LANDSTAR SYSTEM INC
EX-10.2 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>2
<FILENAME>g11727exv10w2.htm
<DESCRIPTION>EX-10.2 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-10.2 Supplemental Executive Retirement Plan</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;10.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LANDSTAR SYSTEM, INC.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As Amended and Restated Effective January&nbsp;1, 2008</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In recognition of the valuable services provided to Landstar System, Inc., and its
subsidiaries, by its key employees, the Board of Directors adopted this Plan to provide
additional retirement benefits to those individuals whose benefits under the Company&#146;s
qualified retirement plan are restricted by operation of the provisions of the Internal
Revenue Code of 1986, as amended. The Plan was originally effective February&nbsp;1, 1994 and
was amended and restated by the Company as of January&nbsp;1, 1999. The Company now wishes to
amend and restate the Plan effective January&nbsp;1, 2008, to bring it into compliance with Code
Section&nbsp;409A and the regulations issued thereunder. The Company intends that the Plan shall
at all times be maintained on an unfunded basis for federal income tax purposes under the
Code and administered as a non-qualified, &#147;top hat&#148; plan exempt from the substantive
requirements of the Employee Retirement Income Security Act of 1974, as amended (&#147;ERISA&#148;).
The Plan, as amended, shall provide benefits under the terms and conditions hereinafter set
forth. This Plan also reflects the transfer sponsorship of the Plan from Landstar System,
Inc. to Landstar System Holdings, Inc. effective February&nbsp;25, 2008.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This January&nbsp;1, 2008 amendment and restatement shall apply to all amounts credited
under Section&nbsp;3.1 on or after January&nbsp;1, 2005, but shall not affect Grandfathered Accounts
(as defined below), which shall continue to be subject to, and governed by, the terms of the
Plan as in effect on December&nbsp;31, 2004.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE 1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Definitions</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Accrued Benefit&#148; means the balance of a Participant&#146;s Individual Account maintained pursuant
to Article&nbsp;3 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Beneficiary&#148; means the person(s) designated by a Participant to receive any benefits payable
under this Plan subsequent to the Participant&#146;s death. In the event a Participant has not
filed a Beneficiary designation with the Employer, the Beneficiary shall be the Participant&#146;s
surviving spouse or, if there is no surviving spouse, the Participant&#146;s estate.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Board&#148; means the Board of Directors of Landstar System, Inc. Effective February&nbsp;25, 2008,
&#147;Board&#148; means the Board of Directors of Landstar System Holdings, Inc.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Code&#148; means the Internal Revenue Code of 1986, as amended.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Committee&#148; means the administrative committee appointed by the Board to administer the
Savings Plan.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Company&#148; means Landstar System, Inc, a Delaware corporation, and any successor in interest
thereto that agrees to assume the Plan. Effective February&nbsp;25, 2008, &#147;Company&#148; means Landstar
System Holdings, Inc., a Delaware corporation, and any successor in interest thereto that
agrees to assume the Plan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Deferral Contributions&#148; means a Participant&#146;s deferred contributions under Section&nbsp;3.2 of
the Plan to a maximum of 75% of compensation (as defined in the Savings Plan but without
regard to the limits imposed by Code Section&nbsp;401(a)(17)) minus the amount of Savings Plan
Deferral Contributions made by that Participant. &#147;Savings Plan Deferral Contributions&#148; means
the deferred contributions under the Savings Plan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Effective Date&#148; means February&nbsp;1, 1994. &#147;Amendment Effective Date&#148; means January&nbsp;1, 2008.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Employer&#148; means the Company and each subsidiary that adopts the Plan pursuant to the
authorization of the Board. An Employer, other than the Company, may terminate the Plan only
as to its employees and a subsidiary&#146;s status as an &#147;Employer&#148; may be revoked by the Board in
which case the Plan shall be deemed terminated only as to such subsidiary&#146;s employees.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Employee&#148; means any individual employed on a regular basis by the Employer in the capacity
of an officer of the Company or of any other Employer; provided, however, that to qualify as
an &#147;Employee&#148; for purposes of the Plan, the individual must be a member of a group of &#147;key
management or other highly compensated employees&#148; within the meaning of Sections&nbsp;201, 301 and
401 of the Employee Retirement Income Security of 1974, as amended.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Grandfathered Account&#148; means that portion of an Employee&#146;s Individual Account that was
credited as of December&nbsp;31, 2004, and shall include earnings credited to such account under
the terms of the Plan irrespective of when credited. The Grandfathered Account shall be
calculated in accordance with Code Section&nbsp;409A. The Company shall maintain a separate record
of Grandfathered Accounts. All Grandfathered Accounts shall be subject to, and governed by,
the terms of the Plan as in effect on December&nbsp;31, 2004, the significant provisions of which
are attached hereto as Appendix&nbsp;A.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Individual Account&#148; means the account established pursuant to Section&nbsp;3.1.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Maximum Deferral Contribution&#148; means the Savings Plan Deferral Contributions of a
Participant equal to the lesser of (i)&nbsp;75% of compensation (as defined in the Savings Plan)
plus the maximum additional contribution that the Participant is eligible to make under Code
Section 414(v) or (ii)&nbsp;the dollar limitation imposed by Code Section 402(g) plus the maximum
