<SEC-DOCUMENT>0000950123-11-093034.txt : 20111028
<SEC-HEADER>0000950123-11-093034.hdr.sgml : 20111028
<ACCEPTANCE-DATETIME>20111028165744
ACCESSION NUMBER:		0000950123-11-093034
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20111028
DATE AS OF CHANGE:		20111028
EFFECTIVENESS DATE:		20111028

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ITT Corp
		CENTRAL INDEX KEY:			0000216228
		STANDARD INDUSTRIAL CLASSIFICATION:	PUMPS & PUMPING EQUIPMENT [3561]
		IRS NUMBER:				135158950
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-177604
		FILM NUMBER:		111165833

	BUSINESS ADDRESS:	
		STREET 1:		1133 WESTCHESTER AVENUE
		CITY:			WHITE PLAINS
		STATE:			NY
		ZIP:			10604
		BUSINESS PHONE:		914.641.2041

	MAIL ADDRESS:	
		STREET 1:		1133 WESTCHESTER AVENUE
		CITY:			WHITE PLAINS
		STATE:			NY
		ZIP:			10604

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ITT CORP
		DATE OF NAME CHANGE:	20060705

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ITT INDUSTRIES INC
		DATE OF NAME CHANGE:	19951220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ITT CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>y93227sv8.htm
<DESCRIPTION>FORM S-8
<TEXT>
<HTML>
<HEAD>
<TITLE>sv8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always"><A HREF="#Y93227toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>As filed with the Securities and Exchange Commission on October&nbsp;28, 2011.</B>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Registration No.&nbsp;333-</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>FORM S-8<BR>
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>ITT Corporation</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><b>(Exact name of registrant as specified in its charter)</b></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Indiana<BR>
(State or other jurisdiction of <BR>
incorporation or organization)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>13-5158950<BR>
(I.R.S. Employer<BR>
Identification Number)</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>1133 Westchester Avenue<BR>
White Plains, NY 10604<BR>
Telephone: (914)&nbsp;641-2000</B><BR>
(Address, including zip code, and telephone number, including area code, of principal executive offices)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>ITT Corporation 2011 Omnibus Incentive Plan<BR>
ITT Corporation Retirement Savings Plan for Salaried Employees<BR>
ITT Deferred Compensation Plan</B></DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">(Full Titles of the Plans)
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV><BR>
<B>Frank R. Jimenez<BR>
Vice President and General Counsel<BR>
ITT Corporation<BR>
1133 Westchester Avenue<BR>
White Plains, NY 10604<BR>
Telephone: (914)&nbsp;641-2000<BR>
(Name and address, including zip code, and telephone number, including area code, of agent for service)</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>With copies to:<BR>
Gary L. Sellers<BR>
Simpson Thacher &#038; Bartlett LLP<BR>
425 Lexington Avenue<BR>
New York, New York 10017</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large
accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the
Exchange Act.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Large accelerated filer <FONT style="font-family: Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Non-accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
<FONT style="white-space: nowrap">(Do not check if a smaller reporting company)</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Smaller reporting company <FONT style="font-family: Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount to be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left"><B>Title of securities to be registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>offering price per share</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>aggregate offering price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>registration fee</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common stock, par
value $1.00 per
share (1) (2)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">11,700,000</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$16.75(3)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$195,975,000(3)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$22,459(3)</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Deferred
Compensation
Obligations (4)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$30,000,000</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">N/A</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$30,000,000(5)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$3,438(5)</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Covers 9,200,000 shares of common stock, par value $1 per share (the &#147;Common Stock&#148;), of
ITT Corporation (&#147;ITT&#148; or the &#147;Company&#148;) issuable under the ITT Corporation 2011 Omnibus
Incentive Plan and 2,500,000 shares of Common Stock issuable under the ITT Corporation Retirement
Savings Plan for Salaried Employees, and pursuant to Rule 416(a) under the Securities Act of
1933, as amended (the &#147;Securities
Act&#148;), this Registration Statement also covers an indeterminate number of additional shares
which may be offered and issued to prevent dilution resulting from stock splits, stock
dividends or similar transactions.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule 416(c) under the Securities Act, this registration statement also covers an
indeterminate number of plan interests to be offered or sold pursuant to the ITT Corporation
Retirement Savings Plan for Salaried Employees.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule 457(c) and 457(h) of the Securities Act the proposed maximum offering price
per share, the proposed maximum aggregate offering price and the amount of registration fee
are estimated solely for the purpose of calculating the amount of the registration fee and are
based on the average of the high and low prices of shares of common stock of the registrant in
the &#147;ex-distribution&#148; trading market as reported on the New York Stock Exchange on October&nbsp;25,
2011. Pursuant to Rule&nbsp;457(h)(2) under the Securities Act, no separate fee is required to
register plan interests.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>The deferred compensation obligations are unsecured obligations of ITT to pay deferred
compensation in the future in accordance with the terms of the ITT Deferred
Compensation Plan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>The proposed maximum aggregate offering price for the deferred compensation obligations was
estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h)
under the Securities Act.</TD>
</TR>

</TABLE>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







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

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<P><HR noshade><P>

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

<!-- TOC -->
<A name="Y93227toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#Y93227000">PART I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#Y93227001">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#Y93227002">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#Y93227003">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#Y93227004">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#Y93227005">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#Y93227006">Item&nbsp;7. Exemption from Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#Y93227007">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#Y93227008">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#Y93227009"> SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="y93227exv4w3.htm">EX-4.3</A></TD></TR>
<TR><TD colspan="9"><A HREF="y93227exv4w4.htm">EX-4.4</A></TD></TR>
<TR><TD colspan="9"><A HREF="y93227exv4w5.htm">EX-4.5</A></TD></TR>
<TR><TD colspan="9"><A HREF="y93227exv5w1.htm">EX-5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="y93227exv5w2.htm">EX-5.2</A></TD></TR>
<TR><TD colspan="9"><A HREF="y93227exv5w3.htm">EX-5.3</A></TD></TR>
<TR><TD colspan="9"><A HREF="y93227exv23w1.htm">EX-23.1</A></TD></TR>
</TABLE>
</CENTER>
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<H5 align="left" style="page-break-before:always"><A HREF="#Y93227toc">Table of Contents</A></H5><P>







<!-- link1 "PART I" -->
<DIV align="left"><A NAME="Y93227000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I<BR>
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information specified in Items 1 and 2 of Part&nbsp;I of Form S-8 is omitted from this filing
in accordance with the provisions of Rule&nbsp;428 under the Securities Act and the introductory note to
Part&nbsp;I of Form S-8. The documents containing the information specified in Part&nbsp;I will be delivered
to the participants in the ITT Corporation 2011 Omnibus Incentive Plan, the ITT Corporation
Retirement Savings Plan for Salaried Employees and the ITT  Deferred Compensation Plan
as covered by this Registration Statement on Form S-8 (the &#147;Registration Statement&#148;) and as
required by Rule&nbsp;428(b)(1).
</DIV>
<!-- link1 "PART II" -->
<DIV align="left"><A NAME="Y93227001"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>

<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
<DIV align="left"><A NAME="Y93227002"></A></DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;3.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Incorporation of Documents by Reference.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed with the Securities and Exchange Commission (the &#147;Commission&#148;)
by ITT are hereby incorporated by reference in this Registration Statement:
</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ITT&#146;s Annual Report on Form 10-K as filed with the Commission on February&nbsp;24,
2011.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ITT&#146;s Annual Report on Form 11-K as filed with the Commission on June&nbsp;20, 2011.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ITT&#146;s Quarterly Reports on Form 10-Q as filed with the Commission on May&nbsp;2,
2011, August&nbsp;1, 2011 and October&nbsp;28, 2011.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ITT&#146;s Current Reports on Form 8-K as filed with the Commission on February&nbsp;28,
2011, March&nbsp;9, 2011, May&nbsp;13, 2011, July&nbsp;11, 2011 (second filing), August&nbsp;17, 2011,
September&nbsp;16, 2011, September&nbsp;21, 2011, October&nbsp;11, 2011 and October&nbsp;20, 2011 (two
filings).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents that the Company subsequently files pursuant to Sections&nbsp;13(a), 13(c), 14 and
15(d) of the Securities Exchange Act of 1934, as amended, after the date of this Registration
Statement, prior to the filing of a post-effective amendment to this Registration Statement
indicating that all securities offered have been sold or which deregisters all securities then
remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement
and to be a part hereof from the date of filing of such documents. Any statement contained in a
document incorporated or deemed to be incorporated by reference herein shall be deemed to be
modified or superseded for purposes of this Registration Statement to the extent that a statement
contained herein or in any other subsequently filed document which also is or is deemed to be
incorporated by reference herein modifies or supersedes such statement. Any such statement so
modified or superseded shall not be deemed, except as so modified or superseded, to constitute a
part of this Registration Statement.
</DIV>
<!-- link2 "Item&nbsp;4. Description of Securities" -->
<DIV align="left"><A NAME="Y93227003"></A></DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;4.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Description of Securities.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement covers deferred compensation obligations (&#147;Obligations&#148;) that may
be offered under the ITT Deferred Compensation Plan (the &#147;Deferred Compensation Plan&#148;),
which is filed as Exhibit&nbsp;4.5 hereto. The following summary is qualified in its entirety by
reference to the Deferred Compensation Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Obligations offered under the Deferred Compensation Plan represent obligations of the
Company to pay to participants certain compensation amounts that the participants have elected to
defer, as adjusted for hypothetical gains or losses attributable to the deemed investment of such
deferrals in hypothetical investment alternatives, all of which is reflected in bookkeeping
accounts maintained by the Company for each of the participants. These Obligations will at all
times be unsecured obligations of the Company. Benefits are payable solely from the Company&#146;s
general assets and are subject to the risk of corporate insolvency. In the event of a change of
control, the Company shall pay the entire balance on each participant&#146;s account in a single
lump-sum payment.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Deferred Compensation Plan is intended to allow certain highly compensated employees to
defer the payment of current compensation to future years for tax and financial planning purposes.
The Plan is expected to become effective on October&nbsp;31, 2011. The Deferred Compensation Plan is
nonqualified and is intended to be considered unfunded for tax purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions set forth in the Deferred Compensation Plan, every year
each participating employee may elect to defer all or a portion of his or her bonus to be earned in
the next year, and such deferred amounts, if any, will be credited to such participant&#146;s account.
Amounts in a participant&#146;s account will be indexed to one or more deemed investment funds chosen by
each participant from a range of such alternatives available under the Deferred Compensation Plan.
Each participant&#146;s account will be adjusted to reflect the investment performance of the selected
investment fund(s), including any appreciation or depreciation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Obligations are generally payable upon a date or dates selected by a participant under the
Deferred Compensation Plan or following the participant&#146;s termination of employment, subject to an
exception for an unforeseeable emergency. The Obligations generally are payable in cash in the
form of a lump-sum distribution or in installments, at the election of participants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A participant may designate one or more beneficiaries to receive any portion of the
Obligations payable in the event of death. Participants or beneficiaries generally may not
alienate, sell, transfer, assign or otherwise dispose of any right or interest in the Deferred
Compensation Plan. The Company reserves the right to amend or terminate the Deferred Compensation
Plan at any time.
</DIV>
<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel" -->
<DIV align="left"><A NAME="Y93227004"></A></DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;5.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Interests of Named Experts and Counsel.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="Y93227005"></A></DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;6.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Indemnification of Directors and Officers.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be permitted
to our directors, officers, and controlling persons pursuant to the following provisions, or
otherwise, we have been advised that in the opinion of the SEC such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indiana Business Corporation Law (&#147;IBCL&#148;), the provisions of which we are governed
by, empowers an Indiana corporation to indemnify present and former directors, officers, employees,
or agents or any person who may have served at the request of the corporation as a director,
officer, employee, or agent of another corporation (&#147;Eligible Persons&#148;) against liability incurred
in any proceeding, civil or criminal, in which the Eligible Person is made a party by reason of
being or having been in any such capacity, or arising out of his status as such, if the individual
acted in good faith and reasonably believed that (a)&nbsp;the individual was acting in the best
interests of the corporation, or (b)&nbsp;if the challenged action was taken other than in the
individual&#146;s official capacity as an officer, director, employee or agent, the individual&#146;s conduct
was at least not opposed to the corporation&#146;s best interests, or (c)&nbsp;if in a criminal proceeding,
either the individual had reasonable cause to believe his conduct was lawful or no reasonable cause
to believe his conduct was unlawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The IBCL further empowers a corporation to pay or reimburse the reasonable expenses
incurred by an Eligible Person in connection with the defense of any such claim, including counsel
fees; and, unless limited by its articles of incorporation, the corporation is required to
indemnify an Eligible Person against reasonable expenses if he is wholly successful in any such
proceeding, on the merits or otherwise. Under certain circumstances, a corporation may pay or
reimburse an Eligible Person for reasonable expenses prior to final disposition of the matter.
Unless a corporation&#146;s articles of incorporation provide otherwise, an Eligible Person may apply
for indemnification to a court which may order indemnification upon a determination that the
Eligible Person is entitled to mandatory indemnification for reasonable expenses or that the
Eligible Person is fairly and reasonably entitled to indemnification in view of all the relevant
circumstances without regard to whether his actions satisfied the appropriate standard of conduct.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before a corporation may indemnify any Eligible Person against liability or reasonable
expenses under the IBCL, a quorum consisting of directors who are not parties to the proceeding
must (1)&nbsp;determine the indemnification is permissible in the specific circumstances because the
Eligible Person met the requisite standard of conduct, (2)&nbsp;authorize the corporation to indemnify
the Eligible Person and (3)&nbsp;if appropriate, evaluate the reasonableness of expenses for which
indemnification is sought. If it is not possible to obtain a quorum of uninvolved directors, the
foregoing action may be taken by a committee of two or more directors who are not parties to the
proceeding, special legal counsel selected by the Board or such a committee, or by the shareholders
of the corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the foregoing, the IBCL states that the indemnification it provides shall
not be deemed exclusive of any other rights to which those indemnified may be entitled under any
provision of a corporation&#146;s articles of incorporation or by-laws, resolution of the board of
directors or shareholders, or any other authorization adopted after notice by a majority vote of
all the voting shares then issued and outstanding. The IBCL also empowers an Indiana corporation to
purchase and maintain insurance on behalf of any Eligible Person against any liability asserted
against or incurred by him in any capacity as such, or arising out of his status as such, whether
or not the corporation would have had the power to indemnify him against such liability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our restated articles of incorporation, as amended, provide that no director or officer
shall be personally liable to the Company or any of our shareholders for damages for breach of
fiduciary duty as a director or officer, except for liability for breach of duty if such breach
constitutes willful misconduct or recklessness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated by-laws provide for mandatory indemnification, to the fullest
extent permitted by law, of our directors and officers against all expenses (including attorneys&#146;
fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such
person in connection with any threatened, pending or completed investigation, claim, action, suit
or proceeding, whether civil, criminal, administrative or investigative, including any action, suit
or proceeding by or in the right of the Company, in which such person is or was involved in any
manner (including as a party or witness) by reason of the fact that such person is or was a
director, officer, employee or agent of the Company or is or was serving at the request of the
Company as a director, officer, employee, fiduciary or agent of another corporation, partnership,
joint venture, trust or other enterprise (including any employee benefit plan). The right to
indemnification is a contract right and includes the right to advancement of expenses in accordance
with specified procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights to indemnification provided by our restated articles of incorporation and
amended and restated by-laws are not exclusive of any other rights to which any indemnified person
may otherwise be entitled.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have entered into indemnification agreements with certain of our directors, pursuant
to which we have agreed to indemnify and hold harmless, to the fullest extent permitted by
applicable law and our amended by-laws, each such director against any and all expenses (including
attorney&#146;s fees and related disbursements, appeal bonds and other out-of-pocket costs), judgments,
amounts paid on settlement, liabilities or actually and reasonably incurred by such director by
reason of the fact that such person is or was a director (or, at the request of the Company, as a
director, officer, employee, fiduciary or other agent of another corporation, partnership, limited
liability company, joint venture, trust or other enterprise), or by reason of any actual or alleged
action or omission to act taken or omitted in any such capacity. The indemnification agreements set
forth certain procedures that will apply in the event of a claim for indemnification thereunder. In
addition, the agreements provide for the advancement of expenses incurred by a director, subject to
certain exceptions, in connection with any action, suit or proceeding covered by the agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have purchased directors&#146; and officers&#146; liability insurance, the effect of which is to
indemnify our directors and officers and the directors and officers of our subsidiaries against
certain losses caused by errors, misstatement or misleading statements, wrongful acts, omissions,
neglect or breach of duty by them or similar matters claimed against them in their capacities as
directors or officers. This insurance is subject to various deductibles and exclusions from
coverage.
</DIV>
<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed" -->
<DIV align="left"><A NAME="Y93227006"></A></DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;7.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Exemption from Registration Claimed.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

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

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93227toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="Y93227007"></A></DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;8.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Exhibits.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits are filed as part of this Registration Statement:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description of Document</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ITT Corporation&#146;s Articles of Amendment of the Restated Articles of
Incorporation (incorporated by reference to Exhibit&nbsp;3.1 of the
Company&#146;s Current Report on Form&nbsp;8-K dated May&nbsp;14, 2008)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Bylaws of the Company (incorporated by
reference to Exhibit&nbsp;3.1 of the Company&#146;s Current Report on Form&nbsp;8-K
dated October&nbsp;11, 2011)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ITT Corporation 2011 Omnibus Incentive Plan*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ITT Corporation Retirement Savings Plan for Salaried Employees*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ITT Deferred Compensation Plan*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Barnes &#038; Thornburg LLP*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Conner &#038; Winters, LLP*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Frank R. Jimenez, Esq.*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The shares of Common Stock offered and sold pursuant to the ITT
Corporation Retirement Savings Plan for Salaried Employees (&#147;Savings
Plan&#148;) are purchased by the administrator of the Savings Plan in
open market transactions. Because no original issuance securities
will be offered or sold pursuant to the Savings Plan, no opinion of
counsel regarding the legality of the securities being registered
hereunder is required.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pursuant to Item&nbsp;8(b) of Form&nbsp;S-8, the Company will submit the
Savings Plan to the Internal Revenue Service (&#147;IRS&#148;) in a timely
manner for a determination letter that the Savings Plan is qualified
under Section&nbsp;401 of the Internal Revenue Code of 1986 (the &#147;Code&#148;)
and will make all changes required by the IRS in order to so qualify
the Savings Plan.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Barnes &#038; Thornburg LLP (included as part of Exhibit&nbsp;5.1) *</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Conner &#038; Winters, LLP (included as part of Exhibit&nbsp;5.2)*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Frank R. Jimenez, Esq. (included as part of Exhibit&nbsp;5.3)*</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Filed herewith</TD>
</TR>

</TABLE>


<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="Y93227008"></A></DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;9.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Undertakings.</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="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned registrant hereby undertakes:</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:</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="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act of 1933;</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="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities offered would not
exceed that which was registered) and any deviation from the low or high end of
the estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the
changes in volume and price represent no more than 20&nbsp;percent change in the
maximum aggregate offering price set forth in the &#147;Calculation of Registration
Fee&#148; table in the effective registration statement;</TD>
</TR>

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

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<H5 align="left" style="page-break-before:always"><A HREF="#Y93227toc">Table of Contents</A></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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any material information with respect to the plan
of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;</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="2%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>provided</I>, <I>however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not
apply if the registration statement is on Form S-8, and the information
required to be included in a post-effective amendment by those paragraphs is
contained in reports filed with or furnished to the Commission by the
registrant pursuant to Section&nbsp;13 or Section 15(d) of the Securities
Exchange Act of 1934 that are incorporated by reference in the registration
statement.</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That, for the purpose of determining any liability under the Securities Act of
1933, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.</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%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the registrant&#146;s annual report pursuant to
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each
filing of an employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the registration statement shall be
deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.</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%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or
paid by a director, officer or controlling person of the registrant in the successful defense
of any action, suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of such issue.</TD>
</TR>

</TABLE>
</DIV>



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

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93227toc">Table of Contents</A></H5><P>

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



<!-- link1 " SIGNATURES" -->
<DIV align="left"><A NAME="Y93227009"></A></DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of White Plains, State of New York on the 28<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of
October, 2011.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>ITT CORPORATION</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">          /s/ Frank R. Jimenez
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Frank R. Jimenez&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President and General Counsel&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities indicated on the
28<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of October, 2011.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Steven R. Loranger
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Steven R. Loranger
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>Chairman, President, Chief Executive Officer and Director<br>
(principal
executive officer)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Denise L. Ramos
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>Senior Vice President and Chief Financial Officer
&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Denise L. Ramos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(principal financial officer)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Janice M. Klettner
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Vice President and Chief Accounting Officer
&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Janice M. Klettner</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(principal accounting officer)</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Christina A. Gold
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Christina A. Gold</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Ralph F. Hake
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ralph F. Hake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ John J. Hamre
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">John J. Hamre</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Paul J. Kern
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Paul J. Kern</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Frank T. MacInnis
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Frank T. MacInnis</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Surya N. Mohapatra
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Surya N. Mohapatra</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Linda S. Sanford
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Linda S. Sanford</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Markos I. Tambakeras
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Markos I. Tambakeras</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93227toc">Table of Contents</A></H5><P>

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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ITT CORPORATION RETIREMENT SAVINGS PLAN FOR SALARIED EMPLOYEES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the trustees (or other persons who
administer the employee benefit plan) have duly caused this Registration Statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of White Plains, State of New
York, on the 26<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of October, 2011.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><BR>
<BR>
ITT Corporation Retirement Savings Plan for Salaried<BR>
Employees<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 0px solid #000000" align="left">JPMorgan Chase Bank, N.A. as Directed Trustee</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">for the ITT Corporation Retirement Savings Plan for Salaried Employees&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">

/s/ Kristin Brown
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Kristin Brown&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President, Relationship Management&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">JPMorgan Chase Bank, N.A. acting solely in its<BR>
representative capacity as directed trustee for and<BR>
not in its individual capacity. JPMorgan Chase Bank,<BR>
N.A. shall not have individual liability with respect<BR>
to the foregoing.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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



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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>2
<FILENAME>y93227exv4w3.htm
<DESCRIPTION>EX-4.3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;4.3</B>
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">2011 OMNIBUS INCENTIVE PLAN<BR><BR style="font-size: 6pt">
ESTABLISHMENT, PURPOSE, AND DURATION
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.1 <I>Establishment. </I>ITT Corporation, an Indiana corporation (hereinafter referred to as the
&#147;<U>Company</U>&#148;), establishes an incentive compensation plan to be known as the ITT Corporation 2011 Omnibus
Incentive Plan (hereinafter referred to as the &#147;<U>Plan</U>&#148;), as set forth in this document. The
Plan permits the grant of Nonqualified Stock Options, Incentive Stock Options, Stock Appreciation
Rights (SARs), Restricted Stock, Restricted Stock Units and Other Awards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Plan was approved by the Board of Directors on February&nbsp;23, 2011 and shall become effective May
11, 2011, the day following the Company&#146;s 2011 Annual Meeting of Shareholders, if approved by the
Company&#146;s shareholders at such Annual Meeting, or such other date as the Company&#146;s shareholders
shall approve such Plan, should the Company&#146;s Annual Meeting of Shareholders be postponed or
delayed (the &#147;<U>Effective Date</U>&#148;). The Plan replaces the ITT Corporation 2003 Equity Incentive
Plan (the &#147;Prior Plan&#148;). If the Plan is approved by the Company&#146;s shareholders at the 2011 Annual
Meeting of Shareholders, no additional awards will be granted under the Prior Plan. If the Plan is
not approved by the Company&#146;s shareholders at the 2011 Annual Meeting of Shareholders, the Plan
will be null and void and the Prior Plan will remain in effect. Awards previously granted under the
Prior Plan will remain in effect subject to their terms and the terms of the Prior Plan. If the
Plan is approved by the Company&#146;s shareholders, the Plan shall remain in effect as provided in
Section&nbsp;1.3 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.2 <I>Purpose of the Plan. </I>The purpose of the Plan is to promote the long-term interests of the
Company and its shareholders by strengthening the Company&#146;s ability to attract and retain Employees
of the Company and its Affiliates and members of the Board of Directors upon whose judgment,
initiative, and efforts the financial success and growth of the business of the Company largely
depend, and to provide an additional incentive for such individuals through share ownership and
other rights that promote and recognize the financial success and growth of the Company and create
value for shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.3 <I>Duration of the Plan. </I>The Plan shall commence as of the Effective Date, as described in
Section&nbsp;1.1 hereof, and shall remain in effect, subject to the right of the Compensation and
Personnel Committee of the Board, (the &#147;Committee&#148;) to amend or terminate the Plan at any time
pursuant to Article&nbsp;14 hereof, until all Shares subject to it shall have been purchased or acquired
according to the Plan&#146;s provisions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Article&nbsp;2. <I>Definitions</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Whenever used in the Plan, the following terms shall have the meanings set forth below, and when
the meaning is intended, the initial letter of the word shall be capitalized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.1 &#147;<I>Acceleration Event&#148; </I>shall be deemed to have occurred as of the first day that any one or
more of the following conditions have been satisfied:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a report on Schedule&nbsp;13D shall be filed with the Securities and Exchange Commission
pursuant to Section 13(d) of the Exchange Act disclosing that any Person, other than the Company
or a Subsidiary or any employee benefit plan sponsored by the Company or a Subsidiary (or
related trust), is the Beneficial Owner directly or indirectly of twenty percent (20%) or more
of the outstanding Shares;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Person, other than the Company or a Subsidiary, or any employee benefit plan
sponsored by the Company or a Subsidiary (or related trust), shall purchase shares pursuant to a
tender offer or exchange offer to acquire any Shares (or securities convertible into Shares) for
cash, securities or any other consideration, provided that after consummation of the offer, the
Person in question is the Beneficial Owner, directly or indirectly, of twenty percent (20%) or
more of the outstanding Shares (calculated as provided in paragraph (d)&nbsp;of Rule&nbsp;13d-3 under the
Exchange Act in the case of rights to acquire Shares);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the consummation of
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any consolidation, business combination or merger involving the Company, other than a
consolidation, business combination or merger involving the Company in which holders of Shares
immediately prior to the consolidation, business combination or merger (x)&nbsp;hold fifty percent
(50%) or more of the combined voting power of the Company (or the corporation resulting from the
consolidation, business combination or merger or the parent of such corporation) after the
merger and (y)&nbsp;have the same proportionate ownership of common stock of the Company (or the
corporation resulting from the consolidation, business combination or merger or the parent of
such corporation), relative to other holders of Shares immediately prior to the consolidation,
business combination or merger, immediately after the consolidation, business combination or
merger as immediately before; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any sale, lease, exchange or other transfer (in one transaction or a series of related
transactions) of all or substantially all the assets of the Company;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) there shall have been a change in a majority of the members of the Board within a
12-month period unless the election or nomination for election by the Company&#146;s shareholders of
each new director during such 12-month period was approved by the vote of two-thirds of the
directors then still in office who (x)&nbsp;were directors at the beginning of such 12-month period
or (y)&nbsp;whose nomination for election or election as directors was recommended or approved by a
majority of the directors who were directors at the beginning of such 12-month period; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Person, other than the Company or a Subsidiary or any employee benefit plan
sponsored by the Company or a Subsidiary (or related trust), becomes the Beneficial Owner of
twenty percent (20%) or more of the Shares.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.2 &#147;<I>Affiliate&#148; </I>means any Subsidiary and any other Person that directly, or indirectly through one
or more intermediaries, controls, or is controlled by, or is under common control with, the Person
specified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.3 &#147;<I>Award&#148; </I>means, individually or collectively, a grant under this Plan of Nonqualified Stock
Options, Incentive Stock Options, SARs, Restricted Stock, Restricted Stock Units and Other Awards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.4 &#147;<I>Award Agreement&#148; </I>means either (i)&nbsp;an agreement entered into by the Company and a Participant
setting forth the terms and provisions applicable to Awards granted under this Plan, or (ii)&nbsp;a
statement issued by the Company to a Participant describing the terms and conditions of such Award.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.5 &#147;<I>Beneficial Owner&#148; </I>shall have the meaning ascribed to such term in Rule&nbsp;13d-3 of the General
Rules and Regulations under the Exchange Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.6 &#147;<I>Board&#148; or &#147;Board of Directors&#148; </I>means the Board of Directors of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.7 &#147;Code&#148; means the U.S. Internal Revenue Code of 1986, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.8 &#147;<I>Committee&#148; </I>means the Compensation and Personnel Committee of the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.9 &#147;<I>Company&#148; </I>means ITT Corporation, an Indiana corporation, and any successor thereto as provided
in Article&nbsp;16 herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.10 &#147;<I>Covered Employee&#148; </I>means a Participant who is a &#147;Covered Employee,&#148; as defined in Code Section
162(m) and the regulations promulgated under Code Section&nbsp;162(m), or any successor statute.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.11 &#147;<I>Director&#148; </I>means any individual who is a member of the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.12 &#147;<I>Employee&#148; </I>means any employee of the Company or its Affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.13 &#147;<I>Exchange Act&#148; </I>means the Securities Exchange Act of 1934, as amended from time to time, or any
successor act thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.14 &#147;<I>Fair Market Value&#148; </I>means a price that is based on the opening, closing, actual, high, low, or
average selling prices of a Share on the New York Stock Exchange (&#147;<U>NYSE</U>&#148;) or other
established stock exchange (or exchanges) on the applicable date, the preceding trading day, the
next succeeding trading day, or an average of trading days, as determined by the Committee in its
discretion.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Such definition of Fair Market Value may differ depending on whether Fair Market Value is in
reference to the grant, exercise, vesting, or settlement or payout of an Award. If, however, the
accounting standards used to account for equity awards granted to Participants are substantially
modified subsequent to the Effective Date of the Plan, the Committee shall have the ability to
determine an Award&#146;s Fair Market Value based on the relevant facts and circumstances. If Shares are
not traded on an established stock exchange, Fair Market Value shall be determined by the Committee
based on objective criteria.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.15 &#147;<I>Freestanding SAR&#148; </I>means a SAR that is granted independently of any Options, as described in
Article&nbsp;7 herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.16 &#147;<I>Full Value Award&#148; </I>means an Award other than an Option granted with an Option Price equal to
at least Fair Market Value on the date of grant or a SAR with a Grant Price equal to at least Fair
Market Value on the date of grant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.17 &#147;<I>Grant Price&#148; </I>means the amount to which the Fair Market Value of a Share is compared pursuant
to Section&nbsp;7.6 to determine the amount of payment that should be made upon exercise of a SAR.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.18 &#147;<I>Incentive Stock Option&#148; or &#147;ISO&#148; </I>means an Option that meets the requirements of Code Section
422, or any successor provision, and that is not designated as a Nonqualified Stock Option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.19 &#147;<I>Insider&#148; </I>means an individual who is, on the relevant date, an officer, Director, or more than
ten percent (10%) Beneficial Owner of any class of the Company&#146;s equity securities that is
registered pursuant to Section&nbsp;12 of the Exchange Act, as determined by the Board or the Committee
in accordance with Section&nbsp;16 of the Exchange Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.20 &#147;<I>Nonqualified Stock Option&#148; or &#147;NQSO&#148; </I>means an Option that is not intended to meet the
requirements of Code Section&nbsp;422, or that otherwise does not meet such requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.21 &#147;<I>Option&#148; </I>means an Incentive Stock Option or a Nonqualified Stock Option to purchase Shares, as
described in Article&nbsp;6 herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.22 &#147;<I>Option Price&#148; </I>means the price at which a Share may be purchased by a Participant pursuant to
an Option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.23 &#147;<I>Other Award&#148; </I>means an Award granted to a Participant pursuant to Article&nbsp;9 herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.24 &#147;<I>Participant&#148; </I>means an Employee or Director who has been selected to receive an Award or who
has an outstanding Award granted under the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.25 &#147;<I>Performance-Based Compensation&#148; </I>means an Award that is qualified as Performance-Based
Compensation under Code Section&nbsp;162(m).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.26 &#147;<I>Performance Measures&#148; </I>means measures as described in Article&nbsp;10, the attainment of which may
determine the amount of payout and/or vesting with respect to Awards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.27 &#147;<I>Performance Period&#148; </I>means the period of time during which the performance goals must be met
in order to determine the amount of payout and/or vesting with respect to an Award.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.28 &#147;<I>Period of Restriction&#148; </I>means the period when Restricted Stock or Restricted Stock Units are
subject to a substantial risk of forfeiture (based on the passage of time, the achievement of
performance goals, or upon the occurrence of other events as determined by the Committee, at its
discretion) and transfer restrictions, as provided in Article&nbsp;8 herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.29 &#147;<I>Person&#148; </I>shall have the meaning given in Section 3(a) (9)&nbsp;of the Exchange Act, as modified and
used in Sections 13(d) and 14(d) thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.30 &#147;<I>Plan Year&#148; </I>means the fiscal year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.31 &#147;<I>Restricted Stock&#148; </I>means an Award granted to a Participant pursuant to Article&nbsp;8 herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.32 &#147;Restricted Stock Unit&#148; means an Award granted to a Participant pursuant to Article&nbsp;8 herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.33 &#147;Share&#148; means a share of common stock of the Company, $1.00 par value per share.
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.34 &#147;Stock Appreciation Right&#148; or &#147;SAR&#148; means an Award granted to a Participant pursuant to
Article&nbsp;7 herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.35 &#147;<I>Subsidiary&#148; </I>means any corporation, partnership, joint venture, limited liability company, or
other entity (other than the Company) in an unbroken chain of entities beginning with the Company
if each of the entities other than the last entity in the unbroken chain owns at least fifty
percent (50%) of the total combined voting power in one of the other entities in such chain.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.36 &#147;<I>Tandem SAR&#148; </I>means a SAR that is granted in connection with a related Option pursuant to
Article&nbsp;7.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Article&nbsp;3. <I>Administration</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.1 <I>General. </I>The Committee shall be responsible for administering the Plan. The Committee may
employ attorneys, consultants, accountants, and other persons, and the Committee, the Company, and
its officers and Directors shall be entitled to rely upon the advice, opinions, or valuations of
any such persons. All actions taken and all interpretations and determinations made by the
Committee shall be final and binding upon the Participants, the Company, and all other interested
persons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.2 <I>Authority of the Committee. </I>The Committee shall have full and exclusive discretionary power to
interpret the terms and the intent of the Plan and to determine eligibility for Awards and to adopt
such rules, regulations, and guidelines for administering the Plan as the Committee may deem
necessary or proper. Such authority shall include, but not be limited to, selecting Award
recipients, establishing all Award terms and conditions and, subject to Article&nbsp;14, adopting
modifications and amendments to the Plan or any Award Agreement, including without limitation, any
that are necessary to comply with the laws of the countries in which the Company and its Affiliates
operate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Delegation. </I>The Committee may delegate to one or more of its members or to one or more agents or
advisors such administrative duties as it may deem advisable, and the Committee or any person to
whom it has delegated duties as aforesaid may employ one or more persons to render advice with
respect to any responsibility the Committee or such person may have under the Plan. The Committee
may, by resolution, authorize one or more officers of the Company to do one or both of the
following: (a)&nbsp;designate Employees and Directors to be recipients of Awards; and (b)&nbsp;determine the
size of the Award; <U>provided</U>, <U>however</U>, the Committee shall not delegate such
responsibilities to any such officer for Awards granted to an Employee that is considered an
elected officer of the Company, or to the extent it would unintentionally cause Performance-Based
Compensation to lose its status as such.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Article&nbsp;4. <I>Shares Subject to the Plan and Maximum Awards</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.1 <I>Number of Shares Available for Awards. </I>Subject to adjustment as provided in Section&nbsp;4.2
herein, the number of Shares hereby reserved for issuance to Participants under the Plan shall be
nine million two hundred thousand (9,200,000). In addition, any Shares remaining available for
issuance under the Prior Plan as of the date of approval of the Plan by the shareholders at the
2011 Annual Meeting of Shareholders shall also become available for grant under the Plan. For
purposes of the prior sentence, Shares subject to outstanding awards under the Prior Plan shall not
be considered available for issuance under the Prior Plan. Any Shares related to Awards under the
Plan or awards under the Prior Plan that terminate by expiration, forfeiture, cancellation, or
otherwise without the issuance of such Shares, are settled in cash in lieu of Shares, or are
exchanged with the Committee&#146;s permission for Awards not involving Shares, shall be available again
for grant under the Plan. Notwithstanding the foregoing, (a)&nbsp;upon the exercise of a stock-settled
Stock Appreciation Right or net-settled Option, the number of Shares subject to the Award (or
portion of the Award) that is then being exercised shall be counted against the maximum aggregate
number of Shares that may be issued under the Plan as provided above, on the basis of one Share for
every Share subject thereto, regardless of the actual number of Shares issued upon exercise and (b)
any Shares withheld with respect to an Award (or, with respect to Restricted Stock, returned) in
satisfaction of tax withholding obligations shall be counted as Shares issued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to adjustment as provided in Section&nbsp;4.2 herein, the number of Shares hereby reserved for
issuance under the Plan for Full Value Awards shall not exceed four million six hundred thousand
(4,600,000). In addition, (x)&nbsp;any Shares remaining available for issuance of Full Value Awards
under the Prior Plan as of the date of approval of the Plan by the shareholders at the 2011 Annual
Meeting of Shareholders shall be available for grant of Full Value Awards under the Plan and (y)
any Shares related to Full Value Awards under the Plan or the Prior Plan that terminate by
expiration, forfeiture, cancellation, or otherwise without the issuance of such Shares, are settled
in cash in lieu of Shares, or are exchanged with the Committee&#146;s permission for Awards not
involving Shares, shall be available again for grant of Full Value Awards under the Plan.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All of the reserved Shares may be used as ISOs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Shares available for issuance under the Plan may be authorized and unissued Shares or treasury
Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following limits (&#147;<U>Award Limits</U>&#148;) shall apply to Awards, dividends and dividend
equivalent intended to qualify as Performance-Based Compensation:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>Options: </I>The maximum aggregate number of Shares that may be granted in the form of
Options, pursuant to any Award granted in any one Plan Year to any one Participant shall be
three million five hundred thousand (3,500,000).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>SARs: </I>The maximum number of Shares that may be granted in the form of Stock
Appreciation Rights, pursuant to any Award granted in any one Fiscal Year to any one Participant
shall be three million five hundred thousand (3,500,000).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <I>Restricted Stock or Restricted Stock Units: </I>The maximum aggregate grant with respect
to Awards of Restricted Stock or Restricted Stock Units granted in any one Plan Year to any one
Participant shall be seven hundred thousand (700,000).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <I>Other Awards: </I>The maximum aggregate number of Shares with respect to which Other
Awards may be granted in any one Plan Year to any one Participant shall be seven hundred
thousand (700,000) and the maximum aggregate cash that may be payable with respect to Other
Awards granted in any one Plan Year to any one Participant shall be fifteen million
($15,000,000) dollars.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <I>Dividends and Dividend Equivalents: </I>The maximum aggregate value of cash dividends
(other than large, nonrecurring cash dividends) or dividend equivalents that any one Participant
may receive pursuant to Awards in any one Plan Year shall not exceed six million ($6,000,000)
dollars.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.2 <I>Adjustments in Authorized Shares. </I>In the event of any equity restructuring (within the meaning
of FASB Accounting Standards Codification (ASC)&nbsp;718 that causes the per share value of Shares to
change, such as a stock dividend, stock split, spin off, rights offering, or recapitalization
through a large, nonrecurring cash dividend, the Committee shall cause there to be made an
equitable adjustment to: (a)&nbsp;the number and, if applicable, kind of shares that may be issued under
the Plan or pursuant to any type of Award under the Plan, (b)&nbsp;the Award Limits, (c)&nbsp;the number and,
if applicable, kind of shares subject to outstanding Awards and (d)&nbsp;as applicable, the Option Price
or Grant Price of any then outstanding Awards. In the event of any other change in corporate
structure or capitalization, such as a merger, consolidation, any reorganization (whether or not
such reorganization comes within the definition of such term in Section&nbsp;368 of the Code) or any
partial or complete liquidation of the Company, the Committee, in its sole discretion, in order to
prevent dilution or enlargement of Participants&#146; rights under the Plan, shall cause there to be
made such equitable adjustments described in the foregoing sentence. Any fractional shares
resulting from adjustments made pursuant to this Section&nbsp;4.2 shall be eliminated. Any adjustment
made pursuant to this Section&nbsp;4.2 shall be conclusive and binding for all purposes of the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Except to the extent it would unintentionally cause Performance Based Compensation to fail to
qualify for the performance based exception to Code Section&nbsp;162(m), appropriate adjustments may
also be made by the Committee in the terms of any Awards under the Plan to reflect such changes or
distributions and to modify any other terms of outstanding Awards on an equitable basis, including
modifications of performance goals and changes in the length of Performance Periods. The
determination of the Committee as to the foregoing adjustments, if any, shall be conclusive and
binding on Participants under the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to the provisions of Article&nbsp;13, without affecting the number of Shares reserved or
available hereunder, the Committee may authorize the issuance or assumption of benefits under this
Plan in connection with any merger, consolidation, acquisition of property or stock, share
exchange, amalgamation, reorganization or similar transaction upon such terms and conditions as it
may deem appropriate; provided, however, that no such issuance or assumption shall be made without
affecting the number of Shares reserved or available hereunder if it would prevent the granting of
ISOs under the Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Article&nbsp;5. <I>Eligibility and Participation</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.1 <I>Eligibility. </I>Individuals eligible to participate in this Plan include all Employees and
Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>5.2 Actual Participation. </I>Subject to the provisions of the Plan, the Committee may, from time to
time, select from all eligible individuals, those to whom Awards shall be granted and shall
determine the form and amount of each Award.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Article&nbsp;6. <I>Stock Options</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.1 <I>Grant of Options. </I>Subject to the terms and provisions of the Plan, Options may be granted to
Participants in such number, and upon such terms, and at any time and from time to time as shall be
determined by the Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ISOs may not be granted following the ten-year (10)&nbsp;anniversary of the date the Plan was last
approved by shareholders in a manner that satisfies the shareholder approval requirements
applicable to ISOs. ISOs may be granted only to Employees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.2 <I>Award Agreement. </I>Each Option grant shall be evidenced by an Award Agreement that shall specify
the Option Price, the duration of the Option, the number of Shares to which the Option pertains,
the conditions upon which an Option shall become vested and exercisable, and such other provisions
as the Committee shall determine which are not inconsistent with the terms of the Plan. The Award
Agreement also shall specify whether the Option is intended to be an ISO or an NQSO.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.3 <I>Option Price. </I>The Option Price for each grant of an Option under this Plan shall be as
determined by the Committee; provided, however, the Option Price shall not be less than one hundred
percent (100%) of the Fair Market Value of a Share on the date the Option is granted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.4 <I>Duration of Options. </I>Each Option granted to a Participant shall expire at such time as the
Committee shall determine at the time of grant; provided, however, no Option shall be exercisable
later than the tenth (10th) anniversary of its grant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.5 <I>Exercise of Options. </I>Options granted under this Article&nbsp;6 shall be exercisable at such times
and be subject to such terms and conditions as the Committee shall in each instance approve, which
need not be the same for each grant or for each Participant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.6 <I>Payment. </I>Options granted under this Article&nbsp;6 shall be exercised by the delivery of notice of
exercise to an agent designated by the Company or by complying with any alternative procedures
which may be authorized by the Committee, setting forth the number of Shares with respect to which
the Option is to be exercised.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A condition of the issuance of the Shares as to which an Option shall be exercised shall be the
payment of the Option Price. The Option may be exercised (and the Option Price may be satisfied) by
(a)&nbsp;delivering cash or its equivalent, (b)&nbsp;tendering (either by actual delivery or attestation)
previously acquired Shares having an aggregate Fair Market Value at the time of exercise equal to
the Option Price, (c)&nbsp;broker-assisted cashless exercise, (d)&nbsp;net exercise, (e)&nbsp;a combination of the
foregoing or (f)&nbsp;by any other method approved by the Committee in its sole discretion. The
Committee shall determine acceptable methods for tendering Shares as payment upon exercise of an
Option and may impose such limitations and prohibitions on the use of Shares to exercise an Option
as it deems appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to any governing rules or regulations, as soon as practicable after receipt of written
notification of exercise and full payment (including satisfaction of any applicable tax
withholding), the Company shall deliver to the Participant evidence of book entry Shares, or upon
the Participant&#146;s request, Share certificates in an appropriate amount based upon the number of
Shares purchased under the Option(s).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unless otherwise determined by the Committee, all payments under the methods indicated above shall
be paid in United States dollars.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.7 <I>Restrictions on Share Transferability. </I>The Committee may impose such restrictions on any
Shares acquired pursuant to the exercise of an Option granted under this Article&nbsp;6 as it may deem
advisable, including, without limitation, restrictions under applicable federal securities laws,
under the requirements of any stock exchange or market upon which such Shares are then listed
and/or traded, and under any blue sky or state securities laws applicable to such Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.8 <I>Termination of Employment or Service as a Director. </I>The impact of a termination of a
Participant&#146;s employment on an Option&#146;s vesting and exercise period shall be determined by the
Committee, in its sole discretion, in the Participant&#146;s Award Agreement, and need not be uniform
among Option grants or Participants. The impact of a termination on a Participant&#146;s service as a
Director on an Option&#146;s vesting and exercise period shall be determined by the Committee, in its
sole discretion, in the Participant&#146;s Award Agreement, and need not be uniform among Option grants
or Participants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.9 <I>Transferability of Options. </I>During his or her lifetime, only the Participant shall have the
right to exercise the Options. After the Participant&#146;s death, the Participant&#146;s estate or
beneficiary shall have the right to exercise such Options.
</DIV>





