Document:

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                                                                 Exhibit (10)(k)

                            THE LUBRIZOL CORPORATION

                     Deferred Compensation Plan for Officers
                     ---------------------------------------

                         (Amended as of March 11, 2000)

1. PURPOSE. The purpose of this Deferred Compensation Plan For Officers (the
"Plan") is to permit an officer (as identified by the Company for Section 16
purposes under the Securities Exchange Act of 1934) (sometimes hereinafter
referred to as "officer" or as the "Participant") of The Lubrizol Corporation
(the "Company"), who wishes, to defer a portion of such officer's compensation
as provided in the Plan.

2. ADMINISTRATION. The Plan shall be administered by the Organization and
Compensation Committee of the Board of Directors of the Company (the
"Committee"). The Committee's interpretation and construction of all provisions
of the Plan shall be binding and conclusive upon all Participants and their
heirs and/or successors.

3.  RIGHT TO DEFER COMPENSATION.

         (a) An officer of the Company may, at any time prior to January 1 of a
given calendar year, elect, for one or more future successive calendar years, to
defer under the Plan a pre-selected amount of such officer's cash compensation,
including bonus, which such officer may thereafter be entitled to receive for
services performed during such elected calendar year or years.

         (b) The election under this Section 3 shall take effect on the first
day of the calendar year following the date on which the election is made and
such election shall be irrevocable for any elected calendar year after such
elected calendar year shall have commenced.

         (c) The pre-selected amount that an officer may elect to defer shall be
one or more of the following:

         (i)      a fixed dollar amount or percentage of the officer's bi-weekly
                  base salary;

         (ii)     a fixed dollar amount or percentage of the officer's quarterly
                  pay;

         (iii)    a fixed dollar amount or percentage of the officer's
                  participation in the performance pay plan , if any.

         (d) Notwithstanding paragraphs (a),(b) and (c), where an officer first
becomes eligible to participate in the Plan, the newly eligible officer may make
the election under this Section 3 to defer the specified compensation for
services to be performed subsequent to the election and for the remainder of the
calendar

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year in which the election under this Section 3 is made provided such
election is made within 30 days after the date the officer first becomes
eligible.

         (e) Within such periods of time as the Committee shall designate, and
in addition to the provisions of paragraphs (a) through (d), an officer may
elect to defer that portion or all of the officer's cash and/or stock
compensation (i) described in paragraph (c), (ii) the performance share program,
and/or (iii) any other plan or program that provides for cash or stock
compensation, to the extent that such amounts would otherwise be nondeductible
by the Company pursuant to Section 162(m) of the Internal Revenue Code of 1986,
as amended. For purposes of the preceding sentence, the amount to be deferred
with respect to any compensation plans payable in Company shares shall be
determined by taking into consideration any fixed cash compensation (including
biweekly and quarterly pay) to be received subsequent to the date on which
shares are distributable under such program. Notwithstanding any other provision
of this Plan, deferrals under this paragraph (e) shall be distributable only
upon termination of employment in accordance with Section 6.

         (f) All elections under this Plan shall be made by written notice
delivered to the Vice President, Human Resources, of the Company specifying (i)
the number of calendar years, one or more, during which the election shall
apply, (ii) the portion, if any, determined under paragraph (c), of each
category of the Participant's compensation to be deferred for such year or
years, as described above, (iii) the time of distribution, and (iv) if,
applicable, the payment option as provided in Section 6 for distributions upon
termination of employment.

         (g) A Participant may designate that the deferral election under this
Section 3 shall remain in effect until the Participant, on a prospective basis,
withdraws the election or changes the amount to be deferred. Any notice of the
withdrawal of the deferral election or change of amount to be deferred shall be
effective on the first day of the calendar year following the date on which such
notice is given to the Company's Vice President, Human Resources; provided that,
such notice shall not change, alter or terminate the deferral of the officer's
participation in the performance pay plan for the year in which such notice of
withdrawal is given which, except for the deferral, would be payable in the
calendar year following the date on which such notice of withdrawal is given.

