PSS WORLD MEDICAL INC
EX 10.4
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<TYPE>EX-10
<SEQUENCE>6
<FILENAME>ex10_4.htm
<DESCRIPTION>EX 10.4
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Exhibit 10.4 </B></FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PSS WORLD MEDICAL, INC. <BR>AMENDED AND RESTATED <BR>
ELITe DEFERRED COMPENSATION PLAN</B> <BR>(as amended through July 1, 2004) </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 1 <BR>ESTABLISHMENT OF PLAN </FONT></H1>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.01 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Background
of Plan</U>. PSS World Medical, Inc. (f/k/a Physician Sales &amp; Service, Inc.)
established, effective as of July 1, 1997, a deferred compensation plan known as the
Physician Sales &amp; Service, Inc. ELITe Deferred Compensation Plan. The Plan became
effective for Compensation payable on or after July 1, 1997. The Plan was amended and
restated as of March 30, 1999 to change the name of the Plan and to eliminate the
forfeiture of stock options granted under the Stock Option Program in any Plan Year that
the Participant terminates a deferral election under the Plan. The Plan was further
amended and restated as of July 1, 2000 to change to the investment crediting methodology
for the deferral account balances and for related purposes. The Plan was further amended
and restated as of April 1, 2001 to permit pay out of account balances of $25,000 or less
in a lump sum under certain conditions and to clarify the payout procedures. The Plan was
further amended and restated as of April 1, 2002 to (i) to permit discretionary Company
contributions on behalf of Participants, (ii) change the Plan Year, (iii) to provide more
flexibility in investment allocation elections, (iv) to allow longer payout elections for
retirement account balances of more than $25,000, (v) to allow mid-year enrollments for
newly eligible participants, and (vi) to effect certain &#147;housekeeping&#148; changes.
The Plan was further amended and restated as of July 1, 2003 to permit up to three
deferral accounts for in-service distributions and one deferral account for distributions
upon termination of employment. The Plan is hereby further amended and restated as of
July 1, 2004 to reflect that no options will be granted under the ELITe Stock Option
Grant Program from and after July 1, 2004. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.02 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Purpose</U>.
The Company desires to recognize the valuable contribution of its CEO Roundtable and
Challenger sales force and other selected executives by providing the ELITe Program, an
executive benefit program consisting of (i) this ELITe Deferred Compensation Plan, under
which participants may voluntarily defer compensation, which, together with a Company
matching contribution on deferrals of up to 10% of compensation, will earn a return based
on the performance of one or more benchmark investments, and (ii) the ELITe Stock Option
Grant Program, which provides participants the opportunity to purchase Company stock when
the growth in the stock value exceeds a designated formula amount. The ELITe Stock Option
Grant Program was amended as of July 1, 2004 to reflect that no options will be granted
thereunder from and after July 1, 2004. Any options theretofore granted under that
program will remain outstanding in accordance with their terms and the Company&#146;s
equity incentive plans under which they were granted. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.03 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Status
of Plan</U>. The Plan is intended to be a nonqualified, unfunded plan of deferred
compensation under the Internal Revenue Code of 1986, as amended. Although the plan is
unfunded for tax purposes, the Company may establish a trust under Revenue Procedure
92-64 to provide benefits under the Plan. (See Section 1.04). </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.04 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Establishment
of Trust</U>. As noted in Section 1.03, the Company may establish a trust to fund
benefits provided under the terms of the Plan (&#147;Trust&#148;). It is intended that a
transfer of assets into the Trust will not generate taxable income (for federal income
tax purposes) to the Participants until such assets are actually distributed or otherwise
made available to the Participants. </FONT></TD>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 2 <BR>DEFINITIONS </FONT></H1>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.01 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Definitions</U>.
Certain terms of the Plan have defined meanings set forth in this Article and which shall
govern unless the context in which they are used clearly indicates that some other
meaning is intended. </FONT></TD>
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<U>Accounts</U>.
&nbsp; The term &#147;Accounts&#148; means and includes all of a Participant&#146;s
                    In-Service Accounts and his or her Termination Account under the
Plan. The                     performance and value of the Accounts shall be measured by
reference to the                     performance of one or more third-party investment
funds (investing in equities                     and fixed income instruments) designated
from time to time by the Plan                     Administrator as being benchmark
investments for Accounts. The maintenance of                     individual Accounts is
for bookkeeping purposes only. The Participant is not an                     actual
investor in the designated funds; rather the Participant is permitted to
                    select any of the funds as a benchmark for the return on his or her
Compensation                     deferred under the Plan.  </FONT></TD>
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<U>Beneficiary</U>.
