NES RENTALS HOLDINGS INC
EXHIBIT 10.4
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<DESCRIPTION>EXHIBIT 10.4
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<BR></FONT><FONT SIZE=2><B>Exhibit&nbsp;10.4    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>NES RENTALS HOLDINGS,&nbsp;INC.<BR>
DIRECTOR COMPENSATION PROGRAM  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS PROGRAM, executed this 30th day of April, 2004, by NES RENTALS HOLDINGS,&nbsp;INC. (the "Company"); </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>RECITALS:  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, in consideration of the valuable services rendered to the Company by each Participant in his or her capacity as a Director of the Company, it is deemed
advisable and in the best interests of the Company to establish the NES Rentals Holdings,&nbsp;Inc. Director Compensation Program (the "Program") to provide deferred compensation benefits to each
Participant so as to (i)&nbsp;further encourage each Participant to focus on strategies that are in the long term best interest of the Company and its stockholders, (ii)&nbsp;further motivate each
Participant to perform at a level that will provide the Company with the best opportunity to achieve its mission, vision, and long term goals and objectives, (iii)&nbsp;assist in the retention of
each Participant, and (iv)&nbsp;compensate each Participant for such Participant's services and contributions to the accomplishment of Company goals and objectives; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Program is not intended to be tax-qualified under section&nbsp;401 (a)&nbsp;of the Code, nor generally be subject to the Employee Retirement Income Security
Act of 1974, as amended. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, effective February&nbsp;1, 2004, the Program is established as follows: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>ARTICLE I<BR>
DEFINITIONS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Administrative Committee</B></FONT><FONT SIZE=2>" means a committee of not less than three and not more than five members appointed by the Board
to serve at its pleasure. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Beneficiary</B></FONT><FONT SIZE=2>" means such person designated by a Participant in a written beneficiary designation form filed with the
Administrative Committee to receive any death benefit that is payable under this Program. A Participant shall be permitted to change his or her Beneficiary designation at any time by filing a new
written beneficiary designation form with the Administrative Committee. In the event no valid designation of Beneficiary exists at the time of the Participant's death, the death benefit shall be
payable to the Participant's surviving spouse or, if there is no surviving spouse, to the Participant's estate. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Board</B></FONT><FONT SIZE=2>" means the board of directors of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Code</B></FONT><FONT SIZE=2>" means the Internal Revenue Code of 1986, as amended or replaced from time to time. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Company</B></FONT><FONT SIZE=2>" means NES Rentals Holdings,&nbsp;Inc., and any company or organization that succeeds NES Rentals
Holdings,&nbsp;Inc., by merger or consolidation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Compensation</B></FONT><FONT SIZE=2>" means the cash payment for services provided to the Company by the Participant as a Director for a given
calendar year. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Director</B></FONT><FONT SIZE=2>" means a member of the board of directors of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Effective Date</B></FONT><FONT SIZE=2>" means February&nbsp;1, 2004. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Participant</B></FONT><FONT SIZE=2>" means a Director, as the Administrative Committee shall select from time to time to participate in the
Program. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10&nbsp;"</FONT><FONT
SIZE=2><B>Participant's Account</B></FONT><FONT SIZE=2>" means the bookkeeping ledger account established and maintained for each Participant with
respect to such Participant's total interest in the Program. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11&nbsp;"</FONT><FONT
SIZE=2><B>Participant's Deferred Compensation Account</B></FONT><FONT SIZE=2>" means the bookkeeping ledger account established and </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

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<P><FONT SIZE=2>maintained
for each Participant with respect to amounts credited to such account pursuant to Section&nbsp;2.2 (and earnings thereon). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12&nbsp;"</FONT><FONT
SIZE=2><B>Participant's Company Contribution Account</B></FONT><FONT SIZE=2>" means the bookkeeping ledger account established and maintained for each
Participant with respect to amounts credited to such account pursuant to Section&nbsp;2.3 (and earnings thereon). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13&nbsp;"</FONT><FONT
