Document:

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EXHIBIT 10.22

             CHARTER ONE BANK, N.A. STOCK DEFERRED COMPENSATION PLAN

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             CHARTER ONE BANK, N.A. STOCK DEFERRED COMPENSATION PLAN

                            Effective January 1, 2002
                            RESTATED JANUARY 1, 2003

                                     PURPOSE

         The purpose of this Plan is to provide specified benefits to a select
group of management and highly compensated employees and directors of Charter
One Bank, N.A. and its affiliates that sponsor this Plan ("Charter One"), and to
contribute materially to the continued growth, development and future business
success of Charter One. The benefits provided hereunder shall be distributed in
the form of Company Stock. This Plan shall be unfunded for tax purposes and for
purposes of Title I of ERISA.

                                    ARTICLE I
                                   DEFINITIONS

         For purposes of this Plan, unless otherwise clearly apparent from the
context, the following phrases or terms shall have the following indicated
meanings:

         "ANNUAL BONUS" shall mean any compensation, in addition to Base Annual
         Salary relating to services performed during any calendar year, whether
         or not paid in such calendar year or included on the Federal Income Tax
         Form W-2 for such calendar year, payable to a Participant as an
         Employee under any Employer's annual bonus and cash incentive plans,
         excluding stock options.

         "ANNUAL DEFERRAL AMOUNT" shall mean that portion of a Participant's
         Base Annual Salary and Annual Bonus and Director's Compensation that a
         Participant elects to have, and is deferred, on his or her behalf, all
         in accordance with Section 3.1, for any one Plan Year. In the event of
         a Participant's Disability (if deferrals cease in accordance with
         Section 7.1), death or a Termination of Employment prior to the end of
         a Plan Year, such year's Annual Deferral Amount shall be the actual
         amount withheld prior to such event.

         "BASE ANNUAL SALARY" shall mean the annual cash compensation relating
         to services performed by an Employee during any calendar year, whether
         or not paid in such calendar year or included on the Federal Income Tax
         Form W-2 for such calendar year, excluding bonuses, commissions,
         overtime, fringe benefits, stock options, relocation expenses,
         incentive payments, non-monetary awards, directors fees and other fees,
         automobile and other allowances paid to a Participant for employment
         services rendered (whether or not such allowances are included in the
         Employee's gross income). Base Annual Salary shall be calculated before
         reduction for compensation voluntarily deferred or contributed by the
         Participant pursuant to all qualified or non-qualified plans of any
         Employer and shall be calculated to include amounts not otherwise
         included in the Participant's gross income under Code Sections 125,
         402(e)(3), 402(h), or 403(b)

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         pursuant to plans established by any Employer; provided, however, that
         all such amounts will be included in compensation only to the extent
         that, had there been no such plan, the amount would have been payable
         in cash to the Employee.

         "BENEFICIARY" shall mean one or more persons, estates or other
         entities, designated in accordance with Article 9, that are entitled to
         receive benefits under this Plan upon the death of a Participant.

         "BENEFICIARY DESIGNATION FORM" shall mean the form established from
         time to time by the Committee that a Participant completes, signs and
         returns to the Committee to designate one or more Beneficiaries.

         "BOARD" shall mean the board of directors of the Company.

         "CAUSE" shall mean the severing of the Employee or Director
         relationship with an Employer on account of "cause", as that term (or a
         similar term) is defined in the Participant's contract with an
         Employer. If there is no such contract, "Cause" shall mean (1) gross
         negligence or gross neglect of duties; (2) commission of a felony or
         gross misdemeanor involving moral turpitude; (3) fraud, disloyalty or
         willful violation of any law or significant Employer policy resulting
         in an adverse effect on the Employer; or (4) accepting additional
         employment or directorship with a competing institution.

         "CHANGE IN CONTROL" shall mean the first to occur of any of the
         following events:

         (a)      Any "person" (as that term is used in Section 13 and 14(d)(2)
                  of the Securities Exchange Act of 1934 (the "Exchange Act"))
                  becomes the beneficial owner (as that term is used in Section
                  13(d) of the Exchange Act), directly or indirectly, of 50% or
                  more of the Company's capital stock entitled to vote in the
                  election of directors;

         (b)      During any period of not more than two consecutive years, not
                  including any period prior to the adoption of this Plan,
                  individuals who at the beginning of such period constitute the
                  board of directors of the Company, and any new director (other
                  than a director designated by a person who has entered into an
                  agreement with the Company to effect a transaction described
                  in clause (a), (c), (d) or (e) of this definition) whose
                  election by the board of directors or nomination for election
                  by the Company's stockholders was approved by a vote of at
                  least three-fourths (3/4ths) of the directors then in office
                  who either were directors at the beginning of the period or
                  whose election or nomination for election was previously so
                  approved, cease for any reason to constitute at least a
                  majority thereof;

         (c)      The shareholders of the Company approve any consolidation or
                  merger of the Company, other than a consolidation or merger of
                  the Company in which the holders of the common stock of the
                  Company immediately prior

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                  to the consolidation or merger hold more than 50% of the
                  common stock of the surviving corporation immediately after
                  the consolidation or merger;

         (d)      The Shareholders of the Company approve any plan or proposal
                  for the liquidation or dissolution of the Company; or

         (e)      The Shareholders of the Company approve the sale or transfer
                  of all or substantially all of the assets of the Company to
                  parties that are not within a "controlled group of
                  corporation"( as defined in Code Section 1563) in which the
                  Company is a member.

         "CLAIMANT" shall have the meaning set forth in Section 14.1.

         "CODE" shall mean the Internal Revenue Code 1986, as it may be amended
         from time to time.

         "COMMITTEE" shall mean the committee described in Article 12.

         "COMPANY" shall mean Charter One Bank, N.A. and any successor to all or
         substantially all of the Company's assets or business.

         "COMPANY STOCK" shall mean the common stock of the Company.

         "DEDUCTION LIMITATION" shall mean the following described limitation on
         a benefit that may otherwise be distributable pursuant to the
         provisions of this Plan. Except as otherwise provided, this limitation
         shall be applied to all distributions that are "subject to the
         Deduction Limitation" under this Plan. If an Employer determines in
         good faith prior to a Change in Control that there is a reasonable
         likelihood that any compensation paid to a Participant for a taxable
         year of the Employer would not be deductible by the Employer solely by
         reason of the limitation under Code Section 162(m), then to the extent
         deemed necessary by the Employer to ensure that the entire amount of
         any distribution to the Participant pursuant to this Plan prior the
         Change in Control is deductible, the Employer may defer all or any
         portion of a distribution under this Plan. Any amounts deferred
         pursuant to this limitation shall continue to be credited/debited with
         additional amounts in accordance with Section 3.7 below, even if such
         amount is being paid out in installments. The amounts so deferred and
         amounts credited thereon shall be distributed to the Participant or his
         or her Beneficiary (in the event of the Participant's death) at the
         earliest possible date, as determined by the Employer in good faith, on
         which the deductibility of compensation paid or payable to the
         Participant for the taxable year of the Employer during which the
         distribution is made will not be limited by Section 162(m), or if
         earlier, the effective date of a Change in Control. Notwithstanding
         anything to the contrary in this Plan the Deduction Limitation shall
         not apply to any distributions made after a Change in Control.

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         "DEFERRAL ACCOUNT" OR "ACCOUNT BALANCE" shall mean (i) a sum of all of
         a Participant's Annual Deferral Amounts, plus (ii) amounts credited in
         accordance with all the applicable crediting provisions of this Plan
         that relate to the Participant's Deferral Account, less (iii) all
         distributions made to the Participant or his or her Beneficiary
         pursuant to this Plan that relate to his or her Deferral Account.

         "DISABILITY" shall mean a period of disability during which a
         Participant qualifies for permanent disability benefits under the
         Participant's Employer's long-term disability plan, or, if a
         Participant does not participate in such a plan, a period of disability
         during which the Participant would have qualified for permanent
         disability benefits under such a plan had the Participant been a
         participant in such a plan, as determined in the sole discretion of the
         Committee. If the Participant's Employer does not sponsor such a plan,
         or discontinues to sponsor such a plan, Disability shall be determined
         by the Committee in its sole discretion.

         "DISABILITY BENEFIT" shall mean the benefit set forth in Article 7.

         "DIRECTOR" shall mean a member of the board of directors of an
         Employer.

         "DIRECTOR'S COMPENSATION" shall mean fees and other compensation
         payable for services as a Director.

         "ELECTION FORM" shall mean the form established from time to time by
         the Committee that a Participant completes, signs and returns to the
         Committee to make an election under the Plan.

         "EMPLOYEE" shall mean a person who is classified as an employee of any
         Employer.

         "EMPLOYER(S)" shall mean the Company and/or any affiliated employer
         (within the meaning of Code Sections 414(b) or (c)) (now in existence
         or hereafter formed or acquired) that have been selected by the Board
         to participate in the Plan and have adopted the Plan as a sponsor.

         "ERISA" shall mean the Employee Retirement Income Security Act of 1974,
         as it may be amended from time to time.

         "FIRST PLAN YEAR" shall mean the period beginning January 1, 2002, and
         ending December 31, 2002.

         "MONTHLY INSTALLMENT METHOD" shall be a monthly installment payment
         over the number of months selected by the Participant in accordance
         with this Plan, determined as follows: The Participant's Account
         Balance shall be calculated as of the close of the last business day of
         the month preceding the month in which

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         the benefit payments are to commence, and the monthly installment
         amount for the number of months selected by the Participant to receive
         benefits hereunder shall be that amount divided by the number of months
         selected by the Participant. Notwithstanding the foregoing, if the
         Participant's Account Balance is not sufficient to make full monthly
         distributions for the entire number of months selected by the
         Participant, then the monthly payments shall cease when the
         Participant's Account Balance is zero (and the final payment shall be
         that amount which results in the Participant's Account Balance being
         zero). If as of the final monthly payment due the Participant there
         remains a positive Account Balance in excess of the monthly amount
         determined above, then that positive balance shall be distributed to
         the Participant in a lump sum along with the final monthly payment. By
         way of example, if the Participant elects a 120-month Monthly
         Installment Method, and his Account Balance is determined to be
         $150,000, then his monthly payment for the 120 month period shall be
         $1,250. If due to adverse investment performance the Participant's
         Account Balance was $1,000 when the 90th payment was due, then $1,000
         would be the 90th, and final, payment. If at the end of the 120 month
         period the Participant's Account Balance was $25,000, then his 120th
         payment will be $25,000 (comprised of the $1,250 scheduled payment, and
         the $23,750 positive balance). Each monthly installment shall be paid
         on or as soon as practicable after the last business day of the
         applicable month.

         "PARTICIPANT" shall mean any Employee or Director (i) selected to
         participate in the Plan, (ii) who elects to participate in the Plan,
         (iii) who signs a Plan Agreement and an Election Form, (iv) whose
         signed Plan Agreement, Election Form and Beneficiary Designation Form
         are accepted by the Committee, (v) who commences participation in the
         Plan, and (vi) whose Plan Agreement has not terminated. A spouse or
         former spouse of a Participant shall not be treated as a Participant in
         the Plan or have an Account Balance under the Plan, even if he or she
         has an interest in the Participant's benefits under the Plan as a
         result of applicable law or property settlements resulting from legal
         separation or divorce.

         "PLAN" shall mean this Stock Deferred Compensation Plan, which shall be
         evidenced by this instrument and by each Plan Agreement, as they may be
         amended from time to time.

         "PLAN AGREEMENT" shall mean a written agreement, as may be amended from
         time to time, which is entered into by and between an Employer and a
         Participant. Each Plan Agreement executed by a Participant and the
         Participant's Employer shall provide for the entire benefit to which
         such Participant is entitled under the Plan; should there be more than
         one Plan Agreement, the Plan Agreement bearing the latest date of
         acceptance by the Employer shall supersede all previous Plan Agreements
         in their entirety and shall govern such entitlement. The terms of any
         Plan Agreement may be different for any Participant, and any Plan
         Agreement may provide additional benefits not set forth in the Plan or
         limit the benefits otherwise provided under the Plan; provided,

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         however, that any such additional benefits or benefit limitations must
         be agreed to by both the Employer and the Participant.

         "PLAN YEAR" shall mean a period beginning on January 1 of each calendar
         year and continuing through December 31 of such calendar year.

         "PRE-RETIREMENT SURVIVOR BENEFIT" shall mean the benefit set forth in
         Article 6.

         "RETIREMENT", "RETIRE(S)" OR "RETIRED" shall mean severance from
         employment from all Employers for any reason other than a leave of
         absence, death or Disability on or after the earlier of the attainment
         of (a) age sixty-five (65) or (b) age fifty-five (55) with ten (10)
         Years of Service.

         "TERMINATION BENEFIT" shall mean the value of the Participant's Account
         Balance at the time the Account Balance is distributed.

         "TERMINATION OF EMPLOYMENT" shall mean in the case of an Employee the
         severing of employment with all Employers voluntarily or involuntarily,
         for any reason other than Disability, death or an authorized leave of
         absence. With respect to Directors, Termination of Employment shall
         mean the cessation of all services as a Director for any Employer.

         "TRUST" shall mean more trusts established pursuant to that certain
         Trust Agreement between the Company and the trustee named therein, as
         amended from time to time.

         "UNFORESEEABLE FINANCIAL EMERGENCY" shall mean an unanticipated
         emergency that is caused by an event beyond the control of the
         Participant that would result in severe financial hardship to the
         Participant resulting from (i) a sudden and unexpected illness or
         accident of the Participant or a dependent of the Participant, (ii) a
         loss of the Participant's property due to casualty, or (iii) such other
         extraordinary and unforeseeable circumstances arising as a result of
         events beyond the control of the Participant, all as determined in the
         sole discretion of the Committee.

                                    ARTICLE 2
                       SELECTION, ENROLLMENT, ELIGIBILITY

2.1      SELECTION BY COMMITTEE. Participation in the Plan shall be limited to a
         select group of management and highly compensated Employees of the
         Employers, and Directors, as determined by the Committee in its sole
         discretion. From that group, the Committee shall select, in its sole
         discretion, the Employees and Directors to participate in the Plan.