&nbsp; Any person or persons designated by a Participant, in accordance with
                    procedures established by the Committee or Plan Administrator, to
receive                     benefits hereunder in the event of the Participant&#146;s
death. If any                     Participant shall fail to designate a Beneficiary or
shall designate a                     Beneficiary who shall fail to survive the
Participant, the Beneficiary shall be                     the Participant&#146;s
surviving spouse, or, if none, the Participant&#146;s                     surviving
descendants (who shall take per stirpes) and if there are no surviving
                    descendants, the Beneficiary shall be the Participant&#146;s estate.  </FONT></TD>
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<U>Board</U>.&nbsp; The Board of Directors of the Company.  </FONT></TD>
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<U>CEO Roundtable Member</U>. &nbsp;A member of the CEO Roundtable sales force of the Company, as
recognized from time to time by the Company&#146;s management and the Board. </FONT></TD>
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<U>Challenger</U>.&nbsp; A member of the Challenger sales force of the Company, as recognized from time
                    to time by the Company&#146;s management and the Board. </FONT></TD>
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<U>Change in Control</U>.&nbsp; As defined in Section 9.03. </FONT></TD>
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<U>Committee</U>.&nbsp; The Compensation Committee of the Board.  </FONT></TD>
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<U>Company</U>.&nbsp; PSS World Medical, Inc. and its corporate successors.  </FONT></TD>
</TR>
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<U>Company Matching Contribution</U>. &nbsp;The matching contributions made by the Company to
Participants&#146; Accounts in accordance with Section 5.05. </FONT></TD>
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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>Compensation</U>.&nbsp; The total salary, commissions and cash bonus payable by the Company in the
                    relevant Plan Year to a Participant for services to the Company or any of its
                    affiliates, as such amount may be changed from time to time. </FONT></TD>
                    </TR>
                    </TABLE>
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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>Deferral Election Form</U>. &nbsp;A form, substantially in the form attached hereto as Exhibit&nbsp;A,
pursuant to which a Participant elects to defer Compensation under the Plan. </FONT></TD>
</TR>
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<U>Deferral Termination Date</U>. &nbsp;As defined in Section 5.03(c). </FONT></TD>
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<U>Disability</U>. &nbsp;Total and permanent disability as determined under the Company&#146;s long term
                    disability program, whether or not the Participant is covered under such
                    program. If no such program is in effect, the Disability of a Participant shall
                    be determined in good faith by the Board. </FONT></TD>
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<U>Discretionary Company Contributions</U>. The discretionary contributions, if any, made by the Company to
Participants&#146; Accounts in accordance with Section 5.06. </FONT></TD>
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<U>Effective Date</U>. &nbsp;The Plan is effective for Compensation payable on or after July 1, 1997. </FONT></TD>
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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>Election Date</U>. &nbsp;The date established by the Plan as the date by which a Participant must submit
a valid Deferral Election Form to the Plan Administrator in order to participate in the
Plan for a Plan Year. For each Plan Year, the Election Date is June 30 of the preceding
Plan Year; provided, however, that if a person first becomes a eligible to participate in
the Plan after the beginning of the Plan Year, the Election Date for such person for that
Plan Year shall be the 30<SUP>th</SUP> day after he or she first becomes eligible to
participate in the Plan. </FONT></TD>
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<U>In-Service Account</U>. &nbsp;An In-Service Account established by the Company under Section 5.03 of the
Plan for a Participant for short-term deferrals of Compensation pursuant to the Plan. A
Participant may have up to three In-Service Accounts under the Plan in addition to his or
her Termination Account. A Participant is not required to have any In-Service Accounts. </FONT></TD>
</TR>
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<U>Normal Retirement</U>. &nbsp;Termination of Employment after age 60, or after age 55 with ten years of
prior service with the Company or any of its affiliates. </FONT></TD>
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<U>Participant</U>. &nbsp;Any CEO Roundtable Member, Challenger or Selected Executive who has elected to
                    participate in the Plan or who has received a Discretionary Company Contribution
                    under the Plan. </FONT></TD>
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<U>Plan</U>. &nbsp;The PSS World Medical, Inc. Amended and Restated ELITe Deferred Compensation
                    Plan as set forth in this document, together with any subsequent amendments
                    hereto. </FONT></TD>
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<U>Plan Administrator</U>. &nbsp;The Committee or its delegee of administrative duties under the Plan
pursuant to Section 3.02. </FONT></TD>
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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>Plan Year</U>. &nbsp;The Plan Year shall be the twelve-month period from July 1 of each year though
June 30 of the following calendar year; provided, however, that Plan Year 2002 shall mean
the 15-month period from April 1, 2001 to June 30, 2002. Thereafter, &#147;Plan Year
2003&#148; for example, shall mean the year ended June 30, 2003, and so on. </FONT></TD>
</TR>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-2- </FONT></P>

