Document:

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                                                                    Exhibit 4(a)

                                  ADVO, Inc.

                          Deferred Compensation Plan

                           Effective January 1, 1995
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                                  ADVO, Inc.

                          Deferred Compensation Plan

     I.       Purpose

     II.      Definitions

     III.     Eligibility; Participation Limits

     IV.      Account Determination and Valuation

     V.       Benefits

     VI.      Claim for Benefits Procedure

     VII.     Administration

     VIII.    Amendment and Termination

     IX.      Miscellaneous

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                                  ADVO, Inc.

                          Deferred Compensation Plan

I.   Purpose
     -------

The purpose of the ADVO, Inc. Deferred Compensation Plan is to provide a means
whereby ADVO, Inc. may provide a vehicle to permit Participants who also
participate in the ADVO, Inc. 401(k) Savings Plan to defer amounts in excess of
the dollar limitation of IRC (S)402(g) applicable to the 401(k) Savings
Plan, and to defer additional Salary and Bonus amounts, and thereby afford
senior management and certain other associates with an opportunity to build
additional financial security. In addition, the Company will credit a
Participant's Deferred Benefit Account with an amount equivalent to the amount
which would have been contributed to the 401(k) Plan for a Participant but for
IRS limitations on Company matching contributions to the 401(k) Plan on behalf
of Participants.

The Company will also transfer its obligations to participants in the ADVO, Inc.
Savings Continuation Plan to this Plan by crediting the Account of a Participant
with an amount equal to the value of the balance credited to the Savings
Continuation Account (as that term is used in the Savings Continuation Plan) of
a Participant. The Company shall then terminate the Savings Continuation Plan.

This Plan is similar to a defined contribution plan. Deferrals of Salary and
Bonus, together with Company Allocations made pursuant to the Plan, will be
credited with Investment Results based on Investment Results which mirror 401(k)
Plan investment results, in accordance with the Plan. The resulting balance will
be paid to the Participant (or his or her Beneficiary) as described herein. By
providing a means whereby Salary and Bonus may be deferred into the future, and
by restoring contributions otherwise foregone because of the operation of IRC
(S)(S)401(a)(17) and 415(c), the Plan will aid in attracting and retaining
managers of exceptional ability, provide them with additional financial security
at the time of Retirement, and supplement other Company-sponsored benefits in
the event of a Participant's death or Disability.

II   Definitions and Additional Provisions
     -------------------------------------

     2.1  "Administrative Committee" and "Committee" mean the Plan Committee
appointed pursuant to Article VII to manage and administer the Plan.

     2.2  "Agreement" means the ADVO, Inc. Deferred Compensation Election
Agreement, executed between a Participant and the Company, whereby a Participant
agrees to participate in the Plan and may defer a portion of his or her Salary
or Bonus (as the case may be) or both, pursuant to the provisions of the Plan,
and the Company agrees to pay benefits in accordance with the provisions of the
Plan and Agreement. A Participant shall file an Agreement for each Plan Year in
Section 3.2.

     2.3  "Beneficiary" means the person, persons, or trust designated
Beneficiary
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pursuant to Section 5.10.

     2.4  "Bonus" means the gross annual bonus amount(s) payable to a
Participant from the ADVO, Inc. Corporate Management Incentive Plan and the
ADVO, Inc. Division/Regional Management Incentive Plan, or successor plan(s), if
any, in effect for the Company fiscal year ending within the Plan Year (but
payable after the end of the Plan Year) otherwise payable in cash, and
considered "wages" for FICA and federal income tax withholding, and including
any amount deferred under this or any other plan maintained by the Company.
Bonus amounts considered shall include any amounts by which the Participant's
Bonus is reduced by a bonus reduction or similar arrangement under any qualified
plan described in IRC (S)401(a) or any cafeteria plan (as described in IRC
(S)125) maintained by the Company.

     2.5  "Change of Control" means the occurrence of any of the following
     events:

     1.        a reorganization, merger (other than a merger of the Company in
     which the holders of the Company's common stock immediately prior to the
     merger have the same proportionate ownership of common stock of the
     surviving corporation immediately after the merger), or consolidation of
     the Company in which the Company is not the surviving or resulting
     corporation, or pursuant to which shares of the Company's common stock
     would be converted into cash, securities, or other property, or

     2.        the approval by the stockholders of the Company of any plan or
     proposal for the dissolution or liquidation of the Company, or

     3.        any sale, lease, exchange, or other transfer (in one transaction
     or a series of related transactions) of all, or substantially all, of the
     consolidated assets of the Company;

provided, however, that any reorganization, merger, or consolidation described
--------
in (a)(c) immediately above, a reorganization of the Company into a holding
company structure including a reorganization involving a business combination
with another corporation or entity, a sale or transfer of all or substantially
all of the Company's assets, or a dissolution of the Company pursuant to which
the stockholders receive securities of another entity, will not result in a
Change of Control if:

a.                  the election or appointment of the individuals who
          immediately after the effective time of any of those events constitute
          the directors of the Board of Directors of the continuing corporation
          was approved by a vote of at least two-thirds of the individuals
          constituting the Board immediately prior to such effective time, or

b.                  a majority of the directors of any continuing corporation
          immediately after the effective time of any of those events were
          directors immediately prior to such effective time.

     4.        any "person" (as such term is used in Sections 13(d) and 14(d)(2)
     of the Securities Exchange Act of 1934, as amended ["Exchange Act"]), other
     than

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     E.M. Warburg & Co. and its affiliates, is or becomes the "beneficial owner"
     (within the meaning of Rule 13d-3 under the Exchange Act), directly or
     indirectly, of securities of the Company representing 30% or more of the
     Company's Common Stock then outstanding; provided, however, that any change
     in the relative beneficial ownership of securities of any person resulting
     solely from a reduction in the aggregate number of outstanding shares of
     Common Stock, and any decrease thereafter in such person's ownership of
     securities, shall be disregarded until such person increases in any manner,
     directly or indirectly, such person's beneficial ownership of any
     securities of the Company; or

     5.        a change in the composition of the Company's Board of Directors,
     as a result of which Eligible Directors cease for any reason to constitute
     a majority thereof. For purposes of this Section, an "Eligible Director"
     is:

a.                  any individual who was a director of the Company on
          September 27, 1990; or

b.                  any individual proposed by E.M. Warburg & Co. or its
          affiliates and elected as a director in place of a director described
          in (1), immediately above; or

c.                  any director elected, or nominated for election by the
          Company's stockholders, by the vote of at least two-thirds of the
          directors who at the time of such vote were Eligible Directors.

     2.6  "Company" means ADVO, Inc., a Delaware corporation, its successors and
assigns, and any subsidiary company which grants participation hereunder to an
associate with the Company's consent.

     2.7  "Company Allocation" means an amount added to a Participant's Deferred
Benefit Account, pursuant to Section 3.6.

     2.8  "Compensation" means cash remuneration paid pursuant to this Plan for
services rendered prior to the date paid.

     2.9  "Deferred Benefit Account" and "Account" mean the separate bookkeeping
accounting record(s) maintained by the Company for each Participant, pursuant to
Articles IV and V. Each Participant's Deferred Benefit Account shall consist of
the sum of as many subaccounts as shall be necessary to establish for
recordkeeping purposes to reflect the Participant's Subaccount Investment
Election(s) with respect to the Investment Results to be applied to amounts
deferred under the Plan. The total amount of each Participant's Deferred Benefit
Account shall consist of the amounts described in Article IV. Deferred Benefit
Account(s), Deferred Benefit Account subaccounts, and Subaccount Investment
Results shall be utilized solely as a set of bookkeeping devices for the
measurement and determination of the amounts to be paid to the Participant
pursuant to this Plan, and shall be subject to Section 9.2 hereof.
Notwithstanding the provisions of Section 9.9, a Participant's Deferred Benefit
Account shall not constitute or be treated as a trust fund or escrow arrangement
of any kind.
                                       3

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     2.10 "Determination Date" means the date on which the amount of a
Participant's Deferred Benefit Account is determined as provided in Articles IV
and V. The last day of each calendar month shall be a Determination Date.

     2.11 "Disability" shall have the same meaning and be determined in the
same manner as in the ADVO, Inc. Long Term Disability Income Plan. In the
absence of such a plan, "Disability" or "Disabled" shall mean a permanent
impairment of the physical or mental condition of a Participant, which, in the
sole discretion of the Company, prevents Participant from performance of the
usual duties of employment attendant to the Participant's function with the
Company. The determination of the Company as to a Disability shall be made on
the basis of such medical and other competent evidence as the Company shall deem
relevant, and shall be binding on Participant.

     2.12 "ERISA Funded" means that the Plan does not meet the "unfunded"
criterion of the exceptions to the application of Parts 2 through 4 of Subtitle
B of Title I of the Employee Retirement Income Security Act of 1974 (ERISA).

     2.13 "401(k) Plan" means the ADVO, Inc. 401(k) Savings Plan, as amended
from time to time. Unless the context requires otherwise, definitions as used
herein shall have the same meaning as in the 401(k) Savings Plan when applied to
said Plan.

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

     2.15 "Participant" means an associate of the Company who is eligible to
participate in the Plan pursuant to Section 3.1, and who enters into an
Agreement with the Company.

     2.16 "Plan" means the ADVO, Inc. Deferred Compensation Plan, as amended
from time to time.

     2.17 "Plan Effective Date" means January 1, 1995.

     2.18 "Plan Year" means the calendar year, January 1 to December 31.

     2.19 "Retirement Date" and "Retirement" mean the date of termination of
service of a Participant for reasons other than death or Disability after he or
she (i) attains age fifty-five (55) and has ten (10) Years of Service; (ii) has
attained age 65; or (iii) terminates under circumstances which the Company, in
its sole discretion, elects to treat as a Retirement for purposes of the Plan.

     2.20 "Salary" for purposes of the Plan shall be the total of the
Participant's base salary paid during a Plan Year, and considered "wages" for
FICA and federal income tax withholding, but before any deferral made pursuant
to this or any other plan maintained by the Company. Salary amounts considered
shall include any amounts by which the Participant's Salary is reduced by a
salary reduction or similar arrangement under any qualified plan described in
IRC (S)401(a) or any cafeteria plan (as described in IRC (S)125)

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maintained by the Company.

     2.21 "Savings Continuation Plan" means the ADVO Savings Continuation Plan,
as may have been amended from time to time, in effect on the Plan Effective
Date, and which will be terminated as provided in Section 3.7.

     2.22 "Special Company Allocation" means the amount added to a Participant's
Deferred Benefit Account, pursuant to Section 3.7.

     2.23 "Subaccount Investment Election" means the Participant's advance
notice request of future Investment Results to be applied to (the subaccounts
of) his or her Deferred Benefit Account, in such form as the Committee may
establish or accept. Such Subaccount Investment Election shall specify any
combination of whole percentage increments of one or any number of Subaccount
Investment Results from time to time offered under the Plan. The election shall
specify whether it applies to amounts not yet deferred, to amounts previously
credited to the Deferred Benefit Account, which, together with Investment
Results, represent the current Deferred Benefit Account balance, or both.

     2.24 "Subaccount Investment Results" and "Investment Results" means the
investment results, expressed as a percentage rate, achieved by each of the
respective "Investment Fund" (as that term is used in the 401(k) Plan) within
the 401(k) Savings Plan Trust Fund as of the most recent Determination Date, and
which represents each Investment Fund's investment results attributable to
interest, dividends, changes in market value, expenses, and gains and losses,
and which is to be used, for purposes of the Plan, as a hypothetical investment
earnings rate to be applied as Investment Results of the respective subaccounts
maintained under this Plan.

     2.25 "Tax Funded" means that the interest of a Participant in the Plan will
be includable in the gross income of the Participant for federal income tax
purposes prior to actual receipt of Plan benefits by the Participant.

     2.26 "Termination of Service" means the Participant's ceasing his or
her employment with the Company for any reason whatsoever, whether voluntarily
or involuntarily.

     2.27 "Years of Service" means years of service credited to a Participant in
the 401(k) Plan.

III  Eligibility; Participation Limits
     ---------------------------------

     3.1  Eligibility and Participation. Eligibility to participate in the Plan
          -----------------------------
shall be limited to management associates of the Company who meet all of the
following conditions:

          (a)  each associate must be an officer or other key associate of the
     Company designated and approved as eligible by the Administrative
     Committee; and

          (b)  each associate must be eligible to participate in the 401(k)
     Plan, and

                                      -5-
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     be a Participant, or have elected to become a Participant in the 401(k)
     Plan (in accordance with its rules of eligibility and participation); and

          (c)  each associate designated eligible to participate must file an
     Agreement with the Company in accordance with Section 3.2 in order to
     become a Participant in the Plan.

An associate who meets all of the requirements of this Section shall become a
Participant in the Plan effective as of the date coincident with eligibility for
participation in the 401(k) Plan. Except as otherwise provided in Section 3.4,
once an associate becomes a Participant in the Plan, he or she shall remain a
Participant until all benefit payments, if any, to the Participant (or his or
her Beneficiary) have been made.

     3.2  Deferral of Salary and Bonus. Eligible associates of the Company
          ----------------------------
who elect to participate in the Plan must file an Agreement to participate in
the Plan and to defer Salary, Bonus, or both, with the Company prior to the
beginning of the Plan Year in which the Salary or Bonus is to be earned. An
eligible associate who fails to file an Agreement before the beginning of a Plan
Year may file an Agreement to defer Salary, Bonus, or both, with respect to a
subsequent Plan Year. A Participant's Agreement shall be subject to all of the
limitations of Section 3.3.