2.2      ENROLLMENT REQUIREMENTS. As a condition to participation, each selected
         Employee shall complete, execute and return to the Committee a Plan

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         Agreement, an Election Form and a Beneficiary Designation Form, all
         within 30 days after he or she is selected to participate in the Plan.
         In addition, the Committee shall establish from time to time such other
         enrollment requirements as it determines in its sole discretion are
         necessary or appropriate.

2.3      ELIGIBILITY; COMMENCEMENT OF PARTICIPATION. Provided an Employee or
         Director selected to participate in the Plan has met all enrollment
         requirements set forth in this Plan and required by the Committee,
         including returning all required documents to the Committee within the
         specified time period, that Employee or Director shall commence
         participation in the Plan on the first day of the month following the
         month in which the Employee or Director completes all enrollment
         requirements. If an Employee fails to meet all such requirements within
         the period required, in accordance with Section 2.2, that Employee or
         Director shall not be eligible to participate in the Plan until the
         first day of the Plan Year following the delivery to and acceptance by
         the Committee of the required documents.

2.4      TERMINATION OF PARTICIPATION AND/OR DEFERRALS. If the Committee
         determines in good faith than a Participant no longer qualifies as a
         member of a select group of management or highly compensated employees,
         as membership in such group is determined in accordance with Sections
         201(2), 301(a)(3) and 401(a)(1) of ERISA, or is no longer a Director,
         the Committee shall have the right, in its sole discretion, to (i)
         terminate any deferral election the Participant has made for the
         remainder of the Plan Year in which the Participant's membership status
         changes, (ii) prevent the Participant from making future deferral
         elections, and/or (iii) immediately distribute the Participant's then
         Account Balance as a Termination Benefit and terminate the
         Participant's participation in the Plan.

                                    ARTICLE 3
                      DEFERRAL COMMITMENTS/CREDITING/TAXES

3.1      PARTICIPANT ELECTIVE DEFERRALS.

         BASE ANNUAL SALARY AND ANNUAL BONUS. For each Plan Year, a Participant
         may elect to defer, as an Annual Deferral Amount, Base Annual Salary,
         Annual Bonus and/or Director's Compensation, as the case may be, the
         following minimum and maximum amounts for each deferral elected:

         DEFERRAL                   MINIMUM AMOUNT            MAXIMUM AMOUNT
         -------------------------------------------------------------------
         Base Annual Salary             $2,400                  50 percent
         Annual Bonus                   10 percent              50 percent
         Director's Compensation        $2,400                  50 percent

         If no election is made, the amount deferred shall be zero.

         Notwithstanding the foregoing, if a Participant first becomes a
         Participant after

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         the first day of a Plan Year, or in the case of the First Plan Year,
         the maximum Annual Deferral Amount, with respect to Base Annual Salary
         and Annual Bonus shall be limited to the amount of compensation not yet
         earned by the Participant as of the date the Participant submits a Plan
         Agreement and Election Form to the Committee for acceptance.

3.2      RESERVED.

3.3      ELECTION TO DEFER; EFFECT OF ELECTION FORM.

         (a)      FIRST PLAN YEAR. In connection with a Participant's
                  commencement of participation in the Plan, the Participant
                  shall make an irrevocable deferral election for the Plan Year
                  in which the Participant commences participation in the Plan,
                  along with such other elections as the Committee deems
                  necessary or desirable under the Plan. For these elections to
                  be valid, the Election Form must be completed and signed by
                  the Participant, timely delivered to the Committee (in
                  accordance with Section 2.2 above) and accepted by the
                  Committee.

         (b)      SUBSEQUENT PLAN YEARS. For each succeeding Plan Year, an
                  irrevocable deferral election for that Plan Year, and such
                  other elections as the Committee deems necessary or desirable
                  under the Plan, shall be made by timely delivering to the
                  Committee, in accordance with its rules and procedures, before
                  the end of the Plan Year preceding the Plan Year for which the
                  election is made, a new Election Form. If no such Election
                  Form is timely delivered for a Plan Year, the Annual Deferral
                  Amount shall be zero for that Plan Year.

3.4      WITHHOLDING OF ANNUAL DEFERRAL AMOUNTS. For each Plan Year, the Base
         Annual Salary portion of the Annual Deferral Amount shall be withheld
         from each regularly scheduled Base Annual Salary payroll in equal
         amounts, as adjusted from time to time for increases and decreases in
         Base Annual Salary. The Annual Bonus portion of the Annual Deferral
         Amount shall be withheld at the time the Annual Bonus is paid to the
         Participant, whether or not this occurs during the Plan Year itself.
         The Director's Compensation portion of the Annual Deferral Amount shall
         be withheld at the time the Director's Compensation is paid to the
         Participant, whether or not this occurs during the Plan Year.

3.5      INVESTMENT OF TRUST ASSETS. The assets of the Trust shall be invested
         solely in Company Stock, except for such amounts of cash as the Trustee
         determines necessary to ensure the proper operation of the Trust.

3.6      VESTING. A Participant shall always be 100% vested in his Account
         Balance.

3.7      CREDITING/DEBITING OF ACCOUNT BALANCES. In accordance with, and subject
         to, the rules and procedures that are established from time to time by
         the

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         Committee, in its sole discretion, a Participant's Account Balance
         shall be valued on a daily basis based on the performance of the assets
         in the Trust, as determined by the Committee in its sole discretion.

3.8      FICA AND OTHER TAXES. For each Plan Year in which an Annual Deferral
         Amount is being withheld from a Participant, the Participant's
         Employer(s) shall withhold from that portion of the Participant's Base
         Annual Salary, Annual Bonus and Director's Compensation that is not
         being deferred in a manner determined by the Employer(s), the
         Participant's share of FICA and other employment taxes on such Annual
         Deferral Amount. The Committee may reduce the Annual Deferral Amount in
         order to comply with this Section 3.8 if it determines that such action
         is necessary or appropriate.

3.9      DISTRIBUTIONS. The Participant's Employer(s), or the trustee of the
         Trust, shall withhold from any payments made to a Participant under
         this Plan all federal, state and local income, employment and other
         taxes required to be withheld by the Employer(s), or the trustee of the
         Trust, in connection with such payments, in amounts and in a manner to
         be determined in the sole discretion of the Employer(s) and the trustee
         of the Trust.

                                    ARTICLE 4
            UNFORESEEABLE FINANCIAL EMERGENCIES; WITHDRAWAL ELECTION

4.1      WITHDRAWAL PAYOUT/SUSPENSIONS FOR UNFORESEEABLE FINANCIAL EMERGENCIES.
         If the Participant experiences an Unforeseeable Financial Emergency,
         the Participant may petition the Committee to (i) suspend any deferrals
         required to be made by a Participant and/or (ii) receive a partial or
         full payout from the Plan. The payout shall not exceed the amount
         reasonably needed to satisfy the Unforeseeable Financial Emergency. If,
         subject to the sole discretion of the Committee, the petition for a
         suspension and/or payout is approved, suspension shall take effect upon
         the date of approval and any payout shall be made within 60 days of the
         date of approval. Following approval of a payout under this Section
         4.1, a Participant shall not be permitted to resume participation in
         the Plan for the later of 6 months following such withdrawal or the
         first day of the following Plan Year. If the Participant petitions the
         Committee only to suspend deferrals and the Committee approves such
         suspension, the Participant shall not be permitted to resume
         participation in the Plan until the first day of the following Plan
         Year. The payment of any amount under this Section 4.1 shall be subject
         to the Deduction Limitation.

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4.2      WITHDRAWAL ELECTION. A Participant (or, after a Participant's death,
         his or her Beneficiary) may elect, at any time, to withdraw all of his
         or her Account Balance, calculated as if there had occurred a
         Termination of Employment as of the day of the election, less a
         withdrawal penalty equal to 10% of such amount (the net amount shall be
         referred to as the "Withdrawal Amount"). This election can be made at
         any time, before or after Disability, death or Termination of
         Employment and whether or not the Participant (or Beneficiary) is in
         the process of being paid pursuant to an installment payment schedule.
         A Participant's Withdrawal Amount shall be his or her Account Balance,
         calculated as if there had occurred a Termination of Employment as of
         the day of the election. No partial withdrawals of the Withdrawal
         Amount shall be allowed. The Participant (or his or her Beneficiary)
         shall make this election by giving the Committee advance written notice
         of the election in a form determined from time to time by the
         Committee. The Participant (or his or her Beneficiary) shall be paid
         the Withdrawal Amount within 60 days of his or her election. Once the
         Withdrawal Amount is paid, the Participant's participation in the Plan
         shall terminate and the Participant shall not be eligible to
         participate in the Plan in the future. The payment of this Withdrawal
         Amount shall be subject to the Deduction Limitation.

4.5      MANNER OF PAYMENT. All distributions made pursuant to this Article 4
         shall be made in the form of Company Stock except for fractional
         shares, which shall be distributed in cash.

                                    ARTICLE 5
                               TERMINATION BENEFIT

5.1      TERMINATION BENEFIT. Subject to the Deduction Limitation, a Participant
         who experiences a Termination of Employment, other than for Cause,
         shall receive his Termination Benefit.

5.2      PAYMENT OF TERMINATION BENEFIT. Except as provided herein, a
         Participant, in connection with his or her commencement of
         participation in the Plan, shall elect on an Election Form to receive
         the Termination Benefit in a lump sum or pursuant to a Monthly
         Installment Method of 60, 120 or 180 months. The Participant may
         annually change his or her election to an allowable alternative payout
         period by submitting a new Election Form to the Committee, provided
         that any such Election Form shall apply only to subsequent deferrals
         under the Plan. If a Participant does not make any election with
         respect to the payment of the Termination Benefit then such benefit
         shall be payable in a lump sum. If (i) the value of the Participant's
         Account Balance is less than $50,000 on the Participant's benefit
         commencement date, or (ii) the Participant was an Employee and
         experienced a Termination of Employment prior to attaining the age of
         Retirement, then notwithstanding any provision of this Section to the
         contrary, the Participant's Account Balance shall be distributed to him
         in a lump sum. The lump sum payment shall be made, or installment
         payments shall commence, no later than 60 days after the date the
         Participant experiences a

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         Termination of Employment. All distributions shall be made in the form
         of Company Stock except for fractional shares, which shall be
         distributed in cash. Any payment made shall be subject to the Deduction
         Limitation.

5.3      DEATH PRIOR TO COMPLETION OF TERMINATION BENEFIT. If a Participant dies
         after his Termination of Employment but before the Termination Benefit
         is paid in full, the Participant's unpaid Termination Benefit payments
         shall continue and shall be paid to the Participant's Beneficiary (i)
         over the remaining number of months and in the same amounts as that
         benefit would have been paid to the Participant had the Participant
         survived, or (ii) in a lump sum, if requested by the Beneficiary and
         allowed in the sole discretion of the Committee, that is equal to the
         Participant's unpaid remaining Account Balance.

                                    ARTICLE 6
                         PRE-RETIREMENT SURVIVOR BENEFIT

6.1      PRE-RETIREMENT SURVIVOR BENEFIT. Subject to the Deduction Limitation,
         the Participant's Beneficiary shall receive a Pre-Retirement Survivor
         Benefit equal to the Participant's Account Balance if the Participant
         dies before he or she experiences a Termination of Employment or
         suffers a Disability.

6.2      PAYMENT OF PRE-RETIREMENT SURVIVOR BENEFIT. A Participant, in
         connection with his or her commencement of participation in the Plan,
         shall elect on an Election Form whether the Pre-Retirement Survivor
         Benefit shall be received by his or her Beneficiary in a lump sum or
         pursuant to a Monthly Installment Method of 60, 120 or 180 months. The
         Participant may annually change this election to an allowable
         alternative payout period by submitting a new Election Form to the
         Committee, which form may be accepted by the Committee in its sole
         discretion. The Election Form most recently accepted by the Committee
         prior to the Participant's death shall govern the payout of the
         Participant s Pre-Retirement Survivor Benefit. If a Participant does
         not make any election with respect to the payment of the Pre-Retirement
         Survivor Benefit, then such benefit shall be paid in a lump sum. If (i)
         the value of the Participant's Pre-Retirement Survivor Benefit is less
         than $50,000 on the benefit commencement date, or (ii) the Participant
         was an Employee and died prior to attaining the age of Retirement, then
         the Participant's Account Balance shall be distributed in a lump sum.
         Furthermore, despite the foregoing, payment of the Pre-Retirement
         Survivor Benefit may be made, in the sole discretion of the Committee,
         in a lump sum or pursuant to a Monthly Installment Method of not more
         than 60 months. The lump sum payment shall be made, or installment
         payments shall commence, no later than 60 days after the date the
         Committee is provided with proof that is satisfactory to the Committee
         of the Participant's death. All distributions shall be made in the form
         of Company Stock except for fractional shares, which shall be
         distributed in cash. Any payment made shall be subject to the Deduction
         Limitation.

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                                    ARTICLE 7
                          DISABILITY WAIVER AND BENEFIT

7.1      DISABILITY WAIVER.

         (a)      WAIVER OF DEFERRAL. A Participant who suffers from a
                  Disability shall be excused from fulfilling that portion of
                  the Annual Deferral Amount commitment that would otherwise
                  have been withheld from a Participant's Base Annual Salary,
                  Annual Bonus and/or Director's Compensation for the Plan Year
                  during which the Participant first suffers a Disability.
                  During the period of Disability, the Participant shall not be
                  allowed to make any additional deferral elections, but will
                  continue to be considered a Participant for all other purposes
                  of this Plan.

         (b)      RETURN TO WORK. If a Participant returns to employment with an
                  Employer after a Disability ceases, the Participant may elect
                  to defer an Annual Deferral Amount for the Plan Year following
                  his or her return to employment or service and for every Plan
                  Year thereafter while a Participant in the Plan; provided such
                  deferral elections are otherwise allowed and an Election Form
                  is delivered to and accepted by the Committee for each such
                  election in accordance with Section 3.3 above.