SIZE=2><B>Program</B></FONT><FONT SIZE=2>" means this instrument, including all amendments thereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14&nbsp;"</FONT><FONT
SIZE=2><B>Six Month Period</B></FONT><FONT SIZE=2>" means either January&nbsp;1 through June&nbsp;30 or July&nbsp;1 through December&nbsp;31, as
applicable. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15&nbsp;"</FONT><FONT
SIZE=2><B>Total Disability</B></FONT><FONT SIZE=2>" means the inability of a Participant to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve
(12)&nbsp;months. The disability of the Participant shall be determined by a licensed physician chosen by the Administrative Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16&nbsp;"</FONT><FONT
SIZE=2><B>Trust</B></FONT><FONT SIZE=2>" means the trust that may be established pursuant to Section&nbsp;4.1. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>ARTICLE II<BR>
CONTRIBUTIONS AND ACCOUNTS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Establishment of Account</I></B></FONT><FONT SIZE=2>. A ledger account shall be established and maintained in the name of each Participant which
shall be credited with all amounts allocated to each respective Participant as set forth herein. Each Participant shall have two accounts, (1)&nbsp;a Participant's Deferred Compensation Account and
(2)&nbsp;a Participant's Company Contribution Account. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Participant's Deferred Compensation Account</I></B></FONT><FONT SIZE=2>. As of January&nbsp;1 and July&nbsp;1 of each year after the Effective
Date, the Company shall credit to the Participant's Deferred Compensation Account such Compensation amount as elected by the Participant pursuant to the Participant's Compensation deferral election
made on the Participant's Election Form. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Participant's Company Contribution Account</I></B></FONT><FONT SIZE=2>. With respect to each Director that becomes a Participant under the Program as
of the Effective Date of the Program, the Company shall credit to each such Participant's Company Contribution Account, as of the Effective Date, Two Hundred Fifty Thousand Dollars ($250,000), which
amount is equivalent to the value of 20,000 shares of Company common stock at a fair market value price of $12.50 per share as of the Effective Date. The Company, at its sole discretion may, but is
not obligated to, credit to a Participant's Company Contribution Account such additional amounts as may be determined by the Company from time to time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Earnings and Losses</I></B></FONT><FONT SIZE=2>. The Participant's Deferred Compensation and the Participant's Company Contribution Accounts shall be
adjusted for earnings and losses as follows: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Participant's Deferred Compensation Account</I></B></FONT><FONT SIZE=2>. As of the first day of each month, any amounts then credited to a
Participant's Deferred Compensation Account shall be adjusted based on the Participant's election, for notional gains and/or losses from a hypothetical allocation of the Participant's Deferred
Compensation Account among one or more investment funds or interest rate indices selected by the Administrative Committee from time to time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Participant's Company Contribution Account</I></B></FONT><FONT SIZE=2>. As of the first day of each month, any amounts then credited to a
Participant's Company Contribution Account shall be adjusted for notional gains and/or losses from a hypothetical allocation of the Participant's Company Contribution Account in the common stock of
the Company. </FONT></P>

<P><FONT SIZE=2>For
purposes of determining the value of a share of common stock of the Company (the "Stock") as of any date, the following rules shall apply: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;If,
at that time, the principal market for the Stock is a national securities exchange or the Nasdaq stock </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<P><FONT SIZE=2>market,
then the value shall be the average of the reported sale prices of the Stock for the ten day trading period prior to such date on the principal exchange or market on which the Stock is then
listed or admitted to trading. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;If,
at that time, the sale prices are not available or the principal market for the Stock is not a national securities exchange and the Stock is not quoted on the
Nasdaq stock market, then the value of the Stock shall be the average of the highest bid and lowest asked prices for the Stock for the ten day trading period prior to such day as reported on the
Nasdaq OTC Bulletin Board Service or by the National Quotation Bureau, Incorporated or a comparable service. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;If
the day is not a business day, and as a result, paragraphs (i)&nbsp;and (ii)&nbsp;next above are inapplicable, the value of the Stock shall be determined as of