         (h) Notwithstanding paragraph (f) and the first sentence of paragraph
(g), any compensation earned after the end of the first month in which a
Participant under this Plan no longer is an officer of the Company, as defined
in Section 1, but continues to be employed by the Company, shall not be
deferred, provided however, the balance in the Participant's Deferral Accounts
shall continue to be held and administered pursuant to the Plan.

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4.  DEFERRAL OF CASH COMPENSATION.

         (a) On the date the cash compensation deferred under the Plan would
have become payable to the Participant in the absence of an election under the
Plan to defer payment thereof, the amount of such deferred compensation shall be
credited to a Stock Deferral Account and/or any of the Cash Deferral Account
investment portfolios designated as available by the Committee from time to
time. All Deferral Accounts shall be established and maintained for each
Participant in the Company's accounting books and records and the Company shall
be under no obligation to purchase any investments designated by the
Participant. To the extent that, at the time amounts are credited to a
Participant's Deferral Accounts, any federal, state or local payroll withholding
tax applies (e.g., Medicare withholding tax), the Participant shall be
responsible for the payment of such amount to the Company and the Company shall
promptly remit such amount to the proper taxing authority.

         (b) Participant's Cash Deferral Accounts shall be credited with any
gains or losses equal to those generated as if the Participant's Cash Deferral
Account balances had been invested in the applicable investment portfolio(s)
selected by the Participant

         (c) A Participant's deferred cash compensation credited to a
Participant's Stock Deferral Account shall be used to determine the number of
full and fractional units ("Units") representing Company Common Shares
("Shares") which the deferred amount would purchase at the closing price for the
Shares on the New York Stock Exchange ("NYSE") composite transactions reporting
system on the date that the deferred amount is credited pursuant to paragraph
(a) and if Shares were not traded on that date on the NYSE, then such
computation shall be made as of the first preceding day on which Shares were so
traded. The Company shall credit the Participant's Stock Deferral Account with
the number of full and fractional Units so determined. A Participant's Stock
Deferral Account shall be administered in accordance with Section 5(b) through
(e).

         (d) A Participant may elect pursuant to rules established by the
Committee to transfer a portion or all of the balance of any Deferral Account
established under this Section 4 to any other such Deferral Account.

         (e) Notwithstanding the foregoing, a Participant may elect to have any
portion or all of the Participant's cash deferrals credited to any of the
Deferral Accounts listed in paragraph (a) and may transfer balances in
accordance with paragraph (d) provided that the Participant is considered, in
the judgement of the Chief Executive Officer of the Company, to be on plan to
meet the Participant's Company Share ownership guideline. Otherwise, a
Participant must elect that at least 50% of any cash deferral hereunder be
credited to a Stock Deferral Account and may not transfer any portion of the
balance of the Stock Deferral Account to another Deferral Account.

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5.   DEFERRAL OF STOCK COMPENSATION.

         (a) At the time that Shares are distributable to a Participant, who has
elected to defer the receipt thereof under Section 3(e), in lieu of Shares being
issued, there shall be credited to a separate Stock Deferral Account for the
Participant, full stock equivalent units ("Units') which shall be established
and maintained on the Company's records. One Unit shall be allocated to the
Stock Deferral Account for each such Share. The balance of a Stock Deferral
Account established under this Section 5(a) may not be transferred to any other
Deferral Account.

         (b) As of each dividend payment date established by the Company for the
payment of cash dividends with respect to its Shares, the Company shall credit
each separate Stock Deferral Account of a Participant with an additional number
of whole and/or fractional Units equal to:

                  (i)      the product of (x) the dividend per Share which is
                           payable with respect to such dividend payment date,
                           multiplied by (y) the number of whole and fractional
                           Units credited to the separate Stock Deferral Account
                           of a Participant as of such payment date;

                                   divided by
                                   ----------

                  (ii)     The closing price of a Share on the dividend payment
                           date (or if Shares were not traded on that date, on
                           the next preceding day on which Shares were so
                           traded), as reported on the NYSE-composite tape.