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<U>Roll-Over Balance</U>. &nbsp;The unpaid vested balance in a Participant&#146;s In-Service Account that
will automatically be rolled into the Participant&#146;s Termination Account under the
circumstances described in Section 5.08(c). </FONT></TD>
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<U>Selected Executive</U>. &nbsp;With respect to a Plan Year, an executive employee of the Company or any of
its affiliates who has been selected by the Committee to be an eligible participant in the
Plan for such Plan Year. </FONT></TD>
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<U>Stock
Option Grant Program</U>. The PSS World Medical, Inc. Amended and Restated ELITe Stock
Option Grant Program, as amended from time to time. </FONT></TD>
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<U>Termination
Account</U>. A Termination Account established by the Company under Section 5.03 of the
Plan for a Participant for deferrals of Compensation pursuant to the Plan until the
Participant&#146;s Termination of Employment, including any Discretionary Company
Contributions. </FONT></TD>
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<U>Termination of Employment</U>. &nbsp;A Termination of Employment occurs when a Participant ceases for any
reason to be an employee of the Company or any of its affiliates. </FONT></TD>
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<U>Termination Triggering Event</U>. &nbsp;As defined in Section 5.08(a). </FONT></TD>
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<U>Valuation Dates</U>. &nbsp;The dates for valuing the balance in an Account as provided in Section 5.08. </FONT></TD>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 3 <BR>ADMINISTRATION OF THE
PLAN </FONT></H1>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.01  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Administrator
 of the Plan.</U> The Plan shall be  administered  by the Committee.  The Committee may
delegate          certain administrative functions to the Plan Administrator as provided
in Section 3.02.</FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.02 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Authority
of Committee</U>. The Committee shall have full power and authority to: (i) interpret and
construe the Plan and adopt such rules and regulations as it shall deem necessary and
advisable to implement and administer the Plan, (ii) determine the benefits of the Plan
to which any Participant, Beneficiary or other person may be entitled, (iii) keep records
of all acts and determinations of the Committee and Plan Administrator, and to keep all
such records, books of accounts, data and other documents as may be necessary for the
proper administration of the Plan, (iv) prepare and distribute to all Participants and
Beneficiaries information concerning the Plan and their rights under the Plan, (v) do all
things necessary to operate and administer the Plan in accordance with its provisions,
and (iv) designate persons other than members of the Committee or the Board to carry out
its responsibilities, subject to such limitations, restrictions and conditions as it may
prescribe. Without limiting the foregoing, the Committee may from time to time delegate
to one or more agents who may or may not be employees of the Company (the &#147;Plan
Administrator&#148;) the authority to act on behalf of the Committee in all matters of
Plan administration, but the Committee shall retain exclusive authority to determine
eligible Participants, to amend or terminate the Plan, and to make a determinations under
Section 7.02 of the Plan. Until later designated by the Committee, the Plan Administrator
shall be a committee consisting of David Smith, Jeff Anthony and David Klarner. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.03 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Effect
of Committee Determinations</U>. No member of the Committee or the Board or the Plan
Administrator shall be personally liable for any action or determination made in good
faith with respect to the Plan or to any settlement of any dispute between a Participant
and the Company. Any decision or action taken by the Committee or the Board with respect
to the administration or interpretation of the Plan shall be conclusive and binding upon
all persons. </FONT></TD>
</TR>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 4 <BR>PARTICIPATION </FONT></H1>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.01 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Election
to Participate</U>. Each CEO Roundtable Member, Challenger and Selected Executive is
automatically eligible to participate in the Plan. He or she may participate in the Plan
for a Plan Year by delivering a properly completed and signed Deferral Election Form to
the Plan Administrator on or before the Election Date for such Plan Year. The Participant&#146;s
participation in the Plan will be effective as of the following date, as applicable: (i)
in the case of the first Plan Year, July 1, 1997, (ii) in the case of subsequent Plan
Years, the first day of the Plan Year beginning after the Plan Administrator receives the
Participant&#146;s Deferral Election Form, or (iii) in the case of a person who first
becomes eligible to participate in the Plan after the beginning of a Plan Year, the first
day after the Plan Administrator receives the Deferral Election Form if filed within 30
days after such Participant first becomes eligible to participate in the Plan. A
Participant shall not be entitled to any benefit hereunder unless such Participant (i)
has properly completed a Deferral Election Form and deferred the receipt of Compensation
pursuant to the Plan, or (ii) has received a Discretionary Company Contribution under the
Plan. </FONT></TD>
</TR>
</TABLE>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-3- </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.02  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Voluntary
Termination of Deferral Election Form.</U> </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Cessation of Deferrals; Effect</U>. A Participant may at any time cease
                    making further deferrals into all (but not less than all) of his or her Accounts
                    during a Plan Year by terminating his or her Deferral Election Form. Such