the next earlier business day. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;If,
in accordance with rules established by the Administrative Committee, a determination of the value of the Stock is required as of any date and, as of that date,
paragraphs (i)&nbsp;and (ii)&nbsp;next above are inapplicable for reasons other than those specified in paragraph&nbsp;(iii) next above, then the value of the Stock as of that date shall be
determined by a nationally-recognized appraisal or investment banking firm experienced in appraising businesses, or by such other person, employee or entity as shall be determined by the
Administrative Committee from time to time or such other method as the Administrative Committee may decide in its sole discretion, which such valuation to be performed in accordance with such rules
and considerations as are established by the Administrative Committee. The Company shall bear the fees and expenses of such valuation. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Vesting</I></B></FONT><FONT SIZE=2>. A Participant shall at all times be fully vested in all amounts credited to such Participant's Deferred
Compensation Account pursuant to Section&nbsp;2.2 and all earnings thereon credited pursuant to Section&nbsp;2.4. In addition, a Participant shall become vested in all amounts credited to such
Participant's Company Contribution Account pursuant to Section&nbsp;2.3 and all earnings thereon credited pursuant to Section&nbsp;2.4 according to the following schedule:   </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="44%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="35%" ALIGN="LEFT"><FONT SIZE=1><B>Years of Service<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="41%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="24%" ALIGN="CENTER"><FONT SIZE=1><B>Percentage Vested</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>Less than 1 year</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="CENTER"><FONT SIZE=2>0%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>1 but less than 2</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="CENTER"><FONT SIZE=2>25%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>2 but less than 3</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="CENTER"><FONT SIZE=2>50%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>3 but less than 4</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="CENTER"><FONT SIZE=2>67%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>4 but less than 5</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="CENTER"><FONT SIZE=2>83%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>5 or more</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="CENTER"><FONT SIZE=2>100%</FONT></TD>
</TR>
</TABLE></DIV>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Years
of Service are calendar years for which a Participant remains a Director of the Company. The vested percentage will change on February&nbsp;1 of each calendar year, provided the
Participant remains a Director of the Company on such date. For plan purposes, the vested percentage for the initial year of service will change as of February&nbsp;1 of the following plan year
after initial appointment. Accordingly, there will be no pro-rata vesting for any periods hereunder. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Distribution Election</I></B></FONT><FONT SIZE=2>. Notwithstanding any provision contained herein to the contrary, the elections described in
Article&nbsp;III shall be subject to the following: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Any
election with respect to the timing of the benefit payment under Article&nbsp;III hereof shall be made in writing on a form approved by the Administrative
Committee. The initial election shall be filed with the Administrative Committee within thirty (30)&nbsp;days of the date a Participant first becomes covered under this Program. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;A
Participant's initial election shall be put into effect and shall then become irrevocable as soon as practicable after properly received by the Administrative
Committee, but in no event more than thirty (30)&nbsp;days after such receipt. A Participant shall be permitted to make one (1)&nbsp;change in election. Any change in election shall be made at
least thirty (30)&nbsp;days prior to the last day of a calendar year and shall become effective and irrevocable on January&nbsp;1 of the following calendar year in which it is to take effect. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Any
new election shall take effect only for calendar years subsequent to the calendar year in which such revocation or new election is filed, and shall become
irrevocable on the first day of the first such subsequent calendar year. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Notwithstanding
any provision of the Program to the contrary, in no event shall a Participant be entitled to receive a distribution under the Program prior to the date
such Participant ceases to be a Director of the </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P><FONT SIZE=2>Company.
