

(2)           To invest and reinvest all
or any portion of the Fund collectively through the medium of any proprietary
mutual fund that may be established and maintained by the Trustee;

 

(3)           To commingle for investment
purposes all or any portion of the Fund with assets of any other similar trust
or trusts established by the Company with the Trustee for the purpose of
safeguarding deferred compensation or retirement income benefits of its
employees and/or directors;

 

(4)           To retain any property at
any time received by the Trustee;

 

(5)           To sell or exchange any
property held by it at public or private sale, for cash or on credit, to grant
and exercise options for the purchase or exchange thereof, to exercise all
conversion or subscription rights pertaining to any such property and to enter
into any covenant or agreement to purchase any property in the future;

 

(6)           To participate in any plan
of reorganization, consolidation, merger, combination, liquidation or other
similar plan relating to property held by it and to consent to or oppose any
such plan or any action thereunder or any contract, lease, mortgage, purchase,
sale or other action by any person;

 

(7)           To deposit any property held
by it with any protective, reorganization or similar committee, to delegate
discretionary power thereto, and to pay part of the expenses and compensation
thereof for any assessments levied with respect to any such property to be
deposited;

 

(8)           To extend the time of
payment of any obligation held by it;

 

(9)           To hold uninvested any
moneys received by it, without liability for interest thereon, but only in
anticipation of payments due for investments, reinvestments, expenses or
disbursements;

 

(10)         To exercise all voting or
other rights with respect to any property held by it and to grant proxies,
discretionary or otherwise;

 

(11)         For the purposes of the
Trust, to borrow money from others, to issue its promissory note or notes
therefor, and to secure the repayment thereof by pledging any property held by
it;

 

7

 

(12)                            To employ
suitable contractors and counsel, who may be counsel to the Company or to the
Trustee, and to pay their reasonable expenses and compensation from the Fund to
the extent not paid by the Company;

 

(13)                            To register
investments in its own name or in the name of a nominee; and to combine
certificates representing securities with certificates of the same issue held
by it in other fiduciary capacities or to deposit or to arrange for the deposit
of such securities with any depository, even though, when so deposited, such
securities may be held in the name of the nominee of such depository with other
securities deposited therewith by other persons, or to deposit or to arrange
for the deposit of any securities issued or guaranteed by the United States government,
or any agency or instrumentality thereof, including securities evidenced by
book entries rather than by certificates, with the United States Department of
the Treasury or a Federal Reserve Bank, even though, when so deposited, such
securities may not be held separate from securities deposited therein by other
persons; provided, however, that no securities held in the Fund shall be
deposited with the United States Department of the Treasury or a Federal
Reserve Bank or other depository in the same account as any individual property
of the Trustee, and provided, further, that the books and records of the
Trustee shall at all times show that all such securities are part of the Trust
Fund;

 

(14)                            To settle,
compromise or submit to arbitration any claims, debts or damages due or owing
to or from the Trust, respectively, to commence or defend suits or legal
proceedings to protect any interest of the Trust, and to represent the Trust in
all suits or legal proceedings in any court or before any other body or
tribunal; provided, however, that the Trustee shall not be required to take any
such action unless it shall have been indemnified by the Company to its
reasonable satisfaction against liability or expenses it might incur therefrom;

 

(15)                            Subject to Section 7,
to hold and retain policies of life insurance, annuity contracts, and other
property of any kind which policies are contributed to the Trust by the Company
or any subsidiary of the Company or are purchased by the Trustee;

 

(16)                            To hold any
other class of assets which may be contributed by the Company and that is
deemed reasonable by the Trustee, unless expressly prohibited herein;

 

(17)                            To loan any
securities at any time held by it to brokers or dealers upon such security as
may be deemed advisable, and during the terms of any such loan to permit the
loaned securities to be transferred into the name of and voted by the borrower
or others; and

 

(18)                            Generally, to
do all acts, whether or not expressly authorized, that the Trustee may deem
necessary or desirable for the protection of the Fund.