         (c) At no time prior to actual delivery of Shares pursuant to the Plan,
shall the Company be obligated to purchase or reserve Shares for delivery of a
Participant and the Participant shall not be a shareholder nor have any of the
rights of a shareholder with respect to the Units credited to the Participant's
Stock Deferral Accounts.

         (d) To the extent that, at the time Units are credited to a Stock
Deferral Account of a Participant, any federal, state or local payroll
withholding tax applies (e.g., Medicare withholding tax), the Participant shall
be responsible for the payment of such amount to the Company and the Company
shall promptly remit such amount to the proper taxing authority.

         (e) In the event of any change in the number of outstanding Shares by
reason of any stock dividend, stock split up, recapitalization, merger,
consolidation, exchange of shares or other similar corporate change, the number
of Units in each separate Stock Deferral Account of a Participant shall be
appropriately adjusted to take into account any such event.

6.  PAYMENT OF DEFERRED COMPENSATION UPON TERMINATION.

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         (a) The total amount standing as a credit in a Participant's Cash
Deferral Accounts shall, upon termination of employment, be payable to the
Participant either in a lump sum or in periodic installments over such period,
not exceeding ten years, as the Participant shall have selected pursuant to
Section 3(f)(iv). Such periodic payments shall begin or the lump sum payment
shall be made, as the case may be, from the Participant's Cash Deferral
Accounts, at such time, not more than twelve (12) months after the Participant
ceases to be an employee of the Company, as the Participant shall have selected
pursuant to Section 3 (f)(iv). All amounts payable in accordance with this
Section 6(a) shall be subject to applicable federal, state and/or local payroll
withholding taxes then in effect. Notwithstanding the foregoing, a Participant
may elect no later than thirty (30) days prior to the Participant's termination
of employment, nor earlier than ninety (90) days prior thereto, to change the
form of distribution of the Participant's Cash Deferral Accounts.

         (b) The amount of each installment payable to a Participant shall be
determined by dividing the aggregate balance of such Participant's Cash Deferral
Accounts by the number of periodic installments (including the current
installment) remaining to be paid. Until a Participant's Cash Deferral Accounts
has been completely distributed, the balance thereof remaining, from time to
time, shall be credited with gains and losses on a monthly basis as provided in
Section 4(b).

         (c) The total number of Units credited to the Participant's Stock
Deferral Accounts shall upon termination of employment be payable to the
Participant either in a lump sum or in periodic installments, over such period,
not exceeding ten years, as the Participant shall have selected pursuant to
Section 3(f)(iv). Such periodic payments shall begin or the lump sum payment
shall be made, as the case may be, at such time, not more than twelve (12)
months after the Participant ceased to be an employee of the Company, as the
Participant shall have selected pursuant to Section 3(f)(iv). All amounts
payable in accordance with this Section 6(c) shall be subject to applicable
federal, state and/or local payroll withholding taxes then in effect.
Notwithstanding the foregoing, a Participant may elect no later than thirty (30)
days prior to the Participant's termination of employment, no earlier than
ninety (90) days prior thereto, to change the form of distribution of the
Participant's Stock Deferral Accounts.

         (d) The amount of any installment payable from the Stock Deferral
Accounts to a Participant shall be determined by dividing the balance of the
aggregate number of Units in the Participant's Stock Deferral Accounts by the
number of periodic installments (including the current installment) remaining to
be paid and the quotient shall be the number of Shares that are payable. If the
determination of the installment payable from the Participant's Stock Deferral
Accounts results in a fractional Share being payable, the installment payment
shall exclude any such fractional Share payment except that, in the final
installment payment, any such fractional Share shall be paid in cash in an
amount as determined by the Committee. Until the Participant's Stock Deferral

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Accounts have been completely distributed, the balance in the Stock Deferral
Accounts shall continue to be credited with the dividend equivalents on such
balances as provided in Section 5(b).

