Hanesbrands Inc.
EX-10.13
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<TYPE>EX-10.13
<SEQUENCE>7
<FILENAME>g17358exv10w13.htm
<DESCRIPTION>EX-10.13
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<TITLE>EX-10.13</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;10.13</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 96pt"><B>HANESBRANDS INC.<BR>
NON-EMPLOYEE DIRECTOR DEFERRED COMPENSATION PLAN</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt">(As
Amended and Restated December 9, 2008)
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>HANESBRANDS INC.<BR>
NON</B>-<B>EMPLOYEE DIRECTOR DEFERRED COMPENSATION PLAN</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">(As
Amended and Restated December&nbsp;9, 2008)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<B>Purpose</B>. The purpose of the <I>Hanesbrands Inc. </I>Non-Employee Director Deferred Compensation
Plan is to allow <I>Non-Employee Directors </I>of the <I>Corporation </I>to defer the payment of <I>Cash Retainers</I>
and, effective January&nbsp;1, 2008, <I>Equity Retainers. </I>Notwithstanding any provision of the <I>Plan </I>to the
contrary, amounts deferred under the <I>Plan </I>are subject to the provisions of Section&nbsp;409A of the <I>Code</I>
and at all times the <I>Plan </I>shall be interpreted and administered so that it is consistent with such
<I>Code </I>section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<B>Definitions</B>. Where the context of this <I>Plan </I>permits, words in the masculine gender shall
include the feminine gender, the plural form of a word shall include the singular form, and the
singular form of a word shall include the plural form. Unless the context clearly indicates
otherwise, the following terms shall have the following meanings:
</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><I>Balance Calculation Date </I>means the date a <I>Non-Employee Director&#146;s Deferral
Account </I>is valued for purposes of making a distribution from such <I>Non-Employee
Director&#146;s Deferral Account</I>. For a distribution payable on a <I>Distribution Date</I>, the
<I>Balance Calculation Date </I>is the last business day of the month preceding the
<I>Distribution Date; except that, </I>for distributions payable due to a <I>Non-Employee
Director&#146;s </I>earlier <I>Separation from Service </I>or pursuant to sections 10 and 17, the
<I>Balance Calculation Date </I>is the last business day of the month in which the applicable
distribution event occurs.</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><I>Board </I>means the Board of Directors of the <I>Corporation</I>.</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><I>Cash Retainer </I>means the annual cash retainer fee payable by the
<I>Corporation </I>to a <I>Non-Employee Director </I>for services as a director of the
<I>Corporation</I>, as such amount may be changed from time to time. The <I>Cash
Retainer </I>shall include <I>Committee Fees </I>except as otherwise provided herein.</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Change in Control </I>means &#147;Change in Control&#148; as defined under the terms
of the <I>Stock Plan.</I></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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Code </I>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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Committee </I>means the Compensation Committee of the <I>Board</I>.</TD>
</TR>

</TABLE>
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<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">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Committee Fees </I>means the annual fees payable by the <I>Corporation </I>to a
<I>Non-Employee Director </I>for services as a member or chair of a <I>Board </I>committee, as such
amounts may be changed 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Corporation </I>means Hanesbrands Inc. and any successor thereto.</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Deferral </I>means an amount deferred pursuant to a <I>Deferral Election </I>and any
automatic deferral of restricted stock units as described in section 5 below<I>.</I></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">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Deferral Account </I>means a bookkeeping account in the name of a <I>Non-Employee
Director </I>to hold the <I>Non-Employee Director&#146;s Deferrals</I>.</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">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Deferral Crediting Date </I>means the last business day of each calendar quarter.</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">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Deferral Elections </I>means irrevocable elections to defer receipt of a <I>Cash
Retainer </I>or an <I>Equity Retainer</I>.</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">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Distribution Date </I>means the specified date on which a <I>Deferral </I>will be paid or
begin to be paid, pursuant to either a <I>Deferral Election </I>or the applicable provisions
of the <I>Plan </I>or the award agreement.</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">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Equity Retainer </I>means any annual equity retainer fee payable by the <I>Corporation</I>
to a <I>Non-Employee Director </I>for services as a director of the <I>Corporation</I>, as such