additional contribution that the Participant is eligible to make under Code Section&nbsp;414(v).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Matching Contributions&#148; means the matching contributions under the Savings Plan.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Participant&#148; means any Employee who satisfies the eligibility requirements set forth in
Section&nbsp;2. In the event of the death or incompetency of a Participant, the term shall mean
his personal representative or guardian.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Plan&#148; means the Landstar System, Inc. Supplemental Executive Retirement Plan as set forth
herein and as the same may be amended from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Plan Year&#148; means the calendar year.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Savings Plan&#148; means the Landstar System, Inc. 401(k) Savings Plan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Termination of Employment&#148; shall have the same meaning as &#147;separation from service&#148; under
Code Section&nbsp;409A and the regulations thereunder.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE 2
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Eligibility and Elections</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Eligibility</U>. Each Employee who is a Participant in the Plan on the Amendment
Effective Date shall continue to participate and each other Employee shall be eligible to
participate on or after the first day of the month following such eligibility by filing an
election with the Committee in accordance with the provisions of Section&nbsp;3.2 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Election as to Form of Payment</U>. For each Plan Year for which a Participant elects to
make Deferral Contributions, the Participant shall make an irrevocable election as to the form
in which amounts credited to his or her Individual Account for such Plan Year will be paid, as
follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Single sum payment; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Annual installments over a period of ten (10)&nbsp;years in an amount equal to a
fraction of the Individual Account as of the date of each installment distribution, as
follows: 1/10 in the first year, 1/9 in the second year, 1/8 in the third year, and so
on until the entire remaining balance is paid in the tenth year.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Election as to Time of Payment</U>. For each Plan Year for which a Participant elects to
make Deferral Contributions, the Participant shall make an irrevocable election as to when
amounts credited to his or her Individual Account for such Plan Year will be paid, as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Within 30&nbsp;days following the six-month anniversary of the Participant&#146;s
Termination of Employment; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Within 30&nbsp;days of March 1 of the year following the year in which the
Participant&#146;s Termination of Employment occurs (if later than the date that is six
months following the Participant&#146;s Termination of Employment).</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-3-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE 3
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Individual Account</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Creation of Individual Account</U>. The Employer shall create and maintain an unfunded
account (the &#147;Individual Account&#148;) for each Participant electing to contribute to the Plan
under Section&nbsp;3.2 to which it shall credit the amounts described in this Article&nbsp;3.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Election to Make Deferral Contributions</U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For each Plan Year, a Participant may irrevocably elect, in the manner provided
by the Committee, to have the Employer credit to the Participant&#146;s Individual Account
the amount of Deferral Contributions (which may be expressed as a percentage of
compensation) that the Participant elects to contribute to the Plan with respect to
that Plan Year; provided, however, that no amount may be credited to a Participant&#146;s
Individual Account pursuant to this Section&nbsp;2.2 unless the Participant made the Maximum
Deferral Contribution to the Savings Plan for such Plan Year. If the Participant
elects to have an amount credited to the Individual Account for a Plan Year, the amount
of the Participant&#146;s compensation otherwise payable from the Employer with respect to
that Plan Year shall be reduced by a corresponding amount.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant&#146;s election with respect to a Plan Year must be made no later than
the December&nbsp;31 preceding the Plan Year in which the compensation would have been
earned by the Participant; provided, however, that for the first Plan Year in which a
Participant is eligible to participate in the Plan, such election may be made at any
time during the 30&nbsp;day period commencing on the date of eligibility as determined under
Section&nbsp;2.1. Any election by a Participant pursuant to this Section&nbsp;2.2 shall be
irrevocable and may not be modified in any respect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Participant fails to make any election for any Plan Year, the
Participant&#146;s election in effect for the prior Plan Year as to the amount of Deferral
Contributions, if any, and the form of payment applicable to Deferral Contributions,
shall continue in effect for such Plan Year.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Matching Contributions</U>. For each Plan Year, the Employer shall credit the
Participant&#146;s Individual Account with an amount equal to the Matching Contributions that would
have been contributed by the Employer under the Savings Plan on behalf of the Participant had
the Participant actually been able to contribute that portion of the amount specified in
Section&nbsp;3.2 hereof to the Savings Plan that otherwise would have received Matching
Contributions, plus any Matching Contributions not made under the Savings Plan with respect to
Savings Plan Deferral Contributions due to limits under the Savings Plan.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Earnings</U>. The amount credited to a Participant&#146;s Individual Account shall be deemed
to be invested in the investment funds in the proportions the Participant elects in a deemed
investment election in accordance with such procedures as are specified by the Committee.