     3.3  Deferral Limitations. A Participant's Agreement to participate in the
          --------------------
Plan and to defer Salary, Bonus, or both, shall be subject to the following
limitations:

          (a)  a Participant may elect to defer no less than five percent (5%)
     and no more than fifteen percent (15%) of Salary, in increments of one
     percentage point (1%); and

          (b)  a Participant's Agreement to defer up to one hundred percent
     (100%) of Bonus shall be in increments of ten percentage points (10%); and

          (c)  the Participant must elect (or have elected) to defer at least
     six per cent (6%) of pay as an Associate Pre-Tax Contribution to the 401(k)
     Plan (or a percentage amount which would result [but for the limits of IRC
     (S)402(g)] in a deferral amount which exceeds the maximum dollar amount
     permitted under IRC (S)402(g) under the 401(k) Plan; and

          (d)  any Agreement to defer Salary, Bonus, or both, may not apply to a
     Plan Year after the 1999 Plan Year; and

          (e)  the Agreement shall be irrevocable upon acceptance by the
     Company.

     3.4  Suspension of Agreement to Defer. A Participant's Agreement to defer
          --------------------------------
Salary, Bonus, or both, shall be suspended in the event that the Company, in its
sole discretion, reasonably determines that a Participant ceases to meet the
eligibility requirements of the Plan. In such event, no additional Company
Allocations shall be made to the Account of a Participant for the period his or
her Agreement is suspended. A Participant whose Agreement has been suspended
pursuant to this Section shall not be

                                      -6-
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deemed to have incurred a Termination of Service, and his or her Deferred
Benefit Account shall continue to be maintained under the terms of the Plan.

     3.5  Timing of Deferral Credits. The amount of Salary or Bonus that a
          --------------------------
Participant elects to defer in the Agreement shall cause an equivalent reduction
in his or her Salary or Bonus payment, and shall be credited to the
Participant's Deferred Benefit Account throughout the Plan Year as the
Participant is paid (or would have been paid) the non-deferred portion of his or
her Salary or Bonus in each Plan Year. Any Company Allocation to be made to a
Participant's Deferred Benefit Account in accordance with Section 3.6 shall be
credited to his or her Deferred Benefit Account at the same time the Company's
contributions are made (or would have been made) to the 401(k) Plan.

     3.6  Company Allocation. The Company shall credit a Company Allocation to a
          ------------------
Participant's Deferred Benefit Account. The amount of the Company Allocation, if
any, shall be determined and calculated as follows:

          (a)  The Company shall credit a Participant's Deferred Benefit Account
     with the amount, if any, which is equivalent to matching Company
     contributions which would have been made under the 401(k) Plan but for the
     Participant's reduction in Salary and Bonus attributable to participation
     in this Plan.

          (b)  The Company shall credit a Participant's Deferred Benefit Account
     with the amount, if any, which is equivalent to the Company contribution
     which could not be made under the 401(k) Plan because of:

                    (1)  the dollar limit on contributions under
          IRC(S)415(c); and

                    (2)  the annual limitation of compensation which can be
          taken into account under IRC (S)401(a)(17).

     3.7  Special Company Allocation at Plan Effective Date. As of the Plan
          -------------------------------------------------
Effective Date, the Company shall terminate the participation of an associate in
the Savings Continuation Plan, and shall terminate the Savings Continuation
Plan. In terminating the participation of a participant in the Savings
Continuation Plan, the Company:

          (a)  shall credit a Special Company Allocation to the Deferred Benefit
     Account of a Participant who, as of the Plan Effective Date, was a
     participant in the Savings Continuation Plan. The amount of the Special
     Company Allocation, if any, credited to the Account of the Participant
     shall be equal to the balance credited to the "Savings Continuation
     Account" that was maintained by the Company under the Savings Continuation
     Plan. At all times thereafter, Investment Results credited to the
     Participant's Account in accordance with Article IV of this Plan shall be
     in lieu of "earnings", as otherwise provided in the Savings Continuation
     Plan; and

     6.        shall terminate, void, and cancel any obligation to the
     Participant under the Savings Continuation Plan. Such cancellation of the
     Company's obligation shall not operate to reduce the right of a Participant
     in the Savings Continuation Plan to receive any benefit accrued thereunder
     prior to the Plan Effective Date, as

                                      -7-
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     provided in the Savings Continuation Plan. Upon cancellation of its
     obligations in accordance with this subsection, the Company shall have no
     further obligation under the Savings Continuation Plan with respect to a
     Participant in this Plan; and

          (c)  shall terminate the Savings Continuation Plan with respect to
     inactive and retired participants. In terminating the Plan, the Company
     shall terminate, void, and cancel its obligations under the Savings
     Continuation Plan with respect to all inactive or retired participants by
     designating such participants as Participants in this Plan, establishing a
     Deferred Benefit Account for the benefit of such participants, and
     crediting a Special Company Allocation to the Account of each participant,
     in the manner provided in subsection (a), immediately above. Each inactive
     or retired participant in the Savings Continuation Plan who becomes a
     Participant in this Plan pursuant to this subsection shall not be required
     to meet the eligibility requirements of Section 3.1, or to file an
     Agreement otherwise required by Section 3.2, and shall not be eligible for,
     or entitled to, any Company Allocation provided in Section 3.6.

     3.8  No Constructive Receipt. The operation of Sections 3.6 and 3.7 shall
          -----------------------
not permit the Participant to receive any amount credited to the Account of a
Participant as an Annual Company Allocation in accordance with Section 3.6, or
to receive any part or all of the amount equal to the "Savings Continuation
Account" of a participant in the Savings Continuation Plan credited as a Special
Company Allocation in accordance with Section 3.7, prior to the date such amount
is actually paid to a Participant pursuant to Article V of this Plan.

     3.9  Vesting. A Participant shall be one hundred percent (100%) vested
          -------
in the amount of Salary and Bonus deferred and credited to his or her Deferred
Benefit Account, and in any amounts credited to a Participant's Deferred Benefit
Account as a Special Company Allocation in accordance with Section 3.7,
including Subaccount Investment Results attributable thereto. Any amount
credited to a Participant's Deferred Benefit Account as a Company Allocation
attributable to the 401(k) Plan pursuant to Section 3.6, together with any
Subaccount Investment Results attributable thereto, shall vest in the same
percentage as if such Company Allocation had been a Company contribution made to
the 401(k) Plan account of a Participant.

     3.10 Rollovers and Other Transfers. Except as specifically provided in
          -----------------------------
Section 3.7, rollovers or transfers of funds from any other retirement or
savings plan shall not be permitted.

IV   Determination and Valuation of Account
     --------------------------------------

     4.1  Deferred Benefit Account. The Company shall establish each
          ------------------------
Participant's Deferred Benefit Account in accordance with the Plan, and shall
maintain such number of subaccounts as may be necessary as a recordkeeping
device to reflect the Participant's Subaccount Investment Election(s). Each
Participant's Deferred Benefit Account as of each Determination Date shall
consist of:

          (a)  the value of the Participant's Salary or Bonus deferred
         pursuant to

                                      -8-
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     Section 3.2, and the value of any Company Allocation made pursuant to
     Section 3.6, both amounts, if any, credited to a Participant's Account
     since the immediately preceding Determination Date, and held to be
     allocated to one or more subaccounts in accordance with Section 4.2, and

          (b)  the value of each subaccount established and maintained in
     subaccount units under the Plan, after deduction of any subaccount units
     converted to cash and paid as a benefit under Article V. The value of each
     subaccount shall be determined in accordance with Section 4.4.

     4.2  Subaccount Investment Election. Investment Results shall be applied to
          ------------------------------
the respective subaccounts of a Participant's Account. Investment Results shall
be determined as follows:

          (a)  As of the Plan Effective Date, and at such other times as the
     Committee shall permit, the Participant shall file and deliver to the
     Company his or her Subaccount Investment Election. Such form may specify,
     in whole percentage amounts, the percentage allocation to be applied

a.                  to the subaccount(s) to which amounts deferred thereafter in
          accordance with Section 3.2 may be credited,

          b.             between or among subaccounts, for purposes of
          determining the Subaccount Investment Results applicable to amounts
          previously deferred, or

          c.             to any Special Company Allocation credited to his or
          her Account in accordance with Section 3.7,

     in such manner as approved or accepted by the Committee;

          (b)  A Participant's election shall remain in effect until changed by
     the Participant. The Committee may limit the percentage amounts, number of
     times a Participant may change the Subaccount Investment Results to be
     applied to a Participant's Account Limitations, and establish such other
     rules as it deems reasonable with respect to the Participant's Subaccount
     Investment Election(s).

     4.3  Reallocation of Subaccounts. In effecting a reallocation requested by
          ---------------------------
the Participant, units in a subaccount shall be converted to dollar amounts
prior to redistribution between or among subaccounts, and reconverted to
subaccount units as necessary to effect the Participant's reallocation request,
both conversions to be as of the most recent Determination Date. A Participant's
reallocation request shall be in the form of a Subaccount Investment Election,
which shall be filed and delivered to the Company at such times and within such
other limitations as the Committee may establish. In the absence of any
Subaccount Investment Election(s) as may be required by the Participant (or his
or her Beneficiary) in order to designate one hundred percent (100%) of his or
her Deferred Benefit Account, the portion of the Account not designated shall be
allocated to a subaccount selected by the Committee.

                                      -9-

<PAGE>

     4.4  Determination of Subaccount Value. A Participant's subaccounts
          ---------------------------------
shall be valued in dollars, based on the dollar value of each unit credited to a
subaccount. The dollar value of each subaccount unit shall be based on the net
asset value of such unit as of the close of the business day coincident with or
immediately preceding a Determination Date.

          (a)  Each subaccount shall be credited with the number of full and
     partial units which the dollar value of any amount credited to the
     subaccount of a Participant in accordance with Section 4.1 would purchase
     at the closing net asset value of each unit on the Determination Date.

          (b)  On the date a dividend or other distribution would have been paid
     based on a subaccount unit, each subaccount shall be credited with the
     number of additional full and partial subaccount units which would have
     been purchased if the subaccount units then credited to the subaccount had
     been held as shares. In the case of a dividend or other distribution paid
     in property other than cash or shares, the Committee shall determine the
     fair value of such property for purposes of the computation immediately
     above.

V    Benefits
     --------

     5.1  Retirement Benefit. Upon a Participant's Retirement Date, the Company
          ------------------
shall pay to the Participant, as Compensation earned prior to Retirement, a
benefit equal to the value of his or her Deferred Benefit Account, with the
Company Allocation vested in accordance with Section 3.7, determined under
Article IV. The form of benefit payment shall be provided in Section 5.7. Upon
and after such Retirement Date, the Participant shall immediately cease to be
eligible for any benefit provided under Section 5.2, 5.3, 5.4, 5.5, or 5.6 of
the Plan.

     5.2  Termination Benefit. Upon Termination of Service of the Participant
          -------------------
before his or her Retirement Date for reasons other than his or her death or
Disability, the Company shall pay to the Participant, as Compensation earned
prior to his or her Termination of Service, a benefit equal to the value of his
or her Deferred Benefit Account, vested in accordance with Section 3.7,
determined under Article IV as of the date of Termination of Service. Unless
otherwise directed by the Committee, the value of the Participant's Deferred
Benefit Account paid as a termination benefit in the manner provided in Section
5.7. Upon a Termination of Service, the Participant shall immediately cease to
be eligible for any benefit provided under Section 5.1, 5.3, 5.4, 5.5, or 5.6 of
the Plan.

     5.3  Death Benefit. Upon the death of the Participant prior to his or her
          -------------
Termination of Service, the Company shall pay to the Beneficiary of the deceased
Participant, as Compensation earned prior to his or her death, a benefit equal
to the value of the Participant's Deferred Benefit Account, vested in accordance
with Section 3.7, determined under Article IV as of the Determination Date
coincident with or next following the Participant's date of death. The value of
the Participant's Deferred Benefit Account paid as a death benefit shall be
converted to cash and paid in a lump sum, and shall cause

                                     -10-
<PAGE>

a reduction in the number of units in a Participant's subaccounts equivalent to
the value of the lump sum amount paid. Upon a Termination of Service, the
Participant shall immediately cease to be eligible for any benefit provided
under Section 5.1, 5.2, 5.4, 5.5, or 5.6 of the Plan.

     5.4  Disability Benefit. In the event of Disability prior to his or her
          ------------------
Retirement Date, the Company shall pay to the Disabled Participant, as
Compensation earned prior to his Disability, a benefit equal to the value of his
Deferred Benefit Account, with the Company Allocation vested in accordance with
Section 3.7, determined under Article IV. The value of the Participant's
Deferred Benefit Account paid as a disability benefit shall be converted to cash
and paid in annual installments, as provided in Section 5.7, until the earliest
of the following events:

          (a)  The Participant ceases to be Disabled and resumes employment with
     the Company;

          (b)  The Participant ceases to be Disabled and does not resume
     employment with the Company. If the Participant has attained his Retirement
     Date, he shall be entitled to the benefits provided for in Section 5.1. If
     the Participant has not attained his Retirement Date, his Deferred Benefit
     Account shall be recomputed and adjusted to reflect the vesting provisions
     of Section 3.7. Upon any such recomputation and adjustment, the value of
     his Deferred Benefit Account, if any, shall be paid in a lump sum as a
     Termination Benefit in the manner provided in Section 5.2. In no event
     shall the recomputation and adjustment of a Participant's Deferred Benefit
     Account made pursuant to this subsection operate to require that such
     previously Disabled Participant repay any Disability benefit paid
     hereunder;

          (c)  The Participant dies. The Deferred Benefit Account balance
     remaining shall be paid in a lump sum as provided in Section 5.3; or

          (d)  The value of the Participant's Deferred Benefit Account balance
     reaches zero.