amount may be determined from time to time, that is not required to be deferred by its
terms as described in section 5.</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">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Fair Market Value </I>means the average of the high and low quotes of <I>Stock </I>on the
applicable day on the New York Stock Exchange Composite Transaction Tape; provided,
however, that effective as of January&nbsp;1, 2008, the <I>Fair Market Value </I>of <I>Stock </I>shall be
the closing price on the applicable day on the New York Stock Exchange Composite
Transaction Tape.</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">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Interest Account </I>means the default alternative from among the two investment
alternatives (the other being a <I>Stock Equivalent Account</I>) in which a <I>Non-Employee
Director </I>may elect to invest a <I>Deferral </I>as described in sections 7 and 8 below<I>.</I></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">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Non-Employee Director </I>means a director of the <I>Corporation </I>who is not an
employee of the <I>Corporation </I>or any subsidiary of the <I>Corporation</I>.</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">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Plan </I>means this Hanesbrands Inc. Non-Employee Director Deferred Compensation
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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Plan Year </I>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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Re-Deferral Election </I>means a <I>Non-Employee Director&#146;s </I>irrevocable election to
extend a <I>Distribution Date</I>.</TD>
</TR>

</TABLE>
</DIV>
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<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">(u)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Separation from Service </I>means the date of a <I>Non-Employee Director&#146;s </I>termination
of service on the <I>Board</I>, which date shall be determined in a manner that is consistent
with the requirements of Treasury regulations section 1.409A-1(h).</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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Stock </I>means a share of the common stock of the <I>Corporation </I>that, by its terms,
may be voted on all matters submitted to stockholders of the <I>Corporation </I>generally.</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">(w)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Stock Equivalent Account </I>means one of two investment alternatives (the other
being an <I>Interest Account</I>) in which a <I>Non-Employee Director </I>may elect to invest a
<I>Deferral </I>as described in sections 7 and 8 below<I>.</I></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">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Stock Plan </I>means the Hanesbrands Inc. Omnibus Incentive Plan of 2006 or any
successor thereto that provides for the issuance of <I>Stock </I>to <I>Non-Employee Directors.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<B>Administration. </B>The <I>Plan </I>shall be administered by the <I>Committee</I>. The <I>Committee </I>shall have
full power and authority to interpret and construe the <I>Plan </I>and adopt such rules and regulations as
it shall deem necessary and advisable to implement and administer the <I>Plan </I>and to designate persons
other than members of the <I>Committee </I>to carry out its responsibilities, subject to applicable law
and such limitations, restrictions and conditions as it may prescribe, such actions to be taken in
accordance with the <I>Committee&#146;s </I>best business judgment as to the best interests of the <I>Corporation</I>
and its stockholders and in accordance with the purposes of the <I>Plan</I>. The <I>Committee </I>may delegate
administrative duties under the <I>Plan </I>to one or more agents, as it shall deem necessary or
advisable. A majority of the <I>Committee </I>shall constitute a quorum at any meeting of the <I>Committee</I>,
and all determinations of the <I>Committee </I>shall be made by a majority of its members. Any
determination of the <I>Committee </I>under the <I>Plan </I>may be made without notice or a meeting of the
<I>Committee </I>by a written consent signed by all members of the <I>Committee</I>. No member of the <I>Committee</I>
or the <I>Board </I>shall be personally liable for any action or determination made in good faith with
respect to the <I>Plan </I>or to any settlement of any dispute between a <I>Non-Employee Director </I>and the
<I>Corporation</I>. Any decision or action taken by the <I>Committee </I>or the <I>Board </I>with respect to the
administration or interpretation of the <I>Plan </I>shall be conclusive and binding upon all persons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<B>Deferral Elections</B>. Any eligible <I>Non-Employee Director </I>may make irrevocable elections to
defer receipt of his <I>Cash Retainer </I>and, effective January&nbsp;1, 2008, his <I>Equity Retainer. </I>Each such
election shall be referred to as a &#147;<I>Deferral Election</I>&#148; and any amount
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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">deferred pursuant to such election shall be referred to as a &#147;<I>Deferral</I>&#148; for a <I>Plan Year, </I>in
accordance with the rules set forth below.