         (e) If the Participant elects to satisfy tax withholding under
paragraph (c) with Shares, then such withholding shall be from those Shares
otherwise issuable pursuant to paragraph (c) above, and shall be such number of
Shares that will provide for the federal, state and/or local income tax at the
rates then applicable for supplemental wages, unless otherwise requested by the
Participant, but in no event less than the statutory minimums for tax
withholding.

         (f) For purposes under paragraph (e) of determining the number of
Shares that are to be withheld to provide for the tax withholding, Shares shall
be valued at the closing price on the New York Stock Exchange of a Share on the
date the Shares are distributable (or if the Shares were not traded on that
date, on the next preceding day on which the Shares were so traded). If the
determination of the tax withholding would require the withholding of a
fractional Share, the Participant shall remit cash to the Company in lieu of
such fractional Share.

         (g) In the event a Participant dies prior to receiving payment of the
entire amount in that Participant's Cash Deferral Accounts and/or Stock Deferral
Accounts, as the case may be, the unpaid balance shall be paid to such
beneficiary as the Participant may have designated in writing to the Vice
President, Human Resources, of the Company as the beneficiary to receive any
such post-death distribution under the Plan or, in the absence of such written
designation, to the Participant's legal representative or to the beneficiary
designated in the Participant's last will as the one to receive such
distributions. Distributions subsequent to the death of a Participant may be
made either in a lump sum or in periodic installments in such amounts and over
such period, not exceeding ten years from the date of death, as the Committee
may direct and the amount of each installment shall be computed as provided in
Section 6(b), and (d) as the case may be.

         (h) Payments from the Cash Deferral Accounts shall be made in cash and
payments from the Stock Deferral Accounts shall be made in Shares. The amount of
any distribution pursuant to Sections 6 through 9 shall reduce the balance held
in the Participant's corresponding Deferral Accounts as of the date of such
distribution. Installment payments shall be made pro-rata from a Participant's
Deferral Accounts.

7. IN-SERVICE DISTRIBUTIONS. Pursuant to Section 3 and other than for deferrals
pursuant to Section 3(e), a Participant may elect to receive an in-service
distribution of all or any specified percentage of the Participant's deferral
for any calendar year commencing not earlier than the first year following the
year that such compensation would have been payable. In-service distributions
shall be made in a lump sum payment. A Participant may elect once for any
calendar year of deferral for which the Participant has elected an in-service
distribution, to change the date of distribution to another in-service year or
upon termination;

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provided, however, that any such modification must be made in writing at least
twelve (12) months prior to the date originally elected for the in-service
distribution. Notwithstanding the foregoing, any distribution hereunder shall be
subject to further deferral pursuant to an election under Section 3(e).

8. SPECIAL DISTRIBUTIONS. Notwithstanding any other provision of this Plan, a
Participant may elect to receive distribution of part or all of the total of
Participant's eligible Deferral Accounts, other than from deferrals pursuant to
Section 3(e), in one or more distributions if (and only if) the amount of the
distribution is reduced by ten (10) percent. The ten (10) percent reduction
shall be forfeited. Distributions shall be made pro-rata among Participant's
eligible Deferral Accounts. Any distribution made pursuant to such an election
shall be made within sixty (60) days of the date such election is submitted to
Vice President - Human Resources. Notwithstanding the foregoing, any
distribution hereunder shall be limited to an amount that would not be subject
to further deferral pursuant to an election under Section 3(e).

9. HARDSHIP DISTRIBUTIONS. The Committee may accelerate the distribution of part
or all, in any or all, of a Participant's Deferral Accounts for reasons of
severe financial hardship. For purposes of the Plan, severe financial hardship
shall be deemed to exist in the event the Committee determines that a
Participant needs a distribution to meet immediate and heavy financial needs
resulting from a sudden or unexpected illness or accident of the Participant or
a member of the Participant's family, loss of the Participant's property due to
casualty, or other similar extraordinary and unforeseeable circumstance arising
as a result of events beyond the control of the Participant. A distribution
based on financial hardship shall not exceed the amount required to meet the
immediate financial need created by the hardship.