7.2      CONTINUED ELIGIBILITY; DISABILITY BENEFIT. A Participant suffering a
         Disability shall, for benefit purposes under this Plan, continue to be
         considered to be employed and shall be eligible for the benefits
         provided in Articles 4, 5 or 6 in accordance with the provisions of
         those Articles. Notwithstanding the above, the Committee shall have the
         right to, in its sole and absolute discretion and for purposes of this
         Plan only, deem the Participant to have experienced a Termination of
         Employment, at any time after such Participant is determined to be
         suffering a Disability, in which case the Participant shall receive a
         Disability Benefit equal to his or her Account Balance at the time of
         the Committee's determination. The Disability Benefit shall be paid in
         a lump sum within 60 days of the Committee's exercise of such right.
         All distributions shall be made in the form of Company Stock except for
         fractional shares, which shall be distributed in cash. Any payment made
         shall be subject to the Deduction Limitation.

                                    ARTICLE 8
                             FORFEITURE OF BENEFITS

8.1      TERMINATION OF SERVICE. If a Participant's Termination of Service
         occurs on account of Cause, no benefits shall be paid under this Plan
         other than the cumulative amount of the Participant's Annual Deferral
         Amounts attributable to the Participant's Annual Bonus, Base Annual
         Salary and Director's Compensation, and not the earnings thereon (the
         "Termination for Cause Benefit"). If the Participant has commenced
         receiving his Account Balance under this Plan and it is subsequently
         determined that the Participant's Termination of

                                       13
<PAGE>

         Employment was for Cause, then the Participant's payments under the
         Plan shall be limited to the Termination for Cause Benefit, and the
         Participant shall be obligated to return to the Employer the cumulative
         amount of benefits paid to him under this Plan in excess of the
         Termination for Cause Benefit.

8.2      REGULATORY PROVISIONS. No further benefits shall be paid under this
         Plan for so long as required under the following circumstances:

         (a) TEMPORARY SUSPENSION OR PROHIBITION. If the Participant is
         suspended and/or temporarily prohibited from participating in the
         conduct of the Employer's affairs by a notice served under Section
         8(e)(3) or (g)(1) of the Federal Deposit Insurance Act ("FDIA"), 12
         U.S.C. ss. 1818(e)(3) and (g)(1), the Employer's obligations under this
         Plan shall be suspended as of the date of service, unless stayed by
         appropriate proceedings. If the charges in the notice are dismissed,
         the Employer may in its discretion (i) pay the Participant all or part
         of the compensation withheld while its obligations under this Plan were
         suspended and (ii) reinstate in whole or in part any of its obligations
         which were suspended.

         (b) PERMANENT SUSPENSION OR PROHIBITION. If the Participant is removed
         and/or permanently prohibited from participating in the conduct of the
         Employer's affairs by an order issued under Section 8(e)(4) or (g)(1)
         of the FDIA, 12 U.S.C. ss. 1818(e)(4) and (g)(1), all obligations of
         the Employer under this Plan shall terminate as of the effective date
         of the order, but vested rights of the contracting parties shall not be
         affected.

         (c) DEFAULT. If the Employer is in default (as defined in Section
         3(x)(1) of the FDIA), all obligations under this Plan shall terminate
         as of the date of default, but this provision shall not affect any
         vested rights of the contracting parties.

         (d) TERMINATION BY REGULATORS. All obligations under this Plan shall be
         terminated, except to the extent determined that continuation of this
         Plan is necessary for the continued operation of the Employer: (i) by
         the Director of the Office of Thrift Supervision (the "Director") or
         his or her designee, at the time the Federal Deposit Insurance
         Corporation enters into an agreement to provide assistance to or on
         behalf of the Employer under the authority contained in Section 13(c)
         of the FDIA; or (ii) by the Director or his or her designee, at the
         time the Director or his or her designee approves a supervisory merger
         to resolve problems related to operation of the Employer or when the
         Employer determined by the Director to be in an unsafe or unsound
         condition. Any rights of the parties that have already vested, however,
         shall not be affected by any such action.

         (e) Notwithstanding anything herein to the contrary, (1) any payments
         made hereunder shall be subject to and conditioned upon compliance with
         12 USC Section 1828(k) and any regulations promulgated thereunder, and
         (2) payments contemplated hereunder shall not be immediately payable to
         the extent such payments are barred or prohibited by an action or order
         issued by the

                                       14
<PAGE>

         Administrator of the State of Ohio or the FDIC.

                                    ARTICLE 9
                             BENEFICIARY DESIGNATION

9.1      BENEFICIARY. Each Participant shall have the right, at any time, to
         designate his or her Beneficiary(ies) (both primary as well as
         contingent) to receive any benefits payable under the Plan to a
         beneficiary upon the death of a Participant. The Beneficiary designated
         under this Plan may be the same as or different from the Beneficiary
         designated under any other plan of an Employer in which the Participant
         participates.

9.2      BENEFICIARY DESIGNATION: CHANGE; SPOUSAL CONSENT. A Participant shall
         designate his or her Beneficiary by completing and signing the
         Beneficiary Designation Form and returning it to the Committee or its
         designated agent. A Participant shall have the right to change a
         Beneficiary by completing, signing and otherwise complying with the
         terms of the Beneficiary Designation Form and the Committee's rules and
         procedures, as in effect from time to time. If the Participant names
         someone other than his or her spouse as a Beneficiary, a spousal
         consent, in the form designated by the Committee, must be signed by
         that Participant's spouse and returned to the Committee. Upon the
         acceptance by the Committee of a new Beneficiary Designation Form, all
         Beneficiary designations previously filed shall be canceled. The
         Committee shall be entitled to rely on the last Beneficiary Designation
         Form filed by the Participant and accepted by the Committee prior to
         his or her death.

9.3      ACKNOWLEDGMENT. No designation or change in designation of a
         Beneficiary shall be effective until received and acknowledged in
         writing by the Committee or its designated agent.

9.4      NO BENEFICIARY DESIGNATION. If a Participant fails to designate a
         Beneficiary as provided in Sections 9.1, 9.2 and 9.3 above or, if all
         designated Beneficiaries predecease the Participant or die prior to
         complete distribution of the Participant's benefits, then the
         Participant's designated Beneficiary shall be deemed to be his or her
         surviving spouse. If the Participant has no surviving spouse, the
         benefits remaining under the Plan to be paid to a Beneficiary shall be
         payable to the executor or personal representative of the Participant's
         estate.

9.5      DOUBT AS TO BENEFICIARY. If the Committee has any doubt as to the
         proper Beneficiary to receive payments pursuant to this Plan, the
         Committee shall have the right, exercisable in its discretion, to cause
         the Participant's Employer to withhold such payments until this matter
         is resolved to the Committee's satisfaction.

9.6      DISCHARGE OF OBLIGATIONS. The payment of benefits under the Plan to a
         Beneficiary shall fully and completely discharge all Employers and the
         Committee

                                       15
<PAGE>

         from all further obligations under this Plan with respect to the
         Participant, and that Participant's Plan Agreement shall terminate upon
         such full payment of benefits.

                                   ARTICLE 10
                                LEAVE OF ABSENCE

10.1     PAID LEAVE OF ABSENCE. If a Participant is authorized by the
         Participant's Employer for any reason to take a paid leave of absence
         from the employment of the Employer, the Participant shall continue to
         be considered employed by the Employer and the Annual Deferral Amount
         shall continue to be withheld during such paid leave of absence in
         accordance with Section 3.3.

10.2     UNPAID LEAVE OF ABSENCE. If a Participant is authorized by the
         Participants Employer for any reason to take an unpaid leave of absence
         from the employment of the Employer, the Participant shall continue to
         be considered employed by the Employer and the Participant shall be
         excused from making deferrals until the earlier of the date the leave
         of absence expires or the Participant returns to a paid employment
         status. Upon such expiration or return, deferrals shall resume for the
         remaining portion of the Plan Year in which the expiration or return
         occurs, based on the deferral election, if any, made for that Plan
         Year. If no election was made for that Plan Year, no deferral shall be
         withheld.

                                   ARTICLE 11
                     TERMINATION, AMENDMENT OR MODIFICATION

11.1     TERMINATION. Although each Employer anticipates that it will continue
         the Plan for an indefinite period of time, there is no guarantee that
         any Employer will continue the Plan or will not terminate the Plan at
         any time in the future. Accordingly, each Employer reserves the right
         to discontinue its sponsorship of the Plan and/or to terminate the Plan
         at any time with respect to any or all of its participating Employees
         by action of its board of directors. Upon the termination of the Plan
         with respect to any Employer, the Plan Agreements of the affected
         Participants who are employed by that Employer shall terminate and the
         Plan Accounts shall be paid to the Participants as follows: Prior to a
         Change in Control, if the Plan is terminated with respect to all of its
         Participants, an Employer shall have the right, in its sole discretion,
         and notwithstanding any elections made by the Participant, to pay such
         benefits in a lump sum or pursuant to a Monthly Installment Method of
         up to 15 years, with amounts credited and debited during the
         installment period as provided herein. If the Plan is terminated with
         respect to less than all of its Participants, an Employer shall be
         required to pay such benefits in a lump sum. After a Change in Control,
         the Employer shall be required to pay such benefits in a lump sum. The
         termination of the Plan shall not adversely affect any Participant or
         Beneficiary who has become entitled to the payment of any benefits
         under the Plan as of the date of

                                       16
<PAGE>

         termination; provided, however, that the Employer shall have the right
         to accelerate installment payments without a premium or prepayment
         penalty by paying the Account Balance in a lump sum or pursuant to a
         Monthly Installment Method using fewer months.

11.2     AMENDMENT. Any Employer may, at any time, amend or modify the Plan in
         whole or in part with respect to that Employer by the action of its
         board of directors; provided, however, that no amendment or
         modification shall be effective to decrease or restrict the value of a
         Participant's Account Balance in existence at the time the amendment or
         modification is made, calculated as if the Participant had experienced
         a Termination of Employment as of the effective date of the amendment
         or modification. The amendment or modification of the Plan shall not
         affect any Participant or Beneficiary who has become entitled to the
         payment of benefits under the Plan as of the date of the amendment or
         modification; provided, however, that the Employer shall have the right
         to accelerate installment payments by paying the Account Balance in a
         lump sum or pursuant to a Monthly Installment Method using fewer months
         (provided that the present value of all payments that will have been
         received by a Participant at any given point of time under the
         different payment schedule shall equal or exceed the present value of
         all payments that would have been received at that point in time under
         the original payment schedule).

11.3     PLAN AGREEMENT. Despite the provisions of Sections 11. 1 and 11.2
         above, if a Participant's Plan Agreement contains benefits or
         limitations that are not in this Plan document, the Employer may only
         amend or terminate such provisions with the consent of the Participant.

11.4     EFFECT OF PAYMENT. The full payment of the applicable benefit under
         Articles 4, 5, 6, 7 or 8 of the Plan shall completely discharge all
         obligations to a Participant and his or her designated Beneficiaries
         under this Plan and the Participant's Plan Agreement shall terminate.

                                   ARTICLE 12
                                 ADMINISTRATION

12.1     COMMITTEE DUTIES. This Plan shall be administered by a Committee which
         shall consist of the Board, or such committee as the Board shall
         appoint. Members of the Committee may be Participants under this Plan.
         The Committee shall also have the discretion and authority to (i) make,
         amend, interpret, and enforce all appropriate rules and regulations for
         the administration of this Plan and (ii) decide or resolve any and all
         questions including interpretations of this Plan, as may arise in
         connection with the Plan. Any individual on the Committee who is a
         Participant shall not vote or act on any matter relating solely to
         himself or herself. When making a determination or calculation, the
         Committee shall be entitled to rely on information furnished by a
         Participant or the Company.

                                       17
<PAGE>

12.2    AGENTS. In the administration of this Plan, the Committee may, from time
        to time, employ agents and delegate to them such administrative duties
        as it sees fit (including acting through a duly appointed
        representative) and may from time to time consult with counsel who may
        be counsel to any Employer.

12.3    BINDING EFFECT OF DECISIONS. The decision or action of the Committee
        with respect to any question arising out of or in connection with the
        administration, interpretation and application of the Plan and the rules
        and regulations promulgated hereunder shall be final and conclusive and
        binding upon all persons having any interest in the Plan.

12.4    INDEMNITY OF COMMITTEE. All Employers shall indemnify and hold harmless
        the members of the Committee, and any Employee to whom the duties of the
        Committee may be delegated, against any and all claims, losses, damages,
        expenses or liabilities arising from any action or failure to act with
        respect to this Plan, except in the case of misconduct by the Committee
        or any of its members or any such Employee.

12.5    EMPLOYER INFORMATION. To enable the Committee to perform its functions,
        each Employer shall supply full and timely information to the Committee
        on all matters relating to the compensation of its Participants, the
        date and circumstances of the Retirement, Disability, death or
        Termination of Employment of its Participants, and such other pertinent
        information as the Committee may reasonably require.

                                   ARTICLE 13
                          OTHER BENEFITS AND AGREEMENTS

        The benefits provided for a Participant or a Participant's Beneficiary
        under the Plan are in addition to any other benefits available to such
        Participant under any other plan or program for employees of the
        Participant's Employer. The Plan shall supplement and shall not
        supersede, modify or amend any other such plan or program except as may
        otherwise be expressly provided.

                                   ARTICLE 14
                                CLAIMS PROCEDURES

14.1    PRESENTATION OF CLAIM. Any Participant or Beneficiary of a deceased
        Participant (such Participant or Beneficiary being referred to below as
        a "Claimant") may deliver to the Committee a written claim for a
        determination with respect to the amounts distributable to such Claimant
        from the Plan. If such a claim relates to the contents of a notice
        received by the Claimant, the claim must be made within 60 days after
        such notice was received by the Claimant. All other claims must be made
        within 180 days of the date on which the event that caused the claim to
        anise occurred. The claim must state with particularity the
        determination desired by the Claimant.

                                       18
<PAGE>

14.2    NOTIFICATION OF DECISION. The Committee shall consider a Claimants claim
        within a reasonable time, and shall notify the Claimant in writing:

        (a)     that the Claimant's requested determination has been made, and
                that the claim has been allowed in full; or

        (b)     that the Committee has reached a conclusion contrary, in whole
                or in part, to the Claimant's requested determination, and such
                notice must set forth in a manner calculated to be understood by
                the Claimant:

                (i)     the specific reason(s) for the denial of the claim, or
                        any part of it;

                (ii)    specific reference(s) to pertinent provisions of the
                        Plan upon which such denial was based;

                (iii)   a description of any additional material or information
                        necessary for the Claimant to perfect the claim, and an
                        explanation of why such material or information is
                        necessary; and

                (iv)    an explanation of the claim review procedure set forth
                        in Section 14.3 below.