</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Compensation Deferral Elections</I></B></FONT><FONT SIZE=2>. Notwithstanding anything contained herein to the contrary, any Compensation deferral
election by a Participant shall be subject to the following: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Any
Compensation deferral election shall be made in writing on a form approved by the Administrative Committee. The initial election shall be filed with the
Administrative Committee immediately prior to the date the Participant first becomes covered under this Program and before the date the Compensation subject to the Compensation deferral election would
be payable to the
Participant. Any change in election by the Participant shall be so filed prior to January&nbsp;1 of the calendar year in which (i)&nbsp;the Compensation subject to the Compensation deferral
election would be payable to the Participant and (ii)&nbsp;the change in election is to take effect. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
Participant's initial election shall be put into effect and shall then become irrevocable as soon as practicable after properly received by the Administrative
Committee, but in no event more than thirty (30)&nbsp;days after such receipt. Any change in election shall be made at least thirty (30)&nbsp;days prior to the last day of a calendar year and
shall become effective and irrevocable on January&nbsp;1 of the following calendar year in which it is to take effect. An election shall continue to be effective in, and irrevocable with respect to,
each succeeding calendar year through and including the calendar year in which the Participant files a new election in accordance with the provisions of this paragraph. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Any
new election shall take effect only for calendar years subsequent to the calendar year in which such revocation or new election is filed, and shall become
irrevocable on the first day of the first such subsequent calendar year. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Rate of Return Elections</I></B></FONT><FONT SIZE=2>. Notwithstanding anything contained herein to the contrary, any rate of return election by a
Participant for notional gains and/or losses from a hypothetical allocation of such Participant's Deferred Compensation Account shall be subject to the following: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Any
rate of return election shall be made in writing on a form approved by the Administrative Committee. The initial election shall be filed with the Administrative
Committee immediately prior to the date the Participant first becomes covered under this Program. Any change in election by the Participant shall be so filed prior to the January&nbsp;1 or
July&nbsp;1 on which the change in election is to take effect. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
Participant's initial election shall be put into effect and shall then become irrevocable for the period to which the election applies as soon as practicable after
properly received by the Administrative Committee, but in no event more than thirty (30)&nbsp;days after such receipt. Any change in election shall be made at least thirty (30)&nbsp;days prior to
the January&nbsp;1 or July&nbsp;1 on which it is to take effect, and it shall become effective and irrevocable on the next following January&nbsp;1 or July&nbsp;1. An election shall continue
to be effective in, and irrevocable with respect to, each succeeding Six Month Period through and including the Six Month Period in which the Participant files a new election in accordance with the
provisions of this paragraph. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Any
new election shall take effect only for the Six Month Periods subsequent to the Six Month Period in which such revocation or new election is filed, and shall become
irrevocable on the first day of the first such subsequent Six Month Period. Any such new election shall apply to (i)&nbsp;all amounts previously credited to the Participant's Deferred Compensation
Account and (ii)&nbsp;any future amounts to be credited to the Participant's Deferred Compensation Account prior to the time at which a subsequent election pursuant to this Section&nbsp;2.8 is
made. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2><B>ARTICLE III<BR>
BENEFITS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Distribution of Benefits</I></B></FONT><FONT SIZE=2>. Upon the date the Participant ceases to be a Director of the Company or, if later, the date
elected by the Participant pursuant to Section&nbsp;2.6, the vested portion of the Participant's Account shall be payable in a cash lump sum, such lump sum to be paid no later than 90&nbsp;days
following the date the Participant ceases to be a Director of the Company or, if later, the date elected by the Participant pursuant to Section&nbsp;2.6. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Death/Disability Prior to Distribution</I></B></FONT><FONT SIZE=2>. Upon the death or Total Disability of a Participant prior to the date the
Participant otherwise ceases to be a Director of the Company, the vested portion of the Participant's Account shall be </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
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<P><FONT SIZE=2>payable
to the Participant (or, in the case of death, to the Participant's Beneficiary) in a cash lump sum, such lump sum to be paid no later than 90&nbsp;days following the later of (i)&nbsp;the
Participant's date of death or determination of Total Disability or (ii)&nbsp;the date elected by the Participant pursuant to Section&nbsp;2.6. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Change in Control</I></B></FONT><FONT SIZE=2>. Notwithstanding any provision in the Program to the contrary, upon a "Change in Control", all amounts
credited to the Participant's Account shall become fully vested and payable in a lump sum, such lump sum to be paid no later than 90&nbsp;days following the date of the "Change in Control." In
addition, if the Change in Control occurs prior to April&nbsp;1, 2006, the Participant's Company Contribution Account shall be equal to the greater of: (1)&nbsp;the value of such account on the