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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a) <I>Incentive Stock Options. </I>No ISO granted under the Plan may be sold, transferred, pledged,
assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and
distribution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b) <I>Nonqualified Stock Options. </I>Except as otherwise provided in a Participant&#146;s Award Agreement,
no NQSO granted under this Article&nbsp;6 may be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated, other than by will or by the laws of descent and distribution. Under no
circumstances may an NQSO be transferable for value or consideration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.10 <I>Notification of Disqualifying Disposition. </I>If any Participant shall make any disposition of
Shares issued pursuant to the exercise of an ISO under the circumstances described in Section
421(b) of the Code (relating to certain disqualifying dispositions), such Participant shall notify
the Company of such disposition within ten (10)&nbsp;days thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Article&nbsp;7. <I>Stock Appreciation Rights</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.1 <I>Grant of SARs. </I>Subject to the terms and conditions of the Plan, SARs may be granted to
Participants at any time and from time to time as shall be determined by the Committee. The
Committee may grant Freestanding SARs, Tandem SARs, or any combination of these forms of SARs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to the terms and conditions of the Plan, the Committee shall have complete discretion in
determining the number of SARs granted to each Participant and, consistent with the provisions of
the Plan, in determining the terms and conditions pertaining to such SARs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The SAR Grant Price for each grant of a Freestanding SAR shall be determined by the Committee and
shall be specified in the Award Agreement. The SAR Grant Price shall not be less than one hundred
percent (100%) of the Fair Market Value of a Share on the date the SAR is granted. The Grant Price
of Tandem SARs shall be equal to the Option Price of the related Option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.2 <I>SAR Agreement. </I>Each SAR Award shall be evidenced by an Award Agreement that shall specify the
Grant Price, the term of the SAR, and such other provisions as the Committee shall determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.3 <I>Term of SAR. </I>The term of a SAR granted under the Plan shall be determined by the Committee, in
its sole discretion, <U>provided</U> that, no SAR shall be exercisable later than the tenth (10th)
anniversary of its grant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.4 <I>Exercise of Freestanding SARs. </I>Freestanding SARs may be exercised upon whatever terms and
conditions the Committee, in its sole discretion, imposes upon them; provided, however, such terms
and conditions shall be subject to Section&nbsp;7.1 as to grant price and Section&nbsp;7.3 as to the term of
the SAR.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.5 <I>Exercise of Tandem SARs. </I>Tandem SARs may be exercised for all or part of the Shares subject to
the related Option upon the surrender of the right to exercise the equivalent portion of the
related Option. A Tandem SAR may be exercised only with respect to the Shares for which its related
Option is then exercisable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notwithstanding any other provision of this Plan to the contrary, with respect to a Tandem SAR
granted in connection with an ISO: (a)&nbsp;the Tandem SAR will expire no later than the expiration of
the underlying ISO; (b)&nbsp;the value of the payout with respect to the Tandem SAR may be for no more
than one hundred percent (100%) of the difference between the Option Price of the underlying ISO
and the Fair Market Value of the Shares subject to the underlying ISO at the time the Tandem SAR is
exercised; and (c)&nbsp;the Tandem SAR may be exercised only when the Fair Market Value of the Shares
subject to the ISO exceeds the Option Price of the ISO.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.6 <I>Payment of SAR Amount. </I>Upon the exercise of a SAR, a Participant shall be entitled to receive
payment from the Company in an amount determined by multiplying:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The difference between the Fair Market Value of a Share on the date of exercise over
the Grant Price; by
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The number of Shares with respect to which the SAR is exercised.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the discretion of the Committee, the payment upon a SAR exercise may be in cash, in Shares of
equivalent value, in some combination thereof, or in any other manner approved by the Committee at
its sole discretion. The Committee&#146;s determination regarding the form of SAR payout shall be set
forth in the Award Agreement pertaining to the grant of the SAR.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.7 <I>Termination of Employment or Service as a Director. </I>The impact of a termination on a
Participant&#146;s employment on a SAR&#146;s vesting and exercise period shall be determined by the
Committee, in its sole discretion, in the Participant&#146;s Award Agreement, and need not be uniform
among SAR grants or Participants. The impact of a termination on a Participant&#146;s service as a
Director on a SAR&#146;s vesting and exercise period shall be determined by the Committee, in its sole
discretion, in the Participant&#146;s Award Agreement, and need not be uniform among SAR grants or
Participants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.8 <I>Nontransferability of SARs. </I>Except as otherwise provided in a Participant&#146;s Award Agreement,
no SAR granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated
or hypothecated, other than by will or by the laws of descent and distribution. Under no
circumstances may a SAR be transferable for value or consideration. Further, except as otherwise
provided in a Participant&#146;s Award Agreement, all SARs granted to a Participant under the Plan shall
be exercisable during his or her lifetime only by such Participant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.9 <I>Other Restrictions. </I>The Committee shall impose such other conditions and/or restrictions on
any Shares received upon exercise of a SAR granted pursuant to the Plan as it may deem advisable.
This includes, but is not limited to, requiring the Participant to hold the Shares received upon
exercise of a SAR for a specified period of time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Article&nbsp;8. <I>Restricted Stock and Restricted Stock Units</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.1 <I>Grant of Restricted Stock or Restricted Stock Units. </I>Subject to the terms and conditions of
the Plan, the Committee, at any time and from time to time, may grant Shares of Restricted Stock
and/or Restricted Stock Units to Participants in such amounts as the Committee shall determine.
Restricted Stock Units shall be similar to Restricted Stock except that no Shares are actually
awarded to the Participant on the date of grant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.2 <I>Restricted Stock or Restricted Stock Unit Agreement. </I>Each Restricted Stock and/or Restricted
Stock Unit grant shall be evidenced by an Award Agreement that shall specify the Period(s) of
Restriction, the number of Shares of Restricted Stock or the number of Restricted Stock Units
granted, and such other provisions as the Committee shall determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.3 <I>Transferability. </I>Except as provided in this Article&nbsp;8, the Shares of Restricted Stock and/or
Restricted Stock Units granted herein may not be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated until the end of the applicable Period of Restriction established by the
Committee and specified in the Award Agreement (and in the case of Restricted Stock Units until the
date of delivery or other payment), or upon earlier satisfaction of any other conditions, as
specified by the Committee, in its sole discretion, and set forth in the Award Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.4 <I>Other Restrictions. </I>The Committee shall impose such other conditions and/or restrictions on
any Shares of Restricted Stock or Restricted Stock Units granted pursuant to the Plan as it may
deem advisable including, without limitation, a requirement that Participants pay a stipulated
purchase price for each Share of Restricted Stock or each Restricted Stock Unit, restrictions based
upon the achievement of specific performance goals, time-based restrictions on vesting following
the attainment of the performance goals, time-based restrictions, and/or restrictions under
applicable federal or state securities laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the extent deemed appropriate by the Committee, the Company may retain the certificates
representing Shares of Restricted Stock in the Company&#146;s possession until such time as all
conditions and/or restrictions applicable to such Shares have been satisfied or lapse.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Except as otherwise provided in this Article&nbsp;8, Shares of Restricted Stock covered by each
Restricted Stock Award shall become freely transferable by the Participant after all conditions and
restrictions applicable to such Shares have been satisfied or lapse (including satisfaction of any
applicable tax withholding obligations), and Restricted Stock Units shall be paid in cash, Shares,
or a combination of cash and Shares as the Committee, in its sole discretion shall determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.5 <I>Voting Rights. </I>To the extent permitted or required by law, as determined by the Committee,
Participants holding Shares of Restricted Stock granted hereunder may be granted the right to
exercise full voting rights with respect to those Shares during the Period of Restriction. A
Participant shall have no voting rights with respect to any Restricted Stock Units granted
hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.6 <I>Dividends and Other Distributions. </I>During the Period of Restriction, Participants holding
Shares of Restricted Stock or Restricted Stock Units granted hereunder may, if the Committee so
determines, be credited with dividends paid with respect to the underlying Shares or dividend
equivalents while they are so held in a manner determined by the Committee in its sole discretion.
The Committee may apply any restrictions to the dividends or dividend equivalents that the
Committee deems appropriate. The Committee, in its sole discretion, may determine the time and form
of payment of dividends or dividend equivalents, including cash, Shares, Restricted
</DIV>




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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Stock, or Restricted Stock Units; <U>provided</U>, <U>however</U>, that if dividends or dividend
equivalents are granted with respect to any Shares of Restricted Stock or Restricted Share Units
that are subject to performance goals, the dividends or dividend equivalents shall be accumulated
or reinvested and paid following the time such performance goals are met, as set forth by the
Committee in the applicable Award Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.7 <I>Termination of Employment or Service as a Director. </I>The impact of a termination on a
Participant&#146;s employment of a Restricted Stock or Restricted Stock Unit&#146;s vesting and settlement
shall be determined by the Committee, in its sole discretion, in the Participant&#146;s Award Agreement,
and need not be uniform among Restricted Stock or Restricted Stock Unit grants or Participants. The
impact of a termination on a Participant&#146;s service as a Director of a Restricted Stock or
Restricted Stock Unit&#146;s vesting and settlement shall be determined by the Committee, in its sole
discretion, in the Participant&#146;s Award Agreement, and need not be uniform among Restricted Stock or
Restricted Stock Unit grants or Participants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.8 <I>Section&nbsp;83(b) Election. </I>The Committee may provide in an Award Agreement that the Award of
Restricted Stock is conditioned upon the Participant making or refraining from making an election
with respect to the Award under Section 83(b) of the Code. If a Participant makes an election
pursuant to Section 83(b) of the Code concerning a Restricted Stock Award, the Participant shall be
required to file promptly a copy of such election with the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Article&nbsp;9. <I>Other Awards</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee may grant Other Awards, which may include, without limitation, unrestricted Shares,
the payment of Shares in lieu of cash, the payment of cash based on attainment of Performance
Goals, service conditions or other goals established by the Committee and the payment of Shares in
lieu of cash under other Company incentive or bonus programs. Payment under or settlement of any
such Other Awards shall be made in such manner, at such times and subject to such terms and
conditions as the Committee may determine.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Article&nbsp;10. <I>Performance Measures</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unless and until the Committee proposes for shareholder vote and the shareholders approve a change
in the general Performance Measures set forth in this Article&nbsp;10, the performance goals upon which
the payment or vesting of an Award to a Covered Employee that is intended to qualify as
Performance-Based Compensation shall be limited to one or more of the following Performance
Measures:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Net earnings;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Earnings per share;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Net sales growth;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Net income (before or after taxes);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Net operating profit;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Return measures (including, but not limited to, return on assets, capital, equity, or
sales);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Cash flow (including, but not limited to, operating cash flow and free cash flow);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Cash flow return on capital;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Earnings before or after taxes, interest, depreciation, and/or amortization;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Gross or operating margins;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Productivity ratios;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Share price (including, but not limited to, growth measures and total shareholder
return);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Expense targets;
</DIV>

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</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Margins;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Operating efficiency;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Customer satisfaction;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Employee satisfaction metrics;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Human resources metrics;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Working capital targets; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) EVA<SUP style="FONT-size: 85%; vertical-align: text-top">&#174;</SUP>.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any Performance Measure(s) may be used to measure the performance of the Company or an Affiliate as
a whole or any business unit of the Company or an Affiliate or any combination thereof, as the
Committee may deem appropriate, or any of the above Performance Measures as compared to the
performance of a group of comparator companies, or published or special index that the Committee,
in its sole discretion, deems appropriate, or the Company may select Performance Measure (l)&nbsp;above
as compared to various stock market indices. The Committee also has the authority to provide for
accelerated vesting of any Award based on the achievement of performance goals pursuant to the
Performance Measures specified in this Article&nbsp;10.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee may provide in any such Award that any evaluation of performance may include or
exclude any of the following events that occurs during a Performance Period: (a)&nbsp;asset write-downs,
(b)&nbsp;litigation or claim judgments or settlements, (c)&nbsp;the effect of changes in tax laws, accounting
principles, or other laws or provisions affecting reported results, (d)&nbsp;any reorganization and
restructuring programs, (e)&nbsp;extraordinary nonrecurring items as described in Accounting Principles
Board Opinion No.&nbsp;30 and/or in management&#146;s discussion and analysis of financial condition and
results of operations appearing in the Company&#146;s annual report to shareholders for the applicable
year, (f)&nbsp;acquisitions or divestitures, and (g)&nbsp;foreign exchange gains and losses. To the extent
such inclusions or exclusions affect Awards to Covered Employees, they shall be prescribed in a
form that meets the requirements of Code Section 162(m) for deductibility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Awards that are designed to qualify as Performance-Based Compensation, and that are held by Covered
Employees, may not be adjusted upward. The Committee shall retain the discretion to adjust such
Awards downward.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event that applicable tax and/or securities laws change to permit Committee discretion to
alter the governing Performance Measures without obtaining shareholder approval of such changes,
the Committee shall have sole discretion to make such changes without obtaining shareholder
approval.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Article&nbsp;11. <I>Beneficiary Designation</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each Participant under the Plan may, from time to time, name any beneficiary or beneficiaries (who
may be named contingently or successively) to whom any benefit under the Plan is to be paid in case
of his or her death before he or she receives any or all of such benefit. Each such designation
shall revoke all prior designations by the same Participant, shall be in a form prescribed by the
Committee, and will be effective only when filed by the Participant in writing with the Company
during the Participant&#146;s lifetime. In the absence of any such designation, benefits remaining
unpaid at the Participant&#146;s death shall be paid to the Participant&#146;s estate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Article&nbsp;12. <I>Rights of Participants</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.1 <I>Employment. </I>Nothing in the Plan or an Award Agreement shall interfere with or limit in any
way the right of the Company and/or its Affiliates to terminate any Participant&#146;s employment or of
the Board of Directors to terminate service as a Director at any time or for any reason not
prohibited by law, nor confer upon any Participant any right to continue his or her employment or
service as a Director for any specified period of time.
</DIV>





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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Neither an Award nor any benefits arising under this Plan shall constitute an employment contract
with the Company and, accordingly, subject to Article&nbsp;3 and Section&nbsp;14.1, this Plan and the
benefits hereunder may be terminated at any time in the sole and exclusive discretion of the
Committee without giving rise to any liability on the part of the Company, its Affiliates, and/or
its Subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.2 <I>Participation. </I>No individual shall have the right to be selected to receive an Award under
this Plan, or, having been so selected, to be selected to receive a future Award.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.3 <I>Rights as a Shareholder. </I>Except as otherwise provided in Section&nbsp;8 of the Plan or in an Award
Agreement, a Participant shall have none of the rights of a shareholder with respect to Shares
covered by any Award until the Participant becomes the record holder of such Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Article&nbsp;13. <I>Acceleration Event</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Compensation Committee shall specify in each Participant&#146;s Award Agreement the treatment of
outstanding Awards upon an Acceleration Event.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Article&nbsp;14. <I>Amendment, Modification, Suspension, and Termination</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14.1 <I>Amendment, Modification, Suspension, and Termination. </I>Subject to Section&nbsp;14.3, the Committee
may, at any time and from time to time, alter, amend, modify, suspend, or terminate the Plan and
any Award Agreement in whole or in part; <U>provided</U>, <U>however</U>, that, except for a
change or adjustment made pursuant to Section&nbsp;4.2, no Option Price of an outstanding Option or
Grant Price of an outstanding SAR shall be reduced (whether through amendment, cancellation or
replacement of Awards with other Awards or other payments of cash or property) without shareholder
approval.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14.2 <I>Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events. </I>The
Committee may make adjustments in the terms and conditions of, and the criteria included in, Awards
in recognition of unusual or nonrecurring events (including, without limitation, the events
described in Section&nbsp;4.2 hereof) affecting the Company or the financial statements of the Company
or of changes in applicable laws, regulations, or accounting principles, whenever the Committee
determines that such adjustments are appropriate in order to prevent unintended dilution or
enlargement of the benefits or potential benefits intended to be made available under the Plan. The
determination of the Committee as to the foregoing adjustments, if any, shall be conclusive and
binding on Participants under the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14.3 <I>Awards Previously Granted. </I>Notwithstanding any other provision of the Plan to the contrary,
no termination, amendment, suspension, or modification of the Plan or an Award Agreement shall
adversely affect in any material way any Award previously granted under the Plan, without the
written consent of the Participant holding such Award.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Article&nbsp;15. <I>Withholding</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">15.1 <I>Tax Withholding. </I>The Company shall have the power and the right to deduct or withhold, or
require a Participant to remit to the Company, the minimum statutory amount to satisfy federal,
state, and local taxes, domestic or foreign, required by law or regulation to be withheld with
respect to any taxable event arising as a result of this Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">15.2 <I>Share Withholding. </I>With respect to withholding required upon the exercise of Options, or
SARs, upon the lapse of restrictions on Restricted Stock and Restricted Stock Units, or any other
taxable event arising as a result of Awards granted hereunder, Participants may elect, subject to
the approval of the Committee, to satisfy the withholding requirement, in whole or in part, by
having the Company withhold Shares having a Fair Market Value on the date the tax is to be
determined equal to the minimum statutory total tax that could be imposed on the transaction. All
such elections shall be irrevocable, made in writing, and signed by the Participant, and shall be
subject to any restrictions or limitations that the Committee, in its sole discretion, deems
appropriate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Article&nbsp;16. <I>Successors</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All obligations of the Company under the Plan with respect to Awards granted hereunder shall be
binding on any successor to the Company, whether the existence of such successor is the result of a
direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of
the business and/or assets of the Company.
</DIV>





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</DIV>

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




<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Article&nbsp;17. <I>General Provisions</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.1 <I>Forfeiture Events. </I>The Committee may specify in an Award Agreement that the Participant&#146;s
rights, payments, and benefits with respect to an Award shall be subject to reduction,
cancellation, forfeiture, or recoupment upon the occurrence of certain specified events, in
addition to any otherwise applicable vesting or performance conditions of an Award. Such events
shall include, but shall not be limited to, termination of employment for cause, violation of
material Company and/or Affiliate policies, breach of noncompetition, confidentiality, or other
restrictive covenants that may apply to the Participant, or other conduct by the Participant that
is detrimental to the business or reputation of the Company and/or its Affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.2 <I>Legend. </I>The certificates for Shares may include any legend which the Committee deems
appropriate to reflect any restrictions on transfer of such Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.3 <I>Gender and Number. </I>Except where otherwise indicated by the context, any masculine term used
herein also shall include the feminine, the plural shall include the singular, and the singular
shall include the plural.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.4 <I>Severability. </I>In the event any provision of the Plan shall be held illegal or invalid for any
reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan
shall be construed and enforced as if the illegal or invalid provision had not been included.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.5 <I>Requirements of Law. </I>The granting of Awards and the issuance of Shares under the Plan shall
be subject to all applicable laws, rules, and regulations, and to such approvals by any
governmental agencies or national securities exchanges as may be required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.6 <I>Securities Law Compliance. </I>With respect to Insiders, transactions under this Plan are
intended to comply with all applicable conditions of Rule&nbsp;16b-3 or its successor under the Exchange
Act. To the extent any provision of the Plan or action by the Committee fails to so comply, it
shall be deemed null and void, to the extent permitted by law and deemed advisable by the
Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.7 <I>Registration and Listing. </I>The Company may use reasonable endeavors to register Shares
allotted pursuant to the exercise of an Award with the United States Securities and Exchange
Commission or to effect compliance with the registration, qualification, and listing requirements
of any national securities laws, stock exchange, or automated quotation system.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.8 <I>Delivery of Title. </I>The Company shall have no obligation to issue or deliver evidence of title
for Shares issued under the Plan prior to:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Obtaining any approvals from governmental agencies that the Company determines are
necessary or advisable; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Completion of any registration or other qualification of the Shares under any
applicable national or foreign law or ruling of any governmental body that the Company
determines to be necessary or advisable.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.9 <I>Inability to Obtain Authority. </I>The inability of the Company to obtain authority from any
regulatory body having jurisdiction, which authority is deemed by the Company&#146;s counsel to be
necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any
liability in respect of the failure to issue or sell such Shares as to which such requisite
authority shall not have been obtained.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.10 <I>Employees or Directors Based Outside of the United States. </I>Notwithstanding any provision of
the Plan to the contrary, in order to comply with the laws in other countries in which the Company
and its Affiliates operate or have Employees or Directors, the Committee, in its sole discretion,
shall have the power and authority to:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Determine which Affiliates shall be covered by the Plan;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Determine which Employees and/or Directors outside the United States are eligible to
participate in the Plan;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Modify the administrative terms and conditions of any Award granted to Employees and/or
Directors outside the United States to comply with applicable foreign laws;
</DIV>

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</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Establish subplans and modify exercise procedures and other terms and procedures, to
the extent such actions may be necessary or advisable. Any subplans and modifications to Plan
terms and procedures established under this Section&nbsp;17.10 by the Committee shall be attached to
this Plan document as appendices; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Take any action, before or after an Award is made, that it deems advisable to obtain
approval or comply with any necessary local government regulatory exemptions or approvals.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notwithstanding the above, the Committee may not take any actions hereunder, and no Awards shall be
granted, that would violate the Exchange Act, the Code, any securities law, or governing statute or
any other applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.11 <I>Uncertificated Shares. </I>To the extent that the Plan provides for issuance of certificates to
reflect the transfer of Shares, the transfer of such Shares may be effected on a noncertificated
basis, to the extent not prohibited by applicable law or the rules of any stock exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.12 <I>Unfunded Plan. </I>Participants shall have no right, title, or interest whatsoever in or to any
investments that the Company may make to aid it in meeting its obligations under the Plan. Nothing
contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed
to create a trust of any kind, or a fiduciary relationship between the Company and any Participant,
beneficiary, legal representative, or any other person. To the extent that any person acquires a
right to receive payments from the Company under the Plan, such right shall be no greater than the
right of an unsecured general creditor of the Company. All payments to be made hereunder shall be
paid from the general funds of the Company and no special or separate fund shall be established and
no segregation of assets shall be made to assure payment of such amounts except as expressly set
forth in the Plan. The Plan is not subject to ERISA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.13 <I>No Fractional Shares. </I>No fractional Shares shall be issued or delivered pursuant to the Plan
or any Award. The Committee shall determine whether cash, Awards, or other property shall be issued
or paid in lieu of fractional Shares or whether such fractional Shares or any rights thereto shall
be forfeited or otherwise eliminated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.14 <I>Retirement and Welfare Plans. </I>The value of compensation paid under this Plan will not be
included as &#147;compensation&#148; for purposes of computing the benefits payable to any participant under
the Company&#146;s retirement plans (both qualified and non-qualified) or welfare benefit plans unless
such other plan expressly provides that such compensation shall be taken into account in computing
a participant&#146;s benefit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.15 <I>Governing Law. </I>The Plan and each Award Agreement shall be governed by the laws of the State
of New York, excluding any conflicts or choice of law rule or principle that might otherwise refer
construction or interpretation of the Plan to the substantive law of another jurisdiction. Unless
otherwise provided in the Award Agreement, recipients of an Award under the Plan are deemed to
submit to the exclusive jurisdiction and venue of the federal or state courts of New York, to
resolve any and all issues that may arise out of or relate to the Plan or any related Award
Agreement.
</DIV>



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<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>3
<FILENAME>y93227exv4w4.htm
<DESCRIPTION>EX-4.4
<TEXT>
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<HEAD>
<TITLE>exv4w4</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><b>Exhibit 4.4</b></div>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ITT CORPORATION RETIREMENT SAVINGS PLAN<BR>
FOR SALARIED EMPLOYEES</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>(Effective October&nbsp;31, 2011)</B>
</DIV>

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

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 1 INTRODUCTION AND PURPOSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 2 DEFINITIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 3 MEMBERSHIP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 4 MEMBER SAVINGS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 5 COMPANY CONTRIBUTIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 6 VESTED SHARE OF ACCOUNTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 7 INVESTMENT OF CONTRIBUTIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 8 CREDITS TO MEMBERS&#146; ACCOUNTS, VALUATION AND ALLOCATION OF</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ASSETS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 9 WITHDRAWALS PRIOR TO TERMINATION OF EMPLOYMENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 10 LOANS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 11 DISTRIBUTIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 12 MANAGEMENT OF FUNDS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 13 ADMINISTRATION OF PLAN</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 14 AMENDMENT AND TERMINATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 15 TENDER OFFER</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 16 GENERAL AND ADMINISTRATIVE PROVISIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 17 TOP-HEAVY PROVISIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 18 QUALIFIED DOMESTIC RELATIONS ORDERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>APPENDIX A</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>APPENDIX B</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>APPENDIX C</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>APPENDIX D</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>APPENDIX E</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>APPENDIX F</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>APPENDIX G</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>APPENDIX H</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
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</TABLE>
</DIV>


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</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ITT CORPORATION RETIREMENT SAVINGS PLAN<BR>
FOR SALARIED EMPLOYEES</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>(Effective October&nbsp;31, 2011)</B>
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">INTRODUCTION AND PURPOSE
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The ITT Investment and Savings Plan for Salaried Employees (the &#147;ISP&#148;) was established effective
April&nbsp;1, 1974 by ITT Corporation for the benefit of certain salaried employees. The ISP was
subsequently renamed the ITT Salaried Investment and Savings Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective October&nbsp;31, 2011, ITT Corporation restructured into three separate publicly traded
companies named ITT Corporation, Exelis Inc., and Xylem Inc. In connection with the restructuring,
sponsorship of the ISP was transferred to Exelis Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Also in connection with the restructuring, ITT Corporation (as in existence after the
restructuring) hereby establishes, effective as of October&nbsp;31, 2011, the ITT Corporation Retirement
Savings Plan for Salaried Employees (the &#147;Plan&#148;), as contained in this Plan document, for the
eligible employees of ITT Corporation and its subsidiaries. Accounts in the ISP attributable to
participants in the ISP who become employees on October&nbsp;31, 2011 of ITT Corporation (as in
existence after the restructuring) or any of its subsidiaries shall be transferred to the Plan and
that portion of the Plan constitutes a successor plan to the ISP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective January&nbsp;1, 2012, the Plan is designed to be a safe harbor plan with respect to before-tax
savings (pursuant to Section&nbsp;401(k)(12) of the Internal Revenue Code (the &#147;Code&#148;)) and with respect
to matching contributions (pursuant to Section&nbsp;401(m)(11) of the Code).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Plan is intended to constitute a profit sharing plan with an employee stock ownership plan
(&#147;ESOP&#148;) feature within the meaning of Section 4975(e) of the Code and a cash or deferred
arrangement within the meaning of Section 401(k) of the Code. The portion of the Plan intended to
qualify as an ESOP is designed to invest primarily in qualifying employer securities as such term
is defined in Section&nbsp;4975(e)(8) of the Code and is intended to comply with the distributions
requirements of Section 409(o) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The provisions of the Plan are conditioned upon the Plan&#146;s qualification under Section 401(a) of
the Code and Company contributions being deductible under Section&nbsp;404 of the Code. It is further
intended that the Plan also conform to the requirements of Title I of ERISA and that the Trust be
qualified under Section&nbsp;501 of the Code.
</DIV>






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




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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">DEFINITIONS
</DIV>

<DIV style="margin-top: 6pt">
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<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><I>&#147;Accounts&#148; </I>shall mean, with respect to any Member or Deferred Member, his After-Tax Account,
Before-Tax Account, Company Core Account, Company Floor Account, Company Matching Account,
Prior Company Matching Account, Prior ESOP Account, Prior Plan Account, Rollover Account, and
Special Company Contribution Account.</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">2.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Actual Contribution Percentage&#148; </I>shall mean, with respect to a specified group of employees
referred to in Section&nbsp;4.5, the average of the ratios, calculated separately for each employee
in that group, of:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
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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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the After-Tax Savings and Company Matching Contributions (excluding Company
Matching Contributions forfeited under Section&nbsp;4.1 or 4.5) made by or on behalf of the
Member for the Plan Year; to</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 Employee&#146;s Statutory Compensation for a Plan Year.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Only Company Matching Contributions that are permitted to be taken into account under
applicable Treasury Regulations for purposes of the test described in Section&nbsp;4.5 shall be
taken into account for purposes of calculating the Actual Contribution Percentage. An
Actual Contribution Percentage shall be computed to the nearest one-hundredth of one percent
of the Employee&#146;s Statutory Compensation. For purposes of this calculation, the non-Highly
Compensated Employee Actual Contribution Percentage shall be determined based on the then
current Plan Year and the Highly Compensated Employee Actual Contribution Percentage shall
also be determined for the then current Plan Year. For purposes of this Section, Statutory
Compensation shall exclude compensation paid to the employee while he is not a Plan Member.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing, effective for any Plan Year beginning on or after January&nbsp;1,
2012, the Benefits Administration Committee may elect to calculate the Actual Contribution
Percentage without regard to Company Matching Contributions.</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><I>&#147;Actual Deferral Percentage&#148; </I>shall mean, for Plan Years beginning before January&nbsp;1, 2012,
with respect to a specified group of employees referred to in Section&nbsp;4.1(d), the average of
the ratios, calculated separately for each employee in that group, of:</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>the amount of Regular Before-Tax Savings made on the employee&#146;s behalf for a
Plan Year under Section&nbsp;4.1(a) (including Regular Before-Tax Savings returned to a
Highly Compensated Employee under Section&nbsp;4.1(c)(ii) and Regular Before-Tax Savings
returned to any employee under Section&nbsp;4.1(c)(iii)); to</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 employee&#146;s Statutory Compensation for a 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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such Actual Deferral Percentage shall be computed to the nearest one-hundredth of one
percent of the employee&#146;s Statutory Compensation. For purposes of this calculation, the
non-Highly Compensated Employee Actual Deferral Percentage shall be determined based on the
then current Plan Year and the Highly Compensated Employee Actual Deferral Percentage shall
also be determined for the then current Plan Year. For purposes of this Section, Statutory
Compensation shall exclude compensation paid to the employee while he is not a Plan Member.
For purposes of this Section, Regular Before-Tax Savings may be taken into account for a
Plan Year only if they relate to compensation that either would have been received by the
Member in the Plan Year but</TD>
</TR>

</TABLE>
</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: #textcolor#; background: #bgcolor#">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for the deferral election or are attributable to services performed by the Member in the
Plan Year and would have been received by the Member within 2<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> months after the close of the
Plan Year but for the deferral election; are allocated to the Member as of a date within
that Plan Year and the allocation is not contingent on the participation or performance of
service after such date; and are actually paid to the Trustees no later than 12&nbsp;months after
the end of the Plan Year to which the contributions relate.</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">2.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;After-Tax Account&#148; </I>shall mean that portion of the Trust Fund, which, with respect to any
Member or Deferred Member, is attributable to:</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>After-Tax Savings made to the Plan under Section&nbsp;4.2; and</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>any amounts that are attributable to after-tax contributions made to the ISP or
any qualified profit sharing or other defined contribution plan previously in effect at
a Participating Corporation or Participating Division and that are transferred to the
Plan on the Member&#146;s behalf</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>plus any investment earnings and gains or losses on such amounts.</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">2.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;After-Tax Savings&#148; </I>shall mean the contributions made by a Member pursuant to Section&nbsp;4.2.</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">2.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Associated Company&#148; </I>shall mean any division, subsidiary or affiliated company of ITT not
participating in the Plan designated by the Board of Directors or by the Benefits
Administration Committee, pursuant to authority delegated to it by the Board of Directors, as
an Associated Company for purposes of the Plan during the period for which such designation
exists; provided, however, that any such division, subsidiary or affiliated company not
participating in the Plan which is:</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>a component member of a controlled group of corporations (as defined in Section
414(b) of the Code), which controlled group of corporations includes as a component
member ITT;</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>any trade or business under common control (as defined in Section 414(c) of the
Code) with ITT;</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>any organization (whether or not incorporated) which is a member of an
affiliated service group (as defined in Section 414(m) of the Code) which includes ITT;
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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other entity required to be aggregated with ITT pursuant to regulations
under Section 414(o) of the Code,</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shall automatically be an Associated Company hereunder during the period it is a division,
subsidiary or affiliated company of ITT or during such period as may otherwise be determined
by the Board of Directors or by the Benefits Administration Committee. Notwithstanding the
foregoing, for purposes of the preceding sentence and Section&nbsp;5.4(a) of the Plan the
definitions of Section 414(b) and (c)&nbsp;of the Code shall be modified by substituting the
phrase &#147;more than 50&nbsp;percent&#148; for the phrase &#147;at least 80&nbsp;percent&#148; each place it appears in
Section&nbsp;1463(a)(1) of the Code.</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">2.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Before-Tax Account&#148; </I>shall mean that portion of the Trust Fund, which, with respect to any
Member or Deferred Member, is attributable to:</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">



</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>Regular Before-Tax Savings made to the Plan under Section&nbsp;4.1(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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Catch-Up Contributions made to the Plan under Section&nbsp;4.1(b); and</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>any amounts that are attributable to before-tax contributions (including
catch-up contributions) made to the ISP or any qualified profit sharing or other
defined contribution plan previously in effect at a Participating Corporation or
Participating Division and that are transferred to the Plan on the Member&#146;s behalf</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>plus any investment earnings and gains or losses on such amounts.</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">2.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Before-Tax Savings&#148; </I>shall mean:</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>Regular Before-Tax contributions made on a Member&#146;s behalf under Section
4.1(a); and</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>Catch-Up Contributions made on a Member&#146;s behalf under Section&nbsp;4.1(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="1%" nowrap align="left">2.9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Beneficiary&#148; </I>shall mean such primary beneficiary or beneficiaries as may be designated from
time to time by the Member or Deferred Member, in accordance with procedures prescribed by the
Benefits Administration Committee for such purpose, to receive, in the event of the Member&#146;s
or Deferred Member&#146;s death, the value of his Accounts at the time of his death. If more than
one Beneficiary is designated, the percentage payable to each Beneficiary must be designated.
A Member may also designate a contingent Beneficiary to receive the value of his Accounts at
the time of the Member&#146;s death in the event the primary beneficiary predeceases the Member,
or, if there is more than one primary beneficiary, in the event all primary beneficiaries
predecease the Member. In the event that more than one primary Beneficiary is named (or, in
the event of the death of all of the primary Beneficiaries, more than one contingent
Beneficiary is named), they shall share equally in the value of the Member&#146;s Accounts unless
the Member shall have designated different percentages for the different Beneficiaries.
Unless otherwise specified by the Member, the designation of any primary Beneficiary or
contingent Beneficiary who subsequently predeceases the Member shall be deemed void and have
no further effect. In accordance with applicable Treasury Regulations, a trust may be
designated as either a primary or contingent Beneficiary. Except as hereinafter provided, in
the case of a Member or Deferred Member who is married, the sole Beneficiary shall be the
Member&#146;s or Deferred Member&#146;s spouse unless such spouse consents in writing on a form
witnessed by a notary public to the designation of another person as primary Beneficiary.
Such consent shall be irrevocable with respect to such Beneficiary designation. In the case
of a Member or Deferred Member who incurs a divorce under applicable State law prior to
commencing benefits under the Plan, such Member&#146;s or Deferred Member&#146;s designation of a named
Beneficiary shall remain valid unless otherwise provided in a qualified domestic relations
order (as described in Article&nbsp;18 of the Plan) or unless such Member or Deferred Member
changes his named Beneficiary or is subsequently remarried. If no Beneficiary designation is
in effect at the Member&#146;s or Deferred Member&#146;s death or if no person, persons or entity so
designated survives the Member or Deferred Member, the Member&#146;s or Deferred Member&#146;s surviving
spouse, if any, shall be the sole Beneficiary; otherwise the Beneficiary shall be the personal
representative of the estate of the Member or Deferred Member.</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">2.10</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Benefits Administration Committee&#148; </I>shall mean the Benefits Administration Committee
established from time to time pursuant to Article&nbsp;13 for the purposes of administering the
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">2.11</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Board of Directors&#148; </I>shall mean the Board of Directors of ITT or of any successor by merger,
purchase or otherwise.</TD>
</TR>




</TABLE>
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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">



</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">2.12</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Catch-Up Contributions&#148; </I>shall mean Before-Tax Savings made to the Plan pursuant to Section
4.1(b) that constitute catch-up contributions under Section 414(v) of the Code.</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">2.13</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Code&#148; </I>shall mean the Internal Revenue Code of 1986, as amended from time to time.
References to any section of the Code shall include any successor provision thereto.</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">2.14</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Company&#148; </I>shall mean ITT Corporation or any successor by merger, purchase or otherwise with
respect to its Employees, any Participating Division with respect to its Employees, and any
Participating Corporation with respect to 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">2.15</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Company Core Account&#148; </I>shall mean that portion of the Trust Fund which, with respect to any
Member or Deferred Member, is attributable to Company Core Contributions and any investment
earnings and gains or losses thereon.</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">2.16</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Company Core Contributions&#148; </I>shall mean Company Core Contributions made pursuant to Section
5.2.</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">2.17</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Company Floor Account&#148; </I>shall mean that portion of the Trust Fund which, with respect to any
Member or Deferred Member, is attributable to his &#147;Company Floor Account&#148; under the ISP that
was transferred from the ISP to the Plan and any investment earnings and gains or losses on
such account in the 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">2.18</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Company Matching Account&#148; </I>shall mean that portion of the Trust Fund which, with respect to
any Member or Deferred Member, is attributable to Company Matching Contributions and any
investment earnings and gains or losses thereon.</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">2.19</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Company Matching Contributions&#148; </I>shall mean Company Matching Contributions made pursuant to
Section&nbsp;5.1.</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">2.20</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Contributing Member&#148; </I>shall mean a Member who is making Before-Tax Savings and/or After-Tax
Savings.</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">2.21</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Deferred Member&#148; </I>shall mean:</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>a Member who has terminated employment with the Company and all Associated
Companies and who has not received a complete distribution of his Accounts;</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 spouse Beneficiary of a deceased Member or Deferred Member; 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>an alternate payee designated as such pursuant to a domestic relations order as
qualified by the 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">2.22</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Disability&#148; </I>shall mean, with respect to a Member, the total disability of such Member as
defined under any long term disability plan maintained by the Company for employees who are
similarly situated as of the date the disability occurs. If a Member qualifies for benefits
under such plan, then he shall be deemed to be totally disabled as determined by the insurance
company that insures such plan. A Member who does not qualify for benefits under such plan
because he has elected not to participate in such plan or because of a plan limitation shall
be deemed to be totally disabled if the insurance company insuring such plan determines that
he would have qualified for benefits under such plan if he had elected to participate therein
or if he otherwise would have qualified absent the plan limitation. For purposes of this
Plan, the effective date of disability shall</TD>
</TR>

</TABLE>
</DIV>
<P align="right" 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: #textcolor#; background: #bgcolor#">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>be the later of the date of disability as defined in the applicable disability plan or the
date as of which the applicable insurance company issues its determination of total
disability.</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">2.23</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Earnings&#148; </I>shall mean the amount of income, if any, to be returned with any excess deferrals,
excess contributions, or excess aggregate contributions under Section&nbsp;4.1 or 4.5 for the Plan
Year, as determined in accordance with applicable law and regulations prescribed by the
Secretary of the Treasury under the provisions of Sections&nbsp;402(g), 401(k) and 401(m) of the
Code.</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">2.24</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Effective Date&#148; </I>shall mean October&nbsp;31, 2011 with respect to ITT and any Participating
Corporations and Participating Divisions that enter the Plan as of such date. With respect to
Participating Corporations and Participating Divisions that began their participation in the
Plan after such date, &#147;Effective Date&#148; shall mean the date as of which such Participating
Corporation or Participating Division begins its participation in the 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">2.25</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Employee&#148; </I>shall mean any person regularly employed by the Company who is considered a
salaried employee for purposes of the Company&#146;s employee benefit plans, who is paid from a
payroll maintained in the continental United States, Hawaii, Puerto Rico, or the US Virgin
Islands, and who receives regular and stated compensation other than a pension or retainer.</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing, except as the Board of Directors or the Benefits
Administration Committee, pursuant to authority delegated to it by the Board of Directors,
may otherwise provide on a basis uniformly applicable to all persons similarly situated, the
following individuals shall not be considered &#147;Employees&#148; for purposes of the 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any individual who is accruing service under a qualified retirement plan
maintained by the Company or any Associated Company or any other retirement plan of the
Company or any Associated Company as shall be specified by the Board of Directors from
time to time and any individual who is eligible to participate in a retirement plan of
the Company or any Associated Company that is maintained outside of the United States;</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>any individual whose terms and conditions of employment are determined by a
collective bargaining agreement with the Company, which does not make this Plan
applicable to him;</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>any individual who is a Leased Employee;</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>any individual who is engaged by the Company to perform services for the
Company or an Associated Company in a relationship (i)&nbsp;that the Company characterizes
as other than an employment relationship, or (ii)&nbsp;that the individual has agreed is not
an employment relationship and has waived his rights to coverage as an employee, such
as where the Company engages the individual to perform services as an independent
contractor, even if a determination is made by the Internal Revenue Service or other
governmental agency or court, after the individual is engaged to perform such services,
that the individual is an employee of the Company or an Associated Company for purposes
of the Code;</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>any individual:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>who is regularly employed by the Company in a permanent
position (as distinguished from a temporary assignment); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whose primary place of employment with the Company is outside
of the United States; and</TD>
</TR>

</TABLE>
</DIV>
<P align="right" 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: #textcolor#; background: #bgcolor#">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>who has his primary residence outside of the United States;</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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any individual:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>who is considered a salaried employee and who is paid from a
payroll maintained in the continental United States, Hawaii, Puerto Rico or the
U. S. Virgin Islands; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>who is not a United States citizen or a resident alien (as
defined in Section 7701(b) of the Code); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>who is employed by the Company or an Associated Company on a
temporary assignment in the United States;</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">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any individual who is a nonresident alien with no U. S. source income; and</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>any individual who is a bona fide resident of Puerto Rico.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term &#147;employee,&#148; as used in this Plan, means any individual who is employed by the
Company or an Associated Company as a common law employee of the Company or Associated
Company, regardless of whether the individual is an &#147;Employee,&#148; and any Leased Employee.</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">2.26</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;ERISA&#148; </I>shall mean the Employee Retirement Income Security Act of 1974, as amended from time
to time.</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">2.27</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;ESOP&#148; </I>shall mean that portion of the Plan that consists of amounts invested in the ITT Stock
Fund.</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">2.28</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Exelis Stock&#148; </I>shall mean common stock of Exelis Inc.</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">2.29</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Exelis Stock Fund&#148; </I>shall mean the Investment Fund under the Plan that is invested in Exelis
Stock.</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">2.30</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Highly Compensated Employee&#148; </I>shall mean, with respect to any Plan Year, any employee who (a)
in the Plan Year or the immediately preceding Plan Year was a 5-percent owner (as defined in
Section 415(i) of the Code), or (b)&nbsp;in the immediately preceding Plan Year earned annual
Statutory Compensation from the Company or an Associated Company which exceeds a dollar amount
that is indexed annually and is determined pursuant to Section&nbsp;414(q)(1)(B) of the Code. The
threshold referred to in (b)&nbsp;shall be adjusted from time to time for cost of living
in accordance with Section 414(q) of the Code.</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing, employees who are nonresident aliens and who receive no
earned income from the Company or an Associated Company that constitutes income from sources
within the United States shall be disregarded for all purposes of this Section. The
provisions of this Section shall be further subject to such additional requirements as shall
be described in Section 414(q) of the Code and its applicable regulations, which shall
override any aspects of this Section inconsistent therewith.</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">2.31</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Hours Worked&#148; </I>shall mean hours for which an employee is compensated by the Company or by an
Associated Company whether or not he has worked, such as paid holidays, paid vacation, paid
sick leave and paid time off, and back pay for the period for which it was awarded, and each
such</TD>
</TR>