14.3    REVIEW OF A DENIED CLAIM. With 60 days after receiving a notice from the
        Committee that a claim has been denied, in whole or in part, a Claimant
        (or the Claimant's duly authorized representative) may file with the
        Committee a written request for a review of the denial of the claim.
        Thereafter, but not later than 30 days after the review procedure began,
        the Claimant (or the Claimant's duly authorized representative):

        (a)     may review pertinent documents;

        (b)     may submit written comments or other documents; and/or

        (c)     may request a hearing, which the Committee, in its sole
                discretion, may grant.

14.4    DECISION ON REVIEW. The Committee shall render its decision on review
        promptly, and not later dm 60 days after the filing of a written request
        for review of the denial, unless a hearing is held or other special
        circumstances require additional time, in which case the Committee's
        decision must be rendered within 120 days after such date. Such decision
        must be written in a manner calculated to be understood by the Claimant,
        and it must contain:

        (a)     specific reasons for the decision;

        (b)     specific reference(s) to the pertinent Plan provisions upon
                which the

                                       19
<PAGE>

                decision was based; and

        (c)     such other matters as the Committee deems relevant.

14.5    LEGAL ACTION. A Claimant's compliance with the foregoing provisions of
        this Article 14 is a mandatory prerequisite to a Claimant's right to
        commence any legal action with respect to any claim for benefits under
        this Plan.

                                   ARTICLE 15
                                      TRUST

15.1    ESTABLISHMENT OF THE TRUST. The Company shall establish the Trust and
        each Employer shall, at each pay period, transfer over to the Trust such
        cash as the Participant elected to defer under the Plan, or that an
        Employer has agreed to contribute under Section 3.2 hereof.

15.2    INTERRELATIONSHIP OF THE PLAN AND THE TRUST. The provisions of the Plan
        and the Plan Agreement shall govern the rights of a Participant to
        receive distributions pursuant to the Plan. The provisions of the Trust
        shall govern the rights of the Employers, Participants and the creditors
        of the Employers to the assets transferred to the Trust. Each Employer
        shall at all times remain liable to carry out its obligations under the
        Plan.

15.3    DISTRIBUTIONS FROM THE TRUST. Each Employer's obligations under the
        Plan may be satisfied with Trust assets distributed pursuant to the
        terms of the Trust and any such distribution shall reduce the
        Employer's obligations under this Plan.

                                   ARTICLE 16
                                  MISCELLANEOUS

16.1    STATUS OF PLAN. The Plan is intended to be a plan that is not qualified
        within the meaning of Code Section 401 (a) and that "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 ERISA Sections 201(2),
        301(a)(3) and 401(a)(1). The Plan shall be administered and interpreted
        to the extent possible in a manner consistent with that intent.

16.2    UNSECURED GENERAL CREDITOR. Participants and their Beneficiaries, heirs,
        successors and assigns shall have no legal or equitable rights,
        interests or claims in any property or assets of an Employer. For
        purposes of the payment of benefits under this Plan, any and all of an
        Employer's assets shall be, and remain the general, unpledged and
        unrestricted assets of the Employer. An Employer's obligation under the
        Plan shall be merely of an unfunded and unsecured promise to pay money
        in the future.

16.3    EMPLOYER'S LIABILITY. An Employer's liability for the payment of
        benefits shall be

                                       20
<PAGE>

        defined only by the Plan and the Plan Agreement as entered into between
        the Employer and a Participant. An Employer shall have no obligation to
        a Participant under the Plan except as expressly provided in the Plan
        and his or her Plan Agreement.

16.4    NONASSIGNABILITY. Neither a Participant nor any other person shall have
        any right to commute, sell, assign, transfer, pledge, anticipate,
        mortgage or otherwise encumber, transfer, hypothecate, alienate or
        convey in advance of actual receipt, the amounts, if any, payable
        hereunder, or any part thereof, which are, and all rights to which are
        expressly declared to be, unassignable and non-transferable. No part of
        the amounts payable shall, prior to actual payment be subject to
        seizure, attachment, garnishment or sequestration for the payment of any
        debts, judgments, alimony or separate maintenance allowed by a
        Participant or any other person, be transferable by operation of law in
        the event of a Participant's or any other person's bankruptcy or
        insolvency or be transferable to a spouse as a result of a property
        settlement or otherwise.

16.5    NOT A CONTRACT OF EMPLOYMENT. The terms and conditions of this Plan
        shall not be deemed to constitute a contract of employment between any
        Employer and the Participant. Such employment is hereby acknowledged to
        be an "at will" employment relationship that can be terminated at any
        time for any reason, or no reason, with or without cause, and with or
        without notice, unless expressly provided in a written employment
        agreement. Nothing in this Plan shall be deemed to give a Participant
        the right to be retained in the service of any Employer or to interfere
        with the right of any Employer to discipline or discharge the
        Participant at any time.

16.6    FURNISHING INFORMATION. A Participant or his or her Beneficiary will
        cooperate with the Committee by furnishing any and all information
        requested by the Committee and take such other actions as may be
        requested in order to facilitate the administration of the Plan and the
        payments of benefits hereunder, including but not limited to, taking
        such physical examinations as the Committee may deem necessary.

16.7    TERMS. Whenever any words are used herein in the masculine, they shall
        be construed as though they were in the feminine in all cases where they
        would so apply; and whenever any words are used herein in the singular
        or in the plural, they shall be co as though they were used in the
        plural or the singular, as the case may be, in all cases where they
        would so apply.

16.8    CAPTIONS. The captions of the articles, sections and paragraphs of this
        Plan are for convenience only and shall not control or affect the
        meaning or construction of any of its provisions.

16.9    GOVERNING LAW. Subject to ERISA, the provisions of this Plan shall be
        construed and interpreted according to the internal laws of the State of
        Ohio without regard to

                                       21
<PAGE>

        its conflicts of laws and principles.

16.10   NOTICE. Any notice or filing required or permitted to be given to the
        Committee under this Plan shall be sufficient if in writing and
        hand-delivered, or sent by registered or certified mail, to the address
        below.

         Director of Human Resources
         Charter One Bank, N.A.
         1215 Superior Avenue
         Cleveland, Ohio 44114

        Such notice shall be deemed given as of the date of delivery or, if
        delivery is made by mail, as of the date shown on the postmark on the
        receipt for registration or certification. Any notice or filing required
        or permitted to be given to a Participant under s Plan shall be
        sufficient if in writing and hand-delivered, or sent by mail, to the
        last known address of the Participant.

16.11   SUCCESSORS. The provisions of this Plan shall bind and inure to the
        benefit of the Participant's Employer and its successors and assigns and
        the Participant and the Participant's designated Beneficiaries.

16.12   SPOUSE'S INTEREST. The interest in the benefits hereunder of a spouse of
        a Participant who has predeceased the Participant shall automatically
        pass to the Participant and shall not be transferable by such spouse in
        any manner, including, but not limited to, such spouse's will, nor shall
        such interest pass under the laws of intestate succession.

16.13   VALIDITY. In case any provision of the Plan shall be illegal or invalid
        for any reason, said illegality or invalidity shall not affect the
        remaining parts hereof, but this Plan shall be constructed and enforced
        as if such illegal or invalid provision had never been inserted herein.

16.14   INCOMPETENT. If the Committee determines in its discretion a benefit
        under this Plan is to be paid to a minor, a person declared incompetent
        or to a person incapable of handling the disposition of that person's
        property, the Committee may direct payment of such benefit to the
        guardian, legal representative or person having the care and custody of
        such minor, incompetent or incapable person. The Committee may require
        proof of minority, incompetence, incapacity or guardianship, as it may
        deem appropriate prior to distribution of the benefit. Any payment of a
        benefit shall be a payment for the account of the Participant and the
        Participant's Beneficiary, as the case may be, and shall be a complete
        discharge of any liability under the Plan for such payment amount

16.15   COURT ORDER. The Committee is authorized to make any payments directed
        by court order in any action in which the Plan or the Committee has been
        named as a party. In addition, if a court determines that a spouse or
        former spouse of a

                                       22
<PAGE>

        Participant has an interest in the Participant's benefits under the Plan
        in connection with a property settlement or otherwise, the Committee, in
        its sole discretion shall have the right, notwithstanding any election
        made by a Participant, to immediately distribute the spouse's or former
        spouse's interest in the Participant's benefits under the Plan to that
        spouse or former spouse.

16.16   DISTRIBUTION IN THE EVENT OF TAXATION.

        (a)     IN GENERAL. If, for any reason, all or any portion of a
                Participant's benefits under this Plan becomes taxable the
                Participant prior to receipt, a Participant may petition the
                Committee before a Change in Control, or the trustee of the
                Trust after a Change in Control, for a distribution of that
                portion of his or her benefit that has become taxable. Upon the
                grant of such a petition, which grant shall not be unreasonably
                withheld (and, after a Change in Control, shall be granted), a
                Participant's Employer shall distribute to the Participant
                immediately available funds in an amount equal to the taxable
                portion of his or her benefit (which amount shall not exceed a
                Participant's unpaid Account Balance under the Plan). If the
                petition is granted, the tax liability distribution shall be
                made within 90 days of the date when the Participant's petition
                is granted. Such a distribution shall affect and reduce the
                benefits to be paid under this Plan.

        (b)     TRUST. If the Trust terminates in accordance with Section 3.6(e)
                of the Trust, and benefits are distributed from the Trust to a
                Participant in accordance with that Section, the Participant's
                benefits under this Plan shall be reduced to the extent of such
                distributions.

16.17   LEGAL FEES TO ENFORCE RIGHTS AFTER CHANGE IN CONTROL. The Company and
        each Employer is aware that upon the occurrence of a Change in Control,
        the Board or the board of directors of a Participant's Employer (which
        might then be composed of new members) or shareholder of the Company or
        the Participant's Employer, or of any successor corporation, might then
        cause or attempt to cause the Company, the Participant's Employer or
        such successor to refuse to comply with its obligations under the Plan
        and might cause or attempt to cause the Company or the Participant's
        Employer to institute, or may institute, litigation seeking to deny
        Participants the benefits intended under the Plan. In these
        circumstances, the purpose of the Plan could be frustrated. Accordingly,
        if, following a Change in Control, it should appear to any Participant
        that the Company, the Participant's Employer or any successor
        corporation has failed to comply with any of its obligations under the
        Plan or any agreement thereunder, or, if the Company, such Employer or
        any other person takes any action to declare the Plan void or
        unenforceable or institutes any litigation or other legal action
        designed to deny, diminish or to recover from any participant the
        benefits intended to be provided, then the Company and the Participant's
        Employer irrevocably authorize such Participant to retain counsel of his
        or her choice at the expense of the Company and the Participant's
        Employer (who shall be jointly and severally

                                       23
<PAGE>

        liable) to represent such Participant in connection with the initiation
        or defense of any litigation or other legal action, whether by or
        against the Company, the Participant's Employer or any director,
        officer, shareholder or other person affiliated with the Company, the
        Participant's Employer or any successor thereto in any jurisdiction.

16.18   EXPENSES. All proper charges, fees and expenses incurred in connection
        with the administration and operation of the Plan and Trust shall be
        paid by the Company or the Employers (as directed by the Company). At
        the election of the Company, or if the Company or the Employers do not
        pay such charges or expenses, then such charges and expenses shall be
        paid by the Trust.

        IN WITNESS WHEREOF, the Company has singed this Plan document as of
February 25, 2003.

                                          CHARTER ONE BANK, N.A.,
                                          a national banking association.

                                          By: /s/ George M. Bourgon, Jr.
                                          -------------------------------
                                          Title: Senior Vice President of
                                                 Administrative Services

                                       24<PAGE>
EXHIBIT 10.23

              MASTER TRUST AGREEMENT FOR CHARTER ONE FINANCIAL, INC
                           DEFERRED COMPENSATION PLANS
<PAGE>
                                TABLE OF CONTENTS

ARTICLE 1

      Name, Intentions, Irrevocability,
      Deposit and Definitions                                                -5-
      1.1   Name.                                                            -5-
      1.2   Intentions.                                                      -5-
      1.3   Irrevocability; Creditor Claims.                                 -6-
      1.4   Initial Deposit.                                                 -6-
      1.5   Additional Definitions.                                          -6-
      1.6   Grantor Trust.                                                   -8-

ARTICLE 2

      General Administration                                                 -8-
      2.1   Committee Directions and Administration Before Change
            in Control.                                                      -8-
      2.2   Administration Upon Change in Control; Determination Whether
            Change In Control Has Occurred.                                  -9-
      2.3   Contributions.                                                   -9-
      2.4   Trust Fund.                                                     -10-
      2.5   Distribution of Excess Trust Fund to Employers.                 -10-

ARTICLE 3

      Powers and Duties of Trustee                                          -10-
      3.1   Investment Directions.                                          -10-
      3.2   Investment Upon Change in Control.                              -10-
      3.3   Management of Investments.                                      -10-
      3.4   Voting                                                          -13-
      3.5   Substitution.                                                   -14-
      3.6   Distributions.                                                  -14-
      3.7   Trustee Responsibility Regarding Payments on Insolvency.        -17-
      3.8   Costs of Administration.                                        -19-
      3.9   Trustee Compensation and Expenses.                              -19-
      3.10  Professional Advice.                                            -19-
      3.11  Payment on Court Order.                                         -19-
      3.12  Protective Provisions.                                          -20-
      3.13  Indemnifications.                                               -20-

                                        2
<PAGE>
ARTICLE 4

      Insurance Contracts                                                   -20-
      4.1   Types of Contracts.                                             -20-
      4.2   Ownership.                                                      -21-
      4.3   Restrictions on Trustee's Rights.                               -21-

ARTICLE 5

      Trustee's Accounts                                                    -21-
      5.1   Records.                                                        -21-
      5.2   Annual Accounting; Final Accounting.                            -21-
      5.3   Valuation.                                                      -22-
      5.4   Delegation of Duties.                                           -22-

ARTICLE 6

      Resignation or Removal of Trustee                                     -22-
      6.1   Resignation; Removal.                                           -22-
      6.2   Successor Trustee.                                              -23-
      6.3   Settlement of Accounts.                                         -23-

ARTICLE 7

      Controversies, Legal Actions and Counsel                              -23-
      7.1   Controversy.                                                    -23-
      7.2   Joinder of Parties.                                             -24-
      7.3   Employment of Counsel.                                          -24-

ARTICLE 8

      Insurers                                                              -24-
      8.1   Insurer Not a Party.                                            -24-
      8.2   Authority of Trustee.                                           -24-
      8.3   Contract Ownership.                                             -24-
      8.4   Limitation of Liability.                                        -25-
      8.5   Change of Trustee.                                              -25-

ARTICLE 9

      9.1   Amendment and Termination                                       -25-
      9.2   Final Termination                                               -26-

ARTICLE 10

      Miscellaneous                                                         -26-

                                        3
<PAGE>
      10.1  Directions Following Change in Control.                         -26-
      10.2  Taxes.                                                          -27-
      10.3  Third Persons.                                                  -27-
      10.4  Nonassignability; Nonalienation.                                -27-
      10.5  The Trust and Plans.                                            -27-
      10.6  Applicable Law.                                                 -27-
      10.7  Notices and Directions.                                         -28-
      10.8  Successors and Assigns.                                         -28-
      10.9  Gender and Number.                                              -28-
      10.10 Headings.                                                       -28-
      10.11 Counterparts.                                                   -28-
      10.12 Beneficial Interest.                                            -28-
      10.13 Effective Date.                                                 -28-

                                        4
<PAGE>
                             MASTER TRUST AGREEMENT

                                       FOR

                         CHARTER ONE FINANCIAL, INC.