date of the Change in Control, determined in accordance with the provisions of Section&nbsp;2.4 or (2)&nbsp;$250,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this Section&nbsp;3.3, the term "Change in Control" means the occurrence of one of the following events: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>if
any "person" or "group" as those terms are used in Sections 13(d) and 14(d) of the Exchange Act is or becomes the "beneficial owner" (as defined in
Rule&nbsp;13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company's then outstanding
securities; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>during
any period of two consecutive years, individuals who at the beginning of such period constitute the Board and any new directors whose election by the Board or
nomination for election by the Company's stockholders was approved by at least two-thirds of the directors then still in office who either were directors at the beginning of the period or
whose election was previously so approved, cease for any reason to constitute a majority thereof; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>consummation
of a merger or consolidation of the Company with any other corporation in which the Company is not the surviving entity, other than a merger or
consolidation (A)&nbsp;which would result in all or a portion of the voting securities of the Company outstanding immediately prior thereto continuing to represent (by being converted into voting
securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation or
(B)&nbsp;following which the Company's directors retain their positions with the surviving entity (and constitute at least a majority of the surviving entity's board of directors); or
(iv)&nbsp;consummation of a plan of complete liquidation of the Company or consummation of an agreement for the sale or disposition by the Company of all or substantially all the Company's assets. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2><B>ARTICLE IV<BR>
NATURE OF COMPANY'S OBLIGATION  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Trust</I></B></FONT><FONT SIZE=2>. The Company's obligation under this Program shall be an unfunded and unsecured promise to pay. However, the
Company may, but is not required to, fund its financial obligations under this Program by establishing a trust to provide for the accumulation of funds to satisfy its financial liabilities with
respect to this Program. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Nature of Participant's Rights and Interest</I></B></FONT><FONT SIZE=2>. Any assets which the Company may choose to acquire to help cover its
financial liabilities are and will remain general assets of the Company subject to the claims of its general creditors. The Company does not give, and this Program does not give, any beneficial
ownership interest in any assets of the Company to a Participant or the Participant's Beneficiary. All rights of ownership in any assets are and remain in the Company, and the rights of each
Participant, any Beneficiary, or any person claiming through a Participant shall be solely those of an unsecured general creditor of the Company. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><B>ARTICLE V<BR>
ADMINISTRATION  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Duties and Responsibilities</I></B></FONT><FONT SIZE=2>. The Company and the Administrative Committee shall have only those specific powers, duties,
responsibilities, and obligations as are specifically given them under this Program. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Delegation of Authority by the Company</I></B></FONT><FONT SIZE=2>. Any authority delegated to the Company or the Administrative Committee under this
Program, including the power to amend this Program, may be exercised by any duly authorized officer, employee, agent, or committee to the extent so authorized. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3
</FONT><FONT SIZE=2><B><I>Claims Procedure</I></B></FONT><FONT SIZE=2>. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Administrative Committee shall determine Participants' and Beneficiaries' rights to benefits under the Program. The Administrative Committee shall establish and
maintain a claims procedure and a claims review procedure in accordance with the Department of Labor regulations 2560.503-1. In the event of a dispute over benefits, the Participant or
Beneficiary may file&nbsp;a written claim for benefits with the Administrative Committee, provided that such claim is filed within 60&nbsp;days of the date the Participant or Beneficiary receives
notification of the Administrative Committee's determination. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;If
a claim is wholly or partially denied, the Administrative Committee shall provide the claimant with a notice of denial, written in a manner calculated to be
understood by the claimant and setting forth: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;The
specific reason(s) for such denial; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;Such
references to the pertinent Program provisions on which the denial is based; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;A
description of any additional material or information necessary for the claimant to perfect the claim with an explanation of why such material or information is
necessary; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;Appropriate
information as to the steps to be taken if the claimant wishes to substitute his claim for review. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;In
the case of a claim of Total Disability: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;If
an internal rule, guideline, protocol, or other similar criterion was relied upon in making the determination, a copy of the specific rule, guideline, protocol, or
other similar criterion; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;If
the determination is based on a medical necessity or experimental treatment or similar exclusion or limit, an explanation of the scientific or clinical judgment for
the determination, applying the terms of the Program to the claimant's medical circumstances. </FONT></P>

</UL>