                    termination will be effective on the first day of the calendar quarter after the
                    Participant notifies the Plan Administrator of the Participant&#146;s
                    termination of the Deferral Election Form. If a Participant terminates a
                    Deferral Election Form, the Participant may not activate a new Deferral Election
                    Form to defer Compensation under the Plan for the remainder of the Plan Year in
                    which the Participant&#146;s former Deferral Election Form was terminated or for
                    the next following Plan Year. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Prior Deferred Amounts</U>. Any Compensation deferred prior to the
                    termination of a Deferral Election Form shall remain subject to the original
                    Deferral Election Form and the Plan. On or before the Election Date for the
                    second following Plan Year or of any subsequent Plan Year, the Participant may
                    deliver a new Deferral Election Form for any Account and thereby defer the
                    receipt of any future Compensation. Such new Deferral Election Form shall be
                    effective only for Compensation applicable to the Participant&#146;s service
                    after the first day of the next eligible Plan Year following the Plan
                    Administrator&#146;s receipt of the Participant&#146;s new Deferral Election
                    Form. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.03 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Continuation
of Deferral Election Form</U>. Prior to the commencement of each Plan Year, a Participant
shall have the right, by executing and delivering to the Plan Administrator a new
Deferral Election Form, to modify the percentage of his or her Compensation which is
deferred to his or her Accounts under the Plan. Such new Deferral Election Form shall be
effective only for Compensation applicable to the Participant&#146;s service after the
first day of the new Plan Year. If the Participant fails to deliver a new Deferral
Election Form prior to the commencement of the new Plan Year, the Participant&#146;s
Deferral Election Form in effect during the previous Plan Year shall continue in effect
during the new Plan Year, unless the Participant is prohibited from making deferrals
under the Plan in such new Plan Year by reason of having terminated a prior Election Form
pursuant to Section 4.02(a) </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.04 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Automatic
Termination of Deferral Election Form</U>. A Participant&#146;s Deferral Election Form
will automatically terminate at the earlier of (i) the Participant&#146;s Termination of
Employment, or (ii) the termination of the Plan. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.05 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>No
Implied Rights</U>. Nothing contained in the Plan shall be deemed to give any CEO
Roundtable Member, Challenger or Selected Executive the right to continue in such status
or to remain as an employee of the Company. </FONT></TD>
</TR>
</TABLE>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 5 <BR>PLAN BENEFITS </FONT></H1>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.01 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Deferred
Compensation</U>. A Participant may elect to defer up to 100% of his or her Compensation
in accordance with the terms of the Plan and the Deferral Election Form; provided,
however, that the Company Matching Contribution shall apply only with respect to
deferrals of up to 10% of Compensation. For bookkeeping purposes, the amount of the
Compensation which the Participant elects to defer pursuant to the Plan shall be
transferred to and held in the Participant&#146;s individual Accounts, as indicated in
the Deferral Election Form, and subject to the terms of the Plan. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.02 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Time
of Election of Deferral</U>. Subject to Section 4.03, a Participant who wishes to defer
Compensation for a Plan Year must irrevocably elect to do so on or prior to the Election
Date for such Plan Year, by delivering a valid Deferral Election Form to the Plan
Administrator. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.03  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Deferral Elections</U>. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Designation of Accounts</U>. The Company will automatically designate a
                    Termination Account for each Participant for the purpose of (i) crediting the
                    Participant&#146;s voluntary deferrals of Compensation, if any, into the
                    Termination Account, (ii) crediting Roll-Over Balances, if applicable, from the
                    Participant&#146;s In-Service Accounts pursuant to Section 5.08(c), and (iii)
                    crediting any Discretionary Company Contributions made to the Participant. In
                    addition to the Termination Account, a Participant may designate up to three
                    In-Service Accounts. . </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Deferral Amounts</U>. The Deferral Election Form shall indicate: (i) the
                    aggregate dollar amount or percentage (in increments of 1%) of Compensation to
                    be deferred, (ii) the components of Compensation from which such deferrals are
                    to be made, such as from salary, bonus or commission, and (iii) of such
                    aggregate amount to be deferred, the dollar amount or percentage (in increments
                    of 1%) of Compensation to be credited to each Account, if more than one. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-4- </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Deferral Periods</U>. A Participant shall designate for each In-Service
                    Account a date (the &#147;Deferral Termination Date&#148;), after which payments
                    from such Account will be payable pursuant to Section 5.08. The Deferral
                    Termination Date must be at least three years after the first date that
