Document:

EX-10.1

FIRST AMENDMENT TO THE AGREEMENT BETWEEN SAMARITAN PHARMACEUTICALS, INC. AND SAMARITAN

PHARMACEUTICALS IRELAND LTD., AGREEMENT WITH PHARMAPLAZ LTD., RESEARCH, DEVELOPMENT AND

COMMERCIALIZATION COLLABORATION AGREEMENT

This First Amendment to Agreement is entered into by and between Samaritan Pharmaceuticals, Inc.
and Samaritan Pharmaceuticals Ireland Ltd (“Samaritan”) with Pharmaplaz Ltd. (“Pharmaplaz”), dated
March 9, 2007. In consideration of the mutual undertakings and covenants hereinafter set forth,
the PARTIES agree as follows:

WHEREAS, under the Agreement, Payment 2 is due September 16, 2007.

NOW, THEREFORE BE IT RESOLVED THAT, the PARTIES approve and authorize the Amendment to Agreement to
extend the payment date of Payment 2 for 30 days to October 16, 2007.

All other terms and conditions not expressly amended herein, shall remain in full force and effect.

This First Amendment to Agreement is signed below by the duly authorized representatives of the
PARTIES.

AGREED:

 PHARMAPLAZ

By: /s/ Michael J. Macken Date: September 20, 2007

—

Michael J. Macken, CEO

 SAMARITAN PHARMACEUTICALS, INC.

By: /s/ Dr. Janet Greeson Date: September 20, 2007

—

Dr. Janet Greeson, CEO

SAMARITAN PHARMAEUTICALS IRELAND, LTD.

By: /s/ Eugene Boyle Date: September 20, 2007

—

Eugene Boyle, CFOsigi_exh.htm

     

     

    Exhibit
      10.1

     

    
 

     

    

     

    

     

    Selective
      Insurance Company of America

     

    Deferred
      Compensation Plan (2005)

     

     

     

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

     

    
      
        	 	 	
                Page

              
	
                1.

              	
                Establishment

              	
                1

              
	
                2.

              	
                Old
                  Plan

              	
                1

              
	
                3.

              	
                Purpose
                  and Intent

              	
                1

              
	
                4.

              	
                Definitions

              	
                1

              
	
                5.

              	
                Enrollment;
                  Deferral Elections

              	
                6

              
	
                6.

              	
                Matching
                  and Discretionary Contributions

              	
                8

              
	
                7.

              	
                Election
                  of Time and Form of Payment

              	
                8

              
	
                8.

              	
                Election
                  Changes

              	
                9

              
	
                9.

              	
                Vesting

              	
                9

              
	
                10.

              	
                Accounts

              	
                10

              
	
                11.

              	
                Notional
                  Investment of Accounts

              	
                10

              
	
                12.

              	
                Payment
                  of Benefits

              	
                11

              
	
                13.

              	
                Timing
                  of Payments

              	
                12

              
	
                14.

              	
                Unforeseeable
                  Emergency Distributions

              	
                13

              
	
                15.

              	
                Acceleration
                  of Payments Upon Certain Events

              	
                13

              
	
                16.

              	
                Compliance
                  With Code Section 162(m)

              	
                15

              
	
                17.

              	
                Administration

              	
                15

              
	
                18.

              	
                Claim
                  and Appeal Procedure

              	
                16

              
	
                19.

              	
                Establishment
                  of Trusts

              	
                18

              
	
                20.

              	
                Amendment
                  and Termination of the Plan

              	
                18

              
	
                21.

              	
                Participating
                  Employers

              	
                19

              
	
                22.

              	
                General
                  Provisions

              	
                19

              

      

    

     

     

    
      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

    Selective
      Insurance Company of America

     

    Deferred
      Compensation Plan (2005)

     

    1.         Establishment

     

    Selective
      Insurance Company of America (the “Company”) has established this Selective
      Insurance Company of America Deferred Compensation Plan (2005) (the “Plan”),
      effective as of January 1, 2005.

     

    2.         Old
      Plan

     

    Effective
      as of July 1, 2002, the Company established the Selective Insurance Company
      of
      America Deferred Compensation Plan (the “Old Plan”) in order to provide a select
      group of management or highly compensated employees of the Company and certain
      of its affiliates with the opportunity to elect to defer receipt of specified
      portions of compensation.  Effective on and after January 1, 2005, the
      terms of the Old Plan shall continue to apply to all amounts accrued under
      the
      Old Plan that were earned and vested, within the meaning of Section 409A of
      the
      Internal Revenue Code of 1986, as amended (the “Code”), as of December 31, 2004,
      including earnings on such amounts after December 31, 2004, and no further
      amounts shall be deferred under the Old Plan after December 31,
      2004.  All amounts accrued pursuant to the Old Plan as of December 31,
      2004 which were not deferred and vested, within the meaning of Section 409A,
      on
      or before December 31, 2004, and all amounts accrued pursuant to the Old Plan
      on
      or after January 1, 2005, and all earnings on such amounts, shall be deemed
      to
      have been deferred pursuant to this Plan, and shall be governed by the terms
      hereof. 

     

    3.         Purpose
      and Intent

     

    The
      purpose of the Plan is to provide a select group of management or highly
      compensated employees (within the meaning of Sections 201(2), 301(a)(3) and
      401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended
      (“ERISA”)), of the Company and those of its Affiliates which adopt the Plan with
      supplemental retirement income benefits through deferral of base salary and
      other compensation and through additional discretionary employer
      contributions.  The Plan is intended to be unfunded for the purposes
      of ERISA and the Code, and to comply with the requirements of Section 409A
      of
      the Code and the regulations and other applicable guidance
      thereunder.

     

    4.         Definitions

     

    The
      following terms used in the Plan shall have the meanings set forth
      below:

     

    (a)        “Account”
      shall mean the bookkeeping Account established in the name of each Participant
      to reflect the interest of the Participant under the Plan, and which is composed
      of the following:

     

    (i)           “Savings
      Contribution Account” shall mean an account attributable to a Participant’s
      Savings Contributions, as adjusted for earnings and losses thereon;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (ii)           “Matching
      Contribution Account” shall mean an account attributable to Matching
      Contributions made by a Participating Employer on behalf of a Participant,
      as
      adjusted for earnings and losses thereon; and

     

    (iii)           “Discretionary
      Contribution Account” shall mean an account attributable to Discretionary
      Contributions made by a Participating Employer on behalf of a Participant,
      as
      adjusted for earnings and losses thereon.

     

    A
      Participant’s Account under the Plan shall consist only of Contributions (as
      adjusted for earnings and losses thereon) made to the Plan by or on behalf
      of
      the Participant: (1) on or after January 1, 2005; and (2) under the Old Plan
      prior to January 1, 2005, to the extent that the Participant was not vested
      in
      such amounts as of December 31, 2004.  Accounts shall be maintained
      solely as bookkeeping entries by the Company to evidence unfunded obligations
      of
      the Participating Employers.

     

    (b)        “Administrator”
      shall mean the Company or the organization, committee or individual to whom
      it
      has delegated the authority to administer the Plan, as described in Section
      17.

     

    (c)        “Affiliate”
      shall mean the Company and any corporation, trade, or business which is treated
      as a single employer with the Company under Code Sections 414(b) or 414(c),
      and
      any other entity designated as an “Affiliate” for purposes of the Plan by the
      Administrator.

     

    (d)        “Annual
      Bonus” shall mean a Participant’s annual cash incentive payment from a
      Participating Employer.