</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>A <I>Non-Employee Director </I>shall be eligible to make a <I>Deferral Election </I>only if
he is an active member of the <I>Board</I>, or has been elected to the <I>Board </I>on the date such
election is made.</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>For the 2007 <I>Plan Year, </I>a <I>Non-Employee Director </I>may defer all or any portion
not less than 25&nbsp;percent of his <I>Cash Retainer, </I>and may make a separate election to
defer all or any portion not less than 25&nbsp;percent of his <I>Committee Fees. </I>Effective
January&nbsp;1, 2008, a <I>Non-Employee Director </I>may elect to defer not less than 100% percent
of his <I>Cash Retainer, </I>his <I>Equity Retainer, </I>or both.</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>All <I>Deferral Elections </I>must be made pursuant to such rules as the <I>Committee </I>may
prescribe and must be received by the <I>Committee </I>no later than the date specified by the
<I>Committee</I>. In no event will the date specified by the <I>Committee </I>with respect to a
<I>Deferral Election </I>be later than the end of the <I>Plan Year </I>preceding the <I>Plan Year </I>in
which the <I>Cash Retainer </I>or <I>Equity Retainer </I>would otherwise be paid. In the case of the
first year in which the <I>Non-Employee Director </I>becomes eligible to participate, such
election may be made with respect to services to be performed subsequent to the
election within 30&nbsp;days after the date the <I>Non-Employee Director </I>becomes eligible to
participate.</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As part of each <I>Deferral Election </I>for the 2007 <I>Plan Year</I>, the <I>Non-Employee
Director </I>must specify the <I>Distribution Date </I>on which the <I>Deferral </I>will be paid or
commence. For 2008 and subsequent <I>Plan Years</I>, the <I>Distribution Date </I>with respect to a
<I>Deferral </I>shall be the earlier of the fifth anniversary of the applicable <I>Deferral
Crediting Date </I>or the <I>Non-Employee Director&#146;s Separation from Service. </I>A <I>Non-Employee
Director </I>may make a different <I>Deferral Election </I>for each separate <I>Deferral </I>under the
Plan. Except as provided in subsection (e)&nbsp;below, an election under this subsection
(d)&nbsp;is irrevocable and shall apply only to that portion of the <I>Non-Employee Director&#146;s
Deferral Account </I>which is attributable to the <I>Deferral</I>.</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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A <I>Non-Employee Director </I>may make a <I>Re-Deferral Election</I>; provided, that no
<I>Re-Deferral Election </I>shall be effective unless (i)&nbsp;the <I>Committee </I>receives the election
not later than 12&nbsp;months prior to the <I>Distribution Date </I>to be changed, and (ii)&nbsp;the new
<I>Distribution Date </I>shall be the earlier of the <I>Non-Employee Director&#146;s Separation from</I>
Service and a date that is not earlier than the fifth anniversary of the prior
<I>Distribution Date</I>. If a <I>Non-Employee Director </I>makes a <I>Re-Deferral Election </I>with
respect to a <I>Deferral </I>for the 2007 <I>Plan Year</I>, the <I>Deferral </I>shall become payable upon
the earlier of the fifth anniversary of the prior <I>Distribution Date </I>and the
<I>Non-Employee Director&#146;s Separation from Service. </I>All <I>Re-Deferral Elections </I>must be
made pursuant to such rules as the <I>Committee </I>may prescribe. The <I>Committee</I>, in its
complete discretion, may modify the general rules set forth</TD>
</TR>

</TABLE>
</DIV>
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<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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>above as permitted by IRS Notice 2005-1, applicable regulations and other guidance
issued under <I>Code </I>Section&nbsp;409A.</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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As part of each <I>Deferral Election </I>for the 2007 <I>Plan Year</I>, a <I>Non-Employee
Director </I>must elect the form in which the <I>Deferral </I>will be paid in accordance with
section 9. Except as provided in section 9, a <I>Non-Employee Director&#146;s </I>election as to
the form of payment shall be irrevocable.</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">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As part of each <I>Deferral Election</I>, a <I>Non-Employee Director </I>must elect the
investment alternatives that shall apply to the <I>Deferral </I>of a <I>Cash Retainer </I>in