                    deferrals are made to the In-Service Account. Distribution of amounts held in a
                    Participant&#146;s Termination Account shall commence as provided in Section
                    5.08(a) following the earliest of (i) the Participant&#146;s Termination of
                    Employment, (ii) the Participant&#146;s death, (iii) the Participant&#146;s
                    Disability, or (iv) the Participant&#146;s termination of participation pursuant
                    to Section 7.02. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Limited Changes Permitted</U>. Except as provided in clauses (i) and (ii)
                    below and in Section 4.02, deferral elections shall be irrevocable. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Extension
of Deferral Period</U>. For each In-Service Account, the                Participant may
file a new Deferral Election Form to extend the Deferral                Termination Date
for such Account; provided, however, that (A) a Participant is                limited to
one such changed election for each In-Service Account during the life                of
the Plan, (B) the new Deferral Termination Date selected must be at least
               five years later than the prior Deferral Termination Date for such
Account, and                (C) such changed election, to be effective, must be filed
with the Plan                Administrator no less than thirteen (13) months prior to the
originally selected                Deferral Termination Date for such Account.  </FONT></P></TD>
</TR>
</TABLE>
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<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Number
of Installment Payments for Termination Account</U>. A Participant may
               designate in his or her Deferral Election Form the number of installments
               (between five and twenty) in which his or her Termination Account will be
paid                in accordance with Section 5.08(a); provided that if no such election
is                indicated, the Termination Account will be paid in five installments,
or in a                lump sum if less than $25,000. A Participant may change his or her
election as                to the number of installment payments for the Termination
Account; provided,                however, that (A) a Participant is limited to one such
changed election in any                Plan Year, (B) such changed election, to be
effective, must be filed with the                Plan Administrator no less than thirteen
(13) months prior to the Termination                Triggering Event (as defined in
Section 5.08(a)), and (C) a changed election,                once effective, shall
override all prior such elections.  </FONT></P></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.04 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Return
on Account Balances</U>. Amounts in a Participant&#146;s Account will be credited with a
return (positive or negative) measured by reference to the performance of one or more
benchmark investment funds selected by the Participant for such Account. A Participant
may from time to time, in accordance with procedures established by the Plan
Administrator: (i) indicate and change his or her investment allocation choices from
among the offered benchmark investment funds, and (ii) indicate whether such investment
allocation elections shall apply to new deferrals, existing Account balances, or both.
Unless otherwise indicated by the Plan Administrator, a Participant may specify different
investment allocations for each of his or her Accounts. Indications of investment
allocation choices shall be made in such manner and with such frequency as may be
approved from time to time by the Plan Administrator. Participants will be provided with
quarterly reports as to the status of their various Accounts. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.05 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Company
Matching Contributions</U>. For each dollar ($1.00) that a CEO Roundtable Member defers
into an Account (up to 10% of Compensation in the aggregate for all of the Participant&#146;s
Accounts), the Company will make a matching contribution of fifty cents ($.50). For each
dollar that a Challenger defers into an Account (up to 10% of Compensation in the
aggregate for all of the Participant&#146;s Accounts), the Company will make a matching
contribution of twenty-five cents ($.25). For each dollar that a Selected Executive
defers into an Account (up to 10% of Compensation in the aggregate for all of the
Participant&#146;s Accounts), the Company will make a matching contribution of such
amount as shall be communicated to the Selected Executive in advance of the Election
Date. Company Matching Contributions will earn a return based on the same investment
allocations selected by the Participant with respect to the Account into which such
Company Matching Contributions are credited. The Board may change the amount of the
Company Matching Contributions for any future Plan Year by giving written notice to
eligible Participants prior to the Election Date for such Plan Year. Any such change will
be prospective only. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.06 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Discretionary
Company Contributions</U>. The Company may at any time make a discretionary contribution
to a Participant&#146;s Termination Account in any amount the Company deems advisable.
Discretionary Company Contributions will earn a return based on the same investment
allocations selected by the Participant with respect to the Participant&#146;s
Termination Account; provided that if the Participant has not indicated an investment
allocation for his or her Termination Account, the most conservative investment
allocation then available under the Plan will be applied to the Participant&#146;s
Termination Account unless and until changed by the Participant. The Company may
discriminate among Participants in making Discretionary Company Contributions and may
discriminate among those Participants receiving Discretionary Company Contributions as to
the amount of such contributions. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-5- </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.07  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Vesting</U>.