                           DEFERRED COMPENSATION PLANS

            THIS MASTER TRUST AGREEMENT ("Master Trust Agreement") is made and
entered into effective as of January 1, 2003, between Charter One Financial,
Inc., (the "Company"), and American Express Financial Corporation (the
"Trustee"), to evidence the master trust (the "Trust") established, pursuant to
those designated executive and director deferral plans of the Company now or
hereafter existing that require the establishment of a trust, for the benefit of
a select group of management, highly compensated employees and/or Directors who
contribute materially to the continued growth, development and business success
of the Company and those affiliates of the Company, if any, that participate in
the Plans (collectively, "Affiliates," or singularly, "Affiliate"). This Master
Trust Agreement amends and restates the Master Trust Agreement that was
effective January 1, 2002.

      ARTICLE 1 Name, Intentions, Irrevocability,Deposit and Definitions

1.1   Name. The name of the Trust created by this Agreement (the "Trust") shall
      be:

                          MASTER TRUST AGREEMENT FOR
           CHARTER ONE FINANCIAL, INC. DEFERRED COMPENSATION PLANS

1.2   Intentions. The Company wishes to establish the Trust and to contribute to
      the Trust assets that shall be held therein, subject to the claims of the
      Company's and the Affiliates' creditors in the event of their Insolvency
      (as defined below) until paid to Participants and their Beneficiaries in
      such manner and at such times as specified in the Plans. It is the
      intention of the parties that this Trust shall constitute an unfunded
      arrangement and shall not affect the status of the Plans as unfunded plans
      maintained for the purpose of providing supplemental compensation for a
      select group of management, highly compensated employees and/or Directors
      for purposes of Title I of ERISA (as defined below). In addition, it is
      the intention of the Company and the Affiliates to make contributions to
      the Trust to provide themselves with a source of funds to assist them in
      the meeting of their liabilities under the Plans.

      The Company has represented to the Trustee that it shall restrict
      participation in the nonqualified plan(s) relating to or supported by this
      trust to a "select group of management or highly compensated employees,"
      as that phrase is used in and defined under Sections 201, 301, and 401 of
      ERISA. The Company further represents to the Trustee that this trust is
      exempt from Parts 2, 3, and 4 of Title 1 of ERISA. The Company agrees to
      indemnify against and hold harmless from any and all claims, judgments,
      settlements and related costs or damages incurred by the Trustee resulting
      from Trustee's reliance on these representations.

                                       5
<PAGE>
1.3   Irrevocability; Creditor Claims. The Trust hereby established shall be
      irrevocable. Except as otherwise provided in Section 2.5 and 9.2, the
      principal of the Trust, and any earning thereon, shall be held separate
      and apart from other funds of the Company and the Affiliates and shall be
      used exclusively for the uses and purposes of the participants and the
      general creditors of the Company and the Affiliates as herein set forth.
      The Participants and their Beneficiaries shall have no preferred claim on,
      or any beneficial ownership interest in, any assets of the Trust. Any
      rights created under the Plans and this Master Trust Agreement shall be
      mere unsecured contractual rights of the Participants and their
      Beneficiaries against the Company and the Affiliates. Any assets held by
      the Trust will be subject to the claims of the Company's and the
      Affiliates' general creditors under federal and state law in the event of
      Insolvency.

1.4   Initial Deposit. The Company hereby deposits with the Trustee in trust
      $100, which shall become the principal of the Trust to be held,
      administered and disposed of by the Trustee as provided in this Master
      Trust Agreement.

1.5   Additional Definitions. In addition to the definitions set forth above,
      for purposes hereof, unless otherwise clearly apparent from the context,
      the following terms have the following indicated meanings:

      (a)   "Beneficiary" shall mean one or more persons, trusts, estates or
            other entities, designated in accordance with a Plan, that are
            entitled to receive benefits under a Plan upon the death of a
            Participant.

      (b)   "Board" shall mean the board of directors of the Company.

      (c)   "Change in Control" shall mean the first to occur of any of the
            following events:

            (i)   Any "person" (as that term is used in Section 13 and 14(d)(2)
                  of the Securities Exchange Act of 1934 ("Exchange Act"))
                  becomes the beneficial owner (as that term is used in Section
                  13(d) of the Exchange Act), directly or indirectly, of 50% or
                  more of the Company's capital stock entitled to vote in the
                  election of directors;

            (ii)  During any period of not more than two consecutive years, not
                  including any period prior to the adoption of this Trust,
                  individuals who, at the beginning of such period constitute
                  the board of directors of the Company, and any new director
                  (other than a director designated by a person who has entered
                  into an agreement with the Company to effect a transaction
                  described in clause (i), (iii), (iv) or (v) of this Section
                  1.5(c)) whose election by the board of directors or nomination
                  for election by the Company's stockholders was approved by a
                  vote of at least three-fourth (3/4ths) of the directors then
                  still in office, either were directors at the beginning of the
                  period or whose election or nomination for election was

                                       6
<PAGE>
                  previously so approved, cease for any reason to constitute at
                  least a majority thereof;

            (iii) The shareholders of the Company approve any consolidation or
                  merger of the Company, other than a consolidation or merger of
                  the Company in which the holders of the common stock of the
                  Company immediately prior to the consolidation or merger hold
                  more than 50% of the common stock of the surviving corporation
                  immediately after the consolidation or merger;

            (iv)  The shareholders of the Company approve any plan or
                  proposal for the liquidation or dissolution of the Company;
                  or

            (v)   The shareholders of the Company approve the sale or transfer
                  of substantially all of the Company's assets to parties that
                  are not within a "controlled group of corporations" (as
                  defined in Section 1563 of the Internal Revenue Code of 1986,
                  as amended (the "Code")) in which the Company is a member.

      (d)   "Committee" shall mean the administrative committee appointed by the
            Board to administer this Trust.

      (e)   "Director" shall mean any member of the board of directors of the
            Company or any Affiliate.

      (f)   "ERISA" shall mean the Employee Retirement Income Security Act of
            1974, as it may be amended from time to time.

      (g)   "Insolvent" shall have the meaning set forth in Section 3.7(a)
            below.

      (h)   "Insolvent Entity" shall have the meaning set forth in Section
            3.7(a) below.

      (i)   "IRS" shall mean Internal Revenue Service.

      (j)   "Participant" shall mean a person who is a participant in one or
            more of the Plans in accordance with their terms and conditions.

      (k)   "Payment Schedule" shall have the meaning set forth in Section
            3.6(b) below.

      (l)   "Plan(s)" shall mean one or more of the designated executive and/or
            director non-qualified deferral plans established now or in the
            future by the Company that require or authorize the establishment of
            a trust.

      (m)   "Plan Year" shall mean the fiscal year of the Company.

                                       7
<PAGE>
      (n)   "Post-Change Committee" shall mean the administrative committee
            appointed to administer this Trust after a Change in Control. After
            a Change in Control, references in this Plan to the Committee shall
            be deemed to refer to the Post-Change Committee where necessary and
            appropriate.

      (o)   "Trust Fund" shall mean the assets held by the Trustee pursuant to
            the terms of this Master Trust Agreement and for the purposes of the
            Plans.

1.6   Grantor Trust. The Trust is intended to be a "grantor trust," of which the
      Company and the Affiliates are the grantors, within the meaning of subpart
      E, part I, subchapter J, chapter 1, subtitle A of the Internal Revenue
      Code of 1986, as amended, and the Trust shall be construed accordingly.

                         ARTICLE 2 General Administration

2.1   Committee Directions and Administration Before Change in Control. Until a
      Change in Control has occurred, this Section 2.1 shall be effective and
      the Committee shall direct the Trustee as to the administration of the
      Trust in accordance with the following provisions:

      (a)   The Committee shall be identified to the Trustee by a copy of the
            resolution of the Board appointing the Committee.  In the absence
            thereof, the Board shall be the Committee.  Persons authorized to
            give directions to the Trustee on behalf of the Committee shall
            be identified to the Trustee by written notice from the
            Committee, and such notice shall contain specimens of the
            authorized signatures.  The Trustee shall be entitled to rely on
            such written notice as evidence of the identity and authority of
            the persons appointed until a written cancellation of the
            appointment, or the written appointment of a successor, is
            received by the Trustee.

      (b)   Directions by the Committee, or its delegate, to the Trustee shall
            be in writing and signed by the Committee or persons authorized by
            the Committee, or may be made by such other method as is acceptable
            to the Trustee.

      (c)   The Trustee may conclusively rely upon directions from the Committee
            in taking any action with respect to this Master Trust Agreement,
            including the making of payments from the Trust Fund and the
            investment of the Trust Fund pursuant to this Master Trust
            Agreement. The Trustee shall have no liability for actions taken, or
            for failure to act, on the direction of the Committee.

      (d)   The Trustee may request instructions from the Committee and shall
            have no duty to act or liability for failure to act if such
            instructions are not forthcoming from the Committee.  If
            requested instructions are not received within a reasonable time,
            the Trustee may, but is under no duty to act on its own
            discretion to carry out the provisions of this Master Trust
            Agreement in accordance with this Master Trust Agreement and the
            Plans.

                                       8
<PAGE>
2.2   Administration Upon Change in Control; Determination Whether Change In
      Control Has Occurred. In the event of a Change in Control, the authority
      of the Committee to administer the Trust and direct the Trustee, as set
      forth in Section 2.1 above, shall cease, and the Post-Change Committee
      shall have complete authority to administer the Trust in accordance with
      the terms of the Plan. The president of the Company shall notify the
      Trustee in writing when a Change in Control has occurred. The Trustee has
      no duty to inquire whether a Change in Control has occurred and may rely
      on notification by the president of the Company of a Change in Control;
      provided, however, that if any officer, former officer, director or former
      director of the Company or any Affiliate (other than the president of the
      Company), or any Participant notifies the Trustee that there has been or
      there may be a Change in Control, the Trustee shall have the duty to
      satisfy itself as to whether a Change in Control has in fact occurred. In
      determining whether the Company or an Affiliate has experienced a Change
      in Control, the Trustee may engage the services of legal, accounting,
      financial and other advisors which may be advisors to the Company or the
      Affiliate to assist it with the determination. The Company and each
      Affiliate agree to cooperate fully with any reasonable inquiry of the
      Trustee or such advisor in making the determination of whether a Change in
      Control has occurred with respect to the Company or an Affiliate. To the
      extent that the Trustee engages the services of an advisor to the Company
      or the Affiliate, the Trustee may rely, without further inquiry, on the
      written determination of that advisor as to whether or not a Change in
      Control has occurred. All costs reasonably incurred by the Trustee in
      making the determination of whether a Change in Control has occurred shall
      be reimbursed to the Trustee by the Company or the Affiliate, and if not
      so reimbursed shall be chargeable against the Trust. The Company and the
      Affiliates shall indemnify and hold harmless the Trustee for any damages
      or costs (including attorneys' fees) that may be incurred because of
      reliance on the president's notice or lack thereof.

2.3   Contributions. Except as provided in any Plan, the Company and the
      Affiliates, in their sole discretion, may at any time, or from time to
      time, make additional deposits of cash or other property acceptable to the
      Trustee in trust with the Trustee to augment the principal to be held,
      administered and disposed of by the Trustee as provided in this Master
      Trust Agreement. Neither the Trustee nor any Participant or Beneficiary
      shall have any right to compel such additional deposits. The Trustee shall
      have no duty to collect or enforce payment to it of any contributions or
      to require that any contributions be made, and shall have no duty to
      compute any amount to be paid to it nor to determine whether amounts paid
      comply with the terms of the Plans.

2.4   Trust Fund. The contributions received by the Trustee from the Company and
      the Affiliates shall be held and administered pursuant to the terms of
      this Master Trust Agreement as a single fund without distinction between
      income and principal and without liability for the payment of interest
      thereon except as expressly provided in this Master Trust Agreement.
      During the term of this Trust, all income received by the Trust, net of
      expenses and taxes, shall be accumulated and reinvested.

                                       9
<PAGE>
2.5   Distribution of Excess Trust Fund to Employers. In the event that the
      Committee, prior to a Change in Control determines that the Trust Fund
      exceeds 125 % of the anticipated benefit obligations and administrative
      expenses that are to be paid under the Plans, the Trustee, at the
      direction of the Committee prior to a Change in Control, shall distribute
      to the Company and the Affiliates such excess portion of the Trust Fund.