accordance with sections 7 and 8 below.</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">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Deferrals </I>and <I>Deferral Elections </I>shall be irrevocable.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<B>Automatic Deferral of Stock Grants. </B>In addition to any elective <I>Deferrals </I>made by a
<I>Non-Employee Director </I>as provided under section 4 above, any restricted stock, restricted stock
units or deferred stock units awarded to a <I>Non-Employee Director </I>that are automatically deferred
pursuant to the terms of the award agreement shall be deferred under the <I>Plan </I>and credited to a
<I>Non-Employee Director&#146;s Deferral Account </I>as described below. Notwithstanding any <I>Plan </I>provision to
the contrary, the <I>Balance Calculation Date </I>for automatic deferrals under this section shall at all
times be the date which is six months following the <I>Non-Employee Director&#146;s Separation from
Service</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<B>Deferral Accounts</B>. All amounts deferred pursuant to a <I>Non-Employee Director&#146;s Deferral
Elections </I>under section 4 above as well as any automatic <I>Deferrals </I>under section 5 above shall be
allocated to a bookkeeping account in the name of the <I>Non-Employee Director</I>. Each <I>Deferral </I>shall
be credited to the <I>Deferral Account </I>as of the applicable <I>Deferral Crediting Date</I>. A <I>Non-Employee
Director </I>shall be fully vested at all times in the balance of his <I>Deferral Account</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<B>Investment Alternatives</B>. A <I>Non-Employee Director </I>must make an investment election at the
time of each <I>Deferral Election, </I>with respect to <I>Deferrals </I>of <I>Cash Retainers</I>. The investment
election must be made pursuant to such rules as the <I>Committee </I>may prescribe, subject to this
section and section 8 below, and shall designate the portion of the <I>Deferral </I>which is to be treated
as invested in each investment alternative. The two investment alternatives shall be as follows:
</DIV>

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

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<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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Stock Equivalent Account</B>.</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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under the <I>Stock Equivalent Account</I>, the value of the
<I>Non-Employee Director&#146;s Deferral </I>shall be determined as if the <I>Deferral </I>were
invested in <I>Stock </I>as of the <I>Deferral Crediting Date</I>. If a payment of <I>Stock </I>is
deferred, then the number of <I>Stock </I>equivalents to be credited to the
<I>Non-Employee Director&#146;s Deferral Account </I>and appropriate subaccounts on each
<I>Deferral Crediting Date </I>shall equal the number of shares deferred. If a
payment of cash is deferred, then the number of <I>Stock </I>equivalents to be
credited to the <I>Non-Employee Director&#146;s Deferral Account </I>and appropriate
subaccounts on each <I>Deferral Crediting Date </I>shall be determined by dividing the
<I>Deferral </I>to be &#147;invested&#148; on that date by the <I>Fair Market Value </I>of <I>Stock </I>on
that date. Fractional <I>Stock </I>equivalents will be computed to six decimal
places.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An amount equal to the number of <I>Stock </I>equivalents as of the
record date multiplied by the dividend paid on a share of <I>Stock </I>on each
dividend payment date shall be credited to the <I>Non-Employee Director&#146;s Deferral
Account </I>and appropriate subaccount as of the <I>Deferral Crediting Date </I>coincident
with or next following the dividend payment date and &#147;invested&#148; in additional
<I>Stock </I>equivalents as though such dividend credits were a <I>Deferral</I>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The <I>Corporation </I>may, but is not required to, match any amounts
that a <I>Non-Employee Director </I>elects to invest in the <I>Stock Equivalent Account</I>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event of any stock split, stock dividend,
recapitalization, reorganization, merger, consolidation, combination, exchange
of shares, liquidation, spin-off or other similar change in capitalization or
event, or any distribution to holders of <I>Stock </I>other than a regular cash
dividend, the number of <I>Stock </I>equivalents in the <I>Stock Equivalent Account </I>under