Notwithstanding the foregoing, no contributions or new investments may be</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-4-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>directed into the Company stock fund on or after October&nbsp;1, 2004, but amounts invested in
the Company stock fund as of October&nbsp;1, 2004, shall continue to be invested in such fund
subject to any subsequent election by the Participant to transfer amounts out of the Company
stock fund. During each Plan Year, the Employer shall credit the Participant&#146;s Individual
Account with interest, earnings or appreciation (less losses and depreciation) with respect
to the then balance of the Participant&#146;s Individual Account, equal to the actual investment
results of the Participant&#146;s deemed investment elections. Notwithstanding the Participant&#146;s
investment elections under this Plan, the Company shall be under no obligation to actually
invest the amounts credited to the Participant&#146;s Individual Account in such manner, or in
any manner, and such investment elections shall be used solely to determine the amounts by
which the balance credited to the Participant&#146;s Individual Account shall be adjusted.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE 4
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Distributions of Retirement Benefits</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Payment of Individual Account</U>. The amount credited to the Participant&#146;s Individual
Account under Article&nbsp;3 shall, upon the Participant&#146;s Termination of Employment, be paid in
the form elected by the Participant under Section&nbsp;2.2 and at the same time elected by the
Participant under Section&nbsp;2.3. Such distribution shall be equal to the total amount credited
to the Participant&#146;s Individual Account as of the date of distribution and shall include any
additional credit to the Participant&#146;s Individual Account made after such termination under
Section&nbsp;3.2 on account of Deferral Contributions made during the Plan Year in which the
Participant has a Termination of Employment for any reason.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Separate Payments</U>. For purposes of Code Section&nbsp;409A, each payment under this Plan
shall be treated as a separate payment.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Distributions of Grandfathered Account</U>. The amount credited to the Participant&#146;s
Grandfathered Account shall, upon the Participant&#146;s termination of employment, be paid in the
same form and at the same time as the benefit payable to the Participant under the Savings
Plan at termination of employment; provided, however, that, notwithstanding the form and
timing of the payment of benefits under the Savings Plan, the Participant may elect to receive
a single sum payment on March 1 of the Plan Year following the Plan Year in which the
Participant terminates employment for any reason, by making an election prior to the date on
which such termination occurred and benefits under the Savings Plan are paid or commence, in
the manner specified by the Committee. Such distribution shall be equal to the total amount
credited to the Participant&#146;s Grandfathered Account as of the date of distribution and shall
include any additional credit to the Participant&#146;s Grandfathered Account made after such
termination under Section&nbsp;3.4.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-5-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE 5
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Death Benefit</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event of a Participant&#146;s death prior to the commencement of the Participant&#146;s benefit
payments pursuant to Article&nbsp;4, his Beneficiary will receive a lump sum distribution equal to
the balance of the Participant&#146;s Individual Account on the date of the Participant&#146;s death.