If a Disability occurs during the period elected in the Agreement, the Disabled
Participant's Agreement shall be suspended, and further deferrals shall not be
required during the period of Disability. Upon a written request by a
Participant filed with the Committee, the Committee may, in its sole discretion,
pay a Disability benefit equal to the value of the Disabled Participant's
Deferred Benefit Account in a single lump sum payment.

     5.5  Interim Distribution Benefit. A Participant may elect in his or her
          ----------------------------
Agreement to have a portion his or her Deferred Benefit Account converted to
cash and paid to him or her at the time specified in such Agreement. If the
Participant so elects, the Company shall pay to the Participant, as Compensation
earned prior to the interim distribution date, a lump sum benefit equal to the
amount so elected in the Agreement, subject to all of the following:

          (a)  The date selected for the interim distribution is a January 1
     occurring on or after the fifth (5th) anniversary of the first day of the
     Plan Year the Agreement became effective;

                                      -11-
<PAGE>

          (b)  The amount to be distributed pursuant to such Agreement
     will be equal to the amount by which his or her Salary, Bonus, or both,
     were reduced pursuant to such Agreement;

          (c)  A Participant's Agreement may not provide for more than one date
     on which a benefit shall be paid in accordance with this Section. The date
     specified in the Agreement shall be disregarded if the Participant's
     Termination of Service occurs prior to such date. An election to receive an
     interim distribution benefit at a date specified in the Agreement shall be
     irrevocable, unless the Administrative Committee, in its sole discretion,
     grants a Participant's request to revoke his or her election. Any such
     request to revoke his or her election must be filed with and approved by
     the Committee at least one year prior to the January 1 that the interim
     distribution would otherwise be made. If the request is granted by the
     Committee, the value of such benefit shall remain as a credit to the
     balance of the Participant's Deferred Benefit Account, to be maintained in
     the manner provided in Section 4.1, and paid instead in the manner provided
     in Sections 5.1, 5.2, 5.3, 5.4, or 5.6; and

          (d)  The amount to be distributed in accordance with this Section
     shall be distributed without Committee approval required, and shall cause a
     reduction in the number of units in a Participant's subaccounts equivalent
     to the value of the lump sum amount paid.

     5.6  Emergency Benefit. In the event that the Committee, upon written
          -----------------
petition of the Participant, determines, in its sole discretion, that the
Participant has suffered a severe financial hardship, the Company shall pay to
the Participant, as soon as practicable following such determination, as
Compensation earned prior to the severe financial hardship, a benefit equal to
the amount necessary to meet the severe financial hardship not in excess of the
value of the vested portion of the Participant's Deferred Benefit Account,
including Investment Results. Any such payment shall cause a reduction in the
number of units in a Participant's subaccounts equivalent to the value of the
amount paid. For purposes of this Section, a severe financial hardship is an
unexpected need for cash arising from an illness, casualty loss, sudden
financial reversal, or other such unforeseeable occurrence. Cash needs arising
from events such as the purchase of a house or education expenses for children,
shall not be considered to be the result of a severe financial hardship. For
purposes of this Section, the criteria for establishing and determining a severe
financial hardship shall be made in accordance with IRC (S).401(k)(2)(b), and
Internal Revenue Service Regulation 1.401(k)-1(d)(2) (iii)-(iv).

     5.7  Form of Benefit Payment. Upon the happening of an event described
          -----------------------
in Section 5.1 or 5.4, the Company shall pay to the Participant (or his or her
Beneficiary) the amount calculated in accordance with this Section in
substantially equal annual installments. All payments made hereunder shall cause
a reduction in the number of units in a Participant's subaccounts equivalent to
the value of the installment amount paid, and shall be calculated and determined
as follows:

          (a)  An annual installment payment shall be determined for the
     Participant's Deferred Benefit Account. The amount of the installment
     payment shall

                                      -12-
<PAGE>

     be a determined using factors selected by the Committee to amortize the
     unpaid balance of the Deferred Benefit Account balance in fifteen (15)
     substantially equal annual installments, and shall be based on the
     Investment Results available for the most recent Plan Year ended at the
     time payments commence, or upon such Investment Results as the Committee,
     in its sole discretion, determines as the rate of Investment Results to be
     applied prospectively to determine installment payments. The Committee may
     recompute the amount of the installment each year to reflect actual
     Subaccount Investment Results, and based on current or projected Investment
     Results and on subaccount balances of the Participant's Deferred Benefit
     Account and on his or her Subaccount Investment Election(s) then in effect.
     Installment benefit payments shall cease when the Deferred Benefit Account
     balance reaches zero, or with the final payment determined hereunder.

          (b)  Unless an annual payment is the final annual installment payment,
     each annual installment payment shall be at least equal to $5,000.
     Notwithstanding the amortization method described in subsection (a)
     immediately above, in the event an installment payment determined under
     subsection (a) is less than $5,000, the annual installment payment shall be
     $5,000. Annual installment payments in the amount of $5,000 shall continue
     until the amount of the installment is recomputed, in accordance with
     subsection (a), or until the remaining Account balance is less than $5,000.
     Once the Account balance is less than $5,000, the subsequent annual
     payment, which shall be the final payment, shall equal the remaining
     Deferred Benefit Account balance.

Upon the death of a Participant after the commencement of payment of benefits
pursuant to Section 5.1, the Deferred Benefit Account remaining shall be paid to
the Beneficiary in annual installments over the remaining number of years
determined above. Upon a written request of such Beneficiary of a deceased
Participant, or upon the request of a Disabled Participant, the Committee may,
in its sole discretion, pay the value of a Disabled or deceased Participant's
Deferred Benefit Account in a lump sum.

Upon a written request by a Participant filed with the Committee prior to the
commencement of benefits under this Plan, the Committee may, in its sole
discretion, elect to pay the value of his or her Deferred Benefit Account in a
lump sum or in fewer than fifteen (15) annual installments.

     5.8  Withholding; Employment Taxes. To the extent required by the law in
          -----------------------------
effect at the time payments are made, the Company shall withhold any taxes
required to be withheld by the federal, or any state or local, government.

     5.9  Commencement of Payments. Unless otherwise provided, payments under
          ------------------------
this Plan shall commence as soon as practicable following the Participant's
Termination of Service, but in no event later than ninety (90) days following
receipt of notice by the Committee of an event which entitles a Participant (or
a Beneficiary) to payments under this Plan. The date of each subsequent annual
installment shall be on the same Determination Date each year, as determined by
the Committee in its sole discretion.

     5.10 Recipients of Payments; Designation of Beneficiary. All payments
          --------------------------------------------------
to be made

                                      -13-
<PAGE>

by the Company under the Plan shall be made to the Participant during his or her
lifetime, provided that if the Participant dies prior to the commencement or
completion of such payments, then all subsequent payments under the Plan shall
be made by the Company to the Beneficiary or Beneficiaries determined in
accordance with this Section 5.10. The Participant shall designate a Beneficiary
by filing a written notice of such designation with the Committee in such form
as the Committee requires and may change such designation without the consent of
such Beneficiary or Beneficiaries by filing a new designation in writing with
the Committee. (In community property states, the spouse of a married
Participant shall join in any designation of a Beneficiary other than the
spouse.) If no designation shall be in effect at the time when any benefits
payable under this Plan shall become due, the Beneficiary shall be the
Beneficiary designated by the Participant in the 401(k) Plan, and otherwise
shall be the executor(s) or administrator(s) of the deceased Participant's
estate.

     5.11 Facility of Payment. Any benefit payable hereunder to any person under
          -------------------
a legal disability, or to any person who, in the judgment of the Committee, is
unable to properly administer his or her financial affairs, may be paid to the
legal representative of such person, or may be applied for the benefit of such
person in a manner which the Committee may select.

     5.12 Loans to Participants. No loan, advancement, or other transaction in
          ---------------------
the nature of an anticipatory assignment of income shall be permitted under the
Plan.

VI   CLAIM FOR BENEFITS PROCEDURE
     ----------------------------

     6.1  Claim for Benefits. Any claim for benefits under the Plan shall be
          ------------------
made in writing to the Committee. If such claim for benefits is wholly or
partially denied by the Committee, the Committee shall, within a reasonable
period of time, but not later than sixty (60) days after receipt of the claim,
notify the claimant of the denial of the claim. Such notice of denial shall be
in writing and shall contain:

          (a)  the specific reason or reasons for the denial of the claim;

          (b)  a reference to the relevant Plan provisions upon which the denial
     is based;

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

          (d)  an explanation of the Plan's claim review procedure.

     6.2  Request for Review of a Denial of a Claim for Benefits. Upon the
          ------------------------------------------------------
receipt by the claimant of written notice of denial of the claim, the claimant
may within ninety (90) days file a written request to the Committee, requesting
a review of the denial of the claim, which review shall include a hearing if
deemed necessary by the Committee. In connection with the claimant's appeal of
the denial of his or her claim, he or she may review relevant documents and may
submit issues and comments in writing.

                                      -14-
<PAGE>

     6.3  Decision Upon Review of Denial of Claim for Benefits. The Committee
          ----------------------------------------------------
shall render a decision on the claim review promptly, but no more than sixty
(60) days after the receipt of the claimant's request for review, unless special
circumstances (such as the need to hold a hearing) require an extension of time,
in which case the sixty (60) day period shall be extended to one hundred-twenty
(120) days. Such decision shall:

          (a)  include specific reasons for the decision;

          (b)  be written in a manner calculated to be understood by the
     claimant; and

          (c)  contain specific references to the relevant Plan provisions upon
     which the decision is based.

The decision of the Committee shall be final and binding in all respects on both
the Company and the claimant.

VII  Administration
     --------------

     7.1  Plan Administrative Committee. The Plan shall be administered by the
          -----------------------------
Compensation Committee of the Board of Directors of the Company, which shall be
the Administrative Committee of the Plan. The Administrative Committee may
assign duties to an officer or other associates of the Company, and delegate
such duties as it sees fit.

     7.2  General Rights, Powers and Duties of Administrative Committee. The
          -------------------------------------------------------------
Administrative Committee shall be responsible for the management, operation and
administration of the Plan. In addition to any powers, rights, and duties set
forth elsewhere in the Plan, it shall have the following powers and duties to:

          (a)  adopt such rules and regulations consistent with the provisions
     of the Plan as it deems necessary for the proper and efficient
     administration of the Plan;

          (b)  administer the Plan in accordance with its terms and any rules
     and regulations it establishes;

          (c)  maintain records concerning the Plan sufficient to prepare
     reports, returns, and other information required by the Plan or by law;

          (d)  construe and interpret the Plan, and to resolve all questions
     arising under the Plan;

          (e)  direct the Company to pay benefits under the Plan, and to give
     such other directions and instructions as may be necessary for the proper
     administration of the Plan;

          (f)  employ or retain agents, attorneys, actuaries, accountants or
     other persons who may also be employed by or represent the Company; and

                                      -15-
<PAGE>

          (g)  be responsible for the preparation, filing, and disclosure on
     behalf of the Plan of such documents and reports as are required by any
     applicable federal or state law.

     7.3  Information to be Furnished to Committee. The records of the Company
          ----------------------------------------
shall be determinative of each Participant's period of employment, age,
Termination of Service and the reason therefor, Disability, leave of absence,
reemployment, personal data, and Salary and Bonus. Participants and their
Beneficiaries shall furnish to the Committee such evidence, data or information,
and execute such documents as the Committee requests.

     7.4  Responsibility. No member of the Committee shall be liable to any
          --------------
person for any action taken or omitted in connection with the administration of
this Plan unless attributable to his or her own fraud or willful misconduct; nor
shall the Company be liable to any person for any such action unless
attributable to fraud or willful misconduct on the part of a director, officer
or associate of the Company. Further, the Company shall hold harmless and defend
any individual in the employment of the Company and any Director of the Company
against any claim, action, or liability asserted against him or her in
connection with any action or failure to act regarding the Plan, except as and
to the extent such liability may be based upon the individual's own willful
misconduct or fraud. This indemnification shall not duplicate, but may
supplement, any coverage available under any applicable insurance coverage.

VIII Amendment and Termination
     -------------------------

     8.1  Amendment. The Plan may be amended in whole or in part by the Company
          ---------
at any time. Notice of any material amendment shall be given in writing to the
Committee and to each Participant and to each Beneficiary of a deceased
Participant. No amendment shall retroactively decrease the balance of a
Participant's Deferred Benefit Account or retroactively decrease the Subaccount
Investment Results obtained prior to the date of the amendment.

     8.2  Company's Right to Terminate. The Company reserves the sole right
          ----------------------------
to terminate the Plan. The Company also reserves the sole right to terminate the
Agreement pertaining to a Participant at any time prior to the commencement of
payment of his or her benefits. In the event of any such termination, the
Company shall continue to be obligated to pay benefits accrued prior to the date
of such termination in accordance with the Plan. The Participant shall be deemed
to have incurred a Termination of Service, and his or her Deferred Benefit
Account shall be paid in the manner provided in Section 5.2.