</TABLE>
</DIV>
<P align="right" 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: #textcolor#; background: #bgcolor#">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>hour shall be computed as only one hour, even though he is compensated at more than the
straight time rate. With respect to any period for which an employee is compensated but has
not worked, hours counted shall be included on the basis of the Employee&#146;s normal workday or
workweek. This definition of Hours Worked shall be applied in compliance with 29 Code of
Federal Regulations Section&nbsp;2530.200b-2(b) and (c), as promulgated by the United States
Department of Labor, in a consistent and nondiscriminatory manner.</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">2.32</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Investment Fund&#148; </I>shall mean the separate funds in which contributions to the Plan are
invested in accordance with Article&nbsp;7.</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">2.33</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;ISP&#148; </I>shall mean the ITT Salaried Investment and Savings Plan (including certain provisions
that were included in a predecessor plan that was named the Pre-Distribution ITT Plan) that
was maintained by ITT Corporation as in existence prior to October&nbsp;31, 2011 and the
sponsorship of which was transferred to Exelis Inc. effective October&nbsp;31, 2011.</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">2.34</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;ITT&#148; </I>shall mean ITT Corporation as restructured effective October&nbsp;31, 2011.</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">2.35</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;ITT Stock&#148; </I>shall mean common stock of ITT.</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">2.36</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;ITT Stock Fund&#148; </I>shall mean the Investment Fund offered under the Plan that is invested in
ITT Stock.</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">2.37</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Leased Employee&#148; </I>shall mean any person (other than a common law employee of the Company or
an Associated Company) who, pursuant to an agreement between the Company and any other person
(&#147;leasing organization&#148;) has performed services for the Company or an Associated Company or
any related persons determined in accordance with Section&nbsp;414(n)(6) of the Code on a
substantially full-time basis for a period of at least one year and such services are
performed under the primary direction of or control by the Company or an Associated Company.
In the case of any person who is a Leased Employee (or who would qualify as a Leased Employee
but for the requirement that substantially full-time service be performed for one year) before
or after a period of service as an employee, the entire period during which he has performed
services as a Leased Employee shall be counted as service as an employee for all purposes of
the Plan, except that he shall not, by reason of that status, become a Member of the 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">2.38</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Loan Valuation Date&#148; </I>shall mean the business day on which a Member&#146;s proper application for
a loan under the Plan is received by the Savings Plan Administrator, or its designee.</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">2.39</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Member&#148; </I>shall mean any person who has become a Member as provided in Article&nbsp;3.</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">2.40</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<I>Non-U.S. Citizen Employee&#148; </I>shall mean any person regularly employed by the Company who is
considered a salaried employee for purposes of the Company&#146;s employee benefit plans and who
is:</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>not a citizen of the United States or a resident alien;</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>paid from a payroll maintained in the continental United States, Hawaii, Puerto
Rico or the US Virgin Islands; and</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>employed by the Company in a permanent position (as distinguished from a
temporary assignment).</TD>
</TR>




</TABLE>
</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">



</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">2.41</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Participating Corporation&#148; </I>shall mean any subsidiary or affiliated company of ITT or
designated division(s) or unit(s) only of such subsidiary or affiliate which, by appropriate
action of the Board of Directors or by a designated officer of ITT pursuant to authorization
delegated to him by the Board of Directors has been designated as a Participating Corporation
in the Plan as to all of its employees or as to the employees of one or more of its operating
or other units and the board of directors of which shall have taken appropriate action to
adopt 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">2.42</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Participating Division&#148; </I>shall mean any division of ITT or designated unit(s) only of such
division which by appropriate action of the Board of Directors or by a designated officer of
ITT pursuant to authorization delegated to him by the Board of Directors has been designated
as a Participating Division in 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">2.43</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;PFTIC&#148; </I>shall mean the ITT Pension Fund Trust and Investment Committee or its successor
established from time to time pursuant to Section&nbsp;12.1.</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">2.44</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Plan&#148; </I>shall mean the ITT Corporation Retirement Savings Plan for Salaried Employees as set
forth herein or as amended from time to time.</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">2.45</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Plan Year&#148; </I>shall mean the calendar year, provided that the first Plan Year shall be the
period from October&nbsp;31, 2011 through December&nbsp;31, 2011.</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">2.46</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Prior Company Matching Account&#148; </I>shall mean that portion of the Trust Fund, which, with
respect to any Member or Deferred Member, is attributable to his &#147;Company Matching
Contribution Account&#148; under the ISP that was transferred from the ISP to the Plan, plus
investment earnings and gains or losses on such account in the 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">2.47</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Prior ESOP Account&#148; </I>shall mean that portion of the Trust Fund, which, with respect to any
Member or Deferred Member, is attributable to his &#147;Prior ESOP Account&#148; under the ISP that was
transferred from the ISP to the Plan, plus investment earnings and gains or losses.</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">2.48</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Prior Plan Account&#148; </I>shall mean that portion of the Trust Fund which, with respect to any
Member or Deferred Member, is attributable to his &#147;Prior Plan Account&#148; under the ISP that was
transferred from the ISP to the Plan, plus investment earnings and gains or losses.</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">2.49</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Rollover Account&#148; </I>shall mean the portion of the Trust Fund, which, with respect to a Member
or Deferred Member, is attributable to</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>Rollover Contributions made to the Plan under Section&nbsp;4.4; and</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>any amounts that are attributable to rollover contributions made to the ISP or
to a qualified profit sharing or other defined contribution plan previously in effect
at a Participating Corporation or Participating Division and that are transferred to
the Plan on the Member&#146;s behalf</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="5%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>plus any investment earnings and gains or losses on such amounts. After-tax Rollover
Contributions shall be accounted for separately in the Rollover Account.</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">2.50</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Rollover Contributions&#148; </I>shall mean the contributions made by a Member pursuant to Section
4.4.</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">2.51</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Salary&#148; </I>shall mean an Employee&#146;s total remuneration from the Company for services rendered
while a Member during a Plan Year, including annual base salary, overtime, shift
differentials,</TD>
</TR>

</TABLE>
</DIV>
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</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: #textcolor#; background: #bgcolor#">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>commissions, regularly occurring incentive pay, and differential wage payments (as defined
in Section&nbsp;3401(h)(2) of the Code), all as determined prior to any deferral election
pursuant to Section&nbsp;4.1(a), any deferral election pursuant to Section&nbsp;125 of the Code, and
any deferral election for a qualified transportation fringe under Section 132(f) of the Code
and excluding:</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>foreign service allowances, separation pay, or, in accordance with rules
uniformly applicable to all Members similarly situated and as interpreted by the
Benefits Administration Committee, special bonuses, special commissions, and other
special pay or allowances of similar nature; and</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 cost of any public or private employee benefit plan, including the 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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition to other applicable limitations set forth in the Plan, and notwithstanding any
other provision of the Plan to the contrary, the annual Salary of each Member taken into
account under the Plan for any Plan Year shall not exceed $200,000, as adjusted by the
Secretary of the Treasury to reflect cost-of-living adjustments in accordance with Section
401(a)(17)(B) of the Code.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of Before-Tax Savings, Salary shall not include amounts that are excluded from
compensation within the meaning of Section&nbsp;415(c)(3) of the Code and Section&nbsp;1.415(c)-(2) of
the regulations thereunder.</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">2.52</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Savings&#148; </I>shall mean the After-Tax Savings contributed by a Member and the Before-Tax Savings
contributed on a Member&#146;s behalf.</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">2.53</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Savings Plan Administrator&#148; </I>shall mean the Benefits Administration Committee or its
delegate.</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">2.54</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Self-Directed Brokerage Account&#148; or &#147;SDA&#148; </I>shall mean an Investment Fund that is a
self-directed brokerage account established by a Member, as described in Section&nbsp;7.1(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="1%" nowrap align="left">2.55</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Service&#148; </I>shall mean the period of elapsed time beginning on the date an employee commences
employment with the Company or any Associated Company or predecessor company of ITT, and
ending on his most recent Severance Date, subject to the following:</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>Notwithstanding anything contained herein to the contrary, with respect to an
Employee who is employed by the Company on October&nbsp;31, 2011, such Employee shall be
credited with &#147;Service&#148; he had earned under the ISP prior to October&nbsp;31, 2011.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to an individual who:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>was an employee of ITT Corporation or one of its subsidiaries
on October&nbsp;30, 2011;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>became an employee of Exelis Inc. or Xylem Inc. on October&nbsp;31,
2011; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>becomes an Employee immediately following termination of
employment with Exelis Inc. or Xylem Inc. and prior to March&nbsp;1, 2012,</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if such Employee had accrued &#147;Service&#148; under the ISP prior to October&nbsp;31, 2011, his
prior &#147;Service&#148; under the ISP shall be credited under the Plan as of the date he
becomes an Employee after October&nbsp;31, 2011 and before March&nbsp;1, 2012.</TD>
</TR>




</TABLE>
</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">



</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>If an Employee terminates employment and is later reemployed within 12&nbsp;months
of the earlier of (i)&nbsp;his date of termination, or (ii)&nbsp;the first day of an absence from
service immediately preceding his date of termination, the period between his Severance
Date and his date of reemployment shall be included in his Service.</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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If an Employee terminates and is later reemployed, the period of service prior
to his Severance Date shall be included in his Service, regardless of the length of his
absence from employment.</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under the circumstances hereinafter stated and upon such conditions as the
Benefits Administration Committee shall determine on a basis uniformly applicable to
all Employees similarly situated, the period of Service of an Employee shall be deemed
not to be interrupted by an absence of the type hereinafter stated and the period of
such absence shall be included in determining the length of an Employee&#146;s Service:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if a leave of absence has been authorized by the Company or any
subsidiary or affiliate of the Company, for the period of such authorized leave
of absence only; or</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if an Employee enters service in the uniformed services of the
United States and if such individual&#146;s right to re-employment is protected by
the Uniformed Services Employment and Reemployment Rights Act of 1994 or any
similar law then in effect and if the individual returns to regular employment
within the period during which the right to reemployment is protected by any
such law. Notwithstanding any provisions of this Plan to the contrary,
contributions, benefits, and service credit with respect to qualified military
service will be provided in accordance with Section 414(u) of the Code.</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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Member dies while performing qualified military service (as defined in
Section 414(u) of the Code) and while his reemployment rights are protected by the
Uniformed Services Employment and Reemployment Rights Act of 1994, his period of time
in qualified military service through the date of his death shall be included in his
Service.</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">2.56</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Severance Date&#148; </I>shall mean with respect to employment with the Company and all Associated
Companies:</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>Except as provided in (b)&nbsp;below, the earlier of:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date an Employee quits, is discharged, retires or dies; 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the first anniversary of the date on which he is first absent
from service, with or without pay, for any reason other than discharge,
retirement or death, such as vacation, sickness, disability, layoff or leave of
absence.</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>If Service is interrupted for maternity or paternity reasons, meaning an
interruption of Service by reason of the pregnancy of the Employee; the birth of a
child of the Employee; the placement of a child with the Employee by reason of
adoption; or for purposes of caring for a newborn child of the Employee immediately
following the birth or adoption of the newborn, then the Severance Date shall be the
earlier of:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date he quits, is discharged, retires or dies; or</TD>
</TR>




</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

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<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 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the second anniversary of the date on which he is first absent
from service.</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">2.57</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Special Company Contribution Account&#148; </I>shall mean that portion of the Trust Fund which, with
respect to any Member or Deferred Member, is attributable to Special Company Contributions and
any investment earnings and gains or losses thereon.</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">2.58</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Special Company Contributions&#148; </I>shall mean Special DC Credit Contributions and Transition
Credit Contributions made pursuant to Appendix&nbsp;A.</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">2.59</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Statutory Compensation&#148; </I>shall mean total wages and other compensation paid to or for the
Member by the Company or by an Associated Company as reported on the Member&#146;s Form W-2, Wage
and Tax Statement, plus elective contributions under Sections&nbsp;125, 132(f)(4), 402(g)(3) and
414(v) of the Code. In addition to other applicable limitations set forth in the Plan, and
notwithstanding any other provision of the Plan to the contrary, the maximum amount of
Statutory Compensation, taken into account under the Plan for any Plan Year for any Member
shall not exceed $200,000, as adjusted by the Secretary of the Treasury to reflect
cost-of-living adjustments in accordance with Section&nbsp;401(a)(17)(B) of the Code. Statutory
Compensation shall also include:</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>salary continuation payments for military service as described in Treasury
Regulation&nbsp;Section&nbsp;1.415(c)-2(e)(4);</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>compensation paid after severance from employment as described in Treasury
Regulation&nbsp;Section&nbsp;1.415(c)-2(e)(3)(i), (ii)&nbsp;and (iii)(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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>foreign income as described in Treasury Regulation&nbsp;Section&nbsp;1.415(c)-2(g)(5)(i),
excluding amounts described in Treasury Regulation&nbsp;Section&nbsp;1.415(c)-2(g)(5)(ii); and</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>differential wage payments (as defined in Section&nbsp;3401(h)(2) of the Code) paid
by the Company or an Associated Company with respect to any period during which an
individual is performing service in the uniformed services (as defined in Section
3401(h)(2)(A) of the Code.</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Payments not described above, including, but not limited to, amounts described in Treasury
Regulation&nbsp;Section&nbsp;1.415(c)-2(e)(3)(iii)(B) and (iv), shall not be considered Statutory
Compensation if paid after severance from employment, even if such amounts are paid by the
later of 2<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> months after the date of severance from employment or the end of the Plan Year
that includes the date of severance from employment.</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">2.60</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Target Retirement Fund&#148; </I>shall mean a fund managed by a provider designated by the PFTIC that
is designed for investors who will retire at or around a specified date. The allocation to
different asset classes will change over time and the fund will become increasingly
conservative as the specified retirement date approaches.</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">2.61</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Termination of Employment&#148; </I>shall mean severance from the employment of the Company and all
Associated Companies for any reason, including, but not limited to, retirement, death,
disability, resignation or dismissal by the Company or an Associated Company; provided,
however, that transfer in employment between the Company and any Associated Company shall not
be deemed to be &#147;Termination of Employment.&#148; With respect to any leave of absence and any
period of service in the uniformed services of the United States, Section&nbsp;2.55 shall govern.</TD>
</TR>




</TABLE>
</DIV>
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</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">



</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">2.62</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Trust Fund&#148; </I>shall mean the aggregate funds held by the Trustee under the trust agreement or
agreements established for the purposes of this Plan, consisting of the funds as described in
Article&nbsp;7.</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">2.63</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Trustee&#148; </I>shall mean the Trustee or Trustees at any time acting as such under the trust
agreement or agreements established for the purposes 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">2.64</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Valuation Date&#148; </I>shall mean the date or dates, as applicable, on which the Trust Fund is
valued in accordance with Article&nbsp;8.</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">2.65</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Vested Share&#148; </I>shall mean, with respect to a Member or Deferred Member, that portion of his
Accounts in which the Member or Deferred Member has a nonforfeitable interest as provided in
Article&nbsp;6.</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">2.66</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Withdrawal Valuation Date&#148; </I>shall mean, with respect to withdrawals made pursuant to Section
9.2, the business day on which a Member&#146;s proper request for a withdrawal in a form or manner
approved by the Benefits Administration Committee is received and processed by the Savings
Plan Administrator or its designee. With respect to withdrawals made pursuant to Section&nbsp;9.3,
Withdrawal Valuation Date shall mean the business day on which a Member&#146;s proper request for a
withdrawal under the Plan, as received and processed by the Savings Plan Administrator or its
designee, is approved by the Benefits Administration Committee.</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">2.67</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Xylem Stock&#148; </I>shall mean common stock of Xylem Inc.</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">2.68</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Xylem Stock Fund&#148; </I>shall mean the Investment Fund under the Plan that is invested in Xylem
Stock.</TD>
</TR>




</TABLE>
</DIV>
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</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">



</TABLE>
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">MEMBERSHIP
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">3.1 <I>Eligibility</I>
</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>An Employee whose employment with the Company is not on a temporary or less
than full-time basis and who is not a Non-U.S. Citizen Employee shall be eligible to
become a Member on the later of the Effective Date or the date he first becomes an
Employee.</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>An Employee whose employment with the Company is on a temporary or less than
full-time basis and who is not a Non-U.S. Citizen Employee shall be eligible to become
a Member on the later of the Effective Date or the day following the date he completes
1,000 Hours Worked in a twelve-consecutive-month computation period, provided he is
then an Employee. The first computation period shall be the twelve-month period
measured from the date on which such Employee&#146;s Service commences. Subsequent
computation periods shall be the Plan Year, beginning with the Plan Year that contains
the first anniversary of the date on which the Employee&#146;s Service commenced.</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>An Employee who is a Non-U.S. Citizen Employee who works in the U.S. on an
expatriate basis shall be eligible to become a Member on the later of:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Effective Date; 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the day following the date as of which he has worked in the
U.S. as an employee for at least 36 consecutive months</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in either case provided he is an Employee on such date.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An individual who is eligible to become a Member under (a), (b)&nbsp;or (c)&nbsp;above shall be
eligible to become a Contributing Member as of the first day of the next available pay
period (based on administrative processing deadlines) following the date Before-Tax Savings
are made pursuant to Section&nbsp;4.1 and/or After-Tax Savings are made pursuant to Section&nbsp;4.2.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">3.2 <I>Membership</I>
</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An individual who has satisfied the eligibility requirements under Section&nbsp;3.1 shall become
a Member on the date he satisfies such eligibility requirements provided he is an Employee
on such date. A Member may make Before-Tax Savings and/or After-Tax Savings as of the first
day of the next available pay period or any subsequent pay period (based on administrative
processing deadlines) and subject to the provisions of Section&nbsp;4.1.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">3.3 <I>Certain Member Elections</I>
</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An individual who becomes a Member pursuant to Section&nbsp;3.2 may make the following elections
in a form or manner approved by the Benefits Administration Committee:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>He may designate one or more Beneficiaries.</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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>He may designate a different rate of Before-Tax Savings than the rate that will
otherwise automatically apply pursuant to Section&nbsp;4.1(a).</TD>
</TR>




</TABLE>
</DIV>
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</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">



</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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>He may elect to make Catch-Up Contributions pursuant to Section&nbsp;4.1(b).</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>He may elect to make After-Tax Savings pursuant to Section&nbsp;4.2.</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>He may make an investment election as described in Section&nbsp;7.2</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>He may make a dividend election as described in Section&nbsp;8.7</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">3.4 <I>Rehired Member</I>
</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member who terminates employment with the Company and all Associated Companies and is
rehired by the Company as an Employee will re-enter the Plan upon his reemployment a Member
in accordance with the provisions of Section&nbsp;3.2.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">3.5 <I>Transferred Members</I>
</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any provision of the Plan to the contrary, a Member who remains in the
employ of the Company or an Associated Company but ceases to be an Employee shall continue
to be a Member of the Plan but shall not be eligible to make Before-Tax Savings or After-Tax
Savings or to receive allocations of Company Matching Contributions or Company Core
Contributions while his employment status is other than as an Employee. Such Member shall
be entitled to any Special Company Contributions that may be payable for the Plan Year,
based on the period of time during which he was an Employee during such Plan Year.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">3.6 <I>Termination of Membership</I>
</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member&#146;s membership shall terminate on the date he is no longer employed by the Company or
any Associated Company unless the Member is entitled to benefits under the Plan in which
event his membership shall terminate when those benefits are distributed to him.</TD>
</TR>



</TABLE>
</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">



</TABLE>
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">MEMBER SAVINGS
</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><I>Member Before-Tax Saving.</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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Commencement and Amount of Regular Before-Tax Savings</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective as of the first day of the next available pay period
(based on administrative processing deadlines) an Employee who has become a
Member pursuant to Article&nbsp;3 shall have his Salary reduced by 6&nbsp;percent and
that amount shall be contributed on his behalf to the Plan by the Company as
Regular Before-Tax Savings until and unless the Member elects, in accordance
with the procedures prescribed by the Benefits Administration Committee, to
either receive such Salary directly from the Company in cash or to reduce his
Salary in some other percentage. Such reduction in Salary shall be applied to
Salary that could have been subsequently received by the Member. Any such
specified percentage of Salary shall be in a multiple of 1&nbsp;percent and the
maximum percentage shall be 50&nbsp;percent. Notwithstanding the preceding
sentence, if in any Plan Year a Member makes After-Tax Savings in accordance
with Section&nbsp;4.2 in addition to Regular Before-Tax Savings in accordance with
this Section, the maximum percentage of Salary such Member may contribute for
such Plan Year under the combination of this Section and Section&nbsp;4.2 shall not
exceed 50&nbsp;percent.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing and Section&nbsp;4.2, with respect to an Employee
who is employed as an Employee by the Company on October&nbsp;31, 2011, the
following provisions shall apply:</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">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If such individual was making Regular
Before-Tax Savings and/or After-Tax Savings under the ISP immediately
prior to October&nbsp;31, 2011 in an amount equal to a total of 6&nbsp;percent or
more of his Salary, such individual shall become a Member of the Plan
on October&nbsp;31, 2011 and effective as of the first day of the next
available pay period (based on administrative processing deadlines)
such individual&#146;s election of Regular Before-Tax Savings and/or
After-Tax Savings under the ISP immediately prior to October&nbsp;31, 2011
shall be deemed to have been made under the Plan and shall continue in
the same amount until and unless the Member makes another Regular
Before-Tax Savings and/or After Tax Savings election in accordance with
procedures prescribed by the Benefits Administration Committee.</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">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If such individual was not making Regular
Before-Tax and/or After-Tax Savings under the ISP immediately prior to
October&nbsp;31, 2011 in an amount equal to a total of 6&nbsp;percent or more of
his Salary, such individual shall become a Member of the Plan on
October&nbsp;31, 2011 and, effective as of the first day of the next
available pay period (based on administrative processing deadlines):</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such individual&#146;s After-Tax
Savings election under the ISP immediately prior to October&nbsp;31,
2011, if any, shall be deemed to have been made under the Plan
until and unless the Member</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: #textcolor#; background: #bgcolor#">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>makes another election in accordance with procedures
prescribed by the Benefits Administration Committee; and</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such individual shall be deemed
to have elected to make Regular Before-Tax Savings under the
Plan equal to 6&nbsp;percent of his Salary or, if less, the amount
necessary to have the total of his Regular Before-Tax and
After-Tax Contributions equal 6&nbsp;percent of his Salary, until and
unless the Member makes another election in accordance with
procedures prescribed by the Benefits Administration Committee.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In order to comply with Section&nbsp;415 of the Code, the Benefits
Administration Committee may impose an additional limit on any Member&#146;s
Before-Tax Savings based on the Benefits Administration Committee&#146;s reasonable
projection of the total &#147;annual addition&#148; (as defined in Section&nbsp;5.4) that will
credited to a Member&#146;s Accounts for a Plan 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prior to January&nbsp;1, 2012, in order to comply with Section
401(k)(3) of the Code, the Benefits Administration Committee may impose a
limitation on the extent to which a Member who is a Highly Compensated Employee
may reduce his Salary in accordance herewith, based on the Benefits
Administration Committee&#146;s reasonable projection of Before-Tax Savings rates of
Members who are not Highly Compensated 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member may elect to change the rate of Regular Before-Tax
Savings under this paragraph (a)&nbsp;as of the first day of any pay period by
making an election in the form or manner approved by the Benefits
Administration Committee for such purpose. The changed rate shall be effective
as soon as administratively possible following the date the election is
received by the Savings Plan Administrator.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective as of such date as is approved by the Benefit Administration
Committee and in accordance with such rules and procedures as may be
prescribed by the Benefits Administration Committee, a Member may elect to
have the rate of his Regular Before-Tax Savings automatically escalated.</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><I>Catch-Up Contributions</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member who has attained or will attain age 50 by the last day of the Member&#146;s
taxable year may elect, in accordance with procedures prescribed by the Benefits
Administration Committee, to make Catch-Up Contributions for any Plan Year in
accordance with and subject to the limitations of Section 414(v) of the Code. Such
Catch-Up Contributions shall be treated under the Plan as Before-Tax Savings but
shall be subject to the following special rules:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member&#146;s Catch-Up Contributions shall not be taken into
account for purposes of applying the maximum percentage limitation described in
(a)&nbsp;above or the limitations under Sections 402(g) and 415 of the Code and
Members&#146; Catch-Up Contributions shall not be taken into account in applying the
Actual Deferral Percentage test of (d)&nbsp;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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan shall not be treated as failing to satisfy the
provisions of the Plan implementing the requirements of Section&nbsp;401(k)(3),
401(k)(11), 401(k)(12),</TD>
</TR>

</TABLE>
</DIV>
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<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>410(b), or 416 of the Code, as applicable, by reason of making such Catch-Up
Contributions.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The determination of whether a Before-Tax Savings contribution
under this Section constitutes a Catch-Up Contribution for any Plan Year shall
be determined as of the end of such Plan Year, in accordance with Section
414(v) of the Code. Before-Tax Savings contributions that are intended to be
Catch-Up Contributions for a Plan Year but which do not qualify as Catch-Up
Contributions as of the end of the Plan Year shall be treated for all purposes
under the Plan as Regular Before-Tax Savings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall take a Member&#146;s Catch-Up Contributions into
account for purposes of determining the amount of Company Matching
Contributions under Section&nbsp;5.1 for a Plan 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member&#146;s Catch-Up Contributions shall be subject to the same
withdrawal and distribution restrictions as Regular Before-Tax Savings
contributions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that the sum of a Member&#146;s Catch-Up Contributions
and similar contributions to any other qualified defined contribution plan
maintained by the Company or an Associated Company exceeds the dollar limit on
catch-up contributions under Section 414(v) of the Code for any calendar year
as in effect for such calendar year, the Member shall be deemed to have elected
a return of the Catch-Up Contributions in excess of the limit under Section
414(v) of the Code and such amount shall be treated in the same manner as
&#147;excess deferrals&#148; under (c)&nbsp;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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Member makes catch-up contributions under a qualified
defined contribution plan and/or Code Section 403(b) plan maintained by an
employer other than the Company or an Associated Company for any calendar year
and those contributions when added to his Catch-Up Contributions exceed the
dollar limit on catch-up contributions under Section 414(v) of the Code for
that calendar year, the Member may allocate all or a portion of such &#147;excess
catch-up contributions&#148; to this Plan. In the event such Member notifies the
Benefits Administration Committee of the &#147;excess catch-up contributions&#148; in the
same manner as is required for allocated &#147;excess deferrals&#148; under (c)&nbsp;below,
such &#147;excess catch-up contributions&#148; shall be distributed in the same manner as
&#147;excess deferrals&#148; under (c)&nbsp;below.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member may elect to change the rate of his Catch-Up Contributions under this
paragraph (b)&nbsp;as of the first day of any pay period by making an election in the
form or manner approved by the Benefits Administration Committee for such purpose.
The changed rate of Catch-Up Contributions shall be effective as soon as
administratively possible following the date the election is received by the Savings
Plan Administrator.</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>Application of Maximum Dollar Limit on Regular Before-Tax Savings</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The maximum dollar amount of Before-Tax Savings and similar contributions made on a
Member&#146;s behalf by the Company or any Associated Company to all plans, contracts or
arrangements subject to the provisions of Section&nbsp;401(a)(30) of the Code for a
calendar year shall be the maximum amount determined by the Secretary of the
Treasury for such calendar year, pursuant to Section 402(g) of the Code as in effect
for such calendar year,</TD>
</TR>

</TABLE>
</DIV>
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<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except as permitted under Section 414(v) of the Code. Amounts contributed in excess
of such limit shall constitute &#147;excess deferrals.&#148;</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Prevention of Excess Deferrals Under Plan. </I>If a Member&#146;s
Regular Before-Tax Savings in a calendar year reach the dollar limit on
elective deferrals under Section&nbsp;401(a)(30) of the Code in any calendar year,
the Member&#146;s election to make Regular Before-Tax Savings will be canceled.
Such Member may elect at any time to make After-Tax Savings in accordance with
Section&nbsp;4.2. As of the first pay period of the calendar year following the
cancellation of a Member&#146;s Regular Before-Tax Savings in accordance with first
sentence of this paragraph, the Member&#146;s election of Regular Before-Tax Savings
shall again become effective in accordance with his previous election, unless
the Member elects otherwise in accordance with Section&nbsp;4.3.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Treatment of Excess Deferrals under Plan and Plans of
Associated Companies</I>. In the event that the sum of a Member&#146;s Regular
Before-Tax Savings and similar contributions to any other qualified defined
contribution plan maintained by the Company or an Associated Company exceeds
the dollar limit on elective deferrals under Section 402(g) of the Code for any
calendar year as in effect for such calendar year, a Member who is eligible to
make Catch-Up Contributions to the Plan will be deemed to have such excess
deferrals reclassified as Catch-Up Contributions, subject to the limitations of
(b)&nbsp;above. To the extent that the reclassification described in the preceding
sentence is not applicable, or is insufficient to fully resolve the issue of
the excess deferrals, the Member shall be deemed to have elected a return of
the Regular Before-Tax Savings in excess of the limit under Section 402(g) of
the Code from this Plan. The excess deferrals, together with Earnings, shall
be returned to the Member no later than April&nbsp;15 following the end of the
calendar year in which the excess deferrals were made. The amount of excess
deferrals to be returned for any calendar year shall be reduced by any Regular
Before-Tax Savings previously returned to the Member under (d)&nbsp;below for that
calendar year. In the event any Regular Before-Tax Savings returned under this
paragraph were matched by Company Matching Contributions, those Company
Matching Contributions, together with Earnings, shall be forfeited and used to
reduce future Company contributions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Treatment of Member-Allocated Excess Deferrals. </I>If a Member
makes tax-deferred contributions under another qualified defined contribution
plan and/or a Code Section 403(b) plan maintained by an employer other than the
Company or an Associated Company for any calendar year and those contributions
when added to his Regular Before-Tax Savings exceed the dollar limit on
elective deferrals under Section 402(g) of the Code for that calendar year, the
Member may allocate all or a portion of such excess deferrals to this Plan. In
that event, a Member who is eligible to make Catch-Up Contributions to the Plan
will be deemed to have such excess deferrals reclassified as Catch-Up
Contributions, subject to the limitations of (b)&nbsp;above. To the extent that the
reclassification described in the preceding sentence is not applicable, or is
insufficient to fully resolve the issue of the excess deferrals, such excess
deferrals, together with Earnings, shall be returned to the Member no later
than the April&nbsp;15 following the end of the calendar year in which such excess
deferrals were made. However, the Plan shall not be required to return excess
deferrals unless the Member notifies the Benefits Administration Committee or
its designee, in writing, not later than March&nbsp;1, of that following year, of
the amount of the tax-</TD>
</TR>

</TABLE>
</DIV>
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</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>deferred contributions made to the plan of the other employer. The amount
of any excess deferrals to be returned for any calendar year shall be
reduced by any Regular Before-Tax Savings previously returned to the Member
under (d)&nbsp;below for that calendar year. In the event any Regular Before-Tax
Savings returned under this paragraph were matched by Company Matching
Contributions, those Company Matching Contributions, together with Earnings,
shall be forfeited and used to reduce Company contributions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing, in lieu of a return of the excess deferrals,
a Member may elect to have the Plan treat all or a portion of the excess
deferrals attributable to his Regular Before-Tax Savings as After-Tax
Savings, subject to the limitations of Section&nbsp;4.2; provided the Member
notifies the Benefits Administration Committee or its designee, in writing,
by the date determined by the Benefits Administration Committee. For this
purpose, the excess deferrals, together with Earnings, shall be deemed
distributed to the Member and then recontributed to the Plan by the Member
as After-Tax Savings for the Plan Year in which the excess deferrals were
made. Reclassified excess deferrals shall be considered After-Tax Savings
made in the Plan Year to which the excess deferrals relate for purposes of
Section&nbsp;4.5 and shall be subject to the withdrawal provisions applicable to
After-Tax Savings under Article&nbsp;9. If the excess deferrals were matched by
Company Matching Contributions, the corresponding Company Matching
Contributions shall remain allocated to the Member&#146;s Company Account to the
extent such excess deferrals if made, as After-Tax Savings would have been
matched under the provisions of Section&nbsp;5.1. The Member&#146;s election to
reclassify excess deferrals shall be made no later than April 1 following
the close of the Plan Year in which the excess deferrals were made or within
such shorter period as the Benefits Administration Committee may prescribe.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing, in the case of any Member who
(A)&nbsp;ceases to be an Employee during a Plan Year; (B)&nbsp;is employed during such
Plan Year by an employer which is not the Company or an Associated Company; and
(C)&nbsp;exceeds the limitation on elective deferrals enumerated in Section 402(g)
of the Code based on the Member&#146;s participation in the Plan and participation
in a plan maintained by the subsequent employer; the Plan shall not distribute
to the Member any Before-Tax Savings (or any income thereon) arising solely as
a result of such Member&#146;s exceeding the limit under Section 402(g) of the Code
for the Plan Year, unless the exceeding of such limit is based solely on the
Member&#146;s participation in this Plan without considering any other 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>ADP Test on Before-Tax Savings</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective for Plan Years beginning on and after January&nbsp;1, 2012, the Plan is
intended to satisfy the safe harbor alternative method of meeting the
nondiscrimination requirements under Section&nbsp;401(k)(12) of the Code by treating the
first three percent of Company Core Contributions under Section&nbsp;5.2 as nonelective
contributions pursuant to Section&nbsp;401(k)(12)(C) of the Code. Accordingly, the Plan
is deemed to satisfy the ADP Test under Section 401(k) of the Code for such Plan
Years with respect to Before-Tax Savings.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prior to January&nbsp;1, 2012, the amount of Before-Tax Savings made to the Plan for Plan
Year shall comply with the provisions of Section&nbsp;401(k)(3) of the Code, including
any</TD>
</TR>

</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->20<!-- /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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>regulations issued thereunder and any subsequent Internal Revenue Service guidance
issued under Section 401(k) of the Code. The current year testing method shall be
used.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amounts that would cause the Plan to fail the ADP test shall constitute &#147;excess
contributions.&#148; If the Benefits Administration Committee determines that the
limitation has been exceeded, the following provisions shall apply:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The excess contributions shall first be treated as Catch-Up
Contributions to the extent possible under Section&nbsp;4.1(b).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any remaining excess contributions, together with Earnings
thereon, will be allocated to the Highly Compensated Employees with the
greatest dollar amount of such contributions in the following manner:</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">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The amount to be allocated shall be the lesser
of (1)&nbsp;the total excess contributions or (2)&nbsp;such amount as will cause
the dollar amount of such Highly Compensated Employee&#146;s Regular
Before-Tax Savings to equal the dollar amount of the Regular Before-Tax
Savings of the Highly Compensated Employee with the next highest dollar
amount of Regular Before-Tax Savings.</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">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The process described in (A)&nbsp;above shall be
repeated, if necessary, until the total excess contributions shall have
been allocated. At any stage in this allocation process, if two or
more Highly Compensated Employees have the same dollar amount remaining
of Regular Before-Tax Savings, the allocation shall be made to both of
them in equal amounts.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The excess contributions allocated to Highly Compensated
Employees under (ii)&nbsp;above shall be distributed to such Members before the
close of the Plan Year following the Plan Year in which the excess
contributions were made, and to the extent practicable, within 2<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> months of the
close of the Plan Year in which the excess contributions were made.
Alternatively, under rules adopted by the Benefits Administration Committee,
such Members may elect to recharacterize such excess contributions as After-Tax
Savings provided such election to recharacterize the excess contributions is
made within 2<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> months after the close of the Plan Year in which the excess
contributions were made or within such shorter period as the Benefits
Administration Committee may prescribe. When the total excess contributions
shall have been allocated and distributed or recharacterized in the manner
described above, the Plan shall be deemed to satisfy the tests set forth in
this Section, regardless of whether the final Average Deferral Percentage of
the Highly Compensated Employees in fact satisfy such tests. In the event any
Regular Before-Tax Savings distributed under this Section were matched by
Company Matching Contributions, those Company Matching Contributions, together
with Earnings, shall be forfeited and used to reduce Company contributions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">4.2 <I>Member After-Tax Savings</I>
</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>By authorizing payroll deductions, each Member may elect, subject to (b)&nbsp;below,
to contribute to the Trust Fund as After-Tax Savings any whole percentage from 1
percent to 50&nbsp;percent of his Salary in such payroll period, subject to the following:</TD>
</TR>




</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

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<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 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The total amount of After-Tax Savings for any Plan Year may not
exceed 50&nbsp;percent of his Salary reduced by the rate of Before-Tax Savings being
made pursuant to Section&nbsp;4.1(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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In order to comply with Section&nbsp;415 of the Code, the Benefits
Administration Committee may impose an additional limit on any Member&#146;s
After-Tax Savings based on the Benefits Administration Committee&#146;s reasonable
projection of the total &#147;annual addition&#148; (as defined in Section&nbsp;5.4) that will
credited to a Member&#146;s Accounts for a 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member&#146;s election shall be effective as soon as administratively possible
following the date such election is received by the Savings Plan Administrator or
its designee.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing, the special provisions of Section&nbsp;4.1(a)(i)(A) and
(B)&nbsp;shall apply with respect to an Employee who is employed as an Employee by the
Company on October&nbsp;31, 2011.</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>In order to comply with Section&nbsp;401(m) and/or 415 of the Code, the Benefits
Administration Committee may impose an additional limit on the extent to which a Member
who is a Highly Compensated Employee may contribute to the Trust Fund as After-Tax
Savings, based on the Benefits Administration Committee&#146;s reasonable projection of
After-Tax Savings rates of Members who are not Highly Compensated Employees and the
necessity of satisfying the test described in Section&nbsp;4.5.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member may elect to change his After-Tax Savings rate on any business day by making an
election in a form or manner approved by the Benefits Administration Committee for such
purpose. The changed After-Tax Savings rate shall be effective as soon as administratively
possible following the date notice is received by the Savings Plan Administrator or its
designee.</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><I>Suspension and Resumption of Member Savings</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member may suspend his Savings under Section&nbsp;4.1 and/or Section&nbsp;4.2 as of any
business day by making an election in a form or manner approved by the Benefits
Administration Committee for such purpose. Such suspension will become effective as
soon as administratively possible following the date the election is received by the
Savings Plan Administrator or its designee. If a Member takes a withdrawal from his
Before-Tax Account under Section&nbsp;9.3(b), his Savings shall be suspended for a period of
six months. Such suspension will become effective as soon as administratively possible
following the Withdrawal Valuation Date. No Company Matching Contributions shall be
made under Section&nbsp;5.1 during the period of a Member&#146;s suspension although he will
continue to be considered a Member and he will be entitled to Company Core
Contributions and any Special Company Contributions that may be payable during the
period of suspension.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member who suspends his Savings in accordance with the first sentence of (a)
above may resume his Savings under Section&nbsp;4.1 and/or under Section&nbsp;4.2 as of any pay
period after the date the suspension commenced by making an election in a form or
manner approved by the Benefits Administration Committee for such purpose.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member whose Savings are suspended in accordance with the third sentence of
(a)&nbsp;above may resume his Savings under Section&nbsp;4.1 and/or under Section&nbsp;4.2 as of the
first day of any pay period following the six-month suspension by making an election in
a</TD>
</TR>

</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>form or manner approved by the Benefits Administration Committee for such purpose.
A resumption elected pursuant to this Section&nbsp;4.3 shall occur as soon as
administratively possible after the election is received by the Savings Plan
Administrator or its designee.</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">4.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Rollover Contributions</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With the permission of the Benefits Administration Committee, and without
regard to any limitation on contributions under this Article&nbsp;4 or Section&nbsp;5.4, the Plan
may accept from or on behalf of a Member, but not a Deferred Member, a Rollover
Contribution in cash, consisting of any amount, including after-tax amounts but
excluding any amount attributable to Roth contributions, previously received (or deemed
to be received) by him from an &#147;eligible retirement plan.&#148; Such Rollover Contributions
shall be subject to the following:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of this Section, &#147;eligible retirement plan&#148; means:</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">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>another employer&#146;s qualified plan described in
Section 401(a) of the Code (or another ITT qualified defined
contribution plan, provided that the Rollover Contribution represents
the rollover of all or a portion of a full distribution of the
individual&#146;s account balance in such plan due to the sale or closing of
a business unit sponsoring such 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an annuity plan described in Section 403(a) of
the Code;</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">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an annuity contract described in Section 403(b)
of the Code;</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">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an eligible Plan under Section 457(b) of the
Code that is maintained by a state, political subdivision of a state or
any agency or instrumentality of a state or political subdivision of a
state; 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(E)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an individual retirement account or individual
retirement annuity of the Member described in Section 408(a) or 408(b)
of the Code that contains only amounts that were originally distributed
from a qualified plan described in Section 401(a) or 403(a) of the Code
(i.e., a &#147;conduit IRA&#148;).</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>Such Rollover Contribution may be received in either of the following ways:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan may accept such amount as a direct rollover of an
eligible rollover distribution, including after-tax amounts provided such
after-tax amounts are received directly from a plan that is qualified under
Section 401(a) of the Code or an annuity contract described in Section 403(b)
of the Code.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan may accept such amount directly from the Member
provided such amount:</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">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>was distributed to the Member by an eligible
retirement 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is received by the Plan on or before the 60th
day after the day it was received by the Member;</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">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>would otherwise be includible in gross income;
and</TD>
</TR>




</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

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<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 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">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is not attributable to Roth contributions.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding (B)&nbsp;above, the Benefits Administration Committee may accept a
Rollover Contribution more than 60&nbsp;days after the amount was received by the Member
provided the Member has received from the Secretary of the Treasury a waiver of the
60-day requirement, pursuant to Section&nbsp;402(c)(3)(B) of the Code.</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">4.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>ACP Test on After-Tax Savings and Company Matching Contributions</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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective for Plan Years beginning on or after January&nbsp;1, 2012, the Plan is intended to
satisfy the alternative method of meeting the nondiscrimination requirements with respect to
Company Matching Contributions under Section&nbsp;401(m)(11) of the Code by treating the first
three percent of Company Core Contributions under Section&nbsp;5.2 as nonelective contributions
pursuant to Section&nbsp;401(k)(12)(C) of the Code. Accordingly, with respect to such Plan
Years, the Plan is deemed to satisfy the ACP Test under Section&nbsp;401(m)(11) of the Code with
respect to Company Matching Contributions.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The amount of After-Tax Savings made to the Plan shall comply with the provisions of Section
401(m)(2) of the Code (the &#147;ACP Test&#148;), including any regulations issued thereunder and any
subsequent Internal Revenue Service guidance issued under Section 401(m) of the Code.
Notwithstanding the preceding sentence, for any Plan Year, the Benefits Administration
Committee may elect to take Company Matching Contributions for the Plan Year into account
for purposes of the ACP Test, to the extent permitted under applicable law.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amounts that would cause the Plan to fail the ACP test constitute &#147;excess aggregate
contributions.&#148; If the Benefits Administration Committee determines that the limitation has
been exceeded, the following provisions apply</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>The payment or forfeiture of the excess aggregate contributions, together with
Earnings thereon, shall be made before the close of the Plan year following the Plan
Year for which the excess aggregate contributions were made and, to the extent
practicable, any payment or forfeiture will be made within 2<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> months following the end
of the Plan Year for which the contributions were 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>The total amount of excess aggregate contributions, together with Earnings
thereon, shall be allocated to the Highly Compensated Employees with the greatest
dollar amount of such contributions in the following manner:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The amount to be allocated shall be the lesser of (A)&nbsp;the total
excess aggregate contributions, or (B)&nbsp;such amount as will cause the dollar
amount of such Highly Compensated Employee&#146;s After Tax Savings, and, if
applicable, Company Matching Contributions, to equal the dollar amount of the
After Tax Savings, and, if applicable, Company Matching Contributions, of the
Highly Compensated Employee with the next highest dollar amount of After Tax
Savings, and, if applicable, Company Matching Contributions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The process described in (i)&nbsp;above shall be repeated, if
necessary, until the total excess aggregate contributions shall have been
allocated. At any stage in the allocation process herein described, if two or
more Highly Compensated Employees have the same dollar amount remaining of
After Tax Savings, and, if applicable, Company Matching Contributions, the
allocation shall be made to both of them in equal amounts.</TD>
</TR>