     

    (e)        “Beneficiary”
      shall mean the person or persons last designated in writing in accordance with
      procedures established by the Administrator to receive the Participant’s
      benefits under the Plan in the event of the Participant’s death.  If
      there is no such designation, the Participant’s Beneficiary shall be his
      surviving spouse or, if none, the Participant’s surviving children or, if none,
      the Participant’s estate.

     

    (f)         “Board”
      shall mean the Board of Directors of the Company.

     

    (g)        “Change
      of Control” shall mean the occurrence of an event with respect to either the
      Company or Selective Insurance Group, Inc. (“SIGI”) of a nature that would be
      required to be reported in response to Item 5.01 of a Current Report on Form
      8-K, as in effect on the date hereof, pursuant to Sections 13 or 15(d) of the
      Exchange Act; provided, however, that a Change of Control shall, in any event,
      conclusively be deemed to have occurred upon the first to occur of any one
      of
      the following events:

     

    (i)           The
      acquisition by any person or group, including, without limitation, any current
      stockholder or stockholders of the Company or SIGI, of securities of the Company
      or SIGI resulting in such person’s or group’s owning, of record or beneficially,
      twenty-five percent (25%) or more of any class of voting securities of the
      Company or SIGI;

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (ii)           The
      acquisition by any person or group, including, without limitation, any current
      stockholder or stockholders of the Company or SIGI, of securities of the Company
      or SIGI resulting in such person’s or group’s owning, of record or beneficially,
      twenty percent (20%) or more, but less than twenty-five percent (25%), of any
      class of voting securities of the Company or SIGI, if the Board adopts a
      resolution that such acquisition constitutes a Change of Control;

     

    (iii)           The
      sale or disposition of all or substantially all of the assets of the Company
      or
      SIGI;

     

    (iv)           A
      reorganization, recapitalization, merger, consolidation or other business
      combination involving the Company or SIGI, the result of which is the ownership
      by the stockholders of the Company or SIGI of less than eighty percent (80%)
      of
      the voting securities of the resulting or acquired entity having the power
      to
      elect a majority of the board of directors of such entity; or

     

    (v)           A
      change in the membership of the Board of Directors of SIGI which, taken in
      conjunction with any other prior or concurrent changes, results in twenty
      percent (20%) or more of the membership of such Board of Directors being persons
      not nominated by the Board of Directors as set forth in SIGI’s then most recent
      proxy statement, excluding changes resulting from substitutions by the Board
      of
      Directors because of retirement or death of a director or directors, removal
      of
      a director or directors by the Board of Directors or resignation of a director
      or directors due to demonstrated disability or incapacity.

     

    Notwithstanding
      anything in this definition to the contrary, no Change of Control shall be
      deemed to have occurred under the Plan with respect to a particular Participant
      and his Account by virtue of any transaction which results in the Participant,
      or a group of persons which includes the Participant, acquiring, directly or
      indirectly, voting securities of the Company or SIGI.

     

    For
      the purpose of this paragraph (g), the following definitions shall
      apply:

     

    The
      term “Exchange Act” shall mean the Securities Exchange Act of 1934, as
      amended.

     

    The
      terms “person” and “beneficial owner” shall have the meanings set forth in
      Regulation 13D under the Exchange Act.

     

    The
      term “voting security” shall include any security that has, or may have upon an
      event of default or in respect to any transaction, a right to vote on any matter
      on which the holder of any class of common stock of the Company or SIGI, as
      applicable, would have a right to vote.

     

    The
      term “group” shall have the meaning set forth in Section 13(d) of the Exchange
      Act.

     

    The
      term “substantially all of the assets of the Company or SIGI” shall mean more
      than fifty percent (50%) of the assets of the Company or SIGI on a consolidated
      basis, as shown in the Company’s or SIGI’s most recent audited balance
      sheet.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (h)        “Contribution”
      shall mean the amount a Participant or a Participating Employer contributes
      to
      the Plan, as follows:

     

    (i)           “Savings
      Contribution” shall mean an amount contributed to the Plan on behalf of a
      Participant through salary reduction pursuant to Section 5(b) and credited
      to a
      Participant’s Savings Contribution Account;

     

    (ii)           “Matching
      Contribution” shall mean an amount contributed to the Plan by a
      Participating Employer pursuant to Section 6(a) and credited to a Participant’s
      Matching Contribution Account; and

     

    (iii)           “Discretionary
      Contribution” shall mean an amount contributed to the Plan by a
      Participating Employer pursuant to Section 6(b) and credited to a Participant’s
      Discretionary Contribution Account.

     

    (i)         “Disability”
      shall mean a Participant’s inability to perform the duties of his position or
      any substantially similar position due to any medically determinable physical
      or
      mental impairment, where such impairment can be expected to result in death
      or
      can be expected to last for a continuous period of not less than six months,
      as
      set forth in Treasury Regulation Section 1.409A-3(j)(4)(xii).

     

    (j)         “Election
      Period” shall mean the period established by the Administrator during which
      Participant deferral elections must be made in accordance with the requirements
      of Code Section 409A, as follows:

     

    (i)           General
      Rule.  Except as provided in paragraphs (ii) and (iii) of this
      Section 4(j), the Election Period shall end no later than the last day of the
      Plan Year immediately preceding the Plan Year in which the compensation to
      which
      the deferral election relates is earned.

     

    (ii)           Performance-Based
      Compensation.  If an Annual Bonus or other compensation which may
      be deferred under the Plan constitutes “performance-based compensation” (as
      defined in Treasury Regulations Section 1.409A-1(e)) (“Performance-Based
      Compensation”), then the Election Period with respect to such Performance-Based
      Compensation shall end no later than six months before the end of the Plan
      Year
      or other period during which the Performance-Based Compensation is earned;
      provided, however, that the Eligible Employee is employed continuously from
      the
      later of the beginning of the performance period or the date the relevant
      performance criteria are established through to the date an election is made
      to
      defer such Performance-Based Compensation, and the amount of such
      Performance-Based Compensation has not become readily ascertainable as of the
      date the election is made.

     

    (iii)           Newly
      Eligible Employees.  The Election Period with respect to the first
      Plan Year in which an Eligible Employee is eligible to participate in the Plan
      may, to the extent permitted under Code Section 409A, end no later than thirty
      (30) days after the Eligible Employee first becomes eligible to participate
      in
      the Plan, and shall apply only to compensation earned after the election is
      made.  A former Eligible Employee who again becomes an Eligible
      Employee shall be treated as newly eligible to

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    make
      deferrals under the Plan within thirty (30) days upon return to eligible status
      if: (A) the former Eligible Employee has received distribution of the full
      amount of his Savings Contribution Account balance and on or before the last
      such distribution was not eligible to make Savings Contributions for periods
      after the last distribution payment; or (B) the former Eligible Employee has
      not
      been eligible to make Savings Contributions under the Plan at any time during
      the twenty-four (24)-month period ending on the date he again becomes an
      Eligible Employee.  In addition, if an Eligible Employee is or was
      eligible to participate in another plan that is aggregated with the elective
      deferral portion of the Plan under Code Section 409A, participation in such
      plan
      shall be treated as participation in the Plan for purposes of determining
      whether the Eligible Employee is treated as newly eligible under the
      Plan.

     

    (k)        “Eligible
      Employee” shall mean, with respect to a Plan Year, any employee of a
      Participating Employer who: (i) is paid on a United States payroll and is
      subject to taxation in the United States; (ii) is part of a select group of
      management or highly compensated employees of the Selective Group, within the
      meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA; and (iii) is
      designated by the Administrator as eligible to participate in the Plan with
      respect to the Plan Year.

     

    (l)      
        “In-Service Distribution” shall mean a distribution from a
      Participant’s Savings Contribution Account on a fixed date selected by the
      Participant which is prior to the Participant’s Separation from
      Service.