     8.3  Special Termination. Any other provision of the Plan to the contrary
          -------------------
notwithstanding, the Plan shall terminate if the Plan is held to be ERISA Funded
or Tax Funded by a federal court, and appeals from that holding are no longer
timely or have been exhausted. The Company may terminate the Plan if it
determines, based on a legal opinion which is satisfactory to the Company, that
either judicial authority or the opinion of the U.S. Department of Labor,
Treasury Department or Internal Revenue Service (as expressed in proposed or
final regulations, advisory opinions or rulings, or similar administrative
announcements) creates a significant risk that the Plan will be held to be ERISA
Funded or

                                      -16-
<PAGE>

Tax Funded, and failure to so terminate the Plan could subject the Company or
the Participants to material penalties. Upon any such termination, the Company
may:

          (a)  transfer the rights and obligations of the Participants
     and the Company to a new plan established by the Company, which is not
     deemed to be ERISA Funded or Tax Funded, but which is similar in all
     other respect to this Plan, if the Company determines that it is
     possible to establish such a Plan;

          (b)  if the Company, in its sole discretion, determines that it is not
     possible to establish the Plan in (a) above, each Participant shall be paid
     a lump sum benefit equal to the value of the vested portion of his or her
     Deferred Benefit Account;

          (c)  pay a lump sum benefit equal to the value of the vested portion
     of the Participant's Deferred Benefit Account to the extent that a federal
     court has held that the interest of the Participant in the Plan is
     includable in the gross income of the Participant for federal income tax
     purposes prior to actual payment of Plan benefits. The value of any amount
     remaining in the Participant's Deferred Benefit Account shall remain as an
     obligation of the Company, to be paid to the Participant as provided in the
     Plan;

          (d)  pay to a Participant a lump sum benefit equal to the vested
     portion of a Participant's Deferred Benefit Account if, based on a legal
     opinion satisfactory to the Company, there is a significant risk that such
     Participant will be determined not to be part of a "select group of
     management or highly compensated employees" for purposes of ERISA.

Any benefit payable under this Section shall be payable as soon as practicable
following the Company's determination that the Plan is ERISA Funded or Tax
Funded, but in no event later than ninety (90) days following receipt of notice
by the Committee that the Plan is ERISA Funded or Tax Funded, or at such other
date as may be determined by the Committee in its sole discretion.

A lump sum payment to be made in accordance with this Section shall be paid in
cash and shall be subject to the provisions of Section 5.9. As determined by the
Committee in its sole discretion, the termination benefit shall cause a
reduction in the number of units in a Participant's subaccounts equivalent to
the value of the lump sum amount paid.

IX   Miscellaneous
     -------------

     9.1  Separation of Plan; No Implied Rights. The Plan shall not operate
          -------------------------------------
to increase any benefit payable to or on behalf of a Participant (or his or her
Beneficiary) from any other Plan maintained by the Company. Neither the
establishment of the Plan nor any amendment thereof shall be construed as giving
any Participant, Beneficiary, or any other person any legal or equitable right
unless such right shall be specifically provided for in the Plan or conferred by
specific action of the Company in accordance with the terms and provisions of
the Plan. Except as expressly provided in this Plan, the Company shall not be
required or be liable to make any payment under this Plan.

                                      -17-
<PAGE>

     9.2  No Right to Company Assets. Neither the Participant nor any other
          --------------------------
person shall acquire by reason of the Plan any right in or title to any assets,
funds or property of the Company whatsoever, including, without limiting the
generality of the foregoing, any specific funds, assets or other property which
the Company, in its sole discretion, may set aside in anticipation of a
liability hereunder. Any benefits which become payable hereunder shall be paid
from the general assets of the Company. The Participant shall have only a
contractual right to the amounts, if any, payable hereunder, unsecured by any
asset of the Company or by a Trust pursuant to Section 9.9. Nothing contained in
the Plan constitutes a guarantee by the Company that the assets of the Company
shall be sufficient to pay any benefits to any person.

     9.3  No Employment Rights. Nothing herein shall constitute a contract of
          --------------------
employment or of continuing service or in any manner obligate the Company to
continue the services of the Participant, or obligate the Participant to
continue in the service of the Company, or as a limitation of the right of the
Company to discharge any of its associates, with or without cause. Nothing
herein shall be construed as fixing or regulating the Salary, Bonus, or other
remuneration payable to the Participant.

     9.4  Offset. If, at the time payments or installments of payments are to
          ------
be made hereunder, the Participant or the Beneficiary or both are indebted or
obligated to the Company, then the payments remaining to be made to the
Participant or the Beneficiary or both may, at the discretion of the Company, be
reduced by the amount of such indebtedness or obligation, provided, however,
that an election by the Company not to reduce any such payment or payments shall
not constitute a waiver of its claim, or prohibit or otherwise impair the
Company's right to offset future payments for such indebtedness or obligation.

     9.5  Protective Provisions. In order to facilitate the payment of benefits
          ---------------------
hereunder, each associate designated eligible shall cooperate with the Company
by furnishing any and all information requested by the Company, including taking
such physical examinations as the Company may deem necessary, and taking such
other actions as may be requested by the Company. If the associate refuses to
cooperate, he or she shall not become a Participant in the Plan and the Company
shall have no further obligation to him or her under the Plan. In such event,
the Participant or his or her Beneficiary shall receive a benefit equal to his
or her deferral, without Interest, paid in accordance with Section 5.9.

     9.6  Non-assignability. Neither the Participant nor any other person shall
          -----------------
have any voluntary or involuntary right to commute, sell, assign, pledge,
anticipate, mortgage or otherwise encumber, transfer, hypothecate, or convey in
advance of actual receipt the amounts, if any, payable hereunder, or any part
thereof, which are expressly declared to be unassignable and non-transferrable
except by will or in accordance with the laws of descent and distribution. No
part of the amounts payable shall be, prior to actual payment, subject to
seizure or sequestration for the payment of any debts, judgments, alimony or
separate maintenance owed by the Participant or any other person, or be
transferrable by operation of law in the event of the Participant's or any other
person's bankruptcy or insolvency.

                                      -18-
<PAGE>

     9.7  Notice. Any notice required or permitted to be given under the Plan
          ------
shall be sufficient if in writing and hand delivered, or sent by registered or
certified mail to the last known address of the Participant if to the
Participant, or, if given to the Company, to the principal office of the
Company, directed to the attention of the Plan Committee. 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 or the receipt for registration or certification.

     9.8  Governing Laws. The Plan shall be construed and administered according
          --------------
to the laws of the State of Connecticut.

          Deferred Compensation Plan Trust. The Company has established a Trust
          --------------------------------
or Trusts with (an) independent trustee(s), and shall comply with the terms of
the Trust(s). The Company shall transfer to the trustee(s) an amount of cash,
marketable securities, or other property acceptable to the trustee(s) ("Trust
Property") equal in value to the amount necessary, calculated on an actuarial
basis in accordance with the terms of the Trust(s), to pay the Company's
obligations under the Plan (the "Funding Amount"), and may make additional
transfers to the trustee(s) as may be necessary in order to maintain the Funding
Amount. Trust Property so transferred shall be held, managed, and disbursed by
the Trustee(s) in accordance with the terms of the Trust(s). To the extent that
Trust Property shall be used to pay the Company's obligations under the Plan,
such payments shall discharge obligations of the Company; however, the Company
shall continue to be liable for amounts not paid by the Trust(s). In the event
of a Change of Control, the amount and timing of the payment of benefits shall
be as determined under any provisions of the Trust agreement relating thereto,
which shall replace the payment provisions of Article V herein. Trust Property
will nevertheless be subject to claims of the Company's creditors in the event
of bankruptcy or insolvency, and the Participant's rights under the Plan and
Trust(s) shall at all times be subject to the provisions of Section 9.2.

IN WITNESS WHEREOF, the Company has adopted the ADVO, Inc. Deferred Compensation
Plan as of the Plan Effective Date.

                                   ADVO, Inc.

                                   By: /s/ J. THOMAS VAN BERKEM
                                       ------------------------
                                         J. Thomas Van Berkem

                                   Its: Senior Vice President, Human Resources
                                        --------------------------------------

                                   Date: 11/28/94
                                         --------

                                      -19-<PAGE>

                                                                   Exhibit 4(e)

                                   ADVO, INC.

                        Deferred Compensation Plan Trust

                             Effective June 1, 2000
<PAGE>

                                  ADVO, Inc.
                        Deferred Compensation Plan Trust

                                Table of Contents

<TABLE>
<CAPTION>
<S>                                                                          <C>
I.       DEFINITIONS                                                           2

    1.1     Beneficiary                                                        2
    1.2     Board of Directors                                                 2
    1.3     Change of Control                                                  2
    1.4     Company                                                            3
    1.5     Effective Date                                                     3
    1.6     Reserved                                                           3
    1.7     Excess Assets                                                      3
    1.8     Funding Amount                                                     4
    1.9     General Creditors                                                  4
    1.10    Insolvent                                                          4
    1.11    Investment Manager                                                 4
    1.12    IRC                                                                4
    1.13    Participant                                                        4
    1.14    Reserved                                                           4
    1.15    Plan Administrator                                                 4
    1.16    Potential Change of Control                                        4
    1.17    Potential Change of Control Period                                 5
    1.18    Reserved                                                           5
    1.19    Trust                                                              5
    1.20    Trust Fund                                                         5
    1.21    Trustee                                                            5
    1.22    Valuation Date                                                     5

II.         ESTABLISHMENT OF THE TRUST                                         5
    2.1     Trust                                                              5
    2.2     Description of Trust                                               6
    2.3     Irrevocability                                                     7
    2.4     Acceptance by the Trustee                                          7
</TABLE>
<PAGE>

<TABLE>
<S>                                                                          <C>
III.        CONTRIBUTIONS                                                      7

    3.1     Calculations of Funding Amount                                     7
    3.2     Contributions as of Each Valuation Date                            7
    3.3     Additional Contributions by Company                                8
    3.4     No Dilution of Trust                                               8

IV.         ACCOUNTING AND ADMINISTRATION                                      8

    4.1     Trustee Recordkeeping                                              8
    4.2     Company Recordkeeping                                              8
    4.3     Periodic Accounting                                                9
    4.4     Administrative Powers of Trustee                                  10

V.          INVESTMENTS                                                       12

    5.1     Generally                                                         12
    5.2     Investment Powers of Trustee                                      12
    5.3     Investment Managers                                               15
    5.4     Reserved                                                          16
    5.5     Single Fund                                                       16

VI.         PAYMENTS FROM THE TRUST                                           16

    6.1     Obligation of Trustee to Make Payments
            to Participants                                                   16
    6.2     Obligation of the Company to Make Payments
            to Participants                                                   17
    6.3     Distributions to Participants                                     17
    6.4     Reserved                                                          17
    6.5     Insufficient Trust Fund Assets                                    17
    6.6     Payment of Excess Assets to Company                               18
    6.7     Company to Pay Withholding and Employment Taxes                   18
    6.8     Payment in Reversion to Company                                   18
    6.9     Arbitration of Disputes                                           18
</TABLE>
<PAGE>

<TABLE>
<S>                                                                          <C>
VII.        PAYMENTS ON INSOLVENCY OF THE COMPANY                             19

    7.1     No Security Interest                                              19
    7.2     Determination of Insolvency                                       19
    7.3     Payments When Company Is Insolvent                                20
    7.4     Resumption of Duties after Insolvency                             21
    7.5     Reserved                                                          21

VIII.       RESIGNATION OR REMOVAL OF TRUSTEE                                 21

    8.1     Resignation or Removal of Trustee                                 21
    8.2     Successor Trustee                                                 22
    8.3     Duties of Retiring and Successor Trustees                         22
    8.4     Reserved                                                          23

IX.         AMENDMENT AND TERMINATION OF TRUST                                23

    9.1     Amendment                                                         23
    9.2     Termination                                                       24
    9.3     Reserved                                                          24

X.          GENERAL PROVISIONS                                                24

   10.1     Coordination with Plan                                            24
   10.2     Litigation                                                        24
   10.3     Trustee's Action Conclusive                                       25
   10.4     No Guarantee or Responsibility                                    25
   10.5     Liabilities Mutually Exclusive                                    25
   10.6     Indemnification                                                   25
   10.7     Expenses and Compensation                                         25
   10.8     Reserved                                                          26
   10.9     Notice                                                            26
   10.10    Antiassignment Clause                                             26
   10.11    True and Correct Document                                         26
   10.12    Waiver of Notice                                                  27
   10.13    Counterparts                                                      27
   10.14    Gender and Number                                                 27
   10.15    Successors                                                        27
   10.16    Severability                                                      27
   10.17    Applicable Law                                                    27
</TABLE>
<PAGE>

         EXHIBIT A                  ADVO, Inc.
                                    IRREVOCABLE GRANTOR TRUST
                                    FOR THE DEFERRED COMPENSATION PLAN

         EXHIBIT B                  ADVO, Inc.
                                    IRREVOCABLE GRANTOR TRUST
                                    PARTICIPANTS (as defined in the Trust)
<PAGE>

                                  ADVO, Inc.

                       Deferred Compensation Plan Trust

     THIS TRUST AGREEMENT is made this 1st day of June, 2000 by and between
ADVO, Inc., a Delaware corporation ("Company"), and Wells Fargo Bank, N.A.
("Trustee"), and any successor provided for in the Trust hereby evidenced, as
Trustee.