</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

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<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 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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The excess aggregate contributions allocated to Highly Compensated Employees
under (b)&nbsp;above, together with Earnings thereon, shall be paid or returned to a Member
from the following categories of contributions (adjusted to reflect earnings or losses
attributable thereto):</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>first, unmatched After-Tax Savings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>second, matched After-Tax Savings; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>third, Company Matching Contributions, if applicable.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Once the excess aggregate contributions are paid or returned as described above, the
Plan shall be deemed to satisfy the ACP test set forth in this Section, regardless
of whether the final Average Contribution Percentage of the Highly Compensated
Employees in fact satisfy such tests.</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>A Member&#146;s Actual Contribution Percentage shall be determined after a Member&#146;s
excess Before-Tax Savings are either recontributed to the Plan as After-Tax Savings or
paid to the Member.</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">4.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Transfer Contributions</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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With the permission of the Benefits Administration Committee and under such conditions as it
may require, but without regard to any limitations on contributions set forth in this
Article&nbsp;4 or Section&nbsp;5.4, the Plan may accept an amount, if any, from another qualified plan
that, in accordance with the provisions of Section&nbsp;11.9, the Member elects under such plan
to transfer to this Plan, or which the Trustee of such other qualified plan transfers
directly to the Trustee of this Plan. Such transferred contributions shall be paid to the
Trustee as soon as practicable and shall be held in the Accounts of the Member, as
determined by the Benefits Administration Committee. The Member shall be required to
establish that such prior employer&#146;s plan assets meets the qualification requirements under
Section 401(a) of the Code; and no such trust-to-trust transfer shall be permitted unless
the amount transferred is free of all defined benefit or money purchase characteristics and
does not make the Plan a transferee plan under Section&nbsp;401(a)(11)(B)(iii)(III) of the Code.</TD>
</TR>

</TABLE>
</DIV>


<P align="right" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>



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


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">COMPANY CONTRIBUTIONS
</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="3%" nowrap align="left">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Company Matching Contributions</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company, with respect to each eligible Member employed by it, shall contribute to the
Trust a Company Matching Contribution in an amount equal to 50&nbsp;percent of the Member&#146;s
Savings for each pay period; provided, however, that only the first 6&nbsp;percent of the
Member&#146;s Salary will be eligible for such a Company Matching Contribution during each pay
period so that the maximum Company Matching Contribution shall be 3&nbsp;percent of the Member&#146;s
Salary. Company Matching Contributions will be applied first to a Member&#146;s Before-Tax
Savings. Any remaining Company Matching Contributions will be applied to the Member&#146;s
After-Tax Savings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding anything contained herein to the contrary, with respect to Plan Years
beginning on and after January&nbsp;1, 2012, if as of the last day of the Plan Year, the amount
of Matching Contributions allocated to a Member for such Plan Year is less than 50&nbsp;percent
of the Member&#146;s Savings up to 6&nbsp;percent of the Member&#146;s Salary for the Plan Year, the
Company shall make a &#147;true-up&#148; Company Matching Contribution on behalf of such Member in an
amount equal to the difference. The true-up Company Matching Contribution described in the
preceding sentence shall also be made with respect to a Member who terminates employment
during the Plan Year and such true-up Company Matching Contribution shall be made as soon as
administratively practicable following the end of the calendar year in which the Member
terminates employment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Company Matching Contributions shall be credited to the Member&#146;s Company Matching Account.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Company Non-Matching Contributions</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Company Core Contributions</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall contribute to the Trust Fund, with respect to each eligible Member
employed by it, Company Core Contributions in the following amounts:</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to a Member whose age plus Service as of the first
day of the Plan Year total less than 50, the Company shall make Company Core
Contributions each pay period equal to 3&nbsp;percent of the Member&#146;s Salary for
such pay period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to a Member whose age plus Service as of the first
day of the Plan Year total 50 or more, the Company shall make Company Core
Contributions each pay period equal to 4&nbsp;percent of the Member&#146;s Salary for
such pay period.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of the preceding provisions, a Member&#146;s age and Service shall be
calculated on a basis uniformly applicable to all Members similarly situated as
established by the Benefits Administration Committee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Company Core Contributions shall be credited to the Member&#146;s Company Core Account.</TD>
</TR>

</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->26<!-- /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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Special Company Contributions</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall contribute to the Trust Fund, with respect to each eligible Member
employed by it, Special DC Credit Contributions and Transition Credit Contributions
pursuant to 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Special DC Credit Contributions and Transition Credit Contributions shall be
credited to the Member&#146;s Special Company Contribution Account.</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="3%" nowrap align="left">5.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Mode of Payment of Company Contributions</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Company contributions under Sections&nbsp;5.1 and 5.2 shall be made in cash.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Maximum Annual Additions.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The annual addition to a Member&#146;s Accounts for any Plan Year, which shall be
considered the &#147;limitation year&#148; for purposes of Section&nbsp;415 of the Code, when added to
the Member&#146;s annual addition for that Plan Year under any other qualified defined
contribution plan of the Company or any Associated Company, shall not exceed an amount
which is equal to the lesser of (i)&nbsp;100% of his Statutory Compensation for that Plan
Year, or (ii) $40,000, as adjusted in accordance with Section 415(d) of the Code.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of this Section, the &#147;annual addition&#148; to a Member&#146;s Accounts
under this Plan or any other qualified defined contribution plan (including a deemed
qualified defined contribution plan under a qualified defined benefit plan) maintained
by the Company or an Associated Company shall be determined in accordance with (i)&nbsp;and
(ii)&nbsp;below.</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The annual addition shall include all of the following amounts
that have been allocated to the Member&#146;s Accounts under this Plan or any other
qualified defined contribution plan (including a deemed qualified defined
contribution plan under a qualified defined benefit plan) maintained by the
Company or an Associated Company:</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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the total Company contributions made on the
Member&#146;s behalf by the Company and all Associated Companies, including
any Company Matching Contributions distributed or forfeited under the
provisions of Section&nbsp;4.1 or 4.5;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all Before-Tax Savings and After-Tax Savings,
including Before-Tax Savings distributed as excess contributions under
Section&nbsp;4.1(d) and After-Tax Savings distributed as excess aggregate
contributions under the provisions of Section&nbsp;4.5;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>forfeitures, if applicable; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>solely for purposes of the dollar limit under
clause (ii)&nbsp;of paragraph (a)&nbsp;above, amounts described in
Sections&nbsp;415(1)(1) and 419A(d)(2) of the Code allocated to the Member.</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The annual addition shall not include:</TD>
</TR>

</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

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<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 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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Rollover Contributions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loan repayments made under Article&nbsp;10;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Before Tax Savings distributed as excess
deferrals under Section&nbsp;4.1(c); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Catch-Up Contributions.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the extent that the annual additions to a Member&#146;s Accounts exceed the
limitation set forth in Section&nbsp;415(c)(2) of the Code, corrections shall be made in a
manner consistent with the provisions of the Employee Plans Compliance Resolution
System as set forth in Revenue Procedure 2008-50 or any subsequent guidance. In the
event that a Member of the Plan is a participant in any other defined contribution plan
(whether or not terminated), maintained by the Company or any Associated Company, the
total amount of annual additions to such Member&#146;s accounts under all such defined
contribution plans shall not exceed the limitations set forth in this Section&nbsp;5.4. The
Benefits Administration Committee, under uniform rules equally applicable to similarly
situated Members, shall determine how to apply the provisions of this Section in order
to satisfy the limitation. In making its decision, the Benefits Administration
Committee shall take into account the applicable provisions of the other qualified
defined contribution plans.</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="3%" nowrap align="left">5.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Contributions for a Period in Uniformed Services</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any provision of this Plan to the contrary, contributions,
benefits, and service credit with respect to qualified uniformed service duty will be
provided in accordance with Section 414(u) of the Code. A Member who is reemployed and
is credited with Service for the purpose of vesting because of a period of service in
the uniformed services of the United States may elect to contribute to the Plan the
Before-Tax Savings (including Catch-Up Contributions) and/or After-Tax Savings that
could have been contributed to the Plan in accordance with the provisions of the Plan
had he remained continuously employed by the Company throughout such period of absence
(&#147;make-up contributions&#148;). For purposes of determining the amount of make-up
contributions a Member may make, his Salary for the period of absence shall be deemed
to be the rate of Salary he would have received had he remained employed as an Employee
for that period or, if such rate is not reasonably certain, on the basis of the
Member&#146;s Salary during the 12-month period immediately preceding such period of absence
(or if shorter, the period of employment immediately preceding such period). Any
Before-Tax Savings, Catch-Up Contributions, and/or After-Tax Savings so determined
shall be limited as provided in Sections&nbsp;4.1(c), 4.1(d) and 4.5 with respect to the
Plan Year or Years to which such contributions relate rather than the Plan Year in
which payment is made. The make-up contributions may be made over a period not to
exceed three times the period of military leave or five years, if less, but in no event
later than the Member&#146;s Termination of Employment (unless he is subsequently rehired).
The make-up period shall start on the later of (i)&nbsp;the Member&#146;s date of
reemployment, or (ii)&nbsp;the date the Benefits Administration Committee notifies
the Employee of his rights under this Section. Earnings (or losses) on make-up
contributions shall be credited commencing with the date the make-up contribution 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to a Member who makes the election described in paragraph (a)
above, the Company shall make Company Matching Contributions on the make-up
contributions in the amount described in Section&nbsp;5.1, as in effect for the Plan Year to
which such make-up</TD>
</TR>


</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

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<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>contributions relate. Company Matching Contributions under this
paragraph shall be made to the Plan at the same time as Company Matching Contributions
are required to be made for Before-Tax Savings and/or After-Tax Savings made during the
same period as the make-up contributions are actually made. Earnings (or losses) on
Company Matching Contributions shall be credited commencing with the date the
contributions are made. Any limitations on Company Matching Contributions described in
Section&nbsp;4.5 shall be applied with respect to the Plan Year or Years to which such
contributions relate rather than the Plan Year or Years in which payment 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall make Company Core Contributions and Special Company
Contributions (and any other non-matching employer contributions that may have been
required under a predecessor plan) (&#147;make-up Company contributions&#148;) in the amounts
described in Section&nbsp;5.2 (or the provisions of a predecessor plan) as in effect for the
Plan Year to which such make-up Company contributions relate. For purposes of
determining the amount of such make-up Company contributions, a Member&#146;s Salary for the
period of absence shall be deemed to be the rate of Salary he would have received had
he remained employed as an Employee for that period or, if such rate is not reasonably
certain, on the basis of the Member&#146;s Salary during the 12-month period immediately
preceding such period of absence (or if shorter, the period of employment immediately
preceding such period). Make-up Company contributions under this paragraph shall be
made as soon as practicable after the Member&#146;s reemployment and shall be deemed to have
been made to the Plan at the same time as such contributions would have been made but
for the Member&#146;s absence. Earnings (or losses) on make-up Company contributions shall
be credited commencing with the date the make-up Company contributions are 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All contributions under this Section, other than make-up Catch-Up
Contributions, are considered &#147;annual additions,&#148; as defined in Section&nbsp;415(c)(2) of
the Code, and shall be limited in accordance with the provisions of Section&nbsp;5.4 with
respect to the Plan Year or Years to which such contributions relate rather than the
Plan Year in which payment 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any other provisions of this Section, the maximum amount of
make-up contributions made by or on behalf of a Member shall be reduced by the actual
amount of Company Core Contribution, Special Company Contributions, Before-Tax Savings
(including Catch-Up Contributions), After-Tax Savings, and Company Matching
Contributions, as applicable, made by or on behalf of the Member during his period of
service in the uniformed services as a result of differential wage payments (as defined
in Section 3401(h) of the Code) that were made to the Member or for any other 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="3%" nowrap align="left">5.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Return of Contributions</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Commissioner of Internal Revenue, on timely application made after the
initial establishment of the Plan, determines that the Plan is not qualified under
Section 401(a) of the Code or refuses, in writing, to issue a determination as to
whether the Plan is so qualified, the Company&#146;s contributions made on or after the date
on which that determination or refusal is applicable shall be returned to the Company.
The return shall be made within one year after the denial of qualification. The
provisions of this paragraph shall apply only if the application for the determination
is made by the date prescribed by the Secretary of the Treasury.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If all or part of the Company&#146;s deductions for contributions to the Plan are
disallowed by the Internal Revenue Service, the portion of the contributions to which
that disallowance</TD>
</TR>

</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

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<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>applies shall be returned to the Company without interest but reduced
by any investment loss attributable to those contributions, provided that the
contribution is returned within one year after the disallowance of deduction. For this
purpose, all contributions made by the Company are expressly declared to be conditioned
upon their deductibility under Section&nbsp;404 of the Code.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may recover, without interest, the amount of its contributions to
the Plan made on account of a mistake of fact, reduced by any investment loss
attributable to those contributions, if recovery is made within one year after the date
of those contributions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that Before-Tax Savings made under Section&nbsp;4.1(a) are returned to
the Company in accordance with the provisions of this Section, the elections to reduce
Salary that were made by Members on whose behalf those contributions were made shall be
void retroactively to the beginning of the period for which those contributions were
made. The Before-Tax Savings so returned shall be distributed in cash to those Members
for whom those contributions were made, provided, however, that if the contributions
are returned under the provisions of paragraph (a)&nbsp;above, the amount of Before-Tax
Savings to be distributed to Members shall be adjusted to reflect any investment gains
or losses attributable to those contributions.</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="3%" nowrap align="left">5.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Contributions Not Contingent Upon Profits</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may make contributions to the Plan without regard to the existence or the amount
of current and accumulated Company earnings and profits. Notwithstanding the foregoing,
however, this Plan is designed to qualify as a &#147;profit-sharing plan&#148; for all purposes of the
Code.</TD>
</TR>




</TABLE>
</DIV>
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</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">



</TABLE>
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">VESTED SHARE OF ACCOUNTS
</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="3%" nowrap align="left">6.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Full Vesting of all Accounts in 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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member shall at all times be 100&nbsp;percent vested in, and have a nonforfeitable right to,
his Accounts in Plan.</TD>
</TR>




</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->31<!-- /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">



</TABLE>
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">INVESTMENT OF CONTRIBUTIONS
</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="3%" nowrap align="left">7.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Investment Funds</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Accounts in the Plan shall be invested by the Trustee in one or more Investment
Funds as authorized by the PFTIC. Such Investment Funds shall include:</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the ITT Stock Fund;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Target Retirement Funds as the PFTIC shall select; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for such period after the Effective Date as shall be
determined by the PFTIC, the Exelis Stock Fund and the Xylem Stock Fund.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such Investment Funds may also include equity funds, international equity funds,
fixed income funds, money market funds, and other funds as the PFTIC elects to
offer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition to the Investment Funds selected by the PFTIC, a Member may
establish a self-directed brokerage account (&#147;SDA&#148;), subject to the following terms and
conditions:</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Common stock of the Company is not a permitted investment in
the SDA.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Account fees associated with a Member&#146;s SDA, as well as
commissions, special handling fees, and any other transaction charges
associated with transactions in the Member&#146;s SDA will be charged to the
Member&#146;s SDA.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In any Investment Fund, the Trustee temporarily may hold cash or make
short-term investments in obligations of the United States Government, commercial
paper, an interim investment fund for tax-qualified employee benefit plans established
by the Trustee, unless otherwise provided in the applicable trust agreement or by
applicable law, or other investments of a short-term nature. Notwithstanding the
foregoing, the Trustee in its discretion may hold such amounts in cash, consistent with
its obligations as Trustee, as it deems advisable in accordance with the provisions of
the trust 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purpose of determining the value of ITT Stock, Exelis Stock, or Xylem
Stock hereunder, in the event such stock is traded on a national securities exchange,
such stock shall be valued as of the closing quoted selling price of such stock on the
New York Stock Exchange composite tape on the business day such stock is delivered to
the Trustee. In the event such ITT Stock, ITT Exelis Stock, or Xylem Stock is not
traded on a national securities exchange, such shares shall be valued in good faith by
an independent appraiser selected by the Trustee and meeting requirements similar to
those in the regulations prescribed under Section 170(a)(1) of the Code.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan is intended to constitute a plan described in Section 404(c) of ERISA.
Consequently, each Member is solely responsible for the selection of his investment
options. The Trustees, the Benefits Administration Committee, the Company, the PFTIC,
and the officers, supervisors, and other employees of the Company are not empowered to
advise a Member as to the manner in which his Accounts shall be invested. The fact
that an Investment Fund is available to Members for investment under the Plan shall not
be construed as a recommendation for investment in the Investment Fund.</TD>
</TR>


</TABLE>
</DIV>
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</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee, or such other custodian as the PFTIC may designate, shall maintain
the ITT Stock Fund. It is specifically contemplated that the ITT Stock Fund will
operate as an employee stock ownership plan (&#147;ESOP&#148;) that is designed to invest
primarily in ITT Stock, within the meaning of Section&nbsp;4975(e)(7) of the Code.
Consistent with the ITT Stock Fund&#146;s status as an ESOP, the Trustee may keep such
amounts of cash, securities or other property as it, in its sole discretion, shall deem
necessary or advisable as part of the Trust Fund, all within the limitations specified
in the trust 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Dividends, interest, and other distributions received on the assets held by the
Trustee in respect to the Investment Funds shall be reinvested in the respective
Investment Fund, provided, however, with respect to the ITT Stock Fund, dividends,
interest, and other distributions received on the assets held by the Trustee in respect
to the ITT Stock Fund shall be reinvested in the ITT Stock Fund, except as otherwise
may be provided in Section&nbsp;8.7 with respect to dividends on ITT Stock.</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="3%" nowrap align="left">7.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Investment of Contributions</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Contributions under the Plan shall be invested by the Trustee 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the following provisions of this Section&nbsp;7.2, a Member shall make
one investment election, in multiples of 1%, covering his Savings, Company Matching
Contributions, Company Core Contributions, and Special Company Contributions made to
his Accounts, to have such amounts invested in any one or more of the Investment Funds.
If no investment election is made, such contribution shall be invested in the Target
Retirement Fund that is appropriate based on the Member&#146;s year of birth (or such other
Investment Fund as may be designated by the PFTIC), unless and until the Member elects
to have all or part of his contributions invested in or transferred to other funds
pursuant to Sections&nbsp;7.3 and 7.4.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member cannot elect to direct the investment of any contributions into the
Exelis Stock Fund or the Xylem Stock Fund prospectively. Amounts invested in the
Exelis Stock Fund or the Xylem Stock Fund as a result of the restructuring of ITT
coincident with the establishment of the Plan are the only amounts that may be invested
in such funds. A Member may elect at any time to direct the amounts invested in the
Exelis Stock Fund or the Xylem Stock Fund into any other Investment Fund in the Plan,
subject to the provisions of this Section&nbsp;7.2 and Section&nbsp;7.4.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as provided in Section&nbsp;7.4(d), no more than 20% of a Member&#146;s Accounts
may be invested in the ITT Stock Fund. A Member&#146;s investment election with respect to
future contributions cannot direct more than 20% to be invested in the ITT Stock Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Contributions may not be initially invested in a Member&#146;s SDA. Any amounts to
be invested in a Member&#146;s SDA must be transferred into the SDA pursuant to Section&nbsp;7.4.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member making a Rollover Contribution pursuant to Section&nbsp;4.4 or a transfer
contribution pursuant to Section&nbsp;4.6 may make a separate initial investment election
under this Section&nbsp;7.2. Such Rollover Contribution or transfer contribution shall be
invested, in multiples of 1%, in any one or more of the Investment Funds as elected by
the Member. Notwithstanding the preceding sentence, Rollover Contributions or transfer
contributions may not be initially invested in the ITT Stock Fund, the Exelis Stock
Fund, Xylem Stock Fund, or a Member&#146;s SDA. A Member may subsequently transfer or</TD>
</TR>

</TABLE>
</DIV>
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</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reallocate his Rollover Contributions or transfer contributions to the ITT Stock Fund
or the Member&#146;s SDA pursuant to Section&nbsp;7.4. If a Member has not made an election with
respect to the initial investment of his Rollover Contributions or transfer
contributions under Section&nbsp;4.6, such Rollover Contributions or transfer contributions
shall be invested in the Target Retirement Fund that is appropriate based on the
Member&#146;s year of birth (or such other Investment Fund as may be designated by the
PFTIC).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member may enroll in a managed account program under which investment
professionals will monitor the Member&#146;s Plan Accounts and manage all investment
elections and transactions. The terms of the program shall supersede any contrary
provisions of this Plan with respect to Members enrolled therein and any fees charged
to the Member will be determined under the terms of the program.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member&#146;s Prior ESOP Account shall be invested entirely in the ITT Stock Fund,
Exelis Stock Fund, and Xylem Stock Fund, as applicable, except when a Member elects to
have all or part of his Prior ESOP Account transferred to or invested in another
Investment Fund pursuant to this Article&nbsp;7.</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="3%" nowrap align="left">7.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Changes in Investment Election for Future Contributions</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On any business day, by making an election in a form or manner approved by the Benefits
Administration Committee for such purpose, a Member may change his investment election
within the limitations set forth in Section&nbsp;7.2 with respect to future Savings, Company
Matching, Company Core, and Special Company Contributions to be made for any payroll
deposited with the Trustee on or after the effective date of such notice. The effective
date of such election shall be the business day following the date of the election. A
Member shall be permitted to make only one investment election, covering his Savings,
Company Matching, Company Core, and Special Company Contributions. A separate election may
be made for future Rollover Contributions or transferred contributions made under Section
4.6.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Redistribution of Investments</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Members and Deferred Members may redistribute their investments 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On any business day, by making an advance election in a form or manner approved
by the Benefits Administration Committee for such purpose, a Member or Deferred Member
may elect to reallocate (or transfer, as the case may be) on any Valuation Date all or
part, in multiples of 1%, all of his Accounts among the Investment Funds, provided
however no more than 20% of a Member&#146;s Accounts may be invested in the SDA or the ITT
Stock Fund after such reallocation or transfer and no amounts may be reallocated or
transferred into the Exelis Stock Fund or the Xylem Stock Fund, except as provided in
Section&nbsp;7.4(d). The reallocation or transfer shall be effective as soon as
administratively practicable after the Valuation Date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The PFTIC may establish such rules and restrictions regarding the
redistribution of investments as it deems appropriate, including restrictions on the
maximum number of transfers in a calendar month.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any amounts invested in a fund of guaranteed investment contracts or an
investment fund covered by a prospectus or other document of similar import or effect
shall be subject to any and all terms of such contracts, prospectus or other documents
of similar import or effect, including any limitations therein placed on the exercise
of any rights otherwise</TD>
</TR>

</TABLE>
</DIV>
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</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>granted to a Member or Deferred Member under any other
provisions of this Plan with respect to such amounts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No more than 20% of a Member&#146;s Accounts may be invested in the ITT Stock Fund.
Notwithstanding the preceding sentence, a Member with more than 20% of his Accounts
invested in the ITT Stock Fund under the ISP on October&nbsp;31, 2011 (or such other date as
may be designated by the PFTIC) may elect to direct that amounts invested in the Exelis
Stock Fund and/or the Xylem Stock Fund be transferred to the ITT
Stock Fund without regard to the 20% limit, provided however that such Member may not
make any further investments in, or transfers into, the ITT Stock Fund until the 20%
limitation described in the preceding sentence has been complied with.</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="3%" nowrap align="left">7.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Valuation Date</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Valuation Date applicable with respect to reallocations made in accordance with Section
7.4 shall be the business day such election is received and processed by the Savings Plan
Administrator or its designee and shall not be later than the next business day following
the day on which the Member&#146;s completed request is received and processed by the Savings
Plan Administrator or its designee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Voting of ITT Stock</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Member, Deferred Member, or Beneficiary (in the event of the death of the Member or
Deferred Member) is, for the purposes of this Section&nbsp;7.6, hereby designated a named
fiduciary within the meaning of Section&nbsp;402(a)(2) of ERISA with respect to the shares of ITT
Stock allocated to his Accounts, determined as herein described. Each Member and Deferred
Member (or Beneficiary in the event of the death of the Member or Deferred Member) may
direct the Trustee as to the manner in which the ITT Stock allocated to his Accounts,
determined as herein described, is to be voted. An individual&#146;s proportionate share of the
ITT Stock Fund as to which he holds fiduciary status for voting purposes shall be determined
at the time such voting rights are exercisable by multiplying the number of shares credited
at that time to such portion by a fraction, the numerator of which is the value (as of the
Valuation Date designated by the Benefits Administration Committee for this purpose) of that
part of the Member&#146;s Accounts invested in the ITT Stock Fund with respect to which the
Member provides instructions to the Trustee and the denominator of which is the aggregate
value of all amounts allocated to that part of all Member Accounts which is invested in the
ITT Stock Fund for which instructions are provided to the Trustee. Before each annual or
special meeting of shareholders of ITT, each Member, Deferred Member, and Beneficiary shall
be furnished with information regarding how to obtain a copy of the proxy solicitation
material for such meeting and the form requesting instructions to the Trustee on how to vote
the ITT Stock allocated to such Member&#146;s, Deferred Member&#146;s and Beneficiary&#146;s Accounts.
Upon receipt of such instructions, the Trustee shall vote such shares as instructed. In
lieu of voting fractional shares as instructed by Members, Deferred Members, or
Beneficiaries, the Trustee may vote the combined fractional shares of ITT Stock to the
extent possible to reflect the directions of Members, Deferred Members, or Beneficiaries
with allocated fractional shares of each class of stock. The Trustee shall vote shares of
ITT Stock allocated to Accounts under the Plan but for which the Trustee received no valid
voting instructions in the same manner and in the same proportion as the shares of ITT Stock
in the Accounts in the respective funds with respect to which the Trustee received valid
voting instructions are voted. Instructions to the Trustee shall be in such form and
pursuant to such regulations as the Benefits Administration Committee may prescribe.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any instructions received by the Trustee from Members, Deferred Members, and Beneficiaries
regarding the voting of ITT Stock shall be confidential and shall not be divulged by the
Trustee to</TD>
</TR>

</TABLE>
</DIV>
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</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company, or to any director, officer, employee or agent of the Company, it
being the intent of this provision of this Section&nbsp;7.6 to ensure that the Company (and its
directors, officers, employees and agents) cannot determine the voting instructions given by
any Member, Deferred Member, or Beneficiary.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event of a tender or exchange offer, the provisions of Article&nbsp;15 shall control,
rather than this Section.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Blackout Periods</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any provision of the Plan to the contrary, when required for administrative
reasons, the Benefits Administration Committee may temporarily suspend, limit, or restrict
the rights of Members, Deferred Members, Beneficiaries or alternate payees (as applicable)
to direct or diversify the investment of some or all of their Accounts, to obtain loans from
the Plan, and to obtain distributions (including in-service withdrawals) from the Plan. The
number and length of such suspensions and the imposition of such limitations or restrictions
shall be limited to the greatest extent practicable. Any suspension, limitation or
restriction of rights under this Section shall comply with all applicable law and any
guidance issued thereunder and may be imposed only if the Benefits Administration Committee
timely provides notice of the suspension, limitation or restriction of such rights, as
required by Section&nbsp;101 of ERISA, any guidance issued thereunder, and any other applicable
law.</TD>
</TR>



</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->36<!-- /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">



</TABLE>
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CREDITS TO MEMBERS&#146; ACCOUNTS, VALUATION AND<BR>
ALLOCATION OF ASSETS
</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="3%" nowrap align="left">8.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Before-Tax Savings, After-Tax Savings and Rollover Contributions</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Before-Tax Savings, After-Tax Savings and Rollover Contributions made on behalf of or by a
Member shall be allocated to the Before-Tax Account, After-Tax Account or Rollover Account
of such Member, as appropriate, as soon as practicable after such contributions are
transferred to the Trust Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Company Matching Contributions</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Company Matching Contributions made for a Member shall be allocated to the Company Matching
Account of such Member, as soon as practicable after such contributions are made to the
Trust Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Company Core Contributions and Special Company Contributions</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Company Core Contributions made for a Member shall be allocated to the Company Core Account
of such Member, as soon as practicable after such contributions are made to the Trust Fund.
Special Company Contributions made for a Member shall be allocated to the Special Company
Contribution Account of such Member, as soon as practicable after such contributions are
made to the Trust Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Credits to Members&#146; Accounts</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the end of each business day in which the Plan is in effect and operation, the amount of
each Member&#146;s credit in each of the Investment Funds shall be expressed and credited in
dollars of contributions by the Member and Company allocated to a Member&#146;s Accounts for such
day. For purposes of this Article&nbsp;8, &#147;business day&#148; means each day on which the New York
Stock Exchange or any successor to its business is open for trading or such other day(s) as
may be designated by the PFTIC.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Valuation of Assets</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the end of each business day, the Trustee shall determine the total fair market value of
all assets then held by it in each Investment Fund. The Benefits Administration Committee
reserves the right to change from time to time the procedures used in valuing the Accounts
or crediting (or debiting) the Accounts if it determines, after due deliberation and upon
the advice of counsel and/or the current recordkeeper, that such an action is justified in
that it results in a more accurate reflection of the fair market value of assets. In the
event of a conflict between the provisions of this Article and such new administrative
procedures, those new administrative procedures shall prevail.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Allocation of Assets</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the end of each business day when the value of all assets in each Investment Fund has
been determined pursuant to Section&nbsp;8.5, the Trustee shall determine the gain or loss in the
value of such assets in each of the Investment Funds. Such gain or loss shall be allocated
pro rata by</TD>
</TR>

</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->37<!-- /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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Investment Fund to the balances credited to the Accounts of all Members and
Deferred Members as of such business day.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Dividends Paid with respect to Stock in the ESOP</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Dividends with respect to Exelis Stock and Xylem Stock shall be reinvested in the Exelis
Stock Fund and Xylem Stock Fund, respectively. Dividends with respect to ITT Stock shall be
subject to the following provisions:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Dividend 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member or Deferred Member may elect, with respect to a dividend paid on ITT Stock
in the ESOP as of the record date of such dividend, to have the dividend either
distributed in cash to the Member or Deferred Member or reinvested in shares of ITT
Stock, provided however that if the amount of dividends to be paid to the Member or
Deferred Member is ten dollars or less, said dividends shall be automatically
reinvested in shares of ITT Stock. The Savings Plan Administrator shall prescribe
rules regarding the timing and manner of a dividend election.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Default 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the absence of an affirmative dividend election, the Member or Deferred Member
shall be deemed to have elected to have the dividend reinvested in ITT Stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Effect and Duration of 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An election made in accordance with (a)&nbsp;or (b)&nbsp;above shall remain in effect until
changed by the Member or Deferred Member in accordance with the rules established by
the Savings Plan Administrator. The election shall apply to all dividends with a
record date on or after the election date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member or Deferred Member may change his dividend election at any time in the
manner prescribed by the Savings Plan Administrator.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any provision of this Section to the contrary, in the event that two
or more dividend checks payable to a Member remain uncashed at one time, that action
shall be deemed as an election by the Member to have his dividends reinvested in ITT
Stock in the Plan and the Savings Plan Administrator shall reinvest any further
dividends payable to the Member until the Member cashes the outstanding checks and
makes another affirmative election to receive his dividends in cash.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Cash Payment</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Dividends elected to be paid in cash shall be distributed to the Member or Deferred
Member as soon as administratively practicable after the dividend is received by the
Trustee in the Trust Fund. The amount of cash dividends distributed shall be
reduced by the amount of any losses attributable to such dividends while held in the
Trust Fund. No earnings attributable to such dividends shall be distributed.</TD>
</TR>



</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->38<!-- /Folio -->
</DIV>

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<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: 6pt">WITHDRAWALS PRIOR TO TERMINATION OF EMPLOYMENT
</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="3%" nowrap align="left">9.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>General Conditions for Withdrawals</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At any time before Termination of Employment, a Member may request a withdrawal from his
Accounts by submitting to the Savings Plan Administrator or its designee an election in a
form or manner approved by the Benefits Administration Committee, and shall conform to the
standards set by the Benefits Administration Committee, if any, regarding minimum and
maximum amounts of withdrawals. Any such withdrawal shall be in accordance with the
conditions of Section&nbsp;9.2 or Section&nbsp;9.3. For purposes of this Article&nbsp;9, a Member&#146;s
Accounts shall be valued as of the applicable Withdrawal Valuation Date. Amounts to be
distributed to Members will not participate in the investment experience of the Plan after
the Withdrawal Valuation Date. Such amounts generally will be paid as soon as
administratively possible following the Withdrawal Valuation Date. Except where
specifically provided otherwise, Savings by the Member under the Plan may be continued
without interruption.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Withdrawals from Certain Accounts</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the provisions of Section&nbsp;9.1, a Member (but not a Deferred Member) can withdraw
amounts in any whole dollar amount or percentage less than or equal to the described value
of the following Accounts; provided, however, that the full withdrawable amount from each
source from (a)&nbsp;through (h)&nbsp;below must be withdrawn before any amount can be withdrawn from
the source next following on the list of sources from (a)&nbsp;through (h)&nbsp;below:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all or a portion of his After-Tax Account;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all or a portion of his Prior Plan Account;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all or a portion of his Rollover Account;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all or a portion of his Prior ESOP Account;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all or a portion of his Company Floor Account and Prior Company Matching
Account;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all or a portion of his Company Matching Account provided the Member has
attained age 59<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> as of the proposed Withdrawal Valuation Date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all or a portion of his Company Core Account provided the Member has attained
age 59<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> as of the proposed Withdrawal Valuation Date; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all or a portion of his Special Company Contribution Account provided the
Member has attained age 59<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> as of the proposed Withdrawal Valuation Date.</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Withdrawals will be deemed to be deducted from each of the Investment Funds described in
Article&nbsp;7 on a pro rata basis, provided, however, that no amount shall be deemed to be
deducted from the ITT Stock Fund until all amounts have been withdrawn from all of the other
Investment Funds, and provided further that amounts invested in a Member&#146;s SDA are not
available as a source of any withdrawals described herein. Notwithstanding the foregoing,
however, a Member may reallocate his balance in the SDA to the other Investment Funds in the
Plan as provided in</TD>
</TR>

</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->39<!-- /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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Article&nbsp;7 and such Investment Funds (other than the ITT Stock Fund) may
then be available as a source for withdrawals in accordance with the provisions of this
Article&nbsp;9.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Withdrawal from Before-Tax Account</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the provisions of Sections&nbsp;9.1, a Member who has attained age 59<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> as
of a Withdrawal Valuation Date may withdraw all or any portion of his Before-Tax
Account.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the provisions of Section&nbsp;9.1, a Member who has not attained age 59<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT>
as of a Withdrawal Valuation Date and who has withdrawn all amounts available under
Section&nbsp;9.2 may withdraw all or a portion of his Before-Tax Account (except for the
portion that represents investment earnings credited to his Before-Tax Account)
provided he has an immediate and heavy financial need and the withdrawal is necessary
to satisfy such need, as provided below. If a Member has not withdrawn all amounts
available under Section&nbsp;9.2, he must take a separate withdrawal of the amounts
available under Section&nbsp;9.2 and that withdrawal shall not be treated as a withdrawal
due to hardship.</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As a condition for receiving a withdrawal pursuant to the
provisions of this Section&nbsp;9.3(b), there must exist with respect to the Member
an immediate and heavy financial need to draw upon his Accounts. For purposes
of this subparagraph (b), the Benefits Administration Committee shall presume
the existence of an immediate and heavy financial need if the requested
withdrawal is on account of any of the following:</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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expenses for (or necessary to obtain) medical
care that would be deductible under Section 213(d) of the Code
(determined without regard to whether the expenses exceed 7.5&nbsp;percent
of adjusted gross income);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>costs directly related to the purchase of a
principal residence of the Member (excluding mortgage payments);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>payment of tuition and related educational
fees, and room and board expenses, for the next 12&nbsp;months of
post-secondary education of the Member, his spouse, children or
dependents (as defined in Section&nbsp;152 of the Code and determined
without regard to Sections&nbsp;152(b)(1), (b)(2) and (d)(1)(B) of the
Code);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>payment of amounts necessary to prevent
eviction of the Member from his principal residence or to avoid
foreclosure on the mortgage of his principal residence;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(E)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>payments for burial or funeral expenses for the
Member&#146;s deceased parent, spouse, children or dependents (as defined in
Section&nbsp;152 of the Code and without regard to Section&nbsp;152(d)(1)(B) of
the Code);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(F)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expenses for the repair of damages to the
Member&#146;s principal residence that would qualify for the casualty
deduction under Section&nbsp;165 of the Code (determined without regard to
whether the loss exceeds 10&nbsp;percent of the Member&#146;s adjusted gross
income); 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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(G)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the inability of the Member to meet such other
expenses, debts, or other obligations recognized by the Internal
Revenue Service as giving rise to</TD>
</TR>

</TABLE>
</DIV>
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</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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediate and heavy financial need
for purposes of Section 401(k) of the Code.</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The amount of the withdrawal may not be in excess of the amount of the
financial need of the Member, including an additional amount equal to
20&nbsp;percent of the amount otherwise needed to satisfy such financial need to
pay any federal, state, or local taxes and any amounts necessary to pay any
penalties reasonably anticipated to result from the hardship distribution.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As a condition for receiving a withdrawal pursuant to the
provisions of this Section&nbsp;9.3(b), the Member must demonstrate that the
requested withdrawal is necessary to satisfy the financial need described in
(i)&nbsp;above. For purposes of this subparagraph, the Benefits Administration
Committee shall presume that the withdrawal is necessary to satisfy the
immediate and heavy financial need if the following requirements are met:</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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Member has obtained all distributions
(other than hardship distributions) available under all other
retirement plans maintained by the Company and all Associated
Companies, including this Plan and including distribution of all cash
dividends currently available to the Member under Section&nbsp;8.7 of the
Plan and all non-taxable loans available under all retirement plans
maintained by the Company and all Associated Companies, including this
Plan, provided that the loan repayments do not result in an additional
financial hardship for the Member.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Member agrees to cease all Before-Tax
Savings and After-Tax Savings under this Plan and under any other plans
of the Company or of any Associated Company for a period of not less
than six months following the hardship withdrawal.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Benefits Administration Committee or its designee shall make determinations of
financial hardship in a uniform and nondiscriminatory manner, with reference to all
the relevant facts and circumstances and in accordance with applicable tax law under
Section&nbsp;401(k) of the Code.</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="3%" nowrap align="left">9.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Form of Payment</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Withdrawal payments shall be made in the form of cash, except that the Member may request to
receive the portion of his Accounts invested in the ITT Stock Fund to be paid in shares of
ITT Stock, with any fractional shares being paid in cash.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Death after Withdrawal 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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Member elects a withdrawal and dies after the issuance of the check(s) or shares of ITT
Stock comprising such withdrawal but prior to negotiation of such check(s) comprising all or
a portion of such distribution, then any unpaid cash portion of the withdrawal as
represented by the non-negotiated check(s) shall be paid to his estate. If more than one
check comprises such withdrawal and the Member negotiates the first check but dies prior to
the issuance of any subsequent check, then any subsequent check shall be paid to his estate.
If a Member elects a withdrawal and dies prior to the issuance of any check(s) or shares of
ITT Stock comprising such withdrawal, then the withdrawal election shall be voided.</TD>
</TR>


</TABLE>
</DIV>
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</DIV>

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Direct Rollover</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certain withdrawals or portions thereof paid pursuant to this Article&nbsp;9 may be &#147;eligible
rollover distributions&#148; as defined and discussed in Section&nbsp;11.7 and are governed with
respect thereto by such Section.</TD>
</TR>




</TABLE>
</DIV>
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</TABLE>
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">LOANS
</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="3%" nowrap align="left">10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>General Conditions for Loans</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the restrictions in this Article&nbsp;10, at any time before Termination of
Employment, a Member may file an application in a form or manner approved by the Benefits
Administration Committee requesting a loan from his Accounts. By filing the loan forms, the
Member:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>specifies the amount and the term of the loan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>agrees to the annual percentage rate of interest;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>agrees to the finance charge;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>promises to repay the loan; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>authorizes the Company to make regular payroll deductions to repay the loan,
with the loan repayments computed based on the frequency of the Member&#146;s payroll
payments.</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Member shall certify in such application as to the existence and amount of any
outstanding loans (including any loans deemed distributed) from any qualified plans
maintained by the Company and all Associated Companies. The Benefits Administration
Committee may, in its sole discretion, deny a loan to a Member who is a director or
executive officer (or the equivalent thereof) of the Company or of an Associated Company
based on a reasonable concern regarding the legality of the loan under Section 13(k) of the
Securities Exchange Act of 1934.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If at the time a loan is to be issued to a Member a prior loan has been deemed distributed
to the Member and not repaid, a new loan may only be issued to a Member if the Member repays
the unpaid loan balance, including accrued interest to the date of repayment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the extent required by law and under such rules as the Benefits Administration Committee
shall adopt, loans shall also be made available on a reasonably equivalent basis to any
Beneficiary or former Employee who maintains an account balance under the Plan and who is
still a party-in-interest (within the meaning of Section&nbsp;3(14) of ERISA).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Amounts Available for Loans</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member may request a loan in any specified whole dollar amount which must be at least
$1,000 but which, when added to the outstanding balance of any other loans to the Member
from this Plan or any other qualified plan of the Company or any Associated Company,
including the amount of any unpaid deemed loan distribution and accrued interest thereon,
does not exceed the lesser of:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>50% of his Accounts; 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>$50,000, reduced by the excess of (i)&nbsp;the Member&#146;s highest outstanding loan
balance(s) from this Plan or any other plan sponsored by the Company or any Associated
Company, if any, during the one-year period ending on the day before the day the loan
is made, over (ii)&nbsp;the outstanding balance of loans to the Member from such plans on
the date on which the loan is made.</TD>
</TR>

</TABLE>
</DIV>
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</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of determining amounts actually available for loans, a Member&#146;s Accounts shall
be determined based on the Loan Valuation Date at the time he files his loan request with
the Savings Plan Administrator or its designee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Account Ordering for Loans</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of processing a loan, the amount of such loan will be deducted from the
Member&#146;s Accounts in the order set by the Benefits Administration Committee under loan
rules.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A loan is deducted from a Member&#146;s Accounts as of the Loan Valuation Date. Amounts so
deducted and distributed to a Member as a Plan loan will not participate in the investment
experience of the Plan except as such amounts are repaid to the Member&#146;s Accounts. Loans
will be deemed to be deducted from each of the Investment Funds on a pro rata basis,
provided, however, that no amount shall be deemed to be deducted from the ITT Stock Fund
until all amounts have been withdrawn from all of the other Investment Funds, and provided
further that amounts invested in a Member&#146;s SDA are not available as a source of any loans
described herein. Notwithstanding the foregoing, however, a Member may reallocate his
balance in the SDA to the other Investment Funds and such Investment Funds may then be
available as a source for loans.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Interest Rate for Loans</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Benefits Administration Committee shall establish and communicate to Members a
reasonable rate of interest for loans commensurate with the interest rates charged by
persons in the business of lending money for loans which would be made under similar
circumstances, as determined by the Benefits Administration Committee, which interest rate
shall remain in effect for the term of the loan, except that with respect to a Member who
enters the uniformed services of the United States, the Member may elect to have the
interest rate applicable to the unpaid loan balance during the period of leave reduced to
6%.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Term and Repayment of Loan</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term of any loan shall be for a period of from 1 to 60 whole months, at the
election of the Member, provided that a Member who is using a loan to acquire his own
principal residence may elect to repay a loan over a period of whole months between 1
and 180. Except as provided in (b)&nbsp;or (c)&nbsp;below, payments of principal and interest
will be made by after-tax payroll deductions or in a manner agreed to by the Member and
the Benefits Administration Committee in substantially level amounts, but no less
frequently than quarterly, in an amount sufficient to amortize the loan over the
repayment period. A Member who is actively employed by the Company cannot elect to
cease payroll deductions for repayment of a loan. Except as set forth below with
respect to Members who enter the uniformed services of the United States, no extension
of the loan term shall be permitted after the loan is made. Repayment of the loan is
made to the Member&#146;s Accounts from which the loan amount was deducted in the inverse
order to the Account Ordering for Loans described in Section&nbsp;10.3. Repayments are
invested in the Member&#146;s Accounts in accordance with his current investment election.
Loan repayments are not credited with investment experience under the Plan until the
first business day following the day on which such repayments are received by the Trust
Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Member with an outstanding loan takes a leave of absence to enter the
uniformed services of the United States, and such Member will receive military
differential wage payments (as defined in Section 3401(h) of the Code) in an amount
equal to or greater</TD>
</TR>