     

    (m)       “Investment
      Fund” shall mean an investment fund, index or vehicle designated by the
      Administrator from time to time for the notional investment of Participant
      Accounts under the Plan.

     

    (n)        “Participant”
      shall mean an Eligible Employee who elects to defer his compensation to the
      Plan, and any Eligible Employee or former Eligible Employee on whose behalf
      an
      Account balance is maintained under the Plan.

     

    (o)        “Participating
      Employer” shall mean the Company and any of its Affiliates which adopts the
      Plan pursuant to Section 21 hereof, subject to any conditions imposed by the
      Company.

     

    (p)        “Plan
      Year” shall mean the calendar year.

     

    (q)        “Recordkeeper”
      shall mean Merrill Lynch, Pierce, Fenner & Smith Incorporated, or such other
      entity selected by the Administrator from time to time to provide day-to-day
      recordkeeping and administrative services to the Plan.

     

    (r)         “RSP”
      shall mean the Selective Insurance Retirement Savings Plan, as amended from
      time
      to time, or any successor plan of the Company intended to qualify under Code
      Section 401(a) and containing a cash or deferred arrangement qualified under
      Code Section 401(k).

     

    (s)         “Selective
      Group” shall mean the Company and all of its Affiliates.

     

    
      
        
        

      

      
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    (t)         “Separation
      from Service” shall mean a Participant’s Separation from Service, as defined
      in Code Section 409A(a)(2)(A)(i) and Treasury Regulations Section 1.409A-1(h),
      from his Participating Employer.

     

    (u)        “Separation
      Distribution” shall mean a distribution from a Participant’s Account upon or
      following the Participant’s Separation from Service.

     

    (v)        “Specified
      Employee” shall have the meaning set forth in Code Section 409A(a)(2)(B)(i)
      and Treasury Regulations Section 1.409A-1(i).  The determination of
      whether a Participant is a Specified Employee shall be made by the Administrator
      from time to time.

     

    (w)       “Trust”
      shall mean any grantor trust or trusts established by the Company in connection
      with the Plan; provided, however, that the assets of the Trust contributed
      by
      each Participating Employer shall remain subject to the claims of the general
      creditors of such Participating Employer.

     

    (x)        “Unforeseeable
      Emergency” shall have the meaning set forth in Code Section
      409A(a)(2)(B)(ii) and Treasury Regulations Section 1.409A-3(i)(3).

     

    (y)        “Valuation
      Date” shall mean each regular business day.

     

    5.         Enrollment;
      Deferral Elections

     

    (a)        Enrollment.  An
      Eligible Employee may become a Participant with respect to a Plan Year by filing
      an enrollment package with the Administrator for such Plan Year.  An
      enrollment package shall include a compensation deferral election, a Beneficiary
      designation, an election as to the commencement date and form of distribution
      for Contributions made under the Plan, and such other forms as may be required
      by the Administrator.

     

    (b)        Deferral
      Elections.  Subject to the limitations of paragraphs (d) and (e)
      of this Section 5, a Participant may elect to defer the receipt of his base
      salary, Annual Bonus, and/or all such other compensation as the Administrator
      shall determine, and to have such amounts contributed to the Plan as a Savings
      Contribution.  For each Plan Year, a Participant shall make separate
      deferral elections with respect to his base salary and with respect to his
      Annual Bonus.  Each deferral election shall be made during the
      applicable Election Period, and subject to paragraph (c) of this Section 5,
      shall become irrevocable as of the last day of the applicable Election
      Period.  If the Administrator so determines, a Participant’s deferral
      elections shall remain in effect for subsequent Plan Years unless a new deferral
      election is timely filed with the Administrator on or before the last day of
      a
      subsequent applicable Election Period.

     

    (c)        Changing
      Elections.  A Participant may not revoke or change a deferral
      election during a Plan Year to which it applies.  However, an election
      with respect to a Plan Year shall automatically be terminated in the event
      that
      a Participant receives a distribution from the Plan during such Plan Year on
      account of an Unforeseeable Emergency.  In addition, the Administrator
      may in its sole discretion cancel a Participant’s deferral election for a Plan
      Year, to the extent permitted under Code Section 409A, in connection with a
      hardship distribution to the Participant under the RSP or upon the Participant’s
      Disability.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    (d)        Limits
      on Amounts Deferred.  An Eligible Employee may authorize the
      Company to reduce his compensation from his Participating Employer for any
      Plan
      Year and to have such amount(s) contributed to the Plan as a Savings
      Contribution as follows:

     

    (i)           up
      to fifty percent (50%) of his base salary for the Plan Year;

     

    (ii)           up
      to one hundred percent (100%) of his Annual Bonus, if any, earned in that Plan
      Year; and/or

     

    (iii)           all
      or a portion of such other compensation as may be designated by the
      Administrator.

     

    (e)        Additional
      Conditions and Limitations.  An Eligible Employee’s right to make
      a deferral election pursuant to this Section 5 shall be subject to the following
      additional limitations:

     

    (i)           The
      aggregate minimum deferral amount for any Plan Year in which an Eligible
      Employee elects to participate in the Plan shall be $2,500, or such other amount
      as may be determined by the Administrator.  If the total amount
      deferred is in fact less than the applicable minimum amount for the Plan Year,
      then no portion of the Eligible Employee’s compensation shall be deferred for
      that Plan Year.

     

    (ii)           Unless
      otherwise determined by the Administrator, an Eligible Employee may defer
      receipt of only that portion of his compensation that exceeds the amount
      necessary to satisfy Medicare and all other applicable payroll taxes imposed
      on
      the wages of the Eligible Employee, any deductions authorized by the Eligible
      Employee, including deductions made to the RSP and pursuant to Code Section
      125,
      and any garnishment of wages or other deductions required by law.

     

    (iii)           Subject
      to Section 409A of the Code and the regulations thereunder, the Administrator
      may impose the following additional limitations: (A) limitations on the amounts
      permitted to be deferred; (B) limitations on the sources, timing and form of
      deferrals; (C) limitations on amounts and sources of deferrals for particular
      Participants; and (D) terms and conditions regarding all deferrals under the
      Plan.  Any such limitations, and other terms and conditions of
      deferral, shall be set forth in the rules relating to the Plan or election
      forms, other forms, or instructions of the Administrator, which may be, but
      need
      not be, set forth in writing.

     

    (f)        
      Withholding of Deferred Amounts.  The amounts that an Eligible
      Employee elects to contribute to the Plan as Savings Contributions for any
      Plan
      Year shall be withheld from the Eligible Employee’s compensation as
      follows:

     

    (i)           Base
      salary deferrals shall be withheld proportionately each payroll period during
      the Plan Year or in such other manner as may be administratively
      feasible.

     

    (ii)           Withholdings
      with respect to a Participant’s Annual Bonus or other compensation shall be made
      as soon as practicable after the compensation would have been
      payable to the Participant if he did not elect to make a deferral with respect
      to such compensation.

     

    
      
        
        

      

      
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    6.         Matching
      and Discretionary Contributions

     

    (a)        Matching
      Contributions.  In any Plan Year, a Participating Employer may, in
      its discretion, make a Matching Contribution to the Account of any Participant
      in an amount equal to (A) multiplied by (B), reduced by (C), where:

     

    (i)           A
      is sixty-five percent (65%);

     

    (ii)           B
      is the sum of the Participant’s total Savings Contributions to the Plan made
      from base salary and the Participant’s total elective and after-tax
      contributions to the RSP made from base salary (other than “catch-up
      contributions,” as defined in the RSP) for the Plan Year, such total not to
      exceed seven percent (7%) of the Participant’s base salary for the Plan Year;
      and

     

    (iii)           C
      means any matching contribution made on behalf of the Participant to the RSP
      for
      the Plan Year.