10. NON-ASSIGNABILITY. None of the rights or interests in any of the
Participant's Deferral Accounts shall, at any time prior to actual payment or
distribution pursuant to the Plan, be assignable or transferable in whole or in
part, either voluntarily or by operation of law or otherwise, and such rights
and interest shall not be subject to payment of debts by execution, levy,
garnishment, attachment, pledge, bankruptcy or in any other manner; provided
that, upon the occurrence of any such assignment or transfer or the attempted
assignment or transfer, all payments hereunder shall be payable in the sole and
unrestricted judgment and discretion of the Committee, as to time and amount
(including a lump sum amount), and shall be distributable to the person who
would have received the payment but for this Section 10 only at such time or
times and in such amounts as the Committee, from time to time, and in its sole
and unrestricted judgment and discretion, shall determine. Should an event
covered by this Section 10 occur prior to the death of a Participant, the
balance, if any, in the Participant's accounts shall, after such death, be
thereafter distributed as provided in Section 6 subject to the provisions of
this Section 10.

11. INTEREST OF PARTICIPANT. The Company shall be under no obligation to
segregate or reserve any funds or other assets for purposes relating to the Plan
and, except as set forth in this Plan, no Participant shall have any rights

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whatsoever in or with respect to any funds or other assets held by the Company
for purposes of the Plan or otherwise. Each Participant's accounts maintained
for purposes of the Plan merely constitute bookkeeping entries on records of the
Company, constitute the unsecured promise and obligation of the Company to make
payments as provided herein, and shall not constitute any allocation whatsoever
of any cash, shares or other assets of the Company or be deemed to create any
trust or special deposit with respect to any of the Company's assets.
Notwithstanding the foregoing provisions, nothing in this Plan shall preclude
the Company from setting aside Shares or funds in trust pursuant to one or more
trust agreements between a trustee and the Company. However, no Participant
shall have any secured interest or claim in any assets or property of the
Company or any such trust and all Shares or funds contained in such trust shall
remain subject to the claims of the Company's general creditors.

12. AMENDMENT. The Board of Directors of the Company, or the Organization and
Compensation Committee may, from time to time, amend or terminate the Plan,
provided that no such amendment or termination of the Plan shall adversely
affect a Participant's accounts as they existed immediately before such
amendment or termination or the manner of distribution thereof, unless such
Participant shall have consented thereto in writing. Notice of any amendment or
termination of the Plan shall be given promptly to all Participants.

13. PLAN IMPLEMENTATION. This Plan is adopted and effective on the 25th day of
July, 1994, as amended on June 17, 1995, as further amended September 25, 1995,
effective as of January 1, 1995, further amended on September 22, 1997 and
further amended on September 27, 1999, effective as of January 1, 2000;
provided, however that any deferrals made hereunder into a Stock Deferral
Account prior to January 1, 2000, shall be governed by the provisions of the
Plan in effect prior to January 1, 2000, further amended on February 28, 2000,
effective as of January 1, 2000 and March 11, 2000.

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                                                                 Exhibit (10)(l)

                            THE LUBRIZOL CORPORATION
                                EXECUTIVE COUNCIL
                           DEFERRED COMPENSATION PLAN
                                   As Amended

1. PURPOSE. The purpose of this Executive Council Deferred Compensation Plan
(the "Plan") is to permit a member of the Executive Council (sometimes
hereinafter referred to as the "Member" or as the "Participant") who is employed
by The Lubrizol Corporation (the "Company"), to defer a portion of such Member's
compensation as provided in this Plan.