</TABLE>
</DIV>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>than his loan repayment, his after-tax payroll deduction loan
repayments shall continue during such leave of absence. If a Member with an
outstanding loan takes a leave of absence to enter the uniformed services of the United
States and such Member will not receive military differential wage payments sufficient
to cover his loan repayments, his after-tax payroll deduction loan repayments shall be
suspended during the period of leave unless the Member elects to make payments directly
by certified check or money order. If payments are suspended, upon the Member&#146;s
reemployment from the uniformed services, the period of repayment shall be extended by
the number of months of the period of service in the uniformed services or, if greater,
the number of months that would remain if the original loan term were five years plus
the number of months in the period of absence; provided, however, if the Member incurs
a Termination of Employment and requests a distribution pursuant to Article&nbsp;11, the
loan shall be canceled, and the outstanding loan balance shall be distributed pursuant
to Article&nbsp;11. The Member shall resume payments in the same amount as before the leave
with the balance of the loan (including any interest that accrued during the period of
uniformed service) due upon the expiration of the repayment period. Alternatively, the
Member may elect to have the remaining balance (including any interest that accrued
during the period of uniformed service) reamortized in substantially level installments
over the extended term of the loan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Member with an outstanding loan takes an authorized leave of absence without
pay or reduced pay that is less than the required loan payments, for reasons other than
to enter the uniformed services of the United States, loan payments may be suspended at
the request of the Member, for a period of up to 12&nbsp;months or until the end of the term
of the loan, if earlier. Upon a Member&#146;s reemployment from the leave of absence, the
Member shall resume payments either in the same amount as before the leave with the
full balance due upon the expiration of the repayment period or by reamortizing the
loan in substantially level installments over the remaining term of the loan.</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="3%" nowrap align="left">10.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Frequency of Loan Requests</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member may have no more than two loans outstanding at any time. Each loan shall be
evidenced by a promissory note payable to 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="3%" nowrap align="left">10.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Prepayment of Loans</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member may prepay the entire outstanding balance of a loan, with interest to date of
prepayment except as provided under Section&nbsp;10.8, at any time. Partial prepayments are not
permitted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Outstanding Loan Balance at Termination of Employment</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon a Member&#146;s Termination of Employment, the Deferred Member may continue to make periodic
repayments of his outstanding loans provided that his Accounts plus his loan balance at the
time of his Termination of Employment is greater than $5,000, and provided further that if
the Deferred Member requests a distribution of his remaining Accounts pursuant to Article
11, the unpaid loan balance shall be treated as an offset distribution.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Deferred Member fails to pay the loan balance in full or make loan repayments in
accordance with Section&nbsp;10.5, the Benefits Administration Committee may execute upon its
security interest in the Member&#146;s Accounts under the Plan to satisfy the debt; provided,
however, the Plan shall</TD>
</TR>

</TABLE>
</DIV>
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</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>not levy against amounts held in the Member&#146;s Accounts until such
time as a distribution of such Accounts could otherwise be made under 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="3%" nowrap align="left">10.9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Loan Default</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under certain circumstances, including, but not limited to, a Member&#146;s failure to make
timely loan repayments, the Benefits Administration Committee may declare the Member&#146;s loan
to be in default. If a Member&#146;s loan is not repaid in accordance with the terms contained
in the promissory note and a default occurs, the Plan may execute upon its security interest
in the Member&#146;s Accounts under the Plan to satisfy the debt; provided, however, the Plan
shall not levy against amounts held in the Member&#146;s Accounts until such time as a
distribution of such Accounts could otherwise be made under 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="3%" nowrap align="left">10.10</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Incorporation by Reference</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any additional rules or restrictions as may be necessary to implement and administer Plan
loans shall be in writing and communicated to Members. Such further documentation is hereby
incorporated into the Plan by reference, and, pursuant to Section&nbsp;13.3, the Benefits
Administration Committee is hereby authorized to make such revisions to these rules, as it
deems necessary or appropriate on the advice of counsel.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.11</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Death after Loan Application</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Member applies for a loan and dies after a check for the loan amount has been issued
but prior to negotiation of the check, then the loan shall be paid to his estate or voided,
at the option of the Benefits Administration Committee. If a Member applies for a loan and
dies before the check for the loan amount is issued, then the loan application shall be
voided.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.12</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Transfer of Loans</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Benefits Administration Committee may designate that the Plan will accept the transfer
of a loan from another qualified retirement plan on behalf of a Member who becomes an
Employee as a result of an acquisition by the Company.</TD>
</TR>



</TABLE>
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</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">



</TABLE>
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">DISTRIBUTIONS
</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="3%" nowrap align="left">11.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>General</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon Termination of Employment, a Member may apply for distribution of the
value of his Accounts. Alternatively, upon Termination of Employment, a Member whose
Accounts exceed $5,000 may elect to defer distribution of his Accounts until December
31 of the year in which he attains age 70<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT>. If a Member terminates employment with no
Accounts, he shall be deemed to have received a full distribution of his benefit at the
time of his Termination of Employment. If a Member whose Accounts exceed $5,000 does
not apply for a distribution of his Accounts within 90&nbsp;days of his Termination of
Employment, he shall be deemed to be a Deferred Member. A Deferred Member may elect a
partial distribution of any portion of his Accounts in a lump sum amount at any time,
and from time to time, after his Termination of Employment, provided said Deferred
Member is not receiving installment payments pursuant to an election under Section
11.3. All distributions under this Section&nbsp;11.1(a) will be deemed to be deducted from
each of the Deferred Member&#146;s Investment Funds on a pro rata basis, provided, however,
that no amount shall be deemed to be deducted from the ITT Stock Fund until all amounts
have been withdrawn from all of the other Investment Funds, and provided further that
amounts invested in an SDA are not available as a source of any partial distributions
described herein. Notwithstanding the foregoing, however, a Deferred Member may
reallocate the balance in his SDA to other Investment Funds in the Plan as provided in
Article&nbsp;7 and such Investment Funds may then be available as a source for partial
distributions under this Section.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the death of a Member or Deferred Member, the value of such Member&#146;s or
Deferred Member&#146;s Accounts shall be distributed to his Beneficiary, subject to the
following:</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Member&#146;s or Deferred Member&#146;s Beneficiary is not the
spouse of such Member or Deferred Member, the Member&#146;s or Deferred Member&#146;s
Accounts shall be distributed to the Beneficiary in accordance with said
Beneficiary&#146;s election under Section&nbsp;11.3; provided the entire value of the
Member&#146;s Accounts is distributed no later than five years from the Member&#146;s or
Deferred Member&#146;s date of death. Such nonspouse Beneficiary may also elect
partial distributions of the Member&#146;s benefit in lump sums from time to time
during this five-year period, provided that the entire value of the Member&#146;s
Accounts is distributed no later than five years from the Member&#146;s or Deferred
Member&#146;s date of death.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Member&#146;s or Deferred Member&#146;s Beneficiary is his spouse
and the value of the Accounts to be distributed to the spouse Beneficiary
exceeds $5,000, such spouse Beneficiary may elect to defer receipt of the
Member&#146;s or Deferred Member&#146;s Accounts until the December&nbsp;31 Valuation Date of
the year in which the Member or Deferred Member would have reached age 70<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT>. If
a spouse Beneficiary&#146;s Accounts exceed $5,000 and the spouse Beneficiary does
not apply for a distribution of his Accounts within 90&nbsp;days of the Member&#146;s or
Deferred Member&#146;s death, such spouse Beneficiary will be deemed to be a
Deferred Member. Such spouse Beneficiary will receive distribution of the
Accounts as of the date the Member or Deferred Member would have attained age
65, provided such spouse Beneficiary files application for such distribution.
A spouse</TD>
</TR>

</TABLE>
</DIV>
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</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Beneficiary may, however, file application for distribution of such
Accounts at any time prior to the December&nbsp;31 Valuation Date of the year in
which the Member or Deferred Member would have reached age 70<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT>. In addition to
the methods of distribution in Section&nbsp;11.3, a spouse Beneficiary of a deceased
Member or Deferred Member may elect a partial distribution of any portion of
his Accounts in a lump-sum amount at any time, and from time to time and
subject to the provisions of (a)&nbsp;above.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any provision of the Plan to the contrary, distributions shall
commence 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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member or Deferred Member who is a &#147;5-percent
owner&#148; as defined in Section 416(i) of the Code must commence distribution of
his Accounts no later than December&nbsp;31 of the year in which he attains age 70<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member or Deferred Member who is not a &#147;5-percent owner&#148; as
defined in Section 416(i) of the Code must commence distribution of his
Accounts after his Termination of Employment by December&nbsp;31 of the later of the
calendar year in which the Member attains age 70<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> or the calendar year in which
the Member&#146;s Termination of Employment 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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Accounts of a Member or a Deferred Member who has attained
age 70<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> shall be paid under the payment method described in Section&nbsp;11.3(c)(ii)
below.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the provisions of (a), (b), or (c), above, or Section&nbsp;11.3
below, a Member or Deferred Member (or Beneficiary) may elect to commence distribution
of the value of the Member&#146;s Accounts held in the ESOP portion of the Plan not later
than one year after the end of the 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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in which the Member separates from service on or after
attaining age 65 or by reason of Disability or death; 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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>which is the fifth Plan Year following the Plan Year in which
the Member otherwise separates from service, unless the Member is reemployed by
the Company or any Associated Company before such 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing, in the event a Member or Deferred Member fails
to file a claim for benefits in accordance with the preceding sentence, the Member or
Deferred Member shall be deemed to have elected to defer distribution of his Accounts
to as soon as administratively practicable following the date the Member terminated
employment or attained age 70<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT>, if later; provided that in no event shall payment
commence later than the April 1 following the calendar year in which the Member
terminated employment or attained age 70<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT>, if later.</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="3%" nowrap align="left">11.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Valuation Date and Conditions of Distribution</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The value of any distribution will be determined as of the Valuation Date on
which a completed application for the distribution by the Member, Deferred Member or
Beneficiary is received and processed by the Savings Plan Administrator (or its
designee) or the next business day.</TD>
</TR>


</TABLE>
</DIV>
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</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Application by the Member, Deferred Member or Beneficiary must be in a form or
manner approved by the Benefits Administration Committee or its designee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Generally, all funds distributed will be paid as soon as practicable following
the applicable Valuation Date. If part of the distribution is to be paid in stock, the
stock certificate will be distributed after the check representing the cash
distribution has been distributed.</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="3%" nowrap align="left">11.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Methods of Distribution</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>After Termination of Employment occurs, and as soon as practicable following application by
the Member, Deferred Member or Beneficiary, distributions under the Plan shall be made in
the following manner:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All distributions from other than the ITT Stock Fund shall be made in cash.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless the Member, Deferred Member or Beneficiary elects to take ITT Stock for
distributions from the ITT Stock Fund, a distribution from such fund shall be in cash.
In all cases, fractional shares shall be paid in cash.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All distributions shall be made in the form of a lump sum payment, unless the
Member, Deferred Member or Beneficiary elects otherwise, as provided below. All
distributions shall be made as soon as practicable after receipt of the application by
the Member, Deferred Member or Beneficiary in accordance with Section&nbsp;11.2(b).
However, with prior notice in a form or manner approved by the Benefits Administration
Committee, distribution may be made in one of the installment methods of payment
described in (i)&nbsp;or (ii)&nbsp;below, subject to the restrictions provided below or in
Section&nbsp;11.1(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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provided the value of the Member&#146;s, Deferred Member&#146;s or
Beneficiary&#146;s Accounts is at least $5,000, and the first payment is at least
$1,000, by payment in annual installments over a period elected by the Member,
Deferred Member or Beneficiary. The period over which annual installments may
be paid may not exceed the life expectancy of the Member, Deferred Member or
Beneficiary, or if the Member or Deferred Member (for this purpose Deferred
Member does not include a spouse Beneficiary) is married, and so elects, the
joint life expectancy of the Member or Deferred Member and the Member&#146;s or
Deferred Member&#146;s spouse. All such installments shall be determined 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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The amount of the annual installments to be
paid to each Member or Deferred Member (or Beneficiary in the event of
the Member&#146;s or Deferred Member&#146;s death) making such an election shall
be based upon the value of his Accounts as of the Valuation Date
coinciding with or next following the date of receipt by the Savings
Plan Administrator or its designee of his completed application and
each anniversary thereof, and shall be determined by multiplying such
value by a fraction, the numerator of which shall be one and the
denominator of which shall be the number of unpaid annual installments.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Member or Deferred Member who is no more
than 70&nbsp;years old and who elects annual installment payments may, at
any time thereafter, elect, by filing a request with the Savings Plan
Administrator or its designee, to cancel annual installment payments.
The Valuation Date</TD>
</TR>

</TABLE>
</DIV>
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</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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>applicable to such election shall be the business
day coinciding with or next following the date on which his completed
request is received and processed by the Savings Plan Administrator or
its designee. Such Member or Deferred Member may at any time
thereafter, make another payment election under the Plan, provided that
he may elect only a lump sum payment or partial distributions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Member or Deferred Member&#146;s Beneficiary is
not his spouse, and the Member is deceased, annual installment payments
to such Beneficiary may not extend beyond the end of the calendar year
which contains the fifth anniversary of the death of the Member or
Deferred Member.</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provided the value of the Member&#146;s, Deferred Member&#146;s or
Beneficiary&#146;s Accounts is at least $5,000, and the first payment is at least
$1,000, by payment in annual installments over the Member&#146;s or Deferred
Member&#146;s life expectancy or, if the Member or Deferred Member is married, and
so elects, over the joint life expectancies of the Member or Deferred Member
and the Member&#146;s or Deferred Member&#146;s spouse, as actuarially determined at the
time of commencement of the initial installment and as redetermined annually
thereafter. The amount of such installments will be based on the value of his
Accounts as of the Valuation Date coinciding with or next following the date of
receipt by the Savings Plan Administrator or its designee of his application
and each anniversary thereof, and shall be determined by multiplying such value
by a fraction, the numerator of which shall be one and the denominator of which
shall be the number of years and fraction thereof of his life expectancy based
on his age and the mortality table adopted by the Benefits Administration
Committee for such purpose at the time the installment is payable. Any Member
or Deferred Member who is no more than 70&nbsp;years old and who elects annual
installment payments over his life expectancy may at any time thereafter elect
to cancel such payments by filing a request with the Savings Plan Administrator
or its designee. Such Member or Deferred Member may, at any time thereafter,
make another payment election under the Plan. Life expectancy installments
described in this paragraph are not available to a Beneficiary who is not the
spouse of a Member or Deferred Member.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Installment payments under (i)&nbsp;or (ii)&nbsp;above shall be made in the form of ITT Stock
or cash, or both, as provided in (a)&nbsp;and (b), 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Member or Deferred Member elects a distribution other than installments as
provided in (c)(i) or (c)(ii) above and the Member or Deferred Member dies after the
Valuation Date applicable to such distribution but prior to negotiation of any check(s)
comprising any portion of such distribution, then the distribution otherwise payable in
cash shall be paid to his estate. If more than one check comprises the cash portion of
such distribution and the Member or Deferred Member negotiates the first check but dies
prior to the negotiation of any subsequent check, then any
subsequent check shall be paid to his estate. If a Member or Deferred Member
elects a distribution and the Member or Deferred Member dies prior to the Valuation
Date applicable to such distribution, then the distribution shall be paid to his
Beneficiary.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Member or Deferred Member elects installment distributions as provided in
(c)(i) or (c)(ii) above and the Member or Deferred Member dies before all the
installments are paid, then the following provisions shall apply:</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<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 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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Member&#146;s or Deferred Member&#146;s Beneficiary is not his
spouse, and if an installment is paid with a Valuation Date that occurred prior
to the date of death of the Member or Deferred Member and prior to the Member&#146;s
or Deferred Member&#146;s negotiation of the check comprising all or a portion of
such installment, then such installment (or portion thereof) shall be paid to
his estate; the remaining value of the Member&#146;s or Deferred Member&#146;s Accounts
shall be paid to his Beneficiary at one 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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Member&#146;s or Deferred Member&#146;s Beneficiary is not his
spouse, such Beneficiary may request annual installment payments, provided that
the number of installments does not extend beyond the end of the calendar year
which contains the fifth anniversary of the death of the Member or Deferred
Member.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Member&#146;s or Deferred Member&#146;s Beneficiary is his
spouse, then such spouse Beneficiary may continue receiving payment of the
deceased Member&#146;s or Deferred Member&#146;s Accounts pursuant to the same method of
distribution elected by the Member or Deferred Member, except that the spouse&#146;s
life expectancy shall be substituted for the life expectancy of the Member.
The spouse Beneficiary may, at any time while receiving payment of such
Accounts, elect, by filing a request with the Savings Plan Administrator or its
designee, to cancel installment payments. Such spouse Beneficiary may at any
time thereafter, elect a lump sum payment or partial distributions, subject to
the provisions of Section&nbsp;401(a)(9) of the Code.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Accounts of a Member who, following Termination of Employment, fails to
apply for distribution of such Accounts, shall be paid in cash (or, if the Member so
elects shares of ITT Stock) in the form of a lump sum payment, provided that the value
of such Accounts is $5,000 or less on a Valuation Date no earlier than the next
business day following his Termination of Employment, without regard to the value of
the Member&#146;s Accounts at the time of an earlier distribution.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event a Member who is subject to the provisions of the immediately preceding
paragraph and whose Accounts are in excess of $1,000 fails to make an affirmative
election to either receive the lump sum payment in cash or have it directly rolled
over to an eligible retirement plan pursuant to the provisions of Section&nbsp;11.8
within such election period as shall be prescribed by the Benefits Administration
Committee, the Benefits Administration Committee shall direct the Trustee to
transfer such lump sum payment to an individual retirement plan (within the meaning
of Section&nbsp;7701(c)(37) of the Code) (&#147;IRA&#148;) selected by the PFTIC. The IRA shall be
maintained for the exclusive benefit of the Member on whose behalf such transfer is
made. The transfer shall occur as soon as practicable following the end of the
election period. The funds in the IRA shall be invested in an investment product
designed to preserve principal and provide a reasonable rate of return, whether or
not such return is guaranteed, consistent with liquidity, as determined from time to
time by the PFTIC. In implementing the provisions of this paragraph, the Benefits
Administration Committee and/or the PFTIC as appropriate pursuant to the terms of
this paragraph, shall:</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enter into a written agreement with each IRA provider setting
forth the terms and conditions applicable to the establishment and maintenance
of the IRA in conformity with applicable law;</TD>
</TR>


</TABLE>
</DIV>
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</DIV>

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<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>furnish Members with notice of the Plan&#146;s automatic rollover
provisions, including, but not limited to, a description of the nature of the
investment product in which the assets of the IRA will be invested and how the
fees and expenses attendant to the IRA will be allocated, and a statement that
a Member may roll over the assets of the IRA to another eligible retirement
plan. Such notice shall be provided to Members in such time and form as shall
be prescribed by the Benefits Administration Committee in accordance with
applicable law;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>keep records, when appropriate, of a Member&#146;s after-tax basis
in the amount transferred to the IRA; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fulfill such other requirements of the safe harbor contained in
Department of Labor Regulation &#167;2550.404a-2 and, if applicable, the conditions
of Department of Labor Prohibited Transaction Class&nbsp;Exemption 2004-16.</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Alternative methods of distribution may apply to that portion of a Member&#146;s or a Deferred
Member&#146;s Accounts attributable to a Prior Plan Account, as specified in the applicable
appendices to 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="3%" nowrap align="left">11.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Death of Beneficiary</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any provision of the Plan to the contrary, upon the death of a Beneficiary
with Accounts remaining in the Plan, the remaining value of all such Accounts shall be paid
in a lump sum distribution within one year of the Beneficiary&#146;s death to the Beneficiary
selected by the Beneficiary, if any, or if no such Beneficiary has been named by the
Beneficiary, the remaining value of all such Accounts shall be paid in a lump sum
distribution within one year of the Beneficiary&#146;s death to the estate of the Beneficiary.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Proof of Death and Right of Beneficiary or Other Person</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Benefits Administration Committee may require and rely on such proof of death and such
evidence of the right of any Beneficiary or other person to receive the undistributed value
of the Accounts of a deceased Member, Deferred Member or Beneficiary as the Benefits
Administration Committee may deem proper, and its determination of death and of the right of
such Beneficiary or other person to receive payment shall be conclusive. Payment to any
Beneficiary shall be final and fully satisfy and discharge the obligation of the Plan with
respect to any and all Accounts of a deceased Member or Deferred Member.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event of a dispute regarding the account of a deceased Member or Deferred Member, the
Benefits Administration Committee may make a final determination, or initiate or participate
in any action or proceeding as may be necessary or appropriate to determine any Beneficiary
under 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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the pendency of any action or proceeding, the Benefits Administration Committee may
deposit an amount equal to the disputed payment with the court and such deposit shall
relieve the Plan of all of its obligations with respect to any such disputed Accounts.
Alternatively the Benefits Administration Committee, at its discretion, may direct any
disputed accounts be invested in the Stable Value Fund or such other as designated by the
PFTIC pending the resolution of any dispute regarding a deceased Member&#146;s or Deferred
Member&#146;s Accounts.</TD>
</TR>

</TABLE>
</DIV>
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</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="3%" nowrap align="left">11.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Completion of Appropriate Notice</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as provided in this Section, if the value of a Member&#146;s Accounts exceeds $5,000, an
election by the Member or Deferred Member (for this purpose Deferred Member does not include
a spouse Beneficiary) to receive a distribution prior to age 65 shall not be valid unless
the written election is made after the Member or Deferred Member has received the notice
required under Section&nbsp;1.411(a)-11(c) of the Income Tax Regulations and within a reasonable
time before the effective date of the commencement of the distribution as prescribed by said
regulations. Such distribution may commence less than 30&nbsp;days after the notice required
under Section&nbsp;1.411(a)-11(c) of the Income Tax Regulations is given, provided that:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Benefits Administration Committee clearly informs the Member that he has a
right to a period of at least 30&nbsp;days after receiving the notice to consider the
decision of whether or not to elect a distribution (and, if applicable, a particular
distribution option); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Member, after receiving the notice under Sections&nbsp;411 and 417 of the Code,
affirmatively elects a distribution.</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Benefits Administration Committee may permit any notices to be given electronically, in
accordance with procedures to be established in the Benefits Administration Committee&#146;s sole
discretion.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Direct Rollover of Certain Distribution</I>s</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any other provision of this Plan, with respect to any withdrawal or
distribution from this Plan pursuant to Article&nbsp;9 or this Article&nbsp;11 which is determined by
the Savings Plan Administrator or its designee to be an &#147;eligible rollover distribution,&#148;
the distributee may elect, at the time and in a manner prescribed by the Benefits
Administration Committee for such purpose, to have the Plan make a &#147;direct rollover&#148; of all
or part of such withdrawal or distribution to a maximum of two &#147;eligible retirement plans&#148;
which accept such rollover. The following definitions apply to the terms used in this
Section&nbsp;11.8:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Distributee&#148; means:</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Member or Deferred Member;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Member&#146;s or Deferred Member&#146;s spouse Beneficiary;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Member&#146;s or Deferred Member&#146;s spouse or former spouse who is
the alternate payee under a qualified domestic relations order as defined in
Section 414(p) of the Code with regard to the interest of the spouse or former
spouse; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a nonspouse Beneficiary.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Eligible rollover distribution&#148; is any withdrawal or distribution of all or
any portion of an individual&#146;s vested account balance owing to the credit of a
distributee, except that the following distributions shall not be eligible rollover
distributions:</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any distribution that is one of a series of substantially equal
periodic payments made for the life or life expectancy of the distributee, or
for a specified period of ten years or more;</TD>
</TR>


</TABLE>
</DIV>
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</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any distribution required under Section&nbsp;401(a)(9) of the Code;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>after-tax amounts (determined without regard to the exclusion
for net unrealized appreciation with respect to employer securities) unless
such amount is rolled over or transferred (i.e., directly rolled) to an
individual retirement account described in Section 408(a) of the Code, an
individual retirement annuity described in Section 408(b) of the Code, or a
Roth individual retirement account described in Section&nbsp;408A(b) of the Code; or
transferred (i.e., directly rolled) to a qualified plan described in Section
401(a) of the Code or to an annuity plan described in Section 403(b) of the
Code provided such plan agrees to separately account for such after-tax amount
and earnings thereon;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any in-service withdrawal that is made on account of hardship;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other distribution that is not an eligible rollover
distribution under the Code or regulations thereunder.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Eligible retirement plan&#148; means any of the following types of plans that
accept the distributee&#146;s eligible rollover distribution:</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a qualified plan described in Section 401(a) of the Code;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an annuity plan described in Section 403(a) of the Code;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an individual retirement account or individual retirement
annuity described in Section 408(a) or 408(b) of the Code, respectively;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an annuity contract described in Section 403(b) of the Code;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an eligible plan under Section 457(b) of the Code which is
maintained by a state, political subdivision of a state, or any agency or
instrumentality of a state or political subdivision of a state and which agrees
to separately account for amounts transferred into such plan from this Plan;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Roth IRA described in Section&nbsp;408A of the Code</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing, with respect to a non-spouse Beneficiary, as defined
in (a)(iv) above, an eligible retirement plan will only be an individual retirement
account described in Section 408(a) of the Code, an individual retirement annuity
described in Section 408(b) of the Code, or a Roth individual retirement account
described in Section&nbsp;408A(b) of the Code (collectively, &#147;IRA&#148;) that is established
on behalf of the non-spouse Beneficiary and that will be treated as an inherited IRA
pursuant to the provisions of Sections&nbsp;402(c)(11) and 408(d)(3)(C)(ii) of the Code.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Direct rollover&#148; means a payment by the Plan directly to the eligible
retirement plan specified by the distributee in cash and/or shares.</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that the provisions of this Section&nbsp;11.7 or any part thereof cease to be
required by law as a result of subsequent legislation or otherwise, this Section&nbsp;11.7 or
applicable part thereof shall be of no further force or effect without necessity of further
amendment of the Plan.</TD>
</TR>

</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->54<!-- /Folio -->
</DIV>

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<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="3%" nowrap align="left">11.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Elective Transfers from 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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Accounts of a Member or Deferred Member shall be eligible for an elective transfer to a
like transferee employee plan in connection with an asset or stock acquisition, merger, or
other similar transaction involving a change in employer of the Member or Deferred Member
(i.e., an acquisition or disposition within the meaning of Treasury Regulation&nbsp;Section
1.410(b)-2(f)) or, with the permission of the Benefits Administration Committee, in
connection with the Member or Deferred Member&#146;s transfer of employment to a different job
for which service does not result in additional allocations under the Plan as set forth
herein.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Elective Transfer</I>. An elective transfer of a Member&#146;s or Deferred Member&#146;s
Accounts between this Plan and another qualified plan maintained by a transferee shall
be available only if the transfer meets the requirements of Section 414(l) of the Code
and each of the following requirements have been met:</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Voluntary Election</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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Member 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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The transfer must have been conditioned upon a voluntary, fully
informed election by the Member or Deferred Member to transfer such
Accounts to such transferee 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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Benefit Retention Alternative</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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In making the voluntary election provided for in this section, the
Member or Deferred Member shall have had the option of retaining such
Member&#146;s or Deferred Member&#146;s Accounts (including all optional forms
of benefit) under this Plan. Restrictions may apply to the Member&#146;s
or Deferred Member&#146;s Accounts as set forth in the applicable
Appendices.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Spousal 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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If Sections&nbsp;401(a)(11) and 417 of the Code otherwise apply to the
Accounts, the spousal consent requirements of such section must have
been met with respect to the transfer of benefits.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Notice Requirement</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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The notice requirement under Section&nbsp;417 of the Code, if applicable,
must have been met with respect to the Member or Deferred Member and
spousal transfer election.</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Amount of Benefit Transferred</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The amount of the Accounts transferred, including the amount of any
contemporaneous Section&nbsp;401(a)(31) of the Code transfer to the transferee
plan, must have equaled the entire balance of Accounts under the Plan of the
Member or Deferred Member whose Accounts are being transferred.</TD>
</TR>


</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->55<!-- /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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Benefit Under the Transferee 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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An elective transfer may be permitted even if the Member&#146;s or Deferred
Member&#146;s Accounts are not fully vested, provided that the requirements of
Section&nbsp;411(a)(10) of the Code are satisfied by the transferee employee
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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Status of Elective Transfer as Distribution</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The transfer of Accounts pursuant to the elective transfer rules of this Section
generally is not treated as a distribution for purposes of Section 401(a) of the
Code (except to the extent the Member is eligible to receive a full distribution of
his Accounts under this Plan on the date of the transfer). In all cases, however,
the transfer is not treated as a distribution for purposes of the minimum
distribution requirements of Section&nbsp;401(a)(9) of the Code.</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="3%" nowrap align="left">11.9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Elective Transfer to 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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan shall accept elective transfers from plans qualified under Section 401(a) of the
Code that result from an asset or stock acquisition, merger, or other similar transaction
involving a change in employer of an individual who is eligible to become a Member (i.e., an
acquisition or disposition within the meaning of Treasury Regulation&nbsp;Section&nbsp;1.410(b)-2(f))
or, with the permission of the Benefits Administration Committee, in connection with the
individual&#146;s transfer of employment to a different job for which service does not result in
additional allocations under the Plan, provided that the elective transfer meets the
requirements of Section 414(l) of the Code and Treasury Regulation&nbsp;Section&nbsp;1.411(d)-(4),
Q&#038;A-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="3%" nowrap align="left">11.10</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Minimum Required Distributions</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any other provision of this Article&nbsp;11, all distributions from the Plan
shall conform to the requirements of Section&nbsp;401(a)(9) of the Code, including the incidental
death benefit provisions of Section&nbsp;401(a)(9)(G) of the Code. Distributions under this
Article&nbsp;11 shall meet the requirements of Treasury Regulation&nbsp;Sections&nbsp;1.401(a)(9)-2 through
1.401(a)(9)-9. Such requirements shall be administered in accordance with the regulations
issued under Section&nbsp;401(a)(9) of the Code, 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The portion of any distribution that constitutes a required minimum
distribution under Section&nbsp;401(a)(9) of the Code shall be the lesser of:</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the quotient obtained by dividing the Member&#146;s Accounts by the
distribution period in the Uniform Lifetime Table set forth in Treasury
Regulation&nbsp;Section&nbsp;1.401(a)(9)-9, using the Member&#146;s age as of the Member&#146;s
birthday in the distribution calendar year; 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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the Member&#146;s sole designated beneficiary for the
distribution calendar year is the Member&#146;s spouse, and the spouse is more than
ten years younger than the Member, the quotient obtained by dividing the
Member&#146;s Accounts by the number in the Joint and Last Survivor Table set forth
in Treasury Regulation&nbsp;Section&nbsp;1.401(a)(9)-9, using the Member&#146;s and spouse&#146;s
attained ages as of the Member&#146;s and the spouse&#146;s birthdays in the distribution
calendar 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The provisions of Section&nbsp;401(a)(9) of the Code and the regulations thereunder shall
override any Plan provision that is inconsistent with Section&nbsp;401(a)(9) of the Code.</TD>
</TR>


</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->56<!-- /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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of paragraph (a)&nbsp;above, the following definitions apply:</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Designated beneficiary&#148; means the individual who is designated
as the Beneficiary and is the designated beneficiary under Section&nbsp;401(a)(9) of
the Code and applicable Treasury Regulations. In the event a trust is
designated as the beneficiary of the Member, the beneficiaries of the trust
shall be deemed designated beneficiaries provided the applicable requirements
set forth in Treasury Regulation&nbsp;Section&nbsp;1.401(a)(9)-4 are met.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Distribution calendar year&#148; means a calendar year for which a
minimum distribution is required. For a Member who is a 5-percent owner in
active service, the first distribution calendar year is the calendar year in
which the Member attains age 70<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT>. For a Member who is not a 5-percent owner,
the first distribution calendar year is the later of the calendar year in which
the Member attains age 70<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> or the year in which the Member terminates
employment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Life expectancy&#148; means life expectancy as computed by use of
the Single Life Table in Treasury Regulation&nbsp;Section&nbsp;1.401(a)(9)-9, Q &#038; A-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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Member&#146;s Accounts&#148; means the balance of the Member&#146;s Accounts
as of the last Valuation Date in the calendar year immediately preceding the
distribution calendar year (&#147;valuation calendar year&#148;) increased by the amount
of contributions made and allocated or forfeitures allocated to the Member&#146;s
Accounts as of dates in the valuation calendar year after such last Valuation
Date and decreased by distributions made in the valuation calendar year after
such last Valuation Date. The Member&#146;s Accounts for the valuation calendar
year include any amounts rolled over or transferred to the Plan either in the
valuation calendar year or in the distribution calendar year if distributed or
transferred in the valuation calendar year.</TD>
</TR>

</TABLE>
</DIV>


<P align="right" style="font-size: 10pt"><!-- Folio -->57<!-- /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 align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE 12
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">MANAGEMENT OF FUNDS
</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="3%" nowrap align="left">12.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Appointment of PFTIC</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The PFTIC shall consist of the individuals holding the following corporate titles:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Treasurer;</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Assistant Treasurer;</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Director, Total Rewards;</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Director, Global Benefits; and</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Head of Financial Planning and Analysis.</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any member of the PFTIC may resign by delivering his written resignation to the Board of
Directors and Secretary of the PFTIC.</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="3%" nowrap align="left">12.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Duties of PFTIC</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The PFTIC shall be responsible for the management of the assets of the Plan, except as
otherwise expressly provided herein. The members of the PFTIC shall elect a Chairman from
their number and a Secretary who may be, but need not be, one of the members of the PFTIC;
may appoint from their number such committees with such powers as they shall determine; may
authorize one or more of their number or any agent to execute or deliver any instrument or
make any payment on their behalf; may retain counsel and employ agents and such clerical and
accounting services as they may require in carrying out the provisions of the Plan; and may
allocate among themselves or delegate to other persons all or such portion of their duties
hereunder as they in their sole discretion decide.</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The PFTIC shall have the authority to appoint and provide for use of investment managers,
and to establish one or more Trusts for the Plan pursuant to trust instruments approved or
authorized by the PFTIC. In discharging its responsibility, the PFTIC shall evaluate and
monitor the investment performance of the investment managers and the Trustee.</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The PFTIC is designated a named fiduciary of the Plan within the meaning of Section 402(a)
of ERISA.</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="3%" nowrap align="left">12.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Meetings</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The PFTIC shall hold meetings upon such notice, at such place or places, and at such time or
times as it may determine. The action of at least a majority of the members of the PFTIC
expressed from time to time by a vote at a meeting or in writing without a meeting shall
constitute the action of the PFTIC and shall have the same effect for all purposes as if
assented to by all members of the PFTIC at the time in office. No member of the PFTIC shall
receive any compensation for his service as such.</TD>
</TR>




</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->58<!-- /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 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="3%" nowrap align="left">12.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Compensation and Bonding</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The members of the PFTIC shall serve without compensation for their services as such.
Except as may otherwise be required by law, no bond or other security need be required of
any member in that capacity in any jurisdiction.</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="3%" nowrap align="left">12.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Trust Fund</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All the funds of the Plan shall be held by a Trustee appointed from time to time by the
PFTIC in one or more trusts under a trust instrument or instruments approved or authorized
by the PFTIC for use in providing the benefits of the Plan; provided that no part of the
corpus or income of the Trust Fund shall be used for, or diverted to, purposes other than
for the exclusive benefit of Members, Deferred Members and Beneficiaries.</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="3%" nowrap align="left">12.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Benefit Statements</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member and a Deferred Member (or, in the event of the death of the Member or Deferred
Member, a Beneficiary) shall be furnished with a statement setting forth the value of his
Accounts, the Vested Portion of his Accounts and such other information as required under
Section 105(a) of ERISA. Such statement shall be furnished in the time and manner
prescribed by Section 105(a) of ERISA and related guidance thereto.</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="3%" nowrap align="left">12.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Fiscal Year</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fiscal year of the Plan and the Trust shall end on the 31st day of December of each year
or at such other date as may be designated by the PFTIC.</TD>
</TR>



</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->59<!-- /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 13
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">ADMINISTRATION OF PLAN
</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="3%" nowrap align="left">13.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Plan Administrator</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The responsibility for carrying out all phases of the administration of the Plan, except
those connected with management of assets, shall be placed in a Benefits Administration
Committee. The Benefits Administration Committee shall be the administrator of the Plan
within the meaning of Section&nbsp;3(16)(A) of ERISA and shall have authority and responsibility
for general supervision of the administration of the 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="3%" nowrap align="left">13.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Appointment of Benefits Administration 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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Benefits Administration Committee shall consist of the individuals holding the following
corporate titles:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Treasurer;</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Assistant Treasurer;</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Director, Total Rewards;</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Director, Global Benefits; and</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Head of Financial Planning and Analysis.</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any member of the Benefits Administration Committee shall be deemed to have resigned upon
termination of employment with the Company and all Associated Companies.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13.3 <I>Powers of Benefits Administration Committee.</I>
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Benefits Administration Committee is designated a named fiduciary within
the meaning of Section 402(a) of ERISA and shall have authority and responsibility for
general supervision of the administration of the Plan. For purposes of the regulations
under Section 404(c) of ERISA, the Benefits Administration Committee shall be the
designated fiduciary responsible for safeguarding the confidentiality of all
information relating to the purchase, sale and holding of employer securities and the
exercise of shareholder rights appurtenant thereto. The Benefits Administration
Committee shall safeguard such information pursuant to written procedures providing for
such confidentiality. In addition, for purposes of avoiding any situation for undue
employer influence in the exercise of any shareholder rights, the Benefits
Administration Committee shall appoint an independent fiduciary, who shall not be
affiliated with any sponsor of the Plan, to ensure the maintenance of confidentiality
pursuant to the regulations under Section 404(c) of ERISA.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Benefits Administration Committee shall have total and complete discretion
to interpret the Plan, including, but not limited to, the discretion to (i)&nbsp;decide all
questions arising in the administration, interpretation and application of the Plan
including the power to construe and interpret the Plan; (ii)&nbsp;decide all questions
relating to an individual&#146;s eligibility to participate in the Plan and/or eligibility
for benefits and the</TD>
</TR>

</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->60<!-- /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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amounts thereof; (iii)&nbsp;decide all facts relevant to the determination of eligibility
for benefits or participation; and (iv)&nbsp;determine the amount, form and timing of any
distribution to be made hereunder. In making its decisions, the Benefits
Administration Committee shall be entitled to, but need not rely upon, information
supplied by a Member, Deferred Member, Beneficiary, or representative thereof.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The members of the Benefits Administration Committee shall elect a Chairman
from their number and a Secretary who may be, but need not be, one of the members of
the Benefits Administration Committee; may appoint from their number such committees
with such powers as they shall determine; may authorize one or more of their number or
any agent to execute or deliver any instrument or make any payment on their behalf; may
retain counsel and employ agents and such clerical and accounting services as they may
require in carrying out the provisions of the Plan; and may allocate among themselves
or delegate to other persons all or such portion of their duties hereunder as they in
their sole discretion decide. The Benefits Administration Committee may also delegate
to any other person or persons the authority and responsibility of administering the
Plan including, but not limited to, telephone access by voice response or
representatives, and completing Plan transactions using forms or by other means, in
accordance with the provisions of the Plan and any policies which, from time to time,
may be established by the Benefits Administration Committee.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the limitations of the Plan, the Benefits Administration Committee
from time to time shall establish rules or regulations for the administration of the
Plan and the transaction of its business. The Benefits Administration Committee shall
have full discretionary authority, except as to matters which the Board of Directors
from time to time may reserve to itself, to interpret the Plan and to make factual
determinations regarding any and all matters arising hereunder, including but not
limited to, the right to determine eligibility for benefits, the right to construe the
terms of the Plan and the right to remedy possible ambiguities, inequities,
inconsistencies or omissions. The Benefits Administration Committee shall also have
the right to exercise powers otherwise exercisable by the Board of Directors hereunder
to the extent that the exercise of such powers does not involve the management of Plan
assets nor, in the judgment of the Benefits Administration Committee, a substantial
number of persons. In addition, where the number of persons is deemed to be
substantial, the Benefits Administration Committee shall have the further right to
exercise such powers as may be delegated to the Benefits Administration Committee by
the Board of Directors.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to applicable federal and state Law, all interpretations,
determinations and decisions of the Benefits Administration Committee or the Board of
Directors in respect of any matter hereunder shall be final, conclusive and binding on
all parties affected thereby.</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="3%" nowrap align="left">13.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Meetings</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Benefits Administration Committee shall hold meetings upon such notice, at such place or
places, and at such time or times as it may from time to time determine.</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="3%" nowrap align="left">13.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Action by Benefits Administration 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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The action of at least a majority of the members of the Benefits Administration Committee
expressed from time to time, by a vote at a meeting or in writing without a meeting, shall
constitute the action of the Benefits Administration Committee and shall have the same
effect for</TD>
</TR>

</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->61<!-- /Folio -->
</DIV>

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<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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all purposes as if assented to by all members of the Benefits Administration Committee at
that time in office.</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="3%" nowrap align="left">13.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Compensation</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No member of the Benefits Administration Committee shall receive any compensation from the
Plan for his services as such and, except as required by law, no bond or other security
shall be required of him in such capacity in any jurisdiction.</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="3%" nowrap align="left">13.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Plan Assets</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee shall be appointed by the PFTIC and shall enter into an agreement with the PFTIC
for the purpose of investing and reinvesting contributions designated for the ITT Stock Fund
or other assets of the Plan as provided in Article&nbsp;12. The PFTIC shall provide for the
investing and reinvesting of contributions in designated investment funds as required
herein. All benefits to which a Member or Beneficiary may be entitled from the Plan will be
paid at the direction of the Benefits Administration Committee.</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="3%" nowrap align="left">13.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Powers and Duties</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The powers and duties of the Benefits Administration Committee, PFTIC and the Trustee with
respect to each group&#146;s responsibilities under the Plan shall be specified herein or in a
separate trust agreement.</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="3%" nowrap align="left">13.9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Records</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Benefits Administration Committee shall see that books of account are kept which show
all receipts and disbursements and a complete record of the operation of the Plan, including
records of each Member&#146;s Account.</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="3%" nowrap align="left">13.10</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Claims</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When any individual claim for benefits is denied in whole or in part, such denial shall be
handled under the claims and appeals procedures established by the Benefits Administration
Committee.</TD>
</TR>




</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->62<!-- /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">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE 14
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">AMENDMENT AND TERMINATION
</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="3%" nowrap align="left">14.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Amendment of Plan</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Board of Directors or its delegate reserves the right at any time and from time to time,
and retroactively if deemed necessary or appropriate to conform with governmental
regulations or other policies, to modify or amend in whole or in part any or all of the
provisions of the Plan; provided that no such modification or amendment (a)&nbsp;shall make it
possible for any part of the funds of the Plan to be used for, or diverted to, purposes
other than for the exclusive benefit of Members, Deferred Members and Beneficiaries; or (b)
shall increase the duties of the Trustee without its consent thereto in writing, other than
to comport with changes in the Code, ERISA or the rules thereunder. Except as may be
required to conform with governmental regulations, no such amendment shall adversely affect
the rights of any Member or Deferred Member with respect to contributions made on his behalf
prior to the date of such amendment.</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>However, no amendment shall make it possible for any part of the funds of the Plan to be
used for, or diverted to, purposes other than for the exclusive benefit of persons entitled
to benefits under the Plan. Except to the extent permitted under Section&nbsp;411(d)(6) of the
Code and regulations issued thereunder, no amendment shall be made which has the effect of
decreasing the balance of the Accounts of any Member or of reducing the nonforfeitable
percentage of the balance of the Accounts of a Member below the nonforfeitable percentage
computed under the Plan as in effect on the date on which the amendment is adopted, or if
later, the date on which the amendment becomes effective. In addition, no amendment shall be
made that has the effect of eliminating or restricting an optional form of benefit to the
extent it is protected under Section&nbsp;411(d)(6) of the Code.</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="3%" nowrap align="left">14.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Termination of Plan</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan is entirely voluntary on the part of the Company. The Board of
Directors reserves the right at any time to terminate the Plan or to suspend, reduce or
partially or completely discontinue contributions thereto. In the event of such
termination or partial termination of the Plan or complete discontinuance of
contributions, the interests of Members and Deferred Members shall automatically become
nonforfeitable.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon termination of the Plan, Before-Tax Savings, with earnings thereon, shall
only be distributed to Members if (i)&nbsp;neither the Company nor an Associated Company
establishes or maintains a successor defined contribution plan, and (ii)&nbsp;payment is
made to the Members in the form of a lump sum distribution (as defined in Section
402(e)(4)(D) of the Code, without regard to subclauses (I)&nbsp;through (IV)&nbsp;of clause (i)
thereof). For purposes of this paragraph, a &#147;successor defined contribution plan&#148; is a
defined contribution plan (other than an employee stock ownership plan as defined in
Section&nbsp;4975(e)(7) of the Code (&#147;ESOP&#148;) or a simplified employee pension as defined in
Section 408(k) of the Code (&#147;SEP&#148;)) which exists at the time the Plan is terminated or
within the 12-month period beginning on the date all assets are distributed. However,
in no event shall a defined contribution plan be deemed a successor plan if fewer than
2&nbsp;percent of the employees who are eligible to participate in the Plan at the time of
its termination are or were eligible to participate under another defined contribution
plan of the Company or an Associated Company (other than an ESOP or a SEP, as herein
defined) at any time during the period beginning 12&nbsp;months before and ending 12&nbsp;months
after the date of the Plan&#146;s termination.</TD>
</TR>