                      ARTICLE 3 Powers and Duties of Trustee

3.1   Investment Directions. Except as provided in this Section and Section 3.2
      below, the Committee shall provide the Trustee with all investment
      instructions. The Trustee shall neither affect nor change investments of
      the Trust Fund, except as directed in writing by the Committee, and shall
      have no duty or responsibility to recommend investments or investment
      changes; provided that the Trustee may (i) deposit cash on hand from time
      to time in any bank savings account, certificate of deposit, or other
      instrument creating a deposit liability for a bank, including the
      Trustee's own banking department, if the Trustee is a bank, without such
      prior direction, or (ii) invest in government securities, bonds with
      specific ratings, or stock of "Fortune 500" companies, all within broad
      investment guidelines established by the Committee from time to time.

3.2   Investment Upon Change in Control. In the event of a Change in Control,
      the authority of the Committee to direct investments of the Trust Fund
      shall cease and the Post-Change Committee shall have complete authority to
      direct investments of the Trust Fund, and to direct the Trustees
      accordingly.

3.3   Management of Investments. Subject to Section 3.1 and Section 3.2 above,
      the Trustee shall have, without exclusion, all powers conferred on the
      Trustee by applicable law, unless expressly provided otherwise herein, and
      all rights associated with assets of the Trust shall be exercised by the
      Trustee or the person designated by the Trustee, and shall in no event be
      exercisable by or rest with Participants or their Beneficiaries. The
      Trustee shall have full power and authority to invest and reinvest the
      Trust Fund in any investment permitted by law, exercising the judgment and
      care that persons of prudence, discretion and intelligence would exercise
      under the circumstances then prevailing, considering the probable income
      and safety of their capital, including, without limiting the generality of
      the foregoing, the power.

      (a)   To invest and reinvest the Trust Fund, together with the income
            therefrom, in common stock, preferred stock, convertible
            preferred stock, mutual funds, bonds, debentures, convertible
            debentures and bonds, mortgages, notes, time certificates of
            deposit, commercial paper and other evidences of indebtedness
            (including those issued by the Trustee or any of its affiliates),
            other securities, policies of life insurance, annuity contracts,
            options to buy or sell securities or other assets, and other
            property of any kind (personal, real, or mixed, and tangible or
            intangible); provided, however, that if a Plan provides (and to
            the extent such Plan provides) for Participant investment
            direction, the Trustee shall invest and reinvest the Trust Fund
            in investments (which may include common stock of the Company or
            an Affiliate)  at the direction of the committee at any time
            prior to a Change in

                                       10
<PAGE>
            Control on behalf of a Participant, to mirror such Participant's
            investment selection as a Measurement Fund under the Plan, including
            in the case of common stock of the Company or an Affiliate
            reinvestment of cash dividends thereon; provided, however, that the
            Trustee shall not otherwise invest in securities (including stock or
            rights to acquire stock) or obligations issued by the Company or the
            Affiliates, other than a de minimis amount held in common investment
            vehicles in which the Trustee invests;

      (b)   To deposit or invest all or any part of the assets of the Trust Fund
            in savings accounts or certificates of deposit or other deposits
            which bear a reasonable interest rate in a bank, including the
            commercial department of the Trustee, if such bank is supervised by
            the United States or any State;

      (c)   To hold, manage, improve, repair and control all property, real or
            personal, forming part of the Trust Fund and to sell, convey,
            transfer, exchange, partition, lease for any term, even extending
            beyond the duration of this Trust, and otherwise dispose of the same
            from time to time in such manner, for such consideration, and upon
            such terms and conditions as the Trustee shall determine;

      (d)   Subject to Section 3.4, the Trustee shall deliver or cause to be
            executed and delivered, to the Company, all notices,
            prospectuses, finance statements proxies and proxy soliciting
            materials relating to investments held hereunder.  The Trustees
            shall not vote any proxy or tender offer election, participate in
            any voting trust, exercise any options or subscription right or
            join in, dissent from or oppose any merger, reorganization,
            consolidation, liquidation or sale with respect to any asset held
            hereunder except in accordance with the timely written
            instructions of the Company. If no such written instructions are
            timely received, such proxies, elections and voting trust shall
            not be voted; such options or subscription rights shall not be
            exercised; and such mergers; reorganizations, consolidation,
            liquidations or sales shall not be joined, dissented from or
            opposed.

      (e)   To hold in cash, without liability for interest, such portion of the
            Trust Fund which, in its discretion, shall be reasonable under the
            circumstances, pending investments, or payment of expenses, or the
            distribution of benefits;

      (f)   To take such actions as may be necessary or desirable to protect
            the Trust Fund from  loss due to the default on mortgages held in
            the Trust including the appointment of agents or trustees in such
            other jurisdictions as may seem desirable, to transfer property
            to such agents or trustees, to grant such powers as are necessary
            or desirable to protect the Trust or its assets, to direct such
            agents or trustees, or to delegate such power to direct, and to
            remove such agents or trustees;

      (g)   To employ such agents including custodians and counsel as may be
            reasonably necessary and to pay them reasonable compensation; to
            settle, compromise or abandon all claims and demands in favor of or
            against the Trust assets;

                                       11
<PAGE>
      (h)   To cause title to property of the Trust to be issued, held or
            registered in the individual name of the Trustee, or in the name of
            its nominee(s) or agents, or in such form that title will pass by
            delivery.

      (i)   To exercise all of the further rights, powers, options and
            privileges granted, provided for, or invested in trustees generally
            under the laws of the State whose laws are applicable to this Master
            Trust Agreement, as provided in Section 10.6 below, so that the
            powers conferred upon the Trustee herein shall not be in limitation
            of any authority conferred by law, but shall be in addition thereto;

      (j)   To borrow money from any source (including the Trustee) and to
            execute promissory notes, mortgages or other obligations and to
            pledge or mortgage any Trust assets as security;

      (k)   To lend certificates representing stocks, bonds, or other
            securities to any brokerage or other firm selected by the Trustee;

      (l)   To institute, compromise and defend actions and proceedings; to pay
            or contest any claim; to settle a claim by or against the Trustee by
            compromise, arbitration, or otherwise; to release, in whole or in
            part, any claim belonging to the Trust to the extent that the claim
            is uncollectible;

      (m)   To use securities depositories or custodians and to allow such
            securities as may be held by a depository or custodian to be
            registered in the name of such depository or its nominee or in the
            name of such custodian or its nominee;
      (n)   To invest the Trust Fund from time to time in one or more investment
            funds, which funds shall be registered under the Investment Company
            Act of 1940; and

      (o)   To do all other acts necessary or desirable for the proper
            administration of the Trust Fund, as if the Trustee were the
            absolute owner thereof.

      (p)   The Trustees may, in the exercise of its discretion, invest and
            reinvest the assets of any trust created under this Agreement in
            assets issued or distributed by American Express Financial
            Corporation or any of its successors, subsidiaries or affiliates,
            even though American Express Financial Corporation and its
            successors, subsidiaries or affiliates are affiliated with the
            Trustee.  Assets that the Trustee may acquire pursuant to the
            authority granted by this paragraph include, but are not limited
            to load and no-load mutual funds.

      (q)   The Trustee shall have full discretionary authority to make
            sales, purchases and exchanges of assets of any trust created
            under this Agreement to, from, through any securities
            broker/dealer owned by or affiliated with American Express
            Financial Corporation, including but not limited to American
            Express Securities Services, or any of its successors,
            subsidiaries or affiliates, or any unaffiliated

                                       12
<PAGE>
            persons, partnerships or corporations it may select, and settle
            transactions in the usual course of business.

      (r)   The Trustee's responsibilities do not include filing with the DOL
            of the Registration Statement or any other documents or any
            determination of the need to register the plan or any portion of
            the plan as a security, or the performance of any service related
            to the plan's compliance with any requirement under the
            Securities Act of 1933, the Securities Exchange Act of 1934, the
            Blue Sky laws of any state or other jurisdiction, or any related
            regulations, administrative rules or requirements.

      However, nothing in this section shall be construed to mean the Trustee
assumes any responsibility for the performance of any investment made by the
Trustee in its capacity as trustee under the operations of this Master Trust
Agreement. Notwithstanding any powers granted to the Trustee pursuant to this
Master 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 Internal
Revenue Code of 1986, as amended.

3.4   Voting. Each Participant with an Account under a Plan that holds Company
      Stock (as defined in the Plans) shall be entitled to direct the Committee
      (or the Post-Change Committee, as the case may be) as to the manner in
      which such Company Stock is to be voted. Company Stock held in the Plan
      Accounts for which a Participant has not given timely or proper voting
      instructions shall be voted in the same proportion as the Participants who
      directed the Committee (or the Post-Change Committee, as the case may be)
      to vote their Company Stock with respect to such voting issue. The Trustee
      shall vote the Company Stock in accordance with the directions provided to
      it by the Committee (or the Post-Change Committee, as the case may be).
      Securities held by the Plans other than Company Stock shall be voted by
      the Trustee at the direction of the Committee (or the Post-Change
      Committee, as the case may be). Other than acting upon instructions as
      provided in this Section 3.4, the Trustee shall have no duty to exercise
      voting or proxy or other rights relating to any investment held in the
      Plans.

3.5   Substitution. Notwithstanding any provision of any Plan or the Trust to
      the contrary, the Company and/or any Affiliate shall at all times have the
      right at any time, and from time to time in its sole discretion, to
      substitute assets of equal fair market value for any asset held by the
      Trust, provided such assets are acceptable to the Trustee. This right
      shall be exercisable by the Company or any Affiliate in a nonfiduciary
      capacity without the approval or consent of any person in a fiduciary
      capacity, except as provided in the preceding sentence.

                                       13
<PAGE>
3.6   Distributions.

      (a)   The establishment of the Trust and the payment or delivery to the
            Trustee of money or other property shall not vest in any
            Participant or Beneficiary any right, title, or interest in and
            to any assets of the Trust.  To the extent that any Participant
            or Beneficiary acquires the right to receive payments under any
            of the Plans, such right shall be no greater than the right of an
            unsecured general creditor of the Company and the Affiliates and
            such Participant or Beneficiary shall have only the unsecured
            promise of the Company and the Affiliates that such payments
            shall be made.

      (b)   Concurrent with the establishment of this Trust, the Company
            shall deliver to the Trustee a schedule (the "Payment Schedule")
            that indicates the amounts payable in respect of each Participant
            (and his or her Beneficiaries) on a Plan by Plan basis, provides
            a formula or formulas or other instructions acceptable to the
            Trustee for determining the amounts so payable, specifies the
            form in which such amount is to be paid (as provided for or
            available under the applicable Plans), and the time of
            commencement for payment of such amounts.  The Payment Schedule
            shall be updated from time to time as is necessary.  Except as
            otherwise provided herein, prior to a Change in Control, the
            Trustee shall make payments to the Participants and their
            Beneficiaries in accordance with such Payment Schedule.  After a
            Change in Control, the Trustee shall make payments in accordance
            with the terms and provisions of each of the Plans and related
            plan agreements.  The Trustee, at the direction of the Committee
            or, after a Change in Control, at the direction of the
            Post-Change Committee, may make any distribution required to be
            made by it hereunder by delivering:

            (i)   Its check payable to the person to whom such distribution
                  is to be made, to the person, or, if prior to a Change in
                  Control, to the Company for redelivery to such person;
                  provided that before a Change in Control, the Committee may
                  direct the Trustee to deliver one or more lump sum checks
                  payable to the Company, and the Company shall prepare and
                  deliver individual checks for each Participant or
                  Beneficiary; or

            (ii)  If insurance is provided for under the Plan, its check payable
                  to an insurer for the benefit of such person, to the insurer,
                  or, if prior to a Change in Control, to the Company for
                  redelivery to the insurer; or

            (iii) If insurance is provided for under the Plan, contracts held on
                  the life of the Participant to whom or with respect to whom
                  the distribution is being made, to the Participant or
                  Beneficiary, or, if prior to a Change in Control, to the
                  Company for redelivery to the person to whom such distribution
                  is to be made; or

            (iv)  If, pursuant to the Plan, a distribution is being made, in
                  whole or in part, of other assets, assignments or other
                  appropriate documents or certificates

                                       14
<PAGE>
                  necessary to effect a transfer of title, to the Participant or
                  Beneficiary, or, if prior to a Change in Control, to the
                  Company for redelivery to such person.

      (c)   If the principal of the Trust, and any earnings thereon, are not
            sufficient, determined on a Plan by Plan basis, to make payments of
            benefits in accordance with the terms of the Plans, the Company and
            the Affiliates shall make the balance of each such payment as it
            falls due. The Trustee shall notify the Company and the Affiliates
            when principal and earnings are not sufficient.

      (d)   The Company and the Affiliates may make payment of benefits directly
            to Participants or their Beneficiaries as they become due under the
            terms of the Plans. The Company and the Affiliates shall notify the
            Trustee of their decisions to make payment of benefits directly
            prior to the time amounts are payable to Participants or their
            Beneficiaries.

      (e)   Notwithstanding anything contained in this Master Trust Agreement
            to the contrary, if at any time the Trust is finally determined
            by the IRS not be a "grantor trust" with the result that the
            income of the Trust Fund is not treated as income of the Company
            or the Affiliates pursuant to Sections 671 through 679 of the
            Internal Revenue Code of 1986, as amended, or if a tax is finally
            determined by the IRS to be payable by one or more Participants
            or Beneficiaries with respect to any interest in the Plans or the
            Trust Fund prior to payment of such payment of such interest to
            any such Participant or Beneficiary, the Committee (or the
            Post-Change Committee, as the case may be) shall immediately
            determine each Participant's share of the Trust Fund in
            accordance with the Plans, and the Trustee shall at the direction
            of Committee (or the Post-Change Committee, as the case may be)
            immediately distribute such share in a lump sum to such
            Participant or Beneficiary entitled thereto, regardless of
            whether such Participant's employment has terminated (provided
            such Participant  has a vested interest in his or her accrued
            benefits under the Plans) and regardless of form and time of
            payments specified in or pursuant to the Plans.  Any remaining
            assets (less any expenses or costs due under Sections 3.8 and 3.9
            of this Master Trust Agreement) shall then be paid by the Trustee
            to the Company and the Affiliates in such amounts, and in the
            manner instructed by the Committee (or the Post-Change Committee,
            as the case may be).  If the value of the Trust Fund is less than
            the benefit obligations under the Plans, the foregoing described
            distributions will be limited to a Participant's share of the
            Trust Fund, determined by allocating assets to the Participant
            based on the ratio of the Participant's benefit obligations under
            the Plans to the total benefit obligations under the Plans.
            Prior to a Change in Control, the Trustee shall rely solely on
            the directions of the Committee with respect to the occurrence of
            the foregoing events and the resulting distributions to be made,
            and the Trustee shall not be responsible for any failure to act
            in the absence of such direction.  After a Change in Control, the
            Post-Change Committee shall assume the obligations of the
            Committee described in the preceding sentence.