2. ADMINISTRATION. The Plan shall be administered by the Organization and
Compensation Committee of the Board of Directors of the Company (the
"Committee"). The Committee's interpretation and construction of all provisions
of the Plan shall be binding and conclusive upon all Participants and their
heirs and/or successors.

3.  RIGHT TO DEFER COMPENSATION.

         (a) A Member may, at any time prior to January 1 of a given calendar
year, elect, for one or more future successive calendar years commencing with
the calendar year immediately following the election (each a "Participation
Year"), to defer under the Plan a pre-selected fixed dollar amount or percentage
of such Member's variable compensation, if any (the "deferred compensation"),
under The Lubrizol Corporation Performance Pay Plan ("Performance Pay Plan"),
which such Participant may thereafter be entitled to receive for services
performed during each elected Participation Year.

         (b) The election under this Section 3 shall take effect on the first
day of the first elected Participation Year and such election shall be
irrevocable for any elected Participation Year once such Participation Year
shall have commenced.

         (c) Notwithstanding paragraphs (a) and (b), when an individual Member
first becomes eligible to participate in the Plan, the newly eligible Member may
make the election under this Section 3 to defer the specified compensation for
services to be performed subsequent to the date specified in the election and
for the remainder of the calendar year in which the election under this Section
3 is made, provided that such election is made within 30 days after the date
that the Member is notified of the Member's eligibility.

         (d) All elections under this Plan shall be made by written notice (on a
form provided by the Company) specifying (i) the number of calendar years, one
or more, during which the election shall apply, and (ii) the deferred
compensation, if any, determined under paragraph (a).

         (e) A Participant may designate that the election under this Section 3
shall remain in effect until the Participant, on a prospective basis, withdraws
the election or changes the amount to be deferred. Any notice of the withdrawal
or change in the amount of the election shall be effective on the first day of
the calendar year next following the year on which such notice is given;
provided that, such notice shall not change, alter or terminate the deferral of
the Member's participation in the Performance

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Pay Plan for the year in which such notice of withdrawal or change is given
which, except for the deferral, would be payable in the calendar year next
following the year in which such notice of withdrawal or change is given.
Notwithstanding paragraph (b) and the first sentence of this paragraph (e), any
variable compensation earned after the end of the first month in which a
Participant under this Plan ceases to be a Member, as defined in Section 1, but
continues to be employed by the Company, shall not be deferred, provided
however, the balance in the Participant's Stock Deferral Accounts shall continue
to be held and administered pursuant to the Plan.

         (f) All notices by a Participant under the Plan shall be in writing and
shall be given to the Company's Vice President, Human Resources.

4.  STOCK DEFERRAL ACCOUNTS.

         (a) At the close of business of the day on which the Performance Pay
Plan deferred compensation would have been payable to the Participant in the
absence of the election under the Plan to defer payment thereof, there shall be
credited to a separate Stock Deferral Account for each Participant full and
fractional stock equivalent units ("Units") which shall be established as
hereinafter provided and shall be maintained for each Participant on the
Company's records.

         (b) The number of full and fractional Units that shall be credited to a
separate Stock Deferral Account for a Participant shall be equal to an amount
determined by:

                  (i)      Dividing the Participant's deferred compensation for
                           the applicable Participation Year by the average of
                           the closing price for Lubrizol Common Shares
                           ("Shares") on the New York Stock Exchange ("NYSE")
                           composite transactions reporting system ("composite
                           tape") for each of the ten (10) consecutive trading
                           days commencing on the fourth business day following
                           the release of earnings for such Participation Year;
                           and

                  (ii)     multiplying the quotient determined in subparagraph
                           (i) by 1.25.

         (c) To the extent that, at the time Units are credited to a Stock
Deferral Account of a Participant, any federal, state or local payroll
withholding tax applies (e.g., Medicare withholding tax), the Participant shall
be responsible for the payment of such amount to the Company and the Company
shall promptly remit such amount to the proper taxing authority.