</TABLE>
</DIV>
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</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">



</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="3%" nowrap align="left">14.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Merger or Consolidation of Plan</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Board of Directors or its delegate may, in its sole discretion, merge this Plan with
another qualified plan or transfer a portion of the Plan&#146;s assets or liabilities to another
qualified plan, subject to any applicable legal requirement. The Plan may not be merged or
consolidated with, nor may its assets or liabilities be transferred to, any other plan
unless each Member, Deferred Member, or Beneficiary under the Plan would, if the resulting
plan were then terminated, receive a benefit immediately after the merger, consolidation, or
transfer which is equal to or greater than the benefit he would have been entitled to
receive immediately before the merger, consolidation, or transfer if the Plan had then
terminated.</TD>
</TR>



</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->64<!-- /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">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE 15
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">TENDER OFFER
</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="3%" nowrap align="left">15.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Applicability</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The provisions of this Article&nbsp;15 shall apply in the event any person, either alone or in
conjunction with others, makes a tender offer, or exchange offer, or otherwise offers to
purchase or solicits an offer to sell to such person one percent or more of the outstanding shares of a class of ITT Stock held by the Trustee hereunder (herein jointly and severally
referred to as a &#147;tender offer&#148;). As to any tender offer, each Member and Deferred Member
(or Beneficiary in the event of the death of the Member or Deferred Member) shall have the
right to determine confidentially whether shares held subject to the Plan will be tendered.</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="3%" nowrap align="left">15.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Instructions to Trustee</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event a tender offer for ITT Stock is commenced, the Benefits Administration
Committee, promptly after receiving notice of the commencement of such tender offer, shall
transfer certain of its recordkeeping functions to an independent recordkeeper. The
functions so transferred shall be those necessary to preserve the confidentiality of any
directions given by the Members and Deferred Members (or Beneficiary in the event of the
death of the Member or Deferred Member) in connection with the tender offer. The Trustee may
not take any action in response to a tender offer except as otherwise provided in this
Article&nbsp;15. Each Member is, for all purposes of this Article&nbsp;15, hereby designated a named
fiduciary within the meaning of Section&nbsp;402(a)(2) of ERISA with respect to the shares of ITT
Stock allocated to his Accounts, determined as herein described. An individual&#146;s
proportionate share of the ITT Stock Fund as to which he holds fiduciary status for purposes
of responding to a tender or exchange offer shall be determined at the time such fiduciary
rights are exercisable by multiplying the number of shares credited at that time to the ITT
Stock Fund by a fraction, the numerator of which is the value (as of the Valuation Date
designated by the Benefits Administration Committee for this purpose) of that part of the
Member&#146;s Accounts invested in the ITT Stock Fund and the denominator of which is the
aggregate value of all amounts allocated to the ITT Stock Fund. Each Member and Deferred
Member (or Beneficiary in the event of the death of the Member or Deferred Member) may
direct the Trustee to sell, offer to sell, exchange or otherwise dispose of the ITT Stock
allocated to any such individual&#146;s Accounts in accordance with the provisions, conditions
and terms of such tender offer and the provisions of this Article&nbsp;15, provided, however,
that such directions shall be confidential and shall not be divulged by the Trustee or
independent recordkeeper to the Company or to any director, officer, employee or agent of
the Company, it being the intent of this provision of Section&nbsp;15.2 to ensure that the
Company (and its directors, officers, employees and agents) cannot determine the direction
given by any Member, Deferred Member or Beneficiary. Such instructions shall be in such form
and shall be filed in such manner and at such time as the Trustee may prescribe. The
confidentiality provision of this Section shall likewise apply to the directions given to,
and actions taken by, the Trustee pursuant to Section&nbsp;15.5.</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="3%" nowrap align="left">15.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Trustee Action on Member Instructions</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee shall sell, offer to sell, exchange or otherwise dispose of the ITT Stock
allocated to the Member&#146;s, Deferred Member&#146;s or Beneficiary&#146;s Accounts with respect to which
it has received directions to do so under this Article&nbsp;15 or as provided in Section&nbsp;15.5.
The proceeds of a disposition directed by a Member, Deferred Member or Beneficiary from his
Accounts under this Article&nbsp;15 shall be allocated to such individual&#146;s Accounts and be
governed by the provisions of</TD>
</TR>

</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->65<!-- /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: #textcolor#; background: #bgcolor#">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;15.5 or other applicable provisions of the Plan and the trust agreements established
under the 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="3%" nowrap align="left">15.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Action With Respect to Members Not Instructing the Trustee or Not Issuing Valid Instructions</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the extent to which Members, Deferred Members and Beneficiaries do not issue valid
directions to the Trustee to sell, offer to sell, exchange or otherwise dispose of the ITT
Stock allocated to their Accounts, such individuals shall be deemed to have directed the
Trustee that such shares remain invested in ITT Stock subject to all provisions of the Plan,
including Section&nbsp;15.5 and the trust agreements established under the 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="3%" nowrap align="left">15.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Investment of Plan Assets after Tender Offer</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the extent possible, the proceeds of a disposition of ITT Stock in an individual&#146;s
Accounts shall be reinvested in ITT Stock by the Trustee as expeditiously as possible in the
exercise of the Trustee&#146;s fiduciary responsibility and shall otherwise be held by the
Trustee subject to the provisions of the trust agreement, the Plan and any applicable note
or loan agreement. In the event that ITT Stock is no longer available to be acquired
following a tender offer, the Company may direct the substitution of new employer securities
for the ITT Stock or for the proceeds of any disposition of ITT Stock. Pending the
substitution of new employer securities or the termination of the Plan and trust, the Trust
Fund shall be invested in such securities as the Trustee shall determine; provided, however,
that, pending such investment, the Trustee shall invest the cash proceeds in short-term
securities issued by the United States of America or any agency or instrumentality thereof
or any other investments of a short-term nature, including corporate obligations or
participations therein and interim collective or common investment funds.</TD>
</TR>



</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->66<!-- /Folio -->
</DIV>

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<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 16
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">GENERAL AND ADMINISTRATIVE PROVISIONS
</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="3%" nowrap align="left">16.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Relief from Liability</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan is intended to constitute a Plan as described in Section 404(c) of ERISA and Title
29 of the Code of Federal Regulations Section&nbsp;2550.404c-1. The Plan fiduciaries are
relieved of any liability for any losses that are the direct and necessary result of
investment instructions given by any Member, Deferred Member or Beneficiary.</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="3%" nowrap align="left">16.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Payment of Expenses</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Direct charges and expenses arising out of the purchase or sale of securities
and taxes levied on or measured by such transactions, and any investment management
fees, with respect to any Investment Fund, may be paid in part by the Company. Any
such charges, expenses, taxes and fees not paid by the Company shall be paid from the
Investment Fund with respect to which they are incurred.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An annual charge to the Trust Fund of up to 0.25% of the market value of the
assets held by such Trust Fund may be charged and applied to satisfy expenses incurred
in conjunction with Plan administration, including, but not limited to, Trustee,
recordkeeping, and audit fees; the Company shall pay all other expenses reasonably
incurred in administering the Plan, including expenses of the Benefits Administration
Committee, the PFTIC and the Trustee, such compensation to the Trustee as from time to
time may be agreed between the PFTIC and Trustee, fees for legal services, any
investment management fees not paid pursuant to Section&nbsp;16.2(a), and all taxes, if any.</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="3%" nowrap align="left">16.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Source of Payment</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Benefits under the Plan shall be payable only out of the Trust Fund, and the Company shall
not have any legal obligation, responsibility or liability to make any direct payment of
benefits under the Plan. Neither the Company nor the Trustee guarantees the Trust Fund
against any loss or depreciation or guarantees the payment of any benefit hereunder. No
person shall have any rights under the Plan with respect to the Trust Fund, or against the
Company, except as specifically provided for herein.</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="3%" nowrap align="left">16.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Inalienability of Benefits</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as specifically provided in the Plan or as Section&nbsp;401(a)(13) of the Code or other
applicable law may otherwise require or as may be required under the terms of a qualified
domestic relations order, no benefit under the Plan shall be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any
attempts so to do shall be void, nor shall any such benefit be in any manner liable for or
subject to debts, contracts, liabilities, engagements or torts of the person entitled to
such benefit; and in the event that the Benefits Administration Committee shall find that
any attempt has been made to anticipate, alienate, sell, transfer, assign, pledge, encumber
or charge any of the benefits under the Plan of any Member, Deferred Member or Beneficiary
who is or may become entitled to benefits hereunder, except as specifically provided in the
Plan or as applicable law may otherwise require, then such benefit shall cease and
terminate, and in that event the Benefits Administration Committee shall hold or apply the
same to or for the benefit of such Member, Deferred Member</TD>
</TR>

</TABLE>
</DIV>
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</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: #textcolor#; background: #bgcolor#">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>or Beneficiary who is or may become entitled to benefits hereunder, his spouse, children,
parents or other blood relatives, or any of them.</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member&#146;s benefit under the Plan shall be offset or reduced by the amount the Member is
required to pay to the Plan under the circumstances set forth in Section&nbsp;401(a)(13)(C) of
the Code.</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member&#146;s benefit under the Plan shall be distributed as required because of the
enforcement of a federal tax levy made pursuant to Section&nbsp;6331 of the Code or the
collection by the United States on a judgment resulting from an unpaid tax assessment.</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="3%" nowrap align="left">16.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>No Right to Employment</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing herein contained nor any action taken under the provisions hereof shall be construed
as giving any Employee the right to be retained in the employ of the Company.</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="3%" nowrap align="left">16.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Inability to Locate Member or Beneficiary</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing, if the Benefits Administration Committee is unable to locate
any person to whom a payment is due under the Plan or any person fails to present a check
for payment in a timely manner, the amount due such person shall be forfeited at such time
as the Benefits Administration Committee shall determine in its sole discretion and pursuant
to nondiscriminatory rules established for that purpose (but in all events prior to the time
such payment would otherwise escheat under any applicable State law). If, however, such a
person later files a claim for such payment before the Plan is terminated, the benefit will
be reinstated and payment made without any interest earned thereon.</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="3%" nowrap align="left">16.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Uniform Action</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Action by the Benefits Administration Committee shall be uniform in nature as applied to all
persons similarly situated, and no such action shall be taken which will discriminate in
favor of any Members who are Highly Compensated 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="3%" nowrap align="left">16.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Headings</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The headings of the sections in this Plan are placed herein for convenience of reference and
in the case of any conflict, the text of the Plan, rather than such headings, shall control.</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="3%" nowrap align="left">16.9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Use of Pronouns</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The masculine pronouns as used herein shall be equally applicable to both men and women, and
words used in the singular are intended to include the plural, whenever appropriate.</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="3%" nowrap align="left">16.10</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Construction</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan shall be construed, regulated and administered in accordance with the laws of the
State of New York, subject to the provisions of applicable federal laws.</TD>
</TR>



</TABLE>
</DIV>
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</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">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE 17
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">TOP-HEAVY PROVISIONS
</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="3%" nowrap align="left">17.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Definitions</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following definitions apply to the terms used in this Section:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;applicable determination date&#148; means the last day of the preceding 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;top-heavy ratio&#148; means the ratio of (i)&nbsp;the value of the aggregate of the
Accounts under the Plan for key employees to (ii)&nbsp;the value of the aggregate of the
Accounts under the Plan for all key employees and non-key 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;key employee&#148; means any employee or former employee (including any deceased
employee) who at any time during the Plan Year that includes the determination date was
an officer of the Company or Associated Company having Statutory Compensation greater
than $130,000 (as adjusted under Section&nbsp;416(i)(1) of the Code for Plan Years beginning
after December&nbsp;31, 2002), a 5-percent owner (as defined in Section&nbsp;416(i)(1)(B)(i) of
the Code) of the Company or Associated Company, or a 1-percent owner (as defined in
Section&nbsp;416(i)(1)(B)(ii) of the Code) of the Company or Associated Company having
Statutory Compensation of more than $150,000. The determination of who is a key
employee will be made in accordance with Section 416(i) of the Code and the applicable
regulations and other guidance of general applicability issued thereunder;</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;non-key employee&#148; means any Employee who is not a key employee;</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;applicable Valuation Date&#148; means the Valuation Date coincident with or
immediately preceding the last day of the preceding 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;required aggregation group&#148; means any other qualified plan(s) of the Company
or an Associated Company (including plans that terminated within the five-year period
ending on the applicable determination date) in which there are Members who are key
employees or which enable(s) the Plan to meet the requirements of Section&nbsp;401(a)(4) or
410 of the Code; and</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;permissive aggregation group&#148; means each plan in the required aggregation
group and any other qualified plan(s) of the Company or an Associated Company in which
all members are non-key employees, if the resulting aggregation group continues to meet
the requirements of Sections&nbsp;401(a)(4) and 410 of the Code.</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="3%" nowrap align="left">17.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Determination of Top Heavy Status</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of this Section, the Plan shall be &#147;top-heavy&#148; with respect to any Plan Year if
as of the applicable determination date the top-heavy ratio exceeds 60&nbsp;percent. The
top-heavy ratio shall be determined as of the applicable Valuation Date in accordance with
Sections&nbsp;416(g)(3) and (4)&nbsp;of the Code and Article&nbsp;5 of this Plan, and shall take into
account any contributions made after the applicable Valuation Date but before the last day
of the Plan Year in which the applicable Valuation Date occurs. The determination of
whether the Plan is top-heavy is subject to the following:</TD>
</TR>




</TABLE>
</DIV>
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</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">



</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Accounts under the Plan will be combined with the account balances or the
present value of accrued benefits under each other plan in the required aggregation
group and, in the Company&#146;s discretion, may be combined with the account balances or
the present value of accrued benefits under any other qualified plan in the permissive
aggregation group;</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Accounts for an employee as of the applicable determination date shall be
increased by the distributions made with respect to the employee under the Plan and any
plan aggregated with the Plan under Section&nbsp;416(g)(2) of the Code during the one-year
period (five-year period in the case of a distribution made for a reason other than
severance from employment, death, or disability) ending on the applicable determination
date;</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>distributions under any plan that terminated within the five-year period ending
on the applicable determination date shall be taken into account if such plan contained
key employees and, therefore, would have been part of the required aggregation group;
and</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if an individual has not performed services for the Company or an Associated
Company at any time during the one-year period ending on the applicable determination
date, such individual&#146;s accounts and the present value of his or her accrued benefits
shall not be taken into account.</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="3%" nowrap align="left">17.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Minimum Requirements</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For any Plan Year with respect to which the Plan is top-heavy, an additional Company
contribution shall be allocated on behalf of each Member (or each Employee eligible to
become a Member) who is not a &#147;key employee,&#148; and who has not separated from service as of
the last day of the Plan Year, to the extent that the amounts allocated to his Accounts as a
result of contributions made on his behalf under Sections&nbsp;5.1 and 5.2 for the Plan Year
would otherwise be less than 3% of his Statutory Compensation. However, if the greatest
percentage of Statutory Compensation contributed on behalf of a key employee under Sections
4.1, 5.1, and 5.2 for the Plan Year (disregarding any contributions made under Section&nbsp;5.5
for the Plan Year) would be less than 3%, such lesser percentage shall be substituted for
&#147;3%&#148; in the preceding sentence. Notwithstanding the foregoing provisions of this Section
17.3, no minimum contribution shall be made with respect to a Member, or an Employee who is
eligible to become a Member, if the required minimum benefit under Section&nbsp;416(c)(1) of the
Code is provided by any qualified defined benefit plan of the Company or an Associated
Company.</TD>
</TR>



</TABLE>
</DIV>
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</TABLE>
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">QUALIFIED DOMESTIC RELATIONS ORDERS
</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="3%" nowrap align="left">18.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Applicability of Article</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Benefits Administration Committee shall apply the provisions of this Article with regard
to a Domestic Relations Order (as defined below) to the extent not inconsistent with Section
414(p) of the Code.</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="3%" nowrap align="left">18.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Establishment of Procedures</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Benefits Administration Committee shall establish procedures, consistent with Section
414(p) of the Code, to determine the qualified status of any Domestic Relations Order (as
defined below), to administer distributions under any Qualified Domestic Relations Order (as
defined below), and to provide to the Member and the Alternate Payee(s) (as defined below)
all notices required under Section 414(p) of the Code with respect to any Domestic Relations
Order. Such procedures shall be binding on all Members and Alternate Payees.</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="3%" nowrap align="left">18.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Determination of Qualified Domestic Relations Order Status</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Within a reasonable period of time after the receipt of a certified copy of a Domestic
Relations Order (or any modification thereof), the Benefits Administration Committee or its
designee shall determine whether such order is a Qualified Domestic Relations Order. The
Benefits Administration Committee shall have full and complete discretion to determine
whether a domestic relations order constitutes a qualified domestic relations order and
whether the Alternate Payee otherwise qualifies for benefits hereunder.</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="3%" nowrap align="left">18.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Establishment of Segregated Accounts and Payment Procedures</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Separate Account for Deferred Amounts</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Domestic Relations Order has been determined to be a Qualified Domestic
Relations Order in accordance with Section&nbsp;18.3, a separate account for the benefits
of the Alternate Payee named in such order shall be established.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Temporary Holding Account</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, during any period in which the issue of (i)&nbsp;whether a Domestic Relations Order
is a Qualified Domestic Relations Order, or (ii)&nbsp;whether a proposed Domestic
Relations Order would, if it were perfected as a Domestic Relations Order, be a
Qualified Domestic Relations Order is being determined (by the Benefits
Administration Committee, by a court of competent jurisdiction, or otherwise), the
Alternate Payee would be entitled to any payment if the order has been determined to
be a Qualified Domestic Relations Order, the Benefits Administration Committee shall
separately account for, and may cause to be segregated in a separate account, all
amounts which would have been payable to any Alternate Payee during such period if
such order had been determined to be a Qualified Domestic Relations Order.</TD>
</TR>




</TABLE>
</DIV>
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</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">



</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Payment from Temporary Holding Account in Certain Cases</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, by the expiration of the 18-month period beginning on the date the first payment
would be required to be made to an Alternate Payee under a Domestic Relations Order,
either it has been determined that a Domestic Relations Order is not a Qualified
Domestic Relations Order or the issue as to whether such order is a Qualified
Domestic Relations Order has not been resolved, the Benefits Administration
Committee shall cause to be paid all amounts which have been segregated (or
separately accounted for) by reason of such order pursuant to paragraph (b)&nbsp;above,
including any earnings having accrued thereon, to the person or persons who would
have been entitled to such amounts if there had been no order. Notwithstanding the
preceding sentence, if the Member or his or her Beneficiaries are not yet entitled,
or have not elected, to receive benefit payments under the Plan, such amounts,
including all earnings having accrued thereon, shall be restored to the Member&#146;s
Accounts and invested in accordance with the investment election most recently
submitted by the Member pursuant to Section&nbsp;7.4.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Payment from Separate Account and Temporary Holding Account to Alternate Payee
of Order if Determined to be a Qualified Domestic Relations Order</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Domestic Relations Order (or any modification thereof) is determined to be a
Qualified Domestic Relations Order, the Benefits Administration Committee shall
instruct the Trustee to apply, on a prospective basis, the terms and provisions of
such Qualified Domestic Relations Order, and, in the event any amounts were
segregated (or separately accounted for) by reason of such order pursuant to
paragraph (b)&nbsp;above, the Benefits Administration Committee shall cause to be paid in
accordance with the provisions of the Plan all amounts which have been so segregated
(and have not been released pursuant to paragraph (c)) (or separately accounted
for), including any earnings having accrued thereon, to the Alternate Payee(s)
entitled thereto.</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="3%" nowrap align="left">18.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Subsequent Determination or Order to be Applied Prospectively</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a determination is made after the expiration of the 18-month period beginning on the date
the first payment would be required to be made to an Alternate Payee under a Domestic
Relations Order that such order (or any modification thereof) is a Qualified Domestic
Relations Order, such order shall be applied prospectively only.</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="3%" nowrap align="left">18.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Withdrawals, Distributions and Loans by or to Members</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Withdrawals and Distributions</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member or Deferred Member shall not be permitted to withdraw from the Plan, nor
shall there be distributed to a Member or Deferred Member, any amounts being held in
a segregated account by reason of a Domestic Relations Order.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Loans</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In determining the maximum amount of any loan to a Member pursuant to Article&nbsp;10,
the Benefits Administration Committee shall not include any portion of the Member&#146;s
Accounts being held in a segregated account (or being separately accounted for) by
reason of a Domestic Relations Order.</TD>
</TR>




</TABLE>
</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">



</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="3%" nowrap align="left">18.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Earliest Commencement Date</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Domestic Relations Order shall not fail to be a Qualified Domestic Relations Order merely
because it provides for distribution to the Alternate Payee prior to the Member&#146;s
Termination of Employment. Notwithstanding anything herein to the contrary, if the amount
payable to the Alternate Payee under the Qualified Domestic Relations Order is less than
$5,000, such amount shall be paid in one lump sum as soon as practicable following the
qualification of the order. If the amount exceeds $5,000, it may be paid as soon as
practicable following the qualification of the order if the Qualified Domestic Relations
Order so provides and the Alternate Payee consents thereto; otherwise, it may not be payable
before the earliest of the Member&#146;s Termination of Employment, the time such amount could
otherwise be withdrawn under the terms of this Plan, or the Member&#146;s attainment of age 50.</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="3%" nowrap align="left">18.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Definitions</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of this Article:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Alternate Payee </I>shall mean any spouse, former spouse, child or other dependent
of a Member who is recognized by a Domestic Relations Order as having a right to
receive all, or a portion of, the benefits payable under the Plan with respect to such
Member.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Domestic Relations Order </I>shall mean any judgment, decree or order (including
approval of a property settlement agreement) which:</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>relates to the provision of child support, alimony payments or
marital property rights to a spouse, former spouse, child, or other dependent
of a Member; and</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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is made pursuant to a state domestic relations law (including a
community property law).</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Qualified Domestic Relations Order </I>shall mean a Domestic Relations Order which
meets the requirements of Section&nbsp;414(p)(1) of the Code.</TD>
</TR>



</TABLE>
</DIV>
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</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">



</TABLE>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notwithstanding anything contained herein to the contrary, Special Company Contributions shall be
made under Section&nbsp;5.2(b) as follows:
</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="3%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Special DC Credit Contribution</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to an Employee who:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>was an &#147;Employee&#148; (as defined under the provisions of the ITT Salaried
Retirement Plan as in effect immediately prior to October&nbsp;31, 2011) on October&nbsp;30, 2011
and becomes a Member of the Plan on October&nbsp;31, 2011; and</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>was not a participant in the ITT Salaried Retirement Plan in 2011 as a result
of the restructuring of the ITT Corporation</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company shall make a Special DC Credit Contribution to the Plan for the 2011 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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such Special DC Credit Contribution shall be equal to the amount that would have been
contributed as a Core Contribution to the Plan if the Plan had been in effect prior to the
October&nbsp;31, 2011, based on the Salary such Employee received during the period beginning on
the date he was most recently hired or rehired by ITT Corporation or one of its subsidiaries
prior to October&nbsp;31, 2011 and ending on October&nbsp;31, 2011 and while he was an &#147;Employee&#148; (as
defined in the ITT Salaried Retirement Plan as in effective immediately prior to October&nbsp;31,
2011).</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="3%" nowrap align="left"><B>B.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Transition Credit Contributions</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall make Transition Credit Contributions subject to the following:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Eligibility</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following Employees shall be eligible for Transition Credit Contributions:</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>each Employee who was an employee of ITT Corporation or one of
its subsidiaries on October&nbsp;30, 2011 and who becomes a Member of the Plan on
October&nbsp;31, 2011;</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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each individual who was an employee of ITT Corporation or one
of its subsidiaries on October&nbsp;30, 2011, who became an employee of Exelis Inc.
on October&nbsp;31, 2011, and who becomes an Employee immediately following
termination of employment with Exelis Inc. and prior to March&nbsp;1, 2012; and</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each individual who was an employee of ITT Corporation or one
of its subsidiaries on October&nbsp;30, 2011, who became an employee of Xylem Inc.
on October&nbsp;31, 2011, and who becomes an Employee immediately following
termination of employment with Xylem Inc. and prior to March&nbsp;1, 2012.</TD>
</TR>

</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->74<!-- /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">



</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="3%" nowrap align="left">2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Amount</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to a Member whose age and Service as of the first day of
the applicable Plan Year, as defined below, total 60 to 69 points, the Company
shall make a
Transition Credit Contribution equal to three percent of the Member&#146;s Salary for
the 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to a Member whose age and Service as of the first
day of the applicable Plan Year, as defined below, total 70 or more points, the
Company shall make a Transition Credit Contribution equal to five percent of
the Member&#146;s Salary for the 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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of the preceding provisions, a Member&#146;s age and Service shall be
calculated on a basis uniformly applicable to all Members similarly situated as
established by the Benefits Administration Committee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Timing and Frequency</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to paragraph 4 below, Transition Credit Contributions shall be made for each
Plan Year and shall be made no later than the due for the corporate tax return for
the Plan Year for which the Transition Credit Contributions are made.
Notwithstanding the foregoing, if an eligible Member terminates employment during
the Plan Year for which a Transition Credit Contribution is payable, such Member&#146;s
Transition Credit Contribution for such Plan Year shall be made as soon as
practicable following the end of the calendar year in which the Member terminates
employment.</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="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Duration</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transition Credit Contributions shall be made beginning as of October&nbsp;31, 2011 and
until the earliest of:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>October&nbsp;31, 2016;</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Member&#146;s commencement of his traditional pension plan (TPP)
benefit from the ITT Salaried Retirement 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a change in control of ITT;</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Member&#146;s termination of employment (regardless of whether the
Member is subsequently reemployed); or</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Member&#146;s death.</TD>
</TR>





</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->75<!-- /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">



</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following Appendices B through H apply to certain Members or Deferred Members who had benefits
transferred to the Plan from the ISP attributable to accounts that were transferred into the ISP
from another qualified plan, as specified in the applicable Appendix
</DIV>




<P align="right" style="font-size: 10pt"><!-- Folio -->76<!-- /Folio -->
</DIV>

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




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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Appendix&nbsp;B shall apply solely to Members and Deferred Members who formerly participated in the
Allis-Chalmers Savings Plan (the &#147;Allis-Chalmers Plan&#148;) and with respect to whom assets were
transferred to the ISP from the Allis-Chalmers Plan. All service recognized under the
Allis-Chalmers Plan for purposes of eligibility to participate and vesting shall be recognized
hereunder as Service.
</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="3%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Section&nbsp;11.3 with respect to Accounts that are less than $5,000 and in addition to
the distribution forms enumerated in Section&nbsp;11.3 of the Plan, upon incurring a Termination of
Employment a Member or Deferred Member described above may elect to receive those amounts
transferred from the Allis-Chalmers Plan to the ISP in the distribution forms described
herein:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In installments at intervals not more frequently than once per calendar quarter
over a period of years not exceeding the joint life expectancy of the Member or
Deferred Member and his spouse, as determined under Section&nbsp;72 of the Code and the
regulations thereunder.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In installments at intervals not more frequently than once per calendar quarter
over a period of years which does not extend beyond the Member&#146;s or Deferred Member&#146;s
life expectancy, calculated 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the fixed payment shall be determined annually at the time
payments are to commence, and as of the first day of each succeeding Plan Year,
by multiplying the amount transferred to the ISP from the Allis-Chalmers Plan
by a fraction, the numerator of which is one, and the denominator is the
Member&#146;s or Deferred Member&#146;s life expectancy as of the date of such
determination, as determined under Section&nbsp;72 of the Code and the regulations
thereunder; and</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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>then dividing the amount determined under (i)&nbsp;above, by the
number of payments to be paid to the Member or Deferred Member during that 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>By purchasing an annuity contract for the benefit of the Member or Deferred
Member from a legal reserve life insurance company selected by the Company. If the
Member or Deferred Member is married, such annuity contract shall be in the form of a
qualified joint and survivor annuity unless the Member or Deferred Member, with his
spouse&#146;s consent unless it is established to the satisfaction of the Benefits
Administration Committee that the spouse cannot be located, elects another form of
annuity contract and does not revoke such election within the 90-day period ending on
the first day of the first period for which an amount is received as an annuity. Any
election by a Member or Deferred Member to waive a qualified joint and survivor annuity
must be in writing. The spouse&#146;s consent must be in writing, must acknowledge the
effect of such election and be witnessed by a notary public. A qualified joint and
survivor annuity means an annuity for the life of the Member or Deferred Member with a
survivor annuity for the life of the spouse which is not less than 50&nbsp;percent and not
more than 100&nbsp;percent of the annuity which is payable during the joint lives of the
Member or Deferred Member and the spouse, and which is the actuarial equivalent of a
single life annuity for the life of the Member or Deferred Member.</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="5%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Member or Deferred Member shall, no less than 30&nbsp;days and no more than 90&nbsp;days
prior to the first day of the first period for which an amount is received as an
annuity, be provided a written explanation of (i)&nbsp;the terms and conditions of the
qualified joint and</TD>
</TR>

</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->77<!-- /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: #textcolor#; background: #bgcolor#">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>survivor annuity; (ii)&nbsp;the Member&#146;s or Deferred Member&#146;s right to make and the
effect of an election to waive the qualified joint and survivor annuity form of
benefit; (iii)&nbsp;the rights of the Member&#146;s or Deferred Member&#146;s spouse; and (iv)&nbsp;the
right to make, and the effect of, a revocation of a previous election to waive the
qualified joint and survivor annuity. If an annuity form other than a qualified
joint and survivor annuity is elected hereunder, such annuity may not be in a form
that will provide for payments over a period extending beyond either the life of the
Member or Deferred Member (or the lives of the Member or Deferred Member and his
designated Beneficiary) or the life expectancy of the Member or Deferred Member (or
the life expectancy of the Member or Deferred Member and his designated
Beneficiary), and such other forms available under the annuity contract shall be so
designed as to provide that at least 50&nbsp;percent of the reserve that would be
required to provide payments to the Member or Deferred Member in the normal form
under the Plan will be applied to him over his normal life expectancy.</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall cause the contract to be assigned or delivered to the person or
persons then entitled to payment under it. Before the assignment or delivery of an
annuity contract, such contract shall be rendered nontransferable except by
surrender to the issuing insurance company.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member or Deferred Member may elect to receive the benefits to which this
Appendix&nbsp;B applies in any combination of the forms enumerated herein.</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="3%" nowrap align="left"><B>B.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Section&nbsp;11.3 with respect to Accounts that are less than $5,000 and in addition to
the distribution forms enumerated in Section&nbsp;11.3 of the Plan, in the event a Member or
Deferred Member dies before his benefit attributable to amounts transferred from the
Allis-Chalmers Plan to the ISP, or any portion thereof, has been paid to him, the unpaid
balance of such amount shall be paid to his designated Beneficiary 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the beneficiary is an individual or individuals, the amount described in
paragraph (B)&nbsp;above shall be paid to such Beneficiary in one of the methods described
in paragraph (A)&nbsp;above, as elected by such Beneficiary. In the case of a Beneficiary
who elects to receive installments or an annuity, payments thereunder shall not extend
beyond the life expectancy of the Beneficiary.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Beneficiary is other than an individual or individuals, the Member&#146;s or
Deferred Member&#146;s benefit subject to this Appendix&nbsp;B shall be paid in a lump sum
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="3%" nowrap align="left"><B>C.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Section&nbsp;11.3 with respect to Accounts that are less than $5,000 and in addition to
the distribution forms enumerated in Section&nbsp;11.3 of the Plan, in the event a Member or
Deferred Member dies after installments have commenced, the remainder of his distributable
benefit will be paid to his Beneficiary in a single lump sum except that such Beneficiary may
elect to receive such benefit in the installment forms described in paragraph (A)&nbsp;above. If
the Beneficiary so elects, installments shall be over a period of years not exceeding the
number of years that installments would have continued to be paid to the Member or Deferred
Member had he lived, provided the Member or Deferred Member had been receiving installments
under subsection (A)(1) and over a period of years which does not extend beyond the Member&#146;s
or Deferred Member&#146;s life expectancy on the day before the date of his death, provided the
Member or Deferred Member has been receiving installments under subsection (A)(2).</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="3%" nowrap align="left"><B>D.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding anything in this Appendix&nbsp;B to the contrary, single sum payments shall be
made, installments shall commence, and annuity contracts shall be purchased not later than one
year after the date of the Member&#146;s or Deferred Member&#146;s death. In the event a Beneficiary
dies before</TD>
</TR>

</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->78<!-- /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: #textcolor#; background: #bgcolor#">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>he has received the entire amount payable to him under this Appendix&nbsp;B, the Beneficiary&#146;s
beneficiary shall be paid the balance of the amount payable hereunder in a single lump sum
payment within one year of the Beneficiary&#146;s death.</TD>
</TR>





</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->79<!-- /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">



</TABLE>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Appendix&nbsp;C shall apply solely to Members and Deferred Members who formerly participated in the
ITT Higbie Manufacturing Company Retirement Profit-Sharing Plan (the &#147;Higbie Plan&#148;) and with
respect to whom assets and liabilities were transferred to the ISP from the Higbie Plan. All
service recognized under the Higbie Plan for purposes of eligibility to participate and vesting
were recognized under the ISP as Service.
</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="3%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Section&nbsp;11.3 with respect to Accounts that are less than $5,000 and in addition to
the distribution forms enumerated in Section&nbsp;11.3 of the Plan, upon incurring a Termination of
Employment after attaining age 50 and 10&nbsp;years of Service or attaining age 65, a Member
described above may elect to receive those amounts transferred from the Higbie Plan to the ISP
in the distribution forms described herein. Such amounts shall commence, as selected by the
Member, as of the earlier of the Valuation Date next following a Member&#146;s Termination of
Employment on or after his age 65 or any Valuation Date selected by the Member following the
Member&#146;s attainment of age 50 and 10&nbsp;years of Service but prior to the Valuation Date next
following his age 65:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In approximately equal monthly or annual installments over a period not to
exceed 10&nbsp;years.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>By purchasing an annuity contract for the benefit of the Member or Deferred
Member from a legal reserve life insurance company selected by the Company. If the
Member elects to receive his benefits hereunder in the form of an annuity and if the
Member is married on the date benefits commence, such annuity contract shall be in the
form of a 50&nbsp;percent qualified joint and survivor annuity unless the Member, with his
spouse&#146;s consent unless it is established to the satisfaction of the Benefits
Administration Committee that the spouse cannot be located, elects another form of
annuity contract and does not revoke such election within the 90-day period ending on
the first day of the first period for which an amount is received as an annuity. Any
election by a Member or Deferred Member to waive a qualified joint and survivor annuity
must be in writing. The spouse&#146;s consent must be in writing, must acknowledge the
effect of such election and be witnessed by a notary public. A qualified joint and
survivor annuity means an annuity for the life of the Member with a survivor annuity
for the life of the spouse which is not less than 50&nbsp;percent and not more than 100
percent of the annuity which is payable during the joint lives of the Member and the
spouse, and which is the actuarial equivalent of a single life annuity for the life of
the Member. In the event the Member elects to receive his benefit hereunder in the
form of an annuity other than a joint and survivor annuity with his spouse as
Beneficiary, the value of the benefit payable to the Member under the annuity shall
never be less than 51&nbsp;percent of the total value of the benefits payable under the
annuity to the Member and his Beneficiary.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Member shall, no less than 30&nbsp;days and no more than 90&nbsp;days prior to the first
day of the first period for which an amount is received as an annuity, be provided a
written explanation of (i)&nbsp;the terms and conditions of the qualified joint and
survivor annuity; (ii)&nbsp;the Member&#146;s or Deferred Member&#146;s right to make and the
effect of an election to waive the qualified joint and survivor annuity form of
benefit; (iii)&nbsp;the rights of the Member&#146;s or Deferred Member&#146;s spouse; and (iv)&nbsp;the
right to make, and the effect of, a revocation of a previous election to waive the
qualified joint and survivor annuity. If an annuity form other than a qualified
joint and survivor annuity is elected hereunder, such annuity may not be in a form
that will provide for payments over a period extending beyond either the</TD>
</TR>

</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->80<!-- /Folio -->
</DIV>

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<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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>life of the Member (or the lives of the Member and his designated Beneficiary) or
the life expectancy of the Member (or the life expectancy of the Member and his
designated Beneficiary), and such other forms available under the annuity contract
shall be so designed as to provide that at least 50&nbsp;percent of the reserve that
would be required to provide payments to the Member in the normal form under the
Plan will be will be applied to him over his normal life expectancy.</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>B.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event of the death of a Member or Deferred Member prior to commencing benefits
hereunder, such benefit shall be paid to his Beneficiary as of the Valuation Date coincident
with or next following the Member&#146;s or Deferred Member&#146;s date of death in a single sum payment
or in installment payments, if the Member or Deferred Member has named one Beneficiary and has
so elected, such amount shall be payable in 120 equal, as near as may be, monthly
installments, with any funds remaining at the death of the Beneficiary to go to the
Beneficiary&#146;s estate in one lump sum, or if no Beneficiary survives the Member or Deferred
Member, such amounts shall be payable to the Member&#146;s or Deferred Member&#146;s estate in a single
lump sum. In either case, the Member or Deferred Member may name one or more contingent
Beneficiaries to take in full at such Member&#146;s or Deferred Member&#146;s death in the event the
primary Beneficiary or Beneficiaries have not survived the Member or Deferred Member.</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>C.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event of the death of a Member who is receiving installments pursuant to paragraph
(A)(1) hereof and who has designated a Beneficiary to receive installment payments pursuant to
paragraph (B)&nbsp;hereof, such Member&#146;s installment payments shall continue until the July&nbsp;31 next
following the Member&#146;s death and thereafter shall be payable pursuant to paragraph (B)&nbsp;above
in 120 equal, as near as may be, monthly installments, with any amounts remaining at the death
of the Beneficiary to go to the Beneficiary&#146;s estate in a single lump sum.</TD>
</TR>



</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->81<!-- /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">



</TABLE>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Appendix&nbsp;D shall apply solely to Members and Deferred Members who formerly participated in the
General Motors Savings-Stock Purchase Program for Salaried Employees in the United States (the &#147;GM
Plan&#148;) and with respect to whom assets and liabilities were transferred to the ISP from the GM
Plan. All service recognized under the GM Plan for purposes of eligibility to participate and
vesting was recognized as Service under the ISP.
</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="3%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Section&nbsp;11.3 with respect to a Accounts that are less than $5,000 and in addition
to the distribution forms enumerated in Section&nbsp;11.3 of the Plan, upon incurring a Termination
of Employment, a Member or Deferred Member described above may elect to receive those amounts
transferred from the GM Plan to the ISP in the distribution forms described herein:</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In installment payments on a monthly, quarterly, semi-annual, or annual basis.
Installments are to be paid in whole dollar amounts, with $1,200 as the minimum annual
installment. A Member or Deferred Member may change the timing, amount, or discontinue
installment payments. Installment payments will commence:</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>for monthly payments, the first of the month next following the
month in which the Member&#146;s or Deferred Member&#146;s election is received by the
Plan; and</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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for quarterly, semi-annual, and annual payments, not sooner
than the month next following the month in which the Plan receives the Member&#146;s
or Deferred Member&#146;s election.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member or Deferred Member who has incurred a Termination of Employment may
elect to withdraw a portion of the amounts hereunder at any time, but no more
frequently than once per calendar year. In addition to any partial withdrawal, a
Member or Deferred Member may elect, at any time, to receive a complete distribution of
the amounts with respect to which this Appendix&nbsp;D applies.</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="3%" nowrap align="left"><B>B.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Member or Deferred Member shall be permitted to defer commencement of benefits hereunder
until the April 1 next following the date such Member or Deferred Member attains age 70<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT>.</TD>
</TR>




</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->82<!-- /Folio -->
</DIV>

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<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"><B>APPENDIX E</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Appendix&nbsp;E shall apply solely to Members and Deferred Members who formerly participated in the
Goulds Pumps, Inc. Retirement Savings and Investment Plan (the &#147;Goulds Plan&#148;) and with respect to
whom assets and liabilities were transferred to the ISP from the Goulds Plan. All service
recognized under the Goulds Plan for purposes of eligibility to participate and vesting was
recognized as Service under the ISP.
</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="3%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Section&nbsp;11.3 with respect to a Accounts that are less than $5,000 and in addition
to the distribution forms enumerated in Section&nbsp;11.3 of the Plan, upon incurring a Termination
of Employment a Member or Deferred Member described above may elect to receive those amounts
transferred from the Goulds Plan to the Plan in installment payments on a monthly or quarterly
basis, as the Member elects, over a term certain. The maximum length of the term certain
shall be the joint life expectancy of the Member and his designated beneficiary. If the
installments are to be distributed over the life expectancy of the Member or the joint life of
the Member and his Beneficiary, the life expectancy or joint life expectancies, as applicable
of such persons shall be calculated at the time distributions commence and shall not
thereafter be recalculated. The initial value of the obligation for the installment payments
shall be equal to the amount of the Member&#146;s Account balance. Distributions must satisfy the
requirements of Section&nbsp;401(a)(9)(G) of the Code.</TD>
</TR>



</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->83<!-- /Folio -->
</DIV>

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<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"><B>APPENDIX F</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Appendix&nbsp;F shall apply solely to Members who are Deferred Members who were employed at ITT
Automotive Brake Systems (&#147;Brakes&#148;) or at ITT Automotive Electrical Systems, Inc. (&#147;ESI&#148;).
</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="3%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Member who was employed at Brakes as of September&nbsp;25, 1998, the closing date of the sale
of Brakes, was 100% vested in his Accounts as of such date.</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="3%" nowrap align="left"><B>B.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Member who was employed at ESI as of September&nbsp;28, 1998, the closing date of the sale of
ESI, was 100% vested in his Accounts as of such date.</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="3%" nowrap align="left"><B>C.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective September&nbsp;25, 1998, a Member employed at Brakes was permitted, between September
25, 1998 and the date of the trust to trust transfer of his Accounts to the qualified
retirement plan sponsored by Continental AG, to reallocate the investment of amounts in his
Company Contribution Account into any other fund offered by the ISP, regardless of the age of
the Member.</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="3%" nowrap align="left"><B>D.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective September&nbsp;28, 1998, a Member employed at ESI was permitted, between September&nbsp;28,
1998 and the date of the trust to trust transfer of his Accounts to the qualified retirement
plan sponsored by Valeo,to reallocate the investment of amounts in his Company Contribution
Account into any other fund offered by the ISP, regardless of the age of the Member. Amounts
that were invested in the ITT Stock Fund on the date of the trust to trust transfer to the
qualified retirement plan sponsored by Valeo were transferred in kind.</TD>
</TR>



</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->84<!-- /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">



</TABLE>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Appendix&nbsp;G shall apply solely to individuals who were salaried employees of Water Pollution
Control Corporation (&#147;WPCC&#148;).
</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="3%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each individual who was a salaried employee of WPCC on February&nbsp;28, 1999 was an Employee for
purposes of the ISP as of March&nbsp;1, 1999.</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="3%" nowrap align="left"><B>B.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In accordance with the terms and conditions of the Stock Purchase Agreement for WPCC dated
January&nbsp;3, 1999, an individual who became an Employee of ITT Corporation on March&nbsp;1, 1999 as a
result of ITT Corporation&#146;s acquisition of WPCC was credited with all uninterrupted service
rendered by such salaried employee while employed by WPCC prior to March&nbsp;1, 1999. Such
service was credited solely for the purposes of determining eligibility and vesting under the
ISP and only to the extent such service was credited by WPCC under a qualified retirement plan
for these purposes.</TD>
</TR>



</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->85<!-- /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">



</TABLE>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Appendix&nbsp;H shall apply solely to Members who are Deferred Members who were employed at
Precision Die Casting (&#147;PDC&#148;), Pomona, or Palm Coast Utility (&#147;PCUC&#148;).
</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="3%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Member who was employed at PDC as of March&nbsp;13, 1998, was permitted to request an
elective transfer to the ISP or a complete distribution through March&nbsp;12, 2000. On or after
March&nbsp;13, 2000, such a Member was not be permitted to elect a transfer or distribution of his
Accounts until the Member terminates employment with the buyer of PDC, dies or becomes
Disabled. Effective March&nbsp;13, 1998, such a Member also was not permitted to request a loan or
a withdrawal (other than a full distribution prior to March&nbsp;13, 2000) from his Accounts.</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="3%" nowrap align="left"><B>B.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Member who was employed at Pomona as of September&nbsp;25, 1998, was permitted to request an
elective transfer to the ISP or a complete distribution through September&nbsp;24, 2000. On or
after September&nbsp;25, 2000, such a Member was not be permitted to elect a transfer or
distribution of his Accounts until the Member terminates employment with the buyer of Pomona,
dies or becomes Disabled. Effective September&nbsp;25, 1998, such a Member also was not permitted
to request a loan or a withdrawal (other than a full distribution prior to September&nbsp;25, 2000)
from his Accounts.</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="3%" nowrap align="left"><B>C.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Member who was employed at PCUC as of January&nbsp;22, 1999, was permitted to request an
elective transfer to the ISP or a complete distribution pursuant to Article&nbsp;11 of his Accounts
through January&nbsp;21, 2001. On or after January&nbsp;22, 2001, such a Member was not be permitted to
elect a transfer or distribution of his Accounts until the Member terminates employment with
the buyer of PCUC, dies or becomes Disabled. Effective January&nbsp;22, 1999, such a Member also
was not permitted to request a loan or a withdrawal (other than a full distribution prior to
January&nbsp;22, 2001) from his Accounts.</TD>
</TR>