 Vesting  refers to a  Participant's  ability  to  receive  benefits  at the end of the
 deferral period.</FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Participant Deferrals</U>. Participants are always 100% vested in their
                    Accounts other than Company Matching Contributions or Discretionary Company
                    Contributions and allocated return thereon. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Company Matching Contributions</U>. Company Matching Contributions and
                    allocated return thereon become vested in accordance with the following
                    schedule: </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR><BR>




<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="1" ALIGN="CENTER" WIDTH="450">
<TR VALIGN=top>
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;<BR><U>Years elapsed since first<BR>
deferral under the Plan</U><BR>&nbsp;</FONT></TH>
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Vested % of Company Matching<BR>
Contributions and allocated<BR>return thereon</U></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="55%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Less than 4 Years</FONT></TD>
     <TD WIDTH="45%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4 Years</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5 Years</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6 Years</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7 Years</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>80%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8 Years</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Earlier death, Normal Retirement or<BR>Disability of Participant<BR>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A successor to the Company<BR> terminates the Plan<BR>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Within 24 months of the Change<BR> in Control, a successor to the Company<BR>
terminates the employment of Participant<BR>without cause or Participant resigns for<BR>Good Reason, as defined in Participant's<BR>Employment Agreement, if any, with the<BR>Company<BR>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD></TR>
</TABLE>
<BR><BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
For example, if a Participant first made a deferral under the Plan with respect to any part of
Plan Year 2003, he or she will become vested in all Company Matching Contributions in all
of his or her Accounts, based on the anniversary of the first day of such 2003 Plan Year
(i.e., all Company Matching Contributions to such Participant, whenever made, will be 20%
vested on July 1, 2007, 40% vested on July 1, 2008, and so on). For a Participant who
began participating in the Plan prior to April 1, 2002, his or her vesting dates will be
based on an April 1 plan year, which was in effect prior to April 1, 2002. </FONT></TD>
</TR>
</TABLE>
<BR>
<BR><BR><BR><BR><BR><BR>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-6- </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Discretionary
Company Contributions</U>. Discretionary Company Contributions   and allocated
return thereon become vested in accordance with the following   schedule:  </FONT></TD>
</TR>
</TABLE>
<BR><BR>






<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="1" ALIGN="CENTER" WIDTH="450">
<TR VALIGN=top>
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Years elapsed since the last day of the<BR>
Plan Year in which the Discretionary<BR>Company Contribution was made<BR>&nbsp;</FONT></TH>
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vested % of Discretionary<BR>
Company Contributions and<BR>allocated return thereon<BR>&nbsp;</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="55%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Less than 1 Year</FONT></TD>
     <TD WIDTH="45%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1 Year</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2 Years</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3 Years</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4 Years</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>80%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5 Years</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Earlier death, Normal Retirement or<BR>Disability of Participant<BR>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A successor to the Company <BR>terminates the Plan<BR>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Within 24 months of the Change in<BR>Control, a successor to the Company<BR>
terminates the employment of Participant<BR>without cause or Participant resigns for<BR>Good Reason, as defined in Participant's<BR>
Employment Agreement, if any, with the<BR>Company</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD></TR>
</TABLE>
<BR><BR>

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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
For
example, if a Discretionary Company Contribution was made to a Participant at any time
during Plan Year 2002, the Participant would become vested in 20% of such contribution as
of the last day of Plan Year 2003, and 40% of such contribution as of the last day of Plan
Year 2004, and so on. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.08  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payment
of Accounts. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Payment Dates for Termination Account</U>. Payment of vested Plan benefits
                    held in a Participant&#146;s Termination Account (together with any Roll-Over
                    Balances from such Participant&#146;s In-Service Accounts in accordance with
                    Section 5.08(c)) shall commence within 45 days after the end of the month in
                    which occurs the earliest of the following events (i) the Participant&#146;s
                    Termination of Employment, (ii) the Participant&#146;s death, (iii) the
                    Participant&#146;s Disability or (iv) the Participant&#146;s termination of
                    participation pursuant to Section 7.02 (each a &#147;Termination Triggering
                    Event&#148;). Payments shall be based on the vested Account balance valued as of
                    the applicable Valuation Dates. The first Valuation Date shall be the last day
                    of the month in which the Termination Triggering Event occurs. If the aggregate
                    vested balance in the Participant&#146;s Termination Account (including any
                    Roll-Over Balances from such Participant&#146;s In-Service Accounts in
                    accordance with Section 5.08(c)) is $25,000 or less on the first Valuation Date,
                    the entire remaining vested balance will be paid in a single lump sum. If the
                    aggregate vested balance in the Participant&#146;s Termination Account
                    (including any Roll-Over Balances from such Participant&#146;s In-Service
                    Accounts in accordance with Section 5.08(c)) exceeds $25,000 on the first
                    Valuation Date, the remaining vested balance will be paid in such number of
                    installments (between five and twenty) as indicated by the Participant in his or
                    her most recent effective Deferral Election Form for the Termination Account;
                    provided, however, that upon the Participant&#146;s death or termination of
                    participation pursuant to Section 7.02, the entire unpaid vested balance in his
                    or her Account shall be paid to the Participant&#146;s Beneficiary in a single