WITNESSETH THAT:

     WHEREAS, the Company has established and maintains the Deferred
Compensation Plan ("Plan"), an unfunded benefit plan, a copy of which is
attached hereto as Exhibit A for the benefit of certain Company Executives
listed on Exhibit B hereto, which Exhibits may be amended from time to time by
the Company prior to a Potential Change of Control and/or Change of Control, and
without the Trustee's consent; and

     WHEREAS, the Company desires to amend and restate said Trust agreement with
the Trustee, and the Trustee agrees to the Trust as hereinbelow amended and
restated; and

     WHEREAS, the Company has incurred and expects to continue to incur
liabilities pursuant to the terms of the Plan and wishes to establish an
irrevocable trust by placing assets in trust subject to the claims of the
Company's creditors in the event the Company becomes Insolvent to pay benefits
under the Plan or to be applied as otherwise provided for herein; and

     WHEREAS, it is the intention of the Company that amounts deferred to the
Trust and the earnings thereon shall be used by the Trustee, subject to the
claims of the Company's creditors in the event the Company becomes Insolvent, to
satisfy the liabilities of the Company in accordance with the provisions hereof,
and, upon satisfaction of all liabilities of the Company with respect to all
Participants (and their Beneficiaries, if applicable), the assets, if any,
remaining in the Trust shall revert to the Company; and

     WHEREAS, the Company intends that the existence of the Trust shall not
alter the characteristics of the Plan as an unfunded plan maintained primarily
for the purpose of providing deferred compensation for a select group of
management and/or highly compensated employees, and shall not be construed to
provide income for federal income tax purposes to a Participant (or his or her
Beneficiary) prior to the actual payment of benefits under the Plan; and

     WHEREAS, the Trustee has agreed to serve as trustee of such trust;

                                       1
<PAGE>

NOW, THEREFORE, in consideration of the mutual undertakings of the Company and
the Trustee, the parties do hereby amend and restate the Trust and agree that
the Trust shall be comprised, held, and disposed of as follows:

I.   DEFINITIONS Unless the context requires otherwise, definitions as used
herein shall have the same meaning as in the Plan when applied to said Plan.

     1.1  "Beneficiary" means the beneficiary designated as provided in the Plan
as set forth in Exhibit A.

     1.2  "Board of Directors" means the Company's Board of Directors, as
constituted from time to time.

     1.3  "Change of Control" means the occurrence of any of the following
events:

     (a)  Any Person (other than the Company, any trustee or other fiduciary
     holding securities under any employee benefit plan of the Company, or any
     company owned, directly or indirectly, by the stockholders of the Company
     immediately prior to the occurrence with respect to which the evaluation is
     being made in substantially the same proportions as their ownership of the
     common stock of the Company) acquires securities of the Company and
     immediately thereafter is the beneficial owner (except that a person shall
     be deemed to be the beneficial owner of all shares that any such person has
     the right to acquire pursuant to any agreement or arrangement or upon
     exercise of conversion rights, warrants or options or otherwise, without
     regard to the sixty day period referred to in Rule 13d-3 under the
     Securities and Exchange Act of 1934, as amended ("Exchange Act")), directly
     or indirectly, of securities of the Company representing 30% or more of the
     combined voting power of the Company's then outstanding securities (except
     that an acquisition of securities directly from the Company shall not be
     deemed an acquisition for purposes of this clause (a));

     (b)  During any period of two consecutive years, individuals who at the
          beginning of such period constitute the Board, 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) or (d) of this paragraph) whose election by the Board or
          nomination for election by the Company's stockholders was approved by
          a vote of at least two-thirds of the directors then still in office
          who either were directors at the beginning of the two-year period or
          whose election or nomination for election was previously so approved
          by

                                       2
<PAGE>

          excluding for this purpose any such new director whose initial
          assumption of office occurs as a result of either an actual or
          threatened election contest (as such terms as used in Rule 14a-11 of
          Regulation 14A promulgated under the Exchange Act) or other actual or
          threatened solicitation or proxies or consents by or on behalf of an
          individual, corporation, partnership, group, associate or other entity
          or Person other than the Board, cease for any reason to constitute at
          least a majority of the Board;

     (c)  The consummation of a merger or consolidation of the Company with any
          other entity, other than (a) a merger or consolidation which would
          result in the voting securities of the Company outstanding immediately
          prior thereto continuing to represent (either by remaining outstanding
          or by being converted in to voting securities of the surviving or
          resulting entity) more than 50% of the combined voting power of the
          surviving or resulting entity outstanding immediately after such
          merger or consolidation or (b) a merger or consolidation in which no
          premium is intended to be paid to any shareholder participating in the
          merger or consolidation;

     (d)  The stockholders of the Company approve a plan or agreement for the
          sale or disposition of all or substantially all of the consolidated
          assets of the Company (other than such a sale or disposition
          immediately after which such assets will be owned directly or
          indirectly by the stockholders of the Company in substantially the
          same proportions as their ownership of the common stock of the Company
          immediately prior to such sale or disposition) in which the case the
          Board shall determine the effective date of the Change in Control
          resulting therefrom; or

     (e)  Any other event occurs which the Board determines, in its discretion,
          would materially alter the structure or its ownership.

           The Company shall promptly notify the Trustee of a Change of Control
and the Trustee may conclusively rely upon such notice and shall have no duty to
independently determine whether a Change of Control has occurred.

     1.4  "Company" means ADVO, Inc., a Delaware corporation, its successors and
assigns.

     1.5  "Effective Date" means June 1, 2000.

     1.6  Reserved.

     1.7  "Excess Assets" means, assets of the Trust in excess of one hundred
and

                                       3
<PAGE>

twenty-five percent (125%) of the Funding Amount.

     1.8  "Funding Amount" means an amount equal to one hundred percent (100%)
of the actual benefit obligation on the books of the Company as of the most
recent Valuation Date, certified by the Company to the Trustee. Upon any
Potential Change of Control and during any Potential Change of Control Period,
"Funding Amount" means one hundred and twenty percent (120%) of the actual
benefit obligation on the books of the Company as of the most recent Valuation
Date, as certified by the Company to the Trustee.

     1.9  "General Creditors" means the unsecured general creditors of the
Company, including without any priority the Participants.

     1.10 "Insolvent" and "Insolvency"mean that the Company

          (a)  is unable to pay its debts as they become due; or

          (b)  is subject to a pending proceeding as a debtor under the
Bankruptcy Code.

     1.11 "Investment Manager" means the investment manager(s) appointed by the
Company in the manner provided in Section 5.3 to direct the investment of any
part or all of the assets of the Trust Fund in accordance with Article V.

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

     1.13 "Participant" means a Participant in the Plan. The Company agrees
to list all Participants on Exhibit B annually attached hereto. Except after a
Change of Control as provided in Section 3.4, the Company may add or delete
Participants by delivering a new Exhibit B to the Trustee.

     1.14 Reserved.

     1.15 "Plan Administrator" means the party designated under the Plan as
responsible for the management, operation, and administration of the Plan.

     1.16 "Potential Change of Control" means the date of the earliest
occurrence of the following event:

                                       4
<PAGE>

     (a)  the Company enters into an agreement, the consummation of which would
     result in the occurrence of a Change of Control of the Company.

     1.17 "Potential Change of Control Period" means the one (1) year period
immediately following the date of a Potential Change of Control. If a subsequent
Potential Change of Control occurs during any Potential Change of Control
Period, the Potential Change of Control Period shall end one (1) year following
the date of the most recent Potential Change of Control.

          The Company shall promptly notify the Trustee of a Potential Change of
Control and the Trustee may conclusively rely upon such notice and shall have no
duty to independently determine whether a Potential Change of Control has
occurred.

     1.18 Reserved.

     1.19 "Trust" means the irrevocable trust established pursuant to this
Trust Agreement and all of the terms and conditions of this Trust Agreement,
which is intended to constitute a grantor trust under IRC (S)(S) 671 et seq.

     1.20 "Trust Fund" means all monies, securities, and other property held by
the Trustee, any custodian, or any insurance company under this Trust.

     1.21 "Trustee" shall mean the trustee named herein, and any successor
trustee appointed pursuant to Article VIII.

     1.22 "Valuation Date" means the day in each calendar year which is the last
day of the Company's fiscal year in each year, and such other times as the
Company may determine. Each of (a) any date of a Potential Change of Control,
(b) the date of a Change of Control (c) the effective date of a Trustee's
resignation or removal, and (d) the date of termination of the Trust shall also
be a Valuation Date if any such date occurs other than on the last business day
of the Company's fiscal Year.

II.  ESTABLISHMENT OF THE TRUST

     2.1  Trust. The Company hereby amends and restates the Trust with the
Trustee, which Trust shall consist of such sums of money and other property
acceptable to the

                                       5
<PAGE>

Trustee as from time to time have been and shall be paid or delivered by the
Company to the Trustee as provided herein. All such money and other property,
all investments and reinvestments made therewith, or the proceeds thereof, and
all investment earnings and profits thereon, less all payments and charges as
authorized herein, shall constitute the Trust Fund. The Trust Fund shall be held
in trust by the Trustee, and shall be dealt with in accordance with the
provisions of this Trust.

     2.2  Description of Trust. The Company represents and agrees that:

     (a)  as amended and restated, the Trust is intended to be a grantor
     trust under IRC (S).(S). 671-678, and shall be construed accordingly. The
     Company intends and agrees that it is the "owner" or grantor of the Trust
     in its entirety, as that term is defined in subpart E, part I, subchapter
     J, chapter 1, subtitle A of the IRC and that, for income tax purposes, all
     income, deductions, and credits of the Trust Fund belong to it as owner,
     and will be included on its income tax or other required tax returns, and
     any income tax determined to be payable as a result thereof will be the
     sole obligation of and will be paid by, the Company;

     (b)  a true and correct copy of the Plan, as in effect on the Effective
     Date hereof, is attached hereto as Exhibit A. The Company shall file with
     the Trustee, promptly upon its adoption, a true and correct copy of each
     amendment to the Plan;

     (c)  the principal of the Trust and any earnings thereon shall be held by
     the Trustee separate and apart from other funds of the Company, and shall
     be used exclusively for the uses and purposes as herein set forth;

     (d)  the Trust established under this agreement does not fund and is not
     intended to fund the Plan, or any other employee benefit plan or program of
     the Company. Neither the establishment of the Trust nor the payment or
     delivery of assets to the Trustee shall vest any Participant in any right,
     title, or interest in or to any assets of the Trust Fund;

     (e)  Participants shall have no preferred claim on, or any beneficial
     ownership interest in, assets of the Trust. To the extent that any
     Participant acquires the right to receive payment(s) under the Plan, any
     such right shall be mere unsecured contractual rights of Participants
     against the Company, and such Participants (or their Beneficiaries) shall
     have only the unsecured promise of the Company that such payments will be
     made. Any assets held by the Trust will be subject to the claims of General
     Creditors under federal and state law in the event of Insolvency, as

                                       6
<PAGE>

     defined herein with no preference whatsoever given to claims of employees
     over claims of other unsecured creditors of the Company; and

     (f)  to the extent the Plan is covered by ERISA, the Plan is a plan for a
     select group of management or highly compensated employees, and as such is
     exempt from the application of ERISA except for the disclosure requirements
     applicable to such plan, for which the Company bears full responsibility as
     to compliance. The Company further represents that the Plan is not
     qualified under IRC ss.401 and therefore, is not subject to any IRC
     requirements applicable to tax-qualified plans.

     2.3  Irrevocability. Except as provided in Article 9 and this Section 2.3,
the Trust shall be irrevocable from the Effective Date, and the assets of the
Trust Fund shall be held in accordance with the provisions hereof for the
exclusive purpose of providing for the payment of the Company's obligations to
pay benefits to Participants under the Plan and to satisfy the claims of General
Creditors in the event of Insolvency, and defraying the expenses of the Trust.
Except as provided in Section 6.6 and Section 6.8 and in the event of
Insolvency, no part of the income or corpus of the Trust Fund shall be
recoverable by or for the benefit of the Company.

     2.4  Acceptance by the Trustee. The Trustee accepts the Trust established
under this amended and restated Trust Agreement on the terms and subject to the
provisions set forth herein, and agrees to discharge and perform fully and
faithfully all of the duties and obligations imposed upon it under this Trust.

III. CONTRIBUTIONS

     3.1  Calculations of Funding Amount. On or before March 1, 2001, the
Company shall contribute to the Trust the Funding Amount as determined on the
first Valuation Date. As of each Valuation Date, and until the entire Trust Fund
has been distributed, the Company (or, after a Change of Control, the Company's
independent public accountants) shall recalculate the Funding Amounts.

     3.2  Contributions as of Each Valuation Date. During the life of the Trust
but no later than March 1 of each year, commencing no later than March 1, 2001
the Company shall contribute to the Trust such amount as is necessary to make
trust assets equal the Funding Amount as of the previous Valuation Date. The
Plan Administrator or its delegate (or, after a Change of Control the Company's
independent public accountants) shall provide the Trustee with written notice of
the amount of the necessary contribution on or before the date such contribution
is due to the Trust. Any such payments to the

                                       7
<PAGE>

Trustee do not discharge or release the Company of its obligation under the Plan
or Section 6.2 to pay benefits to Participants under the Plan, and shall at all
times be subject to the provisions of Article VII.

     3.3  Additional Contributions by Company. The Company, in its sole
discretion, may at any time, or from time to time, deliver additional deposits
of cash or other property to the Trustee to augment the Trust Fund, to be held,
administered, and disposed of by Trustee as provided in this Trust. Neither
Trustee nor any Participant shall have any right to compel such additional
deposits.

     3.4  No Dilution of Trust. After a Change of Control the Exhibit B in
effect on the date of a Change of Control shall not be amended to include a
Participant not named in Exhibit B in effect on the date of a Change of Control,
unless pursuant to the requirements of this Section 3.4, at the time of delivery
to the Trustee of a proposed amended Exhibit B (the "Delivery Date"), the
Company shall deliver to the Trustee a determination by the Company's
independent public accountants as of the Delivery Date of the proposed amended
Exhibit B of the Funding Amount calculated based on the Participants named in
Exhibit B in effect on the Date of the Change of Control and any new or
additional Participants named in the proposed amended Exhibit B (the "New
Funding Amount") and (b), assets in an amount necessary to make the trust assets
equal the New Funding Amount. If the Trustee determines that assets of the Trust
Fund, including such assets as are delivered by the Company on the Delivery
Date, equal or exceed the New Funding Amount the Trustee shall accept the
amended Exhibit B. Any amended Exhibit B so accepted shall be deemed
incorporated with the same effect as if otherwise included herein.