</TABLE>
</DIV>


<P align="right" style="font-size: 10pt"><!-- Folio -->86<!-- /Folio -->
</DIV>




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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>4
<FILENAME>y93227exv4w5.htm
<DESCRIPTION>EX-4.5
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w5</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;4.5</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ITT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>DEFERRED COMPENSATION PLAN</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Effective as of January&nbsp;1, 1995<BR>
as amended and restated as of October&nbsp;31, 2011 including amendments as of<BR>
January&nbsp;1, 2012
</DIV>






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

<!-- PAGEBREAK -->
<P><HR noshade><P>
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ITT DEFERRED COMPENSATION PLAN</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The ITT Deferred Compensation Plan (the &#147;Plan&#148;) was established by ITT Corporation, a Delaware
corporation (&#147;Former ITT&#148;), effective January&nbsp;1, 1995. The purpose of the Plan is to provide each
Participant with a means of deferring compensation in accordance with the terms of the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective as of December&nbsp;19, 1995, Former ITT split into three separate companies &#151; ITT Hartford
Group, Inc., ITT Corporation, a Nevada corporation, and ITT Industries, Inc. an Indiana corporation
(the &#147;Corporation&#148;), which is the successor to Former ITT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the Employee Benefits Service and Liability Agreement dated November&nbsp;1, 1995 (the
&#147;Agreement&#148;) the Corporation agreed to continue the Plan for eligible employees of the Corporation
or of any of its subsidiaries and to transfer the liabilities attributable to participants who
become employees of ITT Corporation, a Nevada corporation, on December&nbsp;19, 1995 to ITT Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective as of January&nbsp;1, 1996, the Plan was amended to accept the liabilities under the ITT
Industries Excess Savings Plan attributable to salary deferrals, excess matching contributions, and
excess floor contributions credited with respect to Base Salary deferred under this Plan and hold
such amounts hereunder in accordance with the provisions of the ITT Industries Excess Savings Plan
as set forth in Appendix&nbsp;A, attached hereto and made part hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective as of October&nbsp;1, 1997, January&nbsp;1, 1998, April&nbsp;1, 1998, January&nbsp;1, 1999, and November&nbsp;1,
2000, the Plan was further amended to make certain administration changes to unify the form and
timing of Plan distributions, respectively. Effective as of March&nbsp;1, 2004, the Plan was further
amended to provide that a Participant may make a separate investment election with respect to
future deferrals. Effective as of July&nbsp;1, 2004, the Plan was amended and restated to make certain
administrative changes and to unify the definition of Acceleration Event with other employee
benefit plans of ITT Industries. Effective as of July&nbsp;1, 2006, the Plan&#146;s name was revised to the
ITT Deferred Compensation Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Plan is hereby amended and restated, effective as of December&nbsp;31, 2008 to comply with the
provisions of Section&nbsp;409A of the Internal Revenue Code and regulations promulgated thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The provisions of this Plan as herein amended shall apply to amounts deferred on or after January
1, 2005. Amounts deferred under the provisions of the Plan prior to January&nbsp;1, 2005, which were
vested as of December&nbsp;31, 2004, shall be subject to the provisions of the Plan as in effect on
October&nbsp;3, 2004 without regard to any Plan amendments after October&nbsp;3, 2004 (attached hereto as
Appendix&nbsp;C and made part hereof) which would constitute a material modification for Code Section
409A purposes, unless otherwise provided in Appendix&nbsp;B attached hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Plan was amended, effective as of October&nbsp;1, 2010, to reflect the changes in the timing of
enrollment and the definition of bonus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective as of October&nbsp;31, 2011, ITT split into three separate companies, ITT Corporation, Exelis
Inc. and Xylem Inc. Under the Benefits and Compensation Matters Agreement dated October&nbsp;25, 2011,
the Corporation agreed to continue the Plan for eligible employees of the Corporation and all of
</DIV>




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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">its subsidiaries and to transfer the liabilities attributable to participants who become or were
employees of Xylem Inc. or Exelis Inc., or one of their subsidiaries to Xylem Inc. or Exelis Inc.,
respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Plan was further amended, effective as of January&nbsp;1, 2012, to include the deferral of Company
contributions that would have been made under the ITT Corporation Retirement Savings Plan for
Salaried Employees or the ITT Corporation Supplemental Retirement Savings Plan for Salaried
Employees, had the bonus amount deferred under the provisions of the Plan been paid directly to the
Participant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All benefits payable under this Plan, which constitutes a nonqualified, unfunded deferred
compensation plan for a select group of management or highly-compensated employees under Title I of
ERISA, shall be paid out of the general assets of the Company.
</DIV>





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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ITT DEFERRED COMPENSATION PLAN</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>TABLE OF CONTENTS</B></U>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 1 &#151; DEFINITIONS </B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.01 Accleration Event </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.02 Administrative Committee </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.03 Asscoaited Company </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.04 Based Slary </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.05 Beneficiary </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.06 Bonus </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.07 Board of Directors </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.08 Change in Control </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.09 Code </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.10 Company </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.11 Company Contribution Account </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.12 Company Core Contribution Rate </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.13 Company Transition Credit Contribution Rate </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.14 Compensation and Personnel Committee </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.15 Corporation </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.16 Deferral Account </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.17 Deferral Agreement </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.18 Deferrals </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.19 Effective Date </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.20 Eligible Executive </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.21 Employee </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.22 Executive </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.23 ERISA </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.24 Grandfathered Deferral Account </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.25 Participant </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.26 Performance Based Compensation </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.27 Performance Period </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.28 Plan </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.29 Plan Committee </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.30 Plan Year </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.31 Reporting Date </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.32 Retirement </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.33 Savings Plan </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.34 Special Purpose Subaccount(s) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.35 Specified Distribution Date </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.36 Specified Employee </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.37 Termination of Employment </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.38 Termination Subaccount </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 2 &#151; PARTICIPATION </B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.01 Eligibility </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.02 In General </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.03 Termination of Participation </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 3 &#151; DEFERRAL </B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.01 Filing Requirements </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.02 Amount of Deferral </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.03 Crediting to Deferral Account </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.04 Excess Company Contribution </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.05 Crediting to Company Contributing Account </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.06 Vesting </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.07 Unforeseeable Emergency </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 4 &#151; MAINTENANCE OF ACCOUNTS </B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.01 Adjustment of Deferral and Grandfathered Deferral Account </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.02 Investment Performance Elections </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.03 Changing Investment Elections </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.04 Investment of the Company Contribution Account </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.05 Individual Accounts </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.06 Valuation of Accounts </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.07 Compliance with Securities Laws and Trading Policies and Procedures </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 5 &#151; PAYMENT OF BENEFITS </B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>21</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.01 Commencement of Payment </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.02 Method of Payment </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.03 Change of Distribution Election </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.04 Death </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.05 Hardship </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.06 Payment upon the Occurrence of a Change in Control </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.07 Acceleration of or Delay in Payments </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.08 Designation of Beneficiary </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.09 Debiting Accounts </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 6 &#151;  AMENDMENT OR TERMINATION </B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>32</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.01 Right to Terminate </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.02 Right to Amend </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 7 &#151;  GENERAL PROVISIONS </B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>33</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.01 Funding </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.02 No Contract of Employment </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.03 Unsecured Interest </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.04 Facility of Payment </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.05 Withholding Taxes </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.06 Nonalienation </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.07 Transfers </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.08 Claims Procedure </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.09 Payment of Expenses </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.10 Discharge of Corporation&#146;s Obligation </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.11 Successors </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.12 Construction </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 8 &#151;  ADMINISTRATION </B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>39</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.01 Administration </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>APPENDIX A </B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>41</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>APPENDIX B </B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>44</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>APPENDIX C </B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>46</B></TD>
    <TD>&nbsp;</TD>
</TR>
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</TABLE>
</DIV>


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

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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>ARTICLE 1 &#151; DEFINITIONS</B></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="2%" nowrap align="left"><B>1.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Acceleration Event&#148; </B>shall mean an &#147;Acceleration Event&#148; as such term is defined under the
provisions of the Plan as in effect on October&nbsp;3, 2004.</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%" nowrap align="left"><B>1.02</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Administrative Committee&#148; </B>shall mean the person or persons appointed to administer the Plan
as provided in Section&nbsp;8.01.</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%" nowrap align="left"><B>1.03</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Associated Company&#148; </B>shall mean any division, subsidiary or affiliated company of the
Corporation which is an Associated Company, as such term is defined the ITT Salaried
Retirement Plan (formerly known as ITT Industries Salaried Retirement Plan) as in the amended
from time to time. Effective on or after the October&nbsp;31, 2011, &#147;Associated Company&#148; shall
mean any division, subsidiary or affiliated company of the Corporation which is an Associated
Company as such terms is defined in the ITT Corporation Retirement Savings Plan for Salaried
Employees, as 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="2%" nowrap align="left"><B>1.04</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Base Salary&#148; </B>shall mean the annual base fixed compensation paid periodically during the
calendar year, determined prior to any pre-tax contributions under a &#147;qualified cash or
deferred arrangement&#148; (as defined under Code Section 401(k) and its applicable regulations) or
under a &#147;cafeteria plan&#148; (as defined under Code Section&nbsp;125 and its applicable regulations) or
a qualified transportation fringe benefit under Section 132(f) of the Code and any deferrals
under Article&nbsp;3, Appendix&nbsp;A or another unfunded deferred compensation plan maintained by the
Corporation, but excluding any overtime, bonuses, foreign service allowances or any other form
of compensation, except to the extent otherwise deemed &#147;Base Salary&#148; for purposes of the Plan
under rules as are adopted by the Compensation and Personnel Committee.</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%" nowrap align="left"><B>1.05</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Beneficiary&#148; </B>shall mean the person or persons designated by a Participant pursuant to the
provisions of Section&nbsp;5.08 in a time and manner determined by the Administrative Committee to
receive the amounts, if any, payable under the Plan upon the death of the Participant.</TD>
</TR>



</TABLE>
</DIV>
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</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">



</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%" nowrap align="left"><B>1.06</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Bonus&#148; </B>shall mean the cash amount, if any, awarded to an employee of the Company under the
Company&#146;s executive bonus program, or other compensation program designated by the
Compensation and Personnel Committee as a bonus hereunder, provided that such amount qualifies
as &#147;Performance Based Compensation&#148;. Effective on and after October&nbsp;1, 2010, &#147;Bonus&#148; shall
mean the cash amount, if any, awarded to an employee of the Company under the Company&#146;s
executive bonus program, or other compensation program designated by the 1ersonnel Committee
as a bonus hereunder.</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%" nowrap align="left"><B>1.07</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Board of Directors&#148; </B>or &#147;<B>Board</B>&#148; shall mean the Board of Directors of the Corporation.</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%" nowrap align="left"><B>1.08</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Change in Control&#148; </B>shall mean a &#147;Change in Control&#148; as such term is defined in the ITT
Excess Pension Plan IIA, (effective on and after October&nbsp;31, 2011, the ITT Corporation
Supplemental Retirement Savings Plan for Salaried Employees) as 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="2%" nowrap align="left"><B>1.09</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Code&#148; </B>shall mean the Internal Revenue Code of 1986, as 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="2%" nowrap align="left"><B>1.10</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Company&#148; </B>shall mean the Corporation and any successor thereto, with respect to its employees
and any Participating Corporation or Participating Division (as such terms are defined in the
Savings Plan) authorized by the Compensation and Personnel Committee to participate in the
Plan with respect to their 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="2%" nowrap align="left"><B>1.11</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Company Contribution Account</B>&#148; shall mean the bookkeeping account (or subaccount(s))
maintained for each Member to record all amounts credited on his behalf under Section&nbsp;3.04(a),
(b)&nbsp;and (c)&nbsp;adjusted pursuant to pursuant to Section&nbsp;4.04.</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%" nowrap align="left"><B>1.12</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Company Core Contribution Rate&#148; </B>shall mean the rate of Company Core Contributions (as such
term in defined under the provisions of the Savings Plan) for a particular Plan Year.</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">



</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%" nowrap align="left"><B>1.13</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Company Transition Credit Contribution Rate&#148; </B>shall mean the rate of Company Transition
Credit Contributions (as such term in defined under the provisions of the Savings Plan) for a
particular Plan 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%" nowrap align="left"><B>1.14</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Compensation and Personnel Committee&#148; </B>shall mean the Compensation and Personnel Committee of
the Board of Directors.</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%" nowrap align="left"><B>1.15</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Corporation&#148; </B>shall mean ITT Corporation, an Indiana corporation (successor by merger to and
formerly known as ITT Industries, Inc.), or any successor by merger, purchase, or otherwise.</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%" nowrap align="left"><B>1.16</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Deferral Account&#148; </B>shall mean the bookkeeping account maintained for each Participant to
record the amount of Bonus deferred on or after January&nbsp;1, 2005 by a Participant in accordance
with Section&nbsp;3.02, adjusted pursuant to Article&nbsp;4. The Deferral Account shall contain
subaccounts, such as a Termination Subaccount, Special Purpose Subaccount(s), a Deferral 2005
Subaccount or any other subaccount established by the Administrative Committee.</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%" nowrap align="left"><B>1.17</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Deferral Agreement&#148; </B>shall mean the completed agreement, including any amendments,
attachments and appendices thereto, in such form approved by the Administrative Committee,
between an Eligible Executive and the Company, under which the Eligible Executive agrees to
defer a portion of his Bonus.</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%" nowrap align="left"><B>1.18</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Deferrals&#148; </B>shall mean the amount of deferrals credited to a Participant pursuant to Section
3.02 with respect to Plan Years beginning on or after January&nbsp;1, 2005.</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%" nowrap align="left"><B>1.19</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Effective Date&#148; </B>shall mean January&nbsp;1, 1995.</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%" nowrap align="left"><B>1.20</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Eligible Executive&#148; </B>shall mean an Executive who is eligible to participate in the Plan as
provided in Section&nbsp;2.01.</TD>
</TR>




</TABLE>
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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">



</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%" nowrap align="left"><B>1.21</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Employee&#148; </B>shall mean a person who is employed by the Company.</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%" nowrap align="left"><B>1.22</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Executive&#148; </B>shall mean an Employee of the Company whose Base Salary equals or exceeds
$200,000 (or as adjusted from time to time by the Administrative Committee).</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%" nowrap align="left"><B>1.23</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;ERISA&#148; </B>shall mean the Employee Retirement Income Security Act of 1974, as 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="2%" nowrap align="left"><B>1.24</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Grandfathered Deferral Account&#148; </B>shall mean the bookkeeping account maintained for each
Participant to record the amount of Bonus and/or Base Salary deferred prior to January&nbsp;1, 2005
by a Participant in accordance with Article&nbsp;3 of the Plan as in effect on or prior to October
3, 2004, adjusted pursuant to Article&nbsp;4.</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%" nowrap align="left"><B>1.25</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Participant&#148; </B>shall mean, except as otherwise provided in Article&nbsp;2, each Eligible Executive
who has executed a Deferral Agreement pursuant to the requirements of Section&nbsp;2.02 and is
credited with an amount under Section&nbsp;3.03.</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%" nowrap align="left"><B>1.26</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Performance Based Compensation&#148; </B>shall mean a bonus where the amount of, or entitlement to,
the bonus is contingent on the satisfaction of pre-established organizational or individual
performance criteria relating to a performance period of at least twelve (12)&nbsp;consecutive
months. Organizational or individual performance criteria are considered pre-established if
established in writing by not later than ninety (90)&nbsp;days after the commencement of the period
of service to which the criteria relate, provided that the outcome is substantially uncertain
at the time the criteria are established. The determination of whether a Bonus qualifies as
&#147;Performance-Based Compensation&#148; will be made in accordance with Treas. Reg. Section
1.409A-1(e) and subsequent guidance.</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%" nowrap align="left"><B>1.27</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Performance Period&#148; </B>shall mean the period of a least twelve (12)&nbsp;months over which an
individual or a company&#146;s performance is measured for purposes of the Company&#146;s bonus program.</TD>
</TR>




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


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</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%" nowrap align="left"><B>1.28</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Plan&#148; </B>shall mean the ITT Deferred Compensation Plan (which was formerly known as the ITT
Industries Deferred Compensation Plan, ITT Deferred Compensation Plan for 1995, the ITT
Industries Deferred Compensation Plan for 1996 and the ITT Industries Deferred Compensation
Plan for 1997) as set forth in this document and the appendices and schedules thereto, as it
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="2%" nowrap align="left"><B>1.29</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Plan Committee&#148; </B>shall mean the ITT Pension Fund Trust and Investment Committee established
from time to time pursuant to the terms of the ITT Salaried Retirement Plan (the Savings Plan,
effective on and after the October&nbsp;31, 2011).</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%" nowrap align="left"><B>1.30</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Plan Year&#148; </B>shall mean 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%" nowrap align="left"><B>1.31</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Reporting Date&#148; </B>shall mean each business day on which the New York Stock Exchange is open or
such other business day as the Administrative Committee may determine.</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%" nowrap align="left"><B>1.32</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Retirement&#148; </B>shall mean, with respect to an Eligible Executive, any termination of employment
by an Eligible Executive after the date the Eligible Executive is eligible for an early,
normal or postponed retirement benefit under the provisions of the ITT Salaried Retirement
Plan as in effect prior to October&nbsp;31, 2011, or would have been eligible had he been a
participant in such Plan. Effective as of January&nbsp;1, 2012 &#147;Retirement&#148; shall mean with
respect to an Eligible Employee who was not a member of the ITT Salaried Retirement Plan
immediately prior to October&nbsp;31, 2011 and who becomes a Participant on or after January&nbsp;1,
2012, the termination of employment by such Eligible Employee after the date such Eligible
Employee attains age 55 and completes 10 or more years of Service (as such term is defined in
the Savings Plan) or attains age 65, if earlier..</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%" nowrap align="left"><B>1.33</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Savings Plan&#148; </B>shall mean, effective as of October&nbsp;31, 2011, the new ITT Corporation
Retirement Savings Plan for Salaried Employees (successor plan to the ITT Salaried Investment
and Savings Plan) as amended from time to time.</TD>
</TR>




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


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</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%" nowrap align="left"><B>1.34</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Special Purpose Subaccount(s)&#148; </B>shall mean the bookkeeping account(s) described in Section
5.01(a) maintained to record deferrals that a Participant has elected to have paid pursuant to
clause (ii)&nbsp;of Section&nbsp;5.01(a), adjusted pursuant to Article&nbsp;4.</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%" nowrap align="left"><B>1.35</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Specified Distribution Date&#148; </B>shall mean the specific date designated by a Participant
pursuant to clause (ii)&nbsp;of Section&nbsp;5.01(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="2%" nowrap align="left"><B>1.36</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Specified Employee&#148; </B>shall mean a &#147;specified employee&#148; as such term is defined in the Income
Tax Regulations under Section&nbsp;409A as modified by the rules set forth below:</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of determining whether a Participant is a Specified Employee, the
compensation of the Participant shall be determined in accordance with the definition
of compensation provided under Treas. Reg. Section&nbsp;1.415(c) 2(d)(3) (wages within the
meaning of Code Section 3401(a) for purposes of income tax withholding at the source,
plus amounts excludible from gross income under Section&nbsp;125(1), 132(f)(4), 402(e)(3),
402(h)(1)(B), 402(k) or 457(b), without regard to rules that limit the remuneration
included in wages based on the nature or location of the employment or the services
performed).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The &#147;Specified Employee Identification Date&#148; means December&nbsp;31, unless the
Compensation and Personnel Committee has elected a different date through action that
is legally binding with respect to all nonqualified deferred compensation plans
maintained by the Company or any Associated Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The &#147;Specified Employee Effective Date&#148; means the first day of the fourth month
following the Specified Employee Identification Date or such earlier date as is
selected by the Compensation and Personnel Committee.</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%" nowrap align="left"><B>1.37</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Termination of Employment&#148; </B>shall mean &#147;Termination of Employment&#148; as such term is defined in
the ITT Excess Pension Plan IIA, (effective on and after October&nbsp;31, 2011, the ITT Corporation
Supplemental Retirement Savings Plan for Salaried Employees) as amended from time to time.</TD>
</TR>



</TABLE>
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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">



</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%" nowrap align="left"><B>1.38</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Termination Subaccount&#148; </B>shall mean the bookkeeping account described in Section&nbsp;5.01(a)
maintained to record deferrals that a Participant has elected to have paid pursuant to clause
(i)&nbsp;of Section&nbsp;5.01(a), adjusted pursuant to Article&nbsp;4.</TD>
</TR>




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


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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>ARTICLE 2 &#151; PARTICIPATION</B></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="2%" nowrap align="left"><B>2.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Eligibility</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An Employee who is an Executive as of the last business day in June of a calendar year
commencing prior to January&nbsp;1, 2011, and who was employed by the Company or an Associated
Company on the first day of the Performance Period beginning in that calendar year (or such
other date in the first quarter of such Performance Period as specified by the
Administrative Committee) shall be an Eligible Executive with respect to the Plan Year
following such calendar year and thereby eligible to participate in this Plan and execute a
Deferral Agreement authorizing Deferrals under this Plan with respect to his Bonus payable
in the following Plan 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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective as of October&nbsp;1, 2010, an Employee who is an Executive as of the last business day
in October of a calendar year beginning on and after January&nbsp;1, 2011 (or such later date in
that calendar year as determined by the Administrative Committee) shall be an Eligible
Executive with respect to the Plan Year following such calendar year, and thereby eligible
to participate in this Plan and execute a Deferral Agreement authorizing Deferrals under
this Plan with respect to his Bonus earned in such Plan 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%" nowrap align="left"><B>2.02</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>In General</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An individual who is determined to be an Eligible Executive with respect to a
Plan Year and who desires to have deferrals credited on his behalf pursuant to Article
3 for such Plan Year must execute a Deferral Agreement with the Administrative
Committee authorizing Deferrals under this Plan for such year in accordance with the
provisions of Sections&nbsp;3.01 and 3.02.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Deferral Agreement shall be in writing and be properly completed in the
manner approved by the Administrative Committee, which shall be the sole judge of the
proper completion thereof. Such Deferral Agreement shall provide, subject to the
provisions of Section&nbsp;3.02, for the deferral of a portion of the Eligible
</TD>
</TR>
</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">

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</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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executive&#146;s Bonus. The Deferral Agreement shall include such other provisions as the
Administrative Committee deems appropriate.</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%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An Eligible Executive shall become a Participant when Deferrals are first
credited on his behalf pursuant to Article&nbsp;3.</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%" nowrap align="left"><B>2.03</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Termination of Participation</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Participation shall cease when all benefits to which a Participant is entitled
to hereunder are distributed to him.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the provisions of Section&nbsp;3.01, a Participant shall only be eligible
to have Deferrals credited on his behalf in accordance with Article&nbsp;3 for as long as he
remains an Eligible Executive.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a former Participant who has incurred a Termination of Employment and whose
participation in the Plan ceased under Section&nbsp;2.03(a) is reemployed as an Eligible
Executive, the former Participant may again become a Participant in accordance with the
provisions of Section&nbsp;2.02.</TD>
</TR>




</TABLE>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>ARTICLE 3 &#151; DEFERRALS</B></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="2%" nowrap align="left"><B>3.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Filing Requirements</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the following provisions of this Section, prior to the close of an
annual enrollment period established by the Administrative Committee, an Eligible
Executive who was employed by the Company or an Associated Company on the first day of
a Performance Period commencing prior to January&nbsp;1, 2011 (or such other date in the
first quarter of such Performance Period as specified by the Administrative Committee)
and who remains continuously employed through the date his Deferral Agreement is
submitted, may elect to defer a portion of his Bonus earned with respect to that
Performance Period which is otherwise payable in the next Plan Year; provided the
Deferral Agreement is filed with Plan Administrative Committee (or its delegates) by
the date established by the Administrative Committee but no later than six months
before the end of the applicable Performance Period (the &#147;Deferral Deadline Date&#148;).
Notwithstanding the foregoing, any election to defer Bonus that is made in accordance
with this paragraph and that becomes payable as a result of the Participant&#146;s death or
disability (as defined in Treas. Reg. Section&nbsp;1.409A-1(e)) or upon a Change in Control
prior to the satisfaction of the performance criteria, will be void.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective as of October&nbsp;1, 2010, and subject to the following provisions of this
Section, prior to the close of an annual enrollment period established by the
Administrative Committee that pertains to a Plan Year commencing on or after January
1, 2011, an Eligible Executive who is employed by the Company as of the last day of
such annual enrollment period or such other date prior to the end of that Plan Year
as determined by the Administrative Committee, may elect to defer a portion of his
Bonus earned in the following Plan Year, provided the Deferral Agreement is filed with
the Administrative Committee (or its delegates) by the date established by the
Administrative Committee, but not later than the last day of the calendar year
preceding the Plan Year in which such Bonus is earned (the &#147;Deferral Election
Deadline&#148;).</TD>
</TR>



</TABLE>
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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">



</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant&#146;s election to defer a portion of his Bonus for any calendar year
shall become irrevocable on the last day the deferral of such Bonus may be elected
under Section&nbsp;3.01(a), except as otherwise provided in Section&nbsp;3.02(c) or 3.07. A
Participant may revoke or change his election to defer a portion of Bonus at any time
prior to the date the election becomes irrevocable. Any such revocation or change shall
be made in a form and manner determined by the Administrative Committee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the provisions of Section&nbsp;3.02, an Eligible Executive must file, in
accordance with the provisions of Section&nbsp;3.01(a), a new Deferral Agreement for each
calendar year the Eligible Executive is eligible for and elects to defer a portion of
his Bonus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any provision of the Plan to the contrary, an Eligible
Executive&#146;s election to defer Bonus earned in a Plan Year commencing prior to January
1, 2011 shall only be effective if (1)&nbsp;the Eligible Executive files the Deferral
Agreement with respect to such Bonus no later than the earlier of (A)&nbsp;the applicable
Deferral Election Deadline (as defined in paragraph (a)&nbsp;above) or (B)&nbsp;the date that is
six months before the end of the Performance Period with respect to which the Bonus is
payable, (2)&nbsp;the Participant performs services continuously from the later of the
beginning of the Performance Period or the date the criteria are established through
the date the Deferral Agreement is submitted and (3)&nbsp;the Bonus is not readily
ascertainable as of the date the Deferral Agreement is filed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any provision of the Plan to the contrary, an Eligible Executive&#146;s
election to defer Bonus earned in a Plan Year commencing on or after January&nbsp;1, 2011
shall only be effective if (1)&nbsp;the Eligible Executive files the Deferral Agreement
with respect to such Bonus no later than the applicable Deferral Election Deadline (as
defined in paragraph (a)&nbsp;above), and (2)&nbsp;he is an Eligible Executive as of such
Deferral Election Deadline.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 11<!-- /Folio -->
</DIV>

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<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 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Participant ceases to be an Eligible Executive but continues to be
employed by the Company or an Associated Company, he shall continue to be a Participant
and his Deferral Agreement currently in effect for the Plan Year shall remain in force
for the remainder of such Plan Year, but such Participant shall not be eligible to
defer any portion of his Bonus earned in a subsequent Plan Year until such time as he
shall once again become an Eligible Executive.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Eligible Executive shall submit the Deferral Agreement in the manner
specified by the Administrative Committee and a Deferral Agreement that is not timely
filed shall be considered void and shall have no effect. The Administrative Committee
shall establish procedures that govern deferral elections under the 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="2%" nowrap align="left"><B>3.02</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Amount of Deferral</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Compensation and Personnel Committee or its delegate may determine prior to
June&nbsp;30th of a calendar year commencing prior to January&nbsp;1, 2011 that an Eligible
Executive may defer all or a portion of his Bonus that is otherwise payable in the next
Plan Year. An Eligible Executive shall be given written notice of the opportunity to
defer all or a portion of his Bonus at least ten business days (or such other period as
determined by the Administrative Committee) prior to the date the Deferral Agreement
for the applicable Plan Year must be submitted to the Administrative Committee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Administrative Committee may establish maximum or minimum limits on the
amount of any Bonus which may be deferred and/or the timing of such Deferral. Eligible
Executives shall be given written notice of any such limits prior to the date they take
effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding anything in this Plan to the contrary, if an Eligible
Executive:</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="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>receives a withdrawal of deferred cash contributions on account of
hardship from any plan which is maintained by the Company or an Associated</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 12<!-- /Folio -->
</DIV>

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<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 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="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Company and which meets the requirements of Code Section 401(k) (or any
successor thereto), and</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="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is precluded from making contributions to such 401(k) plan for at
least 6&nbsp;months after receipt of the hardship withdrawal,</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Eligible Executive&#146;s Deferral Agreement with respect to Bonus in effect at that
time shall be cancelled. Any Bonus payment which would have been deferred pursuant to
that Deferral Agreement but for the application of this Section&nbsp;3.02(c) shall be paid
to the Eligible Executive as if he had not entered into the Deferral Agreement.</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%" nowrap align="left"><B>3.03</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Crediting to Deferral Account</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The amount of Deferrals shall be credited to such Participant&#146;s Deferral Account on the day
such Bonus would have otherwise been paid to the Participant in the absence of a Deferral
Agreement. Deferrals credited to a Participant&#146;s Deferral Account which are deemed invested
in a Corporation phantom stock fund will be credited based on the fair market value of the
Corporation&#146;s common stock on that day.</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%" nowrap align="left"><B>3.04</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Excess Company Contributions</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Excess Matching Contributions</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to Plan Years commencing on and after January&nbsp;1, 2012, the amount of
Excess Matching Contributions credited to a Participant&#146;s Company Contribution Account
for each particular Plan Year shall be equal to the Company Matching Contributions (as
defined under the provisions of the Savings Plan) for each particular Plan Year that
would have otherwise been credited on the Eligible Executive&#146;s behalf under the
provisions of the Savings Plan or the ITT Corporation Supplemental Retirement Savings
Plan for Salaried Employees, as applicable, had the portion of an Eligible Executive&#146;s
Bonus that would have otherwise been paid in that particular Plan Year not been
deferred under the provisions of Section&nbsp;3.01(a) above.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 13<!-- /Folio -->
</DIV>

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<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 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Excess Core Contributions</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to Plan Years commencing on and after January&nbsp;1, 2012, the amount of
Excess Core Contributions credited to a Participant&#146;s Company Contribution Account for
each particular Plan Year shall be equal to Company Core Contribution Rate applicable
to the Eligible Executive in that particular Plan Year multiplied by the Eligible
Executive&#146;s Bonus that would have otherwise been paid in that particular Plan Year had
not been deferred under the provisions of Section&nbsp;3.01(a) 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Excess Transition Credit Contributions</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to Plan Years commencing on and after January&nbsp;1, 2012, the amount of
Excess Transition Credit Contributions credited to a Participant&#146;s Company
Contribution Account for each particular Plan Year shall be equal to Company
Transition Credit Contribution Rate applicable to the Eligible Executive in that
particular Plan Year multiplied by the Eligible Executive&#146;s Bonus that would have
otherwise been paid in that particular Plan Year had it not been deferred under the
provisions of Section&nbsp;3.01(a) above.</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%" nowrap align="left"><B>3.05</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Crediting to Company Contribution Account</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The contributions credited on a Participant&#146;s behalf pursuant to Section&nbsp;3.04(a), (b)&nbsp;and
(c)&nbsp;above shall be credited to a Participant&#146;s Company Contribution Accounts at the same
time as they would have been credited to his accounts under the Savings Plan if not for the
Participant&#146;s election to defer said Bonus under the terms of this 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%" nowrap align="left"><B>3.06</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Vesting</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant shall at all times be 100% vested in his Deferral and his Company Contribution
Accounts.</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%" nowrap align="left"><B>3.07</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Unforeseeable Emergency</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing provisions of this Article&nbsp;3, the Compensation and Personnel
Committee may completely cease Deferrals made under all Deferral</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 14<!-- /Folio -->
</DIV>

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<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 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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Agreements then in effect with respect to the Participant upon the Participant&#146;s providing
the Compensation and Personnel Committee with such evidence of an Unforeseeable Emergency
(as defined in Section&nbsp;5.05) as the Compensation and Personnel Committee may deem
appropriate. In the event the Compensation and Personnel Committee finds the Participant
has incurred an Unforeseeable Emergency (as defined in Section&nbsp;5.05), the Participant&#146;s
Deferral Agreement in effect at that time shall be cancelled and subseqent Deferrals and any
corresponding Excess Company Contributions shall cease as of the first practicable payroll
period following the Compensation and Personnel Committee&#146;s decision. In the event the
Participant wishes to recommence Deferrals starting in a subsequent calendar year, the
Participant may do so by duly completing, executing, and filing the appropriate Deferral
Agreement with the Administrative Committee in accordance with Section&nbsp;3.01, provided said
Participant is an Eligible Executive at that time.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 15<!-- /Folio -->
</DIV>

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<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"><U><B>ARTICLE 4 &#151; MAINTENANCE OF ACCOUNTS</B></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="2%" nowrap align="left"><B>4.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Adjustment of Deferral and Grandfathered Deferral 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of each Reporting Date, each Deferral Account (or subaccount thereof) and/or
Grandfathered Deferral Account shall be credited or debited with the amount of earnings
or losses with which such Deferral Account (or subaccounts thereof) and/or
Grandfathered Deferral Account would have been credited or debited, assuming it had
been invested in one or more investment funds, or earned the rate of return of one or
more indices of investment performance, designated by the Plan Committee and elected by
the Participant pursuant to Section&nbsp;4.02 for purposes of measuring the investment
performance of such Accounts. Any portion of a Participant&#146;s Deferral Account (or
subaccount thereof) and/or Grandfathered Deferral Account deemed invested in a
Corporation phantom stock fund shall be credited with dividend equivalents, as and when
dividends are paid on the Corporation&#146;s common stock, which shall be deemed invested in
additional shares of such phantom stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan Committee shall designate at least one investment fund or index of
investment performance and may designate other investment funds or investment indices
(including a Corporation phantom stock fund) to be used to measure the investment
performance of a Participant&#146;s Deferral Account and/or Grandfathered Deferral Account.
The designation of any such investment funds or indices shall not require the
Corporation to invest or earmark their general assets in any specific manner. The Plan
Committee may change the designation of investment funds or indices from time to time,
in its sole discretion, and any such change shall not be deemed to be an amendment
affecting Participants&#146; rights under Section&nbsp;6.02.</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%" nowrap align="left"><B>4.02</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Investment Performance Elections</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event the Plan Committee designates more than one investment fund or index of
investment performance under Section&nbsp;4.01, each Participant shall file an investment
election with the Administrative Committee or its delegate with respect to the investment</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 16<!-- /Folio -->
</DIV>

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<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 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%" nowrap align="left"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of his Deferral Account (or subaccount thereof) and/or Grandfathered Deferral Account within
such time period and in such manner as the Administrative Committee may prescribe. The
election shall designate the investment fund or funds or index or indices of investment
performance which shall be used to measure the investment performance of the Participant&#146;s
Deferral Account (or subaccount thereof) and/or Grandfathered Deferral Account.</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%" nowrap align="left"><B>4.03</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Changing Investment Elections</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event the Plan Committee designates more than one investment fund or index of
investment performance under Section&nbsp;4.01, a Participant may change his election of the
investment fund or funds or index or indices of investment performance used to measure the
future investment performance of the existing account balance of his Deferral Account (or
subaccount thereof) and/or his Grandfathered Deferral Account, by filing an appropriate
written notice with the Administrative Committee or its delegate within such time periods
and in such manner as prescribed by the Administrative Committee, in advance of the date
such election is effective. The election shall be effective as soon as administratively
practicable after the date on which notice is timely filed or at such other time as
prescribed by the Administrative Committee on a basis uniformly applicable to all
Participants similarly situated.</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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant may change his or her election of the investment fund or funds or index or
indices of investment performance used to measure the future investment performance of his
future Deferrals within such time periods and in such manner prescribed by the
Administrative Committee. The election shall be effective as soon as administratively
practicable after the date in which notice is timely filed or at such other time as the
Administrative Committee shall determine. In the absence of such an election, the
Participant&#146;s future Deferrals will be invested in accordance with his existing investment
election with respect to the current balance of his Deferral Account (or subaccount
thereof), provided, however, if such Participant is an &#147;insider&#148; (as defined in Section&nbsp;16
of the Securities Exchange Act of 1934) and his existing investment elections include an
investment in the Corporation&#146;s phantom stock fund, his future Deferrals shall be</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 17<!-- /Folio -->
</DIV>

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<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 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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>allocated pro rata among the other funds or indices on his existing investment election
based on the proportions as designated on such existing investment election.</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%" nowrap align="left"><B>4.04</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Investment of the Company Contribution Account</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant shall have no choice or election with respect to the investments of his
Company Contribution Account. As of each Reporting Date, there shall be credited or debited
an amount of earnings or losses on the balance of the Participant&#146;s Company Contribution
Account as of such Reporting Date which would have been credited had the Participant&#146;s
Company Contribution Account been invested in the Fixed Rate Option or such other investment
option or options designated by the Plan Committee.</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%" nowrap align="left"><B>4.05</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Individual Accounts</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Administrative Committee shall maintain, or cause to be maintained on the
books of the Corporation, records showing the individual balance of each Participant&#146;s
Deferral Account (or subaccount thereof) or Company Contribution Account and/or
Grandfathered Deferral Account. The Participant&#146;s Deferral Account (or subaccount
thereof) shall be credited with the Deferrals made by the Participant pursuant to the
provisions of Article&nbsp;3 and the Participant&#146;s Deferral Account (or subaccount thereof)
and/or Grandfathered Deferral Account shall be credited and debited, as the case may
be, with hypothetical investment results determined pursuant to this Article&nbsp;4.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective with respect to Plan Years commencing on and after January&nbsp;1, 2012, a
Participant&#146;s Company Contribution Account shall be credited pursuant to the
provisions of Section&nbsp;3.04 and shall be credited and debited, as the case may be, with
hypothetical investment results determined pursuant to Section&nbsp;4.04.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At least once a year each Participant shall be furnished with a statement setting
forth the value of his Deferral Account (or subaccount thereof his Company
Contribution Account and/or Grandfathered Deferral Account.</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 18<!-- /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">



</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Within each Participant&#146;s Deferral Account, Company Contribution Account and/or
Grandfathered Deferral Account, separate subaccounts shall be maintained to the extent
necessary for the administration of 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The accounts established under this Article shall be hypothetical in nature and
shall be maintained for bookkeeping purposes only so that hypothetical gains or losses
on the deferrals made to the Plan can be credited or debited, as the case may be.</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%" nowrap align="left"><B>4.06</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Valuation of Accounts</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Administrative Committee shall value or cause to be valued each
Participant&#146;s Deferral Account, Company Contribution Account and/or Grandfathered
Deferral Account at least monthly. On each Reporting Date there shall be allocated to
the Deferral Account and/or &#096;Grandfathered Deferral Account of each Participant the
appropriate amount determined in accordance with Sections&nbsp;4.01, 4.02 and 4.03, and with
respect to his Company Contribution Account, the appropriate amount determined in
accordance with Section&nbsp;4.04.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whenever an event requires a determination of the value of a Participant&#146;s
Deferral Account, Company Contribution Account and/or Grandfathered Deferral Account,
the value shall be computed as of the Reporting Date immediately preceding the date of
the event, except as otherwise specified in 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="2%" nowrap align="left"><B>4.07</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Compliance with Securities Laws and Trading Policies and Procedures</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant&#146;s ability to direct investments into or out of a Corporation phantom stock
fund shall be subject to such terms, conditions and procedures as the Plan Administrator may
prescribe from time to time to assure compliance with Rule&nbsp;16b-3 promulgated under Section
16(b) of the Securities Exchange Act of 1934, as amended (&#147;Rule&nbsp;16b-3&#148;), and other
applicable requirements. Such procedures also may limit or restrict a Participant&#146;s ability
to make (or modify previously made) Deferrals and distribution elections under the Plan. In
furtherance, and not in limitation, of the foregoing, to the extent a Participant acquires
any interest in an equity security under the Plan for purposes</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 19<!-- /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">



</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%" nowrap align="left"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of Section&nbsp;16(b), the Participant shall not dispose of that interest within six (6)&nbsp;months,
unless such disposition is exempted by Section 16(b) or any rules or regulations promulgated
thereunder or with respect thereto. Any election by a Participant to invest any amount in a
Corporation phantom stock fund, and any elections to transfer amounts from or to the
Corporation phantom stock fund to or from any other investment fund or indices, shall be
subject to all applicable securities law requirements, including but not limited to the
those reflected in the prior sentence and Rule&nbsp;16b-3, as well as all applicable stock
trading policies and procedures of the Corporation. To the extent any election violates any
securities law requirement, applicable trading policies and procedures of the Corporation,
or any terms or conditions established from time to time by the Administrative Committee
relating to such elections (whether or not reflected in the Plan), the election shall be
void.</TD>
</TR>





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 20<!-- /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">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>ARTICLE 5 &#151; PAYMENT OF BENEFITS</B></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="2%" nowrap align="left"><B>5.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Commencement of Payment</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the limitations in Section&nbsp;5.01(b) and except as otherwise provided
below, each time a Participant completes a Deferral Agreement, a Participant shall
designate on each applicable Deferral Agreement whether the related Deferrals, adjusted
in accordance with Article&nbsp;4, will be allocated to one of the following subaccounts:</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="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Termination Subaccount</B></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="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as otherwise provided in the Plan, amounts allocated to the Termination
Subaccount (after adjustment pursuant to Article&nbsp;4) will be paid on the first
business day of the seventh month following the Participant&#146;s Termination of
Employment.</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="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Special Purpose Subaccount</B></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="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as otherwise provided in the Plan, amounts allocated to the Special
Purpose Subaccount (after adjustment pursuant to Article&nbsp;4) will be paid as
elected by the Participant, on either (1)&nbsp;the date specified by the Participant,
or (2)&nbsp;the earlier of the date specified by the Participant or the first
business day of the seventh month following the Participant&#146;s Termination of
Employment. The Specified Distribution Date for the Special Purpose Subaccount
shall be the month and year designated by the Participant on his or her initial
Deferral Agreement establishing that Special Purpose Subaccount, unless
otherwise modified in accordance with the provisions of Section&nbsp;5.03.</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant may elect to have his entire deferred Bonus allocated to the Termination
Retirement Subaccount or the Special Purpose Subaccount or to have a specified portion
of his Bonus allocated to one or more Subaccounts.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 21<!-- /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">



</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant&#146;s ability to elect to have his deferred Bonus allocated to the
Special Purpose Subaccount and the Participant&#146;s selection of a Specified Distribution
Date shall be subject to the following limitations:</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="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>deferred Bonus may only be allocated to the Participant&#146;s Special
Purpose Subaccount if the Specified Distribution Date applicable to that
subaccount is at least twelve (12)&nbsp;months after the day of the Plan Year in which
the Bonus being deferred was earned; and</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="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Participant may have only two Special Purpose Subaccounts
established on his behalf (and only one Specified Distribution Date applicable to
each Special Purpose Subaccount) at any one time; provided, however, that if the
Participant is prohibited from allocating any portion of a Deferral to his
existing Special Purpose Subaccounts because of the limitation contained in
Section&nbsp;5.01(b)(i), the Participant may request pursuant to the procedures
established by the Administrative Committee that a new Special Purpose Subaccount
be established on his behalf in accordance with the provisions of Section&nbsp;5.01.
Effective as of June, 2009, a Participant may have only five Special Purpose
Subaccounts established on his behalf (and only one Specified Distribution Date
applicable to each Special Purpose Subaccount) at any one time.</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(i)&nbsp;Except as otherwise provided below, and notwithstanding the foregoing with
respect to an Eligible Executive who completed a Deferral Agreement with respect to the
Plan Year beginning as of January&nbsp;1, 2005, the distribution of the Participant&#146;s
Deferral 2005 Subaccount (as defined below) shall commence, pursuant to Section&nbsp;5.02,
on the occurrence of the distribution event made available under procedures established
from time to time by the Administrative Committee and as designated by the Participant
on his 2005 Deferral Agreement (&#147;Common Distribution Date&#148;). For purposes of this
Article a Participant Deferral 2005 Subaccount shall mean the bookkeeping</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 22<!-- /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">