the <I>Plan </I>shall be equitably adjusted by the <I>Committee</I>.</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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Interest Account</B>. Under the <I>Interest Account</I>, prior to 2008, interest accrues
daily and is credited to the <I>Non-Employee Director&#146;s Deferral Account </I>on a monthly
basis. Effective January&nbsp;1, 2008, interest accrues and is credited daily. The rate of
interest to be credited shall equal the 5-year constant maturity Treasury note interest
rate as published by the Federal Reserve in effect on the first business day of the
applicable calendar year. If installment payments are elected, the amount to be paid
to the <I>Non-Employee Director </I>as of a <I>Distribution Date </I>shall be determined by dividing
the <I>Non-Employee Director&#146;s Deferral Account </I>balance as of the applicable <I>Balance
Calculation Date </I>by the number of remaining installment payments.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<B>Investment Elections and Changes</B>. A <I>Non-Employee Director&#146;s </I>investment elections shall be
subject to the following rules:
</DIV>

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

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<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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to <I>Cash Retainer </I>payments, if the <I>Non-Employee Director </I>fails to
make an investment election with respect to a <I>Deferral</I>, the <I>Deferral </I>shall be deemed to
be invested in the <I>Interest Account</I>.</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>All <I>Equity Retainer </I>payments that are deferred at the election of the
<I>Non-Employee Director </I>and all awards that are deferred automatically as described in
section 5 above shall be invested in the <I>Stock Equivalent Account.</I></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>All investments in the <I>Stock Equivalent Account </I>shall be irrevocable.</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of the last business day of any calendar quarter, a <I>Non-Employee Director</I>
may elect to transfer amounts invested in the <I>Interest Account </I>to the <I>Stock Equivalent
Account </I>by filing an investment change election during the time period specified by the
<I>Committee</I>. Any such election shall be effective as of the first business day of the
following calendar quarter. The number of <I>Stock </I>equivalents to be credited to the
<I>Non-Employee Director&#146;s Deferral Account </I>and appropriate subaccounts as of the
effective date of the <I>Non-Employee Director&#146;s </I>election shall be determined by dividing
the amount to be transferred by the <I>Fair Market Value </I>of <I>Stock </I>on the last business day
of the calendar quarter preceding the effective date of the <I>Non-Employee Director&#146;s</I>
election. Notwithstanding the foregoing, effective January&nbsp;1, 2008, a <I>Non-Employee
Director </I>may elect to transfer amounts from the <I>Interest Account </I>to the <I>Stock
Equivalent Account </I>as of any business day; any such transfer shall be made in
accordance with procedures established by the <I>Committee</I>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<B>Time and Method of Payment</B>. Payment of a <I>Non-Employee Director&#146;s Deferral Account </I>shall be
made in accordance with the following rules:
</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>Payment of a <I>Non-Employee Director&#146;s Deferral </I>shall be made in a single lump
sum; provided that, for a <I>Cash Retainer </I>deferred for the 2007 <I>Plan Year</I>, the
<I>Non-Employee Director </I>may elect to receive payment in substantially equal annual
installments over a period not exceeding ten years, as elected by the <I>Non-Employee
Director </I>in the <I>Deferral Election</I>.</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>If a <I>Non-Employee Director </I>makes a <I>Re-Deferral Election </I>with respect to a
<I>Deferral </I>for the 2007 <I>Plan Year, </I>any prior election of annual installments shall be
null and void and the <I>Non-Employee Director&#146;s Deferral </I>shall become payable in a single
lump sum. Installment payments shall be treated as a single payment for purposes of a
<I>Re-Deferral Election</I>, and the first scheduled installment will be the measuring
standard for purposes of determining whether a <I>Re-Deferral Election </I>complies with the
requirements of subsection 4(e) above.</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 a <I>Non-Employee Director&#146;s Deferral </I>is payable in a single lump sum, the