IV.  ACCOUNTING AND ADMINISTRATION

     4.1  Trustee Recordkeeping. The Trustee shall keep or cause to be kept
accurate and detailed records of any investments, receipts, disbursements, and
all other transactions required to be made by the Trustee hereunder. All
accounts, books, and records relating thereto shall be open to inspection and
audit at all reasonable times by any person designated by the Company. All such
accounts, books, and records shall be preserved (in original form, or on
microfilm, magnetic tape, or any other similar process) for such period as the
Trustee may determine.

     4.2  Company Recordkeeping. The Company shall keep full, accurate, and
detailed books and records with respect to the Participants and benefits paid
and payable

                                       8
<PAGE>

under the Plan, which records shall be made available to the Trustee at its
request.

     4.3  Periodic Accounting. Within sixty (60) days following a Valuation
Date, the Trustee shall deliver to Company a written accounting, dated as of the
Valuation Date, of its administration of the Trust Fund during such year or
during the period from the most recent Valuation Date to the date of such recent
Valuation Date, which accounting shall be in accordance with the following
provisions:

     (a)  Such accounting shall set forth all investments, receipts,
     disbursements, and other transactions effected by the Trust Fund during the
     preceding year, or during the period from the most recent Valuation Date to
     the date of such current Valuation Date, including a description of all
     securities and investments purchased and sold, with the cost or net
     proceeds of such purchases or sales (accrued interest paid or receivable
     being shown separately), and showing all cash, securities or other property
     held in the Trust Fund, less liabilities known to the Trustee (other than
     liabilities to Participants entitled to benefits under the Plans) at the
     end of such year or other period, as the case may be. In making a
     valuation, all cash, securities or other property held in the Trust Fund
     shall be valued at their then fair market value, insurance policies at net
     cash surrender value, and shall be in a format as may be established by the
     Trustee. A copy of each accounting so delivered to the Company shall be
     open to inspection at the office of the Trustee during normal business
     hours.

     (b)  If within ninety (90) days after the filing of such written
     accounting, the Company has not delivered to the Trustee notice of any
     objection to any act or transaction of the Trustee, the initial accounting
     shall become an account stated as between the Trustee and the Company. If
     any objection has been delivered to the Trustee by the Company, and if the
     Company is satisfied that it should be withdrawn, the Company shall signify
     its approval of the accounting in writing filed with the Trustee, and the
     accounting shall become an account stated as between the Trustee and the
     Company. If the accounting is adjusted following an objection thereto, the
     Trustee shall file and deliver the adjusted accounting to the Company. If
     within fifteen (15) days after such filing of an adjusted accounting, the
     Company has not delivered to the Trustee notice of any objection to the
     transactions as so adjusted, the adjusted accounting shall become an
     account stated as between the Trustee and the Company.

     (c)  Unless an accounting is fraudulent when it becomes an account stated,
     it shall be finally settled, and the Trustee shall, to the extent permitted
     by applicable law,

                                       9
<PAGE>

     be forever released and discharged from all liability and accountability
     with respect to the propriety of its acts and transactions shown in such
     accounting.

     4.4  Administrative Powers of Trustee. Except to the extent that authority
with respect to the administration of the Trust has been allocated to others in
accordance with this Trust and subject to Article V, the Trustee shall have
exclusive authority and discretion to manage and administer the Trust. The
Trustee shall act with the care, skill, prudence and diligence under the
circumstances then prevailing that a prudent person acting in like capacity and
familiar with such matters would use in the conduct of an enterprise of like
character and with like aims, provided, however, that Trustee shall incur no
liability to any person for any action taken pursuant to a direction, request or
approval given by Company which is contemplated by, and in conformity with, the
terms of the Trustee's responsibilities under this Trust and is given in writing
by the Company. The responsibility for maintenance of individual benefit records
shall be retained by the Company, and may be delegated to such person or entity
as the Company may employ from time to time. Except as otherwise provided
herein, the Trustee shall have, without exclusion, all powers conferred on
trustees by law and, without limiting the foregoing, shall have the following
administrative powers, rights, and duties in addition to those provided
elsewhere in this Trust:

     (a)  to manage, sell, insure, and otherwise deal with all assets held by
     the Trustee on such terms and conditions as the Trustee shall decide;
     provided however, prior to a Change of Control, that if the Company
     delivers written instructions to the Trustee, the Trustee shall follow such
     instructions;

     (b)  when directed by the Company to make payments from the Trust Fund to
     Participants and, when required by Article VII to make payments from the
     Trust Fund to General Creditors entitled to payments thereunder;

     (c)  except as provided in Article VI and Article VII, to waive, modify,
     reduce, compromise, release, contest, submit to arbitration, or settle or
     extend the time of payment of any claims, debts, damages, or demands of any
     nature in favor of or against the Trustee or all or any part of the Trust
     Fund;

     (d)  to retain any disputed property until an appropriate final
     adjudication or release is obtained, and to represent the Trust in, or
     commence or defend, any litigation the Trustee considers in its discretion
     necessary in connection with the Trust Fund;

     (e)  to withhold, prior to a Change of Control, if the Company so directs,
     all or

                                       10
<PAGE>

     any part of any payment required to be made hereunder as may be necessary
     and proper to protect the Trustee or the Trust Fund against any liability
     or claim on account of any estate, inheritance, income or other tax or
     assessment attributable to any amount payable hereunder, and to discharge
     any such liability with any part or all of such payment so withheld in
     accordance with Section 6.7;

     (f)  to maintain records reflecting all receipts and payments under this
     Trust and such other records as the Company may specify and to which the
     Trustee agrees, which records may be audited from time to time by the
     Company or anyone named by the Company; and to furnish a written accounting
     to the Company as of each Valuation Date, as provided in Section 4.3;

     (g)  if an insurance policy is held as an asset of the Trust, 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 from a
     different form) other than to a successor Trustee, or to loan to any person
     the proceeds of any borrowing against such policy;

     (h)  to furnish the Company with such information for tax or other purposes
     which the Company may reasonably request;

     (i)  to employ accountants, advisors, agents, legal counsel (who, except
     following a Change of Control, may be legal counsel to the Company and who
     are not in the Trustee's reasonable judgment deemed to have a conflict of
     interest), consultants, custodians, depositories, experts and other
     providers of services (all of whom may provide similar services to the
     Company), to consult with them with respect to the implementation and
     construction of this Trust, the duties of the Trustee hereunder, the
     transactions contemplated by this Trust, or any act which the Trustee
     proposes to take or omit, and to rely upon the advice of and services
     performed by such persons; to delegate discretionary powers to such persons
     and to reasonably rely upon information and advice furnished by such
     persons; provided that each such delegation and the acceptance thereof by
     each such person shall be in writing, and provided further that the Trustee
     may not delegate its responsibilities as to the management or control of
     the assets of the Trust Fund;

     (j)  to determine whether the Company is Insolvent, and to hold assets of
     the Trust Fund for the benefit of General Creditors in the event of
     Insolvency, as provided in Article VII hereof;

                                       11
<PAGE>

     (k)  to make payments to Participants, including after a Change of Control
     as provided in Article VI hereof;

     (l)  to perform all other acts which in the Trustee's judgment are
     appropriate for the proper protection, management, investment, and
     distribution of the Trust Fund, and to carry out the purposes of the Trust.

V.   INVESTMENTS

     5.1  Generally. With respect to assets for which the Trustee has accepted
investment responsibility, the Trustee shall invest and reinvest the principal
and income of the Trust and keep the Trust Fund invested, without distinction
between principal and income, in accordance with the written investment
guidelines established by the Company prior to a Change of Control, and provided
to the Trustee by the Company.

     5.2  Investment Powers of Trustee. The exclusive authority and discretion
to manage the investments of assets by the Trust Fund has been retained by the
Company until such time that the Trustee is appointed Investment Manager. At
that time and except as otherwise provided herein, the Trustee shall have,
without exclusion, all powers conferred on trustees by applicable law and,
without limiting the foregoing, shall have the following powers, rights, and
duties in addition to those provided elsewhere in this Trust:

     (a)  to invest and reinvest in any property wherever situated, whether
     real, personal, mixed, foreign or domestic, including common and preferred
     stocks, mutual funds, bonds, notes, and debentures (including convertible
     stocks and securities), leaseholds, mortgages (including, without
     limitation, any collective or part interest in any bond and mortgage or
     note and mortgage), certificates of deposits, life insurance contracts,
     guaranteed investment contracts, and guaranteed annuity contract, all
     regardless of diversification and without being limited to investments
     authorized by law for the investment of trust funds;

     (b)  to invest and reinvest, without distinction between principal and
     income, in contracts for future delivery of United States Treasury Bills,
     other financial instruments, or indices based on any group of securities,
     and in options to buy or sell indices based on any group of securities or
     any kind of evidences of ownership or indebtedness, including financial
     instruments or futures contracts relating thereto;

     (c)  to invest and reinvest part or all of the Trust Fund in any deposit
     accounts, deposit administration fund maintained by a legal reserve
     life insurance company

                                       12
<PAGE>

     in accordance with an agreement between the Trustee and such insurance
     company, a group annuity contract or life insurance policies issued by such
     insurance company to the Trustee as contract holder, any interest bearing
     deposits held by any financial institution, investments in any stocks,
     bonds, debentures, mutual fund shares, notes, commercial paper, treasury
     bills, and any mutual, common, commingled or collective trust funds or
     pooled investment funds, and to diversify such investments so as to
     minimize the risk of losses;

     (d)  to vote stock and other voting securities personally or by proxy (and
     to delegate the Trustee's powers and discretion with respect to such stock
     or other voting securities to such proxy), to exercise subscription,
     conversion and other rights and options (and make payments from the Trust
     Fund in connection therewith), to take any action and to abstain from
     taking any action with respect to any reorganization, consolidation,
     merger, dissolution, recapitalization, refinancing and any other plan or
     change affecting any property constituting a part of the Trust Fund (and in
     connection therewith to delegate the Trustee's discretionary powers and pay
     assessments, subscriptions and other charges from the Trust Fund), to hold
     or register any property from time to time in the Trustee's name or in the
     name of a nominee or to hold it unregistered or in such form that title
     shall pass by delivery; and to borrow from anyone, including itself (to the
     extent permitted by law), such amounts from time to time as the Trustee
     considers desirable to carry out this Trust (and to mortgage or pledge all
     or part of the Trust Fund as security); to participate in any plan or
     reorganization, consolidation, merger, combination, liquidation, or other
     similar plan relating to any such property, and to consent to or oppose any
     such plan or any action thereunder, or any contract lease, mortgage,
     purchase, sale, or other action by any corporation or other entity any of
     the securities of which may at any time be held in the Trust Fund, and to
     do any act with reference thereto;

     (e)  to retain in cash such amounts as the Fiduciary delegated Investment
     Management considers advisable and as permitted by applicable law, and to
     deposit any cash so retained in any depository (including any bank acting
     as Trustee).

     (f)  when directed by the Company prior to a Change of Control, and subject
     to Section 4.4(g), to apply for, pay premiums on, and maintain in force
     individual, ordinary, variable, or universal life insurance policies on the
     lives of Participants, which policies may contain provisions which the
     Company may approve or direct; to receive or acquire such policy or
     policies from the Company, but the Trustee may purchase a life insurance
     policy from a person other than the insurer which issues a policy only if
     the Trustee pays, transfers, or otherwise exchanges an

                                       13
<PAGE>

     amount no more than the cash surrender value of the policy or policies, and
     the policy or policies is (are) not subject to a mortgage or similar lien
     which the Trustee would be required to assume; to have with respect to such
     policy or policies any rights, powers, options, privileges, and benefits
     usually comprised in the term "incidents of ownership" and normally vested
     in an owner of such policy or policies to be exercised only pursuant to
     Company direction prior to a Change of Control;

     (g)  to retain any property at any time received by it;

     (h)  to sell, to exchange, to convey, to transfer, or to dispose of and to
     grant options for the purchase or exchange with respect to it any property
     at any time held by it, by public or private sale, for cash or on credit or
     partly for cash and partly for credit;

     (i)  to deposit any such property with any protective, reorganization, or
     similar committee; to delegate discretionary power to any such committee;
     and to pay part of the expenses and compensation of any such committee and
     any assessments levied with respect to any property so deposited;

     (j)  to exercise any conversion privilege or subscription right available
     in connection with any such property, and to do any act with reference
     thereto, including the exercise of options, the making of agreements or
     subscription, and the payment of expenses, assessment or subscription,
     which may be deemed necessary or advisable in connection therewith, and to
     hold and retain any securities or other property which it may so acquire;

     (k)  to extend the time of payment of any obligation held in the Trust
     Fund;

     (l)  to enter into standby agreements for future investment either with or
     without a standby fee;

     (m)  to acquire, renew, or extend, or participate in the renewal or
     extension of any mortgage, and to agree to a reduction in the rate of
     interest on any indebtedness or mortgage or to any other modification or
     change in the terms of any indebtedness or mortgage, or of any guarantee
     thereto, in any manner and to any extent that may be deemed advisable for
     the protection of the Trust Fund or the preservation of any covenant or
     condition of any indebtedness or mortgage or in the performance of any
     guarantee, or to enforce any default in such manner and to such extent as
     may be deemed advisable; and to exercise and enforce any and all rights of
     foreclosure, to

                                       14
<PAGE>

     bid on any property in foreclosure, to take a deed in lieu of foreclosure
     with or without paying a consideration therefor, and in connection
     therewith to release the obligation on the bond secured by such mortgage;
     and to exercise and enforce in any action, suit or proceeding at law or in
     equity any rights or remedies in respect of any such indebtedness or
     mortgage or guarantee;

     (n)  to make, execute, and deliver, as Trustee, any and all deeds, leases,
     notes, bonds, guarantees, mortgage, conveyance, contracts, waivers,
     releases, or other instruments in writing necessary or proper for the
     accomplishment of any of the foregoing powers;

     (o)  to organize under the laws of any state one or more corporations,
     partnerships, or trusts for the purpose of acquiring and holding title to
     any property that it is authorized to acquire under this Trust and to
     exercise with respect thereto any or all of the powers set forth in this
     Trust;

     (p)  notwithstanding any powers granted to the Trustee pursuant to this
     Trust Agreement or pursuant to applicable law, the Trustee shall not have
     any power that would 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
     under the IRC; and

     (q)  generally to do all acts, whether or not expressly authorized, that
     the Trustee deems necessary or desirable for the protection of the Trust
     Fund, and to carry out the purposes of the Trust.