</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="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>account maintained for each Participant to record the amount of Bonus deferred
in 2005 by a Participant in accordance with Article&nbsp;3, adjusted as provided in
Article&nbsp;4.</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="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing, in the event a Participant incurs a
Termination of Employment for reasons other than Retirement prior to his Common
Distribution Date , the distribution of his Deferral 2005 SubAccount shall
commence, pursuant to Section&nbsp;5.02, on the first business day of the seventh
month following his Termination of Employment; provided, however, if a
Participant has prior to the date of his Termination of Employment, in accordance
with the procedures prescribed by the Administrative Committee, made a special
termination election, the distribution of his Deferral 2005 Account shall
commence, pursuant to Section&nbsp;5.02, on the later of (1)&nbsp;the occurrence of the
Termination Distribution Date designated by the Participant on the appropriate
special termination election form prescribed by the Administrative Committee
(&#147;Special Effective Termination Distribution Date&#148;) or (2)&nbsp;the first business day
of the seventh month following such Participant&#146;s Termination of Employment.</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="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event a Participant elects pursuant to the foregoing
provisions of this paragraph (c)&nbsp;to defer to a specific calendar date in a
specific calendar year, he may not elect a calendar date which occurs prior to
the close of the calendar year following the calendar year in which he executed
the Deferral Agreement.</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant shall not change his designation of the distribution event made
pursuant to the foregoing provisions of this Section&nbsp;5.01 which entitles him to a
distribution of his Deferral Account, except as otherwise provided in Section&nbsp;5.03
below.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 23<!-- /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">



</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any Plan provisions to the contrary, the distribution of a
Participant&#146;s Grandfathered Deferral Account shall be made in accordance with
provisions of the Plan as in effect on October&nbsp;3, 2004, as modified in Appendix&nbsp;B and
without regard to any Plan amendments after that date which would constitute a material
modfication for Code Section&nbsp;409A purposes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as otherwise provided in Section&nbsp;5.04, a Participant shall be entitled
to receive payment of his Company Contribution Account upon his Termination of
Employment with the Company and all Associated Companies for any reason, other than
death. The distribution of his Companty Contribution Account shall be made in the
seventh month following the date theParticipant&#146;s Termination of Employment occurs.</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%" nowrap align="left"><B>5.02</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Method of Payment</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as otherwise provided in paragraphs (b)&nbsp;and (c)&nbsp;below:</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="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the time a Participant makes an election of his distribution
event pursuant to the provisions of Sections&nbsp;5.01(a) or (c)&nbsp;the Participant shall
elect that the portion of his Deferral Account (or any subaccount thereof) to
which such distribution event is applicable shall be made payable as of such
distribution event under one of the following methods of 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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ratable annual cash installments for a period of years,
not to exceed fifteen (15)&nbsp;years, designated by the Participant on his
Deferral Agreement, 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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a single lump sum cash 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing, at the time a Participant makes an
election of a Special Effective Termination Distribution Date pursuant to the
provisions of Section&nbsp;5.01(c)(ii), the Participant shall elect that the portion
of his Deferral Account be distributed on his Special Effective Termination
Distribution Date shall be made payable under one of the following methods of
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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ratable annual cash installments for a period of five
(5)&nbsp;years, or</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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a single lump sum cash payment.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 24<!-- /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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During an installment payment period, the Participant&#146;s Deferral Account (or
subaccounts thereof) shall continue to be credited with earnings or losses as
described in Section&nbsp;4.01. The value of the first installment or lump sum payment
shall be determined as of the first Reporting Date coincident with or next following
the distribution event designated pursuant to Section&nbsp;5.01 or 5.03 with respect to
that portion of his Deferral Account. Subsequent installments, if any, shall be paid
on the first business day following the anniversary of said distribution event in the
following calendar year and each subsequent year of the installment period. The amount
of each installment shall equal the balance in the applicable portion of the
Participant&#146;s Deferral Account (or subaccounts) as of each Reporting Date of
determination divided by the number of remaining installments (including the
installment being determined).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing, in the event payment of a Participant&#146;s Deferral
2005 Subaccount is to be made pursuant to Section&nbsp;5.01(c) to a Participant who does not
have a Special Effective Termination Distribution Date election in effect as of his
date of Termination of Employment, a lump sum payment of his Deferral 2005 Subaccount
shall be made as of the first business day of the seventh month following the
Participant&#146;s Termination of Employment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant shall not change his method of payment, except as otherwise
provided in Section&nbsp;5.03.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any Plan provision to the contrary, the form of distribution of
a Participant&#146;s Grandfathered Deferral Account shall be made in accordance with the
provisions of the Plan as in effect on October&nbsp;3, 2004, as modified in Appendix&nbsp;B and
without regard to any Plan amendments after that date which would constitute a material
modification for Code Section&nbsp;409A purposes.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 25<!-- /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">



</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any Plan provision to the contrary, payment of a Participant&#146;s
Company Contribution Account shall be made in a single lump sum 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="2%" nowrap align="left"><B>5.03</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Change of Distribution Election</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Changes in Election</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In accordance with such procedures as the Administrative Committee may prescribe, a
Participant may elect to delay the payment of Deferrals by specifying a new Common
Distribution Date, a Special Effective Termination Distribution Date or a Specified
Distribution Date applicable to a portion of his Deferral Account (or subaccounts
thereof) payable at said dates by duly completing, executing and filing with the
Administrative Committee a new election, on an appropriate form designated by the
Administrative Committee, subject to the following limitations:</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="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such new election must be made at least twelve (12)&nbsp;months prior to
the Common Distribution Date, Special Effective Termination Distribution Date or
Specified Distribution Date, whichever is then in effect with respect to that
portion of his Deferral Account (or subaccounts thereof), and such election will
not become effective until at least twelve (12)&nbsp;months after the date on which
the new election is made, and</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="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the new Common Distribution Date, Special Effective Termination
Distribution Date or Specified Distribution Date, whichever is applicable, shall
be a date that is not less than five (5)&nbsp;years from the Common Distribution Date,
Special Effective Termination Distribution Date or Specified Distribution Date
then in effect.</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant may elect to delay a Common Distribution Date, Special Effective
Termination Distribution Date or Specified Distribution Date applicable to a specified
portion of his Deferral Account pursuant to this Section&nbsp;5.03(a) more than once,
provided that all such elections comply with the provisions of this Section&nbsp;5.03(a).</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 26<!-- /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">



</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In accordance with such procedures as the Administrative Committee may
prescribe, a Participant may elect to change the form of payment election under Section
5.02 applicable to the portion of his Deferral Account (or subaccounts thereof) that is
deferred to a Common Distribution Date, Special Effective Termination Distribution Date
or Specified Distribution Date by duly completing, executing and filing with the
Administrative Committee a new form of payment election, subject to the following
limitations:</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="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such new election must be made at least twelve (12)&nbsp;months prior to
the Common Distribution Date, Special Effective Termination Distribution Date or
Specified Distribution Date, whichever is then in effect with respect to that
portion of his Deferral Account (or subaccounts thereof), and such election will
not become effective until at least twelve (12)&nbsp;months after the date on which
the election is made, and</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="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the distribution of that portion of his Deferral Account (or
subaccounts thereof) shall be deferred for five (5)&nbsp;years from the date such
amount would otherwise have been paid absent this new election.</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant may change the election as applicable to his Grandfathered
Deferral Accounts pursuant to the provisions of the Plan as in effect on October&nbsp;3,
2004, as modified in Appendix&nbsp;B and without regard to any Plan amendments after that
date which would constitute a material modification for Code Section&nbsp;409A purposes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is the Company&#146;s intent that the provisions of Section&nbsp;5.03(a) and Section
5.03(b) comply with the subsequent election provisions in Code Section&nbsp;409A(a)(4)(C),
related regulations and other applicable guidance, and this Section&nbsp;5.03(a) and Section
5.03(b) shall be interpreted accordingly. The Administrative Committee may impose
additional restrictions or conditions on a Participant&#146;s ability to elect a new
specified distribution year pursuant to this Section&nbsp;5.03(a) and Section&nbsp;5.03(b). The
Participant may revoke or change his election pursuant to this Section&nbsp;5.03(a) and</TD>
</TR>


</TABLE>
</DIV>
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</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">



</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;5.03(b) at any time prior to the deadline for making such election, subject
to such restrictions as the Administrative Committee may establish from time to time.
Any such revocation or change shall be made in a form and manner determined by the
Administrative Committee. For avoidance of doubt, a Participant may not elect to
change the form of payment or delay payment of amounts deferred to Retirement or
Termination of Employment. In addition a Participant may not transfer amounts between
his Termination Subaccount and any Special Purpose Subaccount, or between Special
Purposes Subaccounts.</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Transition Rules</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding anything in the Plan to the contrary, the Administrative Committee
may, in its discretion and subject to such terms and conditions as it may from
time to time prescribe, allow Participants to change the time of payment or
portion of payment of all or a portion of their Deferral Accounts (or
subaccounts) prior to January&nbsp;1, 2009 in accordance with applicable transition
relief provided with respect to Code Section&nbsp;409A, dated regulations and other
applicable guidance.</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%" nowrap align="left"><B>5.04</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Death</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any Plan provisions to the contrary, if a Participant dies before payment of
the entire balance of his Deferral Account and his Company Contribution Account, an amount
equal to the unpaid portion thereof as of the date of his death shall be payable in one lump
sum to his Beneficiary. Such payment will be made in the month following the month the
Participant&#146;s death 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%" nowrap align="left"><B>5.05</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Hardship</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding anything in the Plan or in a Deferral Agreement to the contrary, the
Administrative Committee may, if it determines an Unforeseeable Emergency exists which
cannot be satisfied from other sources, approve a request by the Participant for a
withdrawal from his Deferral Account. Such request shall be made in a time and manner
determined by the Administrative Committee. The payment made from a Participant&#146;s Deferral
Account pursuant to the provisions of this Section&nbsp;5.05 shall be limited to the
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 28<!-- /Folio -->
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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">


</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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amount reasonably necessary to satisfy the emergency need (which may include amounts
necessary to pay any Federal, state, local or foreign income taxes or penalties reasonably
anticipated to result from the distribution). Determinations of amounts necessary to
satisfy the emergency need must take into account any additional compensation that is
available, other than additional compensation that, due to the Unforeseeable Emergency, is
available under another nonqualified deferred compensation plan but that has not actually
been paid. This Section&nbsp;5.05 is intended to comply with Code Section&nbsp;409A, related
regulations and any other applicable guidance and shall be interpreted accordingly so that
distributions shall be permitted under this Section&nbsp;5.05 only to the extent they comply with
Code Section&nbsp;409A and the regulations promulgated thereunder. For purposes of this Section
5.05 an &#147;Unforeseeable Emergency&#148; shall mean a severe financial hardship to a Participant
resulting from (a)&nbsp;an illness or accident of the Participant or the Participant&#146;s spouse,
beneficiary or dependent (as defined in Code Section&nbsp;152, without regard to Section
152(b)(1), (b)(2) and (d)(1)(B)), (b)&nbsp;loss of the Participant&#146;s property due to casualty
(including the need to rebuild a home following damage to the home not otherwise covered by
insurance) or (c)&nbsp;other similar extraordinary and unforeseeable circumstances arising as a
result of events beyond the control of the Participant; provided, however, that an
Unforeseeable Emergency shall only exist to the extent the severe financial hardship would
constitute an Unforeseeable Emergency under Code Section&nbsp;409A, related regulations and other
applicable guidance. Such payments shall be paid in a single lump sum within ninety (90)
days of the date the Unforeseeable Emergency payment is approved by the Administrative
Committee.</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%" nowrap align="left"><B>5.06</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Payment upon the Occurrence of a Change in Control</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing provisions of this Article&nbsp;5, upon the occurrence of a Change
in Control, every Participant who is an Eligible Executive or a former Eligible Executive
shall automatically receive the entire balance of his Deferral Accounts and his Company
Contribution Account in a single lump sum payment. Such lump sum payment shall be made as
soon as practicable on or after the Change in Control. If such Participant dies after such
Change in Control, but before receiving such payment, it shall be made to his Beneficiary.</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 29<!-- /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">



</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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For avoidance of doubt, upon the occurrence of an Acceleration Event (either prior, after or
simultaneously with the occurrence of a Change of Control), the provisions of Section&nbsp;5.06
of the Plan as in effect on October&nbsp;3, 2004 without regard to any Plan amendments after
October&nbsp;3, 2004 which would constitute a material modification for Code Section&nbsp;409A
purposes, shall be applicable to a Participant&#146;s Grandfathered Deferral Account.</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%" nowrap align="left"><B>5.07</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Acceleration of or Delay in Payments</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Administrative Committee, in its sole and absolute discretion, may elect to accelerate
the time or form of payment of a benefit owed to the Participant hereunder, provided such
acceleration is permitted under Treas. Reg. Section&nbsp;1.409A-3(j)(4). The Administrative
Committee may also, in its sole and absolute discretion, delay the time for payment of a
benefit owed to the Participant hereunder, to the extent permitted under Treas. Reg. Section
1.409A-2(b)(7).</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%" nowrap align="left"><B>5.08</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Designation of Beneficiary</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Participant shall file with the Administrative Committee a written designation of one
or more persons as the Beneficiary who shall be entitled to receive the amount, if any,
payable under the Plan upon his death pursuant to Section&nbsp;5.04 or 5.06. A Participant may,
from time to time, revoke or change his Beneficiary designation without the consent of any
prior Beneficiary by filing a new designation with the Administrative Committee. The last
such designation received by the Administrative Committee shall be controlling; provided,
however, that no designation, or change or revocation thereof, shall be effective unless
received by the Administrative Committee prior to the Participant&#146;s death, and in no event
shall it be effective as of a date prior to such receipt. If no such Beneficiary designation
is in effect at the time of a Participant&#146;s death, or if no designated Beneficiary survives
the Participant, the Participant&#146;s surviving spouse, if any, shall be his Beneficiary,
otherwise the person designated as beneficiary by the Participant under the ITT Salaried
Group Life Insurance Plan shall be his Beneficiary, and shall receive the payment of the
amount, if any, payable under the Plan upon his death; provided, however, that if the life
insurance benefit has been assigned, the Beneficiary shall be the Participant&#146;s estate.</TD>
</TR>



</TABLE>
</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">



</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%" nowrap align="left"><B>5.09</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Debiting Accounts</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any amounts debited from a Participant&#146;s Deferral Account, Company Contribution Account, or
Granfathered Deferral Account by reason of a distribution, withdrawal, or otherwise under
this Article&nbsp;5, shall be debited from the Participant&#146;s Deferral Account, Company
Contribution Account, and/or Grandfathered Deferral Account and the investment options under
which such amount is credited, and such other accounts, subaccounts, options, or other
allocations, as determined by the Administrative Committee on a basis uniformly applicable
to all Participants similarly situated.</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">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>ARTICLE 6 &#151;  AMENDMENT OR TERMINATION</B></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="2%" nowrap align="left"><B>6.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Right to Terminate</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any Plan provision to the contrary, the Corporation may, by action of the
Board of Directors, terminate this Plan and the related Deferral Agreements at any time. To
the extent consistent with the rules relating to plan terminations and liquidations in
Treasury Regulation&nbsp;Section&nbsp;1.409A-3(j)(4)(ix) or otherwise consistent with Code Section
409A, the Board may provide that, without the prior written consent of Participants, all of
the Participants&#146; Deferral Accounts and Company Contribution Account shall be distributed in
a lump sum upon termination of the Plan. Unless so distributed, in the event of a Plan
termination, the Corporation shall continue to maintain the Deferral Accounts until
distributed pursuant to the terms of the Plan and Participants shall remain 100% vested in
all amounts credited to their Deferral Accounts and their Company Contribution Account. For
avoidance of doubt, in the event of a Plan termination, distribution of a Grandfathered
Deferral Account shall be governed by the provisions of the Plan as in effect on October&nbsp;3,
2004.</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%" nowrap align="left"><B>6.02</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Right to Amend</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Compensation and Personnel Committee or its delegate may amend or modify this Plan and
the related Deferral Agreements in any way either retroactively or prospectively. However,
except that without the consent of the Participant or Beneficiary, if applicable, no
amendment or modification shall reduce or diminish such person&#146;s right to receive any
benefit accrued hereunder prior to the date of such amendment or modification, and after the
occurrence of an Acceleration Event, no modification or amendment shall be made to Section
5.06 or Section&nbsp;6.01 under Appendix&nbsp;A, attached hereto and made part hereof. A change in any
investment fund or index under Sections&nbsp;4.01 or 4.04 shall not be deemed to adversely affect
any Participant&#146;s rights to his Deferral Accounts, Company Contribution Account or
Grandfathered Deferral Account. Notice of an amendment or modification to the Plan shall be
given in writing to each Participant and Beneficiary of a deceased Participant having an
interest in the Plan.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 32<!-- /Folio -->
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>ARTICLE 7 &#151; GENERAL PROVISIONS</B></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="2%" nowrap align="left"><B>7.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Funding</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All amounts payable in accordance with this Plan shall constitute a general unsecured
obligation of the Corporation. Such amounts, as well as any administrative costs relating to
the Plan, shall be paid out of the general assets of the Corporation. The Administrative
Committee may decide that a Participant&#146;s Deferral Account, Company Contribution Account
and/or Grandfather Deferral Account may be reduced to reflect allocable administrative
expenses.</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%" nowrap align="left"><B>7.02</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No Contract of Employment</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan is not a contract of employment and the terms of employment of any Participant
shall not be affected in any way by this Plan or related instruments, except as specifically
provided therein. The establishment of the Plan shall not be construed as conferring any
legal rights upon any person for a continuation of employment, nor shall it interfere with
the rights of the Company to discharge any person and to treat him without regard to the
effect which such treatment might have upon him under this Plan. Each Participant and all
persons who may have or claim any right by reason of his participation shall be bound by the
terms of this Plan and all Deferral Agreements entered into pursuant 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%" nowrap align="left"><B>7.03</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Unsecured Interest</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neither the Corporation, the Company nor the Compensation and Personnel Committee nor the
Administrative Committee nor the Plan Committee in any way guarantees the performance of the
investment funds or indices a Participant may designate under Article&nbsp;4. No special or
separate fund shall be established, and no segregation of assets shall be made, to assure
the payments thereunder. No Participant hereunder shall have any right, title, or interest
whatsoever in any specific assets of the Corporation. Nothing contained in this Plan and no
action taken pursuant to its provisions shall create or be construed to create a trust of
any kind or a fiduciary relationship between the Corporation and a Participant or any other
person. To the extent that any person acquires a right to receive payments under this Plan, such right shall be no greater than the right of any unsecured
creditor of the Corporation.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 33<!-- /Folio -->
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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%" nowrap align="left"><B>7.04</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Facility of Payment</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that the Administrative Committee shall find that a Participant or Beneficiary
is incompetent to care for his affairs or has died, or if a Beneficiary is a minor, the
Administrative Committee may direct that any benefit payment due him, unless claim shall
have been made therefore by a duly appointed legal representative, be paid on his behalf to
his spouse, a child, a parent or other relative, and any such payment so made shall thereby
be a complete discharge of the liability of the Corporation, the Company and the Plan for
that payment.</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%" nowrap align="left"><B>7.05</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Withholding Taxes</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation shall have the right to deduct from each payment to be made under the Plan
any required withholding taxes.</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%" nowrap align="left"><B>7.06</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Nonalienation</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to any applicable law, no benefit under the Plan shall be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any
attempt to do so shall be void, nor shall any such benefit be in any manner liable for or
subject to garnishment, attachment, execution or levy, or liable for or subject to the
debts, contracts, liabilities, engagements or torts of a person entitled to such benefits.</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%" nowrap align="left"><B>7.07</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Transfers</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any Plan provision to the contrary, in the event the
Corporation (i)&nbsp;sells, causes the sale of, or sold the stock or assets of any employing
company in the controlled group of the Corporation to a third party or (ii)&nbsp;distributes
or distributed to the holders of shares of the Corporation&#146;s common stock all of the
outstanding shares of common stock of a subsidiary or subsidiaries of the Corporation
and, as a result of such sale or distribution, such company or its employees are no
longer eligible to participate hereunder, the Compensation and Personnel Committee, in
its sole
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 34<!-- /Folio -->
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>discretion, may treat such event as not constituting a Termination of Employment and
direct that the liabilities with respect to the benefits accrued under this Plan for a
Participant who, as a result of such sale or distribution, is no longer eligible to
participate in this Plan, shall (with the approval of the new employer), be
transferred to a similar plan of such new employer and become a liability thereunder,
provided that no provisions of such new plan or amendment thereof shall reduce the
balance of the Participants&#146; Deferral Accounts, Company Contribution Account and/or
Grandfathered deferral Accounts as of the date of such transfer, as adjusted for
investment gains or losses. Upon such transfer (and acceptance thereof), the
liabilities for such transferred benefits shall become the obligation of the new
employer and the liability under this Plan for such benefits shall cease.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any Plan provision to the contrary, at the discretion and
direction of the Corporation, liabilities with respect to benefits accrued by a
Participant under a plan maintained by such Participant&#146;s former employer may be
transferred to this Plan and upon such transfer become the obligation of the
Corporation.</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%" nowrap align="left"><B>7.08</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Claims Procedure</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Submission of Claims</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Claims for benefits under the Plan shall be submitted in writing to the Administrative
Committee or to an individual designated by the Administrative Committee for this
purpose.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Denial of Claim</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any claim for benefits is wholly or partially denied, the claimant shall be given
written notice within ninety (90)&nbsp;days following the date on which the claim is filed,
which notice shall set forth the following:</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="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The specific reason or reasons for the denial;</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="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Specific reference to pertinent Plan provisions on which the denial
is based;</TD>
</TR>

</TABLE>
</DIV>
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</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="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A description of any additional material or information necessary
for the claimant to perfect the claim and an explanation of why such material or
information is necessary;</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="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An explanation of the Plan&#146;s claim review procedure; and</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="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The time limits for requesting a review under this Section.</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If special circumstances require an extension of time for processing the claim,
written notice of an extension shall be furnished to the claimant prior to the end of
the initial period of ninety (90)&nbsp;days following the date on which the claim is filed.
Such an extension may not exceed a period of ninety (90)&nbsp;days beyond the end of said
initial period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the claim has not been granted and written notice of the denial of the claim, or
that an extension has been granted is not furnished within ninety (90)&nbsp;days following
the date on which the claim is filed, the claim shall be deemed denied for the purpose
of proceeding to the claim review procedure.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Claim Review Procedure</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The claimant or his authorized representative shall have sixty (60)&nbsp;days after receipt
of written notification of denial of a claim to request a review of the denial by
making written request to the Administrative Committee, and may review pertinent
documents and submit issues and comments in writing within such 60-day period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not later than sixty (60)&nbsp;days after receipt of the request for review, the persons
designated by the Company to hear such appeals (the &#147;Appeals Committee&#148;) shall render
and furnish to the claimant a written decision, which shall include specific reasons
for the decision and shall make specific references to pertinent Plan provisions on
which it is based. If special circumstances require an extension of time for
processing, the decision shall be rendered as soon as possible, but not later than 120
days after receipt of the request for review, provided that written notice and
explanation of the delay are given to the claimant prior to commencement of the
</TD>
</TR>
</TABLE>
</DIV>
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<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 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>extension. Such decision by the Appeals Committee shall not be subject to further
review. If a decision on review is not furnished to a claimant within the specified
time period, the claim shall be deemed to have been denied on review.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Exhaustion of Remedy</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No claimant shall institute any action or proceeding in any state or federal court of
law or equity or before any administrative tribunal or arbitrator for a claim for
benefits under the Plan until the claimant has first exhausted the procedures set
forth in this section.</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%" nowrap align="left"><B>7.09</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Payment of Expenses</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All administrative expenses of the Plan and all benefits under the Plan shall be paid from
the general assets of the Corporation, except as otherwise may be 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%" nowrap align="left"><B>7.10</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Discharge of Corporation&#146;s Obligation</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The payment by the Corporation of the benefits due under each and every Deferral Agreement
and/or Section&nbsp;3.04 to the Participant or his Beneficiary shall discharge the Corporation&#146;s
obligation under the Plan, and the Participant or Beneficiary shall have no further rights
under this Plan or the Deferral Agreements upon receipt by the appropriate person of all
such benefits.</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%" nowrap align="left"><B>7.11</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Successors</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan shall be binding upon the successors and assigns of the Corporation, whether such
succession is by purchase, merger or otherwise.</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%" nowrap align="left"><B>7.12</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Construction</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan is intended to constitute an unfunded deferred compensation
arrangement for a select group of management or highly compensated employees and,
therefore, is exempt from the requirements of parts 2, 3 and 4 of Subtitle B of Title I
of ERISA (pursuant to Sections&nbsp;201(2), 301(a)(3) and 401(a)(1) of ERISA), and all
rights hereunder shall be governed by ERISA. Subject to the preceding sentence, the
Plan</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 37<!-- /Folio -->
</DIV>

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<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 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shall be construed, regulated and administered in accordance with the laws of the
State of New York, subject to the provisions of applicable federal laws.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The masculine pronoun shall mean the feminine wherever appropriate.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The illegality of any particular provision of this document shall not affect
the other provisions, and the document shall be construed in all respects as if such
invalid provision were omitted.</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 38<!-- /Folio -->
</DIV>

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<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"><U><B>ARTICLE 8 &#151;  ADMINISTRATION</B></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="2%" nowrap align="left"><B>8.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Administration</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Administrative Committee shall mean the ITT Benefits Administration
Committee established from time to time pursuant to the terms of the ITT Salaried
Retirement Plan (effective on and after January&nbsp;1, 2012, the Savings Plan). The
Administrative Committee shall have the exclusive responsibility and complete
discretionary authority to control the operation, management and administration of the
Plan, with all powers necessary to enable it properly to carry out such
responsibilities, including, but not limited to, the power to interpret the Plan and
any related documents, to establish procedures for making any elections called for
under the Plan, to make factual determinations regarding any and all matters arising
hereunder, including, but not limited to, the right to determine eligibility for
benefits, the right to construe the terms of the Plan, the right to remedy possible
ambiguities, inequities, inconsistencies or omissions, and the right to resolve all
interpretive, equitable or other questions arising under the Plan. The decisions of the
Administrative Committee or such other party as is authorized under the terms of any
grantor trust on all matters shall be final, binding and conclusive on all persons to
the extent permitted by law.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the extent permitted by law, all agents and representatives of the
Administrative Committee shall be indemnified by the Corporation and held harmless
against any claims and the expenses of defending against such claims, resulting from
any action or conduct relating to the administration of the Plan, except claims arising
from gross negligence, willful neglect or willful misconduct.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to benefits hereunder subject to Code Section&nbsp;409A, the Plan is
intended to comply with the requirements of Code Section&nbsp;409A and the provisions hereof
shall be interpreted in a manner that satisfies the requirements of Code Section&nbsp;409A
and the regulations thereunder, and the Plan shall be operated accordingly. If any
provision of the Plan would otherwise frustrate or
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 39<!-- /Folio -->
</DIV>

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<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 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>conflict with this intent, the provision will be interpreted and deemed amended so as
to avoid this conflict. The Plan has been administered in good faith compliance with
Section&nbsp;409A and the guidance issued thereunder from January&nbsp;1, 2005 through December
31, 2008.</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 40<!-- /Folio -->
</DIV>

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<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 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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>APPENDIX A</B></U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SPECIAL PROVISIONS APPLICABLE TO CERTAIN PARTICIPANTS<BR>
WHO DEFERRED BASE SALARY UNDER THIS PLAN</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Appendix&nbsp;A constitutes a part of this Plan and is applicable only with respect to a
Participant who deferred all or a portion of his Base Salary under the provisions of this Plan and
who (i)&nbsp;lost matching or other employer contributions under the ITT Industries Investment and
Savings Plan for Salaried Employees (or any predecessor plan) due to the deferral of his Base
Salary under this Plan, or (ii)&nbsp;had salary deferrals attributable to such Base Salary credited on
his behalf to the ITT Industries Excess Savings Plan (or a predecessor plan) prior to January&nbsp;1,
1996.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SECTION 1 &#151; DEFINITIONS</B>
</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%" nowrap align="left"><B>1.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Accounts&#148; </B>shall mean the Deferred Account, Floor Contribution Account and the Matching
Contribution Account.</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%" nowrap align="left"><B>1.02</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Deferred Account&#148; </B>shall mean the bookkeeping account maintained for each Participant covered
under this Appendix&nbsp;A to record the portion of Base Salary deferred under this Plan which was
credited as a Salary Deferral under the ITT Industries Excess Savings Plan (or any predecessor
plan) prior to January&nbsp;1, 1996.</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%" nowrap align="left"><B>1.03</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Matching Contribution Account&#148; </B>shall mean the bookkeeping account maintained for each
Participant covered under this Appendix&nbsp;A to record the Excess Matching Contribution (as
defined under the ITT Industries Excess Savings Plan) credited on such Participant&#146;s behalf
due to his deferral of Base Salary under this 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%" nowrap align="left"><B>1.04</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Floor Contribution Account&#148; </B>shall mean the bookkeeping account maintained for each
Participant covered under this Appendix&nbsp;A to record the Excess Floor Contributions (as
defined under the ITT Industries Excess Savings Plan) credited on such Participant&#146;s behalf
due to his deferral of Base Salary under this Plan.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 41<!-- /Folio -->
</DIV>

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<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"><B>SECTION 2. &#151; INVESTMENT OF ACCOUNTS</B>
</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%" nowrap align="left"><B>2.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant shall have no choice or election with respect to the investments of his
Accounts. There shall be credited or debited an amount of earnings or losses on the balance of
the Participant&#146;s Accounts which would have been credited had the Participant&#146;s Accounts been
invested in the Stable Value Fund maintained under the ITT Salaried Investment and Savings
Plan.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SECTION 3. &#151; VESTING OF ACCOUNTS</B>
</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%" nowrap align="left"><B>3.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant shall be fully vested .in his Deferred Account and Floor Contribution Account.
The Participant shall vest in the amounts credited to his Matching Contribution Account at the
same rate and under the same conditions at which such contributions would have vested under
the ITT Salaried Investment and Savings Plan had they been contributed thereunder. In the
event the Participant terminates employment prior to vesting in all or any part of the amount
credited on his behalf to his Matching Contribution Account, such contributions and earnings
thereon shall be forfeited and shall not be restored in the event the Participant is
subsequently reemployed by the Company.</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%" nowrap align="left"><B>3.02</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any provisions of this Plan or Appendix&nbsp;A to the contrary, upon the
occurrence of an Acceleration Event, (as such term is defined in Article&nbsp;I of the Plan) a
Participant shall become fully vested in the amounts credited to his Matching Contribution
Account.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SECTION 4. &#151; COMMENCEMENT OF PAYMENT</B>
</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%" nowrap align="left"><B>4.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant shall be entitled to receive payment of his Deferred Account, Floor
Contribution Account and the vested portion of his Matching Contribution Account, as
determined under Section&nbsp;3.01, upon his termination of employment for any reason, other
than death. The distribution of such Accounts shall be made as soon as practicable following
such termination of employment.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 42<!-- /Folio -->
</DIV>

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<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 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%" nowrap align="left"><B>4.02</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event of the death of a Participant prior to the full payment of his
Accounts, the unpaid portion of his Accounts shall be paid to his Beneficiary (as defined in
Section&nbsp;1.05 of the Plan) as soon as practicable following his date of death.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SECTION 5. &#151; METHOD OF PAYMENT</B>
</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%" nowrap align="left"><B>5.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Payment of a Participant&#146;s Deferred Account, Floor Contribution Account, and the vested
portion of his Matching Contribution Account shall be made in a single lump sum payment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SECTION 6. &#151; PAYMENT UPON THE OCCURRENCE OF AN ACCELERATION EVENT</B>
</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%" nowrap align="left"><B>6.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the occurrence of an Acceleration Event, all Participants shall automatically receive
the entire balance of their Accounts in a single lump sum payment. Such lump sum payment shall
be made as soon as practicable on or after the Acceleration Event. If the Participant dies
after such Acceleration Event, but before receiving such payment, it shall be made to his
Beneficiary.</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 43<!-- /Folio -->
</DIV>

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<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"><U><B>APPENDIX B</B></U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PROVISIONS APPLICABLE TO A PARTICIPANT&#146;S<BR>
GRANDFATHERED DEFERRAL ACCOUNT</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Appendix&nbsp;B constitutes an integral part of the Plan and is applicable with respect to the
Grandfathered Deferral Account of those individuals who were Participants in the Plan on December
31, 2004. The Grandfathered Deferral Account is subject to all the terms and conditions of the
Plan as set forth on October&nbsp;3, 2004, without regard to any Plan amendments after October&nbsp;3, 2004,
which would constitute a material modification for Code Section&nbsp;409A. Section references in this
Appendix&nbsp;B correspond to appropriate Sections of the Plan as set forth on October&nbsp;3, 2004 as
setforth in Appendix&nbsp;C.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 1 &#151; DEFINITIONS</B>
</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%" nowrap align="left"><B>1.13</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Deferral Account</B>&#148; means the Participant&#146;s Grandfathered Deferral Account as set forth in
Section&nbsp;1.21 of the foregoing provisions of the Plan.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 3 &#151; DEFERRALS</B>
</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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The provisions of Section&nbsp;3.03, 3.04 and 3.05 shall continue to apply to a Participant&#146;s
Grandfathered Deferral Account.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 4 &#151; MAINTENANCE OF ACCOUNTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The provisions of Section&nbsp;4 as set forth in the foregoing provisions of the Plan as amended
and restated effective as December&nbsp;31, 2008, shall be applicable to a Participant&#146;s Grandfathered
Deferral Account on and after January&nbsp;1, 2009.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 5 &#151; PAYMENT OF BENEFITS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For purposes of this Article&nbsp;5 &#151; Payment of Benefits, the term &#147;termination of employment&#148; or any
other similar language means, with respect to a Participant, the complete cessation of providing
service to the Company and all Associated Companies as an employee.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->Page 44<!-- /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 align="left" style="font-size: 10pt; margin-top: 6pt">Except as provided in the preceding sentence and below, the provisions of Article&nbsp;5 shall continue
to apply to a Participant&#146;s Grandfathered Deferral Account.
</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%" nowrap align="left"><B>5.04</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Hardship</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A distribution shall not be made pursuant to this Section&nbsp;5.04,unless the Participant incurs
an &#147;unforeseeable emergency&#148; as such term is defined in Section&nbsp;5.06 of the foregoing
provisions of this 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%" nowrap align="left"><B>5.07</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Designation of Beneficiary</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The provisions of Section&nbsp;5.07 as set forth in the foregoing provisions of the Plan as
amended and restated effective as December&nbsp;1, 2008, shall be applicable to a Participant&#146;s
Grandfathered Deferral Account on and after January&nbsp;1, 2009.</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%" nowrap align="left"><B>5.08</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Debiting Accounts</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The provisions of Section&nbsp;5.08 as set forth in the foregoing provisions of the Plan as
amended and restated effective as December&nbsp;1, 2008, shall be applicable to a Participant&#146;s
Grandfathered Deferral Account on and after January&nbsp;1, 2009.</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 45<!-- /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"><U><B>APPENDIX C</B></U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PROVISIONS OF THE PLAN AS IN EFFECT ON OCTOBER 3, 2004</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Appendix&nbsp;C constitutes a part of this Plan and contains the Plan provisions as in effect on
October&nbsp;3, 2004.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->Page 46<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>y93227exv5w1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit 5.1</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">October&nbsp;28, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ITT Corporation<BR>
1133 Westchester Avenue<BR>
White Plains, NY 10604

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as special Indiana counsel to ITT Corporation (the &#147;Company&#148;) in connection with
the Registration Statement on Form S-8 (the &#147;Registration Statement&#148;) filed by the Company with the
Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;), relating to the registration of up to 9,200,000 additional shares of the
Company&#146;s common stock, par value $1.00 per share (the &#147;Shares&#148;), authorized for issuance pursuant to the ITT
Corporation 2011 Omnibus Incentive Plan effective October&nbsp;31, 2011 (the &#147;Plan&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have examined the originals or copies, certified or otherwise, identified to our
satisfaction of (a)&nbsp;the Registration Statement, (b)&nbsp;the
Plan and (c)&nbsp;such corporate records of the Company and such other documents and
certificates as we have deemed necessary as a basis for the opinions hereinafter expressed. In our
review, we have assumed (i)&nbsp;the genuineness of all signatures on original documents, (ii)&nbsp;the
conformity to original documents of all copies submitted to us, (iii)&nbsp;the accuracy and completeness
of all corporate and public documents and records made available to us, and (iv)&nbsp;the legal capacity
of all individuals who have executed any of such documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the foregoing, we are of the opinion that the Shares have been duly authorized and,
when the Registration Statement shall have become effective and the Shares have been issued in
accordance with the Plan, the Shares will be validly issued, fully paid and nonassessable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion letter is limited to the current internal laws of the State of Indiana (without
giving any effect to the conflict of law principles thereof) and we have not considered, and
express no opinion on, the laws of any other jurisdiction. This opinion letter is dated and speaks
as of the date of delivery. We have no obligation to advise you or any third parties of changes in
law or fact that may hereafter come to our attention, even though legal analysis or legal
conclusions contained in this opinion letter may be affected by such changes. This opinion is
furnished to you in support of the Registration Statement and is not to be used, circulated, quoted
or otherwise referred to for any other purpose.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion as an exhibit to the Registration Statement
referred to above. In giving such consent, we do not thereby concede that we are within the
category of persons whose consent is required under Section&nbsp;7 of the Act or the Rules and
Regulations of the Commission thereunder.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">/s/ Barnes &#038; Thornburg LLP<br><br>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">BARNES &#038; THORNBURG LLP&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>6
<FILENAME>y93227exv5w2.htm
<DESCRIPTION>EX-5.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.2</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="y93227y9322700.gif" alt="(CONVER &#038; WINTERS LOGO)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1700 Pacific Avenue, Suite&nbsp;2250 | Dallas, TX 75201-4617 | p 214-217-8888 | f 214-217-8851 | cwlaw.com
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Robert J. Stokes | Attorney at Law<BR>
p 214-217-8057 | f 214-217-8052 | BStokes@cwlaw.com

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">October&nbsp;28, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ITT Corporation<BR>
1133 Westchester Ave.<BR>
White Plains, NY 10604

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">RE:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ITT Deferred Compensation Plan as Amended and Restated as of October 31, 2011 &#151; Registration Statement on Form&nbsp;S-8</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as counsel to ITT Corporation (the &#147;Company&#148;) in connection with the filing of
the above-referenced registration statement (the &#147;Registration Statement&#148;) and we have been asked
to provide this opinion letter regarding the ITT Deferred Compensation Plan as amended and restated
as of October&nbsp;31, 2011, (the &#147;Plan&#148;). The Registration Statement relates to the proposed offering
of $30,000,000 of deferred compensation obligations pursuant to the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with this opinion letter, we have examined: (i)&nbsp;the Plan document in its amended
and restated form dated as of October&nbsp;31, 2011, (ii)&nbsp;the Board resolution of October&nbsp;5, 2011,
adopting the Plan and (iii)&nbsp;such other documents, records and instruments as we have deemed
appropriate for the purposes of the opinion set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have assumed the genuineness of all signatures, the legal capacity of natural persons, the
authenticity of the documents submitted to use as originals, the conformity to the original
documents of all documents submitted to us as certified, facsimile or photostatic copies, and the
authenticity of the originals of all documents submitted to us as copies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the foregoing, we are of the opinion that the Plan document is designed to be a &#147;top
hat plan&#148; under the Employee Retirement Income Security Act of 1974, as amended (&#147;ERISA&#148;), which is
a plan that is unfunded and maintained primarily by an employer for the purpose of providing
deferred compensation for a select group of management or highly compensated employees. We are also
of the opinion that the provisions of the Plan comply with the requirements of ERISA applicable to
top hat plans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are not providing an opinion as to whether (i)&nbsp;the Plan is being operated by the Company as
a top hat plan under ERISA, or (ii)&nbsp;the employees whom the Company has deemed eligible to
participate in the Plan would constitute a select group of management or highly compensated
employees.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Conner &#038; Winters, LLP | Attorneys and Counselors at Law<BR>
Dallas, TX | Houston, TX | NW Arkansas | Oklahoma City, OK | Santa Fe, NM | Tulsa, OK | Washington, DC
</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 align="left" style="font-size: 10pt; margin-top: 12pt"><B>2  |  </B>Page
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consent to the filing of this opinion as an Exhibit to the Registration Statement by the
Company under the Securities Act of 1933, as amended, of deferred compensation obligations under
the Plan and the filing with the Securities and Exchange Commission of a Registration Statement on
Form S-8 relating to the deferred compensation obligations.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours, <br><br>Conner &#038; Winters, LLP<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. Stokes
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Robert J. Stokes&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">RJS:sam
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Conner &#038; Winters, LLP | Attorneys and Counselors at Law<BR>
Dallas, TX | Houston, TX | NW Arkansas | Oklahoma City, OK | Santa Fe, NM | Tulsa, OK | Washington, DC
</DIV>



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




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.3
<SEQUENCE>7
<FILENAME>y93227exv5w3.htm
<DESCRIPTION>EX-5.3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.3</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;ITT Letterhead&#093;
</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="40%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="center">October&nbsp;28, 2011</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ITT Corporation<BR>
1133 Westchester Avenue<BR>
White Plains, NY 10604

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I am the Vice President and General Counsel of ITT Corporation, an Indiana corporation (the
&#147;Company&#148;), and as such I have acted as counsel to the Company in connection with the Registration
Statement on Form S-8 (the &#147;Registration Statement&#148;) filed by the Company with the Securities and
Exchange Commission (the &#147;Commission&#148;) under the Securities Act of 1933, as amended (the &#147;Act&#148;),
relating to the registration by the Company of $30,000,000 of deferred compensation obligations
(&#147;Obligations&#148;), which represent unsecured obligations of the Company to pay deferred compensation
to eligible participants in the future in accordance with the terms of the ITT Deferred
Compensation Plan (the &#147;Plan&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have examined the Registration Statement, the Plan, the Company&#146;s Articles of Amendment of
the Restated Articles of Incorporation and the Company&#146;s Amended and Restated Bylaws. I also have
examined the originals, or duplicates or certified or conformed copies, of such corporate and other
records, agreements, documents and other instruments and have made such other investigations as I
have deemed relevant and necessary in connection with the opinion hereinafter set forth. As to
questions of fact material to this opinion, I have relied upon
</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 align="left" style="font-size: 10pt; margin-top: 6pt">certificates or comparable documents of public officials and of officers and representatives
of the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering the opinion set forth below, I have assumed the genuineness of all signatures,
the legal capacity of natural persons, the authenticity of all documents submitted to me as
originals, the conformity to original documents of all documents submitted to me as duplicates or
certified or conformed copies and the authenticity of the originals of such latter documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the foregoing, and subject to the qualifications, assumptions and limitations
stated herein, I am of the opinion that if and when the Obligations are issued in accordance with
the terms and conditions of the Plan, the Obligations will be valid and binding obligations of the
Company, enforceable in accordance with their terms, except as enforcement thereof may be limited
by the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
other similar laws relating to or affecting creditors&#146; rights generally or by general equitable
principles (whether considered in a proceeding in equity or at law).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I do not express any opinion herein concerning any law other than the law of the State of New
York and federal law of the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby consent to the filing of this opinion letter as Exhibit&nbsp;5.3 to the Registration
Statement.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">/s/ Frank R. Jimenez<br><br>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Frank R. Jimenez, Esq.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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




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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>8
<FILENAME>y93227exv23w1.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;23.1</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the incorporation by reference in this Registration Statement on Form S-8 of our
reports relating to the financial statements of ITT Corporation and the effectiveness of ITT
Corporation&#146;s internal control over financial reporting dated February&nbsp;24, 2011, appearing in the
Annual Report on Form 10-K of ITT Corporation for the year ended December&nbsp;31, 2010, and our report
dated June&nbsp;20, 2011 appearing in the Annual Report on Form 11-K of ITT Salaried Investment and
Savings Plan for the year ended December&nbsp;31, 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">/s/
Deloitte &#038; Touche LLP
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Stamford, Connecticut<BR>
October&nbsp;28, 2011

</DIV>


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




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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>y93227y9322700.gif
<DESCRIPTION>GRAPHIC
<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