     

    (b)        Discretionary
      Contributions.  A Participating Employer may, in its discretion,
      make a Discretionary Contribution to the Account of any Participant(s) at any
      time.  Any such Discretionary Contribution need not be uniform among
      Participants and may be made irrespective of any contributions made by the
      Participating Employer or the Participant under the Plan or under the
      RSP.

     

    7.         Election
      of Time and Form of Payment

     

    Each
      Participant shall elect during the applicable Election Period to have his vested
      Account balance with respect to such Plan Year distributed as either: (i) an
      In-Service Distribution; or (ii) a Separation Distribution, subject to the
      following limitations:

     

    (a)        Separation
      Distributions.  A Participant may elect to receive his Account
      with respect to a Plan Year as a Separation Distribution, either in a lump
      sum
      or in annual installments over a period of five (5), ten (10) or fifteen (15)
      years.  A Participant may elect a different time and form of payment
      for distribution of his Account upon a Separation of Service resulting from
      death.

     

    (b)        In-Service
      Distributions.  A Participant may elect to receive his Savings
      Contribution Account for a Plan Year as an In-Service Distribution, either:
      (i)
      in a lump sum in a Plan Year selected by the Participant; or (ii) in annual
      installments over a period of two (2) to five (5) years, commencing in a Plan
      Year selected by the Participant.  Notwithstanding the foregoing
      sentence, the Plan Year selected by the Participant for an In-Service
      Distribution, or for the commencement of an In-Service Distribution payable
      in
      annual installments, shall not be earlier than the third year following the
      Plan
      Year to which such deferral election relates.

     

    (c)        Matching
      and Discretionary Contributions.  A Participant’s Matching
      Contributions and Discretionary Contributions, if any, shall not be distributed
      as In-Service Distributions
      and shall be distributed pursuant to the Participant’s Separation Distribution
      election for the applicable Plan Year.

     

    
      
        
        

      

      
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    (d)        Separate
      Elections.  To the extent permitted by the Administrator, a
      Participant may make separate elections as to the time and form of distribution
      for base salary, Annual Bonus and any other compensation to be deferred with
      respect to each Plan Year, and for Matching Contributions and Discretionary
      Contributions to be made on behalf of the Participant for such Plan
      Year.

     

    (e)        Absence
      of Election.  If a Participant fails to make an election with
      respect to the time or form of distributions for any Plan Year, the amount
      deferred by or on behalf of the Participant during such Plan Year shall be
      distributed in accordance with the most recent corresponding distribution
      election filed by the Participant with the Administrator.  If no such
      election has been filed, a Participant’s entire vested Account balance for such
      Plan Year shall be distributed to the Participant as a Separation Distribution
      in one lump sum.

     

    8.         Election
      Changes

     

    A
      Participant may change the commencement date or form of a scheduled In-Service
      Distribution or Separation Distribution by filing an election change form with
      the Administrator, provided that: (i) the election change is made at least
      twelve (12) months before the scheduled payment date; (ii) the election change
      will not take effect until at least twelve (12) months after the election is
      made; and (iii) the payment to which the change applies is postponed to a date
      at least five (5) years later than previously scheduled.  A
      Participant may not change the scheduled commencement date of an In-Service
      Distribution with respect to any Plan Year more than two (2)
      times.  For purposes of the Plan, if a Participant elects to receive a
      distribution in installments, each installment payment shall be treated as
      a
      separate payment, as described in Treasury Regulations Section
      1.409A-2(b)(2).

     

    9.         Vesting

     

    (a)        Savings
      Contribution Account.  A Participant shall be fully vested in his
      Savings Contribution Account at all times.

     

    (b)        Matching
      Contribution Account.  A Participant shall become vested in his
      Matching Contribution Account in accordance with the following schedule (where
      the vesting period commences on the Participant’s date of hire), provided that
      he has not incurred a Separation from Service before the applicable vesting
      date:

     

    
      	 	
              Years
                of Service

            	
              Vested
                Percentage

            	 
	 	
              1

            	
              0%

            	 
	 	
              2

            	
              20%

            	 
	 	
              3

            	
              40%

            	 
	 	
              4

            	
              60%

            	 
	 	
              5

            	
              80%

            	 
	 	
              6

            	
              100%

            	 

    

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    Notwithstanding
      the foregoing, in the event of a Change of Control before a Participant’s
      Separation from Service, any unvested portion of the Participant’s Matching
      Contribution Account will become fully vested.

     

    (c)        Discretionary
      Contribution Account.  Discretionary Contributions will be subject
      to a vesting schedule established by the Administrator at the time of the
      Contribution.

     

    (d)        Forfeitures.  Any
      portion of an Account in which a Participant is not fully vested as of the
      date
      of his Separation from Service shall be forfeited.

     

    10.       Accounts

     

    (a)           Establishment
      and Crediting of Accounts.  The Company shall establish and
      maintain an Account for each Participant for each Plan Year and shall credit
      Contributions made on behalf of the Participant with respect to each Plan Year
      as follows:

     

    (i)           Savings
      Contributions shall be credited to a separate Savings Contribution Account
      maintained on behalf of the Participant on the books and records of the
      Company.

     

    (ii)           Matching
      Contributions shall be credited to a separate Matching Contribution Account
      maintained on behalf of the Participant on the books and records of the
      Company.

     

    (iii)           Discretionary
      Contributions shall be credited to a separate Discretionary Contribution Account
      maintained on behalf of the Participant on the books and records of the
      Company.

     

    (b)        Timing
      of Crediting of Accounts.  The amount of each Participant’s
      Savings Contribution shall be credited to the Participant’s Savings Contribution
      Account within five (5) business days of the date on which such amount would
      have been paid to the Participant but for the Participant’s election to defer
      receipt thereof.  The amount of each Participant’s Matching
      Contributions and Discretionary Contributions, if any, shall be credited to
      the
      Participant’s Account at such times as designated by the
      Administrator.  Unless otherwise determined by the Administrator, an
      amount credited to a Participant’s Account shall be deemed invested in the
      Investment Options as described in Section 11 as of the date on which such
      amount would have been paid to the Participant but for the Participant’s
      election to defer receipt thereof.

     

    11.       Notional
      Investment of Accounts

     

    (a)        Investment
      Options.  Amounts credited to a Participant’s Account shall be
      deemed to be invested, at the Participant’s direction, in one or more Investment
      Options specified from time to time by the Administrator.  The
      Administrator may change or discontinue any Investment Option available under
      the Plan in its discretion, and may disregard any Participant’s investment
      directions.  The Administrator shall credit or debit each
      Participant’s Account to the extent notionally invested in each Investment Fund
      with earnings or losses by multiplying the relevant portion of the Account
      balance as of the previous Valuation Date by 

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    the
      net investment return for such Investment Fund for the period.  The
      amounts of hypothetical income and appreciation and depreciation in the value
      of
      a Participant’s Account shall be credited and debited to such Account on a daily
      basis or as otherwise determined by the Administrator.

     

    (b)        Allocation
      and Reallocation of Investments.  A Participant may allocate or
      reallocate amounts credited to his Account to one or more of the Investment
      Options authorized under the Plan in a manner determined by the
      Administrator.  Changes to a Participant’s investment elections shall
      be effective as of the next Valuation Date.  The Administrator may, in
      its discretion, restrict allocation or reallocation by specified Participants
      into or out of specified Investment Options or specify minimum amounts that
      may
      be allocated or reallocated by Participants.