                    lump sum within 45 days after the first Valuation Date. The Valuation Date for
                    each installment after the first installment shall be December 31 of the year in
                    question. Each installment payment shall be paid within 45 days after the
                    applicable Valuation Date, in an amount equal to the Account value as of the
                    such Valuation Date divided by the number of remaining installments to be paid. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-7- </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Payment Dates for In-Service Accounts</U>. Except as provided in Section
                    5.08(c), payment of vested Plan benefits held in a Participant&#146;s In-Service
                    Account shall be paid in a lump sum within 45 days after the end of the month in
                    which the Deferral Termination Date occurs, as indicated in the
                    Participant&#146;s most recent effective Deferral Election Form for such
                    Account. Unless rolled into the Participant&#146;s Termination Account as
                    provided in Section 5.08(c), payment from a Participant&#146;s In-Service
                    Account shall be based on the vested Account balance valued as of the last day
                    of the month in which the Deferral Termination Date occurs (the &#147;Valuation
                    Date&#148;). </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Roll-Over of In-Service Accounts to Termination Account</U>. If a
                    Termination Triggering Event with respect to a Participant occurs prior to the
                    Deferral Termination Date with respect to an In-Service Account of such
                    Participant, the vested balance in such In-Service Account (the &#147;Roll-Over
                    Balance&#148;) shall automatically be rolled into the Participant&#146;s
                    Termination Account and paid as provided in Section 5.08(a) in the number of
                    installments applicable to the Termination Account. If the Termination
                    Triggering Event occurs after a Deferral Termination Date but prior to the
                    distribution of the In-Service Account balance, the vested balance of the
                    In-Service Account shall be paid in a lump sum as provided in Section 5.08(b). </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Accruals During Payment Periods</U>. The unpaid portion of a
                    Participant&#146;s Termination Account shall continue to receive allocated
                    returns as provided in Section 5.04 until the last applicable Valuation Date for
                    such Account, but no interest or other return will be paid on Account balances
                    between the applicable Valuation Dates and payment dates as provided in Sections
                    5.08(a) and (b). </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e) </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Termination
of Eligible Status</U>. Subject to Section 7.02, the termination           of a
Participant&#146;s status as CEO Roundtable Member, Challenger or Selected
          Executive will not, absent Termination of Employment, cause a payout of such
          Participant&#146;s Accounts, and such person may continue to defer Compensation
          into the Plan, but no Company Matching Contributions will be made on
          Compensation deferred while he or she is not a CEO Roundtable Member,
Challenger           or Selected Executive. Allocated returns will continue to accrue on
such           person&#146;s Account as provided in Section 5.04 and 5.08(d).  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.9 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Financial
Hardship</U>. The Plan Administrator may, in its sole discretion, accelerate the payment
to a Participant of an amount reasonably necessary to handle a severe financial hardship
of a sudden and unexpected nature due to causes not within the control of the
Participant. Such payment may be made even if the Participant has not incurred a
Termination of Employment and regardless of the number of years he or she has been a
Participant. All financial hardship distributions shall be made in cash in a lump sum.
Such payments will be made on a first-in, first-out basis so that the oldest Compensation
deferred under the Plan shall be deemed distributed first in a financial hardship. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.10 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Payment
to Minors and Incapacitated Persons</U>. In the event that any amount is payable to a
minor or to any person who, in the judgment of the Plan Administrator, is incapable of
making proper disposition thereof, such payment shall be made for the benefit of such
minor or such person in any of the following ways as the Plan Administrator, in its sole
discretion, shall determine: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By
payment to the legal representative of such minor or such person;  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By
payment directly to such minor or such person;  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By
payment in discharge of bills incurred by or for the benefit of such minor or
          such person. The Plan Administrator shall make such payments without the
          necessary intervention of any guardian or like fiduciary, and without any
          obligation to require bond or to see to the further application of such
payment.           Any payment so made shall be in complete discharge of the Plan&#146;s
obligation           to the Participant and his or her Beneficiaries.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.11 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Application
for Benefits</U>. The Plan Administrator may require a Participant or Beneficiary to
complete and file certain forms as a condition precedent to receiving the payment of
benefits, including without limitation a consent to participating in any corporate owned
life insurance program which the Company sponsors. The Plan Administrator may rely upon
all such information given to it, including the Participant&#146;s current mailing
address. It is the responsibility of all persons interested in receiving a distribution
pursuant to the Plan to keep the Plan Administrator informed of their current mailing
addresses. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.12 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Designation
of Beneficiary</U>. Each Participant from time to time may designate any person or
persons (who may be designated contingently or successively and who may be an entity
other than a natural person) as his or her Beneficiary or Beneficiaries to whom the
Participant&#146;s Account is to be paid if the Participant dies before receipt of all
such benefits. Each Beneficiary designation shall be on the form prescribed by the Plan
Administrator and will be effective only when filed with the Plan Administrator during
the Participant&#146;s lifetime. Each Beneficiary designation filed with the Plan
Administrator will cancel all Beneficiary designations previously filed with the Plan
Administrator. The revocation of a Beneficiary designation, no matter how effected, shall
not require the consent of any designated Beneficiary. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-8- </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 6 <BR>FUNDING OF PLAN </FONT></H1>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.01 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Funding</U>.