</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
notice of denial shall be given within 90&nbsp;days (45&nbsp;days in the case of a claim for Total Disability) after the claim is filed, unless special circumstances require an
extension of time for processing the claim. If such extension is require, written notice shall be furnished to the claimant within 90&nbsp;days (45&nbsp;days in the case of a claim for Total
Disability) of the date the claim was filed stating the special circumstances requiring an extension of time and the date by which a decision on the claim can be expected. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
claimant and/or the claimant's representative may appeal the denied claim and may: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;Request
a review upon written application to the Administrative Committee; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;Review
pertinent documents; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;Submit
issues and comments in writing; provided that such appeal is made within 60&nbsp;days (180&nbsp;days in the case of a claim for Total Disability) of the date
the </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
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<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2>claimant
receives notification of the denied claim. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Upon
receipt of a request for review, the Administrative Committee shall, within a reasonable time period, but no later than 60&nbsp;days (45&nbsp;days in the case
of a claim of Total Disability) after receiving the request, provide written notification of its decision to the claimant stating the specific reasons and referencing specific Program provisions on
which its decision is based, unless special circumstances require an extension for processing the review. If such an extension is required, the Administrative Committee shall notify the claimant of
such special circumstances and of the date, no later than 120&nbsp;days (90&nbsp;days in the case of a claim for Total Disability) after the original date the review was requested, on which the
Administrative Committee will notify the claimant of its decision. Such communication shall be written in a manner calculated to be understood by the claimant and shall include specific reasons for
the decision and specific references to the pertinent Program. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;In
the case of an appeal for a claim of Total Disability, </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;the
review on appeal shall not afford deference to the initial determination and shall be conducted by a named fiduciary of the Program who is neither the individual who
made the initial determination, nor the subordinate of such individual, </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;in
the case of an initial determination that was based in whole or in part on a medical judgment including determinations with regard to whether a particular treatment,
drug, or other item is experimental, investigational or not medically necessary or appropriate, the appropriate named fiduciary of the Program shall consult with a health care professional that has
appropriate training and experience in the field of medicine involved in the medical judgment and such health care professional shall be an individual who is neither an individual that was consulted
in connection with the initial determination, nor the subordinate of any such individual, and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;the
medical or vocational experts whose advice was obtained on behalf of the Program in connection with the claimant's determination, regardless of whether the advice
was relied upon in making the determination, shall be identified. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;In
the event of any dispute over benefits under this Program, all remedies available to the disputing Participant or Beneficiary under this Section&nbsp;5.3 must be
exhausted before legal recourse of any type, including arbitration, is sought. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Specific Powers of the Administrative Committee</I></B></FONT><FONT SIZE=2>. The Administrative Committee shall have such powers as may be necessary
to administer the Program, including, but not limited to, the following: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;To
construe and interpret the Program, decide all questions of eligibility and determine the amount, manner, and time of payment of any benefit hereunder; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;To
prescribe procedures to be followed by Participants or their Beneficiaries in enrolling in the Program and in filing applications for benefits; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;To
appoint or employ individuals to assist in the administration of the Program, including legal counsel; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;To
adopt such rules as it deems necessary, desirable, or appropriate for the administration of the Program. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Administrative Committee Procedures</I></B></FONT><FONT SIZE=2>. With respect to any matters related to this Program, the Administrative Committee
may act at a meeting or in writing without a meeting. The action of the majority of the Administrative Committee expressed from time to time by a vote at a meeting or in writing without a meeting
shall constitute the proper action of the Administrative Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Facility of Payment</I></B></FONT><FONT SIZE=2>. Whenever, in the Administrative Committee's opinion, the person entitled to receive any payment of a
benefit hereunder, or an installment thereof, is under a legal disability or is incapacitated in any way so as to be unable to manage his or her financial affairs, the Administrative Committee may
apply the payment for the benefit of such person by the payment thereof to such person or persons and in such manner as the Administrative Committee deems </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
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<P><FONT SIZE=2>advisable.