 

(d)                                 Following a
Change in Control, the Trustee shall have the sole and absolute discretion in
the management of the Trust assets and shall have all the powers set forth
under Section 6(c).  In investing
the Trust assets, the Trustee shall consider:

 

(1)                                  the needs of
the Arrangements;

 

(2)                                  the need for
matching of the Trust assets with the liabilities of the Arrangements; and

 

8

 

(3)                                  the duty of the
Trustee to act solely in the best interests of the Participants and
Beneficiaries.

 

(e)                                  The Trustee
shall have the right, in its sole discretion, to delegate its investment
responsibility to an investment manager who may be an affiliate of the
Trustee.  In the event the Trustee shall
exercise this right, the Trustee shall remain, at all times responsible for the
acts of an investment manager.  The
Trustee shall have the right to purchase an insurance policy or an annuity to
fund the benefits of the Arrangements.

 

(f)                                    The Company
shall have the right at any time, and from time to time in its sole discretion,
to substitute assets (other than securities issued by the Trustee or the
Company) of equal fair market value for any asset held by the Trust.  This right is exercisable by the Company in a
nonfiduciary capacity without the approval or consent of any person in a
fiduciary capacity; provided, however, that, following a Change in Control, no
such substitution shall be permitted unless the Trustee determines that the
fair market values of the substituted assets are equal.

 

SECTION 7.                                       Insurance Contracts

 

(a)                                  To the extent
that the Trustee is directed by the Company prior to a Change in Control to
invest part or all of the Trust Fund in insurance contracts, the type and
amount thereof shall be specified by the Company.  The Trustee shall be under no duty to make
inquiry as to the propriety of the type or amount so specified.

 

(b)                                 Each insurance
contract issued shall provide that the Trustee shall be the owner thereof with
the power to exercise all rights, privileges, options and elections granted by
or permitted under such contract or under the rules of the insurer.  The exercise by the Trustee of any incidents
of ownership under any contract shall, prior to a Change in Control, be subject
to the direction of the Company.  After a
Change in Control, the Trustee shall have all such rights.

 

(c)                                  The Trustee
shall have no power to name a beneficiary of the policy other than the Trust,
to assign the policy (as distinct from conversion of the policy to a different
form) other than to a successor Trustee, or to loan to any person the proceeds
of any borrowing against an insurance policy held in the Trust Fund.

 

(d)                                 No insurer
shall be deemed to be a party to the Trust and an insurer’s obligations shall
be measured and determined solely by the terms of contracts and other
agreements executed by the insurer.

 

SECTION 8.                                   Disposition of Income

 

(a)                                  Prior to a
Change in Control, all income received by the Trust, net of expenses and taxes,
may be returned to the Company or accumulated and reinvested within the Trust
at the direction of the Company.

 

(b)                                 Following a
Change in Control, all income received by the Trust, net of expenses and taxes
payable by the Trust, shall be accumulated and reinvested within the Trust.

 

SECTION 9.                          Accounting by the Trustee

 

The
Trustee shall keep accurate and detailed records of all investments, receipts,
disbursements, and all other transactions required to be made, including such
specific records as shall be agreed upon in writing between the Company and the
Trustee.  Within forty-five (45) days
following the close of each calendar year and 

 

9

 

within
forty-five (45) days after the removal or resignation of the Trustee, the
Trustee shall deliver to the Company a written account of its administration of
the Trust during such year or during the period from the close of the last
preceding year to the date of such removal or resignation setting forth all
investments, receipts, disbursements and other transactions effected by it,
including a description of all securities and investments purchased and sold
with the cost or net proceeds of such purchases or sales (accrued interest paid
or  receivable being shown separately), and
showing all cash, securities and other property held in the Trust at the end of
such year or as of the date of such removal or resignation, as the case may
be.  The Company may approve such account
by an instrument in writing delivered to the Trustee.  In the absence of the Company’s filing with
the Trustee objections to any such account within ninety (90) days after its
receipt, the Company shall be deemed to have so approved such account.  In such case, or upon the written approval by
the Company of any such account, the Trustee shall, to the extent permitted by
law, be discharged from all liability to the Company for its acts or failures
to act described by such account.  The
foregoing, however, shall not preclude the Trustee from having its accounting
settled by a court of competent jurisdiction. 
The Trustee shall be entitled to hold and to commingle the assets of the
Trust in one Fund for investment purposes but at the direction of the Company
prior to a Change in Control, the Trustee shall create one or more
sub-accounts.