     5.3  Investment Managers. The Company, prior to a Change of Control, may
appoint one or more Investment Managers to direct the investment of any part or
all of the assets of the Trust Fund by the Trustee. Appointment of an Investment
Manager shall be made by written notice to the Investment Manager(s) and to the
Trustee, which notice shall specify those powers, rights, and duties of the
Trustee under this Trust that are allocated to the Investment Manager(s) and the
portion of the assets of the Trust Fund subject to the Investment Manager(s).
After it receives written notice of such appointment the Trustee shall have no
obligation or responsibility for those investment duties which are allocated to
an Investment Manager. An Investment Manager so appointed pursuant to this
paragraph shall be either a registered investment adviser under the Investment
Advisers Act of 1940, a bank, as defined in said Act or an insurance company
qualified to manage, acquire and dispose of the assets of the Plans under the
laws of more than one state of the United States. Any such Investment Manager
shall acknowledge to the Company in

                                       15
<PAGE>

writing that it accepts such appointment. The Trustee shall not be liable for
any loss or diminution of any assets managed by an Investment Manager, including
without limitation any loss or diminution caused by any action or inaction taken
or omitted by it at the direction of an Investment Manager. In addition, the
Trustee shall not be liable for the diversification of any assets managed by
Investment Managers of the Company, each of which shall be solely the
responsibility of the Company. An Investment Manager may resign at any time upon
written notice to the Trustee and the Company. Prior to a Change of Control, the
Company may remove an Investment Manager at any time by written notice to the
Investment Manager and the Trustee.

The Company may, prior to a Change of Control, by written notice to the Trustee
assume investment responsibility for any portion or all of the Trust assets. The
Trustee shall have no responsibility for any investments or review of such
investments and shall act with respect to such assets only as directed by the
Company.

Subsequent to a Change of Control, the Trustee shall have the right to retain or
discharge an Investment Manager in its sole and absolute discretion.

         5.4 Reserved.

         5.5 Single Fund. All assets of the Trust Fund and of each investment
fund, and the income thereon, shall be held and invested as a single fund and
the Trustee shall not make any separate investment of the Trust Fund, or make
any separate investment fund, for the account of any Participant or other
General Creditors prior to receipt of directions to make payments to such
Participant or other General Creditors in accordance with Article VI or Article
VII. All rights associated with assets of the Trust shall be exercised by
Trustee or the person designated by Trustee, and shall in no event be
exercisable by or rest with Participants.

VI.      PAYMENTS FROM THE TRUST

         6.1 Obligation of Trustee to Make Payments to Participants. The
Trustee's obligation to distribute to any Participant out of the assets of the
Trust Fund shall be limited to payment at such times and in such amounts as are
properly in conformance with the provisions of Section 6.3. Payments to
Participants pursuant to this Article VI shall be made by the Trustee to the
extent that funds in the Trust Fund are sufficient for such purpose, and shall
at all times be subject to the provisions of Article VII. In the event the
Company determines that it will pay benefits directly to Participants as they
become due under the terms of the Plan, the Company shall notify the Trustee of
its decision prior to

                                       16
<PAGE>

the time amounts are payable to Participants.

         6.2 Obligation of the Company to Make Payments to Participants.
Notwithstanding anything in the Trust to the contrary, the Company shall remain
primarily liable to pay benefits under the Plan. Distributions to Participants
from the Trust Fund shall discharge, reduce, and offset the Company's obligation
to pay benefits to or on behalf of the Participant, to the extent of the
distributions, with respect to the Plan. If the Company's obligation to pay a
benefit under the Plan is not fully discharged, reduced, and offset by a
distribution from the Trust, then the Company shall make the balance of each
such benefit payment as it becomes due.

         6.3 Distributions to Participants. Distributions which shall be made
from the Trust Fund to pay benefits in accordance with the Plan shall be
initiated by:

         (a) written direction to the Trustee from the Plan Administrator, which
         direction shall certify that such distribution(s) is(are) in accordance
         with the Plan, and specify the timing, form, payee, and amount of such
         benefit payments, including any federal, state, or local income taxes
         to be withheld, and the Trustee shall make or commence the directed
         distributions after receipt of such written direction; or

          The Trustee shall have no liability regarding determinations made in
         good faith by the third party retained by it in accordance with this
         subsection.

In the event the Company shall pay benefits directly to Plan Participants as
they become due under the terms of the Plan, the Company shall notify Trustee of
its decision prior to the time amounts are payable to Participants.

         6.4 Reserved.

         6.5 Insufficient Trust Fund Assets. If at any time the Trustee
determines or is advised that the Trust Fund does not have sufficient assets to
permit the Trustee to make a payment properly directed pursuant to this Trust
including a payment provided for under Section 10.7 of this Trust, the Trustee
shall pay any benefits due (if otherwise payable hereunder) to Participants on a
pro rata basis based on the actual vested benefit obligation on the books of the
--- ----
Company as directed by the Plan Administrator, and the Company shall make the
balance of such Payments as they become due. If the Plan Administrator
determines that the Trust Fund does not have sufficient funds to provide for the
payment of all amounts otherwise payable to participants (or their
Beneficiaries) from the Trust under the Plans, it shall notify the Company and
the Trustee of the amount of the

                                       17
<PAGE>

deficiency, and, within forty-five (45) days of such notice, the Company shall
deposit in trust with the Trustee the additional amounts needed to make such
payments.

         6.6 Payment of Excess Assets to Company. Subject to Article VII and
except as otherwise provided in this Section and Section 6.8 hereof, the Company
shall have no right or power to direct the Trustee to return to the Company or
to divert to others any of the Trust Fund before payment of all benefits due or
to become due have been made to Participants (or their Beneficiaries) pursuant
to the terms of the Plan. If, as of a Valuation Date, and based on the fair
market value of the Trust Fund as determined by the Trustee in accordance with
Section 4.3 hereof the Trust Fund holds Excess Assets, then in the event the
Trustee has received within ninety (90) days after the most recent Valuation
Date a written request executed by the Company, the Trustee shall transfer to
the Company, within thirty (30) days after the receipt of the request, and
provided that a Potential Change of Control Period does not exist on the date of
the transfer, such assets of the Trust Fund selected by the Company which have a
fair market value equal to the amount of such Excess Assets, after converting
such assets to cash if requested by the Company. Any payment of Excess Assets to
the Company under this Section shall not discharge or release the Company of its
obligation to make any contribution required under Article III (including the
requirement of a Company contribution to the Trust upon the occurrence of a
Potential Change of Control or a Change of Control), and its obligation to pay
benefits to Participants under the Plan. Any payment of Excess Assets in
accordance with this Section shall be subject to the provisions of Article VII.

         6.7 Company to Direct Withholding and Employment Taxes. The Company
shall obtain from the Participant any tax withholding information necessary
under applicable law and will direct the Trustee with respect to any applicable
withholding.

         6.8 Payment in Reversion to Company. Subject to Article VII, upon
receipt of written certification from the Company that all obligations of the
Company to Participants with respect to the Plan have been satisfied, and if the
Trust Fund shall have any assets remaining, the Trustee shall distribute such
remaining assets of the Trust Fund to the Company, after converting such assets
to cash if requested by the Company, subject to the Trustee's right to retain
such reasonable amount for compensation and expenses as provided in Section
10.7. The Trust shall thereafter terminate as provided in Section 9.2.

         6.9 Arbitration of Disputes. Except as otherwise specifically provided
for herein, in the event of any dispute with respect to the Trust between or
among a Participant, the Company, or the Trustee with respect to the Plan such
dispute shall be resolved by arbitration in the City of Hartford, Connecticut in
accordance with the rules

                                       18
<PAGE>

governing commercial arbitration established by the American Arbitration
Association, and a judgment upon the award may be entered in any court having
jurisdiction thereof. Except as provided in this Section, the costs of such
arbitration shall be borne as determined by the Arbitrator. The denial of a
benefit shall be final and binding on a Participant, unless the Participant
provides to the Company a written request for arbitration within one (1) year of
the date the Committee issues a final denial of such benefit. The arbitrator's
review of a denied benefit shall be de novo. The arbitrator(s) shall have no
power to add to, subtract from, or modify in any other way, the terms of the
Trust, nor render an award which exceeds the courts jurisdiction.

Notwithstanding, the preceding, the costs of arbitration allocated to a party,
and the reasonable attorneys', and experts' fees expended in the course of such
arbitration, shall be paid by the Company, or if not paid by the Company, the
Trust.

VII.     PAYMENTS ON INSOLVENCY OF THE COMPANY

         7.1 No Security Interest. No Participant shall have any claim on or
beneficial ownership interest in the Trust Fund before such assets are paid to
the Participant, except as an unsecured creditor of the Company. The Company
shall not create a security interest in the Trust Fund in favor of any
Participant or any other General Creditor. At all times during the continuance
of this Trust as provided in this Article VII hereof, the principal and income
of the Trust Fund shall be subject to the claims of General Creditors under
federal and state law. If at any time the Trustee has received notice as
provided below that Company is Insolvent, Trustee shall discontinue payments to
Participants, and shall hold assets of the Trust Fund for the benefit of the
Company's General Creditors, pursuant to the provisions of Section 7.3, with no
preference whatsoever given claims of employees over claims of other unsecured
creditors of the Company.

         7.2 Determination of Insolvency. Notwithstanding any other provisions
of this Trust, the following provisions shall apply:

         (a) The Board of Directors and the Chief Executive Officer of the
         Company shall have the fiduciary duty and responsibility on behalf of
         General Creditors to notify the Trustee promptly in writing in the
         event the Company is Insolvent, and the Trustee shall have the right to
         rely thereon to the exclusion of all directions or claims for payment
         made thereafter by Participants.

         (b) If the Trustee has actual knowledge that the Company is Insolvent,
         the

                                       19
<PAGE>

         Trustee shall act in accordance with Section 7.3 hereof.

         (c) Unless the Trustee receives written notice from the Board of
         Directors or the Chief Executive Officer of the Company that the
         Company is Insolvent or from a person claiming to be a General Creditor
         and claiming that the Company is Insolvent, the Trustee shall have no
         duty to inquire whether the Company is Insolvent. If the Trustee
         receives a written allegation from a person claiming to be a General
         Creditor that the Company is Insolvent the Trustee's only duty of
         inquiry shall be to request that the Company's independent public
         accountants determine whether the Company is Insolvent, and the Trustee
         shall suspend benefit payments pending such determination. If the
         Company's independent public accountants advise the Trustee that the
         Company is not Insolvent it shall resume payments in accordance with
         this Trust. If the Trustee receives notice of the Company's Insolvency
         pursuant to this Section 7.2(c), it shall act in accordance with this
         Section and Section 7.3 hereof.

         7.3 Payments When Company Is Insolvent. Notwithstanding any other
provision of this Trust to the contrary, if the Trustee has actual knowledge as
described in 7.2(b), has been advised pursuant to 7.2(c) or receives actual
notice described in Section 7.2(a) that the Company is Insolvent

         (a) by reason of Section 1.11(b), the Trustee shall suspend payments to
         Participants and shall notify Participants of the suspension, and shall
         hold the Trust Fund for the benefit of the General Creditors, and shall
         pay and deliver the entire amount of the Trust Fund only as a court of
         competent jurisdiction, or duly appointed receiver or other person
         authorized to act by such court, may order or direct to make the Trust
         Fund available to satisfy the claims of the General Creditors (payments
         to Participants in accordance with the terms of the Plan may be resumed
         only pursuant to Section 7.4 hereof); or

         (b) by reason of Section 1.11(a), the Trustee shall suspend payments to
         Participants and shall notify Participants of the suspension, and shall
         (i) hold the Trust Fund for the benefit of General Creditors or (ii)
         pay over all or a portion of the Trust Fund to General Creditors if
         directed by the Company or an appropriate judicial forum.

Nothing in this Trust Agreement shall in any way diminish any rights of
Participants to pursue their rights as unsecured creditors of Company with
respect to benefits under the Plan, or otherwise.

                                       20
<PAGE>

         7.4 Resumption of Duties after Insolvency. In the absence of notice of
a Court order to the contrary, the Trustee shall resume all of its duties and
responsibilities under the Trust, including payments to Participants if
otherwise provided for herein within thirty (30) days of the Trustee's receipt
of a determination from the Company's independent public accounting firm that
the Company is no longer Insolvent.