payment shall be made within the 60-day period following the <I>Balance Calculation Date,</I>
as determined in the sole discretion of the <I>Committee</I>. If a <I>Non-Employee Director&#146;s
Deferral </I>is payable in installment payments, then the <I>Non-Employee Director&#146;s Deferral</I>
shall be paid in substantially equal annual</TD>
</TR>

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

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<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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>installments commencing in the month following the initial <I>Balance Calculation Date,</I>
with the remaining installment payments made as of each subsequent January 1st
(based on the preceding December&nbsp;31st <I>Deferral </I>balance) over the period elected by
the <I>Non-Employee Director </I>in the <I>Deferral Election.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<B>Payment Upon Death of a Non-Employee Director</B>. In the event a <I>Non-Employee Director </I>dies
before all amounts credited to his <I>Deferral Account </I>have been paid, payment of the <I>Non-Employee
Director&#146;s Deferral Account </I>shall be made in a single sum payment to the <I>Non-Employee Director&#146;s
Beneficiary </I>within the 60-day period after the applicable <I>Balance Calculation Date </I>as determined in
the sole discretion of the <I>Committee</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<B>Beneficiary</B>. A <I>Non-Employee Director&#146;s </I>&#147;<I>Beneficiary</I>&#148; shall mean the individual(s) or
entity designated by the <I>Non-Employee Director </I>to receive the balance of the <I>Non-Employee
Director&#146;s Deferral Account </I>in the event of the <I>Non-Employee Director&#146;s </I>death prior to the payment
of his entire <I>Deferral Account</I>. To be effective, any <I>Beneficiary </I>designation shall be filed with
the <I>Committee </I>pursuant to rules established by the <I>Committee </I>from time to time. A <I>Non-Employee
Director </I>may revoke an existing <I>Beneficiary </I>designation by filing another <I>Beneficiary </I>designation
with the <I>Committee</I>. The latest <I>Beneficiary </I>designation received by the <I>Committee </I>prior to the
<I>Non-Employee Director&#146;s </I>death shall be controlling. If no <I>Beneficiary </I>is named by a <I>Non-Employee
Director </I>or if no <I>Beneficiary </I>survives the <I>Non-Employee Director</I>, the <I>Non-Employee Director&#146;s
Deferral Account </I>shall be paid in the following order of precedence:
</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>the <I>Non-Employee Director&#146;s </I>spouse;</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>the <I>Non-Employee Director&#146;s </I>children (including adopted children), per stirpes;
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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the <I>Non-Employee Director&#146;s </I>estate.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;<B>Form of Payment</B>. The payment of that portion of a <I>Deferral </I>deemed to be invested in the
<I>Interest Account </I>shall be made in cash. The distribution of that portion of a <I>Deferral </I>deemed to
be invested at the <I>Non-Employee Director&#146;s </I>election or automatically invested in the <I>Stock
Equivalent Account </I>shall be distributed under the <I>Stock Plan </I>in whole shares of <I>Stock </I>with
fractional shares distributed in cash.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;<B>Funding</B>. Payouts under the <I>Plan </I>to any <I>Non-Employee Director </I>shall be paid directly by
the <I>Corporation</I>. The <I>Corporation </I>shall not be required to fund, or otherwise
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-8-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">segregate assets to be used for payment of benefits under the <I>Plan</I>. Notwithstanding the
foregoing, the <I>Corporation</I>, in the discretion of the <I>Committee</I>, may maintain one or more grantor
trusts to hold assets to be used for payment of benefits under the <I>Plan</I>; provided that, in no event
shall the <I>Corporation </I>make a contribution or deposit to a trust during a &#147;restricted period&#148; as
defined in <I>Code </I>Section&nbsp;409A(b)(3). The assets of any such trust shall remain the assets of the
<I>Corporation </I>subject to the claims of its general creditors. Any payments from such a trust of
benefits provided to a <I>Non-Employee Director </I>under the <I>Plan </I>shall be considered payment by the
<I>Corporation </I>and shall discharge the <I>Corporation </I>of any further liability under the <I>Plan </I>for such