     

    12.       Payment
      of Benefits

     

    (a)        In-Service
      Distributions.  In-Service Distributions of a Participant’s
      Savings Contribution Account shall be made in accordance with the Participant’s
      election, subject to the following:

     

    (i)           If
      a Participant has elected to receive an In-Service Distribution in installments,
      the distribution will be made in installments only if the Participant’s
      aggregate Savings Contribution Account under the Plan, valued as of the first
      such distribution date, when aggregated with the Participant’s total account
      balance under the Old Plan that is attributable to the Participant’s
      compensation deferrals, is not less than $25,000.  If the
      Participant’s total Savings Contribution Account as of such date is less than
      $25,000, such In-Service Distribution shall be made in a single lump sum on
      the
      date of the first scheduled In-Service Distribution.

     

    (ii)           No
      In-Service Distribution shall be made to a Participant if the amount of the
      distribution is less than $5,000 as of the scheduled In-Service Distribution
      date.  Any such amount shall be distributed to the Participant in
      accordance with the Participant’s Separation Payment election for such Plan Year
      or, if none, in a single lump sum upon the Participant’s Separation from
      Service.

     

    (b)        Separation
      Distributions.  A Participant’s vested Account balance shall be
      distributed in accordance with his Separation Distribution elections upon the
      Participant’s Separation from Service; provided however that Separation
      Distributions shall be made in a single lump sum and not in the form of
      installment payments elected by the Participant if the Participant’s total
      vested Account balance under the Plan as of the date of his Separation from
      Service (excluding any amounts which the Participant has elected to be paid
      as
      In-Service Distributions), when aggregated with his total vested account balance
      under the Old Plan, is less than $50,000.

     

    (c)        Acceleration
      of Certain In-Service Distributions.  If a Participant who has
      elected to receive an In-Service Distribution of all or a portion of his Savings
      Contribution Account incurs a Separation from Service for any reason prior
      to
      payment of all scheduled In-

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    Service
      Distributions, all remaining scheduled In-Service Distributions shall be made
      to
      the Participant (or to his Beneficiary in the event of his death) in a single
      lump sum.

     

    (d)        Delayed
      Distributions to Specified Employees.  Notwithstanding anything in
      the Plan to the contrary, except where a Participant incurs a Separation from
      Service by reason of death, no distribution of a Participant’s vested Account
      balance shall be made upon the Participant’s Separation from Service (including
      any accelerated distribution of scheduled but unpaid In-Service Distributions
      in
      accordance with Section 12(c)) if he is a Specified Employee as of the date
      of
      his Separation from Service until the first business day of the seventh month
      after the date of the Specified Employee’s Separation from Service (or, if
      earlier, upon the date of his death).  On such date, any payments
      which would have been paid during the prior six-month period shall be aggregated
      and paid in full to the Participant, without interest, and any succeeding
      payments shall continue as scheduled.

     

    13.       Timing
      of Payments

     

    Subject
      to Section 12(d) with respect to Specified Employees, payments due to a
      Participant under the Plan shall be made as follows:

     

    (a)           Lump
      Sum Payments.

     

    (i)           In-Service
      Distributions.  Lump sum In-Service Distributions will be paid in
      the calendar year specified by the Participant, on or about March 1 of such
      year, and shall have a Valuation Date of the February 28 immediately preceding
      such payment date.

     

    (ii)           Separation
      Distributions.  Lump sum Separation Distributions (including those
      made upon a Participant’s death) shall be made as soon as practicable in the
      calendar quarter following the calendar quarter in which the Participant’s
      Separation from Service occurs, or, if the Participant has elected to defer
      the
      payment of a Separation Distribution in accordance with Section 8, on the date
      selected by the Participant.  Such lump sum payments shall have a
      Valuation Date as of the last day of the calendar quarter ending prior to the
      calendar quarter in which the distribution is paid.

     

    (b)           Installment
      Payments.

     

    (i)           In-Service
      Distributions.  If a Participant elects to have an In-Service
      Distribution made to him in annual installments, each installment payment shall
      be made in the scheduled year, on or about March 1 of such year, and shall
      have
      a Valuation Date of the February 28 immediately preceding the installment
      payment date.

     

    (ii)           Separation
      Distributions.  If a Participant elects to have a Separation
      Distribution (including a Separation Distribution made upon the Participant’s
      death) made to him in annual installments, the first installment shall be
      payable as soon as administratively practicable in the calendar quarter
      following the calendar quarter in which the Participant’s Separation from
      Service occurs, or, if the Participant has elected to defer the commencement
      date of his Separation Distributions in accordance with Section 8, upon the
      date
      selected.  Such first installment shall have a Valuation Date as
      of

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    the
      last day of the calendar quarter ending prior to the calendar quarter in which
      the distribution is paid.  Subsequent installments shall be payable
      annually, on or about each March 1, and shall have a Valuation Date of the
      immediately preceding February 28.

     

    14.       Unforeseeable
      Emergency Distributions

     

    (a)        If,
      upon the written application of a Participant, the Administrator determines
      that
      the Participant has suffered an Unforeseeable Emergency, then the Administrator
      may authorize a distribution from the Participant’s vested Account
      balance.  No payments shall be made pursuant to this Section 14 in the
      event that such Unforeseeable Emergency is or may be relieved through
      reimbursement or compensation by insurance or otherwise, or by liquidation
      of
      the Participant’s assets, to the extent that liquidation of such assets would
      not itself cause severe financial hardship, as determined by the
      Administrator.  Distributions pursuant to this Section 14 shall be no
      less than $5,000, or the Participant’s total remaining vested Account balance,
      if less than $5,000.

     

    (b)        The
      amount of any distribution made on account of an Unforeseeable Emergency shall
      not exceed the amount reasonably necessary to satisfy the financial need,
      including amounts necessary to pay any Federal, state or local income taxes
      or
      penalties reasonably anticipated to result from the distribution, as determined
      by the Administrator.

     

    (c)        Distributions
      on account of an Unforeseeable Emergency will be paid in a single lump sum
      as
      soon as administratively practicable following approval of the Administrator,
      and shall have a Valuation Date as of the last day of the month prior to the
      month in which the distribution is paid.

     

    (d)        If
      a Participant receives a distribution on account of an Unforeseeable Emergency,
      the Participant may make no further Savings Contributions to the Plan for the
      balance of the Plan Year or the following Plan Year.

     

    15.       Acceleration
      of Payments Upon Certain Events

     

    Notwithstanding
      anything in this Plan to the contrary, the Administrator, in its sole
      discretion, may accelerate payment of all or any portion of a Participant’s
      vested Account balance upon the occurrence of any of the events described in
      this Section 15.  A determination of whether a payment qualifies for
      acceleration under this Section 15 shall be made by the Administrator, in its
      sole discretion, in accordance with Section 1.409-3(j)(4) of the Treasury
      Regulations.

     

    (a)        Domestic
      Relations Order.  The Administrator may in its sole discretion
      accelerate payment of all or any portion of a Participant’s vested Account
      balance to the extent necessary to comply with a domestic relations order (as
      defined in Code Section 414(p)(1)(B)) which requires any payments otherwise
      due
      to the Participant under the Plan to be made to an individual other than the
      Participant.

     

    (b)        Limited
      Cashouts.  The Administrator may in its sole discretion accelerate
      payment of all or any portion of a Participant’s vested Account balance to the
      extent that: (1) the aggregate amount of the Participant’s vested Account that
      remains unpaid under the Plan does

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    not
      exceed the applicable dollar amount under Code Section 402(g)(1)(B); (2) the
      accelerated payment results in the termination of the entirety of the
      Participant’s interest under the Plan and all other agreements, plans and
      arrangements aggregated with the Plan under Treasury Regulations Section
      1.409A-1(c)(2); and (3) the Administrator’s decision to cash out the
      Participant’s remaining interest under the Plan pursuant to this paragraph (b)
      is evidenced in writing no later than the cashout date.