The payment to the Beneficiary will be made as soon as practicable following the completion of
the valuation for the date on which the Participant died. If the Participant is due an
additional credit to the Participant&#146;s Individual Account for the Plan Year in which the
balance of the Individual Account becomes payable hereunder, the additional credit will be
paid to the Participant&#146;s Beneficiary as soon as practicable following the Plan Year-end
valuation. In the event of a Participant&#146;s death after the commencement of the Participant&#146;s
benefits in annual installments, his Beneficiary will receive payments at the same time and in
the same manner as if the Participant had survived.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE 6
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Vesting</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The balance of a Participant&#146;s Individual Account shall be 100% vested at all times.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE 7
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Funding</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Board may, but shall not be required to, authorize the establishment of a trust by the
Company to serve as the funding vehicle for the benefits described herein. In any event, the
Employer&#146;s obligations hereunder shall constitute a general, unsecured obligation, payable
solely out of its general assets, which may include the assets of any such trust established
for purposes of the Plan, but no Participant shall have any right to any specific assets of
the Employer.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE 8
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Administration</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Committee shall have full power and authority to interpret and administer this Plan and
the Committee&#146;s actions in doing so shall be final, conclusive and binding on all persons
interested in the Plan. The Committee may from time to time adopt rules and regulations
governing this Plan. Any action required of the Company, the Employer or the Board under the
Plan shall be made in the Company&#146;s, the Employer&#146;s or the Board&#146;s sole discretion which need
not be uniformly applied to similarly situated persons. Any such action shall be final,
conclusive and binding on all persons interested in the Plan.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-6-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE 9
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Amendment</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Board shall have the right to amend or modify the Plan at any time in any manner
whatsoever; provided, however, that no amendment shall operate to reduce the Accrued Benefit
which any Participant who is participating in the Plan or entitled to a benefit payment at the
time the amendment is adopted would otherwise receive hereunder.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE 10
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Termination</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Continuance of the Plan is completely voluntary and is not assumed as a contractual
obligation of the Employer. The Board shall have the right at any time to discontinue the
Plan; provided, however, that the termination shall not operate to reduce the Accrued Benefit
which any Participant who is participating in the Plan or entitled to a benefit payment at the
time the termination is approved would otherwise receive hereunder. If the Plan is
terminated, Participants shall be entitled to a distribution of their benefit under the Plan
at the time of termination of the Plan if on account of an event described in Treas. Reg.
&#167;1.409A-3(j)(4)(ix)(A), (B), (C)&nbsp;or (D)&nbsp;and the requirements, as applicable, of such
regulations are met with respect to the termination of the Plan and distribution of benefits
hereunder. Otherwise, distribution shall occur in accordance with the terms of the Plan.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE 11
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Miscellaneous</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11.1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Rights of Participants</U>. Nothing contained herein (a)&nbsp;shall be deemed to exclude a
Participant from any compensation, bonus, pension, insurance, severance pay or other benefit
to which the Participant otherwise is or might become entitled to as an Employee or (b)&nbsp;shall
be construed as conferring upon an Employee the right to continue in the employ of the
Employer as an executive or in any other capacity.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11.2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Effect on Other Plans</U>. Any amounts payable by the Employer hereunder shall not be
deemed salary or other compensation to a Participant for the purposes of computing benefits to
which the Participant may be entitled under any other arrangement established by the Employer
for the benefit of its Employees.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11.3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Binding Nature of Plan</U>. The rights and obligations created hereunder shall be
binding on a Participant&#146;s heirs, executors and administrators and on the successors and
assigns of the Employer.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11.4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Governing Law</U>. The Plan shall be construed in accordance with and governed by the
laws of the State of Florida.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11.5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>No Assignment</U>. The rights of any Participant under this Plan are personal and may
not be assigned, transferred, pledged or encumbered. Any attempt to do so shall be void.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11.6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>No Liability</U>. Neither the Company, the Employer nor any member of the Board or the
Committee shall be responsible or liable in any manner to any Participant, Beneficiary or any
person claiming through them for any benefit or action taken or omitted in connection with the
granting of benefits, the continuation of benefits or the interpretation and administration of
this Plan.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11.7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Section&nbsp;409A</U>. The Plan is intended to comply with the applicable requirements of
Code Section&nbsp;409A and its corresponding regulations and related guidance, and shall be
administered in accordance with Code Section&nbsp;409A to the extent Code Section&nbsp;409A applies to
the Plan. To the extent that any provision of the Plan would cause a conflict with the
requirements of Code Section&nbsp;409A, or would cause the administration of the Plan to fail to
satisfy the requirements of Code Section&nbsp;409A, such provision shall be deemed null and void to
the extent permitted by applicable law.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-7-<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