payments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;<B>Interests Not Transferable</B>. No benefit payable at any time under the <I>Plan </I>shall be subject
in any manner to alienation, sale, transfer, assignment, pledge, attachment, or other legal
process, or encumbrance of any kind. Any attempt to alienate, sell, transfer, assign, pledge or
otherwise encumber any such benefits, whether currently or thereafter payable, shall be void. No
person shall, in any manner, be liable for or subject to the debts or liabilities of any person
entitled to such benefits. If any person shall attempt to, or shall alienate, sell, transfer,
assign, pledge or otherwise encumber his benefits under the <I>Plan</I>, or if by any reason of his
bankruptcy or other event happening at any time, such benefits would devolve upon any other person
or would not be enjoyed by the person entitled thereto under the <I>Plan</I>, then the <I>Committee</I>, in its
discretion, may terminate the interest in any such benefits of the person entitled thereto under
the <I>Plan </I>and hold or apply them for or to the benefit of such person entitled thereto under the
<I>Plan </I>or his spouse, children or other dependents, or any of them, in such manner as the <I>Committee</I>
may deem proper.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;<B>Forfeitures of Unclaimed Amounts</B>. Unclaimed amounts shall consist of the amounts of the
<I>Deferral Account </I>of a <I>Non-Employee Director </I>that are not distributed because of the <I>Committee&#146;s</I>
inability, after a reasonable search, to locate a <I>Non-Employee Director </I>or his <I>Beneficiary</I>, as
applicable, by the later of the end of the <I>Plan Year in which </I>the <I>Participant&#146;s Distribution Date</I>,
<I>Separation from Service</I>, or death occurs, or the end of the 90-day period following said
<I>Distribution Date, Separation from Service</I>, or death. Unclaimed amounts shall be forfeited at the
end of such period. These forfeitures will reduce the obligations of the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-9-<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Corporation </I>under the <I>Plan, </I>and the <I>Non-Employee Director </I>or <I>Beneficiary</I>, as applicable, shall
have no further right to his <I>Deferral Account</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;<B>Change in Control. </B>Notwithstanding a <I>Non-Employee Director&#146;s </I>elections under sections 4
and 9 above or the other terms of the <I>Plan </I>regarding the form and timing of payment, upon the
<I>Non-Employee Director&#146;s Separation from Service </I>following a <I>Change in Control</I>, the <I>Non-Employee
Director&#146;s Deferral Account </I>shall be payable in a single lump sum within the 60-day period after
the <I>Balance Calculation Date </I>as determined in the sole discretion of the <I>Committee</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;<B>Amendment and Termination. </B>The <I>Corporation </I>may amend the <I>Plan </I>from time to time, or may
terminate the <I>Plan </I>at any time, by resolution of the <I>Board </I>or by resolution of a committee
authorized by resolution of the <I>Board. </I>The <I>Board </I>or any duly authorized committee also may
unilaterally modify the terms and conditions of an outstanding election under the <I>Plan </I>as
necessary, including revoking an election entirely, to reflect changes in applicable law. Any
amendment or termination of the <I>Plan </I>shall comply with the restrictions of <I>Code </I>Section&nbsp;409A to the
extent applicable. Specifically, no amendment or termination of the <I>Plan </I>may accelerate a
scheduled payment unless permitted by Treasury regulations section 1.409A-3(j)(4), nor may any
amendment permit a subsequent deferral unless such amendment complies with the requirements of
Treasury regulations section 1.409A-2(b).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;<B>Governing Law, Venue. </B>Except to the extent superseded by the laws of the United States,
the laws of the State of North Carolina, without regard to any state&#146;s conflict of laws principles,
shall govern in all matters relating to the <I>Plan</I>. Any legal action related to this <I>Plan </I>shall be
brought only in a federal or state court located in North Carolina.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;<B>Effective Date of Plan. </B>This <I>Plan </I>shall be effective as of July&nbsp;2, 2006.
</DIV>


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




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