 

SECTION 10.                     Responsibility of the
Trustee

 

(a)                                  The Trustee
shall act with the care, skill, prudence and diligence under the circumstances
then prevailing that a prudent person acting in like capacity and familiar with
such matters would use in the conduct of an enterprise of a like character and
with like aims, provided, however, that the Trustee shall incur no liability to
any person for any action taken pursuant to a direction, request or approval
given by the Company which is contemplated by, and in conformity with, the
terms of the Arrangements or this Trust and is given in writing by the
Company.  In the event of a dispute
between the Company and a party, the Trustee may apply to a court of competent
jurisdiction to resolve the dispute, subject, however to Section 2(d).

 

(b)                                 The Company
hereby indemnifies the Trustee against losses, liabilities, claims, costs and
expenses in connection with the administration of the Trust, unless resulting
from the gross negligence or willful misconduct of Trustee.  To the extent the Company fails to make any
payment on account of an indemnity provided in this Section 10(b), in a
reasonably timely manner, the Trustee may obtain payment from the Trust.  If the Trustee undertakes or defends any litigation
arising in connection with this Trust or to protect a Participant’s or
Beneficiary’s rights under the Arrangements, the Company agrees to indemnify
the Trustee against the Trustee’s costs, reasonable expenses and liabilities
(including, without limitation, attorneys’ fees and expenses) relating thereto
and to be primarily liable for such payments. 
If the Company does not pay such costs, expenses and liabilities in a
reasonably timely manner, the Trustee may obtain payment from the Trust.

 

(c)                                  Prior to a
Change in Control, the Trustee may consult with legal counsel (who may also be
counsel for the Company generally) with respect to any of its duties or
obligations hereunder.  Following a
Change in Control, the Trustee shall select independent legal counsel and may
consult with counsel or other persons with respect to its duties and with
respect to the rights of the Participants and Beneficiaries under the
Arrangements.

 

(d)                                 The Trustee may
hire agents, accountants, actuaries, investment advisors, financial consultants
or other professionals to assist it in performing any of its duties or
obligations hereunder and may rely on any determinations made by such agents
and information provided to it by the Company.

 

(e)                                  The Trustee
shall have, without exclusion, all powers conferred on the Trustee by
applicable law, unless expressly provided otherwise herein.

 

10

 

(f)                                    Notwithstanding
any powers granted to the Trustee pursuant to this Trust Agreement or to applicable
law, the Trustee shall not have any power that could give this Trust the
objective of carrying on a business and dividing the gains therefrom, within
the meaning of section 301.7701-2 of the Procedure and Administrative
Regulations promulgated pursuant to the Code.

 

SECTION 11. Compensation and Expenses of the Trustee

 

The
Trustee’s compensation shall be as agreed in writing from time to time by the
Company and the Trustee.  The Company
shall pay all administrative expenses and the Trustee’s fees and shall promptly
reimburse the Trustee for any fees and expenses of its agents.  If not so paid within thirty (30) days of
being invoiced, the fees and expenses shall be paid from the Trust.

 

SECTION 12. Resignation and Removal of the Trustee

 

(a)                                  Prior to a Change
in Control, the Trustee may resign at any time by written notice to the
Company, which shall be effective sixty (60) days after receipt of such notice
unless the Company and the Trustee agree otherwise.  Following a Change in Control, the Trustee may
resign only after the appointment of a successor Trustee.

 

(b)                                 The Trustee may
be removed by the Company on sixty days (60) days notice or upon shorter notice
accepted by the Trustee prior to a Change in Control.  Subsequent to a Change in Control, the Trustee
may only be removed by the Company with the consent of a Majority of the
Participants.

 

(c)                                  If the Trustee
resigns within two years after a Change in Control, as defined herein, the
Company, or if the Company fails to act within a reasonable period of time
following such resignation, the Trustee, shall apply to a court of competent
jurisdiction for the appointment of a successor Trustee which satisfies the
requirements of Section 13 or for instructions.

 

(d)                                 Upon
resignation or removal of the Trustee and appointment of a successor Trustee,
all assets shall subsequently be transferred to the successor Trustee.  The transfer shall be completed within sixty
(60) days after receipt of notice of resignation, removal or transfer, unless
the Company extends the time limit.