                                       15
<PAGE>
      (f)   The Company hereby agrees that it will accept appointment as
            Trustee's agent for purposes of computing amounts to be withheld
            in satisfaction of any tax withholding obligations and for
            remitting any taxes withheld to the appropriate taxing
            authority.  The Trustee, on the instruction of the Company, shall
            withhold appropriate amounts for payments made pursuant to
            Section 3.6(b), and pay to the Company the amounts so withheld
            for remittance to the appropriate taxing authorities.  To the
            extent the Company fails to direct the Trustee as to the proper
            amount and character of any taxes to be withheld from any
            distribution made pursuant hereto, the Trustee may withhold from
            any distribution so made an amount equal to the combined federal,
            state and local tax rates (as may be applicable) and remit such
            amount to the Company for deposit with the appropriate taxing
            authority.  The Company agrees to execute any additional
            documents necessary to accept appointment as Trustee's agent
            pursuant to this Section 3.6(f) and to indemnify the Trustee for
            any loss suffered as a result of the Company's failure to
            properly remit taxes withheld on payments hereunder.

      (g)   Prior to a Change in Control, payments by the Trustee shall be
            delivered or mailed to addresses supplied by the Committee and the
            Trustee's obligation to make such payments shall be satisfied upon
            such delivery or mailing. After a Change in Control, the Post-Change
            Committee shall have such obligations. The Trustee shall have no
            obligation to determine the identity or persons entitled to benefits
            or their mailing addresses.

      (h)   Prior to a Change in Control, the entitlement of a Participant or
            his or her Beneficiaries to benefits under the Plans shall be
            determined by the Company and the Affiliates or such party as they
            shall designate under the Plans, and any claim for such benefits
            shall be considered and reviewed under the procedures set out in the
            Plans. After a Change in Control, the Post-Change Committee shall
            have such obligations.

3.7   Trustee Responsibility Regarding Payments on Insolvency.

      (a)   The Trustee shall cease payment of benefits to Participants and
            their Beneficiaries if the Company, or any Affiliate, is Insolvent
            (the "Insolvent Entity"). The Insolvent Entity shall be considered
            "Insolvent" for purposes of this Master Trust Agreement if:

            (i)   the Insolvent Entity is unable to pay its debts as they
                  become due, or

            (ii)  the Insolvent Entity is subject to a pending proceeding as a
                  debtor under the United States Bankruptcy Code.

            (iii) The Insolvent Entity is determined to be insolvent by the
                  Office of Thrift Supervision or other federal banking agency
                  with jurisdiction to make such determination.

                                       16
<PAGE>
      For purposes of this Section 3.7, if an entity is determined to be
      Insolvent, each Affiliate in which such entity has an equity interest
      shall also be deemed to be an Insolvent Entity. However, the insolvency of
      an Affiliate will not cause a parent corporation to be deemed Insolvent.

      (b)   At all times during the continuance of this Trust, as provided in
            Section 1.3 above, the principal and income of the Trust shall be
            subject to claims of the general creditors of the Company and its
            Affiliates under federal and state law as set forth below:

            (i)   The Board and the president of the Company shall have the
                  duty to inform the Trustee in writing of the Company's or
                  any Affiliate's Insolvency.  If a person claiming to be a
                  creditor of the Company or any Affiliate alleges in writing
                  to the Trustee that the Company or any Affiliate has become
                  Insolvent, the Trustee shall determine whether the Company
                  or any Affiliate is Insolvent and, pending such
                  determination, the Trustee shall discontinue payment of
                  benefits to the Insolvent Entity's Participants or their
                  Beneficiaries.  Prior to a Change in Control, the Trustee
                  may conclusively rely on any determination it receives from
                  the Board or the president of the Company with respect to
                  the Insolvency of the Company or any Affiliate.
            (ii)  Unless the Trustee has actual knowledge of the Company's or an
                  Affiliate's Insolvency, or has received notice from the
                  Company, an Affiliate, or a person claiming to be a creditor
                  alleging that the Company or an Affiliate is Insolvent, the
                  Trustee shall have no duty to inquire whether the Company or
                  any Affiliate is Insolvent. The Trustee may in all events rely
                  on such evidence concerning the Company's or any Affiliate'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 or any Affiliate's solvency. In this
                  regard, the Trustee may rely upon a letter from the Company's
                  or a Affiliate's auditors as to the Company's or any
                  Affiliate's financial status. In determining whether the
                  Company or an Affiliate is insolvent for purposes of this
                  Section 3.7, the Trustee may engage the services of legal,
                  accounting, financial and other advisors which may be advisors
                  to the Company or the Affiliate to assist it with the
                  determination. The Company and each Affiliate agree to
                  cooperate fully with any reasonable inquiry of the Trustee or
                  such advisor in making the determination of whether the
                  Company or the Affiliate is Insolvent. To the extent that the
                  Trustee engages the services of an advisor to the Company or
                  the Affiliate, the Trustee may rely, without further inquiry,
                  on the written determination of that advisor as to whether or
                  not the Company or the Affiliate is Insolvent. All costs
                  reasonably incurred by the Trustee in making the determination
                  of whether the Company or the Affiliate is Insolvent shall be
                  reimbursed to the Trustee

                                       17
<PAGE>
                  by the Company or the Affiliate, and if not so reimbursed
                  shall be chargeable against the Trust.

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

            (iv)  The Trustee shall resume the payment of benefits to
                  Participants or their Beneficiaries in accordance with this
                  Article 3 of this Master Trust Agreement only after the
                  Trustee has determined that the alleged Insolvent Entity 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 3.7(b) hereof and subsequently resumes such payments, the
            first payment following such discontinuance shall include the
            aggregate amount of all payments due to Participants or their
            Beneficiaries under the terms of the Plans for the period of such
            discontinuance, less the aggregate amount of any payments made to
            Participants or their Beneficiaries by the Company or any
            Affiliate in lieu of the payments provided for hereunder during
            any such period of discontinuance.  Prior to a Change in Control,
            the Committee shall instruct the Trustee as to such amounts, and
            after a Change in Control, the Post-Change Committee shall
            determine such amounts in accordance with the terms and
            provisions of the Plans.

3.8   Costs of Administration.   The Trustee is authorized to incur
      reasonable obligations in connection with the administration of the
      Trust, including attorneys' fees, administrative fees and appraisal
      fees.  Such obligations shall be paid by the Company and the
      Affiliates.  The Trustee is authorized to pay such amounts from the
      Trust Fund if the Company or the Affiliates fail to pay them within 60
      days of presentation of a statement of the amounts due.

3.9   Trustee Compensation and Expenses. The Trustee shall be entitled to
      reasonable compensation for its services as from time to time agreed upon
      between the Trustee and the Company. If the Trustee and the Company fail
      to agree upon a compensation, or following a Change in Control, the
      Trustee shall be entitled to compensation at a rate equal to the rate
      charged by the Trustee for similar services rendered by it during the
      current fiscal year for other trusts similar to this Trust. The Trustee
      shall be entitled to reimbursement for expenses incurred by it in the
      performance of its duties as the Trustee, including reasonable fees for
      legal counsel, accounting and other professional advisors. The Trustee's
      compensation and expenses shall be paid by the Company and the Affiliates.
      The Trustee is authorized to withdraw such amounts from the Trust Fund if

                                       18
<PAGE>
      the Company or the Affiliates fail to pay them within 60 days of
      presentation of a statement of the amounts due. The Trustee will, as part
      of its compensation for services, receive the interest earned on any
      uninvested cash awaiting investment into or distribution from the Trust.

3.10  Professional Advice. The Company and the Affiliates specifically
      acknowledge that the Trustee may find it desirable or expedient to retain
      legal counsel, accountants (who may also be legal counsel or accountants
      for the Company) or other professional advisors to advise it in connection
      with the exercise of any duty under this Master Trust Agreement,
      including, but not limited to, any matter relating to or following a
      Change in Control or the Insolvency of the Company or any Affiliate. The
      Trustee shall be fully protected in acting upon the advice of such legal
      counsel or advisors.

3.11  Payment on Court Order. To the extent permitted by law, the Trustee is
      authorized to make any payments directed by court order in any action in
      which the Trustee has been named as a party. The Trustee is not obligated
      to defend actions in which the Trustee is named, but shall notify the
      Company or Committee of any such action and may tender defense of the
      action to the Company, Committee, Participant or Beneficiary whose
      interest is affected. The Trustee may in its discretion defend any action
      in which the Trustee is named, and any expenses incurred by the Trustee
      shall be paid by the Company and the Affiliates. The Trustee is authorized
      to pay such amounts from the Trust Fund if the Company or the Affiliates
      fail to pay them within 60 days of presentation of a statement of the
      amounts due.

3.12  Protective Provisions. Notwithstanding any other provision contained in
      this Master Trust Agreement to the contrary, the Trustee shall have no
      obligation to (i) determine the existence of any conversion, redemption,
      exchange, subscription or other right relating to any securities purchased
      of which notice was given prior to the purchase of such securities and
      shall have no obligation to exercise any such right unless the Trustee is
      advised in writing by the Committee both of the existence of the right and
      the desired exercise thereof within a reasonable time prior to the
      expiration of the right to exercise, or (ii) advance any funds to the
      Trust. Furthermore, the Trustee is not a party to the Plans.

3.13  Indemnifications.

      (a)   The Company and the Affiliates shall indemnify and hold the
            Trustee harmless from and against all loss or liability
            (including expenses and reasonable attorneys' fees) to which it
            may be subject by reason of its execution of its duties under
            this Trust, or by reason of any acts taken in good faith in
            accordance with any directions, or acts omitted in good faith due
            to absence of directions, from the Company, the Committee or a
            Participant, unless such loss or liability is due to the
            Trustee's gross negligence or willful misconduct.  The indemnity
            described herein shall be provided by the Company and the
            Affiliates.

      (b)   In the event that the Trustee is named as a defendant in a
            lawsuit or proceeding involving one or more of the Plans or the
            Trust Fund, the Trustee shall be entitled

                                       19
<PAGE>
            to receive on a current basis the indemnity payments provided for in
            this Section, provided however that if the final judgment entered in
            the lawsuit or proceeding holds that the Trustee is guilty of gross
            negligence or willful misconduct with respect to the Trust Fund, the
            Trustee shall be required to refund the indemnity payments that it
            has received.

      (c)   All releases and indemnities provided in this Master Trust Agreement
            shall survive the termination of this Master Trust Agreement.

                          ARTICLE 4 Insurance Contracts

4.1   Types of Contracts. To the extent that the Trustee is directed by the
      Committee 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 Committee. The Trustee shall be under no duty to make
      inquiry as to the propriety of the type or amount so specified.

4.2   Ownership. 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 Committee.

4.3   Restrictions on Trustee's Rights. 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 such policy. Despite the foregoing, the Trustee may (i)
      loan to the Company or any Affiliate the proceeds of any borrowing against
      an insurance policy held in the Trust Fund or (ii) assign all, or any
      portion, of a policy to the Company or any Affiliate if under other
      provisions of this Master Trust Agreement the Company or any Affiliate is
      entitled to receive assets from the Trust.

                           ARTICLE 5 Trustee's Accounts

5.1   Records. The Trustee shall maintain accurate records and detailed accounts
      of all investments, receipts, disbursements and other transactions
      hereunder. Such records shall be available at all reasonable times for
      inspection by the Company and Affiliates or their authorized
      representative. The Trustee, at the direction of the Committee, shall
      submit to the Committee and to any insurer such valuations, reports or
      other information as the Committee may reasonably require and, in the
      absence of fraud or bad faith, the valuation of the Trust Fund by the
      Trustee shall be conclusive.

5.2   Annual Accounting; Final Accounting.

      (a)   Within 60 days following the end of each Plan Year and within 60
            days after the removal or resignation of the Trustee or the
            termination of the Trust, the Trustee shall file with the
            Committee a written account setting forth a description of all

                                       20
<PAGE>
            properties purchased and sold, all receipts, disbursements and
            other transactions effected by it during the Plan Year or, in the
            case of removal, resignation or termination, since the close of
            the previous Plan Year, and listing the properties held in the
            Trust Fund as of the last day of the Plan Year or other period
            and indicating their values.  Such values shall be either cost or
            market as directed by the Committee in accordance with the terms
            of the Plans.

      (b)   The Committee may approve such account either by written notice of
            approval delivered to the Trustee or by its failure to express
            written objection to such account delivered to the Trustee within 60
            days after the date of which such account was delivered to the
            Committee.

      (c)   The approval by the Committee of an accounting shall be binding
            as to all matters embraced in such accounting on all parties to
            this Master Trust Agreement and on all Participants and
            Beneficiaries, to the same extent as if such accounting had been
            settled by a judgment or decree of a court of competent
            jurisdiction in which the Trustee, the Committee, the Company,
            the Affiliates and all persons having or claiming any interest in
            any Plan or the Trust Fund were made parties.

      (d)   Despite the foregoing, nothing contained in this Master Trust
            Agreement shall deprive the Trustee of the right to have an
            accounting judicially settled, if the Trustee, in the Trustee's sole
            discretion, desires such a settlement.