     

    (c)        Payment
      of Employment Taxes.  The Administrator may in its sole discretion
      accelerate payment of all or any portion of a Participant’s vested Account
      balance to pay: (i) the Federal Insurance Contributions Act (FICA) tax imposed
      under Code Sections 3101 and 3121(a) and (v)(2) on compensation deferred under
      the Plan (the “FICA Amount”); and/or (ii) income tax at source on wages imposed
      under Code Section 3401 or the corresponding withholding provisions of
      applicable state, local, or foreign tax laws as a result of the payment of
      the
      FICA Amount, and the additional income tax at source on wages attributable
      to
      the pyramiding Code Section 3401 wages and taxes; provided, however, that the
      total payment under this paragraph (c) shall not exceed the aggregate of the
      FICA Amount and the income tax withholding related to such FICA
      Amount.

     

    (d)        Payment
      Upon Income Inclusion Under Section 409A.  The Administrator may
      in its sole discretion accelerate payment of all or any portion of a
      Participant’s vested Account balance if the Plan fails to meet the requirements
      of Section 409A of the Code and the applicable regulations; provided that any
      payment made pursuant to this paragraph (d) may not exceed the amount required
      to be included by the Participant in income as a result of the failure to comply
      with the requirements of Code Section 409A.

     

    (e)        Termination
      of the Plan.  The Administrator may in its sole discretion
      accelerate payment of all or any portion of a Participant’s vested Account
      balance upon termination of the Plan in accordance with Treasury Regulations
      Section 1.409A-3(j)(4)(ix).

     

    (f)        
      Payment of State, Local or Foreign Taxes.  The Administrator
      may in its sole discretion accelerate payment of all or any portion of a
      Participant’s vested Account balance for payment of: (i) state, local, or
      foreign tax obligations of the Participant arising from payments under the
      Plan
      which apply to any such amounts before they are paid or made available to the
      Participant; and/or (ii) the income tax at source on wages imposed under Code
      Section 3401 as a result of such payment, and the additional income tax at
      source on wages imposed under Code Section 3401 attributable to such additional
      Code Section 3401 wages and taxes.  The total payment under this
      paragraph (f) shall not exceed the aggregate of the state, local, and foreign
      tax amount and the income tax withholding related to such state, local, and
      foreign tax amount.  Any such payment shall be made, in the
      Administrator’s discretion, either by (X) distributions to the Participant in
      the form of withholding pursuant to provisions of applicable state, local,
      or
      foreign law; or (Y) distribution directly to the Participant.

     

    (g)        Certain
      Offsets.  To the extent permitted by applicable law, the
      Administrator may in its sole discretion accelerate payment of all or any
      portion of a Participant’s vested Account balance in satisfaction of a debt of
      the Participant to a Participating Employer, where such debt is incurred in
      the
      ordinary course of the service relationship between the Participant and the
      Participating Employer; provided, however, that (i) the entire amount
      of

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    any
      such accelerated payment in any of the Participant’s taxable years does not
      exceed $5,000; and (ii) the reduction is made at the same time and in the same
      amount as the debt otherwise would have been due and collected from the
      Participant.

     

    (h)        Bona
      Fide Disputes as to a Right to a Payment.  The Administrator may
      in its sole discretion accelerate payment of all or any portion of a
      Participant’s vested Account balance to the extent that the accelerated payment
      is made as part of a settlement between the Participant and a Participating
      Employer of an arm’s length, bona fide dispute as to the Participant’s right to
      the payment.

     

    16.       Compliance
      with Code Section 162(m)

     

    It
      is the intent of the Company that any compensation deferred under the Plan
      by a
      Participant who is, with respect to the year of payout, deemed by the
      Administrator to be a “covered employee” within the meaning of Code Section
      162(m) and regulations thereunder, which compensation constitutes “qualified
      performance-based compensation” within the meaning of Code Section 162(m) and
      regulations thereunder, shall not, as a result of deferral under the Plan,
      become nondeductible by the Company as a result of the application of Code
      Section 162(m).  If the Administrator reasonably anticipates that any
      payment otherwise required to be made to a Participant under the Plan would
      not
      be deductible in the year of the payment by reason of the application of Code
      Section 162(m), such payment shall be deferred until the Participant’s first
      taxable year in which the Administrator reasonably anticipates that the
      deduction of the payment will not be limited or eliminated by application of
      Code Section 162(m), or (subject to Section 12(d)), until the period beginning
      with the date of the Participant’s Separation from Service and ending with the
      later of the last day of the calendar year in which the Separation from Service
      occurs and the fifteenth day of the third month following such Separation from
      Service.  Notwithstanding the foregoing, no payment under the Plan may
      be deferred in accordance with this Section 16 unless all scheduled payments
      to
      the Participant that could be delayed in accordance with Treasury Regulations
      Section 1.409A-2(b)(7)(i) are also delayed.

     

    17.       Administration

     

    (a)        Administrator.  The
      Company, or such other organization, committee or individual as may be
      designated by the Company from time to time, shall be the
      Administrator.

     

    (b)        Powers
      of Administrator.  The Administrator shall be charged with the
      general administration of the Plan and shall have all powers necessary or
      appropriate to accomplish its duties under the Plan.  The
      Administrator shall administer the Plan in accordance with its
      terms.  Any determination by the Administrator shall be made in its
      sole and absolute discretion and shall be conclusive and binding upon all
      persons.  The powers and responsibilities of the Administrator shall
      include, without limitation, the following:

     

    (i)           Determining
      all questions relating to the eligibility of an employee to participate in
      the
      Plan or remain a Participant;

     

    (ii)           Computing
      and certifying the amount and the kind of benefits to which any Participant
      may
      be entitled;

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    (iii)          Establishing
      procedures, correcting defects, supplying information, and reconciling
      inconsistencies in any manner and to whatever extent is deemed necessary or
      advisable to carry out the purpose of this Plan;

     

    (iv)          Authorizing
      and directing disbursements from the Trust;

     

    (v)           Determining
      all questions arising in connection with the administration, interpretation
      and
      application of the Plan;

     

    (vi)          Maintaining
      all necessary records for the administration of the Plan;

     

    (vii)         Making
      and publishing rules and regulations that are consistent with the terms
      hereof;

     

    (viii)        Determining
      the short and long-term liquidity needs of the Plan; and

     

    (ix)          Assisting
      any Participant regarding his rights, benefits, or elections available under
      the
      Plan.

     

    (c)        Limitation
      of Liability.  The Administrator shall be entitled to, in good
      faith, rely or act upon any report or other information furnished to it by
      any
      officer or other employee of the Company or any subsidiary or affiliated entity,
      the Company’s independent certified public accountants, or any executive
      compensation consultant, legal counsel, or other professional retained by the
      Company to assist in the administration of the Plan.  To the maximum
      extent permitted by law, no member of any committee appointed as Administrator
      and no person to whom ministerial duties have been delegated shall be liable
      to
      any person for any action taken or omitted in connection with the interpretation
      and administration of the Plan.  The Company agrees to indemnify and
      hold harmless each person who serves as a member of any committee acting as
      Administrator to the fullest extent permitted by law for all acts done in good
      faith and without gross negligence, including defense of all litigation,
      including legal fees.