 

(e)                                  If the Trustee
resigns or is removed, a successor shall be appointed by the Company, in
accordance with Section 13 hereof, by the effective date of resignation or
removal under Section 12(a) or (b). 
If no such appointment has been made, the Trustee may apply to a court
of competent jurisdiction for appointment of a successor or for
instructions.  All expenses of the
Trustee in connection with the proceeding shall be allowed as administrative
expenses of the Trust.

 

SECTION 13.                         Appointment of Successor

 

(a)                                  If the Trustee
resigns or is removed in accordance with Section 12, the Company may
appoint, subject to Section 12, any third party national banking
association with a market capitalization exceeding $100,000,000 to replace the
Trustee upon resignation or removal.  The
successor Trustee shall have all of the rights and powers of the former
Trustee, including ownership rights in the Trust.  The former Trustee shall execute any
instrument necessary or reasonably requested by the Company or the successor
Trustee to evidence the transfer.

 

11

 

(b)                                 The successor
Trustee need not examine the records and acts of any prior Trustee and may
retain or dispose of existing Trust assets, subject to Sections 9 and 10.  The successor Trustee shall not be
responsible for and the Company shall indemnify and defend the successor
Trustee from any claim or liability resulting from any action or inaction of
any prior Trustee or from any other past event, or any condition existing at
the time it becomes successor Trustee.

 

SECTION 14.                        Amendment or Termination

 

(a)                                  This Trust
Agreement may be amended by a written instrument executed by the Trustee and
the Company, except as otherwise provided in this Section 14.  Notwithstanding the foregoing, no such
amendment shall conflict with the terms of the Arrangements or shall make the
Trust revocable.

 

(b)                                 Following a
Change in Control, the Trust shall not terminate until the date on which the
Participants and Beneficiaries have received all of the benefits due to them
under the terms and conditions of the Arrangements.

 

(c)                                  Upon written
approval of all the Participants and Beneficiaries entitled to payment of
benefits pursuant to the terms of the Arrangements, the Company may terminate
this Trust prior to the time all benefit payments under the Arrangements have
been made.  All assets in the Trust at
termination shall be returned to the Company.

 

(d)                                 This Trust
Agreement may not be amended by the Company following a Change in Control
without the written consent of a Majority of the Participants.

 

SECTION 15.             Change in Control

 

For purposes of this Trust,
the following terms shall be defined as set forth below:

 

(a)                                  “Affiliate” has
the meaning given such term under Rule 12b-2 of the General Rules and
Regulations under the Exchange Act.

 

(b)                                 “Associate” has
the meaning given such term under Rule 12b-2 of the General Rules and
Regulations under the Exchange Act.

 

(c)                                  “Beneficial
Owner” has the meaning given such term under Rule 13d-3 of the General Rules and
Regulations under the Exchange Act.

 

(d)                                 “Change in
Control” shall occur in the event:  (i) any
Person shall become directly or indirectly the Beneficial Owner of securities
of the Company representing fifty percent (50%) or more of the combined voting
power of the Company’s then outstanding securities for the election of
directors or fifty percent (50%) or more of the Company’s then outstanding
Common Shares, or (ii) any Person completes a tender offer pursuant to
Regulation 14D promulgated by the Securities and Exchange Commission under
the Exchange Act, or any successor provision thereto, which results in such
Person becoming the Beneficial Owner of fifty percent (50%) or more of the
combined voting power of the Company’s then outstanding securities for the
election of directors or fifty percent (50%) or more of the Company’s then
outstanding Common Stock.

 

The Chief Executive Officer and Chief Financial Officer of the Company
shall have the specific authority to determine whether a Change in Control has
occurred and shall be required to give the Trustee notice of a Change in
Control.  The Trustee shall be entitled
to rely upon such notice, but if 

 

12

 

the Trustee receives notice of a Change in Control from another source,
the Trustee shall make its own independent determination.

 

(e)                                  “Exchange Act”
means the Securities Exchange Act of 1934 and the rules and regulations
thereunder, as such law, rules and regulations may be amended from time to
time.