5.3   Valuation. The assets of the Trust Fund shall be valued at their
      respective fair market values on the date of valuation, as determined by
      the Trustee based upon such sources of information as it may deem
      reliable, including, but not limited to, stock market quotations,
      statistical valuation services, newspapers of general circulation,
      financial publications, advice from investment counselors, brokerage firms
      or insurance companies, or any combination of sources. Prior to a Change
      in Control, the Committee shall instruct the Trustee as to the value of
      assets for which market values are not readily obtainable by the Trustee.
      After a Change in Control, the Post-Change Committee shall instruct the
      Trustee as to the value of assets for which market values are not readily
      obtainable by the Trustee. If the Committee or Post-Change Committee fails
      to provide such values, the Trustee may take whatever action it deems
      reasonable, including employment of attorneys, appraisers, life insurance
      companies or other professionals, the expense of which shall be an expense
      of administration of the Trust Fund and payable by the Company and the
      Affiliates. The Trustee may rely upon information from the Company and the
      Affiliates, the Committee, the Post-Change Committee, appraisers or other
      sources and shall not incur any liability for an inaccurate valuation
      based in good faith upon such information.

5.4   Delegation of Duties. The Company or the Committee, or both, may at any
      time employ the Trustee as their agent to perform any act, keep any
      records or accounts and make any computations that are required of the
      Company, any Affiliate or the Committee by this Master Trust Agreement or
      the Plans. The Trustee may be compensated for such employment and such
      employment shall not be deemed to be contrary to the Trust.

                                       21
<PAGE>
      Nothing done by the Trustee as such agent shall change or increase its
      responsibility or liability as Trustee hereunder.

                  ARTICLE 6 Resignation or Removal of Trustee

6.1   Resignation; Removal. The Trustee may resign at any time by written notice
      to the Company, which shall be effective 60 days after receipt of such
      notice unless the Company and the Trustee agree otherwise. Prior to a
      Change in Control, the Trustee may be removed by the Company on 60 days
      notice or upon shorter notice accepted by the Trustee. After a Change in
      Control, the Trustee may be removed by a majority vote of the
      Participants, and if a Participant is dead, his or her Beneficiaries (who
      collectively shall have one vote among them and shall vote in place of
      such deceased Participant), on 60 days notice or upon shorter notice
      accepted by the Trustee.

6.2   Successor Trustee. If the Trustee resigns or is removed, a successor shall
      be appointed by the Company, in accordance with this Section, by the
      effective date of the resignation or removal under Section 6.1 above. The
      successor shall be a bank, trust company, or similar independent third
      party that is granted corporate trustee powers under state law. After the
      occurrence of a Change in Control, a successor Trustee may not be
      appointed without the consent of a majority of the Participants, provided,
      however, that if the Company fails to designate a successor Trustee, the
      majority of the participants may appoint the successor Trustee. 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.

6.3   Settlement of Accounts. 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 90 days after receipt of notice of resignation, removal or
      transfer, unless the Company extends the time limit. Upon the transfer of
      the assets, the successor Trustee shall succeed to all of the powers and
      duties given to the Trustee in this Master Trust Agreement. The resigning
      or removed Trustee shall render to the Committee an account in the form
      and manner and at the time prescribed in Section 5.2. The approval of such
      accounting and discharge of the Trustee shall be as provided in such
      Section.

              ARTICLE 7 Controversies, Legal Actions and Counsel

7.1   Controversy. If any controversy arises with respect to the Trust, the
      Trustee shall take action as directed by the Committee or, in the absence
      of such direction or after a Change in Control, as it deems advisable,
      whether by legal proceedings, compromise or otherwise. The Trustee may
      retain the funds or property involved without liability pending settlement
      of the controversy. The Trustee shall be under no obligation to take

                                       22
<PAGE>
      any legal action of whatever nature unless there shall be sufficient
      property in the Trust to indemnify the Trustee with respect to any
      expenses or losses to which it may be subjected.

7.2   Joinder of Parties. In any action or other judicial proceedings affecting
      the Trust, it shall be necessary to join as parties the Trustees, the
      Committee, the Company and the Affiliates. No Participant or other person
      shall be entitled to any notice or service of process. Any judgment
      entered in such a proceeding or action shall be binding on all persons
      claiming under the Trust. Nothing in this Master Trust Agreement shall be
      construed as to deprive a Participant or Beneficiary of his or her right
      to seek adjudication of his or her rights by administrative process or by
      a court of competent jurisdiction.

7.3   Employment of Counsel. The Trustee may consult with legal counsel (who may
      be counsel for the Company or any Affiliate) and shall be fully protected
      with respect to any action taken or omitted by it in good faith pursuant
      to the advise of counsel.

                                ARTICLE 8 Insurers

8.1   Insurer Not a Party. 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 it.

8.2   Authority of Trustee. An insurer shall accept the signature of the Trustee
      to any documents or papers executed in connection with such contracts. The
      signature of the Trustee shall be conclusive proof to the insurer that the
      person on whose life an application is being made is eligible to have a
      contract issued on his or her life and is eligible for a contract of the
      type and amount requested.

8.3   Contract Ownership. An insurer shall deal with the Trustee as the sole and
      absolute owner of any insurance contracts and shall have no obligation to
      inquire whether any action or failure to act on the part of the Trustee is
      in accordance with or authorized by the terms of the Plans or this Master
      Trust Agreement.

8.4   Limitation of Liability. An insurer shall be fully discharged from any and
      all liability for any action taken or any amount paid in accordance with
      the direction of the Trustee and shall have no obligation to see to the
      proper application of the amounts so paid. An insurer shall have no
      liability for the operation of the Trust or the Plans, whether or not in
      accordance with their terms and provisions.

8.5   Change of Trustee. An insurer shall be fully discharged from any and all
      liability for dealing with a party or parties indicated on its records to
      be the Trustee until such time as it shall receive at its home office
      written notice of the appointment and qualification of a successor
      Trustee.

                                       23
<PAGE>
                       ARTICLE 9 Amendment and Termination

9.1   Amendment. Subject to the limitations set forth in this Section 9.1, this
      Master Trust Agreement may be amended by a written instrument executed by
      the Trustee and the Company. Notwithstanding the foregoing, no such
      amendment shall conflict with the terms of the Plans or shall make the
      Trust revocable after it has become irrevocable in accordance with Section
      1.3 above. Any amendment, change or modification shall be subject to the
      following rules:

(a)   General Rule.  Subject to Section 9.1(b), (c) and (d) below, this
      Master Trust Agreement may be amended:

      (i)   By the Company and the Trustee, provided, however, that if an
            amendment would in any way adversely affect the rights accrued under
            the Plans in the Trust Fund by any Participant or Beneficiary, each
            and every Participant and Beneficiary whose rights in the Trust Fund
            would be adversely affected must consent to the amendment before
            this Master Trust Agreement may be so amended; and

      (ii)  By the Company and the Trustee as may be necessary to comply with
            laws which would otherwise render the Trust void, voidable or
            invalid in whole or in part.

(b)   Limitation. Notwithstanding that an amendment may be permissible under
      Section 9.1(a) above, this Master Trust Agreement shall not be amended by
      an amendment that would:

      (i)   Cause any of the assets of the Trust to be used for or diverted to
            purposes other than for the exclusive benefit of Participants and
            Beneficiaries as set forth in the Plans, except as is required to
            satisfy the claims of the Company's or an Affiliate's general
            creditors; or

      (ii)  Be inconsistent with the terms of any Plan, including the terms of
            any Plan regarding termination, amendment or modification of the
            Plan.

(c)   Writing and Consent. Any amendment to this Master Trust Agreement shall be
      set forth in writing and signed by the Company and the Trustee and, if
      consent of any Participant or Beneficiary is required under Section
      9.1(a), the Participant or Beneficiary whose consent is required. Any
      amendment may be current, retroactive or prospective, in each case as
      provided therein.

(d)   The Company and Trustee.  In connection with the exercise of the rights
      under this Section 9.1:

      (i)   prior to a Change in Control, the Trustee shall have no
            responsibility to determine whether any proposed amendment complies
            with the terms and conditions set forth in Section 9.1(a) and (b)
            above and may conclusively rely on the directions of the Committee
            with respect thereto, unless the Trustee has knowledge of a proposed
            transaction or transactions that would result in a Change in
            Control; and

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<PAGE>
      (ii)  after a Change in Control, the power of the Company to amend this
            Master Trust Agreement shall cease, and the owner to amend that was
            previously held by the Company shall, instead, be exercised by
            majority of the Participants and, if a Participant is dead, his or
            her Beneficiaries (who collectively shall have one vote among them
            and shall vote in place of such deceased Participant), with the
            consent of the Post-Change Committee, provided that such amendment
            otherwise complies with the requirements of Section 9.1(a), (b) and
            (c) above.

(e)   Taxation. This Master Trust Agreement shall not be amended, altered,
      changed or modified in a manner that would cause the participants and/or
      Beneficiaries under any Plan to be taxed on the benefits under any Plan in
      a year other than the year of actual receipt of benefits.

9.2   Final Termination. The Trust shall not terminate until the date on which
      Participants and their Beneficiaries are no longer entitled to benefits
      pursuant to the terms of the Plans, and on such date the Trust shall
      terminate. Upon termination of the Trust, any assets remaining in the
      Trust shall be returned to the Company and the Affiliates. Such remaining
      assets shall be paid by the Trustee to the Company and the Affiliates in
      such amounts and in the manner instructed by the Company, whereupon the
      Trustee shall be released and discharged from all obligations hereunder.
      From and after the date of termination and until final distribution of the
      Trust Fund, the Trustee shall continue to have all of the power provided
      herein as are necessary or expedient for the orderly liquidation and
      distribution of the Trust Fund.

                             ARTICLE 10 Miscellaneous

10.1  Directions Following Change in Control. Despite any other provision of
      this Master Trust Agreement that may be construed to the contrary,
      following a Change in Control, all powers of the Committee, the Company
      and the Board to direct the Trustee under this Master Trust Agreement
      shall terminate, and the Trustee shall act in accordance with directions
      provided to it by the Post-Change Committee to carry out the terms of this
      Master Trust Agreement in accordance with the Plans and this Master Trust
      Agreement.

10.2  Taxes. The Company and the Affiliates shall from time to time pay taxes of
      any and all kinds whatsoever that at any time are lawfully levied or
      assessed upon or become payable in respect of the Trust Fund, the income
      or any property forming a part thereof, or any security transaction
      pertaining thereto. To the extent that any taxes lawfully levied or assess
      upon the Trust Fund are not paid by the Company and the Affiliates, the
      Trustee shall at the direction of the Committee (or the Post-Change
      Committee, as the case may be) pay such taxes out of the Trust Fund and
      shall seek reimbursement from the Company and the Affiliates. Prior to
      making any payment, the Trustee may require such releases or other
      documents from any lawful taxing authority as it shall deem necessary.

                                       25
<PAGE>
      The Trustee shall at the direction of the Committee (or the Post-Change
      Committee, as the case may be) contest the validity of taxes in any manner
      deemed appropriate by the Company or its counsel, but at the Company's and
      the Affiliates' expense, and only if it has received an indemnity bond or
      other security satisfactory to it to pay any such expenses. The Trustee
      (i) shall not be liable for any nonpayment of tax when it distributes an
      interest hereunder on directions from the Committee (or the Post-Change
      Committee, as the case may be), and (ii) shall have no obligation to
      prepare or file any tax return on behalf of the Trust Fund, any such
      return being the sole responsibility of the Committee (or the Post-Change
      Committee, as the case may be) . The Trustee shall cooperate with the
      Committee in connection with the preparation and filing of any such
      return.

10.3  Third Persons. All persons dealing with the Trustee are released from
      inquiring into the decisions or authority of the Trustee and from seeing
      to the application of any moneys, securities or other property paid or
      delivered to the Trustee.

10.4  Nonassignability; Nonalienation. Benefits payable to Participants and
      their Beneficiaries under this Master 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.

10.5  The Plans and the Trust. This Trust, the Plans and each Participant's Plan
      Agreement are part of and constitute a single, integrated employee benefit
      plan and trust, shall be construed together as the entire agreement
      between the Company, the Trustee, the Participants and the Beneficiaries
      with regard to the subject matter thereof, and shall supersede all
      previous negotiations, agreements and commitments with respect thereto. In
      the event of any conflict between the terms of this Master Trust Agreement
      and the agreements that constitute the Plans such conflict shall be
      resolved in favor of this Master Trust Agreement.

10.6  Applicable Law. Except to the extent, if any, preempted by ERISA, this
      Master Trust Agreement shall be governed by and construed in accordance
      with the internal laws of the State of Minnesota. Any provision of this
      Master Trust Agreement prohibited by law shall be ineffective to the
      extent of any such prohibition, without invalidating the remaining
      provisions hereof.

10.7  Notices and Directions. Whenever a notice or direction is given by the
      Committee to the Trustee, it shall be in the form required by Section 2.1.
      Actions by the Company shall be by the Board or a duly authorized officer,
      with such actions certified to the Trustee by an appropriately certified
      copy of the action taken. The Trustee shall be protected in acting upon
      any such notice, resolution, order, certificate or other communication
      believed by it to be genuine and to have been signed by the proper party
      or parties.

10.8  Successors and Assigns. This Master Trust Agreement shall be binding upon
      and inure to the benefit of the Company, the Affiliates and the Trustee
      and their respective successors and assigns.

                                       26
<PAGE>
10.9  Gender and Number. Words used in the masculine shall apply to the feminine
      where applicable, and when the context requires, the plural shall be read
      as the singular and the singular as the plural.

10.10 Headings. Headings in this Master Trust Agreement are inserted for
      convenience of reference only and any conflict between such headings and
      the text shall be resolved in favor of the text.

10.11 Counterparts. This Master Trust Agreement may be executed in an original
      and any number of counterparts, each of which shall be deemed to be an
      original of one and the same instrument.

10.12 Beneficial Interest. The Company and the Affiliates are the true
      beneficiaries hereunder in that the payment of benefits, directly or
      indirectly to or for a Participant or Beneficiary by the Trustee, is in
      satisfaction of the Company's and the Affiliates' liability therefor under
      the Plans. Nothing in this Master Trust Agreement shall establish any
      beneficial interest in any person other than the Company and the
      Affiliates.

10.13 Effective Date.  The effective date of this Master Trust Agreement
      shall be January 1, 2003.

      IN WITNESS WHEREOF the Company and the Trustee have signed this Master
Trust Agreement as of the date first written above.

               TRUSTEE:                                 THE COMPANY:

American Express Financial Corporation          By:   /s/ George M. Bourgon, Jr.
                                                      --------------------------
                                                Title: Senior Vice President
                                                       of Administrative
                                                       Services

                                       27

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