Plan benefits shall be paid from the general assets of the Company or as otherwise
directed by the Company. To the extent that any Participant acquires the right to receive
payments under the Plan (from whatever source), such right shall be no greater than that
of an unsecured general creditor of the Company. Participants and their Beneficiaries
shall not have any preference or security interest in the assets of the Company other
than as a general unsecured creditor. </FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 7 <BR>AMENDMENT AND
TERMINATION </FONT></H1>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.01 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Plan
Amendment and Termination</U>. The Committee reserves the right to modify, alter, amend,
or terminate the Plan, at any time and from time to time, without notice, to any extent
deemed advisable; provided, however, that no such amendment or termination shall (without
the written consent of the Participant, if living, and if not, the Participant&#146;s
Beneficiary) adversely affect any benefit under the Plan which has accrued with respect
to the Participant or Beneficiary as of the date of such amendment or termination
regardless of whether such benefit is in pay status. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.02 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Early
Termination of Participation</U>. Notwithstanding any other provision of the Plan, if the
Committee determines that the continued participation in the Plan by a Participant would
jeopardize the unfunded status of the Plan under the Employee Retirement Income Security
Act of 1974, as amended (&#147;ERISA&#148;), the Committee may, in its sole discretion,
disallow further participation by such Participant, in which event the vested balance in
such Participant&#146;s Accounts shall be paid to the Participant or his or her
Beneficiary, as the case may be, in a lump sum within 45 days after the end of the month
in which such termination occurs. In no event may the total number of Participants the
Plan exceed 3% of the Company&#146;s total work force. </FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 8 <BR>CLAIMS PROCEDURE </FONT></H1>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.01 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Claims
Procedure</U>. Accounts shall be paid in accordance with the provisions of this Plan. If
the Participant or his or her Beneficiary requests payment of benefits, and such request
is denied in whole or in part, the Participant or the designated Beneficiary may request
a review of the Company&#146;s denial of benefits within sixty days of the date the
Participant or the Beneficiary receives written notice of such denial. If the Company
again denies the Participant&#146;s or the Beneficiary&#146;s request for payment of
benefits, the Company shall provide written notice of the denial of benefits to the
Participant or the Beneficiary and shall include in such notice a claims appeal
procedure, all in accordance with Section&nbsp;503 of the ERISA and DOL Regulation &sect;2560.503-1
and such procedures are incorporated in this Plan by reference. </FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 9 <BR>MISCELLANEOUS </FONT></H1>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.01  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Headings.</U>
 The headings and  sub-headings  in the Plan have been  inserted  for  convenience  of
reference          only and are to be ignored in any construction of the provisions
hereof.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.02 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Spendthrift
Clause</U>. None of the benefits, payments, proceeds or distributions under the Plan
shall be subject to the claim of any creditor of any Participant or Beneficiary, or to
any legal process by any creditor of such Participant or Beneficiary, and none of them
shall have any right to alienate, commute, anticipate or assign any of the benefits,
payments, proceeds or distributions under the Plan except to the extent expressly
provided herein to the contrary. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.03 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Change
in Control</U>. The Plan shall not be automatically terminated by the Company&#146;s
acquisition by, merger into, or sale of substantially all of its assets to any other
organization (a &#147;Change in Control&#148;), but the Plan shall be continued
thereafter by such successor organization. All rights to amend, modify, suspend or
terminate the Plan shall be transferred to the successor organization, effective as of
the date of the Change in Control. If the successor terminates the Plan, all Participants
shall thereupon become 100% vested in their Accounts, including Company Matching
Contributions, Discretionary Company Contributions and allocated return thereon. If
within 24 months of the Change in Control a Participant is terminated by the Company
other than for cause (as determined by the Company) or the Participant resigns for Good
Reason (as defined in the Participant&#146;s Employment Agreement, if any), such
Participant shall thereupon become 100% vested in his or her Account, including Company
Matching Contributions, Discretionary Company Contributions and allocated return thereon. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-9- </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.04 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Release</U>.
Any payment to Participant or Beneficiary, or to their legal representatives, in
accordance with the provisions of the Plan, shall to the extent thereof be in full
satisfaction of all claims hereunder against the Committee, the Plan Administrator and
the Company, any of whom may require such Participant, Beneficiary, or legal
representative, as a condition precedent to such payment, to execute a receipt and
release therefor in such form as shall be determined by the Plan Administrator, the
Committee, or the Company, as the case may be. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.05  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Governing
 Law</U>. To the extent not  governed by federal  law,  the Plan shall be  construed  in
 accordance          with and governed by the laws of the State of Florida.</FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.06 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Costs
of Collection; Interest</U>. In the event the Participant collects any part or all of the
payments due under the Plan by or through a lawyer or lawyers, the Company will pay all
costs of collection, including reasonable legal fees incurred by the Participant. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.07  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Successors
and Assigns</U>.  The Plan shall be binding upon the successors and assigns of the parties
hereto.</FONT></TD>
</TR>
</TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing is hereby acknowledged as being the PSS World Medical, Inc. Amended and Restated
ELITe Deferred Compensation Plan, as adopted by the Compensation Committee of the Board of
Directors of the Company on July 1, 1998, and amended as of March 30, 1999, July 1, 2000,
April 1, 2001, April 1, 2002, July 1, 2003, and July 1, 2004. </FONT></P>

<BR>
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     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="200"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="150"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="250"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">PSS WORLD MEDICAL, Inc.</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: &nbsp;<U>/s/ David A. Smith</U><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David
A. Smith <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer </FONT></TD></TR>
</TABLE>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-10- </FONT></P>

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