         (d) The amount of deferred compensation used in the formula set forth
in paragraph (b) shall not constitute a sum due and owing to Participant. Such
amount shall be used solely as part of the formula to determine the number of
full and fractional Units.

         (e) As of each dividend payment date established by the Company for the
payment of cash dividends with respect to its Shares, the Company shall credit
each separate Stock Deferral Account of a Participant with an additional number
of whole and/or fractional Units equal to:

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               (i)         the product of (x) the dividend per Share which is
                           payable with respect to such dividend payment date,
                           multiplied by (y) the number of whole and fractional
                           Units credited to the separate Stock Deferral Account
                           of the Participant as of such payment date;

                                    divided by
                                    ----------

                (ii)       the closing price of a Share on the dividend payment
                           date (or if Shares were not traded on that date, on
                           the next preceding day on which Shares were so
                           traded), as reported on the NYSE- composite tape.

         (f) At no time prior to actual delivery of Shares pursuant to the Plan
shall the Company be obligated to purchase or reserve Shares for delivery to any
Participant and a Participant shall not be a shareholder or have any of the
rights of a shareholder with respect to the Units credited to each separate
Stock Deferral Account of a Participant.

5.  PAYMENT OF DEFERRED COMPENSATION.

         (a) All Units credited to a separate Stock Deferral Account of
Participant, including dividend equivalents thereon, shall be payable to the
Participant at the end of three years from the first date Units were credited to
such separate Stock Deferral Account of the Participant under Section 4(a);
provided, however, that a Participant may elect once for any calendar year of
deferral, to change the date of distribution to another in-service year or upon
retirement; provided further, that any such modification must be made in writing
at least twelve (12) months prior to the original date of distribution; provided
further, that if a Participant's employment is terminated for any reason other
than retirement or death, the Units credited to each separate Stock Deferral
Account of a Participant as of the Participant's termination of employment date,
including all dividend equivalents thereon, shall be payable to the Participant
within 30 days of such termination of employment.

         (b) All distributions or payments of Units to a Participant shall be
made in Shares equal to the number of whole Units credited to the separate Stock
Deferral Account(s) of the Participant which become payable in accordance with
Section 5(a). Any fractional number of Units shall be paid in cash in lieu of
Shares.

         (c) To the extent that, at the time Shares are distributed to a
Participant, any federal, state or local payroll withholding tax applies, the
Participant shall be responsible for the payment of such amount to the Company
and the Company shall promptly remit such amount to the proper taxing authority.
Such payment may be made in cash, in Shares, or in any combination of cash and
Shares, at the election of the Participant. All elections must be made in
writing and be submitted to the Vice President - Human Resources. If the
Participant elects to satisfy tax withholding with Shares, then such withholding
shall be from those Shares otherwise issuable pursuant to paragraph (b) above,
and shall be such number of Shares that will provide for the federal, state
and/or local income tax at the rates then applicable for supplemental wages,
unless otherwise requested by the Participant, but in no event less than the
statutory minimums for tax withholding. If no election is made prior to the
first distribution of Shares, the Company

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shall withhold a sufficient number of Shares to pay the withholding taxes at the
highest marginal tax rate in effect for such Participant. In no event shall the
withholding be less than the statutory minimum for tax withholding.

         (d) In the event a Participant dies prior to receiving payment of the
entire amount in each separate Stock Deferral Account of the Participant, the
unpaid balance shall be paid to such beneficiary as the Participant may have
designated in writing to the Vice President, Human Resources, of the Company as
the beneficiary to receive any such post-death distribution under the Plan or,
in the absence of such written designation, to the Participant's legal
representative or to the beneficiary designated in the Participant's last will
as the one to receive such distributions. Distributions subsequent to the death
of a Participant may be made either in accordance with Section 5(a) and (b) or
earlier, as determined by the Committee.