A payment of a benefit, or installment thereof, in accordance with the provisions of this Section&nbsp;5.6 shall be a complete discharge of any liability for the making of such payment
under the provisions of the Program. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Indemnification of the Administrative Committee</I></B></FONT><FONT SIZE=2>. With respect to any matters related to this Program, the Administrative
Committee and the individual members thereof shall be indemnified by the Company against any liability, cost or expense, including attorney fees and amounts paid in settlement of any claim, arising
out of any act or omission to act, except in the case of willful misconduct by the Administrative Committee or its individual members as the case may be. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>ARTICLE VI<BR>
MISCELLANEOUS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Amendments/Termination</I></B></FONT><FONT SIZE=2>. The Company reserves the right to terminate the Program or, from time to time, to amend or
modify, in whole or in part, any or all of the provisions of the Program, provided that no such termination, amendment, or modification shall adversely affect the existing or future rights or
interests of any Participant under this Program with respect to any claim for benefits theretofore accrued by the Participant without the Participant's written consent. Any such action shall be
adopted by formal action of the Board and executed by an officer authorized to act on behalf of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Binding Agreement</I></B></FONT><FONT SIZE=2>. This Program shall be binding upon and inure to the benefit of the Participants, their executors,
administrators, heirs, and next of kin, and upon the Company, its successors and assigns. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Waiver</I></B></FONT><FONT SIZE=2>. No term or condition of this Program shall be deemed to have been waived, nor shall there be any estoppel against
the enforcement of any provision of this Program, except by written instrument of the party charged with such waiver, and each such waiver shall operate only as to the specific term or condition
waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Withholding; Payroll Taxes</I></B></FONT><FONT SIZE=2>. To the extent required by law in effect at the time of any payment or accrual of benefits
pursuant to the terms of this Program, the Company shall withhold from payments made hereunder (or other compensation payable to each Participant) the taxes required to be withheld by the federal or
any state or local government. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Severability; Reformation</I></B></FONT><FONT SIZE=2>. In case any one or more of the provisions or part of a provision contained in this Program
shall for any reason be held to be invalid, illegal or unenforceable in any respect in any jurisdiction, such invalidity, illegality or unenforceability shall not affect the validity, legality or
enforceability of this Program in any other jurisdiction or any other provision or part of a provision of this Program, but this Program shall be reformed and construed in such jurisdiction as if such
invalid or illegal or unenforceable provision or part of such a provision had never been contained herein, and such provision or part thereof shall be reformed so that it will be valid, legal and
enforceable in such jurisdiction to the maximum extent possible. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Payment of Expenses</I></B></FONT><FONT SIZE=2>. The Company shall pay all expenses of administering the Program from the general assets of the
Company. Such expenses shall include any expenses incident to the administration of the Program, including, but not limited to, fees resulting from legal, accounting, tax, investment or trust services
that are incurred initially or at any time during the life of this Program. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Nonalienation</I></B></FONT><FONT SIZE=2>. Except insofar as applicable law may otherwise require and with respect to the designation of a
Beneficiary upon death, (i)&nbsp;no amount payable to or in respect of a Participant at any time shall be subject in any manner to alienation by the Participant or Beneficiary by anticipation, sale,
transfer, assignment, bankruptcy, pledge, attachment, charge, or encumbrance of any kind, any attempt to so alienate, sell, transfer, assign, pledge, attach, charge, or otherwise encumber any such
amount, whether presently or thereafter payable, shall be void; and (ii)&nbsp;the Company shall in no manner be liable for or subject to the debts, liabilities, contracts, engagements, or torts of a
Participant or Beneficiary. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Directorship Relationship</I></B></FONT><FONT SIZE=2>. Nothing contained in this Program shall be deemed to give a Participant the right to be
retained in the service of the Company as a Director, or to interfere with the right of the Company to discharge a Participant at any time regardless of the effect which such discharge shall have upon
such Participant under this Program. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Confidentiality</I></B></FONT><FONT SIZE=2>. Each Participant agrees that the terms and conditions of this Program shall be confidential and shall
not be disclosed by the Participant to any other person (other than the Participant's immediate family members and legal, accounting, and financial planning advisors) without the prior written consent
of the Administrative Committee. Any breach of this provision shall constitute grounds for termination of the Participant for willful misconduct. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10&nbsp;</FONT><FONT
SIZE=2><B><I>Construction of Program</I></B></FONT><FONT SIZE=2>. This Program shall be construed and enforced according to the laws of the State of Illinois
and, to the extent applicable, federal law. The headings and subheadings of this Program have been inserted for convenience of reference and are to be ignored in any construction of the provisions
hereof. The invalidity or unenforceability of a particular provision of this Program shall not affect the other provisions hereof, and the Program shall be construed in all respects as if such invalid
or unenforceable provisions were omitted. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, this Program has been executed by the Company on the day and year first above written. </FONT></P>

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<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>NES RENTALS HOLDINGS,&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="54%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>MICHAEL D. MILLIGAN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Senior Vice President and Chief Financial Officer</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

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