     

    18.       Claim
      and Appeal Procedure

     

    (a)        Any
      Participant or other person claiming an interest in the Plan (the “Claimant”)
      may file a claim in writing with the Administrator.

     

    (b)        The
      denial of any claim under the Plan shall be communicated in writing or in
      electronic form by the Administrator to the Claimant (or the Claimant’s
      authorized representative) within ninety (90) days of receipt of the claim,
      unless the Administrator determines that special circumstances beyond the
      control of the Plan require an extension of time, in which case the
      Administrator may have up to an additional ninety (90) days to process the
      application.  If the Administrator determines that an extension of
      time for processing is required, the Administrator shall furnish written or
      electronic notice of the extension to the Claimant before the end of the initial
      ninety (90) day period.  Any notice of extension shall describe the
      special circumstances necessitating the additional time and the date by which
      the Administrator expects to render its decision on the
      application.

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    (c)        The
      written or electronic notice of denial shall be set forth in a manner designed
      to be understood by the Claimant, and shall include specific reasons for the
      denial, specific references to the Plan provision(s) upon which the denial
      is
      based, a description of any information or material necessary for the Claimant
      to perfect his claim, an explanation of why such material or information is
      necessary, and an explanation of the Plan’s review procedures and the time
      limits applicable to such procedures, including a statement of the Claimant’s
      right to bring a civil action under ERISA following an adverse determination
      on
      review.  If a Claimant has not received notification of the
      Administrator’s determination within ninety (90) days (or such extended period
      as may be applicable), the Claimant shall be entitled to pursue any remedies
      available to him under ERISA.

     

    (d)        Any
      Claimant whose claim is denied in accordance with paragraph (c) shall have
      the
      right to request the review of such denial within seventy-five (75) days of
      receipt of written or electronic notice of the denial.  Such request
      for review must be in writing and directed to the Administrator.

     

    (e)        The
      Administrator shall have sixty (60) days to process the application for review
      unless the Administrator determines that special circumstances beyond the
      control of the Plan require an extension of time, in which case the
      Administrator may have up to an additional sixty (60) days to process the
      application.  If the Administrator determines that an extension of
      time for processing is required, the Administrator shall furnish written or
      electronic notice of the extension to the Claimant before the end of the initial
      sixty (60) day period.  Any notice of extension shall describe the
      special circumstances necessitating the additional time and the date by which
      the Administrator expects to render its decision on the
      application.

     

    (f)         The
      Claimant will have the right to be represented at such review, to review all
      documents relevant to the claim, and to submit written comments, documents,
      records and other information relating to the claim.  The Claimant
      will be provided upon request and free of charge reasonable access to and copies
      of all documents, records and other information relevant to the Claimant’s
      claim.  Any review requested by the Claimant of a determination by the
      Administrator will take into account all comments, documents, records and other
      information submitted by the Claimant relating to the claim, without regard
      to
      whether such information was submitted or considered in the initial benefit
      determination.  The Administrator shall respond electronically or in
      writing within sixty (60) days (or such extended period as may be applicable)
      after the receipt of the request for such review.  The decision on
      review shall include specific reasons for the decision, written in a manner
      calculated to be understood by the Claimant and with specific references to
      the
      relevant Plan provisions on which the decision is based.

     

    (g)        Any
      person submitting a claim in accordance with this section may withdraw the
      claim
      at any time or, with the consent of the Administrator, defer the date on which
      such claim shall be deemed filed for purposes of this Section 18.

     

    (h)        For
      purposes of this Section 18, a document, record or other information is
      considered “relevant” to the Claimant’s claim if such document, record or other
      information (i) was relied upon by the Administrator in making the benefit
      determination; (ii) was submitted, considered or generated in the course of
      making the benefit determination, without regard to whether such document,
      record or other information was relied upon in making the benefit

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    determination;
      or (iii) demonstrates compliance with the administrative processes and
      safeguards designed to ensure and to verify that that benefit claim
      determinations are made in accordance with governing Plan documents and that,
      where appropriate, the Plan provisions have been applied consistently with
      respect to similarly situated Claimants.

     

    (i)         The
      internal claims procedures under this Section 18 are mandatory.  If a
      Claimant fails to follow these claims procedures, or to timely file a request
      for review in accordance with this Section 18, the denial of the claim shall
      become final and binding on all persons for all purposes.

     

    (j)         The
      determination whether to grant or to deny any claim under this Plan shall be
      made by the Administrator, in its sole and absolute discretion.  All
      determinations, constructions and interpretations made by the Administrator
      shall be conclusive and binding on all persons to the maximum extent permitted
      by law.

     

    19.       Establishment
      of Trusts

     

    The
      Company may, in its discretion, establish one or more grantor Trusts (including
      sub-accounts under such Trusts), and deposit therein amounts of cash or other
      property not exceeding the amount of the obligations of the Company and all
      other Participating Employers with respect to the Participants’ Accounts
      established under the Plan.  Other provisions of the Plan
      notwithstanding, the timing of allocations and reallocations of assets in the
      Participants’ Accounts, and the Investment Options available with respect to
      such Accounts, may reflect the timing of actual investments of the assets of
      such Trust(s) and the actual investments available to such Trust(s), all as
      determined in the sole discretion of the Administrator.  The
      investments of the Trust(s) may include life insurance (including, but not
      limited to, variable life insurance), and such other assets as may be selected
      from time to time by the Administrator.

     

    20.       Amendment
      and Termination of the Plan

     

    (a)        Amendment.  The
      Company, or its delegee, may at any time make such modifications of the Plan
      as
      it shall deem advisable.  All such amendments shall be in
      writing.  Except for amendments which the Company reasonably believes
      necessary or appropriate to avoid adverse tax consequences to Participants,
      including amendments designed to avoid the penalties and interest imposed by
      Section 409A of the Code, no amendment of the Plan may, without the consent
      of
      the Participant who has an Account balance under the Plan, adversely affect
      the
      rights of such Participant under the Plan.

     

    (b)        Termination.  Notwithstanding
      anything in the Plan to the contrary, subject to the terms of Section 409A
      of
      the Code, the Company may suspend, freeze or terminate the Plan at any time
      in
      its sole discretion by written action of the Company or its
      delegee.

     

    (c)        Effect
      of Change of Control.  Notwithstanding the foregoing, upon the
      occurrence of a Change of Control, the Plan may not be amended in any way
      (except to the extent required by law) or terminated prior to the payment of
      amounts credited to Participants’ Accounts as of the date of the Change of
      Control, pursuant to the terms of the Plan and the Participants’ elections with
      respect thereto.

    
      
        
        

      

      
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    21.       Participating
      Employers

     

    (a)        Adoption
      of Plan.  Any member of the Selective Group may, by action of its
      board of directors, adopt this Plan for all or a portion of its eligible
      employees, provided that the Company approves such adoption.  The
      administrative powers and control of the Company as provided in the Plan shall
      not be deemed diminished under the Plan by reason of the participation of any
      member of the Selective Group in the Plan.

     

    (b)        Withdrawal
      from Plan.  A Participating Employer may withdraw at any time from
      the Plan without affecting the other Participating Employers.  The
      Board of Directors of the Company may, in its discretion, terminate a
      Participating Employer’s participation in the Plan at any time when, in its
      judgment, such Participating Employer fails or refuses to discharge its
      obligations under the Plan.