         (e) To the extent the Committee deems necessary, the Shares distributed
to a Participant pursuant to Section 5(a) and (b) or 6(a) or to a successor
pursuant to Section 5(d) may contain such restrictions on the right of immediate
transfer as the Committee may reasonably determine.

6.  ACCELERATION OF PAYMENTS.

         (a) The Committee may accelerate the distribution of part or all of one
or more of a Participant's separate Stock Deferral Accounts for reasons of
severe financial hardship. For purposes of the Plan, severe financial hardship
shall be deemed to exist in the event the Committee determines that a
Participant needs a distribution to meet immediate and heavy financial needs
resulting from a sudden or unexpected illness or accident of the Participant or
a member of the Participant's family, loss of the Participant's property due to
casualty, or other similar extraordinary and unforeseeable circumstance arising
as a result of events beyond the control of the Participant. A distribution
based on financial hardship shall not exceed the amount required to meet the
immediate financial need created by the hardship.

7. NON-ASSIGNABILITY. None of the rights or interests in any of the
Participant's separate Stock Deferral Accounts shall, at any time prior to
actual payment or distribution pursuant to the Plan, be assignable or
transferable in whole or in part, either voluntarily or by operation of law or
otherwise, and such rights and interest shall not be subject to payment of debts
by execution, levy, garnishment, attachment, pledge, bankruptcy or in any other
manner; provided that, upon the occurrence of any such assignment or transfer or
the attempted assignment or transfer, all payments under Section 5 shall be
payable in the sole and unrestricted judgment and discretion of the Committee,
as to time and amount, and shall be distributable to the person who would have
received the payment but for this Section 7 only at such time or times and in
such amounts as the Committee, from time to time, and in its sole and
unrestricted judgment and discretion, shall determine. Should an event covered
by this Section 7 occur prior to the death of a Participant, the balance, if
any, in each of the Participant's Stock Deferral Accounts shall, after such
death, be thereafter distributed as provided in Section 5(d) subject to the
provisions of this Section 7.

8. INTEREST OF PARTICIPANT. The Company shall be under no obligation to
segregate or reserve any funds or other assets for purposes relating to the Plan
and, except as set

                                       4
<PAGE>   5

forth in this Plan, no Participant shall have any rights whatsoever in or with
respect to any funds or other assets held by the Company for purposes of the
Plan or otherwise. Each Participant's separate Stock Deferral Accounts
maintained for purposes of the Plan merely constitutes a bookkeeping entry on
records of the Company, constitutes the unsecured promise and obligation of the
Company to make payments as provided herein, and shall not constitute any
allocation whatsoever of any cash or other assets of the Company or be deemed to
create any trust or special deposit with respect to any of the Company's assets.
Notwithstanding the foregoing provisions, nothing in this Plan shall preclude
the Company from setting aside Shares or funds in trust pursuant to one or more
trust agreements between a trustee and the Company. However, no Participant
shall have any secured interest or claim in any assets or property of the
Company or any such trust and all Shares or funds contained in such trust shall
remain subject to the claims of the Company's general creditors.

9. MISCELLANEOUS. In the event of any change in the number of outstanding Shares
by reason of any stock dividend, stock split up, recapitalization, merger,
consolidation, exchange of shares or other similar corporate change, the number
of Units credited to each separate Stock Deferral Account of a Participant shall
be appropriately adjusted to take into account any such event.

10. AMENDMENT. The Board of Directors of the Company, or the Organization and
Compensation Committee, may, from time to time, amend or terminate the Plan,
provided that no such amendment or termination of the Plan shall adversely
affect any Stock Deferral Account of a Participant as it existed immediately
before such amendment or termination or the manner of distribution thereof,
unless such Participant shall have consented thereto in writing. Notice of any
amendment or termination of the Plan shall be given promptly to all
Participants.

11. PLAN IMPLEMENTATION. This Plan is adopted and effective as of the 1st day of
January, 1997, and amended effective November 23, 1998, and amended effective
September 27, 1999, amended effective February 29, 2000 and March 11, 2000.

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