         (a) Trust Recovery of Payments to Creditors. In the event that amounts
         are paid from the Trust Fund to General Creditors of the Company, then
         as soon as practicable after the Company is no longer Insolvent, the
         Company shall deposit into the Trust Fund a sum which causes the funds
         to be equal to the Funding Amount, determined as of the date the
         Company is no longer Insolvent which date shall be a Valuation Date.
         The Company (or, after a Change of Control, the Trustee's independent
         public accountants) shall provide the Trustee and Company with written
         certification of such Funding Amount. The Company within ninety (90)
         days of the Trustee's receipt of such notice, shall deposit such amount
         to the Trust.

         (b) Determination of Payment Amount: Resumption of Payments. Provided
         that there are sufficient assets of the Trust Fund, if Trustee
         discontinues the payment of benefits from the Trust pursuant to Section
         7.3 and subsequently resumes such payments, the first payment following
         such discontinuance shall include the aggregate amount of all payments
         due to Participants under the terms of the Plan for the period of such
         discontinuance, as determined by the Plan Administrator, less the
         aggregate amount of any payments made to Participants by the Company in
         lieu of the payments provided for hereunder during any such period of
         discontinuance. If the Trustee suspends a payment to a Participant
         under this Section, and subsequently makes such payment, the payment
         shall include interest at the rate of interest per annum equal to the
         prime rate as published by Wells Fargo Bank, N.A. for each day from the
         date of suspension to the date of payment as calculated by the Plan
         Administrator.

         7.5 Reserved.

VIII.    RESIGNATION OR REMOVAL OF TRUSTEE

         8.1 Resignation or Removal of Trustee. The Trustee may resign for any
reason or for no reason and at any time by giving thirty (30) days prior written
notice to the Company (or such shorter notice as may be agreed to by the Company
and the Trustee).
                                       21
<PAGE>

Subject to Section 8.2(b) hereof the Company may remove the Trustee, for any
reason and with or without cause, by giving thirty (30) days prior written
notice to the Trustee (or such shorter notice as may be agreed to by the Company
and the Trustee). Provided that, if the Company removes the Trustee because of
the Trustee's breach of this Agreement, such removal may be effective on shorter
notice, as determined by the Company.

         8.2 Successor Trustee. In the event of the resignation or removal of a
Trustee, a successor Trustee shall be appointed. Any successor Trustee appointed
pursuant to this Section must be a corporation which is not an affiliate of the
Company and which is authorized under the laws of the United States or of any
state to administer trusts and has at the time of its appointment total capital
and surplus of at least Fifty Million Dollars ($50,000,000). The Company shall
give notice of any such appointment to the retiring Trustee and the successor
Trustee. A successor Trustee shall be appointed in accordance with the following
provisions:

         (a) At any time prior to a Change of Control, a successor Trustee shall
         be appointed by the Company. If a Trustee should resign or be removed,
         and the Company does not notify the Trustee of the appointment of a
         successor Trustee within forty-five (45) days of its notice of its
         resignation or removal then the Company shall be deemed to have failed
         to have appointed a successor Trustee, and the Trustee shall apply to a
         court of competent jurisdiction for appointment of a successor Trustee.

         (b) After the occurrence of a Change of Control the Trustee who is the
         Trustee on the date of the Change of Control may not be removed by the
         Company for three (3) years from the date of the Change of Control.

Notwithstanding Section 8.1, no resignation by or removal of the Trustee shall
be effective prior to the effective date of the appointment of a successor
Trustee by the Company or a court of competent jurisdiction.

         8.3 Duties of Retiring and Successor Trustees. In the event of the
resignation or removal of a Trustee, the retiring Trustee shall within thirty
(30) days after the effective date of resignation or removal, furnish to the
successor Trustee and the Company a final accounting of its administration of
the Trust. A successor Trustee shall succeed to the right and title of the
predecessor Trustee in the assets of the Trust Fund and the retiring Trustee
shall deliver the property constituting the assets of the Trust Fund (less any
unpaid fees and expenses of the retiring trustee) to the successor Trustee,
together with any instruments of transfer, conveyance, assignment and further
assurance as the successor

                                       22
<PAGE>

Trustee may reasonably require. All of the provisions of the Trust set forth
herein with respect to the Trustee shall relate to each successor Trustee with
the same force and effect as if such successor Trustee had been originally named
as the Trustee hereunder. To the extent permitted by law, neither the Trustee
nor the successor Trustee shall be liable for any act or failure to act, and
shall not be required to examine the accounts, records, or acts of the other.

         8.4 Reserved.

IX.      AMENDMENT AND TERMINATION OF TRUST

         9.1 Amendment. Except as otherwise provided in Section 2.3 of this
Trust, the Trust may be amended (but may not be not revoked unless all of the
Company's obligations with respect to the Plan have been satisfied) in writing
from time to time by delivery to the Trustee of such amendment executed by the
Company, which amendment shall include the effective date of such amendment. Any
amendment of the Trust may be made:

         (a) prior to a Change of Control, without limitation and in any manner
         and effective as of any date, including a retroactive effective date,
         if accompanied by the written certification that no Change of Control
         has occurred;

         (b) after a Change of Control only if a period of three (3) years has
         elapsed since the Change of Control, or either

             (1) such amendment is accompanied by the specific written consent
             to the amendment by Participants whose interests under the Plan,
             computed by the Company's independent public accounting firm as of
             the effective date of such amendment, represent at least fifty one-
             percent (51%) of the total of all actuarial interests or Account
             balances under the Plan; or

             (2) such amendment is accompanied by the opinion of outside legal
             counsel satisfactory to the Trustee that the amendment is necessary
             for the purpose of conforming the Trust to any present or future
             federal or state law (including revenue laws) relating to trusts of
             this or a similar nature, as such laws may be amended from time to
             time, and a certification that a copy of such amendment and opinion
             of counsel has been delivered to each Participant.

                                       23
<PAGE>

No amendment shall conflict with the terms of the Plan subject to the amendment,
and no amendment may reduce the "Funding Amount" or the contribution
requirements of Article III to less than one hundred percent (100%), or 120%
following a change in control or potential change in control of the actual
benefit obligation on the books of the Company; provided such amendment shall be
made and effective prior to a Potential Change of Control or a Change of
Control. No amendment shall operate to change the duties and liabilities of the
Trustee without its consent or make the Trust revocable after it has become
irrevocable in accordance with Section 2.3 hereof unless the Company has
satisfied all obligations it may have with respect to the Plan as of the date of
such amendment. The Company and the Trustee shall execute such amendments of the
Trust as shall be necessary to give effect to any amendment made in accordance
with this Section.

         9.2 Termination. After all assets of the Trust Fund have been
distributed by the Trustee to the Participants or their Beneficiaries in
accordance with Article VI, the Trustee shall render an accounting, which shall
be the final accounting, in the manner provided for in Section 4.3. Upon
acceptance of the accounting by the Company, any assets remaining in the Trust
Fund, after deduction of such reasonable amount for compensation and expenses as
provided for in Section 10.7, shall be returned to the Company in the manner
provided in Section 6.8, and the Trust shall terminate thereupon. The Trust and
all the right, titles, powers, duties, discretions and immunities imposed on or
reserved to the Trustee and the Company, shall continue in effect until all
assets of the Trust Fund have been distributed as provided herein.

         9.3 Reserved.

X.       GENERAL PROVISIONS

         10.1 Coordination with Plan. The responsibilities of the Trustee shall
be governed solely by the terms of this Trust Agreement.

         10.2 Litigation. In any action or proceeding regarding the Trust, the
Company, any assets of the Trust Fund, or the administration of the Trust any
creditors who are not parties to such action or proceedings and any other
persons having or claiming to have a beneficial interest in the Trust shall not
be necessary parties and shall not be entitled to any notice of process. Any
final judgment which is not appealed or appealable and which may be entered in
any such action or proceeding shall be binding and conclusive on the parties
hereto and all persons having or claiming to have a beneficial interest in the
Trust. Acceptance by a creditor of assets of the Trust Fund shall constitute a
release of an equal

                                       24
<PAGE>

amount of any obligations of the Company to such creditor.

         10.3 Trustee's Action Conclusive. The Trustee's exercise or
non-exercise of its powers and discretion in good faith shall be conclusive on
all persons. No one other than the Company shall be obliged to see to the
application of any money paid or property delivered to the Trustee. The
certificate of the Trustee that it is acting according to this Trust will fully
protect all persons dealing with the Trustee.

         10.4 No Guarantee or Responsibility. Notwithstanding any other
provision of this Trust to the contrary, the Trustee does not guarantee payment
of any amount which may become due and payable to a Participant. The Trustee
shall have no responsibility for the disclosure to Participants regarding the
terms of the Plan or of this Trust, or for the validity thereof. The Trustee
shall not be responsible for administrative functions under the Plan and shall
have only such responsibilities under this Trust Agreement as specifically set
forth herein. The Trustee will be under no liability or obligation to anyone
with respect to any failure on the part of the Company, the Plan or, the
Company's independent public accounting firm, Investment Manager, or a
Participant to perform any of their respective obligations under the Plan or
this Trust. The Trustee shall be fully protected in relying upon any notice or
direction provided to it from any party in connection with the Trustee's duties
hereunder which the Trustee in good faith believes to be genuine, and executed
and delivered in accordance with this Trust. Nothing in this Trust shall be
construed as requiring the Trustee to make any payment in excess of the amounts
held in the Trust Fund at the time of such payment or otherwise to risk or
expend its own funds.

         10.5 Liabilities Mutually Exclusive. Each of the Trustee and the
Company shall be responsible only for its own acts or omissions.

         10.6 Indemnification. The Company agrees to indemnify to the extent
permitted by law the Trustee and hold it harmless against Trustee's costs,
expenses and liabilities (including, without limitations attorneys' fees and
expenses) arising out of or in connection with the performance of the Trustee's
duties arising hereunder (but excluding costs arising as a result of the
Trustee's bad faith or gross negligence in the performance of its
responsibilities hereunder), and to be primarily liable for such payments. If
the Company does not pay such costs, expenses and liabilities in a reasonably
timely manner, Trustee may obtain payment from the Trust. This Section shall
survive the termination of the Trust.

         10.7 Expenses and Compensation. The Trustee shall be paid compensation
by the

                                       25
<PAGE>

Company in an amount agreed to by the Company and the Trustee. The Trustee shall
be reimbursed by the Company for reasonable expenses incurred by it in the
management and administration of this Trust Agreement and if the Trustee is not
timely reimbursed with respect to amounts due pursuant to this Section 10.7 (or
in the case of expenses to be incurred pursuant to Sections 3.5, 6.3(b), and 6.9
hereof), the Trustee may charge such amounts against the Trust Fund. Any
compensation or expenses so agreed upon or otherwise payable not paid by the
Company on a timely basis may be charged to the Trust Fund no more frequently
than quarterly upon notice to the Company.

         10.8 Reserved.

         10.9 Notice. Any notice to the Trustee or to the Company required or
permitted under this Trust shall be duly and properly given and delivered if
sent by certified United States mail, return receipt requested, to the Trustee
at:

                                      Wells Fargo Bank, N.A.
                                      Attn: Peggy Cowan
                                      Institutional Trust Group MAC:A-0101-021
                                      420 Montgomery Street, 2/nd/ Floor
                                      San Francisco, California 94104
and to the Company at:

                                      ADVO, Inc.
                                      Attn: Donald McCombs
                                      Chief Financial Officer
                                      One Univac Lane
                                      Windsor, CT 06095-2668

or to such other address as the Trustee or the Company may specify by written
notice to the other.

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

         10.11 True and Correct Document. Any persons dealing with the Trustee
may rely upon a copy of this Trust and any amendments thereto certified to be
true and correct by the Trustee.

                                       26
<PAGE>

         10.12 Waiver of Notice. Any notice required under this Trust may be
waived by the person entitled to such notice.

         10.13 Counterparts. This Trust may be executed in two or more
counterparts, any one of which will be an original without reference to the
others.

         10.14 Gender and Number. Words denoting the masculine gender shall
include the feminine and neuter genders and the singular shall include the
plural and the plural shall include the singular wherever required by the
context.

         10.15 Successors. This Trust shall be binding on all persons entitled
to payments hereunder and their respective heirs and legal representatives, and
on the Company, the Trustee, and their respective successors.

         10.16 Severability. If any provision of this Trust is held to be
illegal or invalid, such illegality or invalidity shall not affect the remaining
provisions of this Trust which shall be construed and enforced as if such
illegal or invalid provisions had never been inserted herein.

         10.17 Applicable Law. The Trust shall be governed by and construed in
accordance with the laws of the State of Connecticut with respect to the
Company's obligations and in accordance with the laws of the State of California
with respect to the Trustee's obligations and Trust Administration.

                                       27
<PAGE>

         IN WITNESS WHEREOF, the Company and the Trustee have caused this trust
agreement to be signed by their duly authorized representatives, and have caused
their respective seals to be hereunto affixed, as of the Effective Date.

                                                ADVO, INC.

                                        By:     /s/ DONALD E. MCCOMBS
                                                -------------------------------
                                                     Donald E. McCombs

                                        Its:    Chief Financial Officer
                                                -------------------------------

                                                WELLS FARGO BANK, N.A.
                                                As Trustee

                                        By:     /s/ K.R. REID
                                                -------------------------------
                                                    K.R. Reid

                                        Its:    AVP
                                                -------------------------------

                                        By:     /s/ M.J. COWEN
                                                -------------------------------
                                                    M.J. Cowen

                                        Its:    Trust Director
                                                -------------------------------

                                       28

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