 

(f)                                    “Group” means persons and
entities that act in concert as described in Section 14(d)(2) of the
Exchange Act (other than the Company or any Subsidiary thereof and other than
any profit-sharing, employee stock ownership or any other employee benefit plan
of the Company or such Subsidiary, or any trustee of or fiduciary with respect
to any such plan when acting in such capacity and other than any executive
officer of the Company).

 

(g)                                 “Majority of
Participants” shall mean 50% of the Participants or their Beneficiaries who
have a vested account balance in the Arrangements under this Trust Agreement.

 

(h)                                 “Person” means
and includes any individual, corporation, partnership or other person or entity
and any Group and all Affiliates and Associates of any such individual,
corporation, partnership, or other person or entity or Group.

 

SECTION 16.                                              Confidentiality

 

(a)                                  This Trust
Agreement and certain information relating to the Trust is “Confidential
Information” pursuant to applicable federal and state law, and as such it shall
be maintained in confidence and not disclosed, used or duplicated, except as
described in this section.  If it is
necessary for the Trustee to disclose Confidential Information to a third party
in order to perform the Trustee’s duties hereunder and the Company has
authorized the Trustee to do so, the Trustee shall disclose only such
Confidential Information as is necessary for such third party to perform its
obligations to the Trustee and shall, before such disclosure is made, ensure
that said third party understands and agrees to the confidentiality obligations
set forth herein.  The Trustee and the
Company shall maintain an appropriate information security program and adequate
administrative and physical safeguards to prevent the unauthorized disclosure,
misuse, alteration or destruction of Confidential Information, and shall inform
the other party as soon as possible of any security breach or other incident
involving possible unauthorized disclosure of or access to Confidential
Information.  Confidential Information
shall be returned to the disclosing party upon request.  Confidential Information does not include
information that is generally known or available to the public or that is not
treated as confidential by the disclosing party, provided, however, that this
exception shall not apply to any publicly available information to the extent
that the disclosure or sharing of the information by one or both parties is
subject to any limitation, restriction, consent, or notification requirement
under any applicable federal or state information privacy law or
regulation.  If the receiving party is
required by law, according to the advice of competent counsel, to disclose
Confidential Information, the receiving party may do so without breaching this
section, but shall first, if feasible and legally permissible, provide the
disclosing party with prompt notice of such pending disclosure so that the
disclosing party may seek a protective order or other appropriate remedy or waive
compliance with the provisions of this section.

 

SECTION 17.                                               Miscellaneous

 

(a)                                  Any provision
of this Trust Agreement prohibited by law shall be ineffective to the extent of
any such prohibition, without invalidating the remaining provisions hereof.

 

13

 

(b)                                 The Company
hereby represents and warrants that all of the Arrangements have been
established, maintained and administered in accordance with all applicable
laws, including without limitation, ERISA. 
The Company hereby indemnifies and agrees to hold the Trustee harmless
from all liabilities, including attorney’s fees, relating to or arising out of
the establishment, maintenance and administration of the Arrangements.  To the extent the Company does not pay any of
such liabilities in a reasonably timely manner, the Trustee may obtain payment
from the Trust.

 

(c)                                  Benefits
payable to the Participants and Beneficiaries under this Trust Agreement may
not be anticipated, assigned (either at law or in equity), alienated, pledged,
encumbered or subjected to attachment, garnishment, levy, execution or other
legal or equitable process.

 

(d)                                 This Trust
Agreement shall be governed by and construed in accordance with the laws of
North Carolina.

 

IN
WITNESS WHEREOF, this Trust Agreement has been executed on behalf of the
parties hereto on the day and year first above written.

 

	
   

  	
   

  	
  GRANTOR:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CARLISLE COMPANIES
  INCORPORATED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
      /s/
  Steven J. Ford

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name: 

  	
     Steven J.
  Ford

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
     Vice President
  and Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TRUSTEE:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  WACHOVIA BANK, NATIONAL
  ASSOCIATION

  
	
   

  	
   

  	
   

  
	
  ATTEST:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  
	
  Its:

  	
   

  	
   

  	
  Title:

  	
   

  
									

 

14

 

Appendix A

 

Plans and Arrangements

 

The
following Arrangements are covered by this Trust:

 

1.                                       Carlisle Companies
Incorporated Nonqualified Deferred Compensation Plan

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