     

    22.       General
      Provisions

     

    (a)        Limits
      on Transfer of Plan Benefits.  Except as otherwise provided
      herein, other than by will or the laws of descent and distribution, no right,
      title or interest of any kind in the Plan shall be transferable or assignable
      by
      a Participant or his Beneficiary or be subject to alienation, anticipation,
      encumbrance, garnishment, attachment, levy, execution or other legal or
      equitable process, nor subject to the debts, contracts, liabilities,
      engagements, or torts of any Participant or his Beneficiary.  Any
      attempt to alienate, sell, transfer, assign, pledge, garnish, attach or take
      any
      other action subject to legal or equitable process or encumber or dispose of
      any
      interest in the Plan shall be void.  No loans shall be issued by the
      Plan against a Participant’s Account.

     

    (b)        Receipt
      and Release.  Payments (in any form) to any Participant or
      Beneficiary in accordance with the provisions of the Plan shall be in full
      satisfaction of all claims for the compensation or awards deferred and relating
      to the Participant’s Account against the Company, all of its Affiliates, their
      respective boards of directors, officers, employees, and the Administrator,
      and
      the Administrator may require such Participant or Beneficiary, as a condition
      to
      such payments, to execute a receipt and release to such effect.

     

    (c)        Unfunded
      Status of Accounts.  The Plan shall be maintained as an unfunded
      plan which meets the requirements of Sections 201(2), 301(a)(3) and 401(a)(1)
      of
      ERISA, and Participants shall rely solely on the unsecured promise of the
      Company or other applicable Participating Employer for payment
      hereunder.  Nothing contained in the Plan shall give a Participant any
      rights that are greater than those of a general unsecured creditor of the
      Company or other applicable Participating Employer; provided, however, that
      the
      Administrator may authorize the creation of Trusts referred to in Section 19,
      or
      make other arrangements to meet the obligations of the Participating Employers
      under the Plan, which Trusts or other arrangements shall be consistent with
      the
“unfunded” status of the Plan.

     

    (d)        Compliance.  A
      Participant in the Plan shall have no right to receive payment (in any form)
      with respect to his Account until legal and contractual obligations of the
      Company relating to establishment and maintenance of the Plan and the making
      of
      such payments shall have been complied with in full.  In addition, the
      Company shall impose such

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    restrictions
      on any interest constituting a security as it may deem advisable in order to
      comply with the Securities Act of 1933, as amended, the requirements of NASDAQ
      or any applicable stock exchange or automated quotation system, any state
      securities laws applicable to such a transfer, any provision of the Company’s
      Certificate of Incorporation or By-laws, or any other law, regulation, or
      binding contract to which the Company is a party.

     

    (e)        No
      Employment Rights.  No provision of the Plan or transaction
      hereunder shall confer upon any Participant any right to be employed by the
      Company or any  subsidiary or affiliate thereof, or to interfere in
      any way with the right of any Participating Employer to increase or decrease
      the
      amount of any compensation payable to such Participant.  Subject to
      the limitations set forth in Section 22(a) hereof, the Plan shall inure to
      the
      benefit of, and be binding upon, the Company and Participants and their
      successors and assigns.

     

    (f)         Legal
      Fees and Expenses.  On or after a Change of Control, the Company
      (or a successor who purchases substantially all of the assets of the Company)
      shall pay all reasonable legal fees and expenses which a Participant may incur
      in respect of obtaining from the Company (or such successor) any benefit to
      which he is entitled under the Plan.

     

    (g)        Governing
      Law.  The Plan shall be construed, administered and enforced in
      accordance with the laws of the State of New Jersey to the extent that State
      law
      shall not have been preempted by the provisions of ERISA, or any other laws
      of
      the United States heretofore or hereafter enacted.

     

    (h)        Tax
      Withholding.  The Company and each other Participating Employer
      shall have the right to deduct from amounts otherwise payable in settlement
      of a
      Participant’s Account under the Plan any sums that federal, state, local, social
      security or foreign tax law requires to be withheld with respect to such
      payment.

     

    (i)         Limitation.  A
      Participant and his Beneficiary shall assume all risk in connection with any
      decrease in value of the Participant’s Account, and neither the Company nor any
      Participating Employer nor the Administrator shall be liable or responsible
      therefor.

     

    (j)         Gender
      and Number.  Where the context admits, words in the masculine
      gender shall include the feminine and the neuter genders, the singular shall
      include the plural, and the plural shall include the singular.

     

    (k)        Severability.  In
      the event that any provision of the Plan shall be declared illegal or invalid
      for any reason, such illegality or invalidity shall not affect the remaining
      provisions of the Plan but shall be fully severable, and the Plan shall be
      construed and enforced as if such illegal or invalid provision had never been
      a
      part of the Plan.

     

    (l)         Creditors’
      Rights.  The maintenance of the Plan by the Company is not
      intended to, shall not, and shall not be deemed to, confer upon the Company,
      any
      other Participating Employer or any of their subsidiaries or affiliates any
      ownership or other legal or beneficial interest of any kind or nature in any
      Contributions (or any earnings thereon) actually contributed by any other party
      to the Plan, and no creditor, receiver, trustee, successor or assign or other
      party claiming any interest in the property or assets of any Participating
      Employer or any of its subsidiaries or affiliates shall recover from, or claim
      any interest in, the Plan or Trust, if

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    any,
      in excess of the Contributions (and any earnings thereon) actually contributed
      by the party to the Plan through or against whom such entity asserts its claim
      or interest.

     

    (m)       Required
      Notification to Administrator.  Each Participant or his
      Beneficiary entitled to payments hereunder shall file with the Administrator
      from time to time in writing his post office address and each change of post
      office address.  Any check representing payment hereunder and any
      communication addressed to a Participant, or his Beneficiary at the last address
      filed with the Administrator, or if no such address has been filed, then at
      his
      last address as indicated on the records of the Company, shall be binding on
      such person for all purposes of the Plan.

     

    (n)        Facility
      of Payment.  Whenever and as often as any person entitled to
      payments hereunder shall be under a legal disability, or in the sole judgment
      of
      the Administrator shall otherwise be unable to apply such payments to his own
      best interest and advantage, the Administrator, in the exercise of its
      discretion, may, but is not required to, direct all or any portion of such
      payments to be made in any one or more of the following ways:

     

    (i)           directly
      to such person;

     

    (ii)           to
      his legal curator, guardian, or conservator, or other court-appointed or
      court-recognized representatives; or

     

    (iii)           to
      his spouse, to another member of his family, or to any other person, to be
      expended for his benefit.

     

    (o)        Notices
      and Other Communications.  Except as determined by the
      Administrator with respect to elections, any notice or other communication
      to be
      provided under any provision of the Plan shall be in writing and shall be
      personally delivered, sent by overnight courier, sent by telecopier or facsimile
      transmission, or mailed by first class, registered or certified mail, postage
      prepaid, return receipt requested.  Any such notice shall be deemed to
      have been duly given if personally delivered when delivered, if mailed five
      days
      after mailing, if sent by telecopier when confirmed, and if sent by overnight
      courier one business day after delivery to such courier.  All notices
      to be given to the Company shall be addressed to it at its principal office
      in
      care of the Company’s Corporate Secretary, or at such other address(es) as it
      may designate by like notice.  All notices to be given to a
      Participant (or a Beneficiary) shall be addressed to the Participant at the
      most
      recent business or home address appearing in the Company’s records.

     

    IN
      WITNESS WHEREOF, this Selective Insurance Company of America Deferred
      Compensation Plan (2005) has been duly executed on this 19th day of September,
      2007.

     

    
      	 	
              SELECTIVE
                INSURANCE COMPANY

            
	 	
              OF
                AMERICA

            
	 	 	 	 
	 	 	 	 
	 	
              By:

            	
               /s/

            	 Michael
              H. Lanza	 
	 	 	
              Name:

            	
              Michael
                H. Lanza

            
	 	 	
              Title:

            	
              Senior
                Vice President and General Counsel

            

    

    

    21

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